DEPOSITORS  AND  DEPOSITS

83

for  deposit  in  postal  savings  banks  ;  and  most  of
these  instances  occurred  in  towns  where  confidence ­
  in  local  banks  was  dealt  a  blow  by  the
failure  of  one  of  their  number.  Four  cases  of
this  kind  were  described  in  a  statement  prepared
by  the  Post  Office  Department  and  printed  in
the  Congressional  Record  of  December  15,
1913. 22  The  cities  were  Ironwood,  Mich.,  Lowell,
Mass.,  McKeesport,  Pa.,  and  Pittsburgh,  Pa.
It  will  be  sufficient  to  quote  from  the  description
of  the  last  case,  which  was  typical.  The  First-Second
  National  Bank  of  Pittsburgh,  Pa.,  was
closed  on  July  7,  1913.  The  postal  savings  receipts ­
  for  the  week  beginning  on  the  day  of  the
failure  were  $19,624,  a  larger  sum  than  had  been
deposited  in  an  entire  month.  The  postmaster,
in  commenting  on  the  situation  July  17,  said:
“Very  many  of  the  depositors  wanted  to  leave
large  sums,  ranging  from  $1,000  to  $9,000.  Some
persons  who  came  to  the  office  when  they  learned
that  only  $100  could  he  accepted  did  not  open  an
account.  While  no  record  was  kept  of  the  amount
offered  and  refused,  there  is  no  doubt  but  what
the  aggregate  was  in  excess  of  $100,000.”
Cases  were  also  reported  of  two  bank  runs
which  led  to  a  considerable  offering  of  funds  at
the  postal  savings  banks.  One  was  in  Youngs-22
  Pages  926,  927.