The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1909-09-18
BANKERS ENTER
VIGOROUS CLAIM
Not in Favor Of Guaranteeing
Deposits or Creating Postal
Savings Bank

Chicago, Sept. 18.-After hve days
consideration and discussion of fan
cial problems of greater or lessor I'M
port, the delegates to the thirty-fifth
annual convention of the American
Bankers association yesterday adj
journed until fall of next year.
Among the results of the confer
ence Of bankers, numbering close TO
5000. and representing every state In
the Union. their practically unani-
nous condemnation of postal savings
banks and of legislation guaranteeing
bank deposits stands out distinctly.
On the affirmative side strong SEN
timent favoring the establishment of
central bank for the entire country
received approval from many bankers
and was advocated in the annual ad-
dress of the president, George M.
Reynolds of the Continental National
bank of Chicago. Different groups Of
bankers in section meetings came out
strongly in favor of permitting the
national banks to establish separate
bank departments with funds segre-
gated from other interests of banks
and savings deposits specially pro-
tected.
A resolution pledging the associa-
tion to seek legislation looking to the
establishment of such segregated saw
ings departments failed of passage to-
day and was referred to the currency
commission fol- its consideration.
Meeting Awakened Interest.
In the opinion of some of the Off
GERS. of the association, -one of the
greatest results accomplished was the
awakening Of interest in the need of
cooperation between the comptroller
of the currency, the federal bank ex-
aminers, clearing houses and direc-
totrs of banking institutions; on care
full and intelligent examinations of
banks, both national and state.
The need of constant vigilance and
increased exactness in bank examina-
tions was the burden of an address
by James B. Forgan of Chicago today,
in which he declared his perfect ac-
cord with the plea of cooperation in
bank examination made by Comp
troller Murphy earlier in the conven-
ton.
The movement for the establish
ment of uniform bills of lading, which
would be safe as negotiable instru-
ments, received an impetus from the
convention and strong endorsement
of the necessity of ample cash re-
serve in banking institutions was
voiced.
without dissent. the convention to-
day adopted the following resolutions
touching the postal. savings bank
problem:
Resolved, That 1t is the sense of
his association that we should con-
demn, In unqualified terms, the propo-
sition for the establishment of postal
savings banks or any other system
by which the government enters d.
rectlyp into banking relations with the
people.
Resolved. That the American
Bankers association ia opposed to
any financial legislation based upon
the argument that it was party
pledge and SHOULD be redeemed
Resolved. That we believe the pro-
posed plan to invest postal savings
bank deposits to The extent Of six or
seven hundred million dollars In Unit
ed States bonds simply to maintain
such bonds at par. is unsafe and un-
wise legislation and IL enacted would
ultimately lead to lack Of confidence
In our national credit"