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Not f o r P u b l i c a t i o n DECONTBOUSD AOTEB SIX MOUTHS
H.14

\

\t!

... - ' '

X
^

March 9 , 1964.
\VCAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES

l u d i n g S o u r c e s and Uses of Funds of
F i n a n c i a l I n t e r m e d i a r i e s D u r i n g 1963)

P u b l i c s e c u r i t y f i n a n c i n g t o o b t a i n new c a p i t a l was i n
r e l a t i v e l y l i g h t volume l a s t w e e k , b u t w i l l b e i n f a i r l y s u b s t a n t i a l
volume t h i s week. L a s t w e e k , ended M a r c h ^ & f t l o l a r g e c o r p o r a t e
i s s u e s w e r e o f f e r e d , b u t t h r e e l a r g e S C a t e and l o c a l g o v e r n m e n t bond
i s s u e s a m o u n t i n g t o $76 m i l l i o n w e r e s o l d . T h i s w e e k , e n d i n g March 1 3 ,
new c a p i t a l f i n a n c i n g e x p e c t e d i n c l u d e s f o u r l a r g e c o r p o r a t e i s s u e s
w i t h g r o s s p r o c e e d s a g g r e g a t i n g $122 m i l l i o n and one $50 m i l l i o n S t a t e
and l o c a l i s s u e .
I n a d d i t i o n , t h e J a c k s o n v i l l e Expressway A u t h o r i t y ,
F l o r i d a , h a s a $135 m i l l i o n bond i s s u e on t h e c a l e n d a r ; $67 m i l l i o n
of t h i s i s s u e w i l l b e u s e d f o r t h e a d v a n c e r e f u n d i n g of a s i m i l a r
amount of b o n d s f i r s t c a l l a b l e i n 1967 and t h e r e m a i n d e r w i l l p r o v i d e
new c a p i t a l .
Bond y i e l d s .
Y i e l d s on m o s t s e a s o n e d , l o n g - t e r m b o n d s
i n c r e a s e d l a s t week. Y i e l d s i n A a a - r a t e d S t a t e and l o c a l g o v e r n m e n t
bonds r o s e t h r e e b a s i s p o i n t s t o 3 . 1 2 p e r c e n t ; t h i s was t h e h i g h e s t
l e v e l s i n c e e a r l y l a s t December, b u t s t i l l s i x b a s i s p o i n t s below
t h e l a t e November h i g h .
L o w e r - g r a d e m u n i c i p a l y i e l d s a d v a n c e d two
b a s i s p o i n t s to 3.57 per c e n t , matching t h e i r high f o r the year.
A a a - r a t e d c o r p o r a t e bond y i e l d s and t h o s e on U. S . Government b o n d s
edged up one b a s i s p o i n t e a c h t o 4 . 3 6 and 4 . 1 6 p e r c e n t , r e s p e c t i v e l y ,
with the l a t t e r at the previous high f o r the year.
Y i e l d s on B a a r a t e d c o r p o r a t e bonds w e r e s t a b l e .
S h o r t - and i n t e r m e d i a t e " t e r m i n t e r e s t r a t e s .
R a t e s on
3 - m o n t h T r e a s u r y b i l l s w e r e u n c h a n g e d l a s t w e e k , b u t t h o s e on 6 - m o n t h
b i l l s r o s e two b a s i s p o i n t s f u r t h e r t o 3 . 7 4 p e r c e n t , t h e h i g h e s t
l e v e l s i n c e t h e w i n t e r of 1960. Y i e l d s on 3 - 5 y e a r U. S. Government
obligations increased f i v e basis points to 4.10 per cent, the highest
s i n c e J u n e 1960. R e f l e c t i n g t h e f u l l e f f e c t of t h e a d v e r t i z e d r a t e
c h a n g e t h e p r e v i o u s w e e k , t h e a v e r a g e r a t e on d i r e c t l y - p l a c e d f i n a n c e
company p a p e r w i t h 9 0 - 1 7 9 day m a t u r i t y i n c r e a s e d 10 b a s i s p o i n t s t o
3.88 per cent, equaling the high f o r the year.
The a v e r a g e e f f e c t i v e
F e d e r a l f u n d s r a t e , h o w e v e r , d r o p p e d 30 b a s i s p o i n t s t o 3 . 2 0 p e r c e n t .
Other r a t e s were unchanged.
Mortgage r e c o r d i n g s .
S e a s o n a l l y a d j u s t e d nonfarm r e c o r d i n g s
of $ 2 0 , 0 0 0 o r l e s s c h a n g e d l i t t l e i n November, t h e l a t e s t month
a v a i l a b l e on a t h r e e - m o n t h moving a v e r a g e b a s i s .
The m o n t h l y r a t e of
$ 3 , 1 4 9 m i l l i o n c o n t i n u e d 7 p e r c e n t a b o v e a y e a r e a r l i e r and w i t h i n
2 p e r c e n t of t h e h i g h i n A u g u s t .




H. 14
S t o c k p r i c e s . Common s t o c k p r i c e s advanced m o d e r a t e l y
f u r t h e r l a s t week i n a c t i v e t r a d i n g . P r i c e s as measured by S t a n d a r d
and P o o r ' s composite i n d e x of 500 s t o c k s , i n c r e a s e d one-haL, of
one p e r c e n t t o c l o s e a t an a l l - t i m e h i g h of 78.31 on March 6,
T r a d i n g volume averaged 5 . 3 m i l l i o n " s h a r e s a d a y , s l i g h t l y l e s s t h a n
t h e p r e v i o u s week.
S o u r c e s and Uses of Funds of F i n a n c i a l
I n t e r m e d i a r i e s d u r i n g 1963.
December f l o w s
The n e t i n f l o w of s a v i n g s d u r i n g December a t t h r e e m a j o r
t y p e s of f i n a n c i a l i n t e r m e d i a r i e s - - l i f e i n s u r a n c e companies, s a v i n g s
and l o a n a s s o c i a t i o n s and mutual s a v i n g s b a n k s - - t o t a l e d a r e c o r d $ 3 . 0
b i l l i o n , 3 p e r c e n t more t h a n a y e a r e a r l i e r . M o d e r a t e l y l a r g e r
i n f l o w s t h a n a y e a r e a r l i e r of b o t h s a v i n g s c a p i t a l a t s a v i n g s and
l o a n a s s o c i a t i o n s and d e p o s i t s a t mutual s a v i n g s banks more t h a n
o f f s e t a s m a l l e r growth i n a s s e t s of l i f e i n s u r a n c e companies.
(Time
and s a v i n g s d e p o s i t s a t commercial banks a r e e s t i m a t e d t o have r i s e n
$2.3 b i l l i o n between t h e end of November and December 31, 8 ,;cr c e n t
more t h a n i n t h e same month of 1962.)
Annual f l o w s
I n f l o w a t t h e s e t h r e e m a j o r t y p e s of f i n a n c i a l i n s t i t u t i o n s
d u r i n g 1963 amounted t o a r e c o r d $22 m i l l i o n , 17 p e r c e n t more t h a n t h e
p r e v i o u s peak s e t i n 1962. Growth a t a l l t h r e e t y p e s of i n s t i t u t i o n s
was i n r e c o r d volume and s h a r p l y l a r g e r than i n t h e p r e v i o u s y e a r ; t h e
l a r g e s t g a i n s were i n a s s e t s of l i f e i n s u r a n c e companies and s a v i n g s
c a p i t a l a t s a v i n g s and l o a n a s s o c i a t i o n s .
I n f l o w s t o s a v i n g s and lo a n
a s s o c i a t i o n s and mutual s a v i n g s banks slowed somewhat l a t e i n t h e y e a r ,
and second h a l f f l o w s were s m a l l e r t h a n i n t h e f i r s t s i x months.
Time and s a v i n g s d e p o s i t s a t commercial banks i n c r e a s e d an
e s t i m a t e d $14.6 b i l l i o n i n 1963, 6 p e r c e n t l e s s than t h e 1962 p o s t w a r
r e c o r d . Moreover, passbook s a v i n g s - # - t h e t y p e most n e a r l y comparable t o
s a v i n g s a t mutual s a v i n g s banks and s a v i n g s and loa n a s s o c i a t i o n s a c c o u n t e d f o r o n l y a b o u t t w o - f i f t h s of l a s t y e a r ' s g a i n s , compared
w i t h o n e - h a l f of t h e l a r g e r 1962 t o t a l .
L i f e i n s u r a n c e companies
A s s e t s of l i f e i n s u r a n c e companies r o s e a r e c o r d $ 7 . 7 b i l l i o n
i n 1963, 19 p e r c e n t more t h a n i n t h e p r e v i o u s y e a r . About e i g h t - t e n t h s
of t h e y e a r - o v e r - y e a r i n c r e a s e of $ 1 . 3 b i l l i o n , however, r e f l e c t e d
changes i n t h e v a l u a t i o n of a s s e t s ( p r i n c i p a l l y common s t o c k s ) ; i n 1963
u n r e a l i z e d c a p i t a l g a i n s amounted t o about $ 0 . 6 b i l l i o n , whereas
u n r e a l i z e d l o s s e s a y e a r e a r l i e r were about $ 0 . 4 . The 1962-63 i n c r e a s e a f t e r a d j u s t m e n t f o r t h e s e v a l u a t i o n changes was l e s s t h a n 5 p e r




