Evening star., 1921-12-06
'B|G PAYMENTS OF
CHRISTMAS CASH
Distribution of $1,235,0 900
Starts-LocaI Utility Bonds
Score Gains.
BY, j. A, FLEMING.

BY, ]. A. FLEMING.
Merchants of Washington should
begin to feel the effect of the out
flow of Christmas Savings clubs
cash within the next few days.
The Merchants Bank. with $402.6o0
to distribute. will mail its checks be-
tween next Saturday night and Mon
day morning of next week. There
will be 10000 checks sent out to all
parts of the city.
Some of the other banks have ais"
commenced to send out checks, as
payments over the counter would be
absolutely impossible.
In all something over Sl.235.0OO VIII
be distributed. Some little part OF
this cash may find its way back to
the regular savings accounts The
promoters of the scheme figured that
10 per cent Of the accumulated funds
would stick, but this calculation has
tice.
The Franklin National, the only ma
tional bank making distribution Of
Christmas savings, sends out checks
for 100000, Potomac Savings for
; 1885. 900. Washington Mechanics for
Sl25,O00, Park Savings. $4,000; North
east Savings. $4,000. and the North
west Savings. $4,000.
This large amount of money should
be of considerab BILE importance in the
| seasonable trade for the rest of the
! month. being accentuated also BY
the addition of interest-all gathered
together for the one purpose Of
Christmas shopping.
! Bankers have found the funds thus
, established remunerative to them.
probably more so than during any
proceeding year. Many placed the
| funds in bonds. anticipating pay
| ments. and the advances of many
| points in the bond market have given
especially good returns. Then. too,
! it has been possible to keep the
funds largely employed in Treasury
! certificates at So and some at 8 per
cent. 20 that, despite extra cost, the
| clubs have mace good money for III,
institutions operating them.
| Merchants Bank officials eSpressei
| the belief that they could, with con-
| tinued advertising for longer pr od.
| bit they closed it after but two days
advertising. Lack of needed room l.
! one of the argume nts against further
| ing the club business.
For the year 1922 the volume Of
accumulation will be much larger. as
7! practically all Of the savings banks,
and some others as well, will forIn
| savings cblbs within the next few
days.
| Advertisements have given detaifs
! of some plans, and others are to b.
! announced.
| In some instances interest will not
be computed on club funds next year.
this being in sense a charge for
| the added bookkeeping and clerical
| hire, one of the largest of this years
| clubs requiring the services of two
, additional clerks to handle.
| All checks will be distributed by
the 18th instant, and with the big
government pay roll for that date the
Christmas shopping should be greatly
accumulated.
Minneapolis Pays on Loans.
The Minneapolis regional federal
Preserve bank has paid off S24.04l,ooo
of loans from other reserve banks
iduring the past year and is clean on
the record. Atlanta has cut down her
interreserve borrowing in year
from s41,419,O00 to s1.4Ss.000 and
Richmond in the final week in No
vember reduced her s10,eo0,0o0 loans.
the same as of a year ago, to $4.SZ4.
600. Dallas in year clipped her deot
from $40, 900 to s3,000.o0O.
All the grain state reserve banks
are free from interreserve borrow
ing, but the cotton states institutions
are still bothered with frozen cred
it's that forces them to borrow.
Bank CIearings Decrease.
New York bank clearings yesterday
l1ell OIL SSS,-ol,VVV, dS soiiPaie
the total of same date last year
iChicago clearings decreased slo,s5e'-
900; Philadelphia, s6.970.s25; Boston.
;s2.5So5O5. and Kansas City, Sle.ssf.-
34S.
Utility Bonds Climbing.
Bond houses are still declded'H
buIlish on Investment bonds. holding
tn L with the abundance OF none
. bonds will continue in active dennan"
? the investment fund supply beih2
! greatly augmented by the outpour-
ing of interest and diTluehd pay
ments January !. 1872.
! whether right or wrong IN their
theories. the local bond mHrket is
not giving any evidence OF oelne IN
a tirins position. the advancing trend
was a week ago:
:. This morning Potomac Refundine
rs and Washington Gas 5s were
featured in sharp advances, the iof-
mer selling from 1o4 to lo4E ano
/ the latter at 90R, both new highs.
Potomac General mortgage IS also
advanced. the price being 9Sk.
Railway As. which have been hold
! ing around So and fraction: turned
the Sc mark and closed at 63A-
Public utility stocks were held
firmly. but there were few sales. buy
| ers refusing to meet the higher prices
asked. Railway common, however.
| sold at 81.
.
back as easily as il advanced during
the November days on nothing save
a lct-up in the demand and II is natu-
rally having a sympathetic eHort
| on Lanston.
Today's sales of Mergenthaler were
of odd lots at l31 to 1907 eX-diVideno.
Union Savings Bank shares brousht
i1l2 and Washington Loan and Trust
i27o.
hareh0lders Meet.
Stockholders of the Banking Trust
land Mortgage Company held a special
injecting at the Arcade last evening
, land carried out the program as mere
tofore announced by electing Percy
!, is. Foster president; Leo Fraser, wee
Ipresident; Hilton w. Robertson. treas
iurer. and r. ID McNeill. cashier.
An advisory committee of share
holders was also chosen. Directors as
previously reported in this column
+. |were then elected.
The tentative date of opening. De
1cember 10, was confirmed. and the
new venture will, therefore. be
. launched on Saturday of this week.
SUGAR MARKET QUIET.
Nru vnRE Decemher 6-The early