New-York tribune., 1900-01-14
POSTAL FUNDS DEPOSITORY
THE TRANSFER FROM THE CHASE TO
THE SEVENTH NATIONAL BANK

One of The lines OF Government deposits recently
sought by the National City Bank vas the local
Postofce funds. as appears from letters o. Prssf-
dent Sttllnau and Senator Plart the Secretary
OF the Treasury. which Secretary Gage included N
the National City Bank correspondence transmit
ted oy him 20 Congress last week IN his answer
TO Mr. StiInan on this subject Secretary Gage
noted the fact that the designation CT a bank as
a depository OF POstofice funds z matter
which within the province OF the Postmaster
General and the publication OF the correspondencs
has aroused anew the public interest In the trans
fer, several months ago. OF the PostOfics funds
from the Chase National Bank 70 the Seventh Ma
rtOnaI Bank Last Nay an important interest n
the latter institution acquired By a syudicate
which included Perry s. Heath and Fletcher s
Heath. OF Indiana. and Josiah Quincy. then Mayor
OF Boston, al OF whom now directors OF the
bank A little later Fletcher s Heath was elected
vice-presfdent OF the bank. and az about the sane
time his brother. Perry s Heath being then as
now First Assistant POstEaster-CzeneraL the Sew
euth National Bank was designated BY the Post
master-General as the IOcaI depository for the
PosJothce moneys. The Chase National Bank having
for several years preceding held thai deposit
An officer OF the Chase National Bank said yes
terday, in answer 70 a question 70 The size and
prohtabensss OF The Postofcs account n the Chase
bank prior 20 June last
The account when had II was sqostanl5al5y
OF course, an account OF this kind Is frequently
cut down 70 a comparatively sIl17l SUE - - =
and every bank would Be glad 70 get IL Mr- sun
mans bank would Ike TO ger ir. for instance II
separate items. and is chicken feed craracLeI-
istic makes good dea! q hard woIN neees4Is = -
account for bank 70 n2ye LHs 9uarIsr-s 9 Igi TSgo.
e he Seventh National sank n DeceLloF ~
that sk7 s~Counr at that time alncCntad 20 A-to-
- s---Tr -s-1-- + a-r0T1-re5 20 S3s s9s -
The bank keeping the account. however IS reqlirsd
maximum amount Of the deposit carried
Postmaster Van Cotr when asked about the
choice Of the Seventh National as depository ror
Postofice funds answered
got my orders from washington 20 change ne
depSsitorv from the Chase 70 the Seventh NaI1ona-
All the Treasury Department has 70 DO Win Il =
70 approve the bonds cannot lIlls-ss@----
IS ample 10 protect the Government rom any pcs
removed from the E'srA StIl11- - st~ - -.
National General Thomas. o l1e CA15e oa-5A- 80
S71r--z5 S-ICb a heavy personal -esp0nsi1 IN me
matter would protect ths sareAeepLAs OF l-7 --=-
First Assistant Postmaster-General Heath vas N
-ra -rv Yesterday but returned TO Washington lasI
1fr1r M Heath when asked a5Ou- the reports OF
ri- sf7r his influence 20 divert postal FUNDS 70 tAs
seventh National Bank II which ne Is interested
declined 70 discuss the subject M aeaIn
brother however, was quoted yesterday as saying
The Seventh National Bank vas ssyss rsoEgaa
snf becare stockhO4der. and William h hel1n2at-
was Raqe 2TSSli iS5t rc-o5e- Ther is very HfrIs
Droht in a bank being repository 5or -
--0+ raOefva DEPOSITS OF more than SS5ld0 i the
DEPOSITS on any single day exceed Inst amount e
hank has 70 send the surplus 20 I1e S-1--Ee-,lJ-
course there q certain 2CverJlSeTTeI- n De
coming a repository for the posror1ce L-4l2ls o1L
C-sid4 Of thar there is lr-e n IL 5esieS, n
civ IKE Ne7-Tork very little money remains o.
deposit. The account BENG Es-s 80. 49, r---1
but little balance remaining arler lne daS O-7--
ness. ---s -
OT course cannot say that my brocnsr'z or1cia1
Connection with the PDsrC-1Ce Department mas za--
ANYTHING 10 do with the transfer OF me posloI-le7
s~-o-rr- from the Chase National Bank 70 ne
Seventh National Bank-n1y brother cou-d only a.
rrr~ I
-ba bands Os the POsLma sIe--lIsneral, and rli1k
fe decides IA 10 what bank shall be the custodian
OT the postoffCe account
Z did not know that President ScIlnan OF ne va
tiOnaI City Bank had Lrle1 20 secure SlTosl ----
enc me deposits OF the pos-1r1ce- II ne mas and
has FafIed while having the incOrsen7nr O senator
rborrss c. PIsrr. Why, I have nothing more % say
7 lr1o7- nothing about influence IN connection Win
-h selection Of the STATE repository OF The postorcS
Frr-1z and cannot answer for ny brother r1s qUes-
ton The only change in the directorate OF ne
Seventh National Bank The election r1e OL1er
9av OF General Samuel Thomas as one o. The d.
recrOrs-