Full text of H.16 Capital Market Developments : April 18, 1957

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

DECONTROLLED AFTER SIX MONTHS

H.lU

A p r i l 18, 1957

CAPITAL MARKET DEVELOPMENTS
( I n c l u d i n g Monthly Review of Sources and Uses
of Funds 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 l a r g e p u b l i c l y o f f e r e d s e c u r i t i e s was
s u b s t a n t i a l l a s t week and i s e x p e c t e d t o be s l i g h t l y l a r g e r t h i s
week. During t h e week ending A p r i l 12, c o r p o r a t i o n s s o l d l a r g e
i s s u e s t o t a l i n g &L50 m i l l i o n , S t a t e and l o c a l government o f f e r i n g s
amounted t o #138 m i l l i o n and a f o r e i g n i s s u e f o r #25 m i l l i o n was
s o l d . This week, c o r p o r a t e i s s u e s w i t h a g g r e g a t e p r o c e e d s of %l5b
m i l l i o n , i n c l u d i n g t h e e x p i r a t i o n of s u b s c r i p t i o n r i g h t s f o r t h r e e
common stock i s s u e s , a r e e x p e c t e d . Also scheduled t h i s week a r e
l a r g e S t a t e and l o c a l government i s s u e s t o t a l i n g #81 m i l l i o n , The
^ $100 m i l l i o n bond i s s u e of t h e 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 was f l o a t e d a t mid-week w i t h a r e o f f e r i n g y i e l d of
k.kO p e r c e n t . The I n t e r n a t i o n a l Bank had f l o a t e d a bond i s s u e t h i s
. p a s t J a n u a r y a t a y i e l d t o i n v e s t o r s ' o f li,50 p e r c e n t .
Bond y i e l d s - Y i e l d s on U. S. Government o b l i g a t i o n s i n c r e a s e d s l i g h t l y l a s t week, while t h o s e f o r c o r p o r a t e and S t a t e and
l o c a l government bonds remained s t a b l e .
Stock market c r e d i t - Customer c r e d i t i n t h e s t o c k market
( e x c l u d i n g U. S. Government s e c u r i t i e s ) c o n t i n u e d t o d e c l i n e d u r i n g
March, r e a c h i n g a l e v e l of 53,832 m i l l i o n a t t h e end of t h e month.
The d e c l i n e of s?lU m i l l i o n i n March r e f l e c t e d a c o n t i n u i n g d e c l i n e
i n n e t d e b i t b a l a n c e s , o f f s e t i n p a r t by a s l i g h t i n c r e a s e i n bank
• l o a n s t o " o t h e r s . " The d e c l i n e i n borrowing by member f i r m s of t h e
NYSE m a i n t a i n i n g margin a c c o u n t s ( e x c e p t borrowings on U. S. Government s e c u r i t i e s ) of
m i l l i o n , more t h a n o f f s e t l a s t month's i n c r e a s e . Customers 1 n e t f r e e c r e d i t b a l a n c e s c o n t i n u e d t o d e c l i n e ,
t o t a l i n g 0821 m i l l i o n a t t h e end of t h e month. These and o t h e r d a t a
on s t o c k market c r e d i t f o r March and F e b r u a r y a r e shown i n t h e
following table.




9

;

:

:

r

End of month
February
March

Change

(Millions of d o l l a r s )
Customer c r e d i t
Excluding U. S. Govt, s e c u r i t i e s - t o t a l
Net d e b i t balances
Bank loans t o " o t h e r s " .
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 o t h e r s f o r purchasing or carrying
U. S. Government s e c u r i t i e s
Broker and dealer c r e d i t
Money borrowed except on U. S. Govt, 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

