Los Angeles herald., 1907-11-22
MANUFACTURERS AND MER-
CHANTS AT BANQUET
BANKS METHOD is BEST COURSE
THEY CAY
Action Taken to Impress Depositors
with Folly Of Hoarding Money.
Mayor and Bishop Make
Addresses

Of Los Angeles attended the banquet Of
the Merchants and Manufacturers asso-
citation in Levys cafe last night The
gathering was a confidence meeting Of
the representative men Of the city's busi-
ness life and confidence was breathed in
every remark and every speech.
At the head table sat Perry w. Weld
ner, vice president of the Central Ma
tional bank, who acted as toastmaster;
] M. Schneider, president of ]. w. Rob-
inson & Co.; Mayor A. C. Harper, Bishop
T. j. Conaty; j. o. Koepfi of the firm
of Bishop & Co., William D. Stephens OF
Morley & Stephens, Postmaster Motley
ri. Flint R. W. Burnham of the Dun's
agency. H. w. Frank. president of Har-
ris & Frank company; Lee G. Gates of
the Title Insurance and Trust company,
w. r. Hervey, Gilbert s. Wright, presi-
dent of the Wright G. Calender company;
F. A. Geissler, vice president and secre-
tary of the George ]. Birkel company,
and F. j. Zeehandelaar. secretary of the
association.
Bishop Speaks
The first speaker of the evening was
Bishop T. J. Conaty.
1T would not be here tonight" said the
bishop, 'ff did not consider it my duty
to this community, and l would feel it
an honor if by any word of mine l might
add to the confidenc in our financial
and business conditions in this day OF
stress and strain.
mo one could gather from the appear
ance of the men before me that there is
such period of stress, and conditions now
prevailing remind me of the old saying,
Famine in the midst of plenty That
there is plenty of money there is no
doubt, but that we cannot get it is also
true.
Certain spots need cleaning up, especi-
ally in the east, but l firmly believe that
conditions in Los Angeles were never
better and my confidence in the banking
institutions of this city is unshaken. Our
financial system builds itself largely on
confidence, and it is because of this that
Los Angeles has grown to its present
great proportions The same is true OF
all institutions throughout the country,
as the money paid out for the upbuild-
ing of the country is paid out by the
banks and it is absolutely necessary that
we have the utmost faith in them, espe-
cially at a time of stress and when there
is no reason to believe that they are un-
sound.
I'm all lines of business it is the same,
and it is one of the great duties OF
bank to encourage and develop the busi-
ness in the community thus adding to the
WC41c1c VI Liz
Strain Has Been Severe
f'That there has been a tremendous
strain upon the people, as well as on the
banks, | do not deny. The people now
ever. have acted nationally in this crisis
and for this reason present difficulties
have been conquered, and 1t is owing to
this that we have been saved from
great, black panic. The present crisis
has proved, beyond doubt, that our banks
are absolutely solvent and that we are
able to walt with patience the outcome
of it all.
II must give one ant to the business
men of Los Angeles: Deal little more
among yourselves. Don't bury outside
what you can buy inside the city. Carry
this out and keep the money in circula-
ton in your own community. The trust
ing of one another is the greatest link
that will bind u.s. There is nothing to
fear and everything will come out right.
1--WE never question the conservatism
and good judgment of our bankers, but
we expect, a result of this furry,
more care Will be exercised IN certain
lines of securities.
'.Above all, let there be a vigorous
search made, so that everything shall be
found able to stand inquiry and investi-
cation. Let us, as citizens of this great
community show confidence in our finan-
cial institutions. as they themselves have
shown confidence in individuals who have
built rp Los Angeles.
II never have had doubt of our alb
solute ability to control any financial
difficulty that may arise, and l advise
business -len TO take courage, have no
pessimistic IDEAS put your shoulder to
the wheel and by your united effort we
will tide over the present stress"
Mayor A. C. Harper followed Bishop
Conaty and spoke on Confidence"
Mayor Harper's Speech
ut seems to me" said the mayor,
that, no matter what happens in other
parts of the country when it strikes Los
Angeles we are ready for it. When the
present cris.s reached other communities,
Los Angeloi felt litt.e effects of it. One
banker told me today that he had $1,000
600 in gold in the vaults of his banks
and l think this is not an exceptional
case. 1t is especially fortunate that the
present difficulty arrived at a time when
so much money was out for the move
ment of crops and other purposes.
While 1 admit the situation was acute
for a time, l am now firmly convinced
that we have passed over the crisis and
in short time it will be thing of the
pasta memory l have visited the
wholesale districts and found a feeling
OF commence ana optimism every busi-
ness house. Much OF the present diff
Guilty is caused by the boarding of money
in safety deposit vaults and at home and
those who are so boarding their savings
should understand the folly and evil Of
doing So"
William r. Hervey, vice president of
the American National bank, spoke
next. He hoped he said in the near
future that congress would enact reme-
dial legislation to provide for a more
elastic currency. The country, he de-
cIared. has been prosperous, is prosper
Gus now; factories have been running
full time, unable to supply the demand
for goods. and nothing has occurred to
disturb these conditions.
The only reason for the present
conditions" he said, lis a fear in mems
minds, owing to certain manipulations
and speculative actions in Wall street
The panics in Wall street have had no
effect on the country as whole and
should not affect the banking condi-
tions in the rest of the country"
Mr.. Hervey declared the present
crisis Is over and was over the moment