During the year the Bank made its first sale of its primary obligations in the United States with a public issue of dollar bonds in the amount of $75 million.

The outstanding funded debt of the Bank on June 30, 1963, was the equivalent of $99,193,548, composed of $75 million resulting from the sale of dollar bonds and Italian lire equivalent to $24,193,548 resulting from the sale of bonds in Italy in April 1962.

The subscribed capital of the Bank on June 30, 1963, was the equivalent of $813,160,000, of which $431,580,000 represented callable capital.

STATISTICS AND SPECIAL STUDIES

During the past fiscal year the Branch of Economic Research continued its regular work in connection with the statistical activities of the Commission and the overall Government statistical program under the direction of the Office of Statistical Standards, Bureau of the Budget. In addition, the Branch of Exchange Regulation continued its compilation of data on the stock market.

The statistical series described below are published in the Commission's Statistical Bulletin and in addition, except for data on registered issues, on corporate pension funds, and on the stock market, current figures and analyses of the data are published in quarterly press releases.

Issues Registered Under the Securities Act of 1933

Monthly statistics are compiled on the number and volume of registered securities, classified by industry of issuer, type of security, and use of proceeds. Summary statistics for the years 1935–63 are given in Appendix Table 1 and detailed statistics for the fiscal year 1963 appear in Appendix Table 2.

New Securities Offerings

This is a monthly and quarterly series covering all new corporate and noncorporate issues offered for cash sale in the United States. The series includes not only issues publicly offered but also issues privately placed, as well as other issues exempt from registration under the Securities Act such as intrastate offerings and railroad securities. The offerings series includes only securities actually offered for cash sale, and only issues offered for account of issuers. Annual statistics on new offerings for recent years as well as monthly figures from January 1962, through June 1963, are given in Appendix Tables 3, 4, and 5.

Estimates of the net cash flow through securities transactions are prepared quarterly and are derived by deducting from the amount of estimated gross proceeds received by corporations through the sale

of securities the amount of estimated gross payments by corporations to investors for securities retired. Data on gross issues, retirements and net change in securities outstanding are presented for all corporations and for the principal industry groups.

Individuals' Saving

The Commission compiles quarterly estimates of the volume and composition of individuals' saving in the United States. The series represents net increases in individuals' financial assets less net increases in debt. The study shows the aggregate amount of saving and the form in which the saving occurred, such as investment in securities, expansion of bank deposits, increases in insurance and pension reserves, etc. A reconciliation of the Commission's estimates with the personal saving estimates of the Department of Commerce, derived in connection with its national income series, is published annually by the Department of Commerce as well as in the Securities and Exchange Commission Statistical Bulletin.

Corporate Pension Funds

An annual survey is made of pension plans of all United States corporations where funds are administered by corporations themselves, or through trustees. The survey shows the flow of money into these funds, the types of assets in which the funds are invested and the principal items of income and expenditures.

Financial Position of Corporations

The series on the working capital position of all United States corporations, excluding banks, insurance companies and savings and loan associations, shows the principal components of current assets and liabilities, and also contains an abbreviated analysis of the sources and uses of corporate funds.

The Commission, jointly with the Federal Trade Commission, compiles a quarterly financial report of all United States manufacturing concerns. This report gives complete balance sheet data and an abbreviated income account, data being classified by industry and size of company.

Plant and Equipment Expenditures

The Commission, together with the Department of Commerce, conducts quarterly and annual surveys of actual and anticipated plant and equipment expenditures of all United States business, exclusive of agriculture. After the close of each quarter, data are released on actual capital expenditures of that quarter and anticipated expenditures for the next two quarters. In addition, a survey is made at the beginning of each year of the plans for business expansion during that year.

Directory of Registered Companies

The Commission annually publishes a listing of companies required to file annual reports under the Securities Exchange Act of 1934. In addition to an alphabetical listing, there is a listing of companies by industry group classified according to The Standard Industrial Classification Manual.

Stock Market Data

The Branch of Exchange Regulation regularly compiles statistics on the market value and volume of sales on registered and exempted securities exchanges, round-lot stock transactions on the New York exchanges for accounts of members and nonmembers, odd-lot stock transactions on the New York exchanges, special offerings and secondary distributions. It also computes indexes of stock market prices each week based upon the closing market prices of common stocks listed on the New York Stock Exchange. This stock price index and data on round-lot and odd-lot trading on the two New York exchanges are released weekly. The other statistical data mentioned above, as well as these weekly series, are published regularly in the Commission's Statistical Bulletin.

