Show too ton plentiful supply of money zoney york dec C G at a meeting to be held next monday the trustees atthe of the dowery bowery savings sayings bank will reduce the rate ot of interest on savings deposits from four to three and one halt per cent the action is mado made necessary by the plethora of money and tho the scarcity of safe investment which yield a sufficient return to enable the bank to pay sotir our per cent to its depositors it I 1 Is probable that nearly all the savings banks in the borough of manhattan will have to lower their rate money grows cheaper every year the banks are lending on callin callin wall street at from one and a halt half per cent to two and a hall half per cent and the big insurance companies with their vast surp lusses are making loans which formerly sought the savings banks is 15 low as ag two per cent the savings banks ara are limited by the statutes to high class securities such as united states bonds new york state and city bonds and high class real estate it Is from the latter source only that they can make their average earnings sufficient to pay depositors four per cent among the tho banks which are considering si the matter of a reduction of interest are said to be the germania Ger manla savings bank the bank for savings the irving savings bank and the brooklyn savings bank it Is said that a number df smaller banks in tho the borough of manhattan and perhaps brooklyn may follow the leitl of these those concerns tile banks in the outlying boroughs borough particularly staten 0 island and queens can continue to pay four per cent for the present because of al 1 the fact that they can lend their money at EIX mx per cent to home builders |