The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-09-28
BANKERS OPPOSE
GUARANTEE PLAN
Representatives OF California
Financial Interests Against
Mr.. Bryan'S Policy.
ARE FOR CLEARING HOUSE
BELIEVE THAT SYSTEM WILL
PROTECT DEPOSITORS.

The California delegation to the Ameri-
can Bankers association. which will hold
its annual convention in Denver this
week. were the recipients of a large
amount of attention on the part OF the
local bankers yesterday. The California
bankers arrived over the Oregon Short
Line at about l O'Clock yesterday in a
special train. Upon their arrival they
were met by the members of the Salt
Lake Clearing house, who took oiIiclai
charge of them, and they were taken
about the city in automobiles AFTER the
visitors had been shown the points OF
interest in the city and had seen the eX-
tensive building operations now In pro-
gress, they were taken to the CONNER
eial club, where a luncheon was given the
party by the local bankers. All OF the
Salt Lake banks which are members OF
the Salt Lake Clearing House associa-
ton were represented
After the luncheon, which was an in
formal affair, the guests were given
special organ recital at the tabernacle
After the recital they were again taken
about the city. and left for Denver at
o'clock.
The party was piloted about town by
e w. Wilson, formerly cashier OF the
Commercial National bank of Salt Lake.
and now vice president of the American
National bank OF San Francisco. Mr..
wilson was Kept busy greeting OLD IrlenuS
among the Salt Lake bankers.
On the way hither the delegation took
the trip from the main line of the South
ern Pacific to Lake Tahoe. where they
spent the day on the beautiful mountain
lake.
Opposed to Guarantee.
The delegation is representative of the
bankers of California and. without excep-
ton, is opposed to the guaranteeing OF
bank deposits by the state. This system,
Gated by William j. Bryan. will be Bit
terly fought by the California bankers.
L. w. Wilson. vice president of the Amer
lean National bank of San Francisco,
when asked for an opinion on the pro-
posed regulation of the Rankings laws,
said:
I'VE ere absolutely against the pro-
posed regulation as it is now in practice
in Oklahoma We believe in curing the
evils which exist in the management OF
state. national and private banks from
the inside, not from the outside. In Cali
fornia we believe that the clearing house
system gives absolute protection TO the
depositor without affecting the individual
banks to their detriment, and that such
a law as is in effect in Oklahoma would
unduly restrict the legitimate expansion
Of the individual banks.
'In California we are extending the
clearing house system by the establish
ment of district clearing houses. That is,
the towns which have one or two banks,
but which are not big enough for local
clearing house. are organizing district
clearing houses. which embrace all the
banks within a certain extent of terri
tory. These clearing house associations
will have their own bank examiners and
any mismanagfment or danger 10 deposit
tors Is bound to be discovered in ample
time TO protect the patrons of the bank
In question"
Clearing House System.
]. A. Park of the Farmers & Merchants
10. Il % H.. ~ al. -.sI
himself strongly opposed TO Mr.. Bry-
ans plan.
II think 1 can safely say that not
member of our delegation is in favor OF
the proposed legislation said Mr. Parks.
we feel that the clearing house system
affords ample protection to the depositor.
/ do not believe that the American Bank
ers' association as whole will take any
action either for or against the move
ment. In my mind. the proposed action
is so thoroughly a political movement.
raised for political purposes. that l do not
believe that 1t will receive official notice
from the bankers congress. The subject
will undoubtedly be informally discussed
among the delegates, but | do not think
it will be given official recognition"
Mr.. Park Is a cousin of Boyd Park OF
Salt Lake. and will make a short visit
in Salt Lake on his return from the Den
yer meeting.
Do Not Talk Politics.
The delegates from California were
very loath TO express an opinion concern
ing the political situation. None was
willing TO commit himself to the probable
success OF any candidate for the presi-
denyc. but they all united in saying that
the coming national election is arousing
less interest in California than any cam
paign for many years.
The party left In its special train at 4
o'clock and will arrive in Denver today.
The members Of the party are: George
w McNear, Bank of Sonoma, Petaluma,
National Bank of Visalia: c. w Weaver
Farmers q Merchants bank of Healds-
burg: ]. ID. Radford, German-American
Savings bank. of Los Angeles. who is
president of the California Bankers as
ISOLATION; George z. Peietier California
National bank. Sacramento; ]. h. Hart.
Commercial bank, of MERGED. and Mrs.
Hart; p. E. Hatch National bank. or
Long Beach, Mrs. Hatch and Miss Hatch;
+. II. Nichols. California Savings bank
and Mrs. Nichols; o. NJ. Souden, United
States National bank. OF Los Angeles: F.
F. Bostwick, Bank of Mill Valley. and
Italy. San Francisco and Mrs. Giannini;
James II. Lynch, First National bank of
San Francisco. and Mrs. Lynch; L. S.
Wangenheim. Bank of Newman, and Mrs
Wangenheim; J. A. Park. Farmers 4
Merchants bank. of Haywards: H S.
Fletcher. Bank of jacksonville; A. A
Morey. Peoples bank. Santa Cruz; L. P.
Behrens. First National bank. Redwood
City. and Mrs. Behrens; A. Lewis, First
National bank. OF Visalia. and Mrs.
Lewis; A. Mitchell, First National
bank. of Visalia. and Mrs. Mitch
ell: J. X Wilson, San Francisco
National bank. and Miss Wilson; the
three Misses Huff. Bank of San Peandro;
R. ]. Rodgers. National Bank of CALI
fornia, of Los Angeles; f. p. Belcher.
First National bank, of San Diego; w
r. Pentz. Bank of California San Fran
cisco: z. w. Wilson. American National
bank. Of San Francisco. and Mrs Wilson:
A Kains. San Francisco clearing house;
George y. O'Brien. American National
bank. San Francisco; II. b. Stoddard
Commercial National bank, MERGED; John
A. Beckwith; Security Banking & Trust
company, Oakland
The members of the delegation who had
!. visited Salt Lake before all expressed
their surprise at the growth of the CITY
and said that Salt Lakes business sta
billty during the monetary depression of
the past year had attracted universal at
tention on the coast
The great Eisteddfod opens at tn