The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-12-11

THE \
come through three national banks.
think II was three, not over four a
mostD The names Of two Of these bank
/ recall, one the Commercial Nationa
and the other the District National.
Having agreed to take over the Unite
States Trust Company and TO guarante
its deposits, I prepared statemen
for the newspapers setting forth tn
facts in the transaction, in which as
sured depositors. in the United State
Trust Company of their safety througl
the guarantee Of the Munsey Trust Com
pany and my own individual guarantees
Selected Eleven BANKS.
After 1 had gone to my hotel a meetini
of the clearinghouse was called. 1t de
veloped in that meeting that there wa
objection on the part of some banks {
this loan being handled through tire
banks, or four, whatever the numbe
was scheduled 20 be. The result Of tn
discussion, in a word. was that elevel
national banks should participate in tn
matter, each to take 1900 OF the gov
eminent money and turn it over to tn
United States Trust Company.
The question was raised by the clearing
house as TO how much money Mr. Nun
sey would put up, and on this point tn
success or failure OF the government,
plan to aid in restoring confidence hum
in the balance.
The situation was critical in the ex
IRENE. 1t was O'Clock In the morn
ing. Word had gone out to the citi
zens of Washington through the news
papers that the United States Trus
Company had been absorbed and tina
depositoTs were guaranteed agains
loss by the Munsey Trust Company, which
had taken over the United States Trus
Company.
Under this pressure, the men at tina
meeting associated with me in tn,
OF the Munsey Trust Com
pany volunteered the statement that
would bring on from New York half {
million dollars and have II here early II
the morning.
Protected DeposItors.
The strained situation was further ag
gravated by a suggestion from Mr.
of the Riggs National Bank, thai
this money be deposited with the Ameri
can Security and Trust Company, ar
affiliated institution with the Riggs Ma
tional Bank. but this suggestion wa.
sew Trust Comnany
The nronosItion NJ the rovsrnmsnt con.
corning m. Ioan NJ q M m 40 ,bs TrnitaJ
States Tr,st Comnapy carrisd No condi,
,ions ether thon thot ,-otact ar Al.
nositors m the Tinted states Trust Com.
nanv II had no strings ATTACHED 10 a
and pIaced m. under obli1ations IN mr.
one,
The cue.,ion as IN ub.t vouId 40
which came nm after had pone 20 my
hotel WAS entirely foreign IN NV accant,
ance NJ the govsrnnsnt'. nronossI an
could no, he made 4 mart NJ tbe transac,
ion
what I voul5 10 IN carry ,b-ou,h -
co,cIu.io, a. - T "a -,
s...ef. US VIC moLA ! hau IN
o,,s;aaes 80 a,,,, ny y, o'en anu "'' '"e
W.. q a.
,.5 h.nnanaS .Le nio "a'
,aaa,;ao $500 xa.IIs
- ..;ess @ ~ = q 1 eLlSs
~. -, r,,r,- Gnu sou mat "ouiu J,
on.n. s,osa.in- "a my wi way ShG
80 49,, IN Hoo' Hao
49, on any jam OF
'ou' Vi OaiAs' ANU hao nome 70 ASK
Saw No Occa.iou.
rL.. $780,.
IN response 10 re-
ven. 70 q meeulng OF the clear
s me chairman OF the meet
rs. rs Is aeAeo me l hao Drought over the
$1,000 's. p[oiseo oy my representa-
We, Espheo tnat had NOT ana was
men ASKED why i nad not done so. ]
.hs I'VE .nat Win M,oA,Co IN currency
n a tne vaults OF the United states Trust
company ana the run on the banks
'roken l saw no occasion for doing so.
rurtnermore' added that no one had
oeeh authorized 10 represent me in this
ohase OF tne matter a condition that had
'een ihJecteo INTO tne SITUATION long after
mad gone 70 my hotel for the night.
AFTER some discussion, the chairman of
ne meetnsI tnink II was the chair
square myself to the statement N INV
.epresentatives ana bring over the $780,
~ rom NC" h- I answered that
80. ,,s ats mouse COM
n,ls nou.u :. INC Tesponsiolity OF
Ishins me " W merely on tecnnlcal
,Ioen us,,. ma aii 70 lahe thls re-
'ponsloiny, pecnheo 10 orlns over the
money uiiei sd" sonne occasion Tor
'1ns So 49, x
.,. N We" u 80. -, 70 say ana 10
lrcuists 70 .ne ~oI tnat l nave not
.ep' ia -. ri nouse 10 U
- anu :" sVns that Is
'IsoiueeiS iae GU
~ was hS ae a. sidt meeuhs
NAT ~ snouiI o @ 70 MI. Kramer
i ~ inan VI sne % Ie. Assocla :
ION ana 70 my SCI " oe.eIIlin ne II tnere
Eas any oeo1 T,i Ao !. .he money
rom Ne" toA 20 oste l nave
SceNeo no , rom Mr.
,iatner Oh my 9H $50 aor orinslne or
NC -. -, ,s..,.-.as,- u. S, SCI.
there mao peen any necessity Tor II