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VOL. 123 | NO. 219 | Friday, November 07, 2008

Commercial Paper Rises for Second Straight Week

By MADLEN READ | AP Business Writer

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NEW YORK (AP) - The Federal Reserve says the amount of commercial paper in the market has increased for the second straight week, but at a slower pace.

Companies issue commercial paper to borrow money for short periods to finance their day-to-day operations. The Fed started buying highly rated, three-month commercial paper on Oct. 27 to prop up a market that saw demand fall off after Lehman Brothers Holdings Inc. collapsed.

Commercial paper outstanding increased by $50.5 billion to a seasonally adjusted $1.60 trillion in the week ended Wednesday, after rising by $100.5 billion in the previous week.

The amount outstanding remains down from $1.82 trillion eight weeks ago, and down from $2.2 trillion at the market's peak in the summer of 2007.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 81 217 5,290
MORTGAGES 94 276 6,985
FORECLOSURE NOTICES 22 72 1,628
BUILDING PERMITS 384 712 12,691
BANKRUPTCIES 66 241 5,541
BUSINESS LICENSES 27 85 2,146
UTILITY CONNECTIONS 52 234 7,292
MARRIAGE LICENSES 10 53 1,511

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