Full text of H.16 Capital Market Developments : May 23, 1960

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Not f o r P u b l i c a t i o

Ubliiiui •

i

MAY 2 4 1950
H.li;

f s d e r a i . n z s z s v E EANX
or
:o::3

May 23, I960.

GAEITALJJLRKET DEVELOPMENTS
IN THE UNITED STATES AND CANADA,
(Including Monthly Review of Sources
and Uses of Financial I n t e r m e d i a r i e s )
P a r t I - United S t a t e s
Last -week t h r e e l a r g e corporate s e c u r i t y i s s u e s with proceeds
of $63 m i l l i o n were p u b l i c l y s o l d ; no l a r g e S t a t e and l o c a l government
bond i s s u e s were scheduled f o r s a l e . This week a $25 m i l l i o n corporate
i s s u e i s scheduled t o be p u b l i c l y .offered and S t a t e and l o c a l government
bond i s s u e s t o t a l i n g $81 m i l l i o n a r e on the c a l e n d a r .
Bond y i e l d s - Yields on most types of seasoned bonds rose
l a s t week. The i n c r e a s e was s u b s t a n t i a l f o r U. S. Government and S t a t e
and l o c a l government bonds but minor f o r y i e l d s on high-grade corporate
bonds.
Mortgage y i e l d s - Average discounts i n the p r i v a t e secondary
market f o r c e r t a i n JHA-insured 5 - 3 / h p e r cent new-home mortgages edged
down again in A p r i l , but the implied y i e l d of 6.20 p e r cent was s t i l l 9
c l o s e t o record postwar l e v e l s , about 60 b a s i s p o i n t s above a y e a r e a r l i e r .
Stock p r i c e s - Common stock p r i c e s as measured by Standard and
P o o r ' s index of 500 common stocks rose moderately l a s t week, closing
Friday a t 55.85. Trading volume averaged 3 . 5 m i l l i o n s h a r e s a day, the
l a r g e s t t r a d i n g volume since e a r l y January.
I n s t i t u t i o n a l i n v e s t o r s - Combined growth a t t h r e e major types
of savings i n s t i t u t i o n s — l i f e insurance companies, savings and loan
a s s o c i a t i o n s and mutual savings banks—totaled $ 3 . 1 b i l l i o n during t h e
f i r s t q u a r t e r , 5 per cent l e s s than i n t h e comparable p e r i o d l a s t y e a r .
Savings and loan a s s o c i a t i o n s were t h e only type having a l a r g e r inflow
t h i s y e a r than l a s t . The growth i n l i f e insurance company a s s e t s was
only s l i g h t l y smaller—2 per c e n t ; but t h e increase i n d e p o s i t s a t mutual
savings banks was only about half as l a r g e as i n t h e f i r s t t h r e e months
of 1959.
The n e t increase i n l i f e insurance company a s s e t s t o t a l e d $1.3 b i l l i o n i n the f i r s t q u a r t e r . In January and February t h e growth in a s s e t s
had been s l i g h t l y l a r g e r than i n t h e comparable months of 1959 J however,
i n March a s s e t s increased l e s s than a year e a r l i e r . Net a c q u i s i t i o n of
mortgages, t o t a l i n g $.7 b i l l i o n , w a s f o u r - f i f t h s l a r g e r than in t h e
January-March 1959 period, while a c q u i s i t i o n of b u s i n e s s s e c u r i t i e s ,
amounting t o $.h b i l l i o n , was only about half as l a r g e . There was a s l i g h t
n e t l i q u i d a t i o n of U. S. Government s e c u r i t i e s in c o n t r a s t with a s l i g h t
net acquisition l a s t year.




Sources and Uses of Funds of Major Types of Savings I n s t i t u t i o n s 1 /
F i r s t Quarter 1953-1960
(In millions of d o l l a r s )
u. s .
Govt.
securities

Year

Uses of Funds
State &
Busil o c a l Other
ness
Mortgovt.
secur- gages
sec.
ities

Sources of Funds
Total
Net change
OUUXvco in deposits Borrowing
or savings
capital

L i f e Insurance Companies
I960
1959
1958
1957
1956
1955
195k
1953

-174
-152
-123
-206
-215
-171
^160
-154

-4o
47
58
. -77
-500
- 70
-106
-132

712
394
455
686
957
799
494
480

357
662
631
571
673
513
563
763

80
149
86'
- 21
155
131
168
52

404
265
318
336
235
222
479
252

1,339
1,365
1,425
1,333
1,305
1,564
1,436
1,261

—

—

Savings and Loan Associations
i960 -295
1959 -326
267
1958
1957 -235
1956
-99
1955
-54
1954 136
1953 - -30

253
470
26
347
240
179
5
139

I960
1959
1958
1957
1956
1955
1951
1953

12
220
20
59
21
44
-30
94

—

1,229
1,422
775
638
907
1,180
736
655

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

33
123
27
122
73
28
30
20

1,220
1,689
1,095
1,070
1,118
1,329
906
782

1,471
1,371
1,317
997
1,106
1,147
1,047
877

-710
-242
-592
-299
-3 26
-39
-335gy'
-254%/

459
560
370
372
338
221
194
159

Mutual Savings Banks
-53
-33
39
-76
-79
-42
22
-45

31
-41
332
205
50
26
173
135

425
508
394
355
587
. 550
4o5
299

-12
55
33
7
43
51
42
75

72
12
54
54
30
42
45

45

475
721
872
6o4
652
671
657
602

n.a.—Not a v a i l a b l e .
1 / For description of data see Exhibits
K and L.
2/ Includes Federal Home Loan Bank advances only.




