The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1914-11-05
POSTAL SAVINGS BANKS
DOING Big BUSINESS
The Great European Conflict Proves a
Big Boom for Uncle Sans Banks.
Great Increases Reported.

The war IN Europe is proving a
big boon to postal savings in this
country. From the very day hostil-
tiles opened across the seas postal
savings receipts began to increase
by leaps and bounds and withdraw
ais fell off, a result quite contrary to
the predictions of many well-inform-
ed persons who, in their magma
ton, saw lines of feverish depositors
at postoffice pay windows anxious
to again return their savings to the
bootleg and body-belt repositories
whence they came before intrusted
to Uncle Sam. But the forecasters
failed to reckon on the absolute con-
fidence of the American citizen.> re-
gardless Of the flag that first met
his eyes, in the ability and purpose
of the government to carry out it's
obligations, not only among the ma
tions of the earth, but with the
humblest citizen of our land.
Two important results have fol-
lowed; thousands Of people, largely
of foreign birth, accustomed to
send their savings abroad, are now
patrons Of our postal savings system;
and enormous sums of actual cash
have been released for commercial
uses among our own people at a
time when the need for every avail
able dollar is pressing.
The growth Of postal savings in
the United States has been steady
and healthy and the system has filled
an important gap between the tin
can depository and the factory pay
master. On July 1st, when affairs
were running smoothly here and
abroad and the Transmission of
money across the Atlantic was safe
and expeditions, there was approxi-
mately $43, 100000 Of postal savings
standing to the credit of about $685.
900 depositors. Since then over
$40, 100000 of deposits have been
added and the number of depositors
has increased enormously. This un-
precedented gain is the more strik-
ing when it is considered that the
met gain in the last three months is
larger than the gain for the entire
fiscal year 1914. Scores of office S
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 increases are confined to 10
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 larger gain in the past three
months than for the previous twelve
months. More than 1000 new ac-
counts were opened during the peri
cd, bringing the number Of deposi-
tors in that city up to over 21 600.
The unexpected increase in postal
savings business has not cnly added
greatly to the general administra-
tive duties Of the system, but has
brought up many new and interest
ing problems which have called fo1
the careful personal consideration
of Postmaster General Bnrleson and
Governor Dcckery, Third Assistant
Postmaster General. But their task
has been lightened somewhat by the
promptness Of depository banks ir
the country, which have heretofore
declined to qualify as depositorie:
) for postal savings funds, are now
among the eager applicants fol
them.