Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-05-19
Tile Washington Times Of May I6.
To the People of Washington

YOU at some length within the last week, III an
official way, through advertisements III the news
papers of the city
Now that the work of organizing the com
pany and of organizing force to man the bank,
and now that the bank has opened its doors for
business. and has days actual business to It's
credt-a splendid record day want TO say
word more to YOU and to say it in more intimate
way than through conventional advertisement
The two hundred and fifty and more men and
women who came into this bank yesterdav-the
opening day of the bank-of their own volitlon
and opened accounts. furnish the most substantial
evidence of their confidence III The Munsey Trust
Company and their Endorsement OF It's plan OF do
ing business with the public.
| appreciate very much this cordial welcome
to the new trust company, and to these two hum
dred and fifty men and women-the initial depos-
itors in The Munsev Trust Company wish to
extend the thanks of the board of directors and
especially to extend my own warm thanks.
The Munsey Trust Company is already
established, seasoned banking house established
in single day-and its made certain. OF
course. there never minute s question in my
mind about it's ultimate success, but putting the
measuring stick on is to know. The measuring
stick gave a good account of yesterdays business
an account that points conclusvely to bril-
liant career for The Munsey Trust Company.
Shall tell you the secret of yesterdays
splendid Endorsement! The secret lies in the OPP
position up against when the initial step
was taken looking toward the establishment of
The Munsey Trust Company here In Washington.
1t was no fancied opposition, but decisive
antagonsm that cropped out all over the town,
and the atmosphere surcharged with it.
When the stock of the company was first offered
for sale it found few buyers In Washington, and
it was not until came over here from New York
and very frankly stated in the press the facts and
my purposes that Washington confidence began to
show life.
In word the opposition was stubborn, force
full subtle and able-able enough to kill any
enterprise of this kind except it had good fighting
blood back of it.
1t is because of this opposition, the character
and measure of it, that have come to have SO big
measure OF personal. virile interest in The Mum
sey Trust Company of Washington. | had not
expected to do much individual work in
ton with it, and should not have done but for
the opposition lined up against it.
And it was while shaping up the more or less
perplexing problems preliminary to the founding
of the company. while keyed up to overcoming
opposition, that worked out the plans for deal
ing with the public that the public so handsomely
Endorsed yesterday.
These plans straight Plans straightfor-
ward in every particular. They mean exactly
what they say. Where they say they pay given
interest-three per cent or four per cent-they
mean that the interest will be figured in straight
way daily balances-that is. the actual aver
age daily balance for the month"; not on the lowest
days balance of the month regardless of the bal
ance the big days of the month.
The Munsev Trust Company will do business
in an open, frank way with the public 1t will
establish sound, just system of computing inter-
est and then square the rate of interest to it. In
other words, The Munsey Trust Company will not
to pay rate of interest that it does not de-
liver 1t will deliver the goods full measure that
it advertises to deliver. To white down the adj
vertised rate of interest by methods of computing
interest is misleading and is not understood by
the general public
In this discussion the question Of figuring
interest. | realize that The Munsey Trust Com
pany is putting itself in opposition to the banking
system pretty generally or wholly in vogue in
Washington.
1t is not with the purpose. however. to criti-
else the methods of others that we are discussing
this matter, but obviously because we must ex-
plain our position to the public The fact that our
way of figuring interest as it works out brings so
much bigger returns on deposits to the depositor
than other systems compels us to say so in any
common-sense view of the matter.