davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
NETWORK AGAINST THE WORLD.

To the Editor NJ The Tribune.
Sir: We have been obliged to open Boston and
Philadelphia accounts This. OF course. will mean
decreased balance with New-York-in our case a
small drop in the bucket hut II general throughout
the country will mean millions Of deposits Our
customers have received notices from NewYork
merchants to pay in Postoflce orders. This vi!
mean all small amounts paid in Pos'ohce or ex-
press orders and large checks will be sent by ey.
press direct. the express charges will NOT b-
more than 20 cers 10 the 5000 as against 81 10 the
$1,000 charged by New-York banks This means
harvest for the express companies that they will
not he slow meet
/ think New-York par and all the rest 81 fhe
world one-tenth 10 one-quarter discount will mean
business will go 10 par points and leave New-lorK
alone as they seem 10 desire. In other words all
the world IS larger than New-York Cl'y and Y
they would combine the Clearing House banks
have would bring New-York 10 terms. 7
reminds very much OF the State banks Of 1850
10 1853 a in Philadelphia might 20 70 Boston
with his pocket full Of good money. on his arrival
at Boston he found that ne did not have a dollar
that would pass current. After the rule has been
I'm force would know more about II. Y
Toms River y. J.. March 60 1879.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
NETWORK DAILY TRIBUNE MONDAY. APRIL 3. 1890

rule Is strike at Che country banks. as city banks
are dependent to n large extent the prosperity
OF country banks. think It Is safe to say that
than 80 per cent Of the deposits OF the larger
city hanks come from the country banks. and while
! am aware that for years the city banks have been
dissatisfied because they have been charged ex,
change on the checks of country banks. they would
not willingly do anything TO inJure the business
NJ country banks. and thereby kill the goose
that Laws ihc golden egg" have always maintained
that country banks do more for their customers
without Remuneration than city banks. ana the
amount Of deposits which country banks have IL
very much smaller I'm proportion TO their capital
and expenses than those OF city banks. n deposit
of siOO0O0 is a large deposit for country BANK
Of 10000 capItal to acquire after years OF estao-
lishment. while mpny OF the city banks deposits
reach into the millions. The latter can aford 10
do something in the line Of collection OF checks tor
their customers. I think It would be much more
the point 10 leave the question TO the discretion
Of banks and when II Is necessary 70 charge eN-
change to make an account; profitable. DO So
II r. FOSTER.
Cashier Central Bank OF Westchester County.
White Plains, ~ Y. March 81. 1899.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
PART OF THE BANKS EXPENSES.

To the Editor Of The Tribune
Sir: Ny business extends from Maine 70 Cali
fornia. with payments by checks and largely on
local banks Many OF my correspondents will not
change their methods. and the inevitable result
viii be that shall have TO pay the tax or lose
their trade.
do not consider It a favor to me that the bank
should collect the checks without charge. 1t Is a
part Of their legitimate bank expenses while in
my case and presume It is the Same with many
others this is the only way in which they repay
the good. round deposit that is carried at the bank:
They loan that money at good rate, and should
pay their expenses out OF IT, Judging from their
dividends they nave usually managed to do this.
and If this charge is allowed to go unchallenged
there is knowing what the next expense put
upon the depositor will be. JOHN CABOT.
No J53 West Thirty third-st.. March 30, 1899
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
MERCHANTS MUST PROTECT THEMSELVES.

To the Editor OF The Tribune.
Sir: The tax that the banks are about 10 impose
on the business community for collecting out-of-
town checks is that we. In common with other
merchants Ill afford TO pay. Competition has
reduced profits to the lowest possible point. Most
of the checks we receive banks in manufact-
uring centres on which we shall have 10 pay the
discount named by the Clearing House. We have
always cndeavored TO reimburse our banks for
their loss OF interest this account by keeping
balance on deposit sufficient for the purpose. No
doubt merchants 10 suffer from the pro-
posed tax will he compelled to protect themselves
either by the establishment Of bank devoted TO
their interests or by deposlting in trust companies
which will pay an interest which will Offset the
discount on out-Of-town checks. or by depositing
their checks with some bank outside OF Clearing
House jurisdiction.
we recognize the fact that the banks are en-
titled to consideration for the trouble and expense
10 which they are subjected In making collections.
but that they have received a full consideration *
proved by the prices at which the stock OF every
we'll conducted bank in NewYork is now selling,
and hv the dividends they enabled 10 pay.
DRESSER & OLMSTED.
No 3t3 Broadway March 30. 1890.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
MEANS LOSS OF TRADE TO NETWORK.


