The morning call., 1892-09-07
ONE CONVENTION ENDED.
The State Bankers Finish
Their Labors.
NEW OFFICERS ELECTED.
Some Able Talks on Financial Pfoblems-The
American Bankers Association Goes
Into Session To-Day
NEW OFFICERS ELECTED


James of the University Of Pennsylvania.
Both responded to an invitation for re-
marks. The former told of his adventures
on the trip from Selma, Ala, to this city.
during which he had many exciting expert
enees.
Mr. James, who Is to talk on the higher
education of men in finance at the conven-
tiOn to-day, addressed a few remarks on
that subject
He Is in favor of broader and more
liberal financial education and Is trying TO
incucate this same idea into the minds oi
proprietors of great educational works.
The most important business transacted
WAS the election of officers for the ensuing
term. 4 list of names submitted by the
nominating committee was passed upon
without a dissenting voice.
The officers of the association arc: Presi-
dent, l. w. Hellman Of San Francisco; ;
vice. president. T. +. Spence of Los An
ge es; secretary. George a; stewart OF Los
Angeles; treasurer, q. w. Kline OF San
Francisco.
Executive council-Charman w. p. Har-
rington of Colusa; q. Z. HerSey OF Gllroy.
j. II. Barber of San Diego. Lowell White
and W. +. Harrington were elected dele
gates to the national conventions OF 1892
and 1893.
President Brown called the meeting to
order at 10 O'clock, and the executive c0un-
Gil submitted the following re port OF com-
mittees appointed:
Nominating l.. u. Breed, II. II. Hew-
lett. S. 2. Young, Charles Cadwalder. l.. X.
Hamilton.
Resolutions-John Richman. Frank Mil
Ter, James d. Phelan.
Auditing-C B.Whittlesey. J.W. Findlay,
f. g. Menefee.
NJ f. Spence of Los Angeles sent dis
patch stating that he was unable to be pres
ent on account OF sickness.
The rest OF the session was devoted to the
reading OF papers OF great interest to the
association.
Cashier Lowell White of the San Fran
cisco Savings Union presented a paper on
"The Nj stakes of the Tax Ga therer."
In the course OF his remarks he referred
TO the uselessness Of the tax on mortgages,
and thought that the State revenue laws
should be amended to exempt mortgages
and Government bonds from taxation.
The cost TO the various departments Of
the State in assessing and collecting this
tax is nearly 100000 actually discussed for
clerk hire and stationery. While this was
| a comparatively small sum, vet Ii is Of i'm
portance even to the wealthy State Of Cal
| ifoTnia. and the provision would be elin-
mated if ii were not for the political bosses,
who must have places for their workers in
city and county offices.
The total Indebtedness OF the counties of
this State" said Mr.. White, was, on the
30th Of June $780, S6,727,484, as per report
of State Controller. To this amount may
safely be added for debts OF cities. towns
and school districts 80 per cent say S8 $685.
742. making a total of SlO,091, ,226.
| Upon this large sum the taxpayers pay
Interest y per cent per anuum SAY $780,
00O) higher than the rate that would be
demanded by bond buyers, except for the
fact that county, city and municipal bonds
are taxable under the law, AMI, as already
mentioned, not one tenth Of the amount is
rot n p1 a N n IA m ia
on bonds The escape from taxation Is due
TO the fact that the bonds are held by hon
residents and by local parties with elastic
conscenees, VINO eOntrive 10 shIrk their
share OF the burden of supporting govern
ment.
Bonds OF irrigation districts to the face
value OF 100000, more or less. are seeking
a market in this State, but they cannot be
placed, the chief objection being that they
will be taxable In the hands OF purchasers.
For the same reason bonds of various school
districts liDger IN the hands of agents and
brokers'"
F. 5. Sheffield of Santa Barbara followed
with long paper on The Development Of
Banking"
He suggested that, as dealers In capital.
banks should try 10 discourage the tying UP
of capital in permanent investments when
the production OF that capital is limited.
In large investments IL should be encour-
aged and this can be accOmplis shed by
of banks would strengthen credit, and as a
measure of economy he advised clearing
country checks through the correspondence
Of country banks
c. T. Palmer of Oakland read humorous
account of his observation as a Delegate"
One year ago Mr.. Palmer was appointed
delegate from California 20 attend the
American Bankers Convention, held in
New Orleans November IL and l2, 1891. He
gave an account of the obstacles eDcoun-
taus ht.nf L.
trip and the importance of occasional recre-
alton to health and happiness.
He also gave history of his trip thro ugh
ths great State OF Texas on to New Orleans,
particulars of the social features of the con-
yention, his visit TO all the places of inter.
est, including the immense sugar plantations
and the beautiful homes OF the wealthy
planters, etc. He returned by way OF the
City OF Mexico, hence TO Puebla. the home
of the Mexican onyx, and 20 Cord0va, where
he wandered through the coffee plantations
fields OF bananas, pine apples and cocOanu
palms. In closing, he pictured the adyan
tages derived from these enjoyable exeur-
siOns, believing them TO be good busnes:
investment MS well as lasting pleasure.
James ID. Phelan opened the afternoon
session with some remarks concerning the
Worlds Fair. He reviewed the trials and
tribulations of Columbus in fitting cut an
expedition with which 10 discover us.
THE only reason we are here" he said
was because Columbus got credit from
man who was banker In sentiment, If moi
by profession"
This was Mr.. Pinzon, the enterprisine
shipowner WHO advanced Columbus money
Mr.. Phelan also give some very interest
ing figures on the great exposition. Tht
estimated cost of opening the show Ii
SIG. .OO0, 0O0, of which S15 800 COO has beer
subscribed The total expenditure for The
enterprise will be SO, 1868 The Govern
ments gift, including premium coins, /;
$1,000 000 and the estimated income from
various sources will be $4,000, coo. This
leaves a profit Of S1S.000,000. $4,000, 600 oi
which will 90 as dividends to the stock
holders backing up the exhibition.
Cholera was the greatest danger tina
menacsd the great enterprise should the
plague break out in Chicago this year oil
next. This dread scourge will ruin the sue
cess of the fair unless the danger is averted
by improved sanitation or the grace OF God
or both.
The committee on resolutions indorseC
that portion of Mr.. Whites paper in refer
eDce TO the taxing OF mortgages and bonds
II also adopted a resolution In favor Of
Mr.. Sheffeld's suggestion in relation tt
clearing country checks.
three was appointed to confer on questions
OF higher financial education and report al
the next meeting.
The chair appointed Messrs. Bush, Palmer
and Sheffield.
The convention then adjourned sine die
Last night an important reception wa:
held at the Palace Hotel for the purpose o.
widening the circle of acquaintance amonf
the visiting bankers.
At 10 o'clock the American association
will open its convention In the California
Theater.
General w. Fl. l.. Barnes will deliver tn,
address Of welcome.
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