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Not f o r p u b l i c a t i o n DECONTROLLED AFTER SIX MONTHS
September 2hs 1962.

H.U;

SEP 2 5

.CAPITAL MARKET DEVELOPMENTS
~
' STATES

1962

FEDERAL F,ZSEHV£
OF RICHMOND

([Ir eluding Review of Sources and Uses of Funds of
F i n a n c i a l Int e r m e diar ie s In J u l y )

Public security, f i n a n c i n g t o obtain new c a p i t a l was q u i t e l i g h t
l a s t week but 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 September 21, one l a r g e corporate s e c u r i t y i s s u e of $19 m i l l i o n was
o f f e r e d , one S t a t e and l o c a l government bond i s s u e with par v a l u e of $20
m i l l i o n was s o l d , and the Nippon Telephone and Telegraph P u b l i c Corporation-owned by the Government of Japan—sold, a $19 m i l l i o n bond i s s u e . This week,
ending September 28, two l a r g e corporate i s s u e s t o t a l i n g $U9 m i l l i o n are
scheduled f o r o f f e r i n g and f i v e S t a t e and l o c a l bond i s s u e s amounting t o
$103 m i l l i o n are on the calendar.
Bond y i e l d s . Bond y i e l d s e i t h e r d e c l i n e d s l i g h t l y or remained
s t a b l e again l a s t week. Y i e l d s on both Aaa- and Baa-rated corporate bonds
d e c l i n e d one b a s i s p o i n t f u r t h e r a s did U. S, Government bond y i e l d s .
Aaa-rated S t a t e and l o c a l government bond y i e l d s a l s o 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 but y i e l d s on Baa-rated i s s u e s were s t a b l e f o r the t h i r d
c o n s e c u t i v e week.
S h o r t - and intermediate-term i n t e r e s t r a t e s . Yields on 3-month
Treasury b i l l s d e c l i n e d one b a s i s point f u r t h e r w h i l e y i e l d s on 6-month
b i l l s were s t a b l e l a s t week; y i e l d s on 3 - 5 y e a r U. S 0 Government o b l i g a t i o n s
d e c l i n e d 2 b a s i s p o i n t s a f t e r t h r e e c o n s e c u t i v e week-to-week i n c r e a s e s .
The e f f e c t i v e r a t e on Federal funds d e c l i n e d 25 b a s i s p o i n t s t o 2 . 7 5 per 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.
Housing s t a r t s .
P r i v a t e farm.and nonfarm housing s t a r t s , which
were r e v i s e d upward by 3 per cent f o r J u l y , i n c r e a s e d 5 per c e n t f u r t h e r i n
August t o a s e a s o n a l l y adjusted annual r a t e of 1 , 5 2 1 thousand. This was
w i t h i n U per cent of the advanced r a t e of l a s t May and was 15 per c e n t above
a y e a r e a r l i e r when s t a r t s were d e c l i n i n g temporarily.
S e a s o n a l l y adjusted b u i l d i n g permits i n p e r m i t - i s s u i n g a r e a s
d e c l i n e d i n August a f t e r a moderate r i s e i n the two preceding months. The
r a t e of 1,119 thousand was a new low f o r t h i s year, but s t i l l somewhat
above t h e advanced l e v e l i n August of 1961.
S t a r t s under conventional f i n a n c i n g accounted f o r 76 per cent
of t h e t o t a l i n August,about t h e same as i n J u l y . Among Governmentunderwritten s t a r t s , t h e r e l a t i v e share a l s o changed l i t t l e , a t 19 per cent
of t h e e n t i r e August t o t a l f o r FHA-insured s t a r t s and 5 per c e n t f o r t h e
VA-guaranteed s e c t o r .
Stock market c r e d i t . Customer c r e d i t i n t h e stock market
i n c r e a s e d f a i r l y sharply i n August, r i s i n g *173 m i l l i o n t o $ 5 . 0 b i l l i o n
a t t h e month-end. Stock market c r e d i t had d e c l i n e d r a t h e r sharply from
i t s December 1961 peak through July when margin requirements were reduced;
t h e August r i s e eliminated about o n e - f o u r t h of t h i s e a r l i e r d e c l i n e .




