Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1914-11-13
POSTAL SAVINGS INCREASING
European War Results in Phenom-
email Gains in Deposits in Pos
tai Banks

The war in Europe is proving a
big boon to postal savings in this
country. From the very day hostili-
ties 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
presons 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-belt repositories
whence they came before intrusted
to Uncle Sam. But the forecasters
failed to reckon on the absolute CON
fidence of the American citizen, re-
CARELESS 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 ma
tons of the earth, but with the hum
blest citizen of our land.
Two important results have fol
lowed; thousands of people, largely
of foreign birth, accustomed to senC
their savings abroad, are now patron.
of our potsal-savings system; an(
enormous sums of actual cash have
| been released for commercial uses
among our own people at time
when the need of every available
dollar is pressing.
The growth of postal savings in tn,
United States has been steady an(
healthy and the system has filled al
important gap between the tin-ca1
depository and the factory paymas
ter. On July 1, when affairs were
running smoothly here and abroad
and the transmission of money across
the Atlantic was safe and expeditions
there was approximately $43, ,OO(
OF postal savings standing to the
credit of about 38S,OOO depositors
Since then over $1O,0OO,OOO of depos
its have been added and the number
of depOsitors has increased enormous
ly. This unprecedented gain is the
| more striking when it is considered
that the net gain in the last three
months is larger than the gain fol
the entire fiscal year 1914. Scores o.
offices have done more postalsaving:
business since the war has been go
ing on than was done by them dur
ing 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 country. New York alone made
a gain in September of more than 6
million, while Brooklyn showed a rel
atively big increase. Chicago report
ed a larger gain in the past three
months than for the previous twelve
months. More than 1000 new &C
counts were opened during the per
iod, bringing the number of deposi
tors in that city up to over 21,O0O
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
full personal consideration of Post
master General Burleson and Gov
ernor Dockery, Third Assistant Post
mastef General. But their task has
been lightened somewhat by the
promptness of depository banks il
furnishing additional security to NEE
the abnormal deposits. A number O.
the very largest banks in the coun
try, which have heretofore declined
to qualify as repositories for postal
| savings funds, are now among the
eager applicants for them.-Press No
tice sent out by Postoffice Depart
ment.
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