The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-09-24
Hold Their Annual COnven-
ton at Atlantic City With
Large Attendance
REPRESENT BILLIONS
Topics of Interest TO the General
Public, as Well as Financiers,
Are EIaborately Discussed by
Men Who Are Familiar
With Their Subjects.

ATLANTIC CITY, Sept 24.-The savings
bank section of the American Bankers
Association is holding its thirty-third an
nual convention here, and several addresses
of general public interest were made to-
day Nearly 1900 delegates are In at
tendance
The association is the strongest organi-
zation, of its kind In the world There are
nearly 10000 members, and the aggregate
capital, surplus and deposits that these
members represent amount to more than
$12, SOC, 600 The income of the associa-
tion is about $15O,0O0.
P. Leroy Harwood, treasurer of the
Mariners Savings Bank, of New London,
Conn.,, spoke on postal savings banks. He
declared that the strongest demand for
postal savings banks comes from sections
where improper and inadequate State laws
have permitted dishonest bankers and ir-
responsible banking institutions to betray
their trust. AS q corrective agency and
one which might obviate the necessity of
establishing a system of postal savings
banks. Mr.. Harwood suggested:
81 have thought for some years that
some sort of general governmental super
vision of savings institutions would be q
good idea. BY this 1 do not mean that
the government should assume direct
charge or supervision of the banks them
selves but rather t oversight sfds v and
ernments, which should. by all means, have
the direct supervision of the banks In their
territory. This would have the effect, per-
haps, of bringing about better and more
uniform Investment laws aud better exam
(ination and supervision Of the banks where
today each State has its own methods of
handling this business, some good, some
poor. The expense TO the government
would be so small as to narf1y be worth
Of postal savings banks would Undoubtedly
be very great.
1.-THE savings banks of this country" he
went on, ARE conducted at an annual ex-
pense of about one-fifth of l per cent.
per dollar of deposits, and 1t is extremely
doubtful of this could be matched by the
operation. A great disadvantage which
has been repeatedly brought to attention
IS the fact that the money which may be
liately taken away from the locality to
which 1t belongs, and that locality de-
prived of its use In development of its
most serious objection. The Western and
Southern community, to which the postal
savings bank idea would appeal, needs all
lts moneys for its own development and
lse. This money should be gathered to-
yether and loaned back to the. communi-
les on mortgages and notes. The rapid
development of the Eastern States has
oeen due in no small part to this principle.
and the West and South should not be de-
prived of these advantages 1t is neces-
sary, therefore, to devise some plan for
keeping this money near home"
William Hanhart, secretary of the Sec
ion, spoke on Uniform Laws for Savings.
Banks In the Various States" He said
hat as many national blanks had savings
departments, conducted with the permis-
lion of the United States Comptroller,
hese savings should be safeguarded and
protected by national legislation. Mr..
Hanhart suggested the desirability of a
Federal statute regulating the business
lnder the following conditions:
"It is not possible, nor would II be de-
Iirable or fair" he continued. that saw
ngs banks should be preferred creditors,
,ut in permitting national banks to open
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