Full text of H.16 Capital Market Developments : February 19, 1962
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Not f o r Publication DECONTROLLED AFTER SIX MONTHS
H.li;
LIBRARY
FEB 2 1
1962
FEDERAL RL'JEHVE B A l - S a
February 19, 1962.
I CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES
Including New Seasonally Adjusted Data on New Savings
j i t a l and withdrawals a t Savings and Loan Associations)
OF RICHMOND
The volume of public security financing to obtain new c a p i t a l
was very s u b s t a n t i a l l a s t week; however, i t i s expected t o be considerably
more moderate t h i s week which i s shortened by the Washington Birthday
holiday. During the week ending February 16, the single large corporate
o f f e r i n g sold was the $300 million AT&T debenture issue, t h e l a r g e s t
s t r a i g h t corporate bond i s s u e ever sold through competitive bidding.
Five State and l o c a l government u n i t s sold bonds aggregating .$186
mi l l i o n . This week, ending February 23, only one l a r g e corporate
i s s u e f o r $50 million i s d e f i n i t e l y on the calendar, but a §15 million
Stokely-Van Camp Inc. convertible issue may be sold through negotiation;
t h r e e State and l o c a l issues with par value of $129 million are a l s o
scheduled f o r o f f e r i n g . :
Bond y i e l d s . Changes in bond y i e l d s were mixed l a s t week.
l i e I d s on Aaa-rated State and l o c a l government bonds continued,their
decline of the p a s t two months, decreasing 5 more b a s i s points to 3>0k
per cent, the lowest level since September i960 and 27 basis p o i n t s below
the end of 1961 l e v e l . Baa-rated State and l o c a l bonds declined 5 more
b a s i s points to 3.78 per cent, t h e i r lowest l e v e l since the summer of
1958 and 26 basis points lower than a t the end of I 9 6 I , Yields on Aaarated corporate bonds increased a single b a s i s point while yields on Baarated issues were unchanged, Long-teim U. S. Government bond y i e l d s
declined one b a s i s point and the spread between Government and Aaa
municipal bond y i e l d s widened t o a record lOlj. b a s i s p o i n t s .
The average yield on new corporate bonds o f f e r e d l a s t week,
adjusted to an Aaa b a s i s , was U.{?2 per cent, or 12 basis points higher
than the average for the previous week. This increase in the average
new o f f e r i n g y i e l d , however, was probably not r e p r e s e n t a t i v e since i t
r e f l e c t e d only the yield on t h e very large AT&T i s s u e .
Short- and intermediate-tern i n t e r e s t r a t e s . Changes in s h o r t and intermediate-teim i n t e r e s t r a t e s were also mixed l a s t week. Yields
on 3-month and 6-month Treasury b i l l s increased 9 and 10 basis p o i n t s ,
respectively, while y i e l d s on 3-5 year U. S. Government obligations declined
5 basis p o i n t s . The Federal funds r a t e declined 22 basis points from,the
revised l e v e l of the previous week to 2„hk per cent. Other s h o r t - and
intermediate-term i n t e r e s t r a t e s were unchanged.
Recent changes in y i e l d s on municipal bonds of d i f f e r e n t m a t u r i t i e s .
The sale of a large s e r i a l bond i s s u e by t h e City of New York l a s t week
presents an opportunity to compare recent changes in y i e l d s on municipal
bonds of d i f f e r e n t term t o maturity while maintaining q u a l i t y and other
- 2 -
charact e r i s t i c s constant ^ior New l o r k City l a s t sold bonds i n mid-December,
the most recent peak f o r municipal y i e l d s . Since t h a t time S t a t e and l o c a l
government bond y i e l d s have d e c l i n e d sharply and market comment has
i n d i c a t e d t h a t t h i s r e f l e c t e d in l a r g e p a r t commercial bank ourchases of
bonds of longer maturity than has u s u a l l y been the case. These comments
tend t o be s u b s t a n t i a t e d by the following comparison of r e o f f e r i n g y i e l d s
on bonds of d i f f e r e n t terms f o r t h e two most recent New York C i t y i s s u e s ,
both rated A:
Bonds Maturing i n :
-1 year
2 years
3 years
4 years
5 years
10 years
15 y e a r s
20 years
25 years
Dec. 14 Issue
Feb. 16 Issue
~
[ p e r cent)
1.70
2.00
2.25
2.50
2.70
3.15
3.40
3.60
3.70
1.70
2.00
2.20
2.35
2.50
2.95
3.15
3.30
3.40
Change i n Yields
(basis points)
0
0
-5
-15
-20
-20
-25
-30
-30
Yields on t h e s h o r t e s t m a t u r i t i e s have been s t a b l e while y i e l d s have
declined by p r o g r e s s i v e l y l a r g e r amounts a s the maturity lengthens„
Mortgage y i e l d s . Secondary market y i e l d s on 5 - 1 / 4 p e r cent
FHA home mortgages averaged 5.72 per cent i n January and continued
l i t t l e changed from the average which has p r e v a i l e d since J u l y . Offering
y i e l d s on new corporate bonds—adjusted t o an Aaa b a s i s — i n c r e a s e d 6 basis
p o i n t s f u r t h e r in January and t h e spread between mortgage and bond y i e l d s
contracted moderately f u r t h e r , t o 127 b a s i s p o i n t s . This compared with
a spread of l i | 6 b a s i s p o i n t s in October and 108 l a s t J u l y .
Stock market c r e d i t 0 Customer c r e d i t i n the stock market
declined i n January a f t e r t h r e e successive month-to-month i n c r e a s e s ,
decreasing $.39 m i l l i o n to $5.5 b i l l i o n a t the end of t h e month, about
the same as a t the end of November. This decrease was accounted f o r
e n t i r e l y by a -decline i n customer d e b i t balances, except f o r those secured
by U. S. Government s e c u r i t i e s . , which declined $149 million to #4.4 b i l l i o n
a t the end of the month. Bank loans to o t h e r s f o r purchasing or carrying
s e c u r i t i e s increased s l i g h t l y f o r t h e t h i r d consecutive month, r i s i n g $10
million.
Money borrowed by New York Stock Exchange member firms d e c l i n e d
$94 m i l l i o n during January. Customers' f r e e c r e d i t balances increased
s l i g h t l y . These and other data on stock market c r e d i t f o r December
and January a r e shown in the t a b l e on the following page.
1
Customer c r e d i t
Excluding U. S. Government s e c u r i t i e s - t o t a l
Net d e b i t balances
Bank l o a n s t o "others"
Net d e b i t balances secured by U. S. Govt, s e c u r i t i e s
Bank loans to " o t h e r s " f o r purchasing or c a r i y i n g U. S.
Government s e c u r i t i e s
Broker and d e a l e r c r e d i t
Money borrowed except on U. S. Government s e c u r i t i e s
On customer c o l l a t e r a l
Money borrowed on U. S. Government s e c u r i t i e s
Customers' n e t f r e e c r e d i t balances
End of month
unange
Jan.
