Evening journal., 1901-02-01
FIN ANGLERS Arb
AT LOGGERHEADN
Opposition to Charter for the
Diamond State Trust
Company

STAFF Correspondence Evening Journal.
Dover. Feb. And now there is a
bank war on. with the State Senate as
its storm centre. The Farmers Bank
and the First National Bank of Dover
resent the attempt OF Senator Slaugh-
ter, Register of Wills d. Mifflin Will
son. Clerk Of the Senate Cain and
James L. Wolcott, Jr., TO get a charter
for the Diamond State Trust Company,
and the bill creating that corporation
Is hung up in the Senate with Senator
Brasure, Senator Abbott and Senator
Alice lined up in opposition to its inn
mediate passage. To complicate mat
ters stlll further, Senator Alice has
given notice Of an act to incorporate
the Kent Savings Bank. That bill
comes from sources friendly OF the old
bank. and is designed to head off the
movement to establish the Diamond
State Trust Company
Senator Knox. chairman OF the Com
mittee on Corporations, reported the
Diamond State Trust Company bill fa-
vorably yesterday and it was called up
for passage.
Senator Brasure. who evidently
thought It was to be one of these trust
breeding organizations, instead Of the
ordinary trust company. took the floor
and caused hearty laughter by calling
Senator Slaughter to task for fathering
bill to foster trusts in the face of the
Democratic arraignment Of trusts dur
ing the last campaign. His mistake
was backed by such earnestness Of
speech that it was all the more ludi-
ferrous.
Senator Abbott demanded that the
bill lay over for a day.
President Cannon reminded him that
he could make such a demand on a
resolution. but not on a bill.
Senator Knox questioned his ruling,
being deceived by a false interpreta-
tion of the rules made two or three
days previously, but President Cannon
soon convinced him that he was
wrong.
Senator Slaughter declined to con-
sent to have the bill laid over, and
Senator Abbott then moved to recon-
nit the bill.
His motion was seconded by Senator
Alice. who had voted in committee TO
report the bill favorably.
Senator Slaughter declared that the
bill had been referred to committee
and had been reported favorably. He
could not understand why any member
should object to its passage. It was
nothing more than a trust company
such as exists in Wilmington, Lewes
Georgetown and Laurel. 1t had been
talked of in Dover by several men for
a long time, and the only objection TO
it was from the two Dover banks.
"As chairman of the committee I de-
lsire to say that we had this bill before
us for a number OF days said Senator
Knox. "and we agreed by unanimous
vote to report it favorably. 1t is sim
lply an application for a charter for 9
trust company, and we did not under.
stand it to be one of those trust com
panies objected to by a certain class oi
people. It is a charter for modern
banking institution, which has beer
very successful in Wilmington for q
great many years. We we're satisfied
that the bill was all right. There wal
no objection to it. The Committee OF
Corporations was unanimous in regart
to recommending it favorably"
Senator Abbott declared that II th'
measure was a good one il would los'
none of its merit by delay.
Il don't see the sense OF recommit
ting it," said Senator McNulty." TIT
committee makes favorable rec0mmen
dation concerning it. and there is NJ
sense in sending II back Why no
just let It lay over until Tomorrow"
But the motion to recommit prevaile
and the bank people had won theii
skirmish.
Shortly afterwards Senator Allel
gave notice Of the act to charter tn.
Kent Savings Bank. That notice cam
from a source close to the Farmer
Bahk. and viii be followed by a bill.
The contention may be made that al
the State owns three-fifths of the stool
az the Farmers Bank. it would be leg
= islating against itself to charter tn
trust company. but the real secret o
the opposition is that neither banl
here wants this new competitor in tn
= local financial aeld-