Milford chronicle., 1930-09-12
STATE BANKERS
ELECT OFFICERS
SHORE SESSION
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Robert p. Robinson, Central Ma
tional Bank, Wilmington, was elect
ed vice-president, national bank di-
vision of the American Bankers
Association, for the State.
Solomon L. Sapp, Peoples Bank,
Harrington, was elected vice-presi-
dent of the State bank division.
Richard Reese, Equitable Trust
Company, Wilmington, was elected
vice-president, trust company divi-
sion.
Frederick E. Stone. Wilmington
Savings Fund Society, was elected
vice-president savings bank division.
George T. Reed, Milford Trust Co.,
was elected a member of the nomi-
mating committee and DR.. U. w.
Hooker, Sussex Trust Company, Le-
ives, was appointed alternate mem
ber.
The sessions of the meeting were
opened Wednesday afternoon by an
address by Mayor Ralph D. POynter,
of Rehoboth, who welcomed the
bankers to the city. Mr.. Janvier
made his report, and the various
cOmmitte reports were made. Alex
ander Wall, of Lansdowne, Pa, sec
retary-treasurer of the Robert Nor
ris Associates, made an address on
the recent depression of the stock
market.
Resolutions recommended by John
S. Rossell, of the Security Trust Co.,
to the effect that the advisory COM
mittee of the Delaware association
be authorized to investigate and
make recommendation on the bran
ch banking business and merging of
banks, particularly as these process
es may threaten the territory of the
Delaware bankers from outside
cources, were adopted.
1.-THE greatest need of the Ameri-
can Banking fraternity today is bet
ter bank management" Gilbert T.
Stephenson, vice-president of the
Equitable Trust Company and vice
president Trust Division, American
Bankers Association, said in an
address before the Delaware Bank
ers' Association, at the Hotel Hen
lopen, Rehoboth. Mr.. Stephenson
spoke on the subject of ''The Bank
er and Business" and was the prin-
cipal speaker at the session, after
which the annual meeting of the as
sociation closed.
1--WE hear much about mergers and
consultations" Mr.. Stephenson said
land branch banking systems, and
chain banking systems as if these
were the chief concerns of Ameri-
can bankers. But all these are de-
tails of organization. In every in
stance the ultimate success of the
merger of the consolidation or the
branch banking system or the chain
banking system rests upon the bank
management. The larger the con-
solicitations, the more extensive the
branch banking or the chain bank
ing systems, the greater the danger
unless the unit bank is properly
managed.
with One-fifth Of the hanks of
the United States have had to close
their doors during the past ten years
largely on account of the unsOund
financing of themselves and their
customers, and with another fifth
having operated at loss or at only
a nominal profit, we are face to face
with the necessity of giving more
attention to the management of
banks. The Bank Management Com
mission of the American Bankers
Association states that the American
banks are expending over five mil
lion dollars a year convenience ser
vices and that they are spending
three hundred million dollars a year
on essential, but improbable bank
ing services. The first duty Of the !
American banker in view CT this, is
to put his own house ia order by |
stopping such leaks as these.
zone tenet in a bankers creed !
that l have recently seen, reads, Il |
believe in efficiency, service and !
fraternity; in a close-knit communi-
ty of interests and hopes; in a sane
stand that shall |
make for the banker-citizen, the
banker-business man, the banker
farmer, and the banker-everybOdy.'
| cannot subscribe to this statement
as a whole. l do stand for the
banker-citizen in his relation to his
and for the banker-bus-
mess man in relation to the banks
own business; but l believe that the
banker-farmer and banker-every-
body takes in too much territory.
"On the principle that the shoe
maker would better stick to his last,
he stockholders and depositors and
he public at large will be better
served by the American banker
striving to make themselves experts
n bank management and wise coun-
ielors on financial problems than by
heir aspiring to be general business
loctors and undertaking to diagnose
md prescribe for all ailments of
business"
Mr.. Stephenson pointed out that
t was essential that bankers should
,e masters of credit to succeed.
There were about 10000 banks i'll
he United States in 1920. Since then
here have been over 5000 bank fail
Tres. That is to say, one bank in
i've in this country has closed its
oors since 1920. There have been
bout 700 bank failures during the
,ast year. Delaware, l am glad to
ay, has been remarkably free of ]
ank failures, though it has not es- {
aped altogether. {
"The principal cause of these {
ailures has been poor credit man