Show STILL IN NEED I OF ASSISTANCE g sw York Clearing House Will Willemain lI emain Behind Weak Banking Institutions bec ber BIT BALANCES LARGE pw W PRESIDENT OF CONSOLI CONSOLIDATED 1 I DATED NATIONAL M M G New York Oct 21 Late tonight 4 the National Blink Bank of Commerce 4 gave hours notice to the clearing house association of ot 4 which it Is a member that after utter to tomorrow tomorrow 4 morrow It would no longer clear for forthe forthe 4 the Knickerbocker Trust company co 01 pam 4 The directors of at the National would 4 not nut comment upon their action The 4 National has for some time acted as 4 clearing agent for tor the Knickerbocker 4 4 Following the action of the National 4 there was a conference of the directors 4 tors of the tIll Knickerbocker company t 4 at an uptown hotel It was reported 4 that Charles T Barney Bame president of at atthe 4 the Knickerbocker placed his 4 4 4 nation In the hands of the directors 4 4 who at omo decided upon A Foster 4 HiggIns Biggins to succeed him himA himA 4 4 A director of at the Knickerbocker f 4 4 Trust company at the close of the 4 4 meeting stated that the trust com coin t 4 4 of ot New York had agreed to 4 4 stand by b the Knickerbocker and were 4 4 ready read to extend aid to the amount of ot 4 4 if aid was required 4 4 4 4 tt 4 vt t I New York Oct 21 The recent tension bf t f the banking community was today con cont x t ly relieved and the day da passed with no adverse developments of a se so serious rious character but with much that th t was reassuring At the same time there was evidence that some of the banks most affected by b recent events were still In need of assistance but the promptness with which the clearing house accorded it U did much to allay alIa further harm The general improvement was reflected in the buoyancy of the stock market and the steady stead advance in prices from pre pro previous Ious low levels On the other hand the conservative element deferred a too optimistic view until the relief given by the clearing house had continued for sev soy several several eral oral days and had permanently reestablished the stability of some of ot the weaker institutions notably n the Mercantile Na National National National bank and the New ew Amsterdam Na National National National ban banT Large Debit Balances The clearing house was called upon to meet debit balances of ot the Mercantile and the New Amsterdam banks to the extent of ot upwards of OO of or which the Mercantile owed about and the tha New Amsterdam about The debit balance of ot the National Bank of North America amounted to OOOO 8 While there thereas was as said to have been some discussion be between tween tw en n the clearing house committee and amI the officers of ot the latter bank as to the necessity nel of ot giving it any an support it was not found necessary to do so 50 and William H Havemeyer the new president of the declared that the Bank ot of North America had not asked one dollar of ot aid from the clearing house The Tho situation Mr Ir Havemeyer er said is really far better than we expected So far only ani about H OOOO has been with withdrawn withdrawn withdrawn drawn When the bank opened this morn morning mornIng mornIng ing we had a million dollars on hand to pay all comers corners but only a small portion was used Not t Entirely Over The tact fact that the clearing house regards the situation as still serious was shown by the remark by b one member of the com corn committee committee that the Mercantile bank debit bal bat balance balance ance was unexpectedly large and discon disconcerting disconcerting The committee remained in session the greater part of ot the day da discussing a gen general general eral cral plan of at policy with regard to assist log ing such banks as might need help After the committee had adjourned for or the day James T Woodward president of ot the Hanover National bank and chairman of the committee said that conditions were improving and that the committee felt equal to meeting any emergency that I might arise tomorrow New Era at Hand William Sherer manager of the clear ing house stated that the situation was under control that some of ot the more awkward features had been eliminated and that from tram this time there would be begin begin begin gin a new ne era in New York banking Mr 11 Sherer said also that the clearing house committee would carry carr out the policy pol Ie an announced announced announced yesterday of assisting the weaker banks to discharge their obligations The committee it was added would meet every morning to pass upon the collateral offered In settling debit balances At a meeting late today of the di dl directors directors rectors of at the Consolidated National bank William C Allison was elected president In place of at Orlando F Thomas resigned as was decided at an informal meeting of or the directors yesterday |