-2-

A l l of t h e August i n c r e a s e i n customer c r e d i t was a c c o u n t e d f o r by a r i s e
i n customer d e b i t b a l a n c e s ( e x c l u d i n g t h o s e secured by U. S. Government
s e c u r i t i e s ) , "which i n c r e a s e d $187 m i l l i o n . Bank l o a n s t o o t h e r than
b r o k e r or d e a l e r s f o r p u r c h a s i n g or c a r r y i n g s e c u r i t i e s ( e x c e p t U. S.
Government s e c u r i t i e s ) d e c l i n e d
million further.
i-ioney Dorroweu
xurtc stlock so-cnange member f i r m s ( e x c e p t
on U. S. Government s e c u r i t i e s ) r o s e s h a r p l y i n August a f t e r f o u r
c o n s e c u t i v e monthly d e c l i n e s , i n c r e a s i n g §381 m i l l i o n , w h i l e c u s t o m e r ' s
f r e e c r e d i t b a l a n c e s d e c l i n e d $125 m i l l i o n . These and o t h e r data on s t o c k
market c r e d i t f o r J u l y and August are shown i n t h e t a b l e a t end of t e x t .
Stock p r i c e s .
Common s t o c k p r i c e s d e c l i n e d r a t h e r sharply l a s t
week i n m o d e r a t e l y a c t i v e t r a d i n g . P r i c e s , a s measured by Standard and
P o o r ' s composite i n d e x of 500 s t o c k s , f e l l 2 p e r c e n t on b a l a n c e t o 5 7 . 6 9
on September 2 1 . Trading volume a v e r a g e d 3 . 5 m i l l i o n s h a r e s a day, 0 . 6
m i l l i o n above t h e average f o r the p r e v i o u s week.
Institutional investors.
The n e t i n f l o w of s a v i n g s during J u l y
a t t h r e e major t y p e s 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 i n s u r a n c e companies,
s a v i n g s and l o a n a s s o c i a t i o n s and muttal s a v i n g s b a n k s — t o t a l e d $ 1 . 0
b i l l i o n , 37 p e r cent more than i n J u l y 1961. Although t h e n e t i n f l o w of
s a v i n g s c a p i t a l a t s a v i n g s and l o a n a s s o c i a t i o n s t h i s J u l y was s h a r p l y
l e s s than a y e a r e a r l i e r , the i n c r e a s e s i n b ot h a s s e t s of l i f e i n s u r a n c e
companies and d e p o s i t s a t mutual s a v i n g s banks were s h a r p l y l a r g e r t h a n
l a s t year.
(Time and s a v i n g s d e p o s i t s a t commercial banks i n c r e a s e d
$ 0 . 9 m i l l i o n i n J u l y , more t h a n t w i c e the i n c r e a s e a y e a r e a r l i e r . )
A s s e t s of l i f e i n s u r a n c e companies rose $ 0 . 9 b i l l i o n i n J u l y ,
36 p e r c e n t more than i n J u l y 1 9 6 1 . J u l y was the f i r s t month t h i s y e a r
i n which i n s u r a n c e company a s s e t s i n c r e a s e d a p p r e c i a b l y more than a y e a r
e a r l i e r ; t h i s probably r e f l e c t s t o a c o n s i d e r a b l e e x t e n t an i n c r e a s e i n
the market v a l u e of t h e i r s t o c k h o l d i n g s ( i n c l u d e d i n o t h e r a s s e t s )
s i n c e stock p r i c e s rose sharply i n July i n contrast to declining i n
most r e c e n t months. The i n c r e a s e i n b u s i n e s s s e c u r i t i e s of $ 0 . 2 b i l l i o n
was a l m o s t o n e - s i x t h l e s s than l a s t y e a r due t o s m a l l e r n e t a c q u i s i t i o n
of s h o r t - t e r m commercial and f i n a n c e company paper; h o l d i n g s of l o n g - t e r m
b u s i n e s s s e c u r i t i e s i n c r e a s e d $135 m i l l i o n , t h e same a s l a s t J u l y . Net
a c q u i s i t i o n s of mortgages of $ 0 . 2 b i l l i o n were almost t w i c e a s l a r g e a s
l a s t y e a r and the l a r g e s t J u l y i n c r e a s e s i n c e 1956. Holdings of c a s h and
U. S. Government s e c u r i t i e s i n c r e a s e d $2li5 m i l l i o n , o v e r t w i c e the r i s e
l a s t y e a r due p r i n c i p a l l y t o l a r g e r n e t a c q u i s i t i o n of Treasury b i l l s .
Savings c a p i t a l a t s a v i n g s and l o a n a s s o c i a t i o n s r o s e o n l y
$18 m i l l i o n i n J u l y , l e s s than o n e - s i x t h t h e i n c r e a s e l a s t y e a r and t h e
s m a l l e s t J u l y r i s e s i n c e 1957 when s a v i n g s c a p i t a l d e c l i n e d . Net
mortgage a c q u i s i t i o n s , a t $ 0 . 9 b i l l i o n , were i n r e c o r d volume f o r t h e
month and o n e - f i f t h l a r g e r t h a n i n J u l y 1 9 6 1 . In o r d e r t o f i n a n c e t h i s
l a r g e volume of mortgage a c q u i s i t i o n s w i t h the small n e t i n f l o w of
c a p i t a l , t h e s e a s s o c i a t i o n s reduced t h e i r cash h o l d i n g s by 50.U b i l l i o n ,
t h r e e - f o u r t h s more than l a s t year, and i n c r e a s e d t h e i r borrowing ( p r i n c i p a l l y
from the F e d e r a l Home Loan Banks) by a l m o s t $ 0 . 1 b i l l i o n .




I
-3D e p o s i t s a t mutual s a v i n g s banks r o s e almost # 0 . 2 b i l l i o n i n J u l y , e i g h t
and o n e - h a l f times l a s t y e a r ' s i n c r e a s e and a record f o r J u l y . Mortgage
h o l d i n g s i n c r e a s e d 5 0 . 3 b i l l i o n , 1*1* per cent more than a y e a r e a r l i e r .
Holdings of b u s i n e s s and other s e c u r i t i e s showed t h e i r s h a r p e s t i n c r e a s e
s i n c e May 1958, r i s i n g $66 m i l l i o n . Holdings of cash and U. S . Government
s e c u r i t i e s , on t h e o t h e r hand, d e c l i n e d a s u s u a l — d e c r e a s i n g more than l a s t
y e a r but l e s s than during July of many other y e a r s .

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 b a l a n c e s
Bank l o a n s 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 l o a n s t o "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 b a l a n c e s

End of month
Change
August I July
( M i l l i o n s of d o l l a r s )
5,01*9
3 , 7 1*9
1,300
23

U,876
3,562
1,31k
29

+173
+187-lU
-6

80

83

-3

2,172
2,190
35
1,127

2,091
1,856
32
1,252

+381
+331*
+3
-125

More d e t a i l e d information concerning r e c e n t c a p i t a l market
developments i s p r e s e n t e d i n t h e a t t a c h e d e x h i b i t s .

Capital Markets S e c t i o n ,
D i v i s i o n of Research and S t a t i s t i c s ,
Board of Governors of t h e Federal Reserve System.




5

E X H I B I T A, P a r t I
LONG-TERM

BOND

19$ 7

YIELDS,

HIGH-GRADE

1958

1959

M60

1961

1»*l

E x h i b i t A - Part I I

Date

,

Corporate
Aaa 1 /

U. S . Govt,
long-term 2 /

S t a t e and
local
government
Aaa 3 /

1

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

(per cent)
1957 - High
1958 - Low
1 9 5 9 - 6 0 - High
1 9 6 0 - 6 1 Low
1 9 6 1 - High
1962 - High
Low
Aug.
Aug.
Sept.
Sept.
/Sept.
Note:

2k
31
7
lit
21 2 /

U.lU
3.55
it. 61
it. 2 1
U.U6
k.k3
it. 27

(9/27)
(5/2)
(1/29/60)
(3/17/61
(9/15)
(2/16)
(5/25)

h.3h
it. 33
it. 33
it. 32
it.31/

3.76
3.07
it.it2
3.70
it.07
It. 12
3.85
3.9it
3.9it
3.96
3.95
3.9U

For f o o t n o t e s s e e E x h i b i t B.




