Evening journal., 1922-03-02
BANKERS OF
STATE TALK
WAR DEBTS
tcontInaed From FIrst Pagel

! r. VI ANNN' AhdNNHN AAAt EANNuilAN H0N
advisory committees have been called
together for only one meeting.
your president was advised too
late to call conference or our com
mittees Of a conference TO be held
in Washington on February sixth
. by the Special Committee on Taxa
/ tion OF the American Bankers Asso-
citation, but l attended the confer
ence as a representative OF this Asso-
citation.
Representatives from about
thirty States were present. The
subject under consideration was
House Bill 9579, which seeks to
amend Section 5219 r.. S u. s.. pre-
scrbing the method Of State taxa
tion OF national bank shares. The
proposed amendment would give the
States the privilege of taxing the
stock or the income OF natio1qi
banks az any rate deemed advisable.
the sole limitation being that the
State bank shares be taxed at the
same rate. The sentiment ex-
pressed was that with but few ex-
lceptiOns the tendency OF State legis-
latures and tax commissions every
whore was to discriminate against
bank shares in favor OF other
classes of moneyed capital and with
the present restriction removed, it
was feared national banks might be
taxed out Of existence.
After an all day session II was
unanimously agreed that the prin-
ciple In Section 5219. restricting the
States from taxing bank shares lat
a greater rate than is assessed on
other moneyed capital in the hands
OF individual citizens" should re-
main unchanged. but that in such
states where a tax is assessed upon
income. bank shares might be taxed
in such manner, based on the net
Income Of such other moneyed capt.
tai"
ION the following day the repre-
sentatives appeared before the
House Banking and Currency Com
mittee and presented arguments In
accordance with the action recorded
and as yet no action has been taken
by Congress.
I'm order that this Association
could officially make recommenda.
tions to our Senators and Represen.
tatives a meeting OF your executiv,
committee, advisory committee anC
officers was called to meet at tn,
Hotel Richardson, Dover, on Satur
day afternoon. February eleventh. A
this meeting the proposed amend
ment to Section 5219 was thorough,
discussed and the following resolu
ton was unanimously adopted:
Resolved, That the Delaware
Bankers Association urges that nc
Section 5219 OF the revised statutel
OF the United States that will in am
way affect the protective features o
said section. which provides tina
shares OF national banks may onl.
be taxed at the same rate as othe
monies for investment in each Stat
are taxed.
BE Il further resolved. That tn,
secretary Of this Association forward
this resolution TO each of our Sem
ators and our representative in Con
gress.
your secretary has advised our
Representatives in accordance with
TIE resolution.
'"rhe only other actual act sity OF
your officers was the donation OF
four medals 10 the prize winners of
the Boys and Girls Corn Club at
the Corn Show held in Seaford."
Mr.. Taylor brought up the ques.
tion OF admitting investment bank.
ers TO membership state Bank
( Commissioner Medill said it hat
/ been suggested to him that invest
ment banking firms should be pu
under supervision much the same al
national and State banks.
George Massey Jones, Dover
moved that the bylaws be amende,
TO admit investment bankers unde
such terms as were agreeable TO tn
executive committee OF the associa
ton. John S. Rossell, Wilmington
urged that a definite line should b.
drawn 20 distinguish investmen
banks from the regular members
At this suggestion Mr.. Taylor ap
pointed Mr.. Rossell. Henry p. ScDt
and Mr. Jones as committee 4
, draft an amendment to the bylaw
and present II 10 the association thi
afternoon.
Mr.. Scott moved that the execu
tive committee should act to cur
4 loose stock selling concerns, an
bucket shops" The motion wa
. carried unanimously.
Otho Nowland. Wilmington
brought up State Bank Commits
sioner Mednrs report. Just pub
= Ilished. showing a loss OF $4,000. 90
= lin commercial deposits, IN banks o
y Delaware in 1919 There wa
: enough gain in savings deposits
II however. he added, 20 more tina
make up such shrinkage.
Ill I'VE have gone through a prett
serious period" he said, "and {
have the state Bank Commissions
III report that the banks were In goo
II financial condition, was most graf
II flying He moved a vote OF thank
II to Mr.. Medil, which was given.
II DR.. Waiter Hullihen. president ,
II the University OF Delaware, spoi
II on international Debts" He urge
II that the people OF the United Stat,
II give careful consideration TO n
II foreign debts TO the nation. Viii
n not advocating cancellation OF the
II debts, he expressed a belief tn
such cancellation or else a NOR
N torium for twenty years. must
II granted in order to give the debt
nssions opportunity for reliabilii
tion.
Dr. Hullihen declared our own
III +,,r,, - nroenorifv "vae 1aro,
bound up in the debt situation. a