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OCTOBER 1965

•

TnoMA.s D. JoNi-s, JR., Commission r of Bankino

tvitluviufi—

TFIE VIKCilMA lU KKAII OF BANKIP^C; D a r win HyLrid Tulips

A new race of Tulips, the results of crossings between Darwin Tulips and Fosteriana varieties. They have enormous flowers on strong steins and vivid colors. Stock limited.

GENERAL EISENHOWER. 24 inches. Orange- red flower of enormous size. This variety promises to be the most beautiful Tulip in the tutuie '5 for 50^^; $1.40 per dozen; $9.00 per 100.

HOLLAND GLORY. 24 inches. This is the most perfect, the largest and strongest of all Tulips. There is no other variety with such a beautiful warm dazzling scarlet color. It won the highest awards on all exhibitions of the last few years. It is a cross between Red Em• peror and Advance, combining the good quali- II. ^ ..I hotli :i for (i(V; Sl.r)0 per dozen; $10.00 per 100.

GUDOSHNICK. 26 inches. Yellow, spotted red. When fully open flower is 8/2 inches across. Foliage of this variety exceptionally attractive, .-iccn spotted with gray. 1^ for 60<,; $1.50 per dozen; $9.(K) per 100.

APELDOORN. 24 inches. Orange-scarlet, base SPRING SONG. 24 inches. A spectacular new black, edged yellow. This is one of the newest variety of a brilHant scarlet color. Enormous Tulips in existence and is a cross between Tuli]) large flowers on tall, strong stems. One of the Red Emperor and a new red Darwin variety. biggest hits of the last decade. 3 for 50^; $1.30 Perhaps the largest Tulip on the market today |)( r (lo/( n;$8.00 per 100. and of most sti iking (olor. !^ for 00^; $1.50 per .io/( n; $9.50 per 100. SLN. A striking new color ((•iiihiiiation. Ilvhiid l);n\\in. I)t < p oi.inue (oloi. 3 for $1.00; DOVER. 24 inches. Fiery poppy-red, very large $3.(i() per do/en; S25.2.") per l(K). flower, beautiful black center with yellow bor• der. Fully open. 8 in( hcs ai idss. [\ for 55t'; $1.40 PEACOCK TULIPS. 12 indies. This is a new per do/en; $9.00 per KM). race of Tulips, outstanding by its very striking colors. Contains all the colors of the rainbow. Special attention should be taken of their color• EMPIRE STATE. 26 inches. 'Fhe largest and ful hearts and their striped and colored foliage. tallest of all Darwin hybrids. A cross of the Dar• Flowering time, early April. Very substantial win Red Pitt and Fosteriana Red Emperor. and loiiL! lasting. Mixed colojs only. 3 for ()5f; Tomato red with yellow base. 1? for 60^; $1.50 per dozen; $10.50 per 100. $1.50 per dozen; $9.00 per 100.

Write for Descnptivr Bulb Catalog

i< i f h m o n d . V«l

7210 West Broad Street Dial 288-199G No. 11 South Fourtecnlh Street Dial MI 3-27L5 AN INDEPENDENT PUBLIOATION-FOUNDED 1878 TO TELL THE VIRGINIA STORY

CLIFFORD DOWDEV DONNA Y. LAURINO Editor Executive Editor

R. N. ANDERSON, JR., AIA • TABLE OF CONTENTS • Architectural Editor

"Second Class Postage Paid at Richmond, Va." Bureau of Banking: Published Monthly at the State Capital SUBSCRIPTION PER YEAR $3; TWO YEARS $5 Participants in Virginia's Growth 5 By Virginia Publishers Wing, Inc. Please address all mail to: EDITORIAL OFFICES: 109 NORTH 8TII STREET p. Q. Drawer 2-Y, Richmond, Va. 23205 by PAT BRYANT Phonet MI 4-6717 — 4-2722 ViRoiNiA RECORD is an independent publication cooperating with all organizations that have (or their ob• jectives the welfare and development of Virginia. While this publication carries authoriutive articles and Thomas D. Jones, Jr., Commissioner of features on sUtewide and local industries, business, governmental and civic organizations, they are in no other respect responsible for the contenU hereof. Banking 6

VOLUME LXXX\ II OCTOBER 1965 PRICE 35(f NUMBER TEN Ralph S. Jessee, Deputy Commissioner of Banking 7

Private Museum in Pulaski Illuminates "III Fares the Land Early American Culture 12

by HELEN BLACK N AN INDOLENTLY HOT DAY, I was driving westward along the O James River country with a young professor, on the way to a Virginia Icollege where I was to lecture on the Soullicrn identity. Virginia Business Review 14 Both natives of the state, both of us had studied in the North and I, much lolder than my companion, had lived twenty-odd years in New York City. In Index to Advertisers 26 the desultory conversation of road travel, we were discussing the impressions we received of a "The South" from national media in contrast to impressions we [received in our own state—the oldest, the generic state of the Southern states. THIS MONTH'S COVER carries a portrait of Thomas D. Jones, Jr., Commissioner of We read all-inclusive descriptions of this The South based on the violence of Banking, whose biography begins on page 6. disturbed and ignorant people in the newer states of the Deep South which arc For the story of banking's part in the growth 'ar less familiar to us than Washington and New York. of the Commonwealth, turn to page 5. We talked particularly of the impression we received of changes which, break- (Photo by Colonial Studio) ng old attitudes and transforming the South })hysically, would bring an end to egional identity. Industrialization would bring new cash, cash would bring new f alues, and the new Civil Rights laws on voting would direct these values toward de-emphasis on the past (usually limited to the Civil War). The change would ^e effected by a Rube Goldberg sequence of externals: no allowance was made or the individual experience in the variegated regions within the South. In ^nonymous uniformity, we were to be returned to "The American Mainstream." While we surveyed this not entirely pleasant future, we were traveling through ^ green farm-countiy which showed no significant changes since my childhood, xcept that trucks and automobiles ran swiftly over highways where the horse- hnd-buggies and green Studebakei- wagons used to move on the old dirt roads, ^n the backroads the country stores, in the sudden shadowiness they offered ifter the glare, had the same kind of people, white or colored, behind the ounters as fifty years ago. Then after crossing an ancient bridge over the James p.iver, broad and tranquil between its grassv banks, we reached the foot of a lifT, where a ferry had run when Cornwallis crossed the river there in 1781. From the old ferry landing we ascended a steenly climbing road and suddenly merged on the street of a town out of "Twilight Zone." Not a person was in sight, not a vehicle moved and not a sound was heard. [The few houses, well kept-up, were fine examples of the Greek Revival period )f the 1840's, and two freshly painted frame buildings looked like public places )f that era: wide and shallow, their fronts were covered by the broad verandahs ashionable in the nineteenth centur\'. From their inviting appearance, the two ipparently public places looked as though they might be filled with guests, but loihing stirred. The only store looked like a ghost-town building abandoned iround the turn of the centurv. The town was Cartersville. the post office ad- *ress of Lee during his summer of recuperation after Appomattox. "It looks as if Lee just left," T said. Member Federal Reserve System The young professor laughed. "What about that picture we had in our minds |)f the vanished South?—now an anonymous section in the 'mainstream.' Do you Member Federal Deposit Insurance hink we hare been brainwashed?" Corporation 'We must have been. This place certainly belongs to a past that never w^as in iny 'mainstream' as ciuTcntly meant, not even when the town was founded in [Contimied on page 23) VIRGINIA RECORD OCTOBER 1965 PAGE THREE MR. CITIZEN SAYS— IE FARMERS BANK "Welcome, Banking OF EDINBURG Commissioner INC. Thomas D. ]ones, Jr. ESTABLISHED 1905

Member of FDIG & FRS The Personnel and Directors of our Bank extend LDINBURG, VIRGINIA to you our congratulations and best wishes for a long and coniniensmate tenure in your new |)osition as Commissioner of the Bureau of Banking of the State of Virginia. PEOPLES' BANK

THE CITIZENS BANK "A Good Bank for Good People" INCORPORATED

SOUTH HILL, VIRGINIA Member F. D. I. C. Member Federal Reserve System Member Federal Deposit Insurance Corporation Member The First Virginia Corp.

