Los Angeles herald., 1892-10-06
THE CLEARING HOUSE.
THE ANNUAL MEETING AND ELEC.
TON OFF OFFICERS.
Major Bonebrake Selected ms President.
Mr.. j. M. Elliott vice-President.
Secretary Stewards Excel
lent Report.

The Los Angeles clearing house met
on Tuesday and held it's annual meeting
and elected officers. The death of Mr..
E. F. Spence left the Office of president
vacant, which was filled by the election
of Vice. President Bonebrake. Mr.. J. M.
Elliott, the president of the First Ma
tional bank and of the Savings Bank OF
Southern California was elected vice.
president. Mr.. Elliott's clean reputa-
ton and known financial ability makes
his selection very strong one for the
organization.
Mr.. George II. Stewart, the secretary
and general manager of the clearing
house, made his annual report, from
which the following extracts are taken
In Difference to custom l have, COM
piled brief paper, which, for want OF
a better name, we will call the annual
report of the secretary and manager, Tor
the fiscal year ending October l, 1892.
The year has been replete with incl
dents worthy of record, and to begin
with, the clearings of the year October
l, 1891, to date of this report have been
$39, ,529, ,902. .35, as against total the year
before of $37 ,096, 126.36, showing an in
crease for the entire year Of 81, ,433, ,775 SO.
While this increase is true OF the entire
year, it is q fact worthy of note that the
increase has been distributed over the
four quarters in decreasing ratio.
We may possibly console ourselves by
rejecting that the decrease of the San
Francisco clearings during the month oi
July last was over $25, ,000,0OO as com
pared with 1891.
While not strictly pertinent to my re-
port, cannot refrain from stating here,
as have on various occasions to some
of you personally, that the remedy rests
largely with ourselves. As one who has
unbounded faith in the future of Los
Angeles, and believing that our efforts
will hasten the day for participating il
the dividends, l beg to offer, among
other suggestions, the following:
/ submit that United States sub
treasury located in this city woulC
be great convenience to the citizens o.
Southern California; to government
officials in Southern California, Arizons
and new Mexico; to the collector of oul
port of entry, and to our financial insti
tutions. In addition / am convinced
although | have no statistics at the
moment to confirm, that the establish
ment OF sub-treasury here would be-
if figured in dollars and cents, move
on the part of the government of true
economy. A proper consideration and
united action of the bankers of oul
clearing house would probably do much
toward securing the necessary action on
the part of the government.
On November 18th the suspension oi
the California National bank OF San
Diego was announced to US, and the
prompt action taken by this clearing
house, and the material assistance ten
dered to the bankers of San Diego has
not only called fourth their gratitude,
but been highly commended by those
familiar with the circumstances.
Reform III the treatment OF pass boob
data and the surrender OF uncanceleC
vouchers, instead of being confined tt
one or two banks, has, by reason OF youl
action, become general.
The change instituted December Isl
from two clearings to one clearing day
has proved a very satisfactory move
ment, simplifying all the business o
the clearing house without serious dig
advantage.
The efforts put forth go frequently tc
reform the banking custom of our city
regarding charge for exchange, dis
counting of notes, ETC., have not resulte
in definite action, although the views
expressed aud the various resolution!
passed have shown the gentlemen who
are on the committee that their task i:
not happy one."
In accordance with your instructions
August 10Th, the committee have enter
tanned score of eastern bankers, re-
turning from the conventions in San
Francisco. Our entertainment, owing tc
the itineraries furnished us being en-
tirely ignored, could not take the form
originally intended, but we know, not
only by the resolution of thanks pub.
lished by some of the visitors, but from
personal assurances from all, that ouI
attentions have been highly appreciated
and our expenditure bears every indica.
tion of being gilt-edged investment.
The death of Mr.. L. G. Goodwin was
the occasion OF the passage OF resolutions
OF respect November 18th, and the death
of our president, Hon. E. f. Spence, sc
recently, has created vacancy, which
officially and socially, will be most diff
cult to fill.
Several changes have taken place dur
ing the year in the officers representing
our members.
The First National bank on Septem
ber %, 1892, elected ]. M. Elliott, presi
dent, vice Mr.. Spence, deceased, and ]
H. Braley, cashier, vice Mr. Elliott, pro.
NOTED.
The City bank December s, 1891
elected LeGrand Belts secretary, with
authority to sign for cashier.
The California bank at its annua
meeting in '92, elected J. Frankepfield
president, vice H. @. Wilmer, and &C
cepted the resignation of T. j. Weldon
as cashier, to take effect January 31st
the position not yet being filled.
1t is too plain to need q demonstra ton b.
oh ~ hot nr pn1l GvrI