Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1907-11-06
FIRST DAY GOES
WITHOUT ANY
FRICTION
tiIVsiVlI
Clearing House System Is a
Success in BiSbee From the
Stat-Board of Trade In
dorSeS the Action.

Yesterday the banks OF Bisbee com
meneed doing business under the
clearing house system, and the vast
realize at once that the action had
been prompted by wisdom. All of the
business houses displayed signs stat
ing that mining company checks, per
sonal checks and certified or cashiers
checks, would be accepted the same
as cash. so that excluding the fact
that the system was novel and caused
slight confusion, transactions were
carried on very much the same as
ever.
1t was thought that perhaps a great
deal of confusion might result on the
first day or two because of the adop-
ton OF the clearing house system, it
being an absolutely new mode of pro-
cedure to many. However, ali of the
local bankers when seen last evening
stated that they had not experienced
the slightest trouble throughout the
day, practically all of their depositors
seeming TO realize that the step was
only taken as a safeguard for the com
mercial and Individual interests of the
city during the present financial
stringency all over the country
Customers who needed money called
at their banks and received certified
or cashiers checks, which they used
in paying for purchases during the
day, N this way quite a volume of the
checks have already been put into cir
culation.
One feature of the system adopted
in Risbee which makes it much strong
er than the conditions in other cities,
and which viii prevent all attempts at
discountsng these checks, is the ac-
ton of all of the business houses in
notifying the public that the vouchers
are as good as the gold coin. The 10
cal bankers are determined that no
advantage of the situation will be
taken by persons desiring to discount
the paper
The Board of Trade held a meeting
yesterday afternoon, at which large
number of the business men of the
city were present, and the following
resolution was adopted, showing
plainly that the action of the bankers
association on Monday evening was
met with general approval from the
commercial interests:
Whereas. the banks in the cities of
greatest financial strength, as well as
in the majority of smaller cities and
towns of the United States have
adopted the Clearing House method
of issuing exchange or certificates to
be used in lieu of United States cur
rency, which action was followed by
the banks of Bisbee at a meeting held
yesterday.
Resolved, that the Bisbee Board OF
Trade heartily approves of this action
on the part of the banks of Bisbee
to conserve the supply OF cash and
pledges its members to accept at face
value, and for any other purpose what
soever any form of certificate or ex-
change as approved by the Bisbee
Clearing House.
THE banks of Bisbee are exeep-
, tionally strong in resources and cash
reserve. and with the adoption of
| Clearing House rules, the interests of
both the depositors and banks viii be
absolutely safeguaFded, regardless OF
any conditions that may arise here or
elsewhere in the financial world.
BISBEE BOARD OF TRADE.
All of the dispatches from different
portions Of the country are that the
/ clearing house system has been put
into effect, that the financial situation
now seems TO have been brought un-
l -l--zz..aA..1 -ss4z 4haE -ha2ttn-uaanf MAJ.
! he Looked for. Large shipments Of
gold from England have been provided
for by the big banking interests IN
New York City, while the government
| Is taking a Inactive part in handling
the situation.
There is no doubt that the present
crisis has been handled in a mastery
way, those in control OF the banks
having had the foresight to safeguard
the commercial interests Of the coun-
I try to such an extent that no incon-