Evening star., 1937-09-16
SLUMP IN STOCKS
AROUND 13b|LL|ON
Market Appraisal Places
Declines in Month
as 21 Per Cent.
BY EDWARD c. STONE.

computation DaSeQ on the actua
market appraisal of 100 representa-.
tive issues by Frazier Jelke e. Co.
The 100 stocks, which for the las
nine months have accounted for ar
average of 4l25 per cent of the tota
value Of the list, dropped 2l.5 pei
cent from the highs of August IA tc
the lows of September 13. Using the
Jelke figures as basis, the entire
list apparently was appraised al
around s48,2l9, 100000 on September
13, compared with SCI 1918, ,953, 1000 on
August IA. Last months deprecia-
ton in the 100 stocks was nearly as
large as the actual total market value
Of these issues on June 80, 1882
The market value of the 100 rep
resentative common stocks in the
Jelke index at the lows of September
13 was S20,088, ,314, 900, compared with
s25,587, 1856, 900 at the highs of Au-
gust ID. This is decline of S5,498,-
$4,000, or 2l.5 per cent, in a month
On dollar basis the largest shrink
age was in 10 oil stocks, which lost
$1,013, $4,000; seven motors dropped
s705,258,000; Is rails deprecated
s593,804,0o0; seven mines lost SSH
$4,000, and five electrical equipment
issues slipped S544 ,409, 900.
Lands VIII Be Missed Here.
James M. Lands, retiring chair
man of the Securities and Exchange
Commission, will be missed person.
ally by several leading Washington
brokers who had come in close con-
tact with him throughout his service
here.
In his farewell interview he made
1t clear that he believes the commits
sion has lot still to accomplish.
that its work will go on like that of
the Interstate Commerce Commits
sion. He left the commission holding
firmly to his view that extensive spec
ulative operations ARE not in the
public interest"
He told newspaper men that the
real cushion for the market lis pro-
vided by the backbone of the coun-
try and not by short-term specula-
tive interest centered in Wall Street"
He declared that thin markets are
not due to the commissions regula-
tions, and said the demands for
hquidity, higher fees and lower mar
gins usually come from groups in
terested in large volumes of trading.
Il am not arguing for the elimi-
nation of the speculator, but he
should not dominate the market"
Chairman Lands explained. In
conclusion he hoped Congress will
vote for greater regulation of cor
poration reorganizations and more
power over investment trusts.
Brokers await his successor with
great interest. Their most serious
criticism of the commissions work
at present is that over-the-counter
dealers in securities receive no such
regulation as the New York Stock
Exchange has experienced This they
term unfair as we'll as harmful to
their business.
Ayrcs Notes Trade Stability.
In his monthly review Col Leonard
B. Ayres observes that there have
been only few years in the busi-
ness history of this country during
which business activity has held so
closely to one level as it has so far
in 1887. The year 1918 showed
similar stability Of business, and
there was a period of the same sort
in 1859-60 Other examples may be
found in the records of 1876, 1902
and in the war prosperity year of
1916. There are only a few such
instances, for business activity usu-
ally shows decided changes in volume
from month to month, and these
changes are usually parts of distinct
upward or downward trends.
Loan Delegation Completed.
IT was announced today that the
delegation has been completed of
Washington building and loan officers
who will attend the annual convention
Of the United States Building and
Loan League, set for Los Angeles, be-
ginning October S. Edward c. Baltz,
secretary Of the Perpetual Building
Association. who is due to be elected
president of the national organization
for the coming year, will leave here
Saturday for New York to go to the
convention by way of the Panama
Canal. He will be accompanied by
Arthur Bishop, chairman of the board
Of the same institution.
The other members of the delega-
ton, who will start West in about
10 days, include Robert E Buckley of
the National Permanent Building AS
sociation and president of the District
of Columbia Building and Loan
League; C. Clinton James, past presi-
dent of the United States Building
and Loan League; Edward l.. McAleer,
secretary of the Equitable Cooper
ative Building and Loan Association:
Carl j. Bergman, treasurer Wash
lngton Permanent Building Associ-
alton and past president Of the Dis
trict of Columbia Building and Loan
League and Of the Southern Group
Conference of the United States
Building and Loan League; James M.
Emmerich, treasurer Northern Lib
erty Building Association and John
H. Clipper, director and appraiser
Washington Permanent Building AS
sociation.
Thomson Elected to Council.
Eliot H. Thomson, publicity man
ager Of the Washington Loan g. Trust
Co, has been elected to the senior
Advisory Council of the Financial Ad-
vertisers' Association now ending a
convention at Syracuse. He presided
at one of the leading forums during
the convention. William H. Neal,
Wachovia Bank g. Trust Co.. Wins
ton-Salem, N. c., was eletced presi-
dent. j. J. Harris of Fenner G.
Beane's New York Office was made a
director.
Metropolitan Votes Dividends.
Directors of the National Metro
politan Bank have declared the regu-
lar dividend of per cent and an ex-
ira dividend of per cent. The regu-
lar disbursement is payable on Octo-
Der Is to stockholders of record Octo-
Der and the extra will be paid on