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

W o m o u H )

^

^

^
November 20, 1961.

yH.llt
NOV 2 2
FLDU-

.

\ CAPITAL MARKET DEVELOPMENTS
— - ' l M THE' UNITED STATES

1961

( I n c l u d i n g Monthly Review of Sources and Uses
of F i n a n c i a l I n t e r m e d i a r i e s )
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 to o b t a i n new c a p i t a l was
s u b s t a n t i a l l a s t week, and i s expected t o continue so t h i s week, d e s p i t e
t h e Thanksgiving Day h o l i d a y . During t h e week ending November 17, f i v e
c o r p o r a t i o n s o f f e r e d s e c u r i t i e s a g g r e g a t i n g $lWi m i l l i o n and seven S t a t e
and l o c a l governments s o l d s e c u r i t i e s amounting t o $221 m i l l i o n ; t h e
A s c e n s i o n - S t . James Bridge and Ferxy A u t h o r i t y i s s u e scheduled f o r s a l e
was postponed u n t i l n e x t y e a r . This week, ending November 2b, two
c o r p o r a t e o f f e r s a g g r e g a t i n g $75 m i l l i o n a r e scheduled f o r o f f e r i n g and
two S t a t e and l o c a l i s s u e s w i t h p a r v a l u e of $32 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 N a t i o n a l Mortgage A s s o c i a t i o n i s a l s o p l a n n i n g
t o o f f e r $225 m i l l i o n i n i n t e r m e d i a t e - t e r m d e b e n t u r e s .
Bond y i e l d s . Y i e l d s on l o n g - t e r m U. S. Government and S t a t e
and l o c a l government bonds i n c r e a s e d it and 2 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 w h i l e y i e l d s on c o r p o r a t e bonds were unchanged.
The average y i e l d on c o r p o r a t e bonds newly o f f e r e d l a s t week,
a d j u s t e d t o an Aaa b a s i s , was U.29 p e r c e n t , 8 b a s i s p o i n t s above t h e
average f o r t h e week ending November 3 . At t h i s l e v e l new o f f e r i n g
y i e l d s were about bO b a s i s p o i n t s below t h e high f o r t h e y e a r and 9 b a s i s
p o i n t s above t h e low r e a c h e d i n t h e week ending October 20.
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 . Y i e l d s on T r e a s u r y
b i l l s and 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 s h a r p l y l a s t
week. Y i e l d s on both 3-month and 6-month T r e a s u r y b i l l s i n c r e a s e d 13
b a s i s p o i n t s w h i l e t h e y i e l d s on i n t e r m e d i a t e - t e r m U. S. Government
o b l i g a t i o n s r o s e 6 b a s i s p o i n t s . The a v e r a g e r a t e of i n t e r e s t oaid on
d i r e c t l y placed f i n a n c e company p a p e r w i t h 90-179 da^ m a t u r i t y
i n c r e a s e d I4. b a s i s p o i n t s due t o an i n c r e a s e i n the a d v e r t i s e d r a t e on
paper w i t h 90-lli9 day m a t u r i t y from 2-5/8 t o 2-3/h per c e n t announced
t h e middle of l a s t week. The a v e r a g e r a t e of i n t e r e s t on F e d e r a l f u n d s
i n c r e a s e d 9 b a s i s p o i n t s t o 2.90 p e r c e n t from t h e r e v i s e d average of
t h e p r e v i o u s week. Other s 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 r a t e s
were unchanged.
Mortgage y i e l d s . Average y i e l d s on 5 - 1 / b p e r cent FHA home
mortgages s o l d i n t h e secondary market were unchanged i n October from
t h e s l i g h t l y r a i s e d l e v e l of 5.72 p e r c e n t reached i n September. Y i e l d s
on new c o r p o r a t e bonds ( a d j u s t e d t o a Aaa b a s i s ) c o n t i n u e d downward i n
October and the s p r e a d between mortgage and bond y i e l d s widened f u r t h e r
t o lii6 b a s i s p o i n t s . This compares w i t h a spread of 108 b a s i s p o i n t s i n
J u l y and the r e c e n t high of 176 i n August of l a s t y e a r .




-2-

Stock market c r e d i t . Customer c r e d i t i n the stock market increased
$22 million in October, t o t a l i n g &5.3 b i l l i o n a t the end of the month.
An increase of $38 m i l l i o n in customer debit balances, except those secured
by U. S. Government s e c u r i t i e s , was only p a r t i a l l y o f f s e t by a decline of
$16 m i l l i o n i n bank l o a n s t o others f o r purchasing and c a r r y i n g s e c u r i t i e s .
Money borrowed by NYSE member f i r m s declined moderately f u r t h e r
i n October f o r the f o u r t h consecutive month. Customer f r e e c r e d i t balances
declined s l i g h t l y t o near the low reached in July a f t e r two months of
small i n c r e a s e . These and other data on stock market c r e d i t f o r September
and October a r e shown i n t h e following t a b l e .

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 loans to "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 "others" 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
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

(Millions of d o l l a r s )
2,333
4,02?
1,30k
hh

5,311
3,991
1,320
he

+ 22
+38
-16
-2

103

S/109

-6

*

2,6Sh
2,3#
56
1,211*

2,666
2,388
6k
1,227

-12
-29
-8
-13

.

r / Revised.
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 , increased on balance by almost
one p e r cent closing on November 17 a t 71.62 only s l i g h t l y below the
record
reached e a r l i e r i n the week. Average d a i l y t r a d i n g volume, a t
million,
was O.ii million l e s s than t h e veiy heavy volume of the previous week.

<
|
>

Institutional investors
Total savings inflow duiing September a t t h r e e major types of
f i n a n c i a l i n s t i t u t i o n s — l i f e insurance companies, savings and loan a s s o c i a t i o n s , and mutual savings banks—amounted t o $L.U b i l l i o n , or o n e - s i x t h
more than the r e l a t i v e l y small inflow a year e a r l i e r ; a l l t h r e e savings
i n s t i t u t i o n s experienced l a r g e r inflows than a year ago. (Time deposits
a t commercial banks increased #).? b i l l i o n , or about t w o - f i f t h s more than
l a s t y e a r . ) On a seasonally a d j u s t e d b a s i s , the September inflow was
about t h e same as the average of the f i r s t eight months.of the y e a r .




•
>
\

i
>

I
t
i

Sources and Uses of Funds of Major Types of Savings I n s t i t u t i o n s 1 /
Third Quarter 1953-61
(In m i l l i o n s of d o l l a r s )

Year

Cash

U. S.
Govt.
ities

Uses of funds
State &
BusiMort- l o c a l Other
ness
gages
govt.
ities
sec.