(10/18)
(4/25)
(1/8/60)
(5/12/61)
(12/29)
(2/23)
(5/11)

3.15
2.6it
3.65
2.99
3.37
3.26
2.92

(8/29)
(5/l)
(9/24/59)
(9/1/60)
(7/6)
(1/it)
'
(5/3)

3.05
3.03 •
3.02
3.02
3.01

.60
.22
.59
.19
.57
. it7
.29
.itO
.39
.37
.37
.37

"

.50
.31*
.92
.16
.76
1.08
.80
. .89
.91
.9it
.93
.93

IX HI m i

b, r„,.

4$)

i

LONG-TERM BOND YIELDS, LOWER-GRADE

Exhibit B - Part I I

Date

Corporate
Baa 1 /

Spread between
Aaa and Baa
S t a t e and
Corporate
local govt.

S t a t e and
local govt.
Baa 3 /
(per cent)

1957 - High
1 9 5 8 - Low
1 9 5 9 - 6 0 - High
1 9 6 0 - 6 1 Low
1 9 6 1 - High
1962 - High
Low

5-10
ii.5L
5.36
li.98
5.13
5.11
4.96

Aug.
Aug.
Sept.
Sept.
Sept.

5.05
5.05
S.ok
5.03
5.03 .

2b
31
7
lit
21 2 /

(11/29)
(7/11)
(2/12/60)
(9/9/60)
(10/27)
(1/5)
(6/1)

U.51
3.61
k.h6
3.93
Ll6
h.oh
3.52
3.70
3.66
3.66
3.66
3.66

(a/29)
(5/1)
(1/7/60)
(11/9/6I)
(3/23)
(1/11)
(5/17)

'

1.27
.77
M
.66
.81
-714
.63

1.21
.93
1.08
.57
.93
.82
.56

.71
.72
.71
. .71
.72

.65
.63
. 6I4
.cU
.65

Preliminary.
1J Weekly average of d a i l y f i g u r e s . Average term of bonds included in 23-26 y e a r s .
2 / Weekly average of d a i 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 in 10 years or mora.
3for
/ Thursday
f i g u r e s . Only general o b l i g a t i o n bonds are included; average term i s 20 years.
DigitizedBote.—Highs
FRASER
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 dates f o r d i f f e r e n t
s e r i e s . For spreads, high refers t o w i d e s t , and low to narrowest.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

t
E X H I B I T C. P o r t I
SHORT-

AND

INTERMEDIATE-

TERM

INTEREST

RATESL G O V E R N M E N T

Exhibit C - Part I I
Date

1957 - High
1958 - Low
1959-60 - H
1 9 6 0 - 6 1 Low
1961 - High
1962 - High
Low
Aug.
Aug.
Sept.
Sept.
/Sept.

2h
31
7
Ill
21 jd/

Discount
rate

V

3-month
b i l l s 2/

3.50
1.75
U.00
3.00
3.00
3.00
3.00

3.61
.58
it. 59
2.11
2.66
2.97
2.65

3.00
3.00
3.00
3.00
3.00

2.82
2.80
2.82
2.78
2.77/

(lo/ie)
(5/29)
(1/8/60)
(10/28/60)
(12/29)
(7/13)
(6/8)

y
2/

Yields
6-month
b i l l s 2/
(per cent)
ee —

3.02
5.07
2.35
2.90
3.13
2.71
2.96
2.93
2.95
2.93
2.93

(12/26)
(1/8/60)
(4/28/61)
(12/29)
(7/20)
(6/8)

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 on
6-mo. b i l l s 13-5 y r . i s s u e s

L o l (10/ie)
2.14(6/6)
5 . 0 0 (12/24/59)
3 . 1 5 (5/12/61)
3.86(8/11)
3.88 (2/2)
3.1i3 ( V 6 )
3.51
3.52
3.56
3.59
3.57

.24
.06

.86
.Oli
1.81
.38
1.51
1.19
.69

.iii
.13
.13
.15
.16

.69
.72
.7k
.81
.80

.26
.79
.12

.a

.

Weekly rate shown i s that in e f f e c t at end of period at the Federal Reserve Bank of New York.
Market yieldj weekly averages computed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes and bonds.
Note.—Highs and lows are for individual series and may be on different dates for different series. .
For spreads, high refers to widest, and low to narrowest.




*
.

SHORTBANKS

AND
AND

INTERMEDIATE-TERM
OTHER

PRIVATE

INTEREST

RATES,

BORROWERS

— I,

Exhibit D - Part I I

Date

Stock Exchange
c a l l loan 1 /

Prime
rate 1 /

F i n a n c e company
paper 2/

Federal
funds 3 /

Spread between
3 - m o . b i l l s and
f i n a n c e Co. p a p e r

(per cent)
il.50
3.50
5.50
it. 5 o
U.5o
1.50
it. 5 0

It. 5 0
3.50
5.00
It. 5 0
It. 5 0
it. 5 0
it. 5 0

3.88
1.13
5.13
2.50
3.00
3.25
2.88

Aug.
Aug..
Sept.
Sent.
Sept.

it. 5 0
it. 5 o
it.5o
a. 5 0
u.50

it. 5 0
it. 5 0
.L50
it. 5 o
it. 5 o

3.13
3.10
3.13
3.13
3.13

2h
31
7
lit
2 1 2/

(11/15)
(8/8)
(1/22/60)
(8/5/61)
(12/29)
(7/20)
(6/1)

3.50(11/8)
.13(5/29)
it.00 ( 5/13/60)
.it3 ( 1 / 2 7 / 6 1 )
2 . 8 8 (12/29)
3.00 (9/lit)
1.30 (1/26)
3.00
2.85
3.00
3.00
2.75

.63
-.35
1.02
.11
.56
• itl
.19
.31
.30
.31
.35
.36

y W e e k l y r a t e shown i s t h a t in e f f e c t a t end of p e r i o d . S t o c k Exchange c a l l loan rate i s going rate
on c a l l loans secured by customers' stock exchange c o l l a t e r a l a t New York City hanks. Prime rate
i s that charged by large banks on short-term loans to business borrowers of the highest c r e d i t
standing.
2 / Average of d a i l y r a t e s published by finanoe companies f o r d i r e c t l y placed paper f o r varying maturitiei
i n the 90-179 day range.
3 / Weekly average of d a i l y e f f e c t i v e r a t e , which i s the rate f o r the h e a v i e s t volume of purchase and
s a l e t r a n s a c t i o n s as reported to the Federal Reserve Bank of New York.
'Note.—Highs
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 dates for d i f f e r e n t s e r i e s .

