Full text of H.16 Capital Market Developments : February 5, 1962

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Not f o r P u b l i c a t i o n
ttrlir

DECONTROLLED AFTER SIX MONTHS
February 5, 1962.

I
pA-pTT^j, ^RKF.T DEVELOPMENTS
' IN THEUNITED STATES

;

.ond

l c l u d i n g Monthly Review of C a p i t a l Market Developments
ar d New S e a s o n a l l y A d j u s t e d Data on Deposits and Withdrawals
a t Mutual Savings Banks)

The volume of 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 l i g h t l a s t week b u t i s expected t o be s u b s t a n t i a l t h i s week. During
t h e week ending February 2, no l a r g e c o r p o r a t e s e c u r i t y i s s u e s were
o f f e r e d and two S t a t e and l o c a l government bond i s s u e s a g g r e g a t i n g $32
m i l l i o n were s o l d . This week, ending February 9> one c o r p o r a t e s e c u r i t y
o f f e r i n g f o r $50 m i l l i o n i s scheduled and f o u r S t a t e and l o c a l bond i s s u e s
with p a r v a l u e of $159 m i l l i o n a r e on t h e c a l e n d a r . The F e d e r a l Land Banks
a r e a l s o p l a n n i n g t o s e l l &L55 m i l l i o n of l o n g - t e r m bonds of which $61;
m i l l i o n i s f o r new c a p i t a l .
Bond y i e l d s . Bond y i e l d changes were mixed l a s t week. Yields
on A a a - r a t e d S t a t e and l o c a l bonds d e c l i n e d f o r t h e s i x t h week i n a row,
d e c r e a s i n g 5 more b a s i s p o i n t s t o 3.12 p e r c e n t ; t h i s matched t h e i r 1961
low and was 19 b a s i s p o i n t s below t h e end of 1961 l e v e l . B a a - r a t e d S t a t e
and l o c a l y i e l d s d e c l i n e d 8 more b a s i s p o i n t s to 3 . 8 8 p e r c e n t , t h e lowest
l e v e l s i n c e J u l y 1959 and 16 b a s i s p o i n t s below t h e i r - end of 1961 l e v e l .
Y i e l d s on l o n g - t e r m U. S. Government bonds i n c r e a s e d 2 b a s i s p o i n t s and
y i e l d s on A a a - r a t e d c o r p o r a t e bonds i n c r e a s e d a s i n g l e b a s i s p o i n t . 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 d e c l i n e d a s i n g l e b a s i s p o i n t .
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 rates., Y i e l d s on 3-month
and 6-month Treasury b i l l s i n c r e a s e d 2 and 3 b a s i s p o i n t s , r e s p e c t i v e l y ,
l a s t week while y i e l d s on 3 - 5 y e a r U. S. Government o b l i g a t i o n s i n c r e a s e d
3 b a s i s p o i n t s t o t h e i r h i g h e s t l e v e l s i n c e J u l y i 9 6 0 . The average r a t e
of i n t e r e s t 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 with 90-179 day
m a t u r i t y d e c l i n e d 3 b a s i s p o i n t s t o 3.00 p e r c e n t , 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 change i n t h e a d v e r t i s e d r a t e begun J a n u a r y 26. The F e d e r a l
f u n d s r a t e i n c r e a s e d 65 b a s i s p o i n t s from t h e r e v i s e d l e v e l of t h e p r e v i o u s
week t o 1 . 9 5 p e r c e n t . Other 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
were unchanged.
Mortgage r e c o r d i n g s . 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
on a three-month moving average b a s i s — r o s e f u r t h e r i n October, t o a r a t e
of $2,775 m i l l i o n . This about matched t h e record high i n J u l y of 1959
and was a s i x t h above t h e low a t the s t a r t of 1 9 6 l . I n November, c o n v e n t i o n a l
l o a n s d e c l i n e d about s e a s o n a l l y ; f r o m a very advanced October l e v e l , w h i l e
Government-underwritten l o a n s i n c r e a s e d c o n t r a - s e a s o n a l l y f u r t h e r .
Stock p r i c e s . Common stock 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 , which had d e c l i n e d moderately o v e r
t h e p a s t s e v e r a l weeks, i n c r e a s e d on b a l a n c e more t h a n 2 per cent l a s t week,
c l o s i n g a t 6 9 . 8 1 on February 2. T r a d i n g volume was moderately heavy,




-2-

averaging 3.7 million shares a day, an i n c r e a s e of 0 . 1 m i l l i o n from the
previous week.
February s e c u r i t y volume. Security f i n a n c i n g t o obtain new
c a p i t a l by both corporations and State and l o c a l governments i s expected
t o be very l a r g e t h i s month.
Corporate s e c u r i t y f i n a n c i n g i s expected t o t o t a l $950 m i l l i o n
i n February, t h r e e - f i f t h s l a r g e r than i n January and about o n e - t h i r d more
than in February of the two previous y e a r s . Highlighting t h i s month's
financing w i l l be a $300 m i l l i o n AT&T debenture i s s u e which w i l l be the
l a r g e s t s t r a i g h t bond i s s u e ever o f f e r e d through competitive bidding.
State and l o c a l governments are expected t o o f f e r #900 million
in bonds i n February, s l i g h t l y more than t h e revised t o t a l f o r January and
about t w o - f i f t h s l a r g e r t h a n the average f o r February of t h e p a s t two y e a r s .
Capital markets i n January. New s e c u r i t y financing by corporat i o n s was in moderate volume in January while the volume of f inancing by
S t a t e and l o c a l governments was s u b s t a n t i a l .
Corporate long-term f i n a n c i n g in January t o t a l e d $600 m i l l i o n ,
s l i g h t l y more than in January of the p a s t two y e a r s , but almost o n e - t h i r d
l e s s than i n December when the bulk of the month's f i n a n c i n g was accounted
f o r by l a r g e takedowns of p r i v a t e placements which u s u a l l y occur a t y e a r end. Public o f f e r i n g s i n January were i n the smallest volume since l a s t
September and had r e l a t i v e l y l i t t l e impaction market y i e l d s .
Large public o f f e r i n g s l a s t month c o n s i s t e d primarily of nonc o n v e r t i b l e bonds which t o t a l e d $170 m i l l i o n , l e s s than i n any month s i n c e
September; common stock o f f e r i n g s were a l s o small, amounting to $25 m i l l i o n .
Underwriters experienced some d i f f i c u l t y i n d i s t r i b u t i n g one l a r g e i s s u e .
e a r l y i n the month a t the o r i g i n a l o f f e r i n g y i e l d and over one-half of t h e
i s s u e was not sold u n t i l mid-month when t h e syndicate p r i c e agreement was
terminated and the bonds d i s t r i b u t e d a t y i e l d s s l i g h t l y higher than t h a t
o r i g i n a l l y o f f e r e d . Most other i s s u e s sold during t h e month were well
received. The volume of s e c u r i t i e s s t i l l i n syndicate t h e r e f o r e declined
to a nominal amount a f t e r the above mentioned syndicate was terminated.
Average y i e l d s on new o f f e r i n g s , a d j u s t e d t o a Aaa-basis,
increased another 6 b a s i s p o i n t s during the month t o U.U5 per cent as underw r i t e r s continued t o a d j u s t t h e i r bids i n order to d i s t r i b u t e new o f f e r i n g s .
Yields on seasoned i s s u e s , on t h e other hand, declined s l i g h t l y with y i e l d s
on Aaa-rated bonds declining 2 b a s i s p o i n t s to luli2 p e r cent.
New bond issues of State and l o c a l governments t o t a l e d $850
million in January, b e t t e r than one-half l a r g e r than in December and onef i f t h more than i n January of the p a s t two y e a r s . Included in t h i s subs t a n t i a l volume of new f i n a n c i n g was $180 million in bonds of the Massachusetts
Turnpike Authority sold by n e g o t i a t i o n ; the Authority had u n s u c c e s s f u l l y
t r i e d to s e l l t h e s e bonds on several occasions during the f i r s t half of 196l.