H. 14

-3-

Expansion i n h o l d i n g s of b u s i n e s s s e c u r i t i e s t o t a l e d
$2.6 b i l l i o n l a s t y e a r , 14 p e r c e n t more t h a n t h e p r e v i o u s y e a r , b u t
s l i g h t l y l e s s t h a n t h e r e c o r d 1961 g a i n . Net a c q u i s i t i o n s of domestic
c o r p o r a t e d e b t amounted t o a r e c o r d $ 2 , 1 . b i l l i o n ( i n c l u d i n g o n l y $40
m i l l i o n i n s h o r t - t e r m commercial and f i n a n c e company p a p e r , compared
w i t h $155 m i l l i o n i n 1962) , up 8 p e r c e n t from t h e r e c o r d of t h e
p r e v i o u s y e a r ; h o l d i n g s of common and p r e f e r r e d s t o c k s i n c r e a s e d $0.5
b i l l i o n , t w o - f i f t h s more t h a n t h e p r e v i o u s y e a r , b u t o n e - t h i r d l e s s
t h a n t h e r e c o t d 1961 g a i n . Mortgage a c q u i s i t i o n s amounted t o $3.6
b i l l i o n , n e a r l y o n e - t h i r d more than i n t h e p r e v i o u s y e a r and about t h e
same as t h e 1956 p e a k . Holdings of U. S. Government s e c u r i t i e s were
reduced $ 0 . 4 b i l l i o n , i n c o n t r a s t t o a $ 0 . 1 b i l l i o n i n c r e a s e - i n 1962,
and S t a t e and l o c a l government s e c u r i t y h o l d i n g s were c u t back $0.2
b i l l i o n , a l s o i n c o n t r a s t t o a moderate i n c r e a s e t h e p r e v i o u s y e a r .
A c q u i s i t i o n of f o r e i g n c o r p o r a t e bonds ($0.3 b i l l i o n ) were n o m i n a l l y
l e s s t h a n i n 1962, w h i l e f o r e i g n government bond a c q u i s i t i o n s ( $ 0 . 4
b i l l i o n ) were m o d e r a t e l y l a r g e r ; v i r t u a l l y a l l of t h e s e a c q u i s i t i o n s
( i n c l u d e d i n o t h e r a s s e t s ) took p l a c e p r i o r t o t h e p r o p o s a l f o r an
i n t e r e s t e q u a l i z a t i o n t a x on f o r e i g n s e c u r i t i e s ,
Savings and l o a n a s s o c i a t i o n s . Growth i n s a v i n g s c a p i t a l
a t s a v i n g s and l o a n a s s o c i a t i o n s amounted t o a r e c o r d $11 b i l l i o n
l a s t y e a r , 17 p e r c e n t l a r g e r than i n 1962. V i r t u a l l y a l l of t h i s
g a i n over 1962, however, took p l a c e d u r i n g t h e f i r s t h a l f of t h e
y e a r when t h e n e t i n f l o w of s a v i n g s c a p i t a l was over o n e - t h i r d l a r g e r
t h a n i n t h e comparable p e r i o d a y e a r e a r l i e r ; n e t i n f l o w s d u r i n g t h e
l a s t h a l f of t h e y e a r were about t h e same as i n 1962.
Mortgage a c q u i s i t i o n s , a t $ 1 2 . 1 b i l l i o n , were a l s o i n r e c o r d
volume and o n e - f i f t h more t h a n i n t h e p r e v i o u s y e a r . The i n c r e a s e i n
c a s h and U. S. Government s e c u r i t y h o l d i n g s ( $ 0 . 9 b i l l i o n ) , however,
was m o d e r a t e l y l e s s t h a n i n 1962. I n o r d e r to f i n a n c e t h e l a r g e r i n crease in investments than in savings c a p i t a l , these a s s o c i a t i o n s
borrowed a r e c o r d $ 1 . 4 b i l l i o n , c l o s e t o t w i c e as much- as i n t h e
previous year.
Mutual s a v i n g s b a n k s . D e p o s i t s a t mutual s a v i n g s banks r o s e
a r e c o r d $ 3 . 6 b i l l i o n l a s t y e a r , 9 p e r c e n t more t h a n i n 1962. As i n
t h e c a s e of s a v i n g s and loa n a s s o c i a t i o n s , a l l of t h i s i n c r e a s e d
growth o c c u r r e d d u r i n g t h e f i r s t h a l f of t h e y e a r ; t h e d e p o s i t g a i n
d u r i n g t h e l a s t h a l f of t h e y e a r was 4 p e r c e n t l e s s t h a n d u r i n g t h e
c o r r e s p o n d i n g p e r i o d of 1962.
Mortgage h o l d i n g s r o s e a r e c o r d $3.9 b i l l i o n , o n e - f o u r t h
more t h a n i n t h e p r e v i o u s y e a r , w h i l e t h e n e t r e d u c t i o n i n h o l d i n g s of
S t a t e and l o c a l government s e c u r i t i e s ($80 m i l l i o n ) was o n l y about oneh a l f t h a t of t h e p r e v i o u s y e a r . Cash and Government s e c u r i t y h o l d i n g s
and t h o s e of b u s i n e s s and m i s c e l l a n e o u s s e c u r i t i e s , however, were
reduced $ 0 . 3 and $ 0 . 1 b i l l i o n , r e s p e c t i v e l y , i n c o n t r a s t t o small n e t
a c q u i s i t i o n s d u r i n g 1962.




-4-

H.

More d e t a i l e d i n f o r m a t i o n c o n c e r n i n g r e c e n t c a p i t a l market
developments i s p r e s e n t e d i n t h e a t t a c h e d e x h i b i t s .

C a p i t a l Markets S e c t i o n ,
D i v i s i o n of Research and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l Reserve System.




Sources and Uses of Funds of Major Types of Savings I n s t i t u t i o n s V
1955-1963
( I n m i l l i o n s of d o l l a r s )
Uses of f u n d s
Business
Mortgages
ities ities

U. S.

State &
Other
local
govt,
sec.

