Postal savings

Bibliographic data

Monograph

Identifikator:: 869930397

URN:: urn:nbn:de:zbw-retromon-49420

Document type:: Monograph

Author:: Kemmerer, Edwin Walter http://d-nb.info/gnd/101827717

Title:: Postal savings

Place of publication:: London

Publisher:: Humphrey Milford

Year of publication:: 1917

Scope:: 1 Online-Ressource (VIII, 176 Seiten)

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IV - Depositors and deposits

Collection:: Economics Books

DEPOSITORS AND DEPOSITS 83 for deposit in postal savings banks ; and most of these instances occurred in towns where confi dence 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 re ceipts 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.

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