302
548
719
435
512
566
54o
506

——

173
173
153
169
140
105
117
96

-3The growth i n share c a p i t a l a t savings and loan a s s o c i a t i o n s ,
t o t a l i n g a f i r s t q u a r t e r record of $1.5 b i l l i o n , was 7 p e r cent l a r g e r
than in t h e comparable months of 1959. ( I n February, t h e i n c r e a s e i n
savings c a p i t a l had been o n e - f i f t h l a r g e r than a year e a r l i e r , but in
Januaxy and March i n c r e a s e s were only s l i g h t l y l a r g e r . ) These a s s o c i a t i o n s made l a r g e repayments of borrowed f u n d s , p r i n c i p a l l y t o t h e
Federal Home Loan Banks. Repayment of advances i s usual in the f i r s t
q u a r t e r , but i t was sharply higher t h i s year than l a s t . These a s s o c i a t i o n s had borrowed i n record amounts a f t e r March l a s t year t o supplement
t h e i r savings inflow i n carzying out t h e i r heavy mortgage lending a c t i v i t y .
Because of a reduction of funds a v a i l a b l e t h i s y e a r , n e t a c q u i s i t i o n of
m o r t ^ g e s , t o t a l i n g #1.2 b i l l i o n , was one-seventh smaller than in t h e
f i r s t t h r e e months l a s t y e a r . The i n c r e a s e i n holdings of U. S. Government s e c u r i t i e s was only about h a l f as much i n t h e past q u a r t e r a s a
year e a r l i e r .
Deposits a t mutual savings banks increased $ . 3 b i l l i o n in t h e
f i r s t q u a r t e r , only about half a s l a r g e a s l a s t y e a r . In March, however,
t h e i n c r e a s e in d e p o s i t s was l a r g e r (although only very s l i g h t l y ) than
a year e a r l i e r f o r t h e f i r s t time s i n c e November 19$8. (Throughout 1959
and the f i r s t months t h i s y e a r d e p o s i t s had e i t h e r declined a b s o l u t e l y
or increased l e s s than in the comparable month a year e a r l i e r . ) Most
of the funds a v a i l a b l e t h i s year were i n v e s t e d in mortgages i n c o n t r a s t
with f i r s t q u a r t e r l a s t year when savings banks a l s o made s u b s t a n t i a l
a c q u i s i t i o n s of U. S. Government s e c u r i t i e s a s w e l l as mortgages. There
was a s l i g h t n e t a c q u i s i t i o n of business s e c u r i t i e s by t h e s e banks i n
c o n t r a s t t o a small l i q u i d a t i o n l a s t y e a r . I n March, a c q u i s i t i o n of
these s e c u r i t i e s , although only $52 m i l l i o n , was the l a r g e s t s i n c e A p r i l
1959. (Savings banks had g e n e r a l l y reduced t h e i r holdings of business
s e c u r i t i e s a f t e r l a t e 1958.)
More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented in the a t t a c h e d e x h i b i t s .
Developments in t h e Canadian c a p i t a l markets a r e p r e s e n t e d
in P a r t I I a t t h e end of t h i s r e p o r t .

C a p i t a l Markets S e c t i o n ,
Division of Research and S t a t i s t i c s ,
Board of Governors of t h e Federal Reserve System.




l\

STOCK

MARKET

^Y,

1957

MORTGAGE AND

1951

BOND




1959

i960

YIELDS

I

u.il*

Exhibit B - Tables f o r Exhibit A
High-grade Bond Yields
Date

Corporate
Aaa 1 /

U. S. Govt,
long-term 2/

Spread between
U. S. Govt, and
State and
Corporate
local Aaa

State and
l o c a l govt.
Aaa y

(Per cent)
1951*
1957
1958
1959

-

Low
High
Low
High
Low
1960 - High
Low

2.65
it.llt
3.55
lt.6l
4.09
4.61
li.Ut

Apr. 22
Apr. 29
May 6
May 13
May 20 g /

U.li5
li.U6
I1.U6
k.kS
It. 46

(li/23)
(9/27)
(5/2)
(12/31)
(1/9)
(1/29)
(li/8)

2.45
3.76
3.07
4.37
3.83
4.42
LOO

(6/6)
(10A6)
(4/25)
(12/31)
(1/2)
(1/6)
(3/25)

4.21
4.20
It. 17
1(.13
It. 1 6

1.90 (9/2)

3.53 (1/7)
3.28 ( V 7 ) .

.30
.60
.22
.50
.16
.1*6
.19

.30
.1*7
.31*
.92
.53
.92
.68

3.29
3.3U
3.32
3.32
3.37

.21*
.26
.29
.32
.28

.92
.86
.85
.81
.81

1 4 ! H

3.06 (3/26)

Lower-grade Bond Yields
Date

Corporate
Baa 1 /

State and
l o c a l govt.
Baa y

Spread between
Aaa and Baa
State and
Corporate
l o c a l govt.

(Per cent)
195b
1957
1958
1959

-

Low
High
Low
High
Low
1960 - High
Low

3.1*
S.10
U.51
5.32
It.83
5.36
5.17

Apr. 22
Apr. 29
May 6
May 13
May 20 2 /

5.21

(12/31)
(11/29)
(7/11)
(12/31)
(4/17)
(2/12)
(V8)

s
5.28
5.28

2.93 (8/5)
t a \%1)
1*.1*6 (7/2)
3.92 (3/26)
k.k6 (1/7)
1*.22 ( V 7 )
1*.23
ll.28
4.28
1*. 28
1*.33

.52
1.27
.77
.77
.56
.83
.71

.96
1.21
.93
.98
.79
.97
.93

.76
.77
.81
.83
.82

.91*
.91*
.96
.96
.96

E/ Preliminary.
1/ Weekly average of dally figures. Average term of bonds Included la 25-26 years.
2/ Weekly average of dully figurea. The series lholudes bonds due or callable in 10 years or more.
3/ Thursday figures. Only general obligation bonds are includedt average term I s 20 years.
Note.—Highs and lews are for Individual series and may be on different datee for different series.




HIGH-GRADE, BOND

YIELDS

/Vt
/ - U.V. COVilNMEMT

.GOVftNMINT J««

LOWER-GRADE

BOND

YIELDS




Exhibit i) - Tables f o r ExhibiL C
Stock Market
Bate

Common
Trading
stock
volume y
yields 2 / (millions
(per cent) of shares)

Stock price
index 1 /

1957-59 - High
Low
I960 - High
Low

60.51
39.78
59.50
5k.ik

March
April
May 6
May 13
May 20 p /

55.02
55.73
54.75
55.30
55.83

(7/31/59)
(12/27/57)
(1/8)
(3/11)

3.07
I1.66
3.18
3.51

n

3.1*5
3.1*1
3.1*6
3.1*2
3.1*0

Stock market customer c r e d i t
iCustomers'
Bank
Total 1debit b a l - loans to
ances h/ "others" 5/
(Millions of d o l l a r s )

n

1*>761*
3,551*
1*,365
*1,153

3,1*01
2,1*82
3,198
3,028

2.9
2.9
2.8
3.1
3.5

1*,158
1*,153
n.a.
n.a.
n.a.

