American Fork citizen. [volume] (American Fork, Utah) 1912-1979, 1914-11-07
Postal Savings Banks

The war in Europe Is proving q
big boon to postal savings I'm this
country. From the very day hostili-
ties opened across the sea postal.
savings receipts began to increaEe by
leaps and bounds and Withdrawals
fell off. result quite contrary to
the predictions OF many well-inform-
ed persons who, In their imagination.
saw lines OF feverish depositors at
post-office pay windows anxious to
again return their savings to the
bootleg and body-felt depositors
whence they came before intrusted to
Uncle Sam. But the forecasters fail
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 ,arry ont It's OBJ
legations. not only among The nations
OF the earth, but With the humblest
citizen Of or land
Two important results haze follow.
ed; thousands OF oeop,r larSly of
foreign birth. accustomed TO send
their savings abroad, are nov 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 IL 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
depositor and the factory paymaster.
On July l. when affairs were running
smoothly here and abroad and the
transmission OF money across the
Atlantic was safe and expedIous.
there was approximately $4,000 600
OF postal savings standing to the
credit OF about 3SS,O0O depositors.
Since then over 100000 900 of depos-
It's have added and the number ~
depositors has increased enormously
This unprecedented gain is the more
| striking when II Is considered that
the net gain In the last three months
Is larger than the gain for the entire
fiscal year 1914 Scores OF offices
nave done more postal-savings busi-
ness since the war has been going on
thah was done by them during the
previous existence OF the service.
me increases are confined 10 no
special localities, but have been felt
III every nook and corner OF the conn
try. New York City alone made a
gain In September OF more Than q
million, while Brooklyn showed a
relatively big Increase. Chicago re-
ported larger gain In the past three
months than for the previous twelve
months. More than 1000 new ac-
counts were opened during the period.
bringing the number OF depositors I'm
that city up TO over q, 900.
The unexpected increase I'm nostal-
savings business has not only added
greatly TO the general administrative
duties OF the system, but has brougbt
up many new and interesting nrob-
lems which have called for the care
lul personal consideration of Post
master General Burleson and Govern.
or Dockery, Third Assistant post
master General. But their task has
been lightened somewhat by the nro-
mptness of depository banks in
furnishing additional security IN meet
the abnormal deposits. A hummer of
the largest banks In the country
"hlch have heretofore declined m
quarry as repositories for postol-sav-
hss FUNDS, are now among the eager
applicants for them.
The deposits at the local ctf,oo NJ
Anlerlcan Fork, have increased 5000. |
curing the last three mathis there
seems TO be growing sentiment IN /
take mold OF the absolute safety the
government affords.