Full text of H.16 Capital Market Developments : January 25, 1965

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Not

for P u b l i c a t i o n p E C Q N T R 0 L L E D AFTER SIX MONTHS
J a n u a r y 25, 1965.

H. 14
^APITAI^HARKET DEVELOPMENTS
IN THE U N I T E D STATES

.eview of Sources and U s e s of Funds of
!cial I n t e r m e d i a r i e s in N o v e m b e r )
C o r p o r a t e and m u n i c i p a l bond m a r k e t s .
Corporations are
expected to place on the m a r k e t this w e e k $75 m i l l i o n in new s e c u r i t i e s ,
about o n e - h a l f m o r e than last w e e k .
M o s t of this w e e k ' s total w i l l
consist of a $40 m i l l i o n offering of C o n n e c t i c u t Y a n k e e A t o m i c P o w e r
Company.
M u n i c i p a l bond sales ($165 m i l l i o n ) , on the other h a n d , w i l l
drop b a c k to only about one-haIf of last w e e k ' s large supply.
Also
scheduled for offering this w e e k , but not included in the table b e l o w ,
is a $20 m i l l i o n offering of the R e p u b l i c of P o r t u g a l .
L o n g - T e r m Public S e c u r i t y O f f e r i n g s

Corporate
New C a p i t a l 1 R e f u n d i n g

1./

S t a t e and local govt.
New Capital | Refunding

Sold:
52 w e e k avg.
Jan.
Jan.

15
22

109

1

185

9

242 r/
314

5 r/

50

75

165

56 r/

Scheduled:
Jan.

29

1/ Federal R e s e r v e estimates based on p u b l i s h e d reports of issues sold
and scheduled for offering; c o r p o r a t e rights o f f e r i n g s are included
as of the date s u b s c r i p t i o n rights expire.U n d e r w r i t e r s bid v e r y aggressively for last w e e k ' s o n l y
i n v e s t m e n t - g r a d e corporate bond i s s u e - - t h e first c o m p e t i t i v e o f f e r i n g
since early D e c e m b e r .
The r e o f f e r i n g y i e l d , a d j u s t e d to a triple-A
b a s i s , on this issue, w a s 8 basis p o i n t s below the a v e r a g e yield on
new corporate bonds e a r l y in D e c e m b e r .
A l t h o u g h such p r i c i n g e l i c i t e d
only lukewarm investor interest in this issue, it a p p a r e n t l y e n c o u r a g e d
investors to continue to bid up p r i c e s of r e c e n t l y d i s t r i b u t e d b o n d s
in the secondary market.
In the m u n i c i p a l m a r k e t , u n d e r w r i t e r s also c o n t i n u e d to bid
a g g r e s s i v e l y for new issues, and y i e l d s on seasoned m u n i c i p a l s eased
T h e Aaa series fell to its lowest level since A p r i l 1963 and
further.
w a s w i t h i n 8 basis points of its six-year low reached in N o v e m b e r 1962,
Investor r e c e p t i o n of new issues also improved and about two-thirds of
last w e e k ' s large supply w a s d i s t r i b u t e d by w e e k - e n d .
H o w e v e r , dealers'
advertised inventories of unsold securities rose about $30 m i l l i o n .




H. 14

-2-

Yields in Securities Markets
Level latest w e e k
(per cent)
High-Grade
Notes and Bonds
Corporate
New
Seasoned

4.39
4.43

U.S. Govt.
Long-term
3-5 year

4.14
4,04

State and local govt.

2.96

Money-Market
Federal Funds
Treasury bills
3-month
6-month
Finance Company Paper

Change from
preceding w e e k
(basis points)

- 1
- 2

3.40

-60

3.81
3.94
4.06

+ 4

Recent changes in yields on municipal bonds. The sale of a
large serial bond issue (rated A ) of the City of New York last w e e k
permits an opportunity to compare the changes in yields since late
October (the d a t e of the most recent peak for yields on seasoned
municipal bonds) on new debt issues of this borrower, with yield
changes on seasoned issues of equivalent and higher quality. Both
the October 21 and the latest New York City offering met very
favorable retail reception.
20-Year Bond
Maturities

New York City
Moody 's. A
Moody's Aaa

Yields
(Per cent per annum)
October 22
January 21
3.45
3.34
3.12

3.30
3.23
2.96

Change

-,15

-.11

-. 16

Private housing starts and permits.
Seasonally adjusted
housing starts rose 8 per cent in December from the reduced Novemberlevel and, at an annual rate of 1,541 thousand--including farm--were
just 2 per cent below a year earlier.
For the fourth quarter as a whole, starts were at an annual
rate of 1,521 thousand. This was up 4 per cent from the third quarter,
though 9 per cent under the advanced rate in the fourth quarter of 1963.
For all of 1964, starts totaled 1,544 thousand--down 4 per
cent from the unusually high total in 1963. . Single family starts are
indicated to have declined more than multifamily starts in 1964, but
the reduction in multifamily starts, was particularly significant
because such starts had accounted for most of the gain in recent years.




H.14
Government-underwritten starts represented 17 per cent of
total starts in 1964, compared with 18 per cent in 1963 and 23 per cent
in 1962.
In the last four months, except for December, the share had
been running slightly higher than a year earlier for the first time since
mid-1959.
Seasonally adjusted residential building permits declined 8
per cent in December and were substantially below a year earlier when
permits for multi-family structures were at a record high. All types
of structures shared in the December drop, but the decline in the rate
of single family permits was slight.

*

Stock market credit. Total customer credit in the stock
market eased $55 million further in December. A $26 million increase
in bank loans to others than brokers and dealers for purchasing or
carrying securities (except U.S. Governments) was more than offset by
an $81 million decline in customers'net debit balances (except on
Governments).
Borrowings of member firms of the New York Stock Exchange on
customers collateral fell $76 million further in December, the thirteenth
consecutive month-to-month decline. Customer net free credit balances,
on the other hand, rose $38 million. More detailed information on changes
in stock market credit in recent months is shown in the table on the
following page.
Stock prices. Common stock prices advanced to a new record
high last week in active trading averaging 5.4 million shares a day.
Closing at 86.74 on January 22, Standard and Poor's composite index,
was one-haIf per cent above the previous all-time high reached November

20.