Member Federal Reserve System MOUNT JACKSON, VIRGINIA

CITIZENS BANK & ... Peoples... TRUST CO. Savings and Coan ASSOCIATION, INC. 4% On Savings

4% On Time Certificates of Deposit

WILLIAM A. TROTTER, President

Organized 1922

301 S. WASHINGTON ST. PHONE KI 9-4500

ALEXANDRIA, VIRGINIA DRexel 4-8124

LARKSVILLE, Vi FOUNDED 1928

PAGE FOUR VIRGINIA RECORD OCTOBER 196 Bureau of Banking . . . Participant in Virginia's Growth

by Pat Bryant AKE A LOOK AT ANY REPORT on the banking bu.si- Tncss in Virginia and you'll notice something peculiar— resources and deposits are well up over preceding years, there are many more branch banks in the state, but in spite of that, the number of banks is decreasing. What does it mean? Are banks closing their doors as a hint of some financial disaster to come? Are depositors rushing to the tellers of certain banks and forcing other banks out of busi• ness? Are branches popping up every time a new subdivision comes into being? The answer to these questions is a resounding no! The para• dox has come about because of a number of recent bank mer• gers. And the people in the best position to know about the decrease in banks and the increase in branches are those in the Bureau of Banking, a division of the State Corporation Commis• sion. From his position as Commissioner of Banking, Thomas D. Jones, Jr., sees mergers as a trend not peculiar to Virginia or peculiar to banking and he points to a "spate of mergers" in other industries as well. A change in state law in 1962 made mergers in Virginia easier than in previous years. Prior to the 1962 legislation, Virginia banks (both state and national since state laws in this respect applies to all Virginia based banks) could merge if they were located in the same or adjoining counties or located within a distance of 25 miles of each other, provided each of the merged banks had been in operation five years or more. Under the new law, statewide merging is permitted; the proviso that each of the merged banks must have been in operation five years or more is retained. Something happens when two banks merge, however—one loses its identity. For example, should a big bank in Richmond merge with a smaller one in Bristol, the larger would absorb the smaller and the Bristol bank would become a branch of its Richmond parent bank and would change its name to that of the parent. Moreover, the Bristol branch could not open other branch banks. Many bankers, apparently not wishing to lose their bank's identity or branching ability, are taking a second path to ex• pansion: the holding company. Under this plan a company is foimcd which owns stock in several banks, all retaining their local identities and blanching authority. There is a tendency on the part of state-chartered banks to take the holding company route to expansion and for fed• erally-chartered banks to go the merger route. This prob• ably is just happenstance, says Marchand D. Womom, execu• tive vice president of the Vir• ginia Bankers Association. Which plan is better—mer• ger or holdinc: company? As far as Commissioner Jones and the Bureau of Bankine: are con- ("< rned, there is no official opin• ion. "The Bureau leaves the decision to management where it properly belongs," says Jones. But he will tell you that banks are turning more and more to one of the two routes

(Colonial SIIKIM in their thrust to expand. Sta• THOMAS D. JONES, JR. tistically, holding company ac• Commissioner of Banking quisitions do not work a change in the number of banks and To Virginia's bankers he's Thomas D. Jones, Jr., Commis• branches. Merging does. As ol sioner of Banking. To family and friends, he's Dave Jones, put- Tune 30 of this vear there were terer, collector, reader, author and family man. 151 state banks with 17C Jones is not living a dual life or suffering from a split per• branches. Just a year ago there sonality. He's just like a lot of men who grow up called by their were 157 state banks with 16f middle names and then find their adult names written more branches and in 1961 then conventionally—first name, middle initial, last name. were 177 state banks with 13.- There's little in Thomas D. Jones' demeanor around the office branches. Even greater evi to indicate his at-home interests, however. deuce of the effect of the trenc During business hours he works from a large, neatly arranged can be seen in a comparison o desk in a soft-green painted office, its walls hung with scenic bank branch statistics of ins prints. Two \yalls are lined with bookshelves but the books are 18 years ago. In 1947 the Bu few in number, probably because this has been his office for reau regulated 183 state-char only a relatively short time, just since July 1 when he succeeded tered banks, 57 branches am Logan R. Ritchie in the post. Nor is there any clue from the two facilities (small bank of books that his reading interests are centered around history fices opened in medical institu and such familiar and proven authors as Charles Dickens. On tions or on armed forces instal his office bookshelves are the tomes of his calling—bank reports, lations to provide essentia banking laws, bank registries. bank services). While the num Jones' office is on the eighth floor of the Blanton Building and ber of banks has decreased b' while it's on a corner, it's a corner that looks not toward the 32, the increase in branches ha {Continued on page 17)

PAGE SIX VIRGINIA RECORD Founded 187 been phenomenal, from 59 to 190 plus ten facilities. Moreover, there have been many new banks formed during this same period. Obviously not all the branches are the result of mergers of two banks; most are not. Perhaps bor• rowing a page from the old-time circuit riding preachers, banks today are taking their message to the hinterlands, where the people are, but with a difference. Unlike the preacher who held services for a week or so and then rode on, the banks remain to offer their services to Mr. and Mrs. Suburbanite, Sgt. G. I. Joe coming off duty or Susie the Secre• tary on payday at the big industrial plant. What has been the impact of the liberalization of the merging law? "It has, of course," says Com• missioner Jones, "had its effect, but not to the ex• tent that may be supposed. Of the .35 mergers in• volving state-chartered banks that have taken place since the 1962 amendment, 22 could have been ac- complish(xl under the law as it existed before the .iiiK ndmcnt." And does the recent proliferation of mergers forbode the demise of the local, independ• ent hank? Commissioner Jones is emphatic in his reply that it does not. "Local independent banks. " he .says, "have been and will remain an important (Colonial Studio^ and essential part of our banking system. They will RALPH S. JESSEE sni \ ive. They will compete. They will flourish, and Deputy Commissioner of Banking they will keep pace, as thev always have, with The new Deputy Commissioner of Virginia's Virginia's economic growth. There is a place and Bureau of Banking is Ralph S. Jessee. fieed in Vir£rinia's banking system for both the A 14-year veteran employee of the Bureau, arge, multiple-branch bank, and the local, inde• Jessee was named to the post on July 1. In his pendent bank with, perhaps, one or two branches, new position his principal responsibility is su• md I don't believe there is a banker in Virginia pervising the work of the Bureau's examiners. ^^ho will disagree with this point of view." Jessee was born in Cleveland in Southwest Banks are not permitted to open branch offices Virginia. He was graduated from Cleveland ndiscriminately. The prerequisite is need—or as High School, attended Knoxville (Tenn.) Busi• he law states it. "public convenience and neces- ness College for two years and then came to the ity" for the branch operation—not need of the capital city to complete a law course at Rich• )ank for an office to provide a job for somebody's mond College of Commerce and Law. lephew but need for banking facilities in a local• During World War II he served in the U. S. ly. The emergence of a branch bank when two Navy from 1942 to 1945, attaining the rating )anks merge already has been di.scussed. But what of chief yeoman. ibout the coming into being of a new branch in a Following his discharge from the Navy, he leitjhborhood shopping center or near a big new joined a certified public accoimting firm in nilitary or industrial complex? That takes some Raleigh, N. C, for a year. From 1946 to 1951 ar-reaching study. he was supervisor of the loan and settlement First a word of explanation. Virginia is the only unit of the Veterans' Administration. tsite in the union in which cities and counties are In 1951 Jessee joined the Bureau of Banking eparate political entities, and the branching au- as an assistant examiner. In 1957 he was made hority is based on that concept. Thus a city bank trust examiner, in 1960 was promoted to senior lay branch in the same city, in a contiguous city, bank examiner and on July 1 of this year he T in a contiguous county within five miles of the was named Deputy Commissioner of the Bu• ity limits. A county bank may branch within the reau. ounty or within a contiguous city. The limitations Jessee is a member of Westover Hills Meth• n branching imposed by state law also apply to odist Church and he has one son, Michael Alan ational banks to preserve the equality of compet- Jessee, a student at Randolph-Macon College. :iveness. His hobbies are hunting and fishing.

