Evening star., 1937-10-26
CHRISTMAS CLUB
SAVINGS MOUNT
Total in Mutual Savings
Banks Up s Millions
From Last Year.
BY EDWARD C. STONE.


total of S51 ,657,361 to be distributed
to members. an increase of $4,000, 1000
over last year. Mutual banks in Mary
land alone reported Christmas club de-
posist of S1,903,6o0 to be divided
among 54,243 accounts.
The National Association of Mutual
Savings Banks announced that there
was an increase in the number of de-
positors as we'll as in the amount of
deposits, the total accounts rising to
1926. .891. a gain of 163,300. The aver
age account in these mutual banks
was S4210.
The State of New York led in point
of deposits and depositors. A total of
527,497 savers have to their credit the
sum of So, $685. ,107, gain of s3,309, ,456
for the year.
Massachusetts stands second among
the States, Christmas club deposits
there amounting to Sl3,254,000, with
$4,000 accounts. Connecticut is third
with deposits of S5,355 o20 and 131, 500
depositors. New Jersey ranks next
with s2,841, 900 deposits and 62,241
accounts; then Pennsylvania, S2,672,-
600 deposits and 46, 938 accounts, the
national association announced.
While Washington has no mutual
savings banks, the banks here will
distribute over S7,OOO,OOO when the
holiday season arrives.
B. e. o. Income Falls OFF.
Net railway operating income of the
Baltimore & Ohio r. r. in September
totaled s2,796,13O, against $3.403,O02,
a decrease of S606.782, it was an
nounced today. Freight revenues were
off s4l2,150 from September of last
year, but passenger revenues gained
S25.628. Total operating revenues re-
vealed drop of $334,237.
While revenues took a slump, operat-
ing expenses increased by 1888, ,06l
over last year. While there was a
substantial saving in maintenance of
equipment, other costs more than off,
set this.
Today's B. g. o. report also covered
net railway operating income for the
first nine months of this year, the
total of s20,851, ,462 in comparison with
S21,146,578, making a decrease of
s295,1l6. In this period there was a
gain of S8147,698 in operating reve-
nues, which was greatly reduced by an
increase Of S7,525,646 in operating ex-
penSes.
Trade Speakers Listed.
The United States Chamber of
Commerce will be we'll represented at
twenty-fourth National Foreign Trade
Convention in Cleveland November
8 to 5.
James A. Farrell, chairman of the
chambers Foreign Commerce Com
mittee. will serve as chairman of the
convention. Speakers will include
Harper Sibley of Rochester, former
chamber president: Dr. w. F. Gep-
hart of st. Louis, director, and James
S. Carson, member of the Foreign
Commerce Committee.
Edward L. Bacher, manager of the
foreign commerce department, will
explain to the convention plans for
next years observance OF National
Foreign Trade Week.
The New York papers reported to-
day that for the first time in the his
tory of the country union has de-
manded of bahk the sole right to
bargain collectively for its employees
under the provisions of the Wagner
Act.
The Financial Employees Organiza-
ton Committee, an affiliate Of the
c. 1. o., has asked recognition from
the Bank Of Yorktown, claiming to
represent a majority of the employees
and asking the bank to sign a con-
tract with the union. No demand for
different working hours or wages was
presented, these to be fixed later in
the contract. The bank is located in
New York City.
After several conferences the Bank
of Yorktown officials and directors de-
cided the bank could not recognize a
union and issued statement to that
effect.
Director Host TO Bank Staff
Frederick A. Fenning, former Dis
trict Commissioner and one of the di-
rectors of the National Savings g.
Trust Co., was dinner host to the male
members of the banks staff last night
at the Chevy Chase Club. Introduce
ton of mock trial after the meal
proved highly entertaining, H. P Cat
ley, the banks president, presiding as
judge.
Walter Nordlinger has been elected
vice president of the Mode, Inc. He
has been connected with this old
Washington store since 1920 and was
given the promotion yesterday.
Daniel Willard, president of the
Baltimore g. Ohio Railroad, regrets
that the Interstate Commerce Com
mission granted only q little more
than half of the amount asked for
in increased freight rates. He says,
however, that the commission fully
realizes the needs of the carriers and
is prepared to give the matter further
consideration.
Interest Cut Is Explained.
A Washington banker has received
a letter explaining the cut in savings
bank deposits in Connecticut made
by State Bank Commissioner Perry.
This move, which reduced interest
from 3 to 2l2 per cent, was partly
defensive. Massachusetts has been
paying 215 and New York 2 per cent
The Connecticut banks were receiving
a good many deposits from out of
the State.
The Council of Administration OF
the District Bankers Association will
hold its October meeting Friday after
noon, when President Thomas j
Groom will bring up important
routine matters. Attendance at tbs
last bankers luncheon was the largest
in a long time, the f1nanciers being
anxious to hear echoes from the
A. B. A. convention in Boston.
Mergenthaler in Good Demand.
Mergenthaler Linotype was the mos
active stock on the Washington ex
change today, seven consecutive sale
involving so shares being recorded a
90. This was off a point from yeSter