The copper era. (Clifton, Graham County, Ariz.) 1899-1911, 1907-11-07
CLEARING HOUSE.
Clifton and MOrenci Banks Take Steps to
Protect Themselves and DepOSitorS.

Owing to the fact that all large
banking concerns in the east and
west have entered into the clearing
house system, thereby refusing to
part with any of their cash, the
smaller banking institutions, in order
to protect themselves and take care
of their cash, have been forced to
take similar steps.
After making numerous efforts to
obtain cash from reserve correspond
ents without success, the directors of
the ella Valley Banks of Clifton and
Morenci and the First National Bank
of Clifton, met last Friday evening
and decided to organize the Clifton
Morenci Clearing House.
The banks of this district are all in
excellent condition, but as it is not
known when the eastern banks will
be able to release cash, it is only
wise that they Should adopt the same
system. Ell Paso, Los Angeles, Globe,
Bisbee and banks all over the country
have adopted the same method,
hence Clifton and Morenci are only
acting in good faith with patrons of
the various banks, and as soon as
financial matters clear up, depositOrs
can transact their business as before.
1t is reported that the present condi-
tion of affairs will not exist longer
than two weeks, but it may last long
err Conditions in the east, however,
seem to be improving as one ship
ment of seven million in gold has al
ready arrived from England and sew
eral times that amount is on the way.
Other demands have been made and
the gold will soon be coming to this
county in stream,
Representative of the local banks
comprise some of the most reliable
business men in the southwest and
their actions will no doubt be appre
ciated by depositors when the situ-
alton is thoroughly understood. The
following officers were elected to com
pose the Acknowledgement Clearing
House, being representatives of the
three banks in the association. E.
NJ. Williams, president; q. E. Mills
and Henry Hill, vice-presidents; J.
G. Cooper, manager. The following
gentlemen constitute the committee
on securities: J. r. Hampton, H. S.
Van Gorder, A. Il. Thomson and w.
J. Riley.
The following notice has been
posted and circulated by the banks:
-
OF New York, Los Angeles and FL
Paso in refusing to pay currency Gu
draft drawn against cur reserve de-
posits with them, it has been deemed
advisable by the banks of this asso-
citation in order to protect the bust
ness interests of this locality, TO
cease currency payments, except in
small amounts to be paid through the
clearing house, until the financial
situation over the country has been
quoted.
Clearing house certificates based
on securities 80 per cent. in excess of
the amount of certificates issued viii
be given by the clearing house in pay
ment of checks drawn on members of
this association. These certificates
will be accepted by the banks in pay
| ment of loans, Interest and taxes,
/ and will also be accepted by stores
and business men at their face value.
Only small amounts of cash-SiO-
are obtainable from the clearing house
but those who carry deposits in the
banks can check against accounts the
same as usual. Checks presented at
the clearing house u.ust first be o.
KID by the bank on which it is
drawn. The clearing house will give
the bearer so in cash and the
balance in clearing house certificates
of different denomination, which are
guaranteed to be backed with seCuri-
ties so per cent. in excess of the face
value of all certificates issued.
Clearing house certificates will be
accepted by all business men at face
value in payment of bills and other
obligations and will take the place of