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

lose business, and the st. Paul !
banks will certainly lose a large |
amount of business through the |
accounts of their wholesale houses
and their outside correspondents. II
they insist upon carrying Outthe terms
in their circular. The action of the st.
Paul banks, in the present time of
financial depression, certainly shows a |
selfish and ''devil take the hindmost"
spirit, especially when their action has
been the cause of the wholesale houses
sending out notices to their country
customers, cOuched in the terms Which
they have used. 0ae-hous in st. Paul
stnt,out its notice worded: The 81.
Paul banks refuse to accept checks upon
hanks III your city" When it is con-
sldered that these circulars were dis
tributed throughout the entire country,
the harm they might have done IN de-
StrOying confidence can be readily seen.
In the present financial furry The whole
matter certainly does not reflect much
credit upon the banks of st. Paul.
j. a. Armstrong, President Winnie
bago City Bank approve of the st.
Paul bankers action i'll part, but not
altogether. For instance, keep an &C
count at a Mankato bank and one in
st. Paul bank where the Mankato bank
keeps an account also; ] send my check
on the MankatO bank i'll st. Paul for
credit; why should l not get credit for
this item at once and same be charged
up to the Mankato bank? So far as
private checks others than bankers
checks circulating through the country
and accommodating at Sucn points as 81.
Paul and Minneapolis to be returned
through correspondents to their re-
spective places of business. l have
always disapproyed of it.
George A. Du Toit, Cashier Carver
County Bank, Chaska-The question Is
a broad one with good arguments on
each side; but, briefly speaking, think
it is bad move for st. Paul. L have
interviewed a large number of my Gus
toners, merchants, who tell me they
will purchase their goods in MinneapO-
lis, and will continue sending IN their
private checks. l have converSed with
several outside merchants VINO tell me
the same thing. Such feeling as this
must certainly inJure the st Paul
wholesaler.
F. w. Sickler. Cashier Lyon County
Bank, Marshall, Minn.-The action is
cOmmendable, and if adhered to Will
correct very bnrdensome practice and
result benencialiy. L nope lor its con
tinuance.
Sentiment Differs.
F. E. Kenaston. President First Ma
tional Bank, Breckenridge, Mimi
Any concerted actlUl by any body of
individuals which has a tendency to
create distrust or handicap the speedy
and convenient method of doing bust
ness through the medium of banks
which has SO long prevailed, is GER
tainly to be deplored. The ukese
issued by the ST. Paul banks has pro-
duced a variety Of sentiment through
the state. In some localities it Is re-
garded as an Intentional thrust ~ the
county banks, sort of declaration to
| the world that the ST. Paul banks cou-
slider their country correspondents in
the light of hazardous connections, and
by thus advertising their own fears in
tluence country merchants and Others
TO leave their home banks and send
their deposits to st. Paul. Many
country merchants regard the new rule
| as Il reflection upon their credit,
and in some instances have threatened
to sever business relations with ST. Paul
co Germs. At this particular iuncture
would consider the action inadviSed on
| the part OF the st. Paul bankers, for the
reason that with the present strained
| condition of business credits it is most
unwise to cast any reflection upon the
! standing of any one by word or act. |
! presume the real reason why the as
! sociated banks of ST. Paul adopted the
| rule in question was To release them
! selves of carrying large transit ac-
| count and the contingent risk of taking
| checks Endorsed by their own unSound
customers, However, | do not think
any one need worry about the matter,
for the rule won't last lOng-in the nat
ural order of things it cannot iast-and
| when 1t dies Its authors should use the
! nf u hal
Since was so soon to be done for
l wonder whatever was begun for.
Craig u Smith, OrtOnviIle, Mimi
The plan is a good one if it could be
made a custom generally and adhered
| to. 1t would be better all around and
do no one any harm. and do away with
the nuisance of paying private checks
| at par in some central point, as now.
1t is quite an expense in postage alone
10 take care of this business, besides
time, stationery. etc.
f. S. Christensen, President Bank of
Rush City, Miun.-I consider the action
Of the st. Paul banks and jObberS detri-
mental to the country banks as well as
to business in general throughout the
state, especially in the way it was start
ed and arranged beforehand, and for
the jobberS TO join the crusade, and to
do this at Il time when the confidence
between banks and depoSitOrS had been
very much disturbed. From the way
our business men view the matter,
can say it Will be quite hurtful to st.
Paul interests in general.
&. w. Baumback. Cashier First Ma
tiOhal Bank of Wadena-ID my opinion
the action taken by the St. Paul banks
III refusing 10 accept from their custom
erS individual checks on out-OT-tOwn
banks Is very unjust. On the other
hand, | think it is more a detriment to
St. Paul than to the outside banker, as
many have changed their accounts to
Minneapolis banks which are willing to
credit upon receipt.
two Varying Views
F. E. Searle, President German-Amer-
lean National Bank, ST. Cloud. Mimi
/ think on the Whole, If judiciOusly Ell
forced, the rule adopted Dy the ST. Paul
banks in refusing TO credit indiscrlmi-
naleiy country checks should meet with
approval. OF course to the merchants,
and perhaps some bankers in larger
towns where there are several banks
and no charge for collecting checks
has been prdcticed, the action appears
unnecessary and detrimental. But
take it that no reflection was intended
either on the country bank or merchant,
. but rather to do away with a Practice
that was rapidly growing 10 be, Ii rot
already, a nu sance. People will soon
. adjust themselves to the new condi-
tions, and in the end it will result in
, safer and better business methods, and
perhaps benefit rather than injure the
country banks. The st. Paul banks are
as much to blame for the evil practice
they would stop as any one. By adver-
Using large par lists" they have ell
, cOuraged country checking. The new
rule should be enforced gradually
rather than so suddenly as to injure any
; one. Existing conditions cannot be
= changeJt-n a day without friction or IN.
, jury.
p. II. Helms, The Peoples Bank. Oil
, via. Minn.-The st. Paul bankers will
, soon find that in their agreement not tC
accept customer checks on outside banks
= except for collection, they have com
mitted an act that will be generally
, ! vacputpd nv the country merchants auc