New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-21

when IL first became public, had acted only as MI.
BOOdy's broker. The Company had never had any
dealings with him, nor did they consider that he
was in their debt TO any amount. The great feature
of the day was the debate at the session OF the
CLEARINGHOUSE Association on the subject of re-
forms in banking Several amendments and alter
ations were suggested, and the report of the Com
mittee of Niue will be considered at the next meet
ing. section by section; but although opposition
may be developed in some quarters, il is confidently
asserted that its leading propositions VIII NOT DO
stricken out.
THE CLEARINGHOUSE ASSOCIATION.
MINOR AMENDMENTS TO THE COMMITTEE OF MINES
RfP0RT-rIE PROHIBITION OF INTEREST PAY
MEMS AND OYER-CERTHICATIoNs GENERALLY
FAVORED.
The Clearing house Association met yester-
day 10 consider and take action the report OF the
Committee OF Nine presented at their last meeting
Jacob d. Vermlye President Of the Merchants Bank
IN the chair All the banks belonging to the Associa
ton 50 IN number, were represented except
the Chemical. motion made by Henry
y. Vail, representing the Bank OF Commerce,
GO lay the report the table, This was lost by vote
of 70 90 only the Metropolitan, the b. Nicholas. the
Corn Exchange the Importers and Traders the Fourth
National the First National, and the Third National
voting with the mover It then moved that the con-
Alteration report be postponed for 60 days This
wac voted down by vote of Is to 40. MI Vail then
made speech, protesting against the acton OF the AS
eociaton. and withdrew from the meeting He was
soon followed by the representatives OF the BANK OF Tue
State OF New-YOrk, the Metropolitan, and the Grocers
Banks and a little later by those OF the Bank oil New
York the Fourth National and the Mercantile Banks.
Each member Of the Association called upon TO
express the opinion of his Board OF Directors and a
nearly unanimous expression of opinion favorable TO
Lhe report whole, subject to amendments was Cd
taned The articles OF association we're then taken up
separately for amendments, and the following changes
were made:
Article 90 which originally read ono member OF
she Clearing house Association shall be allowed 10 make
the exchanges for redeem the checks OF upon any
other bank banks not members OF said Association
Of any corporation, association firm, or individual
was amended SO as read: "NO member OF the Clear
iDghouse Association shall be allowed to redeem the
checks Of any association corporation. firm or indi-
ydua excepting upon regularly incorporated banks in
she cities Of New-York Brooklyn, Jersey City, and Ho-
bOseu which banks shall be subject TO an examination
their condition by Committee Of the Clearing
whenever deemed necessary"
Section Article o. which contains the rules OF the
Association to which all the banks connected with 1t
agree to conform, changed from that 1t Will not
receive upon deposit cash. from its dealers checks
drawn otherwise than upon banks which are members
OF this Association" 10 read, THAT IL will not
receive upon deposit cash, from dealers, checks
drawn otherwise than upon banks which are members
Of this Association, upon such regularly incorporated
banks as heretofore provided by Article 2O.'
Section Of the article was enlarged 10 include
tho icites OF Boston. Philadelphia Washington. and
Troy a. follows: That in receiving and crediting
checks and drafts upon places out of NewTork City,
except IN Boston. Philadelphia, Washington, or Troy
1t Will conform 20 the schedule OF rates established
by the Clearinghouse Committee"
The following article, numbered % in the original re-
oIen our
sary reserve provided for by the National Banking
law: Each member agrees TO carry an average re-
serve fund in legal tender notes. equal III amount to at
least IS per cent OF ts liabilities 10 the public, subject
only 70 such notifications the Clearinghouse Commit
tee shall decide the public exigences NAV require"
An amendment To section Of Article 81 allowing
three per cent interest deposits defeated By
a nearly unanimous vote The sAsocation after ses-
rop Of three hours adjourned 20 meet Tuesday next
when il Is proposed take up the report, article by
article and section by section.
VIEWS or BANKERS.
T. D. Tappen, from whom the above Information was
obtained said that the meeting perfectly harmO-
nious and that the gentlemen who left the room,
after Nj. Vars departure, did 90 70 attend 10
their private business, after they had become
convinced that final action would be
taken the report on that day. He was
satisfied that departure not indicative OF any
lack OF cooperation with the action Of the Association
tanned and the feeling against the payment Of interest
and the certfcacn Of checks for amounts greater than
were ia the bank 10 the credit OF the dealer, was very
strong. These the keystones OF the new rules.
The articles of association, a whole, simply bind the
banks IN closer upon than before, by cOdi-
tying tho rules which they make for their guidance
He believed that the amended would pass with
little or o opposition.
Nj Happen was asked his opinion Of the probability
of another clearing beng organized by the dissa
listed banks he answered that it not probable and
hardly possible Toe project not likely TO be ser-
ousy entertained nor could such institution be main
tanned for any considerable tne He had heard Of an
ANONYMOUS meeting having been held 10 consider the
subject. but the combination had no cohesive force.
Mr. Camp, General Manager OF the Clearing house,
and several prominent bank presidents with whom a
TRIBUNE reporter cOnversed expressed great confidence
the rules the Association amended, would DO
adopted without much opposition.
John Q. Jones, President Of the Chemical Bank was
asked last eveningsthe why his bank was not
represented the meeting and whether his absence
intended mark Of disapprOval Of his bank of the
rule He said that his directors did not entirely
approve Of the rules that he remained away from
the meeting simply lot the others act they pleased
in reference them. did wish TO express hiln
self publicly In regard the rules II he had he would
have attended the meeting and spoken there but he
decidedly favor OF the sections forbidding the pay
,nent OF interest and tbeIovercerufeaton OF checks
lie thought it probable that Congress would take
action In regard the payment OF interest
and that the proposed change would be well received
by the country at large great Inconvenience was
aso,sd i other towns by the concentration Of money
IN NewYork banks caused by the payment of interest
on ri checEs he