Institutional investors.
During the month of November the net
increase in income-yielding claims on depositary-type savings institutions
amounted to $1.2 billion, up one-tenth from the net inflow in the
corresponding month of 1963. Most of this year-over-year growth took
place in deposits at mutual savings banks where the $0.2 billion monthly
gain was 74 per cent larger than that in November 1963. The net inflow
of savings capital at savings and loan associations ($0.8 billion) was
4 per cent greater than a year earlier. On the other hand, the increase
in time and savings deposits at commercial banks, which is usually
sharply curtailed in November by large pay-outs of Christmas savings
type accounts, amounted to $0.2 billion-roughly the same as in November
1963.
Savings and loan associations increased their holdings of
mortgages $0.7 billion during the month, one-sixth less than a year
earlier and the eighth consecutive month in which net mortgage acquisitions
fell behind the year earlier period.
However, with th^ir 'slightly improved
savings experience, these associations increased their holdings of cash
and U.S. Government securities $0.2 billion, one-third more than in the
previous year, and made some net repayment of borrowings in contrast to
a modest increase in November 1963.




H. 14

STOCK M A R K E T CREDIT
(In millions of dollars)

Months

Total

Broker & Dealer Credit
Customer Credit
Customers'
Bank loans to others Money
Net debit
net free
borrowed
than brokers and
balances with
credit
dealers for purchas- Cusb Other
NYSE member
ing & carrying secur. roll, coll. balances
firms

Outstanding:
1955-56 High

4,047(5/56)

2,823(12/56)

1,255(4/56)

1,873

430

1,069(1/55)

1957-58 Low

3,554(1/58)

2,482(12/57)

1,060(11/57)

1,344

188

807(4/57)

1959
1960
1961
1962
1963

4,764(4)
4,142(5)
5,602(12)
4,876(7)
7,298(11)

3,401(4)
3,004(7)
4,259(12)
3,562(7)
5,586(11)

1,373(5)
1,121(5)
1,377(8)
1,269(9)
1,727(12)

2,044
1,801
2,572
1,856
3,892

1,257(3)
318
940(4)
237
385 '1,508(4)
1,091(9)
235
1,211(11)
597

7,242
.7,0"?

5,

5,515

1,727
1,9 7"

3,852
3, > M

597

-

High
Low
High
Low
High

1963 - Dec. 1/
1964 - Dec.

il

1,210
1,1

'

Changes in
Outstanding;

-1
32
-40
15
-71
-56
I 'M
Dec. ]7
52
-182
-57
-1
9
8
1964 - Jan. 1/
-63
5
-57
10
-140
-130
Feb.
32
72
-92
39
-18
21
Mar.
-66
3
270
29
144
173
Apr.
-27
-1
-48
34
-71
-37
May
8
-15
-102
21
-69
June
-48
-32
-52
-94
12
-81
-69
July
-37
15
-54
38
-102
-64
Aug.
68
-50
82
12
34
46
Sept.
10
-29
-40
-5
-36
-41
Oct.
-24
-43
-59
32
-25
Nov.
7
38
-76
34
-.SI
2b
Doc .
-55
Note: W i t h the exception of banlc T o a n data, figures are reported to tne new Y o r k Stock
Exchange by member firms carrying margin accounts. Bank loans to others than brokers and
dealers for purchasing and carrying securities are for weekly reporting m e m b e r banks. Net
debit balances and customer free credit balances are as of the end of the month; b a n k loana%
and money borrowed are reported for the last Wednesday of the month.
Numbers in p a r e n t h e s i # f
denote month of year. All figures exclude credits on, or to carry, U.S. Govt# securities.
1/ November 1963 data on customers' net debit balances do not include accounts carried by
a large former member firm in liquidation; most of these accounts have been transferred to i
other member firms and are reported in t h e i r debit figures from the month received (some inDecember, more in January 1964). Debit balance totals for the period from October 1963
through January 1964, therefore, are not completely comparable.




H. 14

-5-

Mutual savings banks utilized their large November deposit
gain to make net mortgage acquisitions of $0.4 billion, one-eighth
greater than a year earlier. Moreover, they increased their holdings
of business securities nominally whereas they had cut back such
holdings $0.1 billion in the comparable 1963 month. The reduction in
holdings of cash and Governments, however, was more than twice as large
as in November 1963.
Life insurance companies. Growth in assets of life insurance
companies during November-excluding valuation adjustments-totaled $0.8
billion, three-tenths larger than a year earlier. Most of this asset
gain was placed in mortgages which went up $0.4 billion, almost onehalf more than the November 1963 increase. These companies also
increased moderately their holdings of cash and Government securities
combined in contrast to a
$0.1 billion reduction a year earlier.
However, the net increase in their holdings of business securities
($0.2 billion) was only about one-half as large as in the corresponding
month of 1963.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




L O N G - T E R M B O N D YIELDS, H I G H - G R A D E

Exhibit A - Part II

Date

Corporate
Aaa 1/

U . S. Govt,
long-term 2/

State and
local
government
AMI/

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

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
Dec.
Jan.
Jan.
Jan.
Jan.

