New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-08
MUNSEY RESENTS
TRIBUNE REPORTS
Continued from Hrst page.

NAV nv the Munsey Trust Company
| under the supervision OF Assistant
Secretary John Shelton Williams point
| ing out. as is now Thoroughly appre-
cisted. that the facts have given rise
| to the belle, i'm Senatorial circles that
| undue favoritism was shown by the
Treasury Department to an lndiNioua'
bank--a semblance Of favoritlsm "i'ich
has 90 far caused anxiety and unrest
| in banking circles that they feel that
II either should be dispelled by thor-
oueh investigation and disclosure or all
| the facts, or II it existed shouid oe
brought so forciblv to the attention Oh
the Secretary Of the Treasury ana vi
tho President as to insure its elimina-
tion from all future transactions.
overrulns the Controller.
The Tribune's Washington dispatches
| have also called attention to the COURSE
of Assistant Secretary Williams IN
overruling the Controller OF the CUR
rcncv and permitting the United States
Trust Company to do business three
DAYS after the Controller reached INC
decision that its doors should he closed
This. it is asserted. afforded an OPP
| portunity for the larger deposltors anu
those on the inside OF financial ahairs
| to withdraw their deposits, to the ooVi-
ons detriment of the smaller depositors,
wbo did not learn anything OF the con-
dition of the bank until Friday al
/ though the Controller had reached his
decision on Tuesday.
The Tribune's dispatches have also
rointed out that in the opinion Of many
| who arc competent to pass upon such
matters this everything Of the Con-
troller was a usurpation OF power ny
the Assistant Secretary which must
initiate against the independence anu
efficiency of the office OF the Controller
| Of the Currency.
Mr. Munsey singles out from the
many columns which The Tribune mas
nrinted on the subject the statement
made in the dispatch published TINS
morning, that at the close OF business on
| october p the Munsey Trust Company
had cash on hand" amounting 10 3D.
5ol 90 and individual deposits subject
IN check OF 81 .32O,J1O 81. Mr.. Munsey
seems to resent that statement al
though he adds; 1T is true that the
idle cash in our vault on this date was
s.. Jgl CO." He adds. however, thht the
Munsey Trust Company had In other
banks and Immediately available cash
amounting TO S724.70 SO. which he
claims 10 have been n part OF the re-
serve OF the Munsey Trust Company.
In taking exception To The Tribunes
statement which he himself confirms,
Mr.. Munsey apparently overlooks the
! fact that the Treasury statement the
official character Of which Mr.. Munsey
roaftirms. as quoted in The Tribune.
| said that the Munsey Trust Company
WAS the best qualified bank in Wash
ington 20 handle the situation" and
"this company had the largest reserve
! fund-more cash on hand-than per
haps any other Washington institu-
| ton"
| Cash on Hand
II was in that connection solely that
The Tribune dispatch called attention
10 the small amount Of cash on hand
! in the vault Of the Munsey Trust Com
pany, according to its last sworn state
| ha uh r
| Munsey may claim to have been the re-
serve fund Of his COMPANY, cash In
other banks, much OF IL probably In
other cities. the cash on hand" did not
exceed 1891 90. Although immedl-
ately available in the accepted sense OF
| the term, many persons think that had
| there been "A panic IL might not have
proved Immediately available. or that
| IL was in the common sense use Of ths
term Immediately available for the pur-
pose of meeting any extraordinary de-
lnand which the depositors OF the
| United states Trust Company might
have made on the Munsey Trust Com
pany on the morning after the run on
| their own bdTk, dllHousH IL "do III tuht
sense that the expression was used in
the official statement issued from the
office Of Assistant Secretary John Skel-
ton Williams.
In calling attention To the small
amount IF cash on hand in the Munsey
Trust Company. which had already
been made public in the official state
mcnt OF that bank, The Tribune's dis
patch had no purpose Of rejecting on
that concern, but merely cited the fact
I'm explanation of the belief OF the bank
crs that John SHELTON Williams had
shown an unwarranted and unfortunate
partially to Mr.. Munsey's trust COM
pany, and especially in the official
statement issued on the subject
Mr.. Munsey also objects to the in
clusion i'm The Tribune's statement OF
the reserve Of the Commercial National
Bank of Washington. which amounted
10 inward of 100, 900. or OF anything
but actual cash on hand. II is note
worthy, however. that the bank named
had in actual cash on hand S345.542 so
on the same date that the Munsey
| Trust Company had cash on hand
amounting 10 less than $4,000.
There is no evidence OF disposition