Evening star., 1924-09-15
GARRETT ELECTED
EXCHANGE MEMBER
900, 100000 Involved in
Days Treasury Operations.
Local Securities Quiet.
BY CHAS. Il. SHAEFFER.


ative Of the stock brokerage firm OF
r. B. keech & Co, was today elected
member of the Washington Stock
exchange. The seat was purchased in
his own interest
Mr.. Garrett has been an associate
in Washington financial affairs for
IL years, the majority of which time
was spent in the brokerage profess
sion. He was formerly a vice presi-
dent of the Dupont National Bank,
but In 1915 severed this connection to
enter his present field. He will re-
tain his affiliation with keech, who
maintains besides the local branch,
offices in New York, Providence and
Boston.
Huge Treasury Operations.
Operations of the United States
Treasury today will involve more
than S1,000,000.000.
Disbursements will include interest
on the national debt and the redemp-
tlon of short term maturities, while
receipts Will consist of the third in
stallment of income tax payments
and the proceeds of the recent sale OF
Treasury certificates of redemption,
dated as of TODAY
Officials estimate about S250,0o0, 900
will be received in tax payments and
approximately s300,000,000 will be-
credited to the Government from ths
sale of certificates.
On the other hand, 1877 900 900 will
be disbursed in maturing the Treas
ury 512 per cent notes. S5S,000, ,00t
Will be paid as interest on the thru
"A per cent Liberty loan and
s65,0o0,000 is due as interest ol
Treasury notes.
Thus income, as calculated on thA
| basis of s3O0,o00,o00 as the amount
| OF new certificates allotted, will total
5000, 900, with an expenditure total
of $780, 900, resulting in a grand
turnover of s1,050, ,000,0 600.
Allotments to the recent Treasury
f1otation totaled exactly s391,369, 500.
but proportion of these will be
met by exchanges. The actual cash
alfotments have been estimated at
100000, goo.
Better Banking Service Aim.
Betterment of various types of bank
ing services to the public will be main
/ theme a the meetings of the divisions
and sections of the American Bankers
Association to be held a the fiftieth an
nual convention of the organization in
Chicago September 90 to October .
The first divisional meeting will be
that of the trust company section,
which will be called to order at 9 80
room of the Congress Hotel, convention
headquarters. In the afternoon of the
same day the meeting of the savings
bank section will be called to order at
o'clock in the same place. On Mon
Gay afternoon will also be held a con-
ference for clearing house examiners
and managers in the gold room at
O'Clock.
In the afternoon of the following day
will be called to order at o'clock in the
rose room, and at . 80 o'clock the same
day the meeting of the State bank divi-
sion will be held.
On Wednesday afternoon at 2:30
O'Clock the national bank division
will be called TO order in the gold
room. and at 2:15 the same day
bank auditors will hold their con-
ference. on Thursday afternoon at
2:30 o'clock the clearing house sec
tion will again meet.
Wilbur j. Waller, vice president of
the Federal-Ame merican National Bank
and vice president of the American
Bankers Association of the District
of Columbia, will attend the sessions,
as will Joshua Evans, jr., and Ray
mond G. Marx of Riggs National
Women Name Officers.
Woman members of the Washing
ton Chapter, American Institute of
Banking. have organized for the i'm
pending years work as follows: Miss
Lois A. White. chairman; Miss Flor
ence NJ. Willer, vice chairman: Mrs.
Laila Sloat, treasurer; Miss Eleanor
Royce, Miss Theora Roberts,, Miss
Catherine NJ. krieg and Miss Lillian
Mitchell members of the board of
governors.
Plans for the resumption OF femi-
nine activity for the year were dis
cussed and details perfected. 1t is
understood that no active campaign
such as was waged last year will be
conducted, as it is the feeling of
members of the committee that
female bank employees here are align
ed with the institute in well nigh
perfect array.
Local Stocks Quiet.
Issues were fairly quiet on the
Washington Stock Exchange this
morning, but previous strength was
evidenced.
National Mortgage and Investment
preferred sold to the extent of 100
Railway preferred selling at 76S.
Mergenthaler Linotype, 1571a. Gas
was strong at 81 at the opening, but
eased off to SOS as the session closed.
Norfolk and Washington Steamboat
stock sold at PA.
Personal Mention.
Robert V. Fleming and William j.
Flather, vice presidents of Riggs
National Bank, returned from vaca-
tions today.