The Prescott daily news., 1914-10-30
WAR PROVING BOON
 TO POSTAL SAVINGS
Growth of Postal Savings in |. S. Has Been Steady and Healthy Increases are Not Confined
 to Special Localities.

The war in Europe is proving a big
 boon to postal savings in this country. From the very day hostilities opened across the seas postal-savings receipts began to increase by leaps and bounds and withdrawals fell off, Q result quite contrary to the predictions of many Well-intormed persons who, in their IlmaglnatlOn saw lines of feverish de- posters at post-office pay windows janXious to again return their savings to the bootleg and body-belt deposi- tories whence they came before in trusted to Uncle Sam But the fore casters failed to reckon on the absol- ute confidence of the American citi- zen, regardless of the flag that first met his eyes, in the ability and pur- pose 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 follow ed; thousands of people, largely of foreign birth, accustomed to send their savings abroad, are now patrons of our postal-savings system: and enor- nous sums of actual cash have been released for commercial uses among
 our own people at time when the need for every available dollar is |prsesing.
 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 de- pository 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 $43,000,000 of pos tai savings standing to the credit of about 3SS,000 depositors. Since then over S10,000,0 ,000 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 larg-
 CT 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 during the previous existence
 of the service. The increases are con fined to 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 billion while Brooklyn showed
 a relatively big increase. Chicago
 reported a larger gain in the past
 three months than for the previous twelve months. More than 1000 new
 accounts were opened during the per iod bringing the number of depositors
 in that city up to over 21,000.
 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 prob lens which have called for the care ful personal consideration of Postmas- ter General Burleson and Governor Cookery, Third Assistant Postmaster General. But their task has been frightened somewhat by the prompt ness of depository banks in furnishing additional security to meet the abnor- mal 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.
 At this time this office has five postal savings accounts. The total amount on deposit October 1st, is S1010.00. Two new accounts were opened during the quarter ending Sep tember 30th The amount deposited for that period was $120. $10. was withdrawn during the quarter ending September 30th. The gain for the past quarter amounting to Sll0.