The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1910-06-26
POSTAL SAVINGS BANKS.

The postal savings bank bill mas
been passed by both houses OF con-
gress and only awaits the Presi-
dents signature to become a law.
This it is certain to receive, and In
short time, under Its provisions,
the postmaster general will designate
as rapidly as consistent with good adj
ministration the money order offices
as places for the receipt of savings
deposits. AS there are about $4,000
money order offices it is thought like
ly the postmaster general may at first
restrict the repositories to postof-
fees of the presidential grade, of
which there are about 1000. The Keo-
kuk postoffice will, of course, be one
of the Offices designated as savings
depository.
BY the terms of the law, accounts
may be opened by any person ten
years or more of age. Married wo-
men may have accounts free from
interference by their husbands. No
person can have more than one ac-
count. The minimum deposit which
viii be accepted is 81.
Interest is to be allowed at a rate
not exceeding per cent per annum,
an evidence of the intention of the
government not to compete with
banks No account may have a total
credit exceeding $500, exclusive of
accumulated interest, and not more
than 500 may be deposited in any
one month. Withdrawals may be made
under rules and regulations to be pre-
scribed. Postal savings funds SO far
as practicable will be deposited by
the postmaster general in banks To-
Gated nearest to the postoffices at
which the money is received at a rate
of interest not less than IA per
cent per annum.
1t is not expected that the new ar
rangement will add very materially
to the work of the local postoffice. An
additional set of books will be need
ed, but it is not anticipated that any
addition will be required in the near
future to the clerical force. As mat
ter of fact the Keokuk postoffice has
been doing what amounts practically
to a large banking business for some
time. 1t is the money order deposi-
tory of many smaller postoffices in
southeastern Iowa and northern Mis-
souri,. In addition it pays the salaries
of all the railway postal clerks on the
five railroads which have their ter.
mini In this city. There are fourteen
of these postal clerks Their routes
are: From 1Keokuk to Mt. Pleasant,
on the North road: from Keokuk to
Des Moines on the Rock Island; from
Keokuk to Red Oak on the Keokuk &
Western; from Keokuk to Bluffs, H.,
on the Wabash, and from Keokuk to
Peoria on the T., P. & w. They are
all paid from the general postal
revenues of the Keokuk postoffice-
from the sales of stamps and stamped
paper sold to Keoknk people and
firms. The money order funds are not
used for this or any purpose other
than the payment of money orders,
which aggregate hundreds of thou
SeHuS vi uoHdIS dHnudiiy- IN saQdAllOn
to paying the salaries of the railway
postal clerks the receipts of the local
office pay the salaries of all its
employees, twenty-six in number, with
a liberal balance which goes to help
maintain the general postal establish
ment. For the month of April the bal
ance RENTED, after paying salaries
as above stated and other expenses
was s1,964.85; for the month of May
s1,919.S3. 1t will be seen from this
that the Keokuk postoffice is a profit
/ able institution as part of the gen.
eral postal establishment. To what
( extent it will do additional banking
business under the new law remains
to be seen.