Evening star., 1937-11-22
CAPITAL LEADS
NATION IN THRIFT
Christmas Club Savings Av-
erage $89, Against $4e
il for Whole Country.
By EDWARD C. STONE.

80
the rest of the United States, accord
ing to the national Christmas Savings
Club report received here today from
Herbert F. Rawll, founder and presi-
dent of the organization.
The average amount subscribed IN
the 1887 Christmas Savings CLUBS all
over the country was s48.55, an In
crease from $465 in 1896.
The average subscribed by far
sighted individuals in the Capital IN
the 1897 clubs was $50. which was ST
more than in 1886 and s40.45 above
the national average.
The national report discloses that
total club savings this year OF $780,
100000 were less than the 55,O0O,-
900 laid aside in 1886 Furthermore,
only about 4,5OO banks participated,
against $500 in 1886.
The number of individuals in this
wears Christmas Savings Clubs to-
tailed 100000 in comparison with
the higher total of 100000 year
ago. Here again the national report
Is In direct contrast to the Washing
ton situation, where there was a sub
stantial increase in the number OF
club members over the 1886 record.
Club Decrease Explained.
In explaining the sharp decline in
the number of banks maintaining the
clubs during the past year, President
Rawll said:
Decreased revenue from invest
ments, occasioned by abnormally low
rates for money recently prevailing
and increased operating costs in bank
ing institutions have made it difficult
for some commercial banks profitably
to handle Christmas savings deposits.
while several banks have met this
situation by small service charge,
others are withholding this form of
savings until an improvement takes
place in money rates"
In Washingtons financial district
1t was reported that bank clerks are
making out Christmas savings checks
for the 82.858 club members and to-
taling more than S7,O00,000
They will be distributed within the
next 10 days and make it possible for
all these members to meet the yuletide
drain on their pocketbooks without a
shudder, in fact, most joyously.
Roper Urges Housing Drive.
Secretary of Commerce Roper is
urging business to take the initiative
and do its share" in solving the Ma
tion's housing problem. Speaking be-
fore the Joint Committee on Ap-
praisal' and Mortgage Analysis, the
Secretary said:
THE increasing opportunities in
the field Of private construction should
prompt the cooperative efforts of the
building industry, labor, real estate
and financial agencies with the OBJ
tective OF adjusting costs to a level
that would encourage volume de-
mand"
Forecasts Drop in Earnings.
IN his monthly letter to the WASH
mgton Association of Credit Men,
Henry H, Heimann, executive man.
ager OF the national organization, says
that earnings for the last quarter,
compared with the third quarter may
make relatively disappointing show
ing. largely due to inventory losses.
He doubts il earnings in the first six
months OF 1888 equal earnings in the
first half Of 1887. He tells the Wash
ington association that the stimulus
Of holiday trade may improve condi-
tions temporarily
In reviewing the abrupt decline in
business activity. the Bache Bond
Review says today that "the very
sharpness Of the present drop in pro-
duction suggests that consumption
may now be running ahead of out
put. carrying the hope that some ex-
pansion of production in certain fields
may soon be necessary"
Eastern Air Lines has just done
the greatest October business in its
history, it is reported here Estimated
figures for that month show 11,700
passengers carried, a gain of IL per
cent over October, 1885.
Payments Set For 13 Banks.
The Controller of the Currency Or
dered, for the week ended November
19, payments of dividends by receiv-
ers in 13 insolvent national banks,
totaling $1,142,300 to more than TO-
900 claimants. The smallest distri-
button ordered was for $4,000 and the
largest $492,800 Seven of the 13 dis
tributions covered final payments, the
controllers Office stated.
It IS the general feeling among
Washington bankers that the control
ler's third-quarter condition call has
gone with the wind and that the next
bank call will be dated December 81.
The blanks, which were sent out many
weeks ago, may be laid aside until
that time.
Monday morning visitors to the
brokerage houses saw poor opening
OF the New York Stock Market, there
having been a shortage of weekend
news to bolster prices. Many traders
feel that the market is near bottom,
while others are not so optimistic. On
account of Thanksgiving, there will
be only four full trading sessions this
week.
Heard in Financial District.
James M. Iandis, former chairman
VI WIG SCSu11GlCS dIlu EACIldIlRS COIH.
mission, says that regardless of what
party may be in power. the Govern
ment's concern with industry will in
crease during the next 20 years.
The Securities and Exchange Com
mission announced that registrations
IN October covered new securities to-
falling s127,621 900 against s526, $780,
600 issues in the same month year
ago. The $48,000,000 New York Cen
tral bond issue was the largest regis
tration.
All sales on the Washington Stock
Exchange today were confined to
washington Gas Light preferred stock,
four consecutive transactions taking
place at 80, off fractionally from the
close last week.
The asked price for Capital Transit
stock was moved from 91s to 10 in
todAy'S market with q hid