Full text of H.16 Capital Market Developments : December 7, 1959

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Not for Publication DECONTROLLED AFTER SIX MONTHS
H.lli

December 7, 1959.
CAPITAL MARKET DEVELOPMENTS

Large public security financing for new capital during the
week ending December 1; totaled §121 million for corporations and # 1
million for State and local governments. The calendar for this week
includes large corporate issues totaling &30 million and State and
, local government offerings with aggregate proceeds of $130 million.
Two- foreign government issues amounting to $70 million are also
scheduled for sale this week.
Bond yields - Changes in bond yields were mixed again last
week. Yields on outstanding U. S. Government and lower grade State
and local government bonds increased, while those for high-grade
corporate and State and local government bonds remained stable.
Yields on Baa-rated corporate bonds declined slightly.
Mortgage recordings - Total nonfarm mortgage recordings edged
down in August to a seasonally adjusted annual rate of $33.2 billion,
slightly below the record levels set in June and July. Nevertheless,
the August rate was lh per cent, above a year earlier, ana the hignest
level on record for the month.
In September, conventional mortgage^ continued to amount to
approximately three-fourths of total recordings. The average size of
recorded mortgages in September was $8,578, about 5 per cent larger
than a year earlier, 16 per cent larger than in 1955, and 58 per cent
larger than in 1950.
Stock prices - Standard and Poor's index of 500 common stocks
increased two per cent last week, closing at 58.85 on December 1;.
Trading activity increased with daily volume averaging 3.6 million
snares a day;
More detailed information concerning recent capital market
developments is presented in the attached exhibits.
Developments in the Canadian capital markets are presented
in Appendix 1 at the end of this report.

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




HIGH-GRADE

BOND

YIELDS

> v

LOWER-GRADE

BOND

YIELDS

5.5

/

/A

v

y
/

/
•

-

V .

w
M

J

1157

S

D

V

M




J

J

[

1151

S

v z Xv
A

D

f '
«.o"

V

M

j

"TOT"

S

D

M

_

.

„ J . S

11*0

0

Tf

Exhibit ii

H.l4

Tables for Exhibit A
High-grade bond Yields

Date

Corporate
Aaa 1/

U. S. Govt.
long-term.2/

Spread between
U. S._J3ovt. and
Corporate State and""
Aaa
local AaaA

State and
local govt.
Aaa 3/

(Per cent)
1954 - Low
195? - High
1958 - High
Low
1959 - High
Low

2.85
U.iU
Ji.13
3.55
4.57
4.09

Nov.
Nov.
Nov.
Nov.
Dec.

4.57
It. 57
L57
4.55
4-52.

6
13
20
27
U 2/

(4/23)
(9/27)
(10/10)
(5/2)
(11/20)
(1/9)

2.45
3.76
3.8U
3.07
4.30
3.83

(8/6)
(10/18)
(12/26)
(4/25)
(9/18)
(1/2)

4.09
4.10
4.13
4.15
a. 21

1.90 (9/2)
3.45 (8/29)
3.31 (9/11)
2.61* (5/1)
3.65 (9/24)
3.06 (3/26)
3.48
3.47
3.41
3.38
3.38

.30
.60
.51
.22
.50
.16

.30
.47
.72
.34
.92
.53

.48
.47
. .44
.40
.34

.61
.63
.72
.77
' .83

Lower-grade Bond Yields

Date

Corporate
Baa 1/

State and
local govt.
Baa ]/

Spread between
Aaa and Baa
State and
Corporate
local govt.

(Per cent)
1954 - Low
1957 - High
1958 - High
Low
1959 - High
Low

3.44
5.10
4.96
li.51
5.29
4.83

Nov.
Nov.
Nov.
Nov.
Dec.

5.27
5.27
5.27
5.26
5.25

6
13
20
27
U 2/

(12/31)
(11/29)
(1/3)
(7/11)
(10/16)
(4fl7)

2.93 (8/5)
4.51 (0/29)
4.31 (9/11)
3.6k (5/D
4.46(7/2)
3.92 (3/26)
. 4.31
4.31
4.28
4.29
4.33

.52
1.27
1.28
.77
.77
.56

.96
1.21
1.11
.93
.98
.79

.70
.70
.70
.71
.70

.83
.81+
.87
.91
.95

.

