Evening star., 1936-06-02
GOLD BASIS HELD
Il RECOVERY NEED
AdoIph C. Miller Declares it
Only Way to Free Trade
Enterprise.
BY EDWARD C. STONE.

That the gold standard offers the
only solid foundation upon which to
reconstruct the monetary systems OF
the future, to release the spirit of
enterprise from the captivity of fear,
and to restore to Western civilization
Its self-respect, has become clear be-
yond peradventure, in the opinion OF
Adolph C Miller, former member of
the Federal Reserve Board.
There is little reason for believing,
he added, that the world will again
achieve an assured position of eco
nomic and financial stability and
prosperity until the monetary prob
lem is eliminated from the apprehen-
sions and anxieties which are still
delaying recovery not only in our
own country but throughout the
length and breadth of the world.
Points to DisIocations.
Some of the high spots in Or. Mil
lers scholarly addresses before the
District Bankers Association are still
being discussed among these finan-
ciers. Dislocations in the diStribu-
tion of the worlds total monetary
gold stock, he said, occurred early
in the World War and have never
since ceased. The gold standard
emerged badly crippled.
A movement of gold to the United
States of spectacular dimensions and
ominous portent began in 1884 and
has continued without noteworthy in
terruption ever since, affected in its
rate of intensity by one factor then
another. The United States has dur
ing this period added the entire out
put of the mines of the world and
considerable amounts held privately
and by central banks. Such shifts
are without precedent in monetary
history.
The problem and place OF gold in
the monetary systems of the future
has not yet been fully clarified, DR..
Miller asserted. Looking over eco
nomic history for IS years it has
not been demonstrated that an effec-
tive substitute has been found for the
type of monetary discipline imposed
by the gold standard.
Cooperation Necessary.
The future of gold and Of the gold
standard have not yet been deter
mined. nor will it be determined by
the action of any one country. 1t
follows that until the role which gold
is to play in monetary systems of the
future is settled the role to be played
by managed currency cannot be set
tied on a permanent basis The man
agement of money within the frame
work of the gold standard is a very
different business from what it is
without it.
That money management will have
q larger part in central banking in
the future than it had in the old gold
standard world does not admit of
doubt, but how much larger that part
will be will depend upon the form in
which the International gold stand
ard mechanism is eventually restored,
and also on how nearly and how soon
an economic world suited to that
standard is restored, DR.. Miller told
the District of Columbia bankers.
Financiers Experts at Golf.
Many Washington bankers again
proved their golf expertness at the
convention. Ord Preston won the
I. A. Pop" Fleming Cup by defeating
Roger ]. Whiteford The Hibbs Cup
went to Charles H. Doing; Robert H
Lacey, second; E. P. Wilson, third;
Warren R. Forster, fourth. The
Shannon McLachlen Cup was taken
by T. Stanley Holland, with A. D.
Driscoll, c. A. Smith and M L. Lang
ford next in line. The class B prize
in this event went to George O. Vass,
followed by c. S. Buchanan and w. H.
Pardoe.
The Richard Hatton Cup was won
by Lawrence Clayton and the Wright
Cup by George o. Schweinhaut. Mrs.
John Dolph won the ladies' putting
contest, Mrs. Norman B. Frost Sec
ond Mrs. Joseph F. DoWdall cap
tured the Patterson Cup, with Mrs.
Joseph A. Mari, Mrs. E. A. Rule and
Mrs. Chester Morrill, following closely.
Lawrence M. Proctor, bond expert,
proved a better horseshoe pitcher
than any of the bankers, winning the
Gruver Trophy after close finish
with Donald Childress.
Agents Win Volume Rewards.
Two members of the John L. Nc
Elfresh agency of the Connecticut
Mutual Life Insurance Co.-Roger NJ
Stuart and Francis M. Brotherhood
have qualified for the educational
conference of the company to be held
at Hot Springs, Va, June IL and 13.
of he ie
on the volume of insurance written
during the past year. Mr.. McElfresh
stated that leading underwriters from
IL other cities, as well as Hartford
home Office officials, will also attend
the meeting.
Joins Laundry Association.
The National Laundry Co., Inc, OF
Washington has recently joined the
National Association of Dyers and
Cleaners, according to ]. M. Matson
managing executive of the associa-
tion, which has its headquarters at
Silver Spring, Md, suburb.
This enrolment is part of a ma
tional response among dry cleaners
to the associations active program OF
technical research, fabric investiga-
tion, cleaning efficiency tests anc
time study and cost accounting, which
enable member cleaners to give thu
consumer better service.
Today's Trading on Exchange.
Capital Transit stock opened trading
on the Washington Stock Exchange to-
day with five 10-share lots and ont
50-share block selling at 12A. Late
there was another sale of so mort
shares at IL fiat.
The only other stock sale was il
Potomac Electric Power per cen
preferred, small-lot transfer register
ing 10815. Bond trading was confined
to Capital Traction IS, two $1,00I
transfers being recorded at 80, un
changed.
Peoples Drug Stores preferred stool
is now being quoted ex-dividend, in an