The Hood River glacier. (Hood River, Or.) 1889-1933, 1911-06-08
POSTAL BANK
AT LOCAL OFFICE
YATES EXPECTS LIGHT BUSINESS
POstmaSterS Will Be Instructed at As
tOria Office Savings Certificates
May Be Converted Into Bonds.

Monday the postofiice department at
Washington announced that among the
four postal savings banks established
at postofiices in Oregon Hood River had
been designated as a depository. The
other three cities at which savings
banks will be located are Grants Pass,
McMinnvilie and Marshiield. The post
masters from the four cities have been
requested by the department to be
present at Astoria on June l9 and 20 in
order to receive instructions in the
manner of handling the business Of the
postal savings system from Postmaster
Carney, of Astoria, and one or two in
speetors who will be in that city on
that date.
Postmaster Yates, in discussing the
proposed office stated that he did not
think the deposits here would ever
reach very large sum. For he eX-
planned, the people of Hood River are
on the whole very progressive and there
is no money boarded in this commun-
it. People having large sums to de-
p sit for time will naturally take
advantage OF the savings departments
of National and state banks, which pay
larger interest than the postal banks.
There is no foreign population here, he
concluded, from which to draw, except
the Japanese and they will send their
money home as soon as il is earned.
Japanese laborers in Hood River for a
year, ending May l, 1911, sent out of
the county to their home county, by
means of foreign postal orders, ap-
proXimately the sum of $50, 600.
To those not acquainted with the
postal savings system it may be inter
esting to note the information for de-
positors. Accounts may be opened and
deposits made by any person of the age
of 10 years or over in his or her name
and by married woman in her own
name and free from any control of her
husband. No person can have more
than one account at any one time. No
person may open postal-savings ac-
count at any office of which he is not a
patron. All accounts must be opened
in person by the depositor or by his
authorized representative. After open
ing an account a depositor may forward
subsequent deposits to the postotlice by
mail Deposits will be accepted only
by individuals, and no account will be
accepted in the name of any corpora
tion, association, society, firm or part
nership, or in the name of two or more
persons jointly. No account will bt
opened in the name of one person il
\ trust for another.
The service Of the postal-savings sys
tenn is free, and no charge or fee il
collected or required in connection witt
ha Of san ore lA n
drawal of money deposited No person
connected with the postoffce depart
ment or the postal-service is permitted
to disclose the name of any deposition
or give any information concerning any
account except to the depositor himself
unless directed to do so by the Post
master General.
When a person applies to open an ac.
count he must furnish tn necessary
information for the postmaster or his
representative to fill out an applica.
tion, which he will then be required tC
sign. If the applicant signs by mark
the signature must be witnessed by
disinterested person.
Deposits are evidenced by postal
savings certificates issued in fixed de-
nominations of 81, 81, S5, $40, $40, S5C
and 500, each bearing the name of the
depositor, the number of his account
and the date of issue. No account vii
be opened for less than $l00, nor will
1 fractions of a dollars be accepted. Ne
person will be allowed to deposit more
than 500 in one calendar month nor t.
have total balance to his credit Of
more than $500 exclusive of accumu
ated interest. Savings certificates car
not be transferred. in opening an ac
count a depositor is supplied with al
envelope in which he may keep hii
certificates. On this envelope is printeC
information for his guidance, and als'
a blank ledger record on which to keel
an account of his deposits and with
, drawals. Postmasters are not ALLOWED
to receive deposits certificates for saf'
! keeping.
Amounts less than 500 may b,
saved for deposit by the purchase O
10 cent postal savings cards and ad
hesive 10 cent postal savings stamps
Each postal savings card contains
blank spaces to which postal sstamp
may be attached, and postal savings
card with nine stamps affixed on j
will be accepted as deposit of Sl.0l
either in opening an account or II
adding to an existing account.
Interest will be allowed on all de
postis at the rate of 2 per cent pc
annum, computed on each savings
certificate separately, and payable an
nually. No money will be paid OF
money which remains on deposit for
fraction of a year only. COMPOUND
interest is not allowed on an outstand
/ ing certificate but a depositor ma!
withdraw interest payable and include
it in a new deposit, which will bea
interest at the regular rate.
A depositor may at any time with
draw the whole or any part of his de
posits, with any interest payable, b.
presenting his certificates, properly
endorsed, for the amou desired.
In case of the death of a deposito
the amount standing to his credit viii
be paid TO the executor or admins
traitor of his estate upon compliance
with the necessary requirements. II
case no formal administration is de
sired by bis relatives, the postmaste
may, if he deem il proper, be author
lied to pay the amount of the deposi
on application in proper form to tn
person entitled to receive it, withou
the appointment of an administrator
A'woman who opens an account an
afterward marries must present he
savings certificate at her Office in orde
that the certificate may be endorsed a
payable to her in her new name. Tn
postmaster will receive no further dc
posits from one failing to comply wit
this requirement. Nor will he max
any partial or interest payment to hei
| A depositor will be allowed to cor
vert his deposit certificates int
| United States registered or coupe
bonds hearing a two and a halt pc