The daily star-mirror., 1914-11-19
GROWTH OF POSTAL SAVINGS
Great Increase Apparent Because Of
the Present European War-Banks
Want the Money

WASf1lNG1ON, NOV III He wa
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 be-
gan to increase by leaps and bounds
and Withdrawals fell off, result quite
contrary to the predictions of many
well-informed persons who, in their
Imagination, saw lines of feverish de-
positors at postoffice pay windows
anxious to again return their savings
to the bootleg and body-belt depos-
itories whence they came before IN
trusted to Uncle Sam. But the fore
casters failed to reckon on the abso-
lue confidence of the American citi-
zen, regardless of the fagg that first
met his eyes, in the ability and pur-
pose of the government to carry out
it's obligations, not only among the
nations of the earth, but with the num-
blest citizen of our land.
Two important results have follow
ed; thousands of people, largely OF for
eign birth, accustomed to sending their
savings abroad, are now patrons OF
our postal-savings system; and enorm-
GUS sums of actual cash have been re-
leased for commercial uses among our
own people at time when the neeo
or every available dollar is pressing,
The growth of postal savings in the
United States has been steady and
healthy and the system has tlled an
important gap between the tin-can de-
pository and the factory paymaster. On
July l. 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,O00OO0 of pos
tai savings standing to the credit OF
about 38S,000 depositors. Since then
over $10,O00,000 of deposits have Deen
added and the number OF deposltors
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 larger
than the gain for the entire hscai
wear 1914. Sscores 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 million, while Brooklyn showed
a relatively big increase. Chicago re-
ported a larger gain in the past three
months than for the previous twelVv
months. More than 1000 new accounts
were opened during the period, bring
ing the number of depositors in that
city up to over $1,000
The unexpected increase in postal
savings business has not only added
greatly to the general administrative
duties of the system, but has brought
nm manv new and interesting problems
which have called for the careful per-
sonal consideration of Postmaster Cen
eral Burleson and Governor Dockery
third assistant postmaster general. But
their task has been lightened somewhat
by the promptness of depository banks
in furnishing additional security to
meet the abnormal deposits. A number
of the very largest, banks in the coun
try, which have heretofore declined to
qualify as repositories for postal-sa- |
wings funds, are now among the eager
applicants for them.