Total
sources

Sources of fund
Net change
i n d e p o s i t s Borrowor s a v i n g s
ing
capital

L i f e I n s u r a n c e Companies
1963
1962 r /
»
'
i
.
j
*
-

1961

1960
1959
1958
1957
1956
1955

31
64
63
22
-56
69
14
18
55

-434
36
-293
-430
-324
154
-526
-1,026
-476

2 ,568
2 ,261
2 ,629
2 ,025
2 ,289
2,,479
2.,495
1,,972
2 j,126

3 ,563
2 ,707
2 ,435
2 ,578
2.,145
1.,821
2.,241
3 j,569
3 3,497

-184
135
296
385
530
314
124
236
165

2 ,190
1 ,272
2 ,110
1 ,346
1.,486
1.,434
950
808
832

7 ,734
6 ,475
7.,240
5.,926
,070
6;
6.,271
5, ,298
5, ,577
6, 199

Savings and Loan A s s o c i a t i o n s

i

1963
1962 r /
1
1961
1960
1959
1958
1957
1956
1955
•i

i

1963
1962
*5 1961
1960
1959
1958
1957
1956
1 1955
t

i

38
611
635
497
-402
439
27
52
92 .

877
352
616
118
658
646
391
440
325

--

12 ,079
9 ,936
8 ,764
6 ,929
7 ,514
5 ,578.
4 ,278
4 ,268
5.,300

n.a.

3 3,911
3, ,155
2, ,206
1, 941
1, 868
2 , 088
1, 422
2 , 284
2 , 429

-80
-149
5
50
-2
43
13
32
37

832
571
644
402
621
338
571
408
320

13,826
11,470
10,659
7,946
8,391
7,001
5,263
5,156
6,023

10,969
9,351
8,743
7,559
6,607
6,064
4,764
5,006
4,890

1,382
773
661
-190
943
65
32
-211
596

1,475
1,346
1,255
577
841
872
467
361
537

Mutual Savings Banks
-47
r / 129
-44
43
-70
31
-30
-45
-61

-259
-47
-103
-625
-340
-286
-419
-489
-288

-83
135
-27
231
-81
642
808
177
-178

119
60
220
91
107
94
63
78
57

^ r / Revised.
n.a.--Not available.
y U For d e s c r i p t i o n of d a t a Bee E x h i b i t s N, 0 , and P.




3,557
3,285
2,260
1,631
1,483
2,611
1,857
2,037
1,998

3,253
2,973
r/2,020
r/1,370
1,234
2,346
1,663
1,845
1,828

304
314
r/240
261
249
265
194
192
170

-6-

Sources and Uses of Funds of Major Types of Savings I n s t i t u t i o n s 1/
Fourth Quarter 1955-1963
(In m i l l i o n s of d o l l a r s )

Year

Cash

U.S.
Govt.
ities

Uses of funds
State &
Busil o c a l Other
Mortness
govt, a s s e t s
gages
sec.
ities

Total
sources

Sources of funds
Net change
i n d e p o s i t s BorrowOther
ing
or s a v i n g s
capital

L i f e I n s u r a n c e Companies
104
167
83
147
152
148
143
198
113

-69
-160
-293
-147
-318
-112
-260
-280
-584

652
377
837
703
617
754
714
414
707

1 ,310
1 ,233
823
696
784
622
539
884
1 ,175

-16
-47
80
77
56
70
33
22
15 '

158
595
253
550
494
123
187
312

2,139
2,157
2,125
1,729
1,841
1,976
1,292
1,425
1,738

__

Savings and Loan A s s o c i a t i o n s
581
889
603
600
363
270
499
396
453

95
75
166
55
-43
192
-47
50
15

63
104
-40
85
104
55
107
85
48

-222
-207
-154
-266
-378
-126
-298
-235
-197

n.a.

--

2 ,916
2.,532
2.,313
1.,683
1,,557
1,,603
949
862
813

n.a.

-85
26
-71
87
-60
41
228
11
-45

1, 016
813
557
496
393
520
365
526
605

-7
.-36
-11
-16
-52
-11
-3
4
-15

__

281
105
257
182
159
186
142
128
153

3,873
3,601
3,339
2,520
2,036
2,251
1,541
1,433
1,431

3 ,333
3 ,327
2 ,998
2 ,597
2,,085
2.,059
1 ;,662
L ,604
1.,595

803
470
569
309
414
311
151
83
143

-263
-196
-228
-386
-463
-119
-272
-254
-307

Mutual Savings Banks
-37
22
119
-26
-7
-6
-12
-4
6

£ / Preliminary.
n. a . - - N o t a v a i l a b l e .
1/ For d e s c r i p t i o n of d a t a s e e E x h i b i t s N, 0, and P.




728
733
399
360
472
387
387
399

877
878
504
480
126
555
475
511
464

--

---

-149
-145
•105
-120
. -12:
83
38
124
65

i

LONG-TERM BOND YIELDS, HIGH-GRADE

V

\

STATE AND 1 0 C A I G O V f B N M t N T A a «

E x h i b i t A - Part I I

Corporate
Aaa 1/

U . S . Govt,
long-term 2 /

S t a t e and
local
government
Aaa 3 /

Spread between
U. S . Govt, and
S t a t e and
Corporate
Aaa
l o c a l Aaa

(per cent)
1 9 5 9 - 6 0 - High
1 9 6 1 - High
Low
1962 - High
Low
1963 - High
Low
196k - High
Low

4» 61(1/29/60)
4.46(9/15)
*1.21(3/17)
4.43(2/16)
U.23(12/2^
4.37(12/27)
L.19(V29)
4.38(1/24)
4.35(2/28)

4 . 4 2 (1/8/60)
a . 0 7 (12/29)
3 . 7 0 (5/12)
4.12(2/23)
3.85(12/28)
4 . 1 6 (12/27)
3.87(1/18)
4.16(3/6)
4.14(2/21)

3.65
3.37
3.12
3.26
2.88
3.18
2.93

Feb.
Feb.
Feb.
Feb.
Mar,

4.36
4.36
4.36
4.35
4.36 /

4.14
4.14
4.14
4.15
4.16

7
14
21
28
6 j>/

.

(9/24/59)
(7/6)
(2/23)
(1/4)
(li/e)
(11/21)
(3/28)

.59
.57
.34
.47
.30
.35
.21

.92
.76
.46
1.04
.80
1.05
.88

3.12(3/5)
3.07(2/20)

.23
.20

1.08
1.04

3.08
3.08
3.07
3.09
3.12

.22
.22
.22
.20
.20

1.06
1.06
1.07
1.06
1.04

p / Preliminary.
Xr Weekly average of d a i l y figures* Average term of bonds included i s 22-24 y e a r s .
Weekly average of d a i l y f i g u r e s . The s e r i e s includes bonds due o r callable i n 10 years o r more.
Thursday f i g u r e s . Only general obligation bonds are included* average term i s 20 y e a r s .
Note .——Highs and lows are f o r individual s e r i e s and may be on d i f f e r e n t dates f o r d i f f e r e n t
 spreads, high r e f e r s t o w i d e s t , and loir t o narrowest#
s e r i e s . For



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

.1 J IJ.i.LLJ-U
Exhibit B - Part I I

Date

Corporate
Baa 1 /

State and
l o c a l govt.
Baa 2 /

Spread between
Aas and Baa
S t a t e and
Corporate
l o c a l govt. "

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
- Low
1964 - High
Low
Feb.
Feb.
Feb.
Feb.
, Mar.

