The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1900-07-09
SAVINGS BANK DEPOSITS
WHY THE CLOSING UP PROCESS
Is SLOW.
The Routine That is Followed-De-
positor Must Go Three Times Before
He Gets His Money.

He Gets His Money.
1t is no halliday job to close up the
affairs OF a postal savings bank that
has been in existence for fifteen years. |
There is a lot OF red tape to be gone
through with; that is, it is called red
tape, though as the affairs of the bank |
are to be closed up once and for all, .
and all rights i'm the deposits are to be
settled for all time, there is probably
no more red tape than is necessary in
finally settling large number OF ac-
counts.
The process Of liquidation as far as
the depositor is concerned is thus de-
scribed by Charles +. Murray, the su-
perintendent: For illustration, a de-
position resident in Honolulu brings his
passbook here, leaving it with us, we
giving a receipt for it. The passbook
is then entered up with the ledger, the
interest entered, and the book balanced.
Then certificate is made out i'm dupii-
cate stating that the amount shown by
the ledger and passbook is due the de-
positor. When the depostor comes in
after this certificate is made out he
signs a receipt on the back of it and
on the back of the duplicate Len when
number of these certii .4..s in du-
plicate are ready they a. a-nt up to
the capitol to Governor ) .e and Sec
rotary Cooper. When they nave sign
ed them they are returned to us. Then
when the depositor comes in the third
time he signs a receipt for his certi1-
cate which is then given him, and he
can go to the First American Bank and
get his money.
I'VE expect to get some of the certi-
ficates signed by the governor and sec
rotary ready for delivery July 16. There
is a great deal of work in connection
| af ha
not been presented here for ten or
twelve years, and no interest has been
entered up on them in all that time.
We have to follow the account through
the succession of ledgers for that per-
iod. Then there are great many small
accounts, some as small as four cents.
There are about $500 accounts In all,
so that it can readily be seen the job
| cannot be done in a day or two.
For depositors outside of Honolulu
we have a blank form for them to sign
and send with their passboOks to some
bank or responsible party in Honolulu,
] to be by them presented to the savings
bank to go through the same routine as
| the others. This blank which out of
1 town depositors sign is in effect power
of attorney authorizing the person to
whom ii is sent to receipt for and re-
ceive the depositors money"
There has been a good deal of con-
/
! formula by which depositOrs could get
their money. The by Authority" adj
vertisement in regard to the matter was
as follows:
by direction of the Governor notice
is hereby given that in accordance with
! Section 102 of An Act to provide Gov
eminent for the Territory of Hawaii
interest on all deposits will cease on
July LIST, 1900. DepositOrs are requested
to present their pass books at the Ha-
waiian Postal Savings Bank without
delay and receive in exchange therefor
Certificates authorized by the United
| States Treasury Department, showing
amounts due such depositors as of July
LIST, 1900. Payments to depositors will
be made at the First American Bank of
Hawaii in Honolulu upon presentation
of said Certificates"
The natural inference from this is
that certificates are given Immediately
upon the presentation of pass books,
which is not the case.
AS VIII be seen, after the paSSbOOkS
have been entered up and balanced, and
| the certificates in duplicate made out
| by the office force of the Postal Savings
Bank, it will take a good while for them
all to be signed by the governor and
| secretary. If they should sign 100 an
hour and work ten hours a day at it, it
would take nine days and a half to
complete the job. AS matter of fact,
it is doubtful if they can sign at the
rate of a hundred an hour, and they
certainly cannot work ten hours a day
at the job. They can scarcely devote
more than two hours a day to the work,
and at the rate of a hundred an hour,
and unless they work Sundays, that
would take fifty-fiVe days, which would
carry the work into September. Gov
ernor Dole says he expects it will be at
least six months before the work is en-
tirey done.
But this is only counting the time re-
quired to sign the certificates. The
accounts have to be entered up and the
certificates made out before they can
be signed. And after the certificates
have been signed and delivered the
ledger accounts have to be closed VI
tificates, or by some other approprlat,
bookkeeping way.
, The certificates are made in duplicate
so that one may go to the First Am
= erican Bank as voucher that IN,
money has been paid and the other vii
remain in the Postal Savings Banl
files as voucher that the bank Il
clear of obligation to the depOstor.
The certificate signed by GoVernO
Dole and Cecretary Cooper certfies no
} only that the amount of money statet
therein is due the depositor, but als'
that the signature of the depositOr Il
the signature of the person entitled t
the money. Superintendent Murray GER
titles to the genuineness of the sigma
ture, and on his certification the Cover
nor and secretary sign.