The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1927-03-08
X NJ A s SAVINGS.
| CLUBS GROW
BY RICHARD HATTON

FF Il 3 ! 4 i
BY RICHARD HATTON
That the Christmas Savings Club
idea has firmer hold than ever
upon the public of Washington is
indicated by figures submitted today
by the advertising committe of the
District OF Columbia Bankers AS.
ISOLATION, which had charge Of the
publicity in connection with this
form of thrift and which, through
fhe power and logic of it's advertis-
ing campaign carried its message to
thousands Of local people, both those
lNRho already carried savings ac-
counts and those who, through the
christmas saving plan were en-
shbled to realize the much.desired
nucleus of q savings account.
The report of The committee was
made public @by Pesident Howard
Moran Of the District of Columbia
Bankers Association.
Final results Of the 1927 Christ
mas Savings Club effort as checked
by the committee OF which Eliot II.
Thomson of the Washington Loan
and Tust Company is chairman,
show that there has been con.
kinued increase in this form Of saw
Angs In local banking institutions.
The number of accounts opened
In the Christmas savings class for
EhO year 1927 is shown to have
been 7S,145; with e. total amount
subscribed for deposit during the
AZ months before next Christmas as
85,994, 903.
This is so near the $1,000 900
mark as to practically put this city
In that advanced class, and Is gain
of per cent over the number of
nepositors In 1925.
OF more essential interest, how.
bver, as a criterion of the advan.
fages of the thrift result Of the
Christmas saving advertising is the
further statement by the committee
Ehat the amount subscribed this
year is within a traction Of 10 per
cent more than that contracted for
deposit last year.
In other words 6 per cent more
citizens OF washington will put into
their Christmas savings accounts 10
per cent more cash in 1927 than in
1926 and will be paid back in prin-
Oiple and interest in time for next
Christmas demands 10 per cent more
cash than was distributed just before
last Christmas.
Comparative figures as kept by
khe committee. covering the last
three years are of interest as mark.
Ing the growth Of the Christmas
savings in the "a banks in the, Dis
trict OF Columbia carrying Christ
mas savings clubs.
In 1925. 6s,27s depositors saved
$4,447,741.
In 1928, 7S,145 depositors saved
$5,644,903. According to the calcula-
lions Of the committee, in 1927,
7S.145 depositors will save $685., 9O3.
There could be no more concrete
evidence as to the value of publicity
and advertising as carried out by
the banks cooperating in the Christ
mas saving campaign.
According to the statement issued
today through the office OF Presi-
dent Moran the mortality rate of
Christmas savings accounts during
the year was not as great as in
regular savings accounts and statis-
tlcS throughout the country show
That approximately 70 per cent of
the amount subscribed is paid in.
This Is another indication of the
benefit the banking institutions are
doing the community by carrying
these clubs, for 1t must be born in
mind that this Is gratuitous service
on the part OF the bank and that,
because OF this service, over four
and one-half million dollars were dis.
Ertbuted to citizens of Washington
just before Christmas.
The estimate for disbursement at
the Christmas season this year is
well over $5,oOO,0Oo.
The Treasury has announced it's
regular March financing in an.
offering of Treasury certificates of
indebtedness in two series dated and
bearing interest from March Is.
There are two offerings, one for
six months is about $l50,OO0, 900
hearing interest at 31s per cent,
the other is about $500, 100000 bear.
ing interest at 81 per cent and
IS for one year.
President Robert v. Fleming, of
Ghe Riggs National Bank, returned
monday from vacation trip which
Included Florida and Havana.
The regular forum dinner of the
Washington Chapter American In.
Etitute of Banking will be held at
the City Club Thursday evening.
March 8. These popular dinners
are gaining in favor among bankers
OF all ages and the next meeting
promises to maintain the high at.
tendance record already set. Har.
cid w. Burnside Is chairman of the
committee in charge of these
events.
While the official reception mark
ing the opening of the newly re.
modelled quarters Of the Bank Of
Commerce and Savings took place
Monday afternoon and evening,
many who were unable to attend
that fuction dropped in today to
view the handsome new offices and
to congratulate President Rosen.
berg and Cashier Riordon upon the
result of their improvements.
Vice President Spencer B. Curry
and Secretary f. N. Zihlman, Of
ahe Great National Insurance Com
pany are on a short business trip
to Philadelphia and New York in
the interest of their organization.
Observation-Disclosures