The Washington times., 1913-12-10

Inc MlnSey Trust Company and myself individually
guaranteeing S6000 of deposits the midst of
nsnt United Company with its six banks
and IFS $4,000 depositors deal with.
the moral force Governments good Offices was big
factor queng the alarm and restoring confidence depoors
of the United States Trust Company we'll depoos
other Washington banking institutions.
The details of the plan for making loan the United States
trust Company did The that
that the Government would this the United
states Trust Company its securities and that the money would
through three national think three over
four mos) The of of these banks recall
Commercial National and the other the District National
Having agreed take United Company
its deposits prepared statement for newspapers
setting forth the facts tine transaction which deposos
the United States Trust Company of their safety through
Of The Munsey Trust Company and my individual guar
gone to my meeting of the Clearing House
called developed that meeting that there objection
part banks loan being through banks
four whichever the number scheduled The
discussion word that eleven national banks should
pate matter 100000 Government money
and turn it the United States Trust Company
The question raised the Clearing House much
money Mr. Munsey would up and this point the
failure the Governments plan aid in restoring confidence hung
in the balance.
The situation 1t was o'clock in the
morning Word gone citizens Washington through
the newspapers that the United States Trust Company had been
absorbed deposors against
Munsey Trust Company which had taken the United States
trust Company
this pressure, that meeting
management of The Munsey Trust Company volunteered the
that would bring from New York half million dollars
nd early in the morning.
situation further aggravated by suggestion
Father the Riggs National Bank that this money be
deposited with the American Security and Trust Company affiliated
Institution with Riggs National Bank this suggestion
by The Munsey Trust Company
The proposition of the Government concerning the
loan 81 100000 the United States Trust Company
carried conditions, other than that protect the de-
posors of the United States Trust Company. had
strings attached to and placed under obligations
The question a to what would do, which came Up
after had gone my hotel entirely foreign my
acceptance of the Governments proposal and could
be made part Of the transaction.
What would do carry through a successful
conclusion the work had undertaken, my business
and not the business of anyone else.
When learned morning happened Clear
House meeting resented the interference and presumption and
said that would business and accept dctaton
from nobody body of
ers, and mad ask
That afternoon, in response request meeting
the Clearing House The chairman of the meeting asked
had brought the S5O000 promised by representatives.
replied that had asked why had done
answered. that with S63l 900 in the vaults of the
United States Trust Company and the its banks broken
occasion for doing So
Furthermore, added that had been author
lied represent this phase of the matter, condi
ton that had been injected into the situation long after
had gone o my hotel for the night.
After discussion, the chairman of the meeting
Il think it the charman-asked me if was then
willing square myself the of my repre-
sentatves and bring the $500 900 from New York.
answered that would do If the clearing house
mttee would take the responsibility of asking do
merely technical grounds; that failing take this
responsibility declined bring the money until
occasion for doing
finally agreed meeting that should be left Mr.
aher chairman of the Clearing House Association and myself
determine if there any for bringing the money from
York. Up received no notification Mr.
Father any occasion for bringing money and have
myself If there had any necessity it would
been done.
In view of these facts, say and to circulate
world that have kept faith with the clearing ncusc
say and to circulate something that misleading and
absolutely false.
The above briefly and