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

In connection with this subject the st.
Paul Trade Jour in its issue of this
week, out toda. pr is a decidedly in
teresting sympos-...h of opinions of
bankers on 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 Ill 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-
clple Is correct, it will be unsatisfactory
10 merchants who patronize country
banks. Our out of town depusitorS say
they will have no use for a bank ac-
count unless they can use their own
checks in making renlittances for mer-
chandlSe purchased in the cities, and
our home merchants say they will not
deal III st. Paul if the rule is enforced:
ana, on the whole, the writer believes
it 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 a
move on the part of their city banks, the
country banks surely can afford it.
a. Nj. Sheldon, PRINCE, Sheldon q Co.,
Cloquet, MINI 1.-The action of the St.
Paui banks is strongly condemned by
business men throughout this section.
we prefer, however, not to make any
expression on the matter for publica-
ton. -f' H..
T.. H Mcconnell, Cashier First Ma
tional Bank, Rochester : am much
pleased with the stand the st. Paul
baEkS have taken in refusing TO credit
checks on outside points until the re-
turns have been received. If MInneapo-
lis and other points would now do like
wise, they should have the support of
all bankers until the party sending
check upon any bank outside reserve
cities should he made to pay exchange,
and lind 1t cheaper and better TO send a
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 nv ap-
| pr0vaI. as the method of remitting 6y
| cheeks Is great convenience to the
| merchants, and has so long been in use
| that ii 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, 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 a radical
! change, it occurs to me that they have
| chosen very unfavorable time in
| which TO make this change, as on the
| face OF it it looks as though they were
trying to take advantage of the strir-
| gency OF the money market. From
| what can learn, if the banks insist OH
| carrying out that policy it is going to
hurt the Jobbing interests of your city.
| Z. ID. Wright, President First Ma
| tlonal 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 u Co., Red Wing, Minn.-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 it years ago, and
| prevented the abuse which has grown
up under the old system of crediting
anything. drawn on anywhere, at par.
/ Il l nm l.
| National Bank, Alexandria, Minu.-The
| policy adopted meets with my approval.
| The move is undoubtedly one i'll the in
| 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 great
burden on the city banks to treat them
| as cash, and it is some what of burden
| as well as a nuisance to the country
banker, who not only loses exchange TO
which he is legitimately entitled. but
! can never tell how his balance stands
! with his city correspondent, not know
| ing what checks of his depOsitors he has
| been called upon to pay there. | am
| glad to see that your banks are doing
| now what they should have done long
| ago to discourage bad custom
JOrgen Simmons, Cashier The Citi-
| Zens' bank. Appleton, Minn.-Ihe pol
icy of the st. Paul bankers is step in
the right direction. but only one step,
If they are going 10 make use of that
policy for the purpose Of drawing our
local accounts away from us they will
not be supported by the country banks.
l have just been shown a letter from
one of the best reputed and largest
banks in your city, indicating that the
accounts Of the country merchants are
quite acceptable. This in the face of
the edict on country checks would in
| dictate war on country banks. If your
banks will take the next step-refuse
| the accounts of country merchants
located where local banks are striving
for eXistence-then the policy referred
to will meet tile approval of nearly
| every country banker.
/ Regarded as Harmful.
! o. Ii. Havill, Cashier Merchants Ma
e-=-i 49, - shnnd--'rha action of