The Washington times., 1915-02-18
Mr., MUNSEY SELLS
BANK IN BAL T|M0RE
Minority Shareholders will Get
Same Terms as Offered to
! Him-Name To Be Changed.

Mr.. Frank A. Munsey has sold his
controlling interest in the Munsey Trust
Company of Baltimore TO the syndicate
headed by Eugene L. Norton. who has
been president of the institution since
it's organization two years ago.
The sale carries with 1t provisions for
changing the name OF the institution
and for taking care of the stock inter-
csts Of such minority holders as desire
to part with their shares.
The formal transfer will be made on
February %.
The deal In no way involves the Mum
sey Trust Company of Washington. and
will not alter Mr.. Munsey's already an
nounced plans for organising a rev
trust company in New York.
All details in connection with closing
the Baltimore deal will be handled by
the Munsey Trust Company Of WASH
inston.
The details of the sale in Baltimore
were settled after long conference
yesterday between Mr.. Munsey and tho
buyers.
After the conference Mr.. Munsey came
to Washington for a few hours, and ut
night left for Florida.
Statement By Mr.. Munsey.
Mr.. Munsey issued the following state
ment in Washington last night:
To-day / entered into a contract with
Mr.. Norton and some of his friends to
sell my stock to them, the same to be
taken over next Tuesday. February %.
The negotiation for my stock has been
on for several weeks. but had been, is l
thought. abandoned. I left New York
Yesterday morning en- route for the
South. but stopped off In Baltimore to
look after my paper and other interests
there. when the effort to buy my stock
was renewed. resulting finally in my
agreement to sell.
when the Munsey Trust Company of
Baltimore was started I subscribed for
and bought somewhat over half Of the
total capital stock. to which l have
added slightly from time to time.
Overtures To Buy.
Not long after it became evident that
the new bank was making tremendous
headway. overtu-es We're made to me
looking toward the purchase of my
stock. and every now and again since
then efforts have been made to Sc
cure it.
THE bank has made a very splendid
sbowing' and my preference would have
been to keep my stock. But Mr.. Nor.
ton, the president and his friends have
all along been anxious to secure control
with a view to making the bank strictly
q local financial institution.
"Mr. Norton at last seized upon the
moment when had just committed my
self to the establishment of a new trus
company in New York to urge me tt
sell my Baltimore banking interests tt
him and his associates. He argued tina
with a trust company of the same nam,
in Washington, the gateway to thu
South would be we'll enough covered
without another trust company in Bal
tirnore, and he got away with the argu
ment.
Praise For Mr.. Norton.
"Mr. Norton was the chief factor il
the formation of the bank. He ha
been it's president from the first. ant
is fine fellow through and through
Hc Is hard worker, a good banker. ;
good citizen and has a lot Of good fel
lows and good bankers In the manage
ment with him.
"The sale of my interest in the banl
carries with it provision for changing
it's name. as it's present name is a per
sonal one. 1t also provides that tn
purchasers of my stock will purchase a
tho same price l receive the stock o
any minority stockholder Of record o
February II, 1915. who may wish to sell
THE bank will remain in its presen
Quarters ih my building and will com
mand my sincere interest in its wei
fare, though l no longer control It,"