Every evening, Wilmington daily commercial., 1922-03-02
DELAWARE BANKERS
TAKE STEPS TO AID
LOCAL INVESTORS
Orxo Citizens Not to Buy Seou-
ritica Unless They Are Surs
of Value.
HEAR ABOUT ALLIES DEBT


securities, and an earnest appeal for
the cancellation of the debt which the
Allies owe this country were the tive
outstanding features OF the first ses-
sion OF the somi-annual meeting OF the
Delaware Bankers Association. in the
club room OF the Hotel du Pont today
ON the first matter the executive
committee of the association was d.
rected To investigate and make a re-
port to the association. This will also
involve ways in which the public may
he warned against. the practice OF
bucket shops and other forms OF sep
Grating citizen from his hard earned
money.
The second proposition came iron,
DIR. Walter Hullihen. president Of the
University OF Delaware. who stated
emphatically that TO attempt 20 de-
demand repayment Of the Allies debt
would be tn add still further 10 the
chaos Of Europe. and that not from a
humanitarian standpoint but from a
selfish point OF view the debts in
Cured by the Allies during the war
should be cancelled. He made one pro
viso. however. that being q mora tor!um
for twenty years. during which time
nU interest on the debt should he col
lected.
The Association was pretty well rep
resented at the session. there being
more than 100 acceptanCes from twen-
ty-f,ve towns and cities Of the state.
William q. Taylor. president, called
the melting 20 order and Rev. George
II. Allison. pastor Of Second Baptist
a sfsns,
The reading of the minutes were dis
pensed with and in the temporary
absence of Mayor Harvey, President
Taylor welcomed the members. Then
Mayor Harvey appeared and extended
a hearty welcome 10 the bankers, re-
ferring iocularly 20 the fact that at
this time there was an agitation on
20 the effect that oher parts OF the
state were obtaining quite a good
deal ~ the states cash.
President Taylor In his report 20 the
Assc citation said:
ITO The Delaware Bankers Asso-
citation.
Gentlemen: Since the annual
meeting OF the Association in Septem-
bcr last there has been very little 10
require any action by your Standing
Committees or officers. There being
20 session of the Legislature this
year the matter Of state Banking
Laws has not had 10 be considered and
very little OF the proposed National
Legislation would materially affect
Delaware bankers. For these reasons,
the Executive and Advisory Commit
tees have been called together for
only one meeting.
Your president was advised too
late TO call meeting OF our Commit
tees OF a conference 10 be held in
Washington on February sixth ay the
Special Committee on Taxation Of the
American Bankers Association, but
j attended the conference as a repre-
sentative Of this Association.
Representatives from about thirty
states ware present The subject un-
DER consideration was House Bill 1919.
which seeks to amend Section 52le r.
s. l. s. prescribing the method OF
state taxation OF national bank shares.
The proposed amendment would give
the states the privilege Of taxing the
stock or the income OF national banks
at any rate deemed advisable, the sole
limitation being that state bank shares
lie taxed at the same rate. The sent!-
ment expressed was that with but few
exceptions the tendency Of state legis-
latures and tax commissions every
where was 20 discriminate against
hank shares in favor of other classes
OF rnoneyed capital and with the pres
ent restriction removed, II was feared
national banks might be taxed out Of
existence.
After an all day session Il was
unanimously agreed that the princi-
pie in Section 52l9 restricting the
states from taxing bank shares at a
greater rate than Is assessed on other
moneyed capital in the hands Of in
dividusl citizens" should remain un-
changed. but that in such states where
tax il assessed upon income, bank
shares might be taxed in such manner
based on the net income OF such other
moneyed capital"
con the following day the repre-
eentafives appeared before the House
Banking and Currency Committee and
presented arguments In accordance
with the action recorded. and as vet
no action has been taken by Congress.
''In order that this Association
could officially make recommenda-
,ions TO our Senators and Representa-
tive n meeting OF your Executive
Committee Advisory Committee and
officers was called 20 meet at the
Hotel Richardson. Dover. on Satur-
DAY afternoon. February eleventh. Al
this meeting the proposed amendment
20 Section 52ls was thoroughly dis
cussed and the following Resolution
was unanimously adopted:
Resolved. That the Delaware
Bankers Association urges that no
changes or amendments be made 20
Section 62le OF the revised statutes
of the United States that Will in any
way affect the protective features OF
said section. which provides that
shares OF national banks may only be
taxed at the same rate as other
monies for investment In each State
are taxed
BE II further Resolved. That the
Secretary OF this Association forward
this resolution 10 each OF our Senators
and our Representative in Congress-
"your secretary has advised our
Representative in accordance with the
dissolution.
Continued on page 9.