Sources of funds
Total Net change
sources in d e p o s i t s Borrow- Other
or savings
or
ing
capital
uses

L i f e insurance companies
1961
I960
1959
1958
1957
1956
1955
1951
1953

21
36
27
-35
-1*8
-1*7
220
5
8
-59
-2 -121
78
83
5 -257
83 -100

669
375
357
53k
685
510
JU51
619
^8

1*36
468
568
W9
512
826
766
651
1*77

90
229
159
81
32
65
26
136
1*2

1*08
503
361*
271
257
258
155
258
11*9

1,#0
1,570
1,353
1,520
1,1*35
1,536
1,559
1,1*12
1,209

—

—

—

Savings and loan a s s o c i a t i o n s
1*8
-59
12k
298
91
86
51*
10
-15

1961
i960
19#
1958
1957
1956
1955
1951
1953

-272
-182
-525
-1*37
-1*12
-317
-31*9
-113
-137

1961
i960
1959
1958
1957
1956
1955
1951
1953

6
9
-50
-53
-78
-57
-53
3
-88
-13
-82
-91
-66
-18
-38 -11*5
-1*1*
-27

2,1*1*5
1,971
2,222
— 1.696
1,221*
1,215
— 1,602
— 1,181*
— 1,017
— —

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

-31*
-62
-35
-33
21
-20
-15
-58
-6

2,187
1,668
1,786
1,521*
921*
961
1,288
1,022
858

1,235
1,21*0
1,01*2
880
521*
696
692
696
595

616
571*
387
6i|0
1*36
503
505
1*92
111
***

1*32
1*01*
223
1*98
312
337
1*13
1*07
357

260
56
298
98
1*7
-15
301
15
83

692
372
116
**
51*6
353
280
295
311
180

Mutual savings banks
-liO
62
-36
76
178
5ti
-95
72
9b

561*
561
1*95
572
336
611
676
51*3
372

-8
11
12
6
-2
-1*
36
18

76
62
52
30
17
17
12
21*
31

n.a.—Not a v a i l a b l e .
1 / For d e s c r i p t i o n of data see Exhibits M, N and 0.
2 / Includes Federal Home Loan Bank advances only.




—

181*
170
161*
11*2
121*
166
92
85
87

Sources and Uses of Funds of Major Types of Savings Institutions 1 /
First nine months 1953-1961
(In millions of dollars)
Uses of funds
U. S. BusiGovt, ness MortCash secur- secur- gages
ities ities

Total - Net change
State &
sources in deposits Borrowlocal Other
Other
ing
or savings
govt,
capital
sec.
Life insurance companies

-26

-ll*9
-190

-79
-129
-180

-58
-119
-108

-22

-262
-13
266
-266
-716
108
-681
-265

1,737
1,222
1,723
1,725

21*7
369
1*39
21*1*
91
211*
150
1*99
111

1,513

1,800

1,1*01
1,199
1,781 1,702
1,558 2,685
1,10-9 2,322
1,75k 1,760
2,060 1,1*53

1,325
1,310906
9l*0
827
621
520
950
327

l*,80l*
4,321

k,266

1*, 295
1*,006
1*,152
1*, l*6l
1*,163
3,578

Savings and loan associations
1961
i960
1959
1958
1957
1956
1955
1951*
1953

-90
-765
169
-1*72
-31*1*
-361
198
-93

1*53
6h
708
1*51*
1*38
390
310
1*6
195

322
209
1*10
152
1*29
280
167
72
ioi*

6,1*31*
5,271*
5,901
3,975
3,329
3,1*06
1*,1*87
3,020
2,720

7,209
5,1*57
6,285
1*,750
3.722
3.723
1*,592
3,331*
2,922

5,663
1*,969
1*,513
1*,005
3,102
3,1*02

3,295
2,978
2,51*0

92 1,1*51*
-519 1,007
528 1,21*1*
-21*6
991
739
-119
615
-29l*
8**
11
1*53
622
-266
115
**
-63

Mutual savings banks
1961
i960

-1*
-1*2
-171;
-2l*

-137
-130
-103
-31
-78

51
-359
38
-160
-121

-251*
-91
-312
-2

1,61#
a
il*l* 1,1*1*5
- 2 1 1,1*75
601 1,568
580 1,057
166 1,758
-133 1,831
298 1,1*76
379 1,098

16
-31*
51
51*
16
28
52
161
71

101*
117
111*
100
75
82
52
88
75

1,861
1,271
1,1*83
2,139
1,1*70
1,650
1,611
1,677
1,51*1*

n.a.—Not available.
,
\J For description of data see Exhibits M-, N and 0»




1,630
890

1,108
1,791

1,188

1,331*
1,388
1,1*1*9
1,361*

231
381
375
3L8
282
316
223
228
180

-5For the t h i r d q u a r t e r as a whole savings inflow t o t a l e d $3«3
b i l l i o n , It p e r cent h i g h e r than i n the comparable period of i960. A f t e r
adjustment f o r seasonal f a c t o r s , t h e t h i r d q u a r t e r inflow was moderately
smaller (about 2 per cent) than t h e average of the unusually l a r g e f o u r t h
q u a r t e r of i960 and the f i r s t q u a r t e r of t h i s year but i t was s l i g h t l y
l a r g e r than the second q u a r t e r of t h i s year. Inflow ( s e a s o n a l l y a d j u s t e d )
f o r the t h i r d q u a r t e r was v i r t u a l l y the same a s i n each of the two
previous q u a r t e r s f o r both savings and loan a s s o c i a t i o n s and mutual savings
banks, while a t l i f e insurance companies-it was 7 p e r cent l e s s than i n
the f i r s t q u a r t e r and one-tenth more than in' the second q u a r t e r of t h i s
year.Assets of l i f e insurance companies increased #1.7 b i l l i o n in the
t h i r d q u a r t e r of t h i s y e a r , o r about one-twentieth more than l a s t y e a r .
Net a c q u i s i t i o n of business s e c u r i t i e s , amounting t o #0.7 b i l l i o n , were
more than f o u r - f i f t h s l a r g e r than l a s t year and helped to account f o r a
s i z e a b l e increase in p r i v a t e placement of corporate s e c u r i t i e s . Acquis i t i o n of S t a t e and l o c a l government s e c u r i t i e s , however, amounted to
only $0.1 b i l l i o n , o r l e s s than one-half of l a s t y e a r ' s a c q u i s i t i o n s .
Net a c q u i s i t i o n of mortgages of SO.J4. b i l l i o n was about one-twentieth
l e s s than a y e a r e a r l i e r .
The growth in share accounts of savings and loan a s s o c i a t i o n s
amounted t o $1.2 b i l l i o n during the t h i r d q u a r t e r , approxiirately t h e same
as l a s t y e a r , as the lower l e v e l of net inflow in July was o f f s e t by
l a r g e r n e t i n c r e a s e s i n August and September. Net a c q u i s i t i o n s of mortgages t o t a l e d $2.h b i l l i o n , one-fourth l a r g e r than l a s t y e a r , and only
n e g l i g i b l y s n a l l e r than the record second q u a r t e r a c q u i s i t i o n s . In
acquiring a considerably l a r g e r volume of mortgages than l a s t year with
approximately the same i n c r e a s e i n share c a p i t a l , t h e s e a s s o c i a t i o n s
increased t h e i r borrowings by $0„3 b i l l i o n , or almost U—1/2 times as
much as l a s t y e a r .
Deposits a t mutual savings banks increased by $0.1| b i l l i o n ,
or 7 per cent more than l a s t y e a r . Business s e c u r i t i e s declined by §1*0
million i n c o n t r a s t with n e t a c q u i s i t i o n s of $60 m i l l i o n in i960, while
cash and U. S. Government s e c u r i t i e s holdings, which u s u a l l y decline i n
the t h i r d q u a r t e r , increased s l i g h t l y .
New e x h i b i t s . Two new t a b l e s a r e included in t h i s r e p o r t beginning
t h i s week. A weekly s e r i e s on o f f e r i n g y i e l d s on new corporate bond i s s u e s ,
a d j u s t e d t o Aaa b a s i s , i s shown i n Exhibit G, t o g e t h e r with data on the
number and d o l l a r amount of new i s s u e s included in t h e weekly (and monthly)
averages. This more comprehensive and more continuous s e r i e s replaces
the one on e l e c t r i c power bonds, shown i n Exhibit K h e r e t o f o r e .
A new t a b l e , Exhibit I , p r e s e n t s a breakdown, monthly and
q u a r t e r l y , of new corporate s e c u r i t y i s s u e s by fonn of i s s u e and by
industry category of i s s u e r . The most recent monthly data shown a r e
preliminary Federal Reserve e s t i m a t e s .




