Full text of H.16 Capital Market Developments : May 15, 1958

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V .

-

: Not for Publication

DECONTROLLED AFTER SIX MOifTHS

H.llt

.
CAPITAL- MARKET DEVELOPMENTS

May 15, 1958.

(Including Monthly Review of Sources and Uses
of Funds of Financial Intermediaries)
Large public security issues, for new capital during the week
ending May 9 totaled $35 million for corporations and $76 million for
State and local governments. The International Bank for Reconstruction
and Development also sold a. $150 million bond issue. This week, the
volume of public security offerings is expected to be somevdiat larger.
Large corporate issues, including expiration of subscription rights, are
expected to total #12? million and State and local government security
offerings amounting to $183 million are scheduled for sale.
Bond yields - Changes in yields on outstanding.bonds were
. mixed, but minor last week. Yields on State and local and high-grade
corporate bonds increased; those on U. S. Government bonds remained
. stable and Baa-rated corporate bond yields declined.
A new Aa-rated, first mortgage electric utility issue was
offered to the public on Tuesday of this week to yield 3.90 per cent —
15 basis points above that for the last comparable issue, an offering
made on April 23.
The sale by the State of New York of a $U0 million bond issue
this week presents an opportunity to compare changes this year in new
issue yields on bonds of different maturity, since New York State also
sold similar rated serial bond issues in January and March. Yields at
which shorter-term bonds have been offered to investors have declined
markedly since mid-January, as shown in the following table, -while
those on longer-term bonds have shown little change. This is similar
to the change in the term structure of U. S. Government bond yields
and undoubtedly reflects substantial commercial bank purchase of shorterterm State and local government securities.
New York State Bond Issues

III '

1958

Amount
(millions
of dollars) 1 year
37.5
1*9.5
liO.O

*—None offered.




1.60
.90
.75

Yield by maturities (per cent,
5 years 10 years
2.05
1.70
1.70

2.20
2.20
2.25

15 years

20 years

2.30
2.50
2.50

*
2.70
2.60

H.lU
Institutional investors - In February, savings capital at
savings and loan associations and deposits at " mutual savings banks
increased more rapidly than a year earlier, -while the increase in
life insurance company assets was smaller. In March, however, growth
of both life insurance company assets and mutual savings bank deposits
was larger than in March 1957. (March data for savings and loan associations will not be available for some time due to a change in FSLIC
tabulating procedures.) The growth of time deposits at commercial banks
continued to be greater this year than last during both February and
March.
The increase in life insurance company assets in the first
quarter of this year amounted to $1,31*2 million, 9 per cent larger than
a year earlier. This is a greater increase than in any other first
quarter except in 19$k and 1955. Life insurance company holdings of
business securities increased 10 per cent more than in the first three
months of 1957, while the increase in holdings of mortgages was 35 per
cent smaller. This is a continuation of the investment pattern prevailing throughout most of 1957, when holdings of business securities
increased rapidly, but is in contrast with the recent and current pattern
of forward investment commitments by insurance companies. In the first
quarter of this year, commitments for residential mortgages were above
a year earlier whereas those for corporate securities were lower. .
Life insurance company holdings of U. S. Government securities have increased this year, in contrast with a net liquidation of such securities
in the corresponding period of last year.
Growth in deposits at mutual savings banks during the first
quarter amounted to a record $713 million, more than 60 per cent larger
than in the first quarter of 1957. Net acquisitions of mortgages, -which
were 8 per cent larger than in 1957, accounted for almost half of the
increase in total assets, and net purchases of business securities,
which were half again as large as a year earlier, representee! about twofifths of the total asset growth.
Savings capital at savings and loan associations rose $837
million in January and February, a growth nearly 30 per cent greater
than a year earlier. Net acquisition of U. S. Government securities
amounted to only $26 million, in contrast to an increase of $259 million
last year, but repayment of borrowing was much larger this year than
last. The increase in holdings of mortgages was about the same as in
the first two months of 1957.
Stock prices - Common stock prices, as measured by Standard
and Poor's index of 500 stocks, increased again last week to a new high
for the year. Trading volume also increased, averaging 2.8 million
shares a day. Daily figures for the early part of this week indicate
a sharp decline in prices, closing at 1*3.12 on Wednesday.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.
Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




