Evening star. [volume] (Washington, D.C.) 1854-1972, 1939-11-07
1940ChristmasC| Clubs
To Be Opened Here
On November y
Payment Of S., 000, 900
To Present Members
Will Boost Trade
BY EDWARD C. STONE.


Christmas savings clubs in 10
Washington banks will open for 1910
subscriptions on Wednesday, No.
vember 20, it was learned in the
financial district today.
Member institutions in the District
Bankers Association again will use
cooperative advertising in calling
public attention to the opening of
the clubs. AS in the case of the
1889 clubs, no interest will be paid
and In some banks a charge of so
cents will be applied to subscribers
who fail to keep up their payments
during the full year, this move being
taken to cover extra bookkeeping
costs.
AS announced recently by Ord
Preston, president of the District
Bankers Association, between 81
100000 and $5,000,00O will be paid
out this month to the 10000 men,
bers of the 1889 Christmas savings
clubs.
There was a slight decrease in
the number of subscribers and the
amount subscribed for the 1899
clubs, compared with the 1888 clubs
according to reports made last
January, after the subscriptions
closed. The decline in member
ship was 23 per cent and in the
amount subscribed, AZ per cent.
Bankers said today that the
largest part of the $5,0O0000 in this
years clubs will be spent for holi-
day goods, but some of the money
will go into permanent savings, or
be used for house rent, insurance
premiums, clothing and in host of
other ways. The money is always
a JOY to the thrifty club members
and welcomed by the merchants.
In Philadelphia, the individual
average amount saved during 1889
was S4e81. In Washington the
average was close to $50 per member.
Wattam Succeeds Beerbower.
c. c. Wattam, Fargo, N. Oak, re-
Gently elected president of the State
secretaries section of the American
Bankers Association, succeeds c..
w. BeerboWer of Roanoke, Va, who
has been secretary of the Virginia
Bankers Association for many years.
The new section chief is secre-
tary of the North Dakota Bankers
Association and city attorney of
Fargo. Born in Minnesota in 1888,
he attended high school and bust
ness school and obtained his legal
education through private study
while working as court reporter.
He began the active practice of
law in 1921. In 1878 he was
president of the Central States Con-
ference of the American Bankers
Association. He is married and has
three children.
Mutual Savings in Upturn.
The Federal Reserve Bank of
Richmond announces that deposits
in 10 mutual savings banks in Bal
timore, after declining in July and
August on account of vacation with
draWals, turned upward again in
September by about the usual
amount. Total deposits on Septem-
Der 80, 1889, of 1921 OPT compared
with $219,426,239 on August 81 this
year and $217, 903,8O2 on September
30 last year.
There were 81 failures in the fifth
district in September this year,
against IS in August and 43 in
September, 1888. September fail
ures involved $4,000 liabilities,
against S455, 900 a year ago. In the
first nine months of 1889 failures
numbered 432 and involved s4,778,-
600, as compared with 489 a year
ago and s6,356,OOO in liabilities.
Government security holdings of
the Federal Reserve Bank of Rich
mond declined between September
IS and october Is as a result of
reallocation of system holdings on
October l. The volume of Federal
Reserve notes in circulation showed
further seasonal increase as crop
marketing spread and fall trade ex-
banded.
Business Prospects Bright.
In one of the most cheerful bust
ness forecasts in months, the Cham
Der Of Commerce of the United
States says:
ALREADY the figures for use of
electric energy have broken the
weekly record, before we have come
to the weeks of highest demand
"The forecasts of the number of
carloadings to be represented in
movement by rail during the re-
mainder of the year have just been
raised.
steel output in October exceeded
the steel made in the corresponding
month of 1929, and there may be
more steel records ahead.
"Machine-tool orders have piled
up until some companies can promise
delivery only in late 1910 on orders
they now take.
production of bituminous coal
has In recent weeks gone above cor
responding weeks in any year since
1929.
This enumeration could be eX-
tended, but the general trend would
remain the same"
AVV 1cdIS VI IIOSIcSS NOtcu.
The Commercial and Financial
Chronicle, New York, issue of No
vember notes 100 years of service
to finance, commerce and industry
in a special issue of 278 pages. The
editors deserve the greatest credit
for such an outstanding issue, which
teens with history of financial
progress, both industrial and bank
ing, and contains some fascinating
sketches of the editors and pub
fishers during the century who
brought the publication to national
prominence. Many of the regular
advertisers have given their entire
space to congratulating the present
management on such a long and
enviable record.
U. S. Treasury Position
Nv the Associated Press