Newspaper Page Text
THE DISPATCH FOUNDED 1SHL
THE TIME* FOUNDED ISM.
RICHMOND, VA., SUNDAY, OCTOBER 6,1912.
PRICE FIVE CENTkV
REAL ESTATE HD
Beautiful Weather and
SOME LARGE SALES
West End Investments Turn
Out Good Profits?Whole
Block to Be Built Up?Ac?
tivity Along Seventh snd
Eighth Streets About
Grace and Franklin.
Cloudless skies, invigorating breezes
snd fair snd seasonable weather gen?
erally came last week, and these. In
?pits ot a so-called "tight money
market," had an exlleratlng effect on
real estate buyers and speculators and
Investors, and likewise on the. agents.
This combination of cause and effect
resulted In some big deals being pull?
ed off. some old string hangers being
closed up and new started which will
bear good fruit In the near future.
The buying and selling and the trad?
ing and swapping were not confined
to any favored section, but was gen?
eral and well scattered throughout the
entire city and all of the suburbs, and
all classes of property were Involved.
All of the agents were In an optoir.ls
tlc mood. It Is true that some of them
wers a little "down In the mouth" be?
cause certain, deals they had on the
string did not drop off "before the fair,"
in the completed state, as they had
hoped, but they know or think they
know that they are going to drop soon?
er or later, maybe the week after the
some Iaflated Ideas.
Ons agent, who was suffering some?
what with this trouble relate an ex?
perience which speaks for Itself.
said he had certain property listed with
him for sale at a given price. He had
an offer within a fraction of the price
named and submitted the same, think?
ing that the holder would almost cer?
tainly concede the fraction, but to his
utter amazement as. id holder not only
declined the offer, but advanced the
list price nearly 50 per cent and his
vision of commissions on a $25.000 deal
vanished like the mist of the morning.
There is undoubtedly an active demand
for Richmond real estate, snd there is
plenty of money ta be invested In it.'
but It Is Just as true that very many!
holders of such dirt have had their j
ideaa of the value of the same too!
much inflated, snd this class of hold-,
ers are mortal terrors to the hard
Interest ins bales Had*.
Perhaps the most interesting, if not
the most important sale of the week,
was that of the entire block of land;
bounded by Grove Avenue, the Boule?
vard. Floyd Avenue and Mulberry
street. This sale was made by J.
Thompson Brown A Co. to the Davis
Land Company, Incorporated, for the
sum of ?57.50?. The purchasers of
this property are perhaps the largest
operators in the building business in
this part of the South, and they ana]
already maturing plans to erect on the!
block modern brick dwellings, and this!
work will require the further invest-1
men; of over flOu.OOO. This block im.
diagonally across from the Soldiers''
Home, snd is now ripe for just such
Improvements as the Davls's contem?
plate. The ground that figures in this
transaction wss acquired about fifteen
years ago by Lewis H Blair for some?
thing less than 120.000. and the price
that Brown ds Co. obtained for It last'
week Is but another evidence of the
advance In real estate values In the
West End Mr. Blair, knowing a good
thing when he saw it, has from time
to time refused flattering offers for the
Mock aa a whole, but that may have
been because he at one time thought
ef building on It for his own nee. J
Thompson Brown a Co. placed to re?
cord a deed from Sarah F. Scott's estate
conveying to Mr Blair the handsome
lot fronting 10$ feet, corner of Monu?
ment Avenue and Davis Avenue. The
presumption is thst Mr Blair purposes
to build there and hence his willing?
ness tn part with the Grove Avenue
Mock. While the consideration named
In this deed was nominal, the State
tax assessed on its recordstlon Indi?
cates that the consideration was about
Brenn A Co. also report the sales of
thirty or forty West End lots situat?
ed on Claiborne. Winder and other
streets, and some other properties run?
ning their total for last week up to
a?t<iat Large Tiaaaaitlsan j
J. D Ca meal a Son report business,
fairly good, snd among the sales they
madp last week were the following:
SIS North Second Street, for $7.750.
Si* North Madison Street, for $11 0?*:
t* North Eighth Street, for $1?.???.
