Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-08-12
Committee Handles
Problem Of Aliens
Frozen Funds
Bornet Heads District
Bankers Group Which
InterPrets Regulations
BY HAROLD b. ROGERS.

Through special committee,
headed by David Bornet, vice presi-
dent of National Savings & Trust
Co., as chairman, the District of
Columbia Bankers Association is
handling the problem of interpreting
Government regulations regarding
the accounts and property OF IN
vaded countries and their nationals
here.
Other members of this important
new committee, appointed by Presl-
dent A. M. McLachlen of the bank
ers' association, are B. Gwynn Dent
assistant cashier of Riggs National
Bank, and J. Eliot Moran, assistant
trust officer of the American Sc
curity &, Trust Co.
Because many nationals of the
invaded countries are located in
the Capital the question is an i'm
portant one for Washington banks.
Acts as Clearing House.
The special committee. Mr.. Bornet
explained, acts as a clearing house
for the % banks of the city for in
depreciation of questions arising out
of this issue.
1--WE have been very much i'm
pressed" he said, with the attitude
of the Federal Reserve Bank at
Richmond and officials of the Treas
ury Department, who have been
most helpful and generous OF their
time and attention in answering
questions and clearing up important
points regarding the many regula-
tons"
The orders and regulations grow
out of the Government policy OF
freezing certain funds in this coun-
try. They apply to bank accounts,
securities, safe deposit boxes and
contents and other property OF GER
tain nationals. Among the coun-
tries involved are France, Belgium,
Netherlands. Denmark, Norway,
Esthonia, Latvia, Lithuania and
Luxembourg.
Seeks 1,500-Mile Pipe Line.
Proposal of the Reserve Gas Pipe
Line Co.. a Texas corporation, to
bring natural gas 1900 miles from
Texas to New York, by way OF
nearby Virginia and Maryland, at
a cost of approximately 100000 900,
apparently does not offer possibility
of much change in the local situa-
ton. The Washington Gas Light
Co.. it was learned, is buying all
the natural gas it needs from the
Kentucky and West Virginia supply
already piped across the Potomac
River into Washington. The Texas
corporation has filed with the Fed
eral Power Commission an appllca-
ton for certificate of convenience
and necessity to bring gas from the
Southern fields to the North Allan
tic Seaboard. 1t has arranged with
Glore, Forgan & Co. of Chicago
and New York to finance the
project.
Peoples Drug Sales Rise.
Net sales of the Peoples Drug
Stores, Inc, and subsidiary corpo-
rations showed an increase of 537
per cent in July this wear over
July of 1899, according to monthly
figures made public today.
Sales increased from s1,Sl3,774.5l
in July, 1899, to s1y911 ,345.69 in July,
1910
An increase of 1926 per cent was
shown in sales from January to
July, inclusive, this year, over the
same period last year. Sales for
these comparable periods rose from
s12.6s3.O9317 in 1889 to sl3096,-
100 .5S in 1910. The figures are not
adjusted for change in number OF
stores
Delaware Bankers to Meet.
Plans are being made for the an
nual convention of the Delaware
Bankers Association September 8
at the Rehoboth-I Indian River
Beach Club. Among the speakers
will be DR.. Paul F. Cadman, eco
nomic adviser of the American
Bankers Association.
Money in circulation increased in
July, the Treasury announced. 1t
brought the amount in circulation
to 1888 ,223,517, equivalent to a
per capital circulation of $685.
Experts interpret this to mean there
is increased boarding, both here
and abroad.
The Federal Reserve Board has
revised it's basic industrial produc-
ton index, which has not been
changed since 1926. 1t will now
use the years 1885 to 1889 as the
base.
Capital Transit Co. stock sold at
II today on the Washington STOCK
Exchange, same as last prior sale.
washington Gas Light preferred
went at los which was only p of
the last prior sale.
Personal Mention.
John A. Reilly, president OF Sec
ond National Bank, returned this
morning from a brief visit with his
family at Ocean City, N. j. He
plans to return next week end, TO
continue his vacation there for the
rest of the month.
George o. Vass, vice president
and cashier of Riggs National Bank,
is back today after a motor trip
with his family of more than 5000
miles in three weeks. They toured
the West Coast from Mexico to
Oregon, spending some time in Mr..
Vass' native State of California.
Henry K. Dierkoph, assistant trust
officer of the Riggs National Bank,
has left on his vacation.
Donald w. Larson, secretary OF
the District of Columbia Bankers
Association, plans to leave this
week for vacation in Minnesota.
Ralph Endicott, assistant treas
urer of the Washington Loan g.
Trust Co., is on vocation at Will
loughby Beach on Lake Erie. He
plans to return after Labor Day.
Frank H. Weaver, jr., manager OF
the Southeast Office of the City Bank,
has left on vacation. Also on vaca-
ton from this bank are James B.
Ahalt, manager of the East Capitol
street Office, and T. Eugene Elgin,