tell the Virginia Story OCTOBER 1965 PAGE SEVEN

Before there can be a branch tion's largest bank, familiarly posits insured by the Federal De• bank, there must be a parent called the Bank of America, is posit Insurance Corporation. In• bank which exists only because formally known as the Bank of surance is not compulsory for the State Corporation Commis• America, National Trust and non-member banks but all these sion and the Bureau of Banking Savings A.ssociation. in the state are voluntarily so. have seen the need for it. Because Under America's dual system There are no uninsured banks in this article deals with the Bureau, of banking, institutions may op• Virginia, either member or non- [primary concern is with state- erate under either state or federal member. Bankers recognize the chartered banks. These state charters. In Virginia, the State reality of the situation and know banks represent more than half Corporation Commi.ssion, of that there still are persons who [the banking institutions in Vir• which the Bureau of Banking is remember the dai k days of the ginia. At the end of 1964, there a division, is the regulatory Depression when banks closed [were 154 state banks with assets agency for state banks. National and depositors lost all their •f more than $2,049,000,000. At banks operate under federal law money or, over the years, when the same time there were 123 na- and the supervision of the Comp• bank robbers made good their ional banks with a.ssets of more troller of the Currency. get-aways. Bankers know that hail $3,064,000,000. As a quick There also is a sort of duality depo.sitors want the a.ssuranee of boint of reference in determining among state banks in Virginia. insurance. national bank from a state A "member bank" is one which People seeking to organize a bank, all national banks must is a member of the Federal Re- bank must first obtain a charier :arry that name in their corpor• .serve System whih^ an "insured from the State Corporation Com• ate titles; for example, Midtown non-member bank" is one which, mission and then apply to the National Bank as opposed to The while not being a Federal Re- Commission for a certificate of 5ank of Midtown. Even the na• s(M \ (' System member, has its de• authority to commence business.

\rhese are Commissioner Jones' "indispensables." Standing left to right, Joyce A. Porter, Anne B. Aritt and Harriet A. Tignor. Seated is \l'ln-'i'i(i }i. Greenwood, administrative assistant. (Photo by James C. McElroy)

PAGE NINE [RGINIA RECORD ()C;T0BRR 1965 It is here that the Bureau of amount subscribed and cash paid on a sliding scale, determined Banking enters the picture. in. law and based on the size of thJ Examiners from the Biueau When all this information is bank, are made for the examina go to the locality of the proposed gathered together, along with the tions. "The taxpayers," explain new bank (or branch) to conduct examiners* reports, the State Commissioner Jones, "do not pa^ their investigations. Officers of Corporation Commission acts on for examinations. The banks do.' other banks in the community the application for the certificate For an average size bank, th( are, in many instances, visited of authority which may be grant• examination takes about a weei and asked for their views; specif• ed or denied, with or without a and begins with a careful coiuitl ically, what would be the effects public hearing. Cenerally, if ing by the examiners of every bi on business by competition from there is no opposition to the pro• of money in the bank, from coin| another bank? Representatives posed bank and if the examiner's and bills in the tellers' cages ti of these existing banks are given report and documentary evidence bags of coins and bundles of bill the right to appear before tlir support a finding of public con• in the vaults. This, says Com Commission to express their op• venience and necessity, there is missioner Jones, is one reasoi position, if any. no public hearing. why examiners try to time thei Examiners make studies and There are more approvals than arrival for the end of the bankini forecast the volume of business denials of new bank applications hours to avoid tying tip mone the new bank is likely to have, needed to meet customers' re and they delve into the need for quests. a new banking ofhce in the com• ''At the end of 1964, The examiner also gets verifi munity. there were 154 state cation of any money the ban! The officials of the proposed might have on deposit in othe bank must meet certain specifi• hanks with assets of banks. He sees all bonds, noted cations of state law. They must etc., and proves them to th file papers relating to issuance of more than bank's books. He reviews all ih\ capital stock and the amount $2,049,000,000/' bank's loans and discounts an< paid into the capital stock ac• carefully lists all deposits to es| count, estimated earnings and ex• tablish the institution's deposi penses for the first 12 months, because applicants are usually liability. Before the examinatioij estimated deposits for the first sophisticated businessmen who is complete, the examiner w 12 and the first 36 months, or• know what they're doing before have looked into the obviou ganization expenses, investment they get started. banking affairs that go to ma] in banking premises and fixtures Once a bank receives its au• up the assets and liabilities an( and a current statement of assets such seldom thought of things a and liabilities. thorization to do business, the Bureau of Banking stays in the the value of the desks and chair Each director (of which there picture to help both bankers and Rarely does an examiner un| must be at least five with a ma• the public. At least once a year cover any illegal or dishonest ac jority of them citizens of Vir• the Bureau's examiners arrive on tivity on the part of bank officer ginia) must sign an oath that he the scene. The visits always are and employees. One sees account is a stockholder of a prescribed unannounced, as required by in the newspapers, from time h minimum amount in the bank law, but examiners generally try time, of embezzlement, general and that the stock is and will re• to begin their work at the close by non-officers of the banks. Bull main unpledged and unencum• of the banking hours to avoid says Jones, "Dishonest action bered during his term of office. disrupting customer business. are gratifyingly infrequent. The^ Each director must file a fin• When examination of a bank will happen from time to tim( ancial statement detailing his as• begins, there are examiners in and no techniques will ever b| sets and liabilities, present occu• the parent bank and in each of devised that can entirely preven pation and directorships, business its branches, and all time their them." experience, and statement that arrivals to be simultaneous. There are factors that keei he has never been declared a There are five very large banks down dishonesty. Banks generall bankrupt or convicted of a felony with assets in the multi-million ly have good internal audit conj or serious misdemeanor. dollar category and numerous trols and employees are und( There also must be filed with branches, and when an examina• fidelity bonds. Certainly not t( the application a report on the tion of these banks begins, it is a be discounted is the presence o subscribers to the capital stock joint effort of the Bureau of the bank officers in the bank? in the bank—their names and ad• Banking and either the FDIC or "They're there every day am dresses, number of shares, total Federal Reserve Bank. Charges they're protecting it," says Jonej PAGE TEN VIRGINIA RECORD Founded 187 'They know what they're doing, been criticized. This, he thinks, authorized to issue "certificates ind they are bulwarked by hon• has contributed a great deal to of investment." A recent statute est and loyal employees who have the fact that during the past 25 requires all industrial loan associ• [)ride in their bank and in their years only one bank has been ations thereafter incorporated to )rofession." Examiners try to closed by the Bureau because of comply with all the statutory re• lelp the banks avoid trouble but insolvency. quirements applicable to banks. hey do not audit, they just ex- Jones sums up the integrity of The skyrockets among the fin• nine. Auditing is left to bank Virginia's state banks: "A bank ancial institutions are the credit anagement. C will not survive or progress if it unions of which there are 104 I Seeing that a bank remains doesn't hew to the line. Bankers chartered by Virginia with assets pivent and operating within the know this. They are not in busi• of more than $45,983,000. And iw is the task of the examiners; ness to violate laws; they want to in 1947 there were but 25 of these nd one place where a bank comply." organizations with resources of on Id get into trouble on both In addition to banks, the Bu• only $1,466,000. ^unts is the loan department, reau of Banking also supervises ^^ith banks generally restricted Savings and loan associations savings and loan associations, and credit unions, like banks, 0 a loan limit of not more than small loan licensees, industrial 5 per cent of combined capital have a duality and can be chart• loan associations and credit ered by either the state or the pd permanent surplus to any unions. ne person or corporation, exami- federal government. Federally There are now 43 state savings ers are careful to check that the chartered savings and loan as• and loan associations with 22 jaximum limit is not exceeded, sociations are supervised by the branch offices chartered in Vir• 'hey can prove their helpfuhK Federal Home Loan Bank Board. ginia. They have total resources p the banks, too, in examina- State-chartered associations may of more than $321,000,000. A ion of the loan portfolio and by be members of the Federal Home trend toward fewer associations ^assification of loans. "Classified Loan Bank with shares insured by and more assets appears among )ans" are designated as "sub- the Federal Savings and Loan In• the savings and loan firms as well randard," "doubtful" or "loss." surance Corporation, or may be as among the banks. In 1947, 'he doubtful and loss classes members of the Federal Home there were 54 associations with re self-explanatory. Substandard Loan Bank with uninsured resources of $46,630,000. )ans are those which involve shares. Membership in the Fed• lore than a normal risk due to Small loan licensees number eral Home Loan Bank is not re• le financial condition or un- 294 with assets of more than quired by Virginia law. In dollar ivorable record of the obligor, $124,000,000. The growth in this volume, over 95 per cent of the isufficiency of security and other category is marked, too, in a com• savings shares in state-chartered LCtors. parison of current figures with savings and loan associations are those for 1947 when there were federally insured. When the examiners' report is 71 licensees with assets of only Credit unions chartered by the )mplete, a copy is sent to the $13,306,000. federal government are super• mk. The Bureau asks the bank's Among the 20 industrial loan vised by the Bureau of Federal )ard of directors to review the associations, the assets total more Credit Unions, a division of the port and to comment on what than $110,794,000. In 1947 there Department of Health, Educa• ill be done to cure any situa- were 15 such institutions with re• tion and Welfare. ms that may have been criticiz- sources of $10,657,000. A sharper When there is to be a new l. There are legal steps the picture of Virginia's financial state-chartered savings and loan ireau can take should the bank growth in this area can be seen association, small loan licensee, fuse to take corrective meas• in yet another comparison. In industrial loan association or es, but Commissioner Jones 1958 there were 20 industrial loan credit union, steps for its coming Dks back over the last ten years associations with assets of $42,- into being are generally the same id observes that banks welcome 011,000—less than half the as• as those for a bank—chartering nstructive criticism and under- sets of today. Eight of the 20 by the State Corporation Com- ke to correct matters that have associations presently licensed are {Continued on page 21)