TO the Editor OF The Tribune.
Sir: With reference to the new rule Of tho New
York Clearing House that is 20 go into effect April
IL certainly would affect our business AS an ad-
ditionai expense While We follow the general Gus
tom Of noting on our invoices and informing pur-
chasers OF our goods that remittances must be
made in New York exchange. II is matter OF utter
inopossibiity 10 have this stipulation accepted by
the general purchasing public. whether they he
de aers or corporations resident out Of town There
can be no question. II the stipulation was strictly
insisted upon that loss OF some trade would re-
sult 10 the city OF New-Y ork. and such trade as
could be given TO other cities where such stipu-
lation would not be insisted upon would go 10 such
cities. -, 49,
! beg 10 remark further. that the proceedings
nroposed for the enforcement OF the new RUE o.
he Clearing House seems to be unusually stringent,
leaving the individual banks no freedom Of action,
sirce bev call for the collection OF these charges
irresnective OF the value Of the account OF the
customer with the individual banks. There are
,nouestionablv cases where banks cannot anord,
So tho kind OF account carried for the customer 10
hear charges for collecting country checks but. on
Tho other hand. there are many accounts carried
Nv tho hanks leaving with them constantly respe l.
otSie casb balances FOR which interest is paid,
and where the banks could, by ahatns the pro
posed new charges equalize the matter oil ih,esps
which they do not pay 10 the customer; II SENS
70 ne mat The right Of individual action on the
~, ~ tho banks IN treating with their own Gus,
toners should In some manner have been retainer
~ ew-York March &c. 1870
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
President Natick National Y
Natick. Mass. March 81. 1883
A CHANGE OF METHOD.

To the Editor Of The Tribune
Sir The direct effect Of the new Clearing House
rule in case Is make II needful TO keen
the larger part Of our reserve In some other city
keeping only sufficient balances I'm New-York TO
meet our drafts With Nc II means the placing Of
$4,000 to $4,000 in balances in Albany Philadelphia
Boston. from banks I'm all Of which cities we
have satisfactory propositions
As to the effect on our customers cannot GER
tainy tell. but | am sure that they will neither
transfer their accounts to New York nor TO any
considerable extent buy New-YOrk exchange Nor
do think that for very long they would submit to
the exchange being charged up 10 them by houses
in NewYork. from whom they purchase goods for
there plenty Ct houses I'm other cities I'm most
lines who would be glad OF the trade and who
would accept local checks in payment and be more
liberal In carriage charges also.
TO my own mind II is a shOrt-sghted policy on
the part OF the NewYork banks; but no doubt the
able hnanciers who are rcspons, bic for the action
have weighed the cost and know what the result
will be. ! find little complaint from the country
banks over the change. except that II makes need
full a change OF methods. The country banks in
this vicinity well able to take care Of them
selves. COUNTRY BANK CASHIER
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
PROBABLY OF SHORT DURATION

To the Editor Of The Tribune.
Sir The return Of the city banks n the method
in vogue prior 10 the adoption Of the National bank
ing system Of making a charge for collection on
nonresident checks. then the uniform practice is
nconvenient and will result in decided loss to
country banks. but. being without redress shall
address ourselves TO such means as will reduce the
loss 10 minimum. The right OF the city banks TO
make the charge for collection cannot be challenged
from a business standpoint. because in each ind-
Vidual Transaction 4 degree Of time. expense and
risk is assumed for which tho bank in the interest
Of its shareholders is justly entitled n reason
able equivalent But whether the OF the
enormous amount OF deposits Of the city banks for
short and call loans is not a full consideration
therefor they are the sole judges.
| regard tho "rule'' impolitc and unwise and
forecast II being of short duration
FRANCIS MARONI
President Nationa Bank OF Port Jervis.
Ort
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
UNJUST AND UNWISE.

