New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-11
TAB ON SAVINGS BANKS,
FTNANCIERS FAVOR PLAN.
Dry Sundays SsceH Deposits -post
Wealth of Trust Companies

Washington Oct 1O-More than two thou
sand bankers have registered for the thirty-nrs$
annual session of the American Bankers AS
ISOLATION which meets in the new National The
atre here tomorrow Several meetings of sec
lions of the association were held to-day, When
tnoportant action was taken affecting various
banking interests.
At the meeting of the trust company section
reference was made to the question of federal
control of trust companies somewhat evas1vely
No one came out squarely in advocacy of 1t, out
each speaker showed decided sentiment in favor
of adequate inspection.
E T Perrne. general manager Of the Audit
Company of New-York. said that at the present
time there are 1547 trust companies In the
United States having resources aggregatng
IS. 500. 600 900: 5.767 national banks, with re-
sources of S7.472, 100000: 1857 savings banks,
with S3175. 900 900; total active life insurance
resources something less than $26OO,OOO,0Oo'
currency in the United States Treasury, $780,
600, 900; commercial value of steam railways
s11 $50 100000 From these figures 1t was de-
duced that the trust companies possess one~
tenth of the banking power Of the world, esu-
mated at S33.O0O,O00OO0.
The savings bank section addressed by
Its chairman. Charles E. Sprague, president Of
the Union Dime Savings Institution. of New
York He urged the necessity Of annual sta
tistics regarding savings banks.
w B Ridgely Controller of the Currency,
advocated some system Of federal control of
savings banks. although he said this should not
be interference but Intervention"
The savings bank section later decided unani-
mously TO take statistics of money in savings
banks. These statistics are to be gathered by
the secretary of the section through the CO.
operation of the banks which are members. The
first statistics called for are show the amount
of money deposit, the number of depositors
and the amount of interest paid on December 81
of the years 1903, 1904 and 1905 Should the
response to this information be sufficient to
make the statistics valuable. the executive COM
mittee of the section is authorized to continue
the collection of the statistics either monthly
quarterly.
It was stated that the association has in It's
membership 20 per cent of the savings institu-
tons of the country. The information is to be
gathered only from members to whom it will
be distributed after being colIated and tabulated
by States. It was argued in the discussion that
the prosperity or depression of the industrial
classes would be correctly sndexed in the move
ment of money in and out of savings banks. and
that it would furnish a correct indication OF
the condition of the country.
Secretary Hanhart. of Network, said that
when President Roosevelt was Police Commits
sioner of New-York he had savings deposit sta
tistcs compiled conjointly with his enforcement
of the Sunday closing of saloons These sta
tistiCs showed that the Monday morning de-
posits in the saving banks were much heavier
during the Sunday closing leriod than before.
The section authorized the appointment of
new committee to collect information and make
suggestions looking to legislation in the various
States which. would legalize trust accounts and
accounts in two The advantage Of such
legislation admitted. but the members of
the section were unable to agree on phraseology
which. in their opinion, would receive uniform
Interpretation by the various courts of the coun-
try.
The following officers were elected by the saw
vice president of the Peoples Savings Bank,
Pittsburg; vce-president G. Byron Latimer,
secretary Of the Irving Savings Institution,
New York; three members OF the executive COM
mittee, to serve for three years. c. C. Purves,
president of the Philadelphia Savings Fund So
cety; John F. Flack president of the City Saw
ings Bank. Omaha. Neb., and J. H. Johnson,
cashier of the Pennsylvania Savings Bank De-
trOt.
The trust company section elected the follow
dent of the New-York and London Trust Com
pany, New-York; vice president Festus J.
Wade. president of the Mercantile Trust Com
pany. of st. Louis: executive committee w l.
Mcdonald, st. Louis; H. p. Mcintosh, Cleveland;
j F. Otis. Chicago; L. H. Demons. New
Orleans and J. F. Thompson, New-York.
The organization of the banking publicity
ISOLATION of the United States was perfected as
section of the association It's object is to con-
duct a campaign Of education as to the benefits
and advantages of banking institutions the
people
citation tonight were the guests Of Washington
bankers at dinner at the New Willard Hotel.
ACOTTTTc 00WNTNG OF CHARGE