More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented in the attached 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.




IONG-TERM

BOND

YIELDS

HIGH-GRADE

CORPORATE A n

/ - U . S . GOVERNMENT

STATE AND 1 0 C A I
GOVERNMENT A n

LOWER-GRADE




CORPORATE I n

/
/

—\jl

STATE AND 1 0 C A I
GOVERNMENT I n

Moody',

\

A
V

A
V .

V

E x h i b i t B - Tables f o r E x h i b i t A
Long-tern Bond Yields
High-grade
Date

Corporate
Aaa 1 /

U. S. Govt,
long-term 2 /
( p e r cent)

S t a t e and
local
government
Aaa 3/

1951* - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low

2 . 8 5 (4/23)
I4.II4 (9/27)
3.55 ( 5 / 2 )
U . 6 1 (1/29/60)
It. 23 ( 9 / 9 )

it. lib (9/15)
it. 21 (3/17)

it-06 ( 9 / 1 5 )
3.70 (5/12)

2.99
3.37 ( 7 / 6 )
3.12 (2/23)

Oct.
Oct.
Nov.
Nov.
Nov.

lt.it2
it.it2
it.Uo
it. 39

3.98
3.96
3.95
3.96
it. 00

3.27
3.#
3.2it
3.2U
3.26

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

20
27
3
10
17 &/

/k-39

2.it5 (8/6)

1.90

3 . 7 6 (10/18)
3 . 07 ( 4/25)

3.15
2.6k
3.65

it.it2 (1/8/60)
3.75(8/5)

.30

(9/2)
(8/29)
(5/1)
(9/24/59)
(9/1)

.60

.22
.59
.19
.57
.39
..

.Ut
Jt6

.16

.ii3
.39

.30
.50
.3U
.92
.53
.76
.it6
.71
.71
.71
.72
,.7it

Lower-grade

Date

Corporate
Baa 1 /

S t a t e and
l o c a l govt.
Baa 1 /

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

(per c e n t )
195it - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low
Oct.
Oct.
Nov.
Nov.
Nov.

20
27 •
3
10
17 2 /

3.Wt
5.10
It. 5 1
5.36

(12/31)
(11/29)
(7/11)
(2/12/60)
(9/9)

It. 98
5.13 (10/27)
5.0.0 (U/21)

5.13
5.13
5.12
5.11
v 5.11

2.93 ( 8 / 5 )
it. 5 1 (8/29)
(5/1)
it. it6 ( 1 / 7 / 6 0 )
3 . 9 8 (12/29)
3.614

it.16 (3/23)
3.93 (11/9)
it.00
3 .'9 it
3.93
3.93
3.95

.52
1.27
.77
.84
.71
.81
.66

.96
1.21
.93
1.08
.06.
.93
.57

.71
.71
.72
.72
.72

.69
.69
.69

y
Preliminary.
1 / Weekly average of d a i l y f i g u r e s . Average term of bowde lnoluded 1# 23 -26 y e a r s .
2 / Meekly average of d a l l y f i g u r e s . The s e r i e s Includes bonds due or c a l l a b l e i n 10 year* or more.
3 / Thursday f i g u r 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 t 20 y e a r s .
Note.—Iligha and lows are for 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 ,
far spreads, high r e f e r s t o w i d e s t , and low t o narrowest.




.73

-

SHORT-

AND

INTERMEDIATE-

TERM

INTEREST

v

o

RATES

GOVERNMENT
v

T™ iius

M"

_.// V r

V,

9 - S T U I ISSUE!

> v / ^ /

\ \ s j

{

1 1

8. DISCOUNT B A H ,

1

1(3 - MONTH B
Market Yie
1

BANKS

AND

OTHER

PRIVATE

BORROWERS

TT
DISCOUNT /
RATES
/

7957.

1951




1951

19*0

1961

'!

I n h i b i t D - Tables f o r Exhibit C
Short- and Intermediate-term I n t e r e s t hates
Government
Date

Discount
rate
V

19%* - Low
1957 - High
1958 - Low
1959-60 - High
I960 - Low
1961 - High
Low

1.50
3.50
1.1$
Loo
3.00
3.00
3.00

Oct. 20
0c fc. 27
Nov. 3
Nov. 10
^fov.' 17 £ /

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/
.61 (6/U)

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 13-5 y r . issues
.66
.86
.Ol*
1.81
.38
1.51
.92

1 . 6 6 (4/30)

3.61* (10/I8)
.58 ( 5/29)

3.02 (12/26)

ll.OU (10/18)
2 . l l | (6/6)

U. 5 9 ( 1 / 8 / 6 0 )
2 . 1 1 (10/28)

5.07
2.38

5 . 0 0 (12/24/59)
3.140 (12/30)

2.56 ( 3 / 3 )
2.17 (1/27)

2.78 (8/18)
2.35 (it/28)

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

2.29
2.29
2.28
2.itO
2.53

2.68
2.67
2.58
2.61
2.7k

3.66
3.63
3.61
3.63
3.69

x

.26
.79
.16
M'
.12
.39
,38
.30
.21
.21

U/e/60)
(12/30)

1.37
1.31
1.33
1.23
.1.16

Banks an$.OtherrPrivate Borrowers
Date

Prime
rate 1/

Stock Exchange
c a l l loan 1/

Finance company
paper 3 /

Federal
funds b j

Spread between
3-mo. b i l l s and
finance co. paper

(per cent)
19514 - Low
1957 - High
1958 - Low
1959-60 - High.

