The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-12-31
FOR POSTAL BANK
Postmaster Watson of Pittsburg
Ready to Open Branch.
Returns From Washington
Where He Got Instructions.
FIRST KANSAS TRIAL
Anyone More Than Ten Years
Old May Use Station.
Tuesday Will See Beginning of
New Government Plan.


the first business day of the new year,
the newly authorized postal savings
bank will open for the receipt of de-
posts in the postofice at Pittsburg.
Postmaster w. J. Watson, on his re-
turn from Washington, made this an
nouncement and at the same time ex-
planned some of the details of the plan
under which it will be conducted.
In the last session of congress the
postal savings bank bill was passed
and the work of organizing the sys-
tenn was placed in the hands of a
board comprising the postmaster gen.
eral, the secretary of the treasury and
the attorney general of the United
States. Ever since last summer the
heads Of departments in the postoffice
department at Washington have been
working out innumerable details con-
nected with the Inauguration of the
system. On October % the first step
in the organization of postal savings
banks was made public in the an
nouncement by Postmaster General
Hitchcock of the names of the cities
chosen to start the ball rolling. One
postoffice in each state was selected
and to Pittsburg fell the distinguished
honor of representing Kansas. In
designating the forty-eight cities the
postmaster general endeavored to Sc
lect Industrial centers, taking the bank
der records and other facts into con-
sideration, including the standing and
ability of the postmaster.
Foreign Patronage Expected.
A large patronage of the service is
expected by the officials from foreign
born Americans in these cities who
are now sending considerable sums to
their native countries, usually in the
form of money orders. Many of the
places selected. particularly those in
the west, are not adequately provided
with other savings institutions.
In common with the postmasters in
the other forty-seven cities selected,
Captain Watson received telegram
about ten days ago directing him to
report at the postoffice department at
Washington for instructions on the
Inauguration of the postal savings
bank. On Wednesday. December FL,
the forty-eight postmasters met in the
Office of the postmaster general with
the committee comprising the heads of
departments and, together, they went
over the whole subject from Alpha to
Omega. The principal regulations to
be enforced follow:
Deposits will be received at the pos
tai savings bank from any individual,
or on his order. This rule renders it
impossible for parents to withdraw
the savings of their children without
their consent or for wives and hus-
bands to interfere with each others
deposits without consent. No de-
posts will be accepted from firms,
companies, or corporations, or anyone
acting in a judiciary capacity.
Deposits Are Limited.
Deposits will be received in sums of
one dollar or any multiple of one dollar
up to $500 but no more than $100 will
be received from any one person in one
month nor more than $500 in one year.
Cards will be sold for ten cents
each containing one stamp and with
space provided for affixing nine more
stamps which will be sold by the bank.
When the holder of one of these cards
has affixed the ten stamps to the card
he can exchange it at the bank for
certificate of deposit for one dollar.
These stamps are not good for postage
and no number less than ten, or one
dollar, will be accepted in exchange for
a certificate of deposit.
Certificates of deposit will be issued
in sums of 81, 81. IS. $40 and $40. They
are non-negotiable and not transferra-
BILE and cannot be endorsed over to
other persons as are checks on a bank.
They will be issued only to patrons of
the postoffice-that is. persons apply
ing to the local postoff1ce for the privi-
lege of depoSiting in the postal savings
bank, must certify their postoffice ad-
dress is Pittsburg and this includes
residents of the rural routes.
Interest Given on Deposits.
The certificates of deposit draw in
terest at 2 per cent per annum, COM
puted annually, and the interest be-
gins the first of the month following
the date of deposit Should the deposit
tor withdraw his money before the
year has expired he would lose the in
terest entirely.
A depositor may withdraw all, or any
part of his money at any time, by
presenting his certificate properly en-
dorsed with the words received pay
ment in full" and signed by his name
On the date set for paying interest the
depositor can draw his interest money
in cash or deposit it with the princi-
pal.
Funds received at the postal saw
ings banks are not taken out of the
community in which they are deposited
The postmaster deposits the money in
, such local banks as desire to receive it
and comply with the regulations of the
postoffice department as to security,
etc.
Provision is made in the new postal
savings bank act for the issuance of
interest bearing bonds. When de-
positor has accumulated certificates Of
deposits in amounts of $40. $40, $50 or
$50 he may make application to the
postmaster, surrender his certificates
and receive in return therefor, interest
bearing postal savings bonds of the
United States government. The ex-
change of certificates for bonds will be
made on January 1 or July 1, provid
ing any bonds are available.
WARREN To JAIL JANUARY ri.
Crowd VIII Escort Editor of Appeal