3,832
2,713
1,119
28

3,81*6
2,729
1,117
35

27

31

- 4

1,958
1,728
47
821

2,004
1,727
53
828

-46
+ 1
- 6
- 7

Stock p r i c e s - Stock p r i c e s , as measured by the SEC index •
of 265 common s t o c k s , increased 5.0 p o i n t s l a s t week, closing a t
273.3 on A p r i l 12. The volume of t r a d i n g picked up, averaging 2.4
m i l l i o n shares a day. Daily f i g u r e s through Wednesday of t h i s week
i n d i c a t e l i t t l e change i n p r i c e s .
F i n a n c i a l i n t e r m e d i a r i e s - I n c r e a s e s i n savings c a p i t a l
a t savings and loan a s s o c i a t i o n s and d e p o s i t s a t mutual savings banks
during February were smaller than a year e a r l i e r , as had been t h e
case i n January. Assets of l i f e insurance companies, however, i n creased somewhat more than i n February 1956, i n c o n t r a s t t o t h e i r
smaller growth i n January. L i f e insurance company a s s e t s during
February increased # 2 2 m i l l i o n , s l i g h t l y more than a y e a r e a r l i e r .
Holdings of U. S. Government s e c u r i t i e s d e c l i n e d , n e a r l y o f f s e t t i n g
l a s t month's i n c r e a s e . However, n e t s a l e s of such s e c u r i t i e s were
more t h a n t w o - t h i r d s smaller than i n February 1956, As was t h e case
i n January, i n c r e a s e s i n holdings of business s e c u r i t i e s and mortgages
t h i s February were smaller than i n t h e comparable month a y e a r ago.
The growth i n d e p o s i t s a t mutual savings banks i n February
was $112 m i l l i o n , o n e - s i x t h l e s s than a y e a r e a r l i e r . In c o n t r a s t ,
time and savings d e p o s i t s a t commercial banks continued t o r i s e i n
February raoce r a p i d l y than a year e a r l i e r . ' Savinge banks were n e t




-14
-16
; + 2 •_
- 7

purchasers of U. S. Government s e c u r i t i e s i n February of t h i s y e a r ,
while holdings declined s l i g h t l y l a s t February. Net purchases of
b u s i n e s s s e c u r i t i e s increased from a year e a r l i i e r , b u t n e t a c q u i s i t i o n of mortgages was one-half smaller than l a s t y e a r .
The n e t i n c r e a s e i n savings c a p i t a l a t savings and loan
a s s o c i a t i o n s i n February was $315 m i l l i o n , compared with a r i s e i n
c a p i t a l of $358 m i l l i o n i n February 1956, Net repayment of FHLB
advances continued, so t h a t t h e i n c r e a s e i n t o t a l a s s o c i a t i o n
sources of funds were s l i g h t l y smaller than a y e a r e a r l i e r . Funds
invested i n mortgages d e c l i n e d , but were about i n t h e same propor-.
t i o n to t h e t o t a l as a y e a r e a r l i e r . Holdings of U. S. Government
s e c u r i t i e s i n c r e a s e d $115 m i l l i o n , somewhat below t h e peak i n c r e a s e
recorded t h i s January,
More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented i n t h e a t t a c h e d e x h i b i t s .

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




HIGH-GRADE

BOND

YIELDS

,VV

A ,"w

l/

\ U. S. GOVERNMENT / ' V "= " "
^

•

STATE AND LOCAL
GOVERNMENT A

U. 3
Date

Corporate
Aaa 1/

long-term t]

Old series

New series

Spread between
U. S. Govt,
State and
local govt. (old series) and.
Corporate I State and
Aaa 3/
Aaa
1local Aaa

(Per cent)

3.U2(6/19) 3.15 (6/6)

1957 - High
Low

2.99
3.09
2.85
3.17
2.91
3i79
3.07
3.82
3.66

2.73
1.98
2.21
1.90
3.03 (8/5)
2.3b
2.89 (6/10) 2.05
3.3? (12/28) 3.052.92 (2/3)
2.17
3.b$ (1/b)
3.05
3.22 (2/8)
2.76

March
March
March
April
April

3.66
3.67
3.66
3.66
3.66

3.26
3,28
3.29
3.30
3.32

1953 - High
195b - High
1955 - High
1956 - High

15
22
29
5
12

<1/9)
(1/8)
U/23)
(12/23)
(1/7)
(12/28)
(3/2)
(iA)
(b/12)

2.78
2.7b
2.bb
2.9b
2.62
3.b9
2.80
3.53
3.15

3.25
3.2b
3.21
3.22
3.25

(12/26)
(1/9)
(8/7)
(8/5)
(1/7)
(12/21)
(2/17)
(1/b)
(2/8)

n.a.

