Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-06-18


the agricultural college of the State
and thus get export opinion as to the
best system of farming 30 as to repay
tho loan.
BE1'rER' MARKETING
SYSTEM Is NEEDED
DR.. Knapp also emphasized the i'm
portance OF local markets and Of a bet
ter system Of marketing. He suggested
| the Importance OF the banker as a busl-
ness adviser of the farmer and So
licited the bankers influence in fur
therins agricultural education. especI-
ally the work Of county agricultural
agents. He mentioned the fact that
| the Smith Lever act now provides for
| the expenditure OF large sums of money
! for the practical education of farmers
and their families through tho agricul-
tural colleges In cooperation with the
Federal Department of Agriculture.
| The speaker made strong plea for
La better understanding between BUSH
ness men and farmers and n united
effort to help solve the vexing rural
problems. He said that America was
facing a great destiny, but that if she
was to realize that destiny she must
q
preparation would DO an unselfsh ef-
fort to Improvement, not only In agr-
culture. but in the material. educa-
tional and moral upbuilding of the
| American people.
TREASUHER HILL
| MAKES ANNUAL REPORT
The report Of Treasurer Julien Hill,
| of Richmond, showed that the associ-
| year were Sl0,2IS.5O, and that the ex-
penditures were s9.7l6sS. Counting a
| credit balance OF s14O.S3 carried over
from last year the association had on
June II. balance OF sI02.45 in it's
treasury
Secretary Walker Scott reported that
the association has now on its mem
hership roles 800 banks. Since the last
convention sixteen new members have
been added This gain. however, has
, been offset by the loss Of eight mem
bers through consolidation. and OF nine
members through the nonpayment of
dues.
That Old Point Comfort is by far
the most popular convention noint with
the Virginia Bankers Association was
shown hy Mr.. SCOTS poll of the mem
hership for the purpose of ascertaining
the wishes OF the members on this
point.
The result of the poll was as follows:
Old Point Comfort 1913 votes: Hot
Springs sixteen votes; Richmond.
thirty-three votes; Norfolk. one vote
Roanoke, sixteen votes. and Lynchburg,
six votes. n majority of the votes cast
for other cities were for Old Point
Comfort as second choice.
TAN LEGIsLATION
SUMMARIZED ny SANDS
Oliver j. Sands. president of the
American National Bank Richmond
reporting for the taxation committee. ,
summarized the tax legislation OF tho |
recent session of the General Assem- |
bly, with the substantial reduction 1t |
provides in the tax on bank stock and |
bank deposits
While the result is not the full !
measure OF justice to the banks which |
our committee had hoped for" Mr.. |
Sands reported 1T is nevertheless "a !
substantial step in the direction OF |
Justice, and encourages the belief that !
the high water mark in bank taxa !
ZION IN Virginia has been reached and |
abandoned. and that the legislative |
tendency in the future will he to tax |
the shares of stock of n hank at the |
rate prescribed for other intangibles. !
which is their true nature and affords |
the only just basis for their taxation" |
George Bryan, attorney for the as
ISOLATION, reported that he expects dur |
ing the coming fall to prepare and |
SEND to the members a synopsis Of !
those portions of tho antitrust act OF !
Congress which Immediately concerned |
banks and trust companies. Mr.. Bryan
also presented the report Of the COM
mittee on banking, Jurisprudence and |
Information.
V. Walden, cashier OF the First Ma |
tional Bank, Farmville, presented the |
report OF the committee on aericultu- |
raj and financial development and cdu- |
cation. of which he Is chairman Re-
ports oil groups were presented as fol- !
lows: Group l.. by r. s. Marshall |
chairman, Portsmouth,; Group H., by j. !
r.. Snow, chairman. Lawrencevillc;
Group III, BY c. Taylor Burke chair |,
man, Alexandria Group ", by John /
victor chairman, Lynchburg. and |
man. st. Paul.
HERBtsRT w. JACKSON
DISCUSSES TRUST COMPANIES |
Herbert w jackson. president OF
the Virginia Trust Company, Rich
mond. addressing the convention at its
afternoon session on the subject Trust
Companies" described the rapid growth |
or this specialized branch of banking |
and the diversified form Of its service. |
secret
OF Its strength.
by reason of its diversified activi- |
ties said Mr.. Jackson. the earning
power of trust company is much |
greater than that of bank If YOU |
wish 70 get at the earning power of |
one of those institutions, you must re- |
member that it is not confined to the !
profits from interest on it's capital and |
deposits and It's compensation for act |
ing as executor, etc
Tho large earnings Of some trust
companies have been due more to the |
skill Of their officers in performing SER !
vices of n more or loss personal nature
than to the natural earning of their |
banking department and fees and |
trust work.
The fact is the trust companv bas