Mutual Savers

Representing a constituency of 13,500,000 plain citizens with $9,500,000,000 tucked away in 567 mutual savings banks in 18 States, the National Association of Mutual Savings Banks held its 14th annual convention in Manhattan last week, heard the following:

Philip A. Benson (Dime Savings Bank of Brooklyn) who was reelected the Association's president: ". . . We still believe that the least government is the best government. . . ."

Charles Willard Young Jr., 33-year-old Manhattan investment counselor: "I shall not forget a conference with one of the academic know-it-alls . . . who made the statement with great ferocity and pounding of the fist upon the table that 'I don't give a damn about anybody's securities.' I pointed out to him that the great unheard majority was small property owners, . . . that there were more than 13,500,000 mutual savings bank depositors, more than 60,000,000 insurance policy holders. . . . His reply was 'That leaves me cold.' "

David E. Lilienthal of the Tennessee Valley Authority: "If the private utilities are unable or unwilling to clean the slate, they will find it very difficult to convince investors to risk further capital in this essential business. . . . There is no basis for the hysterical cries of those who see, or pretend to see disaster ahead for the electric industry. Can it be that they are deliberately trying to depress the prices of sound senior securities, so that they can be bought in at hysteria prices?"

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