-

2.88
2.88
2.86
2.8b
2.8k

(6/25)
(1/8)
(6/10)
(9/2)
(9/8)
(5/26)
(12/27)1
(2/23)
(1/10)
(2/21)

.38
.19
.b3
.32
• 3b
.13
.bb
.13
.5b
.29

.8b
.30
.61
.29.
.70
.5b „
.68
.32
.b8
.26

.bl
• b3
.b5
.bb
.bl

.37
.36
.35
.38
.bl

2/ Weekly averages of daily f i g u r e s . The old series includes f u l l y taxable,
marketable 2 1/2 per cent bonds due or f i r s t callable a f t e r 12 years through
September 195$1 and those due or callable i n 10-12 years t h e r e a f t e r ; the average
term to f i r s t call of the bonds included declined from 1U years in early 1953 to
11 l / 2 years in early 1956. The new series i s comprised of the 3 per cent bond
of 1995 and the 3 1A per cent bond of 1978-83.
"$/
Thursday f i g u r e s . Only general obligation bonds are included; average
term i s 20 years.
Note.—Highs and lows are for individual series 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 .




\
| V^X
I
I

STATE AND LOCAL GOVT. Be
y \
Moody.
.

LOCAL GOVT.. REVENUE

Corporate
Baa 1 /

State and
local govt.
Baa 2/

State and
local govt,
rev. 3/

(Per cent)
1953 - High

1957 - High
Low

3.89
3.50
3.7U
3.UU
3.63
3.U5
U.Iil
3.58
U.50
U.U2

March
March
March
April
April

U.U3
k.kz
h.h2
U.U2
U.U2

195U - High
1955 - High
1956 - High

15
22
29
5
12

(9/18)
(1/2)
(1/8).
(12/31)
(12/30)
(1/1W
(12/28)
(3/9)
(1/18)
(U/12)

3.79
2.96
3.32
2.93
3.26
3.02
U.22
3.20
U.22
3.90
, 3.99
3.97
3.93
3.93
3.93

(6/25)
(1/8)
(1/7)
(8/5)
(12/29)
(1/6)
(12/27)
(3/8)
(1/10)
(2/21)

3.27
2.71
3.00
2.72
2.99
2.76
3.98
2.89
3.98
3.70

(V#)
(1/2)
(1/1)
(8/13)
(12/30)
(1/7)
(12/28)
(2/2U)
dA)
(2/22)

V

1/ Weekly average of daily f i g u r e s . Average term of bonds
included i s 25-26 years.
2/ Thursday f i g u r e s . Only general obligation bonds are .included; average term i s 20 years.
3/ Friday f i g u r e s . Average r a t i n g of bonds included i s
between Baa and A; average terra i s 20 years.
h / Series discontinued, as of March 15.
Note.—Highs and lows are f o r individual 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 .




STOCK MARKET

Date

Stock price

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

Stock market customer
credit
Customers1
debit bal,- loans to
"others" 5/

Total

(Millions of dollars)
1953 - High
195k - High
1955 - High
1956 - High
1957 - High
- Low
February
March 29
April 5
April 12

167.1
lltlt.O
221.it
156.5
270.7
217.lt
295.5
257.b
279.2
260.3

(1/2)
(9/18)
(12/31)
(1/6)
(12/30)
(l/lit)
(8/3)
(1/20)
(1/U)
(2/8)

262.lt
265.1
266.2
j/268.3
273.3

1,665
1,31U
2,388
1,653
2,805
2,517
2,823
2,7!t0
2,762
2,713

780
66U
1,0U8
7lt6
1,2U1
1,018
1,267
1,155
1,163
1,117

3,81|6
3,832

2,729
2,713

n.a.

n.a.

1,117
1,119
1,119.
l,121t
n.a.

2.5
0.9
3.7
l.lt
it.6
1.5
3.1 •
- 1.5
2.7
1.6

5.88
5.15
5.U9
It.09
it.23
3.59
It.13
3.65
It.28
3.91

2,U*5
2,055
3,L36
2,lt05
It,030
3,537
lt,0lt7
3,911t
3,903
3,P32

2.0
1.7
1.7
1.9
2.it

it.27
U.16
lt.16
lt.13
U.05

'

.

n.a.—Not available.
1/ SEC index of 265 common stocks, weekly closing prices, 1939=100; converted
to 19u7-U9=100 by Federal Reserve. The conversion f a c t o r i s 123.91.
2/ Averages of daily trading volume on the New York Stock Exchange.
3/ Moody's 125 Industrial stocks; weekly data based on Friday.
h/ End of month figures f o r member firms of the New York Stock Exchange which
carry margin accounts; excludes balances secured by U. S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans f o r
purchasing or carrying U. S. Government securities a t banks i n New York and Chicago.
Weekly reporting banks account for about 72 per cent of loans to others.
Note.—Highs and lows are for individual series 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 .




