The Richmond Virginian. (Richmond, Va.) 1910-1920, 1910-06-28

to be rapidly crystallizing and 1t 10
believed they Will assume definite
shape within the next two or three
days II put into the effect, the new
bank will be operated under direction
of some of the leading citizens OF that
community who are said to be specially
anxious to have a bank of their own.
Disposition OF the branch bank OF the
Bank of Richmond In Fulton will have
no effect, il is stated, on plans for
the new bank.
Richmond banking circles are very
much interested in plans for the new
nine story home for the Main street
bank which were announced exclusively
in the Virginian on Monday. This
bank will continue to operate under
State charter and II believes it Is
going to profit by some OF the ner-
gers now under way.
Dividends Declared.
Directors OF the Savings Bank of
Richmond AT u meeting Monday. elect
ed Mr. l.. E. Morris, president OF the
institution to succeed DIR. r. A. Pat
'terson. Nj. Morris has been vice
president OF this bank since 1889, and
is one of the leading business men
of Richmond. Al the same meeting.
the directors declared the usual semi
annual dividend of per cent. paya-
bic on July /.
directors of the National Bank of
Virginia have also just declared Its
regular semi annual dividend of per
cent payable the same date.
Coiored Bank "Opens.
Doors OF the new Mechanics Saw
ings Bank tcolored) were. thrown
open TO the public Monday morning
and all day long a steady stream OF
humanity poured into the handsome
structure TO inspect Ii and to leave
deposits AS master of ceremonies.
Rev. Dr. W. r. Graham presented a
beautiful loving cup to the bank.
President Mitchell responding In ap-
propriate terms Monday night the
nag raising ceremony was carried out
with great effect, the building being
blaze of respondent light. Ar
rangements have been made for a
reception at the banh-Tuesday night,
lasting from 8 p M. to midnight.
New LAWS Soon Effective.
Striking feature Of the new state
banking law. effective hext Friday.
Will be found as follows:
Hereafter 1t will be mandatory for
officials OF bank certifying check
Immediately to charge 1t to the az
count of the person drawing IT,
No dividends may be declared by
bank until a surplus fund amount
ing to at least 10 per cent OF the
capital stock has been laid aside
from net profits.
Banks are given the power to re-
fuse to cash the checks OF persons
under the influence of liquor or
drugs.
Banks are permitted to transfer
the account of a dead person TO his
representative. when the represen-
tative has a qualification from a pro-
per court. When the account of the
dead depositor does not amount to
500 ii may be transferred to the next
OF kin without qualification.
The accounts of minors are to be
free from all interference except that
of creditors.
All State chartered banks. saying
Institutions, trust companies ana any
other corporations OF this State au-
thorixed TO receive deposits or do any
other corporations OF this State au-
thorized to receive deposits or do
any branch of the banking business
are embraced by the provisions OF
this act National banks receiving
state deposits are also subject to
this act.
Private banking Is abolished ex-
cept such firms or individuals doing
business on January l, 1910.
The penalty for receiving deposits
when the bank Is known to be In
solvent is to be not less than fifteen
DAYS or more than one year IN jail.
or one TO three years in the peniten-
ttary, Thel aw was formerly a nne
and Imprisonment In the penitenuary.