'There are today in Virginia 824 offices operated by institutions mder the supervision of the State Corporation Commission's Bu- •eau of Banking . . . (with) assets of almost $2,650,000,000."

ell the Virginia Story OCTOBER 1965 PAGE ELEVEN o Early Aiist's keen interest in hu• man behavior and his curiosity about Private Museum the type of tools that men have devised in their struggle to improve their daih lives has culminated in a museum thai tells the stoiy of America's develop] ment and progress. in Pulaski Mr. Aust privately owns Gem Cit>| Museum in Pulaski, which representi his lifetime hobby of collecting. Tourists from throughout Virgini and the United States will find a visii Illuminates Early to the Gem City Museum an unex| pected adventiue. During the winte the museum has been the object o pilgrimages of school and college stu American Culture dents, who have enriched their knowl edge of early American culture. The museum was first opened to th jjublic in 1963. Mr. Aust's collection o early American memorabilia contain by HELEN BLACK two pieces that svmbolize man's prog ress: a human yoke and the first auto ma tic washing machine (with woode parts')—these two pieces brids^e th 1910 Mitchell—A mannequin is dressed in the same period as this 1910 Mitchell in Gem from human bondage to the Ma City Museum. Many of the Museum exhibits feature mannequins dressed in corresponding chine Age freedom from drudgeiy. period costumes. The museum's popularity lies in th fact that it has something not only fo all age tjroups but also for men, wome^ ki and children. Men will find the classic cars. |)nm| itive tools, typewriters, adding ma chines, ship models, Indian relics and gun collection of particular interesi Mr. Aust has more than 20 restore cars in the museum and, when moves to larger quarters, he expects ti have more than 50 antique cars o display. His cars include a 1918 Saxoi a 1910 Mitchell with wooden bodv, 1920 Packard limousine, 1930 Stut| 1899 Waverly (oldest car in the mt seum), 1916 Reo, 1919 Buick, 191 National. 1929 LaSallc, and 1948 Cor tmental. He also owns the first fii truck that Pulaski ever had, a 190 International. His transportation collection includ( a hearse (horse-drawn) with coffi that has two outlets: one for the hea and one for the hands; a covere wagon made by a blacksmith; a v; riety of surreys, carriages and sleigh and a mail wagon. His an(iciue bicvcl include a wooden one with high whef In addition to many old washir machines and churns, women will tal interest in the large number of o stoves, including the Franklin ar Civil War field stoves; goards mac into buckets, old ice ( ruslier, furnitu made from cowhorns, baby carriage sausage stufTer and other househo furnishings. They will compare wi

Founded 18 PAGE TWELVE VIRGINIA RECORD •I

I

larly Aust and a number of his Rogers' groups. The largest collection by this sculptor is at the Metropolitan Museum, but many feel Mr. lusts private collection ranks with those in the Lightner and Ford Mmeum^

heir contemporary fashion accessories of historic interest, he has one of the and brought bronze and clay to life he fancy fans; shoes from nearly every largest collections of Rogers' groups with artistic skill. These everyday ountiy in the world; hat pins and in the United States. events that Rogers immortalized re• mticjue jewelry. Each of the groups sculptured by flect Mr. Aust's deep interest in human A 120-year-old hair trunk is revealed John Rogers (1829-1904) tells a story. behavior. ;o be last used to carry a ball dress Rogers' historically important Civil Mr. Aust's interest in collecting is o Montpelier, Vt., when the late Mrs. War groups, his literary and dramatic shared by his wife and by his son, Dr.) R. B. Gleason, at the age of 16, groups, and his "genre" groups can ab• Douglas Aust. They have traveled with dsited the legislature with her father. sorb the viewer jfor hours. him to nuiseums in 15 states to see Jhe was the first woman ever so hon- The Civil War groups contain some other collections. Since childhood, he »red. Her father was gravely reproved of Rogers' best portraits—the Lincoln and his sister, Annie (Mrs. Malcolm or this so unusual act. in the "Council of War" was described W. Black of Martinsville) have col• Children will find pleasure in the toy by the Lincoln family to be the best lected objets d'^rt. Mrs. Black also has oom, which houses a large number of likeness ever made. a sizeable collection of antic|ues. Mr. inusual toys that have delighted chil- Many of the theatrical groups are Aust has reclaimed the birthplace of Iren for generations. Shakespearean scenes; and it is said Mrs. Black (a two-story log house Mr. Aust has a fabulous collection of that Rogers never surpassed the probably 200 years old), which he idison music boxes and nickelodians, "Checkers Up at the Farm," "The plans to reconstruct on the future site ome so old that they take only wooden Charity Patient," and "Fetching the of his museum. He will furnish the dckels. Doctor." These popular human interest house with authentic early American In addition to oil portraits, fine groups reveal the facility of this folk- antiques, and open it adjacent to the lieces of furniture, and special items artist, who captured everyday events museum, for visitors to tour.