Underwriters of municipal s e c u r i t i e s generally encountered very
f a v o r a b l e buyer response t o c u r r e n t y i e l d s on new i s s u e s as w e l l as on
s e c u r i t i e s in i n v e n t o r i e s ; as a r e s u l t a d v e r t i s e d i n v e n t o r i e s of unsold
s e c u r i t i e s declined by almost $100 m i l l i o n f u r t h e r t o around #270 m i l l i o n .
Although the volume of new municipal s e c u r i t i e s coming i n t o the market i n
January was s u b s t a n t i a l , the heavy demand f o r t h e s e s e c u r i t i e s brought
about a s u b s t a n t i a l d e c l i n e i n y i e l d s j y i e l d s on Aaa-rated i s s u e s declined
19 basis p o i n t s during t h e month to 3.12 p e r c e n t , equal to the low f o r
1561.
Common stock p r i c e s declined moderately during January. P r i c e s ,
as measured by Standard and P o o r ' s composite index of 500 stocks, closed
the month a t 68.81*, f o u r p e r cent below the end of December l e v e l and
f i v e p e r cent under the record higfc of December 12, Trading was moderately
a c t i v e throughout the month, averaging 3.6 m i l l i o n shares a day, somewhat
l e s s than the s u b s t a n t i a l December average but l a r g e r than i n most other
recent months.
Seasonally a d j u s t e d d e p o s i t flows through mutual savings banks. .
The c h a r t on the next page, and t h e t a b l e s shown i n the appendix, p r e s e n t
seasonally a d j u s t e d monthly data on gross new d e p o s i t s t o and withdrawals
from r e g u l a r accounts a t mutual savings banks. The c h a r t w i l l be included
in t h i s r e p o r t re g u la r l y in the f u t u r e as hew 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 deposits
and withdrawals were r e l a t i v e l y s t a b l e i n the l a t e r p a r t of 1961 a f t e r
i n c r e a s i n g s u b s t a n t i a l l y e a r l i e r in t h e y e a r . They a l s o i n d i c a t e t h a t
r e c e n t c y c l i c a l movements in the n e t inflow of d e p o s i t s a t mutual savings
banks have r e s u l t e d p r i m a r i l y from changes i n the l e v e l of withdrawals,
r a t h e r than in new d e p o s i t s . Thus the d e c l i n e in t h e net inflow of funds
in l a t e 1958 and in 1959 r e f l e c t e d an i n c r e a s e in withdrawals, and the
subsequent i n c r e a s e i n the n e t flow in i960, a d e c l i n e in withdrawals.
The following paragraphs d i s c u s s b r i e f l y the nature and r e l i a b i l i t y of
t h e s e new s e a s o n a l l y a d j u s t e d s e r i e s .
Regular accounts comprise the bulk of d e p o s i t s a t mutual savings
banks (about 99 pel c e n t ) . The p r i n c i p a l types of d e p o s i t s excluded are
Christmas and other club accounts, i n d u s t r i a l ( p a y r o l l ) and school savings
accounts. Deposit and withdrawal data f o r t h e s e s p e c i a l i z e d types of
accounts a r e not a v a i l a b l e , but t h e i r exclusion does not m a t e r i a l l y a f f e c t
the seasonally a d j u s t e d deposit d a t a . Although the unadjusted n e t change
in such d e p o s i t s can be s u b s t a n t i a l ( p a r t i c u l a r l y in November when Christmas
club deposits a r e withdrawn), the major v a r i a t i o n s a r e almost e n t i r e l y of
a seasonal n a t u r e . Gross new d e p o s i t s , as shown on the c h a r t , include
i n t e r e s t c r e d i t e d (data on new d e p o s i t s excluding i n t e r e s t c r e d i t e d , however,
i s shown i n the Appendix). i n t e r e s t c r e d i t e d has represented about 10 p e r
cent of gross deposits (including i n t e r e s t ) in recent years and has
accounted f o r the bulk of the net increase i n r e g u l a r accounts a t sayings
banks.




DEPOSITS AND WITHDRAWALS

Monthly, odjuilt j (o i




—

MUTUAL S A V I N G S BANKS

-5The deposit and withdrawal data have been s e a s o n a l l y a d j u s t e d
by the standard machine method which computes moving- seasonal f a c t o r s ;
the n e t change in d e p o s i t s has n o t been a d j u s t e d independently, but
r e p r e s e n t s the d i f f e r e n c e between t h e seasonally a d j u s t e d new deposit
and withdrawal s e r i e s . Direct seasonal adjustment of t h e n e t deposit data
presented c e r t a i n t e c h n i c a l problems and-also r e s u l t e d in a somewhat more
e r r a t i c s e r i e s than the one derived from t h e seasonally a d j u s t e d new deposit
and withdrawal d a t a . Moreover, use of the derived s e r i e s r e s u l t s i n cons i s t e n t new d e p o s i t , 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 t h e 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 t h e same period because of t h e
n a t u r e of the adjustment technique u t i l i z e d .
Both the deposit and withdrawal data before seasonal adjustment
have wide month-to-month f l u c t u a t i o n s ; the average monthly percentage
change ( d i s r e g a r d i n g signs) of t h e new deposit s e r i e s during the postwar
period was 18 per cent while t h a t of t h e withdrawal s e r i e s was 26 p e r 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 t o
about it per c e n t ; most of t h e s e remaining month-to-month changes r e p r e s e n t
e r r a t i c movement i n t h e s e r i e s . A f u r t h e r smoothing of the curves through
use of a six-month moving average i s shown on the c h a r t , and serves t o
bring out t h e r a t h e r small c y c l i c a l movements c h a r a c t e r i s t i c of the data
in recent years.
Much of seasonal movement of new deposits and withdrawals r e s u l t s
from the timing of i n t e r e s t c r e d i t e d to savings accounts. I n t e r e s t accrues
on d e p o s i t s each month but i s c r e d i t e d to such accounts l e s s f r e q u e n t l y .
Currently, i n t e r e s t i s c r e d i t e d most commonly a t t h e end of t h e l a s t month
of each calendar q u a r t e r , but the t o t a l amount of i n t e r e s t c r e d i t e d i n
June and December i s l a r g e r than i n the other q u a r t e r s since some banks are
s t i l l - on a soni-annual b a s i s . One of t h e reasons f o r t h e change in t h e
seasonal p a t t e r n of d ep o s i t s i n t h e postwar period has been the i n c r e a s i n g
proportion of banks c r e d i t i n g i n t e r e s t q u a r t e r l y , ( i t should be noted,
however, t h a t a l l i n t e r e s t i s not c r e d i t e d in the months a t end of calendar
q u a r t e r s , f o r some banks have o t h e r than calendar y e a r f i s c a l p e r i o d s . )
The months following the end of the calendar q u a r t e r a l s o tend t o be periods
of seasonally l a r g e new d e p o s i t s , probably because d e p o s i t o r s a t o t h e r
savings i n s t i t u t i o n s wait to t r a n s f e r balances u n t i l 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 . February, May, August and
November a r e the s e a s o n a l l y low months f o r new d e p o s i t s .
The seasonal p a t t e r n of withdrawals a l s o r e f l e c t s the timing
of i n t e r e s t payments, f o r d e p o s i t o r s tend—to wait u n t i l they r e c e i v e
i n t e r e s t b e f o r e withdrawal of funds; f o r t h i s reason withdrawals a r e
l a r g e s t i n the f i r s t month of each calendar q u a r t e r . During t h e postwar
p e r i o d t h i s seasonal p a t t e r n has become more pronounced^ probably r e f l e c t i n g
the i n c r e a s e in i n t e r e s t r a t e s paid on d e p o s i t s — i . e . , d e p o sitor s have
more to gain by waiting u n t i l i n t e r e s t has been c r e d i t e d than they had
when i n t e r e s t r a t e s were lower.




More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented 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 Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of the Federal Reserve System.




EXHIBIT A
LONG-TERM

B O N D YIELDS

HIGH-GRADE

LOWER-GRADE




Exhibit B - Tables f o r Exhibit A
Long-term Bond Yields
High-grade
Date

Corporate
Aaa 1 /

State and
local
government
Aaa 3/

U. S. Govt.
long-term 2 /
(per cent)

Spread between
U. S. Govt, and
Corporate• State and
Aaa
l o c a l Aaa

1951* - Low
1957 - High
1958 - Low
1959-60 - High
I960 - Low
1961 - High
Low

U.23 ( 9 / 9 )
1*.1*6 (9/15)
It. 21 (3/17)

3,75 ( 8 / 5 )
1*.07 (12/29)
3.70 (5/12)

2.99 ( 9 / 1 )
3.37 17/6)
3.12 (2/23)

Jan.
Jan.
Jan.
Jan.
Feb.

