New Britain herald., 1928-03-31
Prospective value of the U. 5. wheat crop for 1928
100000

other yardstick. consider the grain crop-that of wheat. for example. At the price of wheat today. the growers of that great essential to our life will get about $7Oo. .00o,O0o for their crop, or little more than half of the rise in value of General Motors in three months.
 Consider cotton. The crop approx imates 100000 bales. The aver age price to tho grower has.been less than IS cents per pound-$9o a bale. The increase in market value of General Motors in three months was more therefore than all the cotton growers in the south will get for the yield of their crops.
 Then consider the Radio Corpor- ation of America. It pays no divi- lends on the common stock. This stock sold last year at 4lis. Ii sold recently at l69.
 Greatest Gains in History
 X score of illustration of remark able gains in the last three or six months might be given. Nothing comparable to such increase in mar ket value of so many various issues has been seen in peace time in this nation.
 What it the explanation How Is if that stocks boomed when business obviously is not holding good and an unusually large unemployment IS reported east and westo Where does all the buying come from? Ho" much comes from the small fry?
 No one has the means or the quail fication. so far as We know, for get ting accurate figures as to the per centage of stock exchange bus'ness that is professional. and what pro- portion is what is called public. But the total of the unprofesslon IS col ossal. Less than Is years ago the amount of business that came rom outside of New York was very small. Today some of the so-called wire houses have from 20 to 40 branch offices. The nation is honeyconnped ,,jth branch offices of New orh brokerage establishments.
 An Order a Minute
 One establishment has a special or nr,yate wire to Havana. Orders rom Europe received by cahl" by various banks average one 1nlh"'e for every minute from 10 q. m. 10 < D, m. These orders do no' heai wholly with stocks but with hohds' with exchange and various other ut~ partments of finance. some broR@t~ age houses have as many as ~ branches within the city of Ne" York.
 There is nothing in financial his tory 70 approximate inc efo"'h Ill c.ock exchange transactions. 10 play the market" has become national mania. If you arc Of Wal street. inc barber who slaves you ls ljab1e 10 ask what yo'l think of this or that stock. He will take 9 tip on a stock moro gratefully than money tip. .
 doctor Of prominence puts 'n most os of his time between lo ana ? Tn T brokers office and his pa iron, must visit him before or after 3, although without his ullh- istrations.
 Jnnumhered women are in fh" market. They seem to takH 'heiT losses with better grace than do inc ! men.
 started During War
 Explanations are varioua as 10 'ii. genesis and growth or thl8 S'o'" | mania one of the best is that th" ! Notation Of the liberty loan created q great army of investors. It IS hn- ! true that before th" i World war. stock exchange trAalhg t was almost wholly proiessional. MIL lions of persons bought liberty pof3'h rrho never before owned 2 security, Now amounted tens of thousands oi fhem have stock in the gas or power . or light companies from which 'hey pct service. <ea rly all the railroads of size sell their stock in small "F arge portions to their elHpio>ea on he instaIlment basis. Many ot fh" ,il. steel and motor companies sell heir stock 10 their workers a' ,rice below the ilarket apprais"- nsn, and on the easy payment ,lan.
 The business in odd lots" or the tock e.chanye-"odd lots meaning ss than i0o shares is immense. Tn