Evening Republican, Volume 15, Number 31, Rensselaer, Jasper County, 6 February 1911 — POSTAL SAVINGS BANKS PROVE SURPRISE TO ALL. [ARTICLE]

POSTAL SAVINGS BANKS PROVE SURPRISE TO ALL.

Hitchcock Finds First Months S;tvings Better than Any in British History and Will Ask for $1,000,000.

Washington, Feb. s.—“lf the necessary appropriations were available I would establish postal savings banks tomorrow in'soo additional cities and towns of the United States” This statement whs mnde rmight by Postmaster General Hitchcock in view of reports th’ s far received concerning the first months operation of the postal savings system. The reports are most gratifying to' Mr. Hitchcock and to the other officers of the postal havings service. They are regarded as demonstrating that the new system has already passed the experimental stage. The certificate of deposit plan, which is an innovation in the transaction of postal savings business is shown to be admirably adapted to its purpose. It is found to be readily understood by depositors and easily handled by postmasters. The total deposits in the forty-eight existing postal banks for the month of January will amount to approximately $60,000. This is an average of about $1,200. Assuming that this average* will be maintained throughout the year, the aggregate of annual deposits will be close to $750,000. This, too, will be the situation in the small offices where the banks ai‘e in operation. It is assumed by uic officers of the system that the deposits will be correspondingly greater when the Service is extended to firstclass offices.

The average amount of deposits being received at each office, as indicated by the January returns, is larger than the corresponding average for »be British system of postal savings depositories in 1908, the most successful year in the history of the system. A large majority of the depositors in January were foreign Ameri many of whom have been in the habit of sending their savings to their native countries for deposit. An important result of the system, therefore, is to diminish the outflow from the United States of such fundd. In view of the. successful operation of the new system during the first month, Postmaster General Hitchcock has recommended to congress th<> appropriation of $1,000,000 to be immediately available for the extension of the postal savings system to a considerable number of postofflees, the patrons of which are clamoring for the new banks.