Evening star., 1912-11-10
POSTAL BANKS GAIN
Depositors Number 100000
and Savings $28, 900, 900.
FOURTH BOND ISSUE DUE
Application for Conversion Of De-
posits Must Be Made Before Be-
cember 2, It Is Announced.

Deposits in the postal savings deposit
tories have reached approximately S2s,-
100000. according to the latest availale
figures. made public yesterday by Post
master General Hitchcock. This amount
has been deposited by 100000 individuals
making an average of $S6 per depositor
The system is now operated in 12,II3
post offices, including 644 branch offices
and stations.
To date 1851 banks have qualified to
receive postal savings funds, the act
providing that such institutions shall be
solvent banks organized under national
or state laws and subject to national
or state supervision and examination.
These qualified banks are classified as
follows: 3,S51 national banks 2,506 state
banks, 423 savings banks, 541 trust com
panes and thirty-six "organized" private
banks.
Funds received at 5.173 post offices and
branch offices are deposited in local
banks: while from 100 offices and
branches where there are no local banks
or where no banks have qualified, funds
are RENTED to 2,4S9 Offices in towns
where local banks have qualified the act
providing that in such cases funds shall
be deposited in the qualified bank most
convenient to the locality that has no
Ddnh WH1cn mas Quall1eu.
Fourth Bond Issue Soon Ready.
On the 1st of January Postmaster Gen
eral Hitchcock has announced the fourth
issue of bonds will be ready for postal
savings depositors who desire the conver-
sion of their deposits into 21a per cent
interest-bearing bonds. Applications for
this conversion of deposits into bonds
L.. L,cO N1~1,
and depositors may exchange the whole
or part of their savings deposits for
bonds, registered or coupon in denomina-
tions of $50, 500 or $500, as they elect.
There have been three bond issues thus
far, according to a statement prepared
at the Post Office Department, the last
one being July 1, when applications for
bonds were received from 2,S3S applicants
from 926 post offices. 1,692 of the appli-
cations, or 60 per cent, being from men,
For three issues, 1896 applications were
received, 3.019 of them, or 61.7 per cent
from men. The total value of the bonds
applied for amounted to 1854, 800 -$712, $50
of the sum being asked for in registered
dence, 1t is said, that the great bulk of
money received from depositors consists
of the funds deposited for actual saving.
How Washington Ranked.
Washington thus far has participated in
two bond issues, the local depository hav-
ing been first opened for business Sep
tember 80, 1911, and the bond issues oc-
curing January l and July 1 of the cur
rent year. In the July issue bonds of the
value of $21.sS were applied for by sew
enty-two depositors making Washington
stand fourth in the list OF cities obtaining
the highest amounts. Cincinnati and CO.
lumbus, Ohio. and San Francisco leading
in the order named The value of bonds
issued to local holders the first Of last
January amounted to s6,140, which made
Washington rank twentieth in the city
list
In the July issue, more than $4,000
worth of the $21 800 worth issued were
registered bonds. application for coupon
bonds being received from but nine de-
positors. and all of them applied for
bonds of the 500 denomination. OF the
registered bonds applied for. twenty-nine
We're of the $40 denomination; eighty
three of the $1GO denomination, and twen-
ty-three of the $500 denomination.
The highest amount applied for by one
individual was for $500 in the registered
bonds, and 800 in the coupon bonds. the
application being from separate indi-
viduals.
Under the law bonds are issued only on
January ] and July l of each year.
Originally applicants had to make appli-
cation at least fifteen days before either
of those dates. Now thirty days notice
is required.