Evening star., 1924-11-23
CHRISTMAS FUNDS
OF S3,78O,2aD DUE
Banks to Begin Paying De-
{ positors Nov. 29--Best
Record for D. C..
BY CHAs. p. sHAEFFER.

Money In circulation in the Ma
tional Capital will be augmented TO
the extent of ss,7s0.250 between No
vember 90 and December 10, when
81 local banking institutions unlatch
the barrier which holds back this
class of deposits.
This is the largest amount ever
saved in Washington through this
fund. Initiated, relatively speaking,
only a few years ago, it has gained
in favor by leaps and bounds. and
last year reached the unheard-o of
total of about $3,225,O00. In. 1926
the gross total will undoubtedly be
much more, inasmuch as many more
banks have signified their intention
of putting the practice in operation
the first of the year.
Some Goes Into Savings.
The larger part of the money will
be used to meet the usual demands
Of the holiday season, but no incon-
siderable sum will find its way back
into permanent savings. Herbert F.
Rawll, president of the Christmas
Club, makes an estimate of how the
fund will be distributed this year
basing his estimate upon figures fur
nished by selected banks for the last
10 years.
According to this survey. As per
cent OF money thus accumulated is
utilized In Christmas spending, % per
cent is redeposited in permanent saw
ings, IL per cent is used in meeting
insurance premiums and mortgage in
terest, IL per cent goes FOR taxes and
the remaining 4 per cent is used in
meeting fixed charges maturing in
December.
The largest Christmas Savings Club
in the city is operated by the Secur-
ity Savings and Commerci Bank
which will disburse $4,000 on De-
cember 4. 1t is closely pressed. how
over, by the American Security and
Trust Co., which has about $500, 900
and by the Mount Vernon Savings
which boasts a like sum.
Begin Paying November %.
Actual disbursements will begin on
November 29, when the American Sc
curity and Trust Co. will send out
checks, and will be concluded Decem-
Der 10, with disbursement of the club
of the Anacostia Bank and also the
District National.
The basic principle of the club i:
carried on uniformly. to a great ex.
tent, locally, but some variations
from the beaten path are practiced
here. Starting about December 10
and before January Is. members are
enrolled In the new clubs for the en-.
suing year. These accounts ar.
opened at the bank, trust company
or financial institution, and the mem,
bers select the class of payment!
best suited to their individual re-
quirements. These classes range
from SO cents to $40 per week, with
the life OF the club existing sc
weeks. There are no fines, no dues
and all the money Is returned by the
bank In one lump about two or three
weeks before Christmas.
One Banks Innovation.
The Washington Loan and Trus
Company has introduced the innoya
tion Of drawing on checking accounts
twice monthly for specific sum
which Is credited to Christmas saw
ings. At the end of the year tn,
total Is disposed OF as desired by tn,
customer.
Most clubs In Washington carry In
terest at the rate of per cent pei
Rnnum. A notable exception is the
franklin National, which pays no in.
terest but instead renders member.
eligible to compete for cash prize.
IN an amount equivalent to interest
charges on club deposits
Following are the banks which
maintain clubs, with the respective
amounts and date of payment. The
dgures are accurate, having been
furnished by the interested institu-
tIons:
San,e nS hank To,,I Uh.n n~;S