3
EXHIBIT A

HIGH-GRADE

BOND

YIELDS

Corporate
Aaa 1 /

U. S. Govt,
long-term 2/

State and
local govt.
Aaa y

Spread between
U. S. Govt, and
Corporate 1 State and
[local Aaa

(Per cent)
1953 - High
1951 - High
1955 - High
1956 - High
1957 - High
1958 - High
Low
April 11
April 18
April 25
May 2
May 9

3.k2
2.99
3.09
2.85
3.17
2.91
3.79
3.07
k.lk
3.66
3.68
3.55

(6/19)
(1/9)
(1/8)
(k/23)
(12/23)
(1/7)
(12/28)
(3/2)
(9/27)
(k/12)
(1/3)
(5/2)

3.62
3.61
3.57
3.55
3.57

3.19
2.71
2.7k
2.L5
2.97
2.614
3.L5
2.6k
3.76
3.18
3.28
3.07
3.15
3.10
3.07
3.Hi
3.1k

(6/5)
(12/31)
(1/8)
(8/6)
(8/5)
(1/7)
(12/28)
(2/17)
(10/18)
(2/8) .
(1/31)
(k/25)

2.73
1.98
2.21
1.90
2.3k
2.05
3.05
2.17
3.k5
2.76
2.86
2.61*
2.70
2.69
2.6k
2.6k
2.66

(6/25)
(1/8)
(6/10)
(9/2)
(9/8)
(5/26)
(12/27)
(2/23)
(8/29)
(2/21)
(1/9)
(5/1)

.38
.20
• k3
.30
.27
.11
.hi
.12
.60
.27
.51
.28

.15
.62
• 3k

.k7
.51
.50
• kl
• k3

.k5
•kl
• k3
.50
.k8

.83
.33
.62
.30
.76
.57
.71

1 / Weekly average of daily figures. Average tern of bonds included is 25-26 years.
2/ Weekly average of daily figures. The series includes, bonds due or callable in
10 years or more.
'
y Thursday figures. Only general obligations bonds are included; average term is
20 years.
- N o t e . — H i g h s and lows are for individual series and may be on different dates for
different series.




f'

Corporate
Baa 1/

Date.

Spread between
Aaa and Baa
I State and
1local govt.

State and
local govt.
Baa 2/

Corporate

(Per cent)
1953 - High
Low
1951* - High
1955 - High
1956 - high1957 - High
1S58 - High
Low
April 11 '
Asrii IS
A p r i l 25
May 2
Kay 9

3.89
3.50
3.7L
3.1*1*
3.63
3.L5
1*.!,1
3.56
5.10
1.1*2
1.96
1*.63
i*.6?
it. 66
L66

U.66
1*.63

(9/18)
(1/2)
(1/8)
(12/31)
(12/30)
(1/lit)
(12/28)
(3/9)
(11/29)
(1*/12)
(1/3)
(5/9)

3.79
2.96
3.32
2.93
3.26
3.02
1*.22
3.20
L.51
3.90

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

3.92 (l/2>
3.61* (5/1)
3.81
3.79
3.66
3.61*
3.65

'

.

.69
.1*2
.68
.52
.51*
.1*5
.63
.1*2
1.27
.6U
1.26
1.0b
1.05

1.05
.

1.09

1.11
1.06

1.21
.98
1.16
.93
. 1.03
.87
1.17
.89
1.21
1.01*
1.11
.99
1.11
1.09
1.02
1,00
.99 .

1/ Weekly average cf daily firures. Average term of bonds includes is
?5-2oyears.
2/ Thursday figures. Only general obligation bonds are included; average
term is 20 years.
.
Note.—Hie-'ns and lows' are for individual series and may be on different
dates for different series.




