The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-08-03

To Arrange for Issu1ne' Clear.
ing House Certiacates.
THE SIXTY DAYS PROTECTION
VIII BE Pat in Force by An Sav.
ing Banks.
Speculative Trading in Grain
Has Been Stopped.

New York. Aug. s.-Emergency cur
q decision by the savings banks Of the
state to require Of depositors saxty
days notice before withdrawal Of funde
relieve @ The the financial % rsituo sit1etson on hsrs
brought about by tho warning powers
Of Europe. At the same time, the out-
flow Of gold for Eur0pe-the prime
cause Of the sttuation-seemed to have
St Louis. Aug. s.-The st. Louis
Clearing House association today d.
Gates for the settlement of balances
among the banks. The certificates
will not be In general circulation.
Savings banks win require thirty and
sixty days notices for Withdrawals.
Chicago. Aug. 3.-The Chicago
clearing house committee met today
to make arrangements for placing the
banks Of this CITY on = clearing house
certificate basis. Plans for Issuing the
certificates were to be finally agreed
upon. The national currency asDocla-
ton committee Of Chicago called =
meeting for the same hour.
The clearing house committee eAll-
ed it's meeting for an early hour. In
order that the new system might bo
lay in the operation OF the banks. Iat-
tie difficulty was anticipated ON ac-
count OF the announcement that the
sixty days notice clause in sAvinGs
4 banks receipts, requiring that amount
Of notice to be given by depositorD be-
fore withdrawing funds, would be en-
forced until further notice. It Waa
planned to issue an appeal to the
calling to their attenticn the neceo.
eity OF preserving Americas gold sup-
ply from depletion by the extraordi-
nary demands OF Europe ON account
John J. Mitchell Of the clearine
house committee and president Of tho
Illinois, Trust and Savings bdnk ex-
piained the situation today. rs,... !.
IN Y the s. last fsw days h.s begun to .
action GhicAgo would soon be emptieA
alarm. a soon A. We obtained sun
vreeiand biif eis ciearff1s house csrl
tificate basis Wnl be discontinued
rency, authorized by the Aldrich-vree-
1t was said.
With plans laid to prevent specula-
tive trading in the wheat market ana
with no troubles expected among the
firms on the Chicago board Of trade
the grain operators here prepared to-
Gay 70 race with calmness another
MOST OF the large operators In this
market have declared that the mar
ket Is too uncertain for Intelligent
trading and have announced that fhev
will keep out OF It a. far as posgible.
The heavy margins exacted by bro
kerS In the past week are said to have
had salutary effect in deterring wiid
much better shape than a week aeo.
Follows ChicagO's Lead. T.,
New York. Aug. 3-Decision to en-.
force the sixty-day clause before With
n M n - Ar.~<n
by members Of the New York state
Saving Bank association. All savings
banks in the state are affected
The clearing house, at a meeting to-
day, decided to issue clearing house Ger
tificates to meet the currency situa-
ton brought about by the European
war crisis.
The decision to issue certificates Wa
reached after general discussion oe
the foreign situation and its bearings on
business conditions here. It was the
unanimous opinion that In view OF the
foreign situation every means shoula
be adopted to protect the country'o
gold supply. It was voted, therefore,
that for the present and until farthee
a certificate basis.
\ An additional resolution was sdopN-
ed making available In payment az
balances. all forms of currency. Issued
on authority of the national govern-
ment.
This indicates ths desire by the bank.
ers to use freely the currency issued to
the National Currency association ana
| to the fullest extent for the require.
ments OF heir correspondents ana the
needs OF interior exchange
This II the first emergency measure
taken By the association since similar
action during the panic Of 1907.
| Secretary 0cAdoo of the treasury
department, who came from Washing
g. AkH