The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-10-26
'SABIN DECLARES
WILLIAMS DODGES
Banker Adds Chapter to Con.
troversy With Comptrol.
Ter of Treasury.
STATE BANKS MALIGNED
Typographical Error "False Is.
sue," Guaranty Trust
Head Insists.

Another chapter was added last night
to the controversy between John Shelton
Williams. Comptroller Of the Treasury.
and Charles II. sabin. president OF the
Guaranty Trust Company, when the lat.
ter gave out letter sent by him to Mr.
Williams accusing tho Comptroller o. Al.
tempting 20 raise false issue"
The trouble began when Mr.. sab,n
made an address before the State bank
section Of the American Bankers Asso.
citation, in which he quoted and criticized
a statement by Mr.. Williams to the effect
that no national banks had failed during
the first seven months of the current
year, while in the same period there had
been failures Of State banks and trus,
companies in fourteen out Of the forty.
eight States. In contradicting the Comp
troller's statement Mr.. Sabln had de.
clared that there were "forty-four States
at least" in which there had been no
state bank or trust company failure dur
ing the period mentioned.
When Mr.. Williams wrote Mr.. sabu
to ask him what he meant Mr.. Sabia
answered that "forty-four" was typo.
graphical error. Wednesday in Wash.
irgton Mr.. Williams made public letter
hitting at the trust company presdent
for having pamphlet copies OF his address
sent out in which the error was reprinted
five days. so Mr.. Williams said, aster
Mr.. Sa5:a knew an error had been made
Not First Attempt.
II desire simply to state read the
letter Mr.. Sabin has sent the Comp.
THRILLER which was given out last night,
that the. manner In which you have
handled this matter shows n disregard
OF the rules of fair play. and attempt,
to raise false issues in which the facts
are obscured This is not the frs. al
tempt you have made to discredt New
York bankers by Publishing one sided eX-
tracts from correspondence, to the end
that, intentionally or otherwise, YOU Gre
ate a misleading and false impression
The vital fact Is that in circular SEN
out from your office over your name you
saw At to go out Of your way TO cast
reflections upon the credit and standing
Of the State banks Of the country. which
aroused the resentment of State bankers
generally. This resentment to my
knowledge, has been voiced many times
both In letters to you. in public ad
dresses by responsible bankers. and in
formal resolutions adopted at the Amer
lean Bankers Association convention.
My brief comment on your circular hal
no purpose but to call attention to this
general feeling in the hope that bette
attitude and a more harmonious relation
might follow.
THE typographical error out Of which
you have attempted to build case va'
so patent In the context of the para
graph In which it appeared. and 50 IN
important in the conclusion reached thai
no one could possibly have been mislei
by Il, nor could II have attracted tho
critical attention OF any one other than
yourself in your attempt to defend an
untenable position.
Tells of Loan Subscription.
"As for any peace statement made b.
me in October, 1915, and for the state
ment made in Chicago, l also take fu,l
responsibility. No matter what may be
said further, nor how many letters You
may write OF publish. you in turn can
not dodge the responsibility for the circu-
lar issued by your office August IL, IA
which you attempted to discredit tho
State banking system of this country,
"In conclusion l may state that vow
argument that my comment was calcD-
lated to injure the Fourth Liberty Loal
is disproved by the records of the Treas
ury Department. which at last returns
show that the company of which ! As''
the honor 10 be presidents mas in ms
loan. as it did also in the second am
third loans. led the entire country In ~
amount Of subscriptions made--tts sun
scription 10 the Fourth Liberty Loan BE-
ing more than one hundred and twenty
Ave million dollars"