Smyrna times., 1924-03-12
DELAWARE STATE BANKERS
HOLD MEETING IN WILMINGTON
ADDRESSED BY GEORGE w. NOR
RIS, GOVERNOR RESERVE BANK
Opposes Long Term Bank Loans to
Farmers and Gives His Reasons
Contrasts Present with War Times


Farmers and Gives His Reasons
Contrasts Present with War Times
Long term loans to farmers by
banks were discountenanced by
George w. Norris, governor of the
Federal Reserve Bank of Philadelphia
speaking before more than 100 bank
ers assembled from every section of
Delaware at the semi-annual banquet
of the Delaware State Bankers AS
sociatiOn in the duBarry Room of the
Hotel DUPONT Thursday afternoon.
Mr.. Norris pointed out that the
banker should be guided in the
amount of the loan to the farmer by
the minimum value of his crop. He
told of some of the difficulties bank
ers had experienced by lending too |
/ large amounts to customers who |
found it necessary to ask for continu-
ances at the maturity of their notes.
The Federal Land Banks, however,
are the institutions to which the farm
ers should apply for loans that are
continued over long period, accord
ing to Mr.. Norris. These banks are
able to lend money over periods of 36
years, he continued.
Mr.. Norris also showed some of the
service that may be secured from the
Federal Reserve Bank by securing
quick loans, supplying new currency
and to make it possible to eliminate
the practice of calling on other banks
for loans in emergencies.
The meeting which was opened at
II o'clock with a short business ses-
sion in the club room, was one of the
most successful held by the associa-
tion.
Robert P. Robinson, president of
the Central National Bank, of Will
mington, and also president of the as
sociation, presided. He presented a
brief verbal report of the activities of
the association during the past six
months.
Contrast Present To War Time
, In contradistinction to the war
| times, said Mr.. Robinson, very few
, matters of Importance had come be-
t fore the officers of the association in
the past half-year. The question of
e sales of unreliable securities had been
4 turned over to the various commit
j tees. The need for "group meetings
also had passed, said Mr.. Robinson
r and the real reports on the activities
T Of the association will come at the an
s nual meeting in September.
A resolution calling for a change
s in the bylaws to be amended by rails
5, ing the S. memberships to $40 anC
: the so memberships to $40, was un
5, animously adopted. Haldeman Stout
d of the Industrial Trust Company wa
: chairman of bylaws committee.
" DR.. John f. Teeple, of New York
treasurer of the American Chemica
5 Society, delivered the address at tn,
= morning session. Charles H. Bonner
. pastor of Hanover Presbyterian
= Church, opened the meeting with
- brief invocation. Mayor Forrest ex
~ tended a welcome to the visiting
~ bankers.
= Speaks of Dependence On Chemistr
W DR.. Teeple said in part: "More tha
one-half of the manufactures of thi
IN country are dependent upon chemistry
ry $50 rapidly is chemistry's invasion @
industry spreading" said Dr. Teeplt
chat this proportion is constantly be
Il coming larger. Through chemic;
'H science civilization is gradually abO
ishing an economic slavery impose
- by nature" he added.
DR.. Teeple named big groups
textiles, iron and steel, leather, ps
r. per, ceramics and glass, metals an
.r+ metal products-with a productiq
'af valued at over $33, 100000, whi(
have definite chemical basis. Chem
In cal and allied products, he said, hay
on risen in value from $750,000,O00
of 1899 to more than $6,O00,000,000 j
Be- 1924.
a Chemical industry now ranks fou1t
lly according to DIR. Teeple, being od
led ranked only by food, iron and ste
lys and their products, and textiles, in 9
of which chemistry is an increasing
for important factor.
the Better Resources Furthers CivilizatiC
of "The degree of civilization attai
tie able by a nation is determined by u
1t ability of its people to supply {
the their wants from the fewest natur
!. resources. Chemistry is the scien
les of the transformation of matter al
ecu through these processes of chemiC
lhe change commodities hitherto fou
rec only in nature are created" continu
en' W DR.. Teeple. "Man is no longer /
'on' quired to make long voyages, for