For spreads, high r e f e r s t o w i d e s t , and low to narrowest.



I
• 3

1957 - High
1 9 5 8 - Low
1 9 5 9 - 6 0 - High
1 9 6 0 - 6 1 Low
1 9 6 1 - High
1962 - High
Low

i

STOCK

MARKET

Y

7c'oi!s

nt 01 D o l l a r s

y

—•"—

T ( CX MA EKE I C R E D

V
*

CH/ N o t

in s t * i i i

L-——

— —

4>I M I 1 1 1 1 1

OJT

YIELDS

.1 I.I 1 1.1 1 1.1 1 1.. M M

M M

, I

11 1 1 1 1 . 1 i x \ y

E x h i b i t E - Part I I

Date

Stock p r i c e
index 1 /

72.01* (12/8/61)

1 9 6 0 - 6 1 - High
Low
1962 - High
Low

52.68 (6/22)

JulyAugust
Sept. 7
S e p t . Ik
Sept. 21 &/

56.97
58.52
58.38
58.89
57.69

53.32 (10/21/60)
70.91 (3/16)

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

2.82
3.62
2.93
3.96
3.68
3.57
,3:§
3.62

5.8

2.2
10.1
2.8
3.5
3.3
3.0
2.9
3.5

Stock market customer c r e d i t
Bank
Customers 1
debit b a l - loans t o
"others" 5 /
ances V
( I n m i l l i o n s of d o l l a r s )

Total

5 , 6 0 2 (12/61)4,259
4,11*2 (5/60) 3 , 0 0 4
5,1491 (U) 1 , 1 1 1
it,676 ( 7 ) 3 , 5 6 2
4,876
5,01*9
n.a.

n.a.

n.a.

3,562
3,71*9

(12/61)
(7/60)
(1)
(7)

1,377
1,121
1,148
1,295

(8/30/61)
(5/25/60)
(5/9)
(9/12)

1,314

1,300
1,298

1,295
n.a.

n.a.—Not available,
j>/ Preliminary.
U-43-10.
l / Standard and Poor's composite index of 500 common stocks, weekly closing prions, 1941-43
Monthly data are averages of daily figures rather than of Friday's only. Highs and Iowa a:
2/

Standard and'poor^s composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are f o r dates on which price index reached i t s high

3/
4/

Averages of daily trading volume on the New York Stock Exchange.
End of month figures for member firas of the New York Stook Exchange which carry margin accounts 1
excludes balances secured by U. S. Government obligations.
•
Wednesday figures for weekly reporting member banks. Excludes loans f o r purchasing or carrying
U. S. Government securities. Prior to July 1, 1959, such loans are excluded only at banks in
New York and Chicago. Weekly reporting banks account for about 7,0 per cent of loans to others.
For further d e t a i l see Bulletin.

5/

J




Exhibit F - Part I I
Date

- Aug.
Sept.
Oct.
Nov
Dec.
1962 - Jan
Feb.
Mar.
Apr.
May
July
Aug. £ /

Total
Seasonally adjustUnadjusted
ed annual rate
1,326
1,383
l,k3k
1,351
1,297
1,273
1,152
1,431
1,542
1,579
r/1,425
i/l,WiU
1,521

127.
122
12k
103
82
. 81
J
76
115
11*7
15k
i/136
r/134
,li|6

Unadjusted
FHA

VA

Conventional

26
21
23
23
17
18
15
21
25
26
2h
25
28

8
7
9
7
6
h
5
6
6
8
7
7

_

ti

93
9h
91
72
59
58
56
88
111
120
r/105
Syioi
110

:,;3

^
T o t a l s t a r t s are Census e s t i m a t e s , w h i o i are not s t r i c t l y comparable with old nonfarm s e r i e s
developed by BLS. A d w e l l i n g u n i t i s s t a r t e d when e x c a v a t i o n b e g i n s ; a l l u n i t s i n an apartment
s t r u c t u r e are considered s t a r t e d a t t h a t t i m e . FHA and VA s t a r t s are u n i t s s t a r t e d under commitment#
by t h e s e a g e n c i e s t o i n s u r e o r guarantee the mortgages. As reported by FHA and VA, a u n i t i s s t a r t e d
when a f i e l d o f f i c e r e c e i v e s the f i r s t compliance i n s p e c t i o n r e p o r t , which i s made before f o o t i n g s
are poured i n some c a s e s but normally a f t e r the f o u n d a t i o n s have been completed. Capehart m i l i t a r y
h o u s i n g u n i t s are e x c l u d e d . Conventional s t a r t s are derived as a r e s i d u a l , although t o t a l and t'HA .
and VA s t a r t s are not s t r i c t l y comparable i n concept or t i m i n g } they i n c l u d e both u n i t s f i n a n c e d
by c o n v e n t i o n a l mortgages and u n i t s without mortgages.




jsxblblt G

H.lii

Y i e l d s on New Corporate Bond I s s u e s Adjusted t o an Aaa B a s i s

Number
of i s s u e s
included
Monthly a v e r a g e s :
1962 - January
February
March
April
May
June
July
August
September
October
November
December
Weekly a v e r a g e s :
1962 - January 5
12
19
26
February 2
9
16
23
March 2

