Full text of H.16 Capital Market Developments : May 17, 1957

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Not for Publication DECONTROLLED AFTER SIX MOUTHS
H.lU

May 17, 1957
CAPITAL MARKET DEVELOPMENTS
(Including Monthly Review of Sources and Uses
of Funds of Financial Intermediaries)

The volume of large publicly offered securities was quite small
during the week ending May 10, but is expected to be somewhat larger this
week. Last week, a single corporate offering for $25 million, and State and
local government issues for $28 million were sold. Another State and local
government issue scheduled for sale last week—Jacksonville, Florida1 s
$30 million utilities revenue bond issue—carried a 3*90 per cent coupon
rate limitation and received no bids..
^
The calendar for this week includes corporate offerings totaling
$58 million and State and local government issues amounting to $85 million.
The State and local government financing total includes the $19 million
State of Massachusetts bond issue, which was sold Wednesday at a net interest
cost of 3.214. per cent. This issue is part of the $83 million Aa-rated issue
for which the State on February 26 rejected the only bid received—naming
a net interest cost of 3*22 per cent. A $20 million portion of the original
issue was sold March 19 at a net interest cost of 3-01 per cent.
Bond yields - Bond yields increased slightly last week for all
types of outstanding bonds, except those for U. S. Government obligations.
Yields on the Government (old series) bonds remained stable, while yields
on the new series bonds declined one basis point. The Baa-rated corporate
bond yields have now reached their previous high for the yea*.
Reoffering yields on new issues have increased sharply in recent
weeks. A new Aa-rated, -30-year, first mortgage electric utility issue
was reoffered this week to yield U.RO per cent—21 basis points above that
for the last comparable issue, an offering made on April 3* Last week, an
A-rated utility issue was reoffered to yield U»53 per cent. Two similar
A-rated issues were sold this week. El Paso Electric Company's issue was
reoffered to' yield U-70 per cent, while the New York State Electric and
Gas Company's issue was reoffered at a yield of 4.53 per cent. It should be
noted, however, that the New York Company's issue carried a 5 year no-call
provision. This is the first issue of a major utility to carry such a
provision.
Stock market credit - Customer credit in the stock market (excluding U . S . Government securities) increased during April, reaching a
level of $3,938 million at the end of the month, only $U6 million below
the December 1956 peak. This is the first increase in customer credit
since December and the largest increase since December 195U* The increase
of $106 million in April resulted from a $79 million increase in net debit
balances and $27 million increase in bank loans to "others". The increase
in borrowing by member firms of the NYSE maintaining margin accounts
(except borrowings on U. S. Government securities) of $93 million more than
offset last month's decline. Customers' net free credit balances continued
to decline in April, totaling $807 million at the end of the month. These
and other data on stock market credit for April and March are shown in the
following table.




End of month
April

March

Change

(Millions of dollars)
Customer credit
Excluding U. S. Govt, securities - total
Net debit balances
Bank loans to "others'1
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

3,938
2,792
1,1146
28
,

28

2,051
1,789
53

807

3,832
2,713
1,119
28

+106
+79
+27

27

•1

is,
82OE/

+6
-13

r/ Revised.
Stock prices - Common stock prices, as measured by the SEC index
of 265 common s tocos', "increased slightly last week, closing at 282.2 on May 10.
Daily figures through Wednesday of this week indicate some further increase
in prices.
Financial intermediaries - Increases in savings capital; at savings
and loans associations and deposits at mutual savings banks during March
were the same as a year earlier in contrast to their smaller growth in
January and February. The increase in assets of life insurance companies
was smaller than last year, as had been the case in January, while in
February it was larger than a year earlier.
Life insurance company assets increased $285 million during March.
Holdings of U. S. Government securities continued to decline after increasing
in January. However, net sales of such securities were more than threeeighths smaller than in March 1956. As was the case in January and February,
the increase in holdings of mortgages this March was smaller than in the
comparable month a year ago. For the first time this year the increase in
holdings of business securities was larger than in the corresponding period
last year.
The growth in deposits at mutual savings banks in March was
$238 million. Savings banks continued to be net purchasers of U. S.
Government securities in March of this year. Net purchases of business
securities increased from a year earlier, but net acquisition of mortgages
was three-eighths smaller than last year.




