New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-21
vsyop cJlEoY AND TnE SAYINGS BANKS.
HE TIuNKs SECURITY T. DEPoSIToRs RITTER
THAN INCREASED INTEREST

THAN INCREASED INTEREST
Mayor Gilrov WA. called upon yesterday hy a
committee Of thirteen rcprc,' natives "i SAVINGS Oahh
here and In Other elite, OF the state, 10 ufSc MN 10
approve the lin pending in the Legislature cA"hun-
10 such banks enlurgcd privileges Of investment AcN
under r. Orr. president Of The south lHoo"Nh -"F
snrs rank and NiccpI~A,lent OF the New-lorh
chamber Of Commerce, headed the delegation. IN"
others were: Merritt Tnnblc Pfc-id"nt 81 th'
rlccclcr street saving Bank; Henry T. M"rS'n'
president ,Jf the EFuOHiyn saving Hhhh' Jah'-
ND.Nahols pr'tidcnt OF tlc LmieiHHt Inhn''fI"i
savings Bank. II. u. Atwa'er. rrpr CHUNG III
rouchkccp,ie saving Bank Andrew Mills. cX prc-i-
dent Of the Dry Dock savings Institution .. y
M,>croc. president Of tho Williamsburg -"VlnS'
Eank; T.. \. QulniaId, president Cil1'ns' savings
Rank: william G. Sturgcs, Pre- 81 the >cAh'"" b
Rank for savings j. Howard King, president OF the
Albany Savings Bank; Edward Wool president %
the iowcry saving, Bank and 4. C. Miller treasurer
Of thc saving Bank Of tua
MFR. Orr. in stating the object Of the Visit, All
that he had already called on Controlcr Mycif, hni
found him opposed to the objects Of tac iii. The
Mayor said that he had given come attention to ur
subject and had decided that IL was IA WAi"r IL
which he should take no official action lie hnl ~
objection however t. having the sublc, discussed
Mr. orr said that the saving, hanks laws enacted
In 1873, and revived In l772, should 'r 'h''S'"
70 accord with the present condition 81 AFFAIR.
There were now 100 savings banks In This state WIN
700 900 dcuO.itOis and deposit, agsrcgalInf f"p''
0Oo 900 They Wee prohibited from investing dcio'f'
in bonds other than those Of III" United states
nc state Of Ncw-lork and The cities "i the stale
They lIaVc ,ow SlOO.NOooOD In United states
hond, and $3.50 OoOOOO In the bonds Of various r'i'
81 be staff. or 90 per cent Of all suc! bonds Issued
The average rate Of interest paid delosioiS wax
= = per cent. Ii they could De- allowed to invest
in lon,, Of other cities and state, mu'h III 'hcF ''
~ intcr,,, could bc Ollncd. Willie the security "phi
be- inst rs good. Ia the coming fifteen years
United states bonds and city bonds VIII m"'ur''
limiting the opportunities FOR investments oil the
character materially The savings banks VIII nave
not loss than $500 100000 10 T,OO,tOO,OoO Tor re
Investment Besides this $ij.OOooOo, to F@ooVp'
600 was the annual increase OF savings bnhhs o.
p.sits Inlc,s the field Of Investment WAS ENLARGED
The rate Of interest now paid would lave to BE-
reduced.
The Mayor replied that rs The savings hahhs
were the trustees OF hard working people. generally,
II was in his opinion more Important that III"
investments should bc absolutely safe than that
,ncrr ~ mid he nm incrc., IN the rate OF iner II.
lie added, however. that he would tab" IA" shlI'ri
under udvisrmcnt, hut unless H. changed III nina
would toEc no part IN influencing the Legislature.
Practically the same iii ms been h tore the Legs
lature for I've or SIX years