Exhibit D
Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
( I n m i l l i o n s of d o l l a r s )
Hew c a p i t a l
x

1957
January
February
March

e/1,039
e/1,0.02

April
May
June .

e/

2

®Aj.i' 5

900

Corporate
1
1956 .1
-

#9
JJOli
790
816
1,144
830

July
August
September •

1,066
669
836

October
November
December
1

s t quarter
M.quarter
-3rd quarter
l*th q u a r t e r

e/3>36'6

1 s t half
Three q u a r t e r s
Year

S t a t e and l o c a l
r
1956
1

1955

1955

1957

535
li07
1,223

e/660
1/525
e/'500

UoU
6#
390

535
312
538

1+7 8
886
687

e/675

378
490
735

427
350
642

-

597
644
670

376
199
333

i,obsa/
1,09k

1,1622/
632
900

61*5
311
426

2,073
2,789
2,571
2,929

2,165
2,052
1,911
2,695

li,862
7,132
10,362

1,216
6,127
8,821

e/V85

•

470
249
406
919
658
408

1,1*90
1,603
908
1,382

1,385
1,418 •
1,124
1,984

3,093
4,001
5,383

2,803
3,927
5,911

Excluding f i n a n c e companies 3 /
1st
2nd
3rd
lith

quarter
quarter
quarter
quarter

e/3,166

Year

1,617
2,519
2,263
2,831

•

9,233

c/7,595.

1,727
1,870
^

.

e / Estimated.
1 / Includes #637,2 m i l l i o n AT&T c o n v e r t i b l e debenture i s s u e .
2 / Includes $571.5 m i l l i o n AT&T common stock i s s u e .
J / 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.
Note.—Details may not add t o t o t a l s due to rounding.




#

H.llt

Exhibit E
Large Public S e c u r i t y I s s u e s f o r New C a p i t a l
(Other than U. S. Treasury) 1/
Proceeds of Large Issues O f f e r e d
(Millions of d o l l a r s )

Corporate

Month

S t a t e and
l o c a l government
163
157
2#
h63
l6h
3
?
18U
383
135
201
386
306
19k

1
i

278
395
. 623
185
592
217
558
386
701
M30
567
671
788

April
May
June
July
August
September
October
November
December
1957 - January
February
^
March

Other 2 /

50
20
37
35
100
50

.

Large I n d i v i d u a l I s s u e s Offered A p r i l 1 through 12

Type

Issuer

Amount
Coupon
r a t e or
(millions
Maturity n e t i n t e r of
e s t cost
dollars)

Offering
y i e l d Rating
,

CORPORATE
El Paso Natural Gas Co,
Baltimore Gas & E l e c . Co.
Southern Company
Aluminum Co. of Canada,Ltd
Sears Roebuck Acceptance
Corp.

Conv.pfd.stk. 30.0
Common s t k .
17.9
Common s t k .
30.1
S.F. deb.
125.0
Sub. deb.

1980

h 1/2

1i.36

A

25.0

1977

h 5/8

U.63

—

5.U

1958-77

3.^5

STATE, AND LOCAL GOVERNMENT
G.O.
J e f f e r s o n Co., Texas
Los Angeles City Sch. Dist
G.O. California
Expressway rev,.
S t a t e of Connecticut
H a r r i s Co. Navigation Dist<
G.O.
^ Texas
G.O.
Wliami, F l o r i d a




20.0
5o.o

2.25-3.50

A

Aa
A

1958-82
1962-97

3.16
3.69

2.10-3.20
2.75-3.67

7.0 . 1958-87
7 . 5 1959-68

3.25
3.1*2

2.20-lt,00V A
A
2.70-3.50

H.lU

Issuer

E-2

Type y

Amount
Coupon
( m i l l i o n s Maturity
r a t e or
. of
net i n t e r dollars)
e s t cost

