Milford chronicle., 1929-12-13
DELAWARE BUSINESS
Is SOUND, LEADERS
SAY AT CONFERENCE
Continued from Page u

(ConIlnueu from rage IL
that invited you to this confer.
ence."
Mr.. DUPONT had in his hands g
small piece of paper on which he
had set down some statistics which
indicated that there were not sc
many persons caught in the recent
collapse On the stock market, as is
generally believed and showing that
only a small proportion of persons
who obtained loans on collaterals
from banks were found to be in real
distress.
One of the sets of figures was re-
lative to the national wealth of the
country. In 1904 three years before
the 1907 panic the national wealth
totaled $1O7, 100000, 900. In 1912, five
years after the panic the wealth
increased to $1S6,000,000,0O0 and in
1922 amounted to S322,000, 900.
Next years census will show what
the increase has been since 1922, he
said.
One of the surprises was his sum-
mary which showed that all the
brokerage houses in Wilmington
have only 4,794 accounts on their
books, while local banks have OUT
standing only 3,076 on collateral.
To show that not many persons
who borrowed from the banks for
speculation or investment were
found in distress, he cited that OF
400 collateral loans made by bis
bank only 200 were called on for
additional collateral.
Turning to the money question ne
asserted that today money is cheap
and that his bank is prepared TO
lend on mortgages an unlimited
amount of money ut six per cent
with no service charges. Therefore,
he declared, it is unnecessary for a
person to pay as high as eight and
ten per cent for such money.
Henry P. Scott, president OF the
Wilmington Trust Company, briefly
stated his opinion that business gen.
orally is sound. He added that cheap
money is the big aid to the present
situation.
A brief summary of statements
made by others at thS conference
follows:
Thomas W. Wilson, president OF
the Delaware Electric Power Com
pany-"The public utility corpora
tions of the State have entire con-
fidence in the future and in the con-
tiuue:; growth and development o.
business and the State"
u, S. Senator John G. Townsend
Jr.; "There is no need for alarm.
Business is good. 1 hope that Con-
gress will pass the tariff, reduce the
income tax and then adjourn.
Oliver A. Newton, president, stare
Board of observation-disclosures IS
now recognized in New York as a
great apple growing State. Agrlcul-
tural conditions here have lmproV-
ed"
John C. Saylor. secretary of the
Central Labor Union advocated en-
dorsement by the conference OF the
proposed Delaware-New Jersey toll
bridge. an increase in the tariff on
imported kid feathers and forward
program of public works construc-
tion.
Charles Warner, president OF the
Warner Company - business is
sound but we must convince the
On OOO 600 wage earners of this fact
for the wage-earners represent the
vast purchasing power Oh tne Ma
ton" -. mr.,
John ]. Powell, vice president VIII
mington Chamber of Commerce,
submitted a statement showing that
expenditures of $27,G00,OOO VIII De
made in Delaware during 1881 ana
a total of S55, 100000 will be spent
between 1881 and 1884.
Henry Ridgely, Dover, president
of the Farmers Bank-"There mas
been too much optimism in the past
and now undue pessimlsm must pe
Offset" He urged the workers 10
patronize their home markets.
Joseph H. Martin, publisher Oh
the Sunday Star-"Leaders OF lnous-
try during the next two or three
months should one at a time issue |
encouraging statements to the pup
lie" "r
Frank Bancroft, of Wyoming-"l
can see some slight improvement IN
Delaware agriculture. The Dank
with which I am connected is tnls
wear lending less money to farmers
than last year because they are ask
ing less"
Some time after the close of the
conference Governor Buck received
a telegram from Wilmington CIVIC
Association complimenting him for
calling the conference and pleadlng
its support for any program that ne
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