The net increase in savings capital at savings and loan associations
in March was $359 million. Net repayment of FHLB advances continued, but
was much less than in each of the two previous months. Funds invested in
mortgages increased substantially from February, but were 10 per cent below
the increase in March 195&. Holdings of U. S. Government securities
increased $92 million, somewhat below the peak increases recorded this
January and February.
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:/'
V I Ipng.lerm
'/

\l

A'

U. S. Govt.» long-term
Corporate
Aaa 1/

Old^ series

New series

Spread between
State and
U. S. Govt.
local govt. (old series) and
CorporateI State and
Aaa 2 /
Aaa
Ilocal Aaa

(Per cent)
1953 - High
Low
195k - High
Low
1955 - High
Low
1956 - High
Low
1957 - High
Low
April 12
April 19
April 26
May 3
May 10

3.1*2
2.99
3.09
2.85
3.17
2.91
3.79

.38
.19
.13
.32
.3U
.13
.1*1*
.13
m m
3.05(i^o) - .51
3.22 (2/8) 2.76 (2/21)
.29

(6/19) 3.15 (6/6)
n.a. "
2.73
2.78 (12/26)
n.a.
1.98
(1/9)
n.a.
2.21
(1/8)
2.1k (1/9)
U/23)
n.a. .
1.90
(12/23)
3.03 (8/5) 2.3U
2.62 (1/7) 2.89 (6/10) 2.05
(1/7)
(12/28) 3.1*9 (12/21) 3.39 (12/28)3.05

tlii'

IKffl
3.66 (h/12)

Si

3.72

3.25
3.33
3.36
3.35
3.35

1/ Weekly average of daily figures.

11
$

2.81,
2.87
2.96
• 2.97
2.99

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

.la
•31*
.33
.36
.37

.8U
.30
.61
.29
.70
.51*.
.68
.32
.1*8
.26
.la
.1*6
.1*0
.38
.36

Average term of bonds included is 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 Hi 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.
2 / 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 peries.




EXHIBIT B

'

L O W E R - GRADE BOND YIELDS
Weekly '

Per cent per onn

Date

Corporate
Baa 1/

State and
l o c a l govt,
rev. y.

State a n d
local govt.
Baa 2/
(Per cent)

1953 - H i g h
195U - H i g h
1955 - H i g h
1956 - H i g h
1957 - High
Low
April 12
A p r i l 19
A p r i l 26
May 3
May 10

3.89
3.50
p.7ii
5.hh
3.63
3.L5
li.la
3.58
U.50
h.h2

h.h2
h.hh
U.U5

h.h8

h.5o

(9/18)
(1/2)
(1/8)
(12/31)
(12/30)
(1/1U)
(12/28)
(3/9)
(5/10)
(1/12)

3.79
2.96
3.32
2.93
3.26
3.02
L22
3.20
li.22
3.90
• 3.93
3.93
ii.00
in03

(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

(6/26)
(1/2)
(1/1)
(8/13)
(12/30)
(1/7)
(12/28)
(2/21*)
(lA)
(2/22)

y

h.OS

1 / W e e k l y average of daily f i g u r e s . A v e r a g e terra of bonds
included is 26-26 y e a r s .
2 / Thursday figures. O n l y general obligation bonds are i n cluded; average term is 20 y e a r s .
3 / Friday figures. A v e r a g e rating of b o n d s included is
between Baa and A ; a v e r a g e term is 20 y e a r s .
k / Series discontinued, a s of M a r c h 15.
N o t e . — H i g h s a n d lows a r e f o r individual series and m a y
be on different dates f o r different series.




