New-York tribune., 1899-03-27
COMPLAINTS ClLLED FOR.
POSITION OF THE MERCHANTS ASSOCI-
ALTON AS TO THE CLEARING
HOUSE RECITATION

HOUSE REGULATION.
The regulation of the Clearing House regard
ing collection charges on checks outside Of the
city II New-York which viii 60 into effect on
April > has called forth number II protests
from merchants large and small who are mem
bers ~ the Merchants Association. These pro-
tests have been received 10y the Merchants As
ISOLATION in the form II written communications
and oral complaints over this action Of the
Clearing House which # is claimed by the pro-
testants will hurt their business in their dealings
with the country merchants and which. in
some Instances, will force them 10 open ac-
counts in other cities and buy exchange on
New York. The protests have been general. and
the Merchants Association has been urged to
take this matter up for the purpose of voicing
officially these protests in complaint or reso-
luton 10 the Clearing House. 10 the end that
through such protests the Clearing House may
be induced 10 reconsider its action in this mat
ter
After a careful investigation. giving 10 each
side the fullest consideration. the Merchants
Association has prepared and has sent TO those
10y whom written protests We're filed with that
association. a letter, Of which the following is
a part.
When this action Of the Clearing House first
not heing unmndful Of the effect 1t would have.
took up the matter fo- discussion. In view Of
the fact that practically all Of the banks OF the
Clearing House have voted for this measure
a resul. Of da agitation OF the subject among the
banks. cxte. line over a long period of time. it
was deemed unwse at this time f. take any
action i'm the premises The matter has been
brought 70 our attention by many OF our mem
bers IN written ard oral communications. and
the whole matter both from the standpoint Of
NJ. hanks aud Of the merchants. has been care
fuay looked into.
II his morning the writer Of this letter. W. r
Corwine. called at the Clearing House and
tie manager. William Sherer. II read 20 that
gentleman some of the communications which
had been received protesting agains, this ac-
,ion. among which yours was included.
Mr. Shercr said that the action u the Clearing
House would necessarily be- binding for a period
~ three months that being provision " their
rules and bylaws ana that these rules and by
laws could not be- changed. except by a vote OF
the, entire Clearing House Association
Tn. banks from What can learn from in
tcrvi~ws with bank officers and those who are
directors in banks. are determined 20 make the
experiment The position they have assumed In
this matter YOU are doubtless well aware ~
and I'm that position th~r" is considerable To bee
said from their side ~ the case. ON the other
hand there is no doubt that II Will make
considerable difference 20 large numbers of
merchants doing business Throughout, the entire
country.
Some of our directors with whom Mr. King
has discussed this subject. feel that on general
principles the banks are right As matters now
stand u would seem 10 be unwise 10 attempt 10
Nj n
uranimity resolution protesting against the
action taken by the Clearing House.
We feel however. that there ought 70 he some
middle ground in this matter We are no" con-