1

STOCK MARKET

VOLUME

Stock price

Trading
Common
Stock market customer credit
volume 2/
(millions yields y
Total debit bal- loans to
of shares) (per cent)
k/ I "others" 5/
(Millions of dollars)

26.5k (1/2)
22.95 (9/18)
35.98 (12/31)

21.93 (1/8)

1955 - High

15.69 (12/9)

1956 - High

U9.61, (8/3)
U3.22 (1/20)
U9.08 (7/12)
39.W (12/20)
13.69 (5/2)

35.28 (1/11,)

6.25

k.6
1.5

U2.ll
12.3k
U3.36

13.69

a

k.k2

3.6k

B

a

k.35

S:i

1,665
1,31k
2,368
1,653
2,805

!;g

3,91k
3.91
li.58
k.15

W.37 (1/10)
April
April 25
May 2
May 9

2, k55
2,055

ts-

•

Ifi

2,k82
2,665
2,k87

66k
l,0k8
7k6
l,2kl
1,018
1,267

i:ii!

1,05k
l,2k5

1,051

1,198
l,2k5

k.19*
k.15

. n.a.—Not available.
1/ Standard and Poor's composite index of 500 common stocks, weekly closing
prices, 19kl-k3"10. Monthly data are averages of daily figures rather than of
Fridays' only. Highs and lows are for Fridaj's data only.
2/ Averages of daily trading volume on the Mew York Stock Exchange.
3/ Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing prices by Federal Reserve.
k/ End of month figures for member firms of the Hew York Stock Exchange which
carry margin accounts; excludes balances secured by U. S. Government obligations.
5/ Wednesday fip-ures for weekly renorting 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 70 per cent of loans to others.
For further detail see Bulletin.
Note.—Highs and lows are for individual series and may be on different dates
for different series.-




H.Ht

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

1

^95B^

Corporate
1957
1

New capital
1956

1958

State and local 1/
1956
1
1957
1

January
February
March

e/800

1,063

-jtS'i'j

573
712
817

812
952
511

71*2
572
506

1*01*
696
390

April
May
June

%

i:S
92U
771
1,1*89

818
1,11*6
81*1

B/779
e/750

765
51*6
393

378
1*90
735

529

108
206
357

July
August
September
October
November
December
1st
2nd
3rd
Lth

quarter
quarter
quarter
quarter

S/3,125

1st half
Three quarters
Year

991
911*
973

'•S

1,055
792
1,086

7U5

IS

3,1*79
3,18k
2,878
2,933

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

6,662
9,51*0
,12,1*73

7*1*63
10,381*

g

638

y
2,275

698
633
698

%

1,820
l,70l*
1,5W*
2,029

1,1*90
1,603
971
1,395

3,521*
5,069
7,099

k,06h

1*09

3,°?3

5,1*59

Excluding finance companies h/
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

e/2,825

Year

.

3,268
2,921*
2,560
2,788
11,2*0

2,21*6
2,826
9,260

e/Estimated.
jo/ Preliminazy.
1/ Data through June 1956 are Bond Buyer data classified as new capital by
Federal Reserve; later data are from the Investment Bankers Association of America
and are somewhat more complete as to coverage than the earlier data, particularly
for Federal Government loans.
2/ Includes $718.3 million AT&T convertible debenture issue.
Includes $5?1.5 million AT&T common stock issue.
U/ Total new capital issues excluding offerings of sales and consumer finance
companies.
Note.—Details may not add to totale due to rounding.




H.lli

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

Month

Corporate

1957 - April
May

177
329
877
525
5#
537
571
120
399
318
605
1,093
725

July
August
September
October
November
December
1958 - January
-February
March
April

State and
local government

1*99
2ii8
.176
265
357
135
1*35
386
1*39
506
629
26%
5H*

.

.

Other 2/

125
25
. 39
25
30
75
215
15
133 •

Large Individual Issues Offered May 1 through 9

issuer

Type 3/

Amount
Coupon
Offering
(millions
Maturity
of
net inter- yield
dollars)
est cost

Rating

CORPORATE
Potomac Elec. Pwr. Co.
R. R. Donnelly & Sons Co.

Conv. deb.
Deb.

