Connecticut western news., 1918-10-10
AMERICA STANDS
 FIRST IN THRIFT

From a place at the foot of the list as a nation of savers at the Deglnnlng of the great war, the facts ana ng- ures now obtainable indicate that easy-going, pleasure-loving America will emerge from the great struggle holding first place in the thrift con test. The assertion is made on the authority of Milton W. Harrison, sec retary of the savings bank section Of the American Bankers Association.
 The exigencies of war have laid bare the resources and economic pos abilities of all the nations, he says, since at the bottom of all efforts to raise money by loans or taxation lies the essential factor of the ability of the people to save.
 Switzerland has always been point ed out by economic writers as leading the nations as a saver" Next to Switzerland these writers have placed Denmark, Norway, Sweden, Belgium, France, Netherlands, Germany, and Great Britain, the United States oc- cupying a place at the foot of the list with a percentage of only Il. On the face of recent calculations this percentage is obviously incorrect.
 The only fair comparison which can be made in order to determine the potential savings ability of the world Is to take the figures of France, Great Britain, the United States and Ger many, MT. Harrison says. Not until these countries were faced with the supreme tests of the great war were they able to determine the extent of their respective resources. Of course, America had the greatest opportunity of all to build a firm financial foundation at the obvious expense of the other three nations while it was 8 neutral nation, he is careful to point out, and this has proved immensely valuable to the allied cause. Excess capital and gold were forced to the United States creating reserve which at present is being most advantageously used in the prosecution of the war.
 Counting as savings not only the money deposited in banks but also that invested in various enterprises for the development of industries, the large amount absorbed by insurance companies and other such agencies the normal savings of Great Britain have been estimated at $1,500, 100000 per annum while those of the United 0tdIcS dIS pldGSd ttt 5O.OopyuoVsOOu-
 Before the war France was charac- terized as nation of bond buyers Great Britain as nation of stock holders, Germany as nation of say ings-bank depositors, and America as a nation of life insurance policy hold CTS. Still the amount of actual sav- ings, including time certificates of de posit in the 28,000 banks of the United States total something over s9,500, 00O,000 in 26,500,00 accounts. The amout of such deposits in England is s1,25O,O0O,000 in 16,50O,000 accounts in France, 0O,O00000 in 15,000,00t accounts, while in Germany tht amount of savings is s6000, 100000 il | 25,OOO,00O accounts which is less thar 1 that of America by s1,500,000 .. 4. The way in which Great Britain 1 France, America and Germany hav' absorbed war loan after war loan il excellent evidence of national saving | ability, MT. Harrison says, and th' United States topnotches them all | An estimate of 25 million holders o | American Government securities i fairly conservative, allowing for du plications, he says.
 With the intensive efforts now be ing made to urge the people to re duce consumption and increase pro duction, there should be a savfni this year that will almost equal tn proposed total expenditures for wa which Secretary McAdoo estimates a $24,000, 100000.
 America has the wealth, the re sources, the ability, and the tncltna tion, which is more than all, to sue cessfully and properly finance tn war out of savings, MT. HarrisoI says.
 This is most reassuring and pre- sents the new issue of Liberty Loa bonds, the Fighting Fourth, in tn light of an opportunity not only t help finance the war and push through to completion but as pro lection and money saving opportunit to the individual purchasers.