2/ Preliminary.
1/ Weekly average of daily figures. Average term of bonds included is 25-26 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in
10 years or more.
2/ Thursday figures. Only general obligation bondc are included; aver,age term
is 20 years.
Note.—highs and lows are for individual series and may be on different dates for
different
series.
for
FRASER

Digitized


STOCK

MARKET

MARKET

MORTGAGE

RECORDINGS AND




CREDIT

LO
OA
AN
NS
S
L

CONVINTIOMAl

Exhibit D - Tables for KxIiibiL C
Stock Market
Stock price
index 1/

1953-1958 - High
Low
1959 - High
Low

5U.11
22.95
60.51
54.37

October
November
Nov. 13
Nov. 20
Nov. 27
Dec. 4 2/

57.00
57.23
56.85
56.97
57.70
58.85

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

(1^24/58)
(9/L8/53)
(7/31)
(2/6)

Stock market customer credit
Customers1
Bank
debit bal- loans to
ances 4/ "others" 5/
(Millions of dollars)

3.30
6.25
3.08
3-34

4.9
0.9
4.3
2.1

4,492
2,055
4,76k
4,401

3,285
1,314
3,401
3,210

3.2k
3.2k
3.27
3.26
3.22
3.16

2.8
3.k
3.2
3.k
3.4
3.6

4,401
n.a.
n.a.

3,210
n.a.
n.a.

1,317
669
1,332
1,210

1,373
1,180
1,191
1,187
1,193
1,188
1,187

n.a.

n . a . — N o t available.
g/ Preliminary.
1/ Standard and Pobr1 a rrmposite index of 500 common stocks, weekly closing prices, 1941-43=10. Monthly dat*'^
are averages of daily figures ratiler than of Fridays' only. Highs and Iowa are for Fridays' data only.
2/ 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 dally trading volune on the New York Stock Exctiange.
4/ End of month figures for member firms of the New York Stock Exchange which carry margin accounts; exclude^/
balances secured by U. S. Government obligations,
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying U. 5.
r
Government securities • Prior "to July 1, 1959, such loans are excluded only at banks in New York and Chicago.
Weekly reporting banks account for about 70 percent of loans to others. For further detail see Bulletin.
;

Nonfarm Mortgage Recordings and Loans 1/
Date

1958 - Sept.
Oct.
Nov.
Dec.
1959 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.

Unadjusted
Total
Seasonally
-VA
FHA
Unadjusted
adjusted 2/
(Millions oi? dollars)
2,1,33
2,567
2,652
2,629
2,677.
2,631
2,633
2/%
.
2,757
2,730
2,787
2,769
n.a.

2,596
2,%%
2,432
2,629
2,353
2,245
2,536'
2,276
2,769
2,97L
3,100
2,871
2,33L

430
5&1
457
510
535
' 506
530
490
478
521
524
504
510

139
239
216
257
276
233
261
231
212
221
227
202
221

Conv.

1,927
2,116
1,759
1,3<1
1,491
1,500
1,796
2,055
2,079
2,233
2,349
2,165
2,103

n.a.—Not available.
1/ Total recordings data are estimates baaed on reports from about 450 areas and include
mortgages of $20,000 or leas secured by nonfarm real estate, primarily residential properties.
PHA-insured loans represent gross amount of insurance written, and VA-guaranteed loans the gross amount
of loans closed,on 1-4 family houses. Conventional data are derived as a residual, although total
recordings and VA and FHA loans ure not strictly comparable in concept or timing.
2/ Three-month moving average, seasonally adjusted by Federal Reserve.


Sourcei Federal Home Loan Bank


Board, Federal Housing Administration and Veterans Administration.

Exhibit E
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New capital
1959

Corporate 1/
1
1958
1

State and local 2/
1
1958
1
1957

1957

1959
636
856
61*5

511

7k2
572
506

931
592
981

798
895
551

765
5146
393

566
516
2/1*88

806
U03
651

529
581
131

January
February
March

BkO
716
631

1,553^

1,060
1,065
1,320

April
May
June

8 99
791
87k

1,U0
597
887

931
765
l,l»53

July
August
September

531
718
709

1,107
SUo
1,114

1,003
92lt
973

a/7#
e/850
e/850

862
518
920

1,090
789
1,076

e/600
t/hSO
e/550

U56
U7h
U5

698
633
698

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

3,14*45
3,llt9
. 2,899
2,951

2,138
. 2,50k
E/1,571
e/l,600

2,276
2,21,4
1,860
1,365

1,820
1,701*
1,5W*
2,029

5,762
'It,780
8,522
' 6,738
10,823
e/9,188
,

6,59k
9,1,93
12,W

./'k,61i2
E/6,213
1/7,813

1,520

3,521*
5,069
7,099

October
November
December
'1st
2nd
3rd
ijth

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

2,216
2,261,
1,958
e/2^0

.

