Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-09-15
50 POSTAL BANKS
MAY START BY
NOVEMBER
Service at First to be Limited
Whole System Finally to be
Made Self Sustaining,
Morning Journal Bureau,
613 Munsey Building.
Mashlnglon. D q. sod be-.


the appropriation, the trustees Of the
| postal savings hank system are N
ranging To install between twenty
five and firty banks in as many sce-
items of the country, by the first OF
November,
The service at first afforded VIII
| necessarily be limited, inasmuch as
congress appropriated only Sl00, 600
With which TO inaugurate the whole
system OUT OF this sun the prelim-
mary expenses, such ms providing
forms. stamps aud instructions, must
be paid. There viii be little lcft for
any other purpose.
The trustees believe, however. that
a few banks can he Financed out Of
the sum and these Will be Installed
purely as experiments, As soon as il
Is determined how much additional
help viii be needed in the various
postoffices, ana how great viii be the
cost ot operating. congress viii be
asked for more money,
In tho course of time Il Is arranged
that the whole system shall be self
Wh9ANAtlARRs RiiiA wv W. NNhA liiA'A p
est will be paid ON deposits and the
banks and trust companies, acting as
| repositories for the funds collected
hy the government, viii be required
under the law % pay IA per cent
interest. The quarter of ! per cent
viii represent tho only profit the
! government viii make and this win
20 entirely toward maintenance and
reserves.
Instead of locating the FIRST twenty
five TO fifty banks IN SO many OF tho
largest cities Of the country. the truss
tees will probably pick out that nuns
Der OF postoffices in the country
where Industrial conditions are varied
This viii be done for the purpose OF
testing efficiency Of the new banking
system and Of determining the re-
Spouse which may be expected on tho
part OF the different classes Of pco-
pie served.
Postmaster General Hitchcock has
received a report from the commit
tee ON organization Of the postal saw
ings bank system in favor OF the use
OF certificates of deposits. instead Of
pass books, as previously decided
upon by the committee in framing It's
tentative plan.
The system proposed c-ontemplates
q mechanical method Tor keeping
records for the postal savings banks
which would render unnecessary n
great part Of the bookkeeping that
would be involved IN the pass book
system.
Under this plan every deposition Of
amounts from 81 ia so viii be given
a certificate punched IN duplicate "
show the amount of the deposit, lie
viii BIC required 10 sign this c%ertifi-
ate ia duplicate, tho postmaster re-
ttininE ono Of the certificates. ON the
back of this evidence OF the deposit
will be engraved interest computa-
tlons showing exactly the amount of
interest due az the end of amy inter
est nerlod.
For sums of $40, $50 ana $50 there
viii be separate certificates. also in
duplicate. Those certificates win
constitute the records of the post
masters.
Mr.. Hitchcock approved the form
md engraving Of a stamp OF deposit
for mount 81 less than 81 This
stamp. representing 10 cents in value.
Is c~Nceedcdly artistic. and is printed
in chrome orange. lie also approved
tho engraving OF the two-ccnt stamp
that viii be used for official CORES
pcndcnco on ccoun Of the postal
savings banks.
The printing of the new postal save
ings stamps has been completed az the
bureau of engraving and printing
Tho stamps are In the vaults, where
they viii remeln until the p%ostoflico
authorities can for them. Five mil
~ the stamps have been turned
out. each of which rs to be sold az 10
cents. cards large enough Go hold
nine of the stamps viii be sold at 10
each thereby making Go card
with the nine stamps thereon worth
one dollar. As d. is desired to get
stamps out as % as possible. thes
will probably make their appearance
"a few wccks
The new two-cent stamp which is
TO Doe placed as frank on letters of
business with the postal Save
banks. has also been printed TO
IS said that these tVo now stamps ure
by far the most artistic stamps which
have ever been printed.
Minnesota BE- leading Zoo thc demnnd
Tor postal savings hanks More than
10 uer cont of gn thc applications
received az the treasury department
lHre come from there The bulk of
20 the applications comes from the