The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-11-19
SAVINGS CLUB
WILL PAY OUT
MILLION IN CITY
10000 Depositors to Get
Money for Christmas
Gift Purchases.

Approximately $1,015,000 will be
paid on or about Dec. l to 10000
citizens of indianapolis for use in
purchasing Christmas presents or
conversion into savings accounts.
The figure represents the total
of Christmas Club accounts for
1929.
The Fletcher Savings and Trust
Company and its subsidiary deposit
tories leads in club members, with
$3.50 to whom $236,000 will be paid.
The average savings of the 10000
is fixed at 1882 in weekly deposits,
ranging from so cents to SO. The
average saving for 1929 is a. cents
higher than last years.
40 Per Cent to be Spent
Bankers and merchants estimate
that about 40 per cent of the money
paid out by the Christmas Clubs
finds its way into the currency tills
of merchants for Christmas pres
ents. Investments garner about
80 per cent of the money, savings
10 per cent and miscellaneous items
6 per cent.
The largest gain in deposits and
depositors this year is the report
of the Farmers Trust Company,
with 400 members and $4,000 to
be paid. The company paid out
$4,000 in 1923.
Other increases over 1923 are:
(First figures denote 1928 pay
ments; second amount, 1929, and
the third figure the number of club
members for this Year,
Madison Avenue State, $4,000,
$4,000, 600; State Bank of Massa-
chusetts avenue, $1,000, $4,000,
400; Brightwood State, $4,000,
$1,000, 800; Bankers Trust, $4,000,
$4,000, 1000; Postal Station State,
$50 600, $4,000, 1900; Northwestern
State, $4,000, $1,000, 225; Washing
ton Bank and Trust, $22,500,
S23 500, 73O; Marion County State,
700, $38,7Oo, 900; Meyer-Kiser,
S3O, 6O0, $751; UU, l,ZUU.
Second In Size
State Savings and Trust will pay
$4,000 to 2,100 members. 1t is sec
ond to the Fletcher Savings in de-
posts and club members. The
banks club is a consolidation, how
ever, of the Christmas savings Or
ganization of the Inland Bank and
Trust and the State Savings bank.
The Postal Station State and the
Fletcher American National rank
third and fourth, respectively, in
amounts to be distributed in the
city.
Amounts to be paid and members
of clubs of other banks of the city
are as follows:
Peoples State bank, $21 900 to 200
members; Aetna Trust Company,
$55,000 to 1000 members; City Trust
Company, $4,000 to 1000 members;
Union Trust Company, $9,895 to 312
members; Fountain Square State
bank, $45,000 to 1000 members; Sc
curity Trust Company, $1,000 to 220
members; Fidelity Trust Company,
$4,000 to 1900 members. ranking
fourth with the Fletcher American
National Banks club; United Labor
Bank and Trust Company, $4,000 to
100 members; Belmont State bank.
$11,5O0 to 500 members; Central
State bank, $10,5O0 to 200 members:
Continental National bank, $4,000
to 1000 members; FIT. Wayne Ave-
nue. State bank, $1,000 to 300 mem
bers; Forty-Second Street State
bank, $4,000 to $50 members; Vir-
ginia Avenue State bank, $4,000
to 600 members.
Two Are Missing
Two clubs were missing from the
list of those in 1928 and they were
two absorbed by other banks.
The East Side State bank was
taken over as branch of the
Fletcher Savings and Trust Com
pany, and the State Savings and
Trust Company bought the bank
ing business of the Inland Bank
and Trust Company.
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