Full text of H.16 Capital Market Developments : June 20, 1957

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Not for Publication DECONTROLLED AFTER SIX MOITTHS
H.1U

l~-

/. ^

June 20, 1957
CAPITAL MARKET DEVELOPMENTS
(Including Monthly Review of Sources and Uses of
Funds of Financial Intermediaries)

The volume of publicly offered securities was large last
week, particularly for corporate securities, but is expected to be
somewhat smaller this week. During the week ending June II4, corporations sold large issues totaling
million, including expiration of subscription rights for the £231 million common stock issue
by International Business Machines Corporation. State and local
governments sold large issues totaling &77 million.

.
*

The calendar for this week includes corporate offerings
totaling §150 million and State and local government issues for #2k
million. Two other corporate offerings—Associates Investment Company's $20 million debenture issue and Public Service Electric and
Gas Company's ^25 million preferred stock issue—were originally
scheduled for sale this week, but were postponed.
Bond yields - Yields on all types of outstanding bonds
continued to increase last week, establishing new highs for the year
in every category. Daily data indicate further increases through
Tuesday of this week for corporate bond yields.
Stock market credit - Customer credit in the stock market
(excluding U. S. Government securities) declined slightly during May,
reaching a level of $3#92h million at the end of the month. The
decline of $lU million reflects a decline in bank loans to "others"
which more than offset a slight increase in net debit balances.
Borrowing by member firms of the NYSE maintaining margin accounts
(except borrowings on U. S. Government securities) continued to
increase, but more moderatelj~than earlier. Customers' net free
credit balances increased, totaling $817 million at the end of May.
The increase of $10 million nearly offset April's decline in free
credit balances. These and other data on stock market credit for May
and April are shown in the following table.




:

-

#

2

-

End of month
May

Customer credit
Excluding U. S. Govt, securities - total
Net debit balances
Bank loans to "others"
Net debit balances secured by U.S. Govt, securities
Bank loans to others for purchasing.or carrying
U.S. Government securities
Broker and dealer credit
Money borrowed except on U.S. Govt, securities
On customer collateral
Money borrowed on U.S. Government securities
Customers' net free credit balances

April

Change

(Millions of dollars)
3,92k
2,79U
1,130
26

3,938
2,792
1,11*6
28

-Hi
+ 2
-16
- 2

39

28

+11

2,063
1,810
52
817

2,051
1,789
53
807

+12
+21
- 1
+10

Stock prices - Stock prices, as measured by the SEC index
of 265 common stocks, again reached a new high for the year last week,
closing at 290.0 on June lU. The volume of trading increased last
week, averaging 2.6 million shares a day. Daily figures through
Wednesday of this week indicate a decline in prices, on balance, with
the drop quite sharp.on Wednesday.
Institutional investors - The increase in life insurance
company assets during April amounted to
million, one-seventh
less than a year earlier. Holdings of U. S. Government securities
increased slightly, after declining in February and March. Last
April such holdings increased moderately. Increases in holdings by
life insurance companies of business securities this April were larger than a year ago, while the increase in mortgage holdings was $100
million less than last year.
The growth in deposits at mutual savings banks in April
was only $7 million as compared with an increase of
million last
April. The growth of deposits is usually small in April, because of
the withdrawal of dividends credited to accounts in March. The
increase this year was the smallest for any month since late 1953,
however. Net liquidation of U. S. Government securities by savings
banks was larger this year than in April 1956. Met purchases of
business securities were unusually large, whereas net" acquisition of
mortgages declined.

#



The net increase in savings capital at savings and loan
associations in April was $313 million, slightly smaller than a year
earlier. Funds invested in mortgages'were about the same as last
year. Holding^of U. S. Government securities increased $28 million,
about half as much as the increase in the corresponding period of
1956.
For the first four months of the year, the growth in savings
at these three types of financial institutions was one-tenth less
than in the same period of 1956. In contrast, savings and time
deposits at commercial banks have increased more than a year ago.
However, in April the increase in time deposits at commercial banks—
i£ltOO million—was more moderate than in earlier months this year.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.

Business Finance and Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




HIGH-GRADE BOND YIELDS

\ U. S. GOVERNMENT:/'
S I long-1.in.
'/

long-term */
Date

Corporate
Aaa 1/

Old serl«.

