The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1912-09-12
BANKERS HEAR


eossan.ss Ne. Yssss S.s~,
- go eshsr question:. I'M. Is.ssa.
= a o. cor .n4fionsi ssssusa. -itk
-. ' may ssso5 @,'s s:.. On tn In h
- ssss 20 fnsuss thsir s<srismsst
S:.; SO s 's;s No. g ne :'s :;s.
.ssssrins more eies>iy to his main
xsvssagHss Dsaks-
I. = % not believe the bankers OF tbs
- makng Of . comprehensive IN
20 the hooss with tn.t responsibility,
1eng - such fnxsssisation does not
41rs them 20 disoiose 20 the public
cosfidsntisi relation existing be-
themselves end thesr eustomsrs
eAryass the csutom~r and thereby DO
eer1cos injury 20 the banks In my
opinion the banks should. and b.lfsve
% DO -, decline 20 make this inforna-
III : banker can b. forced 10 di.cio..
bank ana IL customers. "a would require
guf short step further TO capitaliEe for
NE qualification OF prsjudice the conf
e ernss estwssn TIE sttornsy and has
II cannot believe a condition exists
ynisn can begin 20 Justify such drastic
VIII take any action which would strike
~ directly At the personal rights and
libsrties Of the people
character 60 meet the approval of public
opinion. and sinos bankers, as well as
thoss snsaged In othsr lines OF business
- p ~Ao .r ss. 90 issniy in:.
eetso In the discussion of any subject so
Nitally Important 10 our welfare. cannot
rsssonaeiy be criticised for honestly ex-
90 not mean 70 question the atti-
tuds toward this Investigation OF any
q those who have any connection with
contrary BY their work. I shall be placed
TO beiieve that their efforts will be
prompted only BY the higest motives
lie conditions and free from any desire
on their part 20 needlsssiy annoy, much
less harm our financial institutions,
wnich are the very hulwarks OF our nat
Tho poor mans bank" was Mr..
Weeds Characterization of the Fed
eral postal savings system I'm his ad.
dress before the savings bank section
Tracing the history of the system
from its inception on January 3, 1911,
when depository was opened in each
state, Director Weed declared that on
September 1 OF this year, the total
deposits Appropriated s2s,000.000.
This. he said. stood to the credit of
about 100000 depositors, or an av-
erage OF SIS for each. He alleged
that the figures did not include over a
million dollars converted by depos-
itors into postal savings bonds.
He coupled these statements with
the assertion that only a "inegilible
quantity OF the postal deposits would
ever had been entrusted to banks.
practically speaking" he said. "ev-
cry dollar deposited by the postal
savings system in the banks OF the
country Is so much gain in deposits"
Encourage Small Depositors.
The speaker predicted that the
next step the government would take
In It's effort to encourage saving by
small deposltors would be to do
away with the Limitation on deposits,
with the proviso that no interest shall
be paid on any sum greater than
$1,000" Al the present time. the to-
tai balance allowed one depositor is
$500. Mr.. Weed. In his speech, as
serted that the total loss in deposits
already refused has aggregated mil
lions and said that the postmaster at
philadelphia refused $4,000 in four
months, according to his records.
The National Association OF super
visors OF state banks closed their
convention today, selecting St. Paul
rs their 1913 meeting place. IL was
stated that the decision OF the con-
vention to no longer meet in con-
junction with the American Bankers
Association was not Influenced by an
ill-feeling toward the latter organiza-
ton, but because members hoped TO
accomplish better results from indie
pendent gatherings.
DETROIT. Mich. Sept. I1.-Mem-
bers OF the American Bankers associa-
ton to-day looked forward 10 two days
while the delegates TO various conven-
tons affiliated with the association
transacted their annual business. The
bankers. after being the guests Of De-
eight hours. hope 10 complete their offi-
eial work at two convention sessions
Friday.
The trust company savings bank.
clearing house and state secretaries
sections opened their conventions to-
day. Formal reports OF officers were
expected TO consume much OF the time
OF the opening meetings. but the pro-
grams also provided for several ad-
dresses GeorEe NJ Reynolds. OF Chi
cago. was scheduled TO discuss the
money trust inquiry" az the trust COM
pany convention. while Theodore l..
Weed. director OF the postal savings
system OF the United States expected
To close the savings bank section with
an address entitled The Postal saw
ings Bank and the Banks"
The National Association OF super
Nisors OF state Banks. IN convention
since Monday. hoped 90 complete their
work to-day with the election Of Off
Gers and the disposal Of number OF
routine reports.