O f f e r i n g Rating
yield

STATE AND LOCAL GOVERNMENT
(Cont'd)
Lynchburg, V i r g i n i a
S t a t e of Michigan
J a c k s o n v i l l e Expressway
Authority
Public Housing A u t h o r i t i e s
S t . Paul, Minnesota
Chicago, I l l i n o i s
Ohio S t a t e U n i v e r s i t y

Wtr. & swr.rev. 5 . 0
Expressway rev. 25.0

1958-77
1958-77

2.80
3.1U

2.00-2.85
. 2.15-3.15

Rev,
1*6.3
36.1
G.O.
6.7
Toll b r i d g e rev. 13,0
Dormitory r e v . 6 . 0

1961-92
1958-93
1958-87
1995
1960-97

" L32
2.88
2.88
k.U5
k.19

3.20-L28
1.90-3.00
2 .00-2.90
U.Uo
n.a.

Aa
Aa
WW

Aaa
Aa
—

OTHER
High Auth. of t h e European
Coal & S t e e l Community

Bonds

25.0

1975

5 1/2

5.50

—

n . a . Mot a v a i l a b l e ,
1/ Includes corporate and o t h e r s e c u r i t y o f f e r i n g s of &15 m i l l i o n and over;
.jtate 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 $5 m i l l i o n and over.
2 / Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s .
3 / In t h e case of S t a t e and l o c a l government s e c u r i t i e s , G.O. denotes general
o b l i g a t i o n ; Rev., revenue bonds5 G.R., general o b l i g a t i o n s a d d i t i o n a l secured by
f a c i l i t i e s revenues$ L . L . , l i m i t e d l i a b i l i t y o b l i g a t i o n s secured by pledge of
designated revenues.
h / 1986-87 m a t u r i t i e s not r e o f f e r e d .




Exhibit F

H.lU.

Forthcoming Large Public. 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 t h a n U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large I s s u e s
During month f o l l o w i n g
d a t e shown

Date of
computation

Corporate

Mar. 30
Apr. 30
May 31
June 29
J u l y 31
Aug. 31
S e p t . 28
O c t . 31
Nov. 30
Dec. 31
J a n . 31
Feb. 28
Mar. 29 .

380
568
198
U37
2U7
369
315
683
1|36
176
591
7 ho
U6l

Other 2 /
132
173
332
81
131
359
162
U8
280
153
153
390

37

23
100
35
25

Subsequent t o
d a t e shown
S t a t e and
Corporate l o c a l g o v t . Other 2 /
1,013
818
as
567
1,096
1,202
1,009
990
kdi
796'
966
795
186

811
832
9U1
690
726
958
1,197
955
979
763
6h8
631
862

'

37

23
100
35
25

Forthcoming Large O f f e r i n g s , us of April 12
Issuer

Type

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

CORPORATE
Houston L i g h t i n g & Power Co,

Common s t k .

26.3

U. S. F o i l Co.

Common s t k .

19.0

Reynolds Metals Co.
Quebec N a t u r a l Gas Corp,
Quebec N a t u r a l Gas Corp.
T r a n s c o n t i n e n t a l Gas Coip.
Columbia Gas System, I n c .
Babcock & Wilcox Co.
Northwestern B e l l Telephone Co.
*Lone S t a r Gas Co.
-it-Northern N a t u r a l Gas Co.




Common s t k .
1 s t mtg. b d s .
Sub. deb. &common
1 s t mtg. b d s .
Common s t k .

18.9

25.0

15.0
50.0

26.U

Capital stk.

18.7

, Deb.
S . F . deb.
Deb.

30.0

30.0

30.0

A p r i l 15
( r i g h t s empire)
A p r i l 16
( r i g h t s expire)
A p r i l 16
( r i g h t s expire)
A p r i l 16
A p r i l 16
A p r i l 18
A p r i l 22
(rights expire)
A p r i l 22
(rights espire)
A p r i l 2h
A p r i l 25
A p r i l 25

H.lU

F-2
Forthcoming Large O f f e r i n g s , a s of A p r i l 12 (Cont'd)
,Issuer

Type

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

CORPORATE (Cont'd)
P a c i f i c Great E a s t e r n RailwayC i n c i n n a t i Gas & E l e c t r i c Co,
*New York S t a t e Elec, & Gas Co.
National Fuel Gas Co.
Michigan Wisconsin Pipe Line Co.

