The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-10-21
BANKERS CROWD
SAN FRANCISCO
Hearty Welcome Extended to the
Capitalists.
CONVENTION MEETS TODAY
SESSIONS OF SEVERAL BRANCH
ORGANIZATIONS.

San Francisco, Oct. 20.-Rapidly the
hotels are filling up with delegates to
the convention Of the American Bank
ers' association. Fully 1,5O0 persons in
attendance on this great convention,
have so far come ia on the special
trains sent across the continent by the
leading railroads. in addition to these
there are other thousands who have
reached California over the regular
lOutes Of travel on regular trains.
II is the consensus Of opinion among
the delegates that the arrangements for
the convention are most complete and
the welcome extended by California and
/ by San Francisco, the most hearty the
association has ever experienced. Sew
eral smaller conventions were in pro-
gress during the day. The California
bankers met at SteiuWay hail. the
/ Trust Company section of the Ameri-
can Bankers association at the Cali
/ fOrnia theatre in the morning and the
Savings Bank section I'm the afternoon
at the lecture room Of the Academy Of
| Science building.
But the bulk Of the delegates are
( interested mainly in the general con-
vention which assemblies at 10 O'CLOCK
! tomorrow morning in the California
4 theatre and they seemed to pay little
/ attention TO the meetings of the va
/ riOus sections.
] IruSC company SecClOns
/ The Trust company section met in the
/ California theatre with =. A. Potter,
chairman of the executive committee,
/ presiding in the absence Of Chairman
John +. Born. There was a fair at
/ tendance of delegates. The visitors
| were welcomed to San Francisco by
! Frank j. Symmes, representing the
! mercantile interests Of the city.
| The response was made by Chairman
Potter, who paid a tribute to Califor-
mia hospitality, which was equaled
only, he said, by the unbounded re-
/ sources Of the state.
The report of the secretary Of the
/ section showed a balance of S2,519 in
the treasury and total membership
Of sol.
An interesting paper was read by
Philip s. Babcock. trust officer of the
Colonial trust company of New York.
His subject was 'EscrOws, a Varied
] and Profitable Feature Of Trust Busi
ness" Mr.. BabCOCk reviewed the va
rious forms Of escrows. the occasions
that usually call for their use; the null
titudinous details arising from their
employment and the profits arising
from commissions.
Secretary Branch then read the pa
per on Trust Companies as Trustees,
written by Lyman J. Gage, president
of the United States trust company OF
New York City.
Trust Legislation.
p. c. Kaufman, vice president of the
Fidelity trust company of Tacoma,
Wash, read paper on trust compan-
les in the northwest He reVieWe
trust legislation in Oregon. W6shington
and Idaho. The trust movement in that
section. he said. was of too recent birth
Z 10 have achieved a position of imDOrI-
ance and as yet did not differ mater
tally from ordinary banking business
but the future development of the vast
commercial opportunities on the Paelih
I coast promised a bright future.
Clark Williams Of New York read q
Z brief paper on the business of trus1
companies Of greater New York and the
necessity for cash reserves. The de-
posits of the fOrty-nine trust compau-
les aggregate sal. 100000. Breckeh-
ridge Jones. first vice president Of the
Mississippi alley trust company Of St
LOUIS. Mo. was elected chairman 81
the section and the following were
e.ected members Of the executive com
mittee to serve three years: Glars
Williams Of New York. vice presiden
, Of the United States Mortgage and
Trust Co. r. II. Reninger OF Allen
. town. Pa. treasurer of the Lehigh Val
ley trust company. and Frederick W
, Seile. president Of the Mercantile trus
/, company Of San Francisco.
! Replying 10 suggestion ina
strenuous efforts be made to Sc
/ cure a larger attendance at TIT
next annual meeting the chair
man said that the unusual con
- ditions doubtless kept member
: away, the chief causes being the dis
I tance Of the convention from the east
, where most OF the trust companies ar
, ! located and the financial situation o
: today i'm Wall street and other fnan
! ! Cial centres. After passing a vote o
: thanks TO the citizens of San Fran
cisco. the retiring officers and tn
, gentlemen who presented papers, tn
. 2 meeting adjourned.
This afternoon the California Bank
ers' association ami the Savings BanI
a 4 section OF the general convention are il
1 session.