Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-15
VIRGINIA BANKERS
CLOSE CONVENTION
Irby Named President at
Final Session-Helpful
N Reports Are Read.
BY EDWARD C. STONE.

Financiers In nearby Virginia banks
had returned today from the annual
convention of the Virginia Bankers AS
ISOLATION, at Old Point Comfort, re-
porting a most interesting three-day
meeting. At the closing session, w.
Scott Irby of Kenbridge, president OF
the Bank Of Lunenburg, was elected
president for the coming year, succeed
ins g q. Barksdale of Richmond, vice
president Of the Morris Plan Bank OF
Virginia.
Other officers elected at the same
time were Samuel w. Keys, Glade
Springs, vice president; c. W.. Beer
bower, Roanoke, secretary; Thomas d.
Neal, Richmond, treasurer, and the
following new members OF the execu-
tive council: T. A. Balm, Norfolk; w.
T. Low, Williamsburg; C. G. Wright,
Petersburg; w. T. Harding, Emporia;
Thomas e. Sebrell, jr, Clarendon; l..
w. H. Peyton, staunton; w. w. Dick
erson, Lynchburg; M. r. Morgan, Eagle
Rock; r. L. Charlton, Salem; j. H.
Mathews, Roanoke; w. T. Warning, West
Point, and L. M. Weaver, Urbana.
Secretary C. w. Beerbower OF Roa-
noke has served the association In this
capacity for several years. He Is as
sistant cashier of the First National
Exchange Bank of his home city. The
new president, Mr.. Irby. has served
In addition to his past years work as
vice president.
Constructive Action Taken.
During the convention the associa-
ton adopted a recommendation that
10 per cent Of the lending capacity OF
a bank be made the maximum limit
which can be loaned to single In
dividual or to a firm.
The proposal was made by John M.
Miller, jr., of Richmond following the
report of E. A. Teake OF Hopeweu,
chairman Of the Committee on Bank
ing Protection T. w. Ozlin of Ken
bridge, association attorney, also COM
mented on the subject.
In his annual address, President
Barksdale said that while the past
centage of bank failures in Virginia
had been small. Virginia bankers"
he declared, were tried and found not
wanting" adding that he believed they
would, find themselves bigger and bet
ter men by reason of the GrialS they
have experienced.
e. s. Shields of Farmville, chair
man Of the Special Committee on Serv-
ice Charges and Interest Rates. was one
Of the few to comment on his~report
and expressed the opinion that the
rate Of 4 per cent interest paid on time
certificates returned no profit and
''ruinous" to the smaller country banks.
He recommended that it be reduced to
per cent.
During his remarks, Walter Ferguson
of Tulsa. Okla, drew a comparison be-
tween Virginia and his State of Okla
homa, pointing out that in Senator
Carter Glass of Virginia and Senator
Robert Owen Of Oklahoma, each had
contributed a leader in framing Of the
Federal Reserve act and that, coinci-
dentally, each of these men had been
born in the same city Of Lynchburg,
va.
Important Committee Reports.
During the convention the following
chairmen submitted important reports
for their committees: r. L. Burke, Apo
mattox, Committee on Taxation; w. T.
Daniel, Waverly, Committee on Agricul-
ture; Thomas B. McAdams, Richmond,
Committee on Federal Legislation; S. w.
Keys, Glade Springs, Committee on
State Legislation; E. A. Teake, Hope
DR.. j. P. Mcconnell, East Radford,
Committee on Banking Education; v.
Nelson Vaughan, Ashland, Committee
on County Organization; Giles H. Miller,
Culpeper, Committee on Groups; C. E.
Tiffany, Warrenton. Committee on
Trusts; T. c. BouShall, Richmond, Com
mittee on Bank Research, and E. g.
Shields, Farmville, special Committee
on Service Charges and Interest Rates.
o. Howard Wolfe of Philadelphia dis
cussed Profit Producing Policies" He
emphasized the necessity of sound man
sagement, competent officers and di-
rectors, careful investments, proper Sec
ondary reserves and adequate earnings.
Many other phases of banking were
discussed by Thomas B. McAdams of
Richmond. executive manager of the
State Planters Bank & Trust Co. and
an able talk on Interest On Deposits"
was given by. J. B. Dey jr., vice-presi-
dent and cashier of the Norfolk Ma
|tional Bank. John M Miller, jr., of
Richmond, president of the First and
Merchants Bank, had for his subject,
I'VE Must Become Better Bankers"
Comment In Financial District.
Many more reservation requests for |
the District of Columbia bankers con- |
Ivention at Hot Springs were received |
this morning by Chairman F.. H. Cox
of the Transportation Committee.
F. B. Keech g. Co., members of the |
New York Stock Exchange, announce |
the opening of a brokerage ONCE in the |
Wayfiower Hotel, which Will be in charge |
|ot Harry M. Fridley, jr. The maip !
|of1ce Is located at Seventeenth and H
streets, George A. Garrett being
resident partner.
Lanier P. McLachlen, Francis G.
Addison. jr., and w. w. Spaid are
among the local financiers who have
gone to Hot Springs, Va, in advance
of the convention in order to have q
full week at the popular resort.
Today's Trading on Exchange.
Today's market on the Washington
Stock Exchange was fairly active at
steady prices. Both type stocks were
out, Mergenthaler Linotype selling ex-
dividend at 1914 and advancing to 1854,
while Lanston Monotype registered one
sale at 81.
Capital Traction sold ex-dividend to-
day at IS for 10 shares Potomac Elec-
trio Power per cent preferred moved
at 1881, while the 5i2 per cent pre-
ferred appeared on the board at 110B.
Peoples Drug Stores preferred adj
vanced during the session. opening at
100 and closing at 101. Eighty shares
of National Mortgage g. Investment
preferred changed hands at Az.
Bond trading was confined to WASH
ington Gas and Washington Railway &
Electric issues. Emerson's Bromo Seller
"A" is now being quoted ex-dividend
In addition to Capital Traction and
Mergenthaler.