STOCK MARKET

1953

Date

1954

Stock price

1955

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

1956

1957

Stock
T
tolmarket

°

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

(Millions of dollars)
167.1 (1/2)
11*1*. 0 (9/18)

S f c W
270.7
217-1*
295.5
257.U
282.2
260.3

(12/30)
(1/Hi)
(8/3)
(1/20)
(5A0)
(2/8)

265.1

I?d
281.3

282.2

2.5
0.9
3.7
1.1*
i*.6
1.5
3.1
1.5
2.7
1.6
1.7
2.3
2.7

2.1

2.1*

5.88
5.15
5.1*9
14.09
. a. 23
3.59
U.13
3.65
lt.28
3.89
I*.l6
3.96 '
3.99
3.89
3.89

1,665
2,1*5
1,311*
2,055
3,1*36
. 2,388
2,1*05
1,653
It,030
2,805
2,517
3,537
1,01,7
2,823
3,9U*
2,71*0
3,9021/ 2,762
3,832
2,713

780
661*
1,01*8
71*6
1,21*1
1,018
1,267
1,155
1,163
1,117

3,832

1,119
1,11*6
1,11*6
1,11*5

2,713
n.a.
n.a.

n.a.—Not available.
r/ Revised.
1/ SEC index of 265 common stocks, weekly closing prices, 1939-100; converted
to 19u7-l*9"100 by Federal Reserve. The conversion factor is 123.91.
2/ Averages of daily trading volume on the New %ork Stock Exchange.
3/ Moody's 125 industrial stocks; weekly data based on Friday.
5/ 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.
£/ Wednesday figures for weekly reporting menber 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)
New capital
1957

Corporate
1
1956
1|

State and local
1
I956
|

1955

1957

4o4
696
390

1955
535
312
538

378
490
735

427
350
642

January
February
March

1.063
1.071
l . M

579
704
790

535
407
1,223

685
566
e/500

April
May
June

°/?5o
1/750

816
1,144
830

478
886
687

e/75°
o/450

July
August
September

1,066
669
836

644
670

376
199
333

October
November
December

l#088uZ
1,094

1,1621/
632
900

645
311
426

919
658
408

2.073
2,789
2,571
2,929

2,165
2,052
1,9H
2,695

1,490
1,603
908
1,382

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

4,862
7,432
10,362

4,216
6,127
8,821

3,093
4,001
5,383

2,803
3,927
5,911

.st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

3.U79

1 s t half
Three quarters
Year

e/i.75i

.

470
249
406

Excluding finance companies
1st
2nd
3rd"
Uth

quarter
quarter
quarter
quarter

V3,279

Year

1,617
2,519
2,263
2,834

1,727
IV 870
1,444
2,554

9,233 »

7,595

e/ Estimated.
JL/ Includes $637*2 million AT&T convertible debenture issue.
2/ Includes $571*5 million AT&T common stock issue.
Total new capital issues excluding offerings of sales and consumer finance
companies.
Note.—Details may not add to totals due to rounding.




H.llt

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

Month

Corporate

1956 - April
May

State and
local government

3#
623
185
592
217
558
3%
701
ii30
56?
671
788
177

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

Other 2j

50

157
233
h63
I6h
35
18k
#3
135
201
386
306
19h
199

20
- ——

37
35
100
50
125

Large Individual Issues Offered May 1 through 10

Issuer

Type 3/

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

CORPORATE
S. F. deb.
Pacific Great Eastern Ry.
Cincinnati Gas & Elec. Co. 1st mtg. bds.