1 Dec.
(Millions of d o l l a r s )
5,k&3
4,110
1,353
34
5,602
4,2#
1,343
35
-139
-149
+10
-1
111
12$
-14
2,860
2,516
51
1,222
2,954
2,572
48
1,219
-94
-56
+3
+3
Stock p r i c e s . Common stock p r i c e s , as measured by Standard and
P o o r ' s composite index of 500 s t o c k s , edged upward s l i g h t l y f u r t h e r l a s t
week, closing a t 70.59 on February 16. Trading volume, averaging 3*4
m i l l i o n shares a day, was 0.4 m i l l i o n l e s s than i n the previous week and
the lowest volume s i n c e l a t e l a s t October.
A:
Seasonally a d j u s t e d savings c a p i t a l flows through savings and
loan a s s o c i a t i o n s . The c h a r t on the next page, and the t a b l e s shown in
t h e appendix, present s e a s o n a l l y a d j u s t e d monthly data on g r o s s new savings
c a p i t a l and withdrawals of savings c a p i t a l from share accounts a t savings
and loan a s s o c i a t i o n s . The c h a r t w i l l be included i n t h i s r e p o r t r e g u l a r l y
in t h e f u t u r e a s new data become a v a i l a b l e .
These seasonally a d j u s t e d data i n d i c a t e t h a t both new savings
c a p i t a l and withdrawals have shown a continuous upward t r e n d in recent
years covered and t h a t t h e r e has been very l i t t l e c y c l i c a l e f f e c t on the
n e t inflow of savings c a p i t a l (new savings c a p i t a l l e s s withdrawals)\ the
n e t inflow of savings c a p i t a l has been l a r g e r in each succeeding year
except f o r the years of 1948 and 1957. Net new s a v i n g s / c a p i t a l of $8.7
b i l l i o n i n 1961 set a record, but i n terms of r e l a t i v e i n c r e a s e i t was
exceeded in i960 and several e a r l i e r y e a r s .
'J-'he new s a v i n g s ^ c a p i t a l and withdrawal date have been seasonally
a d j u s t e d by the standard machine method which computes moving seasonal f a c t o r s ;
n e t new savings c a p i t a l has not been a d j u s t e d independently, but r e p r e s e n t s
t h e d i f f e r e n c e between the seasonally a d j u s t e d new savings c a p i t a l and w i t h drawal s e r i e s . This s e r i e s i s somewhat l e s s e r r a t i c than one a d j u s t e d
d i r e c t l y and provides c o n s i s t e n t new savings c a p i t a l , withdrawal, and n e t
change s e r i e s which otherwise would not have been the c a s e . I t should be
noted t h a t the t o t a l of the s e a s o n a l l y a d j u s t e d s e r i e s f o r any p a r t i c u l a r
12-month period w i l l not n e c e s s a r i l y equal the t o t a l of the unadjusted data
f o r the same period because of the n a t u r e of t h e adjustment technique
utilized.
NEW S A V I N G S CAPITAL A N D W I T H D R A W A L S SAVINGS AND
LOAN ASSOCIATIONS
Monthly, odjmf d tof itaionol variation
I idI
-5Both t h e new savings c a p i t a l and withdrawal data b e f o r e seasonal
adjustment have wide month-to-month f l u c t u a t i o n s ; the average monthlypercentage change ( d i s r e g a r d i n g signs) of the new savings c a p i t a l s e r i e s
during the postwar period was 23 per cent while t h a t of t h e withdrawal
s e r i e s was ijl; per cent. A f t e r seasonal adjustment the amplitude of
f l u c t u a t i o n s i s reduced to about It p e r c e n t ; most of those remaining
r e p r e s e n t i r r e g u l a r movement i n the s e r i e s . A f a r t h e r smoothing of the
curves through use of three-month moving averages i s shown on t h e c h a r t
to b r i n g out the r a t h e r small c y c l i c a l movement c h a r a c t e r i s t i c of the
data i n recent yea rs„
Much of the seasonal movement of new savings c a p i t a l and w i t h drawals r e s u l t s from the timing of dividends c r e d i t e d to savings share
accounts. Dividends g e n e r a l l y accrue on accounts each month but a r e
c r e d i t e d t o such accounts l e s s f r e q u e n t l y . C u r r e n t l y , dividends a r e
c r e d i t e d most commonly a t the end of June and December, but some
a s s o c i a t i o n s s t i l l pay only annually and an i n c r e a s i n g number have been
c r e d i t i n g q u a r t e r l y . June and December* t h e r e f o r e a r e months of r e l a t i v e l y
high gross inflow, r/ven more important seasonally a r e the months a t the
beginning of the dividend period (July and January) as savers tend to
t r a n s f e r funds e a r l y in the period to obtain maximum earnings but a f t e r
they have received i n t e r e s t a t other i n s t i t u t i o n s . May and Wovanber are
t h e seasonally low months f o r new savings c a p i t a l .
;
The seasonal p a t t e r n of withdrawals a l s o r e f l e c t s t h e timing
of dividend payments, f o r shareholders tend to wa i t u n t i l they r e c e i v e
dividends b e f o r e withdrawal of f u n d s ; f o r t h i s reason withdrawals a r e
l a r g e s t i n the months of January and July ( l a r g e l y o f f s e t t i n g the l a r g e
new savings f l o w ) . Withdrawals a r e seasonally smallest in t h e months
when dividends a r e c r e d i t e d . During the postwar period t h e s e seasonal
p a t t e r n has become more pronounced, probably r e f l e c t i n g the increase i n
dividend r a t e s paid on share a c c o u n t s — i . e . , shareholders have more t o
gain by w a i t i n g u n t i l dividends have been c r e d i t e d than they had when
dividend r a t e s were lower.
More d e t a i l e d information concerning r e c e n t c a p i t a l market
developments i s presented, in t h e a t t a c h e d e x h i b i t s .
Capital Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of t h e Federal Reserve System.
LONG-TERM B O N D YIELDS
HIGH-GRADE
\f"J STATE AND LOCAt 60VE8HMENT Bee
-7-
Exhibit B - Tables f o r Exhibit a
Long-term Bond Yields,
high-grade
4
Date
Corporate
Aaa 1 /
S t a t e and
local
government
Aaa 3/
U. S. Govt.
long-term 2/
(per cent)
1957 - High
1958 - Low
1959-60 - High
1960 - Low
1961 - High
1962 - High
Low
M l ®
U.I4I (1/26)
Jan.
Jan.
Feb.
Feb.
Feb.
4.42
4.41
4.42
4.42
4.43 ^
19
26
2
9
16 p /
4.14
3.55
i t
(9/87)
(5/2)
t
s r "
3.76
3.07
3.04 (2/15)
.60
.22
.59
.19
.57
.37
.32
3.19
3.17
3.12
3.09
3.04
.34
.33
.32
.33
.35
(ioAe)
3.1*5
(8/29)
3.65
(9/24/69)
2.64
\<%
(4/«)
2.99
4.07 (12/29)
4.10 (2/2)
4.06 (1/5)
it. 08
4.08
4.10
It. 09
4.08
Spread between
U. S. Govt, and
S t a t e and
Corporate
Aaa
l o c a l Aaa
(sA)
(9A)
.
