The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-05-20

Munsey Trust Company. l have talked with you at
some length within the last week, in an official way
through advertisements in the newspapers of the CITY,
Now that the work of organizing the company
and of organizing force to man the bank and now
that the bank has opened its doors for business, and
has days actual business to its credt-a splendid
record day. want to say a word more to you and
to say it in a intimate way than through con-
ventional advertisement.
The two hundred and fifty and more men and
who into this bank yesterday-the open
ing day of the bank-of their own volition and
opened accounts furnish the substantial evidence
of their confidence in The Munsey Trust Company
and their Endorsement of its plan of doing business
with the public.
/ appreciate very much this cordial welcome to
the new trust company, and to these two hundred
and fifty and women-the initial depositors in
The Munsey Trust Company wish to extend the
thanks of the board of directors and especially to
extend my own warm thanks.
The Munsey Trust Company is already an es-
tablished, seasoned banking house-established in
single day-and its made certain. OF course,
there minutes question in my mind about
its ultimate success, but putting the measuring stick
is to know. The measuring stick gave good ac-
count OF yesterday DuSlfleSS-dn account mat points
conclusivey to brilliant career for The Munsey
Trust Company
Shall tell you the secret of yesterdays splendid
Endorsement: The secret lies in the opposition
up against when the initial step was taken looking
toward the establishment OF The Munsey Trust Com
pany here in Washington.
1t fancied opposition but decisive an
tagonism that cropped out all the town. and the
atmosphere surcharged with it. When the stock
OF the company first offered for sale found few
buyers in Washington, and it until | came
over here from New York and very frankly stated
in the press the facts and my purposes that Washing
ton confidence began to show life
In word the opposition was stubborn, forceful
subtle, and able-abe enough to kill any new enter
prise of this kind except it had good fighting blood
back of it.
1t is because of this opposition, the character
and measure of it. that | have come to have big
of personal, virile interest in The Munsey
Trust Company of Washington. had not expected
do much individual work in connection with it, and
should not have done so but for the opposition lined
up against it.
And it while shaping up the more or less
.perplexing problems preliminary to the founding of
the company, while keyed up to overcoming opposi-
ton, that worked out the plans for dealing with
the public that the public so handsomely Endorsed yes
terday
These plans straight plans, straightforward
in every particular. They exactly what they
say. Where they say they pay given inerest-three
per cent four per cent-they mean that the inter-
est will be figured in straight way on daily bal
ances-that is on the actual average daily balance
for the month, not the lowest days balance of the
month"; regardless of the balance the big days of
the month.
The Munsey Trust Company will do business in
an open frank way with the public. 1t will establish
a sound, just system of computing interest, and then
square the rate of interest to it. In other words The
Munsey Trust Company will not seem to pay rate
of interest that does deliver 1t will deliver the
goods full that it advertises to deliver. To
white down the advertised rate of interest by meth
DDS of computing interest is misleading and is not
understood by the general public.
In this discussion the question of figuring
interest l realize that The Munsey Trust Company
is putting itself in opposition to the banking system
pretty generally or wholly in vogue in Washington
1t is not with the purpose, however, to criticise
the methods of Others that discussing thS
matter but obviously because we must explain our
position the public. The fact that our way of fg
urng interest it works out brings so much bigger
returns on deposits to the depostor than other sys-
of the matter.