SHIPPING IN BULK. 161 



for a convention, to consider ways and means to give greater 

 unity and efficiency to their business operations. On the 21st, 

 two hundred delegates, representing one hundred and thirty-one 

 Granges, met in San Francisco, for a comparison of views. After 

 a full discussion, it was 



Resolved That a general system of banks and warehouses.A\ 

 with a central bank in San Francisco, is an absolute necessity for\\ 

 the future success of the Order. 33 \\ 



A committee of seven was appointed to prepare a plan of 

 organization, which was substantially the same as that afterward 

 adopted. $500,000 was subscribed to the capital stock, which 

 was fixed at $5,000,000, in 50,000 shares of $100 each. It was 

 resolved to incur no expense until after $100,000 should have 

 actually been paid in by the stockholders. 



The committee on warehousing reported a plan for the estab 

 lishment of a general warehouse or depot for the sale of -Gran 

 ger s products, and for branch warehouses or storage com 

 panies, to be established under regulations of the Executive 

 Committee. 



The question of shipping in bulk also came up for considera 

 tion. It was 



&quot; Resolved, That this Convention endorse the proposition to 

 change the system of handling and shipping grain in sacks, now in 

 operation in this State, to a system of handling in bulk. 



&quot;Resolved, That from this day, we, as farmers and producers of 

 wheat and other produce in California, will work for the change of 

 the system above referred to.&quot; 



Mr. A. F. Walcott was introduced by the Executive Com 

 mittee, and gave a full explanation of the shipping interest, the 

 state of the foreign market, and replied to inquiries which 

 Patrons desired to make, in respect to his agency. The con 

 fidence which Mr. Walcott had inspired in the large body of 

 farmers with whom he had business relations, resulted in his 

 election to the Presidency of the bank, when it went into opera 

 tion, some three months later. The Secretary of the State 

 Grange was also appointed Secretary of the bank corporation. 



The, Grangers Bank of California is organized under the ^ 

 Statute of 1872, known as the Civil Code. Its capital stock is 

 fixed at five~million ($5,000,000) dollars, divided into fifty thou 

 sand (50,000) shares of the par value of one hundred ($100) dol- 

 11 



