The San Francisco call., 1909-05-28
BANKERS WELCOMED
TO STATE MEETING
President of Association Criti-
cizes Emergency Currency
Act as Party Measure
Governor GiIlett Pays Tribute to
Ability and Character of
New Superintendent
Especial Dispatch 10 The CALI

=
DEL MONTE, May 27.--Del Monte is
full chock-a block OF representatives OF
financial institutions from all parts Of
the state, attending the fifteenth an
nual convention of the California bank
ers' association. Monterey and Pacific
Grove are accomm odatinE the overflow.
The convention was called to order at
1905 o'clock this morning by the
president. Joseph D. Radford. After
an invocation by Rev. f. NJ. Mestres Of
San Carlos Mission church, Monterey,
]. K. Pryor Of Pacific Grove welcomed
the delegates, drawing attention TO the
beauties OF Del Monte, Monterey and
Pacific Grove and the opportunities for
investments. t+
Charles A. Smith OF the Secruity
bank and trust company of Oakland
responded in breezy and picturesque
terms The proceedings OF the four
teenth convention. held. at Pasadena,
were then adopted.
ADDRESS BIZ PRESIDENT
President Radford's address drew at
tention TO many interesting points and
was received with enthusiasm. He
took up the emergency currency act
passed by the last congress. whlcn ne
said, Seems to have been hastily con
ceived and rushed Though more as a
party measure than to meet the de-
mands OF our pressing needs" Aliud-
ing to the Panama canal he expresses
the belief'th that whatever the final cost
might be, California stands to benefit
by its completion. He touched upon
the postal savings bank scheme as one
OF the bankers problems. Arguments
against it, he said. were liable to be
-1z%
of those in favor of ii seemed TO come
from politicians.
GOVERNOR LAUDS ANDERSON
The speech OF the day was made by
Governor Gillett who paid q warm
acter OF Alden Anderson, who will as
sumo the duties of state superintendent
OF banks July l.
William II. High of San Francisco
read the report of the executive coun-
ell. showing that the association has
a membership Of SIG, notwithstanding
many members have been lost by re-
tirements and mergers
Secretary r. NJ. Welch of San Fran
cisco followed with his report, and
Treasurer J. J. Pagan OF San Fran
cisco told OF the financial affairs OF the
body. For the relief committee Irving
2. Moulton OF San Francisco spoke. and
Stoddard Jess OF Los Angeles for the
committee on bills of lad.ng.
REPORT On NEW LAW
L. P Behrens OF Redwood City de-
iVered the report of the delegates TO
the American bankers association
convention. and then came the report
OF the committee on legislation by
J. NJ. Henderson Jr. OF Sacramento
leading 0p 70 .. discussion OF the new
state banking law.
The afternoon was taken up by a
symposium on the new bank act. short
papers OF comment and criticism being
read by James *. Lynch of the First
national bank. San Francisco: B. G.
Tognazzi. Central trust company, San
Francisco: J. F. Sartori, president Of
the Security savings bank, Los An
geles; l. C. Drake, president OF the Los
Angeles trust company: Frank Pellet.
cashier Of the Bank of ST. Helena; J. Z.
Eccleston. Oakland. Bank Of Savings
and Elliott McAllister. vice president
OF Decker. Jewett r. Co.. Marysville
COMMENTS BY MEMBERS
Lynch commented on the fond Ameri-
can belief that every evil could be
remedied by legislation. He said that
after passing g law the American goes
about his business and thinks all win
the financial system is soundest and
banlS failures rarest, there is very little
banking law. Criminal bankers are
punished promptly, without one dis
elimination as TO whether they are en-
bezzlers, larcenists or plain thieves
Whereas. ne added, in California justice
is always tempered by the mercy of
the appellate court.
Sartori said that the bank act had
-.
tend TO leEalize business now actually
done by many banks in the state.
Elliott McAllister stated that liduida-
ton, most costly when a receiver il
appointed. would be quite economical
under the, provisions OF the act.
ANDERSON NOT HAMPERED
In response TO several queries. Alden
Anderson said that he would assume
ONCE wholly unhsmpered and would be
glad of suggestions and questions, but
requested that banks maize no appor-
tionment of capital to savings, CONNER
cisl and trust departments until after
July /.
Earlier in the day the following
committees were named by President
Radford: Auditing W. A. Hale OF Mar
timer; C. H. Carr OF Porterviile. and
s. j. Castleman of Riverside Resoiu-
tionE, J. NJ. Elliott OF. San Francisco;
J. 4. Lynch OF Los Angeles, and e. D.
Roberts OF San BernaYdinc. Nomina-
lions, G. W. Bush of Woodland: C. NJ
Sonden of Los Angeles; L. C. worden
of Merced.
The convention closes tomorrow, but
automobile trips to Monterey, thu
Presidio. Pacific Grove. visits to Santa
Cruz, afternoon receptions and dances,
as well as golf tournament, are
planned