1*0 feet of ground on Grove Avenue,
for ST.StO. and smeller properties that
ran their total up to s little over $$?.-'
Raab a Co. report sales very good for
the week past. They sold for Charles
gad Allen St ras* IS*.*** worth of good
dirt in the nelehborhood of Twenty
flrat and Msia Streets. TheT also sold
for Mrs. Cera Selaer. the property at
the comer of Hancock snd Marshall
Streets, and also several dwellings in
the West End. their total salon for the
week footing up about $7?.*e*.
The largest single sale of the week
aims In the shank end thesnof. Tes?
te May morning J. A. Connelly a Co.
antd fee Richmond Moore and Ralph
Levy the pteptrty at the Southeast
corner of Seventh and Grace Streets to,
Robert a Ban fee $???*? cash, Moore
and Levy bought this property less
than sixty day* ago for considerably
Ves than the price they obtained for
ft yesterday. Ceaneriy a Co made',
another pretty good sate the past week
when they antd t* T. Ellwno? Tragte
?he Albamrrn Hotel property at the)
Pssfasset corner off attgwth afnf Fmnh
Bn Streets far
EVERYBODY GOES TO STATE FAIR THIS WEEK
THE BIG EXPO. BUILDING WIIX BE FULL.
an? TTKmraopr wax behebe.
THJE ?IC AfTliU W'MhJW THBKJ?
THK HACK HORSES WIIX STE TWHMS.
Country Folks Will Teach as
Well as Learn at State
ALL-ROUND WORK OF FARMER
Story of Few Ears of Corn and
Small Sample of
BT J. * BELL.
Aside from the amusements and other
features of a hie fair (sod they neces-|
eerily are manifold), there Is a serious'
side to an exhibition of the native of
the great State Farm to start to?
morrow, that might weU be consider?
ed by all who attend, and this feature
ehould not be overlooked this year.
To the casual observer the generous
display of farm products may excite
only a passing interest- Well, It
might not be out of place to say that
a small pile of select seed corn, for In?
stance, has cost the farmer who sent
it coneiderable time and trouble, rep?
resenting, in a way. twelve months of
preparation. The land on which the
corn was planted may have been
broken up in November. 1911. The soli
prepared for planting, the following
spring, the corn worked during the
su-r.mer months. and on these
symetricsi. in fscL almost perfect ears,
sre probably selected as the best out
of a field of many thousand. Then they
must be husked, aired ouL and later
on sent to tbe association who would
exhibit them. So much for last one
sample of corn
Aad She Weed. Tee.
Now take a flae sample of sun-cured
tobacco. The writer was sever a to?
bacco raiser, so will not expose his
Ignorance in trying to tell exactly how
much time It takes from aped bed
work to putting a blue ribbon sample
of the weed oa exhibition, bat I have
traveled among and stayed with sac
reasfrji Virginia tobe ceo growers, aad
know that when a man has raised a
crop he hss earned bis money.
So It goes with every class of farm
product Time, patience, thought aad
cash have bean expanded In raising
and preparing them for exhibition.
%M^9fTfMfty **f % Insllssyenw l^lrVestasaasttspV
I am sure there will be many visi?
tors to our fair wbo. coming frees eth?
er States, heee made their homos with
us. having bought farms In the Old
Dominion Numbers of tht%e new tern
era have mast probably net been la
this State for e saSjctent length of
time to realise the fact that Ttrgtnia
offers ss the enterprising farmer s
chance to raise as great a diversity
ef crops of sQ kinds as could ssssIHj
he raised any w her? la the ftsagsi its
ton* Orasses. grains, fruits sad vege?
tables, sample? ef an eMl he seen that
weald do credit to any State In the
i-nion. sad It would he very hard for
any ether one State to tmt slab this at?
tractive display, owing to the fact that
'the tapeeriaphy off ear State radteatee
ACCOUNT IS 6 0 0 D
Starts Month in Great Shape, j
I Banks Taking Care of I
I the Crops.
J The flau.*? sent out from Washing-'
I ton snow that Uncle Sam opened his |
October account with a $so.oi3,49*
I working; balance la the treasury: a I
public debt decreased by S211.5SO dar- i
ing September, and with customs re- J
I ceipta raatsly increasing as the male
feature of the monthly Aguces.
I The Snal reports for September
! showed total receipts of fS5.CS2.55?.:
disburemont of SSf.44d.3SS aad a to-'.
