The Washington times., 1913-11-22

Of the United States Trust Company to
the Munsey Trust Company counts as
nothing compared with the great sat:s-
faction that | have in knowing mat the
will be cared for and protected. and In
tho further knowledge that disaster
has been spared to Washington.
The negotiations last night were con-
ducSd at the Hotel Shoreham, those
present, besides Mr.. Munsey, including:
Stuart Olivier, R. Lancaster Williams,
of Baltimore; Wilton J. Lambert. at
torrey for the Munsey Trust Company;
Richard w. Goodhart. bank examiner.
Former National Bank Examiner Ham,
Tucker h. Sands. and Assistant Secre-
tary of the Treasury John Shelton Will
liams.
Mr. Munsey realized. after an examin-
alton of the assets of the United states
Trust Company, that there was an op-
portunity for a tremendous expansion
on the part of the Munsey Trust Com
pany. and at the same time chance
for big service to the depositors OF
the United States Trust Company, IN
making their savings absolutely secure,
and 10 the banking interests of WASH
ington, in inspiring confidence In the
public.
Mr.. Munsey's Statement.
At the conclusion of the negotiations
Mr.. Munsey issued the following state
ment:
Il arrived from New York at 4:30
this afternoon on a hurry call, having
been summoned after my representa-
tives had been in e Dight-and-day con-
ference 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 confer
ence and as a result at 10 O'Clock last
night We reached an agreement with
authorized representatives of the board
Of the United States Trust Company
by 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 g, 100000 capital means a S4,OO0,UOO
capital stock liability, and, of course,
we have az the assets of the United
States Trust Company, which will cas-
fly amount to more than the total de-
posit line of that company. With the
entire assets of the United States Trust
Company anu the assets and capital
stock liability of the Munsey trust
Company, there should be an instanta-
neous cessat ton Of all unrest.
Deposits with the United States Trust
are now as safe as If they were with
the Government. I might add that the
Treasury Department has co-operateo
in every way and has offered to pro,
vide all needed currency for any ana
all emergencies.
Il have done this thing to be of real
service to washington in d crisis. By
averting what might have been a seri-
Gus financial disaster, / take II tnat my
work has been a real service. In turn
ask the heartiest cooperation Of every
one, whether they are depositors with
the United States Trust or not l nave
thrown all my resources into the breach
and the least Washingtonians can do Is
to give me their willing, hearty and en-
thusiastic cooperation.
Find Rough Going.
The United States Trust Company was
organized just prior to the panic OF lsV''
Which IL weathered. though the going
was a little rough at times. Eldridge
Z. Jordan became interested in the
company three years ago, pecomihs
president, with Charles w. warren as
vice president little more than two
wears ago there were internal dissen-
sions, which resulted in Mr.. Jordan
resignation, but in a short time he ob,
tanned the control and again assumed
the presidency. -, ~.
Then began the rapid expansion VI
the company. The International BANK
ing CORPORATION was absorbed early IN
1917 followed by the purchase OF the
Merchants and Mechanics Savings
Bank, with main offices at fennsyi,
vania avenue and Tenth street, and
branches at Seventh and G streets,
Twentieh street and Pennsylvania ave-
nue., Connecticut avenue near L street,
and the aMrket branch. subsequently
sold. S...
Early in 1913. the Fourteenth street
Savings Bank, at Fourteehtn anu y
streets, was bought.
When Lawrence o. Murray retired
from the Comptrollership, he became
President of the United States Trust
Company. Mr.. Jordan becoming chair
man of the board. but since his connec-
tion with the institution he has been
able to give it but little of his time,
owing to poor health.
The Munsey Trust Company was or
zanized last spring with a capital OF
81, 10000. and a surplus OF $l52,62u. II
has grown rapidly, and its last report
to the Comptroller showed deposits of
q go co.,