Evening star., 1928-03-24
Phenomenal Stock Trading.


For more than fortnight the New
York Stock Exchange has been the
scene of rampageouS transactions, Day
after day three-million- share dealings
have been recorded. On one occasion
the total volume of trading closely ap-
preached four million shares. So active
has been the Exchange ever since the
first of January that from that date to
the close OF business yesterday the total
volume of sales has been 63,263, ,245
shares against a total of 1887 sos
shares during the same period last year
This is by far the highest record of ac-
tivity ever made in the New York Stock
Exchange. 1t has been due TO a sue
cession of waves of buying in a wide
range of stocks, with occasional recess
sions as the bears have gained tenn
porary advantage to force prices down
in selling movements. The recoveries
toward higher prices, however, have
been persistent.
ing movement that the members of the
Exchange. worm to the traditional fraz-
Ele by the floor operations, have petit
toned the directors of that institution
for triple holiday soon. asking them
to close the doors on Good Friday.
April 6. and on Saturday. April Z, Civ
ing them three clear days of inactivity
in which to rest This petition will
probably be granted because the ad-
ministrative work of the Exchange has
been forced by the immense volume of
trading to such a high pitch that the
machinery of that organization is in
urgent need of respite.
This phenomenon of an enormously
active securities market has been mani
tested despite a feeling which prevailed
about the first of January that recess
sion in business activity was due. was
indeed in evidence. Unemployment
reached higher point during January
than for several years past. As the
Winter advanced the number of those
out of work in different parts of the
country increased. and feeling of pes
simism was evident. The bear move
ments on the Exchange were in large
measure prompted by this spirit. Yet
every time the short" interest maneu-
vered to send prices down there was
heavy reaction of buying to take ad-
vantage of the lowered rates. Eventually
this buying activity dominated and 1t
is noteworthy that as the Exchange
records and transactions amounted to
new high points week after week. the
peak of unemployment has been passed
and at present there is decided de-
crease in the number Of men out OF
work, according to the most dependable
reports.
Much Of this market activity is. Of
course, of a speculative character.
There has been the usual amount of
margin buying and brokers loans have
at times reached such high points that
decided increases in the money rates
have been threatened. However. the
volume OF cash has suficed TO carry on
the phenomenal transactions and as
March approaches its close there APP
pears to be no plan Of positive re-
cession.
Ordinarily in presidential campaign
years there is a disposition on the part
of business interests TO go slowly and
cautiously This season. however, SEEM
ingiy there is no indication Of anxiety
in the business world and the pre-con-
vention season. contrary TO precedent,
is marked by one of the most aggressive
bull movements in the Stock Exchange
for many years. This would seem TO
indicate that there is no concern on the
part Of the country at large on the
score OF the security Of national affairs.
however the campaign may result.