Evening star., 1928-11-16
CLUBS
TO GET $7,0DO,0)|)
Thirty Washington Banks to
Pay Vast Sum to 83,178
Subscribers.

Members of the Christmas savings
clubs in 80 Washington banks will re-
ceive checks totaling more than $7,000,-
600 on December l. This surprising
sum, $7,O46, ACT to be exact, has been
saved during the past year by 83,l78
subscribers and is the elimination OF
the most successful Christmas savings
campaign ever known in the Capital.
1t marks gain of almost $l,00O,0O0
over last year.
This thrift campaign, which has as
tonished local bankers by its nlagni-
tude, commenced on December OF last
year, when all the clubs were opened.
Deposits were made weekly until NO
vernber Is. when all further entries
we're closed In order to give the bank
clerks two weeks in which to balance
the books and prepare the checks for
mailing.
The advertising committee of the
District Bankers Association is given
unstinted praise for the amazing growth
of Christmas clubs in Washington. The
committee published long series OF
cooperative advertisements prior to the
opening of this years clubs, the results
being rush of new depositors to the
banks and the new total in the amount
saved.
The committee reports gain of 6
per cent, in the number OF people hav-
ing club accounts and IL per cent, in
the amount subscribed in comparison
with 1927. 1t has been found that
comparatively few members drop out
during the year.
F0ur-Year Comparison.
Comnarisons for the mast four wears
reveal how the Christmas savings club
idea has spread like wildfire all over
Washington. In 1925 the number OF
members was 66,279 and they saved
$4,447,741. During the year 1926 de-
positions increased to 1855. who land
aside $5,544, ,967, while in 1927 the num-
ber having such books had mounted tC
78,145 and the sum they took to the
banks had reached $5,994, ,903 It re-
mained for the present year to show a
gain over 1927 of 5,033 in the number
of depositors and of $1,000,0 900 in their
savings.
The original Christmas savings plan
started in Washington several years ago
with only three banks taking part in it.
1t was scoffed at by the others. Too
much bookkeeping, officials said. Soon
however, there was complete change
of front, as reports filtered out showing
the popularity of the new savings
method and the rapid expansion in the
amount being set aside.
While Washington bankers have been
astonished by the total savings of the
present year, local merchants have been
no less interested. Turning millions
loose just at the real beginning of
Christmas trade means boom to store
sales that is difficult to estimate.
The committee of the District Bank
erS' Association, which has made Spe
cial study of Christmas savings, has dis
covered that between 25 and % per
cent of these funds are transferred into
permanent savings in the banks. The
greater part of the remainder of the
savings finds its way into Christmas
buying, some goes into insurance pre-
nliums and interest on mortgages, q
smaller amount into taxes and INSTALL
ment payment and a still smaller sum ir
paying other bills of every conceivable
description.
Total in u. S. $3.50, 100000.
That people living adjacent to Wash
ington have also displayed commendable
thrift during the past year is shown by
estimates which place the Christmas
savings club total for the State of
Maryland at $6,900,000: of Virginia at
$4,600,000 and of West Virginia at
$4,80O,000.
OF economic Importance second only
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