| Show EASING THE MONEY MARKET New York Clearing House Association Issues Loan Certificates to Relieve It NEW YORK Nov 11 Rumors of trouble among banking institutions were current all day but no one pafd much heed thinking think-ing they wore the usual emanations of bear minds After the close however it was earned that three banks members of the New York Clearing House association had difficulty in settling the claims of other banks against then There was a balance against the Bank of North America of 1400000 which it was unable to settle The other banks wore the North River and I Merchants and Traders However the balance created against the Bank of North America was paid during the day and the Merchants and Traders made settlements with the clearing house all right and the other two banks received assistance from other banks in the association and pulled through all right At tho Bank of North America it was stated that the trouble was due to the account of Decker Howell Co and now the bank was in a stronger position than over The most important factor in the developments devel-opments was the scarcity of money right up to the close It was in urgent demand and M per cent and legal interest was charged on loans equal to ISO per cent par annum This fact and the troubles of the banks caused a special meeting of the Clearing House association and after a long session it was decided to appoint D committee with authority to issue clearing house loan certificates in order to enable the banks to settle the balances between themselves This action is expected to restore re-store complete confidence |
