Evening star., 1943-06-22
Banks Warn Patrons
To File Reports on
Foreign Property
New Treasury Rule
Coils for Dutu on
Form TFR-500
By EDWARD C. STONE.

WlllSll lul1 lCPOl u
On Form TFR 500 of all property
held In foreign countries, including
obligations such as securities issued
by foreign county or by any per.
son therein.
In cooperation with the Treasury
the banks have. secured the various
forms on which such reports are te
be made. The banks will use the
blanks in making out their own re-
ports, which will deal largely with
securities in their trust departments
and will also furnish the forms to
interested customers.
Bank officials sai6 today that a
large number of their depositors, al
though only comparatively small
percentage of the total, hold foreign
property which must be reported to
the Treasury. Reports must be filed
by citizens in this territory with the
Federal Reserve Bank of Richmond
on or before August 81. Persons out
side the United States must file their
reports with the United States Con-
sui in their districts on or before
September 30
The reports will cover property
held at the close of business on
May 81. No report Is required from
any person whose property in all
foreign countries has an aggregate
value Of less than $4,000, or from
any person whose property in any
one country is valued at less than
$1,000 Reports are not required
from any United States citizen in
enemy or enemy-occupied territory,
or from any member of the armed
forces serving outside of the United
States
The banks have full information
on the way the reports are to be
filled out, definitions of terms used,
penalties for willful violations of
Treasury instructions, and a host of
other data. They are already re-
ceiving many inquiries on the new
ruling, officials reported today.
Two New Governors Elected.
The annual meeting of the Invest
ment Bankers Association of Amer
ica this year will be a 3-day all
business session devoted principally
to problems of war finance and pri-
vate financing after the war, the
association announced today 1t
will be held in New York, November
3, 4 and 5, thai location being Sc
lected to minimize travel of dele
gates, the greatest number of whom
come from member houses in eastern
cities.
Hal H. DeWar, San Antonio, and
Walter j. Monro, Buffalo have been
elected members of the associations
Board of Governors to fill vacancies.
Ration Banking Working Well.
Ration banking is functioning very
smoothly in Washington banks. III
his recent report, John A. Reilly,
retiring president of the District
Bankers Association, stated that in
the first three months of this year,
the banks in the Capital accepted
21873 deposits.
Items deposited totaled 1886, 1923 and
the banks paid 81 SAG ration checks,
these institutions doing their best
to assist the Office of Price Admin
tstration in carrying out the wholly
new program, which was started in
this area on January 27. 1t has re-
Gently been expanding rapidly.
Vice President Appointed.
Edward A. Wayne, who has been
secretary of the North Carolina
Bankers Association since Septem-
her l, 1910, has been appointed vice
president of the Federal Reserve
Bank Of Richmond by the directors,
Robert Lassiter, chairman of the
board, announced today.
Mr.. Wayne will succeed r. w.
Mercer as vice president of the bank
examining department on August /,
Mr.. Mercer assuming supervision of
important operating work.
Mr.. Wayne formerly was chief ex-
aminer for the Board of Bank Con-
troll for the State of South Caro-
lima.
Loan Students Get Diplomas.
Diplomas were awarded to 60 jun
Tor officers and employees of Wash
!ngton building and loan associa-
tions last night at the Mayflower
Hotel at graduation exercises of the
American Building and Loan Insti-
tute. The awards were made by
Wilfred H. Blanz, president of the
District Building and Loan League
Among those given three-year di-
plomas were Mildred Baron. Per-
petual Richmond F. Gibson, North
western Federal; William E. Grimm,
jr., First Federal, and V. C. Nc
Three Home Loan Bank employees
earned fve-year diplomas, H. C.
Bennett, Edith CoWan and Clark C.
Fauver.
William E. Poulton. chapter presi-
dent, lauded the graduates for their
hard work: Clark L. Fauver, now
In the Navy, was toaStmaster, and
David Ford. administrative assist
ant to the governors of the Home
Loan Bank System, was the chief
speaker
u Railway Preferred at Peak.
Washington Railway e. Electric
preferred sold at 1862 on the WASH
ington Stock Exchange today, new
high for l943 and a gain of full
point since the last previous trans
fer,
Mergenthaler Linotype was again
strong, moving at As, while WASH
ington Gas $3.50 preferred moved at
i00h, the recent high for the year
The Bank Women's Club will
meet Friday evening at $50 at the
Continental Hotel, Miss Mary
Craven, president, announced today.
Mrs, Anne Crawford Ryder is in
charge of arrangements.
Hurlbert T. Bisselle, vice president
Of the Riggs National Bank, entered
hospital today for tonsils opera
ton.
Several librarians in Government
Departments are attending and ad-
dressing the Special Libraries Asso-
citation wartime conference now in
sescion in New York.
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Insolvency Is Denied