The sun., 1918-10-25
John SHELTON Williams Saws
Banker Sent Out Pamphlets
Containing Admitted Error
GIVES OUT HIS LETTER
Guaranty Trust Company's Ad.
dress a. Printed Con tradictsa
Officials Statement.


WASH MOTION. Oct 2t.-John sts-,c,
williams. Comptroller OF the Currency
made public tonight two letters TO c
Ssbin. president Of the Guaranty Tr,r
Company Of New York. taking Mr.. sas,,
to task for criticism and denial Of h
statement issued by the Comptroller
The Comptroller says that Mr.. ssss
in an address before the State bank q.
ton OF the American Bankers Assoo..
ton quoted and criticised an or,ci.l an.
nouncement OF the Comptroller Of Ia
Currency that the first seven months o.
the current year had passed without the
failure Of q single national bank In any
one Of our forty-eight States. while n
the same period there had been Stat
bank and trust company failures In tou,
teen Of tho torty-eight States. In cor
tradicting the Comptroller's statement
Mr.. Sabin had declared there were FOR.
ty-four States at least In which Their
had been no State bank or trust conp,p
failure during the period mentioned
Says sabin Admitted Error.
This unwarranted denial Of the Conn
froller's statement having been siy.7
wide publicity In the press, the Conn
troller wrote to Mr. sabin on septener
rs asking whether he had made IL
statement attributed to him. Mr.. Sab
replied by letter October that t.
words 'forty-four States were an or
vious typographical error; but he cor
tinued after receipt OF the Ccmptrollers
letter, as the Comptroller Is a'vised, +,
send out under the heading OF the Guar.
anty Trust Company a pamphlet COPY c
his address repeating the misstatemen."
The Comptroller appended copy Of
letter Of October to Mr.. Sabin tak,rs
him to task for error and pointing on.
that the vIlue Of offloial statements US.
In their accuracy and that the impress
sion OF inaccuracy by the public wou,o
destroy confidence.
Mr. Sabin replied disclaimins any l.
tention to attack the accuracy OF tn
Comptrollers statement Mr. william,
then sent another letter as follows:
Whatever may have been your iute'
tion the obvious tendency Of what 70.
said was to cause distrust and | os II!
and to. stir strife between the Cover
ment and the State banks OF tie
country.
AT time when cordial harmony al.
mutual confidence between the Admin
istrl ton and all our financial interest,"
were vitality necessary and the canvass
for the Fourth Liberty Loan was bu.
fairly started you proceeded 10 Undue.
fa1eA hat
OF the Administration was attempting 60
weaken and injure the State bIDkirs
system.
Your propensity to cause mischief 3
the PRONUNCIATION OF misinfornlaton o.
nisstatements had been demonstrated
1916. when at another critical tln.e ms
leading statements given gu; b. you
with dramatic setting as 10 the certaInt
OF early pelce led to sensational auctus
tons in the markets.
Kept Sending Out Erroneous Cop,.
The accusations. direct and !rnplIe&
against this office and the adm n stra-
ton OF which II Is part attr buted t.
you were based on a very bre! Inc.
dental and illustrative reference II Stat
banks occurring in an otnclai sts,en,sn,
given out by this office on Angus -,
an my letter to you Of September o
! directed your attention TO the ina
curacies OF your statement a. Ch!caC
as reported in the newspapers 50 4
IS | am informed you made 40 efo'
for adequate correction You ~er'
to me under date OF october that {.
inaccuracy or misstatement was causs
by a typographical error Yet on O.
tober 8 your address In printed form ser.
out from your office conta ming this SAM
misstatement was still beng tel'vereC
through the malls and evidently p'ste
at least five days after your adm;te
discovery Of the typograph cal error
Now under date of the 18th instAh
you enclose another printed copy 81 YOU
address evidently newly set up ard y !
the errors corrected | am jn1pelled Z"
say that the dates and intervals Of TIN
fail to Indicate any burning yea
your part to undo any damage YOU ma
have caused by the untrue utte.ance
and harmful and unjust InferNNcrs a..
tr'buted to YOU and published " 'h VIA
ever weigh: your Official pos.t'o0 ma
give beh' nd them in the newspapers a.
distributed In printed form from Eo5
office.
Seeks More Explanations.
'Tn conclusion let me note that W