MILLIONS OF SHARES

Hawera Star, Volume XLVII, 26 March 1928, Page 9

MILLIONS OF SHARES

STOCK EXCHANGE TRADING LONDON’S RECORD SETTLEMENT ACTIVITY IN SPECULATIONS. BY CABLE—PRESS ASSOCIATION—COPYRIGHT. LONDON, March. 24. The Stock Exchange -has just completed the settlement of what is generally -accepted as one of the largest, if not the largest acount in its history. One financial newspaper says the clearing department clea-lt with four million -shares in Courtaild-s, seven millions- in Alexical Eagles, in addition to milions of other .popular shares, and as brokers intimate that most of this business represents purchases that have actually been taken up by holders it is difficult t-o surmise where all the money is coming from, although it is known there b-is teen considerable buying on American account.

The principal activity has been in the more speculative shares, and the ordinary investment sections of the Stock Exchange have been more or less stagnant, with gilt-edgeds showing a dropping tendency. Colonials have been -steady, and- the new Commonwealth issue has been in such deman that the price lias steadily improved and from being quoted at fiveeighths discount, it is now only onesixteenth discount. In connection with loans, it is iititeresting to note that the new volume of Stock Exchange official intelligence just issued contains particulars of fifty-four new loans for a total sum of £416,337,275, raised here for various governments, municipalities and public bodies during the last twelve months. WALL STREET FINDS PACE TOO HOT. NEW YORK, March 24. The customarily well-groomed Wall Street broker is undergoing a remarkable change as a result of the Stock Markets record-breaking rally. He has been pushed about the trading floor for thirteen days in a frenzo to execute an unprecedented volume of orders, and the pressure is beginning to tell. Alany of the less fit have already dropped out and left the- city for vacations, making the work even harde v for those remaining. These made an appeal for mercy from the flpor of the Exchange to-day, and petitioned the governors for a triple holidayasking them to close- the doors on Good Friday and Saturday but no action has yet been taken.

The records have -disclosed that since- the foundation of the Exchange in 1792 until January 1 this year there have been only eleven three-mil-lion-dollars share days: thus, the present boom has- broken all records.

Each broker’s commission averaged 830 dollars daily during fcne boom, with total sales approximately fortyfour million shares.

AMERICAN BANK INCREASES CAPITAL. GIFT FOR SHAREHOLDERS. NEW YORK, March 24. One of the largest pieces of internal financing in the -history of American banking institutions' is indicated in the National City Bank’-s announcement that it will increase its capital stock from 75 million to 90 million dollars. Fifteen thousand shares of additional stock with a par value of a hundred dollars each will be issued and sold to present -stock holders- at 400 dollars a share, and as the shares of the National City Bank are now selling on an open market at 840 dollars each it will mean a distribution of many millions to the present stockholders. Moreover, the bank, with a combined capital and -surplus of 235 million dollars, will far exceed in wealth any other private banking institution in America.