7
14
21
28
6 jj/

5.3^(2/12/60)
5.13(10/27)
5.00(4/21)
5.11(1/5)
14.92(12/21)
4.93(3/4)
U.83(31/15)
4.84(1/17)
4.82(2/7)

li.U6 (3/7/60)
4.16(3/23)
3.93(11/9)
Oil (3/11)
3.52(5/17)
3.63(6/27)
3.52(5/23)
3.57(3/5)
3.53(2/7)

.84
.81
.66
.74
.63
.71
.48
.48
.45

1.08
.93
.57
.82
.56
.63
.44
.49
.45

4.82
4.83
4.83
4.83
4.83 -

3.53
3.54
3.55
3.55
3.57

.46
.47
.47
.48
.47

.45
.46
.48
. 46
.45

Note* For footnotes see Exhibit JU




S H O R T - A N D INTERMEDIATE-TERM INTEREST RATES, G O V E R N M E N T

3-5 YA I S E
EK S U S

Date

Discount
rate
y

• 1959-60 - High U.00
3.00
" 1961 - High
3.00
Low
3.00
"1 1962 - High
3.00
Low
3.50
'} 1963 - High
Low
3.00
3.50
; 196k - High
t
Lew
3.50
:Feb.
Feb.
' Feb.
. Feb.
'/Mar.

7
14
21
28
6 £/

3.50
3.50
3.50
3.50
3.50

3-month
bills 2/

Yields
6-month
, bills 2/
(per c e n t )

3 - 5 year
issues 2/

1.81

5.00(12/24/59)

ll.59(l/8/60)
2 . 66 {12/29)
2.17 (V27)
2.97(7/13)
2.65(6/8)
3.55(11/15)
2.88(3/15)
3.56(3/6)
3.50(1/31)

2.35(4/28)
3.13(7/20)
2 0 7l|(6/8)
3.68(1^/6)
2.93(3/8)
3.74(3/6)
3.61(1/31)

3.15(5/12)
3.88(2/2)
з.1il(l%/28)
и.07 (12/27)
3.a(l/ifl)
4.10(3/6)
3,99(2/7)

3.51
3.52
3.53
3.56
3.56/

3.63
3.66
3.68
3.72
3.74

3.99
4.00
4.02
4.05
4.10

, V
jy

Spread between y i e l d s on 3 month b i l l s and y i e l d s on
6-mo. b i l l s | 3 - 5 y r . i s s u e s

3.86(8/11)

.11

1.51
.92
1.19
.52
.70
.k2
.55
.48

.12
.14
.15
.16
.18

.48
.48
.49
.49.
.54

.12

.2lt

.02

.17
.Oli

.18

Weekly rate shown i s that i n e f f e c t a t ezd of period at the Federal Reserve Bank of New Yorka
Market yield; weekly averages computed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes and bonds,
• Note.—Highs and lows are f o r individual series and nay be on different dates for different series*
For spreads, high refers to widest, and low t o narrowest.




SHORT- AND INTERMEDIATE- TERM INTEREST RATES,
BANKS AND OTHER PRIVATE BORROWERS

Exhibit D - Part I I

Date

Stock exchange
c a l l loan l /

Prime
rate 1/

F i n a n c e company
paper 2 /

Federal
funds 3/

Spread between
3-mo. b i l l s and
finance co. paper
1.02
.56
.11
.U5
.19
.39
.12
.34
.22

[per c e n t )
1959-60High
1961 - High
Low
1962 - High
Low
1963 - High
Low
1961 - High
Low

5.50
U.50
u.50
U.50
U.50
U.50
U.50
4.50
4.50

5.00
U.50
U.50
U.50
U.50
U.50
U.5o
4.50
4.50

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)
3.88(3/6)
3.75(2/21)

U.00 (5/13/60)
2 . 9 0 (11/17)
•U3 (V27)
3 . 0 0 (12/28)
1 . 3 0 (1/26)
3*50 (12/27)
2.U5 (7/26)
3.50(2/28)
3.20(3/6)

Feb.
Feb.
Feb.
Feb.
Mar.

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3.75
3.75
3.75
3.78
3.88

3.50
3.50
3.40
3.50
3.20

V

7
14 .
21
28
6 g/

.24
.23
.22
.22
.32

Weekly rate shown i s that i n e f f e c t at end of period. Stock Exchange c a l l loan rate i s going rate
on c a l l lpans secured by customers* stock exchange c o l l a t e r a l at New York City banks. Prime rate
i s that charged by large banks on short-term loans to business borrowers of the highest c r e d i t

Z j Average^of daily rates published by finance oompanies f o r d i r e c t l y placed paper f o r varying maturities
i n the 90-179 day range*
3 / Weekly average of daily e f f e c t i v e r a t e , which i s the rate f o r the heaviest volume of purchase and
sale transactions as reported t o the f e d e r a l Reserve Bank of Jfcw York.
Noter—Highs and lows are f o r individual series and may be on d i f f e r e n t dates f o r d i f f e r e n t series*
Digitized for Tor spreads, high r e f e r s t o widest, and low to narrowest*
FRASER



STOCK MARKET
1
j

w

/
/

-

— ^ r
v
S l O t K MARKET CREDIT ^ "
^ C H A N G E IW SERIES
Millions ol s h o
VIII MM!

l.LLU 1 .1111111.11 1 1 1 I I II I I I 1 I J ^
mi
Exhibit E - P a r t I I

Date

Trading
Common
volume 3 /
stock
yields 2/ (millions
(per c e n t ) of s h a r e s )

Stock p r i c e
index 1/

2.80

1961-62 - High
Low
1963 - High
196k - High
Low

7b.Wi(i%/2%)
78.31(3/6)
75.50(1/3)

January
February
Feb. 21
Feb. 28
Mar. 6 g /

76.45
77.37
77.62
77.80
78.31

3.96

3.01

3.03
3.09
c/
cj

3.06
3.05
3.04
3.06
3.04

10.1
2.u
6.5
6.1
4.3

Stock market customei r c r e d i t
Customers'
Bank
Total
{debit b a l loans to
jances h /
"others" 5 /
(In millions of dollars)
5,602(12/61)14,259(12/61)
U,U2U(V61) 3,25312/61)
7,298(11/63)5,586(11/63)
7,250(1)
5,524(1)

5.3
4.6
4.6

7,250
n.a.
n.a.

5.2

n.a.

5,524

1,1*18(5/9/62)
1,161(3/8/61)
1,738(12/25)
1,741(2/12)
1,720(1/22)
1,726
1,736
1,736
1,736

"
"
•
n.a.—Not available. p7 Preliminary.
1/ Standard and Poor's composite Index of 500 oenmon stocks, weekly closing prices, 1941-43*10*
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are f o r
Friday's data only.
2\J Standard and Poor's composite stock yield based on Wednesday data converted to -weekly closing
prices by Federal Reserve. Yields shown are f o r dates on Tftioh price index reached i t s high
3 / Averages of daily trading volume on the Hew York Stock Exchange.
4 / End of month figures f o r nember firms of the New. York Stock Exchange which carry margin accounts;
excludes balances secured by U. S. Government obligations.
5/ Wednesday figures f o r weekly reporting member banks. Excludes loans f o r purchasing or carrying
U . S . Government s e c u r i t i e s . Weekly reporting banks account f o r about 70 per cent of loans to
r d e t a i l see Bulletin,
others. For f u r t h e



MORTGAGE
Monthly

RECORDINGS
"

AND

LOANS

J y

B i l l i o n s of d o l l c

I960

1941

1962

Exhibit F - Part II

Seasonally
a d j u s t e d 2/

Unadjusted
Average s i z e of
recordings
(1959 = 100) 3 /

Unadjusted

Other

( M i l l i o n s of d o l l a r s )
1962 - Dec.
.1963 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

