Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-06-24
WILLARD AROUSES IRE
OF VIRGINIA BANKERS
lContlnued Flom First Pagel


tionable, sound was Mr.. Wizards refer
ence TO the course pursued by Congress.
man Claude kitchin. of North Carolina,
who. he said. referring to SIR. Kitchin's
stand on the military program, refused
promising politicians in the White
House"
INFORM INTEREST RATES
FAVORED ny BANKERS
Uniform interest rates throughout
virginia on time certificates and saw
ings deposits and a reduction OF the
present rate In localities where they
exceed per cent a year is contem-
plated by resolution adopted to-day
by the Virginia Bankers Association,
assembled here in annual convention
The resolution. which was offered by
Thomas B. McAdams, Of Richmond. pro-
vides for the appointment of a special
commission OF ten members TO make a
study OF the entire troubled interest
question and report 10 the next annual
convention plan looking to a general
reduction OF the rate OF interest-bearing
deposits Two members are to be sp-
pointed from each of the five bank
groups. one from national and ono
from State bank. The commission
will be named tomorrow.
From every standpoint. the interest
reduction movement is regarded as the
most significant development that the
bankers OF the State have encountered
IN years More than one-half Of the
member banks of the association, IL
was stated, now pay per cent on
Understanding deposits, the banks in
the larger cities only paving per
cent.
One OF the factors contributing to the
reduction movement. bankers pointed
out. is the gradual tightening Of the
Federal structures against charging
more than the so-called legal rate"
OF interest. bill already is pending
in Congress imposing severe penalties
upon national bank found guilty OF
charging an interest rate higher than
that fixed as the legal rate BY the
state In which the bank operates, and
Comptroller Williams is supplementing
the program with vigorous campaign
against the same practice
CANNOT PAY 4 PER CENT
AND OPERATE; PROFITABLY
Under these conditions, 1t was pointed
out. banks that pay 4 per cent for their
money no longer are able to operate
pToHthpiy. instead OF q or per cent
rate. which countr:- banks collected
formerly, strict per cent rate is
now sought to be made compulsory by
Federal statute. and n drastic down.
yard revision of the interest rate paid
10 depositors is regarded as imperative.
a maximum per cent rate for all
banks in Virginia is suggested as the
remedy.
Such reduction naturally will en-
counter bitter criticism in rural COM
munities, where practice of long stand
ing has fixed the rate at per cent. or
even higher. The average rate in Vir-
ginia on Understanding deposits Is
between 3.5 and 4 per cent. Compared
with this, South Carolina's average
rate is 4.37 per cent.
w Meade Addison, cashier of the
First National Bank of Richmond, to-
day was nominated for vice president
Of the Virginia Bankers Association,
to succeed f. B. Spencer, of Roanoke
v. Walden. Of Farmville, who also was
nominated, declined to run against
Mr. Addison, and the latter was de-
clared the only nominee. He will be
elected tomorrow. AS president
of the association. Mr.. Addison will be
the logical candidate for the presI-
dency In 1917.
Tho annual nominations impaired an
Immediate personal interest to con-
-