Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-01

likewise instructed, the necessary blanks
and forms have been forwarded, and a
post Office inspector from each division
headquarters in the country has been de-
tailed to supervise the work at the oper-
ating offices. Washington is not in the
list of offices where the new system will
be first tried out. Like other cities OF its
size and rank, it's turn will come later.
The initial offices are all Of the second
class.
Trustees Hold Meeting.
The board of trustees of the postal sat-
ings system met at the Office Of Post
master General Hitchcock yesterday to
conclude their preparations for the open
ing of the system. The general regula-
lions for the administration of the SyS-
tenn were formally approved, likewise a
set of instructions to depository banks.
The board adopted a resolution fixing
for the time being the rate of interest to
at 2la per cent. payable semi-annually the
| 1st of January and the LIST Of July. This
| rate is within a quarter Of 1 per cent OF
| the minimum permitted by the postal
| savings law, which leaves the interest
| to be paid by the banks on postal de-
posts 70 be determined by the board
| with the provision that it shall not be
less than "a per cent.
| The law provides that both national
and state banks subject to national OF
| pOstorjes. and in each Of the forty-eight
| cities at which post Offices will begin tC
receive postal savings deposits January
3 one such bank-in some instances more
| than one-has applied for the keeping
| of the postal funds to be deposited. AS
| soon as the amounts of the deposits can
| be approximately determined these banks
| will be requested to forward to the
! treasurer Of the board the bonds required
| of them as security for the postal saw
inpS funds thew receive
Provisions of the Law.
Under the terms of the act deposits
may be made by any person of the age
of ten years or over and by married
woman. Deposits may be made by chill
dren of the proper age in their own
name and free from any control Or in
reference by parents. In the case OF
married woman the account shall be free
from any control or interference by her
husband.
The law expressly forbids any person
from having more than one account In
his or her own right. and any violation
of the spirit of this provision will subject
the offender or the tranSgressor to pen
atty.
Only the accounts of individuals will
be accepted by postmasters. Corpora
tions, societies and the like will not be
accepted as depostors. The regulations
are mandatory and require the signature
of the individual to be left with the post
master at the time the deposit is made,
as we'll as on it's withdrawal.
In Various Denominations.
Certificates of deposit in duplicate will
be issued in various denominations rum
ming from 81 to 500, the original going
to the depositor and the duplicate to the
files of the depository. The duplicate
must bear the name of the depositor.
who is expected to carefully scrutinize 1t
before signing to see that it is drawn for
the proper amount.
One dollar, or a larger amount in
multiples thereof, must be deposited be-
fore an account can be opened, but no
one will be permitted to deposit more
than 500 in any one calendar month.
The balance to the credit of any one per-
son shall never be allowed to exceed
$500 exclusive Of accumulated interest.
In order that smaller amounts may be
accumulated for deposit, any person may
purchase for 10 cents, from any deposit
tory office, a postal savings card. to
which may be attached specially prepar-
ed adhesive stamps which have been de-
signed for the purpose and are known as
postal savings stamps" When the
stamps so attached amount to 81, includ-
ing the ten-cent postal savings card, the
whole may be presented as a deposit for
opening an account. This permission has
ben granted to encourage thrift among
the poor and to teach school children the
habit of saving.
Governing Withdrawals.
When a depositor wishes to withdraw
any part of his account he must present
certificates equal to the sum he wishes
to obtain. The surrendered certificates
must be Endorsed and the sig
wit 10 n
the duplicate on file, before the money
will be paid Certificates are non-nego-
table and non-transferable. They are
worthless in the possession OF any other
than their lawful owners.
While the authorities hope that deposit
ors will belong to the saving class who
desire to leave their money on deposit
for long periods for interest purposes,
those who wish to withdraw portion
of their account. SO that interest will be
lost only on the amount withdrawn AS
an illustration, a depositor with one
hundred-dollar certificate issued Febru-
airy l who wishes to draw $50 July 1
would surrender his Observation-Disclosures
certificate and receive in return $50
cash and a new certificate for $'hl. ante
dated to show that 1t had been drawing
interest from February /.
In order to provide for cases OF emer-
gency and to accommodate sick or in
jured depOsitors. system has been pro-
vided whereby Withdrawals by proxy can
be made. subject. of course. to rigid reg
ulations. Blanks will be furnished the de-
positors by postmasters which will con-
tain complete instructions on the subject.
Interest at the rate of per cent per
annum will be allowed on all deposits, but
interest only begins to run from the first
business day of the month. SO that de-
posits made after such time In any one
month cannot begin to draw interest until
the first day of the next succeeding
month. In order that every depositor
may clearly understand the amount of in
terest due at the end Of one year or a
given number Of years q table has been
printed on the back Of each certificate
showing in simple form the amount OF
interest that will accrue annually.
One of the attractive features of the
Of uchich ADVANTAGE is eXnected