The Montgomery advertiser., 1908-01-12
Order Issued Last Night by President. CERTIFICATES GOOD AT
 ANY BANK IN CITY Montgomery One of First Southern
 Cities to Resume. Action of Clearing House Followed ImnediateIy Upon Statement Issued I'm New York De-
 cIarinE Normal condi-

President A. M. Baldwin. of the Montgomery Clearing House Associa- tion last evening. speaking for the As sociation, made the announcement for the complete retirement of the Clear ing House certificates which have been in use in Montgomery and vicinity for the past two months.
 All of the certificates now outstand- ing will be regarded as cash at all banks. and will be retired as rapidly as they are presented after the open ing of the banks Monday.
 A call meeting of the Clearing House Association last evening issued the order relative to the retirement of the certificates in vieN of the pub lished statement of the New York and other banks in large cities. In their statements the banks of the great H. nancfai centers show that they have again reached their normal of reserve, and that there is a surplus or some S6.0O0,0OO above that amount
 Montgomery" said Mir. Baldwin last night. twas one of the last to inaugur- ate. and, so far as am informed, the first Southern city to abolish all limita- tions and to resume cash payments. The action of the Clearing House banks in issuing certificates was made neces- sary at the time by the financial con- ditfons then prevailing in New York and other cities, and was chiefly for the purpose of preventing these places from depicting the cash holdings of the To- cal banks, There has at no time been manifest any apprehension on the part of the local depositors or any disposi- tion to withdraw balances from any cause"
 Normal Condition Naw.
 Nov that the New York associated hanks stafsInent made public at noon today. shows them to have regained all of their reserve and in fact to snow a surplus of more than $eso0o 600 anoye legal requirements, the Montgomsry Clearing House banks feel that they can rely upon normal conditions pre- vaiIing in financial centers so far as relates to currency shipments. and they thare9ore very promptly remove all re- strictions upon currency payments"
 When asked how much of the issued and in circulation certificates are out standing at the present time, ana was it not a fact that the plan of retire ment had not been going on for some time past, MT. Baldwin said.
 Tt ls a fact that 90 per cent. of the clearing house certificates Issued are now held by the local banks The amount in the hands Of the puphc at large is very small"
 Tn retiring these certificates MT. Bald win was asked if it was necessary to present each certificate to the bank which originally issued 1t in order to receive cash.
 Exchange at Any Bank.
 "outstanding certifcates' said Mir. Baldwin. ''may be treated as so much cash by anyone who has them, and as they find their way to the banks they will be retired. Any of the clear ing house banks, however. will receive as cash on deposit all certificates, or fa 1l1o nc foT certificates presented. The certificates need not be presented to the issuing bank for redemption by the public"
 When asked as to the condition of the banks which are members of the Clearing House Association MT. Bald win said:
 ''That the clearing house banks are individually strong is fully shown by recent published statements: collect lively they are infinitely stronger"
 Conditions in and around Montgom cry warrant the statement that there have been no real "hard times" felt here. and the further conviction that we have prospects for good business wear ahead of us, with ali of our finan- ciaI institutions. misunderstanding inter ests and mercantile houses in prime condition"
 said MT, Baldwin, "to the clearing house banks that the public has ap- preciated their efforts to provide safe and satisfactory medium of exchange to facilitate business during the period when it was impossible to secure ac- tual currency; and 1t is undouptedly true that this policy on the part of the banks greatly benefited the community. and this is attested by the fact that not a single failure, commercial or oth- erwise has occurred"
 'HThe use of the certificates" he T 0Fung slight inconvenience in isolated cases, but the good that they accomplished for the general community is recog- nized as well nigh incalculable.