The Washington herald., 1907-04-08

For several days rumors have been
current in financial circles relative TO i'm
portant changes IN the directory Of the
United States Trust Company, recently
incorporated under the laws Of the Dis
trict of Columbia, and about 10 start in
business at 81 Fourteenth street north
west. These rumors were confirmed
Saturday, when It was learned that
group OF the directors, under the lead
Of c. J. Rixey. president Of the Traders
National Bank. had Withdrawn from the
board OF the trust company, and that
other prominent capitalists had been
elected to take their places.
Owing TO unexpected delay in obtain
ing the acceptance Of some Of the men
newly elected to the directorate. the an
nouncement Of the changes in the board
could not be announced until late yester-
day afternoon
Treasurer Gives Out Statement.
At that time Richard Z. CIaughton,
treasurer Of the company, made public
the following statement:
Washington. AIrn The officers Of the United
States Trust Cmpauy make pablic to-day an an
noUncemeHt which. IN local financial circles Is con
sidered one Of the most significant and important IN
recent years.
They announce that the places recently made va
cant IN the board OF directors Of the United States
Trust Company by the retirement q C. J. Rixey
DR. z. NJ kEeg, Owen OWea and Andrew Glass
have been filled by the foll0Hing WsilkuoVn gen
tlemen:
Il Bradley Davidson. director q the Commercial
National Bank also widely known as a successful
business man. IN the place Of Owen OEen.
A H. Plant, auditor q the Southern Railway
Company. who Is weI and faFonably known in rzil-
Way financial circles throughout the county. IN the
HlaGF Of DF. T. n. Rixey
Oliver j. Sands. president Of the American Ma
tlonsi Bank Of Richmond. Va. who late na-
iIonal bank examiner for the District u Columbia
and nov considered one of the most successful bank
sTs in the South, in the place of Andrew Glass.
The gentleman who has accepted the place made
vacant b the retirement Of G. ]. Rixcy is one Il
the strongest bankers IN Washington. His name,
for business reasons. cannot BE- announced untl Tie
last Of the week but 1t IS proper say that be Eas
wen for hiHlse IN this community an eDFiahls repu-
| tati5n lg reason Of the phenomenal slccess and
sTOzth of the national hank the management q
which is largely under his direction
| Further announcement is made that Charles A.
Douglas Is 10 be the general counsel and trust On
Ger ef the oompeny-
no Reason Given for Changes,
As to the reasons for the retirement of
what has heen termed the Rixey group
Of diree S, the officers OF the company
are reticent. They have met all inquiries on
the subject by the statement that there
was an honest difference of opinion as TO
| the internal management Of the affairs OF
the company, and, Mr.. Rixey and MS
/ friends geing in a minority, decided to
4 step out. It was said yesterday by an Off
/ Ger Of the company that this step was
taken without I'll feeling. and. so far as he
knew. only the best spirit had aotuated
both SIDES. II was also stated that ar
rangements had been made TO take over
/ the stock and good viii Of the retiring
/ directors, and their immediate friends. so
that tho finances of the company would
remain intact.
/ In seeking the successors to the retir-
/ ing directors the board sought TO obtain
| the services of bankers. business men, and
CO. tsiists as good as those lost. Ac-
e-5l.as to the statement of the officers.
/ they think they have succeeded I'm this
/ beyond expectations, and it is stated that
when the name of the man chosen TO take
the place of Mr.. Rixey on the board and
on the official roster is made public. it
will be seen tnat the company is hacked
| by strong men Of experience. capital. and
! conservatism.
James TrimbIe's Statement.
! James Trimble. secretary of the COM
pany. said yesterday with reference TO
the changes in the board.
Like many institutions OF this charac-
ter, changes in the personnel Of the board
| of directors and of It's officers were
naturally to be expected. while the cor
poration is in the process Of formation
ana before it has finally determined upon
a fixed policy-this is true. however con-
servative and well known to the business
world may be its officers and directors.
"Since the first board of directors was
elected, several members have retired
therefrom for reasons which need not be
enumerated, but whenever and wherever
this has occurred, men Of large means
and business experience. who have been
watching the growth and progress Of the
| company, have promptly come forward to
take the stock of the Withdrawing mem
bers at par, and the places made vacant
on the board will be filled by most Capa-
I bic and trustworthy men OF large busi-
ness experience While men come and go
/ in the life of every institution of this
1 character, II Is the OBJECT or the OrIlcers
and directors to see that the trust COM
pany goes forward undisturbed and un-
| impcded
President Morgan Remains.
/ Mr Trimble further said that the main
officers Of the company would remain IN
services, among them President Daniel y.
Morgan and Charles A. Douglas, gem
| eraI counsel Of the company. While
rumors had been current that both these
men would withdraw. it was stated posi-
lively that neither of them had any such
intention.
The banking room, st 6Il Fourteenth
street. is now practically completed. and
/ the officers Of the company say they viii
be ready to engage In business as soon
as the preliminaTies can be disposed Of.
Legal technieaiities require time. il was
stated yesterday. by an official OF the
company and he thought it would prob
ably not take much longer to see the end
/ OF them. when the bank could be opened
and proceed with taking deposits, dis
counting. and other features of the trust
| business.
| Optimism. prevails among the managers
of the concern and they expect to do well
in field already supplied with large and
/ excellent banking facilities.