Evening star., 1935-02-06
BIC GAIN SHOWN
IN SAVINGS CLUBS.
D. c. Enrolment and Total
Subscribed Both Well
Above Year Ago.
BY EDWARD c. STONE.


the members of the District of Co.
lumbia Bankers Association.
The number enrolled in the 1885
clubs in the banks maintaining this
type of thrift, aggregated 66,154, as
compared with 55,3O7 members in
1894, gain of 1O,347, or about 20
per cent.
The enrolling members subscribed
an aggregate sum of $5,279,575 in
this years clubs against S4.362, ,l60 in
1884, an increase of S9l7,4l5, or 2l
per cent better than last year.
Eighteen Of the % local banks
Joined in the Christmas savings club
campaign this year The membership
drive and subscriptions opened on De-
cember / and closed in the middle of
January.
The Washington average shows
1880 pledged per member while the
average for the whole United States
is only S4260 per member Bankers
In the city today expressed keen salts
faction over the results and the gains
made over the mark set in 1884.
The results caused considerable
surprise as the interest paid on
Christmas savings is now u per
cent, while it was originally 3 per
cent. At the same time the banks
have so much money on hand that
is not in demand for loans that they
did less advertising of the club than
they have in other recent years.
Other Cities Report Gains.
From New York comes the report
that Christmas savings clubs in many
other cities showed the first gains in
four years in their 1885 SUBSCRIPTIONS,
as we'll as in membership. The ad-
vances were substantial. Nor was it
sectional, New York, Hartford. Al
banv. New orleans. Louisville, Phlla-
delphia, Minneapolis and Milwaukee
being some of the leading cities which
have already reported gains to the
national headquarters.
The report reveals improvement In
business conditions in Washington ana
all over the country. and reflects the
ability of wage earners to put aside
a part of their income after deductlng
living expenses. The results are also
held to indicate improvement IN the
employment situation.
The Christmas savings clubs are
Is years old this year. In wash
ington the first clubs were opened
by individual banks around 1912. The
co.operatiVe plan OF advertising did
not start until 1924. Since that
time the interest has grown steadily.
The high point was reached IN 1882
when 1o2,246 subscribers pledged a
total of s8689,575.
The figures just announced reveal
an upward trend back toward the
former subscription records. BY far
the larger proportion of these saw
ings is used for Christmas purchases,
an estimate by Washington bankers
being about AZ PEI cent. For per-
manent savings and investment, about
26 per cent is used, while for year.
end commitments 8 per cent, and for
taxes. 12 per cent Other uses include
mortgage interest. insurance premiums,
education, travel and charity.
For 1884 the approximately $500
banking institutions and organizations
participating in the national Christ
mas club activities distributed approxi-
mately s370,00O,000 to about $500 900
members, an increaSe of about S2O,-
600, 900 compared with 1888, when the
membership was about 100000 and
q decrease Of s7o.Ooo.000 from 1882,
when the membership was 10,500 600.
Southern Banks Extra Strong.
While noting uncertainty over the
Governments banking legislation, the
A. B. A. Journal in reviewing recent
DEVELOPMENTS says that the most con-
yincing outline of the banking situa-
ton is that disclosed in the annual
meetings of national bank stockhold-
ers during January. The chief fea-
ture of the reports was an improve
ment in the position of the banks,
including considerable betterment in
earnings. Banks in the Central West
and South on the whole gave the
best returns, probably rejecting the
greater activity in retail trade which
those sections have enjoyed.
In every part of the country banks
report substantial and in some cases
rather remarkable recoveries in the
collection of loans previously written
off and in the sale of securities at
prices above book values, the review
adds.
Current demands for loans which
commercial bank can make con-
tinue light, with little immediate
prospect of improvement. AS a re-
suit many banks are turning more
to long term security investments,
particularly the longer term Govern
ment notes and bonds. There seems
to be general feeling that the ten
dency toward increased holdings of
this type will become more marked
in the next few months.
Excess reserves in member banks
have returned to the S2,000,0 ,0O0, 900
mark and few bankers see where
their funds can be employed other
wise than in the highest grade Sc
curities, the summary concludes.
Noted in Financial District.
Potomac Electric Power issues got
all the attention on the Washington
Stock Exchange today. The 6 per
cent preferred was strong at 1111s
and the Potomac Electric Power 51a
per cent preferred came out at 112A
and 112. Woodward & Lothrop COM
mon stock. recently so active, was
quiet today. closing with 2912 bid
and 81 asked.
William H. Baden. trust officer of
the Washington Loan & Trust Co.,
will attend the Midwiner trust con-
ference In New York next week.
Other Washington trust men are ex-
pected to join the delegation already
announced.
The coming Supreme Court gold
clause ruling was again the chief
topic of conversation in brokerage
circles here today. At present there
seems to be more interest in getting
the decision next week than in what
the ruling may say. It is hoped to
end the standstill condition now ex-
tsting in the market.
The Richmond Stock Exchange has
been granted added time until April
/. 1895, from registration with the
Securities and Exchange Commission
Many other exchanges have been &C