Bisbee daily review., 1908-12-05

iIOrtune-and they nave nad duNeiSi-
ties to contend with from which they
and the community have recuperated
in a wonderful manner.
| For these reasons we feel that we
are entitled to. recognition among the
cities of the territory and are gratified
| that you have in this pleas ng manner
also expressed your appreciation of
! this fact" =
Continuing Mr.. Neale said: This
| is an age of commercialism and every
| one recognizes in the. banking bust
ness one of the most vital and potent
| factors of the day. 1t is essentially a
/ product of an advanced civ hZation
and though its members are possess
ed of immense powers in the economic
conditions of the community, it speaks
well for the high standard they have
set that this power has been SO little
abused 1t SHOWS that they realize
their responsibilities. You cannot re-
cab any community where you arr
not looked upon as leading citizens;
your opinion is sought on every matter
Of public, interest. You are the
guardians of and advisors OF large
portion of the people in their private
affairs. Scarcely any Improvement is
undertaken or investment made with
out your advice. AS you are safe and
conservative so will the people be.
This convention is also of great
interest because it occurs at a mo-
mentous time. This territory is about
to emerge from the wardship of the
national government to a full fledged
sovereign of its own. In the framing
of a constitution for the new state it
rests largely with you to see that no
ill-considered experiments are made
and it also rests with you to suggest
and have incorporated in the constitu-
ton such wise and needful regulations
as the good of the state demands"
After President Ormsby made a few
happy remarks in reply to the address
of welcome of Mayor Neale, he intro
| duced Rev. w. E. Spicer, who invoked
| the blessings of God upon the con-
yention.
| President Ormsby then delivered his
annual address, which was one of the
very interesting papers of the con-
vention. He pointed out the splendid
resources of the territory and the
great mineral output of Arizona and
especially the product of the Bisbee
camp. THE output of copper in the
territory for the year of 1907, "/said
Mr.. Ormsby, was 2S,0e0, 900 pounds,
and half of this output was produced
by the Warren district. A pay roll OF
about 100000 per month is a suf-
ficient index Of the splendid prosper
ity of this camp.
In the absence of Secretary Nor
Tis Goldwater OF Prescott, Mr.. Spank
er was made temporary secretary and
read the report of the secretary. He
also read the minutes of two years
ago containing the report of the meet
I ing held at that time at Phoenix.
! A telegram was then read from
Sims Ely, bank comptroller of Arr
iona, stating that he could not be
present This was received with
much regret by the convention, as it
was thought that be would be present
to cooperate with the work of the
/, bankers.
] Then followed a paper presented by
/ Stoddard Jess, vice president Of the
First National Bank of Los Angeles,
which absorbed the attention Of the
entire assembly and was one of the
most interesting apd valuable discus
sions of the recent panic which has
been written upon that topic. The
causes and effects, the recurring
crises and the manner of treating
them was presented in very exhaust
i've manner. He Tecited the history
of the panic as it effected the banking
system OF Los Angeles. as well as the
1 relative effect 1t had upon the country
banks. He stated that ne did not be-
lleve that the recurring depression
could be diverted or that the present
state Of prosperity upon which we are
just now launching would be Of 90
long duration as that which we enjoy.
ed up to 1907; but he believed that II
was tae duty of the banker to foresee
I the event and prepare to make it az