Article Text
Last night a meeting of citizens and business men of the city and the valley was held in the rooms of the Chamber of Commerce to have the matter of the formation of the Clearing House association and its action presented to them by the representatives of the banking institutions. At the meeting of the association in the afternoon it was resolved by the various banks there represented that until the 8th day of November no bank a member of the Grand Junction Clearing House association would pay on any deposit, it mattered not what the deposit amounted to, in excess of $50, and that 10 per cent was the limit of money that could be withdrawn on any check. e President Lyons called the meeting which was very the business men 1 and stated the e was made upon attended city, meeting. A to call order, by object Orson largely of of Ad- the the ams, Jr., cashier of the Mesa CounNational bank. and Mr. Adams ty gave in brief the history of the formation of the clearing house and what action it had taken to protect themselves. He read telegrams from Denver and Colorado Springs banking institutions which said that those cities had taken the same action as had He the clearing house in this city. said it was the only salvation for 1 the financial interests of this city and county, as all the banks of this city had been notified by their Denver correspondents that they could not t withdraw at the present time any of the big sums of money that the Grand Junction banks had on deposit in that city. Mr. Adams stated that they could not obtain assistance of if from the Denver banks in case difficulty in this city their presany ent resources would soon be exhausted. Denver is practically in the same situation as Grand Junction. It can withdraw one dollar of its vast not deposits with New York institutions, banks can the Grand Junction nor that have deposits withdraw from their New York correspondents. In speaking further on the matMr. Adams said that with cashter ier's checks, which the banks would beissue in any denomination, he lieved that the action taken would hardly be noticeable. They proposed to take care of pay rolls and their their as far as it was in and he believed themselves before depositors, power, adjust things the of would with- time limit set for the restriction drawals of money had passed. V. C. Talbert, cashier of the Grand then Valley National bank, was called upon, and he, in substance, Mr. spoke in the same manner as Adams. He told of his conversaS with the correspondents of the S tions bank in Denver and Colorado S that he represented and they the n stated Springs that they had adopted in t plan as had been adopted same Mr. Talbert said he could g that it would be e hardship on anyone assist the local g it to protect stitutions not this great would feel city. themselves banking interests working and that and in- a entire business He gave at o notice of the safety of their deposits; S also the carried detail city. the considerable imperative but of said the of that the action taken was here and the big reserves they s banks because what they were doing here t been done in every large city d had the Atlantic west and the busig from was just like a chain-the acd ness tion of others had compelled and determined their action here. D. T. Stone of the Union. Trust &
