The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1914-12-29
Comptroller Reports on Munsey Trust Deal

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per annum being repaid by February 6,
1914, and the entire balance by April 5. 1914
LIQUIDATION COMPLETED.
The Trust with the cooperation of the officers
Of the United States Trust Co, converted into money during
the ensuing of assets of the
latter company Munsey Co. for all
moneys which it advanced to the States
its deposors the remaining assets of the United States Trust
Co. and, after all claims dollar for
dollar benefit of the stockholders of the
A stockholders committee of the
United States Trust stated that there to hope
that the stockholders eventually receive when the assets
have been finally oudaed somewhere from $40 to $50
share whereas there those in position be well informed
the affairs who declare the
would probably have been far from able its
depotors in full had the hands of under
the conditions prevailing November, 1913 that
the Muney Trust Co. forward guaranteed its depOtOrs,
and undertook supervise the liquidation of its affairs
The Munsey Trust Co., having discharged the liza
bs which behalf of the United Trust
Co., and having been reimbursed for its payments and
advances released further duties the premises
through the action of the Supreme Court of the District of
Columbia, which, December 1914 appointed iqudang
agent, complete the liquidation of the assets of
the United States Trust Co. and the stockholders
their pro rata share of the proceeds
Below is the statement of Mr.. MunSey in which he
gives additional facts regarding the Munsey Trust
CompanyS part in taking the United States Trust
Company and protecting that concerns depositorS.
Mr.. Munseys statement
The foregoing report Mr.. Shelton Williams, Comp
tOer of the Currency concerning The United States Trust
Company, faithful facts goes.
1t the Governments side of the matter appropriately
and dispassnately this doubtless
ernments are wont TO perhaps could wisely
But let the story of The United Trust Company
history with this report pre-
affair, this
is what the people of Washington wish to have To this end
the Comprolers compe The Munsey Trust Company
add brief outline the story of its work and the
bities assumed connection with The United States
Company The facts these:
Munsey Company toxic affairs of The
United States Trust Company the night of November 81
1913 guaranteed the ftyfe thousand deposors of The
United States Trust Company against loss opened the
doors Of The United States Trust Company
usual banking hour following morning. Saturday
November D. 1t paid money freely all
deposits, and paid rapidly without any
terfuges the way of delays gain
vantage the Saturday banking kept
of these hadozen banking places open until night contrary
banking that all who their money might get
FEW ACCOUNTS CLOSED OUT.
guarantee of The Munsey Trust Company
of dpositors thoroughly satisfied
there were relatively few accounts closed and little
money withdrawn The the company n
confidence remained
extraordinary nexpicable of
Tribune which the Comptroller refers again disturbed
public
me disturbance than at first
lasted longer: 1t
instead of quiet underground
mining influence ubtly and persteny all the while
doing injury United Company, indi-
recy doing injury The Muney Trust Company, which
saving The United States bankruptcy,
saving the of Washington a mighty
situation
The Withdrawals from The United States Trust Company
this attack of The New York Tribune and
Washington influences aggregated hundreds
of dollars which called for a The Munsey
The United States Company
million and quarter dollars
of depoSitors.
sctth The Munsey Trust Company put up
million and of pretty definite
emphatic all the silly talk yet silly
that about Washington
by The New York Tribune, the effect that The Muney
Company had refused agreement
bankers of Washington patry five hundred thousand
with which handle the affairs of banking
a deporable condition
Company.
WHAT MUNSEY COMPANY GUARANTEED.
What The Munsey Trust Company did agree do 10
depotors of The United Company
against loss and the Of all
tons of The United States Trust Company This agreement
made with The United States Trust Company, and