2,916
2,876
2,869
2,907
2,986
3,066
3,121
3,183
3,213
3,189
3,134
3,149

2,682
2,658
2,424
2,751
3,065
3,233
3,177
3,515
3,525
3,177
3,534
2,880
2,987

429
504
400
416
392
415
419
511
508
505
568
445
487

236
254
202
219
245
260
226
265
278
267
316
258
255

2,017
1,900
1,822
2,116
2,428
2,558
2,532
2.738
2.739
2,404
2,650
2,177
2,245

110.2
109.8
108.7
110.4
110.6
111.7
112.8
112.6
113.5
111.2
111.5
110.7
111.3

n.a.—Not available.
1/ Total recordings data are estimates based on reports from about 450 areas and include
mortgages of $20,000 or lass secured by nonfarm r e a l e s t a t e , primarily r e s i d e n t i a l
properties. FHA-insured loans represent gross amount of insurance written, and VAguaranteed loans the gross amount of loans closed, on 1-4 family bouses. Other recordings
data are derived as a residual, although t o t a l recordings aid V and FHA loans are not
A
s t r i c t l y comparable in concept or timing*
2/ Three-month moving average, seasonally adjusted by Federal Reserve.
]y This index r e l a t e s the average size of mortgage recordings f o r each month ( t o t a l d o l l a r
recordings divided by number of mortgage recordings) to the average size during 1959.
Digitized Source .—Federal Home Loan Bank Board, Federal Housing Administration and Veterans Administration.
for FRASER



EXHIBIT G. P a r i I

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

A d| u s I e d I o A a a B a
NtW ISSUES

Exhibit 6 • Part II
Y i e l d s o n New C o r p o r a t e Bond I s s u e s A d j u s t e d t o a n Aaa b a s i s
Number A m r t o f I s s u e s A v e r a g e
of
included (mil.
yield
(per cent)
of d o l l a r s )
Weekly a v e r a g e s :
963 - O c t . 4
11
18
25
Nov. 1
- 8
15
22
29
13
20
27
964 - J a n . 3
in

Number A i n ' t o f i s s u e s A v e r a g e
included ( o i l .
yield
of
(per cent)
of d o l l a r s )
Jan.

2

33.5

1
2
1
1
4

40.0
75.0
30.0
22.0
. 115.0

17
24
31
Feb.
7
14
21
28

4.32

4.37
4.35
4.41
4.21*
4.42

1
1

5.0
15.0

4.44
4.41

1
1
1

15.0
50.0
60.0

4.33
4.30
4.34

Mar. 6

--

2
2
1

60.0
95.0
150.0

--

--

.1

4.41
4.45
4.54*

130.0

•

•

4,50

A by Moody's I n v e s t o r s Service (except s e r i a l and convertible la sues, o f f e r i n g s of n a t u r a l gas p i p e l i n e
and f o r e i g n companies, and bonds guaranteed by the Federal Government) weighted by a l a e of o f f e r i n g .
Before averaging, new o f f e r i n g s a r e adjusted to a composite Aaa basis by deducting from t h e a c t u a l
r e o f f e r i n g y i e l d the excess of t h e weekly average y i e l d f o r seasoned tends of the appropriate i n d u s t r y q u a l i t y group over t h e composite average f o r seasoned Aaa-rated bonds (Moody's). Averages considered
u n r e p r e s e n t a t i v e because or s p e c i a l c h a r a c t e r i s t i c s of the o f f e r i n g s included are denoted by an a s t e r i s k .




H. 14
Exhibit H
Long-term C o r p o r a t e 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
( I n m i l l i o n s of d o l l a r s )

New C a o i t a l
C o r o o r a t e 1/
1964
1
1963

1

732
7 l+,)
97'

876
1,133
628

1,113
760
1,132

£/
£/
£/

869
86
930

873
912
786

676
/637
795

582
749
579

£/
£/
£/

6 30
708
449

612
544
427

1,013
819
1,415

835
703
1,103

£/l,051
£/
729
pA 416

650
578
550

2,351
2,847
2,109
3,246

2,258
3,005
1,910
2,641

£/2,454
£ / 2 , 6 65
2/1,837
jg/2,1-9 7

2,637
2,571
1,582
1,779

5,198
7,307
10,553

5,264
7,173
9,814

£/5, US
£ / 6 , 9 55
2 / 3,151

5,208
6,790
8,568

592
859
807

930
904
1,013

July
: August
September
October
. November
December

750
700
750

April
May
June

.

S t a t e and Local 2/
1962
1
1963
1
£/
£/
£/

613
594
1,144

e/
e/
e/

January
February

1st
2nd
3rd
4th

1964

1962

e/2,200

quarter
quarter
quarter
quarter

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

e/
e/
e/

950
750
850

e/2,550

E x c l u d i n g f i n a n c e companies 3 /
1st
2nd
3rd
4th

e/1 ,950

Year

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

2,199
2,919
1,775
2,410

9,434

quarter
quarter
quarter
quarter

9,303

l
]>/
1/
2/
3/

Preliminary.
S e c u r i t i e s and Exchange Commission e s t i m a t e s of n e t p r o c e e d s .
I n v e s t m e n t Bankers A s s o c i a t i o n of America e s t i m a t e s of p r i n c i p a l amounts.
T o t a l new c a p i t a l i s s u e s e x c l u d i n g 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 I
New C o r p o r a t e S e c u r i t y I s s u e s , Type of I s s u e and I s s u e r
( I n m i l l i o n s of d o l l a r s )

Quarter
or
Month

Gross p r o c e e d s f o r n e t
c a p i t a l and r e f u n d i n g 1/
Common
Foreign
Total Publicly Privately
pfd.
offered
offered
included

Net p r o c e e d s f o r
new c a p i t a l 1/ 2/
Mfg.

P u b l i c CommuniOther
u t i l i t y cations
issuers

1961 - I
II
III
IV

1,992
5,352
2,566
3,236

662
2,303
772
967

880
1,275
1,139
1,424

449
1,774
654
845

76
155
69
62

515
1,466
935
792

381
1,081
595
836

81
1,095
104
147

832
1,052
893
1,263

1962 - I
II
III
IV

2,378
3,250
2,184
2,957

1,155
1,389
853
1,089

716
1,222
1,024
1,568

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

1963 - I
II
III
IV

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

128
434
109
47

947
591
806
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

1962 - Apr.
May

1,217
801
1,232
630
922
632
976
784
1,197

654
247
488
200
477
176
539
286
264

227
420
575
366
363
295
314
446
808

336
134
169
67
82
161
123
. 52
125

10
147
100
13

384
270
342
217
218 \
166
153
271
345

377
196
410
118
110
148
141
175
252

88
64
79
88
120
67
260
4
57

264
229
301
159
301
199
282
253
451

695
642
1,363
1,049
1,340
1,246
810
756
871
1,116
891
1,459

350
259
499
380
550
459
279
336
283
511
183
626

243
289
774
452
694
675
431
318
501
481
549
751

102
94
91
217
95
113
100
100
87
125
159
83

25
43
60
56
182
196
46
21
42
10
10
27

135
220
592
148
216
227
297
272
237
240
214
515

114
115
97
341
222
230
107
100
78
201
131
198

125
68
43
71
92
58
86
25
39
41
13
64

238
191
412
369
373
499
187
240
441
531
461
637

780
720

340
280

350
340

90
100

n. a .
n.a.

170
150

100
160

130
80

350
310

July
Aug.
Sept.
Oct.
Nov.
Dec.
1963 - J a n .
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1964 - J a n . e /
Feb. e /
Mar.