3,028
3,037
n.a.
n.a.
n.a.

•

1,373
1,060
1,167
1,130
1,130
1,116
1,116
1,110

1 / Standard and Poor's rrmposlte Index of 500 common s t o c k s , weekly c l o s i n g p r i c e s , 1941-43=10. Monthly data,
ore averages of d a l l y f i g u r e s rather than of Fridays' o n l y . Highs and lows are f o r Fridays' data o n l y .
2 / Standard and Poor's composite stock y i e l d based on Wednesday data converted t o weekly c l o s i n g p r i c e s by
Federal Reserve, Y i e l d s shown are f o r d a t e s on which price index reached i t s high or low.
3 / Averages o f d a i l y t r a d i n g volume on the New York Stock Exchange.
4 / End of month f i g u r e s f o r member firms of the New York Stock Exchange which carry margin accounts; excludes
balances secured by U. S . Government o b l i g a t i o n s ,
5 / Wednesday f i g u r e s f o r weekly r e p o r t i n g member banks. Excludes loans for purchasing or c a r r y i n g U. S.
Government s e c u r i t i e s . Prior t o July 1 , 1959, auoh loans are excluded only a t banks i n New York and Chicago.
Weekly reporting banks account f o r about 70 per cent of loans t o o t h e r s . For f u r t h e r d e t a i l aeo B u l l e t i n .

Mortgage and Bond Yields 1/
Date

FHA
mortgages 2 /

19 59 - High
Low

1953-1958 - High
Low

5.63 (11/57)
1*.56 ( 2 % )
6.23
5.57

1959 - December
i960 - January
February
March
April

6.23
6.21*
6.23
6.22
6.20

Aaa corporate
Spread between now
bonds 1/
corporate bonds and
New 3/ 1| Seasoned It/ FHA mortgages |Seasoned bonds
l*.8l (6/57)
2.71* (3/51*)
5.29
U.29

5.16
l*.95
6.96
1*.66
x/1*.78

1*.12 (9/57)
2.85 (1*/51*)
1*. 58
1*.12

1.96
.51*
1.29
.83

.90
-.12
.77
.15

1*.58
l*.6l
1*.56
1*.1*9
1*.1*5

1.07
1.29
1.27.
1.56
1.1*1

.58
.31*
.1*0
.17
r/,33

1 / Neither mortgage nor bond y i e l d s take I n t o account s e r v i c i n g cootc whioh are much higher f o r mortgages than
bonds. G e n e r a l l y , bonds pay i n t e r e s t semi-annually; mortgages, monthly. Mortgage y i e l d s , i f computed a s e q u i v a l e n t
t o a semiannual i n t e r e s t investment, would be s l i g h t l y higher than g i v e n I n the t a b l e .
2 / BmoKd on FHA f l o l d - o f f l o e opinions about average bid p r i c e s i n the p r i v a t e secondary market f o r new-home
mortgages for immediate d e l i v e r y . Since l a t e 1955, data r e l a t e only t o 25-yeor mortgage s with downpaymenta of 10
per cent or more, weighted by probable volume of t r a n s a c t i o n s . Y i e l d s computed by FTIB, assuming 25-ycnr mortgagee
a r e paid o f f In 12 y e a r s . Danhed l i n o s i n d i c a t e periods of adjustment t o changes i n the contractual i n t e r e s t r a t e ,
3 / F i r s t National City Bank of New York. Averages of o f f e r i n g y i e l d s of a l l new i s s u e s of p u b l i o l y - s o l d bonds
noted A a a , Aa or A by Moody's I n v e n t o r s Servian ( e x c e p t a e r i a l and convertible, i s s u e s and o f f e r i n g s of natural gas
and f o r e i g n companies) weighted by s i z e of i s s u e . Y i e l d s on Aa and A i s s u e s are f i r s t adjusted t o an Aaa b a s i s
by the r.prro'1 between y i e l d s of outstanding bonds i n t h e s e c a t e g o r i e s end those on nan-rated bonds. The s e r i e s re*
f l e e t s cr.tngna In lndu.itrlnl ooirp o o l t l o n , maturity, t j p e , e t o . of new o f f e r i n g s . 4 / Moocty's I n v e s t o r s S e r v i c e . Monthly averages of d a l l y d a t a . See Exhibit B.




Exhibit E
Long-term Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
(In m i l l i o n s of d o l l a r s )
New c a p i t a l
I960

Corporate 1 /
1 1959 r / 1

1958

I960
734

638
858
61*6

812
953
511

1,140
597
887

593
1,006

798
895
551

535
740
703

1,107
540
1,11b

gi
U68

879
864
900

862
518
920

593
513
455

1*56
474
435

2,20b
2,567
2^2

3,139
2,623
2,760
2,300

2,142
2,531
1,519
1,562

2,276
2,21,1,
1,860
1,365

4771
6,750
9,392

5,762
8,522
10,823

4,673
6,223
7,781.

4,520
6,380
7,746

577
715
860

821
738
646

728

e/725
i/700

894
785
887

July
August
September
October
November
December

January
February
March
April
May

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

2,151

1 s t half
Three q u a r t e r s
Year

S t a t e and l o c a l 2/
1 1958
1
1959

e/1,846

'

806
403
651

Excluding f i n a n c e companies 4 /
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

e/1,801

Year
1/
2/
3/
h/

1,999
2,412
1,716
2,503

2,899
2,586
2,731
2,213

8,630

10,1*29

S e c u r i t i e s and Exchange Commission estimates of n e t proceeds.
Investment Bankers Association of America estimates of p r i n c i p a l amounts.
Includes $718.3 m i l l i o n AT&T c o n v e r t i b l e debenture i s s u e .
T o t a l new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and consumer f i n a n c e
companies.




Exhibit F

H.lU

Other Security Offerings 1 /
(In millions of d o l l a r s )
Long - t e m
Federal apenqy 3/~
Foreign government 2/
"1950
I960
~19f>B~
193T
1959
1939^
January
February
March

2
75
70

April
May

81
60
2
1o 8
h2

196
53

October
November
December

33
30.
70

ii!

