Evening star., 1933-05-28
WALL STREET DIGS
|NT0P|LE OF WORK
Many Clerks Toll Through
Night as Result of Sat-
urday Orders.
By the Associated Press.

BY the Associated PreSS.
NEW YORK, May 27-Wall Street
brokers' clerks were digging feverishly
tonight to remove the mountain of
work created by the huge Saturday
turnover of 100000 shares on the New
York Stock Exchange floor today. 1t
was the second largest Saturday volume
in the exchanges history.
Already far behind in their work be-
cause of busy trading volume on Fri
day, the clerks plugged away posting
in books the formidable pile of exc
cuted orders, confirming trades with
other stock exchange firms and tipping
and mailing combinations to custo-
mers.
Restaurants Stay Open.
Many restaurants in the financial
district, disregarding their usual early
Saturday closing, remained open long
into the night to feed the thousands of
workers, who after a brief dinner re-
cess hurried back to their posts, pre-
pared for late vigil.
Partners in certain of the larger
commission firms said that the clerks
In some departments would probably
catch up with their work by midnight
Others, after surveying the ire
mendous amount of executed trades,
with all the clearance and bookkeeping
operations involved, expressed the opin-
ion that their workers would have to
toll throughout the night to have the
decks reasonably clear for Mondays
business.
Several of the houses canvsssed said
that bookkeeping stats would be kept
at work all through Sunday and Sum
day night.
The physical functions of stock ex-
change firms which execute orders for
the public call from departmentalized
operations, such as clearing house, COM
parison, mailing, bookkeeping and CASH
ier's divisions.
Clearings Task Huge.
The clearing house departments op-
crate in conjunction with the general
clearing house of the exchange The
latter effects deliveries of securities
bought and sold as between the various
stock exchange firms "on balance" to
obviate actual handling and delivery
OF the share certificates involved in
every LTdO6.
The stock exchange clearing house
faced prodigious task tonight as it
prepared for the clearance on Monday
OF the huge business of Friday and Sat-
urday, aggregating about $500, 900
shares.
Transactions on the floor of the ex-
change, according to long established
custom, go through the exchange clear
ing house on the following business
day. except in the case of Fridays and
saturdays business, which is cleared
on Monday
Another Wild scramble to convert
dollars into stocks and commodities
piled up the largest volume of trading
ever experienced with rising prices in
Saturday session.
Trading Is Feverish.
.. Imitation fevers ran high, in response
to the Governments plan to abrogate
the gold clause in private and public
obligations, and trading in the Chicago
grain pit was almost as excited as the
dealings in the New York Stock EX-
change. While scores of stocks rose 81
to as much as $40, wheat made ex-
| treme advances of cents a bushel.
Silver futures jumped cent an
! ounce. cotton about 81 a bale. rubber
futures about p cent pound copper l.,
of cent pound, hide futures !. to y
cent and raw silk to 10 cents a pound
Both stocks and average prices of
sensitive raw commodities were back
| close to the levels of a year and a half
ago.