546
1928, President E. H. H. Simmons again urged an enlarged membership,
 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 membership
 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 President’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 Government
 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 consideration
 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