9

16
23
30 .
April 6
13
20
27
May it
11
18

25

June 1 8

4
5
6
7
7
12
6
11

Amount
of i s s u e s Average
yield
included
(per
(millions
of dollar's) c e n t )
130.0
394. 5
240.0
299.0

lU8cO
368.0

Ha.o

379,3

4.45
4.5o
4.23
L17
4.09
4,1$

Uc33
4,30

Number
of i s s u e s
included

June 15
22
29
July 6
13
20
27
August 3
10
17

60,0

4=5o

3

70,0

2
1

19.5

12
19
26
4.4o
4*52* November 2

2
2
2

300,0
50,0
25.0
30.0
65.0
60.0
85.0
98.0
26.0
100.0

2
2
2
2
1

115.0
28.0
41.0
39,0
17,0

1

1

1

2

2

3

n5,o

U,5o
4.37
4.29
4.23
4.21
4.22
4,21
4,12
4.17*

4.12
4.11
4.19

1
3
1

50.0
46.0
20.0
107-3
115,0
70,0
52.0
60,0
12,0

4.45*
4.26
4.33*
4.34*
4.43*
4.24
4,17
4.20

2
1
1
1

5o cO

4.13

28

1

1

67.0
145,0
24.0

4
2

24

4<40

4
3
1

3

31
September 7
14
21

Amount
of i s s u e s Average
yield
included
(per
(millions
of d o l l a r s ) c e n t )

October 5

9
16
23
30
December 7

14

21

28

4.14
4.21*
4< 02
4-.0"
4:06
4.24*

Note: Averages of o f f e r i n g y i e l d s on a l l new i s s u e s of publ i c l y s o l d bonds r a t e d Aaa, Aa
and 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 , equipment t r u s t and c o n v e r t i b l e i s s u e s ,
o f f e r i n g s of n a t u r a l gas p i p e l i n e s and f o r e i g n companies, and i s s u e s guaranteed by t h e
Federal Government) weighted by s i z e of i s s u e s , Y i e l d s on Aa- and A-rated bonds are
f i r s t a d j u s t e d t o an Aaa b a s i s , u s i n g t h e comparable spreads i n y i e l d s on seasoned bonds
(Moody's a v e r a g e s ) . Averages r e f l e c t changes i n i n d u s t r i a l composition, t y p e , m a t u r i t y ,
and c a l l p r o v i s i o n s of new o f f e r i n g s . Weekly averages c o n s i d e r e d u n u s u a l l y u n r e l i a b l e
a s i n d i c a t o r s of i n t e r e s t r a t e s on new i s s u e s because of t h e small number or s p e c i a l
c h a r a c t e r i s t i c s of o f f e r i n g s included etc* a r e marked w i t h an a s t e r i s k . Source:
Digitized
fordFRASER
weekly
a t a , Federal Reserve; monthly d a t a , F i r s t N a t i o n a l C i t y Bank of New York.



*2.
H.lli
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In m i l l i o n s of d o l l a r s )

1962
January
February
March

592
859
807

Corporate 1 /
1
1961
I
580
66T
562

New c a p i t a l

State and l o c a l 2/
1 1961
1

I960

1962

570
715
860

^/624

713
689
764

700
611
568

p/876

I960

April
May

1,113
760
1,132

2,118
059
^1,318

761
577
i,o44

Sffi
e/700

723
6ia
1,031

719
545
991

July
August
September

a/590
e/7S0
e/600

1,028
762
647

736
967
726

e/600
e/575
e/iiOO

485
604
734

492
606
683

lc090
"948
1,000

890
956
852

678
789
606

348
501
491

2,258
3,005
e/l,9k0

1,809
4/f5
2,137
3,033

2,iL5
2,382
2,1*28
2,698

e/2,632
e/2,332
e/1,575

2,166
2,397
1,823
2,073

1,880
2,256
1,780
1,340

5,263
e/7,203

6,5o4
8,941
11,979

4,527
6,955
9,653

e/4,964
?6,539

1,563.
6,386
8,460

4,136
5,916
7,257

October
November
December
1st

Quarter

2nd quarter
3rd quarter
Uth quarter

1 s t half
Three quarters
Year

Excluding f i n a n c e companies 3 /
1 s t quarter
2nd q u a r t e r
3rd Quarter

4th Quarter

2,199
2,919
e/l,8kO

Year
1/
2/
3/

1,55k
1,552
2,337
2,807

1,716
2,165
2,018
2,347

11,253

8,246

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




^
3
'

1

a
Exhibit I

H.lli

New Corporate Security I s s u e s , Type of Issue and I s s u e r
(In m i l l i o n s of d o l l a r s )

Quarter
or
month

Gross proceeds f o r new
Net proceeds f o r
c a p i t a l and refunding 1 /
new c a p i t a l 1 / 2 /
Bonds
Common
and
Public CommuniTotal P u b l i c l y P r i v a t e l y p f d .
Mfg. u t i l i t y cations
offered offered
stock

Other
issuers

I960 - I
II
III
IV

2,26$
2,$37
2,220
2,832

93k
1,07k
1,336
1,162

795
770
75k
955

536
6? 2
k29
kl6

298
511
562
625

598
808
652
696

189
lk9
317
381

1,059
913
896
997

1961 - I
II
in
IV

1,992
5,3#
2,#6
3,236

662
2,303
772
967

880
1,275
1,139
l,k2k

kk9
1,77k
65k
8k5

515
l,k66
595
836

381
l,0Gl
595
836

81
1,095
10k
lk7

832
1,052
803
1,263

1962 - I
II
III
IV

2,378
3,250

1,155
1,39?

716 '
1,222

507
639

655
996

k30
983

k56
231

717
79k

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

.601
695
696
2,231
l,3k2
1,779
1,075
813
678
1,155
987
1,091

178
273
211
713
666
92k
k2k 2#
123 .
3#
hik
217

29k
129
167
255
331
15k
1,170
3k8
320
355
283
572
392
259
kll ,
177
218
336
310
509
225
3k8
310
567

169
99
2k8
57k
kk7
kk6
k28
255
,252
271
215
306

137
160
8k
25k
k39
389
369
215
111
306
362
168

21
kl
19
99k
85
16
16
13
75
25
80
k2

#3
368
211
297
289
k67
315
279
209
k87
291
k85

1962 - Jan.
Feb.
Mar.
Apr.
May
June
July p /
Aug. y
Sept.
Oct.
Nov.
Dec.

6k7
88k
8k7 '
1,217
801
1,232
616
890

273
k97
386
65k
2k7
k88
200
k70

232
232
253
227
k20
575
352
350

205
131
318
38k
270
3k2
211
260

89
lk8
193
377
196
kio
12k
100

73
362
21
88
6k
79
88
100

225
- 218
275
26k
229
301
168
290

lk3
155
209
336
13k
169
65
70

g7 Preliminary.
e / Estimated by. Federal Reserve.
Yj Gross proceeds
exceed net proceeds by the c o s t of f l o t a t i o n .
2 / For t o t a l see Exhibit tij
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. S o u r c e . - - S e c u r i t i e s and Exchange Commission.