19.7
15.0

1973
1978

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

5.8
29.7
25.0
10.lt
5.0

1960-78
1959-78
1959-73
1959-87
1959-83

3 3/1*
3 3/1*

3.75
3.85

A
Aa

1.00-2.70
.80-2.70
-.85-2.80
.80-3.00
.85-2.85

Aa
Aaa
A
Aa
A

STATE AND LOCAL GOVERNMENT
Peoria Co. S.D.#H05, 111.
State of Connecticut
Cook Co., Illinois
Pulton Co., Georgia
State of West Virginia

2.56
2.1*7
2.51*
2.85
2.65

OTHER
S.F. deb.
Montreal, CanadaInt. Bk. for Reconstruction Bds.
and Development




21*. 5
150.0

1978
1968

1* 3/1*
3 3/1*

1*.75
3.75

A
Aa

E-2
1/ Includes corporate and other security offerings of #15 million and over;
State and local government security offerings of $5 million and over.
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
obligations; Rev.-Ut., revenue obligations secured only by income from public
utilities; Rev.-Q.Ut., revenue bonds secured only by revenue of quasi-utilities;
Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent.,
revenue bonds secured solely by lease payments.




Exhibit F

H.llt

Forthcoming Large Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
During month following
date shown

• Date of
computation

Corporate

1957 - Apr. 30
May 31
June 28
July 31
Aug. 30
Sept. 30
Oct. 31
Nov. 29
Dec*. 31
1958 — Jan. 31
Feb. 28
Mar. 31
Apr. 30

187
525
370
526
578
576
L58,
383
378
1*98
1,123
555
356

Subsequent to
date shown

» o v J °ther 2/| Co^orata
179
97
172
252
21*3
370
369
387
383
1*29
175
3U0
521*

25
25
30
30
18
150
110
150

258
525
k15
811
81*5
.
61*7
815
1,193
1,161
1,378
1,208
670
561

|Other 2/
396
388
1*98
511i
.1*39
587
573
589
611*
5U6
389
372
530

25
25
30
15
1*5
63
165
110
150

Forthcoming Large -Offerings, as of May 9
Issuer

Type

Amount
(millions Approximate date
of offering
pf dollars)

CORPORATE
Public Service Co. of Oklahoma
United Gas Improvement Co.
Long Island Lighting Co.
Long Island Lighting Co.
National Distillers & Chem. Corp.
Gulf States Utilities Co.
International Tel. & Tel. Co.

1st ntg. bds.
1st mtg. bds.
1st mtg. bds.
Common stk.

16.0
15.0
20.0
15.5

S.F. deb.
1st mtg. bds.
'Conv. sub. deb.

60.0
20.0
28.7

Illinois Power Co.
1st mtg. bds.
Public Service Co. of Colorado
Pfd. stk.
Brooklyn Union Gas Co.
1st mtg. bds.
Central Hudson Gas & Electric Corp.
1st mtg. bds.
Appalachian Electric Power Co.
1st mtg. bds.
Transcontinental Gas Pipe Line Corp. 1st mtg. p. 1. bds.
Transcontinental Gar Pipe Line Corp. Cum. pfd. stk.




25.0
16.0
22.0
18.0
25.0
25.0
15.0

May 13
May ll*
May 15
May 15
(rights expire)
May 16
May 20
May 21
(righ'ts expire)
May 21
May 22
May 22
May 22
May 28
May 28.
May 28

F-2

H.lU

Forthcoming Large Offerings, as of May 9 (Cont'd)
Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE (Continued)
Consolidated Edison Co.
Virginia Electric & Power Co.
Commerce Oil Refining Corp.
Natural Gas Pipeline Co. of America
Consolidated Natural Gas Co.

1st ref. mtg. bds.
50.0
1st ref. mtg. bds.
25.0
Deb., bds. & common 1:5.0
1st mtg. bds.
iiO.O
S.F. deb.
U5.0

June U
June 11
1958
1958
1958

STATE AND LOCAL GOVERNMENT
State of New York
Boston, Massachusetts
Cincinnati, Ohio
Wichita, Kansas
State of South Carolina
Franklin Co., Ohio
Bergen Co. Sewer Auth., N. J.
New York, New York
Pittsburgh, Pennsylvania
State of Ohio
Greensboro, North Carolina
^Elizabeth, New Jersey
•it-Baltimore Co., Maryland
Public Housing Authorities
Houston, Texas
State of Iowa
Territory of Hawaii
State of Michigan
sTacoma, Washington
*Pueblo Co. Sch. Dist. No. 60, Colo.
Sacramento Utility Dist., Calif.