20.0
25.0

1982
1987

k3/8
k 1/8

L61
k.17

A
Aaa

STATE AND LOCAL GOVERNMENT
State of Ohio
New York St. Power Auth.
Melbourne, Florida
Cincinnati, Ohio
Chicago, Illinois

G.O. '
60.0
Rev.
6.8
Wtr. & swr. rev. 6.8
G.O.
15.1
G.O.
12.5

1958-72
1961-85
1960-96
1958-2007
1958-76

2.9k
3.78
n.a.
3.15
3.36

2.00-2.95
3.00-3.75
3.50-5.00
2.10-3.20
2.50-3.55

Aaa
——

Aaa
A

OTHER
British Columbia Pwr. Comm. S. F. deb.




25.0

1987

43/8

4.50

A

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 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
obligation; Rev., revenue bonds; G.R., general obligations additionally secured by
facilities revenues; L.L., limited liability obligations secured by pledge of
designated revenues.




Exhibit F

H.ll*

Forthcoming Large Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
During month following
Subsequent to
date shown
date shown
State and
State and
Corporate
Other 2/ Corporate
.Other 2/
local govt.
local govt.

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

568
198
137
2li7
369
315
683
136
U76
591
7U0
bbl
187

173
332
81
37

——

.

131
359
162
1*8
280
153
153
290
179

23
100
35
25
25

818
W18
567
1,096
1,202
1,009
990
1*81
796
966
795
186
2#

832
9Ul
690
726
958
1,197
955
979
763
6b8
631
862
3?6

37

23
100
35
25
25

Forthcoming Large Offerings, as of May 10
Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE
Central Maine Power Co.
New York State Elec. & Gas Co.
Florida Power & Light Co.
Public Service Co. of Colorado
New York Telephone Co.
Acme Steel Co.
Niagara Mohawk Power Corp.
Interstate Power Co.
National Fuel Gas Co.
^Tennessee Gas Transmission Co.
-^Boston Edison Co.
^General Telephone Co. of Calif.
-^Columbia Gas System, Inc.
-^Georgia Power Inc.
General Telephone Corp.

1st & gen. mtg.bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Kef. mtg. bds.
S.J. deb.
Pfd. stk.
1st mtg. bds.
Deb.
1st mtg. P.L. bds.
1st mtg. bds.
1st mtg. bds.
Debentures
1st mtg. bds.
Conv. deb.

Metropolitan Edison Co.
International Business Machines Corp
Consolidated Natural Gas Co.
Michigan Wisconsin Pipe Line Co.




|

18.0
25.0
15.0

30.0
70.0
22.0
20.0
18.5
15.0
5o.o
25.0

20.0
20.0
15.5

L6.o
19.0

1st mtg. bds.
Common stk.

200.0

S.F. deb.
1st mtg. bds.

25.0
25.0

May lli
May 15
May 16
May 21
May 21
May 22
May 22
May 23
May 28
May 29
June h
June 5
June 6
June 6
June 10
(rights expire)
June 10
June 10
(rights expire)
June 11
1957

H.lU

F-2
Forthcoming Large Offerings, as of May 10 (Cont'd)
Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

STATE AND LOCAL GOVERNMENT
Shelby Co., Tennessee
G.O.
G.O.
Territory of Hawaii
Tulsa Ind. Sch. Dist. No. 1, Oklahoma
G.O. .
G.O.
State of North Dakota
State of Massachusetts
G.O.
-xState of Washington
Fuel rev,.
-estate of Washington
Sales tax rev.
- Boston, Massachusetts
G.O.
State of Tennessee
G.O.
- King Co., Sch. Dist. No. 1, Wash.
G.O.
-"-Yonkers, New York
G.O.
^-Washington Sub. Sanitary Dist., Md.
G.O.
^State of Maryland
G.O.
State of Texas
G.O.
State of Mississippi
G.O.
*Tacoma, Washington
Lt. & pwr. rev.
^Columbus, Ohio
G.O.
Los Angeles, California
Elect, rev.
•x-State of Louisiana
G.O,
*State of Ohio
Highway rev.
Jacksonville, Florida
Utilities rev.
Louisville & Jefferson Cos. Sewer
Dist., Kentucky
Rev.
, University System Bldg. Auth., Ga.
Rev.
Pennsylvania Turnpike Commission
Rev.
Inter-American Center Auth., Florida
Rev.
New York State Thruway Authority
G.O.
,
Oklahoma Turnpike Authority
Rev.

