New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-02
STANDARD OIL AND BANKS.
ALLEGED INFLUENCE OF CORPORA
TONS INTERESTS IN THE CLEAR
ING HOUSE.


CONTROL OF OTHER rNsr1rUTroNs-NEw
COLLECTION RULES NOT LIKELY
TO BE MODIFIED FURTHER
At PRESENT
The discussion which has recently been going
on in regard to the wisdom Of the step taken by
the New-York Clearing House Association.
through its Clearing House Committee. In max
Ing a schedule of charges for collection Of checks
drawn on banks throughout the country. ex-
cept in few discretionary cities, and in re-
gard also to the actual degree of unanimity Of
sentiment represented by the united action OF
the Associated Banks in voting to impose these
charges. has interested many men in the fnan-
cial district to endeavor to ascertain for them
selves what influence, If any. has been dominant
in effecting the radical changes which go into
effect Tomorrow There seems to be a substan-
tia agreement among these observers that by
no means all Of the banks which voted author
ization to the Clearing House Committee to
make its regulation to collection charges cast
their votes willingly, particularly some OF the
smaller institutions; and that two great banks,
/ which have favored the change, have a weghty,
| If not preponderatng. influence in shaping the
policy OF the Clearing House Association.
The National City Bank, every one down.
/ town knows is controlled by Standard Oil in
! terests, which also strong in the Hanover
National Bank. These interests are also. 1t Is
pointed out represented in the directories OF
several other local banks and trust companies
! among them the Second National Bank, the
president OF which is James Stillman, president
/ of the National City Bank the National Union
Bank the Leather Manufacturers National
Bank the Union Trust Company. the United
States Trust Company, the NewYork Security
and Trust Company. the Farmers Loan and
Trust Company the Atlantic Trust Company,
the Guaranty Trust Company. the City Trust
Company, and. II Is understood, the Trust Com
pany Of America which is now In process OF
/ organization. 1t is common report in Wall
/ Street too that the National City Bank and
the interests identified with it are DESTROYS Of
/ obtaining control of various banks which are
now independent institutions The National
City Bank is understood to hold close relations
with the new City Trust Company the president
J Of which was formerly an officer Of the National
City; and it has been persstenty reported
downtown that one OF the Hanover National
| Banks officers would be chosen president OF
| the Trust Company Of America upon the formal
| organization of that institution. Mr.. Woodward
| has recently been elected a director in at least
| two Out-of-town trust companies. one In Balti-
more and the other in Kansas City. The Han
| over National Bank has within the last few
weeks sent to the customers Of various Out-of-
/ town banks n signature blank of the Hanover
attached to it being slip reading: Please re-
tain this until it is to your interest to use it,
| and Wall Street men who have knowledge OF
this fact surmising to the motive of the
Hanover Bank in issuing this suggestion"
1t seems to be the general belief that no
change will be made in the new collection regu-
lations before the expiration of the three
months during which they must remain In
force unless altered or rescinded by majority
vote of the Clearing House Association. but
that subsequently several minor notifications
will be made. one great cause Of complaint
was removed by the course Of the Clearing
House Committee in interpreting Section - OF
the regulations in such a way as practically L
abolish the minimum charge of 10 cents or
every small check-a decision which the bust
ness men of the city credit largely TO the efforts
OF The Tribune and its opening Of its columns tC
| communications from n multitude OF bank de-
positOrs whose protests gave the Clearing House
managementa pretty accurate idea OF the temper
of their customers and their resentment at the
probable enforcement OF a charge which, from
every point of view. seemed nothing less thar
harsh and oppressive, and likely 10 drive pusl
ness away from this city.
Al a special meeting OF the Board OF Director:
of the CIothers' Association of New-York. heit
on Friday. to take action on the new Cleariht
House regulation requiring New-York banK'
after Apr to charge for collection or cneck:
nava HE outside of New-YOrk city, the follow
ing resolutions were unanimously adopted:
Whereas The New-York banks will strictly en-
force the above regulation: and, $780, ~,
Whereas Bills for purchases mace from ~ "
York merchants payable In funds current II
Resolved That the trade be notified through tn
cnestsd and expected remit only in exchang'
payable in New-York city.