Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-06-24
BANKERS DISCUSS
NEXT BOND ISSUE
Virginians Plan to Assist Gov
ernment When Second
Call Comes.
REALIZE RESPONSIBILITIES
Urgent Appeal for All State
Banks to Come Into Federal
Reserve System.
tFrom a staff correspondent.1

tFrom Staf Correspondent
OLD POINT COMFORT, VA, June
o3.-Members OF the Virginia Bankers
Association. who closed their twenty
fourth annual convention here this
afternoon. voted unanimously to in
struct the newly elected executive
council to consider the invitation ex-
tended the organization by the city of
Richmond. through Oliver J. Sands.
president Of the American National
Bank. to hold their next meeting ir
that city. The council is expected to
follow the suggestion. and the convcn-
ton probably will be held next Nj.
DEVOTED TO DISCUSSIONS
OF CONSTRUCTIVE work
The closing session Of the association
was devoted almost entirely to discus
sions for great constructive work on
the part of the bankers of Virginia.
with deep realization that the fnan-
cial institutions of the State and coun-
try must play an important part in tn,
affairs of the United States for tt
duration of the war with GERMANY
Bankers discussed the amendments an
proved yesterday by President Wilson
to the Federal reserve act, the tre
mendous work outlined for the Amer
lean Red Cross. and laid plans for
assisting the government in floating
the next bond issue, which is expected
to come In the fall.
Officers nominated yesterday were
elected this morning as follows:
w. Meade Addison. vice-president and
cashier OF the First National Bank,
C h m d. president; Garland E.
Vaughan, LynchburG, vice president; ".
Walden, Farmville. secretary. and Will
liam F.. Augustine. Richmond. treas
urer. The executive council, selected
from their respective groups, is com
posed of w. B. Vest. Newport News;
W. S. Irby, Kenbridge; L. D. Maphis,
Strasburs; ]. L. Bugg, Farmville Z. w.
Tinsley, Roanoke; ]. H. Drewry, Cliff
ton Forge; Fl. E. Jones, Bristol; L. J..
Robey, Herndon; Walker Scott, Rich
mond. and ]. j. Scott, Bedford City. ~
Oliver j. Sands. OF Richmond, opened
the meeting with a discussion OF the
revisions just made in the Federal re-
serve act, which he declared were Of
vital Importance to the banking inter
ests OF the country. and would result
in the upbuildins OF an even greater
financial system than this country has
to-day, which is admitted to be the
finest In the world. Calling attention
TO the ease with which State banks
could now become members of the re-
serve system and of the benefits they
would derive from such an associa-
tion, he said 1t was not only to their
interest to join the system, but it was
also their patriotic duty In the pres
ent national crisis.
WANT ALL STATE BANKS
IN RESERVE SYSTEM
have been to-day but for the Federal
reserve system" said Mr.. Sands. "and
under the revised law it seems that
every inducement has been offered to
the State banks to join with us. Vir-
ginians framed the law, and we do not
want this State to be a traitor; we
want all our banks in the system, and
that is absolutely essential for the
welfare of the institutions and the
country. I believe that unless they
voluntarily become members of the
system that they will be forced into
il, for this country is mobilizing it's
finances. and 1t is only through the
twelve regional banks that such q
thing can be accomplished.
The amendments to tho act reduce
the reserves a bank must keep on
ha1i, and that one feature should
prove a strong reason for the State
banks joining the system, while they
may continue to operate under their
existing charters. which are much
broader than those of the national
banks.
Now is the time to enter the system,
when the country needs you, and it
will do twice as much good as it
would IL you waited and went in late"
In the general discussion that fol-
lowed representatives Of several
smaller country banks were apparent
ly opposed to their entrance into the
Federal reserve system. being unable
to SEQ how they would be benefited and
how their action would help the coun-
try at this time. They explained that
their resources were held in national
banks. which in turn were members of
the reserve system. and thought this
cooperation all that 1t should be.
Colonel Thomas B. McAdams direct ed
their attention to the fact that only
CONTINUED on Second Page)