Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-06-23

IN. ID. T..
IA since the bill providing for certain fundamental
w changes in the postal savings act was mao my
law Already results show that the scope u
of the postofice savings bank VIII De greatly Ca
tended. -. 49, cot
The time elapsed since the passage OF the new az
is so short that any big changes Wouid pass -
rbo buI was approved. May 49, and Information aOou'
the new rules spread slowly among the 6Ooooo uepos
itors most of them foreign-born. who bank WIN te
local postofices in every corner Oh 'he lanu' -
other end of this month PERIOD must oe ueuu
th time If takes for reports in and be tabu-
lated: so the results shown have been
a. = nerod of nearer two weeks than four.
The gains in deposits have been remarkable. Inc
-, hfu &C stated was approved May 49, 1t took
a. Least week for news of the change to reach the
class of people who make the postal savings oepos
TORS Yet in the month of May deposits in the Ptts
nc oa3ce showed an increase of $4,000. compared
70 an increase only $4,000 in May, 1919 In CleVe
land the gain $4,000. compared to Sl6OOo 1or e
nrevious May Buffalo it was $4,000 against So
ooo for Nav 1915; St Louis showed gain OF SzoOOO
as compared to loss of $4,000 for the same month
wear ago Such figures coming in from all Sides
and the regime was only In erect ana seher"iiS
known for about a week IN May
II is no wonder that of the more sanguine
onbats look for the 900 deposit in postal
roI,ines hanks to be doubled in the near future
whether or the expansion will reach such hgue
m that there is for doubt that it Will be
larger one sudden gains are universally ascrloeo
to the changes made in the law
These changes are both simple and fundamental
Under the old law individual depositor could have
more than $500 standing his credit at any one ume
and no single deposit could be MADE lor an aouht ca
ceeding 800. Under the new pla' the unit VI 'iie
;diidua depositors account is raised to SlOOo ana
the restriction upon amount to be deposited at one
time is entirely done away with. he may uepoSi -
all at one time If he likes
been made after careful study of the situation in
rasnonse to a demand coming from all parts OF the
onntrv The files central office of the system
are full of from postmasters telling or the Cd
+ces that the low limits place in the path of expan-
sion h. ,,.,
tvpical report from a postmaster in Mlwau-
kee He came to the postofice one morning and
Us informed that a and wife had tried to de-
lett $500 When told that they could only deposit
500 at time. and not $500 altogether they TOOK
the whole away. Later a man showed up Win
$1,000 but he found that 1t would take MIN three
Months TO get it bank he took all away with
him again. in next, with $780, but de-
ned to deposit anything under the conditions that
ore necessary Finally appeared a broad-mnded indi-
,,idual with $780, who when he found that only 500
coud be accepted phiosophicaly opened his account
for that and took the other 500 home again
So in day, five people oHered one once SI'oV' ol
which accepted.
The real significance this of affairs cannot
he understood without understanding of the class
Of neone who make up the postal savings depositors
The natural question ask about who cannot
denost $500 a postoce is why he does not deposit
il in a bank Every American city has plenty of bank
ing facilities absolutely safe and solid The restric-
tions postal savings law were manifestly put
there to prevent system from encroaching the
field of private enterprise
But the typical postal savings depositor does not
see the case that way He is suspicious of anything
nat does not bear government SEAL and than
trust his money private bank he will bury it in
tomato can persons of almost every class
Included 100000 postal savings depositors of
course; cent of the deposits stand to the
denosors are day laborers All these foreigners
accustomed to the postal savings system from their
european homes. They going put their
money bank not backed by the government,