Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-08
FIRST Gun At TRUST COMPANIES
Clearinghouse Associ"ti"" 10
ouire Weekly Reports


New York Heraid)
If has been no secret in wall street '''''
Cor some time the banks have viewed WIN
onnrebension. the springng up Oh
80. trust companies, since the latter
no,. only q trihing tax compared with th"t
centred Of the banks, and the trust COM
,onios in many cases, have usuIped the
f,,c,ions of the banks. As result, the
hanks are to o great extent at "a nisau-
vantage I'm competing with their rivals III
the trust business. -,.... NJ, .he
hanks decided a few days ago thar lhe
fime had come to strike blow IN lheir
own protection, and yesterday they Ireu
the first gun. They passed these ne"
rules: ,...,
/ No trust company shall be permitted
IN clear through any MEMBER OF NV,
member Of this association uHicSS 49,
trust company shall nave peS 49, ~ at the
operation COR at least one ye"i az '"~
time Of making the application. 800, ,.,,
. No trust company shall be cleared py
any bank or trust company Heilpc!i,, ~ y.
non-member of this assoclauoli' uII,h ~
shall have been examined by the clear
ine-House Committee, or some other
committee of the association duly app
pointed for such purpose ,-,,
3 Every trust company clearing lhIOuSn
q member of this association, or Wulcn
may hereafter be permitted 10 Gear
through such member. shall tufhlSh
weekly statement Of Its cOnuluon 10 llc
manager Of this association III the sdNIc
manner as weekly statements OF nom
member banks clearing through lnls asso-
citation are now rendered. Such state
ments shall include capital, net poutS'
average amount of loans ana discounts
and inVes ments; average amount Oh rp0-
.f nl-fn
and bank notes, average amount on ne
nosit with other New YORK CITY anu
Brooklvn banks and trust companies
average amount of net deposits.
In the notices sent out TO 'he trust
companies it was announced that lle
statements TO be required OF them were
| not intended. for the present, for pupilca-
ton These statements must De Heili0N
and signed by an officer
THESE COMPANIES CLEAR.
The trust companies that clear through
members of the Clearinghouse are: The
Atlantic. Continental. Colonial, CITY,
| Fifth-Ayenue. international, Knicker-
hooker. Manhattan, Mercantile. Metropol-
itan. New York Security and Trust Com
many. Real Estate, State, Trust Company
| of America. Union. United States Mort
| gage and Trust Company, and Washlhs-
| TON of the Borough Of Manhattan; Brook
! lvn. Franklin. Flatbush. Hamilton, Long
/ Island. Manufacturers Nassau People
| and Williamsburg. Of the Borough Ol
! Brooklyn. and the Mechanics trust |oih-
pany, Of Bayonne, y. j.
some of the companies above mentioned
are less than year old but, having been
admitted 10 the privileges of the asso-
/ citation they will not be disturbed. The
other new concerns which have been re-
Gently organized. but which do not clear
through any of the members Of the Clear
| ing-House Association. are Standard
Morton. Century. Bankers. Merchants
! Trust Company Of New York, Federal
Aston. and Central Realty and Trust Com
| pany. which together represent many mil
| lions of dollars, and contain some prolll-
nent names i'm their directories.
BANKERS IN CONTROL.
Ashbel r. Fitch. president Of the Trust
Company Of America one of the recent
! incorporations. and which already clears
through a member Of the Clearing-Hou
said that his company would cheerfully
comply with all Of the rules in regard to
making reports, and he thought other
companies would do the same. He did
not care to offer any criticisms or 10 eX-
nlain WHY these rules had been made.
Mr.. Fitch suggested that many directors
Of banks were interested in or controlled
some of the leading trust companies, and
their interests were to large extent
| Identical
II is said that the new rules are not
the only plans which the banks have on
foot for restraining the ambitions Of the
trust companies. and that some still more
interesting developments may occur soon.
some of the presidents of national banks
are rather provoked that they are COM
pelled to keep a reserve of p per cent,
while no such rule is imposed upon the
trust companies.
The statement issued by the Clearing
House banks and the trust companies as
of July lst made this showing:
Deposits. Cash. Res've.
Il. c.