S.F. deb.
1 s t mtg. bds,
1 s t mtg. bds.
Deb.
1 s t mtg. bds.

20.0
25.0
25.0

15,0
25.0

A p r i l 25
May 7
May 15
May 28
1957

STATE AND LOCAL GOVERNMENT
G.O.
Wichita, Kansas
G.O.
Milwaukee, Wisconsin
G.O.
Orleans P a r . Sch. D i s t . , La.
G.O.
. P h i l a d e l p h i a , Pennsylvania
G.O.
•aHuntongton Sch. D i s t . No. 13, N.Y.
G.O.
S t a t e of Oregon
L o u i s v i l l e & J e f f e r s o n Cos. Sewer
Rev.
D i s t . j Kentucky
G.O.
•^Baltimore, Maryland
G.O.
New York, New York _____
Highway r e v .
S t a t e of Colorado
G.O.
S t a t e of C a l i f o r n i a
Rev.
^University System Bldg. Auth., Ga.
Rev.
L i t t l e Rock Waterworks Comm., Ark.
G.O.
.^Cleveland, Ohio
G.O.
Long Beach, C a l i f o r n i a
G.O.
S t a t e of Ohio
Rev.
•K-New York S t a t e Power A u t h o r i t y
G.O.
-^Cincinnati, Ohio
U t i l i t i e s rev.
Jacksonville, Florida
G.O.
T e r r i t o r y of Hawaii
Rev.
F l o r i d a S t a t e Turnpike Authority
Rev, .
Pennsylvania Turnpike Commission
Rev.
Inter-American Center A u t h . , F l o r i d a
G.O.
New Yolk S t a t e Thruway Authority
Rev.
Oklahoma Turnpike Authority

8.5
22.2
5.0
29.5

6.0

10.0

Apiil
April
April
April
April
April

16
16
17
17
17
18

65.0

April 23
A p r i l 23
A p r i l 23
A p r i l 2k
A p r i l 2h
A p r i l 2k
A p r i l 29
A p r i l 30
A p r i l 30
May 1
May 2
May 7
May 9
May lit
1957
1957
1957
1957 .
1957

. 100.0
25.0

April 17
A p r i l 25

21*. 2
30.5

8.6

80.0

12.0

9.6
17.3

10.2

60.0
6.8
15.1
30.0
lii.O

185.0
62.0
20.0
50.0

OTHER
•^International Bank f o r Reconstruct i o n and Development
B r i t i s h Columbia Power Commission




Bonds
S.F. deb,

»

F-3
Included i n 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 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 $5 m i l l i o n and over.
2 / Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction
and Development i s s u e s .
- Note.—Deletions f o r reasons o t h e r than s a l e of i s s u e : None,

#

4



H.lU

Exhibit G
Yields on New and Outstanding
.
E l e c t r i c Power Bonds, Rated Aa and A i /

Date
1952 - 1956
High
Low

Aa-rated o f f e r i n g y i e l d s
A-rated o f f e r i n g y i e l d s
Amount above
Amount above
Actual
Actual
seasoned y i e l d s
seasoned y i e l d s
(per cent) ( b a s i s points) (per cent)
"(basis points)
U. 30(12/12/'56)
2.93(3/31/51)

1956 - January
February
March
April .
May
June
July
August
September
October 10
31
November 21
December 6
12

None
*3.15
3.28
*3.77
*3.53
*3.52
3.66
*U.07
1.13

3
11
hO
' 19
18
29
52
53

b.20
1.30

U8
52

U.30

1:7

1957 - January 8
16
18
22
2h
February 5
19
27
March 6
12
. 2 0
29
April 3
10
12

L. 50

62

U.k3

56

li.UO
1.29
a. 25
U.22

53
h$
he
h3

1.29

L 5 8 ( 1 2 / 6 / f )6)
3.00(3/17/5k)

62
- 3

50

"None
3.23
3,15
3.61
3.76
*3,75
*3.82
*i|.00
None
h.ho

.