547

992

Year

ilo

175
523

9
5
17

268
31:5"
2/363

April
May

220

58

190
&28

1*60

295

273

g
215

233

s
261

July
August
September

I467

1*23

399

369

October
November
December

£

^5

Year

2I4.6

358
li,179

16U

£
707

Short-term
State and l o c a l government h/
January
February
March

1,163
251

120

35,

1

199

139
198

JulyAugust
September

85

182

213

3,910

479
1*63

2,321

Federal agency 3/
359
500

W9
1*86
675
289
727
365
665

371

208
lM
209
161
329
137

206

330

733
U71

h$h
Ilk

.288

137

6,047

3,098

g / Prelieinaiy.
1 / Data presented l a t h i s e x h i b i t d i f f e r from those I n Exhibit E i n t h a t refunding i s s u e s , en w e l l a s new
c a p i t a l i s s u e s , are included. Long-term s e c u r i t i e s are defined a s those maturing i n more than one y e a r .
2 / Includes s e c u r i t i e s o f f e r e d i n the United S t a t e s by f o r e i g n governments and t h e i r subdivisions and by
i n t e r n a t i o n a l organizations. Sourcei S e c u r i t i e s and Exchange Commission.
3 / I s s u e s not guaranteed by the U. S. Government. Source 1 long-term, S e c u r i t i e s and Exchange Commission;
short-term, Federal Reserve.
4 / P r i n c i p a l l y tax and bond a n t i c i p a t i o n n o t * s , warrants or c e r t i f i c a t e s and Public Housing Authority
not*». I n some instances PHA notes included may have a somewhat longer term than one year. Sourcet Bond Buyer.




Exhibit G
Large Long-term Public Security I s s u e s f o r New Capital
(Other than U. S. Treasuxy.) 1/
Proceeds of Large I s s u e s Offered

|

(Millions of d o l l a r s )
Corporate

Month
1959 - A p r i l
May

Other 2 /
20
50
60
50
98
175
20

563
258
635
19U
263
21I4
29l
163
217
388
283
225
370

359
31x2
28k
110
363
199
loo
k21
230
279
262
38U
309

July
August
September
October
November
December
I960 - Januaiy
February
March
April

§

S t a t e and
l o c a l government

70
100
320
191
71

Large Individual I s s u e s Offered May 1 through 20

Issuer

Type 3 /

Coupon
Amount
(millions
r a t e or Offering
Maturity
of
net i n t e r - yield
<
dollars)
e s t cost

CORPORATE
Columbia Gas Sys., I n c .
Wisconsin Telephone Co.
Gen. Amer. Transp. Corp.
Wisconsin Elec. Pwr. Gov
Milwaukee Gas Light Co.
Uris Building Corp.

Rating

-

Com. s t k .
Deb.
E.T.
Com. s t k .
1st mtg. bds.
S.F. deb.

26.0
20.0
30.0
18.1
22.0
23.0

1995
1980

4-7/8
li-7/8

1.80
L84

Aaa
A

1985
1975

5-5/8
6-1/2

5.1i5
V

Baa
—

STATE AND LOCAL GOVERNMENT
S t a t e of Minnesota
Pub. housing A u t h o r i t i e s
J a c k s o n v i l l e , Florida
OTHER
None




G.O.
G.O.
Rev.-Ut.

3.2i5
48.8
1961-79
133.1 1961-2000/75 3.83
30.0 1962-80/71
3.W

2.50-3.50
2.40-3.90
:2.70-3.50

Aa
Aa

G-2
Footnotes

1 / Includes corporate and o t h e r s e c u r i t y o f f e r i n g s of $15 m i l l i o n and over;
S t a t e and l o c a l government s e c u r i t y o f f e r i n g s of $10 m i l l i o n and over.
2 / Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by F e d e r a l . a g e n c i e s .
3/ In the case of S t a t e and l o c a l government s e c u r i t i e s , G. 0. denotes general
o b l i g a t i o n s ; Rev.-Ut., revenue o b l i g a t i o n s secured only by income from public
u t i l i t i e s ; Rev.-Q.Ut., revenue bonds secured only by revenue from q u a s i - u t i l i t i e s ;
Rev.-S.T., revenue bonds secured by revenue f r o m s p e c i f i c taxes only; Rev.-Rent.,
revenue bonds secured s o l e l y bv lease, payments.
h / Uris Building Corp's #23 m i l l i o n i s s u e o f f e r e d i n u n i t s with stock.




Forthcoming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 2 /
Expected Proceeds from Forthcoming Large i s s u e s
During month following
date shown
State and
Other 2 /
Corporate
l o c a l govt.

Date of
computation

1959 - Apr. 30
May 29
June 30
July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
i960 — Jan. 29
Feb. 29
Mar. 31
Apr. 29

2U6
287
165
238
198
37k
38$
226
210
207
301
299
202 -

2$k
2b7
lb6
356
3#
270
115
295
kbS
210
255
250
2U3

Subsequent t o
date shown
State and
Other 2 /
Corporate
l o c a l govt.
3U6
332
272
305
517
69k
509
271
280
252
372
3bk
357

50
50
25
70
30
1*5
35
—

517
761
500
hO 6
b02
170
336
185
5U5
310
#5
280
258

50
50
25
70
30
1*5
35
—

Forthcoming Large O f f e r i n g s , as of "May 20
Type

Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

CORPORATE
Texas Eastern Transmission Corp.
Midwestern Gas Transmission Co.
Florida Light & Power Co.
Michigan Wisconsin Pipe Line Co.
Southern E l e c t r i c Generating Co.
National Cash Register Co.
Northwestern Bell T e l . Co.
Consolidated Edison Co. of N. Y.
Montgomery Ward Credit Corp.
•^Illinois B e l l Telephone Co.

Deb.
1 s t mtg. bds.
Com. s t k .
1st mtg. p. 1. bds.
1 s t mtg. bds.
S.F. deb.
Deb.
1 s t r e f . mtg. bds.
Deb.
Com. s t k .

25.0
60.0
20.0
30.0
1*0.0
kO.O
45.0
50.0
50.0
• 61.0

tfjames T a l c o t t I n c .
Commerce Oil Refining Coip.

