The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-01
POSTAL SAVINGS
TRIPLED BY WAR
DcpOsitOrs Increase 100000,
With New York in the
Lead.
TOTAL Is NOW $4,000. 600

wAsHISGToN. Jan. s1-According to
a statement OF the Post ONCE Depart.
ment more than 100000 persons have
been added 10 the lists Of depositors in
postal savings banks since the European
war began and the total deposits have
increased at the rate OF nearly $4,000
600 month. In the fiscal year ended
June 30 last postal deposits increased
about 81. o60. 900, or IS per cent. whereas
during the six months from July 10 to
January the increase was SIS. $50. 900.
or 80 per cent New York city leads
all cities with sa.lS6.53S.
For forty-three months postal saw.
ings accumulated AT the healthy and
substantial rate of about 81 .OOO. 900 a
month" says the statement Then.
when Europe's paralyzing conflict broke
out. Withdrawals fell OFT and thousands
NJ strange faces appeared at post offices
to entrust their soiled and furnished
savings 20 Uncle Sam. Hence the Au-
gust figures showed a net gain in de-
posits OF $4,000. 000-four times the
average gain.
''The new year opened with approx
mately $50. 900, 900 on deposit In postal
savings banks to tho credit Of 49, 900
people, an average Of ili9 per de-
position.
This recent phenomenal growth Of
the postal savings system Is regarded by
! Postmaster General Burieson and Third
Assistant Dockery, the latter OF whom Is
charged with the direct supervision Of
the system. as convincing evidence ~
confidence in the Government and Of the
increased utility OF the postal savings 10
the private banking and business world.
At time NJ grave financial stress vast
/ sum of cash which would have either
/ gone abroad or would have remained IN
/ hiding reached these postal banks and
was diverted thence into business chan
nels.
These facts arc regarded A. eloquent
arguments in behalf Of legislation now
pending which mobiles the existing
/ limitations on the amount that may he
J accepted by postmasters from depos-
tors. In all the large cities scores Of
would-be depositors have been turned
away In the last few months because
they offered larger amounts than the
law permitted postmasters to accept
II the restriction limiting to 500 the
. deposit which may be made IN a single
month Is removed and the maximum In a
single Interest bearing deposit he in
creased from $500 to $1,000. as pro-
posed I'm the pending legislation, the
business public will reap a stlll larger
neneh' from the operations of the postal
banks.
1T Is stated that on December 81
there were a.63i post offices authorized
to accept deposits with i75 branches
and stations. or the 1881 offices, s49s
we're Of tho principal grade and li3.
fourth class
on December a. New York had
sq4s6.53S on deposit. as compared viii
Si.3a4. Ot9 on June 80. an increase oI
S5.O92.479 The deposits IN Brooklyr
increased from s1.5oli4G on June 80 &c
S3.0O2.2SS on December 81. Newark
Jersey city. Akron Rochester, Detroit
and Lowell showed increases or from 81
to IS per cent. ON December 81 6.i6'
qualified banks had postal savings funds
on deposit classified as follows IA
tlonal banks. 3629 state banks 1854
savings banks. $50 trust companies
sos organized banks, "a.