The Washington times., 1928-12-11
STREE I To GIVE
100000
BONUSES
Nv JAMES L. KIIGALLEN

NEW YORK, Dec. IL q N.S9.
Christmas bonuses to Wall street
employees are expected TO smash all
records this Yuletide, regardless of
whether the stock market rises or
falls 1t was conservatively estl-
mated today that tn total distribn-
tion will be close to $4,000, 600, about
$4,000 900 more than was passed
around last year.
There is a golden glow over Wail
Street that even a. series OF hear
markets cannot dissipate, and the
hard worked employees of the broker
age houses. banks and other finan-
cial institutions are looking forWafu
to bonuses that range all the way
from 10 to 100 per cent of their
wears salary. These employees have
been working day and night to
keen I'M with the avalanche or
trading that has descended upon
brokerage houses for months. Now
comes their reward.
Record Trade Year
ProverbialIy liberal when making
money. Wall Street is preparing
to do the generous thing. Never
in history has business been so
good. Transactions on the stock
exchange this year are expected TO
total more than 100000 shares.
against about 500 100000 shares for
the year 1927, and the volume OF
trading on the curb and overtime
counter markets has been cores
pondingly heavy.
The flood OF commissions that
made brokers prosperous is to be
-. sxs%
Of the lesser people OF the street.
the great army E clerks. steno'
graphers, accountants and mes
eengers.
The Federal Reserve Bank in
this district is about to begin the.
annual distribution to member
banks of Christmas gold coins. The
amount Of these distributed is never
announced. but the total is unoffi-
ciallv placed at between SIS, ,000,0 200
and $50 200, 900 for this year. some
what higher than last year. Many
firms like to pass out shiny gold
pieces in preference to the just-as-
acceptable check.
Phone Service Heavy
Business has been so heavy in
Wall Street that the New York
Telephone Company has been
forced to take steps to increase
its facilities, it was stated today.
There are eight exchanges, eaen
handling 10. 500 lines. serving the
financial district but. with the
tremendous increase in trading in
stocks. these are not enough.
The telephone calls to buy" and
''selI'' are tremendous, and the
telephone company has started work
on another exchange TO meet the
increase in traffic. Considerable of
this business is done over long dis
tance. Eight million long distance
calls come 10 New York eacn busi,
ness day and Wall Street is prob.
ably responsible for a million OF
them.
The ups and downs of the market
6tsef will not cut in on the COM.
missions of the brokerage houses.
1T there are to he losses between
now and Christmas, the specu-
Iative investing American public IL
most likely TO take the blows.
Bank Profits Big
Bank stocks, almost without ex-
ception. are high, showing that the
banking institutions have had
splendid year That the brokers are
waxing wealthy is obvious by the
manner lin which the price of seats
on the New York Stock Exchange
have risen. 1t has been estimated
that more than 1000, 900 profits
have been made this year in the sale
Of stock exchange seats and more
than So, 600, 900 in seats on the curb
exchange.
Restaurant meme in the financial
district, like everybody else, have
made huge profits. Those who have
refrained from doing little specu.
1atfng on the side viii also enjoy
happy Christmas.