Senior notes
Deb., bds. & com.

20.0
15.0

May 26
May
June 1
June 2
June 3
June 3
June 7
June 15
June 28
June 30
( r i g h t s expire)
June
Indefinite

19.6
50.0
11.8
10.0

May 2k
May 2h
May 25
June 1

STATE AND LOCAL GOVERNMENT
D e t r o i t Sch. D i s t . , Michigan
S t a t e of C a l i f o r n i a
Denver, Colorado
King Co. Sch. D i s t . No. 1 , Wash.




G.O.
G.O.
Rev.-Ut.
G.O.

H.lii

H-2

-13-

Forthcoming Large O f f e r i n g s , a s of May 20 (Cont'd)
Issuer

STATE AND LOCAL GOVERNMENT (Cont'd)
Memphis, Tennessee
^Pennsylvania Gen. S t a t e Auth.
Los Angeles Dept. of Wtr. & Pwr.,
California
S t a t e of Kentucky
S t a t e of Michigan
^Milwaukee, Wise.
*State of Ohio

Type

Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

.

G.O.
Rev.

15.0
25.0

June 7
June 7

Rev,-Ut.
G.O.
Rev. -Ut.
G.O.
G.O.

15.0
30.0
25.0
15.0
15.0

June
June
June
June
June

S.F. deb.
S.F. deb.

30.0

28.0

May 26
June 15

8
lit
lit
lit
21

v

OTHER
Montreal, Canada
-aAlberta Municipal Finance Corp.

*—Included i n t a b l e f o r f i r s t t i m e .
'
~~
'
1 / Includes corporate and o t h e r i s s u e s of §15 m i l l i o n and over; S t a t e and
l o c a l government i s s u e s of $10 m i l l i o n and over.
2 / Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction
and Development i s s u e s and non-guaranteed i s s u e s by Federal a g e n c i e s .
Note. —Deletions f o r reasons o t h e r than s a l e of i s s u e : None.




Exhibit I
Yields on New and Outstanding
E l e c t r i c Power Bonds, Rated Aa and
Date

1952-1959

High
Low

1959 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1960 - Jan. 7
Feb. 25
26
Mar. 15
16
18
29
Apr. 6
8
14
21
27
May 10
12

A 1/

Aa-rated o f f e r i n g y i e l d s
A-rated o f f e r i n g y i e l d s
Amount above
Amount above
Actual
Actual
( p e r cent) seasoned y i e l d s ( p e r cent) seasoned y i e l d s
(basis points)
( b a s i s points)
5.30(12/8/59)
2.93 (3/31/54)
*4.93
4.83
5.13^/
*5.08
*5.30

5.08
5.10

t S f

87
-3
31
23
2:
63
h6
32
17

4.85

33

4.94

39

4.95

39
32

4.88

5.65 (9/18/59)
3.00 (3/17/54)

123

-15

5.07

17

*5.65
5.33

60
43

5:^/

51
28

5.00
4.93

11
7

4.98

21

5.30

50

5.10

26

* ~ S i n g l e observation, not an average.
1 / Covers only 30-year f i r s t mortgage bonds, as reported in Moody's Bond
Survey. Except where i n d i c a t e d , t h e a c t u a l y i e l d f i g u r e and the amount above
seasoned y i e l d s a r e averages of o f f e r i n g s during the i n d i c a t e d period and of
t h e d i f f e r e n c e s between t h e s e new o f f e r i n g y i e l d s and y i e l d s on seasoned i s s u e s
of s i m i l a r q u a l i t y f o r t h e same day. Average maturity f o r the seasoned i s s u e s
v a r i e s from 26 t o 28 y e a r s .
2/ Provides f o r a 5 - y e a r period during which i s s u e may not be c a l l e d f o r
refunding a t a lower coupon r a t e . Monthly averages so marked include one or more
i s s u e s with such a p r o v i s i o n . Other i s s u e s have no such p r o v i s i o n .




-15-

Exhibit J

H.14

Sources and Uses of Funds by
L i f e Insurance Companies

U. S.
Govt.

Cash

ities
Value of a s s e t s a t
end of p e r i o d :
1956 - Dec.
1957 - Dec.
1958 - Dec.
1959 - Dec.
I960 - Mar.
Changes:
1958 - Jan.
Febv
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
• 1959 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
i960 - Jan.
Feb.
Mar.

Uses of Funds 1 /
BusiS t a t e and
ness
l o c a l govt, Mortgages
securi t i e s 2/
ities

Other

Total
sources
o r uses

12,272
13,206
14,61*0
15,998
16,402

95,844
101,309
107,580
113,626
114,905

( I n m i l l i o n s of d o l l a r s )
1,273
1,29k
1,363
1,327
1,153

7,519
7,028
7,182
6,848
6,808

39,552
1*2,133
44,612
46,977
47 ,33a

2,23k
2,377
2,691
3,177
3,257

-102
-ill
20
-18
81
-24
22
-18
1
-17
55
110

166
16
-12k
14
-71
45
172
a
4
11
19
-142

229
158
216
216
143
201
191
129
214
309
137
308

50
12
2k
Hi
29
3k
2k
37
20
26
32
12

176
137
142
115
118
102
128
139
142
186
145
291

139
76
103
39
164
• 148
45
. 154
72
72
88
334

658
358
409
380
464
506
582
485
453
587
476
913

-81
-57
-14
-2k
10
3
-15
19
-31
22
33
99

303
-71
-185
22
-16
11
13
95
-185
-22
-131
-168

188
223
251
242
193
2k2
21k
75
95
208
207
227

53
30
66
k9
79
23
9k
30
15
8
16
23

119
139
136
116
135
157
214
174
211
251
2h0
315

-17
174
108
80
97
60
208
101
95
92
134
226

5#
438
362
485
498
496
728
494
200
559
499
722

163
-36
-167

128
125
104

20
25
35

274
196
242

82
207
115

576
464
2 99

.

-91
-53
-30

32,99k
35,271
37,092
39,299
40,011
4

1/ Uses of funds r e p r e s e n t n e t changes i n a s s e t s and t h e r e f o r e r e f l e c t n e t ,
r a t h e r than gross, u s e s .
2/ Includes s e c u r i t i e s of domestic corporations only.
Source: I n s t i t u t e of L i f e Insurance.




