The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-03-31
WALLACE SECURED
FOR LOCAL STOCK
EXCHANGE DINNER
Agriculture Head to Make
Main Address-Trimble
Favors Examiner.


Il Harry C. wallace, Secretary of
Agriculture. will make the principal
address Of the evening at the Wash
ington Stock Exchange dinner to be
held at the willard next Saturday
night. according to announcement
made by John l. Edwa=ds yester-
day afternoon
Report of Mr.. wallace's acquisi-
ton for this important role will be
Intensely pleasing, primarily. no
doubt, due to the masterful manner
in which the Secretary put the agri-
cultural situation on its feet. which
in turn lead to a gradual -evival OF
the Industrial situation. This major
accomplishment was made possible
only through ardent cooperation on
the part of the country's financiers,
who caused a gradual loosening of
interest rates which enabled the
farmer to finance his undertakings.
While no topic has been assigned
NJ. Wallace as yet. IL Is expected he
win speak on the relation of agri-
culture to the business and finan-
cial situation of the country.
One more speaker of note will be
secured for the evening, Mr.. Ed.
wards said, probably another mem
Der OF the Cabinet or one of the
more prominent Senators.
officials having the impending az
fair in charge express themselves as
highly gratified with all arrange
ments to date. declaring the ban
quet already gives every Indication
Of marking a new epoch in District
annals.
Favors Clearing House Examiner.
James T-imble, vice president of
the National Bank of Washington.
and former national bank examiner
for the District. placed himself on
record last night as being heartily
In favor OF a clearing house exam
liner for the District of Columbia
The discussion of the question was
held by officials of the local A. l. B.
and District bankers at their -eg-
ular forum dinner at the Madrillon.
Mr.. Trimble, in the course of his
remarks, outlined the difference be-
tween a national bank and clearing
house examiner. and declared a con-
scientious examiner is the best
friend a banker can have and IL the
banker will deal frankly and work
in harmony with him improvements
are certain to result.
In summing up his remarks on
the subject, Mr.. Trimble said:
"A clearing house examiner would
be in position to analyze the ques-
tion of the overhead expense and
bank management and could show
not only to the officers and directors
of the bank under examination the
necessity in some cases for economy
of management, but his reports
would reveal to the Clearing House
Committee the dangers arising from
small volume of business with which
some banks have to contend.
- He can also be of great service
in preventing losses, which have
ben enormous in the past as the re-
suit of kited checks and other
fraudulent transactions.
1T would be useless to begin this
work in a parsimonious way and
would not recommend II at all unless
the associated banks of the city are
determined to have it thoroughly
done.
ITO do the work thoroughly and
well will require an annual expense
OF from $4,000 to $4,000, but / am
firmly of the opinion that vastly
more than this sum would be saved
20 the banks of Washington each
year IL the work is taken up and
properly performed.
1T will be necessary to have at
least one examination 4 year and an
examiner and two assistants. besides
a stenographer will be required to
do the work properly.
TT is a mistake to believe that the
larger banks will he the ones most
benefited. but on the contrary my
opinion Is that the smaller banks
in the community will by this pro-
lection receive greater proportiOnG--e
benefits since for obvious reasons
theirs Is the greatest danger.
Before anything is done. however.
II will be well for each bank in the
city to select a committee of one
with power to act and have this
committee get tOgethe:. ascertain
the cost and outline a plan for meet
ing the expense of the work"