•50
,34
.92
.53
.76
1.04
.80
'
.
.89
.91
.98
1.00
1.04
Lower grade
Corporate
Baa 1/
Date
State and
l o c a l govt.
Baa 3 /
Spread between ....
Aaa and Baa
State and .
Corporate
l o c a l govt.
(per cent)
1957 - High
1958 - Low
1959-60 - High
I960 - Low
1961 - High
1962 - High
Low
Jan.
Jan.
Feb.
Feb.
Feb.
19
26
2
9
16 g /
5 . 1 0 (11/29)
4 . 5 1 (7/11)
5 . 3 6 (2/12/60)
4.98 ( 9 / 9 )
. 5.13 (10/27)
5 . 1 1 (1/5)
. 5.07 (2/2)
'
5.08
5.08
5.07
5.08 z
5.08 /
4.51
(8/29)
3.64
(s/l)
4.46
3.98
(1/7/6O)
(12/29)
4.16 (3/23)
4.04 (1/11)
3.78 (2/15)
4.00
3.96
3.88
3.83
3.76
1.27
.77
.84
.71
.81
.68
.65
.66
.67
.65
.66
.65
.
' '
0 / Preliminary.
.
1 / Weekly average of k t l y Mcures. Average term of be ode Included Is 23-26 »•«•».
2 / tfoekly a v e r s e of dally figure#. The series Include* bonds lue te> oallable i n 10 year# «r more,
f / fburslay figures. Only gener&l obligation bands are Irteludedt average Urm i t 20 year#.
Note.—Highs and lowe ars for Individual series and may be on different dates far different eerlee.
tor spreads, high refers t o widest, and low t o narrowest.
1.21
.93
1.08
. 86
.93
,82
.74
.81
.79
.76
.74
,'•74 , , •
.
EXHIBIT
C
S H O RT- A N D IN TER ME DIA TE- TERM INTE RE S T RATES
GOVERNMENT
B A N K S A N D OTHER PRIVATE B O R R O W E R S
-9-
E x h i b i t D - Tables f o r E x h i b i t C
S n o r t - and Intermediate-t'emi I n t e r e s t h a t e s
Government
Date
1957 - High
1958 - Low
1959-60 - H
I960 - Low
1961 - High
1962 - High
Low
Jan.
Jan.
Feb.
Feb.
Feb.
19
26
2
9
16 g/
Discount
rate
V
3.50
1.75
LOO
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3-month
b i l l s 2/
Yields
6-month
b i l l s 2/
(per cent)
3 . 6 4 (10/I8)
• 58
^•59
2.11
2.66
(5/29)
(1/6/60)
(10/28)
(12/29)
——
3.02
5.07
2 . 38
2.90
Spread between y i e l d s on 3 month b i l l s and y i e l d s on
b-mo. b i l l s | 3 - 5 y r . i s s u e s
3-5 y e a r
i s s u e s 2/
h.Oh
(12/26) 2.1k
5
.00
(1/3/60)
(12/30) 3 . 4 0
(12/29) 3 . 8 6
(10/I6)
(6/6)
(12/24/59)
(12/30)
(8/11)
.26
.79
2. 81 ( 2/16)
2.6? (1/26)
3.02 (1/12)
2.89 (1/26)
3.88 ( 2 / 2 )
3.79 ( 1 / 5 )
.16
.hh
.2h
.17
2.73
2.67
2.69
2.70
2.81/
2.90
2.89
2.92
2.90
3.00
3.87
3.85
3.88
3.83
3.78
.17
.22
.23
.20
.19
"
.66
,0b
1.81
.38
1.51
1.19
1.05
l.lh
1.18
1.19
1.13
• 97.
Banks and Other P r i v a t e Borrowers
Stock Exchange
c a l l loan 1 /
Prime
rate 1/
f inance compary
paper 3 /
Federal
f u n d s h/.
Spread between/"
3-mo. b i l l s and
f i n a n c e co. paper
(per cent)
<$•1957 - High
% 1958 - Low
" 1959-60 - High
V i960 - Low
^ 1 9 6 1 - High
j ; ; i 9 6 2 - High
§
^ Jan.
viv' J a n .
((Feb.
%Feb.
W Feb.
19
26
2
9
1 6 2/
k.50
з.50
5.50
U.50
li.50
it. 50
U.50
a. 50
k.50
a. 5 0
k.50и.50
1/
h.50
3.50
5.00
3.88
(11/15)
1.13 { a / a )
5.13 (1/22/60)
h.50
2 . 8 8 (17/30)
U.50
3.00 (12/29)
3 . 1 1 (1/19)
3.00 ( 2 / 9 )
U.50
k.50
b.So
1.50
it. 5o
it.5o
ii.5o
3.11
3.03
3-00
3.00
3.00
3.50
(11/8)
.13
U.00
(5/29)
(5/13/60)
.95
2.88
(12/r)
(12/20)
2.66 (2/9)
1.30 (1/26)
2.55
1.30
1.85
2,66 r /
2 .ill*
.63
-.35
1.02
.22
.36
.38
.28
.38
.36
.31
.30
.19
Weekly rate shown I s t h a t In e f f e c t a t end of period. Discount rate I s for Federal Reserve 3 M * of tiewYork,
Stook Exchange v.11 loan rate l o going rate on oall loaur secured by customers' stock exchange collateral a t
Now York City banks. Prime rate I s that charged by large banks on short-term loans to business borrowers of
the highest credit standing.
J / Market yield; weekly v/e rages computed from dally closing U d prloes. Series of 3-5 year issues consists of
selected notes and bonds.
3/ Average of dally r a t e s published by finance companies for directly pieced paper for varying maturities In the
PC-179 day range.
4 / Weekly average of dally e f f e c t i v e r a t e , which i s the rate for the heaviest volume of purchase and sale transaction*
as reported t o the Federal Reserve Bank of Hew York.
Note.—Highs and lews are for Individual series and nay be on d i f f e r e n t dates for d i f f e r e n t s e r i e s .
For spreads, high r e f e r s t o widest, and low to narrowest.
STOCK
MARKET
PBICEi
Millions of Dollar*
#
MORTGAGE A N D
B O N D YIELDS
Monthly
C H A N G E IN S E R I E S
-11Exhlbit F - Tables f o r hxhibit £
Stock Market
Date
Stock price
index 1 /
1960-61 - High
Low
1962 - High
Low
53.32 (10/21/60)
70.59 (2A6/62)
December
January
Feb. 2
Feb. 9
Feb. 16 2 /
?2.oli(iW<a)
Common
Trading
stock , volume J /
y i e l d s 2/ (millions
(per cent) of shares)
Stock market customer c r e d i t
bank
Customers1
Total | d e b i t b a l - loans to
ances V "others"5/
(In millions of dollars)
2.82
5.8
5,602 (i2/a)U,259 (12/61)1,377 (e/ao/ei)
68.13 (1/26/62)
2.92
3.01
3.9
3.4
n.a.
n.a.
