The daily sentinel., 1907-10-29

Last night a meeting of citizens
and business men of the city and the
valley was held In the rooms of the
Chamber of Commerce to have the
matter of the formation of the Clear
ing House association and its action
presented to them by the representa-
tives of the banking institutions.
At the meeting of the association
In the afternoon 1t was resolved by
the various banks there represented
that until the Sth day of November
no bank a member of the Grand
Junction Clearing House association
would pay on any deposit, 1t mat
tered not what the deposit amount
ed to, in excess of $50, and that 10
per cent was the limit of money that
could be withdrawn on any check.
President Lyons called the meet
ing to order, which was very largely
attended by the business men of the
city, ard stated the object of the
meeting.
A call was made upon Orson Ad-
ans. Jr., cashier of the Mesa Coun-
ty National bank. and Mr.. Adams
gave in brief the history of the for
nation of the clearing house and
what action 1T had taken to protect
themselves.
He read kilograms from Denver
ard Colorado Springs banking insti-
tutions which said that those cities
had taken the same action as had
the clearing house in this city. He
said 1t was the only salvation Tor
the financial interests of this city and
county as all the banks of this city
had been notified by their Denver
that thnV cOtfl6 not
withdraw at the present time any
of the big sums of money that the
Grand Junction banks had on deposit
in that city. Mr.. Adams stated that
IL they could not obtain assistance
from the Denver banks in case OF
any difficulty in this city their pres
ept resources would soon be ex-
hausted.
Denver is practically in the same
situation as Grand Junction. 1t can
not withdraw one dollar of Its vast
deposits with New York institutions,
nor can the Grand Junction banks
that have deposits withdraw from
their New York correspondents.
In speaking further on the mat
ter Mr.. Adams said that with CASH
ier's checks, which the banks would
issue in any denomination. he be-
lieyed that the action taken would
hardly be noticeable. They proposed
to take care of pay rolls and their
depositors, as far as 1t was In their
power, and he believed Things would
adjust themselves before the time
limit set for the restriction of with
drawals of money had passed
v. C. Talbert, cashier OF the Grand
Valley National bank, was then
called upon, and he, in substance
smoke In the same manner as Mr.
Adams. He told of his conversa-
tions with the correspondents OF the
hank in Denver and Colorado
springs that he represented and they
stated that they had adopted tne
same plan as had been adopted In
this city. Mr.. Talbert said he could
NOT feel that 1t would be working
great hardship on anyone and that
II would assist the local banking In
stitutions to protect themselves and
a1so the entire business interests OF
The city. He gave at considerable
detail notice of the safety of the
carrIed of their deposits; but said
that the action taken was imperative
hanks here and the big reserves they
because what they were doing here
had been done in every large city
from the Atlantic west and the busi-
ness was Just like chain-the ac-
lion of others had compelled and de-
termined their action here.
d. It. Stone of the Union Trust &