Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-10-21
Prest. Hardy Called Convention
Together and Addressed it on
COuntry's Prosperity
A PERIOD Of LIQUIDATION.
Speculative Circles Have Gone Through
One of the Most Drastic
Character

San Francisco, oct sl,-rhe actual
business Of the tweniy-ninth conycn-
tlon of the American Bankers associa-
ton began this morning when the dele
gates assembled i'm the California thea
ter The auditorium Of the theater was
comfortably filed when Prest. CALDWELL
Hardy used his gavel at 1890 O'Clock,
ana later persons other than delegates
began to augment the numbers in at.
tendance,
Both the thcater and stage were hand
s0mely decorated with flowers ever
greens and ferns.
Right Rev William Ford Nichols.
bishop Of the Episcopal diocese of Cali
fornia, then invoked a divine blessing
upon the gathering
Following the roll call, Eugene Il.
Schmitz, mayor Of San Francisco, made
an address extending hearty welcome
to the distinguished visitors and he
was followed by Gov. George G, Pardee.
GOV PARDEEs ADDRESS.
Gentlemen Of the Bankers Conven-
ton 1t is not often that the governor
of California has an opportunity such
as this. Whenever the governor has
faced even a single banker the latter
has listened only as long as he pleased,
Today, however the tables are turned.
The governor must, out Of sheer polite
ness, If for no other reason, he listened
10 as long as he wants to talk. And
to think that he has not one, but such
a multitude Of bankers. even the as.
sembled representatives. of the whole
American banking world, completely at
his mercy fills the governors soul with
a great and consuming Joy My pa
per- today, for once, must be accept
ed" without protest. the drawer
has the "drawee' at a great disadvant-
age; no discount VIII be allowed II
is a sight draft" with grace" sec
ond and third" not only unpaid" but
even unissued. Gentlemen, there Is but
one thing for you to do and that Is to
shelter yourself behind the customary
mo recourse for you had but one.
and that have removed by seeing to
It that yonder doors are locked and
carefully guarded.
IT suppose ] ought to have begun this
address OF welcome by asking you the
question with which, Il Is said every
Californian greets those whom he, for
the first time, meets, viz How do
you like california;" What we really
mean by that question Is really not
How do you like California; but How
much do you like California? For we
know that everybody likes the Golden
state and we always fudge of the intel
ligence and Intellectually Of the stran-
ger within our gates by the degree of
love he expresses for California. so,
as | look over Your faces today, | am
sure that you like California better, al
most, than any other place on earth.
But you are not strangers within our
gates. You are our welcome guests.
Welcome to the land where there are
no lightning rods nor cyclone cellars
where no one dies from heat nor per-
ishes with cold where roses bloom the
year round and nature always turns
her smiling face toward him who trusts
her for his sustenance.
Welcome 60 the western boundary of
the United States, where the great Pa
cifc sends the surges laundering to
our very doors--the great Pacific that
soon Will bear upon her calm, untrou-
bled bosom such argosies as trade and
commerce have not seen before. Wei
come to the Golden Gate which opens
on to far Cathay and through which,
ere long, viii flow the Wealth of
Ormus and OF Ind Welcome to our
mines, our forests, our mountains our
valleys soon to teen with millions,
where but scattering tens OF thousands
now reside Welcome To the dizzy
depths and towering heights Of the
| Yosemite Welcome to the green and
gold Of our orange groves. Welcome,
In word, TO California, for you there
is no latch-strIng and no key--our doors
are all oiar
Better loved ye Gamma be:
"Wull Sc no COON back agen?'
Another address OF welcome was
made by James ID. Phelan on behalf
Of the San Francisco bankers
President Hardy made brief re-
| spouse to the messages OF good VIII
and hospitality and then the meeting
| settled down 10 the work for which Il
had assembled,
President Hardy in calling the con-
! vention to order sald
PRESIDENT HARDY'S ADDRESS.
"The Unprecedented prosperity OF tho
| last few years brought us last fall to a
climax in high prices for commodities
and securities The same sunshine
| which brings 10 rs fun fruition our rich
| harvest also fosters the tares So
! among the substantial edifces of our
/ prosperity have sprung up artificial
! commercial structures which have
| failed signally to stand the test Of
! time. Oyer-sanguine people, some prob
| ably not over scrupulous, had been cap
| talizing and re-capitalizing schemes OF
/ an kinds and inducing people with pa
| per profits 70 underWrite flotatlOns
I which they were unable 20 carry The
| boom has gone too far. the natural re-
! action sci In and a general house-clean-
| Ing begun where II was most needed
| in the wedding out Of over capitalization
and inflated securities.
we have gone through a period Of
| liquidation IN speculative circles OF the
| most drastic character without results