0 tell the Virginia Story OCTOBER 1965 PAGE THIRTEEN VIRGINIA BUSINESS REVIEW • The First National Exchange Bank of Virginia has been selected to receive a second-place award for its 1964 stock• holder annual report in the national banks' classification ($300,000,000 de• S. Mollis Shomo, left, receives a USD A award from Carl Barnes. Governor Harrison looks on. posits and under) in the 2r)th Annual See story below. Report Survey sponsored by Financial • S. Hollis Silomo, director of the time USDA has presented a group] World, the nation's oldest business and achievement award to a state depart• financial weekly. Virginia Department of Agriculture's ment of agriculture. A certificate symbolic of this achieve• division of markets received for the The inscription of the plaque in part ment will be presented to H. Clay department this summer a United reads: "for imaginative leadership in Ferguson, assistant vice president of the States Department of Agriculture Su• planning, coordinating and adopting a bank, at a banquet in the Grand Ball• perior Service Award, presented by marketing program for feeder pigs in room of the New York Hilton Hotel Carl Barnes, USDA, assistant secretary Virginia which has improved quality, on Tuesday, October 26. of agriculture for personnel. lowered morality rates, increased re-j Ferguson served as one of a com• The occasion, which took place in turns to producers and helped to estab• mittee of three who were responsible Richmond, marked only the second lish a firm market." for preparing the report. The others were W. J. Branscom, senior vice presi• dent, and Warner N. Dalhouse, assist• contributed most to public understand• ing is almost ideal for the work, par ant vice president. John Will Creasy ing of progress in research, and in the ticularly when viewed in the light of of Associated Advertising designed the prevention, care and treatment of his experience. His more than 11 years report which was illustrated with paint• heart and circulatoiy diseases." of Marine Corps duty in Virginia play• ings by Mrs. Joni Pienkowski of Blacks- ed an important part in his decision burg. to return here. His knowledge of the • Guy H. Kissinger, Jr. has been ap• highly urbanized areas of the state pointed Assistant Director in the Di• • Beverlv Orndorff, Science Writer will be of considerable \alue in his vision of Industrial Development and for The Richmond Times-Dispatch, has work." Planning, according to a recent an• been named by the American Heart He is an architectural engineering nouncement by Division Director Association as winner of a 1965 (B.S.) graduate of Texas A. & M. Col• Joseph G. Hamrick. Assuming his Howard W. Blakrslce Award for dis• lege and has done graduate work at duties the first week in October, Mr. tinguished reporting in the cardiovas• George Washington University and the Kissinger is responsible for develop• cular field. Industrial College. He is married and ment activities, both comnumity and The award carries with it a citation has two daughters. and an honorarium of $500.00. industrial solicitation. OrndorfT was cited for various ar• Kissinger, 49, is a native of Nevada, • Lt. Gov. Mills E. Godwin, Jr. was ticles in October and November, 1964 Missouri, and prior to joining the Di• to keynote the Virginia State Poultry issues which dealt with advances in vision was Executive Director of The Convention, opening October 19 in the cardiovascular research, including new Savannah District Authority, serving new Natural Bridge Hotel at Natural surgical procedures, methods for con- in a dual capacity also as Executive Bridge. 1 lolling blood pressure, experiments in Dix'ctor of the port authority for the The Democratic gubernatorial nomi• organ transjjlants and the use of com• Port of Savannah. nee was to speak on the topic "Vir• puters to study heart problems. He retired in 1958 from the Marine ginia and the Years Ahead." The ad• The award was to have been pre• Corps with the rank of colonel, fol• dress was the first of seven scheduled sented October 18 at an Association lowing 20 years of .service. One of his for the convention, all of them focusing assembly during the Annual Meeting last assignments was at the Industrial on the future of Virginia's poultry in• at the Americana Hotel, Bal Harbour, College of the Armed Forces in Wash• dustry. Florida. ington, where he was a graduate stu• dent in economics, and later for three The convention theme, "Forty Years: The Heart Association established years as lecturer in connection with What's Next?" was geared to help re• this ( C)nij)etition in 1952 as a memorial industrial conferences in major indus• mind all segments of the poultiy in• to Howard W. Blakeslee, Associated trial centers of the United States. dustry of the natural advantages and Press, science editor and founder of opportunities for poultry in the Old the National Association of Science Commenting on Kissinger's appoint• Dominion and of their responsibilities Writers. Mr. Blakeslee died of heart ment, Hamrick said: "His experience in making full use of the potential. disease. in commerce and industry will add Young Virginians were to be honor• Entries are judged on the basis of substantially to our industry solicita• ed for superior achievement in poultry "creative efforts in any medium of tion program. Kissinger's academic (Continued on page 26) mass communication which . . . have background in architectural engineer- Founded 187B PAGE FOURTEEN VIRGINIA RECORD BANK OF WARREN THE BANK OF THE FRIENDLY, OLD RELIABLE" MARION Member of F. D. I. C. CKLEBRATING OUR 91ST ANNIVERSARY

CAPITAL $125,000

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FRONT ROYAL, VRGINIA MARION, VIRGINIA

BANK OF POWHATAN BANK OF POWHATAN, VIRGINIA

ESTAPLISHED 1922 NEW RIVER VALLEY

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BANK FIRST AND CITIZENS 1 OF BANK LUNENBURG

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KENBRIDGE, VIRGINIA MONTEREY, VIRGINIA

fo tell the Virginia Story OCTOBER 1965 PAGE FIFTEEN TAZEWELL NATIONAL BANK TAZEWELL, VIRGINIA Salutations

Member: Federal Deposit Insurance Corp. Federal Reserve System Falls Church \ SECURITY AND SERVICE Bank

^ FALLS CHURCH, VIRGINIA | THE BANK OF CRAIGSVILLE

ESTABLISHED 1916 ESTABLISHED 1906

Member FDIG MemberofF. D. I.e.

CRAIGSVILLE, VIRGINIA

THE OLD POINT NATIONAL BANK OF PHOEBUS The PLANTERS BANK Branch Office: 4030 Mercury Boulevard HAMPTON, VIRGINIA of Member F. D. I. C. & Federal Reserve System BRIDGEWATER

100 South Main Street BANK OF SPEEDWELL, INC BRIDGEWATER, VIRGINIA

ESTABLISHED 1907 Dayton Branch: Dayton, Va. Member of F.D.I.C.

Friendly, Helpful Service Mciiiher: FDIC, Fedcr:il Rescr\'e System

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THE FARMERS & MERCHANTS BANK Congratulations and OF CRAIG COUNTY Best Wishes to the Virginia Bureau of Banking ESTABLISH KD 1917 Member Federal Deposit Insurance Corp. Bank of NEW CASTLE, VIRGINIA Tazewell County

Tazewell—North Tazewell METOMPKIN BANK & TRUST CO. Bluefield, Virginia Westgate Shopping; Center Member FDIG

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Founded 1878 PAGE SIXTEEN VIRGINIA RECORD Commissioner of Banking Thomas D. Jones, Jr. {Continued from page 6) The Peoples National Bank Capitol where Virginia's banking laws are made nor even toward the section of Leesburg of Main Street where are located some of the largest banking institutions in LEESBURG, VIRGINIA the state. From his headquarters, Commis• sioner Jones supervises the work of Member F.D.I.C. & Federal Reserve System more than 30 examiners, assistant ex• aminers, junior examiners, clerks and Established 1888 stenographers. They are the men and women who help him keep a finger on the pulse of Virginia's state-chartered banking institutions, 824 in all with resources of more than $2,650,000,000. These include banks, savings and loan THE BANK OF WESTMORELAND, INC. associations, small loan licensees, indus• trial loan associations and credit COLONIAL BEACH, VIRGINIA unions. There's not a state-chartered bank OFFICERS: in Virginia with which he's not familiar \V . D. WILLIAMS, President WILLIAM H. BERKELEY, Cashier nor are there many bankers he doesn't JAMES LATANE, Vice Presidi nl MRS. JEAN C. JONES, Assistant Cashier know, but like Virginia bankers he GEORGE MASON, JR., Vice Pres. & MRS. BROADDUS E. ALLEN, Assistant tends toward conservatism when he Counsel Cashier starts talking about the particulars of J. CLINTON MOSS, Vice Pnsidt ut MRS. JESSIE D. HALL, Assistant Cashier his field. He likes to double-check his JULIAN C. CARUTHERS, Assistant Cashier answers but knows exactly where to lay his hands on the source of a BRANCHES: statistic. Moreover, he readily admits he doesn't know all the answers him• The Bank of King George, ROBERT T. HERBERT, Cashier self and mistrusts anyone who claims The Bank of Callao, MRS. NETTIE C. FARMER, Cashier that talent. The Farmers Bank of Hague, ADALER B. COATES, Cashier Jones sees the function of his oflice The Bank of Dahlgren, EUGENE H. SULLIVAN, Cashier as that of helper to both banks and the public — helping the banks to avoid DIRECTORS: L. A. ASHTON, JR., E. HUGH GOULDMAN, DR. C. Y. the pitfalls that could lead to trouble GRIFFITH, J. CLEVELAND GRIGSBV, JAMES LATANE, GEORGE MASON, and protecting the public against any• JR., J. CLINTON MOSS, CALVIN G. SANFORD, ASHBV B. STROTIIER, thing that could lead to failiue of a W. D. WILLIAMS. bank. But in his opinion Virginians have

Insured Savings Grayson Home National Bank CURRENT Loans RATE

Supervised by Virginia "COMPLETE BANKING SERVICE ANNUM Bureau of Banking

SINCE 1900"

viRGiNiAry MEMBER F.D.I.C.

