Evening star., 1940-11-14
4,800 Christmas Clubs
To Pay S365,o00,000
To 100000 -..
National Figures
Follow $500, 900
Reported for D. c.
By EDWARD c. STONE.

early in December. comes the ma
tional report stating that some
1855 100000 will be distributed to
club members.
Herbert F. Rawll, founder and
president of Christmas Club Corp
announced today that 4,800 banks
will join in these payments which
are expected to reach 100000
Christmas Club savers. The 1910
distribution will be about Az per
cent larger than in 1889.
The average distribution per
member will be S48.50, as against
s49.8O for 1899, the report says
AS already announced, the average
per capita distribution for men,
bers of the Washington clubs will
be SS8 nearly double the national
average.
New York State leads all others
with an estimated distribution of
$106,000,000. Pennsylvania will re-
turn S3S,000,00O to members, Massa-
chusetts S33 100000, and New Jersey
S26.OOO.OOO. Metropolitan New York
will pay over S63 100000 On ac-
count of its great number OF
branches, in California, the Bank
of America will make the. largest
distribution of any bank in the
country, S16,000,00O.
Totals in Nearby States.
The Rawll report places the
MARYLAND Christmas Savings Club
total at S8,OO0,OOO, and Virginia's at
s9.4O0.OO0. West Virginia is ex-
pected to distribute around $780,
600: the States from Delaware to
Florida, S35 100000. The figures are
indeed sensational.
Washington banks are already
planning for the annual distrlbu-
ton, 1t is no small job to draw
10000 checks. The work has al
ready been started At the begin
ming of the year there were 5000
more subscribers to the clubs than
year ago. That means more
checks this year than last and
more work to get them out.
The Washington figures indicate
unusual interest in thrift in the
Capital. While the greater part Of
this money goes into Christmas
shopping, bankers have noticed that
a lot of it goes back into perma-
nent savings even in these days of
low interest. The money also helps
wipe off the slate of host OF press
ing year-end obligations.
Departmental Bank in List.
During October the liquidation of
IA insolvent national banks was
completed and the affairs of such
receiverships finally closed.
Total disbursements, including off,
sets allowed to depositors and other
creditors, amounted to S20,316, ,134,
while dividends paid to unsecured
creditors amounted to an average of
45.4 per cent of their claims. Total
costs of liquidation of these re-
ceiverships averaged 729 per cent of
total collections from all sources,
including offsets allowed.
The Departmental Bank of Wash
ington is in the list. This bank
failed on June %, 1882. Total dis
bursements amounted to 1881 ,997,
the report says, or Ola per cent for
all claimants, a better showing than
made by other banks in the list,
although one bank paid out 100.06
per cent.
Junior Commerce Chairman.
Bernard j. Ness, who is connected
with the investment firm of john
ston, Lemon & Co., has been ap-
pointed general chairman of the
Junior Chamber of Commerce Com
munity Chest Committee, it was an
nounced today. This committee
covers a large amount OF territory
in the financial district.
Mr.. Nees has been very active in
the chamber, is member of the
Washington Stock Exchange and is
a member of a committee of two
investment dealers who assemble
weekly quotations on various Wash
ington securities which are sold over
the counter. The chamber commit
tee is already hard at work to meet
subscription quotas.
Building, Loan Funds Mount.
George w. West, president of the
United States Savings and Loan
League, told the convention now
meeting in Chicago that 1927, ,636 900
was invested in building and loan
associations in the third quarter of
this year, a gain of II per cent over
the same period in 1939 He said it
represented a seasonal upturn Of
S65 100000.
September deposits in the Ma
tons building and loan institutions
amounted to S75,249 900, which was
"a per cent higher than the Sep
tember figure a year ago, he said.
A large delegation of Washington
building and loan leaders are at
tending the Chicago convention.
Financial District Comment.
There are many holders in Wash
ington of National Dairy Products
securities who are deeply interested
in the firms announcement of plans
for the sale of $70,000,000 in new
securities for refunding' purposes
Chestnut Farms and Chevy Chase
Dairy are units of the corporation.
Brokers in New York Stock Ex-
change Offices here express the opin-
ion that the increased activity in
the market is likely to continue for
some time. Yesterday was the sew
enth consecutive session in which
trading has exceeded 1000, 900
shares. They also report a lot of
interest in preferred stocks.
M S. Szymczak, member of the
Board of Governors of the Federal
Reserve System, will address the
Chicago district. Illinois Bankers
Association, this evening on the
development of Federal Reserve
Banking"
The Washington Office of Merrill
Lynch. E. A. Pierce & Cassatt took
part today in an offering of 10000
shares of McCrory Stores Corp. 5
per cent preferred stock, priced at
$105 per share.
The Pennsylvania Railroads ST
dividend declaration. against the