The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-14
SAVINGS BANK SECTION
SOUNDS CHEERFUL NOTE
"Wave of Economy" Described by
WcIi-Iknown New York
Banker.
ILLUSTRATES BY WAR FIGURES
BY Small Concerted Effort, People OF
This Country Could Save Hundreds
of Milliops-W. l.. Knox, OF New
York, Made President.

A cheerful note was sounded in the
meeting of the savings bank section
of tho American Bankers Association
In the auditorium at the jefferson
Hotel yesterday afternoon by A M.
Harris. of Harris. Forbes & TO-, Of
New York. In his address on Savings
TANK Securities in the Light OF Recent
events. Contrary to the usual view,
lie said that wave Of economy has
been sweeping tho entire country, and.
, mat since 1893 there has been the
greatest accumulation of investment
capltal mat the world has ever known.
AS to losses incident to the so-called
destruction of capital in the European
war, he reminded his audience. that
while the figures representing the
losses are large, the sphere of opera
tons Is also great. For instance, If
the cost is $50,000.000 n day. as has
been estimated, 1t must be remembered
that tho population of the nations en-
gagged is 300,000.000. and an average
saving of only 16 cents n day for this
number OF persons would equal the
estimated cost. Furthermore, the de-
struction Of equipment is not new
loss of capital, as 1t was paid for be-
| fore the war started, and the real loss
occurred when these munitions OF war
| were manufactured. as @
BY SLIGHT I;FFORT, COUNTRY
| COULD SAVE MILLIONS
Mr.. Harris expressed the opinion that
| with Il population OF, 90. 900. 900 in this
| country. only n small reduction OF ordi-
| nary wasteful expenditures would be
| required to produce a monthly saving
! amounting to hundreds of millions of
/ dollars.
! The wave OF economy, he thought,
| means that holdings OF high grade in
! vestment securities will not have TO be
/ sacrificed on the present market OF
/ depressed prices. Coincident with the
wave of economy, the speaker said he
believed there would be an outburst OF
4 individual enterprise that invariably
, follows "A great war. mo one" he
/. said. familiar with the sound indus
{ trial and economic structure or this
country. can believe that the high tide
! OF prosperity has yet been reached"
After he had discussed the savings
/, hank acts of various States in relation
/ TO holdings of municipal bonds, the
/ speaker. concluded that. despite a pre-
| valcnt belief In the extravaganza OF
I cities. there had never been n time
when municipal bonds selected with
Cue care, have been more substantial
| u All they now arc.
/ Discussing the railroad bonds held
! by savings banks, Mr.. Harris said that
the total holdings have Increased over
| S5e,oOO,O0O during the past four years:
| that four years ago railroad holdings
comprised % per cent OF the total bond
Il
present time, they comprise only 40
| per cent - ~, tt u
! He pointed out that the market
value of railroad holdings has declined
/ from s5.00o.0o0. below par four years
ago. to sii,ooo.00O at this time. and
called attention to the fact that rail
road mortgages are now being drawn
with more care, and that II is adj
visablc. from the viewpoint OF the
savings bank, to have as large va
4 ri nj ..f l.,Ia. 10. III
market. 10 the end that prices may be
J more stable throughout tho list
The afternoon session OF the saw
; inSs bank section was opened with the
address OF the president. j. II. Sartori,
president Security Trust and Savings
/; Bank. of Los Angeles. Cal ~ f.
| Hawkley. of Minneapolis. Mimi, sub
United the report OF the executive COM
mittee. Secretary l.. G.. NAIcNyilliams
read his report. and tile reports OF
| various committees OF the section were
! submitted.
or great interest was the address OF
| II. G. McDougai, president of the Bank
of Buffalo. y. Y, and n member of the
subcomnittee Oh savings banks of the
|, commission appointed to revise tho
banking law of New York state,
! Recent Amendments TO Savings Bank
Law of New York, and Reasons for
Such Amendments" was the speakers
topic.
The following officers were elected
/ and Installed: president, W. Il, Knox.
comptroller Bowcry Savings Bank New
YORK CITY: vjcc-presdent, y. T.. Haw-
/, ley, treasurer Farmers and Mechanics
Savings Bank. Minneapolis. Mimi: Sec
rotary. IT, G. Williams, ; Nassau
/! street, New York City. Members of
the executive committee to serve terms
OF three years each were elected as
! follows: chairman. G. T.. Edwards. New
! York; j. r. Newell. Chicago, ILL.,, w. II.
Meakie. Patterson, n. j., and James
! Dinkins. Grctna. La. /.