Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1914-11-05
Bic BOOM IN
POSTAL SAVINGS
Postmaster R. [. Nash Receives
Bulletin Which Tells of Won
derfuI Growth of Postal
Savings Since European
War Began.
A bulletin from the Post Office De

A bulletin from the Post Office De
par;ment a. Washington, .. c., mas
been received by Postmaster r. L.
Nash. This bulletin tells Of the Won
dertul growth Of the postal savings
since hostfIi les began in Europe. Con
trary to the general opinion of sup
posedIy well-informed people, there
was an increase instead of a decrease
in the postal savings of the ecu ltry.
The bulletin is given here in full:
The war in Europe lis proving
big boon to postal savings in this
country. From the very day hostiIi-
lies opened across the seas postal
savings receipts began to increase, by
leaps ard bounds and Withdrawals
fell off, a result quite contrary to
the predictions of many well-inform-
ed persons who, in their imagina ion,
saw lines Of feverish depOsitOrs at
post office pay windows anxious to
again return their savings to the
bootleg and body-beIt repositories
whence they came before intruSted to
Uncle Sam. But the forecasters fail
ed to reckon on the absolute conf
dence of the American citizen, re-
gardIess of the flag that first met
his eyes, in the ability and purpose
of the Government to carry out its
obligations, not only among the na-
tions of the earth, but with the hum
blest citizen Of our land.
Two important results have follow
ed; thousands of people, largely Of
foreign birth, accustomed to send
their savings abroad, are now pa
irons of our postal savings system;
and enormous sums Of actual cash
have been released for commercial
uses among our own people at tim
when he need for every available
dollar is pressing.
The growth Of POSTAL savings N
the United States has been steady
and healthy and the system has fill
ed an Important sap between the tin
can depository and the factory pay
master. On Julr ! when affairs We're
running smoothly here and abroad,
and the transmission of money across
the Atlantic was safe and epeditious,
there was approximately, ,$43 900 900 of
postal savings standing to the credit
of about $4,000 depositors Since
hen over $10,OOO,0 900 of deposits haVeI
been added and the number of de-
positors has increased enormously.
This unprecedented gain is the more
striking when it lis considered that
the net gain in the last three months
is larger than the gain for the entire
fiscal year of 1914 Scores of offices
have done more postal-savings busi-
ness since the war has been going
on than was done by them during
the previous existence of the service.
The increase S are confined to no
special localities, but have been felt |
in every nook and corner of the
country. New York City alone made
a gain in September of more than
a million. while Brooklyn showed a
relatively big increase. Chicago re-
ported a. large gain in the past three
months than for the previous twelve |
months. More than 1000 new ac--
counts were opened during the per-
iod. bringing the number of deposit |
ors in the city up to over 21,000.
The unexpected increase in postal
savings business has not only add
ed greatly to the general administra
tive duties of the system, but has
brought UP many new and interesting
problems which have called for the
careful personal consideration of
Postmaster General BurIeson and
Governor Dockery, Third Assistant
Postmaster General. But their task
has been Gghtered somewhat by the
promptneSs of depository banks in
furnishing additional security to meet
the abnormal deposits. A number of
the very lagest banks in the country,
which have heretofore declined to
qualify as depositors for postaE-sav--
ings funds, are now among the eager
applicants for them.