Evening star., 1919-08-27
BANKS REFL.ECT|NG
SPIRIT OF VACATION
"Blueness" Over Industrial
Outlook Not Without
Bright Side.
MARKETS ARE HOPEFUL

Washington banks reflect the rest
spirit of the vacation season. Many
of the bank officers are fishing or
otherwise resting in cool far northern
places. Those officers at their desks
are too recently returned from vaca-
tion to become agitated over mere
matters of business or they are read
ing time tables and guides and specu-
lating on the fish they are to catch
when their turn for a vacation comes
around.
Those bank people who are in the
city feel that the Industrial outlook
is a little blue. but they find soIace
in the belief that the darkest hour
precedes the dawn Those who believe
that all the ills the world suffers from
today are due 10 currency infiatio
say that they can see signs that de-
fiation is setting in. Labor unrest is
very disturbing factor but they say
that periods of rest and unrest sue
ceed each other and that the rest
period will arrive on time.
Market Letters Hopeful.
The tenor of the market letters in
the stock brokers Offices is moderate
ly hopeful. but by no means buoyant
as to the Immediate outlook. They
say that Wall street is trying to be
cheerful, but that until more definite
news as to the signing of the peace
treaty. satisfactory settlement of
present labor disturbances and ad-
justment of the foreign exchange
question is forthcoming. they do not
look for resumption of the general
upward movement.
Personal Notes.
C.. c. Lamborn. treasurer of the Ma
tional Savings and Trust Company.
has returned from his annual vaca-
tion, spent in Maine.
President Hoover of the National
Savings and Trust Company in a let
ter from q fishing hole in Maine to
Vice President Frank W. Stone says
that he is catching fish. having a fine
time otherwise. and will be back to
little OF Washington in fine fettle.
When President Hoover comes home.
Vice President Stone will go fishing.
Eugene E. Thompson of Crane. Par
ris & Co Is taking a summer rest at
wildwood, N. J.
Desire Three-Day Holiday.
Members of the New York Stock
Exchange have petitioned the board
OF governors for a Saturday holiday,
which would give three-day holiday
over Labor day. The petition will be
voted upon late today.
Prices of railroad shares in the New
York market showed that holders of
those securities were somewhat cheered
up by the Presidents announcement
on railroad wages. People who were
not holders of stocks bought them on
the strength of the Presidents state
ments-
The first of the detailed displays of
July exports have come to hand in
the form Of the exhibit of agricultural
exports Exports of this character fell
on approximately $159.o00,000, COM
pared with the movement in June.
Breadstuns were down $63.ooo,000 on
the month, and there was a sizable
decline In cotton shipments
It is reported that there is a heavy
inquiry among banks and distributing
houses coming from municipalities
desiring to raise funds through the
bond market. One authority says that
the demand for this kind of accommo-
dation Is greater than ever before,
and that the only thing which holds
1t in check is the unwillingness of
bankers to undertake to market all of
the bonds pressing for sale.
Series c, 1920 Certificates Ready.
The issue of series C. 1920 Treasury
certificates of Indebtedness. bearing
dnterest at Az per cent, dated Sep
tember 2, 1919, and maturing Febru-
airy 2, 1890. is announced These GER
tificates are free from all state coun-
ty. city and local taxes. except estate
or inheritance taxes. and free from
normal federal income taxes. This
security bears a yield equivalent to
that derived from per cent to
per cent taxable security. It may be
had In the denominations of $500. 81, 900.
$4,000, $4,000 and 100000.
The Federal Reserve Bank Of Rich
mond. in letter to the banks of this
district announcing this issue of GER
tif1cates, says: THE Treasury expects
each bank to invest in this series as
literally as its funds will permit. and
urges each to RESELL these certificates
to its customers as soon as possible
after the last call of redeposits"
1t was remarkably duh day on the
Washington Stock Exchange. The days
turnover was represented by five ten
share lots of Capital Traction. The
first two lots sold at S51z. the third lot
at S5A and the fourth and fifth lots AT