Full text of H.16 Capital Market Developments : November 24, 1958
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Not for Publication DECONTROLLED AFTER SIX MOUTHS H.11+ ' November 2h, 1958. CAPITAL MARKET DEVELOPMENTS (Including Monthly Review of Sources and Uses of Financial Intermediaries) The volume of public security financing was moderate last week, but is expected to be much smaller during this holiday-shortened week. During the week ending November 21, large corporate issues, including expiration of subscription rights, totaled $120 million. One of the issues sold, a $20 million issue of Martin Company, had been originally scheduled for sale in early July, but the sale was then postponed. Large State and local government issues offered totaled $6l million and a $100 million issue of International Bank for Reconstruction and Development was also sold. This week, only two large offerings are expected—a corporate issue for $30 million and a local government issue for $33 million. Bond yields - Yields declined slightly for all types of outstanding bonds last week, except those for high-grade State and local government bonds. Stock market credit - Customer credit in the stock market (excluding that for U. S. Government securities) increased $6l-million further in October. At a record.level of $b,3&9 million, customer End i of Month Oct. j Sept. Customer credit Excluding U„ S. Government 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. Government securities On customer collateral Money borrowed on U. S. Government securities Customers' net free credit balances xj Revised. j Change (Millions of dollars) It, 369 3,188 1,181 123 rA,308 r/3,109 1,199, 122 +61 +79 -18. +1 59 51 +8 1,832 1,612 193 -1,110 1,865 1,626 210 i/l,119 -33 -16 -17 +21 H.lli -2- credit was 22 per cent higher than when margin requirements were reduced last January. The September increase in credit was entirely in net debit balances, as bank loans to "others" declined. Borrowing by member films of the New Yoik Stock Exchange maintaining margin accounts (excluding borrowing on U. S. Government securities) declined slightly last month. Customers' net free credit balances increased for the fifth consecutive month, totaling $1,140 million at the end of the month. These and other data on stock market credit for October and September are shown in the table on the preceding page. Stock prices - Stock prices declined last week after increasing in each of the previous three weeks. Standard and Poor's index of 500 common stocks, which reached a new high of 53.24 last Monday, closed at 52.70 on November 21. Trading activity continued to be heavy, averaging 4.1 million shares a day. Institutional investors - As in earlier months' of the year, the increase in savings capital at savings and loan associations and deposits at mutual savings banks in September was larger than a year earlier; however, the increase in life insurance company assets was slightly smaller. Combined growth in savings at these three institutions was 15 per cent greater in the third quarter than in the corresponding period last year. Savings capital at savings and loan associations increased $855 million, 60 per cent more than last year. Deposits at mutual savings banks increased $1*98 million, also 60 per cent greater than in the third quarter of 1957» However, the increase in life insurance company assets was $1,485 million, only 3 per cent larger. . (Time deposits at commercial banks increased the same amount in the third quarter this year as a year earlier in contrast to the much more rapid growth earlier in the year.) Life insurance