Evening journal., 1919-06-26
WANT ALL BANKS
jim FEDERAL SYSTEM
No Return to Easy-going
Methods. Says John
S. Rossell
BANKERS CONFER
ON SUBJECT TODAY

Wv OODj In ioDi
4 conference Of state Bankers Of New
Castle county was held in the directors
room Of Security Trust and Safe De
q posit Company today. The bankers met
lat the call Of John ;. Rossell. president
of the Delaware Bankers Association.
10 consider the question Of membership
in the Federal Reserve System. John
Is Rosscll presided and William G.. Tay-
lor acted as secretary.
President Rossell, in opening the con
ference, said that the subject was en-
crossing the attention OF the most
thoughtful tinancicrs in the country,
and that there was a strong tendency
I toward unifying the nations financial
resources i'm the federal system. This
system since its organization in 1914 has
grown steadily in popular favor. and
has proved during the war crisis the
great mainstay Of national credit lie
believed the banking Institutions Of the
| country have a great work before them
in the reconstruction period upon
(which we are now entering. and said
it was clearly demonstrated that the
! banker would never return TO the easy
going pre-vsr methods. On the CON
trary, he said. the banker would prove
to be as important a factor in peace as
he was in war.
The Government would require, for
a long time. strong financial support.
ard there would be a fore gn demand
to which America could not we'll re
fuse generous response This would
necessilate the continued mubolization
OF our banking resources, as we'll as
all other resources Of our great cOun-
try. and 10 would be not only the work
Of the large banks and trust compan-
les. but Of all financial institutions.
Called upon during the war. they
would also be called upon in time Of
peace, to devote a considerable part Of
their resources 10 meeting the extra
ordinary demands.
Mr.. Bossell believed that while mem
bershp in the Federal Reserve carried
with il some restrictions and imposed
some requirements that are new, they
all tended to better service and greater
security Mr.. Rossell expressed the
opinion that the question was a very
was now offered TO Delaware bankers
to say whether, in their Judgment,
they could succeed best by Individual
effort, or as members of the Federal
Reserve System, under the privileges
that system accOrds all its members.
lie cited the fact that state institu- !
tons that have become members Of the /
Federal Reserve testify to the great sd- 1
vaniages they have gained, and are so /;
well satisfied that they give no thought /
TO Withdrawing He said that undoubi- !
edly all that have given careful con- 4
sderaton TO the question were agreed /
that uniflcation OF banking activities I
was productive Of the best results. and I
he was satisfied that any Delaware .
bank or trust company not now a
member Of the Federal Reserve sys-
tenn would be fully justified in be-
coming one. He believed that the adj
vantages Of membership are so great
that when fully understood and appre-
ciated, they would 30 far outweigh all
objections that there would be no hest
fancy on the part OF the non-members
in Delaware joining the Federal Re
serve.
The Bankers Association. at its an
nual meeting last year. gave careful
to this question. Presi-
dent Bossell has been engaged for some
llme in bringing to the attention of
the state bankers the advantages Of /
membership in the system. Last week 1
a well attended conference Of Kent and n
sussex bankers was held in Dover, II
and resolution was adopted COM
mending the system. and advising all l
to make a careful study 4
OF the subject, with a view OF enter
ing the Federal system The resolution
which follows, was also adopted by the Il
New Castle conference:
Resolved. That in the judgment Of
This conference the Federal Reserve
system Is the chief bulwark Of the
interests Of The people, and
we earnestly urge all eligible financial
In Delaware that are not
now members TO give careful consider
alton TO the matter Of becoming mem
Ders Of This system"
The Wilmington Trust Company.
Equitable Trust Company, the Secur-
ty Trust and Safe Deposit Company.
and the Milford Trust Company. are the
present Delaware State Institutions i'm
he system, and II is expected that 9th
2rs will join before long. All national
banks are members Of the Federal Re
serve.
There are now i03i State institutions
n the system, having total resources
" S7,9i2. 2.3si.320. The reports from the
several reserve districts show that
state banks end trust companies, both
arge and small. are making application
or membership.