546 
1928, President E. H. H. Simmons again urged an enlarged member- 
ship, and subsequently a Special Committee of Governors devised the 
25% plan which was adopted by the Governing Committee January 24, 
1929, and was then ratified by vote of the existing Exchange mem- 
bership and became effective February #7, 1929. 
APPENDIX 
(111d) Information as to the total amounts and values of securities 
listed on the New York Stock Exchange prior to January 1, 1925, 
can only be obtained from the unofficial quotation sheets issued daily 
by the publishing house of F. E. Fitch & Co., New York City. 
On and after January 1, 1925, the Statistical Department of the 
Exchange has regularly computed the total nominal amount and market 
value of listed securities as of the beginning of each month; these 
statistics are made available as soon as completed by release to the 
press, and are summarized on an annual basis in each annual Presi- 
dent’s Report. For the first of each year, these official statistics have 
been as follows: 
Bonbps 
Par Value 
$34,445,534,672 
$36,995,089,533 
$37,900,053,650 
$36,881,320,122 
$48,588,549,854 
$49,058,099,434 
Stocks 
Number of Shares Market Value 
433,293,513 $27,069,975,482 
491,615,837 $34,489,227, 125 
585,641,222 $38,376,162,138 
654,999,126 €49,736,350,946 
757,301,677 ¥7,472,053,300 
ee neunrnsy 1,127,682,468 $64,707,878,131 
*Increase primarily due to listing of approximately $12,000,000,000 British Gov- 
ernment sterling war bonds. 
Market Value 
$33,599,231,396 
$35,509,211,458 
$37,167,607 ,468 
£36,874,717,458 
$47,379,028, 502 
$46 ,802,458,780 
These listing statistics are of course basic in any statistical con- 
sideration of Stock Exchange growth in respect to volume of sales, 
clearances, members’ collateral borrowings, etc. They also furnish the 
most comprehensive available index numbers as to prices of securities 
listed on the New York Stock Exchange; such index numbers are 
obtained as of the first of each month for bonds, by dividing total par 
value into total market value, and for stocks by dividing total number 
of shares into their total market value. This index is of course 
“weighted” by the respective size of each listed issue—that is, a stock 
issue of 2,000,000 shares is twice as valent as one of 1,000,000 shares, 
etc. Owing to stock dividends, “split-ups,” and similar changes in a