New series

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

(Per cent)
1953 - High
Low
1951 - High
1955 - High
1956 - High
Low
. 1957 - Hiph
Low
Hay 17
May 2 li
May 31
June 7
June li;

3.1i2
2.99
3.09
2.85
3.17
2.91
3.79
3.07
3.88
3.66

(6/19)
(1/9)
(1/8)
(V23)
(12/23)
(1/7)
(12/28)
(3/2)
(6/11,)
(V12)

3.73
3.75
3.79
3.82
3.1=8

3.15 (5/6)
2.78 (12/26)
2.7li (1/9)
2.hh(8/7)
2.9k(8/5)
2.62 (1/7)
3.19 (12/21)
2.80 (2/17)
3.5L (6/lli)
3.15 (2/8)

3.03
2.89
3.39
2.92
3.to
3.22

2.73
1.98
2.21
1.90
(8/5) 2.3k
(6/10) 2.05
(12/28)3.05
(2/3). 2.17
(6/llt) 3.17
(2/8) 2.76

3.39
3. lib
3.'i6
3.51
3.51.

3.ia
3.12
3.h5
3.17
3.to

2.99
2.99
3.10
3.1b
3.17

1 / Weekly average of daily figures.

n.a.

(6/25)
(1/8)
(6/10)
(9/2)
(9/8)
(5/26)
(12/27:i
(2/23)
(6/13)
(2/21)

•

.29

.8b
.30
.61
.29,
.70
.5l»
.68
.32
• W3.
.26

.3h
.35
.31
.31
• 31*

.ItO
.la
.38
.37
.37

.38
.19
• U3
.32
• 3U
.13

.hh

.13

.5h

Average term of bonds included la 25-26

2/ Weekly averages of daily figures. The old series includes fully taxable,
marketable 2 1/2 per cent bonds due or first callable after 12 years through
September 1955, and those due or callable in 10-12 years thereafter; the average
term to first call of the bonds included declined from lli years in early 1953 to
11 1/2 years in early 1956. The new series is comprised of the 3 per cent bond
of 1995 and the 3 1/U per cent bond of 1978-83.
J/ Thursday figures. Only general obligation bonds are included; average
term is 20 years.
Note.—Highs and lows are for individual series and may be on different dates
for different series.




LOWER-GRADE BOND YIELDS

Eat.

Corporate
Baa 1/

State and
local govt,
rev. y

State and
local govt.
Baa 2/.
(Per cent)

1953 - High
Low
195U - High
1955 - High
1956 - H i g h
1957 - High
Low
H a y 17
M a y 2h
May 31
June 7
June lit

3.69
3.50
3.7L
3.14U
3.63
3.15
luhl
3.58
1.62

(9/18)
(1/2)
(1/8)
(12/31)
(12/30)
(1/lU)
(12/28)
(3/9)
(6/lii)

U.U2 (L/12).
U.5J
14.5U
1.56
U.59
U.62

3.79
2.96
3.32
2.93
3.26
3.02
h.22
3.20
U.31
3.90
U.06
lt.15
4.23

(6/25)
(1/8) .
(1/7)
(8/5)
(12/29)
(1/6)
(12/27)
(3/8)
(6/13)
(2/21)

3.27
2.71
3.00
2.72
2.99
2.76
3.98
2.89
3.98
3.70

(6/26)
(1/2)
(1/1)
(8/13)
(12/30)
(1/7)
(12/28)
(2/2U)
(1/W
(2/22)

.

"

V

U.27
lt.3l

-

included is 2!:-26 years.
2/ Thursday figures. O n l y general obligation bonds are i n cluded; average term is 20 years.
3/ Friday figures. A v e r a g e rating of bonds included is
between Baa and A j average term is 20 y e a r s .
h / Series discontinued, as of M a r c h 15.
N o t e . — H i g h s and lows are f o r individual series and may
be on different dates f o r different series.




STOCK MARKET

:

/

V

~1

~

1L ' k

•

\f

ri L

A
1 V

Y

V

/

/

•

I'f1

<
,, 1,.