U. U3
h.h2
k.hr
i*.a
k.bZ /

U.06
ii.06
1*.08
1*.08
L10

3.26
3.22
3.19
3.17
3.12

5
12
19
26
2 2/

2 . 8 5 (4/23)
h . l h (9/27)

3.55

(5/2)

I4.6I (1/29/60)

2.1*5 ( 8 / 6 )
3 . 7 6 (10/18)
3 . 0 7 (4/25)

1.90
3.1*5

(9/2)
(8/29)

1*. 1*2 (l/a/60)

3.65

(9/24/£9)

.30
,60
.22
.59
.19
.57
.31*

2.6I4 (5/1)

.30
.50
.3U
.92
.53
.76
.1*6

•
-

.80
.86
.89
.91
.98

.37
.34
.33
.32

Lower-grade
Date

Corporate
Baa 1 /

State and
l o c a l govt.
Baa y

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

(per cent)
1951* - Low
1957"- High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low
Jan.
Jan.
Jan.
Jan.
Feb.

5
12
19
26
2 g/

3.1*1* (12/31)
5 . 1 0 (11/29)
1*.51 (7/11)
5 . 3 6 (2/12/60)
1*.98 ( 9 / 9 )

2.93

(8/5)

l * . 5 l (6/29)

3.6I4 (5/1)

1*.1*6 (1/7/60)
3.98

(12/29)

5.13 (10/27)
5.00 (ii/21)

1*.16 (3/23)
3.93 (11/9)

5.11
5.09
5.08
5.085.07/

h.OU
u.ou
LOO
3.96
3.88

.52
1.27
.77
.81*
.71
.81
.66
.68
.67
.66
.67
• .65

E/ Preliminary.
1 / Weekly a v e r a g e of d a l l y f i g u r e s . Average t e r m of beads i n c l u d e d i s 23 - 2 6 y e a r s .
2 / Meekly a v e r a g e of d a l l y f i g u r e s . The s e r i e s I n c l u d e s bonds due or c a l l a b l e i n 10 y e a r s o r mors.
3 / Thursday f i g u h e s . Only g e n e r a l o b l i g a t i o n bonds a r e included* average term i s 20 y e a r s .
Note.—Higha and lows a r e f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s f o r d i f f e r e n t s e r i e s #
tor s p r e a d s , h i g h r e f e r s t o w i d e s t , and low t o n a r r o w e s t .




.96
1.21
.93
1.08

.

.93
.57
.78
.82
.81
.79
.76

SHORT-

AND

INTERMEDIATE-

TERM INTEREST

GOVERNMENT

M-

BANKS

AND

OTHER

PRIVATE

J IN A W ( E ( O M f A W V f A H I _

Directly flflnd

1159




BORROWERS

RATES

-11-

E x h i b l t D - Tables f o r E x h i b i t C
£ h o r t - and I n t e r m e d i a t e - t e r n I n t e r e s t hates
Government
Date

Discount
rate

19514 - Low
1957 - High
1958 - Low
1959-60 - High
I960 - Low
1961 - High
Low
Jan.
Jan.
Jan.
Jan.
/Feb.

5
12
19
26
2 2/

1.50
3.50
1.75
Loo
3.00
3.00
3.00
3.00
3.00
3.00
3.00
-3.00

Yields
6-month
b i l l s 2/
( p e r cent)

3-month
b i l l s 2/

V

. 6 1 (6/11)
3.61* ( l o / i a )
.58 ( 5/29)

4.59 (1/8/60)
2.11

(10/28)

3-5 year
issues 2/

Spread between y i e l d s on
3-month b i l l s and y i e l d s 01
6-mo. b i l l s | 3 - 5 y r . issues

3.86 (8/11)
3.15 (5/12)

.26
.79
.16
.44
.12

.66
.86
.04
1.81
.38
1.51
.92

3.79
3.83
3.87
3.85
3.88

.24
.24
.17
.22
.23

1.07
1.05
1.14
1.18
.1.19

1 . 6 6 (4/30)
4 . 0 4 (10/ia)

3 . 02 (12/26)

2.14 (6/6)

5.07
2.38

5 . 0 0 (12/24/68)
3 . 4 0 (12/30)

(1/8/60)
(12/30)

2.66 (12/29)
2.17 (1/27)

2.90 (12/29)
2.35 (4/28)

2.72
2.78
2.73 .
2.67
:
2.69/

2.96
3.02
2.90
2.89
2.92

Banks an#. Other, P r i v a t e Borrowers
Date

Prime
rate 1 ]

Stock Exchange
c a l l loan 1/

Finance company
paper 3 /

Spread between
Federal
3-roo. b i l l s and
funds 4 / • f i n a n c e co. paper

(per cent)
1954 - Low
1957 - High
1958 - Low
-4.959-60 - High,
I960 - Low
1961 - High
Low
Jan.
Jan.
Jan.
Jan.
Feb.

5
12
19
26
2 2/

3.00
4,50
3.50
5.50
4.50
4.50
4.50

3.00
4.50
3.50
5.00
4.50
4.50
4.50

4.5o
4.50
4.50
4.50
4.50

4.50
' 4.5o
4.50
4.50
4.50

1.25 (12/31)
3.88 (li/is)
1-.13 (a/a)

n.a.
3.50 (ii/e)
.13 ( V 2 8 )

5'. 1 3 (1/22/60)
2 . 8 8 (12/30)

4 . 0 0 (5/13/60)
. 9 5 (12/2)

3.00 (12/29)
2.50 (7/28)

2.88 112/29)
.43 U / 2 7 )

3.00
3.09
3.11
3.03
3.00

2.63
1.85
2.55
1.30
1.95

r/

0
.63
-.35
1.02
.22
.56
.11
.28
.31
.38
.36
.31

1/

Weekly r a t e show* t S i t t t o V l n e f f e o t a t end of p e r i o d . Discount r a t e l a f o r f e d e r a l Reserve Bark of New York.
Stuck Exohange c a l l lcaft r a t e l a going r a t e on o a l l loans secured by customers' stook exchange c o l l a t e r a l a t
Nan York City banks, Prime r a t e i s t h a t charged by l a r g e banks on a h n r t - t e r * loans t o business borrowers of
the highest credit standing.
2 / Market y i e l d ; weekly averages computed from d a l l y c l o s i n g bid p r i c e s . S e r i e s of 3-5 year l s s u s a c o n s i s t s of
eeluoted notes and bonds.
«
3 / Average of d o l l y r a t e s published by finance companies f o r d i r e c t l y p i t i e d paper f o r varying m a t u r i t i e s I n the
90-179 day r e p y e .
4 / Weekly average of d u l l y e f f e c t i v e , r a t e , whloh I s t h e r a t e f o r the h e a v i e s t voluae of purohose and eale t r a n s i t i o n s
B» r e p o r t e d t o t h e Federal Reserve Bank of Now York.
'
Mot*.—Highs and lows are f o r i n d i v i d u a l e e r i e • and may be on d i f f e r e n t date# f o r d i f f e r e n t d a t e * for d i f f e r e n t a e r i e s .
For s p r e a d s , high r e f e r a t o w i d e s t , and low t o narrowest.




jf^
$

l-l
STOCK MARKET

1941-43 *vim» = lfl

Millions of Dollars

CI * All IT CIE D

75" CHANGE IN SEIIES
I
'
—^X-T
Millions of Snores

,,,,,||,|,|

1 1 l II 1 1 1 1 1 1

AJ-i 1 1 1 1 1 1 1 1

1 1-1 i-LUJ-U^

MORTGAGE RECORDINGS AND LOANS

Monthly

a

1954

Billions of dollars

1*5%.

