Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-06-20
CONTROL
OF ROADS FAVORED
Member of Interstate Commerce
Commission Addresses Vir-
ginia Bankers.
GLASS FAILS TO ATTEND
Lynchburg Man Chosen Vice
President of National
Association.

Especial TO The Times Dispatch.
OLD POINT COMFORT. June 10
In his address before the sixth annual
convention of the Virginia Bankers
Association. which opened at the Hotel
Chamberlin here today. Robert w.
Wooi!eT. member OF the Interstate
Commerce Commission, urged govern
mcnt control OF the railroads for at
least five years longer and asserted
that the program that ne had outlined
was not at variance with President
Wilson'S policy. notwithstanding the
Iatters announcement that Congress
should enact legislation providing for
the return of the roads to private
Ownership BY January !. 1920. Mr.
piauded by the bankers. and when ne
had concluded he was rendered d ris-
ing vote OF thanks.
The convention was called to order
at 10 o'clock this morning by Presi-
dent c. 4. Vaughan. OF Lynchburg. and
opened opened with prayer BY Rev, Craig
Church OF Hampton. President Vaughan
regretfully announced that he was In
receipt OF a telegram from Carter
Glass, Secretary OF the Treasury. which
stated that the secretary. owing to
pressure Of official business In Wash
ingion, was unable to attend.
There was "A guodly nrst-day attend
ance. probably more than half of the
420 members of the State association
being present. Iume ediateiy following
adjournment Of today's session those
are affiliated with the American Bank
crs Association mot and elected y
ton for Virginia. The honor went TO
c. r. Vaughan. of Lynchburg. and T.
G. Vance, Of Haynesboro; was made
committee OF the same organiza ton.
Officers Arc Selected.
Representatives of the several Sec
Trust company section. H, NJ: Carr.
OF Norfolk: national bank section. D.
4. Payne. of Lynchburs. and r. II.
an w Ct vss Siess 5ank Sss
All the foregoing serve in the ma
tional body on the respective commit
tees named.
Augustine and Fred D. Maphis. show
| ing receipts and disbursements from
Jnns IL lsls to May 81 lyla was
date the State association had TO its
credit In the Peoples National Bank
Of S,rasSurs. sa,o6o.53. and in the year
! associations expenditures over the
previous year OF sl.1e7.7s. but the in
ssr,ss sssass in reHeiptS dsTss the
The report Of various committees
were read and accented. Including
hose ,h9s on banking. jurtsprudence, and
financial development and education,
good roads. Federal legislation, trade
acceptance and budget.
Oliver j. SandR on Taxation.
The report of oliver j. Sands. OF
Richmond. chairman Of the committee
OF taxation. stated. in, part: 1t has been
convince the lawmakers that bank
shares are Intangible property. and.
therefore. they should not be taxed at
property In the same State. namely. a
maximum OF sl.o3 upon the 500. and
In view OF the additional fact that
every dollar invested in bank shares.
plus all accrctions in the form of sur
plus and undivided profits. is assessed,
not cent escaping. II does appear
upon the part of the shareholders Of
the banks. There are many other argu-
ment why bank shares should be
treated most considerably by the tax
ing power.
Cites Record of General Assembly.
The record OF the vote in the last
that the Justice of the banks position
has met with favorable responses from
a large percentage of the representa-
tives."
The report continued: THE commit
tee has since the passage of the pres
ent law been able TO render assistance
to banks by having fair rates i'm
posed by boards OF supervisors. etc.
Banks could earn the gratitude OF their
shareholders living in the counties by
showing them how 10 take advantage
on their shares to the counties instead
of incorporated towns. II is always
easier TO get the county rate to a fair
basis than the town rate. and If the
practice is generally encouraged. per-
haps some of our towns and cities will
see that their opposition to a fair bank
stock measure is causing them TO lose
rather than gain.
Address on "InvisibIe Tnrifr..'
Frank H. sisson. vice president of
the Guaranty Trust Company. spoke on
Invisible Tariff his address dealing
entirely with our foreign relations as
they affect our economic arrangements
and the opportunities that lie at
Americas door as a result of the war.
He also touched briefly on the issue be-
tween capital and labor. declaring his
belief in the progressive principle that
labor was 10 reap larger part OF the
proceeds Of its toll In the future
AT 9:S0 o'clock Friday afternoon the
by special invitation. where they will
witness a naval parade and drill.
Change Would Increase Rates.
Mr.. Wooley. in his address yesterday,
Return of the railroads to private
operation during the readjustment
period would occasion necessity for
increased freight rates that would
mean a rise In prices in this country,
the apex Of which no man could pre-
dict"
Owing TO the cut in railroad revenues
the readjustment period and other con-
ditions, said Mr. wooley. the Inter
state Commerce Commission would be
forced to grant an increase in rates IL
the roads were returned to permit them
fair revenue. For these readjust-
ment conditions would prevail. he said,
regardless of whether operation of the
roads was retained by the government
or relinquished to the owners.
isn't it far sounder economies" said
Mr.. Woolley, ito take care Of any
deficit from carrier operations out of
the National Treasury. whose Golfers
are replenished through taxes levied
where they can best be borne than to
force by their return an increase in
rates?"
Urges Continued Federal Control
The opinion is held by railroad Of
ficials generally, said Mr.. Woolley, that
| rate increase Of at least 30 per cent
would be necessary upon return Of the
roads. This. he declared, would mean
another swing through the vicious
circle" of mounting prices. estimating
that such q rate advance would be re-