25
1
8
15
22 ]>/

.92
.76

1.61(1/29/60)
14.1*6(9/15)
1.21(3/17)
U.U3(2/X6)
U.23(l?/2<|
L.37(iS/27)
1^.19(3/29)
4.45(12/11)
4.35(2/28)

U.lt2 (1/8/60)
U.07 (12/29)
3.70(5/12)
U.12 (2/23)
3.85(12/28)
14.16(12/27)
3.87(1/18)
4.20(4/17)
4.11(11/20)

3.65'(9/24/59)
3.37 (7/6)
3.12 (?/2i)
3.26 (1/4)
2.88 (11/8)
3.18 (11/21)
2.93 (9/28)
3.16(3/26)
2.99(12/31)

.59
.57
•3U
.1*7
.30
.35
.21
.33
.19

1.0U
.80
1.05

4.43
4.43
4.44
4.43
4.43 -

4.14
4.16
4.15
4.15
4.14 ,

2.99
2.99
2.99
2.97
2.96 -

.29
.27
.29
.28
.29

1.15
1.17
1.17
1.18
1.18

.I46

.88
1.17
1.01

B/ Preliminary.
T/ Weekly average of daily figure*. Average term of bonds included it 22-24 years.
y Weekly are rage of daily figures. The series includes bonds due or callable in 10 years or mors*
%/ Thursday figures. Only general obligation bands are included; average teim is 20 years.
Note.—Highs and lews are for individual series and may be on different dates for different
series, for spreads, high refers to widest, and lew to narrowest*




E X H I B I T B, P a r t I

L O N G - T E R M B O N D YIELDS, L O W E R - G R A D E

x rr

Exhibit B - Part II

Date

Corporate
Baa 1/

State and
local govt.
Baa y

Spread be1bween
Aae and Baa
State and
Corporate
local govt.

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
- Low
196U - High
Low

5.3^(2/1^/60)
5.13(10/27)
5.00(4/21)
5.11(1/5)
u.92(13/21)
ii.93(V4)
U.83(ii/15)
4.87(6/26)
4.80(12/31)

U.l46(V7/60)
U. 16(3/21)
3.93(11/9)
U. 01* (3/11)
3.52(3/17)
3.63(6/27)
3.52(3/23)
3.59(10/8)
3.49(11/19)

.81*
.81
.66
.71*
.63
.71
.1*8
.48
.37

.82
.56
.63
.1*1*
.52
.36

Dec.
Jan.
Jan.
Jan.
Jan.

4.80
4.80
4.80
4.80
4.79

3.51
3.51
3.49
3.44
3.42

.37
.37
.36
.37
.36

.52
.52
.50
.47
.46

25
1
8
15
22 ])/

Hotel For footnote8 see Exhibit 1#




1.08
.93

.57

IXHISPan 1
SHORT- A N D INTERMEDIATE-TERM INTEREST RATES, G O V E R N M E N T
Weekly

P'

S-KOMH I I U V

Exhibit C - Part II

Date

1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
I96I4. - High
Low
Dec.
Jan.
Jan.
Jan.
Jan.

25
1
15
22 j>/

Discount
rata

h.00
3.00
3.00
3.00

Yields
3-month
billa 2/

6-month
billa 2/

3-5 year
issues 2/

U.59(l/8/60)
2.66(12/29)
2.17 (V27)
2.97(7/13)

Spread between yields on 3month bills and yields on
6 - m o . billa(3-5 yr. issuea

3^0
3.00

5.07(1/8/60}1 5.00(12/24/59)
3.86(8/11)
2.90(3/29)
2.35(4/28)
3.15(5/12)
3.13(7/20)
3.88(2/2)
2.6^(6/8) 2.71(6/8)
3. ill (12/28)
h.07 (12/27)
3.55(11/15) 3.68(1^6)
2.93(3/8)
2.88(3/15)
3.W*(1/1S)

4.00
3.50

3.86(12/25) 3.97(12/4)
3.43(7/17) 3.52(7/3)

4.23(3/27)
3.98(8/7)

.21
.04

.71
.20

4.00
4.00
4.00
4.00
4.00

3.86
3.83
3.80
3.77
3.81 v

4.07
4.07
4.07
4.06
4.04

.08
.10
.12
.17
.13

.21
.24
.27
.29
.23

3.00

y.
U

3.94
3.93
3.92
3.94
3.94 v

'

.79
.uu
.12

.2k

.02
.17
.0I4

1.81
1.51
.92
1.19
.52
.70
.1*2

*

rate shown is that in effect at end of period at the Federal Reserve Bank of New Text.
yield* weekly averages ocmputed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes and bonds*
Note.—Highs and lows are for individual series and may be on different dates for different series,
For spreads, high refers to widest, and low to narrowest#




-o
EXHIBI
S H O R >
BANKS

AMD
AND

INTERNE
OTHER

IA.E-

PR i V ATE

TERM

IN.

BORROW

D,

jrl I

RE

. RATES,

IS

' 1960

Exhibit D - Part II

Date

Stock exchange
call loan 3/

Prime
rate 1/

1959-60
1961 - high
Low
1962 - High
Low
1963 - High
Low
1961 - High
Low

5.5o
U.50
U.50
U.5o
U.5o
U.5o
U. 50
4.50
4.50

U.50
U.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

Finance companypaper 2/

Federal
funds 3/

Spread between
3-ao. bills and
finance co. paper

[per cent)

Dec.
Jan.
Jan.
Jan.
Jan.

25
1
8
15
22 £ /

5.00
U.50
U.50
U.50

u.50

5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)

2.88(6/1)
3 . 88(12/27)
3.13(5/31)

U.00
2.90
.U3
3.00
1.30
3.50
2.U5

(5/13/60)
(11/37)
(1/27)
(12/28)
(3/26)
(12/27)
(7/26)

1.02
.56

.11
•U5
.19
.39
.12

4.06(12/31)
3.72(9/11)

4.00(12/31)
3.07(10/16)

•41
•08

4.06
4.06
4.06
4.06
4.06

4.00
4.00
4.00
4.00
3.40

.20
.23
.26
.29
.25

3/ Weekly rate ah own it that In effect at end of perlqd. Stock Exohc-nga call loan rate is going rate
on call lpans secured by customers* stook exchange collateral a t iiev York City banks. Prime rate
is that charged by large banks on short-term loans to business borrowers of the highest credit
standing#
2J Average of daily rates published by finance companies for directly placed paper for varying maturities
in the 90-179 day range.
3/ Weekly average of daily effective rate, which is the rata for the heaviest volume of purchase and
sale transactions as reported to the federal Reserve Bank: of New York.
Note:—flighs
and lows are for individual series and may be on different dates for different series.

For spreads, high refers to widest, and low to narrows at.



