Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-09-09

Princeton. grad
uating f TO m Samuel Biddle'
Princeton in 1884. He majored IN
politics and economics.
He is a member of the University
and Chevy Chase Clubs and has
been active in the Princeton Club
of Washington, being director and
secretary of the Scholarship Com
mittee. Last year he was president
of the National Savings Club.
Bank Officers End Vacations.
Robert v. Fleming, president OF
the Riggs National Bank, has con-
Guided his vacation at Rehoboth
Beach and was back at his desk
today.
Frederick P. H. Siddons, secretary
of the American Security & Trust
Co, has returned from months
vacation passed at his summer home
at Haven, Me.
j. Thilman Hendrick, senior part
rer in w. B. Hibbs & Co., who also
went to Haven, Me, for his vaca-
ton, is back in the Capital.
CT. Burton, president of the City
Bank, is another washington flnan-
cier home from his vacation, which
he spent at Saranac Inn, New York.
John A. Reilly, president OF the
Second National Bank, is back at his
desk after a months vacation in
Florida. Victor B. Deyber, chairman
of the board, is mentioning at At
lantic City.
I. J. Roberts, assistant cashier OF
the Riggs National Bank, is visiting
the New York Fair, motor tour
through New England also being on
his vacation itinerary. Gregg c.
Burns, another assistant cashier, is
Just back from Maine.
Bruce Baird, president of the Ma
tional Savings & Trust Co., has re-
turned from a short trip to the
Pacific Coast for visit with rela-
tives. He will complete his vacation
later.
Industrial Boom Forecast.
There is not the slightest doubt
that the American armament pro-
gram will eventually produce an in
dustrial boom the like of which we
have never known before" writes
Lawrence Stern in Timing the Ar
mament Boom" in the Magazine of
Wall Street
The initial arms investment Is
scheduled at approximately SIS ,000,-
600 .OOO-but this is only a start
additional necessary expenditures
over the next five years or so can
be tentatively guessed to bring the
aggregate capital investment for
ornaments up to some $35,000,0 00,-
600. One way to visualize the ire
mendous impact that the spending
of these astronomical sums Will have
on our economy is to note that
the combined capital investment of
the electric power, steel and auto
mobile industries is approximately
100000, 000-or but little more
than half the projected armament
investment"
He sets the second half of next
year as the time he expects the full
force of the armament spending
to be felt.
More Bond Issues Voted.
Voters of rs communities in 25
States during the month Of August
authorized new bond flotations to-
falling S4,866,250. as compared with
So sos, 100 in August of 1899, accord
ing to the Daily Bond Buyer. Dur
ing the month of July, 1910, au-
thorizations amounted to $4,146,-
937.
State and municipal financing for
August aggregated S73,982 ,0l9, as
compared with $50. 673 ,264 for ALL
gust, 1899, according to the Daily
Bond Buyer. The revised total for
July was S76,093, 1856 and the total
for the first eight months of the
year was S646, 500 AGO, as compared
with 2O,259, 931 for the first eight
months of 1889.
Financial District Notes.
In the great mass OF favorable re-
ports now coming to light is the
latest summary from the Washing
ton office of the National Stationers
Association. Covering July los firms
reported average increases of more
than II per cent over the same
month last year. The report, which
included Washington. Maryland and
Virginia, showed gain of 7.30 per
cent
The Department of Commerce re-
ports that the dollar financing of
retail passenger automobiles in July
was IS per cent higher than year
ago and 1172 per cent above the
record for July. 1898.
President Hugh Leach of the Fed
eral Reserve Bank of Richmond an
nounced today that the Farmers &
Merchants Bank of Blacksburg, Va.
has been admitted to membership
in the Federal Reserve System.
Bank Stock Sells at 200.
Twenty-Five shares of National
Savings & Trust Co. sold at 200 on
the Washington Exchange today.
The last previous sale was at 200la
In the bond department there was
a $500 transfer in Capital Traction
SIS at 1929, off half point from the
last rrevinllS sale