/

4

H.lU
Otner Security Offerings
(In m i l l i o n s of d o l l a r s )
Gross long-term 1 /
Federal agency 3/
Foreign government 2 /
19^1"
"1952
1961
| "I960
19^2
January
February
March
April
May
June
July
August
September
October
November
December

Hi2
10
35
10
86
50
25
e/—

6
29
20
2
66
29
5
2
43
3b

Tear
Jan.-Aug,

e/358

2
175
70
3U
72
ho
25
1
36
3U
9

2U6
156
,

161

i

252
100
149
278

I960
182
150
150
148
354
«•—
——

^

i e/150
;

250
193

1

225

160
Hi9
181

!

199

236

5%

!

1,448

1,672

159

419

#1,013

1,029

1,183

Net short-term h/
State and l o c a l government 5 / I
Federal agency 3 /
January
February
March
April
Hay
June
July
August
September
October
November
December
Year
Jan,-Aug „

18
ij.66
-186
127
-8h
-118
£/?8
2/338
i
|

160
195
-8
-103
-155
109
518
-86
~6
5h
-116

58
I4O
-80
70
-lii6
-157
18
415
-75
-16
50
-189

6 7u

3U8

•
1 a/639

is

|
!
i
,
|
|
;
:
i
j
!

2k7
-156
226
-364
82
284
E/350
2/342

i
(2/1,011

-144
-162
-174
-79
-87
207
22
193
108
98
56
-114

-196
-202
-59
-277
170
320
95
23
-201
-23
-33
-250

-76

-633

-22k

-126

e / Estimated by Federa 1 Reserve,
Preliminary.
n.a, ,—Not a v a i l a b l e .
These data d i f f e r from t h o s e in Exhibit H in that refunding i s s u e s 3 as w e l l as
new c a p i t a l i s s u e s s are included. Long-term s e c u r i t i e s are defined as those
maturing i n more than one year.
2 / Includes s e c u r i t i e s o f f e r e d in the United States by f o r e i g n governments and t h e i r
p o l i t i c a l subdivisions arid i n t e r n a t i o n a l organizations: Source: S e c u r i t i e s and
Exchange Commission,
3 / I s s u e s not guaranteed by the Ih Sc Government0 Source: long-term, S e c u r i t i e s
and Exchange Commission; short-term, Treasury Department and Federal Reserve.
k/ These data d i f f e r from those in Exhibit H and above in that t h e y represent new
o f f e r i n g s l e s s retirements, whether from the proceeds of refunding i s s u e s o r from
other funds. Data include only i s s u e s with o r i g i n a l maturity of one year or l e s s .
5 / Pfor
r i nFRASER
c i p a l l y t a x and bond a n t i c i p a t i o n notes, warrants or c e r t i f i c a t e s and Public
Digitized
Housing Authority n o t e s . In some i n s t a n c e s PHA n o t e s included may have a somehttp://fraser.stlouisfed.org/
what longer maturity than one year. Sources Bond Buyer and Federal Reserve.
2/
1/

Federal Reserve Bank of St. Louis

Exhibit K

H.li*

Large Long-term Public Security I s s u e s f o r New Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(In m i l l i o n s of d o l l a r s )

Total

Month
W 6 1 - August
September
October
November
December
p.962 - January
February
March
April
May

Corporate
Bonds
Convertible
(other than
bonds
convertibles)

185
168
351*
391
2#
195
1*25
366
618
200
505
165
286

July
August

165
78
205
320
125
170
1+25
330
1*30
170
387
135
226

Stocks

33
67
2&
.

20
58
81
1*5
130
25

281
435
326
180
307
561
662
259
1*23
"373
226
361
272 -

21
167
30
118
30

15
51

60

State
and
local
government

Other
y
100
73
1*0
250
1U5
61*
30
55
88
30
20
** —

Large Individual I s s u e s Offered September 1 through 21

Issuer

Type J /

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

Rating

CORPORATE
,Tennessee Gas Trans. Corp.
P a c i f i c Northwest B e l l Tel.
Company
Arizona Public Service Co.

Deb.
Pfdo s t k .

50.0
22.5

1982

5

1*.90

Baa

Deb.
Com. s t k .

50.0
19.4

2002

lt-3/8

l*o 27

Aa

STATE AND LOCAL GOVERNMENT
Unified Sch. D i s t . No. 1 , Wis.
State of Rhode Island
New Orleans, Louisiana
S t a t e of Delaware

G.O.

10.0

1963-82

G.O.

10.2
10.0
19c7

1963-2002
1961-87
1963-82

G.O.

G.O,

2.90
n.a.
3.12
2.77

1.60-3.10
1.60-3.1*5
1.80-3.30
1.55-3.00

A
A
A

Aa

OTHER
Federal Home Loan Banks
Nippon Tel. & Tel. Public
Corp.




Bonds

175.0

1965

3-3/1*

3.70

Bonds

18.5

1977

6

6.1*2

—

:

K-2

u

Footnotes
*—Rights offeringc
1/
I n c l u d e s 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 $lf> m i l l i o n and over;
S t a t e and l o c a l government o f f e r i n g 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 non-guaranteed i s s u e s by Federal a g e n c i e s .
3 / In t h e 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, d e n o t e s g e n e r a l
~
o b l i g a t i o n s ; R e v 0 - U t . s 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 ; Rev.-Q.Ut 0 > revenue bonds secured only by r e v a l u e 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 o n l y ; R e v , - R e n t . s revenue bonds secured s o l e l y by l e a s e payments.