STOCK

MARKET

/

" s t o c k m a i m t credit

•Millis"1 *< »!""»

Exhibit E - Part II

Date

1961-62 - High
Low
1963 - High
196k - High
Low
Nov.
Dec.
Jan.
8
J a n . 15
J a n . 22 £ /

Stock price
index 1/

7 2.ohJ12/8/61)
52.68(6/22/52)

Common
Trading
stock
volume 3/
yields 2/ (millions
(per cent) of shares)

Stock market customer credit
Customers 1
Bank
Total
debit balloans to
ances ,
"others"
hL
i/_
(In millions of dollars)

7k. w 12/2%f
86.28(11/20)
75.50(1/3)

2.80
3.96
3.01
2.95
3.10

10.1
2.U
6.5
6.1
3.6

5 , 602(12/61) U,259( 12/61) 1, Ul8 (5/9/62)
lt,U2l|(l/61) 3,253(V61) 1,161(3/0/61)
7,298(11/63)5,586(11/63) 1,738(1^/25)
7,314(4)
5,524(1)
1,974(12/30)
7,053(12)
5,079(12)
1,720(1/22)

85.44
83.96
85.37
86.21
86.74

2.96
3.06
3.00
2.99
2.97

4.9
4.7
4.7
5.6
5.4

7,108
7,053

5,160
5,079

1.948
1,974
1,961
1.949

n.a.—Not a v a i l a b l e . P r a l i m i n a r y *
"
"
"
Standard and Poor's composita Index of 500 common stocks, weekly closing prices, 1941-43*10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are for
Friday's data only.
y Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are for dates on which price index reached its high
or low.
3/ Averages of daily trading volume on the New York Stock Exchange.
y
End of month figures for member firms of the New York Stock Exchange which carry margin account•;
excludes balances secured by U. S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
Government securities. Weekly reporting banks account for about 70 per cent of loans to
DigitizedU.
forS.FRASER
others. For further detail see Bulletin*



EXHIBIT f, Potl I
PHI V ATE

HOUSINr

SEASONALLY

PER

CENT

STARTS

ADJUSTED

AND

PERMITS

DATA

OF UNADJUSTED
I
I

TOTAL

STARTS
1
r i i • » • • t . j

1

"

1
1 \ ^

i

i

»*J»

1**0

lltl

1141

, 11*1

11*4

I Exhibit F - Part II
Starta

1/

Building
Unadjusted
permits
Type of financing Type o f housing (seasonally
Seasonally adjustadjusted
1-2
MultiUnadjusted
ed annual rate
FHA
Other family family
annual
VA
ratal 2/
(Thousands of units)
1,402
75
41.7
96
16
54.0
5
1,570
41.0
1,333
4
84
100
11
58.5
1,718
31.9
12
100
84
68.5
1,404
1,657
4
109
43.1
87.0
1,663
130
16
5
1,377
125
96.0
52.4
1,280
18
5
149
1,531
129
106.1
51.5
1,271
158
23
5
1,529
134
107.2
51.3
1,306
159
19
6
1,611
20
117
96.1
46.6
6
1,242
143
1,505
142
18
5
119
94.3
47.3
1,281
1,430
123
18
100
5
83.1
39.5
1,222
1,457
r / 141
19
5 r/117
95.0
45.9
1,220
r/ 1,591
109
16
88
72.8
5
36.7
r/1,258
1,430
r
92
1,541
13
75
n.a.
n.a.
1,154
4
1,154
Total

Date

1963 - Dec.
1964 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

....

y Tot^l starts are Census estimates inoluding fam for both pemit-issuing and non-4ssulai areas, A
•
^, r t a r t e 4 i * " excavation begins| all unite in an apartment structure are considered
started at that tin, FBI and VA starts are units started under commitment# w these agenoie# te insum
or guarantee the mortgages. Is reported by THA and VA, a unit is started when a field offioe receives
&T* oonplianse inspection report, which is made before footings are poured in s o n eases but
normally after the foundations ham been completed, Capehartrilitaryhousiig units are excluded.
?Z « L p
4*rtr»4a» a residual, although total and IHA and VA starts are not strictly comparable
other starts include both units financed by conventional mortgages and units
withoot mortgages.




,

?,
r
*

E X H I B I T O , Port 1

YIELDS O N N E W A N D S E A S O N E D C O R P O R A T E B O N D S

Ad|uil.d_lo_Aoe lot!
• iW ISSUiS

kw

I IIII II I III I IIII II IIII I II I1IIIIWJ
1H«
lit!

I I L

Exhibit 0 - Part II
Yields on Mew Corporate Bond Issues Adjusted to an^Aaa
basis
aN^aa 1
Number Aa't of issues Average
of
included (mil.
yield
issues of dollars)
(per cent)
Monthly averages:
1964 - Jan.
Feb.
Mar.
Apr.
May
June
July '
Aug.
Sept.
Oct.
Nov.
Dec.
Weekly averages
1964 - High

3
3
6
1
10

150.0
125.0

166.0

8

130.0
278.0
230.0

3
4
7
3

75.0
239.0
70.0

60.0

140.0

4.50
4.38
4.43
4.48
4.46
4.43
4.37
. 4.39
4.49
4.46

Number Am't of issues Average
of
included (mil.
yield
(per cent).
issues of d p ^ a r s )
4
11
18
25
Jan,
1

140.0

8

40.0

15
22

4.53*

14.0

4.39

4.47

4

__

4.47
4.53(5/8)

.LttW.
Motet Averages of offering yield# on elJL nmrissuetof publioly offered oorp orate bonds rated Aaa, Aa and
A by Moody's Investor# Serrioe (except serial and convertible Issues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) weighted by sLie of offering*
Before averaging, new offerings art adjusted to a composite Aaa basis by deducting from the actual
reoffering yield tie excess of the weekly average yield for seasoned bands of the appropriate industxyquality group over the composite average for seasoned Aaa-rated bonds (Moody's)* Averages considered
unrepresentative because « special characteristics of fee offerings included are denoted by an asterisk^




