Los Angeles herald., 1891-03-14
THE FINANCIERS.
CLOSING SESSION OF THE BANKERS
CONVENTION.
Election of Officers for the Current Year.
A Number of Important Papers Read
anc Resolutions Adopted-T The Conven-
tion Adjourns Sine Die.

President z. f. Spence called the
bankers convention to order at 10 80
yesterday morning, in the chamber OF
commerce rooms. The first business in
order was the report of the nominating
committee, but this not being ready, Mf.
Childress presented the following reso-
luton:
Resolved, That it is the sense of this
convention that the California Bankers
association petition congress for the pas
sage of the Nicaragua canal bill.'' ~
He explained that the resolution
should be sent to congress by the sec
retary, ready to be taken up at the next
session.
Judge Widney proposed a substitute
resolution, as follows:
Resolved, That it is the Judgment of
this convention that the construction of
the Nicaragua canal would be in the in
terests OF the whole people of this coast,
as we'll as of the United States.
We therefore request the congress to
enact such legislation for the construc-
tion thereof as will procure such con-
struction."
Mr.. Childress withdrawing his reso-
luton, that of Judge Widney's was
adopted.
Mr.. Beckwith, of Sacramento, moved
that "We take up the mortgage tax at
our next regular meeting, so every one
can study it over meanwhile"
Mr.. Phillips said there was such bill
before the last congress, and it was very
| justly opposed by certain elements be-
cause it was to subsidize private parties
to construct this great international en-
terprise to make them wealthy at the
! expense OF the government, he thought.
| President Spence said: "There is an
| insane idea in the minds of the people
at large that the bankers interests are
against the interests of the people, and
he did not think the legislature would
listen to recommendation of the
| bankers"
Mr.. Lankershim wanted the matte r
taken up and passed upon now, as he
was himself satisfied thai the law had
been shown to be a failure.
The matter was not acted upon.
The committee then reported the fol-
| lowing nominations:
| OFFICERs FOR THE YEAR 1891.
President: Thomas Brown of the Bank
of California. San Francisco.
First Vice-President: I. w. Hellman,
Nevada Bank OF San Francisco.
Secretary: George H. Stewart, Los
Angeles County bank of Los Angeles.
Treasurer: S. w. Kline, First Ma
tional bank OF San Francisco.
Executive Council: A. D. Childress,
City bank, Los Angeles; N. D. Rideout,
California State bank, Sacramento; w.
M. Eddy, Santa Barbara County Ma
tional bank; T. s. Hawkins, Bank OF
Hollister; A. L. Seligman, Anglo-Cali-
fornla bank, San Francisco; G. E. White,
4 Union National bank, Oakland; Lowell
| White, San Francisco Savings Union
! N. D..Woolwein, First National bank,
San Diego; N. w. Phillips, Farmers
bank, Fresno.
1t was left to the executive committee
to determine which of it's members
should hold Office for one year, which
for two and which for three wears, in
compliance with the requirements o1
the constitution, which provides that
three members, of the council of nine
shall be elected each year.
On motion of Mr.. Lankershim. the Of
fcers were elected by acclamation.
r Judge Widney then took the floor anc
read paper on Money and Banks. Tht
reading OF thepaper required an houl
and a half. 1t was exceedingly Learned
and profound. At it's conclusion thu
meeting adjourned till o'clock.
AFTERNOON SESSION.
On being called to order again at
O'Clock the bankers spent some time il
discussion, then listened to the reading
OF a paper on Savings Banks by Mr.
Lankershim, followed by one on Taxa
ton OF Mortgages by Mr.. Miner, Of th'
Farmers and Merchants bank. Thu
latter paper was received with favor
! and it was suggested that it be preserved