! tsl balance la the general fund ot
I Si4t.S4C.fls. The total customs re
I estate were S37.47S.l27. an lacreaee of
I2.72S.S1S over September, ltll. bat
j the Internal -revenue receipts, not in
iciudtnc the corporation tee. fell |f>
j 725.C52 below the S3f.ll7.C73 of S|
' rear ego. The total disbursements j
'overran tan rmlpts by nearly |S.-1
? ???.ans, against an excess of nearly
I2.eee.sa? hi receipts over expenditures'
in September of last year, a difference j
die la pan at leant to belated ap?
propriation legislation. National |
: banks win not. far tan present, at]
leant, hare any of the talked-of f2?.- ?
seo.eef fig es Ks of public fand* to eat
j ta the mo v sans at of the cross Sucre- j
tery XacVeaga and ASffslasI Secre-1
tary ? Her have decided that the
; banks are fnOr ante to cone ?im the
situation, gifassi bets from the
I treasury T?ll I were twenty national
banks authorised to begin baetessa
daring Statsgstll. with an eethorlsed
lagWnl of SLfSaSSS. making a total
of 7.432 banks doing bentneee to-day
with an aggregate capital of Bl.esc
TTMSS. Thn CaJtad States miats
eetaen ad JevfSS ta aanjeany^SsSbxra ^jjj^ I
CENSUS STORY OF
Population and Industries of the
Incorporated Towns Show
Well by Cornpariaon
?r THor**wr.ix hatnbs.
A very remarkable fact about the
population of Virginia, tbe oldest of
the "Original Thirteen.- aa revealed by
a study of census reports. Is that of
all the States In the Union, only avo
hare a larger per cent of Incorpor?
ated places with over lf.00* Inhabi?
tants The Old Dominion has thirty
two Incorporated towna. of which ten
have a population sirordlag 10.SOO.
These are, la their seSai of else.
Richmond. Norfolk, Rsaashc. Ports?
mouth. Lynchburg. Petersburg. New?
port Newa. Danville. Alexandria and
Staunton. Approximately, then. M
per cent of Virginia's incorporated
towns exceed le.ee* Inhabitants. Mon?
tana, la the extreme West, however,
has over to per cent, this being cal?
culated from her fourteen towna. of
which six have over a If.*** popula?
tion Next follow New Jersey. Rhode
Island. Massachusetts and Mew Torn,
the first two of which have nach 3?
per cent, and the last two *4 per cent
each. It will be noticed that each
one of these fong. with the exception
of Rhode Island, baa a greater popu?
lation than Virginia, although there
Is not such groat differences between
the figures 1.517, If? far Mew Jersey
and LfvLflS fee Virginia.
There la a more remarkable fact la
Virginia s industrial growth, 1? the
free year* frees ISSS to IMS the
number off Industrial MUtllshna isli la
the Old Doeelalen leu.I new tana
tn any ether State la the Union, with
Mew Tee*, Pennsylvania and lUlnots
excepted. Mat. In regard to nee cent
of tacreae?. the OSS Dominion ant
stripped them all. none excepted, the
numb-r far ???? bvtnc ?.1ST aad
ft? for ttl*.
Institution of Which f?chmond Is
Proud?Similar Companies !
for Other Cities.
Any proposition that is calculated
to help in the good work of building '
up Old Virginia, he it of an agricul?
tural, industrial, commercial or 11 nan- j
dal character interests the twentieth:
century hustlers who are constant.
readers of the industrial Section. Kor j
this reason ft is always a pleasure to,
point out in those columns tee salient j
festeres of sny crest enterprises thtt ?
may he assisting In the development 01!
the Old Dominion.
