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which quotations were not available. The number and market value as of December 31, 1961, of preferred and common stocks separately was as follows:

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• Stocks admitted to unlisted trading privileges only or listed on exempted exchanges.

The New York Stock Exchange has reported aggregate market values of all stocks thereon monthly since December 31, 1924, when the figure was $27.1 billion. The American Stock Exchange has reported December 31 totals annually since 1936. Aggregates for stocks exclusively on the remaining exchanges have been compiled as of December 31 annually by the Commission since 1948.

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• Total values 1936-47 inclusive are for the New York Stock Exchange and the American Stock Exchange only.

Fiscal Year Share Values and Volumes

The aggregate market values of all stocks on the exchanges as of June 30 annually, and the volumes of shares traded on the exchanges in years to June 30, have been as follows:

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The June 30 values were as reported by the New York Stock Exchange and as estimated for all other exchanges. Volumes include shares, warrants and rights. Comprehensive statistics of volumes on exchanges are included among the appendix tables in this Annual Report.

Aggregate market values over the years are not strictly comparable, since they do not indicate to what extent they reflect new listings, mergers into listed companies, and removals from listing. The net increment from these sources during the year ending June 30, 1962, may be estimated at 4 to 5 billion dollars. Foreign Stock on Exchanges

The market value on December 31, 1961, of all shares and certificates representing foreign stocks on the stock exchanges was reported at about $13.8 billion, of which $12.7 billion represented Canadian and $1.1 billion represented other foreign stocks. These figures include the total market value of the Canadian stock issues traded on the exchanges; most of the other foreign stocks were represented by American Depositary Receipts or American shares, only the outstanding amounts of which were used in determining market value.

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The number of foreign stocks on the exchanges has declined somewhat in recent years, owing principally to a reduction in issues traded on the American Stock Exchange from 152 in 1956 to 142 in 1961. Trading in foreign stocks has fallen from 42.4 percent of the reported share volume on this Exchange in 1956 to 17.8 percent in 1961.

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Trading in foreign stocks on the New York Stock Exchange was about 3.4 percent of the reported share volume thereon in 1956 and about 2.8 percent in 1961.

Reported volumes in foreign shares during 1961 included about 74,200,000 Canadian and 12,800,000 other foreign shares on the American Stock Exchange and about 10,200,000 Canadian and 18,100,000 other foreign shares on the New York Stock Exchange. The 87 million share volume on the American was over 3 times the 28,300,000 share volume on the New York Stock Exchange. However, in view of the higher average share prices on the latter Exchange, its dollar volume in the foreign shares would appear to have exceeded that on the American Stock Exchange. Comparative Exchange Statistics

The number of stocks on the New York Stock Exchange and on the American Stock Exchange has continued to increase, and the aggregate number of stocks exclusively on the other exchanges has continued to decline in recent years.

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Aggregate share values on the New York Stock Exchange have become an increasing proportion of total share values on all the exchanges, at least since 1948, when our series on total share values on the exchanges was established.

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The ratio of share volume on the regional exchanges to the total on all exchanges has continued to decline over the years. The regional exchange percentage of dollar volume has remained fairly constant. In the following presentation, shares, warrants and rights are in

cluded. Annual data since 1935 are shown in an appendix table in this Annual Report.

Annual sales of stock on eachanges

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Comparative Over-The-Counter Statistics

So far as can be ascertained from the standard securities manuals and from reports to the Commission, there are about 4,165 stocks with 300 holders or more, of about 3,840 domestic companies, quoted only in the over-the-counter market. The aggregate market value of these stocks on December 31, 1961, was about $105.8 billion. This number includes a few instances where it was assumed, because of active dealer interest, that there were 300 holders or more.

The $105.8 billion market value included $26.2 billion for bank stocks, $22.1 billion for insurance stocks, and $57.5 billion for industrial, utility, and other miscellaneous stocks. Stock issued by registered investment companies was not included in this compilation.

Substantial percentages of over-the-counter stocks are ordinarily held by officers, directors, and other controlling persons, and in some instances the percentages are extreme. For example, Western Electric Company stock, which has recently come to have over 300 holders, has added about $8.7 billion market value to the group of stocks issued by companies not reporting to the Commission. However, 99.82 percent of such stock was held by American Telephone and Telegraph Company and only about $15.7 million was in public circulation.

Over-the-counter stocks referred to in the text, as of Dec. 31, 1961

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In addition to the stocks mentioned above, there is a large number of actively quoted stocks of companies so small as not to require continuous reporting to the Commission, and whose coverage by the standard securities manuals is generally limited to brief announcements of the circumstances of the offerings. Their number was in excess of 1,000 on December 31, 1961, at which time they constituted about 25 percent of the actively quoted stocks in the National Quotation Bureau services.

A comprehensive view of the number of securities quoted over-thecounter at any one time is afforded by data supplied by the National Quotation Bureau, which is the principal purveyor of over-the-counter quotations in the United States. The following table shows the number of stocks quoted in the daily service and the corresponding aggregate number of dealer listings, as reported for a day at approximately January 15th annually.

Number of stocks and dealer listings on or about January 15th

Stocks a

Dealer listings

1959 1960. 1961. 1962

6,121 6, 551 6,918 8, 127

23, 964 25, 950 28, 270 35, 050

• The number annually since 1925 is shown on p. 72 of our 26th Annual Report (1960).

About half of the stocks show substantial concentration of dealer listings, including both bids and offers. Many of the remainder are quoted only on the bid side, indicating sporadic dealings, and some are listed on domestic or Canadian stock exchanges.

Reporting Under Section 15(d)

Issuers reporting pursuant to Section 15(d) of the Exchange Act continue to increase in number despite the numerous reductions occasioned by listing on the exchanges or absorption into other companies by purchase of assets or mergers. They increased from 2,017 on December 31, 1960, to 2,435 on December 31, 1961. The 2,435 reporting issuers included 1,720 having $42.5 billion aggregate market value of stocks. The remaining 715 issuers included partnerships, voting trusts duplicative of listed shares, stock purchase and employees savings plans, companies with only bonds in public hands, registered investment companies, and numerous issuers for whose shares no quotation was available, including a considerable number registering in 1961 but not offering their shares until 1962.

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