3.00
tt>50
3.50
5.50

3.00

It. 50
3.50
5.00

1961 - High
Low

If. 50
It. 50
U.50

it. 50
It. 50
it. 50

Oct.
Oct.
Nov.
Nov.
Nov.

U.5o
U. 5 o
It. 50
it.5o
it. 50

it. 50
it. 50
it. 50
it. 5o
it. 5o

i960

- Low

20
27
3
10
17 e /
1/

2/
3/

1.25
3.88
1'.13
5'. 1 3
2; 88

(U/31)
(11/16)
(0/0)
(1/22/60)
(12/30)

2.88

(3/10)

2.50 (7/28)
2.81
2.76
2.70

2.69
2.73

n.a.
3.50(11/8)
. 1 3 (0/29)

it.00 (5/13/60)
. 9 5 (12/2)
2.88 (11/10)

.it3 (1/27)
2.20
2.it5
2.30
2.81 r j
2.90

0

•

.63
-.35
1.02
.22
.56
.11

.52
.it7
:it2
.29
.20

«# rial*
i
MsAAunt rata 11 for f e d e r a l Reservei Baric of New eYork.
.
MtflKiy r a t e biiutt* .IVIHW* An •»»»«* ki an.4 w* r-- 1 *A —
Stock Exohnnre c a l l Ifcah r a t * i s g o l t ^ r a t # on otfll loanfl wourod by ouatomord* stack exohsiw e o i U t e r U a t
Na.t York City banks, Prime r a t , l o t h a t charged by large banks on i h o r t - t e r m loans t o business borrower, of
the highest credit standing.
MurUet y i e l d ; weekly average* computed from d a i l y closing bid p r l o s s . S e r i e s of 3-5 year la sues eonolsts or
eeluotnd notes and bonds,
'
^ ...
..
Average of d a l l y r a t e s published by finance companlss f o r d l r s o t l y p U i e d paper for varying m a t u r i t i e s I n the

4 / Weekly overage'''f d u l l y e f f e c t i v e r a t e , which I s the r a t e f o r the h e a v i e s t voluee of purchase and sale t r a n s a e t t o n o
a» reported t o the f e d e r a l Redarve Bank of Mow York.
N o U . - t i u h s and lows are 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 d a t e s for d i f f e r e n t s c r i e s ,
for s p r e a d s , high r e f e r s t o w i d e s t , and low t o narrowest.







STOCK MARKET CREDIT

• C A G I S RE
* H N E N E IS

Exhibit ? - Tables f o r Exhibit E
Stock Market
Date

1957-60 - High
Low
1961 - High
Low
September
October
Nov. 3
Nov. 10
Nov. 17 2 /

Stock price
index 1/

Common
Trading
stock
volume 3/
yields 2/ (millions
(per cent) of shares)

71.62 (11/17)
58.1*8 (1/6)

3.08
U.72
2.80
3.32

1.9
1.1*
5.8
2.7

67.26
68.00
69.17
71.07
71.62

2.92
2.90
2.85
2.80
2.83

3.2
3.3
3.6
1*.8
• i^.li

60.51

(7/31/59)

39.18

(12A-0/57)

Stock market customer credit
Customers1
Bank
debit balloans to
ances u/
"others" 5/
(In millions of dollars)

Total

1,7 61

(4/59)

3,1*01 (4/C9)

1 , 3 7 3 (5/59)

3,551

(1/55)

2 , 1 8 2 (12/57)

1,060

(11/07)

5^386(5/61) k, 060(5/61) 1,377(8/30)
l*,l*2U(l/6l) 3,253(1/61) 1,161(3/8)
5,311
5,333
" n.a.
n.a.
n.a.

3,991
It,029
n.a.
n.a.
n.a.

1,320
l,30li
1,319
n.a.

n.«.,— Not a v a i l a b l e .
n/ Pmlln-lrary.
1 / S t a n d a r d find P o o r ' s c o m p o s i t e i n d e x o f 500 ocrsnon s t o c k s , w j e k l y o l o o l i y p r l o a t , 1 9 1 1 - 4 3 = 1 0 . Nontlily d a t a u r «
a v e r a g e s o f d a l l y f i g u r e s r u t h n r t h a n o f F r l t i e y ' a o n l y . HI glut a n d I o n s tiro f o r F r i d a y f , ' d a t a o n l y ,
2 / S t a n d a r d a n d P o o r ' o c o m p o s i t e s t o c k y i e l d b a s o d on Wednesday d a t a c o n v e r t e d t o wookly c l o s i n g p r i c e s by F e d e r a l
R e s e r v e * Y i e l d s ohotin a r e f o r d a t e s on w h i c h p r l o a I n d e x r e a c h e d i t s h i g h o r l o w .
3 / A v e r a g e s o f d a l l y t r a d i n g VOIVAM on t h e New York S t o c k E x c h a n g e .
4 / End o f m o n t h f l g u r o n f o r member f l i r . o o f t h s Mow York S t o c k Exchange w h i c h c a r r y m a r g i n a c c o u n t s ) e x c l u d e s b a l a n c e e
o e o v r e d by U . S . G o v c n r a o r . t o b l i g a t i o n s .
5 / V/ndncadiy f l c u r e o f o r w e e k l y r e p o r t i n g member b a n k s , Exoludea l o a n s f o r p u r c h a s i n g o r c a r r y i n g V, S . Oovcriuneiit
r b c u r l t l e c . P r i o r t o J u l y 1 , 1 9 5 9 , ouch l o r n n a r e e x c l u d e d o n l y a t b a n k s I n Hew York and C h i c a g o , Weekly r e p o r t i n g
b a n k s a c c o u n t f o r a b o u t 70 p a r o o n t o f 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 ceo B u l l e t i n .

