New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-15

had to the expedient ADOPTED in 1887 and 1873 oy
which tho banks were fortified against disaster ana
which resulted in an immediate soothing oil the ex-
treme alarm then felt. This was practically the
susnenson of the rules requiring the balance at the
Clearing House to be paid in cash. aud the issue Oh
loan certificates to banks that could deposit securi-
ties and bills receivable, at an agreed margin,
which could be used in payment of bal
ances. 1t was realized yesterday morning
that only decisive measures could prevent the de-
moralization in the Street from getting beyond con
trcl. and without the delay that was allowed to oc-
cur in 1873 action was taken which it Is believed
will prevent a continuance of the panic.
Manager Camp, of the Clearing House. issued a
call for a meeting of the Association at 1880 p. M
The effect of the announcement. even before actual
measures had been adopted, was favorably teit
among brokers and bank depositOrs. When the roll
was called at the time appointed only ten banks out
of the sixty-four which are members were absent
| Officers of four or five of the absent banks
subsequently reached the meeting and voted on the
question which was submitted. 1t was de-
clared to have been the fullest attendance at O
Clearing House meeting i'll years. L. Ii. Perkins Jr
president of the Importers and Traders National
| Bank, in the chair.
| PRESIDENT TAPPEN OFFERS A RESOLUTION.
i. ID. Happen. president of the Gallatn National
| Bank then made the following remarks:
shall occupy the attention Of the gentlemen only for
few moments to call attention to the grave crisis Wcn
nas so Sue ny eU1 Roof With tbe pfhsr troubles
which have occurred the last few dayshas precptaed
| on us the necessity OF standing firm IN sI us
my opinion only be done by resortrg 70 the ex
pcdient OF issuing loan ceItneate% ny WHEN
every solvent bank can he furnished with such malea
aid as will enable them promptly to respond
| through me clearing u M Mnah "a " regTet the
manus au9 Um 70 This metbsd Of assistance to
members OF the association fully believe Is, under
The existing condition Of affairs the only which will
restore confidence trust the resolution which shall
offer will be unanimously adopted anu hat tne co
mtee will he clothed with full power TO act Tor the Des
interests OF the associated banks
The resolution offered by Dr. Happen read as
follows:
Ub.reoe In ev Of the prescnt crisis the banks in this
,ssocoon for the nurnose of sustaining each other
| the business community resolve: ,.,. =.
dmt from bans members OF this assocai ion bills re
ceivabe other securities TO be approved by sad com
mittee, who snail DC So.itinH hants cerfis
therefor, 10 sucn ucPosi'innk .oo oshas nnr
Gates OF deposit 0 - eer cent Of the Sc
cries or bills Receivable so deposed except in the
case of United States bonds and said certificates shall be
ing House.
SPEECHES IN SUPPORT OF THE PROPOSAL.
Francis A. Palmer, president of the Nationa
| = :. ,o-.;,,,, ,I,a rosoIrtior said
| broadway bahh' III SuPPoi'iih ei ' -
Heartily second the motion OF MI iappan ana nope
ludl IL VIII NC
way OF restoring public cont1encg tIa n9 be,eT
issue OF iqfn 10 nut fbe measure n practica
| liz i, W ~
| 0P' 5000 -,
| Mr. Palmer referred 10 the panic OF 1891, ana th'
issue of loan certificates M tat 'lhe, on plC,se "
the State bank notes. ana the iact that neilheI Oh
that nor any othtt o foed h,, any loss RI IN,
T ToVI va u'i''' i''''' -
| The tone of the other remarks made was infused
with the spirit OF Mr.. Iappens ana Sr, Tal'liei I
addresses ana atcr l!e IcjuJitIo ro3 u S tL
mentS. when were iiuu dtd ''
ie 3I ; " az ISL tbc oTn Committee undc1
, Inc cn;tii aPputfi ; nv ~ y n 'Tannen Of fin,
the resolution CONSISTING Oh ~ l"HPcn}i va
| Galatln: jacob H. NtIIhllAc'. VI 'IO -iOI'ii'to
! George :. COc of the American ENchange; aht
/ George G.. Williams. of the Chemical Natlona
! Ranks and Washington a. Hall, of the Orienta
| State hank President Perkins Is eX-OtficIO a mem
| i pa W P ~ co,ir,i+fee
~" VI w 49, 80 ,,--r,oDo, rr,x,a .pp.1ps
CoNsIpEhiN" I'M W ~,
| settlement OF the Clearing House dept oalahce
| of the Metropotan Bank was arranged, and NJ
| - -, 4. .,.,o,,d chat barL fran,
acUlon was thh'h :" oI'pf,ittlo rs S'ioctcd r.
the AsSoca'it99n' a to''i't' tbe banI and
| rpDoIt az to whether the ASSOCIATION coulo
| with safety permit the bank 10 resume to-day
~ oo,,,ritt, 700 ,voa instructed IN rpDOTt 10 the
ne coiIiu nI % ~ ~ todov IL consists OF
Nearlhg nousc At ~ f thn t,i3 f A,,oNca. Will
william l. JeihIHS' vi VIZ I ls, vi io ~ n
IAN DoWu oi tlle i'anh VI 49, pa,I Ric. ri
BALDWIN. OF my ol'ii 90, -, 80
| George : Coo, OF the American EAGhauee. .,or
The action OF the banks was haiIeu among DIukeI'
and bankers as likely to- allay further apprelehSl3i
Under the Clearing House resolution, debtor
- % L., . Ia to fua Its Ia "a