728

'

612

7l7l6

Excluding finance companies h/
1st
2nd
3rd
Lth

quarter
quarter
quarter
quarter

Year

2,011
2,W9
e/1,658
e/2,300

2,899
2,5%
2,731
2,213

3,237
2,889
2,582
2,810

e/8,378

10,129

11,518

e/ Estimated.
__
1/ Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts,
3/ Includes $718.3 million AT&T convertible debenture issue,
U/ Total new capital issues excluding offerings of sales and consumer finance
companies.




11. lU*

Exhibit F
. Other^ Security Offerings 1/
(In millions of dollars)
Long-term
Federal agency' 3/
Foreign government 2/
1959
1959
1 1958
1
1957
1
1958
1 1957

January
February
March

77
59
2

196
53

April
May
June

56
50
42

139
198
120

July
August
September

85
• 1
36

October
November
December

—

9
5
17
58
123
74 .

Year

84
1*9
30

992

199

123
48
42
•

1,163
251

175

—

__

523

72
——

125
60

—

—

161*

28
7
30

98
150

215

h
60
1

k20

507

2,321

100
—

Short-term
State and local government 4/

—

572

Federal agency 3/

January
February
March

190
128
295

233
460
273

326
155
147

359
500
489

371
208
144

638
430
505

April
June

563
m
245

357
354
264

205
337
153

486
675
28?

209
161
329

336
469
501

July
August
September

246
1*67
#9

289
423
369

272
272
252

727
365
665

437
#6
330

224
370
512

jo/23ii

231
4l5
213

303
9h

454
ilk
137

1,238
255
116

3,910

3.27A

3,098

5,543

October
November
December
Year

g/ Preliminary .
1/ Data presented in this exhibit differ from those in Exhibit E im that refunding issues, as well as new capital issues, are included. Long-term securities are defined as those maturing in more than one year.
2/ Includes securities offered in the United States by foreign governments and
their subdivisions and by international organizations. Source: Securities and Exchange Commission.
3/ Issues not guaranteed by the U. S. Government. Source; long-term, Securities
and Exchange Commission5 short-term, Federal Reserve.
4/ Principally tax and bond anticipation notes, warrants or certificates and Public
Housing Authority notes. In some instances PMA notes included may have a somewhat
Digitizedlonger
for FRASER
term than one year. Source: Bond Buyer.



H.lU

Exhibit G
Large Long-term Public Security Issues^ for New Capital
(Other than U. S. Treasury)'1/
Proceeds of Large Issues Offered
(Millions of dollars)

Month

Corporate

1958 - November
December
1959 - January
February
March
April
May

State and
local government

227
305
369
3h0
215
359
3h2
281*
110
363
199
1*00
1*21

July
August
September
October
November

259
229
335
551
369
563
258
635
19U
. 263
21k
29k
163

Other 2/

100
79
17k

.

35

176
20
50
60
50
98
175
20

Large Individual Issues Offered November 1 through December It

type y

Coupon
Amount
rate or Offering
(millions
Maturity
net inter- yield
of
dollars)
est cost

Rating

CORPORATE
Sylvania Elec. Prod., Inc.
Tenn. Gas Transm. Co.
U. S. Fidelity & Guaranty
Amer. Tel. & Tel. Co.
Transwestern Pipeline Co.
Potomac Elec. Pwr. Co.
Gulf States Utilities Co.
Consol. Edison Co. of N.Y.
Gen. Telephone Co. of Cal.
Arkansas Louisiana Gas Co.

S.F. deb.
25.0
Pfd. stk.
29.5
Cap. stk.
2l*.l
Deb.
250.0
Sub.deb.&stk. 61.5
1st mtg. bds. 15.0
1st mtg. bds. 16.0
1st ref .mtg.bds.75.0
1st mtg. bds. 30.0
1st mtg. bds. 16,0

1981*

5 1/2

5.50

Baa

1986
1969
199k
1989
1989
1989
1979

5
5
5
5
5
5
5

5.22
n.a.
5.10 '
5.08
5.15
5.00
5.15

Aa
Aa
Aa
Aa
A
A

3.25-1*. 15
2.80-3.60
2.60-3.30
2.60-3.35

A
Aa
Aa
Aa

3/8
1/1*
1/1*
l/k
1/8

STATE AND LOCAL GOVERNMENT
Humboldt
Dist.,
State of
State of
State of

Bay Mun. Water
California
Mississippi
South Carolina
Delaware




G.O.
G.O.
G.O.
G.O.

