New-York tribune., 1910-06-10
INTEREST RATES DIFFER
Savings Institutions Disposed to
Maintain Old Figures.
THREE PAY FOUR PER CENT
Greenwich Savings Bank Adopts
Double Rate, Favoring the
Small Depositor.

Three savings banks, two of which are
among the largest in the city. yesterday
fixed their July semi-annual interest rate
at the old figure. . per cent: another,
which is exceeded in volume of deposits by
only one or two Institutions. reduced its
rate from a to 312 per cent annual basis;
and still another. the Greenwich Savings
Bank which IS among the first six for
size. having deposits Of about S63,o00O00.
decided to pay on all accounts Of 81. 900 or
less interest at the rate Of per- >cent. and
on all accounts over $1,000 per cent on
the first Sl.0Go and 3l2 on all balances
over that amount
Among the trustees of the Greenwich,
according to the Directory Of Directors.
are George q. Dewitt 4. :. Frisseu presi-
dent of the Fifth Avenue Bank. who is
second ce-president Of the savings bank;
John Harsen Rhoades. son Of the late
president Of the institution and we'll known
for the last year or two as a strong advo-
cate Of the policy of general lowering Of
the interest rate to 312 per cent by saw.
ings banks throughout the state; William
D. Sloane, Charles Z. Barney and Will
liam Rhinelander Stewart
President James Quinlan after the meet
ing of the trustees made the following
a
double rate of interest. which is believed
T. he an innovation in the history of To-
cal savings banks at least within the mem
ory Of lhis generation:
In declaring two rates Of interest to de-
positors. our hoard was actuated bv mar
ticular solicitude for such of its patrons as
have smaller amounts on deposit. and who.
presumably, would feel more keenly any
cut in the income they have been antici-
patins- At the same time by allowing
per cent on the first SL0oo of our larger ac-
counts. We have undertaken to tighten what
might have been felt a considerable dep
rivation by depositors having upward Of
$1,000 had our board declared a fiat rate of
3lz per cent on all sums
In the last six months. as for many
months previous declining bond prices. with
Increasing deposits. have tended to diminish
the percentage of surplus of all savings
banks which surplus. however. in our case
is still more than ample to meet all de-
mands Of the situation, both present and
prospective.
The amount saved for our deposftors by
paying only 81 per cent on the excess of
1000 will go toward offsetting the effect of
declining bond values on our surplus: while
every one of our ninety-three thousand de-
pOsitOrS receives I per cent on some portion
OF his savings seventy thousand receive
per cent on their entire balance"
The institution which reduced its interest
rate Yesterday from to 3l2 per cent was
the Bank for Savings. which. with its de-
posits Of SOS 216 AS as Of January I. almost
exactly parallels the Emigrant Industrial
for size. only the Bowery Savings Bank
exceeding them. with nearly S109 10000 of
deposits. In lowering its rate the Bank for
Savings follows the recent course OF the
Union Dime Savings Bank and the policy
adopted six months ago by the Bowery
Savings Bank, the Dry Dock Savings In
stitution and the Union Square and North
River Savings banks
The. Emigrant Industrial Savings Bank
deposits SOS. SAC. 900; the Seamen's Bank for
Savings, with deposits of SIS $4,000. and the
West Side Savings Bank yesterday decided
to pay their July l interest at the old rate
of 4 per cent as the big German Savings
Bank. having deposits OF nearly s750Oo. .ooo
and the old and conservative South Brook
lyn Savings Institution had decided several
davs ago.