Mortgage and Bond Yields 1/
FHA
mortgages 2/ •
1953-58 - High
Low
1959-60 - High
Low

5.63
U.56
6.2k
5.57

I96I - June
JulyAugust
September
October

Spread between now
Aaa corporate
,
corporate bonds and
bonds 1/
New 3/ "1 Seasoned k / FltA mortgages | Soasonud bonds

5*. 70
5.71
5.72
5.72

l*.8l
2.1k i f ® !
5.29 (9/59)
U.29 (2/59)

I1.12
2.81* m
U.61 (1/60)
It.12 (1/59)

L65
1.62
li.59
It. 38
L. 26

(11/57)
(2/55)
(1/60)
(3/59)

It. 33

a. la

It. 15
L 1*5
L 42

1.96
.51
1.76
.83

.90
-.12
.77
-.16

l".08
1.12
1.3b
1.1*6

.3.2
.21
.11*
-.07
-.16

"
1 / N e l t h o r mortgage nor bond y i e l d s take I n t o a c c o u n t s e r v i c i n g c o s t s " h i c h are much h i g h e r f o r m o r t g a ^ s than
bonds. G e n e r a l l y , bonds pn.Y I n t e r e s t s e m i - a n n u a l l y ; m o r t g a g e s , monthly. Mortgage y i e l d s , i f computed aa e q u i v a l e n t
t o a semiannual I n t e r e s t i n v e s t m e n t , would bo s l i g h t l y h i g h e r than g i v e n I n t h , t a b l e .
2 / BAsod on FHA f i c l . d - o f f l o e o p i n i o n s about average bid p r i c e s I n t h e p r i v a t e secondary market f o r new-he,ne

r u t . d AAA. An or A by Moody's I n v e s t o r s S e r v i c e ( e x c e p t s e r i a l and c o n v e r t i b l e I s s u e s and o f f e r i n g o f n a t u r a l « n .
an,J f o r e i g n companies) w , l e h U d by s i z e o f i s s u e . Y i e l d s on Aa and A i s s u e s s r e f i r s t a d j u s t e d t o an Aaa b a s i s
4 / Moody's I n v e s t o r s S e r v i c e .

Monthly a v e r a g e o f d a l l y d a t a .




See E x h i b i t B.

Exhibit

-ill-

G

Yields on New Corporate Bond Issues Adjusted to an Aaa Basis
Amount
Average
Number of issues
yield
of issues included
(per
included (millions
ceit)
of dollars)
Monthly averages;
lycl - January
February
March
April
May
July
August
September
October
November
December
Weekly averages:
19 ol - January 6
13
20
27
February 3
10
17
24
March 3
10
17
24
. 31
April 7
lU
21
28
May 5
12
19
26 "

29.0
97.8
108.0
563.0
451.0
701.5
273.0
115.0
78.8
200.0

3
6
4
12
15
18
4
4
2

7

1
1
1
1
2
3

10.0
7.0
12.0
6.8
148.0
U3.0

4

108.0

3
3

90.0
82.0
312.0
79.0
165.0
30.0
91.0
165.0

2

4
3
1
6
2

It. 35 June 2
4.31
9
16
4.26
4.42
23
4.51
30
14.65 July 7
1.62
14
21 .
4.59
28
4.38
4.26 August 4
11
18
25
September 1
8
15
4.45
22
4.4o
29
4.27
4.61* October 6
13
4.32
20
4.27
27
November 3
10
17
4.26
24
December 1
8
4.28
15
4.40
22
4.42
29
4.54
4.49 1962
4.47 January $
12
4.47
19
4.55
26

Amount
Avemfe-,>
Number of issues
yield
of issues included
(per
included (millions
cent)
of dollars)
3
4
6
3
2

60.0
307.0
137.0
130.0
67.5

4.t<j
4.68
4.68 ,
4.56
4.58

1
1
2
2
1
1

8.0
200.0
65.0
55.0
20.0
40.0

4.6o 1
4.64
4.46 /
4.54 •)
4.73%
4.6o»r

—•*

-

—
—

- -

1

18.0

1
2

60.8
45.0

2
3
3

60.0
95.0
45.0

h.

"4

94.0

4.29$

4.46^'
0,
4.36%
U.2Sf

a a
4.28*f
4.21?.

h

J

tote: Averages of o f f e r i n g yields on a l l new issues of public 1;y 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 foreign companies, and issues guaranteed by the
f ederal Government) weighted by size of issues. Yields on Aa- and A-rated bonds are f i r s t
adjusted to an Aaa b a s i s , using the comparable spreads in yields 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 a c e r i s t i c s of
Digitized rfortFRASER o f f e r i n g s 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
(Ih millions of dollars)

1961
Januaiy
February
March

580
66?
562

Corporate 1/
1 I960
|

860

Mw cap i t a l
e
1959
821
738
6#

715
689
763

'891
785
887

720
6ia
1,085
k70
E/581
e/750

I492
606
683

521
1(70

e/600
e/925

3h8
501
h9l

593
U$0
178

2,168
2,10*6
e/1,801

1,880
2,256
1>780
1,3140

2,U5
2,1,88
l,lt33
1,521

• li,6l3
e/6,10-5

It,136
5,916
7,257

14,631*
6,067
7,508

April
Hay
June

2,118
1,259
1,318

-1,0% .

July
August
September

1,028
762
6U7

" 736
967
726

535"
7I4O
703

October
November
December

e/800
e/800

890
'956
852

8%:
900 •

1st
2nd
3rd
Lth

1,809
1,695
2,1*37

2,11*5
2,382
2,128
2,698

2?6k2

6,50k
8,9l4l

1,527
6,955
9,653

14,771
6,750
9,392

quarter
quarter
quarter
quarter

1 s t half
Three quarters
Year

761

State and local 2/
1961
1 I960
! 1959

2,2014
2,567

100
611
568
•

;

6U6 .
63?

719
5U5
991 .

s

987

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

quarter
quarter
quarter
quarter

1 0
2,337

Year
1/
2/
y

1,716
2,165
2,018
2,3147

1,999
2,412
1,716
2,503

8,216

.8,630

Estimated.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales 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 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 /
new c a p i t a l 3J 2/
Common
Mfg. Public Communi- Other
Total Publicly P r i v a t e l y and
u t i l i t y cations i s s u e r s
offered
offered pfd.
stk.
_L

I
II
III
IV

2,281
787
2,665
960
2,062
807
2,739 1,001*

835
89U
859
1,014;

660
811
396
691

358
750
1*68
361*

813
979
1*70
927

105
1*3
99
1*60

928
79U
91*2
890

1960 - I
II
IH
IV

2,265
93l*
2,537 1,07k
2,520 1,336
2,832 1,1*62

795
770
751A
955

536
692
1*29
1*16

298
511
562
625

598
808
652
696

189
11*9
317
381

1,059
913
896
997

1961 - I
II
III
IV

1,992
5,352
2,566

662
2,303
772

880
1,275
1,139

381

81

i960 - Jan.
Feb,
Mar.
Apr.
May

61*1
735
889
805
608
1,121*
' 777
996
7U7
928
1,009
895

321*
253
357
31*8
186
51*0
1*15
592
329
621
518
323

190
291*
311
232
220
319
236
229
289
157
357
1*1*1

126
189
221
226
202
265
127
175
128
150
131*
131

59
67
172
171
92
21*9
182
220
161
185
21*9
191

155
21*5
198
303
11*1*
362
126
222
303
203
311*
180

36
85
68
52
36
61
57
165
91*
251*
27
100

319
318
1*22
236
301*
373
370
359
168
21*9
366
381

601
695
696
2,231
1,312
1,779
.1,075
813
678
830

178
273
211
713 .
666
921*
1*21*
225
123
360

29I*
255
331
31*8
355
572
392
1*11
336
270

129
167
151*
1,170
320
283
. 259
177
218
180

I69
99
21*8
571*
117
**
1*1*6
1*28
255
252
21*0

137
160
81*
251*
1*39
389
269
215
111
230

21
1*1
19
991*
85
16
16
13
75
30

253
368
211
297
289
1*67
315
279
209
300

1959

July
Aug.
Sept.
Oct.
Nov.
Dec.
1961 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct. e /
Nov.
Dec.

