The Hood River glacier. (Hood River, Or.) 1889-1933, 1914-12-03
WAR INCREASES
POSTAL SAVINGS

The war is proving a big boon to
postal savings in this country. From
the very day hostilities opened across
the seas postal-savings receipts began
10 increase by leaps and bounds and
Withdrawals fell off, result contrary
to the predictions of many well-in-
formed persons who, in their imagins-
tion. saw lines of feverish depositors
at post-office pay windows anxious to
/ again return their savings to the boot
leg and body-belt repositories whence
they came before intrusted to Uncle
Sam. But the foreeasters 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 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 available dollar is pressing.
The growth of postal savings in the
United States has been steady and
healthy and the system has filed an
important gap between the tin-can
depository and the factory psymaster.
On July /. when affairs were running
smoothly here and abroad and the
trnsmissiOn of money across the Allan
tic was safe and expeditions, there
was approximately S43, 900, 600 of pos
tai savings standing to the credit of
about 1888, 900 depositors. Since then
over $40, 900, 900 of deposits have been
added and the number of depositors
has increased enormously. This un-
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 of
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 con.
fined te 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
relatively big increase. Chicago re-
ported larger gain in the past three
months than for the previous twelve
months. More than 1000 new accounts
were opened during the period, bring
ing the number of depositors in that
city up to over Il, 200.
The unexpected increase in postal
savings business has not only added
greatly to the general administrative
duties of the system, but has brought
up many new and interesting problems
which have called for the careful per-
sonal consideration of Postmaster Gen.
eral Burleson and Governor D0ckery,
Third Assistant Postmaster General.
But their task has been lightened
somewhat by the promptness Of depos-
itory 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 qualify as repositories for
postal-savings funds, are now among
the eager applicants for them.
The faith of the United States is
solemnly pledged to the pay ment of
deposits made in postal savings depos-
itory offices. with accrued interest
thereon, as provided by the postal
savings act.
An account may be opened and de-
posits made by any person of the age
of 10 years or over in his or her own
name, or by married woman in her
own name and free from any control
or interference by her husband.
Deposits will be accepted only from
individuals, and no account will be
opened in the name of any corporation,
association, society, firm, or partner
ship, or in the name of one person in
trust for or on behalf of another per-
son or persons.
A person may open postal savings
account at any depository post Office,
but no person may at the same time
have more than one postal savings
account either at the same office or at
different offices.
All accounts shall be opened in per-
son by the depositor or his authorized
representative. After opening an ac-
count, a depostor may forward subse-
quent deposits to the post Office by
registered mail or by money order
made payable to the postmaster.
Deposits are evidenced by postal
savings CERTIFICATES issued in fixed de-
nominations of 81, So, SIS. $40, $40, $50,
and 500, each bearing the name of the
dep0sitor, the number of his account, |
the date of issue, and the name of the |
depository office. The depositor shall |
sign a duplicate of each certificate,
which the postmaster will retain
No account may be opened for less |
than 81. nor will fractions of dollar |
be accepted for deposit.
No person is permitted to deposit |
more than 500 in any one calendar |
month nor to have total balance to |
his credit at any time of more than |
$500 exclusive of accumulated interest. |
Interest at the rate of 2 per cent per |
annum will be allowed on the amount |
represented by each postal savings GER
tihcate, payable annually. Interest
will not be paid for any fraction of a
year.
Deposits will bear interest from the |
lst day of the month next following
that in which made.
Interest will continue to accrue an |
nually on a postal savings certificate |
as long as 1t remains outstanding, GER
tificates being valid until paid, without
Limitation as to time.
A depositor may exchange the whole
or any part of his deposits in sums of
$40, or any multiple of $50 up to and
including $500, for United States regis
tered or coupon bends bearing interest
at the rate of "a per cent per annum,
payable semiannually. redeemable at
the pleasure of the United States after
one year from date of issue, and both
principal and interest being payable 20
years from such date in United States
gold coin. The exchange may be made
as of January and July ! of each
year.
A depositor desiring to convert his
postal savings deposits into bonds on