Evening star., 1932-12-19
CHRISTMAS SAVING
ON INCREASE HERE
Club Memberships for 1888
Are Growing at Rapid
Rate.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Christmas Savings Club memberships
for 1888 are growing at surprising
rate of speed in Washington banks,
according to inquiries made today.
Bankers declare 1t now seems almost
certain that last years subscriptions
of well over 100000 will be passed
and that the members will exceed the
1o2246 total, reached by the 1882
clubs
Local bankers admit that they are
surprised and somewhat puzzled over
the increase in both subscriptions and
memberships. Some had thought that
financial conditions were such that
last years figures probably could not
be outdone again this year.
But new high records have been
established in this city every year since
1924 the year the clubs were started
on a large scale The thrift habit Is
strongly entrenched and strenuous
economic times appear only to make
the value of the Christmas Savings
Club more clear.
Many members are doubling their
subscriptions for the coming year.
the Christmas Club payments than for
their permanent savings. At the end
of the year they switch lot Of their
Christmas money over into savings &C
counts.
There are cases in Washington where
$4,000 Christmas clubs are carried on
every year. In these instances the
members usually transfer the full
amount into permanent savings at the
end of the year. But the smaller clubs
are the ones that are giving the ma
;orlty of people their extra yuletide
funds.
Fifth District Sales Compared.
Detailed information on retail trade
In 80 department stores in the fifth
Federal Reserve district, In November
and the first IL months OF the present
year. compared with the like periods
year ago. is presented today by the Fe-
serve Bank Of Richmond.
November sales In Washington de-
partment stores in November were on
is per cent from the same period q
year ago. For the first II months OF
Stocks on hand in the local stores on
November 30, 1882, were Is per cent
lower than on November 80, 1881. Com
pared with October 81 Of this year,
stocks were 73 per cent higher. In
the first II months of this year local
store stocks we're turned 1919 times:
The percentage of November l, 1882.
receivables collected during the month
of November was 27.7, compared with
the percentage for the whole f1ftn dis
trio. of 25.2.
Sales in Richmond In November were
IA per cent under last year and for the
IL months. 10 per cent below that Ike
neriod in 1881. In Baltimore sales were
off 14,6 per cent in November and 1875
per cent in the II months. For the
whole district sales were down 15-1 per
cent in November and 1876 per cent In
the II months, compared with year
ago.
As Moody Sees Private Debts.
The complications that have arisen
over the December Is war debt pay
n,ents due from our former allies and
other countries and the several defaults
that have occurred have little bearing
on the investment position OF ooLar
bonds of the affected countries, -aecoFo-
ing to Moodys Investors Service, IN q
statement issued today. The reason lor
this is because war debts representing
governmental bonds held by the Onl!so
States Treasury, are apparently consld-
cred entirely distinct from the publicly
offered bonds, in the eyes OF the OBJ
1igors. despite the official American at
titude on this subject
The survey claims that, although
there may be some reason to the argu-
ment that defaults on war debts are
derogatory to the general credit OF the
nations concerned, nevertheless there Is
little doubt that events Of the past rev
years have gradually led to the con-
clusion by the average investor that
intergovernmental obligations arising
rPnrfSent
phase of international finance and that
any notifications have little bearing
upon the investment status Of the obll-
cations sold to investors.
Thus. it seems logical to infer" con-
cludes Moody's, that the negotiations
and maneuvering associated with the
war debts problem should have little
effect upon the credit of the countries
concerned, as represented by market
prices for those obligations incurred In
the normal course of international
financing"
Refrigerating Corporation Dividend.
The directors Of the Terminal Re-
frigerating & Warehousing Corporation
have declared the regular semi-annual
dividend of s1-5o per share on the out
standing stock, payable December 81 to
stockholders of record December 10.
Books will be closed from December 10
to January 3. Secretary j. P. johnson
announces.
Verne P. Simmons, member OF the
staff of the United States Bureau of
Efficiency. will give a radio address on
Christmas Savings" over Station
WMAL this evening at $3.50 o'clock.
This is another of the thrift talks spon-
sored by the Bank Of Commerce g.
Savings.
Washington banks are rapidly appear
ing in their annual Christmas attire.
bank lobby to date has made its ap-
pearance in the main Office of the
Federal American National Bank g.
Trust Co.
New York City bank stocks registered
further slight improvement during the
PAST week. The average yield of 16 Of
the leading issues is now 6.07 per cent.
Today's D. C. Exchange Trading.
Washington Railway g. Electric IS
led light trading on the Washington
being recorded at 87l2.
Capital Traction stock also appeared
on the board in small lot transactions
The market opened with two shares
selling at 4, Five l0-share lots then
changed ownership at the higher fig
ure Of As.
Directors have declared the usual
quarterly dividend on Emerson's
Bromo-Selzer "A" and this stock is
now quoted ex-dividend on the local
exchange Terminal Refrigerating g.
added to the ex-dividend list today.
1t is reported here that member
banks of the Cincinnati Clearing