New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-31

Of over 81 600 Of which at least D per cent Is
continuously on deposit WIN our arainst the arb
trarv ruling Of the New York Clearing House Asse
citation imposing tax to be collected on -
etc outside Of New-York and few selected com
We therefore most earnestly request that YOU VII
use your influence TO secure the RECESSION 81 "a
Clearing House rule before neH its5 Monuir
TTTP9HTv.rov RANKfNG COMPANY. MECHANICS
YAT IL RRoA1 B4 sTTkkErT HHA2T1oNAt RAiXK'
A%D TRENTON TRUST AND SAFE bf-
| POST COMPANY
The same institutions have also sent 10 'ne
Clearing House Committee this petition
We tho financial institutions Of Trenton me
cM,,aal c,fv Of Xew-Jerscy most respectfully ask
! mat our city be included in the IocahueS W."
your recent regulations. wherein no chafet VII ,,'
,ynado for checks drawn on the banks in this CITY
| ReprcsentnE the business interests OF our ST.
which W. do We feel that this IS not an unreasoh-
able request.
TALKS WITH BUSINESS MEN
A number Of business men gave their views
Of the tax in talks with a Tribune reporter yes
,erday. D. s Appleton. treasurer Of the pub
fishing house Of D. Appleton & Co.. was among
those seen In giving his views he said: we
consider the tax burdcnsome. vexatous and
unfusr. exaction Il allows Of no discretion as
now ., the case and consequently one who keeps
a good account as wei one who keeps
| poor account is taxed the same That TINS IS
unjust is apparent From my account perhaps
| the bank makes money while from another IL
makes nothing. Yet both are charged FOR col
lections at the same rates. We shall Zee. IL
greatly. Our instalment business involves a
weekly receipt Of any number Of small checks
and for these we must pay 10 cents apiece with
some few exceptions. That is too high. Inc
man who just preceded YOU here was the
cashier Of a Connecticut bank and he made us
a favorable offer to collec. our checks IN tha'
section and remit 10 US weekly. This IS only
one Of many such offers. most Of which nave
come in by mai. It is quite feasible 10 make
use If some Of them. II would he great null
sanCe open accounts with a large number OF
banks but that isn't required. They VIII take
/ the checAs and collect them and send us drafts
! on NeW-Nork i is ] presume, Tor the peheIt
Of the advertisement II would give them The RUE
IS going to cause so much dissatisfaction and
friction hat the banks will be obliged 10 re-
seine f.. We have already sent word To our
numerous agencies. who have been accustomed
10 remit ID Us here with checks drawn on their
local banks. henceforth to remit with exchange
on NeW-NOrk. That, however. Is only a small
item Of our business The banks viii he forced
10 roScind. in my opinion
BY a representative Of the Macmillan Com
pan" 1t said We feel that II will he a
nuisance and a burden. one result Will he 10
transfer, ! think. large amount OF business 70
express companies We have always paid on a
good share Of our collections one-tenth of per
cent. but never SO much as one-fourth. That
seems rather high. But it will doubtless adjust
itself. and after a while il will not be noticed.
i doesn't affect us much. anyway"
Mr. Cooke. the treasurer Of Tiffany Co. the
jewellers. was asked the opinion Of his concern.
He answered. our opinion is short We think
the people down there made a mistake il
doesn't affect US much But as a stroke Of bust
ness policy IL is great mistake.
\ member OF the firm Of 4. O. Spalding &
Bros said 1T will cost US quite sum. But
as the banks have decided 10 charge. suppose
We shall have 10 pay our country checks have
10 be collected somehow We don't ike IL. as
matter of course No one likes to pay more
than he is obliged TO-"
A representative Of the shoe house OF Alfred J.
Cammeyer says We 60 mostly local business.
a bout all checks come through the mail
order department. This morning for instance.
about 50 in small checks came in. We made
an estimate and found that the on that
bunch would amount TO about 50 30-3 per cent.
you see Now. We couldn't afford 10 pay that.
We have made no calculation in our prices for
/ II We should be obliged 70 refuse checks in
payment. and those who objected would. pre-
/ sumably trade elsewhere. bank official said
/ 20 me- to-day that for small dealers the tax was.
| in his Judgment very unjust eXactiOn and
that he should bring all his influence 10 bear 10
modify it. II will probably adjust itself IN
time"
HITS Is HARD"
A P. Gardiner. Of The Modes and Fabrics"
Publishing Company. said: This thing hits US
hard The more l think Of it, the madden get.
We have clientaCe in every important city Of
the country and We receive monthly payments
by checks many Of which are comparatively
small On them We must pay an exceedingly
high charge for collection. Our bankers have
q good balance left with them the use OF which
they have. To be sure. they do Us q very valu-
able service. and II costs them some hing, but
no one poets 10 DO business without some cost.
Ours is d business peculiar 10 Itself We print
the magazine here and give the absolute ran
chise q become the local publisher 10 q prOm-
/ nent merchant in almost every fair sized town
in the country They pay us monthly usually
with checks on their local banks. and the
amounts range from Sc up. In this way we
have a great number Of out-of-town checks
come in and this is only one branch Of our
/ business This sort Of thing tends 10 obstruct
business And with cities like Boston. Chicago
ana St Louis Offering every inducement 10 buy
ers 10 draw them away. II isn't a very good
policy 10 do anything 10 help them along Bust
ness no longer drops TINS way of itself II has 10
be hustled after OF course II ism Z gong 10
drive away any Of our business We are alone
/ in ne field but that Is Its general tendency.
The manager of the Broadway Central Hotel
/ expressed his opinion and said IT doesn't affect
u very much directly II the results be 10
drive business more or less 70 other places il
VIII touch US since fewer business men will stop
with US The tax is an interference with the
even run Of business. and SO il Will be apt 20
hurt New-York. Business men stopping with
us say that the Southern and Western mer-
/ chants aren't going % come here II charges
/ like these are 10 be saddlcd upon Them II the
rule has been made 10 prevent the losing Of in
terest while collection IS being made. don't see
that il succeeds. ! can Z believe mat banks ar"
b foolish enough to take accounts and allow their
! customers 10 check on deposits before they have
/ me money + they do this they have loose
/ wav ~ doing business and the remedy lies in
their own hands 20 force such people 10 keep
/ balances sufficient 70 cover their outstanding
/ collections The remedy isn't radical enough 10
| correct that evil. The banks should keep books
So thai they may know who is and who is not
keeping a proper balance
The members Of a prominent firm Of fire un-
/ derwrters said they appreciated very highly the
service The Tribune rendering 10 the bust
ness public of Nev-York in agitqtng the sub
iect u this new imposition by the banks The
firms position peculiar Il carried large
/ sums u cash al all times In the banks IN New
york although n never asked "accOmmoda-
/ ton" that IS 10 say. II was never borrower.
In such cases ne individual. banks with which
the firm dealt declared themselves willing 20
/ collect its country checks without charge. the
more as the firm in question never desired 70