Evening star., 1915-02-17
NEW POWERS GRANTED
ALL NATIONAL BANKS
Regulations Under Which They May
Act as Executors, Trustees
and Registrars.
Gas Shares Easier-Bonds Active.
Munsey Trust Company of Bal
ti1nore May Be Sold
BY I. A. FLEMING.

L. L. L Iuu
Under the provisions of the federal
reserve act member banks are given
the privilege Of acting as executors
and trustees. functions that have here
tofore been confined exclusively to
trust companies and that have been
especially remunerative to them. Para
graph X OF section IL of the reserve
law gives to the federal reserve board
III right TO grant special permits to
member banks for the exercise of these
functions and also to act as registrars
OF stocks and bonds when the exercise
Of such powers does not conflict with
state laws
Regulations governing the exercise of
the new powers We're prepared and issued
hN the federal reserve board today. APP
plicat-on by member bank must be made
vn special form tNo. CD, and shall be
forwarded 70 the chairman of the board
OF directors Of the regional bank of which
t,e applying bank is member. who in
turn will send il. with his recommenda-
sion. to the federal reserve board.
Attached 10 each application there
must be a statement of the character
and extent OF the privileges desired
under the headings. trustee of per
sonal trusts, trustee of corporate
trusts. administrator of personal
estates" executor of wills" registrar
of stocks" and registrar of bonds
Each applicant shall. on request
furnish copies of the laws of the state
IN which il is located bearing upon
the exercise of such powers in force
at the time of the application
National banks permitted to act in
thyse capacities shall at once establish
separate trust department and shall
name an officer or officers whose du-
TIES shall be indicated by the directors
Of the bank.
Funds, securities and investments
held in each trust shall be held sepa-
rate from the general funds and Sc
curities of the bank, and a separate set
of books for the department shall be
maintained.
Examinations by the controller of
the currency or as designated by the
reserve board. with complete audit
of all accounts in the department are
20 he made when the regular examina-
tions of the bank are made by the ex-
aninerS.-
Revoca ton of permit is provided for
by the federal reserve hoard where
willctu violation of the regulations and
laws has been evidenced
Treasury Statistics.
Disbursements of the Treasury De-
partment for February 13 exceeded the
receipts by s1.231,S76. making the ex-
cess disbursements for the fiscal year
to that date s10O.757 1886. as compared
with excess disbursements to the cor
responding date of the last fiscal year
of s45.793.4S2.
The controller of the Treasury has
ruled that the settlement of debts of
the United States to other countries
must not be paid in sterling exchange,
Treasury checks or international mon
ey orders being declared the only
proper method.
Financial Notes.
Securities maturing in the United
States with the advent of March total
s77.5e0.000. This includes s3s, ,35s 900
railroad bonds. si.sOO.OoO public utility
notes. and s2S.455.0O0 industrial bonds.
New York Central bond allotments
are said to have been about &c per
cert to dealers. out-of-town bidders
receiving preference in allotments
The Mergenthaler dividend is payable
March 81 to shareholders of record
March 6.
Charles J. Bell, president of the
American Security and Trust Company
leaves this afternoon for a few weeks
vacation in Florida.
Cold to the amount of s2,500,0oo was
imported from Canada to New York
yesterday.
Gold stock in the United States is
now s1.s24 ,0o0. 900.
Gary, ILL.,, steel plant is now working
to 90 per cent capacity.
Washington Securities.
Business on the Washington Stock
Exchange today was again quite active,
with interest centering in Gas shares
and recessions in its price. At the
opening an odd lot sold at 1914, then
at 73 and after the call several sales
Were made at 12i2, the lowest figure
since the reopening of the exchange.
I-4a,
1I3Isa11335.
Bonds attracted more attention than
usual. with sale of Capital Traction 5's
a lo6. Washington Gas SIS at 104,
l'otcnnac Consolidated IS at 9s&s and
Chesapeake and Potomac Telephone 5's
a. iOiAs 10 i95 20 1924.
Munsey Trust Company of Baltimore
It Is reported that Frank A Munsey,
founder OF The Munsey Trust Company OF
baltimore. and owner of 81 per cent of
its capital stock, has placed a price on
his holdings, and is about to dispose of
them 10 Baltimore interests
included in the syndicate of yvould-be
buyers are Il l. Norton. president of the
1oaiiy Lancaster Williams. Jacob 1.
France. ElmU~e 4. jeffrey and W. W
naI'1eG, all are now connected with the
Mcrsey Trust Company in Baltimore
! Baltimore exchange in commenting
Or, the reported sale OF the controlling
interest has this 10 say:
ne report got about among some of
Il" local bankers who remained in
their othces until late Tuesday evening
that the sale of the stock had haa55
made and that the price was some
where between $110 and SiI5 a share
Those who were seeking TO buy denied
this and said positively that the nego-
ttations wsge stiIl on.
The general impression is that Mr.
Munsey named his price 70 the buvinp
synd cate and then left II to determine
whether or rot II would accept 1t i.
believed he made the terms his nl,i
rnaturn. and that he may wait in Balti-
more today to get the decision"