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THE WASHINGTON TDIES; SUNDAY." DECEIBER 7; 1913.
S2 ' p
,000 Christmas Fund
SENT OUT YESTERDAY BY
Checks i I
he United States Trust Comb
To 20,000 Persons
The CHRISTMAS FUND checks were due to be sent out next Wednesday,'
December 10, but owing to the hysterical attacks of The New York Tribune same
timid souls here in Washington have been anxious about their Christmas Fund
Learning this on my arrival here yesterday morning from New York I immed
iately directed that these Christmas checks be mailed at once and they were
This means that 20,000 persons will get Christmas checks Monday morning
who wouldn't have got a check or a cent if I hadn't come to the rescue of The
United States Trust Company two weeks ago yesterday, guaranteeing all its de
positors against loss guaranteeing them with the entire, two million dollars of
resources of The Munsey Trust Company and all my own personal resources in
addition. There is another reason why I directed that these checks be sent
out yesterday instead of next Wednesday. The reason is this': Yesterday recorded
the last day's business of the old United States Trust Company. That is to say, it
turned its last wheel yesterday as a distinct institution. With the close of, busi
ness last night it came over to and became a part of The Munsey Trust Company.
All deposits with the United States Trust Company are now exactly as if made
with The Munsey Trust Company except for the matter of interest. The interest
rate on United States Trust Company deposits will remain for another month or
so as before this change took place. As soon as possible the interest rates and
method of figuring interest will be the same on both the deposits of the old United
States Trust Company and the deposits of The Munsey Trust Company:
The Munsey Trust Company
AND ITS SUBSTANTIALITY
The Munsey Trust Company was formed six months ago with a capital of
Two Million Dollars ($2,000,000), fully paid in. No bank in Washington ever
started with so big a capital fully paid in, or anything like so big.
Most Washington banks have started on a small or comparatively small cap
ital, and few of them have ever started with the entire capital fully paid in.
Again, The Munsey Trust Company started right, with its own home a
great, big real estate ownership, the Munsey Building, representing substantiality
and reliability. Such a piece of property cannot take wings over night and fly away.
A bank with its own home, and such a home as The Munsey Trust Company has,
has something to command public confidence something that the public can see
and understand its worth and reliability.
The Munsey Trust Company, with its $2,000,000 of capital, has four mil
lions of dollars ($4,000,000) as a guarantee to depositors $2,000,000 of capital
means $4,000,000 back of the depositors' money, as every hundred dollars of cap
ital stock carries another hundred dollars of responsibility and guarantee to de
positors. The Munsey Trust Company itself, independently of the United States Trust
Company, has $1,500,000 in deposits a wonderful showing for a six-months-old
bank. The reason it is so wonderful is because The Munsey Trust Company started
right, with a great, big capital, and was founded on sound, substantial lines lines
of square deal to all.
And because, too, it had a big enough capital to furnish all kinds of protec
tion to depositors. For example, with $1,500,000 of deposits The Munsey Trust
Company, with its $2,000,000 capital, has a guarantee of nearly three dollars to
every dollar on deposit by depositors.
No bank in Washington, and few banks in the world, can make any such
showing as this. Indeed, there are banks in this city which have in capital and
guarantee as little as one dollar to about forty dollars of depositors' money some
contrast between this and The Munsey Trust Company.
FRANK A. MUNSEY