Evening star., 1943-11-15
Banks 10 Distribute
Christmas Savings
Early in December
By EDWARD C. STONE.


sylvania avenue Sc. and the In
dustrial Bank Of Washington
Eleventh and U streets N.W.-wi
distribute an aggregate Of $4,000
in Christmas Savings Club fund
early in December, according t
present plans, and at the same tim
open similar clubs for 1914, it wa
learned today. Several suburba
banks will also distribute thei
Christmas Club funds in time t,
give patrons a first-class selection
of holiday goods.
This years Christmas Saving
Club subscriptions amounted t
S120,000 at the East Washington
Savings Bank, the patrons including
residents from all parts of the city
due to the fact that so many othe
banks abandoned their Christina
clubs at the end of last year. Man.
patrons made payments by mai
While the bank had a service charg
of ST to cover the cost of operating
the clubs, this seemed to make littl
difference to thrifty club member
whose one object was to have extr;
funds available for the Yuletide sea
son.
Industrial Bank officials said toda,
that their Christmas club fund
totaled $4,000, divided among 7,10
accounts. The bank had a servic,
charge of so cents which was ap
piled in case club members failed tt
pay more than half of their SUBJ
scriptions and dropped out. officials
who were greatly impressed will
the popularity of the club this year
said a 50-cent service charge woule
be applied to all members next year
They consider the club vital par
of the banks service, and an i'm
portant factor in developing habit
of thrift.
$4,000, 900 Paid Last Year.
Last year 18 Washington bank!
paid nearly s5,000,000 in Christina:
club funds to 10000 members Most
of the banks, however. dropped the
clubs because of the cost of opera
ton, shortage of help, and difficulty
in putting the money to work to ad-
vantage during the year.
The estimated national distri-
button of $420;O00,000 this year will
be paid by 4,8o0 banking and saw
ings institutions and other organiza-
tions. This is per cent more than
a year ago despite drop of 100000
in members, the decrease being at
tributed to the policy of urging all
individuals in one family to consoli-
date payments into one account.
Wholesale Trade Shows Drop.
The Federal Reserve Bank OF
Richmond's latest review states that
wholesale trade in five lines has de-
clined generally since February
with sales of 222 firms in September
at the same levels as year ago.
September hardware sales were
off 10 per cent from last year, shoe
sales were down per cent and dry
goods sales were per cent lower
The sharpest drop was in industrial
supplies which were off 18 per cent
and electrical goods, down "a per
cent.
Sales of auto supplies were 18 pei
cent above last year, drugs, 9 pei
cent; groceries, Is; paper and prod
ucts, 25; tobacco and products, 6;
while the miscellaneous sales of 7e
stores were per cent better than
a year ago, the survey showed.
Few Failures in September.
There were only five commercial
failures in the fifth Federal Reserve
district in September, with total liza
bilities of $4,000, the Richmond
Reserve Bank announces. A year
ago there were II, for S315,OOO.
In the first nine months of the
year there were 43 failures in this
district with liabilities of 1890 900,
compared with 24O in the like 1912
months, involving liabilities of $3,-
$4,000, the report said.
In August this year there were
six failures with total liabilities of
S115,OOO.
ABA Opposes Subsidies.
The American Bankers Associa-
ton, President A. l.. M. Virgins
said today, believes the agencies of
the Farm Credit Association should
be farmer-owned and farmer con-
trolled cooperative credit institu-
tions. The ABA will continue to
support the farm organizations in
their effort to protect this farmer
ownership and control and to pro-
vide for the ultimate elimination of
Government subsidies.
The ABA believes that the pres
ent subsidies enjoyed by the Pro-
duction Credit Associations in the
form of Government capital should
be returned to the United States
Treasury as soon as practicable, Mr.
Virgins said.
Mergenthaler Moves Up.
Mergenthaler Linotype gained a
full point on the Washington Stock
Exchange today as a result of the
recent annual report when the high
est per share earnings in years were
reported. The stock sold at 494
against the last sale at 40 "A ana a
high for the year of So
Today's market registered a turn
over of 1870 shares of National Mort
gage & Investment preferred at As ,
off an eighth.
Washington Gas $5 preferred was
strong at LOG and Gas Common was
firm at 21A.
Potomac Power and Washington
Railway & Electric issues are now
being quoted eX-dividend.
Heard in Financial District.
There are a large number of
Paramount stockholders in the Cap
ital who will profit by the increased
dividend from 80 to 40 cents per
share.
Edward R. Stettinius, jr., recently
appointed Undersecretary of State
will be guest of honor at the 146th
dinner meeting of the Economic
Club of New York at the Hotel Astor
on November %.