Exhibit

H

H. 14.

Long-term Ccorporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

New Can ital
Corporate
1964

1965
January
February
March

e/800

1963

930
685
754

613
594
1,144

April
May
June

2,178
1,069
1,378

930
904
1,013

July
August
September

780
661
1,035

676
637
795

951
649
1,550

1,013
819
1,415

2,369
4,625
2,476
e/ 3,150

2,3S1
2,847
2,109
3,246

3

October
November
December
1st
2nd
3rd
4th

£/

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

6,994
9,470
e/12, 620

5,198
7,307
10,553

Excluding finance companies 3/
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

Year
e/
£/
1J
2/
3V

1,996
4,170
2,337
e/ 2,900

2,284
2,529
1,768
2,854

e/U,403

9,434

'
State and Local 2/
1964
1963
1965

&/800

947
776
810

732
746
976

,242
667
903

869
866
930

906
780
892

680
708
449

£/

850
550
950

I ,051
729
416

£/
£/
£/
e/

2,533
2,811
2,578
2,350

£ /

£/
£/

r

t
t

£/ 5,344
£/ 7,922
e/10,272

.

1

2 ,454
2,,665
1,,837
2,,197

i
, i_>.i
8!i
I

5,,11ft
6,.95*
9,

Estimated by Federal Reserve.
Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance companies.




v'

w

H. 14

Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

2,345
3,317
2,167
2,875

Gross proceeds for new
capital and refunding
1/
Common Memo:
Bondai
and
Foreign
Publicly Privately pfd.
issues
Offered
Offered
stock included
1,114
508
70
724
1,386
1,289
642
251
852
1,006
308
55
1,088
1,510
277
135

2,700
3,634
2,436
3,466

1,108
1,389
898
1,319

1,306
1,820
1,251
1,780

287
424
287
367

1964 - I .
2,499
4,851
II
2,728
III
IV e/ 3,344

978
1,321
792
516

1,221
1,640
1,442
2,475

1963 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,049
1,340
1,246
810
756
871
1,116
891
1,459

380
550
459
279
336
283
511
183
626

1964 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. £./
Dec. e/

985
710
805
2,234
1,155
1,461
869
728
1,130
1,030
724
1,590

338
279
361
383
470
468
234
183
375
181
30
305

Quarter
or
Month
t'

i
>
V

1962 - I
II
III
IV

1963 - I
II
III

IV

;

r

Total

Net proceeds for
new capital 1/ 2/

Mfg.

Public
Utility

Communications
f

Other
issuers

649
996
566
747

429
984
376
552

456
228
274
317

694
848
685
945

128
434
109
47

947
591
896
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

300
1 ,890
494
354

29
105
85
n.a.

418
723
547
1,060

438
856
642
510

273
1,663
59
113

1,240
1,383
1,229
1,467

452
694
675
431
318
501
481
549
751

217
95
113
100
100
87
125
159
83

56
182
196
46
21
42
10
10
27

148
216
227
297
272
237
240
214
515

341
222
230
107
100
78
201
131
198

71
92
58
86
25
39
41
13
64

369
373
499
187
187
44:
531
461
637

526
342
353
480
537
623

121
88
91
1 ,372
146
370

5
16
8
34
36
35

149
123
146
186
206
332

109
155
174
151
441
264

157
83
34
1,377
27
258

515
324
400
463
395
525

411
433
598
633
642
1,200

225
112
156
217
52
85

21
21
44
101
21

149
164
234
218
192
650

207
138
296
306
34
170

23
16
19
82
11
20

401
342
486
345
412
710

j}/ Preliminary, e/ Estimated by Federal Reserve.
V Gross Proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad & other transportation,
real estate & finance, & commercial & other.
Source: Securities & Exchange Commission.




'

'

Oaicr Securi ..y • fferi
(In millions of d o l l a r s )

1964
-nuary
February
March
April
May
J u n (2
July
Angus c
September
October
November
December

Year

Gross long-term If
Federal agency 3/
Foreign government 2?~
1963
1963
1964
196?

4
82
69
30

232
133
.
76

13

1

114
11
63
83

,

R/

180

R/
* E/

57

--

--

2

£/

563

771

2 75
260
160

8
88
101

737

246
156

U

186

86
50
25
31
151

7

148

10

57

75

26
20

142
10
35

459

150
175

R / 509
R/
e/

---

G/1,204

174

200

1,167

1,188

New short-term 4 /
S ta te and local government 5 /
Federal agency 3/
U tiiiu.-ir/
iobrudry
Mi.rch
April
May
June
July
August
September
October
November
December

-78

-106

-336

-189

23

-482

97

292

75
272

466

-407

-367

-186

442

589

127

81
-80

-30

-84

183

195

-10

-118

239

319

62

78

-333
167
1

414
327

103

-9

R/

18

236

2A7
-156

. 84
•bl
22 7

127

208

339

176
7
-15
n.a.

-173

-406

258

-157

259

71

525

123

379

146

^ 2 3 4

113

-339

-161

R/-200

-102
551

-80

•

55
X

$

1.600
1.004
692
378
Year
P/ 4M
n.a.Preliminary.
from those in Exhibit H in that refunding issues, as w e l l as new capital issues, are ineluded.
L o n g - t e r m securities are defined as those maturing in more than one year. 2/lneludes securities offered in the U.S. by foreign governments and their political subdivisions and international organizations. Source: Securities & Exchange C o m m i s s i o n . 3/
-J
Issues not guaranteed by the U.S. Government. Source: Long-t.irm, Securities & E x c h a n g e
Commission; short-term, Treasury Dept. & Federal Reserve. 4/These data differ from those
ir. Exhibit H and above in that they represent new offerings less retirements, w h e t h e r f r o %
the proceeds or refunding issues or from other funds.
Data include only issues w i t h
'
original maturing of one year or less. 5/Principally tax and bond anticipation notes,
warrants or certificates and Public Housing Authority notes.
In some instances PHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal

Reserve.



