Evening star., 1941-12-01
Capital Banks Open
YuIe Savings Clubs
For Next Year
Bunks in Suburbs
Also Launch Thrift
Drive for Members
BY EDWARD c. STONE.

lowed recent payment OF approx
mately S5,500000 by the 18 banks in
Washington which maintained these
clubs during the year now ending.
During the past year 10000 men,
bers belonged to the clubs and
completed their payments. both the
size of the clubs and the amounts
subscribed being practically the
same as in the previous year.
During 194l no interest was paid
on Christmas Club accounts. and
bankers said today that none will
be paid in 1912 Several banks will
continue the plan of accepting pay
mentS every two weeks. instead OF
every week. as in former years. The
new method has cut bookkeeping
about in half, bank officials say.
Clubs Hold Popularity.
The Christmas Club is an insti-
tuition in the Capital. Per capita
deposits every year are double the
average for the rest OF the coun-
try. When interest was eliminated
il was feared the clubs were doomed.
But the members didn't seem to
worry about interest.
Washington banks opening their
clubs today include American Sc
Curity & Trust Co, AnacoStla Bank,
Bank of Commerce & Savings, East
Washington Savings, Hamilton Ma
tlonal. Liberty National, McLachlen
Bank, Morris Plan, MunSey Trust
Co. National Savings & Trust Co,
National Bank of Washington S
Southwest Branch, Riggs Nationals
branches only. Second National, Sc
cllrity Savings & Commercial,
Union Trust Co. and Washington
Loan & Trust Co.
Nearby banks affiliated with the
District Bankers Association which
Are opening the 1912 clubs are the
Arlington Trust Co, Bank OF Be
thesda. Prince Georges Bank &
trust Co. and the Suburban Ma
tional Bank. Many other suburban
banks and the Industrial Bank, IN
Washington, are also operating the
clubs.
Today's Trading on Exchange.
Activity in Washington Gas Light
common stock led trading on the
WASHINGTON Stock Exchange today.
The market opened with 100 shares
ceiling at 16a.. off = from last week.
After call four more l00-Share sales
were recorded at the same price. The
trading ended with 1872 bid and l7i2
asked.
December trading in Capital
Transit opened with 10 and 5O-Share
iots moving at l6l2, up 4. The final
bid was 16 with II asked.
Mereenthaler Linotype appeared
on the board today, 10 shares chang
ing hands at %, gain of half
point.
CAPITAL Traction 5s came out at
io4s. on a $1,000 turnover.
Further Tax Selling Noted.
Washington brokers reported fur
ther selling of securities on the New
York Stock Exchange today for the
purpose of establishing tax losses.
Brokers report that the selling TINS
year has been much more extensive
than ever before and predicted that
II will continue throughout De-
cember.
The selling. as we'll as a lot OF
~ear-end switching of stocks. has
been helpful 10 the volume OF trad
ing but forced prices to lower levels
throughout November, it was noted
TODAY, although a hundred other
factors have also played part IN
market operations.
Real Estate Bonds Steady.
During November the Amott-
Baker realty bond price averages
romain unchanged after advances
for Is consecutive months, II was
announced today. The average
rrice per $1,000 bond at the end OF
fhe month was S3l6. same as at the
end of October. an increase OF 10
cents per $1,000.
Real estate bonds included in the
iist advanced l212 per cent III the
first II months of this year today S
-9port said. Several Washington
realty bonds are in the list of 200
IN which the price averages are
based.
ther price gains was ascrlbed 10
sales for establishing tax losses.
During the month 81 issues gained
in price. As sold off and Sc remained
unchanged.
Mavlower Hotel 5s with stock, are
now quoted at 136 bid; Mayt1oWer
Hotel SIS. without stock, 978,; Ma
tional Press Building first 3-5s at
p3l, bid National Press Adj. 4l2s at
n8. and Washington Properties, Inc,
Is at IS.
Welsh Assumes New Duties.
Thomas H. Welsh. president of
the Hyattsville Building Association,
has assumed his new duties as presl-
dent of the Maryland League OF
Building and Loan Associations, the
first non -Baltimorean to head the
organization in its 21-year history
Born and reared in Prince Georges
County. he is a former Mayor OF Hy-
sttsville. He was the first Maryland
representative on the board OF dl-
rectors of the Federal Home Loan
Bank of Winston-Salem and at pres
emf is a director of the Washington
Loan & Trust Co.
He is particularly active in fra
ternal organizations. particularly IN
Masonic orders in both Hyattsvllle
and Washington.
Financial District Gossip.
A. Scott Offutt. vice president Of
the City Bank and an official OF the
District Bankers Association, has re-
turned from a three weeks motor
trip and visit at Miami, Fla.
Earnings of the Virginia Railway
In the first 10 months of this veal
were equal to S298 a share on the
common stock against 1919 veal
ago.
The National Airport Corp. ha'
moved its offices from Arlington
Va, to the American Security Build
ing in Washington.
Charles E. Merrill, senior partne,
in Merrill. Lynch, Pierce. Fenner &
lopar,tp pnr1ora tllla