Evening star., 1923-05-25
CR|SSINGER GUEST
OF LOCAL BANKERS
vanderlip Sure Of Continued,
Pr0sperity-DaWes Also
Speaks Briefly.

why long continued prospeSfty
should not be enjoyed by the people
or America was the optimistic men
sage dropped by Frank A. vanderIip.
noted f1nancier, in an ffnpromprE ax>-
dress before more than 200 local bank
ers assembled at the Racquet Club
last night to honor D. r. Crisssnger.
governor Of the Federal Reserve
Board
The cheering words from the for
mer president OF the National City
Bank OF New York, followed a brief
talk by Gov. Crissinger, the only list
ed speaker at the reception. who had
been invited by the council OF ad-
ministration OF the District of Co
lumbia Bankers Association to ad-
dress the gathering on "The Advan-
tages of the Full Utilization of All
Local Channels Open to Banks for
the Exchange Of Credit Information
Crissinger Thanks Bankers.
Prefacing his remarks on the sub
ject, Gov. Crissinger thanked locsl
bankers for the splendid cooperation
extended him during his administra-
and said that words could not express
the gratitude he felt toward District
financiers for making such unity
possible.
Detailing many different angles %
the matter he touched upon Gov.
CrissinGer strongly, advocated the
creation OF clearing house examiner
system for Washington.
Referring to the question of guar
anteeing deposits system that has
been tried in various states, and
which has, for the most part, resulted
disastrously-hes spoke OF this method
as "a false remedy"
at Is reasonably safe to assume"
he said, that there are not many
among you who seriously believe in
the guarantee Of bank deposits, yet
there Is huge class OF people In the
community who are, convinced that
such a system could be made to work
and that it ought to be and would
be but for the unreasoning hostility
of the bankers. 1t seems to me the
nearest possible and practical ap-
antee of bank deposits would 10
found In system that would COMO
nearest to eliminating the danger OF
bad loans"
Discusses Bad Loans.
The Federal Reserve head dweit at
length on the unfairness suffered by
legitimate business by complications
to spectators, reckless investors and
the like, and said that 1t was quite
obvious the way to accomplish q
remedy for such conditions is so
nearly as possible, to insure that the
banker will not make unfortunate
loans.
'Fhe proper organization and in
terchange of credit information"
continued Gov. Crissonger, 'Is. in
short, one step in the evolution of
the fundamental idea of the bank
| toward a more nearly perfect estab-
lishment in it's social and economic
relations to the community.
! THE. creation of clearing houses
long progress toward the realiza-
ton Of this ideal in banking. The
clearing house examiner system,
which is now established in a con-
siderable number of cities, was a nat
ural development pointing in the dt-
rection of that mobilization of credit
| information, which. once perfected
and in practical operation, would be
banking security and, therefore. of
business stability"
Evans Calls ON Vanderlip.
At the conclusion of Gov. Girls
singers talk Joshua Evans, jr., who
presided at the meeting, then asked
Mr.. Vanderlip II he would make
few remarks.
The New Yorker questioned the
feasibility Of certain phases, Of in
| claring that much of this was en-
tirely confidential between banker
and deposition, and he was dubious ~
! 1t being continued once the deposit
felt that his affairs would be re-
He then launched into glowing de-
scription of the general situation of
| the country at large, and said tnat
with the. exception of shipping and
agricultural pursuits America was
never on sounder basis.
| He deplored the tendency OF some
/ to live in fear of sudden termina-
said America during the past few
years had developed into nation or
''chart readers"
! Sees Danger in Europe.
Mr.. vanderlip admitted the serious
situation Of Europe, but said he was
not one who believed 1t Impossible
for America TO prosper irrespective
of foreign conditions: .,.A
! I'VE can go alone" he said, with
l110.000,000 people, no tarir barriers
tity to produce everything under the
face of the sun, imports are not nee
essary, and we have nothing to rear
| The speaker declared that shipping
was in the most hopeless condition
lin the history of the country. anu
THAT while agricultural SUI sltpa.iom arS S
not happy, 1t Is not SO pao as many
would make 1t.
tbles to overproduction and the rapid
growth of efficient labor-saxing I'M IN
farm at the present time is a false
!one." he said. "It would be better
that more left the farms right now
as we are producing more than I've
tneed, and with no European outLels
the farmer is suffering: Conditions
Twill adjust themselves, nevertheless.
Controller Dawes Present. @
| ro,trolIar of the Currency Henry
NJ Dawes was then introduced oy
iChairman Evans. He merely thanked
those present for being invited TO tne
reception and said he hoped his fu--
ture relations with the bankers or
the city would be most cordial.
During the business session
Charles ]. Bell. president of the
| American Security and Trust Com
pany, outlined the present status or
banks with sarnishees, and had as
the recent discussion handed down by
Justice Hoehling regarding the rela-
ton.
| Howard Moran. vice president OF the
American Security and Trust, Company,
urged those present to obtain early res
ervations for the forthcoming conven-
ton of the Bankers Association at Hot
Springs, stressing the elaborate pro-
gram which is being arranged.
The guests were received by Gov.
Crissinger, Vice Gov. Edmund Platt.
DR.. Adolph Miller. G. s. Hamlin and
iGeorSe r, James OF the Federal He-
serve Board; Controller of the Cur
Irency Dawes, and Mr.. Evans. victor =.
council of administration Of the District
Bankers Association. A buffet supper
was served.
Mount Vernon Bank Dinner.
Officers and directors of the Mount
Vernon Savings Bank will have their