The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1914-11-07

European War Boosts Postal Savings.

European War Boosts Postal Savings.
The postoffice department at Wash
ington is authority for the statement
that the war in Europe is proving a
big boon to postal savings IN this coun-
try.
From the very day hostilities opened
across the seas postal savings receipts
began 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 anx-
ious to again return their savings to
the boorleg and body-belt repositories
whence they 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 government
to carry out its obligations. not only
among the nations of the earth, but
with the humbliest citizen of our land.
Two important results have follow
ed thousands of people, largely of for
eign birth, accustomed to send 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 need
for every available dollar is pressing.
The growth of postal savings in the
United Statee 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 l, when affairs were running
smoothly here and abroad and the tran
mission of money across the Atlantic
was safe and expeditions, there was
approximately $43, 0OO,0 900 of postal
savings standing to the credit of about
38S, 900 depositors. Since then over
SIC, 600, 900 of deposits have been add
ed and the number of depositors has
increased enormously. This unprece-
dented gain is the more striking when
it is considered that the net gain in the
flast three months is larger than the
gain for the entire fiscal year 1914.
Scores of offices have done more pos
tai savings business since the war has
been going on than was done by them
during the previous existence of the
service. The increases are confined to
no special localities, but have been felt
in every nook and corner of the coun-
try. New York City alone made a
gain in September of more than a mil
lion, while Broodlyn showed relative
ly big increase Chicago reported q
larger gain in the past three months
than for the previous twelve months.
More than 1000 new accounts were
opened during the period. bringing the
number of depositors in that city up
to over 200.
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 problems
which have called for the careful per-
sonal consideration of Postmaster Gen
eral Burleson and Governor Dockery
: Third Assistant Postmaster General
But their task has been lightened some
: what by the promptness of depositor,
banks in furnishing additional securit,
to meet the abnormal deposits. A
number of the very largest banks il
the country, which have heretofore de
clined to qualify as repositories TO
postal savings funds, are now amoni
the eager applicants for them.
81 n - - nv&l