Date

Stock price
index 1/

TVITjT,

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

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

Total

(Millions of dollars)
1953 - High
Ldw
195U - High
1955 - High
1956 - High
Low
1957 - High
Low
April
Hay
May 31
June lit

167.1
lMt.0
221.lt
156.5
270.7
217.lt
295.5
257.U
290.0
260.3

(1/2)
(9/18)
(12/31)
(1/6)
(12/30)
(1/Hi)
(8/3)
(1/20)
(6/Ut)
(2/8)

273.3
38U.2
286.6
287.lt
290.0

2.5
0.9
3.7
1.1*
1*.6
1.5
3.1
1.5
2.7
1.6
2.3
2.it
2.2
2.2
2.6

5.88
• 5.15
5.1t9
lt.09
It. 23
3.59
lt.13
3.65
* It. 28
3.7lt
3.96
3.82
3.82
3.80 .
3-71*

2,Ut5
2,055
3,lt36
2,105
It,030
3,537
lt,0l*7
3,911*
. 3,938
3,832

1,665
l,3Ht
2,388
1,653
2,805
2,517
2,823
2,7lt0
2,791*
2,713

780
661*
l,0lt8
71*6
l,2ltl
1,018
1,267
1,155
1,163
1,117

3,938
3,921*
n.a.

2,792
2,791*

1,11*6
1,130
1,130
" 1,137

n.a.

n.a.

n.a.--Not available.
1/ SEC index of 265 common stocks, weekly closing prices, 1939-100; converted
to 19m-U9"iOO by Federal Reserve, The conversion factor is 123.91.
2/ Averages of daily trading volume on the h e w York Stock Exchange.
3/ Moody's 125 industrial stocks; weekly data based on Friday.
h/ End of month figures for member firms of the New York Stock Exchange which
carry margin accounts; excludes balances secured by U. S. Government obligations.
i / Wednesday figures for weekly reporting member banks. Excludes loans for
purchasing or carrying U. S. Government securities at banks in 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 different dates
for different series.




Exhibit D
Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

1957

Corporate
1956
|'
1

1,063
1,071
1,3^
e/ 950
e/ 750
e/1,200

New Capital

State and local
1
1956
I

1955

1957

573
712
817

535
407
1,223

685
566
499

404
696
390

535
312
538

818
1,146
84 1

478
886
687

e/750
e/550
e/425

378
490
735

s

July
August
September

1,063
651
838

.597
644
670

376
199
333

470
249
406

October
November
December

715 /
1,0892/
1,088

1,1621/
632
900

645
311
426

919
658
408

1,750
e/1,725

1,490
1,603
908
1,382

1,385
1,418
1,124
1,984

4,216
e/3,475
6,127
8,821 :

3,093
4,001
5,383

2,803
3,927
5,911

January
February
March

»

April
May

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1 s t half
Three quarters
Year

^
1st
2nd
3rd
4th

'

quarter
quarter
quarter
quarter

3,479
e/2,900

2,102
2,805
2,556
2,922

e/6,379

1,907
7,to
10,381

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

1955

642

Excluding finance companies 2/
3,268
e/2,6#

Year

1,647
2,541
2,246
2,826

a a

9,259

7,595

1,727
1,870

e/ Estimated.
1/ Includes $637.2 million AT&T convertible debenture issues.
2/ Includes $571#$ million AT&T common stock issues.
3/ Total new capital issues excluding offerings of sales and consumer finance
companies.
Note.—Details may not add to totals due to rounding*




•

H.Ik

Exhibit £
Large Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered •
(Millions of dollars)
Month

Corporate

1956 - May
June
July
August
September
October
November
December
1957 - January
February
March
April
May

623
185
592
217
558
386
701
130
567
671
788
1*77
329

State and
local government

__

233
463
161*
35
181*
383
135
201
3%
306
19U
h99
21*8

,

Other 2/

20
37
35
100
50.
125
25

Large Individual Issues Offered June 1 through ll*

Issuer

Type j/

Amount
Coupon
(millions Maturity rate or
Offering Rating
of
net inter- yield .
dollars)
est cost

