Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-01-09
KNOX NOW HEADS
CLEARING HOUSE
Charles S. Burton Retires as
President at Annual Meet
ing Today.
NELSON IS VICE PRESIDENT.
While Hyrum s. Young is Now Secrc-
tary--I;oster of Executive Conn
mittee--worl. of Past Year.

| AT the annual meeting, beginning at
| II o'clock today the Salt Lake banks.
! in their alliance rs the clearing house,
| selected new officers for the coming
year The election was en- important
one in that it marks the passing of the
administration which has carried salt
| Lake finances through The most trying
period in their history. and the begin
| ming of new administration just at
the time when the panic year OF 1907
is passing into memory with its prede-
| cessor IN 1903
Charles $. Burton, cashier OF the
| State Bank OF Utah. retiros as presi-
dent, in favor of Frank Knox, cashier
| of the National Bank of the Republic.
| Thss office is not filed by
election, but rotates from bank
to bank in the clearing house, by pro-
vision of the bylaws. The same rule
holds for the selection of vice president
and secretary. To these places Joseph
S. Nelson, cashier OF the Utah National
bank, and Hyrum S. Young, cashier of
the Deseret National. We're selected re-
spectively.
In the formation OF an executive COM
mittee different rule prevails, how
ever. and secret balloting prevails
while the men are being chosen. This
committee Yields the real power of the
organized banking interests of the city,
and the president acts as its chairman,
| eX-officio.
! EXECUTIVE COMMITTEE.
On this committee the men selec ted
were w. S. Mccormick of Mccormick &c
Co, L. II F'arnsworth of Walker Bros
| bank, C. S. Burton of the State Bank
of Utah, and l.. S. Hills of the Deseret
| National, Al regular meetings dur
! ing the coming year this committee
| will consider banking problems as they
affect Salt Lake and Utah.
| When the present cricis struck Salt
lake overnight rear the enzauf octe-
| Der. it was the executive committee OF
| the clearing house that had most deep
| ~ at heart the problem of finding out
what had occurred, and the resultant
| problem OF finding out what to do, to
| meet ii.
1 - StIlfS OIL ud1ly meetings WHICH
| were. long and protracted brought out
! a decision TO issue the clearing house
| guaranteed cashier checks. and their
! appearance brought power to local
| commerce to continue on its way, meet
! ing the monthly and weekly paydays,
! and purchasing supplies as needed to
| keep up business.
Holiday trading In Salt Lake was
| done largely with the yellow bills
| of the local banks, Now yellow gold
| is more in evidence
CASHIERS CHECKS.
"The final retirement of the cashier
| checks" said c. s. Burton, this morn
| ing. is a matter of only short time
| They are gradually being withdrawn,
and as soon as conditions settle in
| New York, the adjustment of them
in other cities will be matter Of on
| ly a few days
STATE ORGANIZATION
The clearing house is fathering a
| movement for q state organization OF
banks, belieyeing that there are now
| enough small banks in the various
| towns to make such an organization
| worth while Whenever opportunity
| is afforded a convention of state bank
ers will be called, to carry the move
| ment to completion. In the meantime
| IL II uGlIS lusiluIeu ny Il SptGl&Al COM
mittee, Of which Byron Groo is secre-
| tary
In Salt Lake the organization began
| In 1890, with j. Il. Dooley as presi-
| dent, and IL banks for members. Since
| then four OF the banks have retired,
! and there are now eight members.
! Among themselves banks are known
by number and not name. Thus Il
| telephone conversation between Nc
| Cornicks bank and the State Bank
OF Utah would begin something like
this:
Hello is this number 80"
| yes? We'll, this Is number talk
ing"
THE ORIGINAL DOZEN.
The original 10 in the order OF their
numbers, We're Wells Fargo, The Des-
eret National, Mccormick & Co., Y. r..
| Jones. Walker Bros, the CONNER
| cial National, the Utah Commercial
| and Savings bank, the American Ma
| tional, the State Bank of Utah. the
| National Bank of the Republic, the
Bank OF Commerce. and the Utah Ma
tlonal. The eight surviving still keep
their original numbers. while NOS, 1, A.
| 8 and II are out OF use.
| The Deseret Savings bank. the Utah
| Savings and Trust CO., Zlon's Savings
bank and the Salt Lake Security
| and Trust Co., are not members of the
| Clearing house. but clear through 9TH
en- banks. with the exception Of the
last named.
Men who have served as president
| OF the Clearing house since 1880 are
| j. u. Dooly, 1890; l., s. HIS, 1891; w.
s.. Mccormick, 1892; r. II. Jones, 1898;
NJ. j. cheesmun 1894; John w. Dom
nellan, 1895; James T.. jennings, 1896;
| II NJ, Wells. 1887; Frank KNOX, 1898;
| Eplyard H. Field 1899. James Chin
man, 1900: ]. u. pooly. 1901: l.. s.,
Hills 1902; w. S. Mccormick, 1908 H..
NJ. walker. 1904; f., w. Wilson, 1885,
Byron Groo, 1909. and G, s. Burton.
1907
ACTOR NOTHING ILL.
| Detroit Mich Han a-Frank Northin