Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-04-18
THE GOLD MOVEMENT TO DATE;
MORE YELLOW BARS COMING
New Functioning by Reserve Banks In
valuable-Comment on Local Investment.
Liberty Bond Holders Should Get Relief.
ny i. A. FLEMING.

So far this year the stock of gold IN
The United States has been reduced
by si25.429.153. so that 1t is at the
lowest point since the month OF DC
tober.. 1916, wien they were $2,63S-
o09.56S. as against the high Of July.
1919. of S3.092.037.s9 Since the LIST
of March the South American move
ment caused the withdrawal OF *os..
4s3.053. April l there still remained
in the Treasury S2662.2s4.553.
The reserve banks own matter OF
s112.IS1. 900 gold in the vaults OF the
Bank of England. which they can
import at pleasure. this gold neins
the amount received by the food az !
ministration from Germany for food
stufYs
Bankers are Of the opinion that
there will be much heavier shipments
of gold from London. as the $4,000
600 that has been received to date -
not sufficient to care for the Anglo
French bonds marketed in America
1t is said that England. whose share
in the loan was $250,000.000. has
large amount of gold over here and
that she has also credit for securi-
ties sold in this market
Wall street is counting on further
shipments as a factor in relieving the
money market
4 Great Corporation.
The Standard Oil Company of New
Jersey. dissolutionized earned gross.
$500. 600, 900 in 1919. and it had 1884.
$4,000 working capital on hand
Despite all the profits incidentally
the heavy taxes. etc. the company
needs more working capital. II is
short tankers and is spending 49,
100000 for new tank steamers which
will give it a fleet of $4,000 tons
deadweght
Standard Oil produced 10000. 900
barrels of oil in 1919. but ii is not es-
sentially a producing company. being
more of a refining proposition.
1t refines much more than it pro-
duces. and 1T is very large purchaser
of crude oil.
The stock of this great corporation
is quoted at $425 a share. and from
It has sprung the various Standard
Oil companies of California. Indiana.
Kansas. Kentucky, Nebraska. New
York and Ohio, all worth millions on
millions.
A Proper FunctfOning.
Washington is assured that in
short time its national bankers. men,
bers Of the local clearing house as
ISOLATION. may borrow money direct at
the Treasury, and that an official will
through whom the balances Of the
daily clearings OF this city may be
settled on reserve balances with the
Richmond reserve bank.
InIS Is tne proper function OIL the
federal reserve bank wherever pos
sible. as it is a distinct advantage to
member banks in more ways than one.
1t is the easiest kind Of a method of
settling clearing house debts in the
twelve cities where reserve banks are
located and in the cities where branch
banks have been installed.
This big movement-that is. the
possibility of the settlement Of the
daily clearings in this manner-was
first bruited at the District bankers
annual convention at Deer Park last
June. Had nothing more resulted
from that gathering. it would have
fully repaid even in dollars and cents
the entire cost OF holding the gather
ing. Credit goes to Robert V. Flem-
ing. assistant cashier Of the Riggs
National Bank.
There is small question that the
practical teachings Of that convention.
as developed in the technical discus
sions of inside bank workings.
have been very beneficial to the banks
OF the District. The young men of
the banks were called upon to make
good in their contention for a District
convention and they did it SO strongly.
asrdemonstrated by this latest better
ment, that the annual convention is
now a fixture.
District Bankers' Association.
The regular monthly meeting Of the
District Bankers Association will be
held tomorrow evening at the rooms
on + street.
On this occasion progress in con-
nection with the coming convention
a the association on the S. 8. Midland
NJ be reported and there will be a
detailed showing of the work that
the annual convention in October Of
the American Bankers Association.
me executive committee gave con-
eideration at its meeting on FRIDAY
to the question of a paid secretary
for the local association during the
convention Of the A. B. A.. and in
preparatory work as WELL No infor-
nation as to candidates was given
out. The position will call for the
services Of young man all Of the
time.
A Condition. Not . Theory.
What would you do II you were
bank cashier and on your arrival At
your bank in the morning found the
time lock working all right but you
were unable to open the vault door !?
And the clock told you that in a few
minutes a line of depositors would
more than likely initiate the daily
movement of getting a little spare
cash. What would you do?
Send for a locksmith? That would
be all right as a matter Of eventuali-
ty. but it would not assure you cur
rency for your demands by depositors.
and failure to meet them might result
unfortunately.
young president of an uptown bank
did. break all speed laws in getting
TO friendly bank sans lock trouble
and securing the much needed cash,
again breaking speed laws to get back
TO your own institution before the
opening hour.
1t is fortunate that the spirit Of
harmony permits Of the extension Of
such courtesies.
Ne Wonder Investors Are Nervous,
Small wonder that investors are
nervous. The United States Supreme
Court has guaranteed to public sery-
ice corporations a minimum return
on the value Of the property Of the
corporation Of per cent, not on the
value of its securities. Therein many
people are mistaken.
measure was introduced in the
senate yesterday to make 81 cents
the legal fare in the District-follow
ing the decision by the utilities com
mission that IN cents in blocks of
four tickets and cents cash should
hereafter be the fare
Some investors considered the sit
uation improved on the settlement of
the fare problem and bought a few
shares of railway preferred. no com
mon being sold. Adverse criticism
has resulted in liquidation. Of small
quantities of the stock by tired
holders.
The record of a few years of fiuctu-
atoms and declining trend in the
prices OF the public utility stocks on
tho Washington Stock Exchange is
not a pleasant one for hundreds Of
men. women and children 1t is but a