,

H.lii

Exhibit L

H.ll*

Forthcoming Large Long-term P u b l i c S e c u r i t y O f f e r i n g s f o r New C a p i t a l
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large I s s u e s
Date of
computation
- Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 29
- Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
J u l y 31
Aug. 31

During month f o l l o w i n g
date shown
State and
Corporate l o c a l g o v t . Other 2 /
175
358
3U6
356
161
1*80
222
628
185
587
120
302
170

399
251
597
295
223
1*65
153
153
333
18k
202
273
61

73
35

61*
95
55
175

Subsequent t o
date shown
S t a t e and
Corporate
l o c a l govt.
2l*0
504
1*11
1*21
591
525
3l4i
693
598
692
1*58
1*77
312

530
k$k
693
1*98
1*15
567
239
539
152
337
377
1*27
215

Other 2 /
73
35

61*
95
55
25
175

Forthcoming Large O f f e r i n g s , a s o f September 21
Type

Amount
(millions
of d o l l a r s )

Approximate date
of o f f e r i n g

CORPORATE
^Franklin N a t l . Bank of Long I s l a n d
Public S e r v i c e Co. of Colorado
San Diego E l e c . & Gas Co.
Panhandle Eastern Pipe Line Co.
Southern C a l i f . Edison Co.
Commerce O i l R e f i n i n g Corp.
Columbia Bancoiporation
•^American T e l . & T e l . Co.

20.0

Pfd. s t k .
Com. s t k .

29.2

Com. s t k .

15.5

Deb. & pfd. s t k .
80.0
1 s t & r e f . mtg. b d s . 1 7 . 6
Deb., bds. & com.
U5.0
Conv. sub. deb.
30.0
Deb.
250.0

Sept. 2l*
S e p t . 2k
(rights expire)
Oct. 10
( r i g h t s expire)
Oct. 2k
Oct. 31
Indefinite
Indefinite
Oct. 2k

STATE AND LOCAL GOVERNMENT
D e t r o i t Sch. D i s t . , Michigan
Baltimore, Maryland
^ D e t r o i t , Michigan
Nassau Co., New York
Commonwealth of Puerto Rico
*Los Angeles Co. Flood Control D i s t . ,
California
De Kalb Co., Georgia
S t a t e of Louisiana
East Bay Mun. U t i l . D i s t . , Cal.
Houston, Texas
Digitized
P i t tfor
s b uFRASER
r g h , Penna.



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

10.0
32.6
12.9

Sept.
Sept.
Sept.
Sept.
Sept.

10.0

Oct. 2
Oct. 2
Oct. 10
Nov. Ill
Nov. Ill
Indefinite

17.0
30.0
ll*.0
20.0
30.0
iLo
35.0

25
25
25
26
26

n
H.lli

L-2
Forthcoming Large O f f e r i n g s as of September 21 (Cont'd)
Issuer

Type

Amount
(millions
of d o l l a r s )

Approximate date
of o f f e r i n g

STATE AND LOCAL GOVERNMENT (CONT'D)
J e f f e r s o n County, Colorado
Dade County, Florida
J a c k s o n v i l l e Expressway Auth., F l a .

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

12.9
U6.0
Uo.o

Indefinite
Indefinite
Indefinite

OTHER
None.
1/

Includes corporate and other i s s u e s of $15 m i l l i o n and over; S t a t e and l o c a l
government i s s u e s of $10 m i l l i o n and over.
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 .
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.
2/




'

H.ll*
Sources and Uses of Funds by
L i f e Insurance Companies

ities

Uses of funds 1 /
Business s e c u r i t i e s 2/
S t a t e and
l o c a l govt.
Long-term Commercial
bonds and and f i n a n c e
company paper
stocks
ities

1,363
1,307
1,329
1,389
1,26k

7,182
6,858
6,1*28
6,10li
6,1*0.6

1*6,783
1*8,631
51,3111
52,395

1*2
-12
31
h2
3
-1*9
93
-35
89

-85
-63
-102
52
-h$
-2
-62
18
-103

-51
-9
-50
9
75
-39
1*0
-18
H*
31
1*3
15

117
-3
-7
-1*7
63
-182
71

-108
-5
-7h
12
3
-22
69

Cash

U. S.
Govt.

Mortgages

Other

Total
sources

r

>Value of a s s e t s
2 a t end of p e r i o d :
% 1 9 # - Dec.
% 1959 - Dec.
jg I960 - Dec. .
% 1961 - Dec.
^
1962 - July
Changes:
I960 - Apr.
May
$
June
July
|
Aug.
Sept.
Oct.
Nov.
Dec.
*
$

W l 9 6 l - Jan.r/
Feb..
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
2/1962

•- Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

118
295
183
585

2,691
3,221
3,606
3,922
1*,062

37,092
39,237
1*1,815
1*4,21*1
1*5,31*0

11*, 61*0
16,126
17,1*72
19,1*09
19,950

108
165
209
ll*3
133
111
100
257
300

17
1*7
-25
- 81
53
-61
205
-59
-100

25
29
19
21*
1*6
82
33
26
18

218
209
187153
227
179
217
197
282

89
109
11*1*
87
113
110
-6
92
167

-50
13
-1*3
-256

88
167
175
72
236
301*
136
285
21*3
261*
220
520

121*
-39
-27
63
-66
-3k
109
-7U
-30
. 21*
-11*
-11*8

65
31
33
31*
5
-13
25
36
29
17
36
18

193
135
208
202
170
222
107
161*
165
199
235
1*26

355
202
186
,119
58
31
11*2
128
138
105
165
308

891
1*81*
518
1*52
5ia
289
630
521
509
653
61*2
883

210
21
-78
9k
-26
-95
176

101
126
II4J*
53
21*2
253
135

223
1*7
1*9
171
-1*3
-117
72

36
2
118
-ll*
-11*
8
1*

137
116
11*3
111*
195
196
198

123
113
75
31
5
-10
201*

722
1*20
377
1*61
362
213
858

y

11,612

gross, uses.
2 / Includes s e c u r i t i e s o f domestic corporations only.
S o u r c e . — I n s t i t u t e of L i f e Insurance.




i

107,580
113,650
119,576
126,589
130,002
1*11*
1*81*
1*63
582
530
370
580
1*96
653 •

H.l4

Exhibit N
Sources and Uses of Funds by
Savings and Loan A s s o c i a t i o n s
Uses of funds 1 /
U. S.
Mort- Other
Govt.
gages 2 /
ities
( i n m i l l i o n s 01
Value of a s s e t s
at end of period
1958 - Dec.
1959 - Dec.
1960 - Dec.
1961 - Dec.
1962 - July
Changes:
i960 - Apr.
May
July
Aug.
Sept.
Oct.
Nov,
Dec.
2 / 1 9 6 1 - Jan.
Feb,
Mar,
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
2 / 1 9 6 2 - Jan.
Feb.
Mar.
Apr.
May
June r j
July
Aug. '
Sept.

