Word: amex
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Dates: during 1960-1969
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...scattered over-the-counter market, brokers estimate that volume has risen by 70% from a year ago. The American Stock Exchange shows the most stunning gain of all: average daily volume has jumped 182% in a year, from 2,826,495 shares to 7,949,003. Last week Amex volume swelled to four successive daily records, reaching a peak of 10,160,000 shares on Thursday, highest in the Exchange's 118-year history...
Ignoring the Realities. So much of the feverish activity involves outright speculation that the American Exchange last week issued its sternest warning in years. Amex ordered 650 member firms to "discourage excessive speculation-particularly in volatile or low-priced stocks." It gave brokers until month's end to report what steps they have taken to tighten sales procedures and warn customers of the dangers. Added Amex President Ralph Saul: "As new generations are attracted to the marketplace, there is a tendency to ignore the realities of investing. Speculating soundly requires getting the facts, avoiding tips and rumors, recognizing...
...first indications appeared in June. Normally, trading volume on the American Exchange runs about 40% of that on the New York Stock Exchange (in numbers of shares, but far less in dollar value, because Amex issues are much lower-priced). Last month Amex volume began to swell to as much as 60% of that on the Big Board. At increasingly hectic sessions, the ticker ran late 18 times (by as much as 22 minutes), and there were delayed openings on 17 days. For the first nine trading days of July, Amex volume climbed to a daily average...
...Margins. Battling speculation by deed as well as word, the Amex two weeks ago imposed 100% margin requirements on eleven stocks in a single day. That restriction-the most sweeping the exchange has ever ordered-brought to a record 26 the number of Amex stocks for which buyers must pay the full purchase price. Normally, under Federal Reserve and stock exchange rules, an investor may borrow up to 30% of the cost from his stockbroker...
Though Securities & Exchange Commission officials, who can order trading in any stock halted, feel that the Amex antics are now "entirely out of line," they seem satisfied with Saul's own policing efforts. After all, it was Saul himself who a few years ago wrote an SEC report blasting the Amex for its slipshod ways of controlling its members. Now he faces a whole new effort to erase its image as a casino...