The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-23

| commenced his duties on July l last
and made his first extended report to
the commission December 81 last.
The New Law nm It's Working.
In that report Mr.. Barksdale says:
Certain statutes enacted by the
Legislature of 1910 put in force sew
erai restrictions and requirements reg
ulatfng Virginia banks and the trans
| action of their business. The most i'm
! portant of these now provisions OF law
: Is contained in the amendment to sec
ton 1859 of the Code. which requires
the examination IF every State bank,
and every national bank which is a
State depository. at least once each
year without previous notice being
given the bank. This has already been
found to be most beneficial require
! ment of law. and, in my opinion. will
continue to be, both to the banks
themselves and to the depositors Of
the State. ! believe. however, that the
F, Legislature will deem It wise at it's
next session to adopt other statutes
further regulating state banks. and
to perfect some Of the sections adopted
last year by minor amendments"
Troubles That Cnmc.
Several years ago there were some
distressing bank failures in Virginia.
and the worst of these were among
| State banks. There was the Ports
mouth trouble and several others that
were disastrous to stockholders and
depositors alike. Possibly the most
notable of these failures was that of
the Bank of MecElenburg, which oc-
CURED April IS. 1908. On that day
the bank at Boydton and its branch
establishment at Chase City closed
/ doors and sensa eional DEVELOPMENTS
followed, ending in lengthy criminal
trials In the courts. one OF which re-
suited in the conviction and Imprison-
ment of a cashier. Twas then that a
hue and cry went up all over the
State that more stringent laws were
needed and better system of State
supervision of banks was called for.
IT may be that this hue and cry in
spired the next Legislature to amend
the banking laws III the manner that
created the Banking Division of the
State Corporation Commission and
| created the office of State Bank Ex-
aminer.
Mr. Barksdale tells. as quoted above
how we'll the new law has worked
While all of this talk was going on.
and before the Legislature had a
chance to act, quite q number of State
banks became national banks, 1t being
thought by the stockholders and de-
| positors safer to operate under ma
| ttonal restrictions and national laws
| than under the then rather loose state
| laws. But be all this as 1t may, the
| fact is that unde: tho: new laws tho
people feel better about their State
banks; confidence that had gotten a
| little shaky has been restored and
Mr.. Barksdales figures show conclu-
sively that there has been creditable
| increase along all the banking bust
| ness lines
| Figures Shall Tell u Good story.
| The figures just issued by the Bank
ling Division OF the Corporation Com
mission showing gratifying condi-
ton of things as of June I. are here
republshed for the purpose of COM
| parison. They are as follows:
| Resources of c43 State Banks.
Loans and discounts. :. S4e.99o.2o5 OF
Overdrafts ............. 9s.31l 10
Bonds. securities. etc.
owned, including pre-
| MUM ..,............. 4664lSs 95
! Banking houses. ....... 1.556,9SS sc
Other real estate owned i099l32 sc
Furniture and fixtures. 535,ss7 "a
| Exchanges and checks for
next days clearings. 2ss,aso 2l
Other cash items. ........ 1859 "a
Due from national banks 7.45s,2ss o.
Due from State banks.
private bankers and
trust companies. .... 1.329,ss7 ..
Paper currency. ......... 1,so3,13l OF
Fractional paper cur
rency nickels and cents 47.sss Z!
/. Gold coin. 277.453 s,
Silver coin. 245.6sS .:
All other items OF re-
source ................ 1881 $:
Total resources. $50. soo.s4s /,
Liabilities.
Capital stock. ...........s 9.sss.oOa /:
surplus fund. ............ 4,sS7,s21 s!
Undivided profits. less in
terest, taxes and ex-
penses . 800. 2.24l,24s p
Dividends unpaid ....... 64.566 s.
: n ividiual
, osits
. subject to
check se5,oo4,1ss IS
Savings de-
posts -. 1s.ssi,554 S.
Demand GER
} tiicates of
deposit 2,571,596 II
Time certih-
Gates OF
deposit . s.o7soso 81
c art fed
checks 49, lo4.7s2 SIS
c. h iers'
II G c ks
out stand
ing . 1855 os
Total deposits. -. 4s.7s5.56l o;
Due to national banks. 304.99S 3;
Due to state banks. pri-
vate bankers and trust
companies ,.,. 54s.o5s Z:
Notes and bills redis-
counted ....... 619.o25 i
Bills payable, including
certificates of deposit.
representing money
borrowed ....... s30.oSo ..
All other items of liza
hni,y ... 55l.ass S:
Total liabilities. s6a.6 0os49 1
SIX Months Before.
The aggregated figures for the sam,
2i3 banks at the close of business Jan
uary last were follows:
Resources.