71.71
69.07
69.81
70.1*8
70.59
2.85
2.97
2.9k
2.93
2.92
4.1
3.7
3.7
3.62
2.2
lit
4 , l i * 2 (5/60)3*001* (7/60) 1 , 1 2 1 (5/25/60)
5,602
5,463
n.a.
n.a.
n.a.
n.a.
n.a.
4,259
a,no
n.a.
n.a.
n.a.
1,358 (1/10/62)
1,348 (1/2V62)
1,343
. 1,353
1,353
1,357
n.a.
n.a.—Not available
b/. Preliminary.
1/ Standard and Poor's composite Index of 500 common etooks, weekly closing prices, 1941-43=10. Monthly data are
averages of daily figures rather than of M d a y ' s only. Highs and lows are for Fridays' data only.
2/ Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing prices by Federal
Reserva. Yields shown are for dates on ttoioh price index reached i t s high or low,
3/ Averages of daily trading volume on the New York Stock Exchange.
• •
4 / End of month figures for member firms of the Hew York Stock Exchange which carry margin accountsi excludes balance
secured ty U. S. Government obligations.
5/ Wednesday figures for 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 . Prior to July 1, 1959, such loans are excluded only a t banks i n New %ork and Chicago. Weekly reporting
banks account for about 70 per cent of loans to others. For further detail see Bulletin.
Mortgage and Bond Yields 1/
Date.
FHA
mortgages 2/
1953-58 - High
Low
1959-60 - Higi
Low
5.63
4.56
6.21*
5.57
1961 - September
October
November
December
1962 - January
5.72
5.72
5.72
5.71
'5; 7?
.(11/57)
(2/55)
(1/60)
( 3/59)
Aaa corporate
Spread between new
corporate bonds and
bonds 1 /
New 3/ I Seasoned 1*/ AHA mortgagesI Seasoned bonds
4.81 (6/57) 4.12 (9/57)
2.74 (3/54) 2.8I* (V54)
5.29 (9/59) L 6 1 (1/60)
4.29 (2/59) 4.12 (1/59)
4.38
1*.26
4.32
k.39
L 45
l*.l*5
4.42
li.39
k.kl
l*.l*2
1.96
.90
-.12
.51*
1.76
.83
:.Ve
1.31*
1.1*6
1.1*0
1.32
1.27
-.07
-.16
-.07
-.02
.03/
' Neither mortgage nor bond yields take into account servicing costs wnton are muon nigner ror Mortgages tnan oohds,
Generally, bonds pay Interest semi-amually; mortgages, monthly. Mortgage yields, I f computed as equivalent to a
semiannual interest investment, wculd be slightly higher then given In the table.
2/ Based on FHA f i e l d - o f f i c e opinions about average bid pricee in the private secondary market fcr new-hceie mortgagee
for immediate delivery. Since late 1955,.data relate only to 2S-ye*r mortgages with downpeymeote of 10 per cent
or more, weighted by probable volume of transactions. Yields computed by IRB, assudng 25-year mortgages are
paid off in 12 years. Dashed lines indicate periods of adjustment to changee In the contractual Interest rate,
3/ First National City Bank of Mew York. Averages of offering yields of a l l new issues of pifcllely-sold bonds rated
Aaa, Aa or A by Moody's Investors Service (except serial and convertible issuss and offerings of natural gas and
foreign companies) weighted by s i t s of issus. Yields on Aa and A issuss are f i r s t adjusted to an Aaa basis by the
spread between yields of outstanding bonds In th ee oategorlee and those on Aaarated bonds. The series reflects
ehsngss in industrial composition, maturity, type, ete« of new offerings.
.
j / for
Moody's
Investor# Service, Monthly averages of dally data. See hhUAt B.
Digitized
FRASER
Exhibit G
Yields on New Corporate Bond Issues Adjusted t o an Aaa Basis
Number
of i s s u e s
included
Monthly averages:
1961 - July
August
September
October
November
December
1962 - January
February
March
April
May
. June
•Weekly averages;
1961 - July 7
lb
21
28
. August 4
11
18
25
September 1
8
15
2%
29.
October 6
13
20
27
November 3
10
II
December 1
Amount
of i s s u e s
included
(millions
of d o l l a r s )
273.0
115.0
78.8
200.0
229.0
115.0
130.0
1
1
2
2
1
.1
8.0
200.0
65.0
55.0
20.0
4o.o
1
18.0
1
2
60.8
45.0
2
3
3
60.0
95.0 .
45.0
4
.1
1
2
94.0
60.0
30.0
75.0
Average
yield
(per
cent)
It. 62
4.59
4.38
.14.26
4.32
4.39
4.45
Number
of issues
included
December 15
22
29
Amount
Average
of issues
yield
included
(per
(millions
cent)
of dollars)
• 40.0
4.68 (6/16) I
4.21 (11/3) f
1961 • high
Low
January 5
12
19
26
February 2
9
16
23
4.60 March 2
4.64
9
16
4.46
23
4.54
30 „
4.73*
4.6o April 6
13
20
27
4.46 May 4
11
18
4.36
25
4.25
June 1
8
4.21
15
4.28
22
4.21
29
4.29
4,35
4.40
4.29
4.55*
—
1
60.0
4.50 5
' 3
70.0
4.40
__
2
1
19.5
300.0
V
Jote: Averages ox o i i e n n g yields on a l l new issues. 01 puonciy sola Donas ratea Aaa, ae ,t
and A by Moody's Investors Service (except s e r i a l , equipment t r u s t and convertible issuefl
o f f e r i n g s of n a t u r a l gas pipeline and fbreign companies, and issues guaranteed by the
^
Federal Government) weighted by size of issues. Yields on Aa- ana A-rated, bcmds. are
%
f i r s t adjusted to an Aaa b a s i s , using the comparable spreads in y i e l d s on seasoned bonds"
(Moody's averages). Averages r e f l e c t changes in i n d u s t r i a l composition, type, m a t u r i t y , |
and c a l l provisions of new o f f e r i n g s . Weekly averages considered unusually unreliable |
as indicators of i n t e r e s t r a t e s on new issues because of the small number or special
|
h a rFRASER
a c t e r i s t i c s of offerings included e t c . arej marked with an a s t e r i s k .
1
Digitized cfor
!
I
-13Exhibit H
Long-term Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
( I n m i l l i o n s of d o l l a r s )
1962
•/too
Januaxy
February
March
Corporate 1 /
1 1961
1
New c a p i t a l
I960
580
667
562
570
715
860
April
May
2,118
1,259
1,318
July
August
September
1,028
762
647
October
November
December
1,09P
948
1,000
i,«
quarter
quarter
quarter
quarter
700
611
568
761
577
1,044
723
• 641
. 1,084
719
545
991
736
967
726
JO/484.