1*1*9
Hit

515

Sit

^

832

^

ji7 Preliminary.
e / Estimated!
T/ Gross proceeds exceed n e t proceeds
-by the cost of f l o t a t i o n .
2 / For t o t a l see Exhibit Hj other 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 '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.




-17Other Security Offerings
( I n millions of dollars) (
Gross long-term 1 7
Foreign government 2/
Federal agency 3/
1961 T
I960
|
1959
1961
1 I960
|
January
February
March

6
29
20

April
May
July
August
September

""""
lT£T

2
175
70

81
60
2

252

2
66
29

34
72
40

58
50
42

100
149
278

148
354
—

—

•5
2

25
1
36

85
1
35

250
193

199

98
150

October
November
December

•

34
2
41

Year

533

•

182
150
150

199
175

—

33
30
70

160
149
181

86

547

1,672

707

I
I

Net short-term 4/
State and l o c a l government 5/
January
February
March
April
May
July
August
September

160

2/

4/

V

-79
-87
207

-277
170 •
320

368
286

22
193
-727

95
23
-201 -

362
133
79

-81
-176
-117

-23
-33
-250

280
240
44

362

-633

1,969

-4
181
4

-144
-162
-174

' -103
-1*2
-155

70
-146
-157

19f
-25
-197

109
518

1*8
415
-175

57
392
131

-16
50
-189
18

Year

y

-82
176
33

58
140
-80

October
November
December

g/
1/

-196
-202
-59

-8

?

Preliminary.
Thooe d a t a d i f f e r f r o m 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 .
L o n g - t e r m s e c i r l 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 .
I n c l u d e s s e c u r i t i e s o f f e r e d I n t h e U n i t e d S t a t e s by f o r e i g n g o v e r n m e n t s a n d 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 . S o u r c e s S e c u r i t i e s a n d Exchange Commission,
I s s u e s n o t g u ^ r a n t w e d by t h e U. S , G o v e r n m e n t . S o u r c e : l o n g - t e r m , S e c u r i t i e s a n d Exchange Commission; s h o r t term , T r e a s u r y Department and Federal R e s e r v e .
T h es e d a t a d i f f e r f r o m t h o s e i n E x h i b i t 0 a n d a b o v e 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 l i y s l e B s r e t i r e m e n t s , w h e t h e r
from t h e p r o c e e d s o f r e f u n d i n g i s s u e s o r f r o m o t h e r f u n d s . Ifeta I n c l u d e o n l y I s s u e s w i t h o r i g i n a l m a t u r i t y o f one
year or l e s s .
P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , w a r r a n t s o r c e r t i f i c a t e s a n d P u b l i c H o u s i n g A u t h o r i t y n o t e s . I *
0
Gain i r i a t a o o 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 t e r m t h a n one y e a r . S o u r c e i Bond Buyer a n d
F e d e r a l fieserve.




-18-

Exhibit K
Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) 1 / '
Proceeds of Large Issues Offered
( I n millions of d o l l a r s )

Month

Total

i960 - October
November
December
1961 - January
February
March
April
May

Corporate
Bonds
Convertible!
Stocks
( o t h e r than
bonds
1
convertibles)

#6

July
August
September
October

I16
186
222
391
360

15

#1
m
235
106
230
25
560
lt8o
Ii35
285
165
78
205

260
lit?
267
70
1,572
#7
532
U75
185
168
ysk

State
and
local
government

25

a

—
—

37
5
1,010
62
97
115
20
58
81

—•»

hO
15
75
33
67

LS
O

383
256
616
179
281
135
326

Other 2 /

77

150 .
99.

• 67
25
151
100
73
1*0

Large Individual Issues Offered November 1 through 17

Issuer

CORPORATE
Northern Natural Gas Co.
Family Finance Corp.
F C Corp.
M
Idaho Power Co.
Idaho Power Co.
Gen. Tel. Co. of Fla,
Rochester Gas & Elec. Co.
Macy C r e d i t Corp.
P a c i f i c Northwest B e l l Tel.
Natural Gas Pipeline Co.
of America
Natural Gas Pipeline Co.
of America
Carolina Pwr. & Light Co.
Carolina Pwr. & Light Co.

Type 2 /

Coupon
Amount
Offering Rating
(millions Maturity r a t e or
net i n t e r - y i e l d
of
e s t cost
dollars)

S.F. deb.
Sen. deb.
Conv.sub.deb.
1st mtg. bds.
Com. s t k .
1st mtg. bds.
1st mtg. bds.
Sen. deb.
Deb.

20.0
25.0
26.0
10.0
7.5
15.0
15.0
20.0
50.0

1981
1981
1981
1991

1-5/8
5 z
3-1/8
L-l/2

It. 60
5.06
3.13
L.L7

A

1991
1991
1981
199h

4-5/8
h-1/2
lt-3A
h-1/2

U. 60
h.h3

A
Aa

H ?
h.hh

Aa

—
—

Baa
Aa

15.0

1981

h-3/h

h. 83

Baa

Cum.pfd.stk.
1st mtg. bds.
Com. s t k .

10.0
25.0
9.3

1991

h-1/2

L.47

Aa

G.O.
Rev.-Ut.

78.5
27.5

Deb.

STATE AND LOCAL GOVERNMENT
Public Housing Auth.
Virginia S t a t e Ports Auth.




1962-2002 3.U)
1962-91 3-3-3/1

l.liO-3.f>5
1.60-3.78

Aaa
A

K-2

-19-

Large I n d i v i d u a l I s s u e s O f f e r e d November 1 through 17 ( C o n t ' d )

Issuer

Type

lJ

Amount
Coupon
(millions
r a t e or O f f e r i n g
Maturity
of
net i n t e r - yield
dollars)
est cost

Rating

STATE AND LOCAL GOVERNMENT
(Cont'd)
P h i l a d e l p h i a , Pa.
G.O.
Rev.
Oklahoma Turnpike Auth.
G.O.
S t a t e of Hawaii
Nassau County, New York
G.O.
Los Angeles Flood Control
Dist., Calif.
G.O.
Maryland S t . Roads Coram.
G.O.
S t a t e of Oregon
G.O.
S t a t e of New Hampshire
G.O.
Georgia S t . Highway Auth. Rev.-S.T.
Omaha Public Power D i s t . ,
Nebraska
Rev.-Ut.
Triborough Bridge & Tunnel
Auth.
Rev.

