586 
Date of Quarterly 
Statement 
September 30, 1925... 
December 31, 1925... 
March 31, 1926. ..... 
June 30, 1926........ 
September 30, 1926... 
December 31, 1926... 
March 31, 1927. ..... 
June 30, 1927........ 
September 30, 1927... 
December 31, 1927. . 
March 31, 1928..... 
June 30, 1928....... 
September 30, 1928. . 
December 31, 1928. . 
March 31, 1929. ... 
June 30, 1929... .. 
September 30, 1929. 
December 31, 1929. 
March 31. 1930... 
APPENDIX 
CoMMON STOCK 
Brokers Individuals 
25.39% 74.61% 
27.60 72.40 
29.92 70.08 
24.10 75.60 
29.01 70.99 
28.99 71.01 
27 59 72.41 
26 r: “2,7 
5.69 Ce 
22 OU 
[~~ - IJ 
PREFERRED STOCK 
Brokers 
2 609, 
65 
82 
77 
GI 
20 
; 
- 4. 
. 49 
5.60 
5.62 
-.91 
Nn, 0A 
Ir 
Individuals 
95.40% 
95.35 
95.18 
95.23 
95.09 
94.80 
94.55 
94.57 
94.51 
94.31 
94.38 
94.09 
93.96 
93.85 
93.71 
c3.74 
c1 52 
92.99 
03.20 
»1 
o.80 
(IVm) As long as a customer holds registered securities on margin 
with his broker, it is customary for them to be kept in the name of the 
broker or some other broker. In this way, they are salable at once 
on the Exchange, and if the customer fails or refuses to maintain 
proper margin, the broker can thus sell them readily to protect himself 
from loss. Also, apart from margin considerations, the customer may 
have purchased the securities with the intention of selling them in a 
short space of time, and this can be done with a minimum of delay 
when they are registered in a broker's name. But when an investor 
has bought securities outright, he will usually wish them transferred 
into his own name, so that he can place the certificates in his own 
safe deposit box. . Some invgstors, however, may prefer to keep securi- 
ties which they own outright in a broker’s name, in order that the 
broker may collect dividends for them and perform similar services. 
On the other hand, for various reasons, stock in an individual's name 
may really be speculative rather than investment stock. Yet as a 
generalization, it is fair to say that stock in brokers’ names represents 
the undistributed speculatively held floating supply, while stock in 
the names of individuals represents distributed stock owned outright 
by investors. 
(IVn) The following statistical tables show the constantly widen- 
ing public distribution of the common stock of three large American 
corporations—a public utility, an industrial, and a railroad, as of the 
earliest period in the years indicated: