Wall Street: Records, Paperwork & Profit

In the midst of an otherwise dull mar ket, the New York Stock Exchange last week established an interesting new record. The exchange traded its 1,899,495,015th share of stock this year, exceeding the record for annual turnover that had been set only last year. Nobody in Wall Street knew for certain what the final quarter of the year would bring, but if activity continues at the pace of the first nine months, about 2.5 billion shares should change hands before the year ends.

The average daily volume of 9,875,-000 shares, a level that the exchange had not expected—or even hoped—to...

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