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Show PUBLIC SAVINGS AT RECORD HIGH IN '44 40 Billion Dollars Tucked Away in Past Year. ' PHILADELPHIA. Mr. and Mrs. John Q. Public put away 40 billion dollars during 19-14 in bonds, banks and sugar bowls. That's 120 billion dollars they have saved in the last four years. Last year the largest amount of savings went into currency and bank deposits which Increased by 17 billion dollars. Government bonds rose 15.5 billion dollars. And the rest was invested in the following manner: man-ner: 4.4 billion dollars to equity in government insurance; 3.3 billion dollars to equity in private insurance; insur-ance; and 900 million dollars in savings sav-ings and loan associations. . The figures were compiled by the Securities and Exchange commission. commis-sion. This unprecedented liquid savings, according to the SEC analysis, is .10 times as large as the savings of the last full prewar year of 1940. And, for two and one-half years, it means the public has been saving close to 25 per cent of its income. "At the time of our entry Into the war," the analysis said, "accumulated "accu-mulated savings in cash and deposits de-posits and government securities were already at the highest point In history." Since then, such accumulated savings sav-ings have shown an increase of 125 per cent. On December 31, accumulated accu-mulated savings of individuals amounted to 95 billion dollars in cash and deposits and 53 billion dollars dol-lars to government securities. One of the more significant developments devel-opments In savings, according to the analysis, is the increase in consumer Indebtedness, other than mortgages, amounting to 300 million dollars. "This change from repayment of old debt to incurrence of new debt reflects the fact that the bulk of installment in-stallment debt previously incurred for the purchase of automobiles and other durable consumers' goods has already been paid off," the analysis said. |
