The Washington herald., 1913-11-22
MUNSEY HEADS
U. S. TRUST CO.

CONTINUED FROM PAGE ONE.
whispered around, and naturally repeated
by depositors, who were warned, while
the withdrawal of bids for the stock of
the trust company further advertised the
strained situation. Since Tuesday thsre
have been mere or less Withdrawals of
deposits.
R. W. Goodhart. national bank ex-
aminer. representing the Treasury De-
partment, said:
"The Munsey Trust Company has
absorbed the Uaited States Trust Com
Pany, with all its branches, with the
fun knowledge and consent of the
Treasury Department. The examiner
desires to inform all depOsitors that
deposits with the United States Trust
Company are absolutely safe, and that
they should feel NO apprehension
whatsoever. The crisis Is past, and
dePOsitOrs may now relieve their minds
Sof any anxiety"
Eldridge E. Jordan, who was chairman
of the board of directors and the owner
Of the controlling interest in the cor
poration, said to The Herald:
ANY personal sacrifice that / have
been called upon to sustain in the nego-
tiations for the, transfer of the control
Of the United States Trust Company to
the Munsey Trust Company counts as
nothing compared with the great salts
faction that have in knowing that the
interests of the depositors of the bank
will be cared for and protected, and in
the further knowledge that a disaster
has been spared to Washington"
Confidence in Change.
S. ]. Henry. vice president and treas
urer OF the United States Trust Com
pany, said:
1T is a source of satisfaction, after
several days of hard pressure and with
out much hope eventually, for there was
no help for US from any one, that Mr..
Jordan has been able, through his per-
sonal efforts, with the aid of Mr.. Frank
A Munsey, to protect the interests OF
our army of depositors. 1 bespeak the
fullest confidence in the new ownership,
and 1 can see no reason why another
dollar of deposits shall be withdrawn.
1 am especially glad for our five or six
regiments of Christmas savers, and 1
know that the merchants of Washington
will appreciate this happy outcome. how
ever much il may hurt the shareholders
and officers of the United States Trust
Company"
The negotiations which led to the clos
ure of this important and vital financial
deal were commenced yesterday. 1t had
been reported around that several other
f1nanciers and fiscal corporations had in
mind the purchase of the control.
Mr.. Munseys representatives sent for
him yesterday morning and he arrived
at o'clock yesterday afternoon, coming
straight from New York.
At the conference held at the Shore
ham there were present Frank A.
Munsey, Stuart Olivier, and Lancaster
Williams, of Baltimore; Wilton J. Lam
bert, attorney for the Munsey Trust
Company; Richard W. Goodheart. bank
examiner; former National Bank Exami-
ner Ham, Tucker K. Sands, and J.
Shelton Williams, Assistant Secretary of
the Treasury.
The assets of the United States Trust
Company were carefully examined, and
Mr.. Munsey was soon convinced that
there was an opportunity for the large
expansion of the Munsey Trust Company,
and also for doing a kindly act for the
people of Washington.
Congratulated by Bankers.
After the negotiations were closed last
night a large number OF bankers, as
stated before, dropped in to consult and
congratulate Mr.. Munsey, and to extend
their friendly offices, and also to con-
gratulate Mr.. Jordan and his associates
On having found a way out of their
troubles without loss to those who re-
posed confidence in them.
Frank A. Munsey, president of the
Munsey Trust Company issued the fol-
lowing statement late last night:
81 arrived from New York at $50 this
afternoon on a hurry call having been
summoned after my representatives had
been in a night-and-day conference in the
hope of being of service to the depOsitors
of the United States Trust Company and
the banking and financial community of
Washington as well. l Immediately went
into conference, and as result at 10
O'Clock tonight we reached an agreement
with authorized representatives of the
board of the United States Trust Com
pany byS which the Munsey Company
takes over bodily and entire the United
States Trust Company. This means that
the Munsey Trust Company guarantees
all the deposits of the United States
Trust Company, and pledges all of its
resources to this end. Our 100000 capi-
tai means a 100000 capital stock liza
bility, and, of course, We have all the
assets of the United States Trust Com
W.
than the total deposit line of that COM
pany With the entire assets of the
United States Trust Company and the
assets and capital stock liability of the
Munsey Trust Company. there should be
an instantaneous cessation of all unrest
Deposits with the United States Trust
are now as safe as if they were with the
government. ! might add that the Treas
ury Department has co-operated in every
way and has offered to provide all needed
currency for any and all emergencies.
Serious Washington Crisis.
- have, done this thing to be of real
service to Washington in a crisis. By
averting what might have been a seri-
Gus financial disaster, I take it that my
work has been a real service. In turn l
ask the heartiest cooperation of every
one, whether they are depositors with
the United States Trust or not. / have
thrown all my resources into the breach
and the least Washingtonians can do is
to give me their willing, hearty and en-
thusiastic cooperation"
Organized In 1907.
The United States Trust Company was
organized under the laws of the District
of Columbia March Is. 1907, on the very
eve of the panic, and during the balance
OF 1907 and for the next year il met with
hard sailing. but managed to make some
advance in the favor of business men and
the public.
Eldridge E. Jordan became interested in
II some three years ago, and assumed the
presidency, with Charles w. Warren as
vice ureSident.