Show BANKERS REPORT DROP IN SAVINGS lure of stock market partly to blame but slackened speculation expected to bring return to thrift the first recession la in the antoni savings account in banks in the twenty years during which records in this field have bees been kept by the american bankers association was disclosed for last year in the recent annual compilation prepared by its saving dank bank division the shrinkage amounted to over on the basis of figures tor for the year ending june 29 1929 whereas whereat a year earlier the reported increase was over the largest ever recorded the number of savings depositors also decreased during the tha year covered by more than accounts the lure of the at stock ock market and affiliated activities are cited as part ot of the explanation for these changes the associations statement says bays that savings deposits in banks and trust companies of 0 continental united states on june 29 1029 1929 stood at the recession in savings it declares indicates a fundamental change la in the savings situation irrespective spec tive of whether it Is temporary or not how savings used to grow in 1926 savings deposits increased in 1927 almost 1400 and in 1928 over it says fays it appears now that some influences in one year have taken the gain that might reasonably have been expected in savings deposits for 1929 and lowered them from the high mark of tle the preceding year this recession is not ono one coming as a result of drouth famine unemployment or conditions outside of the united states A year ago it was stated the year closing jurie 30 1928 registered the largest gain in savings deposits in banks and trust companies ot of continental united states ever recorded in the history of this country what a difference one year makes from a gain ot of more than billions of dollars in savings deposits to a loss lose of almost mil millions lional the loss in savings deposits to la reflected also in the losa loan of savings depositors po the year 1929 showed a total of depositors against tor for 1928 a loss of industrial production was much higher last year than the preceding year factory payrolls were considerably greater in production ein employment and trade advances were made over the preceding year in t the h 8 farm areas the tha improvement noted for 1928 did not noi recede in 1929 and the livestock industry in all its branches was prosperous the causes of the drop the causes of the recession are possibly multiple there to scarcely any reason to doubt that one odthe of the important factors draining away savings and decreasing depositors has bus been the lure of profits to be ba made in stocks for a number of years the people have hare been regaled with stories 0 of f profits made in stocks in all types of compan companies lea during the last few years there has been a specious phi preached that pastes panics such as formerly occurred were no longer possible if it was the lure of profits in 13 tocks stocks which caused the recession in savings then a factor in future sayings will be the success attendant upon this venture of savings dep depositors as in stocks it if the experiment did not prove generally successful then another year will doubtless witness an n increase in savings deposits as well a as s in savings depositors |