Evening journal., 1919-08-20
URGED TO JOIN
FEDERAL RESERVE
committees Of State Bank
ers' Association Meet
in Philadelphia
lOHN S. ROSSELL
MAKES ADDRESS

Members OF the committees on Fed
rsl Reserve system and T'rade Aecep-
RnceS. recently appointed by John :.
sossell. president OF the DelaM
sankers Association, met at the Fed
,ral Reserve Bank in Philadelphia,
hls morning, upon invitation Of the
,nicers Of that Institution. Upon ar
.iying at the bank the Delawareans
mere given a cordial reception by the
bank officials and after inspecting the
bank building were taken TO the
spaclous assembly room, where they
proceeded with the work assigned 10
hem
Those in the party from this stale
Nerc. Mayor William O. Taylor, John
;. Bossell, Richard Reese, James p.
Winchester and John Richardson. Jn,
" Wilmington; William u, Denney, Of
Dover; George II. HAIL Of Milford
Matter o. Hoffeckcr, OF smyrna; G. ~
Baum. OF Delaware City; +. b, Frazer
Of Newark: W. r. Hocy, OF Frcdcrica
Charles II. Maui. Lewes; J. Perkins
iroOme and Mr.. slack, Of Newport; 7.
: Bancroft Of Camden: J. c Masien
nd J. R smith.
Mr. Rossell made the first address ana
he olher speakers and their subjects
-ere. William n. HUT, deputy governor
Z The Philadelphia branch Federal Re
erve Bank. Federal Reserve Banks
A. Meuhenny, assistant cashier.
Trade Accepianccs," and Y. A. Laboid'
,ss,sisnf cashier, profits and AdNan-
sees 10 Members Of the Federal Re
erve Bank"
Following the meeting the DelaWar
,ans were entertained at luncheon j.
The Federal Reserve Bank officials.
President Rossell in calling the NEE.
ng 10 order, spoke as follows:
we are assembled here through iI
iourtesy Of the officers OF the Fedora.
tese-ve Bank OF Philadelphia Our first
.houghi is one Of sincere appreciation
y their consideration and kindness.
am sure express the sentiment OF
an present when ! say that we are
grateful for the hospitality shown us,
and for the exceptional opportunity az
'orded US Of seeing at close range, just
what Federal Reserve Bank is, and OF
showing from first hand Information
What is means to be a member OF the
Federal Reserve System.
II shall not attempt TO point OIL: the
many advantages derived from this
membership. They are too manifest TO
require any special explanation, and
they are so readily understood that I
believe may say that those who enjoy
them could not be persuaded to aban-
don them and those who do not have
them now. are rather anxiously await
lns the day when they can stand side
by side with their more fortunate
brethren. and reap the fun benefits that
follow from this most desirable COM
radeshlp.
Permit me TO make the prediction
that within five years State membership
In the Federal Reserve system viii in
clude the great majority. II not all the
truly progressive banks and trust COM
naniss in the country. And my hope IS
hat fin less than five years every tnan-
-iai aitinstituuon in Delaware will display
in the most conspicuous place in It's
office building. as an additional assur-
snce Of its stability and safety, the an
nouncement. Member OF the Federal
deserve system. seen in banks ana trust
companies everywhere.
III I am reasonable in this pre-
diction. why wait one. two or three
vearso Why not Join the Federal Re
serve now? In the language OF the
old slogan why not DO IL now? Do II
for Delaware. II would be a high
tribute to the splendid judgment OF
the bankers OF Delaware II all should
make known at the annual meeting OF
our association that they intend 10
enter the Federal system without'de-
lay. and II the message could be carried
10 the meeting Of the American Bank
ers' Association. which will be held
in 81. Louis within a few weeks. that
the great state OF Delaware is 100
per cent in Federal membership, it
would give great inspiration TO the
bankers OF the nation and added glory
10 the fair name OF our state.
Il want 10 make this offer TO the
non-members in Delaware: As the
president OF their association, If they
will place in my hands resolutions de-
claring their purpose 10 enroll. l will
undertake 10 have them fully qualified
and admitted within a comparatively
short time.
But we meet today for still another
purpose. We have before us a subject
somewhat related 10 Federal Reserve
Banking: that is, the superiority OF
trade acceptances, as negotiable instru-
ments OF credit in which Federal Re
serve Banks deal very largely. In the
general plan Of augumenting the bank
Ing resources OF the country these new
'orms OF credit are destined to become
potential factors. hope our Delaware
iradesmen and our Delaware bankers
viii ultimately come TO see the great
advantage Of Trade Acceptances in
both large and small transactions, and
by encouraging their use wherever
practicable bring about more hlgilly
developed condition OF local trade.
Il feel assured that this meeting will
prove very profitable to us all, and that
We will return home with a better un-
1erstanding OF the two important mat
lers that brought us here. and we'll
prepared TO discuss them with our fell
ow bankers at the annual meeting OF
our association