CORPORATE
Virginia Elec. & Pwr. Co.
Common stk.
21*. 2
Boston Edison Co.
1st mtg. bds.
25.0
1987
General Tele. Co. of Calif. 1st mtg. bds.
20.0
1987
Columbia Gas System, Inc.
Deb.
20.0 . 1982
Georgia Power
.
1st mtg. bds
15.5
1987
1st jntg. bds.
19.0
Metropolitan Edison Co.
1987
Commercial Credit Co.
Sr. notes
75.0
1977
Int. Business Machines Corp. Common stk. 231.0
Cony. deb.
1*1*.5 1977
General Telephone Corp.
Michigan Wisconsin P.L.Co. 1st mtg. P.L.bds. 30.0
1977
Consolidated Nat. Gas Co.
Deb.
25.0
1982

U
5
5
S
h
5

5/8
1/2
1A
7/8

1* 1/2
6 1/L
k7/8

1.53
A
5.00
5.1*0 • A
A .
5.10
Aa
4.78
a. 95
L25
6.00
l*.0O

Ba
Baa
Aaa

STATE AND LOCAL GOVERNMENT
Tacoma, Washington
Columbus, Ohio
Los Angeles, California




Lt.&Pwr. rev.
G.O.
Elec. rev.

5.0
5.0
15.0

1959-83
1959-83
1958-87

U.29
3.35
3.88

3.15-1*.25
2.60-3.1*0
2.50-3.90

Baa
Aa
Aa

Large Individual Issues Offered June 1 ttiroughlU (Cont'd)

Issuer

Type 3/

Amount
(millions Maturity
•

0 f

X
dollars)

Coupon
rate or
Offering Rating
net inter yield
est cost

STATE AND.LOCAL GOVERNMENT
San Antonio, Texas
Water rev.
Dallas, Texas
Airport rev.
Cheltenham S. D. Auth., Pa.
Rev.
Stat,e of Ohio
Highway rev.
Pittsburgh, Pennsylvania
G.O.
Cowlitz Co. P.U.D^Np. 1,
G.O.
. Washington
Hempstead C.H.S.D. Mo. 3,
Ivew York
G.O.
San Diego, California
G.O.

13.9
6.3
6.1*
32.0
5.2
20.0
8.2
5.0

1966-84
1962-81
1958-91
1957-72
1958-77

Aa

4.46
3.75
3.43

3.30-3.80
n.a.
2.80-4.50
2.20-3.65
2.1*0-3.1*0

1960-2007

5.06

3.25-5.00

1958-86
1958-77

U-3U
3.73

Baa
2.85-1.30
2.50-3.75 ' A

3.78
1.11

A
Aa '
A

OTHER
None
n.a.--Not available.
1/ Includes corporate and other security offerings of $15 million and over;
State and local government security, offerings of $5 million and oyer.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues.
3/ In the case of State and local government securities, G.O. denotes general
obligation; Rev., revenue bonds; G.R.,.general obligations additionally secured by
facilities revenues; L.L., limited liability obligations secured by pledge of
designated revenues.
•




'

•

'

H.llj.

• •

!

li

Exhibit F
Forthcoming Large Public,Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Procoeds IVom Forthcoming Large Issues '
Airing month following
date shown
State and
Corporate
Other 2/
local govt.

Date of
computation
1956 - May 31
June 29
July 31
Aug. 31
Sept. 28
Oct. 31
Nov. 30
Deo. 31
1957 - Jan. 31
Feb. 28
Mar. 29
Apr». 30
May 31

198
U37
2U7
369
315
683
U36
b76
591
7bPI461
187
525

332
81
131
359
162
ka
280
153
153
290
179
97

Subsequent to
date shown
State and
Corporate
Other 2/
local govt.
W48
567
1,096
1,202
1,009
990
J48I
796
966
795
I486
258
525

:
37

23
100
35
25
25

•

9Ul
690
726
958
1,197
955
979
763
6U8
631
862
396
388

„
37

23
100
35
25
25

Forthcoming Large Offerings, as of Juno II4
Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE
Michigan Consolidated Gas Co.
1st mtg. bds.
30.0
Fairbanks Morse & Company
Deb.
-15.0
Southern Bell Tel. & Tel. Co.
Deb.
70.0
Texas Eastern Transmission Corp. - Conv. pfd. stk.
20.0
Texas Eastern Transmission Corp.
Deb. .
15.0
Delaware Power & Light Co.
1st & coH. tr. bds
. 15.0
Philadelphia Electric Co.
Common stk.
22.1
Puget Sound Power & Light' Co.
household finance Corp.
Southern California Gas Co.
Kaiser Aluminum & Chemical Corp.
Kerr i-icGee Oil Industries, Inc.
Tinker Roller Bearing Co.
Southern California Edison Go.
Rochester Gas & electric Co.
'Central Illinois Light Co.
'Wisconsin Telephone Co.




