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Show II State Bankers In .. Session; Welcome Given By Mayor 1 One hundred and sixty delegates and H, guests wero In attendance at the We-J We-J ber club thin morning -when President 33. 0. Howard called order, for the opening of the twelfth annual conven- tion of the Utah Bankers' associa- tion. Bankers from every nook and corner of the state, some from San Francisco, Chicago and other points were In attendance Mayor Frank Francis welcomed the B bankers and said in part: "In behalf of the city of Ogden 1 welcome the barkers because any city H would be pleasca to welcome men at H- the head of commerce and industrial wheels of the ste'e." Hj In his speech tho mayor told of the future in store for Ogden and the many H improvements which are contemplat- ed. In concluding he said: Hj "Ogden like every city believes in tho future. The Ogden arsenal, one of B tho largest to be erected in the United States, will cost the government B 096,000 to construct and when com-fl com-fl ple'ted it will be known as the inner H line of defense of the Pacific coast. 1 Three .hard surfaced roads are under i the course) of construction qut of Og-K Og-K den, one leading to San Francisco, an- other to San Diego and a third to Seat-Hri Seat-Hri tie and points in the northwest In case, of railroad trouble these roads H would meet the emergency. B "Three of the largest flour mills in the state are located here, making Og-h Og-h den the leading flour city in the state. 1 The Dickey sewer pipe plant is one H of the greatest west of St. Louis and J will supply the west with sewer pipe H and other materials. Ogden is also H one of the leading livestock, centers of YM the west. I Many Improvements, "Extensive Improvements are , in i store for Ogden including six miles of I paving, six miles of outfall, sewer, contemplation con-templation for the construction of 52 blocks of sewer construction and 52 blocks of sidewalk. A paving program for the street railway has been outlined out-lined at a cost of $170,000. The city is extending credit to the street railway in the same manner as credit is ex-; ex-; tended abutters. "Through local banking concerns Ogden has refunded '5 per cent on five-year five-year serial bonds at par while at the same time the state roads commission ' is selling Its bonds at 87. These features fea-tures together wiih many others mako. Ogden an ideal city and one of tho coming cities of the west. If by chance any of you gentlemen should go out of here unaccompanied, and should accidentally ac-cidentally encounter trouble after, falling fall-ing down a cellar, tho mayor would recommend a stiff penalty, because as bankers you should know better. How-j How-j ever, the city holds a warm welcome ' for you and the key is yours during your two days' visit' M. H. Sowles, vice-president of tho McCornick bank at Salt Lake, made the response to tho address of welcome wel-come by Mayor Francis. President Tnllcs. President E. p. Howard In the an-nyal an-nyal address of the president, spoke gn local situation and sound banking principles, absence -of manufacturing plants, safo locality in which to operate op-erate a bank and proper uses for the resources of the oanit, present situation situa-tion confronting bankers of' the state, assistance afforded try federal reserve bank, wrong use of federal reserve credit,, federal reserve requirements, necessity of dwelling on fundamental banking practice, faulty management, non-liquid assets, liquid assets, successful suc-cessful bank procedure, -short term credits, credit ratings interest collections, collec-tions, successful bankers, problems of the farmers and a good banker must be a good citizen. He said, in part: "Marked changes have taken place in the financial conditions con-ditions since our meeting one year ago. The great industrial activities of tho country, to a great extent, have finally taken up tho. slack, represented represent-ed by cash resources at the time of the signing of the armistice. Of course, the conditions at . that time were abnormal on account of the inevitable in-evitable inflation created by the financing finan-cing and conducting the great world war. Great Producers. "Our local problems are different from those of most sections of the country as we have no great industrial activities here such as manufacturing outside of the great operations carried car-ried on In Bingham canyon. On the other hand, we are the producers of a great variety of staple products, ; most of which are in great demand at good prices. They require a vast amount of capita! to produce and bring to market, but tho banker in this locality is fortunate in dealing with credits that represent products moving mov-ing directly Into consumption which have tho power of sell-liquidation, sheep, wool, sugar, copper and other materials. "Tho insistent and persistent demand for money to carry on our agricultural agricultur-al and livestock interests, together with the Increased requirements of tho general mercantile business because be-cause of high price, have taxed the lo.minr cnniieitv nf nnr h.