New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-02
MANY BANKS SEEK
CITY DEPOSITS
Seventy-seven Ready to
Pay More than 2 Per
Cent Interest.
COMMISSION FIXES
THE MINIMUM RATE
Profits for First Three Months of
Year Amounted to
$4,000.

The minimum rate OF interest which the
city OF New York will accept on its bank
deposits for the three months ending July
81 was fixed at per cent by the Banking
Commission yesterday. At the same time
City Chamberlain Bruere announced that
II would be possible to place Sc. 200 600 at
rates higher than that figure. the average
rate for this amount being 256 per
cent Under the law, which permits the
deposit in any one bank OF an amount
equal 10 20 per cent Of the capital and
surplus. S5S000,O0O could be deposited In
banks paying better than per cent The
Chamberlain has established q rule, how
ever that no more than % per cent OF its
capital and surplus shall be placed in
any one institution.
In the last quarter It was possible to
place 100000 at rates above per cent.
This was regarded as remarkable, in view
OF the condition OF the money market
call money averaging from l2a to 2 per
cent. slxty-day money from Pa to 3 per
cent and ninety-day 10 four months
money from ~ TO 81 per cent
Those banks which are continuing the
higher interest rates are doubtless doing
So" said the Banking Commission in
formal statement partly because they
have enjoyed deposits from the city in
the past at rates which permitted sub
stantial profits. and partly because they
expect, through generous dealings with
the city. 10 obtain deposits when the
condition of the money market will en-
able them to make greater profit. Dur
ing the past quarter the city has bor-
rowed thirty-day money at an average OF
25s per cent. sixty-day money at Sls per
cent and ninety-day money at from TO
52s per cent
THE increased interest earnings during
the quarter ended April 30. 1914, due to the
rates better than ? per cent. were $4,000,
or more than twice the cost OF the Cham
berlain's office for the quarter. The pro-
spective increased earnings over the per
cent basis for the coming quarter will be
as great as those for the quarter just
ended. The slightly average lower inter-
est rates Will be Offset by increased bal
ances due 70 collections"
There are seventy-seven institutions
ready to pay more than the required rate.
Fifteen have promised TO pay 3 per cent
the coming quarter three ga, hfty-two
p. and seven 2ll per cent. They are:
Three per ceut-Chelsea Exchange. CONNER
cial Trust lawyers Title Insurance and Trust.
Metropolitan Trust, Mutual Alliance Trust,
MOntauk. North side. Peoples National. 'idse-
wood National. Citizens Trust Kings County
Trust. Nassau Trust. First National Bank OF
Corona Hillside, Twenty-th!rd Ward.
TWO and three-quarters per cent-New YORK
Life Insurance ana Trust, Home Trust.
Two and o;ne-hsif per cent-Bank Of the
Metropolis, Bank OF United states. Battery
Park National Century Citizens Central
ba. corn Exchange. Filth National. Fourth
National. German American, GerInania, Mar
KeJ and Fulton National, Mechanics ana Metals
Mutual. National Butchers and D7overs'. Ma
tonal Nassau. New Netherlands BANK Vi
New York. New York County National, Sew
STATE. west side. Gotham national Aston
Trust Broadway Trust. Central Trust. En-
Fulton Trust. HUDSON Trust. lincoln Trust
New York Trust Transatlantic Trust, BANK
Of Flatbush, First National Of Brooklyn,
al. Mechanics Nassau National, Natlona!
CITY Brooklyn; Hamilton Trust Kings
County Trust tcollection account, feoiSt,. ~,
Trust. Bank Of Long Island, Commercial "a
tioual. First National Of jamaica, Bronx Bor-
ough. Bronx National, Westchester Avenue,
Cosmopolitan.
American EXCHANGE National. Bank OF Amer
lea Bank Of the Manhattan COmr any, Bank Of
Washington Heights. Bowery. Bryant Park.
Chase National. East River National. First
National Garfield National Hanover National
Hartman National. Importers and Traders
National Irving National. Liberty National,
Merchants National Metropolitan. National
Bank Of Commerce IN New York, National
City. National Park. seabOdrd Nati0nal Second
National. Security. sherman National. Bank
ers Trust Farmers Loan and Trust. GUARANTY
Trust. Union Trust. United states Trust,
nited States Mortgage and Trust. Yorkvilie.
Bank OF Conev Island. Brooklyn Trust. Frank
lln Trust Title Guarantee and Trust, Corn
Exchange G.ong Island City branch. Corn EN-
change Staten Island branch, Corn Exchange
(lremont branch).
The Banking Commission is composed
OF the Mayor, tho Controller and the
City Chamberlain Under the law the
rate OF interest on city deposits must be
fixed every quarter.