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 Govern- 
ment....... 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.