2/604
fi/724
492
606
683
890
956
852
2/617
e/800
e/550 -•
348
501
491
3,038
2,145
2,382
2,428
2,698
6,504
8,941
11,979
2,437
1 s t half
Three q u a r t e r s
Year
-
e/850
e/900
715
689
764
III
1st
2nd
3rd
4th
e/950
S t a t e and l o c a l 2 /
1962
1 1961
1 I960
fi/1,812
2/1,967
It, 616
E/6,427
e/8,394
1,880
2,256
1,780
1,340
4,136
5,916
7,257
Excluding f i n a n c e companies 3 /
1st quarter
2nd q u a r t e r
3rd .quarter
4th q u a r t e r
b'g
,
Year
5/
1/
2/
2/
2,337
2,938
1,716
2,165
2,018
2,347
11,381
8,246
Estimated.
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 proceeds.
Investment 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.
Total new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and consumer f i n a n c e
companies.
-IllNew Corporate Security Issues, Type of Issue and I s s u e r
(In m i l l i o n s of d o l l a r s )
Quarter
or
month
Gross proceeds f o r new
Net proceeds f o r
c a p i t a l and refunding 1 /
nfew c a p i t a l 1 / 2/
Bonds
Common
and
Total Publicly P r i v a t e l y
Mfg. Public Communi- Other
pfd.
u t i l i t y cations i s s u e r s
offered
offered
stock
I960 - I
II
in
IV
2,265
2,537
2,520
2,832
93U
1,074
1,336
1,1*62
1961 - 1
11
in
IV
1,992
5,352
2,566
3,236
662
880
2,303
1,275
772 : 1,139
967 : 1,1*21;
795
770
754
"955
536
692
1*29
I|l6
298
511
562
625
598
808
652
696
189
11*9
317
381
1,059
913
896
997
381
515
449
1,771* 1,1*66 1,081
651*
935
595
836
845
792
81
1,095
• 101*
11*7
832
1,052
803
1,263
1962 - I
II
III
IV
1961 - Jan.
Feb.
Mar.
Apr
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1962 - Jan. 2 /
Feb.
Mar.
Apr.
May
601
695
696
2,231
1,342
1,779
1,075
813
678
1,155
987
1,091*
6J4O
178
273
211
713
666
921*
U2k
22 5
123
336
414
217
291*
255
331
31*8
355
572
392
1*11
336
509
31*8
567
129
167
151*
1,170
320
283
259
177
218
310
225
310
169
99
248
571*
1*1*7
1*1*6
1*28
255
252
271
215
306
137
160
81*
251*
1*39
389
369
215
111
306
362
168
21
1*1
19
994
85
16
16
13
75
25
80
1*2
200
250
190
220
130
10
•
253
368
211
297
289
1*67
315
279
209
1*87
291
1*85
240
July
Aug.
Sept.
Oct.
Nov.
Dec.
Q? Preliminary.
e"J Estimated.
YJ Gross proceeds exceed net proceeds
by the cost of f l o t a t i o n .
2 / For t o t a l see Exhibit Hj o t h e r i s s u e r s are
e x t r a c t i v e , r a i l r o a d and o t h e r t r a n s p o r t a t i o n , r e a l e s t a t e and f i n a n c e and
commercial and o t h e r .
Source.—Securities and Exchange Commission,
-15-
Exhibit J
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 l o n g - t e r m 1 /
""""
Foreign government 2 /
|
F e d e r a l agency 3 T
I960
1961
w
I960
195?
6
29
20
2
175
70
81
60
2
2
66
29
31*
72
1*0
58
5
2
252
182
150
150
199
175
S
100
11*9
278
118
25
1
36
85
1
35
250
193
199
3U
3k
2
1*1
33
30
70
225
160
ll*9
181
86
236
533
51*7
' 1,1*1*8
1,672
707
354
98
150
Met s h o r t - t e r m k /
S t a t e and l o c a l government 5 /
Federal agency 3 /
-11*1*
-162
-I7I*
-196
-202
-59
197
-25
-197
-79
-87
207
-277
170
320
2*15
-175
57
392
131
22
193
108
-201 -
51*
E/-207
-16
56
-189
-81
-176
-117
3
-111*
-23
-33
-250
280
2W
E/li29
18
' 362
-76
-633
1,969
160
195
58
11*0
-8
-80
-103
-155
70
-11*6
-157
109
518
-86
1*8
-1*2
-6
lit
1*
95
23
-82
176
33
.
SO
368
286
362
133
79
1*1*
eZ Preliminary.
1 / These data d i f f e r from thorn* i n Exhibit 0 i n that refunding issues, as well as new capital Issues, are included.
Long-term s e o i r i t i e s 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 internatioml organizations. Source 1 Securities and Bxohsnge Commission.
3/ Issues not giyantoed by the U. S, Oovernrtent. Sources long-term, Securities and Exchange Commissiem shortterm , Treastry Department and Inderal Reserve.
aJ these feta d i f f e r from those In Exhibit 0 and above in that they represent new offerings l e t s retirements, whether
from the prooseds of refunding issue# or from other funds. Data include only issues with original maturity of one
year or l e s s ,
5 / Principally tax and bond anticipation notes, warrants or c e r t i f i c a t e s and Public Housing Authority notes. In
some instances PHA notes included may have a somewhat longer term than one year. Source1 Bond Buyer and
Federal Reserve.
-16-
Exhibit K
Large Lon^-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(In millions of d o l l a r s )
Month
Total
1961 - January
February
March
April
May
June
July
August
September
October
November
December
1962 - January
147
267
70
1,572
557
532
475
185
168
354
391
255
195
Corporate
Bonds
Convertible
(other than
bonds
convertibles)
1
106
230
25
40 .
560
480
15
435
285
75
165
78
33
205
67
26
320
125
170
Stocks
State
and
local
government
la
37
5
1,010
62
97
115
20
58
81
45
130
25
Other 2/
391
360
1*05
383
256
616
179
281
435
326
480
307
561
I
f.
67
25
151
100.
73
40
250
145
?
f
Large Individual Issues O f f e r e d February 1 through 16
Issuer
Western Union Telegraph Co.
American Tel. & Tel. Co.
Type y
S.F^deb.
Deb.
Amount
Coupon
(millions Maturity
r a t e or Offering Hating ,
of
net i n t e r - y i e l d
dollars)
e s t cost
50.0
300.0
1987
1994
5-1/4
4-5/8
5.17
4.52
Baa
Aaa
STATE AND LOCAL GOVERNMENT
New York S t a t e Dormitory
Rev.
S t a t e of New Jersey
G.O.
S t a t e of Michigan
Rev.-S.T.
S t . Louis, Missouri
G.O.
Public Housing Authority
G.O.
Los Angeles Sch. D i s t . , C a l i f .
G.O.
City and County of San
Francisco, C a l i f o r n i a
G.O.
Rev.-Ut.
City of P h i l a . Sch. D i s t . , Pa.
G.O.
St ate of Oregon
G.O.
Newfor
York
City $ New York
G.O.
