Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-10
COOLIDGE POINTS
TO GAIN IN SAVINGS
Former President Gives Fig.
ures Showing Extent of
National Wealth.
BY JOHN F. SINCLAIR.


NEW YORK. January 10.-Calvin
Coolidge, speaking last night at st.
Petersburg, Fla, on the economies of
life insurance, commented on the fact
that America has very few hereditary
fortunes.
For the most part they represent
the success of a single generation and
great wealth tends to become dis
tributed in public charity. while the
moderate wealth of the people tends
to increase" said the former President
Savings deposits are the evidence OF
general prosperity. In 1910, according
to Mr.. Coolidge, the deposits in the
savings banks were about $4,000, 100000
and today $10.500.0 100000 Deposits Ill
the national banks and trust companies
in 1920 were $l0,500,0 100000; today,
$34, 000, 900 ,00O
Life insurance has progressed even
more rapidly Think of one nation
adding to it's life insurance at the rate
of $40, 900, 900 900 a year, while receiv-
ing in matured policies about $4,000
600 900 a year, of which about three
quarters goes to living policyholders.
There are 100000 policyholders T.
the United States. Perhaps half q
the people of the United States carry
life insurance.
The former Presidents plea for life
insurance should gladden. the hearts of
every insurance executive. "A stu
pendous force enlisted on the side or
public health, sound finance, good 1udg..
ment, economic betterment and moral
well-being."
It is a big responsibility to live up
to such challenge.
The numbers attending the New York
automobile show are increasing as the
week progresses. Prospects for the year
are more optimistic now than they were
when the show opened.
With $4,000 900. motor vehicles IN the
United States 1t is safe to say that
one out of eight needs to be replaced
annually. Few people use car eisnt
years. :. T.
This estimate, conservative as 1t Is,
calls for a replacement of about 3,O0o,-
600 cars annually. Last year the mum
Der of American vehicles sold outside OF
the United States was 1,015,0OO. NOW
add 600. 900 more to the replacement
figure and we have 100000 automoolles
annually-as a base.
Perhaps another 100000 cars can be
absorbed by the natural growth IN popu-
lation and the Improvements In hlgn.
way facilities. The production ior 1851
will not reach that of the record-breaK-
ing year of 1929, when 1851 600 cars
were produced. But 1t should be good
year. -
dustry? OF the 34,700,000 cars in the
world, 26,024,0 900 are owned in the
United States, and 100000 are en-
ployed in the motor vehicle industry and
its allied lines.
The industry takes IS per cent of all
the rubber produced In the United
states, 81 per cent of all the plate
glass, 10 per cent Of the iron and steel
produced. is per cent of the copper, ID
per cent of the lumber and hardware,
81 per cent of the lead and 30 per cent
of the gasoline consumption. A giant
industry, surely!
These figures are furnished by Alfred
Reeves, general manager OF the National
Automobile Chamber of Commerce.
Is money the driving motive of busi-
ness research? Or is it fame or achieve
ment or admiration of ones fellow men?
Mime. Curie, co-discoverer Of radlum,
who two months ago was presented by
President Hoover with $4,000, raised
by American friends to enable her to
carry on her research work, recently
made the statement that scientists who
work for the pecuniary reward ma That
their brain power will sag and become
sterile The famous woman scientist
believes that curiosity is the basis OF re-
search work.
what matters it to Einstein whether
he makes money or not?" she asked.
Wealth should not be the motive and
oftentimes is bar to its continuous
development"
But Nine. Curie made plea in re-
cent address in Paris against making
the road Of the young research worker
too difficult and hard. One needs to
live, even though ones wants are small.
why not endow ability instead Of
buildings and universities" asked a
business friend in Chicago recently,
who is contemplating giving away sew
eral millions shortly.
Frankly, like the idea and I hope
he does.
(Copyright, 1880. by North American News
paper Alliance)