Evening star., 1933-11-13
CHRISTMAS SAVING
DRIVE WILL OPEN
Banks to Start Campaign for
1884 Clubs Here No.
vember 2o.
by EDWARD c. STONE.

en- Wednesday. November 20, the day
before Thanksgiving, it was learned to-
day in the financial district.
There are now 81 unrestricted banks
in the Capital and it is expected that
practically all of them will maintain
clubs. 1t is understood that the same
cooperative advertising methods will be
pursued as in years past.
The date Of opening was determined
largely by the date on which Thanks
giving falls this year Presumably, the
Government will pay off on the day be-
fore the holiday, so that Uncle Sans
army of workers will have plenty of
money with which to start out their
next years Christmas Club subscrip-
tions and payments.
Disbursement of S4,602.00o has al |
ready been arranged by the banks /
carrying clubs during the past year and |
this money will be paid early in De- |
cember While much larger sum than |
this was subscribed the first of the year, |
yet some of the cubs were in banks
that were forced onto a restricted basis. |
The Christmas Club funds became tied |
up with the regular deposits and will be !
paid out when the other frozen deposits !
are freed.
At the beginning of the year about |,
$4,000 Washingtonians subscribed ST. I
100000 in these clubs. No payments /
could be made in the restricted banks /
after the March moratorium. Some club |
members in unrestricted banks also fell
by the wayside as is the case every |
year, and were unable to make all their I
payments. In these cases sthey will get !
back what they paid in. regardless of |
the amount originally subscribed.
At any rate, well over $4,000 900 will |
be available to members for Christmas |
shopping, bill payments, rent, insurance,
taxes and for countless other purposes
requiring extra funds during the Yule-
tide season. These club funds have
long been a very important factor in
retail trade here, as the greater part OF
the money goes into mercantile chan
nels.
Next years clubs are expected to
prove popular. The rate Of interest will
not be as high as this year, but the
principle is the main factor as the
holiday season approaches. The last
bank call in Washington revealed a
gain in permanent savings in the banks
here. This enhanced interest in thrift
will no doubt spread to the Christmas
clubs, as they are a practical form of
savings. A good many members switch
a part of their Christmas funds into
permanent savings accounts at the end
of each year. They become bank
minded"
Next years Christmas clubs, as has
been the case for the past 10 years.
will be sponsored by the District Bank
ers' Association, of which George o.
vass of the Riggs National Bank is
president.
TI,a rl,,h earr,a;oy, con,as airacti,,
under the Advertising Committee of the
association. The chairman of this COM
nlittee for several years has been Eliot
H. Thomson of the Washington Loan &
Trust Co. To this committee belongs
the major share of the credit for the
marked growth attained by the clubs.
To get millions in club subscriptions
pledged each year requires more than
merely putting out Santa Claus signs
in the banks
Commercial Paying S1,S5O,000.
The Commercial National Bank Is
paying the second dividend today since
the institution went into receivership
The total amount Of the dividend is
$l,850.00o, which was provided by a
loan froEl the r. F. c. on assets con-
sidered sound but not as present liquid.
The money was made available
dends more rapidly in closed banks,
the work being in charge of the newly
formed Deposit Liquidation Board. The
board is making every effort to speed
up the receivership payments and COM
mercial National depositors are among
the very first bank patrons in the
United States to profit by the new Gov
ernment action.
The Commercials lobby was a lively
place today. The institution has some
$4,000 depositors. Today's payment is
a 80 per cent dividend The bank has
already distributed 20 per cent to de-
poSitors, so that this latest diSburse-
ment brings payments up to SO per
cent
Robert c. Baldwin is receiver for the
Commercial National and arranged the
details for today's blessed event"
Sharp Gains in Bank CIearings.
Much comment is heard in the local
financial district over the sharp gains
in bank clearings reported last week
Nineteen Of the Il cities reporting to
Dun d Bradstreet noted advances.
Atlanta was almost at the top of the
list, clearings revealing a gain more
than 43 per cent over the same week in
1892. Minneapolis was Up 40 per cent
and Dallas. Tex, 40 per cent.
Richmond reported clearings of SGT
06l 900, against SIS, 100000 a year ago,
an advance Of So per cent. Baltimore
clearings were off IL per cent much
smaller decline than in other recent |
weeks In New York clearinss were up
30 per cent.
Clearings for November were consid-
erably higher than for any month since
January, 1882, except for July last year,
for the country as a whole In Wash
1ngton clearings were higher in NoVenn-
Der than in any month since last Feb
ruary. With the years best retail bus
mess just ahead, it is expected that
clearings will continue to improve.
Today's Trading on Exchange.
Norfolk & Washington Steamboat
stock opened the weeks trading on the
Washington Stock Exchange today with
10 shares changing hands at IS. Later
the same amount Of stock moved at co.
Lanston Monotype again sold at AZ,
on small lot transfer, and two 10
share lots Of Merchants Tranfer g. |
Storage preferred came cut at 80. The
days final stock sale was in Capital
Traction, 10 shares moving at 1234
Bond trading was confined to Wash
ington Gas Light 6S, series B, with two /
500 sales and one $500 transaction TAX
ing place at 1925.
The Potomac Electric Power stocks
are now being quoted ex-dividend fol-
lowing the payment declarations.
Heard in Financial District
The Chesapeake Corporation states
that it sold 10000 shares of Chesapeake
& Ohio Railway stock during the third |
quarter Of 1888. In the quarter ended |
June so, the corporation sold 10000 |
shares Of c. g. o. stock. As of Septem-
Der 80, $5107 900 Chesapeake Corpora
ton bonds had been converted into |
G, 81 o. stock. Chesapeake Corporation |
now controls about 48 per cent of the !
c. e. o. stock as compared with So |
per cent at the end Of 1882,
Bonds of the Home Owners Loan |
CORPORATION are heinp exchanped for |