INDEPENDENCE, VIRGINIA LOAN ASSOCIATION IIO.OO 302 E. GRACE ST. RICHMOND, VA. to tell the Virginia Story OCTOBER 1965 PAGE SEVENTEEN little to fear and much for which to be thankful. As he sees it, bankers are The National Bank of Freclericksburg "pretty sophisticated businessmen who know what they're doing." They have Fredericksburg, Virginia great integrity and want to see their banks progress and serve their cus• 1865 OUR 100TH YEAR OF SERVICE 1965 tomers. A sparsity of complaints from Full Service at Two Locations the public about various banking in- siiiiiiions attests to the high standards Main Office Bianrh Offu i of banks and bankers. He's always found bankers to be friendly and un• 900 Princess Anne Street ^^^^ Shoi)ping CvnU i derstanding. "You can be yourself with bankers as you can with anybody else." WALK-IN WINDOWS — PARKING FACILITIES — DRIVE-IN WINDOWS Jones brings to his post nine years' experience with the Bureau of Banking and a total of 20 years with the State Corporation Commission, the depart• Bank of Goochland ment of state government imder which the Bureau functions. He first joined the Commission staff in 1945 as an We invite you to use our Bank-hy-Mail Service examiner in the Bureau of Insurance and later was made one of several MEMBER OF FDIC Deputy Commissioners of Insurance. On September 1, 1956 he was named Deputy Commissioner of Banking GOOCHLAND, VIRGINIA where his primary job was supervising the work of the examiners. Once a year every bank and every branch of every bank must be examined and when the examination is that of a par• ticularly large bank, everyone gets called into the field, even the Deputy VIRGINIA BANK & TRUST CO. Commissioner. Jones drew on his ex• perience gained as an insurance ex• aminer shortly after joining the bureau 'The Bank of Personal Service' of Banking and soon was at work busily counting money in a teller's cage, the first step in an examination. As he finished putting away the coins DANVILLE, VIRGINIA and bills, the teller at his side turned to another and said gratefully, "He's found our three-cent error." {Continued on page 20) THE BANK OF PHENIX TE B PHENIX, VIRGINIA OF Serving Charlotte County Since 1912 i^SVIl Member Federal Deposit Insurance Corp.

Covington National Bank "A Good Place to Bank Since 1891" MEMBER FDIC AND FRS KEYSVILLE, VIRGINIA COVINGTON, VIRGINIA Two PLAGES TO SERVE YOU : Main Street & Court Avenue Member F.D.I.C. Drive- In & Walk In Office: Main St. & Lexington Ave. AMPLE PARKING

Founded 1878 PAGE EIGHTEEN VIRGINIA RECORD THE PEOPLES BANK The Peoples Trust Bank AND TRUST CO. Member Federal Deposit Insurance Corporation EXMORE, VIRGINIA 4% On Savings A Friendly Place to Bank OFFICERS Charles M. Lankford, Jr 4/2% On New Car Financing ,, , _ President M. J. Duer. Sr. Pfarold A. Mapp Vice President Exec. Vice Presidf.nt MEMBERS: William P. Sherkey Soule F. Arnold F.R.S. and F.D.I.C. Cashier Ass't Cashier BOARD OF DIRECTORS K. C. Johnson CHASE CITY VIRGINIA W. E. Walker, II B. T. Tankard M. J. Duer, Sr. L. J. Kcllaiu I. Ashby Turner Joliii C. Mapp C. M. Lankford, Jr. R. N. Walker

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PENNINGTON GAP—ST. CHARLES, VIRGINIA I5LACKSTONE, VIRGINIA Member Federal Deposit Insurance Corporation

SOUTH BOSTON BANK CITIZENS BANK AND TRUST COMPANY OF "Service Through Progress" POQUOSON

SOUTH BOSTON, VIRGINIA Member of Federal Reserve System Member of F. D. I. C.

MEMBER OF F.D.I.C. POQLIOSON, VIRGINIA

i HI FIRST NATIONAL BANK 1 ^ SOUTHSIDE BANK OF BASSETT, VA.

Member FDIG Offices in Bassett and

Collinsville, Virginia TAPPAHANNOCK, VA.

Member: FEDERAL RESERVE SYSTEM Member: FEDERAL DEPOSIT INSURANCE CORPORATION ESTABLISHED 1910

J to tell the Virginia Story OCTOBER 1965 PAGE NINETEEN Jones is a native of Richmond. He was educated in Richmond public schools, attended Randolph-Macon College and was graduated from T. C. Williams School of Law of the Univer• FARMERS & MERCHANTS sity of Richmond where he was a mem• ber of the McNeill Law Society. He is STATE BANK also a member of Kappa Alpha Order. He came out of law school in 1935, worked for a while, took a brief fling MEMBER OF F.D.I.C. AND F.R.S at practicing law in 1939 and then worked in another field until \Vorld War II when he served in the Army. Jones is not a "joiner." He is a mem• FREDERICKSBURG, VIRGINIA ber of Reveille Methodist Church and of the National Association of State Banks with membcrshij) in all .50 states and Puerto Rico. He served the as• sociation as secretary for three years and also as a member of its executive SERVING THIS AREA SINCE 1903 committee. He always attends its an• nual conventions, including the one last year in Puerto Rico. He also was a member of a special BANK OF BLAND COUNTY seven-man commission to study matters relating to industrial loan associations Total Resources $3,000,000.00 in 1959. A soft-spoken, mild-mannered man, BLAND, VIRGINIA he prefers to spend his spare time doing things with his hands or in quiet pur• suits. He is an avid reader of fiction Member F. D. I. C. and biography with the emphasis on DEPOSITORY FOR FEDERAL, STATE AND COUNTY FUNDS historical subject matter. He likes to write "what I think is funny but no one else does." His ofT- beat, lunnorous efforts still await pub• lication but his writings are more for his own amusement than for public consumption anyway. He still laughs when he recalls the reaction of a young THE BANK OF HALIFAX friend of his son who, upon reading a wildly mixed-up xcrsion of ronteui- porary history, expressed aina/ement: MEMBER FDIC AND FRS "Gee, Tommy. I didn't know your dad knew that much about history." HALIFAX, VIRGINIA For the past 12 years Jones, "the putterer," has been putting his wood• work and carving talents to work on a 75-year-old house at Hanover Court SERVING HALIFAX SINCE 1886" House. There've been siding boards to rejjlace, the kitchen to do over, walls to paint. He's also found time to restore Model-A Ford and to be "an indiflc ent stamp collector." Jones is married to the former Miss FARMERS BANK Ruth Riss of Ri( hiiioiid and lliey have| two children—Thomas David III and WINDSOR, VA. Kathryn Riss.

