The New York Stock Exchange has reported aggregate market values of all stocks listed thereon monthly since December 31, 1924, when the figure was $27.1 billion. The American Stock Exchange has reported totals as of December 31 annually since 1936. Aggregates for stocks exclusively on the remaining exchanges have been compiled as of December 31 annually by the Commission since 1948. The available data since 1936 appear in Table 5 in the appendix of this Annual Report. It should be noted that changes in aggregate market values over the years reflect not only changes in prices of stocks but also such factors as new listings, mergers into listed companies, removals from listing and issuance of additional shares of a listed security. Share and Dollar Volume of Stocks Traded The figures below show the annual volume of shares traded on all exchanges during the years 1955 through 1965, and the first 6 months of 1966. These volume figures include stocks, warrants and rights. Tables 6 and 7 in the appendix of this Annual Report contain comprehensive statistics on volume, by exchanges. In 1965 share and dollar volume on exchanges increased 25.6 percent and 23.6 percent, respectively, over 1964. Volume continued to increase in the first 6 months of 1966. On the American Stock Exchange the dollar volume in these 6 months exceeded the dollar volume for the entire year 1965. Foreign Stocks on Exchanges The market value on December 31, 1965, of all shares and certificates representing foreign stocks on U.S. stock exchanges was $18.8 billion, of which $15.3 billion represented Canadian and $3.5 billion represented other foreign stocks. The market values of the entire Canadian stock issues were included in these aggregates. Most of the other foreign stocks were represented by American Depository Receipts or American shares, only the outstanding amounts of which were used in determining market values. The number of foreign stocks on the exchanges has declined in recent years, from 173 as of the end of 1960 to 130 in 1965. During this period, the American Stock Exchange had a net decline from 145 to 99 issues, while the New York Stock Exchange had an increase of 1 and the remaining exchanges an increase of 2. Trading in foreign stocks on the American Stock Exchange has fallen from 17.9 percent of the reported share volume in 1960 to 15.1 percent in 1965. On the New York Stock Exchange trading in foreign stocks has declined from 2.7 percent of its reported share volume in 1960 to 2 percent in 1965. Comparative Exchange Statistics During fiscal year 1966, there was a moderate increase in the number of stocks listed on the New York Stock Exchange, consistent with the trend of recent years. The number listed on the American Stock Exchange increased slightly, representing the second consecutive year in which a gain occurred. The number of stocks available for trading exclusively on the other exchanges continued to decline. In 1965, the aggregate value of shares listed on the New York Stock Exchange represented an increasing proportion of total share values on all exchanges as it has in most years since the late 1940's. The ratio of share volume on the regional exchanges to the total on all exchanges has continued to decline over the years. However, in 1965 the regional exchange percentage of dollar volume increased slightly. The American Stock Exchange percentages of share and dollar volume have increased steadily since 1963 while the percentages of the New York Stock Exchange have decreased. In the following presentation stocks, warrants and rights are included. Annual data since 1935 are shown in Appendix Table 7 in this Annual Report. Annual sales of stock on exchanges, in percentages Calendar year 1940. 1945. 1950. 1955. 1960. 1961. 1962 1963. 1964. 1965. 1966 (1st 6 months).. New York American All other New York American All other DELISTING OF SECURITIES FROM EXCHANGES Application may be made to the Commission by exchanges to strike securities or by issuers to withdraw their securities from listing and registration on exchanges pursuant to Rule 12d2-2 under Section 12 (d) of the Securities Exchange Act. During the fiscal year ended June 30, 1966, the Commission granted applications by exchanges and issuers to remove 63 stock issues and 2 bond issues, representing 60 issuers, from listing and registration. Since 5 stocks were each delisted by two exchanges, there was a total of 68 stock removals, as follows: New York Stock Exchange- Philadelphia-Baltimore-Washington Stock Exchange. Pittsburgh Stock Exchange.... San Francisco Mining Exchange_ Salt Lake Stock Exchange.. Issuer... Total____ The three applications by issuers which were granted during the year removed one security each from the American, Pacific Coast and Philadelphia-Baltimore-Washington Stock Exchanges. UNLISTED TRADING PRIVILEGES ON EXCHANGES Stocks with unlisted trading privileges which are not also listed and registered on other exchanges continued to decline in number, from 132 on June 30, 1965, to 114 on June 30, 1966. The American Stock Exchange accounted for the entire decline except for 1 issue removed from the Philadelphia-Baltimore-Washington Stock Exchange. During the calendar year 1965, the reported volume of trading on the exchanges in stocks with only unlisted trading privileges similarly declined to about 23,775,000 shares, or about .92 percent of the total share volume on all exchanges, from about 24,521,000 shares and about 1.2 percent of share volume during calendar year 1964. About 97 percent of the 1965 volume was on the American Stock Exchange while four other exchanges contributed the remaining 3 percent. The share volume in these stocks on the American Stock Exchange represented 4 percent of the total share volume on that exchange. Unlisted trading privileges on exchanges in stocks listed and registered on other exchanges numbered 1,735 as of June 30, 1966. The volume of trading in these stocks for the calendar year 1965 was reported at about 87,761,000 shares. About 17.4 percent of this volume was on the American Stock Exchange in stocks listed on regional exchanges and 82.6 percent was on regional exchanges in stocks listed on the New York or American Stock Exchange. While the 87,761,000 shares amounted to only 3.4 percent of the total share volume on all exchanges, they constituted substantial portions of the share volume of most regional exchanges, as reflected in the following approximate percentages: Cincinnati, 84 percent; Boston, 78 percent; Detroit, 75 percent; Philadelphia-Baltimore-Washington, 71 percent; Pittsburgh, 50 percent; Midwest, 31 percent; and Pacific Coast, 30 percent.2 Applications for Unlisted Trading Privileges Applications by exchanges for unlisted trading privileges in stocks listed on other exchanges, filed pursuant to Rule 12f-1 under Section 12(f) (1) (B) of the Securities Exchange Act, were granted by the Commission during the fiscal year ended June 30, 1966, as follows: BLOCK DISTRIBUTIONS REPORTED BY EXCHANGES The usual method of distributing blocks of listed securities considered too large for the auction market on the floor of an exchange is to resort to "secondary distributions" over the counter after the close of exchange trading. Secondary distributions, as reported since 1942, reached a new high of $1,603,107,000 during the calendar year 1965, surpassing the previous peak of $926,514,000 in 1961. During the first 6 months of 1966, there were 72 secondary distributions aggregating $1,126,091,000. Unusually large secondary distributions have caused these record high figures. Secondary distributions of the common stocks of Ford Motor Co. and General Motors Corp. accounted for 38 percent of the 1965 total value, and a distribution of Trans World Airlines common stock comprised more than half the total for the first 6 months of 1966. Block distributions of stocks reported by exchanges Details of these distributions appear in the Commission's monthly Statistical Bulletins. Data for prior years are shown in Appendix Table 8 in this Annual Report. The distribution of unlisted stocks among the exchanges and share volume therein are shown in Appendix Table 9. |