The log cabin Democrat. [volume] (Conway, Ark.) 1901-1982, 1907-10-31
UNABLE TO OBTAIN CURRENCY
Conway Banks will Issue Bank
Certificates.

General Shortage of "Greenbacks" Exists
Throughout Country, no Banks
Receiving Shipments.
Unable to secure shipments OF
currency from their correspondents
with whom they have their tu nds
deposited, the two banks of this
city, were forced yesterday to limit
the payment of cash funds and is
sve bank certificates.
Both local institutions are IN the
finest financial condition. The
inability to secure shipments OF
currency originated IN the recent
financial furry in New York, fol
lowing which the banks of
banks of that city refused to ship
any currency. As it is the time Of
year when money is usually flow
ing from the east to the south and
west to move the crops, the supply
of cash in the western banks was
soon exhausted. The St. LOUIS
banks, for instance, notified the
Little Rock banks that they could
ship no currency and the Little
Rock banks in turn SO notified the
smaller banks throughout the
state.
Little Rock Banks Act.
The Bank of Conway and the
Faulkner County Bank yesterday
received a copy OF the following
resolution which was adopted by
the Little Rock clearing house:
Whereas, Under resolution OF
the clearing house associations OF
New York, Kansas City, Plttsburg,
Milwaukee, St, Paul, Chicago, St.
Louis, New Orleans, Memphis,
and other important cities, the
banks in said cities have dlscontln-
u athe shipment OF currency to
then correspondents, and refused
the payment OF checks unless the
same are endorsed payable
through the clearing house only, y
and
Whereas, 1t is not advisable for
the banks of Little Rock to con-
tinue such shipments when It IS
impossible to get currency from
their correspondents,
Therefore be it Resolved That
the associated banks of Little Rock
discontinue the shipment OF cur
rency to outside points until fur
ther notice, and that all checks
drawn by out-of- town correspond
ents be stamped payable through
Little Rock clearing house only.
J. S. POLLOCK,
Manager Little Rock Clearing
House Association.
AS the local banks carry the ma
iority of their cash funds o ndepos-
it at Little Rock, they were forced
to some action and on yesterday
they jointly adopted the following
resolution:
Whereas the Faulkner County
Bank and the Bank of Conway
have each on deposit currency and
money with their correspondents
in Little Rock, St. Louis and other
cities and money centers, and on
account of the financial strlngency
and situation the said correspond
ents refuse to ship currency to any
banks or persons, and on this &C
count solely the two banks Caunot
obtain actual currency, and other
banks of cities and towns are lssu-
ing certificates as hereinafter set
forth and are limiting amounts OF
Withdrawals of deposits as herein
after set forth;
BE it resolved by the boards OF
of directors of Faulkner County
bank and Bank of Conway;
First, That to each deposltor
of said banks, there will be PAID
no sum in excess OF 5000 per
day.
Second, That both banks exc
cute certificates to deposltors on
their deposits which shall be signed
bv said presidents and counter
signed by the cashiers of said two
banks and the payments OF SAID
certificates shall be guaranteed by
both banks.
Third, That the above agree
ments and resolutions shall re-
main in force until the boards OF
directors of said two banks shall
both agree to rescind the same
which will be when the currency
4, bocI- +O IT'S normal