Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-03
CHRISTMAS SAVING
RECORD INDICATED
Banks and Trust Companies
Report Big Enrolment
for 1881.
BY EDWARD C. STONE.

surprising rapidity considering condi-
tions in the business world which gave
many bankers misgivingS as to the out
come of the present campaign. 1t was
feared that last years mark could not
be reached, much less surpassed
Indications today pointed not only tc
an equalirg of the 1880 membership
figures, but also to large total in the
amounts subscribed by the various
members. Many banks not only report
more members than in the early stages
of the drive last year, but add that
many of these members are signing up
to save larger amounts during 1881. In
many instances where members saved
500 in 1880 they are planning to save
5000 in 1881.
ut is the Government pay roll" said
a local bank president today, when
asked why Washingtonians are able
to show such surprising interest in the
Christmas Savings Club plan. "Condi-
tions here are very different from those
prevailing in most other large cities in
the United States" he added. THE
Capital is indeed exceptional in rela-
ton to the Nationwide business de-
preston, and it is hard for visitors
in the city to understand why condi-
tons are so favorable
20 Banks in Campaign.
Twenty eight hanks, belonging to
the District Bankers Association, are
operating clubs this year and co-operat-
ing in the advertising campaign being
conducted by the associations Advertis-
ing Committee.
In 1924 without cooperative adver-
Using and with an expediture by indi-
vidual banks amounting to $4,000, men,
bersLips totaled 1885 and subscriptions
$3,001 900, The following year. with
cooperative advertising and little in
dividual advertising, the membership
increased to 66,279 and the totals to
$4447,7 ESQ.
Each year since has shown a healthy
gain, the club Just closed having 92,197
members and total subscriptions of ST.
835 $50 an increase of 449S members
and nearly 100000 over the previous
year.
While checks have just been sent to
all members of this years clubs, they
did not total the above figure of
members were unable to pay the full
amount during the year
Many Checks RedepOsited.
It was said today that large number
Of last years members are putting their
checks right back into the banks Many
of these checks are being used to build
up checking accounts. so that a good
deal Of the money will find its way into
Christmas shopping. A lot of it is also
being placed in permanent savings.
In some instances members are pay
ing up their full Christmas savings sub
scriptions for next year. In such cases
members have put back as much as
$500. When it was suggested that it
would be more busineSslike to put the
money in a savings account and draw
sv4NA n1ss -,
to their original plan.
They like to feel that the club fund
Is paid for year. The main idea, how
ever, Is the fear that they viii spend it
unless 1t is tied up so that 1t cannot
be withdrawn unless under unusual cir
cumstances.
Trading Lively on Exchange.
Trading was unusually active on the
Washington Stock Exchange today In
q turnover of only IS shares Capital
Traction sold of to 471s for the first
time, but closed at 49,. Railway q
Electric preferred opened at 98H and
closed at SO, sales totaling 40 shares
Twenty shares Of Merchants Bank
d Trust Co. came out at 102, Federal
American Co. common moved at %,
Lanston sold at los and Mergenthaler
changed HANDS at 08Ss. In small lot
sale Peoples Drug Stores preferred
moved at 1894. Real Estate Mortgage
preferred figured in 210-share turn
over at 612
Carpet Corporation opened at 23A
and closed at "a, IS shares changing
hands. The first sale in Columbia
listing, took place today, 81, 500 selling
at 101. Other bonds held around re-
cent levels.
Commercial Bank Votes Bonus.
Directors of the Commercial National
Bank have declared the usual annual
bonus of S per cent to officers and all
other employees of the company. Presi-
dent Wade H. Cooper announced today
The bonus is based on yearly salaries
and Is the first to be declared by any
OF the local banks in connection with
the annual holiday disbursements 1t
Is expected that many other banks will
take similar action, however.
The December bulletin of the District
Bankers Association appeared today. 1t
contains an article by Edward j. Nc
Quade. first vice president of the asso-
citation. on New York's Real Estate
Law" comprehensive report by Chair
man Eliot H. Thomson on the work
Of the Advertising Committee, and
much other information. The next
meeting of the council Of administration
taxes place on FRIDAY.
According to Louis r. McFadden,
chairman of the Committee on Bank
ing and Currency of the House of Rep
resentatives, any amendments to the
branch banking act Of 1927 are not
likely to be voted on at the present
session of Congress. The Committee
on Banking has been engaged in fact
finding. and it has not yet reached
point where definite recommendations
can be made.
Financial District Notes.
Thomas c. Montgomery of Wagga-
man. Brawner g. CO. has been made a
member OF the Committee on Fraud
ulent Advertising for the Southeastern
group of the Investment Bankers AS
sociation. w. K Manly of Stein Bros.
g. Boyce has also been appointed to
this committee.
The Federal American National Bank
e. Trust Co. has placed new signs ever
the entrances to the four branch offices
which became part of the bank
through the recent merger with the
Merchants Bank a. Trust Co.
The public has subscribed for around
$4,000, 900 900 of new security offerings
SO far this year. This fact, together
with heavy increases in savings de-
posts, large cash holdings in corporate
enterprises and the low interest, would
appear to indicate that there Is ample
purchasing power for securities when
business conditions show tangible evil
dence Of permanent improvement.