The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-02
Postmaster Allan Advised That
1t Will Be Opened on
September 80.
EQUIPMENT ALREADY HERE
Deposits Will Draw Per Cent.
Interest and Garry Uncle
Sans Guarantee.

not been officially advised he could an
nounce with certainty that the de-
| partment Will order and direct the
institution to begin operations Sep
| TENDER 80.
1t will be located in the money order
! division of the post-office at Seventh
and Franklin Streets. and will be in
| charge of the cashier.
The new depositary is provided for
the receipt of savings, not as a bunk
for checking accounts or general bank
| ing business.
| Mr.. Allan said yesterday that he
| thought it would supply n demand
especially apparent among the foreign
| population of Richmond and the labor
ing class. who seek a depository where
| they may carry small accounts and
nave them guaranteer by the United
| States government.
Deposits made in it draw interest at
the rate of per cent. per annum. and
y the safety OF both principal and in
terest is guaranteed by Uncle Sam
Husbands Can't Interfere.
Deposits may be made by any per-
son ten years of age or over, in his
woman In her own name and free from
the control OF her husband.
No person can havo more than one
account at any one time.
Accounts must be opened in person
by the depositor. or his authorized
representatives. Subsequent deposits,
may be forwarded TO the post office by
mail.
Deposits Will be accepted only from
! individuals. No account can be opened
in the name OF a corporation asso-
citation. society. firm or partnership or
! in the names of two or more persons
| Jointly No account can be opened
! by one person in trust for another
, person or persons.
No fee or charge of any kind is ex-
acted either for opening an account
| or withdrawing money deposited.
No one connected with the postal
service is permitted TO disclose the
name of a depositor. unless specially
F.! directed by the Postmaster General to
do so.
Must MIKE Application.
Persons desiring 10 deposit their
| savings will be required to sign an
! application furnished by the postmas-
ter or his representative. II It be
signed by mark when the person is
unable to write. the signature must
be witnessed by a dsinterested person.
Deposits must be made in dollars.
and for them certificates will be issued
in fixed denominations of 81. 81. So.
| $40, $40, $50 or 500. each bearing the
name of the depositor. the number of
! his account. the date of Issue. the
name OF the depositary once and the
| date on which interest begins
| No account can be opened for less
! than 81. but persons who wish TO de-
: post fractional parts of a dollar may
+. purchase a postal savings card and
! stamps of the denominations OF 10
cents each to be attached to 1t. When
! they amount to 81 the card and stamps
will be as acceptable as establishing
| an account. and a certificate will be
, issued the depositor upon surrendering
! them
I No person Will be permitted to de-
| post mere than 500 in any one cal
| ender month. nor Will any more deposits
/ be accepted when the account. eHclu
| sive OF the interest. amounts to $500.
i Exchange for U. \. Bonds.
! January l and July l of each year
depositors may exchange their GER
! ,licates for United States bonds bear
ing interest at the rate of ala percent.
! per annum, payable semi-annuafly and
redeemable at the pleasure of the
United States one year from the date
Both interest and principal are pay
| able in gold twenty years after the
| date OF issue of a bond.
Certificates OF deposit draw interest
at the rate of . per cent. per annum
| They cannot be transferred or negoti-
ated. but are payable to the person to
| whom they are Issued or his legal rep
| resentative in case of death.
| Depositors are furnished with an
envelope in which to keep their GER
| tifcates, and which contain a ledger
| blank in which they can keep an ac-
count of their deposits.
II certificate is lost or destroyed
the postmaster should at once be noti-
fed. and If proper new certificate will
be issued upon compliance with GER
tain requirements.
Postmasters are not permitted to ac-
cept certificates for safekeeping.
! Interest computed on cash savings
certificates separately. will be allowed
on all deposits at the rate of 2 pei
cent. per annum, payable annually
No interest will be paid on money which
| remains on deposit for a fraction OF q
year only.
Interest Continues.
Interest begins 10 run on the first day
of the calendar month after the deposit
is made and continues as long as the
certificate Is outstanding, certificat tie:
and the interest due on them being
valid until paid. without Limitation as
to time. Compound interest is not paid
but a depositor may withdraw interes
due MIN and with II procure interest.
bearing certificates.
Depositors may withdraw the whole
or any part of their deposits at any
time by surrendering their certificates
properly indorsed for the amount de
sired, In the presence Of the postma stei
or his representative When simply
the interest on a certificate is with.
drawn. the depositor Is required to give
receipt In duplicate for the amount
and the postmaster will enter the
amount paid as interest on the back
OF the certificate and return II to the
deposltor.
woman depositor who afterwards
narrles must present her savings Ger.
tihcates to the postmaster or his rep
rescntat!Xe to be indorsed as nnxa hlf