The Richmond Virginian. (Richmond, Va.) 1910-1920, 1910-05-07
move BELIEVED
TO Be WISE ONE
Merging of Financial Institutions
Will Result in Greater
Strength.
DEPOSITS OF 2 BANKS
ii MORE THAN 4 MILLION
Total for Richmond is Shown to
Be Greater Than That for
State of South
Carolina.

Although the committee on consoli1
.dation Is still engaged In its work. it
il practically assured that the Ma
tionai State Bank and the City Bank
OF Richmond will be merged into one
Substitution at no distant date.
50 That the move is a wise one is not
doubted by those WHO realize that this
Ia q day OF consolidation. and that
in union greater strength must neces-
EArily result.
Directors and stockholders must
flrst authorize the proposed merger
| before 1t becomes effective but II is
fconrdently believed that both viii
give It their hearty sanction, know
ing that the committee handling the
matter la composed OF men fully capa-
BILE of working out just such propo-
sftton az that before them, TO the sat
tsfaction OF all parties concerned This
{ committee is composed OF Messrs;
l James ID. Crump. Granville G.. VAL
entine. James III. Anderson and Stew
+ art NJ. Woodward.
General satisfaction has been ex-
I pressed at the selection of officers for
/ the combined institution made from
the personnel of officers of the two
banks.
Col. William III. Palmer. who is to
head the consolidated bank as presi-
dent. ia the third executive head that
the City Bank has had since it's or
ganixation In 1879. Mr.. James II.
Gardner having been sirst president OF
this baak. and Mr., Edward Cohen. the
second. Mr.. Cohen WAS also the City
Banks first cashier. having been fol-
lowed in succession by Mr. William X.
80 IT. jail f. TAA Tlas
and Mr. J. w. Sinton. the present
cashier. -.
sss Mir. John $. Elicit, selected for vice.
sspresident OF the consolidated bank. is
likewise the third president that the
National State has had since 1t was
I organized in 1870 under the name of
the State Bank OF Virginia. a ma
tionsl charter having been procured
three years ago. Mr.. William H.
Mcfarland was the first president OF
the Institution. having been succeed
ed by Mr.. John l.. Bacon. who In
4 turn was succeeded by the present ex-
ecutixe officer, Mr.. John NJ Goddin
WAS first cashier OF the National State
\ and he was followed by Mr., William
u ~. Hin, the present cashier, who has
n been selected for second sice-president
OF the merged Institution Mr.. J. w.
4 6inton. according to the suggestion of
AAAG-A-oA&iftftttSns IN 10 DC tHlTu vice.
4 president Of the new bank
|sss That the committee made no mis-
take in picking Mr.. Julien III. Hill for
r cashier under the reorganixed regime
Fl IN the concensus OF opinion of those
4 familiar with his ability and effi-
\ cheney In this department Of bank
y work.
( Retain National Charter.
Plans OF the proposed merger place
\ the capital at si.v0o,0 600 and surplus
h nj 100000. and thus the consolidated
institution win be among the first in
+ AtitutioHs In Riehmand In respect to
L resources It Will be operated under
q national charter.
Deposits Of the National State. ac-
Il cordfng to the statement for last
Il month. ara $3,1Sl.530.35. compared
3 with SI,3f1 1880 Of deposits accred-
lied to the City Bank.
In this connection. II may be stated
that the deposits of all the Rich
4 1nond banks border closely on no.
4 900 900, which Is estimated to. be In
excess Of the entire bank deposits or
the State OF South Carolina, and con-
Il 1tderAbly In excess of several other
States In the Union.
The eight banks which are mem
hess Of the Richmond clearing house
End ten others that clear their husi-
capital ana surnins ~ more than
1Ia. 0of. ooo,. THIS dae. no, snc,maa
the banks in washington ward. re-
Gently ANNEXED 20 Richmond Tn.
four coIored hanks Il the CITY ara
.lno MT Included ~ these fsg,ras
The coIorsd harE. ara rsrtics,sa ~,
ehrsvsr- ,rs.,.,,s,nr. ~, 49,. =
81. Luke Penny Savings, Mechanics
- Vyfr~s ne xrlr Qnx - ~ -
Dan, oAv'nss nahK on tne
1900 Ano ros4"eAiA ano WICKET savings
.nA.
The mechanics. Savings Bank will
eoen tAkaNpossession Of its handsome