The Daily Alaska empire., 1938-06-29

change calculated the total quoted value of all listed shares at $34,- 500,000.000 off only $4,300 100000 from January 2, but down $22, 700, 100000 from year previously.
 But bonds, which held up vel through 1937, joined the decline o1 shares in the early months of 1888 This was particularly true of rail The total quoted value of all is- sues listed on the stock exchange was $42, 3O0,O0O000 as of June off about. $4,7OO,000,OOO since tht start of the year,
 Big Drop In Sales Transactions, on the stock eX. change for the half year, approXi- mating 1O0,0000O0 shares, were the lowest for a comparable perioC since 1921, and less than half tht volume in the same months las year
 In the listed bond market, tht face value of transactions was tht smallest for a similar period since 1913.
 As midyear approached, there was wide discussion in Wall Stree whether this inertia, invoking comparisons with conditions pre-. cedings upswings in 1892 and 1885 signalled the end of the bear mar. ket and transition to another re. covery movement.
 Late in the. spring, speculation appeared to be guided chiefly pJ opinion as to how effective credit expansion and Federal spending would be in promoting recovery il the second half of 1888 and ir 1S39 Touches of 'inflation' senti- ment again appeared on the sur face of markets. Disclosure of th( administrations program early il April was counted a big influence behind the rally in, security prices from the March lows.
 War Talk Hits Market
 More war scares,. especially dur ing Germany's absorption of Aus tria in March, contributed toward Qnnerving markets early in tht spring after hopes for a vigorous seasonal business upturn had en- couraged February rally il stocks and bonds, Mingled witl the war talk was Washington! steps to increase U. s. armamen expenditures, a curtain raiser t' the $5,000,0OO,000 spending drive unleasted after the March fall, ii security, and commodity prices.
 Railroad problems worried tn security markets. Many carrie bonds and stocks on the March de cline fell almost to the extrem 1882 lows. Subsequently the pros pect of big crops and efforts to GU costs improved the rail outlool bit, as the financial distric doped it, but rail bonds slumpet again in June.
 Exchange Gets New Deal
 The Whitney failure, early il March, stunning blow for tn financial district, was mixed witt the European war scare and wan ing hope for worthwhile sprin' business. revival. But it was con | sidered important in speeding ap proval of the change in stock ex change regime which brought VII 1 liam McChesney Martin, a 3l year-old liberal, to the head of tn government board and plans fo placing executive, details in hand of a salaried president.
 There followed a harmony feast between the brokerage com munity and representatives of tn 4 SEC, which last November ha threatened to force the reorgani zation unless the exchange acte on it's own. The new regime turne it's attention to ways of expandin bond trading to replace some. c the lost share business, and to re form of other practices to ador the big market at Broad and Wa 1 street to SEC ideals,
 1 Bonds Looking Up
 Meanwhile the bond marke