1st mtg. bds.
S.F. deb.
1st mtg. bds.
Conv. pfd. stk.
S.F. deb.
Common stk.

20.0
liO.O
35.0
30.0
20.0
19. h

1st & ref. mtg. bds
.
1st mtg. bds.
1st mtg. bds.
Deb.

liO.O
15.0
15.0
30.0

June 18
June 18
June 19
June 20
June 20
June 25
June 25
(rights, expire)
June 26
June 27
June 27
June 27
June
July 1
(rights expire)
July 2
July 3
July 10
July 10

H.lU

F-2
Forthcoming Large Offerings) as of June lit (Cont'd)
Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE (Cont'd)
-^Washington water Power Co.
West Penn Power Co.
Jersey Central Power & Light Co.
Public Service Electric & Gas Co.
Associates Investment Co.

1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Pfd. stk.
Deb.

30.0
20.0
15.0
25.0
20.0

July 11
July 11
July 17
1957
1957

STATE AND LOCAL GOVERNMENT
Independence, Missouri
Elec. rev.
State of Rhode Island
G.O.
State of Vermont
G.O.
Sabine River Auth., Texas
Water rev.
Louisville & Jefferson Cos. Sewer
Dist., KentuckyRev.
East Baton Rouge Parish Sch.
Dist., La.
G.O.
Louisiana State University
Bldg. rev.
Harris Co., Texas
G.O.
-if-Wayne- Co., Michigan
Airport rev.
-x-Ft. Worth Ind. Sch. Dist., Texas
G.O.
Atlanta, Georgia
G.O. .
Water rev.
Milwaukee, Wisconsin
-x-State of California
G.O.
Los Angeles City Sch. DLsts., Calif.
G.O.
-x-State of Ohio
Highway rev.
State of Texas
G.O.
Jacksonville, Florida
Utilities rev.
University System Bldg. Auth., Ga.
Rev.
Pennsylvania Turnpike Commission
Rev.
Rev.
Inter-American Center Auth., Fla.
G.O.
New York State Thruway Authority
Oklahoma Turnpike Authority
Rev.

8.0
7.0
9.3
5.0
8.0
10.0
7.5
5.0
6.6
5.0
15.0
10.0
50.0
. hk.o
31.0
12.5
30.0
12.0
62.0
20.0
50.0
65.0

June
June
June
June

18
19
20
2h

June 25
June 26
June 26
June 27
June 27
June 27
July 20
July 23
July 2h
August 13
Sept. 10
1957
1957
1957
1957
1957
1957
1957

OTHER
Metropolitan Toronto, Ontario
^Montreal, Quebec

Deb.
Deb.

39.1
25.0

June 26
July 10

*—Included in table for first time.
1/ Includes corporate and other issues of #15 million and over; State and
local government issues of $5 million and over.
2/ Includes foreign government and International Bank for Reconstruction
and Development issues.
Note.—Deletions for reasons other than sale of -issue: none.




Exhibit G

H.14

Yields on New and Outstanding
Electric Power Bonds, Rated Aa and A 1/

Date
1952 - 1956
High
Low
1956 - July
August
September
October
November
December
1957^ - January 8 ;
16
• 18
22
24
Eebruaiy 5
19
27
March 6
12
20 •
29
April 3
10
12
May 10
15
16
21
23
29
June 5
7
11

Aa-rated offering yields
A-rated offering yields
Amount above
Amount above
Actual
Actual
seasoned yields
seasoned yields
(per cent)
(per cent)
(basis points)
(basis points)
4.30(12/12/56)
2.93(3/31/51)
3.66
*4.07
1.13
*4.20
*14.30
*1.30 .