10.7
lli.O
10.0
16.1*

196U-98/7li
1960-75
1960-79/71
1960-79

1*.12
3.59
3.21*
3.29

H.l4

G-2
Large Individual Issues Offered November 1 through December 4 (Cont'd)

Issuer

Type 3/

Coupon
Amount
Offering
rate or
(millions.
Maturity net inter- yield
of
est cost
dollars)

Rating

STATE AND LOCAL GOVERNMENT
(Gont' d)
7
Chicago, Illinois
Los Angeles Dept of V/tr.
& Pwr.j California
State of New York
Philadelphia, Penna.
Alabama^^hway Auth.
hontgdjjErlBvtr. Works &
S a n J k J I r . Bd., Alabama
Salt Rivfr Project Agric.
Imp. & Pwr. Dist., Ariz.
Los Angeles Sch. Dists.,
California
„
Columbus, Ohio
Los Angeles Co., Calif.
State of Massachusetts

G.O.

10.0

1961-77

3.<%

2.80-3.70

A

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

12.0
55.1
24.8
10.0

19 60-89/61
1961-2009/99
1961-90
1961-80/65

3.75
3.1*8
3.71
3.83

2.80-3.80
2.65-3.90
2.90-1.25
2.85-4.05

Aa
Aaa
A
A

Rev.-Ut.

10.0

1961-81/65

3.97

3.00-4.40

A

Rev.-Ut.

15.0

I#3-92/69

4.05

3.10-4.15

A

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

21.5
10.0
13.0
21.6

l9yl-85
1962-86
1999/65
1960-89

3.89
3.49
5,65
3.52

2.90-3.90
2.80-3.55
5.51
2.80-3.65

Aa
Aa
——

Aa

OTHER
None
n.a.—Not available.
1/ Includes corporate and other security offerings of $15 million and over;
State.and local government serarity offerings of $10 million and over.
2/ Includes foreign govgrmnent and International Bank for Reconstruction and
Development issues and non-gS^anteed issues by Federal agencies.
In the case of State and local government securities, G.O. 'denotes general
obligations5 Rev.-Ut., revenue obligations secured only by income from public
ut%ities; Rev.-Q.Ut., revenue bonds secured only by revenue from quasi-utilitiesj
Rev.-S.T., revenue bonds secured by revenue from specific taxes onlyj Rev.-Rent.,
revenue bonds secured solely by lease payments.




Exhibit H

H.Ui

Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasuiy) 1/
Expected Proceeds from Forthcoming Large Issues
During month following
date shown

Date of
computation

Corporate

Nov. 28
Dec. 31
Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 29
June 30
July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30

301
210
270
198
396
2I46
287
165
238
198
37U
3#
226

Other 2/

z

229
261
551
292
550
251*
2U7
11*6
356
385
270
115
295

Subsequent to
date shown
Corporate ji^al g ^ t j 0 t h e r l /
U01
370
365
279
1*76
346
. 332
272
305
517
69k
509
271

71
75
h$
20
50
50
25
70

683
856
Wl'
761
517
761
500
Lo6
1*02
h70
336
185

71
?
20
50
50
25
70

Forthcoming Large Offerings, as of December k
Type

Amount
(millions Approximate date
of offering
I of dollars)

CORPOPATE
James Talcott, Inc.
Arkansas Power & Light Co.
Dallas Power & Light Co.
Public Service Electric & Gas Co.
Bell^Telephone Co. of Pa.
•Kansas-City Power & Light Co.
Commerce Oil Refining Corp.
"

Senior notes
1st mtg. bds.
1st mtg. bds.
Com. stk.
Deb.
1st mtg. bds.
Deb., bds. & com.

