New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-29


An out-o town woud-be depositor signs "'s
nature blank which he forwards to the PAM
where il is preserved as q means oil lue"'''
ton OF his signature. ... t-,ton
Large corporal tons in other parts OF 'ne -
are I'm the habit Of keeping balances III ~. ~
York banks and checking against theih' ~ nrns-
sending of the invitations quoted ap9NT ~ Tevy-
pective customers, large ana shaII, ~ ton Of
Work civ banks is more than a sugses'uui, ="
the ADVANTAGES Of pursuing such coulSe. 80 =,
the collection charges go into erect h cNt; one
merchant in the interior VINO mas ,oiI, saw: 1T
Of these suggestions Will na'uraN &C.. clio
saer,s 10 be TO my interest now 10 use 'Hl' 80
nature blank" Thereupon he VIII III u " .ror,
forward it. at the same ti'ne ,t or town to
the New-York bank selected 10y nm NJ .C IVA
or a large part of his balance. mn, Nc hal
win be enabled 10 draw checks asdlIst ne bir,
i ance without any question arlsitE -, ne has
and the New York merchants WIN whom ne 10 ,'a
transactions. as to which OF the ~" nv S,,,o@.
tho collection charge. for there VIII ne 10 "a.
.,lv -. as his checks viii be New-Nor CITY
/ checks eW-York money. lhclIVh 49,, -,
\ev,-York bank Will have is loRhapIc iuiluS ~,
croosod bv the amount Of his deposit ana M
Ts',eSs If the country bank" OF which he was
formerly a customer will be curtalleu oy lhe
same amount
COMPLAINTS IN THIS CITY.
The feeling Of opposition aroused among bust
ness men Of all classes by the resolution OF 'he
Clearing House Association is becoming more
and more pronounced. A number OF men seen
by a Tribune reporter Yesterday freely cN
dressed themselves in regard to the banks ac-
ton.
Carson c Peck. Of F W. Woolworth & Co.
the Nvo and ten cent store syndicate voiced the
sentiment Of his concerns Nj. Peck SAID. we
look upon the move as very short sighted pohcY.
we find that the tax would cost us at least
50 GOO \ wear But we don't intend TO pay IT,
we PROPOSE To transfer the bulk Of our iinancial
business 10 Philadelphia. This can do reao-
fly. You see. our business is peculiar IN many
respects. We have stores in fifty cities. sue''"-
ing from Pittsburg in the West 10 Le"ls'o''
Me i'm the East and going South as far az
Norfolk Va In all these cities we have DAMN
accounts, and it has Away been our prac''e
to draw checks on these various banks. ana ue-
post them to our account here In TINS wa! we
bring our money together in New-N OK Man!
OF our stores being in nearby cities. it takes
the banks little time to collect the checkS' anu
the expense. as many If the places are Tree
noints is very LITTLE In the course OF year
this brings to NeW-York S3.Wlo.ih". beSiue9
this we have four NoW-York stores. ana the de-
posts from these are cash. In I'VE naihs HcIc
we keep accounts. one or Two oI l"VtH pVi"S
cassed among the smaller banhs' we HaNS
talked with the officers Of them all ana We niu
that the small banks don't favor the pan al an
They saw however. that they Wer" FORCED I"
Join in the movement by the big banks ABOUT
six of these big banks govern inc acton OF me
association. ana lneN wanted Nlit tdN ~ wv
small ones felt obliged to agree 70 the resolution
| told the president Of a large downtown bank
II this and he asked why. If they didn APP
prove. did they sign IT, They were iorced p OF
course When / objected 10 the cashier oI an
+ other Of our banks, ne wanted to know II /
realized how much II cost the banks 10 mar max
these collections. 1t costs US, he said, Sho,"o
yearly To my reply that most concerns eN-
pected to incur some expense in the transaction
Of business he had nothing to say.
'One of our banks has approached US. how
4 a
say. they can avoid charging us for the colec-
ton. They say if will deposit our funds IN
| the banks with which they correspond In all the
various towns have stores in they Will take
our checks and can collect the same without
/ being obliged TO charge US. This seems to be a
/ loophole inadvertently or perhaps pUrposely left
/ 10 enable them in certain cases 10 avoid the
/ ruling OF course. | wouldn't mention the
name Of the bank. But ] think it is all mis-
take. and they will regret it. and in the end
rescind their action and make a stronger bid
/ than ever for business
VIEW OF \ PUBLISHER.
/ Charles A. Clapp. of the firm Of +. p Dutton
& Co.. publishers said: Il suppose the banks
know their own business. 1t is natural that
banks should want pay for the work which they
do for US. At the time. the charge they
/ make is rather nigh. ] don't think it Will make
business for them. know that we have always
felt a sort Of moral obligation to keep good
! balance to give them some return for their SER
/ vice. But If We must pay for IL we shall no
( longer feel under any such obligation. We
shall keep a balance sufficient to DO our bust
ness and put the rest whore we can get some re-
/ turn on IT,"
A representative e -. g. Gunthers Sons the
/ furlie-s said for them. we think that the tax
/ is burdensomc and disproportionate. II is.
moreover entirely unc led for at this time.
I The banks arc prosperous and making money.
. But il is OF those things which. we think.
ned
Tho opinion Of f Booss & PRO. fur,iers was
| given by a Representatives The tn" is not
| right. Already the banks ARE paid ;or collect
| irg for US. They have our balances. and from
their use they get good returns Of which We get
| no share. This resolution is an imposition. 1t
| will probably hurt the banks themselves. for
| the trust companies. who are willing 10 pay
I deposits will get much larger amount Of bust
/ ness. ] shouldn't wonder II they would be
obliged in self-intereSi TO go back to the old
plan"
\ prominent merchant who has been carry
! ing large balance over ana above all balances
| for other purposes for thu very object Of COW
| erng the cost ~ collecting his ut-of-toWn
| checks gave some interesting figures for pub
LEGATION. STIMULATING only that his name be not
/ given. He said Il have kept extra balance
: Of 10000 10 pay the bank for its trouble. and
/ while | never figured II out before. ! judged il
was sufficient to do So have taken February.
a duh month with US. and November. busy
month. and using the new schedule Of charges
arranged by the Clearing House from - t. Z
Of per cent, and To cents in the case Of small
checks ] find that the average cost for the two
months is Just S2ol IS. Tie bank had our S60.-
con and 1t I per cent. which they received on
II. they made 5000 so they lost 81 16. III with
draw that 10000 aud put ir where IL viii give
me per cent returns So I'll save money
under the nrW arrangement
NEW-HANEN BANKERS INVESTIGATE
Nev-Uaycn. Conn. March "a largely attended
meeting OF the New-Giavcn Cloailns House Asso-
citation was held to-day for the purpose Of taking
action on the notice given boy the New-York clear
ing House Association thai beginning April 3
| "a charge OF onc-tenth Of ] per cent Will be mad.
for collecting al out-Of-toWn checks No decisive
action was take1 but after various members Of
the association had discussed the matter II WAS
voted 10 appoint a committee 10 make an investi-
CATION into the circums tdnces and report al a