62
- 3

it.58(12/6/56)
3.00(3/17/54)

29
52
53
18
52
47

4.50

62

4.43

56

4.40
•It. 29
4.25
1.22

53
46
13

1.29

50

It. 50
1.38 2/

65
51

It.63

75

It. 78

87

.

70
-15

*3.82
*4.00
None
*4.40
None
*4.58

28
43

lt.67

70

It. 56

57

it. a
it. 58
it.55
it.it5

35
52
49
43

it. 6 0
it.50
it. 53
it. 53 2/
it.70

59
49
52
52
69

63
70

5.00
5-25

98
123

5.10

" 106

1/ Covers only 30-year first mortgage bonds, as reported in Moody's Bond
Survey. Except where indicated, the actual yield figure and the amount above
seasoned yields are averages of offerings during the indicated period and of the
differences between these new offering yields and yields on seasoned issues of
similar quality for the same day. Average maturity for the seasoned issues varies
ffror.i 26 to 28 years.
£/ Provides for a 5-year period during which issue may not be called for
refunding at a lower coupon rate. Other issues have no such provision.




Exhibit H
Sources and Uses of Funds by Life
Insurance Companies
Monthly-

Cash

1955 - Jan.
Feb. .
Mar.
Apr.
May

-62
-28
-81
- 2
1*0
- 3
30
75
-27
- 9
67
55

July
Aug.
Sept. .
Oct.
Nov.
Dec.
alue of Assets at
1,2 55
End of -Year

— .

Uses of Funds 1/
State and
Busilocal
(J.'S,
govt.
Govt.
* secur- secursecurities.
ities
ities
209
9
-118
lit
-1*7
-12
50
81*
-51
-102
-136
-316

173
63
277
11*3
168
ihh
251
- 9
209
261
153
293

8,5^5

37,580

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

-153
-157
-191
1*0
-99
-65
-35
-108
27
1*5
-101
-217

275
221
175
118
118
106
298
155
Sh
109
98
193

Value of Assets at
1,273
End of year

7,532

1956 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
. Dec.

1957 - Jan.
Feb.
Mar.
Apr.

-132
-38
-1*7
21*

56
-l*ii
-117
3

39,53k

190
160
192
165

101*
37
-10
1
-9 '
1
22
1*
.7
-3
11
1,998
127
' 19
9
-13
8
1*3
15
7
5
11
8

Mort-

Other

282
21*9
268
222
268
267
26U
253
21*9
313
301* 558

73
82
67
55
31*
51*
51
1*6
58
17
91*
201

779
1*12
373
1*33
1*5U
1*51
668
1*1*9
1*1*2
1*87
1*79
112

29,1*25 11,1*61*

90,267

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

91*
126
1*3
29
58
61*
55
91*
10k
-5
71
89

"2,237

33,017

12,226

7

262
200
193
168

111*
11*1*
r/108
hi

7
13

Total
sources
or uses

623
398
303
1*82
1*53
398
701*
1*12
1*19
1*58
1*05

. ^

1*97
li22
r/336
1*11*

rj Revised.
1/ Uses of funds represent net changes in assets and therefore reflect net,
rather than gross, uses.
Source: Institute of Life Insurance.




Exhibit I
Sources and Uses of Funds
by Savings and Loan Associations
Monthly
(In millions of dollars)
Uses of Funds 1/
Sources of Funds
U.S.
Net
Total change
Govt,
Mort- Other
BorrowCash
Sources
Other
gages Assets
securSavings
ing 2/
or Uses
ities
Capital
1955 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year
e/

®S-956 ' .• Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at iind of Year
19572/ - Jan.
Feb.
Mar.
Apr.

