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Show IS HEAD OF POSTAL BANKS i Theodore L. Weed, chief clerk oi una postofflce department and Postmaster General Hitchcock's principal executive execu-tive assistant in the management of the department, has been appointed director of the postal savings system at $5,000 a year. He will assume his duties immediately. The extraordinary development of the postal savings system caused Mr. Hitchcock to organize a special bureau to take up the work. Mr. Weed was appointed to the government gov-ernment service from Connecticut in 1898. Mr. Hitchcock predicts that before the end of the current fiscal year the postal savings deposits will exceed $50,000,000 and that the system not only will be self-sustaining but a source of profit to the government. Already the deposits have reached a total in excess of $16,000,000. Of the four important offices that opened for business August 1 last, Chicago Chi-cago on November 30, the date of the last available statistics, led with deposits depos-its of $577,842, New York being second with $411,769. Boston third with $163,-464 $163,-464 and St. Louis fourth with $119,606. Preparations now are being made to establish postal banks in about 40,000 fourth-class postoffices that do a money-order business. |