Total

Table VI-2

New York Stock Exchange

DISTRIBUTION OF MEMBER STOCK DAYS
BY PERCENT OF TOTAL STOCK DAY VOLUME

During the Weeks Ended January 27, March 24 and June 16, 1961

(2)

Cumulative Percent of Member Stock Days Which Fell At or
Below Each Participation Rate Level in Column (1)

Single
Specialist

Floor
Traders

Odd-Lot
Dealers

Members
Off Floor

A11 Members

Note:

The following readings from this table may serve to clarify its arrangement: (1) floor trader purchases and sales were equal to or less than 1.50 percent of total stock day volume on 7.56 percent of all stock days on which they traded over the 3 weeks (1.e., 7.56 percent of 2,274 stock days); (2) specialist purchases and sales were equal to or less than 70.00 percent of total stock day volume on 87.64 percent of all stock days on which they traded over the 3 weeks (1.e., 87.64 percent of 12,852 stock days); (3) specialist purchases and sales were equal to between 80 and 90 percent of total stock day volume on 1.56 percent (94.41 percent minus 92.85 percent) of all stock days on which they traded over. the 3 weeks. 1/ The percent figures in this column are rounded slightly in a number of cases. Also, the percent figures reach 200 percent because member purchases and sales are expressed as a percent of total volume (1.e., total sales only). When members account for all purchases and all sales on a given stock day, therefore, their participation rate is 200 percent.

2/ Line "M" indicates the approximate location of the median stock day of each member class.

TABLE VI-3.-New York Stock Exchange: Number of specialist units, number of stocks with competing specialist units, and number of competing specialist units (1957-63)

1 As of the 1st trading day of each year.

2 In succeeding tables, the number of specialist units shown for this year is 110, which was the total of specialist units as of the time of the Special Study's questionnaire EX-1 in 1962; the responses from these 110 units included data for this year.

NOTE. During 1933 there were 230 specialist units of which 105 were unaffiliated specialists. In addition 466 stocks had competing specialists. The Twentieth Century Fund, "The Security Markets” (1935), p. 404. No data are available for the years 1934–56.

TABLE VI-4.—New York Stock Exchange: Percentage distribution of total reported round-lot volume (1928 and 1961)

NOTE. The total reported round-lot volumes above are understated by 3.4 percent in 1928 and 4.1 percent in 1961 due to the omission in the year end reported round-lot volumes of companies that merged into other companies, were acquired by other companies, or were delisted.

Source: New York Times, Jan. 2, 1929, pp. 41-43, and Jan. 8, 1962, pp. 42, 44, and 49.

TABLE VI-5.-New York Stock Exchange: Distribution of specialist units according to the number of specialists in each unit (Mar. 26, 1962)

1 This figure does not include individual specialists who are affiliated with others in joint accounts, since such joint accounts are considered a unit.

TABLE VI-6.-New York Stock Exchange: Percentage distribution of the number of specialists per specialist unit (Mar. 26, 1962)

Specialist units in 10 groups, ranked in order of the number of specialists in each unit

TABLE VI-7.-New York Stock Exchange: Distribution of specialist units according to the number of common stocks assigned to each unit (Dec. 31, 1961)

Number of specialist

Number of common stocks assigned to each specialist unit:

1 to 5---

6 to 10_

11 to 15.

16 to 20.

21 to 25.

26 to 30

units 1

13

34

41

15

3

1

0

2

31 to 35.

36 to 40

Total---

1 Does not include the Post 30 specialist unit.

109

TABLE VI-8.-New York Stock Exchange: Percentage distribution of common stocks assigned, by specialist unit (Dec. 31, 1961)

2 Includes duplicate counting of 122 common stocks assigned to competing specialist units or to specialist units with combined books.

TABLE VI-9.-New York Stock Exchange: Number of specialists, number of issues, number of issues per specialist, total round-lot volume, and total roundlot volume per specialist (1937-61)

1 1941-44 is not available. The above figures for those years is an average of 1940-45. Source: The number of issues and the total round-lot volume are from the NYSE Fact Book (1962), pp. 38 and 45.

TABLE VI-10.-New York Stock Exchange: Distribution of specialist units according to total reported round-lot volume in assigned stocks (1961)