Evening star., 1939-12-19

Bankers Will Assist Babies.
Several Washington bankers said
today that they are ready to assist
in starting savings accounts for all
babies born in this territory on
January l, 1910 AS already noted,
the Standard Oil Co. of New Jersey
has expressed a Willingness to set
up savings account of s5 for every
baby born in the companys terri
tory on that date.
The company not only will con-
tribute IS for each baby, but will
open savings account of S100 in
case of twins, $3.50 if triplets, $1,000
for qualruplets and $4,000 should
quintuplets arrive. The only stipula-
ton is that the money be left un-
touched in the savings accounts for
a year at least.
Parents who wish to start such
accounts, must furnish the bank
with a birth certificate or birth
registration. The account will then
be opened and a passbook issued
and the bank will collect the
amount of the initial deposit from
the oil company.
"A great way to develop a thrift
complex in modern YOUTH" one
banker said today. The plan, how
ever, will not swamp the banks with
new business, as only an average of
about so babies are born in the
Capital in a day"
National Savings Pays Bonus.
The National Savings g. Trust Co.
today paid Christmas bonus to
each member of the staff, the
amount of which was based upon
the length of service of each en-
ploye, l65 in all.
Demand deposits in the banks in
the fifth district increased s15,OOO,-
900 in the week ended December 13,
the Federal Reserve Board governors
announced today.
In his address before the District
Life Underwriters Association yes
terday Paul Speicher, Indianapolis,
said that the percentage gains in
the insurance business in the past
10 years had been greater than the
gains in retail trade in the same
period. In cases where there was
a drop the insurance slump was not
as great as that of retail sales. He
presented many other figures to pic
ture the steady growth in the popu-
larity of insurance.
Morris Plan Bank Pays Bonus.
The annual Christmas party of
the Morris Plan Bank of Washing
ton was held in the bank Sat-
urday evening. Attracted by ru-
mors of something special, the
II officers and employees, a doz-
en- more than were on the pay
roll a year ago, were on hand
for the fun, as were some of the
directors. Refreshments, games
and dancing enlivened the evening,
which was climaxed with the dis
tribution of Christmas bonuses by
President Willard G. Barker
- Mr.. Barker reminded his en-
ployes that the local bank is wind
ing up its most successful year, and
that the bonuses. far from being
gifts, had been fairly earned by hard
and conscientious work
Financial District Comment.
Rail travel during the approach
ing holiday season is expected to be
much heavier than last year. &C
cording to the Association of Amer
lean Railroads. Estimated increases,
made by the larger railroads in all
sections of the country, range from
s per cent to 80 per cent.
Notwithstanding the rather ex-
tended lull in corporate financing
that followed outbreak of the Eu-
ropean war, indications are that
the total Of bond issues reaching the
market through the usual distrib-
ution channels in 1889 will come
close to approXimating that for 1888,
when bond offerings amounted to
s1876,467, $50.
Holders in Washington of Penn
sylvania Railroad stock yesterday
received checks for ST per share
covering the dividend paid by the
company for 1899.
Traction Bonds at New High.
Capital Traction SIS scored another
1899 high mark on the Washington
Stock Exchange today They opened
with two $1,000 transfers at $685.
followed by another $1,000 transac-
ton at 98ia, the highest price
reached in many years.
Potomac Electric Power 5,2 pei
cent preferred stock figured in two
small sales, one at ia and the
other at 114A.