• 6.8
liwO
5.0
9.0
19.1
20.7
10.0
5.3
10.0
15.0
6.1
9.It
9.8
12.5
10.0
15.0
5.2
15.0
16.0
32.0
30.0

May 13
May 111
May lit
May lit
May lh
May 16
May 16
May 21
May 22
May 22
May 22
May 23
May 28
May 28
May 29
June it
June k
June 5
June 6
June 12
1957

8.0
12.0
62.0
20.0
56.0
65.0

1957
1957
1957
1957
1957
1957

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.




H.14

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

Date

1952 - 1956
High
Low
1956 - January
February
March
April
Kay
July
August
September
October 10
31
November 21
December 6
12
1957 - January 8
16
18
22
24
February 5
19
27
March 6
12
20
29
April 3
10
12
May 10

A-rated offering yields
Aa-rated offering yields
Amount above
Actual . Amount above
Actual
seasoned yields (per gent) seasoned yields
(per cent)
(basis points)
(basis points)
'5 6)
ii. 30(12/12/
2.93(3/3lM)

62
- 3

None
*3.15
3.28
-*3.77
*3.53
*3.52
3.66
*1.07
4.13

3
11
40
19
18
29
52
53

1.20
1.30

48
52

It. 30

47

4.50

62

4.43

56

4.40
1.29
4.25
4.22

4.29

-

53
45
46
43

50

4.58(12/6A>6)
3.00(3/17/54)
None
3.23
3.45
3.61
3.76
*3.75
*3.82
*4.00
None
4.40
4.58

70
-15
- 6
15
26
28
27
28
43
63
70

4.67

70

4.!%

57

4.41
4.58
. 4.55
4.45

35
52
49
43

4.6o
4.50
4.53

59
49
52

*—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.




Exhibit H
Sources and Uses of Funds by Life
Insurance Companies
Monthly
(In millions of dollars)
Uses of Funds 1/
State and
p.'s.
Busilocal
Govt.
govt.
securities
ities
ities

Cash

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

.

July'
• Aug.
Sept.
„ Get.
Nov.
Dec.r/

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

209
9
-11*8
lit
-1*7
-12
50
81*
-51
-102
-136
-316

Value of Assets at
1,255
.d of Year r/
1956 - Jan.
Feb.
Mar.
Apr.
' May
July
Aug.
Sept.
Oct.
Nov.
Dec.

-87
-113
-ill
27
19
-8
15
-29
13
16
16
16I4.

8,52*5 37,580
-153
-157
-191
ko
-99
-65
-35
-108
27
1*5
-101
. -217

Value of Assets at
1,273
End of year

1957 - Jan.
Feb.
Mar.
Apr.

173
63
277
11*3
168
110*251
- 9
209
261
153
293

-132
-38
-1*7

7,532

56
-1*1*
-117

275
221
175
118
11*8
106
29.8
155
51*
109
98
193
39,531*

190
160
192

•

101*
37
-10
• 1
-9 .
1
22
1*
7
-3
11

1,998

2,237

7
7

Other

282
21*9
268
222
268
267
261*
253
21*9
313
30l*
558

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

29,1*25 11,Wt

127
• 19
9
-13
8
1*3
15
7
5
11
8

Mortgages

:

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

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

33,017

12,226

262 .
200
193

Hi*
11*1*
57

Total
sources
or uses
779
1*12
373
1*33
1*51*
1*51
668
1*1*9
1*1*2
1*87
1*79
772
90,267
623
398
303
1*82
1*53
398
701*
1*12
1*19
1*58
1*05
51*5
95,819

1*97
. 1*22
285

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
BorrowOther
securgages Assets Sources Savings
ing 2/
or Uses
ities
Capital
1955 - Jan.
Feb.
Mar.
Apr.
May

- 10
5
- 50
- 88
3
126
-2 44
- 66
- ill
117
67
268

July
Aug.
Sept*
Oct.
-Nov.
Dec.
Value of Assets
at End of Year
- Jan.
Feb.
Mar.
Apr.
May
. July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year
19572/ - Jan.
Feb.
Mar.
• Apr.