2,#5

2,183
2,680
3,298
2,963

81
320
-233
30
25
102
*3
59
3
23
150
131
-22?
-86
47
81
84
448
-365
98
131
-78
10
263
-39k

r?
1/

dollars)

Sources of funds
Net
Borrowchange
Other
savings ing 3 /
capital

U7,976
54,583

1,444
2,387
2,197
2,863
2,979

5,719

3,729
4,131
4,743

62,142

5,012

55,139
63,530
71,476
82,096
87,959

564
635
762
6U5
722
656
602
515
566

108
210
-50
-148
-6
50
-1
233
-50

6J46
9hh
889
232
723
736
813
777
930

370
622
1,220
157
486
604
666
552
1,379

39
4
210
-124
22 .
49
-14
52
271

237
318
-541
199
215
83
161
173
-720

-106
71
122
113
224
-64
-150
76
83
103
198
-58

261

66
-5
45
82
45

369
428
690
695
809
997
737
910
802
810
752
764

591
553
705
417
800
1,362
111
496
662
726
775
1,5H

-465
-80
-26
88
41
274
-1
132
130
74
81
418

135
276
243
308
339
-540
242
338
135
239
260
-730

186
95
36
-46
-13
-67
1*6

535
600
801
847
971
1,044
894

-115
40
93
90

1,061

s
-194

1,182

491
578
934
386
782
1,427
18

-383
-96
-83
126
98
365
.
89

133
351
210
301
501
-610
245

3,819
4,477
4,595
5,222
5,459

-26

3,108

Total
sources
or uses

18
-11*3
-32
-23
5
110
-54
-1
93
3*91
107
-18
-3
32
-8

15,627
53,ia

60,070
68,833
7k,525

7h9
922
813

1,180

1,096
352
966
927
1,039

1,116
1,199

2hl
833

813
1,381
352

70,851
75,467

6,560

7,137
8,382
9,513

Revised.
Preliminary.
Uses of funds represent net changes i n a s s e t s and therefore r e f l e c t n e t , rather
than gross, u s e s . Savings and loan a s s o c i a t i o n s do n o t hold business s e c u r i t i e s
and data on holdings of S t a t e and l o c a l government bonds, presumed to b e small,
are not a v a i l a b l e . 2 / Data f o r 1957 adjusted to include mortgage pledged

shares
a s currently reported.
3 / Advances from Home Loan Banks and other
http://fraser.stlouisfed.org/
borrowing.
Source.—FSLXC.
—

Federal Reserve Bank of St. Louis

Exhibit 0

H.ll*

S o u r c e s and U s e s o f Funds
by Mutual S a v i n g s Banks

U.S.
Cash Govt,
securities
Value o f a s s e t s
a t end o f p e r i o d
1958 - Dec.
1959 - Dec.
i 9 6 0 - Dec.
1961 - Dec.
1962 - J u l y

921
829
872
828
838

7,266
6,861
6,239
6,136
6,270

-86
1*2
108
-69
-6
22

1,973
It,81*9
5,080
5,053
5,111

725
722
672
677
578

23,039
24,768
26,709
28,915
30,711

-19
13
57
38
-8
32
-It

13
-23
-1*
-It
-5
1
-6

9
81*

-11*8
-80
-93
-JU8
30
-32
-156
-68
-1*2

129
161
169
159
206
196
168
171
157

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

-U9
21
9
-51
30
30
-26
-lit
1*6
-27
7
-20

106
100
117
-216
-13
-52
18
6
-15
-120
-13
-21

3
-15
1*6
-11
27
3h
2
-23
-19
-56
-20
5

1962 - Jan.
Feb.
Mar.
Apr.
May
June r /
July
Aug.
Sept.

10
1*7
12
-79
12
51*
-1*6

9li
77
209
-216
' 16
-35
-11

17
1
25
-35
2
12
66

Changes:
i 9 6 0 - Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.

-8

S o u r c e s of f u n d s

Uses of funds 1 /
Total
Busi- State &
sources
ness
local
Mortgovt.
Other
gages
ities
2/
ities
( I n m i l l ] Lons o f d o l l a r s ]

1/

57

-5
-5

-5
-1
-2

1

23
-2
1
1

-5
-5

-l

-7
-18
-18
-26
-20
-5

.

855 1
910
1,001
1,221
1,180
-21
63
-59
1*2
6
lit

-25

13
-lit

161
. 11*0
20k
176
.187
217
201
207
156
178
167
212

lt9
-Itit
lt6
117

253
188
230
270
2514.
311
290

-118
12
62
-lt5
68
-13
-10

17
26
29
-51
30
-23
-28

55

Net
change i n
deposits

37,779
38,912
ltO,573
1*2,833
1*1*, 718

3lt,0ltl
31,983
36,353
38,1*87
#,938

3,738
3,959
It,220
It, 31*6
It, 780

-132
176
178
118
223
233
-31
I51t
237

-95
58
221
21
105
278
56
39
385

-37
118
-1*3
97
118
-1*5
-87
115
-11*8

170
136
351

Uli
3663/
23
99
310
-15
1*8
lt71

63
136
53
-100
11*8 .
-1383/
11*1
133
-90
-59
133
-179

83
165
1*72
-51 .
I81t
lt26
172

166
11*2
1*7
-80
150
-105
113

233
272
kok
-15k
262
228
16k
232
220
-7lt
181
292
250
307
519
-131
33lt
321

285

.

-51*

U s e s of f u n d s r e p r e s e n t n e t changes i n 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 .
I n c l u d e s Canadian government and p o l i t i c a l s u b d i v i s i o n s , 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, nonguaranteed F e d e r a l agency and o t h e r bonds a s
w e l l a s c o r p o r a t e bonds and s t o c k .
3 / A d j u s t e d so a s n o t t o r e f l e c t $115 m i l l i o n o t h e r l i a b i l i t y r e c l a s s i f i e d a s

d e p o s i t s i n c o n f o r m i t y w i t h FDIC r e d e f i n i t i o n .
Source—NAMSB and FDIC.
2/



Other