OPINIONS OF THE COMMISSION

Administrative proceedings under the statutes administered by the Commission and under its Rules of Practice generally culminate in the issuance of an opinion by the Commission, which includes findings of fact and conclusions of law. The extent to which the factual and legal issues are discussed in these opinions depends largely on their importance and novelty.

In the preparation of opinions, the Commission, or the individual Commissioner to whom a case may be assigned for the preparation of an opinion, is generally assisted by the Office of Opinion Writing. This Office is directly responsible to the Commission and is completely independent of the operating divisions, consistent with the principle of separation of functions embodied in the Administrative Procedure Act. Where the parties to a proceeding waive their right to such separation, the operating division of the Commission which participated in the proceeding may assist in the drafting of the Commission's decision.

The Commission's opinions are publicly released and are distributed to the press and to persons on the Commission's mailing list. In addition, they are printed and published periodically by the Government Printing Office in bound volumes entitled "Securities and Exchange Commission Decisions and Reports."

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DISSEMINATION OF INFORMATION

The dissemination of information included in the various corporate reports and financing proposals filed in compliance with the securities laws is an important function of the Commission. The information in such reports and proposals, which are public documents available for inspection by investors and other interested persons, is not only reprinted and circulated through the medium of published securities manuals but is frequently and widely reported in business and financial sections of newspapers and national magazines.

In order to keep the public better informed of the pertinent information included in the corporate financing and other proposals filed with the Commission as well as actions taken by it under the securities laws, the Commission issues a daily News Digest containing a résumé of each filing, as well as a summary of each order, decision or other action of the Commission. The Digest is not only made available to the press, but is also distributed on a subscription basis by the Government Printing Office to some 2,769 investors, securities firms and other interested persons. During the year, the Digest included a résume of each of the 985 registration statements filed with the Commission (not including investment company filings which added additional securities by way of amendments to previous statements); and it also included summaries of the 1,293 orders, decisions, rules and other actions of the Commission. The Commission also makes a more limited distribution of the full text of its decisions and other pronouncements to registrants, practicing lawyers and others.

Members of the Commission and its staff frequently deliver addresses before professional, business and other groups, and participate in "briefing" and other conferences in order to explain important rules and policies and otherwise contribute to a better understanding of the role of the Commission by individuals and firms subject to its jurisdiction as well as by the investing public.

Information Available for Public Inspection

The many thousands of registration statements, applications, declarations, and annual and other periodic reports filed each year are available for public inspection at the Commission's principal office in Washington, D.C. In addition, copies of recent reports filed by companies having securities listed on exchanges other than the New York Stock Exchange and the American Stock Exchange, and copies of current reports of many nonlisted companies which have registered securities for public offering under the Securities Act, may be examined in the Commission's New York regional office; and recent reports filed by companies whose securities are listed on the New York and American Stock Exchanges may be examined in the Commission's Chicago.

regional office. Moreover, there are available for examination in all regional offices copies of prospectuses relating to recent public offerings of securities registered under the Securities Act; and all regional offices have copies of broker-dealer annual financial reports and Regulation A letters of notification filed in their respective regions. Reports of companies whose securities are listed on the various exchanges may be seen at the respective exchange offices.

In order to facilitate a wider dissemination of financial and other information contained in corporate reports filed with the Commission under the Federal securities laws (an objective strongly urged by the Special Study Report), the Commission has arranged to take standing orders, on an experimental basis, for photocopies of Form 10-K annual reports filed. This service may be extended later to other reports, depending upon public reception and the experience gained in supplying copies of annual reports.

Under a new contract with Cooper-Trent, Inc., for reproducing material in the Commission's files in response to requests of members of the public, photocopies may now be obtained at a reduced cost of 111⁄2 cents for pages not exceeding 811⁄2" x 14" in size (plus postage). A detailed Table of Charges may be obtained from the Section of Public Reference. The charge for each certification of any such document by the Commission is $2.

So that corporate reports may be more readily available for examination by interested members of the public, the Commission also has made arrangements for the Form 10-K annual reports to be placed on open shelves in the public area of its public reference room in Washington, D.C., thus making these reports available for immediate inspection. Moreover, a coin-operated photocopier has been installed which will enable vistors to make immediate reproductions of these and other reports at a cost of 25 cents per page. Reproductions prepared by this method can not be certified by the Commission.

Each year many thousands of requests for photocopies of and information from the public files of the Commission are received by the public reference room in Washington, D.C. During the year 5,009 persons examined material on file in the Washington, D.C. office, and several thousand others examined files in the New York and Chicago regional offices. About 249,424 photocopy pages were sold pursuant to 4,120 individual orders.

PUBLICATIONS

In addition to the daily News Digest, and releases concerning Commission action under the Acts administered by it and concerning liti