'

43
46
34
99

.

jV P r e l i m i n a r y , e / E s t i m a t e d by F e d e r a l R e s e r v e . 1/ Gross P r o c e e d s exceed n e t p r o c e e d s by t h e
c o s t of f l o t a t i o n . 2 / For t o t a l s e e E x h i b i t H; o t h e r i s s u e r s a r e e x t r a c t i v e , r a i l r o a d and o t h e r
transpo tat on, real
Digitizedr fori FRASERe s t a t e and f i n a n c e and commercial and o t h e r . S o u r c e . — S e c u r i t i e s and
Exchange Commission.



H. 14
Other S e c u r i t y O f f e r i n g s
( I n m i l l i o n s of d o l l a r s )
Gross 1
1964
January
February

F o r e : En government 2 /
|
1963
1

e/ -e / 50

July
August
September
October
November
December
e / 50

April
May.
June
July
August
September
October
November
December
J a n . - Feb.
Year

365

152

3/ --

737

347

375

148

461
--

174
200
—

--

-150
175

--

r / 34
|

148

402

1,167

454

692

1962
246
156

459
---

Net s h o r t - t e r m 4/
S t a t e and l o c a l government 5 /
75
2./ - 6 1
18
12
272
466
£ / 22
-367
-186
589
127
-30
-84
-10
-118
62
78
208
339
-173
-406
259
71
146
234
-339
-161
n.a.

F e d e r a l agency 3 /
1
1963
1

186

142
10
35
10
86
50
25
8
31
151
88
101

e / -*•
e/ --

2

Year

January
February

1964

771

April
' May

J a n . - Feb.

232
133
76
57
114
11
63
83

1962

1,133

F e d e r a l agency 3 /
-106
-189
-482
292
195
319
414
327
258
123
-102
551

247
-156
226
-364
82
284
261
227
-157
379
55
-80

-295

91

1,600

1,004

£ / P r e l i m i n a r y , e / E s t i m a t e d by F e d e r a l R e s e r v e , n . a . - - N o t a v a i l a b l e . 1/ These d a t a d i f f e r
from t h o s e i n E x h i b i t H i n t h a t r e f u n d i n g i s s u e s , as w e l l as new c a p i t a l i s s u e s a r e i n c l u d e d .
Long-term s e c u r i t i e s a r e d e f i n e d as t h o s e m a t u r i n g i n more t h a n one y e a r . 2/ I n c l u d e s s e c u r i t i e s o f f e r e d i n t h e U n i t e d S t a t e s by foreign—governments and t h e i r p o l i t i c a l s u b d i v i s i o n s
and i n t e r n a t i o n a l o r g a n i z a t i o n s . S o u r c e : S e c u r i t i e s and Exchange Commission. 3/ I s s u e s n o t
g u a r a n t e e d by t h e U. S. Government. S o u r c e : l o n g - t e r m , S e c u r i t i e s and Exchange Commission;
s h o r t - t e r m , T r e a s u r y Department and F e d e r a l R e s e r v e . 4/ These d a t a d i f f e r from t h o s e i n
E x h i b i t H and above i n t h a t they r e p r e s e n t new o f f e r i n g s l e s s r e t i r e m e n t s , w h e t h e r from t h e
p r o c e e d s of r e f u n d i n g i s s u e s o r from o t h e r f u n d s . Data i n c l u d e o n l y i s s u e s w i t h o r i g i n a l
m a t u r i t y of one y e a r or l e s s . 5/ P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , w a r r a n t s or
c e r t i f i c a t e s and P u b l i c Housing A u t h o r i t y n o t e s . I n some i n s t a n c e s PHA n o t e s i n c l u d e d may
Digitized somewhat l o n g e r m a t u r i t y t h a n one y e a r . S o u r c e : Bond Buyer and F e d e r a l R e s e r v e .
have a for FRASER



(7
H. 14
Exhibit K
Large Long-term P u b l i c S e c u r i t y I s s u e s f o r New C a p i t a l
(Other t h a n U. S. T r e a s u r y ) JL/
Proceeds of Large I s s u e s O f f e r e d
( I n m i l l i o n s of d o l l a r s )

Month

February
March
April
May
July
August
September
October
November
December
January
February

Total
186
394
409
149
348
199
236
237
446
180
. 547
307
263

Corporate
Bonds
Convertible
(Other t h a n
convertibles)
125
372
263
149
348
180
218
215
380
117
515
225
200

Stocks
26
22
146

35
——
——

19
18
22
66
63
32
22
28

——
-—

60
35

State
and
local
government
367
570
431
389
372
279
329
135
734
373
111
577
358

Other 2 /

63
134
43
460
60
20
174
200
- ---

Large I n d i v i d u a l I s s u e s O f f e r e d March 1 t h r o u g h 6
Issuer

Type

Amount
(millions Maturity
of
dollars) „

Coupon
r a t e or n e t
interest
cost

OfferRating .
ing
yield

Corporate

S t a t e and Local Government
L o u i s i a n a S t a t e Bond & Bldg.
Comm.
M i n n e a p o l i s , Minn.
S t a t e of Kentucky

3.43
G.O.
C-.O.

Other
None




10.7
50.0

1965-89
1972-90

2.20-3.50

A

2.92
3.24

2.10-3.20
2.75-3.30

Aaa
A

u
H.14
K-2
Footnotes
*--Rights offering, n.a.—Not available.
1/ I n c l u d e s c o r p o r a t e 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 o v e r ; 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 o v e r .
2 / I n c l u d e s 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 R e c o n s t r u c t i o n and Development i s s u e s and n o n - g u a r a n t e e d i s s u e s by F e d e r a l a g e n c i e s .
3 / I n t h e c a s e of S t a t e and l o c a l government s e c u r i t i e s , G.O. d e n o t e s g e n e r a l o b l i g a t i o n s ;
R e v . - U t . , r e v e n u e o b l i g a t i o n s s e c u r e d o n l y by income from p u b l i c u t i l i t i e s ; R e v . - Q . U t . ,
r e v e n u e bonds s e c u r e d o n l y by revenue from q u a s i - u t i l i t i e s ; R e v . - S . T . , r e v e n u e bonds
s e c u r e d by revenue from s p e c i f i c t a x e s o n l y ; R e v . - R e n t . , r e v e n u e bonds s e c u r e d s o l e l y
by l e a s e payments.




H. 14
Exhibit L
Forthcoming Large Long-term P u b l i c S e c u r i t y O f f e r i n g s f o r ' N e w C a p i t a l
(Other t h a n U. S. T r e a s u r y ) _1/
Expected Proceeds from Forthcoming Large I s s u e s
Daring month f o l l o w i n g
d a t a 2ho-,.Ti
C o r p o r a t e S t a t e and
Other 2 /
l o c a l govt.
1963 - Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1964 - J a n .
Feb.

28
29
30
31
28
31
31
30
31
29
31
31
28

142
376
149
223
170
221
158
240
145
392
305
155
224

458
381
447
255
142
329
210
561
255
137
469
316
454

--

45
40
.
460
?5
20

- -

Subsequent t o
d a t e shown.
S t a t e and
Corporate
l o c a l govt.
755
763
599
582
287
512
468
757
401
349
731
667
646

572
421
234
288
215
267
183
240
145
1.,992
1,,905
1,,771
1,,649

Other 2 /
- -

45
40
460
75
20

Forthcoming Large O f f e r i n g s , as of March 6

Issuer

Type

Amount
(millions
of
dollars)

Approximate d a t e
of o f f e r i n g

Corporate
S o u t h w e s t e r n P . S . Co.
Anheuser-Busch I n c .
B e n e f i c i a l F i n a n c e Co.
Potomac Edison Co.
*Texas U t i l i t i e s Co.

1 s t mtg. b d s .
Deb.
Deb.
1 s t mtg. b d s .
Com. s t k .

