Evening star., 1913-11-22
MUNSEY COMPANY
TAKESU s. TRUST
Continued from First Page.)


company were moved to the Southern
building
The first bank to be absorbed by the
United States Trust Company was the
International Banking Corporation. which
operated branches on street, Connecu-
cut avenue and ~ the center market
In the spring OF 1912 the absorption by
the United States Trus. Company of the
Merchants and Mechanics Savings Bank
was consummated. At the time this oank
was operating branches at 7th and y
streets. 10th street and Pennsylvania ave-
nue.. and Goth street and Pennsylvania
avenue. In May, 1912. the United states
Trust Company purchased the Fourteenth
Street Savings Bank at the corner OF l4th
and L streets northwest Shortly aiter
the absorption OF the International Bank
ing Corporation the Center market branch
was discontinued.
Last spring Lawrence o. Murray. retir-
ing controller of the currency, was
elected president of the United States
Trust Company and Mr.. Jordan became
president OF the board of directors. Be-
cause Of poor health Mr.. Murray has been
able to give but little time to tho affairs
of the bank.
Statement of Banks Condition.
The statement of condition a. reported
to the United States Treasury October
81 was as follows:
Resources-Loans and discounts. $685.
21S.ss; bonds and investments. $1,107,
1921; banking houses. furniture and nx-
lures, s54S,91S.3s: cash and due from
banks. $3.50. s17.42; total, N,s34, ,00s.97.
LabilitiesICapital stock. 81. .2JO.0U0: un-
divided profits s7S.652. 96: deposits. -. $685..
973.37; Christmas Savings Club de-
posits, s4i6,3sO.6i; bills payable. $2000vo:
total. 1854, ,OO697.
The Munsey Trust Company started
business last spring with a capital Of
$2,OU0OuO. A statement as of October II
showed deposits OF 81 ,32O,OO0.
Mr.. Munsey's Statement.
At the conclusion of the conference
last night Mr.. Munsey issued the fol-
lowing statement:
Il arrived in Washington at 4:30 o clock
this afternoon after having received re-
ports from my representatives who have
been at work night and day for the past
three days trying to be Of service to the
depositors Of the United States Trust
Company and the Washington financial
and banking world.
AT 10 o'clock tonight we came to a
| final, definite understanding. ratified
| both by the boards of the Munsey Trust
Company of Washington and the United
| States Trust Company. by which the
Munsey Trust Company takes over bodily
and entire the United States Trust Com
pany. In other words, the United States
Trust Company now becomes merely a
part of the Munsey Trust Company, the
Munsey Trust Company guaranteeing the
deposits.
Transaction Clear Cut.
"The whole transaction is clean and
clear cut, and depositors Of the United
| States Trust Company now have. in ad.
| dition to all Of the assets Of the United
States Trust Company, the assets OF the
Munsey Trust Company and the $1,000,
| 900 capital stock liability which thu
| Munsey Trust Company's $2,OUO.OO0 0i
| capital affords.
This sets at rest once and for ali an,
question as to the safety of the money de.
posted with the United States Trust
Company. These deposits now become
automatically deposits in the Munse,
Trust Company. with all the resource.
| of the Munsey Trust Company behini
| them and guaranteeing them"
Bank Examiners Views.
National Bank Examiner r. W. Good
hart of the Treasury Department, who
recently examined the affairs Of the
United States Trust, last night issued
| this statement:
THE Munsey Trust Company has abb
| sorbed the United States Trust Com
pany and all its branches with the full
4 knowledge and consent of the Treasury
4 Department The examiner desires Il
inform all depositors that their deposit,
with the United States Trust Company
| are absolutely safe, and that they should
1 feel no apprehension whatever. The crt
| sis has passed. and depositors may nov
1 relieve their minds of any anxiety
Officers and Directors.
The officers and directors Of the Munsey
Trust Company are:
| President. Frank A. Munsey; vice pres
idents, C. H. Pope. Stuart Olivier, Charles
H. johnson: treasurer. A. b. Claxton;
general counsel, Wilton ]. Lambert:
directors. Ashley NJ. Gould, William H
White. William F. GUIDE. Perry Belmont,
| George r. Gather. E. 4. Spafford, f. L.
Norton, r. Lancaster Williams, w. 7.
Dewart and George I. Bishop.
The officers and directors OF the United
States Trust Company were:
| Lawrence o. Murray, president; Arthur
Lee, vice president; Samuel J. Henry.
vice president and treasurer: James H
Baden. secretary; William c. Worthing-
| ton. assistant treasurer: L. T.. Schreiner.
assistant treasurer; Wade H. Ellis, r.
Golden Donaldson. counsel; directors.
| Eldridge E. Jorhan. chairman of the
board; James A. Cahill. A., q. Clapham.
H. Bradley Davidson. William F. Dennis,
r. Golden Donaldson, Frederick H. Treat.
| Wade H. Ellis. Samuel J. Henry, Eldridge
| Z. Jordan, Arthur Lee. Lawrence o. Muir
1 and Orrpu g StaplpS