Digitized
FRASER
12.5
1963-97
42.0
1965-92
25.0
1964-84
12.7
1963-82
79.6 1962-2002
30.0
1963-87
3.68
3.05
3.36
3.11
3.33
3.15
1.65-3.15
1.50-3.50
1.60-3. 40
Aa
Aaa
Aa
21.0
6.3
12.0
28.9
89.4
2.74
2.89
3.07
2.93
3.21
1.60-2.90
1.60-3.00^/
1.90-3.25^
2.00-4.00
1.70-3.50
Aa
Aa
A
Aa
A
1963-87
1963-82
1964-87
1965-92
1963-92
1.90-3.75.
A
2 . 0 0 - 3 . 2 5 2 / Aaa
A
2.10-3.50
K-2
-17-
Large I n d i v i d u a l I s s u e s Offered February 1 through 16 (Cont'd)
Issuer
Type 3/
Coupon
Amount
(mill ions
r a t e or O f f e r i n g
Rating
Maturity n e t i n t e r - y i e l d
of
dollars)
e s t cost
OTHER
Federal Land Banks
Bonds
6U.0 .
197b
lt-l/2
li.U6
*—Eights o f f e r i n g .
1 / Includes corporate and other s e c u r i t y o f f e r i n g s ^ o f $1$ m i l l i o n and over;
S t a t e and l o c a l government s e c u r i t y o f f e r i n g s "of.$10 m i l l i o n and over .
2/ Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal a g e n c i e s .
2 / In the case of S t a t e and l o c a l government s e c u r i t i e s , G.O. denotes g e n e r a l
o b l i g a t i o n s ; Rev.-Ut., revenue o b l i g a t i o n s secured only by income from
public u t i l i t i e s ; Rev.-Q.Ut., revenue bonds secured only by revenue from
o u a s i - u t i l i t i e s ; Rev.-S.T. revenue bonds secured by revenue from s p e c i f i c
t a x e s only; Rev.-Rent., revenue bonds secured s o l e l y by l e a s e payments.
h / 2 per cent bonds of 1992 r e o f f e r e d t o y i e l d 3.60 p e r c e n t .
5/ 0 . 1 per cent bonds of 1987 r e o f f e r e d t o y i e l d k.U5 p e r c e n t .
-18-
Exhibit L
Forthcoming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S, Treasuiy) 1 /
Expected Proceeds from forthcoming Large Issues
Date of
computation
1961 - Jan. 31
Feb. 28
Mar. 31
Apr. 28
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 29
1962 - J a n . 31
During month following
date shown
State and
Corporate l o c a l govt. Other 2 /
110
55
1,580
542
487
521
170
175
358
346
356
161
480
181
1307
559
;236
1431
195
406
1399
|25l
597
295
223
465
—
—
15
75
73
35
——
——
Subsequent t o •
date shown
. | S t a t e and .
Corporate | l o c a l R 0 V t > Other 2/
1,046
1,125
1,700
68?
611
666
255
21*0
$Ok
411
421
%
——
64
360
638
806
.
15
75
579
771
291
537
530
454
693,
498
10.5 '
567 •
73
35
64
Forthcoming Large O f f e r i n g s , as of February 16
Type
CORPORATE
Duke Power Co.
Consolidated Natural Gas Co.
Stokely-Van Camp Inc.
West Penn. Power Co,
P a c i f i c Gas & E l e c t r i c Co.
L i t t o n I n d u s t r i e s Inc.
Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )
1 s t mtg. bds,
S.F. deb.
Conv. sub. deb.
1 s t mtg. bds,
1st & ref.mtg.bds.
Conv, sub. deb.
50.0
25.0
15.0
30.0
65.0
50.7
4o.o
South European Pipeline Co.
*Long Island Lighting Co.
S.F. deb.
Com: s t k .
23.0
^Potomac E l e c t r i c Power Co.
Com. s t k .
22.0
Commerce Oil Refining Corp.
Deb., bds. & com.
45.0
Feb. 21
Feb..28
• Feb.
Mar. 6
Mar. 14
March
( r i g h t s expire)
March
l a t e March - e a r l y
( r i g h t s expire)
March
( r i ^ i t s expire)
Indefinite
STATE AND LOCAL GOVERNMENT
Chicago, I l l i n o i s
Maryland State Roads Commission
Lielaware State highway Dept.
New York Sta te Thruway Auth.
S
t e of Maryland
fort aFRASER
Digitized
G.O.
Rev.-Ut.
Rev.-lit.
Rev. —Ut.
G.O. -
27.5
74.0
28.0
-J5.0
27.7
Feb.
Feb.
Feb.
Feb.
*eb.
19
20
20
27
27
L-2
-19-
Forthcoming Large O f f e r i n g s , a s of February 16 (Cont'd)
Issuer
Type
Ambunt
Approximate d a t e
(miA ions
of o f f e r i n g
of d o l l a r s )
STATE AND LOCAL GOVERNMENT fCont'd)
^-Commonwealth of Massachusetts
*Prince Georges Co., Maryland
^Puerto Rico Water Resources Auth.
State of Tennessee
Orleans Parish Sch. D i s t . , La,
Columbus, Ohio
Georgia State Highway Auth.
Los Angeles Dept. of Wtr. & Pwr.,
California
Penna. Gen. Sta te Auth.
Denver, Colorado
D e t r o i t , Michigan
D e t r o i t School D i s t . , Mich.
Dade County, Florida
Jacksonville Expressway Auth., Fla.
G.O.
G.O.
Rev. - t i t . .
G.O.
G.O.
G.O.
Rev.-S.T.
Rev. -Ut.
Rev.-Rent.
0.0.
G.O.
, G.O.
G.O.
Rev.-Ut.
liO.O
•11.5
Hi.6
12.3
10.0
10.9
35.0
Feb.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
16.0^
25.0
15.0
15.0
10.0
il6.0
iiO.O
Mar. 7
Mar. 13
Mar, 13
Mar. 27 .
Mar. 27
Indefinite
Indefinite
27
27
26
28
28
1
1
OTHER
None
—Included in t a b l e f o r f i r s t time.
1 / Includes corporate and other i s s u e s of $15 million and over; S t a t e and l o c a l
government i s s u e s of $10 m i l l i o n and over.
2 j Includes foreign government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal a g e n c i e s .
Note.—Deletions f o r reasons other than s a l e of i s s u e : None.
y
V
SAVINGS AND LOAN ASSOCIATIONS
APPENDIX
Table 1
AMOUNTS OF WW SAVINGS CAPITAL
(Including Dividends Credited)
A. Unadjusted Data
(in millions of d o l l a r s )
Jan.
335
427
431
640
792
980
1,193
1,344
1,633
1,968
2,221
2,391
2,633
3,244
3,409
| Feb.
| Marc
220
239
273
330
382
412
551
64l
773
921
1,069
1,124
1,191
1,396
1,639
1,804
243
257
276
336
412
453
546
687
819
1,001
1,074
1,132
1,291
1,544
1,755
2,060
I Apr",
248
249
271
323
372
453
550
691
783
933
1,068
1,156
1,318
1,610
1,779
1,978
| May
B.
Jan.
214
271
302
368
395
489
1 Feb.
249
268
304
365
423
457
| Mar.
