The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-06-20

member OF the nominating COMMITTEES
OF the next American Bankers Associa
! ton convention. with II, r. Booker.
OF Newport News. as alternate
Condemns Practice.
w. B. Vest. Of Newport News. sub
council which met in annual session
| last night. 1t embodied the following
resolution, which was submitted to the
convention for suitable action:
! Whereas 1t is the prevailing practice
Of banks in Virginia to allow Gus
toners to overdraw their balances on
| deposit which is contrary to good
banking principles. and for which
there is no authority in sound usage or
In law.
Virginia Bankers Association. in meet
ing assembled. hereby places itself on
record as heartily contlemning the said
practice of allowing overdrafts and In
friendly fashion suggests 10 the banks
that have been allowing overdrafts in
undue amounts. to discontinue a prac-
tice so repuEnant To sound business
and banking principlc''
The resolution was referred to the
newly appointed committee on resolu-
tons for report. The committee. rs
appointed this morning by President
McAdams, consists Of ID. A. Payne.
chairman. Danvillc S. L, Barrow.
Blackstone; J. f. Bowman. Amherst;
g. Taylor Burke, Alexandria, and w
w. Waddel. Charlottesville.
GnvcI for President.
y. p. Calling. formerly of LynchburE.
but now of New York. presented to
President McAdams massive bronze
Gavel with the compliments OF "thc an
cient and illustrious order of Hound
Dogs" An organization founded at the
1912 convention Of the association. The
humorous speeches Of presentation and
acceptance caused the convention to
roar with laughter.
Reports were heard at the morning
session from L. NJ Won SchllnG. of
Hampton, chairman, Group L.: ~ III.
Williams. of Chase CITY. chairman,
Group H.: c. II. Chandler. of Harrison
burg, chairman, Group III: Il. Y. Booth,
of Danvillc, chairman. Group w. and
j. Is. Peery, of Floyd. chairman, Group
Among those who spoke at the after
noon session We're Edward James Cat
tell. OF Philadelphia. THE Dawn Of
Brighter Day" Westwood Hutchinson.
cashier National Bank of Manassas.
problems of Country Banker" and
H. 6; Proctor, eN -president OF the Rich
mond Chapter. American Institute OF
Banking. THE Young Man in Bank
ing"
Model Act Outlined.
H. Far-reaching changes in the States
banking laws were advocated in the
comprehensive report submitted to the
convention ut the night meeting by w.
e. Vest, OF Newport News. chairman OF
the committee on State bank lecisla-
ton. The report correlates the hctero-
genuous banking laws on the statute
books into compact and model bank
ing act. which omits many provisions
of the present law and carries import
ant changes
In broadcast terms, the model act out
lined in the committees report. seeks
to place the control of banks that have
failed or are suffering from other dis
abilities, in the hands of the Commits
sioner Of Banking. as opposed to
ceivers appointed by the courts--the
present practice.
The redrafted measure gives the
Commit Ssioner of Banking more dis
erection In the matter OF granting new
charters. with the idea of preventing
the organization of banks by persons
who, as individuals are unworthy of
the confidence Of the community. 1t
clothes him with more specific powers
III the matter of compelling banks to
conform their actions to the law. pro-
viding n more simple and expeditions
way of winding up the affairs of failed
banks than is possible under the pres
cnt statutes
A significant section OF the act for
bids banks from engaging i'll business
in more than one place No bank in
Virginia. the act provides. shall estab-
lish any branch bank or Office
Branches which were established prior
to January J. 1913, are exempted from
the operation OF this clause. but the
parent bank is forbidden to establish
other branches.
The act rigidly safeguards loans
made by banks to It's own officers aud
employees and clears up doubtful qucS-
tons as to the respective rights of the
bank and it's customers.
Amended Laws Urged.
Reporting III the afternoon for the
committee on taxation. Chairman Q. j.
Sands. OF Richmond. recommended the
cnaction of amended tax laws which
should first OF all exempt from taxation
money in banks. Such amended laws.
he urged, should also provide that the
stock of banks he taxed the same as
other moneyed capital in the hands Of
individuals. allowing the Commissioner
OF revenue in each section to assess
the shares of banks in some equitable
manner. using as the basis for the as
scssmcnt the methods generally adopt
cd in his section. II lands and other
property arc taxed on the basis OF 30
or 10 cents OF the dollar. the report
submitted. then bank stock should be
taxed in the same manner.
Radical Reform Urged.
The people of the State are already
aroused to the necessity OF a radical
reform in our methods OF TAXATION"
said George Bryan, attorney for the
Virginia Bankers Association. present
ing his annual report. and there is
good reason TO behave that this viii
be forthcoming at the next session OF
the Legislature"
Report OF Secretary.
Secretary Walker Scott, OF Farm
Vile, reported that the association now
embraces $50 OF the 80. banks OF the
state. or the thirty-two outside the
fold large percentage are branch
banks or banks affiliated with institu-