Every evening, Wilmington daily commercial., 1919-01-24
LEGISLATION FOR
DELAWARE BANKS
Subject Discussed at State Bank
crs' Meeting and Features Of
Bill Agreed Upon.

An important meeting ~ bankers Has
held nj the Hotel Rlehardson, Dover,
yesterday. 10 take action on the resolution
adopted by the Delaware BANKERS Ass0eis-
tion, ut It's annual meeting, IN September
last, faYoring the separation II banking
from insurance supervision and ezainina~
ton, now Jointly under the eantrOl and
direction N the Insurance ComrnissiODeT,
aud the placing of the state banks and
trust companies Of tho state under a
banking commissioner
Those present were John =. Rogseli,
president of the Bankers Association, /,
George Massey Jones, vice-preSdenti
William q. Taylor, secretaTy~treasuFer,
and Robert T.. Robinson and james III.
Hughes, members qf the executive com
uittee; Henry Ridgoly attorney; Ezekiel
Cooper, cashier ~ tho Farmers Bank,
Wilmington; Richard Reese, Yicepresidcnt
Equitable Trust Company Daniel W
Corhit, president Of The National Bank
OF Odessa; IL. T.. WOotten, cashier of The
Peoples National Bank of Laurel; Thomas
II Wilson, insurance commissioner, and
George a. Higgins Of Philadelphia, ex-
aminer for the commissioner.
TENTATIVE Dill CONSIDERED.
President Ronsel laid before the meet
ing a tentative draft for q bill carrying
out the purposes expressed an the reso-
luton Of the E;ankers Association. This
bill provides for the appointment by the
governor Of a state AK commissioner
and places under his Jurisdiction all the
state banks md trust cornpdfies and
requires him ~ make thorough exanIna-
tinn If each institution annually and 10
report his findings The bill embodfes
4 q l.. fa~
nf the states having separate banking de-
partments, and ~ intended to strictly
eafeguard the more than 2G6 900 900 ~
resources of Delaware state banks and
trust companies
Objections were made to the bill upon
tho ground that the appointment 0f q
bank commissioner by the governor would
bring the banking business under political
influence and that IL would create another
offiee, with thn attendant additional ex-
pense 20 the State II was also contended
that by proper amendment ~ Neyisting
laws the insurance commissioner could as
effectively supervise the banks as the
proposed bank commissioner. Mr.. Wilson
and Mr.. Huggns explained the desired
changes in the present laws, which are
intended chiefly to empower the insurance
commissioners to employ an additional
force of examiners and increase the
charges against the financial Institutions
sufficiently TO cover their compensation
ALL AGREED on NEcsssrTY
The meeting was in perfect accord as
70 the urgent necessity of providing for
more thorough examination of the finan-
eial Institutions, and - far as any diff
ference Of opinion appeared II was con
a q hrA
view being that insurance and banking
are 50 dissimllar that they cannot, under
dual MANAGEMENT, or would mot, each
receive the cautious care and attention IL
should, in order 70 protect the interests
Of the public. 1t was also brought out
that il State bank department should
be created a thoroughly competent force
10 carry on its work could be organized
among the officers and employees Of Della
wares own banks and trust companies.
TO DRAW sEw BILL.
After q very full discussion. il was de-
cided to nave Mr. Ridgely prepare a bail
enbadylng the views of The insurance
commissioner and submit il for approval
at another meeting 70 be held N the near
future
4 bill to relieve state banks and trust
conn 1IaIlleSt ingIIBefs ~ t4e eilelhl ENss-
serve system, from he obligation OF main
tanning the reserve required by state
laws, was approved. Under the provisions
of this bill these institutions will be sub
ject only 10 these requirements OF the
Federal Reserve act with respect 10 their
reserve fund.
Il was also decided 70 have q bill pre-
pared and substituted 70 the Legislature,
amending the State Law, which now re-
quires a certain cash reserve TO he NAM
tanned by all banks and trust companies,
so that the reserve required by the Federal
Reserve act shall be the same for ell state
institutions.
Daniel W Corbit was appointed dele
gate and Daniel Short. president Of he
Peoples National Bank Of Laurel, alter
nate, to represent the association at the
conference Of the Agricultural Commls-
sion of the american Bankers Association
and the chairmen Of the State Bankers
Agricultural Committees to be held in
Washington, February % and y.
The invitation Of Delaware College 10
visit that Institution was accepted with
wara est thanks and it was decided 10 hold
the spring meeting Of the association st
the college In May.