Exhibit K

-16-

Sources and Uses of Funds by
Savings and Loan Associations

Cash
Value of a s s e t s
a t end of period
1956 - Dec.
2,U9
2,146
1957 - Dec.
1958 - Dec.
3,565
1959 - Dec.
2,189
1960 - Mar.
1,69k
Changes:
1958 - Jan.
Feb.
Mar.
Apr.
May
June
- July
Aug.
Sept.
Oct.
Nov.
Dec.
1959 - Jan.
Feb!
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dsc.
i960 - Jan.
Feb.*
Mar.

1

Uses of funds 1 /
U. S.
MortGovt,
gages
securV
ities

Other

Total
sources
or uses

Sources of Funds
Net
Borrowchange
savings
ing 3/
capital

(In millions of d o l l a r s )
2,782
3,173
3,819
fcS

35,775 2,199
to,01,9 2,770
45,627 3,106
53,087 3,725
511,316 3,758

42,875
48,136
55,139
63,472

61i,692

37,146
41,912
47,976
54,548
56,01?

2,384
l,67ii

4,380
4,847
5,719
6,540
6,999

10
13
4
102
99
-43
-90
12
45
137
102
-53

134
407
554
661
681
789
216
616
692
739
665
847

453
376
488
362
511
935
73
360
447
507
480
1,072

-375
-128
-89
112
-29
165
-37
51
84
58
41
212

56
159
155
187
199
-311
180
205
161
174
114
-437

1,347

I'M

-118
173
212
119
42
178
-290
-70
--77
-107
42
335

37
12
81
42
110
146
104
51
37

197
240
33%
403
528
573
554
564
578
605
470
528

-298
-26
-2
-182
26
245
-432
-43
-53
-68.
65
372

297
97
76
105
23
-4
104
17
-7
7
-34
-29

402
427
593
705
754
840
783
727
670
621
459
479

-55
80
98
151
178
10
-108
22
65
88
i4o
-52

346
578
765
779
981
1,091
347
723
675
648
630
770

434
408
529
420
604
1,090
190
394
444
399
483
1,177

-181
-56
-5
97
63
313
31
118
148
136
57
219

93
226
241
262
314
-312
126
211
83
113
90
-626

-291
-34
30

176
8k
-7

323
399
507

-lib
36
113

92
485
643

437
495
539

-449
-130
-131

104
120
235

45
-19

2 / Preliminary.
1 / Uses of funds represent net changes i n a s s e t s and t h e r e f o r e r e f l e c t n e t ,
r a t h e r than gross, uses. Savings and loan associations do not hold business securi t i e s and data on holdings of S t a t e and l o c a l government bonds, presumed t o be small,
a r e not a v a i l a b l e .
2 / Prior t o 1957, data adjusted t o include mortgage pledged shares a s currently
reported.
2 / Advances from Home Loan Banks and other borrowing.
Sources Federal Savings and Loan Insurance Corporation.




Exhibit L

-17-

Sources and Uses of Funds by
Mutual Savings Banks
Uses of Funds 1 /
State &
Busilocal
MortCash Govt;
govt.
gages
ities
ities'
u.

Value of a s s e t s
at end of period
1956 - Dec.
1957 - Dec.
1958 - Dec.
r/1959 - Dec.
i960 - Mar.

920
890
921
829
776

7,971
7,552
7,266
6,861*
6,881

4,331
It,973
U,8lt9
2,856

Changes:
1958 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

-60
63
36
-U7
-5
bZ
-66
-5
18
-8
-38
101

, -21
a
-85
-62
-36
11
19
-27
-92

160
86
86
97
120
-2it
3h
8
34
-6

-2

hi

-96
18
k$
-114
8
k3
-79
3
-2
-27
20
111

119
39
62
-a
13
-85
-13
.12
-32
-281
-85
-12

-16
6
-31
58
-20
-17
13
-2
-55
-26
23

-131
37
U

-9
-11
32

-1?
-9
52

1959 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
1J Dec.
i960 - Jan..
Feb.
Mar.

Sources of Funds

s.

Other

Total
sources
or uses

Net
change
in
deposits

33,311
35,168
37,779

30,032
31,695
• 3it,oa
3b,983

Other

(In m i l l i o n s of d o l l a r s )

-32

3,523

669
682
725
722
, 725

19,529
20,951
23,039
2li,768
25,195

698
761
855
910
902

23
k
6
k
-19
2k
1
8
2
2
-3
-1
' -7

130
. 99
. 165
I51t
195
253
193
198
181
195
151
174

25
20
9
-29
ItO
5
-28
29
29
-I46
lt3
-3

208
125
175
155
161
115
179
156
160
137
12U
132

-58
32
38

159
116
150

17
-It
itl
-33
10
19 .
h
-1
8
-20
-8
-2U
-6
-9
3

38,9#
39,4#

278

35,2#

3,279
3,173

3,738
3,959
it,12b

ItO
123
309

23it
lit9
336
93
181
300
88
llt3
267
95
k2
JU18

a
102
7
1
88
-36
6I4
108
-30
-55
81
-109

h$
39
-12
33
31
-37
hZ
-12

175
216
330
-10
217
161
32
192
163
-283
65
21b

122
113
313
6
120
202
-6k
80
197
-187
-27
3U0

53
103
17
-16
97
-ill.
86
112
-3U
-96
92
-122

-12
k3
a

-11
167
319

-68
50'
320

57
117
-1

-32

251

313
9k
269
26k
152
251
237

1 / Uses of funds r e p r e s e n t net changes i n a s s e t s and t h e r e f o r e r e f l e c t , net
r a t h e r than g r o s s , u s e s .
2/ Includes Canadian government and p o l i t i c a l s u b d i v i s i o n s , I n t e r n a t i o n a l Bank
f o r Reconstruction and Development, nonguaranteed Federal agency and other bonds as
well as corporate bonds and stocks.
3 / Adjusted to eliminate the e f f e c t of a c o n s o l i d a t i o n of a l a r g e savings bank
Vvith a commercial bank.
Source: National Association of Mutual Savings Banks and Federal Deposit I n s u r 
ance Corporation.



