The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1916-12-01
CHRISTMAS CLUB
IDEA IS GROWING
Scheme Has Been Highly Sue
GssSful In Chicago.
A MILLION DOLLARS SAVED
Banks In That City Have $4,000 New
oepositors, Who Lay Up From s
Cents to 81 Each Week For a Period
Of Fifty Weeks-Many Become Per-
manent Depositors.

Cents to 81 Each Week For a Period
Of Fifty Weeks--Many Become Per-
nnanent Depositors.
Christmas savings clubs are destined
to become popular throughout he Unit
ed States in view of the great success
these novel institutions have been In
Chicago.
Chicagoans put $1,000,00O into their
own Christmas stockings this year
through the medium of Christmas saw
ings clubs.
A dozen of the city's banking insti-
tutions which have introduced this
system of saving throughout the year
toward holiday fund report the car
rying Of more than $4,000 such &C
counts and are enthusiastic in their In.
dorsement Of the scheme. Other banks
which have not tried the plan an
nounce their intention Of taking 1t up
during the coming year. Bankers de-
clare that the clubs are a great devel-
Oper of the saving habit and predict
that fully third Of the Christmas ac-
counts will be turned over to perma-
nent savings bank funds.
The general plan Of the savings
clubs is the same in all of the banks.
1t calls for fifty week season with a
certain deposit each week There is a
Wide range In the classification of de-
posits. The lowest calls for an initial
deposit Of l cent, with / cent added
each week, the final payment being 80
cents and the total fund accumulated
$12.75. A straight weekly deposit Of
50 constitutes the top class. Interest
Of 3 per cent is allowed on the savings
IN most Of the banks.
sour Christmas Savings club has be-
eome very important department with
u.s." said II. G. Laycock, vice president
Of the Peoples Stockyards State bank,
which is just finishing its fourth saw
ings club season, and claims to be the
pioneer in initiating the practice. "As
a starter for permanent savings ac-
counts it is great thing. This year
we had 1000 accounts, a gain Of 400
over last year, and the savings amount
to $165,000. Fully 1900 of the deposi-
tors will transfer their accounts to the
regular savings bank. Our 1917 club
opens Dec. Is, and we are making
9uite campaign and expect a big in
crease in membership. We've had to
enlarge our department considerably to
handle the crowd"
Many Persons Learn to Save.
atTt griu ,r,stI.
the depositors," said Miss Clara Brad
ley, cashier of the club 1T was a new
idea to them to be able to save in small
amounts and they like to talk with us
about it, One man explained that he
had never saved Il penny in twenty
three years, but that this idea had in
terested him and given him start.
Many parents carry accounts for their
children in the smaller amounts. We
find the decreasing class of deposit
one of the favorites here. 1t calls for an
initial deposit of $3.50 and deposit of
5 cents less for each succeeding week."
The Peoples Trust and Savings bank,
one of the tWo loop institutions which
have Christmas savings clubs, reported
bhC BitLfACot iuJbCol W
tai saved
"We have between 1880 and 1900
accountss" said Il. A. Hintz, assistant
cashieE, and stand ready to, pay out
S325,000. About 25 per cent OF It will
60 into permanent savings, accounts.
We've had to add nine windows and
next season we expect to- handle at
least 10000 accounts. With US the
'1itney' club is the favorlte savings
depositor beginning with
a nickel and adding one eaeh week,
the final payment being $3.50. We have
also been successful with vacation saw
ings clubs, which run for the same pc
riod,. fifty weeks, and pay at different
seasons, one in summer, one in the
fall, etc"
A large number of Chicago banks
have taken up the idea, and all of them
are loud in their praise OF the Christ
mas savings clubs.