The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-07-06
CHARGES FOR EXPRESSING MONEY.
interest I'm q Suit to Recover for I'm
derstatements by Banks. !.
New York Evening Post.

A good deal of interest is taken by bank
ers and express companies in this city in
the outcome of a suit brought by the Adj
ans Express Company, in Philadelphia,
against the Fourth-street National Bank
of that city to recover a large sum of money
alleged to be due to the company for ex-
the bank during several years past. Express
companies carry packages Of money usu-
ally at so much per $1,000, the sender de-
claring the value of the package. and the
express company guaranteeing to deliver it
safely to the consignee or to make good
the loss. Some banks. however. in Phila-
delphia and also in this city, 1T is claimed.
have been In the. habit of undertaking the
value of packages of money forwarded by
them. thereby saving a considerable sum
in express charges. A shipment of 100000
point. might be valued at 5000, on which
the express charges at 50 cents per $1,000
would be $3.50, the saving thereby being
$47.50. To guarantee themselves. however,
against possible loss, the forwarding bank
would insure the $95, 900 in an insurance
company at perhaps Is cents per $1,000. so
that the net saving IN express charges
The express companies have long known
that this practice prevailed, and the Adams
the question of the right of the Onward
ing banks TO take advantage Of them in
this city. by a suit against the Fourth
recover certain sums which il claims II
would have been entitled to for express
charges If tina bank had declared the full
value of the packages Of money 1t had
shipped through the Adams company from
time to time. A bank officer of this city,
speaking of the matter to-day, said:
The express companies could quickly
break up the unfair practice they complain
of If they would just do what one company
did in the case of a merchant whom they
suspected of a similar trick. He had been
in the habit, 1t seems, Of shipping valuable
c-onsignments of jewelry at so much for
81, 600 and of undertaking. them. He sent
one day a package containing jewelry
worth $4,000 on which he placed a value
transit. and after a pretended search for it
the company. through its agent, said to
the shipper: We'll, we are very sorry. but
of course we must make good our contract
and you can have a check for 5000
The jewelers. agony of mind, it is said,
was something remarkable. OF course he
had to confess, and the package turned up
containing 100000 or $25c,OOO, but which was
only valued by the shipper at say 0.000 or
SIS. 900, should accidentally be broken open
and its true value be discovered, and should
then be conveniently lost and a tender
made by the express company for it's de-
clared value, the lesson toathe shipping
bank and the bank that had requested the
money to be sent that way would no doubt
be a lasting one. You can easily picture the
confusion that would result to the two
banks. The inconvenience and possible loss
to receive the money cannot be, o~veresti-
mated, and ! don't think it. would ever
wish to repeat the experiment. / am glad
to say that / do not think many banks In
this city take advantage of the express
company In the manner complained Of"