The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-04-04
NEW YoRK's EXCHANGE CHARGES.
Local Bankers Don't Think 1t VIII
Eject Savannah.

Eject Savannah.
1t is not believed by local bankers that
the charges of the New York clearing
house for the collection of out-of-town
checks will have much effect on Savan-
nah merchants. The merchants it would
likely effect, should New York houses
charge up the exchange, have accounts
there and can pay in New York funds.
The bankers say the exchange Is too
small for the New York merchants TO de
duct. and especially where they do not
desire to risk rupturing their relations
with customers
A number of prominent business men re-
ceiVed invitations yesterday to deposit in
New York banks, the inducement being
that the clearing house had decided to
charge one-quarter of / per cent of the
various items collected. Local bankers see
no advantage to be gained by this, how
ever. In the first place, the person maxi
ing remittance is rarely ever charged
with the exchange, it is stated, and IL
deposits We're made in New York banks
exchange would be charged the same at
this end of the line.
The states referred to, where the charges
of one-tenth of l per cent. will be made,
| beginning on April 3, are Connecticut. Del
aware, District of Columbia, Indiana, Iii
nois. Kentucky, Maine, Maryland. Massa-
chusetts, Michigan, Missouri, New Hamp-
shire New Jersey, New York, Ohio. Penn
sylvana, Rhode Island, Vermont, Virginia,
West Virginia and Wisconsin.
These where charge of one-fourth of l
per cent. win be imposed are Alabama,
Arizona, Arkansas, California, Colorado,
Florida, Georgia, Idaho, Indian Territory,
Iowa, Kansas, Louisiana, Minnesota, Mis-
| sissippi, Montana, Nebraska, Nevada, New
Mexico North Carolina, North Dakota.
Oklahoma, Oregon. South Carolina, South
Dakota, Tennessee, Texas, Utah, Wash
ington, Wyoming and Canada.
| The only cities in the country from
which checks will be accepted free of
charge are Boston. Providence, Albany,
| Troy, Jersey City, BayOnne. Hoboken,
Newark Philadelphia and Baltimore.
one banker said yesterday he thought
! the rule mostly affected New York houses
| receiving large numbers of small checks
such as the magazines. 1t seems the bur
den is lightened with them, as while Il
cents is charged for the collection of any
| item, "all items received from any one
! person at the same time and payable al
| the same place may be added together
| and treated as one item for the purpose
| of fixing the amount chargeable." Should
| 100 one-dollar checks be deposited in New
York for collection in Southern or Western
states or territories, or Canada, one.
fourth of l per cent, or % cents, will bt
charged, instead of $40, as it is said was
originally intended by the clearing house
When New York merchants complained
of the charges because allowed TO grouE
checks only lat the same place." whicf
was interpreted as cities, the clearing
house committee passed the followins
graceful amendment an Interpretation
The attention of the clearing house
committee having been called 90 the ia IT
that different interpretations have beer
made of the meaning of the words at the
same place in section Of the rules re
garding collections, as formulated by thl,
committee. and It not having been intend
ed that the word place in the said sec.
ton should have the same meaning as tht
word point used in the preceding sec
ton and a.
Therefore, this committee declares thar
che said section shall be read so as &c
permit all items payable within tho
states territories and districts enumera tee
in either section or to be added TO-
Eether and treated as one item when re
ceived from any one person at the same
time