The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-31
BANKING NEWS;
STOCKS AND BONDS B D n !:
New York Experts Views on
Richmond and Virginia Banks
and Bankers.
INCREASE I'M SMALL BANKS 3 n
Editor Thinks Virginia 1nstitu-
tons Will Draw Largely on
New York's Funds.

tons Will Draw Largely Oh
New York's Funds.
MIR. John Franklin Crowcll, OF the cdi-
lorlal staff OF the Wall Street Journal, one
OF the leading financial papers OF the
country, has recently visited Richmond.
In q letter written from this place for |
his paper he reviews the financial and
banking conditions In the South IN gen
eral, and In Virginia in particular. lie
speaks highly of the conservatism and
splendid ability of the Richmond bankers.
Among other things, Mr.. Crowell says
"In the South OF banking deposits OF
the Southern States we have one OF the
best Illustrations OF the work accomplished
In single decade. Even the Western
States, with all their push and popula-E
ton, have gone forward at q slower
Il rate. For instance the figures OF the
individual deposits OF national and other
reporting banks show an increase OF
29S per cent. in tho Southern States
from 1896 TO 1906. compared with 293 per
cent. in tho West, 81 per cent. in New
England and 211 per cent. In the Middle
|, Western States.
| within this period Southern banking
deposits have increased from $221,700. 900
10 1882. 100000, or sG6oG0o,oO 900, or nearly
Il uS Se uH OIL slHcTcuSel uSt wills
L the case in far richer New England. which
began the decade with five times as
great a total OF deposits (1s96). The
\ bank deposits OF the Southern States
/ were in 1906 fourfold the total OF 1896.
| Tho share OF Virginia in this advance
4 has been remarkable in both national and
il State banks. The greatest growth has
\ come in tho latest eight years; in this
sfs-sss1 been marked by the multiplication OF
isxssbe banks. In 1890 there were only
Is sIIaaty-four banks in the State OF which
\ y thirty-two were national and sxty-two
Il State banks. In 1906 there were 299
I banks. OF which nnety-one were national
!! and POS State an increase OF approxi-
Il 1nately threefod in one case and hvcfold
Il In. the other.
The role of these newer banks es-
peclally the State banks, Is proble-
lnatical. They are mainly the growth
ofHrecent years. These years have been
& ones OF unusual prosperity. The
4 banks are principally small town In
\ Stitutions, in places OF q hundred peo-
pie and upwards. They have never
seen any years OF depression. Their
rough waters. How they would meet
y financial crisis, business depres-
4 sion, or a shrlnkage in credit, or how
Il In general they would adjust them
& selves to any marked or prolonged al
/ teration in financial or business con-
! OF such commercial centres as Rich
mond. are asking themselves. How
4 will they affect the relations OF the loca
/ or rural banks and the central institution!
/ where they keep their surplus? This sur
4 plus in Richmond accumulates from
i October st to January. when itreache
4 Ats climax. From March through tn
r summer 1t is absorbed In advances I.
n farmers and In other uses.
4 What II 1t should not come bacl
NE ,I,, Ya1 nm In r
y ditions in the territory in which
N finds Its periodic work? Mould sue
u failure not require the central bank
v ins turn to withdraw their surplus fror
q Northern money centres to create
II extent than usual, thus further tight
u ening the money market?
q These are some OF the possIbilitie!
n 1t Is fairly certain that the crop
\ moving requirements are likely to .
Il more rather than less than formerl
n # ern banks, for the very reason tina
y more OF the local money resource
Il "a tends to be kept at work all the yea
with the enlargement in the safe an
variety OF Southern industries. trao
a and finance.
Tho stock exchange IN New Yor
"A was closed yesterday and SO We're neal
Il " all the other exchanges in the cour
a try. therefore the tickers did not tic
i in Richmond
Il Bradstreets yesterday said:
II bright, warm, almost SUNNI
Il weather. stimulating alike to reta
trade and crop progress; cessation
ii liauidation III securities, and an easi1
of strain in the money markets.
FAR as the April 1st period Is CO
ccrned, are the notable characteristic
u of$the week.
A ,tForeign exchange is steadier
4.s3SO, arfter having shown decid
a carly weakness. due to selling Of bi
against foreign purchases of secu
ii ties. On last Monday f325,000 sc
was engaged in London for New Vol
Bank clearngs for the week en-
ing March 2Sth, aggregate S3,O6
81 $4,000, twenty per cent. under Il
week but 1876 per cent above 7
8 same week last year Outside OF N
IS York exchange amounts to $1.0S
100000, eight per cent. below j
# week, but sixteen per cent. over
VI corresponding week last year.
81 Switzerland a Modern Babe
I -,