The Owosso times. (Owosso, Mich.) 1897-1926, 1914-11-13
POSTAL SAVINGS ON THE IN
=. CREASE

, The war in Europe is proving a bis
Doom to postal savings in this coun
I Try From the very day hostilities
! opened across the seas postal-sav;nos
receipts began to increase by leans
and bounds and Withdrawals fell off
result quite contrary to the predic-
lions OF many well-informed persons
who, IN their Imagination, saw lines
Oh feverish depositors at postoffice
pay windows anxious to again return
Their savings to the bootleg and
oody-belt repositories whence thew
came before intrusted to Uncle Sam
but the forecasters failed to reckon
on the absolute confidence of the
American citizen, regardless of the
nag that first met his eyes. in the
apliity and purpose of the govern
ment TO carry out its obligations, not
only among the nations of the earth
put with the humblest citizen of our
land.
Two important results have follow
ed; thousands of people, largely Of
foreign birth, accustomed to send
their savings abroad, are now patrons
Oh our postal-savings system: and
enormous sums of actual cash have
been released for commercial nses
among our own people at time when
the need of every available dollar is !
pressing.
Inc 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 paymaster.
On July l, when affairs were runn;no
smoothly here and abroad and tbe
transmission of money across the At
Iantlc was safe and expeditions, there
was approximately $43,OOO,OOO Of
postal-savings standing to the credit
OF about $4,000 depositors. Since
then over $1O,OOO,OOO of deposits
have been added and the number Of
deposltors has increased enormonslv
ms unprecedented gain is the most
striking when it is considered that
the net gain in the last three months
3 ! larger than the gain for the entire |,
lscal year 1914. Scores of Offices
nave done more postal-savings bust
ness since the war has been going on
nan was done by them during the Z
previous existence of the service.
ne increases are confined to no spec
Ill localities, but have been felt in q
very nook and corner of the coun-
ry. New York City alone made
am in September of more than n e
lilllon, while Brooklyn showed a .
big increase. Chicago re- II
orted larger gain in the past three
lonths than for the previous twelve p
lonths. More than 1000 new ac- e'
'nnts were opened during theperiod y
ringing the number of depositors in =,
lat city up to over $1,000. r.
The unexpected increase in postal 50
wings business has not only added
'eatly to the general administrative
'ties OF the system, but has brought
many new and interesting prob Sa
ms which have called for the care. re-
Il personal consideration of Post
aster-General Burleson and Cover mr.
II Dockery, Third Assistant Post he
aster General. But their task has tis
en- llghtened somewhat bv the
emptiness of depository banks in in.
rnishing additional security to Ae
'et the abnormal deposits. A num-
OF the very largest banks in the SD,
untry, which have heretofore de. les
ned to qualify as repositories for
stal-savings funds, are now among ur,
eager applicants for them. bee
Inc Owosso postoffice at the close tw,
business on Nov. 11th had on de- hon
SIT $lI,l34, the savings of SO de- Wis
'itors. Several new accounts have \
m opened recently by foreign-born Mo
lzens who had been sending their is
lngs abroad until recently. Beside \
amount now on hand several de- ING
'ltors have invested part of their +
lngs IN government 21a per cent no
Ids which can be subscribed for \
time this month in amounts from den
to $500. hon