If
H. 1 4
Exhibit K

(
y

Large Long-term Public Security Issues for New Capital
(Other.than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

C o n o r ate
Bonds
(other than
Convertible
convertibles)
bonds

Total

^

1963 - Dec.
1964 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
*
Sept.
Oct.
Nov.
Dec.

--

547
307
263
335
1,557
452
650
291
142
376
187

515
225
200
296
235
415
390
178
125
269
108
--

--

230

200

30

60
35
--

51
--

--

Stocks

State
and
local
governments

32
22
28
38
1,271
37
260
113

17
25

111
577
358
282
698
274
284
544
459
558
419
226
541

81
79

--

Other

1/

-'

50
20
15
275
260
104
15
502
15

Large Individual Issues Offered January 1 through 22
Issuer

Type 2 /

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield*

Rating

Corporate
Times Mirror Co.
United Calif. Bank
Texas Lt & Pwr. Co.
State and Local Govt.
Los Angeles, Calif.
State of New Jersey
Milwaukee, Wise.
Montgomery Co., Md.
Georgia Univ. System Bldg
Auth.
Oklahoma City, Okla.
El Paso, Texas

4.57
4.52

S.F. deb.
Cap. notes
Pfd. stk.

40.0
35.0
15.0

1990
1990

4-1/2
4-1/2

G.O.
G.O.
GO.
G.O.

15.0
45.0
17.2
10.0

1966-85
1968-88
1966-85
1966-90

2.99
2.90
2.89
3.06

2.20-3.05
2.35-2.95
2.10-2.95,,
2.20-3.2 Or'

Aa
Aaa
Aaa
A

Rev.-Rent.
G.O.
G.O.

25.0
17.5
10.0

1966-90
1967-90
1965-90

3.14
3.03
3.13

2.20-3.20 ,
2.35-3.15f/
2.20-3.202/

Aa
A
A




1
H. 14
K-2
Large Individual Issues Offered January 1 through 22 (Cont'd)

Issuer.

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or Offering
yield
net inter
est cost

!•

Rating

State and Local Govt. ^Cont'd)
New York City, New York
Columbus City Sch. Dist., Ohio
Met. St. Lewis Sewer Dist., Mo.
Port of New York Auth.
Penna State Publ. Sch. Auth.
Ala. State Highway Auth.

G.O.
Rev.-Ut.
Rev.-Ut.
Rev.-Q.-Ut.
Rev.-Rent.
Rev.-Q.-Ut.

124.3
12.7
20.0
25.0
13.2
15.0

Bonds
Bonds

200.0
15.0

1966-95
1966-87
1966-85
1996
1967-2004
1970-85

3.12
2.94
2.95
3.39
3.30
3.30

2.25-3.45
2.20-3.05
2 15-3.00
3.35
fi/
2.30-3.40-'
2.75-3.30

A
Aa
Aa
A

ii

--

A

Other
Int. Bank for Recon, & Dev.
Republic of the Philippines

1990
1980

4-1/2
6-1/2

4.48
6.66

Aaa
•t

*--Rights offering,
n. a. --Not available.
V Includes corporate and other security offerings of $15 million and over; State & local
government security offerings of $10 million and over.

2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal agencies.

V*

.^

3./ In the case of State & local govt, securities, G.O. denotes general obligations; Rev.-Ut, *
revenue obligation secured only by income from public utilities; Rev.-Q.-Ut., revenue b o @ ^
secured only by revenue from quasi-utilities; Rev.-S.T., revenue bonds secured by r e v e n u % '
from specific taxes only; Rev.-Rent., revenue bonds secured solely by least payments.
4/ 1/10 per cent bonds maturing 1989-90 not publicly reoffered.
V
5/ Bonds maturing 1990 not publicly reoffered.
^
6/ 3/4 per cent bonds maturing 2004 not publicly reoffered.
*




i
*
I

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1 /
Expected Proceeds from Forthcoming Large Issues
(In millions of dollsrs)

During month following
date shown
State and
Other y
Corporate
local govt.
"

1963 - Dec. 31
1964 - Jan. 31
Feb. 28
Mar. 31
•:
Apr. 30
May
28
^
June 30
July 31
Aug. 31
Sept.30
Oct. 30
Nov. 30
yDec. 31

305
155
224
1,587
651
600
292
92
402
186
90
105

--

469
316
454
669
345
341
539
120
511
500
254
360
306

--

25
15
---

15

25
215

Corporate
1,905
1,771
1,649
1,837
844
668
307
167
442
186
130
105

Subsequent to
date shown
State and
local govt.
731
667
646
953
575
598
716
588
680
626
549
563
435

Other U

--

25
15

--

15

__
--

25
215

Forthcoming Large Offerings as of January 22
<

Type

Issuer

Amount
(millions
of
dollars)

Approximate date of
offering

Coroorate
Conn. Yankee Atomic Pwr. Co.
Texas Elec. Service Co.
•Occidental Petroleum Corp.
Dan River Mills
Southern Calif. Ed. Co.
*New England Elec. System
W. R. Grace Co.
State & Local Government
Dallas, Texas
Texas Wtr. Div. Bd.
Los Angeles Harbor Dist., Calif
Dayton City Sch. Dist., Ohio.
Duval Co. Hospital Auth., Fla.
Los Angeles Fid. Control Dist.,
California ?




1st mtg. bds.
1st mtg. bds.
Com stk.
Deb.
1st & ref. mtg. bds.
Com. stk.
Conv. sub. deb.

40.0
10.0
22.2
20.0
60.0
15.6
84.0

Jan.
Feb.
Feb.
Feb.
Feb.
Feb!
Mar.

27
3
8 (rts. ex.)
9
10
17 (rts. ex.)
(rts. ex.)

Rev.-Ut.
Rev.-Ut.
Rev.-Q.-Ut.

Jan.
Jan.
Jan.

Rev.-Rent.

15.0
16.0
11.0
15.3
12.0

Jan.
Jan.

25
26
27
28
28

Rev.-Q.rUt.

15.0

Feb.

2

G.O.