-inlrs tr thr utmost. The banks naturally have turned to the federal reserve bank for tho support and backing of that institution in-stitution which is so well organized and able to give." Advise Solf-Rcstralnt. In concluding, President Howard said: "Clearly the present is not an appropriate time to extend business merely for the sake of increased volume vol-ume of profits. Nor is it a time for public or private Improvements not absolutely necessary for health and 'efficiency. With a shortage ot goods and la,bor tho necessity of cc.serving both is as great as it was during the war, and requires an even higher degree de-gree of sell-restraint on the part of tho bankers, since governmental, controls con-trols no longer exist." 'Save and Produce" Save and produce must be our slogan slo-gan and we should preach the doctrine doc-trine of caution and conservation but at the same time we should not fail to look forward confidently toward tho future, remembering that after all America is the richest, and the strongest, and the greatest and the most wonderful country in the world." AAdresses$ at the morning session were also made by Carl Marcusen, Joel Pan-is, and the report of the year read by Secretary J. E. Shep-ard. Shep-ard. Program Today The program for the afternoon session ses-sion was as follows: Address "Control of Credit," C. H. Stewart, assistant deputy governor of federal reserve bank, San Francisco. Fran-cisco. Address "The Unwrltten Banking Laws," Hon N. T. Porter, state bank commission for Utah,. Salt Lake. Address "Live Stock and Packing Industry in the Intermountain Coun-i Coun-i try," James Brennan, general manager man-ager Igden Packing and Provision company, Ogden. Address "Greetings From the American Bankers' association, New York City. Announcements. Adjournment. At rho conclusion of this session there will be a mooting of the members mem-bers of the American Bankers' association asso-ciation for the purpose of electing the following: 4 A member of the executive council (for a three-year term) to succeed W. S. McCornick, president McCornick McCor-nick and company, Salt Lake City. A vice president for the A. B. A. for Utah to succeed Frank B. Cook. Committees Named The following committees were named at the morning session: Resolutions: Reso-lutions: W. IT. Sowles. Salt Lake, chairman; F. J. Stevens, Ogden: J. It. Murdock. Heber; C. S. Burton, Salt Lake, and F. C. Jensen. Mt.. Pleasant. Committee on President's address. Charles Mnbey, Bountifnf; J. F. Far-rer, Far-rer, Provo; S. R. Rodgers, Lewlston; Guy Lewis, Richfield; E. G. Kills. Salt Lake. Nominating committee: H. M. Chamberiin, Salt Lake; Warren L. Wattis, Ogden: Carl Marcusen, Price; W. T. Davis, Brigham; O. W. Adams. Logan. Legislatlvo committee: E. A. Smith, Salt Lake chairman; H E. Hatch. Logan; Lo-gan; A. P. Bigelow. Ogden; T. Taylor, Provo; W. W. Armstrong, Salt Lake. Auditing committee: S. G. Dye, Ogden; Og-den; S. P. Nelson, Salt Lake. Membership committee: F. C. Jensen, Jen-sen, Mt. Pleasant, chairman; N. J. Meaghen. Vernal; G.' Heudorckst, Richmond; S. J. Fisher, Cedar City, and R. E. Allen. Provo. Officers or Association The officers of the association are: E. O. Howard, president: Charles H. Barton, first vice president; G. M. Whitmore, -second vice president; J. E. Shepard, secretary-treasurer. The executive ex-ecutive committee consists of E. O. Howard. Joseph E, Shepard, L. E. Ellison, El-lison, H. E. Crockett. Eugene Giles, James F. Burton, J. William Knight. Frank Plngree, and Charles S. Gardner. Gard-ner. Charles IT. Barton is chairman of the entertainment committee during the convention and is assisted by Frank J. Stevens. A. P, Bigelow, J. F. Burton. J. IT. Riley, R. A. Moves and W. L. Wattis. Ladles Entertained Mrs. Charles H. Barton is chairman of the ladies' entertainment committee commit-tee and has the following assistants: Mrs. Frank J. Stevens. Mrs. A. P. Bigelow, Mrs. J. F. Burton. Mrs. J. H. Riley, Mrs. R. A. Moycs, Mrs. W. L. Wattis, Mrs. M. S Browning, Mrs. P. Healey. Jr.. Mrs. A. V. Mcintosh. Mrs. E. L. Van Meter and Mrs. S. G. Dye. The ladies in the party at the convention con-vention are being entertained this afternoon aft-ernoon at tea at the Berthana. This evening tho visiting bankers and their wives will bo entertained at a banquet at tho Hermitage Hotel. A dance will follow the banquet. |