Evening star., 1939-10-17

Ord Preston, Ord Preston.
head of the association, introduced
the speaker and during the meeting
paid special honors to three of his
associates.
The war brought a boom" of a
sort, the guest speaker said, some
increase in purchases in anticipation
of higher prices, but more important
than this, it did two things:
First, it pushed into high gear the
feeling of optimism that had pre-
viously begun to be noted, and Sec
ond, it indicated that business and
banking leaders were viewing with
misgivings any improvement that
might occur based merely on antici-
patton of war orders.
With the declaration of war, busi-
ness people here had visions of
possible war orders and Immediately
appreciated that they had been
doing business on such hand-to-
mouth basis that an order of any
size could not be filled in the imme-
diate future. Hence, it would be
desirable to build up inventories, and
1t didn't require much imagination
to realize that If such action became
national the demand for products
would cause prices to rise, the
speaker said.
War Purchases Outlined.
The war business in and of itself
Is not important except in so far as
1t has given the final push to our
optimistic thinking, and If not con-
trolled will again send us into the
bottomless pit of depression.
The allies will purchase much of
their armament needs here, for. de-
spite the fact that Canadian indus
try is being rapidly expanded. it
won't be ready in time nor able to
produce all the allied requirements.
In so far as agriculture is con-
cerned. however, Great Britain and
France will deal primarily with
Canada, Australia, New Zealand
and Argentina.
The war might lead some indus
trialists to overexpand, as they did
in the last war, and this also must
be guarded against, DR.. Sone
warned.
Unless we can put our people to
work and keep them at work we
will never overcome depression
periods. The war is giving us
chance if we use the chance prop
erly.
German Trade Threat Fails.
DR.. Stone said the railroads will
be helped somewhat by the present
war impetus. but he regards their
present financial structure as hope
less.
The German trade threat in Latin
America didn't materialize for
number of reasons. One was Ger
many had no foreign exchange.
The surplus commodities which
the Government in effect buys from
the American farmer and Latin
America should be used for relief
purposes.
incidentally our fiscal problem
will be assisted by the improvement
in business, which should bring in
creased tax receipts and lessened
outgo for relief, the speaker as
serted.
Tribute to James Trimble.
The association adopted a resolu-
ton in tribute to James Trimble,
late vice president of the National
Bank of Washington. Albert S.
Galley was chairman of the Reso-
lutions Committee, the other mem
bers being j. Frank White, Ma
tional Bank of Washington, and
Victor B. Deyber, Second National
Bank.
Insignia were presented to the
three section chairmen serving for
the present year-Bernard L. Amiss,
fiduciaries section; H. Norman Glas-
co, auditors section, and T. Eugene
Elgin, safe deposit section.
Building Continues to Soar.
The first month of the war
brought no indication of curtail-
ment in residential building
throughout the Middle Atlantic
States. The latest summary pre-
pared by J. T. Little, district man
ager of Dodge Reports, revealed that
the September contracts for resi-
Dental work and materials moved
to the fourth highest level of the
year and continued the strong 1899
advance over the preceding five
years.
All residential building contracted
for throughout Eastern Pennsyl-
vania, Southern New Jersey, Della
ware, Maryland, the District of Co.
lumbia and Virginia during Sep
tember had a work -and materials
valuation of S16,9S8,0OO March,
with $19,442 900; May, $19,354, 900.
and August, $17,669, 900, pasesd that
point. The lowesL valuation record
ed was $11,240,000 in July.
The record for residential build
ing in the Middle Atlantic States
has rocketed this year with a nine
months total Of $141,783,000. To
emphasize the favorable position of
residential building Mr.. Little COM
pares the present total with the
corresponding nine months totals
Of the preceding five years. At the
depression low point, 1884, the con-
tract valuation was $29,529,00 In
the following year the nine months
total jumped to $53,589,000.
Today's Trading on Exchange.
Capital Transit figured in two 25-
share sales on the Washington
Stock Exchange today, both at 121a
of half a point from yesterday.
Washington Railway g. Electric
preferred stock came out on the
board at 110H, against sale at Ill
yesterday.
A small sale in Mergenthaler
Linotype was registered at 17A
fractionally lower than the last pre-
vious sale.
Bonds and bank stocks were
neglected in today's trading, bid and
asked prices remaining practically
unchanged.