May 23, I960
-18-

-

P a r t I I - Canada

The Canadian d o l l a r continued t o decline during t h e week and reached
the lowest l e v e l i n almost two y e a r s under t h e i n f l u e n c e of reduced Canadian
s e c u r i t y o f f e r i n g s on t h e United S t a t e s market, among other f a c t o r s .
The
Canadian b i l l r a t e rose even more s h a r p l y than t h e United S t a t e s b i l l r a t e ,
t h e r e b y decreasing the spread i n f a v o r of the United S t a t e s b i l l o The Bank
of Canada sold Treasury b i l l s t o o f f s e t t h e decreased r o l l - o v e r of new
b i l l s by the Treasury. Bond y i e l d s f o r a l l m a t u r i t i e s declined during t h e
week,many t o new lows f o r t h e y e a r , while the c h a r t e r e d banks and t h e Bank
of Canada increased t h e i r bond holdings and the general p u b l i c reduced i t s
holdings.
Money market c o n d i t i o n s . The average y i e l d on the s h o r t Treasury
b i l l increased during the week by 32 b a s i s p o i n t s from 2.67 per c e n t a week
ago t o 2.99 per c e n t a t l a s t Thursday's auction (see T a b l e ) . The y i e l d on
the 6-month Treasury b i l l a l s o increased by 32 b a s i s p o i n t s from 2.90 p e r
cent t o 3»22 per c e n t . Beginning a week ago, the Treasury reduced the t o t a l
r o l l - o v e r of Treasury b i l l s by $15 m i l l i o n from $135 m i l l i o n t o $120 m i l l i o n ,
probably r e f l e c t i n g t h e improved budget p o s i t i o n . During t h e week t h e Rantof Canada reduced i t s holdings of Treasury b i l l s by $15 m i l l i o n t h e r e b y
o f f s e t t i n g the reduced supply of new b i l l s . The g e n e r a l p u b l i c a l s o reduced
i t s holding of Treasury b i l l s by $6 m i l l i o n while t h e c h a r t e r e d banks made
n e t purchases of $7 m i l l i o n .
The spread f a v o r i n g t h e United S t a t e s 3-month Treasury b i l l over
t ^ e Canadian b i l l decreased during t h e week as a r e s u l t of a g r e a t e r r i s e
i n t h e Canadian b i l l r a t e . The premium on t h e 3-month forward Canadian
d o l l a r a l s o increased during the week. The n e t i n c e n t i v e t o hold t h e United
S t a t e s b i l l t h e r e f o r e decreased from 0.57 per cent p e r annum a week ago t o
0.12 per cent l a s t week (see T a b l e ) .
Bond market c o n d i t i o n s . Bond y i e l d s f o r a l l m a t u r i t i e s declined
during the week, most of them t o new lows f o r t h e y e a r , and the spread i n
f a y o r of Canadian bonds d e c l i n e d s h a r p l y . The spread between comparable
Canadian and United S t a t e s s e c u r i t i e s (Thursday y i e l d s f o r b i l l s and
Wednesday y i e l d s f o r bonds) was as follows ( f i g u r e s i n parentheses r e f e r
t o t h e previous week):
-0.U3
-0.1*8
0,32
0.88
1.30

per
per
per
per
per

cent
cent
cent
cent
cent

on
on
on
on
on

a 91-day b i l l ( - 0 . 6 9 )
a 182-day b i l l ( - 0 . 6 9 )
an 8-year bond (0<>71)
a 20-year bond (1.01)
a 35-year bond (l.Wi)

The Bank of Canada and t h e c h a r t e r e d banks increased t h e i r holdings of bonds
by $U m i l l i o n and $17 m i l l i o n r e s p e c t i v e l y , while t h e general public
decreased i t s holdings by $15 m i l l i o n .
Exchange r a t e . The Canadian d o l l a r continued t o d e c l i n e during
t h e week and reached a low of 101.U7 (U.S. c e n t s ) a t l a s t Thursday's




-19c l o s i n g (see T a b l e ) . An important f a c t o r i n t h e r e c e n t d e c l i n e has been
the reduced Canadian borrowing i n t h e United S t a t e s . With c e n t r a l Government borrowing needs sharply reduced i n Canada, Canadian l o c a l governments
a r e reducing t h e i r r e l i a n c e upon borrowing i n t h e United S t a t e s .
The Governor of t h e Bank of Canada was outspoken i n h i s c r i t i c i s m
of f o r e i g n borrowing by Canadians i n general and of l o c a l - a u t h o r i t y
borrowing i n p a r t i c u l a r i n a speech i n Hamilton, Ontario on May 12. - He
t i e d t o g e t h e r Canadian borrowing and t h e exchange r a t e f o r the Canadian
d o l l a r i n t h e s e words:
"The f a c t i s t h a t a t times the amount of f o r e i g n borrowing done
by Canadians has exceeded even, t h e l a r g e volume of imports then
r e q u i r i n g t o be f i n a n c e d and has l e d t o a strengthening of the
Canadian exchange r a t e . This i n t u r n has induced a higher r a t e
of imports than would otherwise have occurred, pushed t h e r a t e
of imports up another notch, over and over a g a i n , imports which
compete with Canadian production f o r - t h e domestic market, and have
an obvious e f f e c t on employment conditions i n Canadian i n d u s t r i e s .
I have no doubt t h a t t h e marginal f a c t o r , t h e straw t h a t broke t h e
camel's back, so t o speak — and a t times i t has been a very l a r g e
straw indeed — has been t h e unnecessary and i l l - a d v i s e d borrowing
i n f o r e i g n c u r r e n c i e s on the p a r t of some p r o v i n c i a l governments
and m u n i c i p a l i t i e s and t h e i r a g e n c i e s . "
P r i v a t e e s t i m a t e s i n d i c a t e t h a t , s i n c e A p r i l 19, no Canadian
l o c a l Government i s s u e s have been o f f e r e d on t h e U.S. market compared with
$129.7 m i l l i o n i n e a r l i e r months of t h e y e a r . Corporate bond o f f e r i n g s on
t h e United S t a t e s market i n t h e l a s t two weeks t o t a l e d $2 m i l l i o n compared'
with $1*0 m i l l i o n e a r l i e r i n I960.
Sales of Canadian s e c u r i t i e s i n t h e United S t a t e s i n I960 a r e
estimated a s follows ( i n m i l l i o n s of Canadian d o l l a r s ) s
Jan. 1
thru April U
Provincial (direct)
P r o v i n c i a l (guaranteed)
Municipal
Corporation
Source:

