The Washington times., 1925-02-26
MUNSEY I RUST
HAS SPLENDID
RECORD
Played Heroic Role in Pro-
tecting oepositors Of the :.
United States Trust Co.
Rx RICHARD HATTON.

Outstanding among the banking
Institutions of the District of Column
bia is the Munsey Trust Company,
which occupies the main floor OF
the Munsey Building.
The Munsey Trust Company was
organized in May, 1913. and on the
fifteenth of that month opened Tor
business with a paid-in capital or
s.. OO0, 900. Six months after this
financial institution was founded 1t
undertook the enormous task OF
protecting the depositors OF the old
United States Trust Company. which
had failed in November OF 1913.
Some conception of magnitude OF
this undertaking may be gained
when It is understood that. at the
time of it's failure. the United
States Trust Company was doing
business with one-sixth of the then
total population of Washington and
that some 80, 900 Christmas Club
depositors of the United States
Trust were entitled to receive over
$500, 900 within a short time.
Provided Money.
Although 1t appeared that there
was no way in which the United
States Trust could provide this
amount, the Munsey Trust Com
pany not only provided the money,
but paid the Christmas Club de-
positors of the United States Trust
at least one week in advance of
rthe actual date upon which the pay
ment was due
This action alone was big un-
dcrtaking and went long way to
alleviate the fear and uncertainty
that existed at that time.
This bit of banking history made
In Washington by the action of
President Frank A. Munsey and the
trust company which bears his
name has long been one of the in
spring incidents of financial prog
ress here. The prompt and bust
ness-like action taken by Mr.. Mum
sey and the Munsey Trust Company
O; that time created a powerful in
fIuence upon the financial situation
In the District of Columbia to the
end that confidence was restored
and, possible, serious wider conse-
queDces ayerted. 81
The Munsey Trust Company re.
ceiyed in deposits on the first day
Of its business existence some $4OC,.
900. From that time until the pres
ent its deposits have steadily grown
until 1t has, today, without the
operation of branches, deposits
amounting to over So 200. 900. In
addition to its regular commercial
banking business, the Munsey Trust
Company fulfills all of the functions
of a trust company under the laws
governing such institutions, acting
as trustee of estates and guardian
and performing all other fiduciary
functions.
. There are no more handsome or
complete banking offices in the city
than those of the Munsey Trust
Company which are spacious in
construction conveniently arranged
for both patrons and officials and
impress the strength of the instItu-
ton by their general air of solid
security and businesslike arrange
ment. The accessibility of the more
important officers and the interest
taken in the patrons of the institu-
ton by those in authority are
among the features of the organiza-
ton which have added to its popu-
Iarity in Washington.
During the war the Treasury De-
Partment made the vaults of the
Munsey Trust Company distribut-
ing point for Liberty Bonds pur-
chased by soldiers. sailors and
marines the great vaults being con-
stantIy under an armed guard of
regulars in the same manner as ire
United States Treasury was patroled
and protected.
Special Banking Hours.
y The Munsey Trust Company main
btains special banking hours on gov
eminent pay days and the day fol-
lowing in order to accommodate EN-
pfoyes of the several government
departments. In many other way 8
this institution is devoted 10 the III
terests Of the banking public and It's
assistance and advice in financial
matters are always at the disposal.
Of those in need of such service.
The officers of the company are:
Frank A. Munsey. president: Wilton
j. Lambert. vice president and gen.
era1 counsel; G. II. Pope, vice presi-
dent and treasurer; c. D. Radcliffe,
vice president and assistant treas
urer: T. e. Willis, secretary and
assistant treasurer, and P. J. Nc
Mahon. assistant treasurer: The
directors of the company are: Frank
A. Munsey, Wilton J. Lambert, Will.
liam 7. Dewart, G.. H. Pope, Alfred
p. Thorn. jr., Charles DenbV s. J