The Washington times., 1913-07-03
BANKS TO REMAIN
OPEN SATURDAY
Efforts to Get Legal Holiday
Finally Abandoned Today.
Gas Scars Again.


banks this morning when 1t became
evident that even though the holiday
should be arranged. notice Of it would
be too short for clerks, market people.
and merchants who are dependent on
the banks. Little business Is expected
to be transacted on Saturday. however.
and the clerical forces will be reduced
to as low a point as possible.
Washington Gas was again the feature
Of the trading on the local Stock Ex-
change today, and rebounded to Its
high figure for the pear. SIN. A price
of s. was paid for q sixty-day option on
100 shares.
The buying Of gas was on a scale up
from S5M, and in all 475 shares, without
the option. were taken.
Little else was done in the session: A
WSshington Railway bond sold at S21s:
twenty shares of Railway preferred at
Nh. and three shares Of Railway COM
mon at s01s.
Frank w. Stone. second vice president
Of the National Savings and Trust
for trip to Panama. Upon his return
he will spend a week at Lake Sebago,
Me. before returning to Washington.
Better get EN- back" the slogan
heard on the local stock exchange since
the upturn OF the New York and local
market, seems to be applicable to In
vestment bonds as well as speculative
stocks. Bond houses in New York are
tnking an optimistic view Of the possi-
bilities of the market at the present
time for investors in bonds. The low
prices for bonds Of local corporations,
Of whose soundness there can be no
question, seems to have been reached.
Ten Of the active bonds on the local
exchange are under the high prices Of
the year and half of these have turned
upward from the low point Of the year.
A New York letter that has received
some favorable comment here on the
bond situation. from 4. A. Housman q
Co., is in part as follows:
There is never any enthusiasm for
an Investment opportunity. That Is
why the opportunities occur and re-
main apparently neglected II this is
not a time to make safe and profitable
investments. our experience in Wall
street goes for naught. When you
can buy savings bank bonds to yield
over per cent which only twelve
years ago were highly recommended at
prices to yield 31s per cent or less, you
may be certain that the cycle in which
these things run IL turning upon Itself.
You may not be absolutely sure that .hc
bottom has been touched, but you may
be sure that 1t Is not far away and
that for every per cent decline In the
market value OF d bond bought at
these prices there will be an appre-
ciation of 2 per cent during the next
few years.
TT is popular to believe that the rate
Of interest Will go on rising. and that
the market value of fixed interest-bear-
ing securities will go on falling. Wall
Street is now as sure OF that as II was
twelve years ago that the rate of inter-
est. because II had been falling for a
long time, would continue to fall and
that bonds. which had been rising for
that reason, would go on rising. Wall
Street was wrong then. and the people
who bought long-term investments at
Sik per cent lost a great deal Of money.
Wall Street Is wrong now. and the peo-
pie who avoid long-term investments to
yield over per cent and put their
money instead into short-term securi-
ties. will find. when their short-term
issues mature. that they are unable to
reinvest their money al such terms as
are now available in the market.