New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-13
'OPPosEDpTO THE CHECKSTAx
@oARD OF, TRADE AND TRANsPORrA-
TON yrIIINKs IT HARMFUL
AFRAID IT WON ID DRIVE BUSINESS From THE
o,rx ,r-rrcR FRoM ADMIRAL DEWEY

urpAIn 1T WON ID DRIVE BUSINESS From THE
crrY-A LETTER FROM ADMIRAL DEWEY
rhe first thing that came before the monthly
meeting OF the BE ard OF Trade and Transportation
YESTERDAY afternoon at its meeting In rhe Mail
and Express Build ms was the report OF the Ekecu-
rive Committee. THIS recommended action relative
30 the rules recently established by the Clearing
House Association in the matter OF charges Tor the
collection OF country Checks
The report said that in the opinion OF the COM
uittee the charges unjust. and this was proved
by the fact that many New-York merchants had
been Informed by large out-of-town buyers that IL
the new rules be permitted TO prevail they would
withdraw their patronage and purchase their
goodstin other cities where such restrictions are
not enforced. In the objections enumerated the
committee said the enforcement Of the rules Is ret
progressive Its effect II is said. will be the with
drawaI OF the accounts OF country banks from TINS
city. The committee recognizes the fact that IN
many instances the banks are justified In making
a collection charge but 1t deplored the establish
inent of an arbitrary rule The committee ADVISED
the adoption of the following resolution:
Resolved. That the New-Youk Board of Trade
and Transport asion. representing large variety OF
spectfully but earnestly protests against The ac-
ton of the New York Clearing House Association a
c 20 TssaeS" with that association must make
charge in every , for the % so 20
Resolved, That copy Of this paper be sent to the
Clearing House Asso ciation with request that 1t
may receive due and proper consideration
After some debate the resolution adopted.
The strongest opposition was made by Richard S.
Ramsey. of the Hide and Leather Bank He said
the resolution greatly exaggerated the situation.
and that II the merchants made an investigation or
the workings OF banks their own business they
would find the Clearing House rules liberal.
report was received from the Committee on
Railroad Transportation. This committee recon-
nended that a 2O0)-rnile interchangeable mileage
ticket in the territory Of the Trunk Line New
England. Southeastern and Southwestern Passen-
ger associations respectively. be asked for. Tho
committee says this concession should be asked for
without regard TO class. thus coming within the
spirit and letter OF the Interstate Commerce law,
and that the railroads be asked to formulate mile
age tickets on the basis of net uniform rate OF
two cents q mile
The committees report was adopted and11ts rec
concentrations approved unanimously.
The Committee on City Affairs read report
rapid transit. Upon rs recommendation a resolu-
ton adopted favoring the plan OF the Metro
politan Street Railway Company. If that corpora
'tion will accept provtso whereby the city can
take the tunnel and all appurenances at the
end of fifty years some other tenn OF years. ION
equitable recompense. etc
The following resolution was adopted:
Whereas. In the course of the industrial develop
nombDat ie and trusts some Of these at least
doubtless on unduly inflated financial basis and the
results of which and their effects on commercial
relations and affairs the future only can determine
Resolved That the Board commend the action
OF the Board Of Governors OF the New-York Stock
Exchange in adding regulations making more
stringent the requirements and conditions neces-
sary for the listing of securities of such concerns
a step in the conservative direction which the
Board believes should be vgilantly main tanned in
the interests at of investors and OF companies
organized a stable financial foundation as well
step in promotion of honor
The above resolution introduced by William
McCarrol, vice-presidens and manager orsthe Amer
ican Leather Company
In response invitation to dine with the
Board. the following letter received from Ad
miral Dewey;
L. S. Naval Force, Asiatic Station.
Flagship Olympia. Manila. p. !! Feb. Y. 1899.
Frank S. Gardner, esq. Secretary New-York Board
OF Trade and Transportation.
Dear Sir have the honor to acknowledge the
receipt OF your letter OF January II conveying
invitation of the Nev-York Board of Trade and
TRANSPORTATION to dine with that distinguished body
upon my return TO the United States.
While l much fattered at the attention and
hope II will be my good fortune to meet the mem
beys Of your association yet my plans have not
even been made the time of my return TO tho
United States. and this time II would be i'm
possible for accept invitations far ahead
] shall bear the invitation In mind upon my return
and communicate with you upon the subject.
Begging you 10 thank tine members of the Board