companies added substantially to their holdings of U.S. Government securities during the third quarter of this year in contrast to a moderate reduction last year. Net acquisition of both business securities and mortgages try these companies was smaller than in the third quarter of 1957, with the former being one-fourth, and the latter one-fifth smaller. Savings and loan associations' funds invested in mortgages were more than one-third larger than last year. Net acquisition of U. S. Govern nient securities was quite large in the third quarter, totaling &2?8 million compared with only tf91 million a year earlier. Sources and Uses of Funds of Major Types of Savings Institutions 1/ Third Quarter 1953-1958 (In millions of dollars) Year Cash' U.S. Govt. ities Uses of funds State & Business Mort- local gages govt. ities sec. Other assets Sources of funds Total sources Net change in deposits Borrow- Other and or savings ing capital Life Insurance Companies 1958 1957 1956 1955 1954 1953 2 8 -2 78 5 83 22k -59 -121 63 -257 -100 k02 512 826 766 651 177 511 685 510 151 619 558 79 32 65 * 26 136 18 267 257 258 155 258 29 1,W5 1,135 1,536 1,559 1,412 368 — — 101 47 -15 302 14 83 532 353 280 291 324 180 Savings and Loan Associations 1958 1957 1956 1955 1954 1953 -445 -U12 -317 -351 -113 -137 298 91 86 53 -15 10 — 1,66k 1,22k 1,215 1,598 1,229 1,017 -29 21 -20 -18 -18 -53 1,188 924 961 1,279 1,071 858 855 52k 696 686 733 595 Mutual Savings Banks 1958 1957 .1956 1955 1951 1953 -53 -88. -82 -66 -38 -27 3 -13 -91 -18 -115 -lib 76 178 50 -95 72 94 572 336 611 676 Sk 3 372 12 6 -2 -4 36 18 30 17 .17 12 2k 31 6I4O 436 ~503 505 • k92 1M 1/ For description of data see Exhibits J, K and L„ n.a.—Not available„ k9 8 312 337 413 407 357 — 142 124 166 92 85 87 - It Mutual savings banks' net acquisition of mortgages was 70 per cent larger than a year earlier, while acquisition of business securities was nearly 60 per cent less. This is in contrast to earlier in the year when both mortgages and business security acquisitions exceeded, those of a year earlier. Holdings of U. S. Government securities increased very slightly; they had declined in the third quarter last year. 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, EXHIBIT A HIGH-GRADE BOND YIELDS \A; LOWER - GRADE BOND YIELDS H.l4 Exhibit B ,Tables for Exhibit A High-grade Bond Yields Date Corporate Aaa 1/ U. S. Govt, long-term 2/ 3.1*2 2.85 4.14 4.13 3.55 3.19 2.16 3.76 3.83 3.07 Spread between U. S. Govt, and Corporate State and local Aaa State and local govt. Aaa y (Per cent) 1953 1954 1957 1958 - Oct. Oct. Nov. Nov. Nov. 24 31 7 Ik 21 2/ High Low High High Low (6/19) (4/23) (9/27) (10/10) (5/2) li.io 4.12 4.11. 4.10 4.08 (6/5) (8/6) (10/16) (10/3) (4/25) 3.77 3.75 3.75 3.71 3.69 2.73 (6/25) 1.90 (9/2) 3.45 (6/29) 3.31 (9/11) 2.64 (5/1) .38 .30 .60 .51 .22 .83 .30 .47 .62 . .34 3.23 3.21 3.19 3.17 3.17 .33 .37 .36 .39 .39 .54 .54 .56 .54 .52 - Lower-grade Bond Yields Date Corporate Baa 1/ High Low High High Low 3.89 3.44 5.10 4.96 4.51 State and local govt, tea 2/ Spread between Aaa and Baa State and Corporate local govt. (Per cent) 1953 1954 1957 1958 - Oct. 24 Oct. 31 Nov. 7 Nov..14 Nov. 21 £/ 4.91 4.90 4.89 4.88 4.86 (9/18) (12/31) (11/29.) (1/3) (7/11) . 3.79 2.93 4.51 4.34 3.64 4.24 4.16 4.12 4.12 4.11 (6/25) (8/5) (8/29) (9/11) (5/1) .69 .52 1.27 1.28 .77 .81 .78 .78 .78 .78 1.21 .96 1.21 1.11 •93 . 1.01 .95 .93 .95 .94 E/ Preliminary. 1/ Weekly average of daily figures. Average term 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. Note.