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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