New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-29
JERSEY BANKS ASK RELIEF
THEY WANT THE CLEARING HOUSE COM
MITTEE TO FAVOR THEM.
A MOVEMENT TO HAVE THE CITIES OF THE
STATE MADE DISCRETIONARY POINTS
UNDER THE COUNTRY CHECK col
LECTION CHANGE RULE

UNDER THE COUNTR1-CHECh .obr
LECTION CHARGE RULE.
Trenton. ~ j.. June % (speciaD. Is
copy OF a petition prepared by bank omcials ~.
presentation TO the New-York Clearing HOUSE,
Committee asking that the banking INSTITUTIONS VI
New-Jcrsey northward from and Including lreh'o"
be exempted from the operation Of the rule OF the
New-York Clearing House Association. which went
into effect on April g. imposing charge OF not Tess
than one-tenth OF 1 per cent for collection OF HI
items payable at points in New-Jersey other ,,di
Newark. Jersey City. Hoboken and Bayonne' whch
discretionary points:
Mr. william A. Nash. Chairman OF the Clearing
House Committee, New-York City. -,
The undersigned committee, representing ine
oS NevJersey from Trenton inclusive, northward.
most earnestly request such modification OF the
New-York Clearing House rule OF March Is. iess'
as viii place the commercial centres in the ter
ritory above ntioned on the discretionary s' as
We assume that tho charge OF one-tenth and OF
one-quarter Of one per cent on items paydoie a. ~
a View TO arbitrary taxation. but is merely de.
signed to cover the actual cost of COLLECTION. ~
would seem therefore. that those banks that are
so located that they remit promptly and AT par
ought not he subject to charge Tor an expense
Letting bank in New-York otherwise this charge
does amount TO arbitrary tax arotrary T ns a.
rather than legitimate charge Tor an expense
actually incurred in the course Of business
Moreover. in view OF the fact that the enadge
upon Items payable at points in Kentucky Wlscon-
sin Missouri Maine Is one-tenth Of one per cent,
a similar charge upon points within the immediate e
suburbs of New-York Is unjust and excessive: III
IL costs but onetenth OF cent to collect from
points one housand to fifteen HUNDRED miles sss as to
collect from Trenton, Paterson Passaic Eizabetn;;
within messenger distance OF the metropolis. We
submit that under the present rule OF the Clearing
e%.Jersey are unjGstly discrmnated against, as
compared with the transactions In the south ana
The section OF New-Jersey represented by the un-
dersigned committee Is In a business way part
and shopping town. Many OF the New-York bust
ness men live in this section OF the country ana
have banking transactions in New-fork as well as
In New-Jersey and large proportion or our cltl-
make their purchases there. tax, therefore,
York Clear ing House is practically tax upon the
patrons and customers VINO desire 10 do business In
your city. and whose patronage adds to her i'm
The banking capital OF our section of the State
which is deposited in the New-York banks and
has been deposited there for years. II would seem
and important relations which have existed be-
tween the banks in this section and New York
turbed without careful consideration and delibera-
ton For years New-York has been our reserve
portion Of your financial capital Can 1t be that
you will insist upon such restrictive rules as Will
posts and seek other cities our reserve centres?
This we are loath to believe. Yet how can we
any other theory? For the undersigned commit
tee cannot understand why the institutions which
they represent. located almost at your dOorsteDs,
friendly to your interests and patronizng your In
situations. should not be accorded the same privi-
leges those which you have accorded to more
distant places. For example. the city OF Troy, l5)
miles from New-York. has been placed upon the dis
creonary list. We respectfully Insist that the
cities Of Trenton. Paterson. Passalc, Elizabeth,
Orange. East Orange. Morristown. etc. the fur
thest Of which is not more than one-third as far
distant as Troy and within hours journey. are.
In all fairness and justice. entitled TO the same
consideration
The undersigned committee do not desire. In
this petition discuss tive question of the advsa
billy of the recent Clearing House rule making
a charge upon country collections upon that ques-
ton. business proposition. we reserve our
opinion In this petition We simply ask for fair
play and call your attention to the fact that, Tor
the reasons above stated we are not receiving at
your hands fair and impartial treatment as COM
pared with more favored localities. We therefore
tnue the present Clearing House regulation. you
so modify its scope as to make II equitable and
fair in It's action upon our several cities as II Is
elsewhere What New-York accords TO Troy Al
bany Boston and Baltimore she ought surely TO
grant 10 the neghboring cities that contribute 10
her banking reserve and that help 10 make her
the banking centre of the Nation
In view OF the important interests affected by
your present regulation. We, tho undersigned, rep
resentng those interests and standing in the ca
pacty Of your patrons and business clients, ear
nesty appeal TO you for hearing before the
/ Clearing House Committee in the near future. be-
fore final action is taken upon this question Very
respectfully yours ....
BIRD W. SPENCER. Paseaic.
JOHN KEAN Elizabeth.