The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-01-06
APPROVALlG
TO BANK Change
Stockholders O. K. Absorp-
lion Of U. 5. Trust BY
Munsey Company.
ASSETS TO BE APPRAISED
At Meeting Practically five-ixths OF
Conpany's Stock Of $l,250,0O0
Was Represented.
ASSETS TO BE APPRAISED

The stockholders OF the United States
Trust Company yesterday approved the
action of the board OF directors which
lee to the absorption by the Munsey
Trust Company.
There was represented at the meeting
1874 shares of the company's stock, or
practically five-sixths. or s., 10000 Of the
total capital of si.25o.0o.
A resolution was adopted authorizing
the board OF directors to take such fur
Their steps as will serve the best interests
of the stockholders and approving In adj
vance such action as may be taken.
With this end in view. the boards Of
TIE Munsey Trust Company and the
United States Trust Company viii meet
within a few days and a committee will
be named to appraise the assets Of the
United States Trust Company. after which
the stock OF the Munsey Trust Company.
or cash, at the option Of stockholders.
viii be distributed.
At the close OF the meeting the sub
Joined resolutions, offered by one OF the
stockholders. who was not a director or
officer of the bank. was adopted unani-
rnously without regard to the vote OF any
Proxies.
Action Is Approved.
Resolved. That the stockholders of the
United States Trust Company approve
the action of the board Of directors 50
far taken to conserv, the assets Of the
company, and believe the course pursued
was based on sound business Judgment
and faithfulness to their trust as officers
OF the institution"
At yesterdays meeting William +. Den
MIS- a member OF the board of directors,
and James II. Baden. secretary Of the
company were elected chairman and
secretary.
The directors made a full statement to
the stockholders, detailing the various
actions Of the board Immediately before
and since the agreement was made with
the Munsey- Trust Company. by which
the assets OF the United States Trust
Company were pledged to the Munsey
Trust Company. as security for guar
anty OF deposits. and setting out the
agreement that has made for fair and
impartial appraisement of all the assets
Of the United States Trust Company, ac-
cordinG to the plan. by which the stock
holders in that company are to receive,
for the net value OF their stock. the stock
OF the Munsey Trust Company, or cash,
at their option.
Bank in Good Condition.
The statement or the board OF directors
declared that there was never any justi-
ncation for n run on the bank, nor the
slightest ground at any time for I'M
easiness on the part OF any OF its de-
positors. They stated that on the very
day the run started they nad more than
i million dollars in cash and IN banks,
constituting a reserve well within SAFE
limits and as high as that usually MAN.
tanned in similar institutions. And more
than this, the general condition OF the
assets OF the bank at the time the
than II mad
ever been before so lar as concerned
the LIQUID character OF its loans and the
collections OF certain slow paper winch
mad come IN from the purchase of other
institutions In this city, which purchases
mad Increased the deposits or the United
States Trust Company from about 5000
600 to more than $6,ooa,Oo0.
The immediate cause of the run was
declared TO be unfounded rumors as 70
the condition of the company, and the
action of the directors in meeting the
situation was taken with sole regard
first. 10 the depositors whose money was
intrusted TO the cOmpany.s care, and
whose interest in securing their deposits
Immediately upon demand the directors
were determined to protect; and, second
to the stockholders. whose interest. II
WAS stated, would have been sacrificed
il any other course than the one taken
had been pursued.
Appraisement of Assets.
A statement was made to the stock
holders that a plan for the appraisemen'
of the assets of the company was now
going forward; that the auditors and
accountants had finished their work In
assembling in convenient form all the
assets. and II was expected that with
the formal ratification of the acts OF the
directors in behalf OF the company and
its stockholders, the value of these net
assets soon would be ascertained, and
the stock of the Munsey Trust Company
or cash. at the option OF any stockholder
would be ready for distribution at ar
| carly date.
The directors OF the United states Trust
Company attended in person. and full!
answered questions submitted by stock
| holders. a general feeling OF harmony
and good will prevailed, practically every
motion being carried unanimously.
Ample opportunity was given for 9
full discussion OF the whole situation anc
everything connected with the anaIrs Of
| the company.
Wade II. Ellis and r. Golden Donald
son, counsel for the United States Trust
1 ha fnaatfDD