New-York tribune., 1918-02-24
John Shelton Williams Or
fers Some Corrections

THE following letter from the Con.
troller of the Currency has just been
received by The Review:
Sir: 1t is not pleasant to ask correction
OF newspaper articles, but can see no reason
why man should be expected to submit
silently and continuously to untrue assertions
concerning himself apparently intended tn
lnJure him, even if he is ar official of the
government
In your issue of the 10th, which has been
brought to my attention, is an article re-
1errlng to my appointment on the staff Of
the Director General of Railroads. in which
occurs the following assertion regarding me:
In 1918, while he was Assistant Secre-
fary Of the Treasury, he was connected with
the absorption by the Munsey Trust Com.
pany OF the United States Trust Comnanv,
"This is misleading and fatty untrue. and
IS contradcted directly by the record and
the easily obtanabe facts I was not con.
nected with the absorption by the Munscv
Trust Company of the United States Trust
company in any way; had no personal
interest of any kind, near or remote in
cilher company. and not a party to the
negotiations between those companies.
The same article says, further. again ay-
luding to me: ''-
lit was charged that he placed million
dollars of public funds at the disposal 81
the Munsey Trust Company, of which his
ororher was director, to assist that insti.
eution to meet possible run following IN.
announcement that it had taken over the
United States Trust Company
- is so misleading and is peryersion
OF the 1acts SO gross and ingenious as strong.
~ TO suggest malicious intent by The Trib-
une's informant. There had been no srr.
gestlon OF run on the Munsey Trust Com.
lahy' pnt a run on the United States Trush
company had already begun, and threatened
oisastef 10 many and a panic. The Munsey
trust Company, on which there had been ma
run, or suggestion of run, went to the rescue
OF OF tne United States Trust Company. and
thereby stopped the panic
Under the law neither nor anv o+h.,
oHcfai OF the government had authority to
deposit dollar of public funds in any trust
company. The Secretary of the Treasury Re-.
lleved tense and dangerous situation and
averted strain upon the other banks of thu
Guy Dv depositlng million dollars in eleven
rational banks here, the government ho;ro
secured by the deposit with the Treasure
department Of ample collateral These bank,
thereupon deposited like amount of money
"lth the Munsey Trust COMPANY enablipc
~ 10 take over the United States Trust Com.
pany without cramping themselves. Conn.
dence was restored Immediately. The mora
snan u! eo,ooo depostors of the United States
trust Company were paid in full.
The Munsey Trust Company, of which nv
orother was director, had no connection
win the United States Trust Company, but
stepped IN to save it after run on IL had
oegun and much anxiety had been caused
among bankers and business men here ard
eisewhere- The Secretary of the Treasury.
oeiore the Munsey Trust Company acted baa
offered to deposit the million dollars WIN
local national banks if some other bankina
IN INSTITUTION here would take over the United
states Trust Company SO as to guarantee ito
deposits and other obligations, but the osy.s
was not availed Of
JOHN SHELTON WILLIAMS,
IL IS needless, or we hope needless. ia
aoa mere IN our own behalf that no "ma.
hcaous intent lurked behind the items ~
transformation n which unfortunately found
their way into The Reviews little sketch
OF Mr.. Williams's public career-rThs
Editor.l lev