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Show ASH PAWS; fllTM K ; 8.-L IV- KiM MMfi WORK BEGUN 'Oil PLAN FOR USE LOCALLY Committee Prpir for Is-puanco Is-puanco of Ctdtrlnjr Houso Certificate ANTICIPATES U. S. RULES Hopas to Provldo Madlum as Soon as Poaaiblo A special commute af th Salt Lake Clearing Moua aaaoclatioa and th Associated Banks and Trust Companies Com-panies of Salt Lake waa authorised Monday morning to prepare a plan for tha Issue of clearing house certificate cer-tificate to serv at medium of ex-change. ex-change. Th commit tea went Into session immediately with tha view to evolving evolv-ing a plan for presentation to tbe association before Tuesday night. Tha eommittee la presented with a threefold problem of working eut th morhanns uc uirvortpa. Brintmg and distributing the clearing house certificates: certifi-cates: the mechanics of depositing ee-curniaa ee-curniaa by banks with the Clesrlng House association or th Salt Lake City branch of th Federal Reserve bank of San Francisco, and the ma chanica of obtaining th approval of th plan and th reopening of banks before Friday from Secretary of th Treasury Woodin. Tha plan la being worked out In anticipation of th announcement of rulee and regulsttona now being drafted by Secretory Woodin. Committee Com-mittee member hop that th local plan will anticipate federal regulations, regula-tions, so that Immediate approval may be obtained and the plan made effec-Uva effec-Uva In aa abort Urn at possible. NO PRXDICTIOM MADS No prediction at to when Salt Lake and Utah would go on th clearing house basis could ba made, due to th necessity lor federal approval and the desirability of making th Utah system sys-tem conform aa nearly at possible with any unified national plan which la ttlU to be evolved. Members of th committee are- H M. Chamberlain, vice president of the Wslker Bank and Trust company; George 8. Spencer, cashier ol Zwn's Savings Bank and Trust company; K A. Culberteon. vie president af the Continental National Bank and Trust company; Aahby Snow, president of th Utah Portland Cement company, capitalist and bank director; W. W. i Ray. and G. A. Marr, attorneys. t O. Howard, president of th Associated As-sociated Banks and Trust Companirs and president of th Walker Bank and Trust company, and Charles L. Smith, president of the Clearing House association and president of the First National bank of Salt Lake, will aerv with the commute as ex-officio ex-officio members. W. U Partner, man-lager man-lager of th Salt Lake branch of the .Federal Reserv bank ol San Fran- . I lOseUaesd aa Paae Teei ersl wears dlrtrVte would providt uniformity In certificates. I Unless tedersl reserve supervtaloa hj mads posaibla by the treasury e-Ipartmsat. e-Ipartmsat. which would Include all Utah banks. It waa believed the eertl Iksis plsa will hove to bo adoptsd by local clearing house associations with separata setting ap of meehen-lsms meehen-lsms to Bait Lake. In Ogden, In Prove ' and to Logan. Other Utah rentan await adoption of the Utsh piss. Detsils of the certificate plan. Including In-cluding the establishment of new deposit de-posit accounts, will bars to await (odors! (od-ors! action. Business men and bankets generally general-ly rsgsrd adoption at the certificate plan as entirely proper. The obeer-eation obeer-eation was mode that thsro will be no disposition to hoard the certificates, certifi-cates, Ihst ths certificatee will psas freely as paper money for the payment pay-ment of bills and the purchase of goods, and that business and trading will bo stimulated. It was declared that the cortllicsta plsn tod ths way out of all other depressions, particularly particu-larly to 107. when clearing house j certificates wars resorted to and the situation was cleared up In matter of month. - - WORK BEGUN Oil PLAII FOR USE LOCALLY lOeaUaasg frees Pssa Oast Cisco, la serving the committee la n advisory capacity. FOLLOWS MCITINO Appointment of the committee with full power to act resulted from the meeting of the Bait Lake aesocistlonj i Monday morning at In Salt Lake Fed iersl Reserve bank. i All Salt Lake banks Monday continued con-tinued to furnish facilities for making of change, safety deposit boss and i safes were open to customers, and I bank continued to safeguard fund and property at safety depositories only. Mr. Partner announced receipt of official Instruction governing aafety deposit boxes end safes. In which See-Iretary See-Iretary Wood In, under the authority granted him by President Roosevelt proclamation, declared: "All banking Institution may l 'low their customer free access to I their ssfety deposit boxes and safes I rented to such customers." Sell Lake bank and the federal reserve branch alee conformed to the relaxation of the presidential Proe-! lama lion which permits the bank tol serve as change depots. This plsn cslls i (or breaking up of currency in to I smelter denomnlalione. but collection col-lection of small coin could not be' turned Into big bills, the oblectlve being to hold ths money In circulation circula-tion In convenient forma. CHICKS ARK DRAWN I Pending the application of the clearing house certificate plsn. Indl-vtdusls Indl-vtdusls continued to draw checks. Hi that the bank checks havs been found lo be tslrly good medium of ex-change, ex-change, with merchsnts accepting check of known customers. I The opinion waa freely expressed! thst It would be preferable lo place super vision of the Salt Lake clearing clear-ing house certificate plsn under ths 'federal reserve. However. If suitable national procedure la not created by Secretary Woodin to pe regit pledging of asset by bank with ths federal reserve branch for certificstes. the bankers. In the Interest of expediting! the effectiveness of the medium of exchange, ex-change, will propose a plan, subject' to Secretary Woodin' approval, lor! operation under the supervision of, the Salt Lake Clearing House ateo-l elation and ths Associated Bank and 1 Trust companies. I DIFFERENCE EXPLAINED The only difference In the two plan la that of the agency for the deposit of asset by banks to secure the certificstes. For the benefit of the average cltlien. It was explained that clearing clear-ing house certllicste can be drawn against present bank deposits. The amount of certificates to be drawn against deposits la still a matter of conjecture, and subject to trestury department approval. Plant of ail other oth-er sections, notably New York, Denver. Den-ver. Lo Angeles and Ban Francisco, which are being closely ttudied by the committee from svsllsbls Information, Infor-mation, show that there Is consider-bio consider-bio variation In the amount of certificate cer-tificate to be drawn against deposits. depos-its. In some paction plana con temple tem-ple I full issuance of certificates for bank deposits, while In other plan issue of certificate I limited to the necessities of depositors. Under the certifies te plsn. It was anticipated that holders of payroll checks csn cash them for certificates at local bank. It wa alto anticipated j that person with check drawn on bsnking inttitutiona in other itstes, for example New York or San Francisco, Fran-cisco, csn obtain certificates of Nsw York or San Francisco clearing house associations at Salt Lake banka. Exchange Ex-change of certificate ot different section would be worked out between the bank. PROVIDES VNIFOEMITT The greater advlssbility of federal reserve supervision. Instead nt localised local-ised supervision throughout the country, coun-try, l seen In that federal reserve supervision In esch of the 12 fed- |