70
-15
__

- 6
15
26
28
27
28
h3

.

63

U.58

70

it.67

70

li.56

57

"U.I4I
4.58
U.55
h.h< . .
k.60
U.50

-

35
52
h9
h3
59
h9

1 / Covers only 30-year f i r s t mortgage bonds, as r e p o r t e d i n Moody's Bond
Survey, Except where i n d i c a t e d , t h e a c t u a l y i e l d f i g u r e and the amount above
seasoned y i e l d s a r e averages of o f f e r i n g s during the i n d i c a t e d p e r i o d and of
the d i f f e r e n c e s between t h e s e new o f f e r i n g , y i e l d s and y i e l d s on seasoned i s s u e s
of s i m i l a r q u a l i t y f o r t h e same day. Average m a t u r i t y f o r t h e seasoned i s s u e s
v a r i e s from 26 t o 28 y e a r s .




Exhibit H
Sources and Uses of Funds by L i f e
Insurance Companies
Monthly

Cash

1955 - Jan>
-62
Feb.
-28
Mar.
-81
Apr.
- 2
May
ItO
June
- 3
July
30
Aug.
75
Sept. -27
Oct.
- 9
Mcv.
67
Dec.
5U
WkValue of Assets a t
End of Year
1,251
1956 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept,
Oct/
Nov.
Dec.
Value of Assets- a t
End of Year
1957 - Jan.
Feb.
Mar.

- 87
-113
lh
27
19
- 8
15
- 29
13
16
16
161*

-

|1
I'
6
J,
I

Uses of Funds
1/
U.S.
Busi- S t a t e and
Mortness
local
Govt,
gages
govt.
ities
secur- .
ities
ities
.
20 9
9
-ll*8
. ia
- hi
-• 12
50
61*
- 51
-102
-136
-31*5
8,5146
-153
-157
-191
1*0
- 99
- 65
- 35
-108
27
U5
-101
-217

1,273

7,532

-132
-38

56
-1*1*

173
63
277
1U3
168
ikh
251
- 9
209
261
153
295
37,581

101*
37
-10
1
- 9
1
22

Total
sources
or uses

73
82
67
55
3h
5U
51
1*6
58
17
9h
11*8

779
1*12
373
133
hSh
1*51
668
hh9
1*1*2
1*8?
U7.9
728

1*
7
- 3
11

282
21*9
268
222
268
267
261*
253
21*9
313
301*
565

1,998

29,1(33

11,1*01*

127
19
9

367
302
281
268
31*0
293
328
285
211*
288
310
308

9h
126
1*3
29
58
61*
55
9h
101*
- 5
71
89

'

275
221
175
118
118
106
298
155
5U
109
98
193

-13
8
hi
' 15
7
5
11
8

39,53^

2,237

190
. 160

Other

7

33,017
262
200

12,226
r / 111*
11*1*

90,219

,
'

623
398
303
1*82
U53
398
70k
1*121*19
1*58 .
1*05
515
95,819

r/h97
1*22

2 / U s e s of funds 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
g e t , r a t h e r than g r o s s , uses,
W
Source: I n s t i t u t e of L i f e Insurance.
rj Revised




'

Exhibit I
i
Sources and Uses of Funds
by Savings and Loan Associations
• Monthly
( i n m i l l i o n s of d o l l a r s )
Sources of Funds
Uses of Funds 'X/
• Net
U.S.
Total
•
Cash Govt, Mort- Other Sources change Borrow- Other
Savings ing 2 /
s e c u r - gages Assets
or Uses Capital
ities
335
421
564 525
671
766
275
# 9 .
435
499
.420
503

