Evening star., 1933-12-21
FIGURES INDICATE
.HOARDING CHECKED
More Than 200 Millions Re-
- turned From Circulation in
Last Six Months.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
IN its December bulletin, the Federal
Reserve Board reports that during the
last six months more than 100000, 900
of currency has been returned frcm
circulation which the beard states
means primarily return from hoard
ing.
Compared with this the Reserve
Board shows that the amount of money
in active circulation has increased.
During the last three months there was
an increase in currency outstanding
which reflects an increase in require
ments arising from growth in pay
rolls and retail trade.
"As regards the economic situation,
It appears on the basis of preliminary
figures that the output of basic indus
tries which had declined considerably
during the three months ended Octo-
Der, 1888, showed relative stability dur
ing November, and the volume of con-
Struction undertaken continued to in
crease, rejecting chiefly expansion of
public works" the board stated.
Code Fee List Sent to Banks.
The Wall Street Journal says today
that a tentative draft of the proposed
schedule OF fees to be imposed by banks
under the fair trade practices section
of the bankers code has been mailed
out by the Bankers N. R. A. Committee
for Greater New York, to banks in the
five bOrOughs. The draft provides for
about 60 items and is drawn in line
with the code which specifies that
every banking transaction must pro-
duce profit. besides aiming to elm
mate unfair competitive practices.
The schedule probably will be voted
On at the end of this week at a meet
ing to be called by the chairman of
the committee, the journal adds
A special committee of Washington
bankers is hard at work on the per-
manent code. which will include new
service charges to be imposed by the
banks here. The codes must be COM
pleted and approved by the last of next
week as they go into effect on January
! all over the country.
As already announced, the codes are
to include large number of new serv-
ice charges, or fees, for many different
kinds Of banking business which have
previously been transacted free of
charge, and in many instances at a
loss to the banks.
Glass Sees Few Bank Act Moves
Senator Glass chairman of the SEN
ate Appropriation Committee, is quoted
as favoring little tampering with the
Glass-Steagall act at the coming ses-
sion of Congress.
Ackad If tba~a MOULD ho
legislation in the coming congressional
session, he said he had in mind one
rather minor modification to take care
of exceptional cases of banks whose
stocks have deprecated in value SO
enormously as to make it difficult for
them to get a suitable board of direc-
tors. The law requires directors to hold
par value stock amounting to S2,500
before they can serve.
The Senator also stated that there
may be some modification of the insur-
ance deposit feature although he could
not say whether this would be car
ried out
I'D like to leave it all alone and give
it trial" he said
Mergenthaler Holds Trading Stage.
Mergenthaler Linotype stock monop-
oliZed all the trading on thu Washing
ton Stock Exchange today something
very unusual. The stock opened with
five 10-share lot sales, all made at 23
The market then improved, two To-
share lots moving at 23li, after which
the price went still higher, the days
business closing with three more 1C-
share lots changing hands at 23la.
The days sales totaled an even 100
shares.
The Washington Exchange will end
the week with the usual Friday session
and will be closed until next Tuesday
The exchange does not hold a Satur-
day session, SO the question of any
extra holiday did not come up as was
the case in New York. The New YORK
Stock Exchange will be open Saturday,
as the result of action taken by the
board of governors.
According to ruling, or rather an
interpretation, in the December issue
Il the Federal Reserve Boards bulletin,
officers and directors in member banks
iare permitted to hold seats in stock
exchanges. The ruling smeans that
washington bankers, who are members
of the local exchange. may continue to
bold their memberships under the
kanking act Of 1888.
.; Money Resolution Received Here.
- ! IlG 4lISL ana IdSL OF TIE
resolution passed by the Association of
Fife Insurance Presidents, and received
here by the members Of the District
life Underwriters Association, say
-, THE fifty-seven United States life in
tsurance companies represented in the
Association of Life Insurance Presidents
have about 81 per cent of the total life
Insurance outstanding in all United
States legal reserve companies, approXi-
mately 55,OOOO0O pOliCyhOlders, and as
Bets which, it is estimated, will at the
End of the year 1888 amount to S18,-
216 100000. Any matter relating to the
monetary system of this country in
tmately concerns not only the policy
holders but also the beneficiaries named
binder their policies and vast number
Of other individuals who have a direct
Interest in the benefits from payments
binder life insurance policies.
g. I'VE, therefore. urge that the gold
standard be maintained; that cur cur
1ency be stabilized promptly; and that
the people be assured that there will
he no experiments with new monetary
systems We are convinced that the
maintenance of the gold standard, the
prompt stabiliZation of the currency,
and assurance that nothing will be
done to impair it. would do more than
any other thing to restore confidence,
10 cause business to go forward. and to
promote recovery. This country is still
the richest in the world and with great
capacity for further creation of wealth"
Gossip in Financial District.
Savings banks of Massachusetts,
Through the State association, are
working on a plan for mutual insur-
ance of their deposits. The plan has
won a wide. although not unanimous,
approval among members of the aSso-
citation. The savings institutions of
this State are strongly opposed to
membership in the Federal Reserve
System as means of obtaining the
protection Of Nationwide insurance of
deposits.