The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-06-29
BANKS APPEAL TO
THE COMMISSION.
Say Express Companies Usurp
Prerogatives Not Their
Own.
ON SHIPMENT OF MONEY
Most Important Interstate Com
plant Filed Under
Rate Law.

| WASHINGTON, Juno 2s.-One Of the
krnost important cases yet nied win the
Commerce Commit ssion under
}the new railroad rate law was pre-
&sented to the commission TO- day oy
Ithe American Bankers Association. IN
| brief. the complainant alleges That the
| express companies OF the United states
/ through their power and facilities as
common carriers. arc ilsurping the
prerogatives OF banking associations
Land at the same time are employing
kthe capital OF the banks Of the country
lin the conduct OF their business. 1t Is
alleged that the operations of the en-
press companies In the conduct OF their
exchange business Is seriously detri-
mental TO the Interests Of the banks,
and that the use OF the Interstate ia
lcillties and the relations which the
express companies have with the rail-
roads enable the companies seriously
Ito discriminate against regular COM
! mcrcial operations Of banking insti-
tutions
Tho complaint Is directed against
the Adams Express Company, the
United States Express Company and
ctfc Express Company, the Wells
Fargo Express. the Southern Express
Company, and the Great Northern Ex-
press Company.
Complaint OF the bankers.
4 The American Bankers Association
asserts that 1t is an association Of 1900
banks whose business Is. among other
things, the buying and selling OF do
4 nestle and. foreign exchange and con
ducNng other commercial transac.
lions, involving the transportation OF
| money or credits. 1t Is alleged thai
tho defendant companies are engaged
no I,Ja} n
in exchange, in every form. a business
: which dong has been the recognized
function OF banks; and that the de
PENDANTS have encroached on this re
cognized business OF the banks by buy
ing and selling money and transfer
Z lring money by cable and by mial thu!
conducting a general financial busl
ness.
1t Is alleged that the defendant
d are competing unfairly and in dis
r criminatory way with tho banks an
subjeoting them to undue prejudice an
= disadvantage. because the defendants
= as common carriers. are ablc to trans
!. port moneys and credits at a far lowe
= rate than is paid by the banks.
n alleged further. the defendants CON
S pei the banks to make unnecessar
e shipments Of money In interstate CON
/, merce over the lines Of the expires
companies. 1t Is asserted also that !
the ordinary course Of their bushes
the banks are forced to cash expires
n money orders and drafts without til
6 charging OF interest, thus supplyin
6 the express companies the capital
E, compete with the banks In the trans
!. action Of their business.
e Ask Cornmission for Relief.
" It Is maintained that these fact
,r constitute a violation of the Inter
state commerce act and the complain
!, ant association requests the Interstat
- Commerce Commission to issue sue
l. orders and to make such regulation
1t as will prevent the defandent compe
% niles In the future from violating tt
y law, and to make such rules as WI
Il afford the complainant adequate pro
n lection against the alleged unfair all
discriminatory operations of the Q,
press companies.