Evening star., 1937-11-29
CHRISTMAS TRADE
TO RECEIVE BOOST
Distribution Of $1,000, 900
by Capital Banks Due in
Next Few Days.
By EDWARD C. STONE.

receive q very substantial boost IN
the next few days by the distribution
Of approximately s7,sOo,ooo in cash
by three closed banks now in liquida-
ton and payments by 10 wide-open
banks to their Christmas Savings
Club members.
The three closed banks are the Dis
trict National, Washington Savings
Bank and the Seventh Street Savings
Bank, the combined distribution
amounting to more than $500, 900 The
club disbursement will be around
s7,3oo,oOo.
1t was indicated today that the
Washington Savings Bank will be the
first of the three to start payments
The institution has a 20 per cent pay
ment amounting to $4,000 awaiting
1890 depositors. incidentally. the
coming payment will mean a return of
100 per cent of the principal to the
former patrons. They are also to re-
ceive some back : rest at later
date, according to the controllers
Office
The District National will join in
spreading holiday cheer by paying
s386,soO to 8,7O4 deposiprs, this
being dividend of 10 per cent which
brings the total return to date up to
IS per cent.
The other bank soon to swell yule-
tide spending funds-the Seventh
Street Savings Banks about. to dis
burse $l05300 to ISIS depositors.
This, too, is a 10 per cent dividend
and brings the banks payments up to
30 per cent.
The Christmas Savings Club pay
ments are going to 82.858 members,
who made regular weekly deposits
throughout the past year with the
definite idea in view Of having extra
money for the holiday season. Their
thrift Is now being rewarded
Banks Drop Club Interest.
In announcing the opening of the
1888 Christmas Savings Club by those
banks in Washington handling this
type of business, Thomas J. Groom.
president of the District of Columbia
Bankers Association, said that no in
terest would be paid on these accounts.
In this connection Mr.. Groom said
that statistics indicated that SO per
cent of the banks over the country
had found it necessary to discontinue
the payment of interest on such funds,
this action being due to the prevalent
low interest rates which banks are
able to obtain from loans.
According to Mr.. Groom, for some
years banks have recognized the fact
that the cost of handling Christmas
Savings Clubs exceeded the gross in
come earned from the investment of
such funds. However, as the weekly
deposit of funds inculcated thrift and
improved business during the holi-
days. at which time this money was
disbursed, the banks had continued
to pay interest.
Now that the demand for bank loans
has been gradually reduced and the
yield on prime investments is quite
low, the banks have been compelled to
lake tnlS actlon, ne stated.
Bragg Insurance Speaker Here.
James Elton Bragg lecturer on life
insurance, New York University and
manager of the Guardian Life Insur-
ance Co.'S New York City agency, will
be the guest speaker at the December
luncheon of the District of Columbia
Life Underwriters Association at the
Willard ballroom next Friday.
After 18 years of field and home
office effort, Mr.. Bragg is we'll able to
discuss what he calls Our Product"
He has been salesman. agency man
ager, teacher of life insurance, a vice
president of life insurance company,
member of the advisory council of a
great bank, and trustee of the National
Association of Life Underwriters.
A large attendance at the Friday
meeting is expected. as Mr.. Bragg is
well known in Washington, having ap-
peared on programs of the annual Bal
timore- Washington Sales Congresses.
Honor Luncheon for Baltz.
About 100 members of the District
of Columbia Building and Loan League
and their guests will attend the
luncheon at the Raleigh Hotel tomor-
row In honor of Edward c. Baltz,
secretary of the Perpetual Building
Association, who was recently elected
president of the United States Build
ing and Loan League.
More than 80 members had asked
for reservations today, with several
others expected to reserve their seats
before closing time. 1t was announced
today by Secretary F. Wilson Camp
OF the District League that Repre-
sentative Everett NJ Dirksen of Ill-
nois will be the chief speaker.
There may be other brief talks and
MIR. Baltz will no doubt make some
response to any tributes thrust upon
him as result of the national honors
and the high position he has attained
in building and loan circles.
Arthur g. Bishop. newly elected
president of the District League, and
chairman of the board of the Per-
petual Building Association, will pre-
side.
SuHAOA DdhAClS " xCuulSs
The Athletic Committee of WASH
lngton Chapter, American Institute
of Banking, is completing arrange
ments for the annual table tennis
tournament for chapter members.
Under Chairman Raymond L. Jones
Of the National Metropolitan Bank
the committee has made plans to hold
the tourney in the recreation room
OF the American Security & Trust Co.
from December ITO, inclusive.
The committee assisting Mr.. Jones
Is composed of James Grant, Wash
ington Loan & Trust Co.; William
M. Grimes ard Malvern F. Moore,
American Security g. Trust Co.: Sam
Tolbert, Riggs National Bank; Frank
Wilson and William G. Yeatman,
Washington Loan g. Trust Co.