Evening star., 1937-12-04
CHRISTMAS CLUB
GAINS EXPECTED
New EnroI|ments Indicate
1888 Total May Top
This Years Mark.
BY EDWARD C. STONE.


Substantial enrollments in the 1898
Christmas Savings Clubs are disclosed
as the result of an unofficial survey of
the banking district, completed today.
The new clubs we're opened last Tues
day,
Several banks said today thai the
new enrollments are coming in as fast
as they did year ago in the same
number of days. At one bank it was
announced that new memberships were
far ahead of last year.
The mission of the Christmas saw
lngs clubs is to furnish members with
extra money for the holiday season,
money which has been saved during
the year without placing any severe
burden on the thrifty subscribers. To
make the clubs fit every pocketbook,
there are five or six different classes
of members
Some of the banks maintain $25
class, which calls for a deposit of so
cents weekly. All the banks have
q $50 class. which requires ST a week
The 500 class calls for So week, the
$3.50 class takes SIS a week, the $500
class. $40, and the 81 900 classification
$40 week
Naturally there are not as many
members in the 1000 class as In
the S25 class However, there have
been cases in Washington in the past
where the same individual had as
many as five memberships in the
$1,000 class The money was saved
for mortgage payments at the end of
the year, this being considered the
surest and easiest method. In these
instances money for Christmas shop
ping was not the main idea. To most
Of the members it is.
Cashiers Section Organized.
Those brilliant accountants who look
after the funds in the big insurance
Offices in Washington have Just or
eaniZed cashiers section of the Dis
sr1ct Life Underwriters Association.
The new section will be an integral
part of the main association and be
similar to the womens section and the
managers section. Many problems are
taken up by the sections which are not
of general interest to the entire asso-
citation.
The Program Committee of the
whole association, Thomas P. Morgan,
tr, chairman. has expanded next years
meetings to include two similar gather
angs, 1t was announced at yesterdays
luncheon at the Willard. The guest
speaker, James E. Bragg. was intro
duced by Lawrence v. Lampson, who
was teacher in Central High School
when Bragg was student there.
James E. Bragg is now a lecturer
on insurance in New York University
and holds splendid position as man
ager of the New York Office of the
Guardian Life Insurance Co. He was
reared in Washington. In his youth
he was messenger for the Interstate
Commerce Commission at a salary of
S420 a year. His friends here do not
know his present salary but his rise
In the insurance world has been SEN
sational.
Election Boosts Bond Issues.
Voters of 1876 municipalities located
In Is States. during November ap-
proved municipal bond issues aggre-
eating $139,345,647, as compared with
$5,937 ,060 bonds approved during Oc-
tober, according to The Bond Buyer
The total for November, 1895, was
s109,770,356, compared with s118,-
809,719 in November 1885, and s16s,-
325,950 in 1884. The November total
is large in comparison with other
months due to the large authorizations
at the election on November 2.
During November total of $685.
838,l92 of proposed financing was dis
approved by the voters of 1876 COM
munities in 81 States as compared
with sl1 1929, 700 in October.
Recovery Factors Pointed Out.
Asserting that the basic elements
Of recovery are still present. the Amer
lean Bankers Association monthly re-
view states:
Among the reasons for believing
that the basic elements essential to
recovery are still present are easy
money rates; also the fact that credit
Is not ovec-extended; that the pros
pective income of agriculture will be
fairly large in spite Of lowered prices;
that inventories are being reduced; the
announced intention of the Govern
ment to find further economies; ef-
forts being sponsored by the Govern
ment to encourage the profitable en-
ployment OF private capital, partic-
ularly in building: increased exports,
especially of agricultural surpluses,
and the general outlook for replace
ment demand in the capital goods
Industries"
Heard in Financial District.
The National Association of Credit
Men Is advocating repeal of the un-
distributed profits tax, or six material
changes in the law. A petition has
been sent to every member of Con-
gress according to word received by
the washington Association.
Baltimore bank clearings for No
vember totaled $283, 3,281, ,593, an in
crease Of more than s10000,000 over
November, 1886, and the best record
for the month since $780, This was
IN line with the Washington figures
which also revealed the best Novem-
Der total in eight years
Harold D. Kraft, manager of the
Washington agency of the Provident
Mutual Life Insurance Co., left here
today for Chicago to attend the meet
ing OF the companys agency associa-
ton which opens Monday The COM
pany has just announced continual
ton of its current dividend schedule
for 1888
Ord Preston, president of the Union
Trust Co. and second vice president
Of the District Bankers Association.
Is making elaborate preparations for
the midwinter meeting of the asso-
citation IN January. He has been ap-
pointed chairman of the program
committee by President Thomas j.
Groom
Word has been received here that
the Boston Stock Exchange is about
to break precedent of 103 years and
start a regular newspaper advertising