Word: amex
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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...
Many brokers share Saul's alarm. "The high jinks on the Amex," maintains Vice President Bradbury K. Thurlow of Winslow, Cohû & Stetson, constitute "classic symptoms of irresponsible overspeculation in 'cats and dogs.' " Adds Research Director Stanley A. Nabi of Schweickart & Co.: "It's not only crazy but also unsustainable...
...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...