Daily press. [volume] (Newport News, Va.) 1896-current, 1909-09-18
GUARANTEE I0EA OPPOSED, TOO
Strong Affirmative Sentiment Fe
ina Establishment Of Central Bank
Association Adjourns Annual Con-
sention, After Selecting Los Ange-
les as Next Place of Meeting.
(By Associated Press, .

SiiiSaNO, ibi1o,s SEP -
five days consideration and discussion
Ct financial proDsoms of greater or
lezs importance. the delegates to the
thirty fifth annual convention of the
American Bankers Association today
selected Los Angeles as their next
meeting place and adjourned until the
lalI of the year.
Among the results of the confer
ences of bankers, numbering close TO
1900 and representing every state In
the United States, their practically
unanimous condemnation of postal
savings banks and legisla' ion guaran-
teeing bank deposits stands out dis
nctly.
On the affirmative side strong Sen
timent fayorIng the establishment OF
a central bank for the entire country
received approval from many bankers
and was advocated inr-the annual ad-
dress OF the president, George NJ.
Reynolds. Different groups of the
bankers In the section meetings came
out strongly in FAVOR OF permitting
national banks TO establish separate
savings bank departments with funds
egregated from the other interests
Ct the banks and savings especially
protected.
Won't Seek Legislation.
A resolution pledging the associa-
tion to seek legislation locking to the
establishment OF such segregated saw
ings departments failed CT passage to-
day.
In the opinion OF some of the OFF,
GERS Of the association one OF the
great results accomplished was the
awakening of interest in the need OF
cc-operation between the comptroller
o. the currency. the deferal bank ex-
aminers. the state bank examiners,
the clearing house and the directors
of banking institutions on the careful
and intelligent examination of banks.
both national and state.
The need Of constant vigilance and
increased accurateness In bank ex-
aminafions was the burden OF an ad-
dress by James y. Forgan, of Chica-
go. today.
Postal Savings Bank.
without dissent the convention TO-
dsy adopted the following revolutions
touching the postal savings bank
prchIem.
Resolved. THAT is " the sense on
this association that We should con-
denim in unqualified terms the propo-
sition for the establishment of postal
savings banks or any other system
by which the government enters d.
rcctly into banking relations with the
PEOPLE.
Resolved. that the American
Bankers Association Is opposed to
financial legislation based upon the
zrgumeEt-it was a party pledge
and should be redeemed.
Resolved, that We believe the pro
posed plan to invest postal <avings
bank deposits 10 the extent ~ six or
seven hundred million dollars In
United states bonds simply 10 main
tain such bonds az par is unwise leg
isIafion and II enacted would ulu-
Tn0ffN ledn 10 IAN u NVAuNNa~C -
our national credit"
American Workers LsIced.
feature Of the closing day VS.
an address by ut. John G. kiigo.
president If Trinity College. Darharn-
y C.. On American Industriaiism.
who departed from the technical ans
financial matters on which the con-
vcntiou hinged and Landed the work
ers Of America
In our industrialism.~ he said.
II Is 81 honor to work. a disgrace To
b. Idle. And IN the great army 81
american iaborcrs there VIII BE-
found none who work harder. none
who h.1rc highly esteem labor. none
y no Dc &c NOR wisdom 10 thcir
tasks thau &c heads ~ cur great
industrial organizations. Who IN
Americ. works harder than Mr.. Nor
rsa7 Who gave a greater number
os hours and more tirclcss efforts 10
hie tasts than Mr.. Hartman bvery
great iudustril cntcrprisc IN America
T. . monument - the WORKING spirit
! Of our capifz!iafs-