^0

L-2
Forthcoming Large Offerings as of January 22

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

State & Local Government (Cont'd)
G.O.
Palm Beach Co., Fla.
Rev.-Q.-Ut.
Va. State Highway Auth.
G.O.
*Phila. Scji. Dist., Pa.
Rev.-Rent.
*Wisc. State Agencies Bldg. Corp.
Los Angeles Dept. of Wtr. & Pwr., Calif. Rev.-Ut.
Rev.-Ut.
^Sacramento Mun. Util. D i s t . y Calif.
G.O.
Pittsburgh, Pa.
G.O.
Dade County, Fla.
G.O.
Forth Worth, Texas
Rev.-S.T.
Florida Dev. Comm.
Other

26.8
31.0
16.0

Feb.
Feb.
Feb.
Feb.
Feb.

35.3
24.0
79.5
35.0
46.0
14.1
33.8

3
3
9
17
24
Mar.
4
Indefinite
Indefinite
Indefinite
Indefinite

20.0

Jan. . 25

v

\

e

Republic-to f Portugal

Bonds

^--Included in Table for first time.
1 / Includes corporate and other issues of $15 million and over; State and local government
issues of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues for Federal Agencies.
Note:--Deletions for reasons other than sale of issue: None.




<
!
5
j

R. 14
Exhibit H
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

,

Amount
(millions
of
dollars)

* Sale
^
Da te

A
54

•

Public Offerings

Issuer gnd Description of Issue

A.

Sold Nov. 1 through January

22

11/25

15.0

Republic of Finland--6% bonds maturing 1979--reoffered
to yield 6.26%.

12/15

25.0

^European Investment Bank--5-l/2% bonds maturing in 1984,
reoffered to yield 4.85% to investors in the U. S. and
5.54% to jobber investors.

12/11

20.1
!

1/14

*1/19

200.0

15.0

Home Oil Co. Ltd.--5-1/8% convertible subordinate
debenture maturing 1984, offered to stockholders of
record November 19 to yield 5.13%.
International Bank for Reconstruction end, Development-4-1/2% bonds, maturing 1990, reoffered to yield 4.48%.
Republic of the Philippines--6-l/27 0 bonds, maturing
1980, reoffered to yield 6.66%.

B.

1/25

20.0

Prospective Offerings

Republic of Portugal - bonds

^Difference in reoffering yields on bonds sold to U.S. citizens and those sold to
foreign citizens reflects an upward adjustment of 8.83 per cent in the price paid by
U. S. citizens.
This premium was collected by the underwriters in accordance with the
provisions of the new Interest Equalization Tax. This tax is collected--under a scale
of rates which rises with ma turity--when U. S. lenders buy new security offerings from
borrowers in certain designated "developed" countries.




M-2
P;irt II:

Dii le
reported

11/4

11/5

11/11

Private Placement•»-Reported Nov. 1 through January 22

Amount
(millions
of
dollars)
60.0

Issuer and Description of Issue

City of Montreal--57o sinking.fund debenture, maturing
2004--no information available on takedown.

7.9

Montreal Catholic School Comm. --5% sinking fund
debenture, maturing 1989--no information available
on takedown.
'

25.0

Toronto--Dominion Tower,. Ltd.--4.85% first mortgage
sinking fund bonds, maturing 1989--no information
available on takedown.

«
5

!-

11/18

29.1

12/21

25.0

1/11

25.0

Alberta Municipal Financing Corp.~-4-5/87. debentures,
maturing 1989, priced to yield 4 . 6 5 % — n o information
available on takedown.

L/13

8.0

Beneficial Finance Co. of Canada--seniar notes maturin
1984--no information available on takedown.

L/18

30.0

Banco Nacional Hipotecario Urbano y de Obras Publicas, >1
S.A.--promissary notes, maturing 1965-69--no informa- '
tion available on takedown.
[
1
fl
Prince George Pulp & Paper Ltd.--1st mtg. sinking fund '4
bonds, maturing 1985--no information available on
i
takedown.
^
}
'

Province of Nova Scotia--4~l/2% sinking fund debenture^
maturing 1989--no information available on takedown. &

\

Note:

For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relationshi
between the data shown in this Exhibit and that shown in Exhibits I and J because the
latter includes privately placed securities in the period in which funds are actually
takendown but only in the amount of takedown, while the placements shown in this
exhibit are included when reported, frequently with little or no information concerning timing of takedowns.
Full or partial takedowns may take place both prior and
subsequent to the data a placement is reported. ^--Included in table for first time,
FRASER
ft

Digitized for


^ 3
Exhib

t N

Sources and Uses of Funds by
Life Insurance C o m p a n i e s

Quarter
or

Cash

Month
End of
1962 1963 1964 -

period:
Dec.
Dec.
Nov.

Changes:
1962 - III
IV
1963

- I
II
III
IV

1964 - I
•

Uses of Funds 1/
Business
U.S.
State &
Securities 2/
Govt.
local
MortSecuri- Bonds & Short-term Govt.
gages
paper
Stocks
ties
secur.

Total
sources
Other

(In m i l l i o n s of d o l l a r s )
348
4 ,037
46,957
20,854
381
3 ,876
22,909
50,543
613
3 ,841
54,404
24,728

1,456
1,442

6,171
5,755

53,468
55,997

1,390

5,699

58,071

76
167

52
-160

520
673

123
-296

48
-47

554
1,233

-226
16
103
104

-149
-276
95
-69

434
727
501
890

253
-110
134
-238

4
-89
-62
-16

-166
-18
24

-24
-101
154

625
715
479

108
-154
81

-43
119

-28
-32

278
391

115
-411

133,291
140,903

127,796
134,805

148,746

141,879

384
587

1,757
2,157

1,649
1,954

624
786
893
1,310

920
659
350
158

1,860
1,713
2,014
2,139

1,567
1,572
1,960
1,962

-27
-27
24

898
1,025
1,094

750
454
352

2,164
1,897
2,208

1,732
1,718
2,113

-7
-13

284
730

20
-88

619
696

604
704

IV
1963

- Nov.
Dec.

