Evening star., 1914-02-05
R. |. WILLIAMS RESIGNS
FROM MUNSEY BOARD
Presidents Views on Interlocking
Directorates Said to
Be Reason.

Il. Lancaster Williams has rendered his
resignation as member of the board of
directors OF the Munsey Trust Company
His resignation has not yet been acted
upon, ii is said.
Mr.. Williams is Il director of the Nun
sey Trust Company of Baltimore. and it
is said he resigned because President
Wilson has expressed himself Il opposed
to the interlockinS directoratcs. preS-
dent E. J.. Norton OF the Mupsey Trust
Company of Baltimore also is a member
of the directorate of the local institution
1t is said Mr.. Williams designation
has been made as d compliment to the
administration, as bowling to its eX-
pressed wishes in view of the fact that
Mr.. Williams brother, John Shelton
Williams. controller of the currency,
is so closely identified W \ the ad :
Ininistration.
Negotiations are under way for the pu1-
chase by group of local business men
of the Ith and q street branch of the
MunSey Trust Company, which was ac-
qulred when it absorbed the United States
Trust Company. The bank originally was
a branch of the Merchants and Mechan-
les Bank.
The Munsey Trust Company has select
ed committee. composed of Judge Ash
ley NJ Gould. Wilton J. Lambert and Will
ham r. Guide, TO represent it in the trans
action. Wharton +. Lester represents
the prospective purchasers
1t Is understood the charter of the
Merchants and Mechanics Bank. which
was merged with the United States
Trust Company several years ago. is
still effective. and that should the pur-
chase be effected. the new banks could
be operated under it.
An advance of quarter of a point
over the current figure was made in
the selling price of Railway and Elec-
exchange today. These bonds have been
selling quite freely at so. Today S04
was paid for $1,000. The bonds then
We're offered at SOS. but the bid did
not advance above SOS.
Capital Traction 5s sold $4,000 at los
and Riggs Realty IS long) sold $1,000
al 101a4.
Railway and Electric preferred was
the active stock on the list Quota
uon lots aggregating $50 shares sold
at 40 and odd lots aggregating 30
shares brought the same price odd
lots of Washington Gas stock sold at
"a and so shares of Georgetown Gas
brought 135, the asking price of yes
tefoay when sale was made at 125.
The District Clearing House Associa-
ton has approved a plan for the sys-
TEN or federal reserve banks prepared
Dy John Poole. president of the Federal
National Bank. This action was taken
at meeting of the association yes
terday afternoon. and copies of the
plan were forwarded to the organizing
committee composed of Secretaries
NJ cAdoo and Houston.
Washington IS named as one of the first
eight districts outlined and four addi-
tional districts and centers are named
Inc Washington district includes the ter
rltory originally suggested by the com
mittee
The twelve cities recommended are:
New York, with surplus and capital of
national banks of $564 0G0,GO0 and capital
for regional bank OF $222, 600 OGO; Wash
ington, with s260.0OO.0o0 and $4,000, COO
respectively: Chicago, $1S40o0,OGO and
sl1.0oo.e0o; Boston, sl65, 900 900 and SO
100000: St Louis. 90.D00 900 and 50 900 =
tn: San Francisco, sll6000.OO0 and 81
Go0oG: Atlanta. SIS. .0}o.(s5 and si,GfS osi;
Denver. sGs.I0,O00 and $1,000 $50; Cincin-
nau. sl2opo.Nh and ;7Eo.Gon; Kansas
City. S14SoOo,GOo and s9,GlhG00: Pitts
bnrgh, s116,0G0c00 and s7,eo0oCO, and
Minneapolis. with sso0Oo.oOo capital and
surplus in the national banks of the dis
trict and S4.SD1G0o of capital for u
regional bank.
The figures do not include the added
capital that state banks and trust COM
panies which might come into the federal
reserve system would add