- 10
5
- 50
- 88
3
126
-2hb
- 66
- hi
117
67
268
2,067
-1*8
- a
- 58
9
121
-I69
- 90
- 1*3
37
58
302

71*
67
38
31
25
18
57
15
-19
1
11
3
2,31*2
108
76
57
56
1*5
-32
35
39
13
lU
28
17

2,11*2 2,798
-168
- 39
- 2li
- 1*8

118
115
92
28

30l*
335
535
533
551
611
531*
581
183
336
216
218

-32
15
1*2
50
93
12
-71
1*0
13
16
97
15

31,161 1,791
236
305
1*03
ii09
1*1*5
1*81
391
452
353
366
291
271
35,870
232
26f"a
363
1*02

-19
53
U8
89
137
29
-81
- 1
55
68
85
-15
2,236
-25
51*
86
115

1*63
323
355
315
'ill5
715
122
291*
270
1*16
386
781*

335
1*21
561*
5#
671
766
275.
569
1*35
1*99
1*20
503

32,192

37,719
276
1*3U
1*63
1*96
635
599
175
1*00
377
1*85
2*61
578
1*3,098
187 "
399
516
1*96

4

1*23
358
359
330
1*75
811
131
287
267
111
391*
861*

"

-166
- 32
. 9
60
73
207
62
129
111
73
18
51*
1,558
-197
- 71*
- 51
- 3
- 2
57
- 59
16
32
- 1*
82

38
130
200
150
183
-156
91
-11*6
51*
10
16
-335
3,969
50
150
155
169
162
-269
103
97
78
78
67
-368

37,302

1,355

1*,1*1*1

336
315
359
313

. -190
- 62
- 15
10

1*1
11*6
172
173

2/ Preliminary.
1/ Uses of funds represent net changes in assets and therefore reflect net,
rather than gross, uses. Savings and loan associations do not hold business securities and data on holdings of State and local government bonds, presumed to be small,
^are not available.
P
2/ Advances from Home Loan Banks and other borrowing.
Source: Federal Savings and Loan Insurance Corporation.




Exhibit J
I

'

Sources and Uses of Funds by
Mutual Savings Banks
Monthly

,/

Gash

1955 - Jan.
Feb.
Mar.
. Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
End of Tear
1956 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept,
Oct.
Nov.
"Dec.

2
-1*3
-1
-1*7
16
36
-65
.9
-10
-25
-6
73

30
8
6
-1*5
-Ik
-58
31*
-7
-1*5
-ill
-73
-13

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

l&L
215
31
-7
166
166
- 20
7
260
.220
13
15
-2
-21*
181
50
192
30
191
5
2
-8
229 19U
•19
11*6
213
-23
201
11
231
-3
-20 ' 2 3 2
2l*.
158
221
-16 . 51*
-5
-12
36
177
87
2
200
21*6
-15

965

8,160

3,31*6

637

17,215

-52
-lh
-13
-56
- 2
89
-63
-19

21
-8
8
-52
-1*2
-90
-7
-17
-37
-ll*7
-78
-10

13
31*
3
2
19
1*5
3k
2
11*
13
-7
5

25
2
16
-3
-5
-5
1
2
-5
-5
1
8

192
190
205
183
19k
183
198
227
186
205
175
116

-33
-22
ll*0

Value of Assets
at End. of Year 920
L957 - Jan.
Feb.
Mar.
Apr.

(In millions of dollars)
Uses of Funds 1/
State and
Total
U.S.
local
Mort- Other Sources
ness
Govt.
govt.
gages
or Uses
secur- securities
ities
ities

-89
1.3
-56

7,971

3,523

21
20
18
-76

68
51*
83
63

6 6 9 . 19,529
6
1
2

136
92
127
121

621 31,271*
-20
. 18
32
5
62
-32
-2l*
16
25
-15
53
-1*2

179
222
251
79
226
190
139
181
183.
18
122
21*7

Sources of Funds
Net
changes
in
Deposits
195
105
266
1*1*.
125
21*0
97
131*
182
85
27
328

Other

. 50
61
. -6
6
66
-hi
1*9
67
-21*
-31
60
-82

28,187

3,087

139
• 135
238
1*5
162
278
76
102
159
62
50
#9

1*0
87
13
3U
61*
-88
63
79
2l*
-1*1*
72
-152

6 9 8 33,311

30,032

3 , ,279

137
191*
273
31*

85
112
238
7

52
82
35
27

-5
27
32
-20

1/ Uses of funds represent net changes in assets and therefore reflect net,
rather than gross, uses.
2/ Source: National Association of Mutual Savings Banks and Federal Deposit
.suranee Corporation.