New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-12
Previous Offer Made.

Furthermore. the Continental Trust
Company had submitted TO the direct
ors Of the United States Trust Com
pany and TO Assistant Secretary Will
Jams proposition exactly like that
which was accepted from the Munaey
Trust Company before Mr.. Munseys
company had made any formal PROPOSE
| ton. Apropos Of this proposition, John
shelton Williams declared that we
must have competition, must give the
Munsey Trust Company an opportunity
TO make an offer. Perhaps its offer
will be more generous"
Then. after Fridays run on the
United States Trust Company, accord
ing to Mr.. Munsey's own statement. he
submitted two propositions, as has been
related in these dispatches, and his
second proposition, although made
later and identical with that which he'd
been made by the Continental Trust
| Company, was accepted, and the bank
ers assembled during the night and
|
formed that the Munsey Trust Com
pany had acquired the assets and de-
posts and would guarantee the deposits
of the United States Trust Company.
The Treasury Department had made
similar proposal several days before
10 the Continental Trust Company, and.
/ think, to at least one other bank"
says Mr. Munsey. I'm his statement OF
yesterday. officials Of the Continental
Trust Company declare that Mr.. Mum
sey is misinformC on this point; that
no offer had been made to the CONT
mental Trust Company, but that it had
made the offer to the directors OF the
United States Trust Company and to
John Shelton Williams, and that it was
never accepted.
Much has been made by Secretary
| McAdoo Of a letter signed by an officer
Of the Continental Trust Company, de-
| ploring the agitation in the press and
stating something to the effect that the
Continental Trust Company had not
1
States Trust Company and guarantee
it's depositors against loss. 1t is note
worthy that this letter is dated De-
cember s, five days after the Treasury
Department had been placed under Are
by The Tribune's disclosure Of the
facts attending the absorption OF the
United States Trust Company by the
Munsey Trust Company. Other officials
clare that this letter misstates the case
and intimate that it was written to
help John Shelton Williams out Of a
dilemma and. perhaps, because tue
writer. who said it was a personal
communication. deemed it good bust
ness diplomacy to 60 to the assistance
Of the man who exercised supervision
over the deposits of upward OF 100000
600 of government funds.
Seeks to Comfort Williams.
Charles A. Douglas, Washington
attorney. who is counsel for the Cont
mental Trust Company. came to the
support Of John SHELTON Williams yes
terday with statement which he said
was unsolicited and simply in the in
terest OF truth" and which is designed
10 afford comfort TO Mr.. Williams.
While IL is probable that the categori-
cal assertions in the statement are cor
rect, 1t conveys an impression wholly
at variance with the understanding Of
high officers Of the Continental COM
pany, who do not believe that they
stood the slightest chance OF acquiring
the deposits OF the United States Trust
Company from the first"
There is some reason TO believe that
ex- Governor William II. Merriam, one
time director of the Census, now a