To the Editor Of The Tribune
Sir We consider the action OF the New York
Clearing House unjust and unwise, and think 1t
will result in arriving large amount of money
out Of NewYork. Country banks will be obliged
TO do their collecting through other channels In
order TO hold their business and protect their Gus
toners. This is small bank I'm a small town. and
yet the change means to customers Of
we do business in New-York) several hundred
dollars year. and already are being urged by
our customers TO do business through Boston or
Philadelphia PHILIP +. SMART
Cashier First National Bank.
Brockport " Y. March co. 1899
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
ENTITLED TO FREE COLLECTION.

To the Editor Of The Tribune
sir: In regard to the collection Of out-of-town
checks | would say that up to this time my bank
has made no charge for collecting such checks II
this new rule OF the Clearing House is cont.nu.
in force it will prove burdensome 10 many mer-
chants. particularly 10 the small dealers. Profits In
many lines have been very much reduced. and any
extra tax will increase the burden Where banks
are using depositors money. for which they pay no
interest it would seem bur 2 small compensation
for them to collect checks without charge For The
Clearing House TO continue to enforce this rule in
face of the fact that the stock Of nearly all banks
Is quoted high is not without ground tor criticism
and reflection. A. a ROBBINS.
No $50 South-st.. March 80. 1899
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
A GREAT HARDSHIP TO PUBLISHERS.

To the Editor OF The Tribune.
Sir Let us say that the general opinion
pressed by George Haven Putnam. of G. z. Put
MANS Sons expresses the feeling Of the publishing
trade exactly with regard 10 the new rule of the
Clearing House concerning the tax on country
checks
All the miscellaneous and schoobook publishers
receive large number OF country checks good
many OF which do not amount TO s.. If this Clear
ing House rule is be a permanent large
amount Of the profit small orders (and there
are thousands Of them out from the publish
ing houses will be eater up. The rule will work
a great hardship on the publishing trade.
W. f PULSIFER,
For d. G. Heath Co.
No 81 Fifth-ave March 81. 1889
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
TIE PRESENT BASIS THE WISER.

To the Ed ter OF The Tribune.
Sir: The recent rule OF the NewYork Clearing
House charging exchange for collecting out-of-
town checks will not work hardship on us nut
IL did extensive out-of-town business we
should feel the effect Of such charges
Upon tho whole Nev-York banks are prosper
Gus. and believe they could better anord 10 con-
tinue on the present basis than risk losing busi-
ness by charging for collections OF out-of-town
checks.
New-York being the money centre, its banks
have n great advantage over other Eastern ana
Western cities. which they can Ill AFFORD TO lose
through agitation OF the present character
ISAAC W CARR.
No 1Oj Hudson-st March 80 1899.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
ONE MORE TAX BURDEN.

To the Editor OF The Tribune.
Sir. After being in business for twenty-five years
/ have been much taxed 10 death as am
at the present day The present high tax on real
estate will drive poor landlords out OF existence
and their property will be foreclosed The revenue
on checks is more than enough TO be taxed on. and
yet shall We he taxed country checks? Our
profits small. The new bankruptcy law itself
will drive Of business. for AT the present day
a judgment is of good against a debtor. and
when a person who does not wish TO pay goes
right straight into bankruptcy cannot make him
pay. and yet shall we be charged by the Clearing
House tax for those few who do pay? This is
outrageous. and am opposed TO such tax, for 1t
will surely attack my business. .
PHILIP II. SAMILSON.
No. IS East Broadway March 81, 1882
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
President National Bank OF Fort Jervis
Port Jervis. y. Y. March 81 1899.
NETWORKS SUPREMACY MAY BE JEOP.
ARDIZED
To the Editor Of The Tribune