19.0
56.5
10.0
13.8

1963-87
2001
1964-81
1962-90

3.31
4.98
3.24
3.33

1.65-4.60
4.75
2.10-3.45
1.60-3.55

20.0
12.5
20.0
I6.it
35.0

1963-89
1962-76
1963-94
1963-90
1962-90

3.59
3.32
3.07
2.76
3.75

1 . 8 5 - 3 . 7 0 Aa
1.70-3.30, Aa
1.65-3.55=7^
1.70-3.202/Aaa
1.70-3.85 A

17.0

1963-91

3.53

1.70-3.63

—

100.0

1970-85

3.77

3.10-3.75

—

OTHER
None
*—Rights o f f e r i n g .
1 / I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of $15 m i l l i o n and o v e r ;
S t a t e and l o c a l government s e c u r i t y o f f e r i n g s of $10 m i l l i o n and o v e r .
2 / 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 F e d e r a l a g e n c i e s .
2 / In the c a s e of S t a t e and l o c a l government s e c u r i t i e s , G.O. denotes g e n e r a l
o b l i g a t i o n s ; R e v . - U t . , revenue o b l i g a t i o n s secured only by income from
p u b l i c u t i l i t i e s ; E e v . - Q . U t . , revenue bonds secured only-by revenue from
q u a s i - u t i l i t i e s ; R e v . - S . T . , revenue bonds secured by revenue from s p e c i f i c
t a x e s only; R e v . - R e n t . , revenue bonds secured s o l e l y by l e a s e payments, z
4 / 1995 m a t u r i t i e s not r e o f f e r e d .
%] 1981-90 m a t u r i t i e s not r e o f f e r e d .




A
A
A

Exhibit L
Forthcoming Large Long-tem Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
During month following
date shown

Date of
computation

Corporate

1960 - Oct. 31
Nov. 30
Dec. 30
1961 - Jan. 31
Feb. 28
Mar. 31
Apr. 28
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31

[ £ £

g f f j o t t o r 2/

mo
260
91
110
55

258
212
W.2
181
307

50

51*2
1+87
521
170
175
%%
3h6

§
U31
195
U06
399
251
597

15
75

1,580
-

Subsequent t o
date shown
Corporate State and
other 2/
l o c a l govt.
585
335

l,0k6
1,125

1,700

687
611
666
255
2l|0
50ii
ltll

73
35

50

391
560
682
360
638
806
579
771
291
537
530
b$k
693

1,036

15
75
73
35

Forthcoming Large Offerings, as of November 17
Issuer

Type

Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

CORPORATE
Texas Eastern Trans. Co.
Consolidated Edison Co. of N. Y.
*fiorden Co.
Pennsylvania Power & Light Co.
General Tel. Co. of C a l i f .
Tennessee Gas Transmission Co.
P a c i f i c Lighting Corp.
Commerce Oil Refining Corp.
Realty C o l l a t e r a l Corp.,

1st p . l . m t g . b d s .
1st & ref.mtg.bds.
Deb.
1 s t mtg. bds.
-1st mtg. bds.
Deb.
Com. s t k .
Deb., bds. & com
Coll. t r . notes

35.0
60.0
50.0
30.0
25.0
50.0
36.6
15.0
20.0

Nov. 21
Nov. 22
Nov. 30
Nov. 30
Dec. 7
Dec. 12
Dec.
Indefinite
Indefinite

STATE AND LOCAL GOVERNMENT
S t a t e of Ohio
B u f f a l o , New York
->State of M is s is s ip p i
Florida Turnpike Auth.
San Jose, C a l i f o r n i a
.Baltimore, Maryland
-::-State of Connecticut
-^Oakland Co. Mich., Twelve Town
' Drainage Dist.
Oklahoma City, Ok l a .
Digitized New York City, New York
for FRASER



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

30.0
11.6
11.9
100.0
20.0
28.5
25.0

Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.

33.7
15.U
53.1

Dec. 5
Dec. 12
Dec. 12

21
21
29
1
5
5

L-2

-21-

Forthcoming Large O f f e r i n g s , as of November 17 ( c o n t ' d )
Issuer

Type

Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

STATE AND LOCAL GOVERNMENT (Cont'd)
Penna. S t a t e Public Bldg. Auth.
Los iinreles Dept. of Wtr. & Pwr.
Orleans Parish Sch. Dist. , La.
Dade County, Florida
Jacksonville Expressway Auth.
Ascension-St. James Bridge & Ferry
OTHER
-"Federal National Mortgage Assn.
Kingdom of Belgium

Rev. -Rent.
Rev.-lit.
G.O.
G.O.
Rev. -Ut.
Deb.
Bonds
Bonds

25.0
16.0
10.0
1*6.0
ilO.O
50.0
225.0
25.0

Dec. 12
Dec. 13
Indefinite
Indefinite
Indefinite
Nov. 30
Nov. 22
Nov. 30

—Included in t a b l e f o r f i r s t time.
1/ Includes corporate and o t h e r i s s u e s of >15 million and over5 State and
l o c a l government i s s u e s of s?10 m i l l i o n and over.
2/ 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 agencies.
Note.—Deletions f o r reasons o t h e r than s a l e of i s s u e : None.




Lxhibit il

-22-

Sources and Uses of Funds by
L i f e Insurance Companies
I

u. s .
Govt.

Cash

ities
Value of a s s e t s a t
end of p e r i o d :
1957 - Dec.
1958 - Dec.
19# -Dec.
i960 - Dec.
19 6l - Sep t.

July
Aug.
Sept.
Oct.
Nov.
Dec.
1961 - J a n .
Feb.
Mar.
Apr.
May
June
July r j
Aug.
Sept.
Oct.
Nov.
Dec.

Other

Total
Sources

13,206
14,640
16,126
17,625
18,831-

101,309
107,580
113,650
119,717
124,411

( I n m i l l i o n s of d o l l a r s )
1,29k
1,363
1,307
1,332
1,300

|

7,028
7,162
6,858
6,444
6,390

42,133
144,612
16,901
18,896
50,658

2,377
2,691
3,221
3,622
3,651

35,271
37,092
39,237
41,798
43,381

-25
16
-39
20
33
99

Changes:
1959 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
i960 — Jan»
Feb.
Mar.
Apr.
May

Uses of funds 1 /
S t a t e and
l o c a l govt. Mortgages
ities
i t i e s 2/

39
95
-181
-18
-132
-168

19U
81
82
203
195
219

110
31
18
Ik
18
2k

194
167
207
245
235
304

146
110
108
91
146
313

658
500
195
555
495
791

-71
-53
-30
39
-12
33
12
4
• -51
90
-35
99

153
-36
-167
-85
-62
-102
73
-40
-6
-62
23
-103

20k
12 5
104
134
231
125
167
168
40
311
198
188

-2k
25
35
21
26
13
10k
43
82
33
26
17

336
196
242
225
203
192
63
226
179
214
208
277

-46
207
115
95
128
211
206
175
122
11
102
173

552
464
299
429
514
469
628
576
366
597
522
651

-54
-9
-50
9
75
-33
ho
-18
lit

101
-3
-7
-17
63
-150
71

210
135
208
202
170
182
107
164
165

202
202
186
119
58
150
142
128
138

750—
484
518
452
541
#9
630
521
509

17

-50

.

