Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-08-03

on instructions from President VIII
son In an effort to assist the great
financial interests to avert serious
crisis. With MIR. McAdoo were John
Shelton Williams, comptroller of the
currency; Charles $. Hamlin and
William p. Harding, members Of the
federal reserve board. until far in
to the night they discussed relief
measures with a group of leading
bankers at what was regarded as the
most momentous conference of the
kind held In this country In recent
years.
The New York clearing house CONF
mittec today called a meeting OF the
Clearing House association to be held
before banking hours to arrange for
the Immediate issuance OF clearing
house certificates.
Banks Of New York and other
large cities completed arrangements
to take out many millions of dollars
Of emergency currency tomorrow
Recommendation were made that
the savings banks and private banks
of this state enforce the sixty-day
clause, empowering them to decline
To pay out money within that period
10 depositors. The state savings bank
association viii meet before banking
hours tomorrow and II was UNDER
stood tonight that the sixty-day
clause would 90 into effect.
Many of New York's foremost I'm
anoiers attended tonight's conference
in an uptown hotel with the Wash
ington officials.
The recommendation to be made
by the clearing house committee to
the association 10 issue clearing
house certificates was regarded here
tonight as virtually certain of adop-
ton.
Bankers of New York were em-
phatic In their statements that there
need be no fear Of disastrous devel-
opments. The position Of the banks
of the country as a whole. IL was
said. was fundamentally strong, al
though the extraordinary occurrences
of the last fortnight have temporar-
lis brought ebout- a chaotic condition.
The chief fears were for some of the
weaker and less conspicuous institu-
tons. especially those whose patrons
are largely foreigners. Many of these
are state institutions. and at the
state banking department it was said
tonight that most of them were in
fairly good condition.
The conference between the Wash
ington officials and the bankers was
in session until midnight. At its close
Secretary McAdoo made a statement
in which he said:
arrangements were perfected for
the issuance by New York banks Of
500, 900, 900 of additional currency il
required to enable them to respond to
calls OF their correspondent banks
throughout the country for money 10
meet the demands for crop moving
and other purposes. II is my in
tcntion to permit the issuance of SIM
liar currency to banks In other Sec
tions of the country upon their APP
plication to the treasury department
and their compliance with the pro-
visions of the act"
The secretary prefaced his state
ment by saying he had come to New
York for conference with the lead
ing bankers about the issue of emer-
gency currency and for discussion Of
the measures for protection of the
eountry's gold supply.
The secretary advanced the opinion
that the country was in splendid shape
and that with proper precautions 1t
should be possible to overcome the
difficulties of the present situation.
The following statement was made
by the clearing house committee as
represented by the bankers at to-
nights meeting:
"The clearing house committee
was in session most Of the day and
with the secretary of the treasury,
the comptroller of the currency and
members Of the federal reserve
board, Messrs. Harding and Hamlin.
The aim of the clearing house com
mittee has been to conserve the gold
situation of the country and ade-
auate measures will be taken to that
end There will be a meeting of the
Clearing House association at $3.50
o'clock tomorrow morning, when the
banks will be asked to act upon GER
tain recommendations which the
clearing house committee may make,
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