The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1914-12-29

to contend with apart extraordinary criticisms
and attacks The protection of depostors the least Of
troubles Working the tangled affairs of the
much difficult and much trying The deposits
resented definite fixed The of The United States
Trust Company up innumerable investments
not definite The Munsey Trust Company
found that the big problem its hands the conversion of
these assets into money.
But the who owed money the bank had to be
dered well the bank itself To have compelled mme
date payment maturing obligations bank would have
the crushing and hampeng
and this would have been neither wise human ad
minsaton good The United States Trust
Company The Munsey Company from first last showed
consideration possible to all those debt The United
States Trust Company times putting itself
meet obligations of the latter company of crowdng
men harshly for full payment of their obligations
Notwithstanding the difficulties of every kind however The
Munsey Trust Company accomplished
for The United States Trust Company the short time
OF approximately nine months. 1t sold OF four of the
panys branch banks closed
main Office at Fifteenth and streets. 1t paid off all de-
posters who wanted their and paid other obi
cation of The United States Trust Company
been DONE the work of The Munsey Company
ton with the affairs of The United States Trust Company
finished, and that two three months ago.
ALL DONE BY COMPANY ALONE
All that done for The United States Trust Company
and all that accomplished in way preventing bank
ing catastrophe the city of Washington solely
alone by The Munsey Trust Company No other bank
organization and not the Government the mionoar
loan 1t made turned hand in the matter took the slight
est chance Of loss, assumed the slightest responsibility
The Government couldn't anything directly Indirectly
it helped by loan of million dollars through banks
made securities The United States Company
amounting to something like million hundred
doars and this loan by the national
Washington Obviously therefore the took no
chances of loss whatever hundred thou
sand dollars worth of securities guarantee of payment
and had in addition to that the of the national
banks Of Washington
And the national Washington took no chances of
o because the Government held million six hundred
sand dollars worth of securities guarantee the payment
OF the osn Moreover they took chances Of loss
Munsey Trust Company guaranteed them against loss
The connection of the national banks with the wa.
merely means to end by which the
permitted to make the oan could tn.
loan direct according to law but could make in the way
The national banks Of Washington did helping the
Government to make the osn and this ALL
sponsbty from first last by The Munsey
Trust Company, and responsibility mean propor
TONS II there had been any working out the affairs
Of The United States Trust Company they would
solely and wholly The Munsey Company not on tn.
Government, and not the national banks. 81,
WORK OF GOVERNMENT COMMENDED 80
In making the loan The Muns.y Trust Company tn.
Government did for The Munsey Trust Company than
had offered do for other banking Institutions Washing
ton and had tried to do in fact several days before The
Trust Company the The Munsey Trust Com
therefore had favor from the that tn.
Government not equally ready extend bank
The work of the Government commenda6e and bust
nesske 1t serious situation should done The
threatened disaster would have been tn.
action Of the Government its proered loan The Munsey
Trust Company would not have undertaken the for
this profered loan and other banking institution
ingon forward to the situation the Gov
ernment's profered loan.
that it all over, glad Munsey Trust Com
to the of the banking situation Washing
that November night II rendered distinct
the ffyve thousand depositors in The United
Company distinct service to the other creditors COM
psny distinct service to the stockholders of the company and
distinct to the community and demonstrated
capacity and the ability handle difficult problems in
busnesslike way.
frankly, The Alunsey Trust wouldn't break
undertake similar service very again with all
the criticisms responsibilities that followed
experience however that has aged and strength
The Munsey Trust Company, and which suffered
loss. On the contrary, it Melted very fair profit.
FRANK A. MUNSEY