The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-10-20
BANKERS BEGIN WORK.
Paper Prepared by Lyman j.
Gage Is Read.

San Francisco, Oct: 20.-Three meet
ings preliminary to tomorrow's conven-
ton of the American Bankers associa-
ton We're held today. The trust COM
pany section met in the California thea
ter with E. A. Potter, chairman of the
executive committee, presiding, in the
absence of Chairman John E. Borne.
There was a fair attendance of dele
gates The visitors were welcomed 20
San Francisco by Frank J. Simms. rep
resenting the mercantile interests of the
city.
The response was made by Chairman
Potter, who paid a tribute to California
hospitality which was equalled only he
said, by the unbounded resources of the
state.
The report of the section showed a
balance of $3.50 in the treasury and a
total membership of SOL
An interesting paper was read by Phil
lin S. Babcock trust officer of the Col
onial Trust company of New York: His
subject was "Escrows. a varied and
profitable feature of this trust company
business Mr.. Babcock reviewed the
various forms of escrowS. the occasion
that usually call for their use: the null
titudinous details arising from their en-
oloyment and the profits arising from
commissions.
Secretary Branch then read the pa
per on trust companies as trustees,
written by Lyman ]. Gage, president OF
the United States Trust company OF
New York.
CAGES PAPER.
We are accustomed to think of the
serious problems which beset the poor,
and we sympathize or ought to sympa-
thize with them. The ever resent
question of tomorrow the possible rail-
ure of employment, the cost of living,
the drawback of sickness. the calamity
of death-these may be briefly sum-
married. as the leading problems of the
very poor. These problems do press a
painful burden upon the larger mass OF
society To secure immunity from
them, to find honorable avenues for es-
cape to secure financial independence.
in short, to accumulate wealth. is and
forever must be natural and laudaple
ambition. But no sooner does one pass
over from the arnv of the Door to the
relatively smaller company denominat-
ed the rich or well-to-do. than he finds
the problems of life, if changed in TT cir
nature, are yet veXatious and trouble
some Having become possessed of
oompe tence, he no longer fears the an
proach of his landlord for rent unpro-
vided. nor is he anxious concerning to-
nOrrow'S bread or as to the whereW1th-
al to clothe his family. Frequently,
however, he learns that wealth is
burden and often heavy one. He dis
covers an innate tendency in accumu-
lated treasure to take unto itself wings
He finds that money flies as we'll as
Take" He is apt to learn how easy
i. is to lose in an hour the careful
savings of months and years. and, in
a sense wholly different from the Latin
poet he learns that the descent to the
Ayernus of financial disaster is easy
and swift, and that it is difficult to re-
cover his lost footing and escape to the
upper air of f7napciSl freedom. He
soon learns that when he loans money
he IS a 1T TO borrow trouble.s
In this country we have not well
learned the lesson of content with refer
ence to an acquired competence. The
American business man seldom retires-
He prefers to struggle on in the har-
ness and to carry his financial prob
lens to the inevitable end not as gen.
era1 rule from considerations or avarice
(for in no country are the rich more
generous or less avarieious9 but from
the sheer JOY OF achievement and the
fascination which the conflict OF bust
ness life has for him. In England they
have learned better than we to be con-
tent wi-h competence. to relieve ones
self of rIie burden of wealth and to de-
vote ones energies to other purposes
thar the mere increase of the burden
LII other words, there Is in England d
pronounced leisure class. men who have
not merely withdra wn themselves from
business but who will not even be DUR
dsre1 with the care of their own Do>-
Sessions f:l.d " 10 leave it either to fam
i1v solicitors or to fduciaTy corpora
tons. Thus freed from the burden, they
find time to devote themselves to the
politics % their country, the pursuits OF
literature, the cultivation Of art, the en-