| Show HANKERS BANKERS REPORT DROP IN SAVINGS lure of stock market partly to blame but slackened speculation expected to bring return to thrift the first recession in the natoni sayings savings account in banks in the twenty years during which records in this field have been kept by the american bankers association was wa disclosed tor for last year io in the recent annual compilation prepared by its saving savin bank division the shrinkage amounted to over on the basis of figures tor for the year ending june 29 1929 whereas a year earlier the reported increase was over the largest ever recorded the number of savings depositors depositor also decreased during the year covered by more than accounts the lure 0 of the th stock market and affiliated activities are cited ss as part of 0 the th explanation tor for these changes the association statement says ay that savings deposits deposit in banks bank and trust companies ot of continental united states on june 29 1929 stood at the rece recession salon in savings it declares indicates a fundamental change in the savings situation irrespective 3 spec tive ot of whether it Is temporary or not how savings saving used urd to grow in 1926 savings deposits deposit increased in 1927 almost 1400 r and in 1928 over it says it appears appear now that some influences in one year have taken the lh gain that might reasonably have been expected in savings deposits tor for 1929 and lowered them from the high mark ot of the preceding year this recession Is not one coming as a result ot of drouth tamine famine unemployment or conditions outside ot of the united states A year ago it was stated the year closing june 30 1928 registered the largest est gain la in savings deposits deposit in banks and trust companies of 0 continental united states ever recorded in the history of this country what a difference one year makes from a gain of more mire than 2 billions of 0 dollars in savings deposits to a loss los ot of almost millions the loss in 16 savings deposits deposit Is reflected also in the loss los ot of savings depositors po the year 1929 showed a total of depositors against tor for 1928 a loss ot of industrial production was much higher last year thin than the preceding year factory payrolls were considerably greater in production employment and trade advances were made over the preceding year in the farm areas the improve improvement ement noted tor for 1928 1923 did not recede in 1929 and the livestock industry in an all its it branches branche was prosperous the causes cause of the th drop the causes ot of the recer recession islon ars are possibly multiple there Is scarcely a any n y reason to doubt that one ot of the im important octant factors actors draining away savings and decreasing depositors has ha been the lure of profits profit to be made mada in stocks for a number of 0 years th the people have been regaled with stories ot of profits made in stocks in all types type ot of companies during the last few years there has been a specious philosophy preached that panics such as formerly occurred were no longer possible it it was wag the lure of profits profit la in stocks which caused the recession in savings then a factor actor in future savings will be the success attendant upon this venture of savings saving depositors in stocks blocks it I 1 the th experiment did not prove generally successful then another year will doubtless witness an increase in savings saving deposits deposit as aj well as a in savings depositors depositor |
