New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-02
BIG RUSH ON P. 0. BANK
Manhattan Branch Gets III De-
positors on First Day.
ACCOUNTS AMOUNT TO S3,77O
Both Postmaster Morgan ana
Postmaster General Surprised
at Openings Success.

All dav long Yesterday there was ilne
Of would he depostors at the postal savings
hank which was opened at room NO. ~
Federal Euilding There were just 112 de-
positors but at various times during the
dav nrohablv over q thousand visited tho
hank with the intention Of putting money
i'm II.
ono Thing which was especially noticed
was the number of young girls VINO mace
deposits Under the rules any child over
ter years living in Manhattan or The Bronx
is eligible 10 open an account. the hrs'
person i'm line when the bank opened ~
o'clock was a little girl. Sophia Frankel' oil
NJ $50 5sth street. Brooklyn. She had 4
81 bill which she wished to deposit Inc
nostal clerks told her that only deposits
from persons living in Manhattan could he
taken. Sho was greatly disappointed. and
her lips quivered as she turned away Ir'"
the windows. but she did not cry.
The bank is supposed to close at o'clock
Al that time there were fifteen persons IN
side tho room. and moro were coming. OF
doris were sent to tho elevator mon NOT "
take Nh moro would-ho depositors. ana me
doors wore closed. but tho clerks TOOK
/ charge Of tho fifteen i'm the room.
81 oypected the bank to be success
said Postmaster General Hitchcock nut
did not think it would be aS great on'
as it has proved. / am agreeahly surprised
and shortly We will open similar insttu-
,ions in BROOKLYN. Jersey city, Newark and
cities in tho West"
Postmaster Morgan also said that nc was
first 0dN
showing.
THE appropriation for these banks NJ
added. 'is only 100000. ard we VIII nave
10 keep tho expenses down 10 the lowest
nossible figures ! think. however. that
tho. can 10 run verv economically. BANKS
in this CITY will undoubtedly he willing to
take over the deposits a. 2i2 to per cent
and a. We pay only . per cent to depoS''ot'
! hone the difference will cover all costs
Of running the bank
During the first hour there were fourteen
deposits. the largest Of which was |loo.
Tho fourteen aggregated $1,000. Depositors
receive certificates in denominations of 81.
g. S. SO. $50, $50 and 500 in lieu OF
pagsbooRs While individual accounts are
limited TO $500. postal savings bonds may
bc purchased up 10 any amount Ihese
bear interest AT - per cent.
Clarence Parks. a real estate man. OF 80.
1t12 rn.crvale avenue. Tho Bronx, had the
honor ~ making ;he first deposit. He put
IN $50. Irene Langford. an opera singer IN
the Aborn company was the first woman TO
make a deposit. Her press agent could not
be- convinced hat she was not the first OF
either scx. She VAS followed by Antoinettc
and Martina stroller twins, ton years Of
ago Of No. COS First avenue They handed
in 81 each. Then came Henry Coous. eleven
wears old. Of 80. 443 East SD street who
deposited 81 also.
Tho total amount deposited yesterday was
s3.77O. and there was ono deposit Of $500.
Each applicant had TO give his name, ad-
dress. occupation. place Of birth. date Of
birth. fathers name and mothers maiden
name. All Of this took time. especially as
there were many foreigners who did not
seem 10 understand what was wanted Of
them. and others had tho idea that they
were going tn tho money order department
instead Of a savings bank Many Amcri-
cans i'm tho line AZ different times lost pa
tlorco and left before their turn came
"The reason why 7 think the postal saw
incs banks will do large business said
Mr.. Morgan. 'fs Tho fact that tho govern
n,ort guarantees All deposits and unless
the United states Is put ont OF business tho
depositors are sure 10 get their money
whenever they want H. Moreover, thcre is
much less rcd tape than is the case with
tho ordinary savings bank. You deposit
your money in a postal savings bank. and
as soon as you present certificate Of de
post YOU get il back \ savings bank has
the privilege under the law not 10 pay you
the fun amount YOU have on deposit until
thirty 10 sixty days after you demand it
The first deposit must he made in person
hv the deposition But after an account has
been openel he can send any representative
ne may choose No individual can have
two accounts. and no compan" or corpa-
ton can have any account at all