G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.-Ut.
G.O.
G.O.
Rev.—S.T.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.-Ut.

IiO.O
2U.5
13. h . 6.8
25.0
10.0
15.8
1*7.3
5.0
32.0
10.0
5.0
12.0
69.9
15.6
- 2li.7
8.0
100.0
7.9
7.8
5.7

May 13
May 13
May 13
May 13
May lit.
May Ik
May lii
May 15
May 20
May 20
May 20
May 20 —
May 21
May 21
May 21
May 27
May 27
May 27
May 27
June 10
June 12

OTHER
None
*—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.




ti.lU

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

Date
1952 - 1957
High
Low

A-rated offering yields
Aa-rated offering yields
Amount above
Amount above
Actual
Actual
seasoned
yields
(per cent)
(per cent) seasoned yields
(basis points)
(basis points)
5.00(8/1^/57)
2.93(3/31/5W

1958 - January 8
9
17
21
23
February 5
Hi
20
21
25
26
28
March h '

5

6
12
19
21
25
April. 1
2
17
23
29
May 7

87
-3

3.60

-8

3.80_ ,
3.806/

13
12

3.95
L. 00

28
33

ii.15
ii.22

k.00

Loo

5.50(11/7/57)
3.00(3/17/5^)

123
-15

L07
It. 10E/
3.85
3.80

9
13
-3
-8

3.9.0

-3

3.92

-3

L25

h.hO

35
6

li.07

-7

3.98

5

-

a
50
28
26
31
23

h.05
3.98
U.oo

25

3.75

5

h.Oh

a. 00

. 11
3

*—Single observation, not an average.
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
from 26 to 28 years.
- 2/ 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.




H.lii

Exhibit 11
Sources and Uses of Funds by Life
Insurance Companies
Monthly
(In millions of dollars)

U.S.
Govt,
securities

Cash

1956 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year
1957 - Jan.
Feb.
Mar.
Apr.
May
July
" Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year

-88
-113
-111
27
19
-9
16
-29
11

-152
-157
-191

ho

-99
-66
-36
-109

2h
k7

Uses of Funds 1/"
btate and
Bu silocal
govt,
securit ies
ities
27U
230
169
116
153
106
297
lit 2
71 .
108
98
208

16
16
166

-101
-226

1,273

7,$19

39,552

69

172
160
192
165
165
172

-132
-38
-li7

-hh

-117
3
-90
-70
36
-38
-UU

2k

-22

60
-5
-30

kS

i

-16

a
1,26k

6,950

hlli

15U
188
237
202
252

12,025

125
20
10
-lit
8
a
16
5

k

12
6

Mortgages

373
30U
280
269
3U0
293
329
282
215
289
307
288

2 , 2 3 a . 32,99a

10
7
13
26
33
10
7
12
10
13
2,375.

285
200
193
166
182
137
197
191
150
162
127

85
93
57
8
55
65
56
109
93
-1
73
115
12,272.

617
377
311
1*60

hSh

397
706
iai
U19
Ut»3
105557
95,m

68
lhh

108

hi

2hh

119
72
91
82
92
8
118
-16

35,230

13,199

180
123
21k
h3
119
148
99
?2
13)i
61
.212..
1/ Uses of funds represent net change;; xn assets and therefore reflect net,
rather than gross, uses.
Source: Institute of Life Insurance.
1958 - Jan.
Feb.

Mar.

-9^
-57

19




163
11

H.ll*

Exhibit I
Sources and Uses of Funds
by Savings and Loan Associations
Monthly
(In millions of dollars)
Uses of Funds 1/
U.S.
Govt, MortCash
secur- gages
ities

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

-1*8
-1*
-1*7
-62
12
122
-178
-96
-1*3
36
58
302

Value of Assets . 2,119
19571/- Jan.
Feb.
• Mar.
Apr.
May
.

July
Aug.
Sept.
Oct.
Nov.
.Dec.

