The Washington herald., 1922-06-13
DISTRICT BANKERS
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! DELEGATES HOLD
FAMILY DINNER
Joshua, Evans, Jr., Will
Be Named President
This Morning.
WALLER GIVES TALK
George ]. Seay Speaks on
Federal Reserve-Bar-
nard Golf Victor.

The family dinner" constituting
the main social function in the
fourth annual convention Of the
District of Columbia Bankers As
ISOLATION. occupied the center of the
stage tonight, equaling IL not sur
passing any similar event ever held
at the Springs, according to the
oldest hotel employees,
The dinner. which was arranged
under the supervision of w. w.
Spaid. head of the committee on
entertainment, was continuation
OF surprises. the best theatrical and
vaudeville talent in this vicinity
being ushered into service, besides
a large number of high class per-
formers numbered among the bank
ers' delegation. Dancing followed.
The second session of the con-
vention opened with Joshua Evans.
Jr., vice president of RIGGS Bank.
In the chair. Mr.. Evans. who will
be named president of the assocla-
tion for the ensuing year tomorrow
morning. lauded the activities Of
body and introduced w. J. Wal
| lea. past president of the Washing
ton Chapter, American Institute OF
Barking.
w. J. waller speaks.
The world war made 1t neces-
sary, according to Mr.. Waller. for
the banker of today and the future
to be well versed in general bank
-rtn l. nj ton q
and administration of bankruptcy.
contracts, negotiable instruments.
and all business relations. political
economy, corporation finance and
investments, domestic and foreign
exchange. and the complicated In
come tax. This is the purpose. Of
the Washington chapter. he SAID
referring to the large number OF
successful bank officers In Wash
ington who are graduates of the
chapter.
"The institute is striving. through
its courses, to give the education
necessary to fulfll the above-named
requirements. The past year has been
the most successful one in its history
in almost every respect" he con-
cluded.
NTON. SeOTEe y. otdy VI lne cucidi
Reserve Bank, of Richmond, followed
Mr.. Waller with an address on THE
Advantages of the Federal Reserve
System for State and Other Banking
Institutions" Declaring the system
is Of unparalleled advantage to them
and to the country. Mr.. Seay enum-
Grated the following benefits:
Praises Federal Reserve.
The right to discount eligible caper
with the Federal Reserve Bari.
Ability of members to obtain cur
rency and coin as needed free OF
all expense.
The State bank member partici-
pates in the creck collecting and
clearing facilities of the Federal Re-
serve Bank directly.
Free privilege of telegraphic trans
fer OF funds.
Receiving government securities
from its members for safe keeping
without charge.
Operation upon closer reserves.
Postal savings funds are deposited
preferably with member banks.
Supervision and examination by
Federal Reserve banks.
Transfer of funds and settlement
VI bSN" SSh bCC-
tions of the country, the handling
of the billions collected in taxes.
and floating of governmnt certih-
Gates.
Concentration of Reserves.
THE concentration Of banking
reserves Is the most valuable de-
velopment achieved in our banking
practice" Gov. Seay said. "It would
be difficult to overvalue this fea-
ture. No other recent development
in our economic life is comparable
to it. 1t is the foundation of our
banking structure. II We are to
have a system of banking, II seems
fairly clear that all the commercial
banking institutions of the country
should be embraced in that system
ard that II Is not only to the in
terest of the nation, but to the in
terest of the banks themselves that
1t should be So" he concluded.
Ralph Barnard. counsel for the
District National Bank, was re-
turned winner in the mems golf
tournament this afternoon, carrying
with 1t the handsome Hibbs cup.
The fnal Of the tennis tournament
will be held tomorrow moring, with
E1ro Gould pittAd orofput Co1ar,an