r/

270
1964 - Jan.
261
27
963
-159
296
285
-17
Feb.
-68
23
131
-15
665
298
-2
298
Mar.
-94
233
-74
536
8
156
315
-8
. -26
Apr.
-42
191
609
-108
225
365
4
232
May
42
-44
>636
12
109
311
-26
292
8
4
June
-101
78
652
120
-5
349
185
July
125
199
-9
859
5
366
-13
122
Aug.
-39
5
6
52
105
1
0
6
13
341
Sept.
158
-65
24
-72
697
>387
241
24
194
Oct.
45
-18
805
-4
144
20
424
112
210
3 ,
-25
-70
Nov.
420
119
769
Dec.
r/ Revised.
j>/ P r e l i m i n a r y .
1/ Uses of funds represent net changes in assets and therefore reflect net, rather
than gross uses.
2/ Includes securities of domestic corporations only.
3/ E x c l u d e s changes in m i s c e l l a n e o u s assets (one p o r t i o n of the "other" in this
table) w h i c h includes m o s t , but not all, v a l u a t i o n changes, as w e l l as changes
in a few other items.
S o u r c e . - - I n s t i t u t e of L i f e Insurance.




774
518
440
526
608
584
970
612
531
730
781

H. 14
Exhibit 0
Sources and Uses of Funds by
Savings and Loan Associations

Quarter
or

Cash

Month
End of
1962 1963 1964 -

period:
Dec.
Dec.
Nov.

es of funds 1/
U. S.
Govt, Mort- Other
secur- gages assets

Source of funds
Total
sources
or

uaea

ities.

Net
change
savings

rnplfal.

Borrowing

Other

2/

(In millions "of dollars)

3,296 5,563
78,770
3,964 6,440 90,849
3,497 6,958 100,398

5,346
6,178
7,079

93,605
107,431
117,932

80,236
91,205
100,039

3,629
5,011
4,995

9,740
11,215
12,898

Changes:
1962 - H I
IV

-339
889

80
75

2 ,712
2 ,532

5
105

2,458
3,601

1,517
3,327

276
470

665
-196

1963 - I
II
III
IV

-137
61
-467
581

537
101
144
95

2 ,272
3 ,483
3 ,408
2,,916

55
457
39.
281

2,727
4,102
3,124
3,873

3,024
3,089
1,523
3,333

-1,028
833
774
803

731
180
827
-263

1964 - I
II
III
IV

-351
182
-404

293
-48
93

2j,220
2,,998
2,,826

55
495
23

2,217
3,627
2,540

2,320
3,068
1,862

-688
657
85

585
-97
592

1963 - Nov.
Dec.

32
482

129
-108

806
992

175
24

1 ,142
1 ,390

804
1 ,734

59
547

279
-891

-396
33
12
-146
37
291
-456
15
37
22
84

158
64
71
-16
-5
-27
.2
49
42
42
138

604
710
906
909
993
1,096
1,044
948
836
836
667

-189
109
135
120
385
-10
-192
113
102
72
256

177
916
1 ,124
867
1 ,410
1 ,350
398
1,,125
1,,017
972
1,,145

464
754
1 ,102
321
982
1 ,765
16
773
1,,073
751
833

-421
-213
-54
278
-57
436
11
1
73
-36
-34

134
375
76

1964 - Jan.
Feb.
Mar.
+
Apr.
May
June
July
Aug.
Sept.
Oct. r/
Nov. £ /
Dec.

268
485
-851
371
351
-129
257
346

r/ Revised.
]>/ Preliminary.
1/ Uses of funds represent net changes in assets and therefore reflect net, rather than
gross uses. Savings and loan associations do not hold business securities and data
on holdings of State and local government bonds, presumed to be small, are not
available*
2/ Advances from Home Loan Banks and other borrowing.
Source:--FSLIC




.
,

e

;

u
%
J

.

Exhibit P
Sources and Uses of Funds by
Mutual Savings Banks

Quarter

Month
End of
1962 1963 1964 -

period:
Dec.
Dec.
Nov.

U.S.
Cash Govt.
securiciee
956
912
905,

6,107
5,863
5,785

Total
Uses of funfl§ 1/,
sources
MortState and
Bus!
or
Other
gages
local govt
ness
uses
secursecur2/
.lars)
(In millions of dollars
32,056 e1,297 46,121
527
5,,177
36,007 1,406 49,702
440
5,,074
5 ,180

399

39,898

1,658 53,825

if"'—

Net

change
in

?* ft""**

Other

41,336
44,606
48,188

4,785
5,096
5,637

Changes:
1962 - Ill
IV

-31
104

18
-207

82
26

-19
-36

813

844

71
32

967
733

816
878

150
-146

1963 - I
II
III
IV

-65
- 1
-42
64

325
-243
-114
-213

-20
-67
81
-97

-52
-17
-5
-13

1,069
950
888
1,043

57
-28
117
-36

1,315
592
927
747

970
666
740
894

344
•73
186
-146

1964 - I
II
III
IV

-25
19
-23

254
-93
58

78
-6
47

-16
-15

926
1,037
1,173

124 1,339
17
959
80 1,338

1,155
862
1,133

183
99
207

1963 - Nov.
Dec.

-8
101

-14
-22

-76
1

-3
-8

321
353

38
-34

260
390

118
578

142
-188

1964 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

-63
32
6
-68
28
59
-43
32
-12
15

88
82
84
-53
-12
-28
1
70
-13
-233

15
47
16
-13
12
5
-3
37
13
-15

345
283
298
334
333
370
436
355
382
392
360

93
5
26
-64
75
6
26
71
-17
-10
42

477
435
427
135
433
391
416
565
357
143
343

400
260
495
90
272
500
294
356
483
226
205

77
175
-69
47
161
-109
122
210
-125
-83
138

7

-65

2

--

-13
-3
-1
-4
-10

X

-2
2
-6
-4

2/ Includes Canadian government and political subdivision, International B a n k for R e construction and Development, nonguaranteed Federal agency and other bonds as w e l l as
corporate bonds and stock.
Source:--NAMSB