The Washington times., 1913-11-22
A DRAMA IN FINANCIAL WASHINGTON.

A DRAMA In FINANCIAL WASf1iN1lON.
With tn. announcement, this morning, that the
Munsey Trust Company had absorbed the United
States Trust Company of this city, the "Fnis' was
written to one of the most dramatic chapters of
financial history that Washington indeed any other
American city, has ever known.
For some time it had been bruted about the
city that the United States Trust Co., with some
s600o,Oo0 of deposits and $1,000 depositors, was
hard pressed by its depositors, and that it was in
straits to meet the sudden demands. Yesterday the
situation climaxed in the definite inauguration of
Pennsylvania avenue, spreading thence, though in
less nsstent FORM to the main office and the other
branches.
At the close of banking hours, and during the
remainder of the day and night the town was in
fement of excitement Reassurances from the Of
Hcers of the trust company and statements from the
Treasurys bank supervision authorities were given
no such weight as they deserved. The town was
plainly on the verge of crisis of the most alarming
proportions whose wide.reaching consequences none
could more than guess, and none dared contemplate
without feeling of fear for what the might
bring FORTH
But though the fear-stricken city did not know
it. the situation was even then in hand At o'clock
last evening Frank A. Munsey, head of the Munsey
Trust Company and owner of The Washington
Times, who had been hastily summoned from New
York, arrived here The Munsey Company and Mr.
Munsey had been turned to in the great crisis the
obvious interests to meet the exigency and save the
situation. Mr. Munsey promptly answered the call
for his personal presence in Washington and in an
incredibly short time, though no public announce.
ment of pending negotiations had been made, the
community learned that arrangements were making
which would probably put an end to all uncertainty
and insure the safety of every interest involved with
the United States Trust Company
This morning the definite announcement was made
by Mr.. Munsey for his company and himself individ-
ually, and by the officers of the United States COM
pany, that the transaction had been closed Immedi
ately there complete change in the spirit and
attitude of the community Confidence succeeded to
trepdation, and assurance to fear. Instead of
sumption of the rum REINFORCED and multiplied many
times, the morning saw the lines of withdrawing de-
oosforS dw;ndIed little nncre of
ordinary business day. From all quarters came ex
pressions of the confidence that had been restored
almost in an instant; and before noon the financial
and business public had turned from msgvings to re-
ocings the wonderful deliverance that had been
provided.
For it was truly wonderful achievement made
possible by projecting the personality of into
situation which without that element probably could
have found solution short of fearful disaster. 1t
was huge responsibility shouldered with the conf
dence of man accustomed to handling big affairs
and determined that in such time of stress the
6dence that had turned to him the one man capable
of saving the day should not be disappointed
Before 10 o'clock at night, as result of confer
between the representatives of the two trust
companies, the arrangement for the absorption of the
United States company completed. All its bus-
ness and assets taken over by the Munsey Trust
Company, and arrangements had been perfected
through the cooperation of the Treasury Department.
for the advance of the physical cash needed to meet
any demand.
With its $1,000 depositors and 100000 of de-
pcsts, the consummation of such transaction on
such notice would have seemed wel-nigh the i'm
possible. The exigency of the hour compelled in