Arizona republican., 1914-10-31
POSTAL BANKS
D|DN' 7 SUFFER
Contrary to Belief Of Many,
Postal Savings Deposits
Were Not Withdrawn at
Start Of European War
Gains Noted
BY c. B. WOOD


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, a result
quite contrary to the predictions of
many well informed persons who, N
.neir imagination, saw lines of few
erish depositors at postoffice pay
indows anxious to again return
their savings to the bootleg and
bod belt repositories whence ;hey
came before intrusted to Uncle Sam.
But the forecasters failed to reckon
on the absolute confidence Of the
American citizen, regardless Of the
flag that first met his eyes, in the
ability and purpose OF the govern
ment to carry out its obligations,
not only among the nations Of the
earth, but with the humblest citizen
o: our land.
Two important results have follow
| ed; thousands of people, largely of
! foreign birth, accustomed to send
| their savings abroad, are now pa
| and enormous sums of actual cash
| have been released for commercial
uses among our own people at q
time when the need for every avail
able dollar is pressing
| The growth of postal savings in
/ the United States has been steady
and healthy and the system has fill
cd an important gap between the
tin can depository and the factory
paymaster. On July /, when affairs
We're running smoothly here and
abroad and the transmission Of
money across the Atlantic was safe
and expeditions, there was approxi-
mately $43.00o,00O of postal savings
standing to the credit of about 1885,
| GOO depositOrs. Since then over $40
100000 of deposits have been added
creased enormously.
! The Phoenix Postal Savings Bank
has contributed its pro rata share Of
increase to the entire satisfaction of
Postmaster Wood especially in
view of the fact that Phoenix has
practically no foreign population.
| Since August Is to date, fifty five
new accounts have been opened and
| the increase in deposits for THAI
period amounts to S5.O45 This UNI
precedented gain is the more strik
| ing when it is considered that the
net gain from August Is to date
equals the gain in deposits from De
cember l, 1912 to August IA, 1914.
This fact has been true the COM
! trv over.
Since the establishment of the To-
cal bank 664 accounts have been
opened and SSo,364 has been deposit
ed. Two per cent interest is paid
on all amounts from 81 up. remain
ing on deposit one year
The use Of the savings cards and
stamps proves very beneficial and
especially so to children. BY thu
uses of these cards and stamps, which
cost 10 cents each, parents can teach
their children a valuable lesson in
thriftiness. It's not what you carr
it's what you save" Ten stamps OF
cards can be exchanged for 81
postal saving certificate which then
earns interest at two per cent.
The increases are confined to n
especial localities, but have beer
felt III every nook and corner of the
country. New York City alone ma Il
a gain in September Of more tha-
a million, while Brooklyn showed 2
relatively big increase. Chicago re-
ported a larger gain in the past
three months than for the previous
twelve months. More than 1906
new accounts We're opened durine
the period, bringing the number oi
depositors in that city up to ovel
21OOO. This conclusively demon
strates that Postal Savings bank.
are patronized by all
The unexpected increase in nos
tai savings business has not only
added greatly to the general admin
istrative duties of the system, bT
mas brought UP many new and in.
teresting problems which have call
ed for the careful personal consid
Grafton Of Postmaster General Burle-
son and Governor Dockery ThIr5
Assistant Postmaster General. Blu
! tnelr TASK mas DeeH HSHteneu some
what by the promptness of deposi-
tory banks in furnishing additiona
security to meet the abnormal de.
posits.
number of the very largest bank;
in the country. which have hereto
fore declined to qualify as deposi
tories for postal savings funds, ar,
now among the eager applicants TO
| them