Wall Street, proverbially volatile, greeted President Roosevelt's signing of the Securities Exchange Act last week with a rousing stockmarket rally. After averaging a bare 500.000 shares a day for the past month, trading on the New York Stock Exchange leaped to 1.600.000.
Pleasantest discovery for brokers was that for dozens of stocks the Act's tentative margin requirements were actually lower than those demanded by the New York Stock Exchange. The 45% margin formula had loomed so large that the alternative formula had been almost ignored. The second formula permitted loans up to...
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