The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-10-15
ASSOCIATION GETS
DOWN To BUSINESS
-------------------
BANKERS HEAR ANIMAL REPORTS
FROM THEIR GENERAL
OFFICERS.
ORGANIZATIONS WORK
HAS OPPOSED INIMICAL LEGIsLA-
TION AND SECURED IMPOR-
TANT NOTIFICATIONS OF
DRASTIC MEASURES.

yesterday mornings sessions OF the
American Bankers association, which
also listened to numerous reports and
to an address on The Will of the Peo-
ple.' by Hon. Martin Littleton. of
New York.
with the exception of this one
speech by Mr.. Lttleton at noon.
the first business session of the con-
vention was given up to work. after
preliminary addresses of welcome by
Governor Stuart. Mayor Ainslie and
President John b. Purcell. of the Rich
mond Clearing House association.
The three welcome speakers extend
ed a warm greeting to the assembled
bankers. President Reynolds respond
Ing with equal warmth. expressing his
pleasure and appreciation and that of
the bankers President Reynolds gave
thanks In the name of the association
for the hospitality shown the dele
gates. 1T has occurred to me-, he
said that underlying all you have
said there was that generous hospi-
tally so emblematic OF the southern
people
Pays Tribute to Richmond.
President Reynolds paid tribute to
Richmond modern city that
"breathes the atmosphere of the new
America and looks back with gratii-
cation upon the roll of honor of such
historic characters and old familiar
family names as Madison. Monroe.
Randolph. Spottswood, Marshall. Ma
son. Lee and Washington"
I'VE thank YOU for your welcome,
he continued land feel sure our stay
among you will be one of profit and
enjoyment"
These few words OF appreciation ut
tered, President Reynolds plunged at
once into his annual address. which
was in the nature OF a discussion OF
the federal reserve board. minglinR
criticism and commentator. and OF
sharp censure OF the national admin
istration.
Following the presidents address
came the reports OF the officers and of
the various sections.
The section reports were rNre1y Fl
nancial statements In brief. as follows;
Trust company section---Reeeipts. S.
5s4S5; disbursements. s7,s340s: bal
ance. ssSo.77.
Savings banks seetion-Recetpts, 50, :
5f92s; disbursements, s9,137i0: bal
ance. s322.1s.
Clearing house section-Receipts. S.
2779.3o; disbursements. s6.e21,To. bal
ance. s2576o.
State secretaries section---Receipts,
81 400: disbursements, $l.23s.s2, ball
ance s1s6,3s.
American institute of Banking--Re
ceipts. sI1.3246S: disbursements S11,-
3o5.f3: balance, $3.50.
General Sccretsry's Report
The report of General Secretary
Framework showed that the member
ship has Increased from $500 to a.
720 since the association last met in
Richmond. in 1900. the last year hav-
ing shown an increase of more than
500. The total income for the year
was s246.43s. the close of the year
showing balance on hand of SEQ
1870, as against balance year
ago of about $1,000, New York state
has the largest membership. with L.
003, while the Isle of Pines has two
members. Virginia's membership is
eos.
Closing the report Secretary Farnes-
worth thanked the Richmond bankers
for the aid and cooperation. without
minimizing the superb hospitality of
other cities by whom we have here
tofore been entertained he says. II
know we viii enjoy to the fullest
measure the true southern hospitality
and every attention OF the people to
make our visit most enjoya able
Thanks were also extended to the
clearing house association and its as
ISOLATED banks.
There are now state bank associa-
tions In every State in the Union ex
cept Rhode Island. where steps are now
being Aaken to remedy the deficiency.
The report Of treasurer J. w. Hopes
showed that cash on hand at the end
Of the present fiscal year approx
mated 5000 more than in any year
since 1907
This" he says. els shown despite
the fact that there has been required
decidedly greater expenditure In rem
dering that efficient service which has
been one of the means OF bringing
the association Its vast growth in men,
bership."
General Counsel Heard From.
Thomas b. Patton. general counsel.
submitted an extensive report cover
ing the work of his ONCE for the year.
Calling attention to the fact that
efforts OF the association had secured
notifications Of the federal income
tax laws, succeeding In having mu-
tual savings banks exempted and in
changing the phraseology SO as to
make It clear that . bank was not
compelled to deduct the tax at source
from interest paid on deposits. he said
that 1t had been impossible to secure
all the changes thought necessary.
However. he reported. the committee
on federal legislation had decided not
to take the initiative In testing the
constitutionality Of the law.
The report enumerated several
changes secured in the interlocking
directorate provisions Of the anti trust
laws. but declared It still unsatisfac-
tory to the banks. The failure to
have the section prohibiting interlock-
ing directorates eliminated was de-
plored.
Strong opposition ID voiced In the
report to the proposed annual spe-
cial tax OF 81 on banks provided in the
| emergency revenue bill pending before
congress. Objection 10 made on the
ground that 1t singles out one class
OF corporations and II discriminatory
and unfair.
| Mr.. Littleton's address was deliv-
cred at the conclusion of business
THE will OF the people 10 your will
and my will" said the speaker. "Ths
heart Of the people IL sound. Men dc
not wish to do evil; 20 have this coun-
try go astray. II behooves every mar
to preach the principles Of American
| government"
After amending the constitution &c
as to place the selection Of the nexl
| convention city In the hands OF thu
executive council. and dispcsing Of
new business. tho session adjourned
for luncheon. In the afternoon ad