New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-04
BANKERS SAY THEY LIK E 1T
MONTH OF THE CHECK TAX REG
ULATION.
ONLY ONE OFFICIAL, PRESIDENT WILLIAMS
OF THE CHEMICAL. EXPRESSES DIS
sATIsFACTroN-oTHERs SAY 1T
WORKS EXCEEDINGLY
WE'LL FOR THEM
WELL FOR THEM.

WELL FOR THEM.
The system OF making charge for the collection
of checks drawn upon out-of-town banks has now
been enforced by New-York banks for a month,
and Tribune reporter called upon many presi-
dents, vice-presidents cashiers OF the institu-
lions yesterday to ascertain how II had worked.
He met with the almost unanimous response that
II was giving great satlsfac,ion--to the bankers.
There has been a marked falling OFF In the de-
posits OF most Of the banks in the last month. and
the reporter inquired particularly II that decrease
could be fairly accredited to the practice. One
two bank officials admitted that perhaps part
OF the decrease could be so attributed. but the
great majority contended that there was no con-
nection whatever between the two. Being asked
to what cause then. they did ascrbe the decrease,
some said a falling off In deposits frequently hap
pened at this time OF the year, but more OF them
ascribed 1t to the decrease of loans
The reporter also asked all OF them II they found
that the country banks were what might be called
retaatng. by making similar charges for the col
lection of checks from New-York. and II these re-
taatory charges did not tend in considerable
degree TO Offset the receipts arising from the new
system. The consensus OF opinion that the
Offset was extremely slight in comparison with the
profits made by the New-York banks.
MITIGATION NOT ENTIRE RELIEF.
At the same time care was taken TO impress
upon the mind OF the reporter that the New-York
banks were not yet reimbursed for the collection OF
out-of-town checks The new charges, 1t was as
serted again and again. only mitigated but by no
means entirely relieved the banks Of the burden
which once they bore at its full weight.
Inquiry was also made II the accounts OF any
out-of-town banks had been withdrawn in conse-
quence of the new tariff. In no case was such an
occurrence admitted. On the other hand. in some
cases accounts had been opened by big out-of-
town business firms with banks in this city. In
this way such checks they may want to send
to NEWCOMERS they draw upon their New
York bank and thus escape the tax upon collection
Only one president found yesterday TO whom
the new regulation had not proved agreeable. That
was President Williams of the Chemical National.
He said: The first months trial Of the new plan
has brought out many complaints and have heard
that some banks have been making offers to Gus
toners to into the Clearing House tariff. do
not know that any bank has done so. but have
heard OF these offers. think have said enough.
now. on that point. do not attribute the falling
off in deposits TO the new PLAN however; neither
has any country bank Withdrawn its account from
us. They may be charging something for cash!ng
New-York checks. l do not know for certain
whether they are or not"
George s. Hlckok cashier Of the National Park
Bank said: THE new rule is working salts
factorily. Complaints growing less its
reasonableness becomes more apparent Some modi-
fcatons of 1t may be made. however, in places
where 1t is found to bear harder on business men
than It does others. No country bank has
totally withdrawn its account from us. Some have
reduced their accounts. few out-oftown banks
onsetting the charge by adopting one on
New-York checks also; but the total of such
charges is small The decrease of deposits this
month do not ascrbe to this cause at ALL
SOME REFUSE TO TALK.
The officials OF the Shoe and Leather Bank, the
Importers and Traders National, the Chatham
National, the German-American, the Mechanics
National the Hanover National and the National
Union refused to make any repor; their months
trial of the new PLAN but the following were more
communicative:
National Bank OF Commerce-The new resula-
ton is working without a hitch. Charges made
by country banks for collecting New York chec ,k
account OF no out-of-town bank in the last month.
The general decrease Of bank deposits nt Is ali que i9
the Clearing House Associations new regulation
SaGn we We have Os
account because OF 1t. and the decrease Oh uepos"S
Continental National-The new regulations are
proving highly satisfactory. what you may can
the ct 9I TO be reS not
so far amounted to much. / do not think II ever
viii None Of them has withdrawn, its account
from us. The decrease in bank deposits we do not
attribute in any measure to the new Tesuia on do
enough collecting of out-of-town checks to make
our opinion of the new regulation representative
Corn Exchange Bank-The new regulations are
working without ripple The decrease OF o ae-
Bank OF New-York-We are having no trouble
the new regulation 1t works 10 our enI be
cause of IT, and the decrease In bank deposits can
National City Bank-we have nothing. but sat
isfaction to express with the workings OF the new
regulation It Is true that the philadelphia banks
f haye' Ss oYerK banks lot of business which
New-York banks could not do at proh,. out ne
going TO make anything out OF it?'
Bank Of America-Highly satisfactory. Please
Phoenix Nationai~The new regulation works all
right and has resulted to us In the loss OF no OUT
of,town banks account. The decrease in deposits
is partly due to the change, no doubt, but only
partially Charges made by country panks Iot coi-
iecting New York checks are only tribe IN COM
Western National--some modification in the new
are proving fairly satisfactory. The decrease in
deposits may be justly ascroed 10 that cause, ~
town banks account and what may be called the
retalaory Offset is in reality tIlfiing ots,sctorv
GalIatin National-The new system has materially
reduced the burden under which New-York banks
iabored when we collected out-of-town checks free
Il was a heavy one, and has by no means been
sponsibe for the falling off bank deposits at this
time of the year. No country bank has removed
seaboard NatIonal-The new regulations rum run!
smoothly. The decrease in bank deposits is partly
due to the fact that many New-York business men
have opened accounts in Boston and Philadelphia
banks in the last month in order to avoid the
tariff on their ut-of- town checks New accounts
have also been opened with us by big out-of-town
firms for a similar purpose perhaps;
Produce Exchange Bank-No friction Is being
caused by the new regulations, and no outcof-town
banks account has been lost to US on account or
It, Charges made by country banks on the coUec-
ton of New-York checks amount to something, or
course but the balance is on the right side or the
ledger One months trial Is too short time In
which 10 arrive at decision whether the decrease
in bank deposits here is due TO tho new charges IN
whole In part.
no decrease OF deposits and no loss OF an out-of-
town banks account in the last month Tne new
regulations are proving entirely satisfactory. .
First National-We watch the workings OF the
new regulation with entire satisfaction instead
of losing business we have had new accounts
opened with US by out-of.town houses. The de-
crease in bank deposits this month has nothing
at all to do with II.
National Bank OF the Republican, first we were
apprehensve about the result OF the new charges