The Washington herald., 1921-07-30
ABOUT sl,63O,OO0
WILL BE AVAILABLE
TOSTEADY SAVERS
Bankers Estimate the
Amount Will Be in
Christmas Funds.
SAVINGS DOUBLED
Regular Increase Reported in
Number of Depos-
itors.
A survey of the Christmas Saw

y A survey of the Christmas Saw
inzs funds in nine of the local
banks shows that approximately
81 $40, 900 will be available for the
buying of presents on the first of
next December. About $500 peo-
pie have funds on deposit under this
classification and the amount of
money is. steadily growing.
The Merchants Bank reports the
greatest number of depositors, hav-
ing some 10000 in their various
forms of savings clubs, and also the
largest amount of money which
they estimate will be collected un-
der the club plan. Their igure Is
placed at $3.50. 900. The Merchants
Bank pays , per cent interest on
the deposits made under the club
plan.
second Place s30o, 900.
The Potomac Savings Bank runs
second place in estimated deposits
in their Christmas funds, showing
$500, 600. with 400 people on their
lists of depositors. The Franklin
National is next in line, having
$500 people and estimated deposits
of s250,000.
The Hamilton Savings states that
they will probably have some $780,
900 deposited by about $500 people;
the Union Savings will have about
sfs5, 900; the Mount Vernon, $780,
900: the Park Savings and the Nc
Lachlen Banking Corporation each
about $4,000. and the Citizens
|, Savings about $4,000. The Citi-
afnnna
, in the Christmas Savings accounts
due to the discharge of the deposit
tors from the government service
recently.
Operation of Fund.
The Christmas clubs are operated
on the principle of putting asioe
some stated amount regularly each
week. The clubs are classified into
the so cent. 81. 50. IS and even as
high as see classes, which means
that that amount is put each week
into the Christmas fund and drawn
out about December I. 10 suppiy
the Christmas gift budget.
The Christmas Savings clubs this
wear will nearly double in number
of members and in amounts de-
posted, compared with last year:
figures. This is taken by bankers
not only as an evidence OF the pop
ularity of the Christmas Club plaI
of saving some small stated amount
each week. but also as evidence
that the principle of saving osme-
thing from the amount earned reg
uIarly is gradually taking root in
the public mind
II was pointed out that il that
principle of saving money could be
incuIcated strongly enough in the
mind of each individual who started
to raj sehis Christmas funds in this
way, in ten years time every MEM
Der of a Christmas Club could have
saved enough money. IL he allowed
it to accumulate. to buy his own
home
Non-Interesting Bearing.
Most of the banks pay no inter
est on Christmas fund. But it was
pointed out that the regular saver
could withdraw his deposit at stated
intervals and put the money in ar
interest-bearing account, which
over a period of ten years. would
accumulate 20 no inconsiderable
sum.
As yet no campaign has beer
started along this line. the bankers
holding that the first step is getting
the public interested in. and accus-
toned to, making regular deposit:
in some form of savings account
The Christmas Club plan gives q
very definite mark at which to aim
because everyone knows they viii
need extra money at Christina:
time. But, as one bank president
explained. the people draw theil
are generally at their peak. which
is fine for the merchants. but moi
50 fine for the bankers or the
buyers.
The next step, he declared. wa.
TO get the savers interested in buy.
In gsomething of a lasting nature
such as a house. The number ot
people who could own their home.
in ten years, through a regular saw.
ing system. would surprise anyon,
who has not made a study of tn,
situation. il was declared.
Local stock Market.
Washington Gas 5s featured tn,
local market, sales of ten s1.ool
bonds being recorded all at a steady
price of 7sh. Capital Traction 81
sold up to SIX. opening with a $500
sale at S6+ and advancing on sale:
of $1,000 each. in quarter points t
the high figure.
The Commercial National BanL
states that their campaign for new
savings accounts is meeting will
steady success.
Personal.
Robert V. Fleming, of the Rigg.
National, leaves shortly to spen,
his vacation on the Jersey Coast,
A. v. Nevius of the Riggs Ma.
tional. has returned from his vaca
tion in northern New York State.
c. F. Jacobsen, of the Met
|ropolitan National Bank. will leay,
next week for a vacation in tn,
Blue Ridge Mountains. He will joir
his family, which has been out o
town for some time past.