New-York tribune., 1909-05-28
qAsT INTEREST CUT
,,IL RATE TOO HIGH.
c.renI Opinion Expressed by Sdv-
ipgs Banks Officials.

,s1 ,onic discussed by the speakers at
re Pr meeting Of the Savings Bank Associa-
ire - = .ss State Of New York. held yesterday at
taa ,bsr = Of Commerce. was the rate OF interest
iA .gauld be paid on deposits. and the conSen-
shich - in the several addresses was that the
81 e1p''. of per cent was too high and was
Frasel' - not only 10 the banks but also in the
5slIi-''-sr ,r depos1ors This rate, as was said in
eaa INC = a few days ago. will be adhered TO at
ne rtsrest period by the local institutions al
Ias .sr officers are doubtful Of its maintenance
iae . Tr,lians Superintendent Of Banks, in his
Olln rp,,ed for reduction in the interest rate.
] Hs said'
caSse en- should or, conversely. because certain
pr CEN ,ay wing at the rate Of Sl2 per cent, hut
.zss@ @ ar ifbaf, SO FAR as the savings banks
ca-esred u-t IN, a. r-e cornrefent TO discharge the
T S5-7y,osed upon them by that trust 1t is
DIT e 4-lSrees 70 aternine themselves the proper
for ihe ;Serest TO be paid to depositors II is
Tste o. inmate that interest departments have
nos Emitted 10 develop not only IN state banks
M isfA = rational banks and trust companies. @ ms
fs y t-anrorar inc Irsion on the field OF savings
O. II at this time conditions are such @ llat
@ ga-A1 cannot be abolished they should De pIopeIts
ney eyTo5 7 consider Il my most pressing duty 20
c1llO sreral red dction in the rate OF interest IN
e. Institutions throughout me stat% noo ostiS b,it
i.e IN t5e interest OF those who have lnJTusted
.5e'- funds 10 them.
-.-a.s Miller president Of the association
= i vice-president OF the Savings Bank OF
- said in describing the growth OF savings
tank deposits
49,, ,aa-s age when the association held lis
a.. meeting there were total deIoslIS rep e1 u
y s7- 6Se as To-Day the total Is $l'"se'f
9-ing that time the average dTposil Aas ,s -"
- Teoo to S5Ie. While this ls iarSelH atui
- 20 fle increased savings Of the poorer cases
-a-1 is also due 10 invoices pllt INTO j,1 1il 80 - In
e9 e2IhS s35a low money rates The saving OF this
utter class is undeslraoe 4llG nlele -, s,eg- n
,np stes taken by the l1eslSlat'.fe 20 pIS - ~
s.ls ~ . grsat evil as il is brought about bN lIie
,sb creed OF certain people, who desire 70 ptylll
= ffe interest rate which is really only lH'eLueD
= - benefit of the poorer class -
20 u 5eei-e for legitimate growth is proper II
% ~ II tF,os- who have saved little can be per
e-s5ed 10 save more. the result Is DeIt.ltis Des -
.trw and TO the community, ana 1he IesultL-lt. me-
-[ssa in deposits matter OF proper c9hsI l1'a -
t5ar Every other increase IN uhoeSlIa a.. aL.u -
re s-r1ya for il if We compete for INVESTMENT us
-,Ts h, zoe high interest rates. or 10y undue ao-
-erfissu7ent. We are actuatec- CONSCIOUSLY vi IA
e5gsciouEr, by selfish motives
r5ga- I.zver. president OF the Title Insurance
no0ranx. smoke strongly against the proposed con-
st1,tonsl amendment permitting an increase oi
= debt limit Of this city. pointing out that tht
ssr5nes hanks Of the state hold nearly N9o"o"o ol
xeT York City bonds and that the financial con
saion Of the banks would be materially aIIee'e'
,r snv impairment OF the city's credit lie aisC
et:eised the eity's recent financial eNcesses aho
dssc-ibed in some detail the dangers VA 'i'i
srcislisrn Other speakers were T. + May haiu
csntroller Of the Brooklyn Savings Bapk' anu d
Jackson. Of Cleveland officers for the coming
year were elected as follows;
President Thomas J. Mulry, Emigrant Industria
Savings Bank. New York; vice-presidents, waite
Frnble, Bank for Savings, New York; Charles l.
Hanausn Troy Savings Bank, and William Fei
singer New York Savings Bank; secretary iona
nan B Currey, Metropolitan Savings Bank treas
tn 9fK-pT S9I-i
s7,re-e of The executive committee. William 6
corkljn. Franklin Savings Bank; W. P. Sturgis
Dine Savings Bank OF Williamsburg, and h +
MAYNARD. Brooklyn Savings Bank. All these e1
cent Mr Maynard are presidents Of their respec
TIE Institutions.