Smyrna times., 1924-09-10
WALTER ". HYNSON, SMYRNA
PRESIDENT OF STATE BANKERS
CASHIER OF FRUIT GROWERS
NATIONAL BANK HONORED
Financiers Hear New Scheme to Com
bat Blue Sky SpeculatiOn'-ThOs.
B. Patton Makes Chief Address

Walter w. HynsOn, of Smyrna, was
chosen president for the ensuing year
of the Delaware State Bankers As
sociation, at the close of the annual
session, Thursday night, following a
dav of reports which were satisfac-
tory in all respects. Haldeman c.
Stout, of Wilmington, was named
vice-president. Other officers elected
we're: David w. Hillegas, of Whining
ton, secretary treasurer, and John
Richardson, Jr., member Of executive
committee. Members of Advisory
Committee Of New Castle County:
Francis A. CoOch and Harry E. Scott,
Wilmington; Charles W.GroOme,New-
port; Watson X. Belts, MiddletOwn,
and Warren A. Singles, Newark.
Kent County: Walter J. Harring-
ton, FELTON,; Benjamin E. Cubbage,
Wyoming; George f. Dawson, Dover;
Charles ]. Sudler, Smyrna, and John
E. Mcbride, Frederica.
Sussex County: Joseph L. Lank,
Seaford; Henry A. Houston, Mills
boro; Phillip L. Cannon, Seaford;
Elisha f. Wooden, Laurel, and John
G. Townsend, Jr., Selbyville. Rob
ert P. Robinson, president of the as
sociation, and the Republican candi-
date for Governor, struck the keynote
of the convention when he urged
closer cooperation between banks and
farmers. He also said farmers were
getting on a more solid basis and pre-
dicted in a few months they would
be back to normal along financial
lines. The convention was opened
with prayer by the Rev. N. c. Benson
of Rehoboth Beach, followed by an
address of welcome by Mayor Harry
Satterfeld.
Henry Ridgely, of Dover, gave the
report of the legislative committee
which was followed by a report Of
the agricultural committee by John
f. Dougherty of Wilmington. In his
report he pointed out that the bank
ers of the State had endorsed the
Bows and Girls Club, had given
scholarships for the short course in
agriculture and had also financed the
boys in the calf and hog clubs. 1t
was found but few Delaware farmers
used the Federal Loan Bank, so that
there were but few transfers of mort
cages to local banks. Farm leases
had been found very satisfactory
. while there are now five sound CO.
operative associations of farmers Op-
> Grating in the State with canneries al
Dover, Newark and Seaford.
: Demonstration of Corn Growing
Following the report County Agent
Wilson of New Castle, was introduced
and presented Burnham Simpson ant
Harold Johnson, Of Houston, whC
gave a demonstration of corn grow
ing.
Talks "Blue Sky" Investors
r. w. Budd, of the Burns Detec
tive agency, discussed, as the BLU
Sky Promoter Stealing the Saving
of Your Depositors," in which h,
showed the bankers that often stool
statesmen use the motto: Consul
Your Banker" to advantage in selling
stock. He advised getting the loca
Chamber Of Commerce to use tn
community service protective methO
to keep the people from making in
vestments in blue sky schemes, stat
ing in part:
; In comparison to other crimes, sue
e as murder, arson and thievehy as dis
u closed through inventory losses, tn
Fl vigilance of the American Bankers
l. Association has born fruit, but tn
q losses from so called banking crime
q while they effect the financial wOrl
to an enormous extent, are bein
, greatly overshadowed by the newC
l. and best paying Of crimes, the sale {
so-called Blue Sky securities, tt
y vending of fake, fraudulent an
worthless stocks and bonds in Il
- guise of safe profitable and sound il
y vestment.
" The Blue Sky promoter has bet
or more or less uninterrupted to his a
tivities.
Your own advertisements have be-
made a part of the selling kit to sho
the unwise small investor how Il
banks are attempting to keep h
money from going into a profitah
t., investment, so that the banks thel
selves can retain the deposit, pay
per cent, while they in turn put
q into the same proposition and ma
big money that should go to the SIN
man who is looking for his chan
So thus by using the slogan of "CC
suit your bankers" you are at tin
adding fuel to the promoters fire a
helping him to kindle the flame Il
you are trying to extinguish.
Shows Actual Results
Let US, as an example, set up
hypothetical case, let us say that
have a family of workers in an av
'Oc age community, one whose bank