A brief visit the other day to the
handsome offices of the Virginia frost 1
Company in tka Travelers- Building!
brr-uaat me before a eery large group!
gists,PS of the nineteen officers sad
dire*tors of that company, every one!
of whom I happen to know personally.!
or by their successful business reputa?
tion. Ae I looked upon thle picture,
ai l realised hew mach good capital
and business sagacity and hustling
eperr y It rep ?eented, the throught
natarally occurred to me that this
body of Virgins and North Carolina
..usinees men car. accomplish anything)
In reason they ?et out to accomplish
i'.ro Is th? Iis:. I
Hfrocrt W. Jackson. president '
?ntee N Boy 1. first vtce-a. sstdmt:
M? M. Jfille-. Jr second vies-area*- |
sV? Lewis XX -?ylett. secrets v John
H. Soethan t casarer. Direct ore: K.
B. ecdieeo, ds'ator National Jtatc *-1
City Bank, raise N Beyd, prtsHsnt
rimers Ne**oael Beak. Joan'Ban j
brysa manager I. e*ph Bryan Estate. J
J. Hiwootf Cox. High Point. N. C. presl
dir.t Caensseretsl >?tlnosl Bsnk. *T j
S. rcrtses, f 1 h thee a Company.,
r. ir packers emley Herne, Claytsn.,
> C. president ? >>ton Ban kins: (ess.
. sev. Herbe: Jackson, president
ss tar Oemsat 'no. M. ktiller Jr,
vice-president First rfSHsaai Bank:
Reports From All Parts of the
Booming South Are Very
VIRGINIA AND CAROLINA IN IT
Norfolk to Have Apartment I
[Special to The Times-Dispatch.]
Baltimore. October 5.?Among the
many Southern industrial and other
developmental enterprises reported In
this week's issue of the Manufactur?
ers' Record are the following:
Kendall Lumber Company. Pitts?
burgh. Pa., purchased and will de?
velop 20.000 acres of West Virginia
coal and Umber land; has awarded
contract for twenty-mile railway, will
operate saw mill with dally capacity
50.000 feet of lumber, win open two
coal mines with daily capacity of 500
tons, etc.; about ll.0O0.0O0 to be In?
Ersklne Ramsey and George E. Mc
Cormack. Birmingham. Ala. purchase*!
Mllner Coal and Railroad Company
property at $275,*?0: property ln
c lud es $.009 acres of land. 3d bee hlv?
coke ovens. 35? houses, coal opening
with daily capscity of ??><) tons, two
other openings, etc.
Thomas R Riley Lumber Company.
Winston-Salem. X C. recently incor?
porated with $750.000 capital stock,
has purchased and win develop so.oeo
screa of timber land in Xorth C?ro
lina: plans Include construction of
railway, erection of mills and <dry
La Belle Iron Works. Wheeling. W.
Vs.. will erect additional open-heart*
furnace, construct filtration plant and
make other improvements, the cost to
Birmingham Ore and Manufacturing
Company. Birmingham. Ala-, will be
organized to develop between 3*0 and
tee acres of Iron ere property, and
reports state It ?i!| build a $5eo.eo<.
plant for rrushiag. disintegrating,
American Hardware Company. Pe?
tersburg. V? . Capitalise** at $S*?.'*?*:
will establish plsnt for manufacturing
hardware, slats sad other materials
tmed for mahiag trunks and baas
Vlrglats Dare Vineyards. Edeeton.
X. C. wis Incorporated with 140V"1
rapttai stock by Edenton an 1 Philadel?
Colonial Laad and Lumber Com?
pany. Jacksonville. X C. was incor
poratsei t? saaaufsriare by-products
of p'ne timber and Is reported ss to
hut vi a plant coat lag $1 ;?***.
Tryen Hosiery Mar.?'?-??i-tn? Com
parn. Tryon. *?? **? w** ln>o-porated
wits t?e *M enattsl ste?-k to knit
Atlas MarMfc Compenv Kn.vv.vin?.
Tegn ? WB* I IK ?Tt>OT?ted with $$*.
sen capital stork to estsMieh marble
Parrs Raa Cenl Cimpisy. absnads
vtn* W. Vn? waarb recently bnrsr
PLAN FOR SYSTEM
OF RURAL BAHKS
Davis Idea Taken Up by
HOW IT MIGHT
WORK IN VIRGINIA
Detailed Organization Proposed]
Constitutes Valuable Contribu?
tion for Those Interested
in Subject of Agricultural
Credit and Improvement
of Banking Facilities.
BY W. JT. LAI CK.
A plan for a system of rural or a***
ricultural banks for Virginia ban beset
formulated by Charles Hall Davis. Of
Petersburg. Mr. Davis's proposal has
been worked out at the request of the
Southern Commercial Congress, which
is engaged in an active campaign is
the advancement of agricultural credit?
