New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-28

all these lahors II isn't mere fancy or mine 'hd'
we may organize bank OF our own. It's III me
air DO YOU think there would be any difficulty
Not a bit. We have the money. The capital coud
he raised in a day. The plan is for the larger con-
Germs 10 put up say $4,000 each anu smaller ones
I'm proportion down 10 Se0. Then We would have
q bank that would make those others howl All we
want is the and the place. Anc we can ma
both-thc man and the place.
81 think. however. the associated banks VIII nhu
that they have rockoned without the cos, ana
will see that It IS to the best interests OF all C
rcscind their action
Mr. Arnold Of Arnold. Constable Co. when
seen Yesterday. said
AS general rule don't much care TO nave
our names appear in print Some people think
ha. Il helps them: VIC don't. But in this case. "a
lo matter r. Of public interest. and affects us an
alike II IS different We believe that the action OF
the banks Will be very detrimental TO the business
! interests OF Ncw-York 1t is a mistake OF policy
| W. ourselves are bank directors and we kn""
| that il is by no means the unanimous opinion
smouc the banks that the move Is beneficial Inc
annoyance IT is going TO cause the merchant WI"
not be likely allow him 10 forget who causes H.
One thing / think. the banks have faieu I" Gun
| slider is the fact that the currency question Is
coming up again. And when It does. they VIII
ask the merchants aid in putting through their
! measures 1t isn't the best way to grab 10y mo
! throat the very man OF whom you expect soon 10
| ask favor.
! Suppose that we have a customer in George" or
| Oregon and we sell him goods payable with eN-
| change on New-York lie sends a check in pay
| lncnt. This brings up fight over perhaps -
| cents And SO the whole subject Is brought con-
stautly before the attention Of both It - an an
noyance TO both and 10 avoid It the buyer VIII he
very likely TO buy elsewhere.
TRUST COMPANIES WILL BENEFIT.
! ..I think that the trust companies will beneht.
]. is true that they DO not now collect ou'-of-to"n
M
over they can. if they sec fit. establish clearhs-
/ house Of their own. This public discussion VIII 90
good and VIII result. J believe. in the banks re-
/ Robert e. ogden managing partner In New
York Of the arm OF Jonn Wanamakor ID sta""s
~ believe ,hc action OF the Clearing House 10 be
q grca: mistake The effect VIII De 10 rear' ulull
Tho banks themselves. for the merchants w" carry
1T is ramored Mr.. ogden. that your firm; 10y
reason Of ihia action is TO transfer part OF It's
With regard TO any such rumors. all t4at 81 WHY vi.
And any r1mors are 20 be discredted.
What do you think o. the plan Of some som OF me
merchants "a organize bank OF iheT own oho,,,
Wei. J don't know as care to say inusl n',or'
any spees proposionT ti SGsn Assocat.on Would
encounter very great difficulties. but IN NOT pre-,
nn~croeition though feel vc~y clear IN my opinion
that the resolution "a great mistake ana iha' ~
operation Will hurt the business interests % '''
Nr. Lorenzo. Of A. A. Vantlne & Co. in discuss
' eve I' ezpSst % o51%te pc aacuiy qrs &c. by
stamping bills PAYABLE with New fk eh-
checks II our customers send Them. u Is going 10
be trou1esome and IN the casc or small checAs
take cant say But ] anticipate that fneici,ahts
wbo have hoon carving large balances OF from
s 0o0 10 tlel0p or even less say. CO., viii re-
once them 20 something like 500 ana put tne res
with the trust conmp@tnleS. ,'o ,s ,,' We hone
The banks viii End olt mat they have made
Another prominent merchant. who refused 10
allow his name 30 he used. said.
Il think tha, the banks have made mistake IN
taking this action without arranging with banks
o. other cities 20 make similar charge ne re
suit is that there is danger Of divertns large
volume ot trade elsewhere
FEARS DIVERSION OF BUSINESS.
Mr. Best, o, Bes, & CO.. in Twenty-third-st.. was
seen and said,
81 fear the diversion Of business To other cities We
have a large volume - out-of-town trade and our
customers send Us. 10 considerable extent checks
drawn on their home banks. We NAV advise win
our customers and ask them 10 send us drafts on
NoU-York or pos,offce money orders. but II they
don't do e we can't afIord 10 refuse their checks
Neither can we afford 10 pay the tax. and II we
charge q 10 them they will trade elsewhere me
difficulty IS not go much with checks OF large
amount with the small checks Vhere ihe
charge. 10 cents. is TOO great thoroughly IN
oorse The Tr.bunes editorial OF Friday. That eX-
presses my views exactly.
A representative OF Simpson. Crawford & Simp-
son gave expression to the views Of his arm rs
follows
The trouble is the banks made the resolution
too sweeping They ought 10 have left some dis
crotjorarv mower with the individual banks Take
our account. make deposits daily. thr'e-
fourths Of which in bills and OF ~ remaining
checks on city banks The small part ~ de-
naming is 81 the shape or cnecks on ou,-oi-'"THn
give the banks large Ioady money deposHS. %nittn
cost Them no trOibl, at AL. and which ihty MAKE
ask ~ al
few checks which We also deposit free. BUY 10
charge ms 10 cents on these sma. %H'Ln s - nav
have reason 20 charge for collecting checks for de-
posters T9ose Ge15 ho owe Should no, be-
a@ked 10 pay such tax. Already we are re-
cciving circulars from banks IN cities OF New
Jersey, and others near hy. proposing 10 conc ana
got checks. ana collect mem ire w.
weekly TO Us with drafts on Ncw-A OK We :tao
not even asked 10 open accounis We t.'nh '"'
banks Will be forced 10 moHhE ,hlu as1lo'' T. 10
Nj McCutcheon. Of James McCuicheon " CO.,
s'.'I have bank IS well as mercantile Interests.
and can see both sides Of the question pc pc
love the Clearing House has made inc rtuuns 'Do
character Of the account WARRANTED. neit t,tS
Sthare mai receive q great deal OF service which
they ought 10 pa! Io,, vii nave 70 amend Their
Authoritative Of the feeling among tho large
,t-'li.hing houses the view Of George Haven Iui-
nam. Of = = Putnams sons, may be taken Mr..
- Iook forward TO the with great deal ~
msgvlng TO the publishing trade IT viii prov
very buTdensome. besides being enn9y.tg. our
frs}pess brings in great many small checks on
GEORGETOWN banks in payment for one OF two
hooks or for subscription 10 one OF our pubnca-
lions on one The critic The price OF which $
8, The TAX amounts 20 per cen. ON Little
Journeys the price being s. the tax Is 10 per cen'.
XIV ceiling is that the is very d!sproporuondte
iecause Of the large number Of small checks on
,rLich The charge high Owed by US Ihis
'cttor of nc bank H. but the adding Of another
,r.,U- 20 tho weight are now bearing. It does
look as though the result must DE iurther 10 hhuer
our business ..,,
George Ciillon. representing the Watson & StN-
man Company. manufacturers OF hydraulc ma
Dhiuery in Forty-third-st.. near Third-aNe, SAID
raCarCinc the new Clearing House rule.
~ f2ierf Of course bat ] suppose shall
have TO endure II The payment OF the tax on
checks We deposit doesnt bother us much out
en-. fvouhle H. that must now pay with az
tHsr~o for the bills We owe Already our bills are