2,067
- 48
- 44
- 58
9
121
-169
- 90
- 43
37
58
302
2,142
-16&"

3

?

- 2k

74
67
38
31
25
18
57
15
-19
1
11
3
2,31*2
108
76
57
56
45
-32
35
39
13
. lb
28
17

.

304
3#
535
533
551
611
534
581
483
336
246
218

-32
- 15
42
50
93
12
-71
40
13
• 46
97
15

31,461 1,791
236
305
403
409
445
481
394
452
353
366
291
274

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

335
421
564
525
671
766
275
569
435
499
420
503
37,719
276
434
#3
496
635
599
175
400
377
485
461
578

2,798

35,870

2,236

43,098

118
115
92

232
269
363

-25
54
86

187
399
516

463
323
355
'315
415
715
122
294
270
416
386
784

-166
38
' - 32
130
200
9
60
150
183
73
207
-156.
62
91
129
146
111
54
10
73
18
16
54
-3#

32,192

1,558

%23
358
3#
330
475
811
131
287
267
411
394
864

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

3,969

82

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

37,302

1,355

4,441

336
315
359

-190
- 62
- 15

41
146
172

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 Insurance Corporation.




Exhibit J
Sources and Uses of Funds by
Mutual Savings Banks
Monthly

U.S.
Cash Govt.
secur—
'ities
1955 - Jan.
Feb..
. Mar.
Apr.
May
June
• July Aug.
Sept.
Oct.
. Nov.
Dec.
Value of Assets
at End of Tear
1956 - Jan.
Feb.
Mar.
Apr.
May
July
. Aug.
Sept.
Oct.
Nov.
Dec. r/

•2
-43
-1
-47
16
36
-65
9
-10
-25
-6
73
965
-52
-lb
-13
-56
- 2
89
-63
-19
-33
-22
i4o

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

-89
13

(In millions of dollars)
Uses of Funds 1/
State and
ness
securities

ities
245
166
260
50
191
194
146
201
158
. 54
87
246

164
31
7 . 166
220
13
- 2 " 184
5 . 192
2 .
229 .
19
• 213
231
-X
-20
2#
221
-5
-12
177
200
2

7
20
15
-24
30
-8
-23
.11
2k
-16
36
-15

8,460 3,346

637

17,245

62131,274.

13
34
3
2
19
45
34
2
14
13
-7
5

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

192
190
205
183
194
183
198
. 227
186
205
175
116

30
8
6
-45
-14
-58
34
-7
-45
-ill
-73
-13

11
8
7
-16
-38
-10
-32
-40
-23
-10
-35

govt.

Sources of Funds

Total
Mort- Other Sources
gages
or Uses

21
-8
8
-52
-42
-90
-7
-47
-37
-147
-78
-10

——

7,971 3,523

669

19,529

68
54
83

6
1

136
92
127

21
20
18

-20
18
32
5
62
-32
-2k
16
25
-15
53
-42

.

179
222 .
251
79 .
226
190
139
181
183
18
122
247

Net
changes
in
Deposits

Other

195
105
266
44
125
240
97
134
182
85
27
328

50
61
-6
6
66
-47
49
67
-24
-31
60
-82

28,187

3,087

139
135
238
45
162
278
76
102
159
62
50 .
399

4o
87
13
34
64
-88
63
79
24
-44
72
-152

698 33,311

30,032

3,279

137
194
273

85
112
238

52
82
35

-5
. 27
32

r/ Revised*
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
Ji irance Corporation.