Evening journal., 1921-09-20
the coming limitations Of armament


boost the glazed kid industry was to
be commended. he continued. He
felt sure. he said. that visitors would
spread the gospel OF glazod kid"
Mr.. Snellenburg praised the sup
port given the movement by Senators
dupont and Ball and Representative
Layton. He expressed utmost conf
dence In the success OF the campaign.
predicting that the good name and
fame OF Wilmington will be spread
from coast to coast"
Wear glazed kid shoes for VIII
mington, for the United States, for
humanity" he concluded.
Ball Hits Fault-nnders.
Senator Ball congratulated the
chairman and those associated with
the Glazed Kid Committee on their
perseverance in pressing for support
for their plans. Such perseverance,,
he added. was typical Of Delaware
ans Of old. He deprecated general
fault-finding, saying the problems
confronting Congress at this time are
greater than those confronting any
Congress, and as serious as those
during the war. He gained applause
by telling Of reduction Of Sl,OOO,O 600
day In the expenses OF the Govern
ment during August. He doubted II
the Government would ever get back
to a budget Of a billion year, be-
cause of the extra demands now
made by the people.
Toastmaster Miller bestowed high
praise on Congressman Caleb r.
Layton. Of Delaware, in presenting
him to respond to "The New Tariff
and the Kid Industry" Doctor Lay
ton emphasized that one-tenth OF the
population Of Delaware was sus-
tanned by the glazed kid industry He
said that IL the fight to protect the
glazed kid industry should again
arise. he would call upon the repre-
sentatives Of Pennsylvania, Massa-
chusetts and New Jersey for support,
as those. with Delaware, comprised
the four states in which the industry
had attained largest proportions.
what we need in Delaware to-
day" he said, "is an extension OF
industrialism not only of New Castle
county, but wherever natural con-
ditions obtain that il can be estab-
lished. New Castle county is OF Won
derful significance and benefit as far
as rural New Castle. Kent and Sus-
sex are concerned as a manufac-
turing center. But help us with our
agriculture. You can destroy every
thing on earth except the products
OF the man with his hand on the
plow and still survive" He plead
ed for better understanding in all
parts Of the commonwealth.
In responding to the toast "The
Federal Reserve System" Mr.. Nor
ris. governor of the Federal Reserve
Bank OF Philadelphia, said that the
credit situation in the country
was now thoroughly sound. La.
Dor and the price OF necessities,
he said. have now come down tc
near the pre-war level" Today, ht
said, any man who buys goods car
do It with full confidence that he car
do so at a profit. Il see only one
cloud in our industrial sky" he said
For cotton and many other staples
we are absolutely dependent upor
foreign markets to consume a grea
deal of our production, and IL thosl
buy there is going to be a glut or I
! surplus which will depress on
markets and reduce the buyin.
{ power OF our people who produc
q those things.
I'VE must eithor curtail produc
tion OF those things or we have 60
to sell a large proportion OF thos
, things Our interest in the rehabili
tation OF Europe is on a par with on
interest in rehabilitation OF industr
in this country" He expressed hop
that as a result OF the President
disarmament conference the peopl
OF Europe would be relieved Of tn
large tax burden incident to thei
present expenditures for armaments
Otherwise, he said. they will no
only be unable to pay us what the
owe, but will be unable to buy goods
Worse STILL" he said. communist
and anarchists would point TO tn
chaos which will follow as indica
tive Of a general breakdown OF capi
b talist civilization. and use IL as a
argument for the inauguration OF
3 new political system. Disarmament.
he said, would release men for pre-
4 ductive enterprise and would enabl
capital to be used in building up in
I dustry."
4 Otho Nowland's Address.
r Otho Nowland. president OF IN
= Equitable Trust OF this city, gave
resume Of the local glazed kid cor
ditions which won much applaus
y He said:
4 THE Glazed Kid industry repr,
q sents in normal times nearly on,
u third OF the manufactured produc
J. Of the State. Wilmington has lor
% enjoyed the leadership in this indu
IS try. Like other undertakings II n:
q had its periods OF depression, seal
lc earnings, and failures in some fl
Is stances, but ii has always maintali
al ed its Importance as one Of the gre
" contributing factors to Wilmington
70 growth.
vi ''The permanent capital employ,
ie by this industry in Wilmington is r
e. ported to be 100000 or douh
n the amount Of paid in capital OF o.
e. commercial banks and trust cor
IL panies.
le 1T is interesting to make cor
"a parison OF the banking capital
r Wilmington with that employed
o. the morocco interests OF our city al
=. also note the large increase in sa
~ ings deposits in our mutual savin
at Institutions.
.e' The paid-in capital Of onr COZ
., mercial banks here is about $500
~ 600.
- The surplus that these instit
lu tinns have set asldn annnnnts