To the Editor ~ The Tribune
Sir: The rule Of the Clearing House in rea-
tion 10 charges all checks outside OF those on
few cities is certainly "A radical and possibly a
rather arbitrary II will certainly cause much
hardship and annoyance to country merchants as
well as TO city manufacturers wholesale houses and
business men have tendency to reduce and re-
strict the volume Of bank business and operate
against the frequent and prompt payment Of small
bills. "A bank can only prosper in proportion 10
the prosperity OF its customers and any hardship
placed by this rule their customers may pos
sibly IN the end react against the banks them
selves. Other ways and means Of collecting checks
may he resorted to- possibly through other cities
and as the balance usually follows the check New
Yorks present banking supremacy may possibly be
teopardzed in the future. II is certainly an open
question whether the benefits derived by the New
York banks from the large balances given TO them
by banks from all over the country does very
much more than offse' tho comparatively small ex-
pense Of collecting the checks Of their customers
al least checks IN the Eastern and Middle Western
States In my opinion. II will cause an immense
amount OF annoyance and veXation and consdera-
bic expense. without corresponding advantages.
even to the NeW-York banks themselves.
HARRISON HARDWOOD.
President Natick National Bank
Natck Mass March 81
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
A VICTORY FOR THE TRIBUNE.

THE MODIFICATION OF ITS RULE BY THE CLEAR
ING HOUSE 4 RIG GONE DOWN"
To the Editor Of The Tribune.
Sir The modification of the new rules affect
ing the collection Of country checks. as an
nounced in to-days Tribune. is big come
down" and this result can be traced in no small
degree to the vigorous agitation by The Tribune
No one doubts for n moment the intention of the
Clearing House Association when IT used the
word place" in Section :. for no sChoolboy
would apply 1t as covering all the cities and
towns Of half dozen different States The talk
about 'interpre tation' rs amusing. 10 say the
least. The interests of New-York City and the
surrounding States were too closely allied 10
admit of such radical measures as were at first
proposed. j. H. NETTLETON,
New-Milford. Conn March 81. 1899.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
RANKS SHOULD DISCRIMINATE.

To the Editor Of The Tribune
Sir: We do not quite see why our banks should
no cxnected 10 bear the expense OF collecting all
the crossioad country checks their depositors re-
ceive from their customers.
Let them discriminate. charging as moderately
as they can afford such dopostors as keep but
ANAL balances and larger ones pToportonately.
This was formerly their custom, ana we mink X
was generally satisfactory to all concerned
Judging from the quoted prices Of our city bank
stocks We should suppose that even the present
custom OF taking country checks al par had worked
nroftably 70 them. and should OF course like
=" ~ VI. B. BRYANT & co.
No 10 Maiden Lane April |. 1879
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
NETWORK AT A DISADVANTAGE.

TO the Editor OF The Tribune
Sir In regard 10 banks charging for out-of-town
collections on checks it will place NewYork mer-
chants at a great disadvantage II other cities don't
adopt the same plan. Now. when competition Is
close I don't see how a merchant is going TO get
il back The ultimate effect will be a large de-
crease in deposits also driving the country mer-
chants to Boston or Philadelphia for their goods
All the country banks in the small towns VIII ne
Obliged to close up. As a customer OF mine told
me to-day. hereafter he would carry the money In
hills. II he had any orders 10 give he would send
TO Philadelphia. l hope the banks Will soc the
error OF their way before it is too late
J. J. TARLTON.
No. 679 Hudson-st. March 30. 1889.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
INJUSTICE BY NOT DISCRIMINATING

INJUSTICE BY NOT DISCRIMINATING.
To the Editor Of The Tribune
Sir. II is difficult AT this time To determine just
what the endrt of athe new Clearing House rule
will be on orr hhsiUess. I inclined TO think.
however. that Il Rt1 be somewhat detrimental.
Yet it would not work 10 our injury II the OK
pense for collection could be placed where it be
longs There is no justice In asking the banks 10
be TO the expense and take the responsibility OF
making these collections without compensation.
some depositGrs no doubt. keep bank account
OF sufficient ovahie 10 compensate the bank for
making their COLLECTIONS free Of charge But a
large percenta CT of them do not keep such an ac-
count think the greatest injustice that is likely
10 arise under the rule is that II does not
discriminate between those accounts which are
worth something 10 the banks and those which are
49,
II the rule could he so modified as IN make such
discrimination | think it would be just and right,
and should he sustained JAMES n. TRIP,
President First National Bank.
Marathon y Y. March 81. 1899.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
>;oTHING MORE THAN A "HoLD.up'