15.0
22.0
82.1
25.0
lUt.l

April U
t h r u A p r i l 19
10.0
0.0
0.6
15.0
25.6

A p r i l 19
t h r u May 16
0.0
0.0
0.0
2.0
2.0

A. E. Ames & Co., L t d .

Stock market. The p r i c e s of i n d u s t r i a l stock on the Canadian
exchanges eased some l a s t week a f t e r showing moderate gains the week b e f o r e
(see T a b l e ) .
B r i t i s h Commonwealth Section
Division of I n t e r n a t i o n a l Finance
Board of Governors of the Federal Reserve System




Selected Canadian Money Market and Related Data

-20-

3-mo,. T r e a s . b i l l s
Spread
Canada
1/
U.S 1 / over U.S.
1959 - High
Low
1960 - High
Low

6.16
3.25
5.1U
2.67

U.U9
2.80

A p r i l 28
May 5

3.26
2.82
2.67
2.99

12
19

Canadian d o l l a r
discount ( - )
3-mo.
forward premium(*M/
Spot
5/

2.86

2.96
0.30
0.90
-0.69

105.51
102.58
105.27
101.U7

3.16
3.09
3.36
3.U2

0.10
-0.27
-0.69
-0.U3

103.72
103.30
102.59
101.U7

U.63

Net i n c e n tive to
hold Can,
billU/

-

103.72
103.31
102.63
101.55

0.12
-0.72

0%8
-0.57

0.00
0.06
0.12
0.31

0.10
-0.21
-0.57
-0.12

1 / Average y i e l d a t weekly tender on Thursday.
2 / Composite market yield, f o r t h e U.S. Treasury b i l l on Thursday close of b u s i n e s s .
3 / Spread between spot r a t e and 3-month forward Canadian d o l l a r on Thursday
c l o s i n g , expressed as per c e n t per annum.
U/ (Column. 3) spread over U.S. Treasury b i l l , p l u s Column 6) 3-month forward
discount or premium.
5y I n U.S. c e n t s .
Selected Government of Canada S e c u r i t y Yields
6-mo, Treas, b i l l s
Spread
Canada
u
TJ/
_i/_
1959 - High
Low
1960 - High
Low
A p r i l 28
May 5
12
19

6.2U
5.11
5.33
2.90

o~h
-0.69

3.U3

-0.13

2.90
3.22

-0.U2
-0.69
-0.U8

3.00

Intermediate
bonds (8 y r . )
Spread
Canada
uTl/

5.30

5.37
U.50

5.55

Long-term bonds
year)
(35 year)
Spread
Spread
Caj^da
Canada
vTJ/
a
(20

5.05
U.73

U.UU

5.U2

U.67

1.11
0.31

5.05
5.0U
U.85
U.67

0.70
0.76
0.71
0.31

5.22

5.08

I'M

5.08

lo22
0.87
0.96
0.93
1.01
0.87

5.28
5.11

1.61
0.98

5.2U
5.2U
5.20
5.12

1.U0
loUl
l.UU
1.29

1/ Average y i e l d a t weekly tender on Thursday.
"2/ Spread between Canadian auction r a t e and composite market y i e l d of U.S.
b i l l on close of business Thursday.
3 / Government of Canada 2-3/U per cent of June 1967-68.
%/ Spread over U.S. Government 2-1/2 p e r c e n t of 1963-68.
5 / Government of Canada 3 - l A p e r cent of October 1879 •
%/ Spread over U.S. Government 3-1/1* per cent of 1978-83.
7 / Government of Canada 3 - 3 A per cent of September 1996 - March 1998.
B/ Spread over U.S. Government of 1995.




Canada: Changes In Distribution of Holdings of Canadian
Government Direct and Guaranteed Securities
(millions of dollars, par value)
.
Bank of Canada
Treas.
Bonds
bills

Chartered banks
Treas.
Bonds
bills

Government
Total

General p u b l i c
Savings Treas.
Bonds
bonds
bills

March 17
23
30

+ 11
+ U3
• 22

- 10
- 9
- 3k

- 18
- 17
- 10

- 1
+ 9
+ 2

-

3
0
+ 16

-

3
7
8

0
- 32
- 12

+ 26
+ 10
+ 19

April 6
13
20
27
May h
11
18

•
+
+
>
-

- 30
0
0
* 7
+ 1k
0
+ It

- 3
- 11
+ 3
+ 2
+ 1
+- 2
- 8

+
*
+
*

+
+
+
+

-

6
7
5
8
7
8
7

+
+
-

+
*
-

28
37
1U
10
9
3
15

10
33
It
7
17
Hi
7

9
3
2
18
7
2
17

19
1h
11
3
26
26
6

38
10
5
7
8
0
-15

Sources Bank of Canada, Weekly Financial Statistics.
Sales of New Government, Municipal and Corporation Bonds
(millions of dollars)
To
May 16
I960
Government ( d i r e c t )
Government (guaranteed)
Provincial (direct)
P r o v i n c i a l (guaranteed)
Municipal
Corporation
Less s h o r t - t e r m

T o t a l sold
To
To
May 18
May 20
1959
j m .

3029.0
138.5
102.2
196.1
271.7
3737.5
2U00.0
1337.5

271*0.0
150.0
111.0
77.8
138.6
152.1
3369.5
25UO.O
829.5

Of which sold i n U.S.
To
To
To
May 18
May 20
May 16
I960
1958
1959

3280.0
300.0
195.0
iit5.lt
183.3
ltgl.7
U555.U
2330.0
2225.lt

25.0
22.0
82.7
U2.0
17177

75.0
6.2
lt.6
2U.0
1093

Source: Weekly Bond Sales Summary, A. E. Ames & Co., Ltd.
Prices of Industrial Stocks on the Canadian & U.S. Exchanges
Toronto
May 11
12
13
16
17
18




U88.9U
U90.00
U93.50
1*95.56
U93.9U
U93.50

Montreal
279.1
280.0
280.9
282.7
282.6
283.1

New York
Standard & Poor
-

58.11
58.1*3
58.95
56.98
5?.l)i
59.12

100.0
70.0
66.2
82.8
3l9To