Evening Republican, Volume 15, Number 3, Rensselaer, Jasper County, 4 January 1911 — ONLY ONE SAVINGS BANK OPENED IN INDIANA. [ARTICLE]

ONLY ONE SAVINGS BANK OPENED IN INDIANA.

Princeton Selected as Petal In TMs State to Try ©nt New Law That May Prove Very Popular. Something like forty-eight postal Savings banks began operation Tuesday in as many different states. The one in Indiana is at Princeton, a town only a little larger than Renaselaer, which is said to have been chosen because of the splendid record that office has made for the business it handles. / The way the postal savings banks are operated is told as follows by a telegram from Princeton: The first depositor, George Grigsby, handed in sl. The first postal savings card went to Johnnie Brennan, fifteen-year-old son of a miner, who spent 20 cents for the card and one 10-cent stamp, and said that he intended to build a big deposit from that. These cards do not bear the holder’s name or writing of any kind. The opening of the bank was anxiously awaited by a number of patrons, who congregated in the lobby. When the new window was opened, several jumped forward to be’ the first to make a deposit When George Grigsby handed over sl, the smallest deposit that can be made, he- received a nicely printed government certificate. The certificate was filled out over a carbon paper and the office retained a duplicate. The certificate handed Ur the depositor was placed in a heavy envelope or jacket on the hack of which were blanks for the depositor’s signature, a record of the transaction, and spacer for recording future deposits and withdrawals. No pass book is issued, only the certificates being used. When a depositor his account, he simply turns back certificates for whatever amount he wishes to draw out. Others quickly followed the first depositor, some making the deposits out of others with the firm intention of carrying an account. Some of the early comers were children, who bought 10-cent postal savings cards. On these they may attach the 10-cent special savings stamps, and when they have nine 10-cent stamps on the 10-cent card, they may turn it in as a dollar deposit, and receive a certificate.. After a while bonds are to be issued in denominations of S2O, S4O, S6O, SBO, SIOO and SSOO. The regular interest on each dollar deposit is 2 per cent., payable annually, but when the depositor saves S2O he may, if he desires, buy one of the special S2O twenty-year bonds, which pays 244 per cent, interest, payable semi annually. The bonds, if available, mty be purchased in any of the denominations named. For the present, only regular patrons of the office will be -permitted to■ make -dspssits, as !t desired that the test shall be made wholly in the local territory. Fractional parts of a dollar do not draw interest. The postal savings bank law requires that the money deposited in the savings bank shall be redeposited by the postmaster with regular local banks, which will pay not less than 244 per cent, interest annually, this being 44 per cent, over the interest paid by the bank. On this \i per cent, surplus the department hopes eventually to maintain the savings bank system. -