Rensselaer Semi-Weekly Republican, Volume 19, Number 36, Rensselaer, Jasper County, 7 January 1898 — BANKERS OPPOSE THE PLAN. [ARTICLE]

BANKERS OPPOSE THE PLAN.

New York Financier* Declare Against a Postal Havings Scheme. The postal savings bank idea is not a popular one in New York banking circles. A canvass of presidents of prominent institutions showed that all practically agreed with President E. S. Mason'of the Bank of New York in the statement that there were already so many banks in existence that rates for money had been cut to n point where there was little profit in banking. F. D. Tappen, president of the Gallatin National Bank, thought that possibly in thinly populated districts postal savings banks might prove beneficial to the people, but he was confident that the residents of large towns and cith-s had nil the banking accommodations they desired. Oliver H. Carter of the Bunk of the Republic said that the .time had not come to discuss the proposition. Mr. Dumont Clark, president of the American Exchange National Bank, agreed wi(h Mr. Carter. J. Edwards Nimmons, president of the Fourth National, was also of the same opinion.