If you rebuild the gas from the 1.38.1 sources, you should apply the
patch that follows.  The binaries in gcc-vms.tar.Z have been compiled with this
patch.

*** vms.c-orig	Sun Feb 10 04:41:39 1991
--- vms.c	Sun Feb 10 04:41:36 1991
***************
*** 2281,2287 ****
  				PUT_CHAR(TIR$C_STA_WPL);
  				PUT_SHORT(vsp->Psect_Index);
  			}
! 			PUT_LONG(Symbol->sy_nlist.n_value);
  			break;
  		/*
  		 *	Initialized local or global data
--- 2280,2286 ----
  				PUT_CHAR(TIR$C_STA_WPL);
  				PUT_SHORT(vsp->Psect_Index);
  			}
! 			PUT_LONG(Symbol->sy_nlist.n_value + Offset);
  			break;
  		/*
  		 *	Initialized local or global data