261
277
297
364
448
495
| Apr.
273
277
303
365
421
512
| June
270
247
280
237
2#
332
296
378
369
458
4#
551
526
670
620
845
702
1,005
901 1,262
1,038
1,409
1,085
1,497
1,197 , 1,726
1,408
2,093
1,556
2,383
1,877
2,758
| July
357
377
468
475
552
747
895
1,123
1,248
1,486
1,865
1,955
2,049
2,747
2,750
2,974
| Aug.
255
2<0
300
337
384
§11
683
836
1,0^2
1,168
1,207
1,327
1,561
1,855
2,003
| Sept. | Oct.
230
265
28?
317
380
455
585
680
801
981
1,010
i,i45
251
278
288
325
1:58
520
618
725
811
1,036
1,158
1,241
1,14.82
1,788
1,965
1,675
1,933
2,21-1
| Nov.
215
230
279
305
398
472
533
630
807
956
1,021
1,064
1,221;
1,374
1,5.86
1,87k
|. Dec.
| Total
273
3,144
317
3,Loo
3,878
365
421
i!-,U3U
502
5,307
602
6,407
811 7,844
907
9,425
1,145 11,074
1,329 13,481
1,456 15,304
1,602 16,429
1,920 18,481
2,197 21,792
2,408 24,676
2,757 27,705
Seasonally Adjusted Data
Tin millions of d o l l a r s )
| May
286
278
303
353
444
531
| June
271
278
326
368
442
526
"| July
269
284
352
357
413
557
| Aug.
282
277
334
378
434
581
| Sent. | Oct.
263
306
337
374
453
546
273
307
321
365
5l6
587
| Nov.
272
289
349
380
497
591
| Dec.
263
304
349
401
475
566
| Total
3,176
3,4l6
3,877
4,438
5,361
6,438
B.
1952
1953
195U
1955
1956
1957
1958
19 59
I960--
1961
606
7-1*1
835
1,011*
1,220
1,372
1,1*75
1,625
2,011*
2,120 •
617
723
881
1,061
1,250
1,332
1,1*30
1,692
1,996
2,197
596
753
905
1,117
1,209
1,288
1,1*71*
1,757
1,979
2,309
622
785
895
1,071*
1,229
1,327
1,506
1,831*
2,026
2,258
6ta
632
763
788
870
925
1,121 , 1,11*7
1,291* 1,268
1,358
1,337
1,506
1,527
1,785
1,833
1,980
2,067
2,391
2,376
C.
Year
1 Feb.
| liar.
191:6
156.1*
88.3
93.1
1;
is
1:1 I :
| Apr.
Seasonally Adjusted Data (Cont'd)
659
778
91*9
1,183
1,329
1,381
1,531
1,809
2,152
2,329
703
816
962
1,179
1,215
1,376
1,637
1,857
2,131
2,339
700
827
929
1,187
1,317
1,399
1,658
1,865
2,150 .
2,1(90
671
796
1,029
1,227
1,32k
1 ,hoo
1,639
1,859
2,158
2,557
86.1*
85.1*
81*.5
83.8
83.1
82.6
82.0
81.3
80.7
80.lt
80.2
79.9
79.5
78.9
78.6
78.5
78.5*
| June
99.6
100.7
101.8
102.8
103.7
10U.8
106.0
107.3
108.6
110.0
| July
| Aug.
\ Seot. | Oct.
132.7
90.lt
87 .h
#133.0
»•'
89.1
08U.7
| Nov.
11!! 111111
IIIfiIfilltil
~
™
*
1:1 &
*
755
836
7,867
9,b32
1,202
13,591
1,0U6 11,136
1,306 15,306
16, h.Ob
1,705 18,551*
1,914* 21,828
2,129 2k, 71*9
2,1*36 27,928
1,428
Seasonal Adjustment Factors
( i n per cent)
| May
90.7
90.0
89.3
88.6
88.U
88.lt
86.1:
88.0
87.5
86.9
87.0
87.1
87.5
87.8
87.8
87.6
87.5*
665
826
910
1,079
1,31*7
1,1*06
1,1*66
1,968
1,967
2,126
—2—
li
".5
83.8
111.1
112.0
113.0
111*. 2
115.3
116.1
116.5*
*
»
<
91.9
90.6
89.8
89.1
88.8
88.6
88.3
87.7
87.3
87.3
87.9
88.7
89.1*\
89.8
89.9
90.0*
79.0
79.5
79.9
80.3
80.1
79.9
79.1*
79.1
78.lt
77.9
77.1
76.0
71*.7
73.9
73.5
73.3*
«
| Dec.
IOU.O
10l*.2
10lt.7
105.0
105.6
106.1*
107.1*
108.5
109.5
110.6
111.5
112.2
112.6
113.0
113.1
113.2*
'
\
•
SAVINGS AND LOAN ASSOCIATIONS
-3-
Table 2
AMOUNT OF IJITHDRAUALS
A. Unadjusted Data
( i n Millions of d o l l a r s )
Jan.
2k5
281
3k9
398
k65
652
651
780
906
1,161
1,552
1,892
l,9k0
2,198
2,757
2,81k
| Feb.
151
155
191
207
2k6
338
352
396
k6o
597
717
817
813
986
1,232
1,253
| Mar.
159
170
213
228
276
362
358
U51
526
650
725
782
808
1,011
1,133
1,357
| Anr.
| Hay
lk8
lk7
182
198
2k6
279
296
352
376
k88
575
630
681
805
927
1,075
155
168
207
217
2k9
3lk
3ki
kl8
k63
616
7kk
850
960
1,19k
l,k08
1,562
B.
Year
19k6
19k7
19k 8
19k9)
1950
1951
Jan.
15k
175
213
237
272
376
[ M a r . . 1 Apr.
168
173
215
232
275
376
165
177
221
237
286
375
167
182
227
2k2
280
356
f June
| July
112
272
129
315
155
U13
h2Q
173
21k
613
230
627
262
75'1
9k8
3k5
k03 , 1,072
532
1,379
617
1,733
661 2,018
1/987
777
2,#8
997
1,166
2,605
2,866
1,395
| Aug.
177
189
2kl
265
380
362
388
1+80
570
760
887
961
975
1,169
1,371
1,518
| Sent. | Oct.
170
190
219
2k8
327
321
382
1:56
523
713
7k5
628
927
1,112
1,189
1,30k
162
187
206
232
311
330
365
k22
I467
620
755
882
978
1,258
1,268
1,517
| Nov.
H|2
168
207
231
287
305
329
395
k?6
55k
638
679
7kk
89k
955
1,100
| Dec.
| Tptal
2,006
113
139
2,239
1U8 2,732
163
2,988
206
3,820
207
k,327
28k
U,759
327
5,78k
1|15 6,657
8,590
5ok
610 10,298
66k 11,66k
828 I 2 , k l 8
1,060 15,188
1,036 17,0k7
1,223 18,98k
Seasonally Adjusted Data
T i n millions' of doll; irs)
| Hay
130
180
225
2k8
312
361
| June"""["July
16k
189
228
256
317
3k0
162
185
239
2k3
3k2
3k3
["""Aug* f Sept. \ Oct.
