Smyrna times., 1928-03-21
Inns URGE LOWER I I.RaI,5,, RATE
|1fT TDN SAVING AGGOONlS

|ERSI IN SAIINu AOOOOA'O
h. h. Per SR- CENT IS TOO HIGH
Lint Aetion-PredictiOn is
b TSat 5oli' Business This Year
|I'i1 a;H mr.. Re- Better Than Last
WI l.+;oe Pc # the present a per
HaaI'iin q interest er paid in Delaware
aie u ,.oounts was urged by two
sFngs ! an tbe semi-annual meeting
fi 5.iarare = are Bankers As; Association
y Dsiat ~ tbe dupont Biltmore IN
| saa! al.,D - Thomas R. Ingram
Y as.9ti y tse Sussex Trust Company,
v a be believed it unethlcal
Ilrr s.nks : 70 tax their stockhold-
ils 1slinI .aJnce their progts in order
y Nm > 4 per cent rate for saw
ia.o,itors, l,-@,, when present earn
!, M warrant so high a rate.
4 that interest paid on savings
4. ! sbould be based on current
" mos and not on past profits.
rnestiOn was asked-'have
deuartments paid in the
lg.my answer would have been
/ ,aioraIly YES, but many OF
i 4 rot uay today" He said he
n whether an investment with
cent yield is enough to pay
n ,Osts Of operation and 4 per
4 r.srsst 70 the depositors. "a
/ 4 one Der cent in Delaware
Nm i not enough" he said
I Rowland, president Of the
ngton Clearing House Associa-
\ N u The bankers, compliment
Ingram upon his address and
4 M he felt the banks Of the
Il aouId ioin to reduce the pres
\ Ny CENT rate Of interest. No
Vss taken at the meeting on
Usstion but the matter will be
Y rd by the executive committee
aOn within the next few weeks.
\ regulation and control Of ia
n Ht trusts is necessary" Theo-
N Grayson, director Of the Eve
SbOol Of Accounts and Finance
. University Of Pennsylvania, said
Il n:sing the closing session. Con-
Il \ Nj. Grayson declared 1.-THE in-
nt fraternity, as a whole, vel
nVes.igation and public state
4 d to the Management Of invest
n The meeting was attended BY
sons. Henry Ridgely, Of Dover
h Of the association, presided
lkers included Mayor George
I5rrest, Harold WI. Horsey
Inkng Commissioner; Thorn
Ingram, cashier Of the Susse2
n Company, Lewes, and Warner
Fa;, Of the Wilmington Trus-
E secretary and treasurer d
dation. Nh. Ayres read
d The Business Outlook fol
ii It's Effect on the Security
prepared BY Walter J.LairC
president Of the Wilmington
Company. Mr. Laird was I'M
attend, due to slight illness
idsney Of some State bank
1tIions to invest in high
bonds and bonds Of boo
ability was noted BY Mr.. Hor
lilS tendency, he said, undoubt
VI become more pronounced i
Etltutions as savings deposit
. Increase and as the mar
anlng over expenses and div
teeLnes.
'afe Used as Savings Banks
ware, outside Of Wilmington
rural State it necessarily fol
the banks in rural New Gas
and Sussex Counties are t.
q less degree, used as saving
'ans' Mr.. Horsey said, "Tha
less degree in rural Ney
a greater degree in Ken
| large degree in Sussex. I
sIce Of being a rural Stat
wilmington, agriculture an
interests principally depend
'sncllture supply the onl
snand for credit. This bein
readily understood why Del
'allAs are compelled 70 inves
portion Of their resources i
y. securities. Therefore. i
~, u low money rates such a
INV experiencing, banks wit
mounts Of savings deposit
n, per cent interest whic
,'.I l''le local demand for cred
i. . invest their surplu
a.'a s'uflues, commercial pape
Tsin Taas' at the prevailing 10,
LUIS Is unprOftablo
I. Hdsely of Dover, Speaks
r9sely, 9ss in a brief addres
1e Importance of the inyes es
n, 7 ! mgh-grade securitie
N y y securities with a hig
S,soI u a lower grade. D
i,, ,sl.3 Y Z Of the department
ssDot. \ The University IN Of f'>Fls PEN
poEe On Stocks and II Bonds 9Isi
--All MAN mr.