Mr. REDMOND. Simply in order to make the record clear, let me ask: I understand that where a firm held membership in various stock exchanges, for instance, on the New York Curb, the Chicago Stock Exchange, and the San Francisco Stock Exchange, the answers of that member firm in regard to its profits and losses would be included in the answer made as to the New York Stock Exchange membership, irrespective of whether the profits were realized on transactions on the New York Stock Exchange or on the other exchanges.

Mr. PECORA. That is correct.

Mr. REDMOND. And therefore the earnings statements shown for the separate exchanges in your tabulation, for instance, take the New York Curb Exchange tabulation, and a profit and loss statement in that case represents only those members who are not members of the New York Stock Exchange.

Mr. PECORA. That is right.

The CHAIRMAN. You may proceed, Mr. Pecora.

Mr. PECORA. Mr. Chairman, referring to the recapitulation offered in evidence and which has been marked "committee exhibit no. 4, May 1, 1934", being a recapitulation of the answers made by the 34 other stock exchanges to the questionnaire sent to them by this committee, I wish to call special attention to the following items: The total number of members of the New York Stock Exchange is shown as 1,375.

The total number of regular members of the 34 other exchanges is 4,594.

The total number of so-called "associate members" of the 34 other exchanges is 435, which makes a total membership of the New York Stock Exchange and 34 other exchanges of 6,404.

There is another item of this recapitulation to which I desire to call the attention of the committee: It is the one indicating that during the year 1929 the New York Stock Exchange expended a total of $174,846.11 in connection with so-called " public-relations " activities, including expenditures by the committee on publicity and the department of economics. All of the other 34 exchanges expended during that year for similar activities a total of $160,608.43, or a total of $335,454.54 expended by the New York Stock Exchange and the 34 other exchanges.

The total of such expenditures for the year 1930 was, in behalf of the New York Stock Exchange, $243,964.91, and for the 34 other exchanges $222,551.07, or a total of $466,515.98.

For the year 1931 the total of such expenditures was $417,255.72, the total for the New York Stock Exchange being $284,863.94, and the total for the 34 other exchanges being $132,391.78.

The total of such expenditures for the year 1932 was $291,783.91, being divided as follows: Expended by the New York Stock Exchange, $206,439.25, and by the 34 other exchanges, $85,344.66.

The total expenditures for that purpose for the year 1933 was $165,305.01, being divided as follows: By the New York Stock Exchange, $92,970.51, and by the 34 other exchanges, $72,334.50.

I also want to call attention to this item from said recapitulation: The total number of pamphlets distributed during the years 1929 to

1933, both inclusive, by the New York Stock Exchange was 3,830,150, and by the 34 other exchanges it was 1,507,204, making a total of 5,337,354 pamphlets distributed.

I also wish to call attention to the item showing that the total number of shares traded in on these 35 exchanges, which includes the 34 already mentioned, and the New York Stock Exchange, during the the calendar year 1932 was 561,729,033 shares, divided as follows: On New York Stock Exchange, 920,550,032 shares, and on the 34 other stock exchanges 604,468,185 shares.

The total number of shares traded in on said exchanges for the year 1929 was 1,849,454,014 shares, divided as follows: On the New York Stock Exchange, 1,124,608,910 shares; and on the 34 other exchanges, 724,845,104 shares.

The total number of shares traded in on these 35 exchanges during the calendar year 1932 was 561,729,033 shares, divided as follows: On the New York Stock Exchange, 425,234,294 shares, and on the 34 other exchanges 136,494,739 shares.

Mr. REDMOND. I think, Mr. Pecora, if I might make a suggestion, that is too small a figure for a full year. I think there must be some mistake about those figures.

Mr. PECORA. The questionnaire itself to which the answer called for these figures mentions the calendar years 1928, 1929, and 1932. Mr. REDMOND. And do you mean that for 1932 that figure is supposed to represent the total number of shares traded in? Mr. PECORA. Yes.

Mr. REDMOND. Might we leave that subject to verification?

Mr. PECORA. Yes.. As you probably will recall, 1932 was rather a poor year in that respect.

Mr. REDMOND. I know. But it hardly seems possible that the number of shares traded in was down around 425 million.

Mr. PECORA. You may submit any data you may have on that, and if it conflicts with what we have here we will correct the exhibit before printing.

Senator CoSTIGAN. Then it will be understood that the exhibit has been submitted for the record, but if on a check-up a correction is required, such correction will be made.

Mr. PECORA. Yes. But I will say that it is correct according to the figures that we have.

The CHAIRMAN. You may proceed, Mr. Pecora.

Mr. PECORA. Mr. Chairman, I now wish to offer in evidence in printed form a questionnaire addressed in behalf of this committee to member firms of the New York Stock Exchange.

The CHAIRMAN. That may go in, but it is my opinion that it has already been made a part of the record.

Mr. PECORA. No, Mr. Chairman, this questionnaire has not been made a part of our record.

The CHAIRMAN. All right. It will be received in evidence and made a part of the record under an appropriate number.

(The paper headed "Questionnaire, Member Firms of the New York Stock Exchange ", was received in evidence and marked "Committee exhibit no. 6, May 1, 1934," and is as follows:)