Los Angeles herald., 1910-10-05

The first regular business session of
the American Bankers associations
thirty-sixth convention opened In
Temple auditorium yesterday morning.
At 1920 o'clock President Louis E.
Pierson picked up the historic gavel Of
the association and called the dele
gates to order, and from then on until
after o'clock last evening they ac-
complished their first work in shaping
the national financial policy for the
coming year.
Yesterdays session saw the wealth.
lest body of men In the history OF Los
Angeles assembled, for, taken in the
aggregate, they represent something
like three and one-half billions Of dol
lars, and through this wealth control
the financial destiny of the country.
There was no loss of time in the
delegates getting down to work. AS
they entered the auditorium, attentive
ushers showed them to their seats
under the banner Of the state from
which they came. Everything possible
for their comfort and convenience had
been anticipated and done. AS they
passed through the lobby and Railways
they were showered with programs,
copies of reports and literature in gen.
eral. In the foyer of the theater pref
ty maids officiated behind bowls, serv
ing California fruit punch TO the
thirsty There were branch telephone
lines with instruments conveniently
located, and q corps of messenger boys
on hand that the busy bankers might
direct their business affairs thousands
of miles away over the wires as they
ATTENDED the convention.
CALIFORNIA LEADS
The place of each state in the audi
torium was marked with a banner of
deep blue fringed with gold lace.
From the state where the president,
secretary and more prominent officials
were located these banners with the
multitude OF faces under them resem-
bled a vast army of flags flying.
There was a section provided for
eevry state in the Union and in each
section was more than one represen-
tative from each state. California un-
doubtedly had the greatest represen-
tation, but several of the more popu-
lated and leading financial states, such
as New York and Illinois, pressed the
Golden state hard for superiority in
numbers.
And the attentions and accommoda-
tions showered upon them served to
implant more firmly, as the previous
courtesies at the hotels and depots had
already, lifelong remembrance of Los
Angeles manner of doing things on
the minds of the delegates. Showers
of congratulations were heaped on
Manager Allan of the Auditorium by
the bankers for his efforts in their be-
half, and throughout the day the vis-
itors could not say enough in praise
of It all.
Before the convention had been in
session a half hour the burning ques-
tion of the convention had popped from
cover. 1t cropped out in President
Persons annual address. 1t Is cur
rency reform.
Mr.. Pierson did not to any great ex-
tent attempt to suggest the actual re-
form measures needed. Instead he out
lined and detailed the reasons for it
being required and put 1t squarely up
to the convention that a national cur
rency which in good times will con-
tract and draw in the surplus cur
rency of the country as 1t accumulates
on loans and in times of stringency
and panic automatically expand to
meet the needs OF the nation is the
most needed thing in this country to-
day.
He reviewed the history of the
financial affairs of the nation, showing
the conditions out of which our present
system of currency has arisen. He
detailed the previous attempts at re-
forming them, and wound up by at
tributing to the inelasticity of our
present system of currency the cause
of every panic since the Civil War.
He urged the necessity of every man
in the United Statesmen the bankers
and flnanciers Acknowledging to solve
this important problem.
The presidents lead was readily fol-
lowed by the speakers during the after
noon session, and with the exception
of the addresses of two non-mem-
bers of the ssociation-Benjamin Ide
Wheeler and Lee McClung-currency
reform was the subject of the speeches
throughout the day.
MAYOR EXTENDS WELCOME
The convention was opened by invo-
cation pronounced by the Rev. Robert
J. Burdette of Temple Baptist church.
Following him Mayor George Alexan-
der welcomed the visiting bankers in
the name or Los Angeles, and w. H. q.
Holiday welcomed them for the Los
Angeles Clearing House association
and affiliated banks.
The addresses of welcome were re-
sponded to for the association by
George H. Russell of Detroit, former
president of the association. Follow
ing Mr.. Russells address came the an
nual address of the president.
The annual report of the general Sec
retary was next in the order of busi-
ness, delivered by General Secretary
Fred e. Farnsworth. The secretary
report showed that the association has
been growing by leaps and bounds in
the past year, ana Is, proving of more
and more benefit to its members with
every day OF fits existence.
Mr.. Farnsworth's report, in common
with the reports OF most of the stand
ing committees, brought out the fact
that the work of the association Is
being hindered to some extent by the
slowness and inactivity of the Nation
al Monetary commission.
Following the secretary's report came
the annual reports of treasurer. P. @.
Kaufman of Tacoma; of General Coun-
Gil Thomas b. Patton Of New York and
Of the executive council, William Liy-