The commercial. (Union City, Tenn.) 190?-193?, 1914-11-06
Postal Banks.

The war in Europe is proving big
boon to the postal savings in this coun-
try. From the very day hostilities
opened across the seas spostal-savings
receipts began to increase by leaps and
bounds and Withdrawals fell off, a result
quite contrary to the predictions OF
many well-informed persons who, in
their Imagination, 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 confidence Of
the American citizen, regardless OF the
flag that first met his eyes, in the abil-
ity and purpose Of the Government to
carry out its obligations, 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 cashnave been released for com
mercial use among our own people at a
time the need for every available dol
lar is pressing.
The growth OF postal savings in the
| United States has been steady and heal
thy and the system has filled an inn
portant gap between the tin can depos-
tory and the factory paymaster. On
July 1, when affairs were running
smoothly here and abroad and the
transmission OF money across the At
lantic was safe and expeditions, there
was approximately $43, 900, 900 Of pos
tai savings standing to the credit OF
about 388, 900 depositors. Since then
over SIC, 1000, 600 Of deposits have been
added and the humber OF depositors
has increased enormously. This I'M
precedented gain is the more striking
when it is considered that the net gain
in the last three months is larger than
the gain for the entire fiscal year 1914.
Scores OF offices have done more postal
savings business since the war has been
going on than was done by them dur
| ing the previous existence of the service.
The increases are confined to no special
| localities, but have been felt in every
nook and corner Of the country New
York City alone made gain in Sep
| tember of more than a million, while
Brooklyn showed relatively big in
crease. Chicago reported larger gain
in the past three months than for the
previous twelve months More than
Z, 900 new accounts we're opened during
the period, bringing the number Of de-
postors in that city up to q, 000
Inc uucApcCt6u luClCdoO III pOoJdl
savings business has not only added
greatly to the 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
| furnishing additional security to meet
the abnormal deposits. A number of
the very largest banks in the country,
which have heretofore declined to quail
fy as repositories for postal-sayings
funds, are now among the eager appli-
cants for them.
The deposits at the office in Union
City are about two thousand dollars,
with twenty-one accounts. There have
been times since the establishment Of
the system here that the deposits have
been greater than at present., with
larger number Of accounts.