Banks

Manhattan. Under a broad charter granted in 1799, Manhattan Co., which began as a water-supplying concern, has long engaged in banking through its unit, Bank of the Manhattan Co. Last week stockholders voted to change Bank of the Manhattan Co. to Bank of Manhattan Trust Co., and to increase the authorized capital from $22,250,000 to $40,000,000. Manhattan Co. will use its increased capital to enter the group banking field. Some believe, some hope that the laws against branch banking may be repealed, allowing holding companies to become great multi-branched banking systems.

Equitable Trust Co., recent absorber of Seaboard National Bank, voted to increase its capital by $44,000,000 of which $25,000,000 will be used to establish a securities affiliate. After a split-up, Equitable will apply to have its shares removed from the New York Stock Exchange.

Baltimore. The biggest Baltimore bank was created last week when Baltimore Trust Co. (total assets over $82,000,000) merged with Century Trust Co. (total assets $17,000,000). After the consolidation a $5,000,000 securities company will be formed. Big names among Baltimore trust executives include U. S. Senator Phillips Lee Goldsborough, Socialite Donald Symington, Banker Waldo Newcomer.

Minneapolis. Steady and rapid expansion of First Bank Stock Corp., operating in the northwest, was continued last week with the purchase of National Bank of Lewistown, Mont., and Merchants National Bank of Cavalier, N. Dak. Units in the chain total 63, resources $430,000,000.