Increase in Savings Deposits

An increase in the deposits of a commercial bank is mainly caused by and mainly reflects greater trade operations and the expansion of business indebtedness. When savings bank deposits increase, it is a sign of larger private savings and in general a reduction of individual indebtedness among the salary and wage-earning classes.

During the year ending June 30 last, the citizens of the U. S. added over a billion dollars to their savings accounts. On that date total savings deposits were $18,373,062,000, which is $1,041,583,000 more than the total amount reported on June 30, 1922, and an increase of about 6% of the latest total $6,904,268,000 was reported by the Middle Atlantic states; $4,651,692,000 for the East Central; $3,121,654,000 from New England; $1,491,175,000 from the Pacific states; $1,358,084,000 from Southern States; $846,189,000 from West Central States.