Evening star., 1934-02-07
D, c. BANKS SHUN
GOLD OFFERINGS
Advise Holders to Take
Metal Direct to the
Treasury.
BY EDWARD c. STONE.

Gold is still being turned in at the
tellers' windows in Washington banks,
as a result of the TreaSurys recently
renewed instructions, according to a
limited survey made today.
The banks, however, are lodging
the responsibility of taking it and at
the same time avoiding making out
elaborate records which the Treasury
now requires, as TO the amount OF
gold surrendered. why it has not been
turned in before this date, and many
other pertinent facts about the
precious metal and the holders OF It,.
All customers presenting gold at
the banks are instructed to take 1t
direct to the Treasury and fill out
the blanks there This same policy
is being adopted in cities outside OF
Washington which have Federal re-
serve banks or branch Federal re-
serve banks. such as Richmond and
Baltimore.
1t was learned in the financial dis
trict today that many bank customers
do not know that they are no longer
allowed to hold back 500 in gold.
This was at first permitted by the
Treasury. 1t is no longer the case.
When the original orders were
promulgated. every person in the
United States was given the right to
retain Sl0O in gold coin or certificates.
Since then all holdings have been
called in.
People do not look at their paper
money very closely. There have been
cases in this city recently bank
patrons had not noticed they were
holding gold certificates. OF course,
these have to be turned in just the
same as the gold coins and many
such certificates are being left at the
Treasury
Opinion among fnanciers is that
holders of gold will have little diff
Guilty with the Treasury after they
have surrendered it, unless it is known
that they have been large hoarders.
There is a lot of uneaSineSS. however,
on the part of many who have kept
their gold hidden away. The best
proof of this is the fact that recently
there has been a great increase in
the amount of gold placed in the col
lection plates in the churches. Natur-
ally, church leaders hope that the
new deal will continue.
Code Committee Expanded.
Pursuant to an order of Gen. Hugh
S. johnson, administrator for lndustrl-
a! recovery, increasing from Is to 25
the representatives of the American
Bankers Association on the Banking
Code Committee. President F. NJ. Law
of the association has added 10 men,
bers.
The chairman of the original COM
mittee is Ronald Ransom Of Atlanta.
George o. VasS is the Washington
member. Thomas B. McAdams, now
of Baltimore. is also a member. as is
Robert NJ Hanes. of winston Salem,
N c. Another member particularly
is o. Howard Wolfe, cashier of the
Philadelphia National Bank
The modification Of the code, under
which the above additions are made,
was ordered by Gen. Johnson, Janu-
ary p. and provides that the COM
mittee shall consist of not more than
25 representatives Of the American
Bankers Association. three represent
atives of non members to be selected
in manner approved BY the admin
strator. and a representative or repre-
sentative without vote appointed by
the President of the United States.
Fewer District Failures.
The year 1898 witnessed a very
marked improvement in insolvencies
In comparison with 1882. There were
only 1906 bankruptcies in the fifth
reserve district in 1888. compared with
1886 failures in 1892. Not since 1923
district in one year.
Liabilities totaling S30,049977 last
year are the lowest since 1929. says
the Reserve Bank of Richmond and
contrast favorably with S54 233 29l
reported for 1882. For the United
States as a whole. there were 20,307
failures in 1888. with liabilities aggre-
eating S502 ,83O.564, compared with
81 822 failures for S928,312,517 in 1882
Failures in the fifth district in De-
cember, 1893. numbered rs. in COM
parison with 64 reported for Novem-
Der, 1888. and 148 reported for De-
cember. 1882. Liabilities involved in
last months insolvencieS totaled only
81, ,5449 slightly higher figure than
ST .495. .l24 in November, but less than
s., TAI ,688 in December of the preced-
ing year. AS a rule, business failures
tend to rise in December because of
the pressure of year-end settlements,
but the rise this year was very slight.
Peoples Drug Sales Higher.
Peoples Drug Stores sales were
Slightly higher in January this year
than a year ago. January, 1884. sales
totaled sl,322.137, against sl.310,6l3,
an increase of Sll,524, or 08 per cent.
Sales in December showed a decrease
of "a per cent. compared with De-
cember. 1882. Peoples Drug preferred
stock sold on the New York Exchange
yesterday at 91l4. up a point. The
last sale on the Washington Exchange
was at 1912.
Capital Traction stock opened at
23l2 on the Washington Stock Ex-
change today. 1t closed at 23l4; turn
over, 25 shares Mergenthaler Limo
type. which led the market yesterday,
sold at 27l 2 today for 10 shares. Po-
tornac Electric Power 5 2 per cent pre-
ferred moved at 1923.
Only one bond sale appeared on the
board. $500 Washington Gas IS, 1860,
eoming out at 10434.
Cleaned in Financial District.
The annual dinner of the Ticker
Club takes place tomorrow evening
at the Burning Tree Country Club.
Karl w. COrby. club president, is the
host and a record attendance is an
ticipated.
Oliver Thurman. widely known life
insurance man from the Mutual Ben
eft Life. Newark, N. j., addressed the
February meeting of the District Un-
derWriters Association held at the
Willard Hotel this noon.
Stock traders and investors got
big surprise in the board rooms here
yesterday when the ticker tape showed
q 90000-share transfer in Common
wealth e. Southern stock. Veteran
brokers said today they could not re-
call larger sale than that in a single
transaction, although a $500 sale in
American Telephone, or some other
high-priced stock. would mean