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PAGE TWENTY VIRGINIA RECORD Founded 1878] BUREAU OF BANKING [Con tinned from page 11) Corporation Commission, known mission, determination of need 650,000,000. That's big business as the State Banking Division, and ability to function success• in anyone's language, and it takes but really an expanded extension fully through study and reports a lot of manpower to oversee and of a state function that goes back of the Bureau of Banking's exam• supervise these firms. With all to the early 1800's. Banks for• iners and, finally, issuance of the the work of examining these in• merly were required to file re• certificate to commence business. stitutions falling on the Bureau ports with the General Assembly. All these institutions also are of Banking, the examiners are Later the reports were sent to subject to the Bureau's once-a- chosen with care. After all they the state auditor and then to the year surprise examinations. The have to know a lot—law, bank• State Corporation Commission. examinations are basically the ing, real estate, accounting, in• There are many bound copies of same as for banks, and examiiu r vestments. The Bureau seeks men bank statements filed before the check to assure that the pre• who are college graduates or who Civil War and one of the earliest scribed interest rates are not ex• have had banking experience and in the Bureau's ai( hixcs is that of ceeded. By the same token, offi• all still must undergo consider• the Bank of the Valley for 1833. cers of the institution are just as able field training. Some men As the years passed, banking careful to see that the rates with marked potential also are laws became stricter and their charged are not in excess of the sent to special examiners' schools ( iifoK ( nicnt more stringent. By l( L;al ones. So scrupulously are held throughout the nation. the rate limitations met that the 1910 it had become too much to The examiners work under the be handled as part of the genei iil, BiiK au of Banking receives \ rrv supervision of Commissioner of few complaints from the public. over-all activity of the State Cor• Banking Thomas D. Jones, Jr., poration Commission, and a s(^p- The legal rate of interest in w ho is assisted by the Deputy arate bureau was establi.shed to \ iininia is at the rate of six dol• Commissioner, Ralph S. Jessee. operate under control of and at lars upon 100 dollars for a year, The senior examiners are O. the pleasure of the SCC commis• and proportionately for a greater W. Andrews, E. M. Brown, J. J. sioners. These commissioners are or less sum, or for a longer or Cobbs Jr., D. E. Hudgins, D. E. Ralph T. Catterall, Jesse W. Dil• shorter time. Neblett and W. M. Wagoner Jr. lon and H. Lester Hooker. Wil• Banks may charge up to the The supervisor of small loan com• liam C. Young is clerk of the legal rate of interest in advance panies is Walter W'iirhtman who Commission. on the entire amount of an in• is assisted by W. S. King Jr, stallment loan and also can B. C. Garrett, III, is supervisor Jones is the seventh man to charge a 2 per cent investigation of credit unions and H. A. Un• head the Bureau of Banking. He charc^e on loans not exceeding derwood is supervisor of savinsis succeeded Logan R. Ritchie who $1,000. and loan associations. ivtired June 30 after serving There also is a 6 per cent limit since 1951. Ritchie's predecessors There are seven assistant ex• NNcre Milton R. Morgan (1939- on savings and loan association aminers—W. E. Adams Jr., W. loans with one exception: on 1951) and M. E. Bristow (1938- M. Belcher Jr., T. D. Martin, 1939). home improvement loans the as• G. B. Sullivan, L. S. Trueheart, sociation may charge and collect B. W. Wilkins and D. T. Zent- Bristow actually headed the in advance the entire amount of meyer. Bureau for 15 years but with interest. The junior examiners are J. A. varying titles—Commissioner of Credit unions are limited to Bowman, A. J. Carter, R. H. Insurance and Banking (1930- charging one per cent per month Douthat, H. L. Ford Jr., C. L. 1938), Chief Deputy to the Com• on the unpaid balance. Gregory Jr., D. G. Lewis, K. G. missioner of Insurance and Bank• Small loan companies may not May, J. M. O'Connell, J. R. ing (1927-1930) and Chief Ex• make any loan for more than Peery, D. A. Rhodes, R. G. Stu• aminer of Banks (1923-1927). $600, for which they may charL':c art and F. E. Wilkins. In the beginning, the Bureau's 2.5 per cent per month on the On the distaff side—Commis• executive was known as the Chief unpaid balance on the first $300 sioner Jones calls them "my in- Examiner of Banks. C .C. Barks- and 1.5 per cent per month on dispensables" — are Thelma B. dale was the first, serving from sums over $300. Greenwood, who is administra• 1910 to 1919, and he was suc• There are today in Virginia tive assistant; Anne B. Arritt, ceeded by John T. Garrett (act• 824 offices operated by institu• Joyce A. Porter and Harriet H. ing, February 16, 1919 to March tions under the supervision of the Tignor. 9, 1919), J. H. Pinner (March State Corporation Commission's The Bureau is now in its 55th 10, 1919-April 30, 1919), F. B. Bureau of Banking. These insti• year of existence. It was created Richardson (1919-1923) and tutions have assets of almost $2,- in 1910 as a division of the State Bristow. • to tell the Virginia Story OCTOBER 1963 PAGE TWENTY-ONE Shenandoah Covmty H. E. KeUey Banli: of Bank and & Co., Inc. Clarke County Trust Company

PACKERS Member F. D. I. C. Serving Clarke County and KELLEY'S WHOLESOME CANNED VEGETABLES Adjoining Area Since 1881 WOODSTOCK, VIRGINIA SHIPPERS

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Founded 1878 PAGE TWENTY-TWO VIRGINIA RECORD "Ill Fares The Land" (Continued from page 3) Virginia's palmiest days of the 18th Century. I think we read so much ANOTHER APLITE ROOFING JOB.. about the South's reacting to the Civil War that we forget Virginia had a history as a Colony longer than the history of the United States. There's three-and-a-half centuries of a society formed in its mould before the current mainstream was ever heard of." After a moment of brooding silence, my young friend blurted out, "What are they talking about?" This question still hung in our minds when we arrived at the college where I was supposed to define the Southern identity. This college was founded be• fore the Revolution and its students still affect an old-fashioned costume: they wear tic and jacket, sometimes a suit. With the young men in their quaint dress against the background of old buildings of mellowed red brick, AVED ALMOST 80% where the only glass was in the vine- draped windows, the tranquil scene Fiosboro Elementary School, Martinsville, Virginia. seemed almost of the era of Carters- Architect: J. Coates Carter. Roofing Contractor: Helms Roofing Corporation. ville. Yet, such was our conditioning, here's how—The architect selected IMC Aplite. Aplite is fast that we furtively inspected the gath• becoming the No. 1 choice because it is a superior roofing chip with ering at the reception for the stigmata many benefits. of racism and bigotry. However, the students, like the faculty and the fac• • Costs only $6.50 a ton in bulk truckloads, f.o.b. Piney River, Va. ulty wives, were blandly decorative as well as charmingly courteous. • Applied Aplite saves at least $2.00 a square compared to other chips. I discovered myself caught between • Locally produced at Piney River, Virginia. the conflicting impressions we received on the scene and those that filtered • Aplite can save you additional money if picked up by your trucks. through to us from—what at least • Attractive off-white in color. seemed to be—a systematized distor• tion. I know that we are defensive. We • Reflects on a par with other accepted roofing chip materials. would defy all the psychological laws • Uniform size—minus Vi" mesh, plus Y4" mesh. of the mechanisms of human behavior if we did not react defensively against • Readily available in any tonnage. threats to our known identity. But exactly what was the effect on us You can make these savings, too. Just call us at Piney River,Virginia, of this defensiveness? CRestwood 7-5272. At one time it was clear to see that in defending its identity, the known INTERNATIONAL MINERALS INDUSTRIAL MINERALS DIVISION nature of its character, Virginia made ADMINISTRATIVE CENTER • SKOKIE, ILLINOIS & CHEMICAL CORPORATION sacrifices in material progress and in IMC those cultural aspects interrelated with

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to tell the Virginia Story OCTOBER 1965 PAGE TWENTY-THREE financial abundance. But now that Vir• ginia forges ahead in industrialization and shows steady gains in all the in• MIDDLETOWN STATE BANK, INC dices which represent material prog• ress, a certain ambivalence has ap• Member: Federal Deposit Insurance Corporation peared in the identity it defends. In various areas Virginia seems to commit MIDDLETOWN, VIRGINIA itself to competition in standards of quantity—standards of quantity that Shawnee Branch — Winchester, Va. have become prevalent in the United States as inner values have been de• Stephens Cit>' Branch — Stephens City, Va. based and lost. It is as if Virginians have imbibed the elixir of the modern medicine show, "Johnson's Great So• ciety." In the atmosphere of a college which had retained its own standard of val• Banlc of Charlotte County ues, we—my young professor friend^ and I—were most struck with the rush DRAKES BRANCH, VIRGINIA of quantity values in the field of educa• tion. Now that education has become' Prompt, Courteous, Confidential and Efficient Banking Service a burning political issue, there is rush of talk about immediate solution by Member Federal Deposit Insurance Corporation quantity — quantity of dollars and buildings and students. The prospective Phone 568-3301 students are not seen as individuals to educate toward the ends of fulfilling their potentials ("self-realization") and of contributing to the humanistic prog• ress of their society. They are faceless, anonymous digits of computer values, Southwest Virginia National worked out to solve the "problem" of the "explosion" in the college popula• tion. This is a "problem" that is to be Bank met instantly by the expenditure of dollars. If this represeiUs one aspect of "Let Our Bank Be Your Bank" Virginia's values, then the identity is changing according to the old maxim about the acceptance of evil: it is first POCAHONTAS, VIRGINIA endured and then embraced. If Virginia is to retain its humanistic values, the education of its future cit• 3ra^; ases; 5^es.;sse-;; ::>5e< ss«^; ;>5e^: >5«< y^:wm:'m izens cannot be regarded as a problem; and if Virginia is to express its con- .servative character by avoiding the in• stant panaceas of crash programs for BANK OF BUCHANAN the immediate emergency, its leaders

BUCHANAN, VA, Cumberland Bank & MEMIU-R FDIC Trust Company GRUNDY, VIRGINIA

-j^- 3>seisi -^^^^mm^m^:^^::?^. SfSeis :;>a5<: ;j>3es; BRANCHES AT CLINTWOOD, HAYSI AND OAKWOOD, VIRGINIA PEOPLES BANK OF EWING

RESPONSIBLE SERVICE FOR LEE COUNTY CITIZENS CHESAPEAKE COMPLETE BANKING FACILITIES BANKING Member Federal Deposit Insurance Corporation COMPANY EWING ROSE HILL VIRGINIA LIVELY, VIRGINIA

