The Washington times., 1913-11-22

muniv
The assets of the United States Company are
ample for every liability, and more. This is the as
surance of the Government authorities and Of the
men who have responsibility for the institution. But
like every other bank-every other bank in the world
it could not pay 100 cents on the dollar of its as
sets without notice or the chance to realize. Any
bank, anywhere, be closed by such instant de-
mands upon it unless it can obtain aid from other
bankers or financers.
The Federal authorities were anxious to stay the
disaster but they could not do it without the inter-
position of financial figure of such proportions as
would insure safety stability, and the confidence OF
every interest involved There was but one man to
meet that demand and he stepped into the breach in
a fashion that was dramatic in proportion to the
urgency of the situation and the pressure for instant
action Seldom has it been the obligation and the
privilege of one man thus to present himself as the
salvation of so delicate and dangerous condition.
The United States Trust Company had about
5S,O 900 individual accounts of which 10000 were
dcpostors in the Christmas fund which the institu-
ton has developed The aggregate of these accounts,
in few days. at the opening of the Christmas shop
ping period Had the disaster come, it would thus have
imposed very special misfortune upon the thousands
of people whose Christmas pleasures and holiday
happiness depended upon the prompt meeting Of the
emergency These 10000 people, together with $4,000
other depositors of the institution have abso-
lutte assurance that their interests safe. The
business fabric of the whole city, as we'll as the
army of people Immediately involved, has been
saved from imminent disaster whose rami6cations
would have been certain to involve other thousands
and the widest range of interests. The financial
security of the city has been conserved by single
tremendous stroke.
When business Washington today fully realized
how terror had been turned to security, there was an
outburst of applause and enthusiasm for the thing
that had been done and for the manner Of its doing.
Congratulations came from every hand. The feel
ing of certainty was evidenced everywhere. Business
men came with expressions Of assurance to re-
fees, shops, and every meeting place, people were
exchanging Fluctuations on the fact that what might
have seemed and day before did seem, to be i'm
possible, had been accomplished. One business
house inserted in its newspaper advertising for the
day. the statement that checks the United States
Trust Company accounts would be accepted in dis
charge of all demands. Everywhere the expression
was current that Mr.. Munsey had done for the city
and its people the greatest single service that it had
ever been the fortune of one man to do
The Munsey Trust Company started in busl-
ness only May Is last, with 100000 paid-up
capital, making it at its Inauguration more powerful
than any other financial institution had ever started
in the city. 1t has had remarkably prosperous
career during the short time it has been in operation
With its great capital responsibility and the indi-
vidual resources back Of it, now dominating and
guaranteeing the concerns of the United States Com
pany, the city finds itself with of the most
powerful and important financial establishments Of
the country.
That the people of Washington will appreciate
the service that Mr.. Munsey has done for them,
have no doubt Personal assurances letters Of con.
graduation and appreciation, telephone messages OF
commentator and approval have been the order OF
one of the busiest days the financial community evc
knew. The thing done, so far as Mr. Munsey was
concerned largely because of an unse6sh desire to-
serve to use the great resources which he controls
for the preservation of the financial soundness of this
city.
In saying this feel very deeply just what ami
saying. During good many years of intimate asso-
citation with Mr. Munsey, | have come to know and
understand him as believe few people in Washing
ton do have learned to understand the motives that
actuate him in his relations with the public; to ap-
precate the fact that is his highest desire and pur