Show BANKERS REPORT DROP IN SAVINGS lure of stock market partly to blame but slackened speculation expected to bring brind return to thrift the first recession in the batons savings account in banks bank in tb the a twenty years during which records inthis in this told field have been kept by the american bankers association was disclosed tor for last year in the recent annual compilation prepared by its saving bank division the shrinkage amounted to over on the basis of figures figurea for or the year ending june 29 1929 whereas a year earlier the reported increase was over the largest ever recorded the number ot of savings depositors also decreased during the year covered by more than accounts the lure of 0 the stock market and a affiliated fil hated activities are am cited as part of the explanation for those these cha changes figes tho the associations statement says saye that savings deposits in banks and trust companies of continental united states on june 29 1929 stood at 28 the tha recession in savings it declares indicates a fundamental change in tile the savings situation irrespective spec tive of whether it Is temporary or not how savings used to grow in 1928 savings deposits increased in 1927 almost 1400 and in 1928 over it says it appears now that some influences in one year have taken the gain that might reasonably have been expected in savings deposits for or 1929 and lowered them from the high mark of the preceding year this recession la Is not one coming coining as ii a result of drouth famine unemployment or conditions outside of tho the united states A year ago it was stated the ye benr ir closing june 30 1928 registered tho largest gain in savings deposits in banks and trust companies of continental united states ever recorded reconvert recon lert in the history of this dou country what a difference ono one year makes from a gain of more than S billions of dollars in savings deposits to a loss of almost millions million sl the loss in savings deposits la Is reflected also in the loss losa of savings depositors po the year 1929 showed a total of depositors against tor for 1928 aboss a loss of industrial production was much higher last year 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 improvement noted for 1928 did not recede in 1929 and the livestock industry in all its brancher branc hep was waa prosperous the tha causes of the drop the causes 0 of the recession are ar possibly multiple there Is scarcely any reason to doubt that one of the important factors draining away savings and decreasing depositors has been the lure of profits to be made la in sto stocks acks for a number ot of years the th people have been regaled with stories of profits mado made in stocks in all types of companies during the last few years there has been a preached that panics such as formerly occurred were no longer possible it it was the lure ot of profits in stocks which caused the recession in savings then a factor in future savings will be the success attendant upon this venture ventura ot of savings depositors in stocks it if the experiment did not prove generally successful then another year will doubtless witness in increase in savings deposits as aa w well ell as a in savings savine 11 |