Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-01-11
NEWBANKING HOUSE
Munsey Trust Company Will
Apply Soon for Charter.
ITS CAPITAL $4,000, 900
Innovations Proposed Will Be I'm
derwriting Securities and
Banking by Mail.

Banking by Mail.
the opening of the Munsey Trust Com
pany when notice was. given by publica-
ton Of the intention Of a coterie of finan-
ciers of Washington. Baltimore. New York
| and other eastern cities to apply to the
Commissioners of the District Of Columbia
for a charter. The company will be capi-
| talized at $2.OOO.OOO. The new institution
will be located in the Munsey building.
and 1t is proposed to make the applica-
ton for the charter February Z, on or
about which date all other preparations
will have been completed and the COM
pany will open its doors for business.
In two respects. at least the Munsey
Trust Company will Institute Innovations
In banking. so far as the District OF Co.
lumbia is concerned. because it is said
| to be the intention of the hackers of the
| enterprise to conduct an extensive mail
order business and also to undertake
| underwriting Of securities. Trust COM
panies and banks In other cities have
made great successes through seeking de-
posts and dep0sltOrs outside their own
immediate jurisdictions. and with the
/
! emphasize all of the natural advantages
which the company win possess in being
located in Washington and under tho di-
rect supervision of the controller OF the
! currency.
Underwriting Of Securities.
Likewise trust companies and private
banking houses. particularly in the great
financial centers. haye made an important
| feature Of their business the underwrit-
ing Of securities, SO that 1t has been pos
sible for them to handle. with mater al
profit sometimes, an entire bond issue or
municipality or other corporation.
Nothing of the sort ever has been at
| tempted by Washington bankers, it is
explained, and the departure proposed by
the Munsey Trust Company marks a con-
siderable extension in the scope OF local
banking facilities.
The general provisions of the proposed
charter will authorize the trust company
TO engage in safe deposit business: to
accept and execute trusts duties and
powers of every kind which may, with
its consent, be intrusted to it: accept the
duties Of executor, administrator, re-
ceiver. guardian or trustee, which may be
committed to 1t with it's consent: receive
deposits of money on such terms as may
be agreed upon with depositors. and loan
money on real estate and cola teral Sc
curity: act as agent for the purpose OF
issuing, underwriting and registering
stocks, bonds and other obligations of any
corporation. municipality or state; to in
sure debenture bonds or deeds Of trust or
mortgages on real estate: buy and sell
securities, whether national, state. mu-
nicipal or corporate; to conduct a stor-
age department and in this connection to
maintain freight yards, wharves or ware
houses; to be capitalized at $2OO0,OOO.
The incorporators are Frank A. Mum
sey. c. w. Watson, Gist Blair. Perry
Belmont. Edward 1o Mclean II Wilton J.
A. walker. Clarence Moore. Harry NJ.
Clabaugh. George r. Gather. Ashley NJ
Could. William Henry White, c. E Nicoi.
William A. HILL James F. Oyster, VIII
Olivier. w. Wallace Chiswell, James H.
Nolan, A. Lsner, julius 9artinkle, Thorn
as c. Bradley, James Baird and s. w.
Woodward.
Prominent Men Interested.
Two members of the Supreme Court of
the District, in Chief Justice Clabaugh
and Justice Gould. are included in this
list Of incorporators. as also Is Judge c.
E. Nicol, who for twelve years was on
the bench of the circuit court of Alex.
andria, Fairfax and other counties in the
northern district Of Virginia, but who
now is president Of the First National
Bank of Alexandria.
Among the capitalists from other
cities who are actively interested in
the enterprise are Senator C. w. Wat
son Of West Virginia, who holds large
interests in the coal and Oil lands of
his state; George r. Gather and Stuart
Olivier Of Baltimore and c. II. Pope
and w. T. Dewart Of New York.
The Offices. which will be filed when
the formal organization OF the trust
company is secured. will be those Of
president chairman Of the board Of d.
rectors. two or three vice presidents,
attorney and trust ofncer, associate
counsel. secretary and treasurer.
In the Munsey building the Munsey
Trust Company will occupy the large
banking room on the ground door. which
was built into the structure when 1t
was constructed, and which is now UNI
dergoing material improvements in prep
aration for the installation Of the COM
pany.
EXPENSES WERE $2,O72.66.