Every evening, Wilmington daily commercial., 1918-09-06
STATE BANKERS
WANT NEW LAWS
Favor Legislation Calling for Crea-
ton of Banking Commission
With Full Powers.

The members of the Delaware State
Bankers Association went on record at
their annual meeting in this city yester-
day afternoon in favor of n revision OF
the banking laws The legislation that is
proposed to be enacted will create state
Banking Department, with State Bank
ing Commissioner in charge, giving him
ali the powers now accorded the State
Insurance Commissioner. The resolution
contained the following proposed legis-
lative suggestions
consolidate all existing statutes re-
latipg to banks, trust companies, safe
deposit companies and loan associations,
In one comprehensive act, omittng, how
ever, statutes or parts of statutes that
are not now operative, and adding pro-
visions as follows:
"U) Creating a State Banking Depart
ment to have supervision and control
over all State institutions as above
enumerated.
''(2) Creating the office of State Bank
ing Commissioner, such commissioner to
have charge of and administer the State
Banking Department, the person ap-
pointed to said office to be a qualified
banker of at least five years practical
experience. -
1'(3) COnferring upon the State Bank
ing Commissioner all the powers and
prescribing for him all the duties now exer-
clsed and performed by the Insurance
Commissioner with respect to banks,
trust companies, safe deposit companies
and loan associations, and such additional
powers and duties rs may be deemed adj
visable or may be found necessary IN the
creation of State Banking Department.
4 10 If oh
rights and privileges of banks, trust COM
panies. safe deposit companies and loan
associations to within the State and
specifically prohibiting the exercise OF
these rights and privileges without the
State, notwithstanding permission so to
do may be granted by any other State
or BY any territory, district, colony or
possession of the United States.
"(5) Requiring banks and trust COM
panies becoming members of the Federal
Reserve System 10 comply IN all respects
with State laws, except rs to reserves
which shall be regulated and maintained
in accordance with the provisions OF the
Federal Reserve act.
"(6) Such other provisions rs may be
suggested by the Banking laws of other
States as would be deemed of Importance
and value TO the banking institutions of
Delaware
OPPOSES NFw LEGISLATION.
The adoption of the resolution was not
without slight opposition. Former Senator
David Rose of Newark, IN discussing the
legislation, said that he was familiar with
activities about the State capital, and
that the creation of a banking Commls-
sioncr would result in political office for
some one That it was impossible To
create such an office without some such
effect, and that in his consideration Of the
legislation, that il would cause an added
expense OF about $4,000 year
President John ). RoSsel, who has
given the suggested legislation much
study and attention, in explaining the
reason for the changes. that the State
was without adequate laws governing a
commonwealth that has shown the
progress that Delaware has. That the
State Insurance Commissioner had asked
hat some such legislation be provided.
That IN looking into the expense that
might be incurred. that so far IS could be
estimated, the fees paid into the State
treasury for bank examinations now would
iefray ali the expense OF the proposed new
office
Mr.. Rose wanted to know if with the
new system of q banking commissioner
there would be any additional safeguard
to the community provided. He quoted
bank failures IN Pennsylvania, under a
banking commissioner, and said that such
things might occur in this State under q
similar regime He also asked If the banks
would be as well satisfied, with an ex-
animation by such an official, as under
he present system? There was no further
discussion. and on the vote the result was
an overwhelming majority.
A. +. Maxwell. assistant cashier Of the
National Bank Of Commerce OF New
York, addressed the bankers on The
Advantages Of Trade Acceptances This
s intended to replace a note for borrowed
money, as has been the custom In obtain
ng credits. Upon the conclusion of his
remarks the bankers adopted resolution
favoring this new method OF recording
credits.
Before eadtourningthe association named
these delegates 10 the meeting OF the
American Bankers Association IN Chi
cago, late this month Vice-President
George II. Hall, Milford; nominating
committee, G. NJ. Steward; alternate
John Richardson, Jr Named as vice
president of trust company section, John
@. Townsend, Jr.; of savings banks
section, r. D. Kemp; of national bank
section, f. Z. WooteT; State bank
pection, DR.. Hiram r. Burton, Lewes.