1956




1957

1951

1959

19*0

19*1

-13-

E x h i b i t F - Tabl->3 l o r kixhiLit
Stock Market
Stock p r i c e
index 1 /

Date

1960-61 - High
Low
1962 - high
Low
December
January
J a n . 19
J a n . 26
Feb. 2 D /

72. OU (12/8/61)
53.32 (10/21/60)

Common
Trading
stock
volume 3 /
yields 2/ (millions
( p e r c e n t ) bf shares)

69.81 (2/2/62)

68.13 ( 1 A 6 / 6 2 )

2.82
3.62
2.94
2.9k

5.8
2.2
3.9
3.6

71.7 4
69.07
68.75
68.13
#.81

2.85
2.97
2.98
3.01
2.9k

4.1
3.7
3.6
3.6
3.7

Stock market customer c r e d i t
Customers 1
Bank
d e b i t b a l - loans t o
ances 4/
"others" $/
( I n m i l l i o n s of d o l l a r s )

Total

5,602 dV6i)U,259 (12/6I)
4 , 1 4 2 ( 5 / 6 0 ) 3 , 0 0 U (7/60)

1 , 3 7 7 ( 8/30/61)
1 , 1 2 1 (5/25/60)

n.a.
n.a.

n.a.
n.a.

n.a.
n.a. .

2,602

4,259
n.a.
n.a.
n.a.
n.a.

1,343

n.a.
n.a.
n.a.

W48
1,348

n.a.—Not a v a i l a b l e .
g/ P r e l i m i n a r y .
~~
1 / Standard and Poor 1 a composite Index of 500 common s t o c k s , weekly c l o s i n g p r i c e s , 1941-43-10, Monthly d a t a a r e
a v e r a g e s of d a i l y f i g u r e s r a t h e r than of F r i d a y ' s o n l y . Highs and lows are for F r i d a y s ' data only,
2 / Standard and P o o r ' s composite stock y i e l d based on Wednesday data converted t o weekly c l o s i n g p r i c e s by Federal
Reserve. Yields shown a r e f o r d a t e s on which p r i c e index reached i t s h i g h or low.
3 / Averages of d a i l y t r a d i n g volume on t h e New York Stock Exchange.
4 / End of month f i g u r e s f o r member f i r m s of t h e New York Stock Exchange which c a r r y margin accounts; excludes balance s
secured by U. S . Government o b l i g a t i o n s .
5 / Wednesday f i g u r e s f o r weekly r e p o r t i n g member banks. Excludes loans f o r purchasing or c a r r y i n g U. S . Government
s e c u r i t i e s . P r i o r t o J u l y 1 , 1959, such loans are excluded only a t banks i n New York and Chicago. Weekly r e p o r t i n g
banks account f o r about 70 per cent of l o a n s t o o t h e r s . For f u r t h e r d e t a i l see B u l l e t i n .

Nonfarm Mortgage Recordings and Loans 1 /
Date

I960 - Nov.
Dec.
1961 - Jan.
Feb.
Mar.
Aor.
May
July
Aug.
Sept.
Oct.
Nov.

Total
Unadjusted
Seasonally
Unadjusted
FHA
VA
adjusted 2/
( M i l l i o n s of d o l l a r s )

Conv.

150
142
132
108
125
109
123
137
144
182
168
201
206

1,824
1,806
1,533
1,548
. 1,972
1,931
2,228
2,333
2,122
2,359
2,186
2,328
2,064

2,426
2,407
2,373
2,307
2,398
2,476
2,561
2,581
2,652
2,652
2,723
2,775
n.a.

2,378
2,338
2,075
• 1,997
2,444
2,358
2,700
2,85f
2,653'
3,004
2,777
2,961
2,754

404
390
410
341
348
318
349
386
386
463
422
432
484

n.a.—Not available.
1 / Total recordings data are e s t i m a t e s based on r e p o r t s from about 450 a r e a s and Include mortgages of
$20*000 or l e s s secured by nonfarm r e a l e s t a t e , p r i m a r i l y r e s i d e n t i a l p r o p e r t i e s . FHA-insured loans
r e p r e s e n t g r o s s amount of insurance w r i t t e n , and VA-guaranteed loans t h e gross amount of loans c l o s e d ,
on 1 - 4 family h o u s e s . Conventional d a t a are d e r i v e d a s a r e s i d u a l , a l t h o u t f i t o t a l recordings and VA
and FHA l o a n s a r e not s t r i c t l y comparable i n concept or t i m i n g .
2 / Three-month moving a v e r a g e , s e a s o n a l l y a d j u s t e d by Federal Reserve.
Source, Federal Home Loan Bank Board, Federal Housing Administration and Veterans A d m i n i s t r a t i o n .




Exhibit G

—il—

Yields on New Corporate Bond Issues Adjusted t o an Aaa Basis
Number
of issues
included
Monthly averages;
1961 - J u l y
August
September
p
October
\
November
December
* 1962 - January
February
March
April
May
June
Weekly averages;
; 1961 - July 7
lit
21
28
. August it
11
18
2$
September 1,
8
15
22
29
October 6
13
20
27
November 3
10

11
December 1

Amount
Average
of issues y i e l d
included
(per
(millions
cent)
of dollars)

Number
of issues
included

Amount
Average
of issues
yield
included
(per
(millions
cent)
of dollars)
iib.o

273.0

lt.55*

115.0
78.8
200.0
229.0

it.68 (6/16)
it. 21 (11/3)

115.0
130.0

60.0

It. 50

70.0

i.ltO

8.0
200.0
65.0
55.0
20.0
i|0,0

1

18.0

lt.ij6

1
2

60.8
45.0

it. 36
it. 25

2
3
3

60.0
95.0
it5.o

£.21
it. 28
it. 21

'k
1
1
2

9lt.O
60.0
30.0
75.0

it. 29
it. 35
ii.itO
it. 29

Note: Averages of offering yields on a l l new issues, of publicly sold bonds rated Aaa, Aa
and A by Moody's Investors Service (except s e r i a l , equipment t r u s t and convertible issues,
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 bonds are
f i r s t adjusted to an Aaa b a s i s , using the comparable spreads i n 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, maturity,
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
c h a r a c t e r i s t i c s of offerings included e t c . are marked with an a s t e r i s k .




-15Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New c a p i t a l
Corporate 1/
State and local 2/
1962
1 1961
1 I960
1 1961
| I960

1962
January
February
March

<5/600
e/950

580
667
562

;

570
715
860

e/5*
e/900

715
6#
763

700
611
. 568

April
May
June

2,118
1,259
1,318

761
577
1,01*1*

720
61*1
1,085

719
51*5
991

July
August
September

1,028
762
61*7

736
967
726

2/1*76
2/601
fi/701

1*92
606
683

October
November
December

2/1,033
e/800
e/875

890
956
852

e/600
e/800
e/550

31*8
501
1*91

1st
2nd
3rd
l*th

1,809
b,695
2,1*37
e/2,708

2,11*5
2,382
2,1*28
2,698

2,168
2,1*1*6
E/1,777
e/1,950

1,880
2,256
1,780
1,3W

6,50k
8,91*1
e/H,6ii9

1,527
6,955
9,653

1*,613
2/6,391
e/8,3Ul

U, 136
5,916
7,257

quarter
quarter
quarter
quarter

1 s t half
Three quarters
Year

Excluding finance companies 3 /
1st
2nd
3rd
iith
Year

quarter
quarter
quarter
quarter

1,55k
552
2,337
e/2;6o8
6/11,01*6

•

1,716
2,165
2,018
2,3^7
8,2#

Preliminary.
Estimated.
1 / S e c u r i t i e s and Exchange Commission estimates of net proceeds.
2 j Investment Bankers Association of America estimates of principal amounts.
2 / Total new c a p i t a l issues excluding o f f e r i n g s of s a l e s and consumer finance
companies.




Exhibit I

-16-

New Corporate Security I s s u e s , Type of Issue and I s s u e r
(In millions of dollars)
Quarter
or
month

Net proceeds f o r
Gross proceeds f o r new
c a p i t a l and refunding 1 /
new c a p i t a l 1 / 2/
Bonds
Common
Total Publicly Privately and
Mfg. Publ i c . Communi- Other
pfd.
u t i l i t y cations issuers
offered
offered
stk.