PAGE TWENTY-FOUR VIRGINIA RECORD Founded 1878 will certainly have to stop thinking in such cliche terms as "explosions," for populations and the college popula• tions. THE THE BANK We are not confronting any ex• plosion: we are confronted with funda• ' NATK OF mental, irreversible change. When Vir• ginia was founded, the world popula• BANK NEW HOPE tion rate of increase was barely one half of one per cent. Not until 1900 Member: F. D. I. G. Member FDIC did the rate of growth approach, Federal Reserve System though not rea( li. one per cent. Then NEW HOPE, VIRGINIA in 50 years the rate of growth rose FARMVILLE, VIRGINIA to 1/2 per cent, today it is at 13/4 per cent and continuing to rise. As Julian Huxley })ointed out, seen in terms of compound interest this rate of growth is only beginning to make Bank its effects felt. While the world's population dou• FIRST NATIONAL bled in the past 80 years, it will require of less than 40 years from now for it BANK to double again. People now under 35 can reasonably expect this geometrical Natural Bridge increase reflected in Virginia in their FRIES, VIRGINIA lifetime. To stick with education as an Natural Bridge Station, Va. ^example, how will the present cry for more money for more buildings to ac• commodate more students relate to the Resources in excess of Capital and Surplus turn of the next century, the veai $2,000,000.00 2.000? $250,000.00 For in all the quantity programs, 4% and the indices that mark material progress, there is a total absence of any goals for the future. What does Vir• ON CURRFJ^T SAVINGS ginia want for and of the future cit• MEMBER FEDERAL DEPOSIT izens whose education is now part of INSURANCE CORPORATION ON CERTIFICATES OF DEPOSIT the political fray? What does Virginia want of all its citizens tomorrow? Be• Member Federal Deposit fore this oldest community of English- Insurance Corporation speaking citizens on the North Amer• ican continent dances to the piper's tune of quantity now, with money ad• vocated for instant solutions of prob• lems isolated from the context of the UNION BANK & TRUST COMPANY whole society, we would do well to ponder two lines written by Oliver '^roldsmith nearly 200 years ago: Tour Best Financial Friend' "111 fares the land, to hastening ills a prey. Member: FDIC and FRS Whose wealth accumulates and men decay." AMELIA, VIRGINIA

Planters Banlc & Trust Co, PEOPLES BANK of Farmville OF GRETNA ESTABLISHED 1867 MEMBER F. D. I. C. FARMVILLE, VIRGINIA The Bank Where You Feel At Home'

GRETNA. VIRGINIA Member F. D. I. C. and Federal Reserve System to tell the Virginia Story OCTOBER 1965 PAGE TWENTY-FIVE Virginia Business Review INDEX TO ADVERTISERS (Continued from page 14) — A — — M — project work at this 40th anniversary convention. The Asphalt Institute. 2i\ Metompkin Bank and Trust Company 16 Thirty-two Future Farmers of Ameri• — B- ca and 4-H Chib members have been Middletown State Bank, Inc 24 awarded free trips to the convention Bank of Bland County 20 — N — and a chance to participate in a special Bank of Buchanan 24 youth program. Features were to in• Bank of Charlotte County 24 The National Banlf clude an awards luncheon, a tour of Bank of Clarke County 22 of Fredericksburg. 18 the Natural Bridge, a "Know Your Ex• The Bank of Craigsville 16 hibitor" contest with the chance to win Bank of Goochland 18 — O — merchandise prizes, a panel discussion The Bank of Halifax 20 and some poultry demonstrations. Bank of Lancaster 3 The Old Point National Bank The young delegates, guests of the The Bank of Lunenburg 15 Poultry Federation for the annual The Bank of Marion 15 of Phoebus 161 Federation banquet and the dance that The Bank of Nansemond 22 — P — follows on Tuesday evening, were to The Bank of Natural Bridge 25 be feted again at the Presidents' Break• The Bank of New Hope 25 Patrick County Bank 15 fast Wednesday. Bank of New River Valley 15 Peoples Bank of Ewing 24 Dr. C. E. Howes, head of the poultry The Bank of Phenix, Inc 18 Peoples Bank of Gretna 25 department at Virginia Polytechnic Bank of Powhatan 15 Peoples' Bank, Mount Jackson 4 Institute, assessing the opportunities for The Bank of Southside Virginia.... 22 The Peoples Bank & Trust,,Com• Virginia in the years immediately Bank of Speedwell, Inc 16 pany of Chase City...:... 19 ahead, the first session with Godwin. Bank of Tazewell County 16 The Peoples Bank of White Stone.... If^ Hosts to the youth delegation Tues• Bank of Warren 15 The Peoples National Bank day were to be Ralston Purina Co. and The Bank of Westmoreland, Inc 17 of Leesburg 17| Blackstone Fuel & Supply Co. Peoples Savings and Loan Assn. The Wednesday morning program of Alexandria 4j was to inchide 4-H demonstrations by Chesapeake Banking Company 24 The Peoples Trust Bank, Exmore. .. 19 Carlton Procise. Nottoway County, and Citizens Bank of Poquoson 19 Piedmont Airlines 27 Ann Deaton, Covington. Andy Rey• The Citizens Bank, Inc., The Planters Bank of Bridgewater 16 Planters Bank and Trust Company nolds, associate state 4-H Club leader, of South Hill, Va 4 of Farmville 251 was to serve as moderator of the panel Citizens Bank and Trust Co. discussion, entitled "What's Next for of Clarksviile 4 Portland Cement Association 27 Youth in the Poultry Industry?" Panel• Covington National Bank 18 — S — ists included FFA members Roy Lay• Cumberland Bank man Jr., Dayton, and Daniel Wayne and Trust Company 24 Good, South Boston. 4-H members are Security Bank and Trust Company 27| Mel Oliver, Crewe, and George Worley, — F — Shenandoah County Bank Natural Bridge. and Trust Co 22 Falls Church Bank 16 Snow, Jr. & King, Inc 22 The Farmers Bank South Boston Bank of Edinburg, Inc 4 and Trust Company 19 I'm iiKMs Bank of Mathews 26 Southside Bank H FARMERS BANK Fanners Bank, Windsor 20 Southwest Virginia National Bank 24 The Fanners & Merchants Bank State Bank of Keysville Iq OF of Craig County 16 Farmers & Merchants State Bank.. 20 — T — Tlic Fidelity National Bank, MATHEWS Blackstone 1^ Tazewell National Bank 1^ First and Citizens Bank 15 First National Bank, Bassett 19 — U — MATHEWS, VIRGINIA The First National Bank, Farmvillr 25 Union Bank and Tmst Company First National Bank, Fries 25 of Amelia 2! Union Bank and Trust Company, Bowling Green 23 The Grayson National Bank 17 — V — — I — Virginia Bank and Tmst Company If International Minerals & Chem• Virginia Mutual Savings MEMBER icals Corp 23 & Loan Assn li FEDERAL RESERVE SYSTEM — K — — W — FEDERAL DEPOSIT INSURANCE H. E. Kelley & Co., Inc 22 Roy Wheeler Realty Co 2( CORPORATION — L — T. W. Wood & Sons I Lee Bank & Trust Company 19 Wythe County National Bank 2' Founded 187i PAGE TWENTY-SIX VIRGINIA RECORD Security Bank and Trust Company More 524 Main Streel Branch Branch and Riverside Clenter Ballon Park Center more... 'Lar

DANVII.LK, VIlUilNIA

rely on Piedmont

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An organization to improve and extend the uses of portland cement and concrete Next time specify modern Deep-Strength Asphalt-base construction.. • THE ECONOMICAL ANSWER to cracking low-type cement bases (soil-cement and cement-treated bases) is modern Deep-Strength Asphalt construction. In addition to being stronger and more durable, as proved in the AASHO Road Test, modern Asphalt-base pavements can be built faster and easier and are less costly to build and maintain. They also are water- and frost-resistant, do not lose strength during the critical spring-thaw period, and they are un• harmed by de-icing salts.

and end expensive crack reflection problems.

CEMENT BASE BREAK-UP is usually the real prohlcin at the bottom of crack reflection. Cement-treated bases develop shrinkage cracks which eventually retlect through the protective riding surface. As these cracks increase in number and size, surface water enters, thereby causing more *A«;phalt-surrace on Asphalt-base. distress from instability and free/e-thaw action. Stronger, economical all-Asphalt pavement construction in the tirst THE ASPHALT INSTITUTE place is the common-sense answer to all road- and street- building problems. 1901 Pennsylvania Ave., N.W.,Washington, D.C. 20006