Evening star., 1940-11-27
Banks Will Launch
1941 YuIe SAVINGS
Clubs Monday
19 D. {. Institutions .
And Several in Nearby
Area Offer Plans
BY EDWARD C. STONE.

oy LII AMI - . 4oINLs
Nineteen Washington banks and
several in the suburbs will launch
their 1941 Christmas savings clubs
next Monday, it was learned in the
financial district today. The open
ing date is practically the same as
last year.
The new clubs will be operated
on much the same plan as in 1910,
except that most of the banks and
trust companies will take the pay
ments twice a month instead of
every week. This will save a large
amount of bookkeeping and also be
convenience to the club members.
The clubs will include $25 classes,
$50, $100, $3.50, $500 and $1,000.
Most of the institutions, however,
have dropped the S25 clubs, and
one or two banks maintain $4,000
clubs. A good many members will
have their payments taken from
checking accounts rather than
make the payments at the windows.
The Christmas savings plan differs
slightly in different banks. In gen.
eral members will make their pay
ments twice month and covering
a period of so weeks. The first
payment makes the subscriber
club member, and the money is re-
turned to the member just in time
for the holiday season. In case
member has to drop out during the
year the money he has already paid
in is returned, although some banks
deduct a service charge. No in
terest is paid on any of the &C
counts.
1910 Payments Due Shortly.
Early in December banks in the
Capital will pay out about $500, 900
to 10000 members of the 1910 clubs.
This will be larger amount than
was distributed in 1899, as there
were 5000 more members this year.
The money will be used for all
kinds of holiday needs, the major
part of it always going into pur-
chases of Christmas gifts, although
other expenses, such as taxes, in
surance, mortgage interest, automo-
bile licenses, recreation and charity
get a share. Once a Christmas
savings club member always mem
ber, bank officials say.
General arrangements for the
1941 Christmas savings clubs were
made by the Advertising Committee
of the District Bankers Association,
of which Rutherford j. Dooley, vice
president of the National Bank of
Washington, is chairman.
Other members include G.. Elmer
Flather, Union Trust Co.; F. E.
Hilderbrand, National Metropolitan;
P. j. Mcmahon, Munsey Trust Co.;
I. j. Roberts, Riggs National, and
Eliot H. Thomson, Washington
Loan & Trust Co.
While Monday is the official date,
some banks will open their Christ
mas Savings Clubs for 1941 on
Saturday, Government pay day, it
was announced today.
ID. C. Store Collections Lag.
Washington people did not pay
their department store bills quite as
fast in october as did some other
residents of the Fifth Federal Re-
serve District, the Richmond bank
reported today.
OF bills due october l in WASH
ington 28.4 per cent were paid, while
the average for the fifth district
was 306 per cent, in Richmond 343
per cent, in Baltimore 32.4 per cent
and in a group of other cities 31.5
per cent.
Stocks of goods on hand at the
end of october were tO2 per cent
higher than in September and 80
per cent higher than on October
81, 1889. AS previously noted, sales
in Washington department stores in
October were ISL per cent ahead
of last year and in the first 10
months of 1910 were per cent
ahead of the like 1889 period.
New Accounts Show Increase.
S. Wilson Camp, secretary of the
D1oI4 1SG anu LOdll hCdS uC,
reported at the monthly meeting at
the Raleigh Hotel yesterday that
new accounts opened in October in
member institutions totaled 1,179, a
sharp gain over the 879 opened in
October year ago. Assets of the
Washington associations reached an
other new high mark in October of
S155, ,402 ,280, an increase of S19051,-
358 over October, 1889, and up $780,
600 from September.
Demand for home loans continues
strong. During October S4,378,000
was approved for mortgage loans, of
which S1,555,578 was for new houses,
81 1,329,42 for construction loans and
S1,493,812 for other loans Mortgage
loans revealed gain of about II per
cent over october year ago, Secre-
tary Camp stated.
Following the secretary's report,
President William N. Payne, jr.,
called on delegates who attended the
recent 48th annual convention of the
United States Savings and Loan
League in Chicago.
n CVIllIIllllee Was appointed Dy
Mr.. Payne to attend the funeral
of c. Chester Caywood. He was
general counsel, a director in the
Washington Permanent Building
Association, actively connected with
the District League and was very
highly regarded in the financial
district.
Chicago Delegates Announced.
Plans for meeting the problems
created by the European war and
national defense will be prominent
on the program of the seventh an
nual convention of the American
Finance Conference, to be held De-
cember 4>and at the Palmer House
in Chicago Fred V. Chew, execu-
tive vice president of the confer
ence, announces.
Six hundred executives of inde-
pendent automobile discount COM
panies, representing the 1865 mem
bers of the conference, are ex-
pected to attend. Conference mem
he~e +o