Evening star., 1942-01-12
Yu|e Savings Clubs
Show Drop in Funds
And Memberships
Defense Bond Sules
Cut 1912 Deposits,
D. G. Bankers Assert
By EDWARD C. STONE.

BY EDWARD c. STONE.
Total number of members in tn
1912 Christmas Savings Clubs oper
ated by about 20 Washington bank
as well as the total amount sub
scribed, will be considerably unde
the men bership and deposits in tn
1941 clubs, 1t was learned In tn
financial district today.
The time for joining the new 1874
clubs ended Saturday after tn
books had been open since Decembe
l. While no figures are yet avail
able a limited survey among tn
banks today indicated that in mos
Instances smaller amounts were sub
scribed during the six weeks thai
was the case a year ago.
During the recent holiday season
Washington banks paid out nearl
s5,500,0O0 to 10000 club member:
After the 1912 clubs were opened
memberships and funds ran abou
the same as last year for the frs
two or three weeks, in few in
stances being ahead Of 1941. Thi
was considered rather remarkabl
as no special advertising was don
to push club membership.
Bankers believe the rush to bu
United States Defense bonds an
stamps caused the lag in interes
in the Christmas clubs. Bond AM
stamp sales have gone up by leap
and bounds. However, Christina
club funds will be substantial ant
play an important part in holida,
trade again this year. bankers as
serted today.
For years Christmas clubs hav
paid no interest and some bank
apply a service charge if membe
does not complete the years pay
mentS.
Bond Issues Rise in 194l.
During the year 1941, voters of th'
country authorized a total of SILL
532,543 of new bond issues, as COM
pared with the 1910 total of $155,
1863 .558, according to the Daily Bont
Buyer.
During December. the voters of Z;
communities in 81 States authorized
a total of s14,406. .465, as compared
with only S9,421, ,589 in December
l940
Only two items of major impor.
tance were approved during Decem'
ber: Birmingham, Ala, s4,250,000
and Tulsa. Okla, 1888, 900.
Chase Joins General Mills.
w. Howard Chase, associate editor
Of the Whaley- Eaton News Service
handling foreign and domestic
trends, has been appointed director
of the public service department OF
General Mills, Inc, in Minneapolis
Chairman James F. Bell announced
today.
Prior to his connection with the
Whaley- Eaton service, Mr.. Chase
served as assistant to the president
of the American Retail Federation
and for three years as editoria
writer on the Des Moines Register
and Tribune. At one time he was or
the staff of Harvard and Drake Uni
versities as lecturer on internationa
relations.
Investment Dealers to Meet.
The Washington head Office an
nounced today that leaders OF tn
investment banking and securitie
business from every section Of tht
country will gather in New Yorl
Thursday and Friday for the annua
election of officers and governors o
the National Association Of Securi'
ties Dealers, Inc.
They will develop plans for active
participation, in collaboration with
other associations and organiza'
tions of securities dealers anc
brokers, in the Defense bond sale
program; also review the successful
policing program pursued in 1874.
and complete plans for its continua.
ton in 1912. Meetings will be hele
in the Waldorf Astoria Hotel.
A chairman, two vice chairmen. &
treasurer and the executive director
are to be elected for 1912.
institute Teachers Listed.
Subjects to be offered during thu
second semester of Washington
Chapter, American Institute o.
Banking, will include a course ir
commercial law, conducted by Will
bur M. Baughman of the Fedora
Trade Commission.
Peyton A. Kerr, associate II
economies at George Washington
University, will conduct the class il
economics, and George A. Eddy
division Of monetary research in tn
Treasury Department, will be in
structor in money and banking.
There may be a course in banking
fundamentals, as the unusual turn
over among bank employees ha
indicated a need for this course
The semester opens next Monday.
Parker on Airlines Board.
John E. Parker, of Auchincloss
Parker e. Redpath. Washington in
vestment firm and member of tn
New York Stock Exchange, ha
been elected a director of the North
west Airlines board of directors, i
was announced today by Croil Hun
ter, president. He was elected a
a meeting held In st. Paul. MI
Parker has been very active in tn
brokerage and investment busines
for many years and is a member Q
severa! other corporation board'
Bond Sales Plan Adopted.
The Washington Office of Carrie
Corp, of Syracuse, an air -condi
tioning concern. has adopted De
tense bond sales plan whereby EN-
ployes may have payments deducte
from their pay every week or twic
each month. A poll showed that
majority Of the employees favore
such q plan and are eager to bu
bonds in this way.
All the national banks in tn
United States, many trust companie
and state banks will hold their an
nual meetings tomorrow for electio
of directors. Several Washingto
banks will also elect officers for tn
coming year.
Traction Bonds in Demand.
On the Washington Stock EX
change today two $1,000 transac