New-York tribune., 1908-09-29
POSTAL BANKS OPPOSED.
Contention of Sa7ings Bank Section
Opened at DenCer.

Denver Sept 2s-The convention of the savings
bank section of the American Bankers Association
vas opened by the president Lucius Teter Of the
Chicago Savings Bank and Trust Company, who
addressed the members the of conditions
in the last year and the important assistance rem
dered by the bankers Of the country in restoring
normal financial situation after the panic of 1907.
He said in part:
While this may have been TO a certain extent
81 has been year in which the great advantage
snInd cooneration Of the BANKERS fhroushout the
country contributed more than anything else to
the definite and systematic efforts which checked
Quickly to Reconstruction period / hold that
the broader acquaintance and the confidence which
sociations have more to do with making these con
Thought IN mind it would seem to me advisable for
to work to the end that eventually the Ameri-
6 ha aonde as nesy aa possible all of the
ing % 81 @ tne ned6 nsd IN our
ship in the section since our our last meeting am m
considerable regret to me that there are outside the
membership of the American Bankers Association
banks M s. of the East 1 Believe that We Should i'm
take ON steps to the IF END % fha1 hsse
Bankers Association and close working relation
with our section
Mr.. Teter said that he was thoroughly convinced
that definite stand should be taken by the
convention and that of the American Bankers AS
sociation at this time the question Il postal
savings banks There is no doubt" he added that
earnest effort will be made to pass postal
savings bank legislation during the coming winter
Therefore, II wish take any part in the mat
ter, must pass such resolutions this meeting
will be approved of by the entire association
and appoint q committee to represent in the
further consideration of the subject"
". T. Ravenscroft president of the Federal State
and Savings Bank, Of Denver. extended q cordial
welcome to the delegates Of the savings bank sec
ton. and said that Denver was to be congratulated
upon the visit of the American Bankers Associa-
tion. And then he told all about prosperous Colo
rado, saying in part:
Our banks in a healthy condition the total
deposits OF the state being about $4,000 coo $50 900
coo of which is held by Denver banks This city
is the financial centre of a vast territory and is
daily increasing its prestige in banking and busi-
activities. Colorado emerged from the recent
panic with the largest cash reserve of the country
the average being. according TO statistics compiled
4e.5S per cent. while the reserve in Denver banks
in many cases 80 per cent. This city went
through the panic without resortng to the clearing
house certificate plan of adjusting bank balances
daily settlements being made in cash as usual and
the small amount of secured cashiers checks is
institution found il necessary 20 take adyantase
of tts sixty-day notice of Withdrawals and all
Business interests suffered but little and the
first few days had passed 1t would have been hard
10 discover far this city concerned.
that the country passing through a financial
crisis.
The report OF the committee on postal savings
banks Of the savings bank section CT the Ameri-
can Bankers Association is distinctly against
postal savings banks. believing that the savings
systems Of the majority OF the states are adequate
70 the needs OF the people and the safeguarding
their deposits. The report holds that the history
Of the financial institutions Of the United States
demonstrates that IN safety and adaptabity these
institutions are developing the country develops
tnrough a process OF evolution, and that the record
ot tne past Is sufficient guarantee fA- - future