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Newspaper
Winchester Evening Star
Location
Winchester, Virginia, United States of America
Date
Jun 20, 1929
Page
5
Virginia bankers urge world attention to a “new Virginia” as the tax system favors local banks. Shields notes bank resources rose to 703.7 million dollars by end of 1928 with stock book value at 93.1 million, marking gains and urging higher profits amid the state’s growing financial landscape.
In remarks from a speech, bankers in the Fifth Federal Reserve district report a 6.71 percent net profit to capital ratio, far below dividends needs. The speaker argues for charging for free services and urges a Virginia banking research committee to study feasibility.
FE H Simmons president of the New York Stock Exchange spoke at the Virginia Bankers Association convention in Old Point Comfort on June 20. He praised Virginia and the southeastern states for steady industrial progress and noted the state’s rise as a shipping, trade and industrial center.
A speaker argues that national capital markets on the New York Stock Exchange have financed industrial growth and should not be crippled by legislation. He notes the postwar shift of the United States to creditor status and praises the Federal Reserve System as a stabilizer of American business.
CAPT. F. LEE RITCHIE takes charge of the Winchester Salvation Army succeeding Commandant Ernest Cuthbert and Mrs. Cuthbert who depart for Portsmouth Virginia. Captain Ritchie a Charlotte North Carolina native has ten years in Salvation Army work and comes from Pulaski Virginia with Mrs. Ritchie to lead the local field. Announcement of their services will be made tomorrow.
Intelligence arrived of the death of James Cover aged about 25 at an Easton Maryland hospital early yesterday following kidney stone surgery two weeks earlier. He was unmarried and had attended Shenandoah Valley Academy in Winchester. Dr. Cover formerly lived in Star Tannery and was nephew of Thomas Cover Sr. and cousin to several Winchester residents.
The Springfield Union notes a Boston bootlegger selling liquor to young people and argues for stronger law enforcement. The item reflects press concern over illegal alcohol sales to minors.
Mies Viola Dick of Kernstown and Mies Adeline Albin of near Winchester left this week for Harrisonburg to attend the summer session of the State Teachers College.
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