Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1914-11-03
Incrsass In Postal savings DeposIts.

Increase In Postal Savings Deposits
The war In Europe 10 proving . bIl
boon to postal savings In this country
From the very day hostilities openet
across the seas postal-savings receipt
began to increase by leaps and bound
and Withdrawals fell Oh, result quite
contrary to the predictions Of many we'll
informed persons, who, In their imagina
ton, saw lines Of feverish depositors q
post.ofice pay windows anxious to AGAR
return their savings to the bootleg ant
body belt depositories whence they
came before Entrusted to Uncle Sam
But the forecasters failed to reckon OF
the absolute confidence of the American
citizen, regardless Of the flag that frs
met bis eyes, in the ability and purpose
Of the Government to carry out its obi.
cations, not only among the nations Of
the earth, but with the humblest citizen
of our land.
Two important results have followed
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 COM
mercial uses among our own people at a
time when the need for every available
dollar Is pressing
The growth OF postnl savings in the
United States has been steady and
healthy and the system has filled an i'm
portant gap between the tin can deposi.
tory and the factory paymaster. On
July /, when affairs we're running
smoothly here and abroad and the trans
mission Of money across the Atlantic
was safe and expeditions, there was ap-
proximately s4S, 900. 900 Of postal savings
standing to the credit of about 3SS, 600
depositOrs. Since then over 0.0O0, 900
Of deposits have been added and the
number of depositors has increased enor-
mously. This unprecedented gain 10 the
more striking when 1t 10 considered that
the net gain In the last three months
is larger than the gain for the entire fis-
cal year 1914 Scores Of offices have done
more postal savings business since the
war has been going on than was done by
them during the previous existence of
the service. The increases are confined
to no special localities, but have been
felt in every corner and nook of the
country. New York City alone made a
gain in September of more than q mil
lion, while Brooklyn showed relatively
big increase. Chicago reported larger
gain in the past three months than for
the previous twelve months. More than
1000 new accounts were opened during
the period, bringing the number of de-
positors in that city up to over 81, 900.
The unexpected increase in postal saw
ings business has not only added great
ly to the general administrative duties
OF the system, but has brought up many
new and interesting problems which
have called for the careful personal con-
sideration of Postmaster General Burle-
son and Governor Dockery, Third As
sistant Postmaster General. But their
task has been lightened somewhat BY
the promptness OF depository banks in
additional security to meet
the abnormal deposits. A number OF
the very largest banks in the country,
which have heretofore declined to quail
fly as repositories for postal-s avings
funds, are now among the eager appli-
cants for them.
We have in South Paris Postal Savings
Bank II postal savings accounts amount
ing to sl29S.71. Amount taken in dur
ing month of October, 1914, $3.50.