AMERICA'S SAVINGS

Evening Post, Volume CIX, Issue 41, 18 February 1930, Page 17

AMERICA'S SAVINGS

(To tho Editor.)

Sir,—ln his comments with regard to American prosperity and America's savings, Mr. Will Appleton says: "The perity boom that we have heard so much about has only served to pile up the foiv tunes of the 14,000 American millionaire^ and to make millions of poor people." Any effort to sum up the situation in a country;, having over one hundred and twenty 'million people in a few words is always dangerous. The facts are against Mr. Appleton's sweeping summary of the situation. The figures are rather gigantic, but I think your readers will be able to comprehend them. As compiled by the Savings Bank Division of tho American Bankers' Association; there was in 1919 a total of 18,221,453 individual deposits in the savings banks in the United States. In 1928 the number of individual depositors in savings banks had grown to the amazing total of 53.185.35-I—an increase of 192 percent. In 1919 the total'individual deposits in savings banks amounted to over 13,000,000,000 ' dollars, and in 1928 these total individual deposits had climbed to the staggering sum of 25.000,000,000 dollars. . • Interesting as arc these vemarkable figures in regard to saving, there are other trustworthy indications that millions of the common people have in recent years found themselves very much better oil than they were. Nobody suggests that poverty has been entirely ediminated from the U.S.A. The point ia that the standard of living and general welfare of millions of the people has enormously improved. In 1919 individual memberships in building and loan associations in the U.S.A. were 4,289,320; in 1927 they were 11,336,261. In 1919 there were 12,/68,019 life insurance policy-holders in the U.S.A., and in 1927, there were 27,127,663; more than double the number with a total insurance value nearly 2% times that of 1919 I Submit that tliis does not lookas if the prosperity had been confined to 14.000 millionaires, whilst millions ot other people were being made poor.—l. am, et°" '. J. MALTON MUHKAY. rWe have excised references to controversial aspects of the quesliou which were not raised by the original interview. —Ed.' "Post."]