The Lehi banner. [volume] (Lehi, Utah) 1891-1917, 1914-11-07
Postal Savings Banks

The war in Europe Is proving u
Dig boon To postal savings In this
country. From the very day HOSTILE
ties opened across the sea postal
savings receipts began to increase by
caps and bounds and Withdrawals
ell off, result quite contrary to
he predictions of many well-inform-
ID persons who, in their imagination
saw lines of feverish depositors at
Dost-office pay windows anxious to
again return their savings to the
bootleg and body-felt depostors
whence they came before intrusted to
Uncle Sam. But the forecasters fall
ed to reckon on the absolute conf
dence of the American citizen. re-
CARELESS of the flag that first met his
eyes, In the ability and purpose of
the Government to arr ont It's oh
legations. not only among the nations
II the earth but with the hCmblest
| ;itizen of or land.
Two important results haze fo,ow.
| ed; thousands of Deor,c largly OF
| foreign birth, accustomed to send
their savings abroad, are nov Untro9s
of our postal-savings system: and
enormous sums OF actual cash have
been released for commercial uses
among our own people at time
when the need for every available
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
1epositor and the factory paymaster.
On July |, when affairs We're running
smoothly here and abroad and the
transmission of money across the
Atlantic was safe and eXpedlous.
there was approximately S43. 900, 600
OF postal savings standing TO the
credit of about 3SS,0OO depostors
Since then over sl0,000,0O0 OF depos-
It's have added and the number of
depositors has increased enormously
This unprecedented gain is the more
5trlking when IL Is considered that
he net gain In the last three months
Is larger than the gain for the entire
fiscal year 1914 Scores OF offices
nave done more postul-saylngs bust
ness since the war has been going on
imam was done by them during the
previous existence of the service
The increases are confined 10 no
special localities. but have been felt
IN every nook and corner of the coun
try New York City alone made n
'ain 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 NC
counts were opened during the period.
bringing the number Of dcpositors i'm
mat city up to over q ,0O0
The unexpected increase I'm nostol-
savings business has not only added
greatly TO the general administrative
duties OF the system. but has brought
up many new and interesting prob-
ems which have called for the care
Iul personal consideration of posi-.
master General Burlesou and Govern
or Dockcry, Third Assistant post
master General BUT thoir task has
been lighteued somewhat nv tbo nro-
mptness OF depository hanks I'm
furnishing additional security to meet
me abnormal deposits A number of
ne largest banks I'm the country
"hlch have heretofore declined 10
quarry as repositories for postol-say-
lhgs funds, are now among the aosor
applicants for thcm
me deposits ar the local office nj
american Fork, have iucreased S20D
uu,lns lht last three manths, there
Gems 10 be- q growing sentiment 10
yNke hoId of the absolute sofrty thc
government affords