Milford chronicle., 1921-09-16
BANKERS ASSOCIATION
HAS ANEW PRESIDENT
Continued from first pagel

lIOIu UISl pager
the banks which have charged off q
part or all of this depreciation with
out disposing of the securities, will
soon recover the depreciation and
have neat sym to bring back to their
active book assets. Another serious
menace to banking is increased tax
alton, he said. From the present out
look the Federal income tax and the
Federal and State franchise taxes for
1922 will entail a charge on the banks
of two per cent on the capital stock.
Mr.. Jones stated the greatest men
ace to the prosperity of the banks is
the widespread agricultural and in
dustrial depression, which he believed
has passed it's most acute stage and
from now on will become less until
we reach a wonderful, and he hoped,
an unprecedented condition of pros
perity. While a great deal OF this
hoped for change is dependent upon
the safe and sane governmental legls-
latiOn of the near future, he said, yet
no small part in bringing this about
must be taken by the banks. If these
institutions will uphold the hands of
struggling and solvent individuals
ana corporations of their communities
by not demanding payment of loans
already made and by granting of
timely and necessary additional cred
it, this will not only help the borrow
ers, but act as a stimulus to the COM
munity. But if the banks require of
their borrowers the impossible, and
thus break down the earning power
of the individual or corporation strug-
Cling for existence, they will further
endanger the industrial fabric of the
community and bring about worse
and more far-reaching results than
heretofore, and in thus acting they
can do so not only from a patriotic
motive, but a selfish one as well, for
the prosperity of the banks depends
largely on the prosperity of The COM
munity, and acute depression in any
locality will greatly and unfavorably
affect it's financial institutions.
If there is one thing more than
another that 1 would like you men
who manage the banks of Delaware
to take home from this convention,
Mr.. Jones stated, it is a resolve to
so conserve the enterprise and in
dustry of your locality by all honor
able means as to enable it to benefit
in the full in the era of prosperity
that is bound to follow this period OF
reconstruction through which. we are
now passing and which, l trust and
believe, is nearly or quite passed /
through. Many of us have seen worse /
conditions than those now prevailing, /
and many of us, 1 believe, will soon |
see what we now regard as almost
difficulties turned into
prosperous and happy conditions, and
we will then wonder why we were
so frightened a short time before. Let
US, therefore, look forward with hope
and expectation to better conditions
and go home and do everything in
our power to bring them about.
The association adopted a resolu-
ton recommending to the officers OF
the State a full, fair and complete
trial of the budget system of State
inaugurated by the last
General Assembly, so that wise,
safe and economical system of State
government may be had and the best
results be obtained for the eXpendi-
ure Of the public funds of the State.
Action on a proposal to admit in
bankers as associate mem
,ers of the association was deferred
Until its spring meeting.
Elisha Lee, vice-president in charge
If the eastern region of the Pennsyl-
,ania railroad system explained the :
'ailroad company's plan for the peace
ul and friendly settlement of labor
differences by conferences between the ,
management and elected representa-
ives of the. employees. He predicted !;
or it complete success if not blocked = =
y the interference of outside agencies
nd said it had the Endorsement and !
upport of a great majority of the q
workers..