258 THE WORK OF THE STOCK EXCHANGE

Bond Listings.—As of January I, 1930, there were listed
upon the New York Stock Exchange® 1,543 separate bond
issues possessing an aggregate par or nominal value of
$40,058,000,434 and an aggregate market value of $46,892,-458,780.
 The following tabulation classifies these totals among
their principal subdivisions :

BonDp AMOUNTS LISTED
(as of January 1st, 1930)
Issues = Par Values Market Values
U.S. Federal............... 18 $12,008,586,130 $12,362,647,240
U. S. Subdivisional.......... 47 889,323,962 885,266,796
Total U. S. Government. 65 12,987,910,092 13,247,914,036

Foreign National............
Foreign Subdivisional. ......

106 15,828,871,100 15,151,908,286
97 018,076,848 793,630,187

Total Foreign Government.......
 eww
Total Government......
U. S. Railways & Equipments
U.S. Utilittes. . ......oovenn
U. S. Industrial & Misc... ...

203 16,746,947,957 15,945,538,473

268

29,734,858,049

20,193,452 ,50Q

688 10,234,047,261
201 3,457,684,941
220 3,046,639,316

9,559,076,049
3,308 ,602,080
2,814,400,819Q

U. S. Cos. Operating Abroad.

273,904,414
Total U. S. Bonds. . ... 29,203,897,398
Total Foreign Bonds... . {7,688,561,382
} BF. hr
ToTaL BONDS...... 1,543 40,058.000,434 46.802,458,780

Speculative Aspects of Bonds.—Since bonds constitute an
obligation to pay which takes precedence over shares as claims
to income and assets, and since the terms of such payment are
much more definitely determined with bonds than with shares,
there is naturally much less speculation and less active turnover
in the bond than in the stock market. For, as we have seen,
the less certainty there is concerning values, the more inevitable
is speculation as a method of obtaining an estimate of them.’
See Apsal Repos of the President. 1929-30, p. 96.