Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-09-15

been given up en- -
tirely In the light S5<eS
of these other lower
interest rates, why Howard Moran.
should Christmas
Saving Club funds command 8 per cent,
Is the question asked by many hnanclers.
Some of the bankers most interested
In the expansion of the local Christmas
Savings Clubs are anxious that the pre-
yailing rate be maintained. Lower
rates will mean lower membership and
lower subscriptions. they argue. The
Christmas Savings Clubs in Washington
have made a record hardly equaled
anywhere in the country. so why not
keep I'D the pace by continuing to pay
3 per cent interest? Too high, their
opponents say The amount OF DOCK
keeping involved makes Christmas CLUBS
expensive at best.
The amount of money involved Is not
as large as might be supposed at rrst
thought. Any 500 account at the IS 3
per cent rate involves less than Sl.5O
In interest. The way the payments are
made means only a $50 deposit for q
full wear. Then, too, the clubs run only
SO weeks. In a $50 club the install
nents are deposited so that the banks
have only S25 for the SO weeks. rms
means about 68 or 50 cents interest.
Clearing House to Decide.
Bankers favoring the lower interest
saw that club members want $50. Slu0
or $500 at the end Of the year TO meet
holiday demands and care little for the
interest they NAV get The Council OF
Administration of the District Bankers
Association has already sounded out the
hanks for their views, but final decision
in the matter. according to George .:
Vass. president of the association. Will
BE- left to the Washington Clearing
House Association which has full au-
thoritv to act and at the same time
make its ruling effective.
: Several of the local Christmas clups
were severely hampered this year py
bank closings. 1t is expected that many
of these banks will be open again pc
fore the 1884 Christmas savings CLUB
campaign gets under way. The atmos-
phere will be greatly clarified.
Every year the mercantile LIE OF
Washington is tremendously benefited
by the funds released in Christmas
clubs. Last year it was between So
900. 1000 and 100000. paid to about
100000 members. This years total
amount will, of course, be very much
smaller, because of the number of banks
placed on restricted basis in March.
Moran on A. B. A. Commission.
Howard Moran, vice president of the
American Security & Trust Co., has
been made a member of the Bank Man
agement Commission of the American
Bankers Association by the newly
elected president Francis M. Law. Mo-
tice of the appointment has just been
received from headquarters in New
York Mr.. Moran has served on many
other A. B. A. committees. A former
president of the District Of Columbia
Bankers Association, he has also held
many other Offices and committee as
signments in the local organization.
AS already announced. Robert v.
Fleming. president of the Riggs Ma
tional Bank, will again act as chair
man of the A. B, AS Committee on
Federal Legislation and also of the Fed
eral Legislative Council.
Victor B. Deyber. president of the
Second National Bank, was elected to
the Executive Committee of the
national bank division, so that three
Washington bankers have been accord
ed special honors.
Fifty Years With Insurance Firm.
George M. Emmerich, secretary of the
American Fire Insurance Co., Sill Sew
enth street northwest has just COM
pleted SO years service with the same
firm The board of directors at a
meeting yesterday took special notice
of his half century's service, presented
him with gift of $1,000 and voted
him leave of absence for any trip
that he may care to take.
Mr.. Emmerich is widely known in
the business section of the city. He
is on the board of directors Of the
Second National Bank and has served
on other directorates at various times
Around 10 years of age, he is still in
excellent health and just as active and
interested in business as he was 10
years ago.
Spaid Addresses Bank Women.
w w. Spaid, partner in w. B. Hibbs
annual dinner of the Women's Com
mittee of Washington Chapter, Ameri-
can Institute of Banking, held at the
KennedyWarren last evening. He made
very witty talk but did not delve
seriously into the many mooted ques-
tions in high finance.
The attendance smashed all previous
records. There were 81 present. Miss
Constance D. Fog.e. committe chairman.
presided. Other speakers were Ray
mond B. Dickey, dean of the faculty;
Robert H. Lacey, Walton L. Sanderson,
and E. Wallace Schreiner.
Miss Mary j. Winfree. former men,
Der and now with the National Educa-
tional Association, also spoke. A play
let was presented by Miss Winifred
Burwell, Miss katherine McCalmont
and Miss Rosalie Goodheart.
Washington chapter will hold its Fall
open meeting tomorrow night at the
Willard: certificates will be awarded to
all last Springs g aduates. The speaker
will be Newton D. Baker, former Sec
rotary of War, who will talk over the
radio to $50 chapters at the same time
on the subject of Educated Bankers"
The meeting will start promptly at
7:30. George o Vass and Dean Dickey
will also speak.
Today's Trading on Exchange.
Trading was active on the Washing
ton Stock Exchange today in both
stocks and bonds. Potomac Electric
Consolidated IS opened the market with
$1,000 selling at 1041s Washington
Gas IS, 1858, figured in $500 sale at
873A.
way & Electric As moved at 87E and
$1,000 Washington Gas IS, 1860, came
out at 1861.
In the stock division Potomac Elec-
trio Power per cent preferred moved
in small amount at l10A and two
1O-share lots of the corporations 5la
per cent preferred sold at 10712. A
single share of Washington Gas Light
stock sold at ST.
Emersons Bromo Seller directors
have voted the regular dividends on the
"a" and "B" stocks. The "A" stock Is
listed on the local exchange.
The Capital City Co.. in the Southern
Building. Is distributing an extended
review of Home Owners Loan Corpora