I960 - I
II
III
IV

2,265
2,537
2,520
2,832

931
1,07 k
1,336
1,162

795
770
75k
955

1961 - I
II
III
IV 2 /

1,992
5,352
2,566
2,98k

662
2,303
772
939

880
1,275
1,139
1,191

298
511
562
625

598
808
652
696

189
lk9
317
381

1,059
913
896
997

515
kk9
1,77k l,k66
65k
935
851
807

381
1,081
595
78k

81
1,095
10k
121

832
1,052
803
1,083

169
99
2k8
57k
kk7
kk6
k28
255
252
293
202
312

137
160
8k
25k
k39
389
369
215
111
282
352
150

21
kl
19
99k
85
16
16
13
75
25
71
25

536
692
k29
kl6

1962 - I
II
III
IV
1961 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct. 2 /
Nov. 2 /
Dec. 2 /

601
695
696
2,231
1,31*2
1,779
1,075
813
678
1,101
925
958

178
273
211 •
713
666
92 k
h2h
225
123
336
hl3
190

29k
255
331
348
355
572
392
kil
336
1*58
28k
k52

129
167
15k
1,170
320
283
259
177
218
308
228
315

253
368
211
297
289
k67 '
315
279
209
k3k.
259
390

1962 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec,.
Estimated.
__
£/ Preliminary.
_
2/ For t o t a l see Exhibit h j other i s s u e r s are
by the cost of f l o t a t i o n .
extractive, railroad and other 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 finance and
commercial and other.
Source.—Securities and Exchange Commission.




-17-

Exhibit J
Other Security Offerings
( I n millions of d o l l a r s )
Gross long-term l"7~
Foreign government 2/
Federal agency 3/
1961
I960
1961
'|
I960
I
1959

19^9"

January
February
March

6
29
20

2
175
70

81
60
2

252

April
May
June

2
66
29

31*
72
1*0

58
50
1*2

100
ll*9
278

11*8
351
—

—

5
2

25
1
36

85
1
35

250
193

199

98
150

3k
2
ill

33
30
70

225

160
11*9
181

86

533

517

1,672

707

July
August
September
October .
November
December

—

39
28

Year

182
150
150

199
175

—

Net short-term 1*/
Federal agency 3/
State and l o c a l government 5/ 1|
/January
February
March

160
195
-8

•

58
11*0
-80

-h
181
1*

-ia
-162
-174

-196
-202
-59

-82
176
33

-103
-1x2
- l 55

70
-11*6
-157

197
-25
-197

-79
-87
207

-277
170 '
320

. 50
368
286

109
518
-86

48
a5
-175

57
392
131

22
193
108

95
23
-201 •

362
133
79

October
November
December

-6
51*
E/-207

-16
50
-189

-81
-176

98
56
-ill

-23
-33
-250

280
2li0
14*

Year

E/429

-76

-633

April
May
June
July
August
September

g/
1/

18

~

-

1 1 7

362

1,969

Preliminary.
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 0 i n t h a t r e f u n d i n g i s s u e s , a s w e l l a s 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 o t r i t i e s a r e d e f i n e d a s 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 United S t a t e s by f o r e i g n g o v c r i u a n t s and t h e i r s u b d i v i s i o n s and by 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 . Sources S e c u r i t i e s and Exchange Commission.
3 / I s s u e s not gujirantned by t h e U. S . Government. Sourcei l o n g - t e r m , S o o u r i t i e s and Exchange Commissi on; s h o r t term , T r e a s u r y Department and Federal 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 Q and above i n t h a t t h e y r e p r e s e n t now o f f e r i n g s letia r e t i r e m e n t s , whether
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 or from o t h e r f u n d s . Data i n c l u d e only 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
year or l e s s .
5 / P r i n c i p a l l y t u t and bond a n t i c i p a t i o n n o t » 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 o Housing A u t h o r i t y n o t e s . I n
flomb i n s t a n c e s PHA n o t e s i n c l u d e d may have a somewhat l o n g e r term t h a n one y e a r . Source! Bond Buyer and
Federal Reserve,




Exhibit K

-18-

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

Total

# p 6 l - January
February
March
April
May
June
July
August
4
September;
j•
October
i
November
:
'i
December
,.v962 - Januaiy

#
%
^
^

Corporate
.Bonds
Convertible
(other than
bonds
convertibles)
106
230
25
560
480
435
285
165
78
205
320
125
170

lltf

26?
70

'•SI
si185

168
354

#
195

State
and
local
government

s
s

ill
• 37
5
1,010
62
97
115
20
58
81
45
130
25

4o
15
75

1I

Other 2/

391

616
179
281
435
326
480
307
561

67
25
151
100
73
40

250
145

Large Individual Issues Offered during January
i|{

Issuer

i>pe y

Amount
Coupon
(millions Maturity
r a t e or Offering Hating
of
net i n t e r - yield
dollars)
e s t cost

CORPORATE
>:New York Telephone Co.
|Nat, Gas Pipeline Co. of
5% America
# a r r e t t Corp.
'^Southern Calif. Edison Co.
i:Shamrock Oil & Gas Corp.
;W. T. Grant Co.

Ref.mtg.bds.
1 s t mtg.
p. 1. bds.
Deb.
Com. stk.
S.F. deb.
S.F. deb.

60.0

2002

4-5/8

4.50

30.0

1982
1982

4-5/8
5-1/4

4.63
5.25

25.0
35.0

1987
1987

4-5/8
4-3/4

4.69
4.75

STATE AND LOCAL GOVaRNMbMT
•Commonwealth of Puerto Rico
Port of N. Y. Auth., N. Y.
Puerto Rico. Indus. Develop.
East Bay hun. Util. D i s t . ,
California
San Jose, C a l i f .
,State of New York
;State of Washington

G.O.
Rev.
Rev.
G.O.
G.O.
G.O.
Rev.-S.T.




25.0 1963-84
' 25.0 1992
15.0 1963-82
30.0
20.0
33.1
22.6

1963-97
1963-82
1963-2012
1962-81

n

3.45
3.62
va-

1.85-4.00
3.58
4.00-4.40!

3.31
3.08
3.39
3.18

1.70-3.90
1.70-3.30
1.65-3.48,/
1.70-3.402/

Ae
A

Aaa
A

K-2

-19-

Large Individual Issues Offered during January (Cont'd)
Issuer

Type 1/

Amount
Coupon
( m i l l i o n s l . o t u r i t y r a t e or
Offering
of
net i n t e r - y i e l d
dollars)
e s t cost

Rating

STATE AND LOCAL GOVKH^MIT
(Cont 'o)
Ascension-St. James Bridge
and Ferry Auth.
Montgomery Co., Maryland
Mass. Turnpike Auth.
Georgia Rural Roads Auth.
State of C a l i f o r n i a
Kansas City,. Mo.
Los Angeles, C a l i f .
S t a t e "of Delaware

Rev. -Ut.
G. 0.
Rev. -Ut.
Rev. —Ut.
Rev. -S.'T.
G. 0.
Rev. -Ut.
hev. —ut.
G. 0.

2001
30.8
13.2 1963-87
100.0
2002
80.0
2002
15.6 1963-87
100.0 l96l;-88
18.5 1963-92
lli.O I96U-86
18.2 1963-82

U.52
3.25
n.a.
n.a.
3.38
3.18
3.30
3.10
2.8U

U.50
1.75-ii.50

A

1.75-3.^/
1.90-3. k o u
1.75-3.50
2.10-3.50
1.50-3.00

A
ha
A
A
Aa

Bonds
Bonds

100.0

h-1/2
lt-1/2

L5o
U.5'0

Aaa

OTHER
I n t ' l Bank f o r Reconstruct i o n and Development
Term. Valley Authority

16.0

1982
1987

—Rights o f f e r i n g .
1 / Includes corporate 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 ana over;
State 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 .
3 / In the case of State and l o c a l government s e c u r i t i e s , G.O. denotes general
o b l i g a t i o n s j 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 j Rev.-Q.Ut., revenue bonds-secured only by revenue from
qua s i - u t i l i t i e s ; R t v . - S . T . , revenue bonds secured only by revenue from s p e c i f i c
t a x e s j Rev.-Rent., revenue bonds secured s o l e l y by lease payments.
k/ P r i v a t e l y placed with i n s t i t u t i o n s .
5 / v7.3 million of bonds maturing 19o7-8l not r e o f f e r e d .
6/ An a d d i t i o n a l §19 million was sold to refund p r e f e r r e d stock.
2J 0 . 1 per cent bonds maturing 1988 reoffered t o y i e l d h.SO per c e n t .




