MORE CHRISTMAS-CLUB MONEY THAN EVER

“PEOPLE who depend on the Christmas — Club for their holiday spendings are not affected by the recent unpleasantness in Wall Street, for a recent press statement shows that this year’s payments are to be 10 per cent. greater than last year’s, and more than five times the amount in 1920. According to a statement from the Christmas Club Organization appearing in The Wall Street Journal, some $600,000,000 is being distributed by more than 8,000 banks or other financial institutions to 9,000,000 Christmas Club members. Eliminating certain special corporation and individual funds running into large figures, the average amount received by each member is $59.50, a slight increase over 1928. New York State leads in Christmas Club disbursements with $141,000,000, while Massachusetts has the largest State total in proportion to population—over $70,000,000. F. W. Rawll, President of the Christmas Club Organization, estimates after a direct mail inquiry that more than 10,000,000 permanent savings accounts directly traceable to club membership have been brought to the banks during the past nineteen years.  He estimates that the 1929 Christmas Club money will be spent about as follows:

Christmas purchases …… 38%   $228,000,000

Permanent savings and investment ………….. 30%    180,000.000

Year-end commitments…. 13%     78,000,000

Insurance premiums……. 6%     36,000,000

Mortgages and mortgage interest. …………… 5 1/2%   33,000,000

Taxes……………….. 4 1/2%   27,000.000

Education and travel…… 2%     12,000,000

Charity… ………….. 1%      6,000,000

This entry was posted on Monday, December 11th, 2006 at 5:56 am and is filed under 1920's, Finance. You can follow any responses to this entry through the RSS 2.0 feed. Comments and pings are closed.

Leave a Reply

You must be logged in to post a comment.