Evening journal., 1914-06-19

world. Paper machinery manufac-
tured by the Pusey and Jones Com
pany is used in Italy, Germany, Eng
land, as well as in the United States
Prince Bismarck when he lived was
engaged in paper manufacturing and
his company used paper machines
made by the Pusey and Jones Com
uany The DUPONT De Nemours Pow
red Company OF the City Of Whining
ton. Is the largest manufacturer OF
eANlosives IN the world Next to
Philadelphia, Wilmington is the
largest manufacturer OF morocco in
the United States, The agricultural,
mercantile and manufacturing in
terests in this State could not be sue
cessfully conducted without its banks.
I'VE now have in the State twenty
five national banks; twenty~three
State banks and trust companies; two
savings banks and three private
banks, making a total of ffty-three
with a capital of S4,SS6,000, surplus
and profits of $6,S65.000 and deposits
of S34095 600 making total OF
S45.79G.000 We have loans OF $3a.-
216000 aud we should have within
amounts named.
Should Be Friends.
The banking system under the ncw
Federal Reserve Act protects deposit
tors in banks and secures to business
men currency With which TO carry on
their business and protects them
against financial panics and bank
ruptcy. Before the passage Of this
Act, each bank was by law required
to keep a certain reserve fund e
protect its depOsitors. Then, When q
stringency in currency from any
cause was threatened each bank en-.
deayored TO obtain additional cur.
reney to add to its reserve fund, that
1t might thereby have sufficient on
hand to pay its depositors in full in
case Of o run or demand on its bank
and as each bank endeavored tC
hoard currency in the event crisis
was threatened, the methods adopted
by the banks had the effect TO take
the currency out of circulation and
bring about financial crisis, such as
occurred In 1907.
Under the Federal Reserve Act
the United States is divided into
in each district is a Federal Reserve
Bank and In each Of these districts
are number of national banks and
other banks called Member Banks
Under the new banking system, il
is provided that each Member Bank
in the district can take the notes and
other securities Of it's customers tC
the Reserve Bank and there have
them discounted and the currency
thus received is put into its reserve
fund TO pay its depositors at any
time and thereby keep sufficient cur
rency in circulation 10 prevent a
financial crisis. so thet any Member
Bank efficiently and honestly con
Quoted, can always obtain currency
to pay its depositors. BY this elastic
method, absolute security is given to
I depositors and agriculturalists, mer-
chants and manufacturers are pro.
/ tected from bankruptcy and ruin for
the want Of sufficient currency tO
conduct their business
Every hank in this state should
be the friend OF every other bank and
by cooperation. should use every
honorable means to build up its own
4 AAAaAAA4NAOh anu AANAH bAlAQ UP AhE NQtl'
munity in which it exists; and also
cooperate with and help TO build uI
every other bank efficiently and
/ honestly conducted within the State.
We rejoice in the prosperity Of tn,
lower counties of this State. We de
sire to cooperate with you in the i'm
Drovement OF the agricultural, com
mercial and manufacturing interests
and the banking interests of the
State We hope to see all our marsh
land. swamps and desert places.
brought un0er cultivation and we be-
lieye that in a short time, Whining
ton will have docks and wharves on
the Delaware River to connect her
with the commerce of the world
Gentlemen of the lower counties:
When Won wish to go north, come to
Wilmington There is no hotel south
Of New York better than you will fiud
there, Come and lunch with us We
wish 20 see you more, and to know
YOU better"
Former Congressman Hiram r. Bur.
ton of Lewes was the next introduced.
He spoke for the southern part Of the
State He referred to the better un-
~ L