Show w Savings Accounts Holding Own Despite the Depression 4 By ALLARD SMITH Executive Vice President Union Unon Trust Co Cleveland Sometimes in the midst of depression gloom and extensive i te glom unemployment there the are ar certain c basic baic and ad reassuring facts fat One of these a at thee present nt relates to the vast volume of or American pr t te vat savings bank deposits According to t a recent survey of or the te savings division of the American Bankers association savings of at deposits credited to 51 51 depositors were lodged In banks and trust companies of ot cont conti- continental conti- conti Dental United States on June 30 1931 An immense bulwark of financial reserves are arc here revealed Moreover Moreover Moreover More More- over the confidence on the part of at the American public in the nation nations financial structure is Js brought once more to light lIcht The effect of at tho the long period of or slow business upon savings has bee been surprisingly moderate From June 1930 to June 1931 the decline i In aggregate savings was less leas than 1 per cent This r record cord of savings as a reminder that some 85 per cen cent of the number of persons normally gainfully employed in this country arc are at work on full lull or part time One of at the truly remarkable facts about the country's total of ot sav say savIngs Ings ins is Ls that it ft almost equals the combined governmental indebtedness o of oC of ot the United States According to the national industrIal conter conference nce board the total debt Includes gross debt o of the federal government and debt of oJ the state U and local loca governments Any nation where the savings of at Its citizens bulks so large larg compared with its debt Is indisputably sound |