RECORD BOOM

Grey River Argus, 26 March 1928, Page 5

RECORD BOOM

ON SHARE MARKET At New York (Received March 25 at 5.5 p.m.) NEW YORK, March 24. Ihe <‘uptomarily well groomed Wall Street broker is undergoing a remark able change as the result of the Stock Market experiencing a record-breaking rally. The broker has been pushed about the trading floor for thirteen days in a frenzy to execute an unprecedented volume of orders, and the pressure is beginning to tell. Many of the less fit. brokers have already dropped out, and have left the city for a vacation, making the work even harder for those remaining. These brokers have made an appeal for mercy from the floor of the Exchange. To-day they petitioned the Governors of the Exchange for a triple, holiday, asking them to ’•lose the doors on Good Friday and on Easter Saturday, but no action has yet: been taken. ' The records hav • disclosed that since the foundation of the Stock Exchange 4" New York, in the year 1792. until * nuary Ist last, there had only been eleven three million dollars share days. Thus the presen> boom has broken all records. Each broker’s commission has averaged 8.30 dollars daily during the boom, with total sales of approximately fortyfour million shares. Richest U.S.A. Banks WHOLESALE WATERING MOVE. NE WVORK, March 25. i One of the largest pieces of internal financing of the American banking institutions is indicated in the National City Bank’s announcement that it will increase its capital stock from seventyfive million dollars to ninety million dollars. "Each new share will l»e issued and sold to the present stockholders at four hundred dollars per share, and as the shares of the National City Bank are now selling in the op"ii market at 840 dollars each, it will mean the dis tribution of many millions to the present stockholders. Moreover, the bank, with its combined capital and surplus of 2.35 mil-( lion dollars, will far exceed the wealth) of any private banking institution in America.'