Milford chronicle., 1955-11-04
Christmas Clubs Again
Pass Billion Mark

This month the largest Christ
mas Check ever viii be sent to the
largest number Of Christmas Club
savers when $500 financial institu-
tiOns distribute one billion, one
hundred and thirty million dollars
to twelve million, five hundred
thousand Christmas Club mem
bers. v
Edward F. Dorset, president OF
Christmas Club a Corporation, an
nOunced today that for the fourth
consecutive year annual savings in
Christmas Club had passed the bill
lion dollar mark Commenting on
the continued growth Of the Club,
Mr.. Dorset emphasized. the cOntri-
button that is made to the national
economy when such a huge sum
is distributed to the American pub
lie. Individual security will be in
creased when nearly a third Of the
total is redepOsited in permanent
savings accounts. Debt will be re-
duced when a substantial slice of
the billion Is used to pay accumu-
lated bills. Department stores and
merchants will feel the boost when
those 1914 million members start
their Christmas shopping. And
Santa Claus will seem more real
than ever when Johnny and Jane
find those bikes and dolls under
the Christmas Tree.
The 1855 payof is the largest in
the history of the Club and repre-
sents an increase over 1854 of so
million dollars (4.6a6) with three
hundred thousand more members.
The average check this year
amounts to $90.4O. for each mem
Der.
OF the 5000 institutions 154 had
clubs in excess Of $1,OOO,COO each.
AS in past years, New York leads
with 2,493,55 members and $780,
334,1S9, followed by Pennsylvania
with 1908, 100 members and $171,-
47S,524 and then New Jersey with
1,146,514 members and S129,876,-
622.
In 1910 when the name, idea and
plan of Christmas Club was Origi-
mated, there were less than 81 bill
lion in all savings deposits in the
nation, and these were divided
among only Is million savers. In
1854 savings tOtaled 100 billion
dollars with nearly 100 million
savers. Many millions of these saw
ers made their first banking con-
facts through Christmas Club, Mr..
Dorset said.
Not all Of that billion, one hun
dred thirty million dollars will go
into retail trade; some of it will
go right back into savings, but all
Of it Will boost the nations econO-
my. Surveys made by Christmas
Club Corporation, indicate that
it will ne used as follows:
Christmas Purchases, $3.50, ,2OO,-
0C0; Permanent Savings, $343, $780,
00C: Year End Bills, $63, 100000;
Insurance Premiums, $116, 100000;
Taxes, $1O7, ,4O0,O 900; Miscellaneous,
$39,500,000; Mortgage Payments,
S75,700,000; Education, $29, 100000;
Purchase of Household Furnish
ings, S74,60O,0O0. Total, S1,130,-
100000.
Christmas Club a Corporation re-
search shows the following distri- |
button by states:
New York, $236,334,189; Penn
iylvania, S171, ,47S,524; New Jersey,
S129, 9,S76,622; California, sos, ABB
S64; Massachusetts,, $61,03S,71S; |
Ohio, $51 ,409,748; Illinois, $48,473,- |
846; Connecticut, $38,014,208; Mich
igan, $34,34Sy585; Indiana, S27,128,-
ZIG; Virginia, S26,5O6,56S; Wiscon-
sin, S23,994, ,6O9; Maryland, $22,-
549,S6S; Rhode Island, $14,036, ,084;
Missouri, $11,86S,218; Kentucky,
$11,1S5,347; Tennessee, $10,271, ,661;
Maine, $9,646,O1S; Georgia, $9,26O,-
745; New Hampshire, $7,SO7, ,2O7;
West Virginia, $7,253,256; South
Carolina, $7.104,754; North Caro-
line, $6,930,56S; Washington, &c.
346,1S5; Louisiana, S5,117,531; Ala
bama, S4,673,989; Iowa, $4,533,912;
Minnesota, $4,53O,30O; District of
Columbia, $4,3S7, ,444; Hawaii, S4,-
3SO,441; Delaware, $4.257, ,374; Yer
mont, $3,928,118; Kansas, $685.
322; Texas, S3,441,39 Colorado,
$3,305,S60 Florida, S2,8085516; Ne
brasBa, S2.629,112: Nevada, S1,871,-
572; Mississippi Sits, 9,6S9; Arizo-
ma, $1,228,98S; Arkansas, S1,172,-
157: Oklahoma, S900,169; Oregon,
$712,177; Montana, $544,S93; Puer-
to Rico, $523,461; New Mexico,
S4S3,197; South Dakota, $337, ,282;
North Dakota, S253,S27; Idaho,
500 1876; Alaska, S83,117; Utah, $685.
500; Guam, $14,26S; Wyoming, $3.50.
Total. $1,13O,OOO,O 900.