Evening star., 1927-12-03
CHRISTMAS CLUBS
HAVE GOOD START
Bankers Predict $1,000, 900
in 192e-NeW Company
] Is Organized Here.
BY EDWARD c. STONE.

Local banks report wide interest il
the 1928 Christmas Savings Clubs
which opened for business on Decem
ber /. The rapid growth in recent
years in Washington in Christmas
savings is almost sure to be extended
during the coming year.
In the year now closing tS,ooO peo
nle in the National Capital saved prac
tica!lv Sc O00. 600. In 1926 practically
tbe same number of members saved
S5544.967. During the previous year
1aa5-the total amount saved was S4'
447.741 A..
Thus for the past three years the
cain each wear has been about hait a
million dollars or more. TO keep up
this remarkable pace, the l9-S clups
viii have to handle around S6,oOo'oou;
THAT is an immense sum TO be lalu
aside in Il months in Christmas say
ings alone, but bankers today were
predicting that such an enviaole goai
will be reached.
Trust Changes Are Sought.
( The House banking and currency
ron,mittee has received briefs ana
heard arguments from the American
Bankers Association and representa-
tives of the trust company DIVISION
relative to desired revisions governing
fiduciary property and income. These
include recommendation for repeal
Of sections 219 (gl and (hl taxing IN
come of revocable and certain other
trusts to the grantor thereof amend
ing section o04 tal and tol so as 10
make clear that the basis for deter
mining gain or loss on sale by eXecu-
tor applies to sales by executors ana
administrators: amending tax on capt
tel gains deductions for losses; amend
Ang sections PA (a1 and 215 tbl relating
to depreciation of property held IN
trust and amendments relating to
returns for nonresident aliens.
New Company Organized Here.
A new concern to be known as the
Nashington Wimsett Co. has been
organized here for the purpose OF
dealing in industrial loans. The
Nimsett system has been in opera
tion in Europe for years. The Off
GERS of the local concern are Austin
@. Waller. president; S. IL. Takes,
vice president, and Joseph A. Raf-
ferty, secretary.
!. The directors include John *.
Waller, president of the international
Bank: Joseph A. Rafferty,, lawyer and
director in the Merchants Bank 4
Trust Co.; George B. Furman. men,
ber of a public accounting firm and
q director in the Prince Georges
Bank; Edward s. Brashears. director
in the Liberty National Bank; Roland
Robbins. manager of keith's Theater
and also a bank director; Harry A.
Seay, realtor; William l.. Symons,
patent lawyer, Austin c. Waller, vice
president International Bank, and S.
Fl. Takes, secretary and treasurer OF
the Retail Credit Mems Association
i. There are now about 130 units or
the Wimsett system in the united
States, Canada and Hawaii. Twenty
five more of these unit organizations
are now in process of formation. Each
company is a complete and self-gov-
eriling unit. receiving advisory super
vision from the parent company. 1t Is
announced that the Washington COM
pany will be ready for business about
January l.
Insurance Expert to Speak.
Edward NJ. Mcmahon. insurance
traist officer of the Equitable Trust
Ce. of New York, will speak at the
dinner meeting of the Life Under
writer's Association, on December 8.
on what Should Constitute Efficient
and Profitable Cooperation Between
Trust officers and Life Underwriters.
The meeting is at the Racquet Club.
Mr.. Mcmahon is the first man to
occupy a position such as he has with
the Equitable. He was formerly at
the head of an important New York
life insurance agency. and has written
personally $4,000, 900 during the past
year. He was given the distinction
of making the closing address of a
notable program at the recent Mem
p1js convention of the National ASSo-
cia tion of Life Underwriters.
Mr.. Mcmahon is the author or
"Where Are You Going. John?" which
outlines life insurance as a profession
and business. Washington insurance
men are greatly interested in his COM
ing visit and plan to invite large
number of local bankers to hear him.
Trust Conference Arranged.
The ninth Midwinter conference and
the seventeenth annual banquet of
trust companies of the United States,
which events are jointly under the
auspices of the Trust Co. Divi-
sion, American Bankers Association.
will be held February 1916. 1923, at
the Commodore Hotel, New York.
Glenn Frank. president of the Uni
versity of Wisconsin, will be one of
the speakers at the banquet and w. S.
McLucas, president of the Trust Co.
Division, will be the POSTMASTER.
James II. Perkins. vice president
of the division. will preside over the
conference. The banquet will take
place the evening of February 16.
Heard i'm Financial District.
w. w. Spaid. president of the Dis.
trict Bankers Association, and Harry
V. Haynes, chairman of the Clearing
House Association. have taken boxes
for the Institutes theater party on
Monday evening.
Bank clearings in Washington for
the week ending December / totaled
$2G, 900 compared with $22 ,070. 900
the previous week, but lower than last
year. The figures. however. indicate a
good gain in Christmas trade.
How rapidly women are becoming
greater factor in investment finance
is shown by the report that the
American Telephone & Telegraph Co.
is now sending 100000 dividend
checks year to women stockholders
who hold 900 900 shares.