Exhibit L

-20-

Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large Issues
Date of
computation

During month following
date shown
State and
Corporate local govt. Other 2 /
110
55
1,580
51*
1*87
521
170
175
358
31*6
356
161
1*80

- 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 - Jan. 31

181
307
559
236
1*31
195
1*06
399
251
597
295
223
1*65

Subsequent to
date shown
State and
Corporate local govt.' Other 2 /
1,01*6
1,125
1,700
687
611
666
255
21*0
501*
1*11
1*21
591
525

15
75
73
35

61*

360
638
806
579
771
291
537
530
151*
693
1*98
1*15
567

15
75
73
35

6U

Forthcoming Large Offerings, as of February 2
Issuer

Tjrpe

Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE
Western Union Telegraph Co.
Stokely-Van Canrp Inc.
American Tel. & Tel. Co.
Duke Power Co.
Consolidated Natural Gas Co.
*South European Pipeline Co.
Commerce Oil Refining Corp.

S.F. deb.
Conv. sub.deb.
Deb.
1st mtg. bds.
S.F. deb.
S.F. deb.
Deb., bds. & com.

5d.o
15.0
300.0
50.0
25.0
1*0.0
1*5.0

Feb. 7
Feb. 13
Feb. 15
Feb. 21
Feb. 28
Feb. 28
Indefinite

STATE AND LOCAL GOVERNMENT
State of New Jersey
State of Michigan
St. Louis, Mo.
Public Housing Authority
Los Angeles School D i s t . , Calif.
City and County of San Francisco,
California
Philadelphia School D i s t . , Pa.
State of Oregon
New York City, New York
^Chicago, I l l i n o i s
Maiyland State Roads Commission
State Highway Dept.
DigitizedDelaware
for FRASER



G.O.
Rev.-S.T.
G.O.
' G.O.
G.O.

1*2.0
25.0
12.7
79.6
30.0

Feb.
Feb.
Feb.
Feb.
Feb.

6
6
7
7
13

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

27.3
12.0
28.9
89.1*
25.0
78.0
28.0

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

13
13
11*
15
19
20
20

vffcrinj-

cis o.f J-'( bruti ry 2 ( C o n t ' d )
J.ype

STATE AND LOCAL GOVLRKMEKT ( C o n t ' d )
S t a t e of Tennessee -::-i<evj York S t a t e Thruway Auth.
-"-Columbus, Ohio
Los Angeles Dept. of w t r . & Pwr.,
California
-«-Penna. Gen. S t a t e ^ u t h .
Orleans P a r i s h Sch. L i s t . , La.
Dade County, F l o r i d a
J a c k s o n v i l l e Expressway A u t h . , F l a .

G.O. .
Rev,-Ut.
G.O.
Rev.-Ut.
Rev. -Rent
G.O.
G.O.
Rev.-Ut.

|

Mtount
Approximate date
v m i l l i o n s ( 0jf> o f f e r i n g
I of dollar::) j

10.9

Feb. 28
Feb. 27
Feb. 28

16.0
25.0
10.0
46.0
iiO.O

i'iar . 7
Mar. 13
Indefinite
Indefinite
Indefinite

6^.0

Feb. 7

OTHER
I n d e r a l Land tank

"---Induced in t a b l e 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 on-guaranteed i s s u e s by 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 reasons o t h e r than s a l e of i s s u e : . None.




MUTUAL SAVINGS BANKS

APPENDIX

Table 1
AMOUNTS n E P n s i T E n

in

W-ULAR a c c o u n t s

(INCLUDING INTEREST CREDITED)

A. Unadjusted Data
(In millions of d o l l a r s )
Year

Jan.

191*7
191*8
191*9
19#
1951
19#
1953
1951*
1955
1956
1957
1958
1959
1960
1961

581
561
599
61*7
653
705
781*
793
955
1,010
1,038
1,111

1,123
1,067
1,178

"FeET
379
383
382
1*11*

395
1*81
1*98

#2

636
625
616
670
688
719

M

ar.

| Apr.

1*27
1*1*6
1*50
510
1*66
51*9
628
710
763
709
723
833
917
911
1,057

1*1*5
1*59
1*38
1*71
501*

1

731*
787
775
902
981
921*
995

| May

B.
Year
191*7
191*8
191*9
1950
1951
1952
1953

Jan.
1*59
1*1*0
1*68
505
513
556
623

| Feb.
1*52
1*59
1*60
503
1*81*
597
623

| Har. |
1*38
1*58
1*62
525
g

.

636




Apr.'
1*1*7
1*66
1*1*7
1*80

510
583
662

| June

388
395
1*19
1*72
1*80
525
51*1*
600
657
723
71*1
756
786
752
898

1*80
509
525
571
580
620
718
753
813
885
881
91*1*
987
981*
1,101

| July

Aug.
396
1*03
1*15
1*28
1*80
1*91
518
593
651*
692
681
713
710
781*
818

523
517
517
538
619
701*
767
799
853
91*9
1,007
• 968
1,015
976
1,053

Sept. | Opt.
1*31
1*11*
1*20
1*31
1*53
591
591
652
732
650
759
860
875
906
950

Total
Q

li5
1*10
1*31*
503
530
592
618
678
775
803
839
91*9
91*6
91*2
1,021

386
1*25
1*30
1*68
1*85
509
565
651*
679
711*
699
728
71*3
771*
859

529
5,U21
5,1*78
555
568
5,595
581 6,033
613 6,255
800
7,11*6
778
7,673
869 8,311
9,01*0
851
921* 9,1*80
91*3 9,711
1,037 10,1*17
1,009 10,762
967 10,679

Seasonally Adjusted Data
(In m i l l i o n s of d o l l a r s )

May
1*1*0
1*1*2
1*61*

520
530
581*
611

June
1*31*
1*58
1*70

511

ss

650

| July
1*59
1*56
1*57
1*73
5U0
608
658

|

Aug. | Sept. } Oct.
1*52
1*59
1*75
1*91*
561
578
613

1*72
1*58
1*69
1*33
501*
651
61*2

1*86

)*32
1*56
526
552
612
635

Nov.
1*35
1*76
1*79
523
51*3
573
638

Dec.
1*1*9
1*71*
1*88

500
526
688
669

|Total
5,1*23
5,1*78
5,595
6,01*3
6,259
7,11*6
7,660

. -2—

Seasonally Adjusted Data (Cont'd)
Feb,
6

l9
752

6

950

9U5

| :far.

8
f

| Apr.

7

o2
730

^q
723

663

E $
s 1

| June

676

731

739

959

1,023

991

S
I

C.
Jan.

| Feb.

j Mar.

| Apr.

1

i « I

1 1 1

I

I

5

98.)

I

—Estimated.
W
°f^r*Det^1
_ oa unal u s t e d * ° t a 1 '

| July

68

5
7U0

8
1

1,009

| May

99.7

I

| May

1

89.9

E

682
682
731
818
8?5
850
90U
882
962

| Aug.
703
703
775
822
811
85)4
8k9
936
966

| Sept. | Oct.
703
703
785
691:
801
89k
896
915
953

692
6Q2
780
792
8lU
909
899
892
965

| Nov.

TTecl

7bl
7hl 1 '
773
822
8lU
857
881
920
1,023

pTotal"

7h9
7U9 8,323
°,050
736
805
828
919
903
87)4

8. ™ m 5$ IS, S S Jjss
i E it B g E E E

Seasonal adjustment Factors
( i n per cent)
j June

] J u l y ' | Aug. 7 ' S e ^ ^ ~ o T t r ~ T l f o V ' .

