PEOPLE PILE OP NEW BILLIONS IN UNITED STATES

Manawatu Times, Volume LIV, Issue 6815, 21 January 1929, Page 9

PEOPLE PILE OP NEW BILLIONS IN UNITED STATES

Greatest Yearly Increase in Savings Ever Recorded —Gain General

NEW VOEK. The greatest gains in savings ever recorded in the United States in an -j single year are reported by W. Espef Albig, deputy manager of the American Bankers’ Association in charge of its savings bank division. On Juno 30, 1925, the volume of savings, ho reports, stood at 25,412,901,000 dollars —a gain of 2,327,039,000 dollars over the previous year. Individual savmgs depositors nuntbered 53,158,345, and only three states failed to show ‘‘The gain per inhabitant in 1928 over 1927 was 17 dollars, or 7.7 per cent., and 113.5 per cent, over 1918, v.-hen the strong upward curve in say-ings-deposits first developed. This gain in percentage is 169.3 per cent, over 1912, when adequate records first became available. “Total individual deposits in banks in America stand at 51,199,264,000 dollars. Of these individual deposits, 56 per cent, is found in savings, or time, deposits, as against 53 per cent, last year-” _

Millions of New Depositors. According to Mr. Albig’s report, the gain in number of savings depositors is 2,496,070, ah increase of 5.2 per cent., as against a gain in the population of tho United States of 1.2 per cent. “The number of depositors, which for 1917 was reported at 48;354,784, Toache3 a high mark this year with 53,188,348,” the report continues. “But of this apparent increase of 4,833,564 in tho whole country ,2,337,949 comes from Ohio, where, for the first time, the commissioner of banking has been able to give the number of depositors in state chartered institutions. Tho net gain, therefore, in the comparable figures is 2,496,070 in the whole country. “Had the state banking departments of Virginia, South Carolina, Georgia) Alabama, Mississippi, Kentucky, Tennessee, Ohio, Indiana* Michigan, lowa, Missouri, Nebraska, Colorado, and Oklahoma been able to report savings depositors in state chartered institutions, the grand total would bo increased considerably. The gain in savings per inhabitant in Now England over tho previous year is 36 dollars, exceeding'last year’s gain by 7 dollars, the report shows.

New York Holds High Place. “In 1912 New' York, having about one-tenth the population of tho United States, had savings on deposit of 2,115,531,000 dollars, or 25.2 per cent, of tho total savings deposits in the Nation, which meant 225 dollars per inhabitant,” it continues. “‘This year, having yet about one-tenth the population of the country, New York reports 7,119,229,000 savings deposits, 25.1 por cent of the country’s total, with a saving per inhabitant of 616d01. With the exception of Massachusetts, which reports a 2doi. grcaLr saving psr inhabitant, this exceeds any other State. “The New England and Middle Atlantic States, with 29.9 per cent of the population of the United States and 53.2 per cent of the total savings deposits, have a larger .savings, 4*31 dollars, per inhabitant. than any country anywhere in the world. . The picture in tho South is different compared with that of a. year ago, the (report says. “This year, aside from the coal doldrums in West Virgins and the levelling-out process which continues in Florida, the savings reports indicate widespread prosperity in the South,” it continues...- “Diversification in agriculture is increasing apace, flood ravages are being repaired and plans for control of the Mississippi have developed new energy in the Mississippi Valley,. Texas led the South -with a savings gain per inhabitant over thi previous year of 14.7 per cent. It was followed by Georgia with a gain of 11.4 per cent.”