Value of Assets
at End of Year

110
73
57
55
1*3
-3U

3h

39
13
lh
25
11

2,782 #,72?
U*2
117
91
30
18
-1*1
la
23
26
-10
19
-69

1*58
1*65
39U
1*63
363
1*26
303
281*

3,169

1*0,119

-172

-ho

-23
-1*8
38
187
-320
-106
8
-21
81*
1*39
2,ia

211*
296
397
1*08
U36
l*l*o
loll
1*1*7
3 Sh
3#
27lt
232

200
266
36U

hoh

f "
Other

-27
56

hh

88
127
12
-81*
9
51*
.
68
• 81
-21

Total
sources
or uses
21*8
1*20
li50
1*88
617
539
186
398
377
1*73
1*37
523

Sources of Funds
Net '
change
BorrowOther
savings
ing 2/
capital
1*13
31*6
3U7
319
1*62
769
11*2
287
267
1*05
377
822

-200
35
-75
H*9
-51
I51i
-5
171*
-2
157
51* -281*
-59
103
16
95
28
82
2
66
——
60
81 -380

1*2,875

37,11*8

1,31*7 1*,380

69
22

11*5
399
515
1*97
651*
651
11*
1*38
1*51
U88
1*73
675

,336
315
359
313
1*68
859
-68
252
321*
367
399
966

-215
21*
-70
151*
-21
177
. 11* 170
19
167
106 -311*
-31* 116
39
11*7
1*7
80
18
103
8
66
123 -1*H*

2,809

1*8,275

1*2,038

2,199
. -21*
57
• 81*
112
11*1
1*1
-100
59
55

9h

.

1,361 1*,856

190^/ - Jan.
216
11*8
U6
-121
1*53
-377
72
7 .
Feb.
1*22
-127
165
-20
381*
251*
175
13
Mar."
p/ 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.
2/ Advances from Home Loan Banks and other borrowing.
Source: Federal Savings and Loan Insu^-nce Corporation.




H.lb

Exhibit J
Sources and Uses of Funds by
Mutual Savings Banks
Monthly .
(In millions of dollars)

Cash

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

-52
-lit
-13
-56
-2
69
-63
-19
-33
-22
Uo

Value of Assets 920
at End of Year
1957 - Jan.
Feb.
Mar.
Apr.
May

-89

13
-56
12
71
July
-73
Aug.
-1.2
Sept.
27
Oct.
~2li
Nov.
6
. Dec. vj 125

Value of Assets
at End of Year*/ 890

U.S.
Govt.

Uses of Fui;ds 1/
szid
BusiTotal
local
Mortness
govt. • gages Other sources

ities

ities

21
-8
6
-52
-1:2
-90
-7
-1:7
. -37
-lb?
-78
-10

13
3li
3
2
19

US

3L
2
lli
13

-1

5 •

ities
25
2
16
-3
-5
-5
l
• 2
-5
-5
1
8

7,971

3,523

669

21
20
18
-76
-19
-72
-7
11
-17
-136
-136
-26

68

6
1

. 83
63
62
72
62
61
55
60
93
75

7,552

Sh

It,331

2
2
-1
7
-3
2
-3
7
-7
682

-20
192
16
190
205
32
183
5
62
19lt
183. -32
-PL
198
16
227
166
25
205
-15
175
53
11:6
-U2

179
222
251
79
226
190
139
161
163
18
122
21,7

19,529

696 33,311

136
92
127
121
127
316
122
. 131
" 103
121;
3.00.
11)1

r5
27
32
-20
62
-38
-2.9
28
3.6
-h.1
38
-9

20,951

761 35,1^/,

137
391
273
31,
2L6
150
1)2
166
lb 8
-20
lufi
299

Sources of Funds
Met
changes
in
deposits
139
135 238
U5
162
276
76
102
#9
6250
399
30,032

85
312
238
7
369
265
36 .
'
90
206
3L
36

ho
87
13

. 3b
6h
-86
63
79
2h

-hh

72
-152
3,279

52
62
.35
27
' 77
-115
66
76
-16 .

-Sh

ho$

72
-106

31,695

3,173

• 228
27
120
20
118
19
9
2i:5
155B - Jan. r/ -61
102
20
251
1U9
86
-21
99
Feb.
63
h
Tf
ar.
Ijl
36
8
165
31; 3
9
7
336
rj Revised.
y Uses of funds represent net changes in assets and therefore inflect net,
rather than gross, uses.
InsuraneeCorporation^ Association of Mutual Savings Ranks and Federal Deposit