Evening star., 1934-01-20
GOLD FLOOD EBBS
IN CAPITAL BANKS
Extension of Time for Giving
Jp Metal Proves Relief to
Institutions Here.
BY EDWARD C. STONE.

rush of the last week has passed.
The height of the rush was last
Wednesday, the original dead line set
by the Government for turning in gold
and gold certificates to the banks or
the Treasury
Since that time Secretary Morgen-
thau has extended the time indefinitely
for the surrender of gold coin, bullion
and certificates. At the same time he
sent to the Washington banks and 9TH
ers all over the United States instruc-
tions that they were to continue to re-
ceive gold with payment at face value
until further notice.
This ruling was a great relief to the
banks in this city. On the first day
after the dead line, they were required
to take the gold, give receipts for 1t.
learn all the circumstances as TO now
1t happened to be in possession OF the
holders and send these facts to the
Treasury Then instructions were 10
be awaited regarding face value pay
ments, fines or other possible penaltles.
The whole proceeding required large
amount of clerical work and took Valu-
able time.
ONLY a guess could be made as TO
the total amount of boarded gold that
has come to light in the last few days.
The biggest day totaled 100000 for
washington. the Treasury said. The
amount surprised the banks AND IL IS
known that many 81, $3.50, S., $40
and $50 gold pieces still are being re-
tanned bv their owners. Many OF these
gold coins were gifts and have been
treasured for a great many years
Memories make them priceless IhelI
face value means nothing compared
with thp family associations surround
ing them. 7,e+-,c+
banks may continue to take IN an tne
pold offered for deposit. AT tne same
Fine depositors are much relieved that
they have more time in which tt to d@E16e n7Snae
of the yellow metal. That is to say,
those who have not already eXchangeo
Il Thousands answered the Govern
ment's first call for gold and have mad
none since. But keepsakes are Keep
sakes as one citizen said today.
Business Holds Upward Trend.
Following last weeks report that busl-
ness in the fifth Federal Reserve DlSo
trict, including Washington, was up o
per cent in December over the SAINT
month year ago, come announcements
that business in this territory Is stlli
the other reserve districts Is nldhAis
a fine January showing.
Trade in Atlanta remains excellent
In fact, trade in that area since CiirlSC.
mas has held up so well that some OF
the extra holiday clerks had 10 De
brought back into the retail stores.
Bank clearings were higher than IN the
corresponding week in January. klng
Cotton is assigned as the main cause.
The New York Reserve Bank reports
that trade continues to improve wnlie
philadelphia says that retail trade de-
mand is surprising the merchants. In
New England sales are the hlehest 1or
the period in several years. Inc same
is true in St. Louis.
Chicago reports that distribution IS
tries are showing further Improvement
while another feature in that district
is the return of boarded gold Warm
weather slowed up retail trade in Min
neapolis for a few days Bank clearings
in kansas City were SAT 100000 above
the same week last year. while both
Dallas and San Francisco report further
advances.
Publicity on Stock Options.
Whether or not it is being done sole
ly lest worse befall, the fact remains
that the stock exchange is showing it
self more capable of self-regulation
every day. says the Magazine of Wall
Street. And by the same token, the
case for Federal control becomes the
weaker.
The latest constructive move con-
Germs stock options. In a recent list
ing application a company stated in ef-
feet that it had issued no options nor
warrants on its stock, and that so far as
1t knew neither had any one else. The
importance Of some such statement as
q standard regulation concerns the op-
Grafton of pools and the marketing OF
stock.
Altogether too many times in the past,
options given to an individual or group
of individuals by company have had
unfortunate reactions upon the public
at large End abuses here and most
stock manipulatorS will 60 out OF buSi-
ness the magazine believes.
Rapid Transit Reduces Deficit.
Washington Rapid Transit Co. has
filed its statement of operations for De-
cember, 1888, and last year with the
Public Utilities Commission.
The net income item for December,
1888, reveals a surplus of $663.43, as
compared with deficit of S3,442.27
in this item for the month in 1882.
This is a S4105.70 improvement.
For the II months of 1888 the item
presents a net loss of S45, ,621.51, as
contrasted with let loss of S63, ,599. .95
for the year 1892, or a reduction in
deficit of Sl7,978.44.
Securities Act Discussed.
President Roosevelt and party lead
ers gave special attention to the ad-
ministrative features of the securities
act at conference held during the
present week.
While some effort may be made to
smooth these out, there would, in the
opinion of the participants, be no dras-
tic changes in the bill.
sion was to see whether changes are
needed in the bill but nothing was
agreed upon and the matter was left
open.
Others attending the conference we're
Secretary of the Treasury Morgenthau,
Attorney General Cummings, Federal
Trade Commissioners George c. Mat
theWS, and James NJ Lands, and Her.
man Oliphant, legal adviser to the
Treasury.
Heard in Financial District.
Maj. Frank w. Patterson. formerly
financial editor of the Washington
Post, has been confined in Mount Alto
for some time, where he is undergoing
special treatment. Maj. Patterson was
very widely known in the banking dis
trict for several years. He has a fine
World War record in addition to un-
usual ability as a newspaper man.
Louisville & Nashville Railroad re-
ports for II months ended November
80, 1888, net income of S1,862,744 after
taxes and charges, equal to S1.59 a
share on 1,17OOOO shares of capital
stock. This compares with net loss ol
$2,998857 in first II months of 1892
Senator Vandenberg says he has re-
eeived an official report showing that
53,396,662 bank depositors in the United
States a!e protected by Federal insur-
ance. sabdenberg said the deposits
protected totaled $15,21O, 900.