Los Angeles herald., 1892-04-12
The Annual Meeting Last
Night.
Result Of the Election for
Directors.
President PattersOn's Review of the
Work of the Year.
An Admirable NEUTRALITY-SUSPICIOUS.
Perkins Report-The Work Ac-
complished by the Legal
Department..


meeting last evening, at which the fol-
lowing gentlemen were elected as di-
rectors for the year; they will select the
officers: W. G. Patterson, J. B. New
ton, L. N. Breed, R. H. Howell, J. A.
Lothian, A. Jacoby.
THE PRESIDENTS ADDRESS.
w. G. Patten, president of the board
made most effective address, ,as follows
Gentlemen of the Board of Trade:
In presenting my report for the past
year l shall regale you with no elaborate
statistics or dry details, but shall very
briefly review some of the principal acts
of the board and submit one or two per
tinent suggestions.
During the year there were held
twelve regular and seven special meet.
ings of the board of directors, and two
meetings of the members at large.
1 take special pleasure in calling at
tention to the reports of the attorneys
and treasurer, and particularly to the
elaborate and informing report OF the
secretary.
The apparent large reduction in the
membership results from the rigid weed
ing out process which has been employed
during the past year.
During the "boom," when in addition
to its legitimate functions the board of
trade was doing such work as is now
performed by the chamber Of commerce,
a number of persons became members
who were not interested in the board as
a strictly mercantile body. Instead Of
paying up their dues and rendering their
designations, thus severing their connec-
tions while in good standing they,
through negligence or otherwise, be-
came largely delinquent and under the
rules subject to expulsion. To carry
their names on the rolls was misleadin g
and all such persons were very properly
dropped.
As a "reminiscences OF the "boom"
times, when the expenditures of the
board had attained rate which was not
met bv the receipts, large deficit had
come into existence. This Indebtedness
was not published to the world, and
persistent appeals for relief made to the
public, but careful, systematic business
methods were employed to effect its re-
duction. AS result, [ am now able to
ask the board to join me in congratula-
tion upon the fact that today it does not
owe one dollar and there is comfort
dUlS tdlduCG Ill tu6 tTodSuTy.
l recommend that at an early date, if
the condition Of the treasury may con-
tinue to warrant such a step, that the
scale OF charges to members for collec-
tions and settlements OF insolvency and
other proceedings through the board be
reduced.
Early within the fiscal year which is
just closing, after season of friendly
aorroannndnnnp QorQQn1Qnt
tered into with the San Diego board of
trade for reciprocal rights and obliga-
tions, and the arrangement has proven
very satisfactory and mutually advan-
tageous.
During the months of May and June
California was agitated in consequence
of the likelihood that from this state
would be selected the chief of the depart
Horticulture for the Worlds Columbian
exposition. When it became apparent
that the appointment of Mr.. Maxwell
would fail of confirmation this board
heartily united with the chamber of
commerce in vigorous effort to secure
the selection of Hon. j. De Barth Shorb,
but by reason of local disagreements and
of the habitual disposition of our north
ern brethren to decline hearty co-opera-
tion with Southern California in any
thing. our requests were denied, and
Kentucky carried off the prize.
On August II, 1891, in compliance
with request from George E. rankin,
in charge of the United States weather
bureau in this city, for an expression of
opinion, the directors commended the
utility OF the weekly weather crop bull
letins. and urged their continued publ
cation.
During the month of September con-
siderable discussion was prevalent ali
over the country relative to the passage
of the Torrey bankrupt bill. AS it was
matter of more than ordinary impor-
tance to the business world, a special
committee, consisting of Hon. E. F.
Spence, Gen. John r. Mathews and Mr..
B. f. Coulter, was appointed to examine
the bill and report upon its merits.
They reported to the meeting of the
directors held October 13, 1891. heartily
commenting it's provisions. The board
of directors thereupon passed resolutions
IN accordance with the report of the
committee, and urged upon congress the
passage of the bill.
Having made somewhat careful
study of this proposed bankruptcy law,
and having been in correspondence with
its author, am convinced that the bill
should be passed, for the following rea.
sons:
1t is plain, concise and easily under
stood measure. Its enactment has been
demanded by bodies of every kind and
citizens OF all occupations from one end
of the country to the other. 1t ought to
be passed because it will reduce the per-
centage of failures and the amount of
liabilities of those who fail. Such has
been the result under the English bank
ruptcv law. In this country the per-
centage OF those engaged in business
who fail and the amount OF their liabili-
ties are increasing at an alarming rate.
1t will enable honest unfortunates to be
discharged and to again enter the list
of the active, aggressive men who pro-
mote the enterprises and conduct the
commerce of the country; result in the
equitable, quick and cheap administra-
ton of the estates of dishonest and in
solvent persons; reduce the hazards of
business, and thereby promote the
financial well being of the manufacturer,
the wholesaler, the retailer and the con-
sumner. In the language OF the author,
"the bill is designed to enable honest
men to do business upon an honorable
basis and to put dishonest men in the
penitentiaries."
During the month OF October last
communication was received from the
San Francisco board of trade, which