Show MEASURES TAKEN FUR FOR I Chicago Clearing House H use Asso Association Association Association Will Issue Certificates Certificates cates During Stringency MILWAUKEE WILL FOLLOW SAVINGS BANKS BANT S REQUIRE NO NOTICE NOTICE NOTICE TICE OF WITHDRAWAL Chicago Oct 26 The Chicago clear clearing clearing clearing ing house houe association tonight an announced announced flounced through a committee that It has decided to Issue clearing certificates certificates It was also resolved that savings banks should require from their depositors the notices provided for in connection with such accounts It was stated that the action was taken to prevent on undue drain upon the cash balances of the Chicago banks from outside institutions No question of the solvency of the local houses Is Involved members o of at the committe committee stating that none mme of the Chicago banks banha had asked for or is in need of assist assistance as t t tance ance The meeting was attended by b a committee from rom the Milwaukee clear cear clearing cearIng clearing ing house association who informed d the Chicago bankers that similar ac action action action tion is to be taken in the Wisconsin city tomorrow Session The decision in regard to the local situation was taken after an eight I hour session of the association The financial stringency in New York was the primary cause of ot the meeting anti and amIth tha th situation was thoroughly I before a committee consisting of J B Forgan president of the First National bank J 5 J Mitchell president of the th Illinois Trust Savings bank and F FA FA FA A Petter Fetter president of the American Trust Savings bank was appointed to draw up the new rule of the association association tion Uon and make public an official state statement statement ment of the action The statement fol fo follows lows Following the action of the New NewYork NewYork NewYork York clearing house hous association the members of the Chicago clearing house association met today to discuss the situation Resolved to Issue Certificates In the interest Inter st of depositors and the public and as a basis of immediate general assistance the clearing houe house resolved to Issue clearing house certificates and nd also resolved that sav ear savings savIngs ings banks should require from their depositors the notice provided for or r in connection with such uch accounts The immediate cause of the exist existing existIng existing ing stringency is ts due dua to conditions not local loca to Chicago The Clearing house banks in tn New Nw York City CIt have concluded ed ed to Issue clearing c house certificates while the large rge savings banks there also have put the rule requiring notice of withdrawals In force The clearing houses of other cities clUes in session have taken similar action While there has I been no unusual demand as yet upon I the Chicago banks this course in View I of the general condition prevailing else elsewhere elsewhere where seems the wisest course to pur pursue pursue pursue sue Good Effect Certain The effect will be that banks will willbe willbe be enabled to adjust their ther balance be between between tween themselves with certificates while the actual currency in the banks will be reserved for imperative needs It is apparent that this result will be materially aided by the concurrent conc ac action action tion of ot the savings banks It Is believed that this course is only temporary and nd that the general genera situation will soon clear so that nor normal normal normal mal conditions will prevail The Chi Chicago Chicago Chicago cago banks are In exceptionally strong position Not one needs any relief but if some such course were not adopted the currency in this city would be b un unduly unduly unduly duly drawn upon for or other communities ties The clearing house association hopes that upon u on reflection its course will meet with the approval of all aU deposit depositors ors and patrons of the banks and re receive receive the hearty cooperation of the entire community |