15.0
15.0
20.0

25.0

30.0

20.0
U5.0

Dec. 8
Dec. 9
Dec. 15
Dec. 16
Dec. 16
Jan. 7
Indefinite

tSTATE AND LOCAL GOVERNMENT

Commonwealth of Puerto Rico
State of California
Chicago Bd. of Education, Illinois
Houston Indep. Sch. Dist., Texas
State of New Jersey
*De Kalb Co. Sch. Dist., Ga.
Chesapeake Bay Ferry Commission

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

20.0
100.0
10.0
16.9

66.8
11.5

190.0

Dec. 8
Dec. 9
Dec . 9
Dec. 12*
Dec. 16
Dec. 16
Indefinite

OTHER
Credit Foncier de France
Alberta Municipal Financing Corp.




Ext. loan bds.
S,F. deb.

50.0

20.0

Dec. 10
Dec. 11

H.lh

H-2
Footnotes

*—Included in table for first time.
1/ Includes corporate and other issues of $1$ 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 by Federal agencies.
Note.—Deletions for reasons other than sale of issue: None.




Exhibit I
Yields on New and Outstanding
Electric Power Bonds, Rated Aa and A 1/

Date

1952 - U 9 5 8
High
Low
1959 - January
February
March
April
May 1
13
14
20
21
26
June 4
17
26
July 9
10
15
30
Aug. 5
20
Sept. 18
Oct. 22
23
28
29
30
Nov. 25

Aa-rated offering yields
A-rated offering yields
Amount above
Amount above
Actual
Actual
seasoned
yields
(per cent)
(per cent) seasoned yields
(basis points)
(basis points)

5.00 (9/14/57)
2.93 (3/31/54)
4.63 /
*4.35§Z
4.43|4
14.582/

87
-3
37
4
10
17

4.95
4.95

38
34

5.00
4.95

38
29

5.50 (11/7/57)
3.00 (3/17/54)

23

*4.75^/
*4.67

18

4.85
5.06

17
13

5.13

27

4.92^/
5.10
5.10

.

.

6
24.
19

31

4.93
4.85
4.80

24
22

5.25.,
4.952/
5.15

46
16

5.15
5.08

123
-15

4o
,

42
42

5.10
5.oo

19
13

5.65

60

5.25
5.40

35
50

*—Single observation, not an average.
1/ Covers only 30-year first mortgage bonds, as reported in Moody's Bond
Survey. Except where indicated, the actual yield figure and the amount above
seasoned yields are averages of offerings during the indicated period and of
the differences between these new offering yields and yields on seasoned issues
of similar quality for the same day. Average maturity for the seasoned issues
varies from 26 to 28 years.
2/ Provides for a 5-year period during which issue may not be called for
refunding at a lower coupon rate. Monthly averages so marked include one or
more issues with such a provision. Other issues have no such provision.

3/ Provides for a 7-year period during which issue may not be called for
refunding at a lower coupon rate.



APPENDIX 1-2
CANADA
SELECTED

CHARTERED

BANK

SECURITIES

GOVERNMENT

STOCK

BONDS

ASSETS

BANK

DEPOSITS

-

LESS

FLOAT

I

#

MARKET




CUSTOMERS

CREDIT

FROM

BROKERS /

ol

Dollars

December 7, 1959
Appendix 1
MONEY AND CAPITAL MARKET DEVELOPMENTS IN CANADA
Canadian bond yields remained stable last week in contrast to
the rather sharp increases in yields in the United States market, This
stability may in part reflect a resumption of purchases by the Bank
of Canada vrhile the books were open on the Canadian National Railway
offering of $300 million. The issue was oversubscribed; insurance
companies were reported to be heavy purchasers of the 25-year none a 11 able
portion of the issue (paying 5*86 per cent to maturity) and other
investors bought the conversion-option 5-year issue paying 5.85 per
cent, -which may be converted into a 12-year bond, yielding 5.6? per
cent to maturity.
Money market rates - Last Bmrsday's auction rate on 91-day
bills rose by 7 basis points to U,93 per cent; the rate on 182-day bills
rose only one basis point to 5*12 per cent. Both increases were much
less than the sharp increases of 22 and 26 basis points in the average
auction rates on United States 91- and 182-day bills last Monday, Nevertheless, the Canadian money market appeared to be under considerably
greater pressure than it has been under for over a month. Closing rates
on day-to-day loans for the week ending last Wednesday arveraged U»l5
per cent compared to ii.00 per cent the week before; also, the Bank of
Canada bought $7,3 million of government securities on a resale agreement basis, a sign that some banks or dealers were being squeezed.
The discount on the forward Canadian dollar narrowed during
the week, but the sharper increase in yield on U.S, bills increased
slightly further the profitability of shifting short funds from Canada to
the United States,
Bond market developments - The new $300 million Canadian
National Railway issue, announced last week, was oversubscribed; subscriptions totaling $100 million were alloted for the 25-year government
guaranteed offering while those for the 5-year offering totaled $200
million (this shorter issue has a conversion option into a 12-year noncallable bond). Die extent of the Bank of Canada's market intervention
during the new flotation is not yet know.
With the National Railway issue pre-empting investor interest,
no important new corporate, provincial or municipal issues were announced
during the week*
Although its campaign has not yet officially closed, the
Government is no longer making net sales of Canada Savings bonds. Die
total increase during October and November in the public's holdings of
Savings bonds (net of redemptions of earlier issues) was $603 million.
This compares with net sales of $5U9 million in the comparable period
last year and of $U89 million in the comparable period of 1957«




