Evening star., 1938-01-23
CHRISTMAS CLUBS
LAG At OPENING
Of NEW SEASON
1888 Enrolment at 81,O53,
Against 1856 Mark
Set for 1887.
DEPOSITS WILL REACH
S7,005,205 IN YEAR
Total Compares With $7,434,974
Of Previous Period-Sharp Gain
in D. c. Building Shown.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
More than $1,000 Washingtonians
have Joined the 1898 Christmas Saw
ings Clubs conducted by 18 Capital
banks, at the same time subscribing
q total of $7.0O5.205 to be deposited
1t regular intervals during the year,
1t was learned in the financial dis
trict yesterday.
The exact number of new members,
Sl.053, compares with $685. in the
1887 clubs, a decrease of 4633 in the
number of accounts or 5.4 per cent.
The sum of s7,0O5,2O5 pledged by
the new members compares with ST.
434,974 a year ago, drop of $429, ,769
or 5.8 per cent
This is the first report since the
Washington banks ceased paying in
terest on Christmas Club funds, the
results being awaited with unusual
concern. The modest decrease in the
number of members and the amounts
subscribed indicates clearly that in
terest is very minor factor in the
Christmas savings movement. Money
Tor year-end spending is the chief aim
President Thomas J. Groom of the
District Bankers Association, when
asked to comment on the report said
1t was evident that the members join
these clubs in order to have extra
funds at the end of the year for
holiday and other very definite pur-
poses. The fact that the 1898 aggre-
gate memberships are nearly as large
as year ago, shows conclusively that
the small amount of interest paid in
the past year had little to do with
total enrollments.
The banks we're fopced to abandon
interest because they were unable to
find satisfactory uses for the funds
in short term investments, Mr.. Gordon
explained. The action was taken
with regret. That the clubs have
proven so popular again this year is
highly gratifying, he concluded.
From the time the clubs were
started around 1924 until 1888, the
banks paid per cent to members
From 1884 through 1886 the interest
was Ia per cent and in 1887 was
reduced to per cent.
The funds are returned to members
on December /. The exact amount
paid back last year was S5.430,532.43,
showing that some members failed to
keep up their payments. That has
always been true.
n. r.. Ruildinr in Sharn Rise
Private construction work in the
Washington metropolitan area closed
1887 with S62.358,0O0 in contract
awards, a 22 per cent gain over :he
S51 $4,000 total for 1886 and far
ahead of the average gain of per cent
established in 81 Eastern States, H. A.
Johns. manager of the Washington Of
flee of the F. w. Dodge Corp, reported
yesterday.
All types of 1887 construction, pri-
vate and public, amounted to SOC, 6,66l,-
800. That included q per cent rise
over the 1896 total, s75 800. The
high point of the year was in June,
when contracts reached $18,491 500.
October was the low, with $4,37l, 300.
Washington construction contracts
to be financed from public funds we're
far below the private contracts. Pub
Lie contracts for 1887 totaled S34 ,303,-
300, q gain of 80 per cent over the
1886 total, $24, SOS 900. In the broader
area Of the 81 States the average was
q drop Of IA per cent.
Residential contracts in 1887, for
new work and alterations, were 33 per
cent ahead of the 1886 contracts. The
high point of the new building work
was reached in July. with months
volume of $7,343,500. September was
the low, with $2,328,800. The years
total was $51, 10000, we'll ahead of
the 1886 total, $38, ,408, 200, Mr.. Johns
announced.
Retail Sales Climb Rapidly.
Retail sales in the District of Co.
lumbia registered an increase in aver
ages Of ATT per cent over the previous
week and 1887 per cent over the cor
responding five-day week year ago,
the Commerce Department reported
yesterday in the weekly summary COW
ering 36 key cities. All reporting
stores registered gains over a year
ago, the report said.
Bank clearings revealed a marked
gain, $23, ,245,904 against $20,170,327
in the like period in 1887. There was
also . notable Jump in building per-
mits, the commerce survey added,
$368,500 for the week just ended
against $l72,50o a year ago.
Washington and Baltimore made
the best business records of any cities
in the nth district. Some cities re-
ported retail trade slightly behind
last year.
Trading on d. C. Exchange.
Trading wound up the week on
the Washington Stock Exchange with
two sales in Mergenthaler Linotype at
$23.50 share. The weeks largest
transaction was a 9l-share sale of
American Security & Trust Co. stock
at $246 q share.
Stocks on which dividends are to
be paid in few days include WASH
ington Gas common, Riggs National