463
323
355
315
415
715
122
294
270
4l6
386
7.84

-166
- 32
9
60
73
207
62
129
111
73
18
54

38
130
200
150
183
-156
91
146
54
10
16
-335

37,719

32,192

1,558

3,969

276
434
463
496
635
599
175
4oo
377
485
461
578

423
358
359
330
475
811
131
287
267
411
394
864

-197
- 74
- 51
- 3
- 2
57
- 59
16
32
- 4

50
150
. 155
.169
162
-269 .
103
97
78
78
67
-368

2,142 2,798 35,870 2,236 43,098

37,302

-10
1955 - Jan.
7U 30ii - 3 2
Feb.
67
15
5
335
Mar.
38
42
-50
535
Apr.
-88
50
31
533
May
25
. 3
551
93
June
12
126
611
18
July -244
-71
57
534
Aug. jj i-66
4o
15
581
S e p t . | 1 -ill
-19
183
13
Oct. j 117
1
46
336
Nov. | 67
11
21*6
97
Dec. | 268
218
15
3
Value of Assets5 a t
;2,067 2,342 31,461 1,791
End of Year
1 9 5 6 ^• .Jan. - 48
Feb. Mar. - 44
Apr. - 58
May j
9
June | 121
July -169
Aug. 1- 90
Sept. - 43
Oct.
37
Nov.
58
Dec.
302
End of Year

at

1957"^ «Jan.
Feb.
Mar.

-168
- 39

108
76
57
56
45
-32
35
39
13
14
28
17

148
115

236
305
403
409
445
481
394
452
353
366
291
274

232
259 ^

-19
53
48
89
137
29
-84
- 1
55
68
85
-15

-25
54

187
399

336
315

.

82
1,355

-190
. -62

4,441
41
146

£ / Preliminary
1 / Uses, of funds 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 t h a n g r o s s , u s e s . Savings and loan, a s s o c i a t i o n s do not 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
. t o be s m a l l , a r e not a v a i l a b l e .
2 / Advances from Home Loan Banks and o t h e r borrowing,
Source: Federal Savings and Loaij Insurance Corporation,




E x h i b i t aJ
Sources and Uses of Funds by .
Mutual Savings Banks
Monthly
( i n m i l l i o n s of d o l l a r s )
Sources <3f Funds
Uses of Funds l /
Net
Total
U.S.
B u s i - S t a t e and
changes
Sources
Mortgovt, ness
local
Other 1
Cash
in
gages Other o r Uses
securgovt,
Deposits
ities ities
securities
1955 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
)

Value of A s s e t s
a t £nd of Year
1956 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of A s s e t s
a t End of Year
1957 - J a n .
Feb.
Mar.

2
30
8
-1*3
6
- 1
-1*7 - 45
16 - ll*
36 - 58
- 6 5 • 31*
' 9 - 7
-10 - U5
-25 -111
- 6 - 73
73 - 13
965

8,1*60

21
8
8
- 52
- 1*2
-75
- 7
- 1*7
- 37
-33. -11*7
-22 - 78
11*8 - 29
-52
-lit
-13
-56
- 2
85
-63
-19

-

913

7,970

-89

21
20

11
:8
7
-16
-38
-10
-32
-1*0
-23
-10
-35

31
7
13
- 2
5
2
19
- 3
-20
- 5
-12
. 2

16b
166
220
181*
192
229
213
231
232
221
' 177
200

7
20
15
-2h
30
- 8
-23
11
2U
-16
36
rl5

2 1*5
166
260
50
191
19U
lk6
201
158
51*
87
2it6

3,31*6

637

17,21*5

621

31,27U

13
31*
3
2
19
39
31*
2 •
11*
13
-7
13

25
2
16
-3
-5
-2
1

-

192
190
205
183
191*
186
198.
227
186
205
175
152

-20
18
32
5
62
-33
-21*
16
25
-15
53
-1*8

179
222
251
79
226
200
139
181
183
18
122
236

670

19,533

693

33,306

136
92

- 5
27

137
191*

3,526
68 51*.

.'•2

-5
. -5
3:

6
1

195
105
266
1*1*
125
21*0
97
l'3l182
. 85
.27
326
28,187
139
135
238
' 1*5
162
281*
76
102
159
62
50
396
30,028

50
61
- 6
6
66
-1*7
2*9
67
-21*
-31
60
-82
3,087
1*0
87
13
31*
61*
- 81*.
63
79
2h
- 1*1*
72
-160
3,278

85
112

1 / Uses of f i n d s r e p r e s e n t .,n e t , : c h a n g e s i n . a £ s e t £ a n d + t h e r e f o r e r e f l e c t n e t ,
rather than gross, uses.
Source: N a t i o n a l A s s o c i a t i o n of Mutual Savings Banks and F e d e r a l Deposit
mJhsuranca C o r p o r a t i o n .




52
82