Appendix 1-2
Medium- and long-term government bond yields remained mostly
unchanged last week in the face of rather sharp yield rises in the
United States. Bank of Canada purchases contributed to this stability.
At midweek spreads between comparable Canadian and United
States Government securities were:
0,14.3' per cent on 91-day bills
0*23 per cent on l82uday bills
0.52 per cent on a 9-year bond
0.9U per cent on a 20-year bond
1.00 per cent on a 36-year bond
Stock market - Trading on the Canadian stock market, which
was in the doldrums during October and November, remained rather slack
in the past two weeks. Average prices firmed somewhat, however, in
step with rising security prices in the United States. At last Thursday'
close, the industrial average on the Montreal exchange was 2.7 per cent
higher than 2 weeks before.




\b
Appendix L-U
Selected Government of Canada Security Yields

Date

3-month
Treasury
bills!/

Intermediate
Govt%
bondz/

195U-55 - Low
1 9 # - High
1958 - High
Low
1959 - High
Low

0.78
lt.08
3.65
0.87
6.16
3.25

2.81
lt.8l
U.52
3.31
5.30
U.U5

Longterm
bo°^/
3.33
lt.35
U.U2
3.78
5.30
U.U1

"

Spread between
Canadian & U.S. rates
long-tena
bon&/

1.19
0.U7

Discounl
on 3-mo,
Canadiai

dollars'

2.96
0.30

Nov, 11
li.88
5.16
1.11
5.15
0.79
0.77
18
l.Olt
0.58
5.10
0.71
U.91
5.17
lt.86
1.01
25
5.12
1.0b
0.58
5.1U
Dec. 2
5.12
5.12
. 0.91*
0.89
lt.93
0.U3
y Average yield at weekly tender on Thursday following Wednesday date shown.
y Government of Canada 2-3/It per cent of June 15>, 1967-68.
5/ Government of Canada 3-1/U ptfc cent of 1979.
5/ U.S. Government 3 - l A per cent of 1978-83• Government of Canada 3 - l A per
cent of 1979.
5/ Spread between average auction rates: on Monday preceding Wednesday date
shown for the United States; on Thursday following Wednesday date shown for Canada.
6/ Spread between 3-months forward and spot price of the Canadian dollar,
expressed as per cent per annum, on Friday following Wednesday date shown.
Chartered Bank Assets
Ratios of Selected Assets
to Deposit Liabilities
Govt, of
Cash
Liquid
Canada
Illiquid
reserves assets
bonds
assets

Total
general
loans

Total
deposits

1957 - Mar. 31
June 30
Sept. 30
Dec. 31

8.2
8.2
8.3
8.2

17.1
16.7
17.5
17.2

16.U
16.0
15.6
16.1

66.5
Up 056
67.3 . / > . It,213
66^
-X > , 2 6 7
%
rr : . 4,063

10,765
10,879
11,025
11,1*07

1958 - Mar. 31
June 30
Sept. 30
Dec. 31

8.1
8.2
8.3
8.3

16.5
17 .U
17.7
16.7

18.3
20.9
22.lt
20.2

- >U,023
6 1 . ^ ' % V-U,13U
It,086
59.9": y 63.1 "
U,138

11,200
11,713
12,389
12,690

1959 - Mar. 31
June 30
Sept. 30
Nov. 25

8.1
8.2
8.3
8.3

16.3
16.9
16.0
16.8

20.8
17.0
15.6
15.2

62.9
66.1
68 .U
68.0

12,552
12,66k
12,18112,113




It,312
It,807
It,992
U.88U