538 
APPENDIX 
or in the past—it is certain that in poor states there is no spare 
money for new and great undertakings, and that in most rich states 
the money is too scattered, and clings too close to the hands of the 
owners, to be often obtainable in large quantities for new purposes. 
A place like Lombard Street, where in all but the rarest times money 
can always be obtained upon good securities or upon decent prospects 
of probable gain, is a luxury which no country has ever enjoyed with 
even comparable equality before.” (Walter Bagehot. “Lombard 
Street.” 1878.) 
(Ie) If the old stock in the railroad company cited sells at 115 
on the Exchange, while the subscription price to holders of a “right” 
for new stock is 100, the value of the right is determined in the follow- 
ing manner: Each purchaser or holder of 10 shares of old stock at 115 
can acquire another share, or 11 shares altogether, with an additional 
$100. Thus his 11 shares will be worth $1,250, or $113.63 apiece. 
But since the old stock is selling at $115 per share, the value of a 
right would amount to the difference between these figures, or to 
$1.37 per right. If such rights were listed upon the Exchange, they 
would be quoted at about 138. 
(Id) The issues listed upon the New York Stock Exchange on 
January 1, 1930, classified according to sources of issue, were as 
follows 
GOVERNMENT BoNDS 
U. S. GOVERNMENT 
US. Federal... iii iiiiinsitesaraasnansons 
U S. Territories and Possessions. .......-... 
U.S. States and Counties. . ........covneunnn. 
U. S. Cities 
Gov't Issues 
12 
6 
22 
25 
65 
Total U. S.... 
je 
FOREIGN GOVERNMENT 
Africa... ee ee 
ABI. ons dbnrissinansns 
Australasia. ........... 
Europe................ 
North America......... 
South America. ....... 
National 
Gov't Issues 
Subdivisional 
Gov't Issues 
Total 
Gov't Issues 
MN 
¥ 
o 
A 
0 
9 
9 
92 
17 
76 
2073 
{ 
a 
Fe 
IG 
36 
106 
xy 
Total Foreign..... 
ao 
Total U. S. and For- 
eign Government 
Bonds 
nn) 124 
68 
144 107 268