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Show BANKERS REPORT - CROHN SAVINGS Luri of Stock Market Partly to Blame, but Slackened Specula tion Expected to Bring Return to Thrift TU Grat receaaloa la tbe natoa'a tar Ibis account la banks la tke twenty twen-ty years during wblcb records In this Bald bars been kept by the American Banker! Association waa disclosed for last year la tbe recant annual caaipJla-tlon caaipJla-tlon prepared by Ita Baring Bank Division. Tha ibrtnkaga amounted to over tlli.000.90e, en tha basis of figures fig-ures for tha year ending June 29, 1929, whereas a year earlier tha reported Increase In-crease was over $100,000,608, tbe largeat ever recorded. The number of savlnja depositor! also decreased during the rear covered by more than BOO. 800 accounts. Tbe lure of the etock market and affiliated activities are cited ai part of the explanation for these changes. Tbe association's statement says that savings deposits In banks and trust companies of continental United States on June 29, 1929, stood at S2S.-217.658.000. S2S.-217.658.000. The recession in savings. It declares. Indicates a fundamental change In the savings situation, Irrespective Irre-spective of whether It Is temporary or not. Hew Savings Uaed te firew "In 1931 aavlnga deposits Increased S1.M2.000.000, la 19JT. almost 11,409,. 000.000 and In 1921 over 11.308,808,. 090." It says. It appears now that some Influences In one year have takes the gain that night reasonably have hem expected In savings deposits for 1929 and lowers,! them from the high mark of the preaedlag sear. This releasing re-leasing Is not ons coming as a result of drouth, famine, unemployment or oendltlons outside of the United States. "A year ago It was stated: The yeei closing June 30. 1911, registered tha largest gain In savings deposits In banks and treat companies of sent I. nental United States ever recorded la the history ef this ceantry.' W'bat a difference one year makes! From a gala ef mors than 14 blUloas ef dollars dol-lars ta savings deposits ta a lees ef almost al-most 290 millions! "Tbe loss tn savings deposits Is re leeted alse tn tbe loss ef savings do-peslters. do-peslters. Tke year 1929 showed a te-tat te-tat ef il.tl4.llT a speeders, agalnat I1.llt.l4l fer 19M. a lose of 114411. "ladartrlal prodsatlea was mseh higher last year than tke preeedlng year. Pastery payrolls were considerably consid-erably greater, ta nrodnatlon, em-Dleymsnt em-Dleymsnt and trade, advaaeee were Bade ever tha preceding year. Isa lbs farss areas Us Improvement noted far 1991 did not reeede la 1919 and the livestock Industry la all Hs braoohes was prosperous. The Causes ef Hie Drep Ttte oanses ef the recession are possibly nsatttple. There is seareely any reesea te doubt that one ef tbe . Important fact era draining away savings sav-ings and decreasing depositors has beea the tare ef prelts te be made ra stocks. Fer a aamber ef years the people have beea regaled with aterles ef proflts made Is stocks fa all types ef companies. Oaring the last few years there has beea a speelons philosophy phi-losophy prsached that panles such as formerly eeeurred were a longer possible. pos-sible. "It it was the lore ef profits tn steaks which sensed the recession In savings, then a faster la future savings sav-ings will be the sueeess attendant npoa this van tare ef savings depositors depos-itors In steeks. If the experiment did net prove gensrally sneoessfal, then another year wfn denbtless witness aa Increase tn savings deposits as wsll as la savings depositors." |