172
183
23k
2#
372
358
173
195
228
262
350
3k7
173
203
226
258
350
378
| Nov.
169
199
2k5
275
3k6
375
| Deer"
Total
172
216
235
26k
337
336
2,019
2,257
2,736
3,011
3,839
k,321
B.
Jan.
371
439
501
629
824
98?
1,003
1,133
1,426
1,457
| Feo.
391
440
515
676
823
948
953
1,165
1,461
1,483
| har.
370
468
555
706
612
907
961
1,218
1,362
1,629
| Apr.
388
474
524
691
823
922
1,020
1,246
1,450
1,597
| Hay
S e a s o n a l l y A d j u s t e d Data ( C o n t ' d )
| June
| July
381
U93
%
393
480
527
701
735
84l
886
s a
939
1,027
1,223
1,018
1,272
1,1*17
1,646
1,1(50
1,703
4o4
502
558
709
833
1,029
1,015
1,321
1,356
1A93
[ Aug.
388
182
574
767
90k
994
1,025
1,245
i,U73
1,638
-4-
| Sept. | Oct.
417
503
586
811
861
971
1,098
1,324
1,417
1,554
424
5oi
56o
744
891
1,018
1,104
i,4oi
i,4oo
1,667
| Nov.
| Dec.
414
511
633
760
902
988
1,105
1,342
1,443
1,667
| Total '
454
U, 795
513
5,806
61*1 6,739
766
8,6#
910 10,318
971 11,560
1,186 12,515
1,1*17 15,307
1,^1*3 17,098
1,691* 19,233
Seasonal Adjustment F a c t o r s
( i n per c e n t )
Jan. T ? e t > .
158.7
160.7
161*. 1
167.6
171.1
173.1*
175.4
177.6
180.7
181*. 5
188.3
191.6
193.1*
194.0
193.4
193.2
193.1*
I far.
89.9
89.4
89.0
89.2
89.5
89.9
90.1
90.1
89.4
88.3
C7.1
86.2
85.3
84.6
84.3
84.5
84.6*
For n o t e s see Table 1 .
96.1
96.0
96.2
96.2
96.4
96.6
96.8
96.3
94.7
92.1
89.3
86.2
84.1
83.0
83.2
83.3
83.4*
1 Apr.
92.9
92.2
91.1
89.8
88.8
88.1
87.9
88.1
88.4
89.2
90.4
92.2
94.1
95.8
97.1
97.8
98.2*
I ray
82.0
81.5
80.9
80.0
78.8
77.3
75.4
73.3
71.3
69.6
68.1
67.1
66.3
65.8
65.4
65.3
65,3*
|
' '| J u l y
68.4
68.3
68.1
67.6
67.5
67.7
68.7
70.0
71.3
72.4
73.4
74.6
76.3
78.4
80.4
81.9
82.7 *
167.4
169.9
172.5
176.1
179.3
183.0
185.7
189.0
192.0
194.6
196.2
196.2
195.7
193.7
192.1
191.3*
| Au~^~"l~sSirt77 ^c't.
102.7
103.1
98.3
97.4
103.0
94.6
93.3
92.4
91.6
103.2
102.1
101.1
100.1
99.6
99.3
99.1
98.1
96.7
95.1
93.9
93.1
92.7*
96.0
90.6
89.3
87.9
86.5
85.3
84.4
84.0
83.9
83.9*
93.6
92.3
91.1
89.9
88.8
87.4
86.0
64.3
83.4
83.3
84.7
86.6
88.6
89.8
90.6
91.0*
| Pov.
84.1
84.6
84.6
84.1
. 83.0
81.3
79.4
77.3
75.2
72.9
70.7
68.7
67.3
66.6
66.2
66.0*
|'
Dec.
65.6 '
64.4
62.9
61.7
61.2
61.6
62.5
63.7
64.7
65.8
67.0
68.4
69.8 "
71.0
71.8
72.2*
SAVINGS Am LOAN ASSOCIATIONS
'
-5-
Table 3
MET NEW
SAVINGS CAPITAL
Amount of new savings c a n i t a l , l e s s amcunt withdrawn, i n m i l l i o n s of d o l l a r s )
A.
"Jan.
5
ii
ifo
5,3
[Feb.
69
81*
82
123
136
71*;
199
21*5
313
321*
352
307
378
1*10
W
551
5?1
1
| Far,
| Apr.
81*
87
63
108 .
1136
,A
^91
188
236
293
351
3k9
350
1*83
533
622
703
93
81
61*
106
"123
&*3
139
209
273
320
317
321*
306
358
1*16
371
1*16
Ul6
1 1
;1 I
| May
99
89
71*
98
123
j160
g
220
268
326
1*13
1*63
k55
516
603
629
802
I
»
| June
I
$
Unadjusted.
| July
g
g
| Au?.
g
8
| Sept, | Oct!
s
g
s
8
| Nov.
s
I:
j "g
^'
^"
11(7
^
190
111
103
1*90
661
721*
77k
| Dec.
| Total"
s Si
m ;•$
296
1.U87
IllU u i i u i
li
1,363
167
395
2,080
1,53k
8,721
| Dec.
| Total
Seasonally Adjusted
-—Lf^b.
60
96
89
131
123
113
235
81
95
89
133
11*8
81
226
jjjar.
96
100
76
127
162
120
226
|~Apr.
106
95
76
123
11*1
156
231*
| Hay
106
98
78
105
132
170
21*8
T June
107
89
98
112
125i
186
251
| July
107
99
113
111*
71
211*
261
| Aug.
110
9k
100
121
62
223
271
| Sent. p Q c t .
TO
111
109
112
103
199
286
100
10l*
95
107
166
209
276
| Nov.
103
90
10U
105
151
216
257
91
83
llli
137
138
230
301
1,157
1,159
1,11*1
1,1*27
1,522
2,117
3,072
B.
Jan.
302
33b
305
396
385
472
492
588
663
| Feb.
283
366
385
1*27
381*
477
527
535
714
| Mar.
285
350
411
397
381
513
539
617
680
For notes see Table 1 .
| Apr.
311
371
383
1*06
1*05
486
588
576
661
Seasonally Adjusted (Cont'd)
| May
283
343
1*20
1*50
1*19
479
562
563
745
| June
2#
360
412
1*27
1*51
509
561
617
673
| July
321*
352
370
461*
377
451
647
611
628
| Aug,
296
375
4l6
1*25
38?
5o6
564
679
691
-6-
| Sept. | Oct,
313
376
368
351*
1*05
539
533
714
785
326
" 369
443
1*26
381
554
464
750
823
| Nov.
28$
396
1*6?
1*22
1*12
534
517
715
69 0
| Dec.
| Total
323
405
1*36
396
1*57
519
527
686
742
3,626
4,397
4,896
1*,990
4,81*1*
6,039
6,521
7,651
8,696
@FedFRASER