CUTTING MORE THAN A 'HOLD-LP"
To the Editor Of The Tribune.
Sir: think the law should prohibit the Clearing
amounts to about six days interest al 9 per cen,
II the banks would insist upon having prompt 70.
turns from their correspondents II would no, taxa
three days 10 collect the average amounts that are
on. for collection. BY far the greater amount OF
such collections Is In nearby cities say further
thar Chicago. The banks get the Of tho money
when 1t Is collected without paying any Interest,
and properly And IL they refused TO credit an
out-of-town check until II actually collected
or. I'm case they allowed immediate credit. should
charge interest until II collected that would be
proper too. But why should Smith pay much to
collect a check within one hundred miles OF New.
York as Jones pays 10 collect a thousand or
two thousand miles away? You will notice that
the National State and city governments are not
to be charged. OF course not: authority would
have 10 be given the officers 10 permit such A
charge. and the Clearing House knows II would
not work.
The whole proposition IS nothing than q
"hold-up." The united banks strong enough
to "hod-up' all other customers than he Ma
tional, State and city governments. Talk about
trusts and monopolies. Is there any worse
ample anywhere from the Standard oil down 70
the Coffin Trust? Without banks and the system
of checking money from one % another, business
would he paralyZed Just as The city would be II the
Metropolitan company and me Manhattan elevated
should he wiped out. The state regulates the fare
on the surface and elevated roads and IT seems
about time for the same power 10 cau halt on the
banks W
New-York March 30 1890
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
RANKING PROFITABLE ENOUGH

To the Editor OF The Tribune.
Sir: Banks can well afford TO accommodate the
depcsitors by collecting such checks without
charge as the banks pay interest to their
clients on large or small daily balances The steady
tcrease in the market value Of bank stocks proves
this conclusively. The trust companies allow IN
terest on balances and collect country or outside
checks free of charge and their stocks sell very
high i'm the market. thus showing the banks capa-
bility of so doing without financial loss to them
to catch some Of It. | thank you for the kindly
business interest you have taken In this mater.
SAMUEL HATTON.
No 60 Liberty-st., March 81. 1929.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
GOING BACK on IT'S RECORD.

To the Editor Of Tho Tribune.
Sir: The direct tax will fall on the retail busi-
ness men Of this city, because sales cannot be- 50
made as 10 insure the payment in New-York city
funds nor would business house (retaiD trading
with the class 81 people who expect credit find II
good Judgment 10 demand such payment, for fear
Of giving offence. The Clearing House was in
tsrded 10 be and always has been source OF
great help to the business people Of this city, and
6v it's efficiency and dignity has increased the com
rncrce OF our city. but the present ruling would
seem 10 be n cessation OF the very principles the
Clearing House has incucated and the result cam
no, hut he harmful nasmUch as II Will he a deter
ront ra her than an inducement TO extend our bust
ness relations. VA l'AO NHllN'
40 oU FIfth-ave.. April l. N99
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03

from Philadelphia and other points n We mat, :
asking them 10 remit 70 US by draft on New.Y1S
or payable In New-York funds We can hs,Sk
blame them n they do take this step. as when ~
bankers OF other large cities accept the chsrf. -
the business people there without any tax whs,.W
ever, surely the merchants Of those cities are rns
10 take advantage OF this. and. everything BS,sy
equal they will certainly take the orders az
from us and other merchants in New-York CIV ~
OSCAR SCHERER e. RIO
No. % Spruce-st. March 80 1900 ~"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
No. $50 Fulton-s,., March 81. 1884.
A MISTAKE AND UNwARRANTED.

To the Editor Of The Tribune
Sir: We believe the action Of the bankers 10 be a
mistake and wholly unwaTranted. and the cxact.ng
Of this tribute will Tesu.. in materially changing the
banking business While the out-of-town checks
have been some little expense 10 the bankers, In
terest on the merchants balances has overpaid II
bundreofold. The laws and rules applied 10 mod
ern banking are sufficiently liberal 10 make II now
an exceedingly profitable business while this new
Departure simply increases the bankers profit
al the expense OF the merchant Hno can least az
ford n Those who more intercs'e IN mercan-
sie than in banking business should at once com
bine for mutual protection ana beneht ~
AMERICAN RT'BBER TIRE CO.
by e. W. Stapleton.
No 1al Yves; Thlrfeth.st.. March o. 1899