The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1909-09-17
THE BANKERS
AGAINST BOTH
NEW SCHEMES
Postal Savings Banks and
: Bank Deposit Guaranty
Not Popular =, ::
Y. c. MACFADDEN SECURES
An IMPORTANT POSITION

An IMPORTANT POSITION
Made One Of Board Of Control Of the
Division Of Secretaries of State
Bank ssociations-Want New Ma.
tional Savings Bank Law.
Chicago, Sept. 17-Not voice was
raised in defense Of the postal saw
ings bank plan in the sessions of the
American Bankers association con-
vention, nor was, there a word ut
tered in favor of guaranty Of deposits
of state or national banks.
In formal reports, in speeches, and
In tmpromptu remarks, both ideas
were repeatedly scored by the as
sembled bankers, who were appar-
emily Of one mind in opposing the
two remedies offered for the relief of
financial conditions.
The morning session of the savings
bank section opened with an address
Of welcome by Henry s. Henschen of
Chicago, who led the attack on the
postal savings bank by declaring that
II the good Of the country demanded
that the experience of trusted and
intelligent men as custodiaas of the
peoples savings be disregarded and
the custodianship turned over to third
and fourth class postmasters. the
bankers would acquiesce. but that il
"the welfare of the country did not
demand such action. the bankers
would protest in no uncertain tones"
The president of the section, John
H. johnson of Detroit, in his annual
report. argued against postal savings
banks and insisted that the savings
deposits be safeguarded against all
possibility of loss.
President George NJ Reynolds Of
the bankers association congratulat-
ed the savings bank section on its
steady opposition to the postal saw
ings bank idea.
A new note was injected into the
proceedings by e. l.. Robinson of Bal
timore. who, in remarks On the de-
partment Of mercy, emphasized the
help: which savings banks could be
to depositors by advising them and
extending to them sympathy and en-
couragement.
| President Reynolds in his remarks
also prophesied that within a year
there would be such a revision of the
banking laws as would permit nation
al banks to accept savings deposits.
While the savings bank section was
holding its meeting, the members Of
the standing law and federal legis-
lative committees of the association
discussed the questions of securing
national legislation placing the taxa
tion of banking institutions on an
equal basis. James P. Held of Louis
vile, KY, reported an exhaustive
analysis of the varying conditions Of
taxation Of bank capitalization in the
different states and urged the pass
age of law making the rate Of taxa
ton uniform. At its session in the
fall the standing law committee will
further consider the question.
Late in the meeting of the savings
bank section resolution was offered
to put the section on record as fa-
voring the segregation of savings de-
posits, but after some discussion it
was referred to committee with
out action.
Comment was made by several Of
the bankers on the bank guaranty
law and its effect in the state of Ok
lahoma in direct contradiction to the
praise of State Supervisor Young of
Oklahoma at the meeting Of the bank
supervisors earlier in the week. At
the conclusion of the session of the
savings bank section officers for the
the section for the coming year as
ifOlOWS:ty ,-s-t. 'srst.
L President, William r. Greer, secre-
tary of the Cleveland Savings and
Loan company: vice president, Edward
L. Robinson, vice president of the
Eutaw Savings bank of Baltimore, and
Henry s. Henschen, Chicago; H. l..
Remmell. Little Rock, Ark, and r. G..
Stephenson, South Bend, Ind, mem
bers of the executive committee of
the section.
Without q dissenting vote, the
nominating committee of the associa-
ton named for president Of the as
sociation. Lewis e. Pierson, president
of the Irving National Exchange bank.
New York; for vice president, F. o.
Watts, president Of the First National
bank of Nashville, Tenn.
| The nominations will be placed be-
fore the closing session of the con-
vention. The election of both would
follow the usual custom of the asso-
citation In elevating to the presi-
dency the vice president of the pre-
ceding year and giving to the chair-
man Of the executive council the Of
hce Of vice president. William Liv-
ingstone Of Detroit, 1t is expected. will
be chairman Of the executive council.
At. the meeting of the secretaries Of
the state bank associations. W. F. Key
Ger Of sedalia. Mo-, was reelected
president: N. p. Calling Of Lynch
burg. Va. was elected first vice presi-
dent and w. B. Hughes Of Nebraska
was elected second vice president The
following members Of the board Of
control were also elected:
Andrew Smith, Indiana; J. M. Din
widdie. Iowa; w. W. Bowman, Kan
tsas; W. G. McFadden. North Dakota
and " J. Henry. New York,
/. Tho regular sessions Of the con-