Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-03-20
QUALITIES TO MAKE FARM
LOANS UNDER NEW LAW
American Bank OF Richmond First
National Institution
in This Glass.
WILL STIMULATE AGRICULTURE
New Banking Law Greatly W'idens
Scope OF National Institutions.
american Was First to Qualify
Under Trust Clause.

Farmers OF Virginia will be interest
cd in the announcement made yesterday
that permission has been granted TO the
American National Bank OF Richmond
to make farm loans, a class of business
not heretofore handled by national
banks. In the interest OF agricultural
development special provision was
made in the new banking and cur
rcncy act under which such loans may
be made with certain restrictions.
The Richmond institution Us the first
national bank in tho United States TO
qualify for this business under the
new national banking act. Tho grant
! ing OF this extended authority under
the law is an announcement OF the
back to the land movement" and dcs-
tined to prove an important factor in
agricultural development
For many years the farm loan bust
ness mas played conspicuous part in
tho development OF tho Western States.
but for many reasons the South has not
enjoyed the use OF such funds The
restrictions have now been removed
as far as national banks are concerned
and no doubt there will be an added
stimulus injected into Southern farm
ing operations. The farmer requires
capital to finance his operations as we'll
as does tho merchant. Now the ave-
nue. is open to him upon the same terms
as other lines of business have been
accorded
WAS FIRST TO ENTER TRUST
FIELD UNDER NEW SYSTEM
The American National was also tho
first in the United States to put into
under special permit from tho Federal
Reserve Board. It's functions include
acting as trustee OF personal and cor
poratc trusts. administrator OF estates.
executor of wills, registrar OF stocks
and bonds.
Richmond is thus attracting attention
from all parts OF the United states to
the remarkable development going on
here in banking, manufacturing and
commerce. AS Is we'll known. Rich
mond is the clearing house. so to speak.
for banks located in this Federal re-
serve zone. II is also the natural and
logical gateway for commercial trans
actions throughout the entire South.
Its financial magnitude is becoming
more and more apparent each day. thus
giving additional verifcation to the
claims II made when seeking the loca-
this city.
Il has now attracted national inter
est in being the pioneer city in the
trust field as authorized by the Feder.l
Reserve Board. In blazing this new
financial field, its operations will nat
ura!ly be precedent for hundreds OF
other national banks to follow
Yesterday several national banks
were granted permits similar 20 that
of tn" American National Bank, Of
Richmond, and they will shortly begin
operation OF trust departments Among
these are two OF Bostons largest banks
The National Sha wmut, with total re-
sources OF SllO.0oo.000 is the largest
Dahk III New England \ close second
Is the First National. OF Boston, with
assets of practically Sl00.000.0Oo II
Is predicted that within n few months
nor" than 900 OF the leading national
banks OF the United States will have
awaited themselves Of trust privllcgcs
'hcrehy broadening the field Of useful
; ness OF the national banks to serve
the public.