Evening star., 1931-11-22
CHRISTMAS CLUBS
TO PAY S.5)D,ODO
TO D. c. MEMBERS
Local Banks to Disburse
Largest Sum on Record to
100000 Residents.
MERGENTHALER LINOTYPE
IN STRONG POSITION
Vice President Pope Appointed to
Fill Vacant Presidency in
Bankers Association,
BY EDWARD C. STONE.

the Christmas clubs of 80 local banks
will disburse next week to nearly l0o,-
600 members the largest sum ever paid
out by the banks at one time in this
city. The average amount will be $50
although actually the range will be
from checks Of $25 to the largest OF
$1,000 per member. The total pay
InentS this year will exceed the amount
paid last December by 100000.
Populs tty of the Christmas club idea
has bes1 vastly increased by the in
formatjsc cooperative campaigns OF
the DHerict of Columbia Bankers AS
sociati1h which were inaugurated in
1925. 1E the previous years 1895 mem
bers accumulated $3,O01 900. Since
that time membership has doubled,
almost threefold
While Washington's average has in
recent years usually exceeded the Ma
t1on-W1de average per member, stabil-
1ty of conditions in the Capital city
Is indicated by the fact that this wear
1t Is $S6 more than the national aver
age OF $50. This factor is considered
most favorable indication for busi-
ness during the coming shopping
season.
An analysis of statistics obtainable
indicates q more or less fixed distribu-
tion OF the vast sums of Christmas
savings distributed each year Twenty
nye per cent 1t is stated, goes into perrna-
nent investments or savings accounts; !;
20 per cent into payments Of life in
Surance premiums, payments on mort
cages and other fixed obligsti leay-
ing approximately SIS per cent for pur-
chases In stores or Christmas gifts.
Plans for 1882 Campaign.
Mortality of Christmas savings ac-
counts has fallen below expectations
and bankers believe that the 1882 clubs
are likely to run far ahead of previ-
Gus experience. The new clubs will
be opened at all Of the banks on Mon
DAY. November 80. and opportunity to
join the clubs will cease on January
10. In addition to the 80 banks which
have been operating Christmas clubs
the Liberty National Bank has acceded
to the requests Of its customers and
VIII enroll members in a club for the
ensuing year.
Membership in Christmas club. it Is
explained, Is divided into classes based
upon the amount of the weekly nav
ments, which range from 81 to $50
per week. In a few banks, weekly uay-
ments Of so cents are accepted. but
the popular demand is for the larger
amounts. Interest at 3 per cent is
within. the specified time limits.
The D. G. Bankers Association is
planning to have the regular educa-
tional Christmas club campaign in the
newspapers, beginning at the coming
week end. 1t has been found most eff
fective in bringing the public to an
appreciation of the advantages Of mem
bership.
Mergenthaler's Fine Showing,
The following comment on the an
niial report of Mergenthaler Linotype
Co. was made yesterday by Y. E. Book
er & Co., investment bankers.
Unusual strength is revealed in the
balance sheet. Under the item of cur
rent assets, the company reports cash
of sl,20S.450, while bills and accounts
receivable aggregate $9,190,420 making
total quick assets of SO, ,398,871. Against
this item the surprisingly small total
Of current liabilities Of only $29,42s is
shown.
I'm addition to the above, the COM
pany reports investments of s3,828,426,
OF which amount, we are informed,
approximately $200000o are in u. S.
Government securities. The fact should
also be noted that the company has
special reserve set-up of $3,36l .0I2 to
Offset an item Of the same amount on
the asset side Of the balance sheet for
rights, privileges and franchises"
Another most encouraging feature Of
standpoint Is the following comment
from President Norman Dodge:
After deducting from the tangible
assets of the company these minor un-
paid bills and all reserves as at Sep
tember 80, 1881, the net assets repre-
sent in value approximately 500 for
each outstanding share Of the capital
stock"
Pope Now Association Head.
At a special meeting of the council
of administration OF the District of Co.
lumbia Bankers Association, C. H. Pope,
first vice president, was appointed to
fill the unexpired term of the late presi-
dent. Edward J. McQuade.
Mr.. Pope Is vice president OF the
Munsey Trust Co., having been con-
nected with the institution since 1913.
His career began, however, at the age of
16, when he obtained a position with
the late Frank A. Munsey, who had
such large financial interests in New
York.
Arriving in Washington on May g.
1918, Mr.. Pope became treasurer of the
Munsey Trust Co., which opene5 for
business two days later, on May Is
In Juna, M rupe was made vice presi-
,arnt and cashier and at the present
tme is executive vice president.
He has always been active in the af-
fairs of the District Bankers Associa-
ton and in the Institute of Banking
He was chosen genera, chairman of the
convention in 1923 and it was largely
through his efforts that the annual ses-
sion was such an outstanding success
He was made secretary in 1929, elected
first vice president in 1880 and first vice
president at the convention at Hot
Springs last June.
He is q director in the Washington
Gas Light Co., member Of the Board
Of Trade and Columbia Historical Soci-
ETY. and other organizations. He was
born in Goshen, N. Y. His experience
judgment and ability make him par
ticulariy well fitted to guide the asso'
citation during the rest Of the year.
Cleaned in Financial District.
Potomac Electric Power 5l2 per cent
preferred sold ct 10TH, ex dividend, or
the washington Stock Exchange yes
terday. Capital Traction IS figured ir
two 81 900 sales at IL.
Lanstoi Monotype has been added II
the ex dividend list on the local ex.
change. The Potomac Power issues and
washington Railway a. Electric pre-
Rnvred and common are also heinl