St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-29
VIEWS OF BANKERS.

VIEWS OF BANKERS.
In connection with this subject the st.
Paul Trade Jour in its issue of this
week, out toda. pr is decidedly in
tereSting SympUs ...h OF opinions of
bankers Oh the wisdom and effect of the
new rule. 1t will be noticed from the
following, as the Journal comments,
that opinions differ as widely among the
country bankers as among the city
merchants upon the wisdom of the new
rule. 1t is worthy of note that however
much criticism is offered, the need of
The reform is very generally conceded,
and III the abstract the principle in
VOWED in the action of the ST. Paul
bankers approved.
NJ E. Titus, Cashier Citizens State
Bank of MontevideO--While the prin-
ciple is correct, it will be unsatisfactory
10 merchants who patroniZe country
banks. Our out of town depusitors say
they will have no use for d bank ac-
count unless they can use their own
checks in making remttanceS for mer-
chandise purchased i'll the cities. and
our home merchants say they will not
deal i'll st. Paul if the rule is enforced;
and, on the whole, the writer believes
1t Will not be acceded to.
George ID. Bartlett, Assistant Cashier
State Bank of Anoka-In my opinion
it Is poor time for city banks to raise
the SUSPICION of country people who are
ignorant of the exact purpose of this
move. However, if the Wholesale mer-
chants of st. Paul can afford such
move on the part of their city banks, the
| country banks surely can afford it.
a. Nj. Sheldon, Prince, Sheldon u Co.,
| Cluquet, Minn.-The action of the St.
| Paul banks is strongly condemned by
| business men throughout this section
! We prefer, however, not to make any
| expression on the matter for publica-
| ton.
T. II. Mcconnell, Cashier First Ma
tional Bank, Rochester = am much
| pleased with the stand the st. Paul
banks have taken in refusing TO credit
checks on outside points until the re-
turns have been received. If MlnneapO-
! lis and other points would now do like
| wise, they should have the support of
all bankers until the party sending a
check upon any bank outside reserve
| cities should he made to pay exchange,
and find it cheaper and better TO send
bank draft i'll the regular way.
A Trio Of Directors.
B. j. Burlang, President Bank of
| Kenyon, Kenyon, Minn.-The new policy
OF the st. Paul banks in refusing to ac-
cept from their customers Individual
| checks on Out-of-toWn banks, except for
collection, does not meet with my ap-
prOvaI. as the method of RENTING by
| checks is great convenience to the
merchants, and has SO long been in use
that it viii create great dissatisfaction
among the customers to compel them to
come to the bank and buy draft every
time. AS Minneapolis has not adopted
the same rule, L should think it would
have tendency to drive business to
that city.
B. j. Kilsey. Cashier Citizens Bank,
Kenyon, Mlnn.-lf the bankers of St.
Paul wished to make such radical
change, 1t occurs to me that they have
chosen very unfaYOrable time in
which to make this change, as on the
face OF 1t it looks as though they were
trying to take advantage of the StriiI-
gency OF the money market. From
what | can learn, if the banks insist on
carrying out that policy it is going to
hurt the jObbing interests of your city.
Z. ID. Wright, President First Ma
tiOnal Bank. Fergus Falls-The policy
OF the st. Paul banks does not meet
With our approval. We think they
should rescind their action. as if it is
not done it is liable to be detrimental
to their business.
Sound Movement.
VIII. Putnam, Cashier Bank of Pierce,
SimmOn q Co., Red Wing, Miun.-We
think that the action of the st. Paul
banks in regard to refusing checks on
Out-of-tOwn banks is right They
should have adopted il years ago, and
prevented the abuse which has grown
up under the old system of crediting
anything, drawn on anywhere, at par.
f. b. Van Hoesen, President First
National Bank, Alexandria, Minu.-The
policy adopted meets with my approval.
The move is undoubtedly one i'll the i'll.
terest of sound banking and should be
adhered to. The custom which has
grown up in this state of dealers paying
their debts In the cities by sending their
checks on local banks has reached such
proportions that it has become a great
burden on the city banks to treat them
as cash, and it is some what of a burden
as well as a nuisance to the country
banker, who not only loses exchange tC
which he is legitimately entitled. but
can never tell how his balance stands
with his cj:y c0rreSDCndpnt, not know
ing what checks of his depOsitors he has
: been called upon TO pay there. | an
glad to see that your banks are doing
now what they should have done long
ago to discourage q bad custom
Jorgen Simmons, Cashier The Citi
zens' bank, Appleton, Mnn.-The pol
: icy of the st. Paul bankers is step il
L the right direction, but only one step
If they are going 10 make use of ina
policy for the purpose of drawing ou
, local accounts away from us they vii
) not be supported by the country banks
/ have Just been shown a letter from
one of the best reputed and larges
banks in your city. indicating that the
accounts Of the country merchants art
quite acceptable. This in the face o
the edict on country checks would in
dictate d war on country banks. If you
banks will take the next step-refuSt
the accounts of country merchants
located where local banks are strivinl
for eXstence-then the policy referred
to will meet tile approval Of nearl!
every country banker.
Regarded as Harmful.
o. IL. Havill, Cashier Merchants Ma
81 ~ - shnnd TIA action o