Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-12-02
AVOID RUSH, PLEA
IN WAR SAVINGS
Reserve Bank Asks Philadelphia
Holders to Redeem Certifi.
Gates Before January
$40, 900, 900 HELD IN CITY

"A group Of Philadelphia people.
estimated to number at least 25O.O00.
is laying np trouble for itself" says
George W. Norris. governor Of the
Federal Reserve Bank of Philadelphia.
This group comprises the holders Of
the war savings certificates which the
Government issued in 1918 and 1910.
Tho total Issue OF these certificates now
outstanding in the country is about
S625 100000. a guess is that at lens.
$40. 200, 900 worth is held in rhiladel.
pha by not fewer than :j0, 900 persons.
and perhaps 30O, 600 or oven 100000
In New York City there are 1,50O 900
holders.
when a large issue of securities Ia
held in thousand. dollar units, the mum.
ber Of individual holders Is not SO large.
and investors are in the habit OF
handling transactions through bankers
and brokers. These war savings Ger.
tihcates. however. are held in compare.
lively small amounts by n multitude Of
holders, many Of whom have no bank.
ing connections. and the Treasury De.
pnrtment has recognized the fact that
It Is going to be u tremendous physical
job to take care Of their payment on
January next.
Urged to Come Early
The department Is doing all that
1t can to avoid mn eleventh hour rush,
with long lines Of waiting applicants,
and the resulting annoyance and dis.
appointment to holders: 1t has an.
rounced that almost all banks, par.
tirularly savings banks, will attend to
the holders. and In large cities It hns
made special arrangements through the
Federal Reserve banks.
In this city the Reserve Bank. as
agent for the Government. has rented
a large floor in the building ut the
southeast corner of Twelfth and Chest
nut streets. where It Is prepared to
handle all unregistered certificates with.
out congestion or delay. II only holdo
of the certificates will serve their own
interests by coming early.
This Office hns been open for two
weeks. but only n handful Of people
have been coming in each day. II this
continues 1t means that in the last week
Of December nrN the first week Of
January they will be coming by the
WIS vi tHOuSHIllS, SO JnNt tilege VIII ne
long lines ont in the street. the Office
force will be overwOrked and certificates
holders will be delayed, perhaps for
hours.
Holders Are Warned
"Holders cannot get the money for
their certificates in advance Of January
!. but they can present their certificates
at any time. got a receipt for them and
have Il check mailed to them on January
I. If they are disposed to do the wise
thing and exchange their certificates for
the new treasury savings certificates.
they can close that exchange at once
and get cash for whatever balance may
be due them on the exchange.
The stock fakCsters, promoters and
bunko artists are looking forward to
this payment Of SG23. .000.0O0 to small
Investors as a possible harvest time for
them. They have already begun to
dress their wares, and will become more
and more liberal in their promises and
in"istent in their persuasions us the
time Of actual payment approaches.
''rhc Treasury Department is par.
ticIIarly anxious that these patriotic
snail investors holding tho certificates
shall not be- victimized and. therefore.
urges that they either exchange for the
new treasury savings certificates or de.
r"sit their money in some reliable say.
ings bank