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X-),256 STATEMENT FOR THE PRESS Release for morning papers Qf October 24,1918. By recent arr~n~nt to Section 11 (k) of tho Federal Reserve Act, the fiduciary powers that nay be exercised by national banks with the permission of the Federal Reserve Board have been rraterially broadoned 1 and this Section} as amended 1 will enable national banks to exorcise fiduciary powers under conditions sutlt~ntially similar to the conditions· under which such powers are exercised by corepeting state banks and trust corrpanies. As a result of this aman~ent a number of national·banks which have not heretofore been granted permission to exercise fiduciary powars have filed applications in accordance with tho statute) and are arranging to open trust··depart.:. ments. In order·that applications filed up to and including November fifteenth may receive· consideration at tha sa.rr.e tin:e 1 the Federal . Reserve Board has fixed its first n:eeting in Decorr.ber as the date on which thess ~st~ applic~tions as heretofore} be will be acted upon. All such applications transrr~tted through the Federal Reserve Agent of the district in which the _,applying bank is located, and unless received by the Board by November fifteenth 1 they will probably not be acted upon until some meeting subsequent to the first in ~cting December~ Th$ fonm of application prescribed by the Board rr~y be obtained either from the Federal Reserve Board or tho Fe de ra.l Reserve Agant. New regulations ma4e necessary by the recent amendments to the Ac.t will be issued in the near future.
@FedFRASER