1

111.1

l

1

115.8

1

81,. 9

1

90.8

1

96.8

1 1 1

1

88.8

[ Dec.

|

1

116.3

H i

to

t tals due to
°
rounding and annual t o t a l on a s e a s o n a l l y adjusted b a s i s may d i f f e r
Regular accounts exclude s p e c i a l accounts which are p r i m a r i l y Christmas and other club,


http://fraser.stlouisfed.org/
" * " *
Federal Reserve Bank of St. Louis

^
* " * " •

> .

r-

.

i s

MUTUAL SAVINGS RANKS
Table 2

_3_

AT40UNTS DEPOSITED IN REGULAR ACCOUNTS
(EXCLUDING INTEREST CREDITED)
A. Unadjusted Data
(in millions of d o l l a r s )
Year

Jan.
568
51*2
#6
629
636
668
759
765
929
980
1,005
. 1,067
1,077
1,016
1,109

| Feb.

| Mar.

368
382
382
1*13
395
' 1*78
1*98
515
571
631
622
610
662
676
707

1*06
1*31
1*31*
1*87
1*39
501
57 2
638
662
627
61*6
687
761
721
81*0

f 4pr.

| May

1*33
1*1*3
1*22
1*56
1*77
558
635
650
696
737
726
838
903
839
911*

388
3%
1*10
1*60
1*70
216
537
527
61*0
706
716
736
762
730
873
B.

Year
191*7
191*8
1-91*9
1950
1951
1952
1953
1951*

Jan.
1*31*
1*12
1*1*1*
1*77
1*85
511
582
582

j Feb.

| Mar.

1*19
1*37
W7
U75
1*56
537
582
601*




1*11
1*37
1*1*1
1*98
1*52
520
598
675

| Apr.
1*26
1*1*0
1*22
1*56
1*73
51*7
617
630

| June
1*15
1*33

to

1*75
1*80
521
582
613
670
701*
671
71*9
780
IS
855

, July
513
501*
505
515
605
681*
71*7
776
831
922
977
961
989
936
1,010

| Aug.
371
1*02
1*15
1*28
1*80
1*91
518
593
650
685
675
705
700
771*
810

| SeptTTOct.
1*36
396
1*02
1*08
1*27
521
529
568
628
586
635
707
711
711
719

1*1*1*
395
1*16
1*85
510
586
596
61*7
731
752
777
881
861
852
91*0

| Nov.
370
1*15
1*18
1*59
1*78
502
550
637
657
685
683
703
717
751
833

| DecT—pPo£aT"
1*1*0 5,131
1*53 5,181*
1*50 5,272
1*62 5,679
1*95 5,892
691 6,716
612
7,133
692 . 7,61:9
671 8,333
679
8,693
711
8,8)42
786
9,130
71*5 9,667
705
9,1*70

Seasonally Adjusted Data
(In" millions of "dollars)

| May
1*21*
1*16
1*37
1*87
1*98
551
577
599

| June
1*19
1*37
t36
1*82
1*89
531*
599
633

| July
1*36
1*29
1*29
!*3l*
505
561*
610
629

| Aug.
1*10
1*1|0
1*52
1*66
525
51*0
5'70
650

| Sept. |
W*8 U32
kh6
1*58
1*81*
591
600.
6U5

Oct. | Nov.
J;60
h07
1*27
!*<?!*
515
585
592
639

h06
1*52
1*50
h93
512
539
590
681*

| Dec.
Ii32
150
1*50
> 1*63
U95
691
613
700

| Total"
5,125
5,189
5,271
5,683
5,889
6,730
7,130
7,670

B.
Jan.

| Feb.

698
725
740

673
7u9
7kl

&

gs

; Mar.
710
681
710

lit

s

| Apr.

] May

675
713
696

| Feb:

jTfcr.

131.9
87.k
131.9
87.0
31,
1
130.8
85.8
130.5
85.6
131.4
8p.2
133.1
8L9
13-^1
^-2
135.9
83.9
135.0 - 6 3 . 6
13^.5
83. k
133.1
83.a
132.0
83.9
131.5*
8%. 2*

98.k
97.7
97.1
96. k
95.6
9U.5
93.3
92.1
91.0
91.0
91.8
93.2
94.0
9U.li*

For n o t e s see Table 1.




T June

' 6Qh
7U9
7$k

m
^

798

;s

C.
Jan.

-2—

S e a s o n a l l y Adjusted Data (Cont'd)
]~Juty~ | Aug.

69lt
731
699

6?2
7h$
790

s

s :

711
7k9
737

I Dec.

| Total

7lU
12k
737

708
7k3
7k6

68?
707
752

s

sr3

$

770 9 wi

1%

6,32*3
8,687
8,829

Z

'

S e a s o n a l Adjustment F a c t o r s
f i n per~ce'nt7
"
I

'

| "WovT

717
671
727

$

| Tpr:

99.9
100.0
100.8
102.0
102.9
103.2
103.1
103.k .
l C k .3
105.2
106.2
106.6
106.5
106.5*

r'3entTl"0ct.

^'7
93.8
9U.il
9k. 3
93.7
93.1
93.0
93.5
9k. 3
9^.9
95.1
95.5
95.6
95.8
95.9*

^.1
99.1
98.9
98.$
98.1
97.6
97.1
06.8
96.5
96.3
96.0
96.0
96.2
96.6
96.8
96.9*

117.7
117.5
117.7
113.7
119.9
121.3
122.h
123.3
123.7
123.8
123.6
122.9
121.5
119.9
118.5
117.8*

90.5
91.3
91.8
91.8
91. U
91.0
90.9
91.2
91. U
91.5
91.6
91.5
92.1
92.9
9k.2
914.9*

0ut

-

92.9
96.$
91.6
97.0
90.1
97.k
89.0
98.2
88.3
99.0
88.1
100.1
8 8 . 1 ' 100.7
88.0
101.3
87.6
102.1
87.3
103.9
87.%
105.I1
87.3
106;5
88. k
107.2
89.1
107.5
89.5* 107.7*

I Nov.
91.1
91.9
92.8
93.1
93. k
93.2
93.2
93.1
92.8
92.2
91.5
91.0
90.9
91.2
91.k*

I Dec.
101.8
100.7
lOO.O
99.7
100.0
100.0
09.9
98.9
97.7
96.1
9k.6
93.3
92.3
91.5
91.1*

|

MUTUAL 5AVINM? BANKS
Table 3

-5-

AMOUNTS "TW*A™N TlOTf REGULAR. ACCOUNTS
A. Unadjusted Data
(In millions of d o l l a r s )
Year _Jan.
U6i
m
506
1%
£528
b
652
601
6lU
S
S
627
787
3 #
w
870
M S 7 . . 975
W
898
1,025
1,156
1,029

i
K

| Feb.

[ Mar.

301*
321*
333
338
1*13
391
103
to
U2h
i|87
Tip
519
531*
5S
m
576
, 655
600

| Apr.

31*1*
385
361
381*
m
1*29
389
1*53
U53
501
520
£3
1*93
508
5ol
517
#5
6ll*
729

381*
1*31*
1*01
,:l8
hl8
1*66
1*81
536
595
708
'62
7762
^
737
827
992
1,033
1,083

I

'

—.Li' iar>
370
386
391*
1*05
1*95
1*51*
1*62
1*68
580

"

370
391
398
1*00
1*«36
1*60
1*77
507
592

I




1*39
535
1*92
f591*
i
576
612
^
668
720
771
E
g
886
1,005
891
1,081
965
1,010

351*
1*00
$

I

1*11*

s?2

1
.

Year

| July

1%
1*51*

1*30
1 139$ 11*37
1
&
S
1*31*
506
1*5 1
51*1
i i$hSl
537 i 587 i
618

1 1 !
i i i

1 1 1

May T j m i e

I Apr*

I

2:
632
651*
783
772
822

I

I

fAu^.
31*6
395
390
1*
1*79
1*31
1*00
1S*1*7
1*97
560
2605
2
^
606
582
6h2
690
71*0

i

i
I

j

Oct. f f l T e c r

361
1*33
382
1*13
376
hl2
£506
2
1*19
381
1*83
1*21
520
I1*1S*9
£2
536
1*71*
590
561*
707
**
12?
507
751*
I*
815
567
607 ,
866
689
1,11*7
61*1
888
661 1,029

338
370
3)48
380
359
355
,32
1*21
167
S1*91
S
503
12
509
51*0
630
616
682

| Total'

VS. fe'IS

I I I
W
W
H?.
i i i a 507 i 7 > 5
I

I

1

%

1

H?I

1

Seasonally Adjusted Data
(In millions of d o l l a r s )

1 May

H

| June

| July

H

j Aug.

