New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-16
AMER RATE OF INTEREST
.,,,;oos Banks Join Those
'N Paving 3la Per Cent.
,.e,cIALs URGED CHANGE
=, institutions, However
S'T nscide to Continue on 4
Per Cent Basis.

oe most OF The savings banks
~ rss,' - ,beir meetings for fixing the
~ a0s ne July interest disbursement on
~ ,.nosts and at least FOUR OF '''e -
~ dspOs'', ,,b,ch heretofore have main
rsiiuion' nor cent annual rate have
- 'n' -, ~ those paving only So per
81 'ne .,ion urged 10y the last two oc-
81 reoU' ,eice of state Superintend-
srs - NJ The annual conventions Oh
81 Z. % savings Bank Association. 49,.
= 80" ,,,ions which have now decided
1hs ns,.' q. rer cent are the Irving Saw
sTy on' The Harlem savings Bank.
g in''''1'r rv savings Bank and tho
= BAY BAY, savings Institution The Man
ss-as''--.,, for the last two interest
sfA.. ~ made its rate per cent OH
ZOO 20 e. o00 and g., per cent on DC
.s'''is .,ocss of that amount. every de-
'eS 80 receiving per cent on ~
.srt OF his funds has settled upo"
.n-.,,st 81, per cent rate while the
- savings Bank. which adopted
~ rate policy when the Mannat-
q 80. Institution did. Will again on
o -. the two rates of interest
tre banks which nave decided 10
- - me per cent rate arc the Eni-
az, Industrial Savings Bank the Sea
~ - for Savings. tho Excelsior saw
- - the Rroadway savings lnsiitu-
= =. German Savings Bank. the New
Lines Bank the East River SAVINGS
..,iop The West side Savings BANK
metropolitan savings Bank ana inc
-. Lane Savings Bank. Pracuca'iy
!, ne Brooklyn institutions viii adhere
IL, Per cent payment
,,rr 100 ar % tho savings banks OF
~. ~ New York paid semi-annual in
=, tho rate of per cent a year. al
-. there had been much agitation ior
s....ior .Siv months later The Bowery
-, Rank tho Iargest savings institu-
i ,he rf-v. t1e biz Dry Dock Savings
.....,or -ra Union Square savings Bank
-i.sa North River Savings Bank took the
IA in lovarirc their rate from 10 "'a
! cen, The Union Dime SAVINGS BANK
!. s-st % reduce its rate. at the July.
IA ,s-od us example being followed ley
I. ps-t FOR Savings. the Franklin Saw
y. INK the Citizens Savings Bank and
- institutions. while the Greenwich and
y. Manhattan. as already noted. fixed a
..-,ror,,ze rate virtually no changes in
~. we're made a half year ago.
10 discussion a. the question of covering
Is. interest rate has been actively going
81, for ,he l-st two years. the position
axe, oy me saving bank trustees and Of
s.s-. ,ivocatiug the reduction being that
n vsys y a sten On the direction Of safe
guarding the deposits through enabling the
AXIS. specially the smaller and weaker
~. n add 10 their surplus accounts. and
rat .hs larger institutions ought "a CON
n-t 20 IL IN the interest Of the genera
rrr-s hank situation throughout the
sgs
Ths attitude If some Of the important
srss. on the other hand. has been that
ssr Srst dutv is tn their own depoSitors.
n that holding iuvestments which make
: possible for them IN paw the : per cent
1,s with a fair margin over. their proper
rcv Is that Of maintenance Of the old
bro one q tho considerations working
.;ainst complete concurrence i'm lowering
-s rate 70 - per cent has been the COM
.sut0r f1r accounts some OF the smaller
'-.s psrticu' sri~ fearing That serious
ihorsWaIs might follow decrease Of tho
-''rssi return
TIE subject Ras the chief topic of dis