Evening star., 1939-03-16
5. f. {. Turns Down
Changes Proposed
By Brokers
Quick Decision Stops
Hopes for Drastic
Revision of Act
By EDWARD C. STONE.

the national stock exchanges, aimed
at easing regulations which they
consider far too drastic, would be
turned down by the commission.
Members of these exchanges held
a two-day conference at the Shore
ham Hotel here this week and for
warded the results of their delibera-
tions to the Securities Commission
in the form of suggestions. or recon-
mendations. John NJ Hancock of
the New York Stock Exchange pre-
sided at the sessions and President
William McC. Martin attended every
meeting
Chairman Douglas, in denouncing
some of the suggested changes in
Securities Commission procedure,
said he was not attacking the
motives of the exchange representa-
tives, but added that the commission
had found nothing in the report
which would aid the investor.
The commission took such quick
action in order to prevent the idea
from spreading that any change in
the basic philosophy in stock market
regulation is being seriously con-
sidered. 1t was stated that the
commission is still cooperating with
industry"
Douglas Explains Views.
Members of the Securities Com
mission added that there is no
thought of cracking down" on the
stock exchanges. The commission
is willing and anxious to aid the
exchanges in obtaining additional
listings and greater volume of
business, it was said unofficially.
Some of the less drastic recon-
mendations may be considered
favorably and changes made. The
exchange leaders at the Shoreham
meeting gave very definite reasons
for all the changes they requested
Chairman Douglas said he was
opposed to any modification of the
manipulation section of the Securi-
ties Act and opposed repeal of that
section of the law covering trading
by so-called insiders. Cutting down
the amount of information required
in S. E. c. registrations would tend
toward suppression of vital financial
data, he said.
Officials asserted that the commits
sion is vitally interested in the
equalization" of competitive condi-
tions as between the exchanges and
the r-the-counter market and
regards the present situation as un-
fair, in some important respects, to
the national securities exchanges.
d. C. Bank Debts Top 1898.
Although debts to individual &C
counts reported by the banks Of
Washington fell off last month, the
drop was not as large as the usual
seasonal expectation for February,
and the total compared favorably
with that of February, 1888.
The Standard Statistics Co. index
of Washington bank debts for Feb
ruary is computed at 125 (1920-1924
equals 1000, against 146 for the pre-
ceding month and 1T for February,
1888.
The Washington bank debts de-
crease of IA per cent last month
also compared favorably with the
Is per cent decrease registered for
the entire United States, excluding
New York City.
Metropolitan Votes Dividend.
Directors of the National Metro
politan Bank have declared the
regular semi-annual dividend of 3
per cent, payable on April Is to
stockholders of April 4, President
C. F. Jacobsen announced today.
Books will be closed from April 5
to April IA, inclusive.
Directors of the Security Savings
g. Commercial Bank, meeting yes
terday, declared a dividend of 3 per
cent on the outstanding stock,
President Francis G.. Addison, jr.
announced today. The dividend is
payable March 81 to stockholders of
record on March 25.
Directors of the Seaboard Finance
Corp. yesterday declared the regu-
lar quarterly dividend of SO cents a
share on the preferred stock, pay
able March 80 to stock of record
March 20. The home Office of the
ton and the stock is widely held by
investors here.
Heard in Financial District.
Harry w. Finney, partner in the
investment firm of Y. E. Booker g.
Co., has returned from a vacation
at Fort Lauderdale, Miami and
other Florida resorts and Charles
ton, S. G. He took the trip by motor
S. Clay Williams, chairman of the
board of r. j. Reynolds Tobacco
Co., received aggregate remuner-
alton of 100000 from the company
in 1888, the proxy for the annual
meeting on April reveals. James
A. Gray, president, received $4,000.
Members of the Washington Stock
Exchange expressed surprise today
over the quick ruling by the Securi-
ties Exchange Commission on rec
concentrations presented by 16 ma
tional exchanges. 1t is still hoped
that some of the minor requests will
be granted
United Air Lines reported today
that traffic has increased 26 per
cent since the opening of the San
Francisco Fair. Flying miles per
month have been greatly increased.
New life insurance for February
for the country was 32 per cent
below year ago, but was up 1913
per cent for the first two months
of the year. The Washington fig
ures are expected to show about the
same percentages.
Today's Trading on Exchange.
w. ;y1r
Washington Stock Exchange today,
with three $1,000 transactions in
Washington Gas, IS, 1860, at 127, a
gain Of more than a point.
Capital Transit registered sale
of so shares of stock today at 8,
the largest transfer in this issue in
several sessions.
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