2k2
128
m
135
170
245
2 45
211
213

.

49 .
31
33
34
5
5
25
36
29

Uses of f u n d s r e p r e s e n t n e t changes in a s s e t s and t h e r e f o r e r e f l e c t n e t , r a t h e r
than g r o s s , u s e s .
2/ Includes s e c
ti
Digitizedufore FRASERtuer i ofe s i of domestic e c o r p o r a t i o n s only.
So rc .—Institu
L f e Insuranc .



Exhibit

-23-

N

Sources and Uses of Funds bySavings and Loan Associations
"Sources of funds
Uses of funds x j
Net
Total
U. S.
Borrowsources change
Morfc- , Other
Other
Govt,
ing y
secur- gage s i / a s s e t s or uses savings
capital
ities
(In m i l l i o n s of d o l l a r s )

Cash
Value of a s s e t s
at end of period
1957 - Dec.
1958 - Dec.
1959 - Dec.
1960 - Dec.
1961 - Sept.
Changes:
1959 - July
Aug.
Sept.
Oct.
Nov.
Dec.
p/1960 - Jan.
Feb.
Mar.
Apr.
MayJune
July
Aug.
Sept.
Oct.
Nov.
Dec.
p/1961 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.r/
Sept.
Oct.
Nov.
Dec.

2,11*6
2,585
2,183
2,715
2,715

3,173
3,819
1*, 1*77
1*,586
5,039

1*0,01*9
1*5,627
53,191*
60,081*
66,518

-1*31

108
23
-7
10
-28
-25

803
71*0
679
626
1*60
1*68

196
65
-22
-2
21
-11*3
-33
-27
1
20
36
-3

316
398
51*7
565
635
780
615
713
61*3
605
501
572

-1*2

-52
-69
61
371
-301
-3b
1*9
-27
80
329
-236
30
21*

10b

86

1*28

21*

93
192
107
-18

11*9
132
-227
-86
111

31
-8
68
-12

-95
59
3

371
1*27
689
69I*
815
993
738
906
801

1*8,138
55,139
63,530
1*,101* 71,1*89
1*,1*26 78,698

la,912
1*7,976
51*,583
62,151*
67,817

1,379
1,1*1*1*
2,387
2,191
2,283

1*,81*7
5,719

-113
11*
61*
86
11*1
-65

367
735
681*
653
631*
71*9

201
391*
1*1*7
396

31
119
11*8
136
56
222

135
222
89
121
91*
-678

-119
65
93
106
203
-58
-127
2
63
85
153
-38

92
1*91*
667

-1*62
-111*
-126
37
5
211
-127
22
1*9
-11*
51
272

86
199
170
233
301*
-519
197
207
80
. 161
167
-701

2,770

-107
71
123
113
216
-60
-152
•79
39

61*2

939
908
219
718
731
811*

776
959
262
71*9
922
813
1,180
1,096

¥

L?35H.-^EStSt-




1*81*

1,205
1*68

1*09
623
372
630

1,216

11*9
1*89
602
667

.,8!
Si
705
1*17
800
1,362
HI
1*96
628

-1*65
-80
-26
88
1*1
271*
-1
132
129

8,598

136
276
21*3
308
339
-51*o
21*1
339
112

.
-2k-

Exhibit 0
Sources and Uses of funds
by Mutual Savings Banks
Uses of funds 1 /
State &
local
Mortgovt.
gages
ities
ities
2/
ities 1

u. s .
Cash Govt,

Value of a s s e t s
a t end of period
1957 - Dec.
1958 - Dec.
1959 - Dec.
i960 - Dec.
1961 - Sept.
Changes:
1959 - July
Aug.
Sept.
Oct.
Nov.
Dec.
i960 — Jan.
Feb.
Mar.
Apr.
• May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1961 - Jan.
Feb. .
Mar.
Apr.
May

Sources of funds
Other

Total
sources
or uses

Net
change i n
deposits

Other

(In m i l l i o n s of d o l l a r s )
890 7 , 5 #
921 7,266
829 6,86k
872 6,239
bbti 6,290

4,331
It,973
k,8k9
5,080
5,121

682
725
722
672
688

-79
3
-2
-27
20
111

-13
-12
-32
-281
-85
-12

-U7
13
-2
-55
-28
23

k
-1
8
-20
-8
-2k

-131
37
ill
-86
k2
108
-69
-6
22
-8
9
8k

-9
-11
32
-11*8
-80
-93
-k8
30
-32
-156
-68
-k2

-12
-9
52
-19
13
57
38
-8
32
-k
3k
57

-k9
21
9
-51
30
27
-26
-111
he

106
100
117
-216
-13
-kl
18
6
-15

3
-15
U6
-11
27
32
2
-23
-19

-1
-2
" 1
22
-2
1
1

20,951 761
23,039
855
21,768
910
26,709 1,001
28,358 1,105

35,168
37,779
38,9k2
k0,573
k2.k3k

31,695
3k,0kl
3k,963
3b,353
37,983

3,k73
3,738
3,959
k,220
k,k5I

179
156
160
137
12k
132

-12
33
31
-37
k2
-12

32
192
163
-283
65
218

-5k
80
197
-187
-27
3k0

86
112
-3k
-96
92
-122

-6
-9
3
13
-23
-k
-k
-5
1
-6
-5
-5

159
116
150
129
161
169
159
206
196
168
171
157

-12
k3
kl
-21
63
-59
k2
6
lk
-25
13
-lk

-11
167
319
-132
176
178
118
223
233
-31
15k
237

-68
50
320
• -95
58
221
21
105
278
56
- 39
385

57
117
-1
-37
118
-k3
97
118
-k5
-87
115
-lk8

-5

161
lliO
20k
176
187
201
201
207
156

17
26
29
-51
30
-23
-28
5k
k9

233
272
kok
-15k
262
218
16k
232
220

170
136
351
-5k
Ilk
367
23
99
310

63
136
53
-100
lk8
-lk9
lkl
133
-90

July
Aug. Sept.
Oct.
Nov.
Dec.
T] Uses of funds represent net cwnges in a s s e t s and t h e r e f o r e r e f l e c t n e t , r a t h e r
than gross, uses.
2/ Includes Canadian government and p o l i t i c a l subdivisions, i n t e r n a t i o n a l Bank f o r
Reconstruction and Development, nonguaranteed Federal agency and other bonds as
well as corporate bonds and stock.
Source.—National Association of Mutual Savings Banks and Federal Deposit Insurance
Corporation.




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