The general scheme consists of a largo
number of local banks under local
control, with a central rural hank of
deposit and rediscount in the city oC
Richmond Mr. Davis would also have
the central rural bank act ?s? a flsr
cal agent and depository of the State.
His carefully warked out plan w ill un?
doubtedly meet with opposition front
those who are opposed to any connec?
tion or partnership between a bank*
ing institution or system and the State
government, but this connection la
more incidental than fundamental to
his scheme Aside from the relation
of rural banks to the State, the detailed
organisation proposed by Mr. Davis
constitutes a valuable contribution and
should be carefully studied by all those
who are interested in the subject of
agricultural credit and legislation foe
the purpose of improving the bank*
ing and credit facilities of the farmer.
The General Orgaalanltsa.
Virginia has 100 counties, with *?
average of four magisterial districts
in each county. The plan proposed by
Mr. Davis would permit the establish?
ment of a rural bank by the people of
any locality provided the loans and
Investmente of each bank should be
confined to the magisterial district la
which it is located. This limitation is
obviously a wise jne, for the members}
of any bank would thus be enabled to
pass intelligently upon any proposals
I or loans which would come before
them. There would be no limitation
upon the number of banks which might
be established In any magisterial dis?
trict and. as a consequence, free bank?
ing would be assured. In addition to
these local banks, there would be a
central rura bank In Richmond, the
capital and largest business city in the
State, the capital stock of which cen?
tral rural bank is to be owned by the
local rural banks.
There would be absolute freedom ha
the establishment of local rural
banks, according to the plan propjsedl
by Mr. Davis. Any number of resi?
dents or real estate owners In any
magisterial district of the State, not
less thsn ten. may on application to
the Rural Banking Department of tka
State Corporation Commission, accord?
ing to forms furnished in compliance
with the proposed law. organise a
rural bank. The capitalisation of no
bank is to be less than 15.03?, divided
into shares of a par value of $10. each.
Each share of stock Is to be entitled
to one vote, but in the event that one
person holds more thsn 10 per cent of
the stock of one bank, each holdlssi
of stock are to be deprived of a set*
ing power in excess of 10 per cent.
This provision, as is evidekt, wisely
prevents sny monopoly control of a
bank or a chain or group of rural
lnatitutione. Dividende are to he llsstt -
ed to a maximum of IS per cent pee*
annum, all profits above this aawSsxe)
to be carried to surplus.
The liabilities of stockholders tg
the same as stockholders la our na>
tional banks, or. in other
subscriber to the shares of rural hanks
la to be liable for double the antosmt
of his subscription "until the bank baa
accumulated an earned surplus equal
to the amount of Its capital and pake
Both time and checking deposits ar?
to be received, the former to receive
interest Amounts deposited may ho
as low as ten cents. County, muni?
cipal and State officials may also plana
public funds with the Rural Local
Banks. Every Local Rural Bank bs
authorized to lend an amount equal SO
its capital, surplus and undivided
!Ks and fifty per cent of Its til
posits on the security of first
gages or first deeds of trust upon
cumbered real estate, located ks
magisterial district where sack rural
bank is situated. These loans are SB
run for a period not exceeding; thfss
years. The rate of interest charged
cannot exceed by mors than one par
cent the rate offered by the beak foe
time deposits Each local bank la al?
so aathorlxed to handle other real cos
t?te loans by guaranteeing their pay*
ment to the extent of ten times lbs
surplus, capital and undivided H iSas,
Such guaranteed leans are to ran fee
a minimum period of three years and)
a maximum of |0 years. The he raw
for gnarteeing the loans shall not es*
.. i one per cent per snsum en the)
principal of the lean, and the rate off
interest paid by the borrower Is net
to exceed by more than one per cent
the amount which the bank offer* tar
time deposits AU real estate kessss
made or guarantees are net to is seed)
?? per coat of the property -sea
they are sensed according to the i
ed rets me for taxation la the SBSeSka.
teravl district la which the swat, af a
'ocated AB real estate leans asm fJM
b* sate by gradea: and eaifeem
meats So be preor-tbed by
Bashing Depart torsi.
Other than real -stare tea
b* permitted for the pearpe*
statine garr' iitural and the
of ttrm areansSSS The
at ataa "Every tonal ro?
be ssrthoTtaod he hand
par cant of ska