I

[ Pent. | Oct.

i

i

j Nov.

l

| Dec.

| TotaT"

l

B.
Jan.

| Feb;

630
697
6lo
736
839
753

1_ Mar.

612
668
616
733
8#
775

| Apr.

593
629
61*5
776
751
885

Seasonally Adjusted Data (Cont'd)

[ May

C.
Jan.

J ?eb.

:

liiR
iiM

| Mar. T ApK

oo'O

9h 2

'

1 0

M

: |5 S I

Rc'n

flc'n
H'l

1

136.1

11X1%:L




1

j July

633
61*9
669
795
778
825

| Aug,
669
676
655
723
77)4
823

652
7k2
665
821
7U7
797

| Sent.

| Oct.

583
658
710
809
75U
779

6UU
681
712
938
72k
837

| Nov.

| Dec.

6L0
655
698
811
789,
871x

| TotiT"

61*5
663

7,619
8,015

765

8,09^

825

9,505

731

9,312

Seasonal Adjustment Factors
( i n per cent)

f May

| June ~j~ J u l y T " A ^

91.5

98.3

%Z
91.9

, 99.2

91-0

I S
For notes see Table 1.

j~June

639
619
6U3
65k
662
658
• 780 —--753803 ,
776
835
870

-6-

1

1

TSept. j

0ct.

["Nov.

| Dec.

130.9

95.8

9k 1

106.6

88.0

88.3

130.7
-8

97.1
%.9

91.5
90.5

107.6
108.1

&
81i.li
83.2

11:1
86.1
86.3

131

1

1

It 1 1 1
7R

-3#

79

-9*

f~

MUTUAL SAVINGS BANKS
Table k

-7-

NET INCREASE IN REGULAR DEPOSITS
(Amount d e p o s i t e d , l e s s amount withdrawn i n m i l l i o n s of d o l l a r s )
A.
Jan.
I9k7
19k8
1949
1-950
1L951
~L9$2
1553
195k
-1955
1956
1957
1958
1959
I960
1961

120
73
93
119
1
10k
170
166
168
IkO
63
213
98
-89
lk9

1 Feb.
75

§

. 76
-18
90
9k
99
87
117
91
130
9k
33
119

| Mar,

j Apr.

83
61
89
j 126
37
160
175
209
2k3
216
215
316
292
297
328

61
25
37
53
38
100
129
92
26
25
-12
75
-11
-109
-88

| May
52
29
52
60
66
130
110
Ik 9
120
• 156
169
177
117
55
105
2.

Year
19k7
19k8
19k9
1950
1951
1952
1953
195k

Jan.
89
5k
7k
100
13
102
161
J.61

|1 Feb.

!| Mar.

82
68
62
103
-2
137
lk6
151




73
hi
7k
109
9
131
132
151

!

| Apr,
83
51
61
' 78
67
13k
176
158

May
75

72
, 8
122
163

Including I n t e r e s t Credited
1. Unadjusted
~~
| June
126
109
130
117
150

183
212
212
226
26?
2k9
290
20k
213
279

| July

| Auk.

3k
-18
25
-56
k3
92
99
79
82
63
2
77
-66
12
k3

50
8
2k
-53
k7
91
70
95
9k
- 87
75
131
68
9k
78

I S e p t . | Oct.
70
32
kk
12
72
170
142
178
168
lk3
192
253
186
265
208

26
-3
22
-3
hi
72
82
88
68
k9
2k
83
-201
5k
-9

| Nov.
k8
55
82
88
126
15k
lkk
187
188
211
190
188
113
157
177

| Dec.
178
191*
230
187
2k8

3k3
32k
376
3bh
380
390
k06
337
379

| Total
922

%
II!

1,688
1,751
1,930

i'JM

l,6k9
2,338
1,231
1,362

Seasonally Adjusted
T~Ju5i
7k
53
71
53
87
119
lkl
137

| July
85
k5
79
19
103
lk7
160
lk9

| Aug.
91
52
75
1
112
153
131
161

| S e p t . 1 Oct.
88
k9
63
25
-17
183
139
169

80
k5
71
56
105
135
lk9
16k

| Nov.
51
51
73
73
112
lk2
121
16k

Dec.
51
60
S
103
158
lk2

17k

Total

922

619
865
731
772

1,686
1,720
1,902

-2 —

Year
1955
1956
1957
1958
1959
1960
1961

Jan.
172
157
nh
227
i5o
13
197

| Feb.
136
17U
lltl
187
lltl
62
170

| Mar.
170
136
116
205
139
131
12k

Apr.

123
1)42
118
215

Jan.
107
54
80
101
-16
67
1U5
138
lh2
110
30
169
52
-IliO

80

| Feb.
6I4.

58
h9
75
-18
87

95
91
' 8U
112
88
12 U
86
21
107

| lia r.
62
he
73
103
10
112
119
137
1U2
13U
138
170
136
107
111

. 166
85
121.




| Apr.
h9
9
21

38
11
77
99

55

-12

-25
-61
11

-39
-19U
-169

Seasonally Adjusted (Cont'd)

May

| J u n e ' | July" | Aug.

126
162
178
192
136
79
153

B.

19U7
191:8
19h9
1950
1951
1952
1953
195U
1955
1956
1957
1958
1959
1960
1961

A.2.

1U2
17U
155
191
100
111
166

163
166
133
185
83
i l

161
153
135
199
126
162
1U3

| Sept, 1 Oct.
llf.3
111
lk3
13U
87
161
17U

160
148
133
197
-39
168
128

| Nov.
158
182
159
159
70
131
152

| Dec.
l)4l

160
165

15U
78
11*3

| Totall""
1,795

1,865

1,686
2,295
1,237
1,38b

Excluding I n t e r e s t Credited
Unadjusted

| May

5U

20
U3
kQ

56

121
103
106
103
139
1UU
157
93
33
80

| June
61
33
36
21
50
8U
76
72
83
86
39
95
-3
-lU
33

| July
21*

-31
13
-79
29
72
79
56
60
36
-28
70
-92
-28

| Aug.
25
7
25
-51
U9
91
71
96
90
80
69
123
2
70

fSept/TOcU

55

ih
26
-11

he
100
80
9h
6h

s

100
22
70

58

11
-18
h

-21

27
66
60
-2
-38
15
-286
-36
-90

TnovT"~T Dec.
32
U5
70
79
119
1U7
129
170
166
182
17ll.
163
87
13k
151

89
92
112
68
130
23U
158
199
ieh
135
158
155
73
117

632
329
552
372
U93
1,258
1,211
1,268
1,113
1,066
780
1,351"
137
153

B. 2.
Jan.
6h
26
50
72
-10
57
120
lilt
118
95
1*3
1U7
65
-76
87

\ Feb.

.

h9
1*6
39
75
-30
97
105
97
81
107
73
11)4

56
-35
68

| Mar,
U6
26
S3
82
-16
93
9ii
10U
100
88
81
110
53
23
9




I Apr.
62
"25
36
5U
30
98
131
105
67
7k
53
135
70
-16
23

|

May
59
13
39
39
U3
112
88
86
71
100
100
113
U5
-12
kl

| June
59
32
37
2li
57
95
90
85
96
98
50
111
16
6
58

—3—
Seasonally Adjusted
| July
62
18
5l
-20
68
103
112
96
10U
93
U8
117
-7
3h

55

| Aug.
)49
33
52
-27
76
115
88
108
97
. 80
61
115
37
59
37

-9-

| Sept. | Oct.
61
23
UO
—
-37
123
97
111
75
88
69
95
-5
Wt
2h

5U
20
h2
2k
63
108
106
111
9k
80
56
115
-135
69
. 36

| Nov.
22
27
hU
U3
81
108
73
107
93
103
91
75
-22
3k
kO

|

Dec. | Total
3h
36
59
5
72
161
86
125
92
62
89
77
-18
39

62k
330
5U2
371
h02
1,270
1,190
1,21*9
1,088
1,068
8lU
1,32k
155
169