Pioneer press. [volume] (Martinsburg, W. Va.) 1882-19??, 1914-10-17
WAR BRINGS GAINS
IN POSTAL SAVINGS
New York Leads In DEPOSITS EoIIou-
ing otoppase Of Foreign Money
Orders.

OFOcrS.
Fostal savings deposits for the
month of September in New York anc
other large cities Of the country are
expected to exceed even the phen
omenal increase Of $4,2O0,OOO noted
during the month Of August, accord
ing to oftic:a's Of the postal savings
system. The first fifteen DAYS of
September have already shown a
greater in crease than the same per.
lod in August, and the record for the
last part of the present month is not
expected to show any decrease.
During August postal savings de-
posits in Greater New York, includ-
ing Brooklyn, increased $1,151,S42. AS
the total deposits for this territory
are $5,366,544, an idea of the tremend-
Gus flood of money which found it's
way to postal savings strong boxes
during the month of August can be
& blamed
Ohicials generally believe that the
stoppage Of international money or
der communication and the in herent
lack of confidence in private banks
displayed by the foreign population
OF great cities is responsible for the
popularity Of the postal savings sys.
tenn in the last 60 days. New York
with it's numerous foreign population,
showed the heaviest increase Of all,
" hich seems to indicate that foreign
ers are anxious to give their money
into the custody of Uncle Sam dur
ing the war period in Europe.
The failure of congress to pass the
bill increasing the maximum of pos
tai savings deposits from $500 to S2,-
600 Is the only reason, officials say,
why the postal savings increases of
many Of the large cities were not
larger.
The outbreak Of the war called
back to their native countries many
reseFvists in the United States who
had small bank accounts or business
enterprises. These reservists We're
unwilling to carry their funds to Eu-
rope, where they would be subjected
to the danger Of arrest and confisca-
tivh OF their money Also they were
unwilling, in view Of the possibility
Of unsettled business conditions to
leave their money with private bank
ing enterprises in the big cities.
fhe foreign newspapers ever since
the inauguration of the postal savings
system have devoted much space to
this method OF banking and the pos
tai savings system was we'll known
among the foreign population of the
United States,
There has been some discussion Of
whether or not the foreign popula-
tion Of the country, frightened by the
possibilities of the war, became wary
of the private banking system. #
such is the case their object was de-
feated by the government, which
bank all It's postal savings funds with
properly designated banks, which are
under national or state supervision
and frfom which the government
draws 2 IL per cent interest on its
paya BILE demand accounts:
Postal savings officials are not in
clined to take seriously the rumor
! that the banks Of the country which
have been designated as postal
savings repositories are contelnplat-
| ing forcing the government to aban-
don the payable-on'demand basis of
ldcDositipg postal savings accounts
Iani forcing the government to give
from $50 to 90 days notice before
making Withdrawals.