GOLD HOARDERS

Hawke's Bay Tribune, Volume XXIII, Issue 76, 11 March 1933, Page 7

GOLD HOARDERS

STUNG INTO SUDDEN ACTION

RUSH TO EMPTY SOCKS,

OUTCOME OF U.S. DECREE

By Telegraph—Press Assn.—Copyright. (Received 11, 10-30 a.m.) New York, March 10.

Gold was hot to-day, sizzling hot. It burned fingers and seared con-

sciences and stung hoarders into

sudden action. Thousands all over the United States scurried to the hanks to purge themselves of the yellow stain that the Government has decreed will be a passport to prison. In vanity bags, steel chests, trousers pockets ami armoured cars, it poured in —stacks of double eagles, five-dollar pieces, that dangled on last Yuletide’s tree, and big bars of bullion. The fright which drove much of it into socks and vaults was bringing it bark —fright at the prospect of ten years’ prison and a 10,000-dollar line. One estimate predicted that a billion dollars of hoarded gold would be back in a few days. It was believed that 200,000,000 dollars would be restored to the Federal Reserve system throughout the country this week. Everywhere the Government has prepared a drive to punish hoarders. Th e Reserves Board has called for the names of all who got gold in the past two years. Gold trinkets and bullion are being exchanged at assay offices for cash. Some even tendered gold teeth and watches. One man ’phoned a New York bank stating that he had 700,000 dollars in gold.