Evening star., 1929-11-15
S6OO,O()l,O)D DUE
SAVINGS CLUBS
Members win Get Huge Sum
December | to Meet
Christmas Needs.
BY EDWARD C. STONE.

said to have been the tounoer OF the
Christmas savings club idea, that $780,
100000 will be distributed to 100000
members by 5000 banks and other
financial institutions, within the next
two weeks
The washington banks will distribute
more than S7,000,000 of this amount,
the checks always being sent out on
December l. The distribution for the
entire country is 10 per cent In excess
of last year and is expected to have
very important effect on buying power
during the holiday season.
Eliminating the few special funds OF
individuals and corporations, running
in some cases as high as $4,000, the
average amount received by each mem
Der is S59. $50, a slight increase over 1923.
Checks to members run from $l2.oO 70
$1,000.
This total sum represents the ac-
cumulated savings for the past 80 weeks
in Christmas club accounts in banks,
trust companies, savings and loan asso-
Citations and other institutions, by mem
bers paying weekly amounts varying
from IS cents to $40.
II New York State Leads.
New York State leads the other
States with $I41 ,00o,0 900. Massachusetts
shows the largest per capita State total,
with over $40 1000 000 while Pennsyl-
vania reports about $65,000,000. Chi
cago and Cook County contribute $29,-
COO 900 of the Illinois total of $56,OoO,-
900. New York City's metropolitan
area, including an approximate radluS
of 40 miles, will receive approximately
500 900 900.
The Bank of America, National Asso-
citation in New York and its animated
institutions, the Bank of America OF
California and the Bank of Italy Will
distribute about $8,000,0O0 to over 1SO,-
600 members The largest club In New
York City is operated by the Bank Oh
through its 65 branches in Manhattan,
the Bronx Brooklyn and Queens, have
accumulated $3,500000 for its 71,8OO
members.
The Union National Bank Of Sche-
nectady has the biggest club OF any
city of its size in single institution IN
the East with distribution OF ABOUT
Trust Co. of Racine, Wis, has $6OO,0OO.
Many Very Large Accounts.
Institutions reporting a distribution
of approximately $1,000,000 or more IN
clude National Shawmut Bank, Federal
National Bank and Exchange IruSt 20.
of Boston, Manufacturers Trust Co.,
New York City; Trust Co. OF New Jer-
sew and Hudson County National Bank,
81 both of Jersey City; Bank of Philadel-
tphia and Trust Co. of Philadelphia,
. Liberty Bank of Buffalo, Union Trust
Co., Cleveland Trust Co. and Pearl
g street Savings g. Trust Co. in Cleve-
g land; Commercial Savings Bank q t[usG
: Co. and Ohio Savings Bank q Trust Co.,
Toledo; Provident Savings Bank d Trust
Co, Cincinnati; Canal Bank 81 Trust
Co. New Orleans; Continental Illinois
Bank g. Trust Co., Chicago; First Wis
consin National Bank of Milwaukee,
n Commonwealth-Co Commercial State Bank,
Detroit Savings Bank and National
Bank of Commerce in Detroit.
The report estimates that Maryland
Christmas Club members have saved
SO $4,000 during the year. Virginia
s members have saved $7,222 900; West
Virginia, $4,I64,000; North Carolina,
South Carolina and Georgia about
$3,400,000 each, and Florida, $1,910, 900.
How Funds Are Employed.
On basis of direct-by-mail inquiry
& to individual Christmas Club n 1mberS,
it is estimated by Mr.. Rawn that more
than 100000 permanent savings ac-
counts, directly traceable to club mem
bership, have been brought to banking
institutions during the past 19 years,
and that 81 per cent of the present an
nual accumulation of $500, 900, 900 is put
to constructive use. Using this inquiry
as basis, the funds of the 1929 Christ
mas Club will be used as follows:
ShTstmss purchases s22aOOoOOo
insr,nea XssT END SSS
MORTGAGES and mortgage
interest ............... 5!2eo 33,000,00O
Education and ti3% travei.....:. ~ 12'SSS,SOS
CharhS ''''''......''''... l@ 100000
The estimates are naturally higher
than the amounts that will actually be
paid out. Some of the members drop
out every year. But the majority of the
members pay in the money throughout
the year so that they get the full
amount on December l. The interest in
these clubs has been startling to local
bankers, much of the steady growth
here being due to the campaigns carried
on by the District Bankers Association
Savings Bank Official Resigns.
John C. Yost, president of the East
washington Savings Bank, today an
nounced the resignation of Charles A.
Mccarthy, secretary and treasurer of
the bank. due to his present serious ILL
ness. The directors expressed deep
regret over accepting the resignation.
Mr.. Mccarthy has served the savings
bank for many years.
Johnson to Address Students.
o. H. P. Johnson, vice president of
the National Metropolitan Bank, will
address the Pathfinders' Club, at
q Georgetown University, next Monday on
- "The Young Man in the Banking BuSi-
ness" The members of this club meet
every week and hear talks by leading
business and professional men in the
city and in this manner obtain great
deal of important information aimed to
assist them in the selection of their
future occupations.
Not Secretary Melons Order.
Secretary Mellon feels compliment
ed by reports that he was the buyer
who Wednesday placed an order for
100000 shares of Standard Oil OF
in New Jersey stock.
1 Told at his press conference ofssu-
mors that the order came from Pitts
q burgh and that he, being one of Pitts
burgh's wealthieSt men, might have
placed it, Mellon said:
# THAT reminds me of the Negro who
a' when asked to change 500 bill, re-
3a piled, 'Ah can't do that. but thank you
all for the compliment
fe3s-.e Prices Steady on Exchange.
Trading was in moderate volume or
the Washington Stock Exchange to-
1i day
Y5BuCapital Traction again sold at rs
Norfolk g. Washington Steamboat stock
came out at 260 Railway 81 Electric
preferred sold at SO.
Commercial National at 253 and Fed.
eral-American National changed hand:
at $50, both being small sales.
BONDS were in fair demand, severa
/ different issues appearing on the board