Show I I CHRISTMAS CLUBS r SAVE Numbers lumbers to Participate in Big Distribution NEW YORK Dec 15 Christmas Christmas clubs lubs to the more than members throughout the country approximately This his is an Increase over the amount distributed a year jear ago of about 10 1000 10 00 Of this sum um about will vill be paid out to Christmas club members In the Metropolitan area apportioned as follows In n Greater New ew York 1200 Adjacent counties in New Jersey 2700 Westchester county I In th the various parts of the United States StatE's about have ha been con con- ducting ducting- Christmas S clubs I the l last year ii Cah and the average Sn n number of members has las been about 1000 to each bank with an average membership value of ot ap- ap aI I 37 The greatest membership membership mem mem- a Ja h is in n the Eastern e states s with the Middle Western states a close second second second sec sec- ond and the Southern states bringing up the rear Statistics prepared by Herbert F. F Raw 11 president of the Christmas Club corporation give the apportionment of the total tota among the geographical districts of the country as follows Eastern States 32 Middle Western States Western States New England States Pacific States Southern States Total otal olal A feature of the development of the Christmas club Idea the last year ear Has nas been the fact tact that a a. number of mutual savings banks have undertaken th the plan The enormous army of Liberty loan subscribers handled through the mutual savings banks on the partial partia payment plan is said to have demonstrated demonstrated demon demon- the possibilities of consistent and regular r weekly k savings I and th the banks have made d efforts f to Sen encourage r I this Idea Recently the State of Massachusetts Massachusetts Massachusetts Mas Mas- enacted legislation which permitted the mutual savings bank in that state to operate the Christmas club plan and the results have been surprising A substantial number of the savings banks in Massachusetts 1 adopted the scheme at the beginning of the year and statistics in the possession possession possession pos pos- session of Mr 11 indicate that the plan is more popular there than an anywhere anywhere any any- where else One person out of every ever eight of ot the total population this years ears is a member member mem mem- ber and the total fund for the state shows approximate Christmas club savings which average about 3 per capita Savings banks in New York state and especially in New York City have until recently been rather slow to take tale up the plan owing it is said to a regulation regulation regulation reg reg- of the state banking law governing governing governing gov gov- te to method b by which savings banks bans are required to record all deposits deposits' de- de deposits deposits deposits' de de- posits posits' of whatever character This condition this year has been met and anda a new system devised for Recording deposits adapted for the use of local loca savings institutions and as a a result many savings banks in both state and city are winding up their first Christmas Christmas Christmas Christ Christ- mas clubs The largest Christmas club to be liquidated this year is that of the Union Trust company of Jersey Cit Cit- City which on Friday of this week w when hen the payments are made will disburse something like Discussing the growth of ot the plan and the changed attitude of many bankers regarding it Mr 11 Rawl in a recent Interview said Twelve years jears ears ago when I first presented presented presented pre pre- this plan it met with considerable considerable considerable consid consid- erable opposition from many bankers on the ground that a system of educating educating educating edu edu- cating and encouraging people to save money to spend was a a. wrong principle and conflicted with the program of ot thrift undertaken by th the savings In Institutions institutions ln- ln The growth and results of the plan within the last few j years ears has demonstrated demonstrated demon demon- strat d the fallacy of this conclusion for or It is apparent from information compiled complied that many thousands of permanent permanent permanent per per- manent bank bant accounts have been started with a part of the Christmas club accumulation and these accounts have thereafter been substantially in increased in- in creased cre sed The popular appeal of the Christmas Christmas Christmas Christ Christ- mas club is the safeguard it offers against human frailty it presents a unique method of saving a small amount each week which cannot be withdrawn until the end of the club term l two wo weeks before Christmas Many people who save in this way would never accumulate the same amount in any other and the result has been that the Christmas club has demonstrated to thousands that if they can systematically save in this way they can save systematically for In Investment In- In vestment |