The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-29
UNCLE SAM READY
TO Open new BANK
Postal Savings Institution Will
Receive Deposits Begin
ming To-Morrow.
EDWARD BERNARD IN CHARGE
Government System OF Banking
introduced in Real
Banking City.

Uncle Sam tomorrow morning Will
open his postal savings bank in Rich
mond Post-Office Inspector Vernon
Il. Alberu was here yesterday for the
purpose of instructing Edward e.
Bernard, who will be in charge of
the depository. concerning the methods
OF operation. While 1t Will be directly
VIII be under the general supervision
OF Assistant Postmaster 1. w. Fuller
and Cashier Walter D. Melton.
The bank will be in the money order
division. and will be open for postal
savings business during the regular
post-office hours.
Accounts may be opened and de-
posts made by any person over ten
years of age and by a married woman
in her own name and free from any
interference or control by her hus-
band No person can have more than
one account at any one time.
Some Regulations.
Depositors will receive postal saw
ings certificates covering the amount
of each deposit made
An account cannot be opened for less
than dollar: fractions of a dollar
cannot be deposited and cannot be
withdrawn except as interest
person cannot depo I more than
slo0 in any calendar month, nor can
his account at any time exceed $500.
exclusive of interest.
In order to save small amounts for
deposit, 10-cent postal savings cards
and postal savings stamps may be
purchased at any depository Office. A
savings card with nine stamps affixcd
may be deposited as one dollar.
Interest. payable annually Will be
allowed upon deposits at the rate OF
per cent. per annum. Certificates is
sued on any day of a month com
mence to draw interest from the first
day of the following month.
Before accepting a certificate of
deposit the depositor must see that
both the certificate and the duplicate
kept by the postmaster correspond
with the amount deposited.
a woman who opens an account and
afterwards marries must present her
savings certificates to the postmaster,
who will indorse them Is payable in
her new name.
Any depositor may withdraw the
whole or any part of his deposits,
with accrued interest, by surrendering
at his depository office savings certi-
ficates covering the desired amount
If the depositot' loses any of his cer-
tihcates he should Immediately notify
the postmaster at his depository Office
receive postal savings certificates for
safek eeping.
Certificates must be carefully pre-
served. II they are mutilated or de-
tached. payment may be delayed.
Upon the death OF depositor the
balance to his credit may be with
drawn by his duly authorized executor,
administrator, or other legal represen-
tative.
No person connected with the Post
Office Department or postal service
shall disclose the name of any deposit
tor. or give any information concern
ing his account to any person other
than the depositor himself unless d.
rected 10 do SO by the Postmaster
General.
Any depositor may, undcr certain
conditions. convert the whole or any
part of his deposits in sums of twenty,
forty, sixty, eighty. one hundred or
multiples of me hundred dollars, up to
and including five hundred dollars,
into United States coupon or registered
bonds. bearing interest at the rate of
l2 per cent. such bonds to be
exempt from all taxes or duties of the
United States. as we'll as from taxa
ton in any form by or under State
municipal or local authorities.
Grcnt Success Elsewhere.
The postal savings system after a
trial of several months. has proved
great success. and Postmaster Edgar
Allan. Jr.. IS confident that the insti-
tuition in Richmond will meet with
public approval y bank opened in
the Norfolk postoflce last month now
has more than 300 depositors.
One of the most remarkable things
in connection with the system at the
present time is the favorable impress
sion displayed by the private bank
ers of the country toward 1t. AL
though before the enactment of the
law, creating the system. they seemed
to be in accord in opposing the Idea Of
esta blishing postal savings deposito-
ries. since they have had an oppor-
tunity to study 1t practiced. thew.
in most cases. favor 1t. They seem to
he satisfied that 1t Is keeping no
business from the private bankers. but
instead 1t Is drawing money from
timid class of people that have been
in the habit of hording. In fact. In
many towns and cities Of the coun-
try the private banks have petitioned
the local postmaster to use his infu
ence to have a depository established
in the office.
Approximately 800 first-class Offices
have been designated as repositories
up to the present time and the Post
master-General will have installed the
system in probably all the offices of
this class before the LIST OF next jan
uary Within few days he will
begin naming those Offices of the
third class and his disposition seems
to be to extend the system to this
class at the rate OF about 100 Offices