Evening star., 1934-02-08
D. c. BANKS TAKE
GOLD OFFERINGS
Data About Those Who
Surrender Metal Not
Required Now.
BY EDWARD c. STONE.

day is a result OF che new treasury
order lifting previous instructions that
names. addresses and host of other
information must be taken from those
surrendering the precious metal for
currency.
The Treasury states that it is no
longer necessary to ask anybody why
the gold had not been turned in SOON
er, that is, why the original order call
Ing for all gold and outstanding gold
certificates was disregarded.
With no questions to be asked, and
no elaborate blanks to be filled out
and forwarded to the Treasury. many
bank officials here decided that they
ought to accommodate their regular
patrons and supply currency whenever
requested.
Comparatively small amounts of gold
were turned in at the local banks to-
day, officials reported. partly because
the new Treasury order had not be-
come generally known among CUSTOM
erS. Much of the outstanding gold in
Washington has already been trans
ferred into currency. in the opinion of
f1nanciers.
Banks today were awaiting complete
copies of the Treasury order from
the Federal Reserve Bank of Rich
mond. Officials say they have almost
been made dizzy by the whirl of diff
ferent orders issued regarding gold.
They are however, generally pleased
that the orders have been modified.
Waller Sees Better Earnings.
John R. Waller. president of the
International Bank Jackson place, in
his semi-annual report to stockhold-
ers. predicts gradual business revival
and increased earnings in 1884. A
summary of operations during the
past year is largely repetition of the
last report to stockholders. he saws.
While the National Capital was
spared much of the depressing effect
OF the first three years of panic. fail
ure OF a large number of Washington
institutions 10 open after the March
moratorium brought ruin to many
business firms and further demoral-
lzation to local realty and security
prices. He adds:
Banks and mortgage companies
have much to answer for in this de-
preston. Our problems were in
creased by the failure of several banks
and corporations in which the COM
pany held accounts of securities. In
siStent demands Of creditors for i'm
mediate liquidation of Indebtedness
added to the difficulties of your man
agement and all departments were
greatly handicapped in their opera
tlons. Further salary cuts were eff
fected and overhead cut to a mini |
mum. To help clients to the full
measure of our resources, loan of
$40 900 was obtained from the R F. c."
Mr.. Waller declares the turning
point in the Nations business and
financial crisis came in March, 1898. |
and praises President Roosevelt for |
"the tremendous program of rehabili-
tation undertaken by the Govern |
ment." |
Otterback Again Loan Head.
Maurice Otterback chairman Of TIE
board of the Anacostia Bank. was re-
elected president of the Eastern Build
ing & Loan Association, at the annual
meeting yesterday. Others elected
were: Clarence F. Donohoe, vice presi- |
dent; William N. Payne, jr., secretary;
R. Edward Early, assistant secretary;
George o. Repetti, treasurer, and |
Walter H. NARROW, attorney.
The stockholders reelected the fol-
lowing directors: Charles A. Garry,
Mr.. Donohoe. William H. Harrison. |
James J. Hayes. Mr.. NARROW. Mr.. |
Otterback, Mr.. Payne and Mr. Repetti |
and John M. Riordan, vice president !
OF the Bank of Commerce & Savings. |
President Otterback reported that |
assets now total SLAP ,7O2, a gain of |
S26292 during the year Undivided |
profits are higher than year ago, as |
Is the associations surplus.
Chapman Back From Florida.
G. Bowie Chapman. resident man
ager of LaidlaW & Co.. New York |
Stock Exchange house. is back at his |
desk after a short vacation passed in !
Florida. He returned enthusiastic |
over the outlook for the security mar |
kets. Barring temporary declines, |
which are bound to occur, he believes |
the trend will be upward as the year |
advances. This is the common view |
held by stock brokers now at the |
Florida resorts, he said.
Mr. Chipman came into the ma
tional limelight several months ago |
because of his views on silver. He was
one of the first to forecast an interest
in the white metal. Better general |
business conditions are the basis of |
his general views toward the securi-
ties outlook.
Yesterdays meeting of the District |
Life Underwriters Association drew |
more than 100 members to the Will
lard Hotel Thomas P Morgan, jr,
presided. and j. E. McCombs was
made chairman of a committee to
arrange for AThrift Week" program
Oliver Thurman was the speaker.
Senate Passes Bank Bill.
The Senate has passed the admins
tratiOn bill reducing the amount OF
stock that any director is required to
hold as qualifying shares in member
bank. Under existing law director
Is required to hold $4,000 worth of
stock and under the Fletcher bill this
figure would be reduced to $1,000.
The banking speech of Jesse H.
Jones, r. F. C. chairman, has caused
wide discussion in the flnanclal dis
trict. Bankers say they are between
the devil and the deep sea- If they
make loans that freeze up, they are
bitterly criticised If they are caut-
ious, they are charged with obstruct-
Ing recovery.
The Investment Bankers Associa-
tion is pushing forward its N. r. A.
rode plans as rapidly as possible. The
committee of 81 members
has just been announced. 1t includes
members of many firms which have
branch Offices in Washington.
Trading on d. c. Exchange.
Washington Gas Light SIS, 1860, fig
ured in a 81 900 sale on the Stock EX-
change today at 105. This was the
SESSIONS only bond sale. Washington
Railway Electric preferred came out
OF 81. Thirty shares of Capital Trac-
ton opened at 23A, the stock then
advancing on a 6-share sale to 2313
it closed with 221a offered and 25
asked The days last sale was in
l