15.6
40.0
50.0
16.0
24.0

March
March
March
March
March

9
10
10
11
24

F l o r i d a Pwr & L t . Co.
P e n n s y l v a n i a R a i l r o a d Co.
^National Airlines Inc.
American T e l . & T e l . Corp.
^ P a c i f i c Tel. & TeL Co.
*Xerox Corp.
Communications S a t e l l i t e Co.

1 s t mtg. b d s .

35.0
50.0
Com. s t k .
31.9
Com. s t k .
1,225.0
Deb.
100.0
Conv. s u b . deb.
51.4
Com. s t k .
200.0

March
March
April
April
April
ApriJ.
April

26




1 ( r t s . ex.)
6 ( r t s . ex.)
22
28 ( r t s . e x . )

H. 14
L-2
Forthcoming Large O f f e r i n g s , as of March 6 ( C o n t ' d )

Issuer

Type

Amount
(millions
of
dollars)

Approximate d a t e
of o f f e r i n g

S t a t e and Local Government
S t a t e of C o n n e c t i c u t
J a c k s o n v i l l e Expressway
Auth., Fla.
C i t y of Tacomaj Wash.
S a b i n e R i v e r A u t h . , New
O r l e a n s , La.
S a b i n e R i v e r Auth. of Texas.
Orange, Tex.
R o c h e s t e r , New York
El Paso I n d . Sch. D i s t . ,
Tex.
Los Angeles Dept. of Wtr.
& Pwr., Cal.
I l l i n o i s B l d g . , Auth,
Delaware R i v e r & Bay Auth.
F l o r i d a Dev. Comm.
- P u b l i c Housing Au-k.
M e t r o p o l i t a n S e a t t l e , Wash.
D e t r o i t , Mich.
*Nassau C o . , N. Y.
Univ. of C a l i f o r n i a
Washington Sub. San. D i s t . , Md.
*New York S t a t e Housing F i n a n c e
Agency
P i t t s b u r g h , Pa.
Dade. County, F l o r i d a
F o r t Worth, Texas
Houston, Texas

G.O.
Rev. - Q . U t .

50.0
68.0

March 10
March 12

Rev.-Ut.
G.O.

50.0
15.0

March 17
March 24

G.O.

15.0

March 24

G.O.
G.O.

12.6
10.0

March 24
March 24

Rev.-Ut.

22.0

March 25

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

,

25.0
105.0
17.0
141.4
15.0
18.3
20.0
19.6
16.0
93.0
35.0
46.0
14.1
11.1

March
March
April
April
April
April
April
April
April
April

25
1
1
2
7
14
15
30

Indefinite
Indefinite
Indefinite
Indefinite

Other
None
^ - - I n c l u d e d in Table f o r f i r s t time.
1/ I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of $15 m i l l i o n and o v e r ; 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 o v e r .
^ 2/ I n c l u d e s 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 R e c o n s t r u c t i o n and
Development i s s u e s and n o n - g u a r a n t e e d i s s u e s of F e d e r a l a g e n c i e s .
N o t e . — D e l e t i o n s f o r r e a s o n s o t h e r t h a n s a l e of i s s u e : None.




H. 14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements i n . t h e United S t a t e s
PArt I:

Sale
Date

Amount
( m i l l i o n s of
dollarb)

Issuer and Description of I s s u e
A.

12/24
•2/6

Public Offerings

Sold December 1 through ,

.-<*> d

Province of Sante Fe, Republic of Argentina - 7 %
Treasury bonds, maturing 1969, o f f e r e d to y i e l d 9.45%
B.O

Tubos de Acero de Mexico, S.A. - 7% c o n v e r t i b l e debenture,
maturing 1970, o f f e r e d to y i e l d 7.00%

B.

Prospective O f f e r i n g s

None




H. 14
M-2
Part II:

Date
reported

P r i v a t e P l a c e m e n t - - R e p o r t e d December 1 through Marc; (•.

Amount
( m i l l i o n s of
dollars)

I s s u e r and D e s c r i p t i o n of I s s u e

1/7

14.0

Laurentide F i n a n c i a l Corp., Ltd. --5-1/47, c o l l a t e r a l t u r s t
n o t e s , m a t u r i n g 1989--no i n f o r m a t i o n a v a i l a b l e on t a k e -

2/3

28.0

Manitoba H y d r o - E l e c t r i c B o a r d - - 4 - l / 4 % d e b e n t u r e s , m a t u r i n g
1986--no i n f o r m a t i o n a v a i l a b l e on takedown

2/3

5.0

S c o t t i s h United I n v e s t o r s , L t d . - - 5 % n o t e s , m a t u r i n g 1 9 6 9 - 7 9 - no ^ i n f o r m a t i o n a v a i l a b l e on takedown

2/10

8.0

B r i t i s h American C o n s t r u c t i o n C o . - - p r o m i s s o r y n o t e s , m a t u r i n g
1979--no i n f o r m a t i o n a v a i l a b l e on takedown

2/10

4.0

B r i t i s h Assets Trust Ltd. (Scotland)--5% n o t e s , maturing
1981--takedown i n F e b r u a r y

Note: For r e t r o s p e c t i v e d a t a on a g g r e g a t e f o r e i g n c o r p o r a t e and government s e c u r i t y
o f f e r i n g s i n t h e United S t a t e s s e e E x h i b i t s I and J . There i s no s i m p l e r e l a t i o n s h i p
between t h e d a t a shown i n t h i s E x h i b i t and t h a t shown i n E x h i b i t s I and J b e c a u s e
t h e l a t t e r i n c l u d e s p r i v a t e l y p l a c e d s e c u r i t i e s i n t h e p e r i o d i n which f u n d s a r e
a c t u a l l y takendown b u t only i n t h e amount of takedown, w h i l e t h e p l a c e m e n t s shown
i n t h i s e x h i b i t a r e i n c l u d e d when r e p o r t e d , f r e q u e n t l y w i t h l i t t l e o r no i n f o r m a t i o n
c o n c e r n i n g t i m i n g of takedowns. F u l l or p a r t i a l takedowns may t a k e p l a c e b o t h
p r i o r and s u b s e q u e n t t o t h e d a t e a p l a c e m e n t i s r e p o r t e d .
^--Included in t a b l e f o r f i r s t time.




W
M'
4
1
V
$

Exhibit N
Sources and Uses of Funds by
L i f e I n s u r a n c e Companies

Cash
a l u e of a s s e t s
t end of p e r i o d :
1959 - Dec.
1960 - Dec.
1961 - Dec.
1962 - D e c . r /
1963 - Dec. •
•hanges:
1961 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
1962 - J a n .
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec. r /
£/1963 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
J
V
7

1,307
1,329
1,392
1,456
J-, 442

Total
sources

U. S.
Govt,
securities

Uses of Funds 1/ •
S t a t e and
B u s i n e s s s<a c u r i t i e s 2/
local govt,
Commercial
Long-term
securbonds and
and f i n a n c e
ities
company p a p e r
( I n m i l l i o n s of d o l l a r s )

6,858
6,428
6,135
6,171
5,755

46,783
48,631
51,362
53,468
$5,997

118
295
193
348
381

3,221
3,606
3,902
4,037
3,876

39,237
41,815
44,250
46,957
5

16,126
17,472
19,582
20,354
:).,909

113,650
.119,576
126,816
133,201
140,903

70

110
-72
-30
23
16
-178

21
30
27
13
44
23

109
167
164
204
237
382

156
150
155
121
149
325

644
528
521
665
651
809

225
43
52
179
-53
-118
72
31
20
69
-40
-325

29
3
117
-15
-12
12
11
25
12
-21
-17
-9

145
149
100
114
60
143
27
119
-17
197
-14
198
148
139
149
237
87
178
29.6 r/15-9.
322
290
605
138,

737
442
356
457
360
209
681
603
473
m
771
707'

