Every evening, Wilmington daily commercial., 1922-03-02
DELAWARE BANKERS
TAKE STEPS TO AID
LOCAL INVESTORS
Continued from page !

Continued from page ]
"Thc only other actual activity OF
your officers wns the donation of four
medals to the prize winners of the
Boys and Girls Corn Club Mt the Corn
Show held In Scaford."
Investment Bankers.
President Taylor called tho bankers
attention TO the proposition 90 admit
investment bankers of the state TO
membership. lie said he had learned
from some of them that they were
willing, II. necessary, 10 pay higher
dues than the regular members, and
that they wanted 90 participate In
TIE affairs Of the association. He want
ed to hear what the other members
OF tho association thought of the mat
ter and when no one appeared anxious
20 speak. called upon John S. Rossell
president OF the Security Trust CO..
for his opinion.
Mr.. Rossell said that no thought IL
would prove a good thing for tho as
socIation TO have the brokers adj
mittcd az associate members, but with
out A. vote.
Henry r. Scott, president of the
Wilmington Trust Co. was asked for
his Views and ne said that he had not
given the matter much thought. but
that applications should be carefully
scrutinized and that when admitted
they ought TO have the right TO vote.
John Richardson, president Of the
National Bank of Delaware. was called
upon and said he thought 1t would
prove good for tho association TO adj
nit them.
Mr.. Scott moved that tho matter be
referred TO the executive committee 70
investigate and report later,
At this juncturV George l.. Medill
State banking commissioner. address,
ed the members on a matter that he
thought pertinent In this connection
lie snid that he had been approached
by many bankers who thought that
there should be some regulation pro
vided in State laws, concerning in
vestment brokers; that some sort o.
Legislation was necessary and that th'
, people of the state ought TO be takef
into consideration in tho matter.
George Massey Jones of Dover, sug
, gested that Mr.. SCOTS motion be re
o considered, which was rescinded.
r Mr. Rossell, Mr.. Scott and Mr.. Jone
were named n committee to prepar
e n resolution dealing with tho admit
tance Of the investment bankers.
- Mr. Scott then addressed the bank
- ers on the seriousness Of the work 0
o agents whom he said are going abou
n the city selling securities that are un
. sound.
He said that these agents were Rc
u ing from house TO house Offering -
curities. telling the people who migf
u bc customers lies and reporting thf
certain men and women had bougf
stock who had not done SO. Mr. SEQ
thought something ought to he dor
10 properly inform the people thu
q they were being imposed upon throue
these fraudulent representations; thu
tho people ought 10 be educated 10 n
J. point where they would not buy stoc
II or securities unless they were sure th'
II the security was AS represented. 7
+ urged that some definite steps
8 taken TO check this work. The matt,
: was referred TO the executive con
= mittee.
n Good Financial Report.
Otho Nowland. president of Il
- Equitable Trust Co. called attentiC
i &c the report OF the financial institl
C tions of Delaware, which he said hs
been gotten out very promptly !
J. commissioner George l.. Medill and
"a way 10 reflect credit. Mr. Nowlai
1f recounted some OF the figures Of q
Dt last report and compared them wi
Of the figures from 1919 70 the end
1921. He said that while the last r
port showed q shrinkage Of ten m
lion dollars in deposits, through {
actual gain in savings this shrinka
" was reduced TO between five and s
/ millions of dollars. The report show
" that the investments in banks we
practically the same. whereas the
was every reason 20 believe that b
cause Of the falling off in deposit bi
payable and other items might ha-
been more seriously effected.
\ We have passed through a pret
J severe test" said Mr.. Nowland. "a
despite the figures shown in the T
\ port we have paid off one and one-h'
\ millions OF dollars in loans"
DR.. Hullihen was next Introduce
~ He announced that while Preside
Y Taylor had asked him TO make
| address on. the University OF Del
\ ware, he had begged off because
- had talked so much about the ms
tuition he headed. and that he h
\ been granted permission to write
| paper on a subject that he was II
4 so well acquainted with as the III
4 versity-"Our International Debt