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, with a central bank in San Francisco, is an absolute necessity for the future success of the Order."

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 establishment of a general warehouse or depot for the sale of Granger's products, and for branch warehouses or storage companies, to be established under regulations of the Executive Committee.

The question of shipping in bulk also came up for consideration.

It was “ 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.

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."

Mr. A. F. Walcott was introduced by the Executive Committee, 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 confidence 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 operation, 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 thousand (50,000) shares of the par value of one hundred ($100) dollars each. Its place of business is in the City and County of San Francisco, State of California. This bank has been organized for the purpose of enabling the Patrons of California to secure to themselves such advantages in obtaining money for use in the agricultural portions of the State upon as favorable terms as it can be obtained in the city for commercial purposes; believing that the landed security of the agriculturist is equal to, if not better than city property as a basis of credit, and at the same time giving people of every class an opportunity of safely and profitably investing their money.

A careful perusal of the By-Laws will show that they are so framed as to have all the safeguards, not inconsistent with law, that it is possible for them to have.

BY-LAWS OF THE GRANGERS' BANK OF CALIFORNIA.

ARTICLE 1. The name of this Corporation shall be “GRANGERS' BANK OF CALIFORNIA."

Art. 2. The principal place of business shall be in the City and County of San Francisco, and State of California.

ART. 3. The bank shall have a capital stock of five million of dollars, divided into fifty thousand shares, of the par value of one hundred dollars each.

Art. 4. None but Patrons of Husbandry, or corporations composed exclusively of Patrons of Husbandry, shall be permitted to subscribe to the capital stock of this bank, and such persons or incorporations shall not be permitted to subscribe in excess of five hundred shares.

Art. 5. Stockholders of this bank shall be such persons or corporations as may have executed, or shall hereafter execute a subscription to the capital stock in form such as the Board of Directors may prescribe, and shall pay to the cashier of the bank all called assessments, or any person to whom said stock has been duly assigned.

Art. 6. The powers of the corporation shall be vested in a Board of eleven (11) Directors, who shall be elected by the stockholders at the annual meeting, and shall hold their office for the term of one year, and uutil their successors are elected and qualified.

Art. 7. The Directors shall be stockholders of the corporation, and Patrons of Husbandry, resident of the State of California, and citizens of the United States, and shall hold at least five shares of the capital stock.

Ant. 8. A majority of the whole number of Directors shall constitute a quorum for the transaction of business, and every decision of a majority of the persons duly assembled as a Board (if not in conflict with these By-Laws), shall be valid as a corporate act.

Art. 9. Regular meetings of the Board of Directors shall be held at the office of the corporation, at least once in every two months, and at such other times as the Board of Directors may direct, and special meetings of the Board of Directors shall be held at the same place, upon the call of the President; and it shall be the duty of the President, Vice President, or Cashier to call special meetings upon request of five Directors, or upon request of stockholders representing one quarter of the stock issued. No notice need be given of the regular meetings, in addition to that furnished by this Article; but of special meetings, the President or Cashier shall cause all Directors residing outside of San Francisco, to be notified by mail or telegraph, mailing the same seven days prior to such meeting, and all Directors residing and being in the city and county of San Francisco, and to any others to whom it is practicable to give such personal notice, to be personally notified.

BY-LAWS OF GRANGERS' BANK.

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ART. 10. Whenever a vacancy shall occur in the office of any Director, by death, resignation, or other cause, the Board of Directors shall appoint a successor for his unexpired term. Provided, that if more than one vacancy shall occur in the Board in any year, a meeting of the stockholders shall be called by the Board of Directors within thirty days, giving at least twenty days' notice of such meeting, by advertising the same in some newspaper published daily in the city of San Francisco, for the purpose of filling such vacancy or vacancies.

ART. 11. Whenever any Director shall cease to be a stockholder, his office becomes ipso faeto, vacant; such vacancy shall be filled as provided in Article 10.

Art. 12. The Board of Directors shall elect from their number a President and Vice President of the corporation, who shall hold their office for one year.

Art. 13. The President or Vice President, or either of them, may be removed from office at any time on the vote of seven Directors in favor of such removal.

Art. 14. The Board of Directors shall appoint a cashier, an attorney, and such other officers, agents, clerks or servants, as the business of the bark shall require, define their powers and prescribe their duties, subject to the By-Laws, and shall fix the salaries or compensation to be paid all officers, agents, clerks, or servants of the corporation.

Art. 15. The President, Vice President and Cashier shall have charge and custody of the funds, property, books, papers, and other matters of the corporation, under such rules, regulations and restrictions as the Board of Directors shall prescribe in the By-Laws, or by express resolution from time to time made or passed.

Art. 16. The President, Vice President, and Cashier, shall have power to buy and sell bills of exchange, to make loans under such regulations and restrictions as may be fixed by resolutions of the Board of Directors, to keep the Common Seal, and each shall have the power to afix the same to all papers, instruments, or documents, on behalf of the Corporation, requiring the Seal; they shall each have the power to collect all moneys due the Corporation; to make, execute, and deliver all receipts, releases, acquittances, other papers, writings, documents, or instruments on behalf of the Corporation, proper or necessary in the ordinary course of business of the Bank; and generally to carry on the business of the Corporation, subject to the control of the Board of Directors, expressed through the By-Laws, or such express resolutions as may from time to time be passed; and they shall each report to the Board of Directors, when required, each and everything by them, or either of them, transacted.

ART. 17. The President and Vice President shall not both be absent from the State at the same time, and in case of the absence of either from the Bank, his duties and powers shall devolve upon and be performed by the other; and each to be eligible to such office shall be a stockholder to the amount of five shares.

ART. 18. It shall be the duty of the President, and in his absence the Vice President, to preside at all meetings of the Board of Directors, and at all meetings of the stockholders of the Corporation.

Art. 19. It shall be the duty of the Cashier to keep or cause to be kept such books as the business of the Bank may require, under the control and instructions of the Board of Directors. He shall attend personally to the business of the Bank at such hours as the Board of Directors may determine. He shall also be required to give bonds for the faithful performance of his duties, in an amount to be fixed by the Board of Directors.

Art. 20. The Board of Directors shall appoint from their number a Finance Committee of three, whose duties shall be defined by resolution of the Board of Directors.

Art. 21. The Board of Directors shall appoint an Auditing Committee of three from their number, whose duty it shall be to count the cash and examine the books, vouchers, documents, papers, and other assets of the Bank; to report upon the same to the stockholders at their annual meetings, and to the Board of Directors from time to time, as they may direct.

Art. 22. The annual meeting of the stockholders for the election of Directors shall be held at the office of the Bank, on the second Tuesday of October of each year, at one o'clock P. M.

Art. 23. The call for the annual meeting of stockholders, and for the annual election of Directors shall be signed by the President, Vice President, or Cashier, ard published at least once a week for four consecutive weeks next preceding the day of meeting, in at least three newspapers of general circulation throughout the State. If from any cause no quorum shall be present, the meeting may adjourn from time to time without further notice.