The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-02
CITY INCOME GROWS
FROM CASH IN BANKS
Increase in Interest $4,000 in
Three Months-Pays
Many Salaries.
MINIMUM IS 9 PER CENT.
Sevcnty-eight Banks Agree to
Give Morc-Fifteen
Offer 3 Per Cent.

The minimum rate Of interest which
banks must pay on city deposits for the
three months ending Jury 81 was fixed
by the banking commission yesterday at
per cent. Seventy-eisht banks have
agreed to pay more than that. The COM
missions report. signed By Mayor
Mitchell. Chamberlain Henry Bruere and
Acting Comptroller Henry Brough says:
In acordancce with the usual practice
letter was sent to the banks by the
Chamberlain ten days ago asking what
rate Of interest would be paid on city
balances for the quarter beginning May
I. The replies received show that II
win Be possible to place 32s.eoo, 900 In
banks at rates higher than per cent.
the average rate for this amount being
2 b6-100 per cent.
'Under the law. which permits a de-
posit In any one bank Of an amount
equal to so per cent OF the capital and
surplus. .}5s, 100000 could be deposited
in banks paying better than 2 per cent.
but the Chamber lain has limited the reg
ular deposits In banks to 20 per cent.
of the capital and surplus as conserva.
tive policy.
ginning OF the last quarter 1t was posi-
sible to place s27.000.000 above per
cent, following the plan Of distribution
which will govern the deposits for the
coming quarter.
The Increased interest earnings during
the quarter ended April 30. 1914. due
10 the rates better than per cent were
$4,000, or more than twice the cost OF
the Chant eriain's Office for the quarter.
The prospective increased earnings over
the 2 per cent. basis for the coming quar-
ter will be as great as those Tor the
quarter just ended. The slightly average
lower interest rates will be onset by In
creased balances due to tax collectioss.
The banks and the interest they paid
were:
Per Cent.
Chelsea Exchange Bank.
Lawyers Title Insurance ana Trust Com
Metropolitan Tru.. Company
Mutual Alliance Trust Company.
Nontauk Bank
Ridsewood National Bank
Kings County trust Company.
NSs:,ag sa TIss, cI SaSs IL coron.
Twenty-third Ward Bank.
S.A Per Cest.
New York Life Insurance and Trust
Home Trust comany.
Queens County Trust Company
sl.s Per Cent.
Bank o. the M.,ropoli:; ..
Ba terry PARK National Bank
c;.issns Cent central National Bank.
Coal and Iron National Bank
Columbia Bank
Fifth National Bank
FOURTH National Bank:
0erman American Bank.
SarRst and Fulton national Barn
Msrehants exchange National Bank.
Ns etS Butchers and Drov.rs Bank
New Netheriand Bank Of New York
New New Y YSrk P PpOduse Exchange Bank.
PaciNc park.
Public Bank.
West side Bank.
Gotham Natinnsi Bank.
Sroadwav Trus, Company.
c,nt,.i Trust rS:, C Conan
Eaui,sble Trust Company.
Fidelity Trust Company.
Hudsnp rvs. To"'rs-v.
lincoln Trust Company.
Trsnsatisr,ic Trust company.
Sr:s Ss.ionsiI s s.nK Of .; s srsSkiyn
G-eenpoint National Pank.
Nsnufs etur.rs National Bank.
Mechanics Bank.
National City Bank Brooklyn.
Hamilton Trust Company.
Kings County Trust Company 'eonee'''"
PEOPLES Trust Company.
Bank Of Long . misnd' n,,.
rirat Nsiion:i Bank Of Jamaica.
1ronx National Bank.
Cosmopolitan Bank.
3 Per Cent.
American Exchange National Bank.
Bank OF America.
T:nk OF Of ~ @.. SnSs,s' h.ss. 'n'
Bowsry Bank;
Bryant Park Bank
Chase National Bank.
Essi River NstIons, Bank.
Garfield National Bank.
Hanover National Bank.
Harrima, national Nat ma 4, Bant x.,,or,, RAM.
irving National Bank.
Liberty National Bank
Merchants National Bank
National bank Of Commerce in New York
National Park Bank.
eeaboard National Bank.
Second National Bank
Sherman National Bank.
Bankers Trust Company.
Farmers Loan and Trust Company.
GUARANTY Trust Company.
p. Union Trust Company.
United rta'es Trust Company.
United States Mortgage and Trust Com
PAW.
Yortvi'ie Bank.
Bank OF Coney Island
BROOKLYN Trust Company.
franklin Trust Company.
Ti'ie Guarantee and Trust COMPANY.
Corn Exchange Bank tLong Island City
branch).
branch).
r@-n E~~h.re~ ps-k fremont branch).
The commission pointed out that II was
entirely in sympathy with the nee sssity
for a reduction In the rate OF interest on
tire rart OF several OF the banks II rec
!oenizes that a reduction when the money
market Is unfavorabie Is Just AS appro-
pirate as an increase when a more favor
able condition prevails.
w n RESTER SYYCCCEnS RACR