New Britain herald., 1914-08-03
WILL ISSUE CLEARING
 HOUSE CERTIFICATES
Bankers Believe Cou1try'S Gold
 Supply Should Be Protected.

issue clearing house certificates to meet the currency situation brought about by the European war crsis.
 The decision to issue certificates was reached after a general discussion Of the foreign situation and its bearing on business conditions here. It was the unanimous opinion that in view of the foreign situation every means should be adopted to protect the country's gold supply. It was voted, there fore that for the present and until further notice the association place it. self upon certificate basis.
 Additional Resolution Adopted.
 An additional resolution was adopt ed making available in payment of balances all forms of currency issued on authority of the national govern ment ...t
 This indicates the desire by the bankers to use freely the currency is sued to the national currency associa- tion to the fullest extent for the re- quirements of their correspondents and the needs of interior exchange.
 Meeting Largely Attended.
 The meeting was largely attended, practically all of the sixty-one bank CTS and trust companies being repre- sented.
 This is the first emergency measure taken by the association since the panic of 1907 when similar action was taken tr'
 Secretary McAdoo of the treasury department, who came from Washing
 
 with New York bankers, left for the capital at 9:30 o'clock today to attend 8 meeting this afternoon with finan- eier< from various cities. John HI. Kel- ton Williams, comptroller of the cur rency;. Charles s. Hamlin and w. P. G. Harding, members of the federal re- serve board, who came from Washing ton with MT. McAdoo, remained here and were in conference at the sub- treasury during the morning.
 MT. Williams has made preparations to forward the emergency bank notes to the various banks as soon as they
 Sixty Day Clause,
 Decision to enforce the sixty day clause before withdrawal of deposits was reached today by members of the New York State Savings Bank associa- tion. All savings banks in the state are affected. ,. H.. .... ...# tEasWithdrawal at the private banks ons the east, side. the bulk of whose depositors are foreigners, have been heavy this forenoon, but there has i. heensneg disorderaa-..5$ rrf ,,s ,t ts
 Between $40,000,00 and $50,0O0,- 70 O. rgeH2yssiGuErencY arriNed in New 4xeYS.ork eYS.ork~ today. from Washington and was taken at once to the sub- treasury. This announcement was made at the sub-treasury after the secretary of the treasury had started back to Washington.
 Brokers Reconcile Themselves. Stock exchange brokers reconciled themselves today to the proba bility of a prolonged suspension of the market here. w. G. Van Antwerp, member Of the board of governors, said he be- lieved it probable the exchange would remain closed while the European war was on.
 Although. immediate resum mption of business is not expected, brokers have hesitated to disorganiZe their ma- chinery by disnissing employees and cutting off private wires, for in case of a sudden re-opening of the ex- change they would be unable to trans act business. Most of the contracts with the telegraph companies for pri- vate wires contain a clause permit l ting the lessees to discontinue the service on thirty days notice. Such notice was given today by several of the wire houses, with the expectation | that should trading be resumed in I1, | engaged.
 Situation More Acute. The general situation has been made l more acute by the poor business which 1 Wall Street experienced for many months More than one house in the street, according to general opinion. has not made expenses for the last year or more.
 But there won't be a stock ex- change broker" said Mr. Van Ant werp, "who will whtmper. They will give New York an exhibition of their fine spirit" Special Committee Meets.
 The special committee of fve l brokers appointed last week, met early l today, and it was said would continue in session each day during the time that the exchange is closed. This committee will attend to the settle ment of such points as may require adjustment, acting as representatives, of the stock exchange firms.
 The Wall Street army of salaried employees was particularly anxious for the future. In the New York Stock Exchange Employees association there are $500 enrolled members, which represents only a fraction of the num- Der of men whose livelihood depends directly or indirectly, upon the various exchanges of this city. So far as could be learned, no wholesale dis