East Oregonian : E.O. (Pendleton, OR) 1888-current, 1911-01-03
Each State and Territory TO
Have One-Klamath Falls
Named in Oregon.
SYSTEM WILL BE ENLARGED
AS RAPIDLY AS POSSIBLE
Deposits VIII Not BE Allowed to Go
Over $500 for Prescnt-No Pass
Books Given-Depositors VIII Be
Given Engraved Certificates-Small
Deposits Will BE Accepted-Sav-
ngs Can Be Exchanged for Bonds.

Postal savings banks were instituted
in every state and territory in the
union this morning. For the present
there will only be one in each state.
but IL the system proves successful 1t
rapidly as possible.
klamath Falls Is the Oregon post
office designated as the postal saw
ings depository. Among the others
are tine following. all OF the offices
being of the second class: Globe,
Ariz.; Oroville. Cal: Leadville Colo;
Couer d'Alene, Idaho; Anaconda,
Mont; Carson City. New; Klamath
Falls. Or; Provo, Utah; Olympia,
Wash; Laramie. Wyo.
No pass books will be furnished
depositors. but all deposits will be evil
denced by engraved postal savings GER
tificates, issued in fixed denominations
OF 81, 81. IS, $40. $50 and $50, each
bearing the name Of the depositor and
the date on which interests begins to
accrue. The certificates are nom
transferable and non-negotiable. In
terest will be payable annually at the
rate OF 2 per cent per annum.
$500 Is Limit.
BY the terms of the law no account
for less than 81 may be opened and
no person may deposit more than 800
in any calendar month, or have to his
credit at any one time more than $500
exclusive OF accumulated interest. Ac-
counts may be opened by any person
over ten years in his or her own name
and by married women in their own
names The accounts OF wives cam
not be interfered with or controlled
by the husbands
For the present, deposits will be
limited to patrons OF the postoffices
at which the system is established.
The service Is entirely free, no fee be-
ing required in connection with the
opening of an account or the with
drawal of money deposited.
Rules Laid Down.
No person connected with the post
office department will be permitted
to disclose either the name OF de-
positor or the amount of his deposit,
unless directed TO do so by the post
master-general. Deposits may be
withdrawn at any time with accrued
Interest or the interest alone may be
withdrawn.
While deposits of less than 81 will
not be received, small amounts may be
saved for deposit by the purchase of
postal savings cards at 10 cents each
and OF 10-cent postal savings stamps,
which have been specially prepared
for the purpose and will be on sale
at all depository offices. Each postal
savings card contains blank. spaces
to which 10-cent savings stamps may
be affixed as purchased.
The postmaster will accept a postal
savings card with nine 10-cent saw
ings stamps affixed as a deposit OF
81 either in opening an account or in
adding to an existing account. This
feature is expected to appeal partic-
ularly to children and to encourage in
them habits of thrift
Bonds May BE Had.
An interesting feature of the sys-
tenn Is the privilege accorded a depos-
itor of converting his savings into
United States bonds, to be issued in
denominations of $40, $40, SEQ, $50
and 800, and multiples of 500 up to
$500.
The bonds will be issued in both
registered and coupon form and will
bear interest at the rate of 1-2 per
cent, payable semi-annually. The