Evening star., 1933-11-24


ing institutions
over the rest of the
country to some Richard A. Norris.
100000 members
according to Herbert Rawll, founder OF
the Christmas Club association, which
was started % years ago.
Reports from all over the country In
past years indicate that about half OF
this huge sum of money goes into the
channels of trade and is used in Christ
mas shopping. In this way it is factor
of tremendous importance, not only to
the club members, but to merchants
everywhere.
Naturally, so much money being made
available at this time of the year, has
its reflection in a great many ways
outside of Christmas trade gift buying
According to Mr.. RaWll, 26 per cent
goes into permanent or investment,
IL per cent is applied to taxes, per
cent each for insurance premiums and
reduction of mortgages, while the re-
manning per cent is used for travel
education and charity.
The new 1884 clubs in Washington
start on the last business day OF this
month, November 20. 1t is the day
before Thanksgiving and happens to be
a Government pay day. Perhaps it did
not Just happen that way, but thou
SANDS of Uncle Sans workers will have
the money with which to enroll in the
new clubs and make the first payments
Eighteen banks here are to conduct
the clubs next year. Improving en-
ployment conditions lead the banks to
the hope that 1884 will exceed previous
years in the number of members and
the totals subscribed. The banks re-
port that their present members include
people in every walk of life. from the
laborer who subscribes for S25 to the
capitalist who wants 81 900 for use at
Christmas.
So enthusiastic over the idea are
many Washington bankers that they
believe the Christmas club plan is the
most satisfactory method yet devised to
save money for any purpose.
Norris Heads A. 1. B. Committee.
With the announcement of the ap-
pointment of Richard A. Norris. as
sistant cashier of Lincoln National
Bank, as chairman of the Finance
Committee of Washington Chapter,
American Institute of Banking, Robert
H. Lacey. cashier of Columbia National
Bank and chapter president. stated that
the financial program for the year
1933-34 has been approved and will be
adopted by the board OF governors as
prepared Its annual budget. in excess
of $4,000, provides for rent and op-
Grating expenses incident to conducting
classes in banking. banking law, eco
nomics and allied subjects.
Mr.. Norris is a past president OF
washington chapter and treasurer OF
the 1894 institute convention to be
held here next June. Born in Wash
treton and educated in local schools, he
graduated from the American Institute
OF Banking in 1928 and has hlled many
assignments on its official board. being
elected president of the local branch IN
1882. He is now a member OF the
board of governors and several commit
tees of Washington chapter. He Is also
a member of the National Forum Com-
mittee of the A. I. B.
Associated with Mr.. Norris as mem
bers of this committee are Aubrey Q.
Dooley. assistant trust officer, Hamilton
National Bank: James G. Dulln, r.'
treasurer. American Security q Trust
Co.: T. Hunton Leith. assistant cashier,
Security Savings & Commercial Bank,
J. Earle McGeary. w. B. Hibbs q Co;
Frank NJ Perley. trust investment ON
Ger. American Security & Trust Co.; l.
J. Roberts, assistant cashier, Riggs Ma
ClOndl Bank, Edli D. OCAeDCl, 1AAAi>AASNA
Security & Trust Co., and James A.
SOBER vice president, Lincoln National
Bank.
This committee also has been selected
to handle the finances of the forth
coming national convention OF the
American Institute of Banking, to be
held here.
Rapid Transit Reports Surplus.
A statement of operations for Oc-
tober and the first 10 months OF the
Public Utilities Commission by the
Washington Rapid Transit Co.
The report shows a surplus of $82787
in net income for last month. as con-
trasted with deficit of So, 1862 OF in this
item for the same month last year, an
Improvement of $4,789.94 in the COM
parison.
For the first 10 months of the present
year the net income item presents a
deficit of S46,84851, which is S8,418.76
less than the deficit of the correspond
ing period year ago, when 1t was $55,-
26727.
Prompt Check Payments Urged.
Banks in Washington received word
today from w. w. Hoxton, agent of the
Federal Reserve Bank of Richmond,
calling their attention to the coming
first payments to Government employees
engaged in the public works program
now being launched.
Agent Hoxton quoted letter sent to
the Federal Reserve banks by President
Roosevelt asking that all these checks
be honored promptly and cashed with
out any delay. All that is necessary in
handling these checks is definitely to
identify the persons who present them
at the bank windows.
In line with the Presidents request
Agent Hoxton urges cooperation by al
banks in the fifth Reserve district
Putting this large sum of money into
circulation will not only be Of great
benefit to the Government workers, but
over the country.
U. S. Bond Purchases Continued.
The Treasury has purchased an un.
announced amount OF Government
bonds during the current week, Acting
Secretary Morgenthau announces.
The Secretary said the purchases hac
been made for investment purposes or
behalf of the several funds, such as the
postal savings, controlled by the Treas
ilry. He said that he would report the
exact amount of acquisition next Mon
day:
= Mr.. Morgenthau made clear that ht
did not consider the Treasury's opera
tions as in the nature of ones designed
to sustain the Government bond mar
ket.
IT don't think that any one has tt
uphold the value of Government bonds,
Mr.. Morgenthau said.
Today's Trading on Exchange.
In the final session of the week OF
the Washington Stock Exchange, Wash
ington Railway & Electric preferret
registered three small sales at 81. Ian
ston Monotype opened at As and closet
at 46 on an 18-share turnover. Potoma,
Electric Power per cent preferre,
came out at 110 and the 512 per cen