28
-8
-17
-27
-36
-19
-27
-19
-43
1
-4
-13

223
145
270
292
255
256
244
299
269
303
277
730

360
233
256
160
312
151
354
260
-54
242
4
-88

842
489
477
633
626
462
972
691
403
846
597
696

48
-23
15
30
40
13

-51
14
-46
-261

130
276
241
260
211
505

-99
1
-75
12
4
-22
58
-24
42
12
35
120

223
25
-76
91
-24
-95
121
-21
-48
28
36
-224*

65
156
135
44
265
248
132
206
182
136
135
40Z

-128
-17
-73
-14
29
-1
54
-10
87
6
-21
119

123
-69
-211
-19
-162
-94
86
-33
14
5
-42
-32

52
159
233
160
367
219
156
106
186
225
274
391

184
46
19
81
-139
-50
105
88
-56
64
109
-411

M o r t - Other
gages

Uses of f u n d s 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 t h a n
gross, uses.
I n c l u d e s s e c u r i t i e s of d o m e s t i c c o r p o r a t i o n s o n l y .
S o u r c e . - - I n s t i t u t e of L i f e I n s u r a n c e .
Revised
jd/ P r e l i m i n a r y




H. 14

Sources and Uses of Funds by
Savings and Loan A s s o c i a t i o n s

Cash
Value of a s s e t s
a t end of p e r i o d :
1959 - Dec.
1960 - Dec.
1961 - Dec.
1962 - Dec.
1963 - Dec,
Changes:
1961 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May

Uses of f u n d s 1/
U. S.
Total
Other
Mortsources
gages 2/ a s s e t s
or u s e s
ities
( I n m i l l ] Lons of dol

Other

4,477
4,595
5,211
5,563
6 448

53,141
60,070
68,834
78,770
90,849

3,729
4,131
4,775
5,346
6.178

63,530
71,476
82,135
93/605
107 431'

54,583
62,142
70,885
80,23%
91,205

2,387
2,197
2,856
3,62$
5,011

-216
-81
51
82
84
437

-9
65
-2
43
79
44

741
915
809
811
757
745

-144
84
82
107
203
-53

372
983
940
1,043
1,123
1,173

124
507
679
724
779
1,495

132
128
75
79
415

248
344
133
244
265
-737

182
95
35
-43
-8
-64
46
-8
42
35
46
-6

518
592
784
830
962
1,006
880
1,003
829
944
790
798

-105
39
95
93
401
-62
-178
100
83
40
164
-99

241
822
1,042
803
1,365
1,138
364
1,058
1,036
1,112
1,100
1,389

494
565
918
374
761
1,395
25
635
857
815
857
1,655

-381
-98
-81
125
98
364
89
91
96
36
-23
457

128
' 355
205
304
506
-621
250
332
" 83
261
266
-723

.

.

'

6,560
7,137
8,394
9, 740
11.215

-333
188
-108
671
418
170
985
-737
106
172
1,020
696
46
371
844
-195
90
177
905
1,289
117
190
1,195
-96
-139
1,061
35
92
1,049
124
447
: 478
-37
-24
1,178
394
1,511
427
969
115
237
90
1,244 •
-29
1,542
I 1,642
-694
594
July
-449
70
1,103
-150
356
,574
254
-36
Aug.
-48
1,208
-38
406
. 1'51
224
1,273
643
Sept.
30
112
1,097
38
65
1,277
296
916
Oc t .
67
74
1*118
8Z
1,341
795
197
349
32
806
175
129
1,142
504
59
279
482 -108
992
24
1,390
1,734
547
-891
Uses of f u n d s 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 "rtetry** iclfhet" t h a n g r o s
u s e s . S a v i n g s and l o a n a s s o c i a t i o n s do n o t h o l d b u s i n e s s s e c u r i t i e s and d a t a on h o l d i n g s
of S t a t e and l o c a l government b o n d s , presumed to b e s m a l l , a r e n o t a v a i l a b l e .
Advances from Home Loan Banks and o t h e r b o r r o w i n g . Source--FSLIC.
- Jan.
Feb.
Mar.
Apr.
May

2/

Borrowing 3 /

2,183
2,680
3,315
3,926
3,9'6f

-354
96
128
-77
10
258
July
-384
Aug.
-37
Sept.
82
Oct.
93
Nov. — 100
Dec.
696

1/

Source of f u n d s
Net
change
savings
capital
Lars)




Sources and Uses of Funds
by Mutual Savings Banks

Cash

Uses Of funds l 7
State &
"
Busil o c a l govt. Mart-.
Govt. ness
gages
securities . ities-2/ ities. ..

u. s.

•alue of a s s e t s
t end ot period;
1959 - Dec.
1960 * Bee.
1961 - Dec,
1962 * Dec.
1963 T Dec,..

829
872
828
957
910

6,864
6,239
6,136
6,089
5,830

4,849
5,080
5,053
5,188
^,103

722
672
677
528
448

24,768
26,709
28,915
32,070
35,981

lhanges:
1961 - July
Aug.
Sept.
Oct.
. Nov.
Dec.

-26
-14
46
-27
7
-20

18
6
-15
-120
*13
-21

2
-23
-19
-56
-20
5

-2
1
1
-5
-5
-1

201
207
156
178
167
212

1962 - Jan.
Feb.
Mar.
Apr.
Key
June.
July
Aug.
Sept.
Oct.
tJov.
Dec.

10
47
. 1i
-n
12
54
-46
-29
44
15
-33
124

94
77
209
-216
16
-38
-11
26
3
-162
-19
-26

17
1
25
-35
2
17
66
14
2
3
27
-4

-7
-18

25>
188
230
270
254
302
290
312
243
305
272
236

Other

39
-137
-4
31
51
-11
260
21
-9
-241
-61
-72
-25
22
-5
13
37
19
-19
-63
14
-34
-18
.25
-61
38
43
-22
-177
•28
-75
-14
-8
.
12
99
... -31
Disc.
Revised.
fi/
Preliminary.
Ofes of iEuhds represent net changes in

1963 - Jaou
Feb.
Mar.
Apr.
May
Jutte :
July
Aug,
S$pt.
Get.
Nov.

t
2/

-

-26
-20
-5
-5
-9
-5
-15
-6
-15

Total Sources of "fund#
Net
sources
Other
• '6i • change
in
depdsits
38,942
40,573
42,833
46,118
49,675

34,983
38,353
38,487
41,582
4#,866

3,959
4,220
4,346
4,536

-28
55
49
-44
46
117

164
232
220
-74
181
292.

23
99
310
-15
48
471

141
133
-90
-59
133
-179

-118
12
62
-45
68
•22
-10
53
28
'32:
36
28

250
307.
-519
-131
334
306
285
„ 367
315
;•. 114
274
345

si
i65
472
. -51
184
424
172
215
429
186
147
545

167
142
47
-SO
150
• -11S
113;
152
-114
-72
127
-200

330
375
610
-111
392
366
254
344
329
97
259
372

229
215
526
11
232
422
137
174
430
198
118

101
160
84
-122
160
-119
118
171
-102
-101
141
-1,89.

910 '
1 ,doi
1 ,224
1 ,284
1,,403

1

436
13'
320
-6
313
49
327
..'58
357
52
254'11
314
11
300
71
274
-2
37
-42
369
-3
38.
321
-2
-2
,
526
-33. . - ,
c / Corrected.
a s s e t s and therefore r e f l e c t
-15
-11
-26
-5
-8
-3
-3

.

4f810

n e t , rather than

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 , International Bank for Recons t r u c t i o n and Development, nonguaranteed Federal agency and other bonds as w e l l as
corporate botids 3nd stock.
Source--NAMSB and FDIC. .





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102