—Highs and lows are for individual series and may be on different dates for different series. STOCK MARKET Exhibit D Table for Exhibit C Stock Market Date Stock price index 1/ Trading Common Stock market customer credit volume 2/ stock Customers' Bank (millions yields V Total debit bal- loans to ances k/ "others" 5/ of shares) (per cent) (Millions of dollars) 1953 - High Low 1951* - High Low 1955 - High Low 1956 - High Low 1957 - High Low 1958 - High Low September October Nov. 7 Nov. lit Nov. 21 g/ 26.5k (1/2) 22.95 35.98 s , 2L.93 (1/8) 45.69 35.28 X 19.61 13.22 i ; a 2.5 0.9 liZ is 3.1 1.5 5.38 5.82 1*.08 1*.1*1 3.82 1.1* 39.1*8 53.09 (11/1!*) 1*.9 L0.37 (1/10) 1.7 1*.3U 3.91 U. 72 3.39 1*.58 1*8.85 50.95 52.26 53.09 52.70 3.69 3.52 3.L1* 3.39 3.1*1 1*9.08 1108, U.2 3.U U.l U.o U.2 h.l 2,1*55 2,055 3,1*36 2,1*05 1*,030 1,665 1,311* 2,388 1,653 2,805 2,517 2,823 3,537 l*,0l*7 3,911* 1*,031 3.576 1*,369 3,551* 2,887 2.1*82 3,186 2,1*87 r/U,308 1*,369 r/3,109 3,188 2,71*0 780 661* 1,01*8 71*6 1,21*1 1,018 1,267 1,155 1,163 1,051* 1,317 1,051 1,199 1,181 r/1,176 1,182 n.a.—Not available. jg/ Preliminary. r/ Revised. 1/ Standard and Poor's composite index of 500 common stocks, weekly closing prices, 191*1-1*3-10. Monthly data are averages of daily figures rather than of Fridays1 only. Highs and lows are for Friday's data only. 2/ Averages of daily trading volume on the New York Stock Exchange. 2/ Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing prices by Federal Reserve. Yields shown are for dates on which price index reached its high or low. k/ 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. j>/ 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 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. Exhibit E Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of dollars) 1958 New -capital Corporate 1/ State and local 2/ 1 1956 1 1957 1958 1 1956 1 1957 January February March ij&/ 1,060 1,065 1,320 573 712 817 812 953 511 7k2 572 506 kok 696 390 April May June 1,141 600 881 765 1,1*53- 818 1,116 8kl 798 895 551 765 5k6 393 378 k90 735 JulyAugust September 1,102 538 i,m 1,003 92k 973 1,063 65k 838 801* 1*03 667 529 58k k31 October November December e/7-00 e/600 1,090 789 1,076 1,088 E/WZ e/600 698 633 698 639 3k7 . k09 1st 2nd 3rd kth 3,135 2,622 2,78k 3,kk5 3,1U9 2,899 2,95k 2,102 2,805 2,556 2,922 2,276 2,216 1,87k 1,820 1,70k l,5kk 2,029 l,k90 1,603 971 1,395 5,757 8,5a 6,59b 9,k93 12,kk7 a,907 7,163 10,381 k,520 6,39k 3,52k 5,069 7,099 3,093 k,06k 5,k59 quarter quarter quarter quarter 1st half Three quarters Year 723 - k08 206 357 Excluding finance companies *>/ 1st 2nd 3rd kth quarter quarter quarter quarter 2,89k 2,583 e/2,731 Year 3,237 2,889 2,582 2,810 1A7 2,511 2,21,6 2,826 11,513 9,26° 1/ Securities and Exchange Commission estimates of net proceeds. 2/ Data through June 19$6 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. 3/ Includes #716.3 million AT&T convertible debenture issue. ky Includes $571.5 million AT&T common stock issue. Total new capital issues excluding offerings of sales arid consumer finance companies. . Exhibit F H.lli Other Security Offerings 1/ (In millions of dollars) Long-term Foreign government 2/ Federal agency 3/ 1935" 1958 19FT 1956 1937 " W January February March 196 53 1*9 30 April May 139 198 120 123 1*8 U2 9 5 17 28 7 30 2 39" 1* 60 1 1*1* July August September October November December Year 81* 507 37 8 1,1^3 251 50 72 523 . 125 60 95 161* 109 215 5 21 100 300 572 Short-term State and local government h/ 169 Federal agency 3/~ January February March 233 1*60 273 326 1*55 11*7 196 357 21*9 371 208 11*1* 638 1*30 505 380 220 283 April May 357 351* 26k 205 337 153 125 252 176 209 161 329 336 1*69 501 323 311* 260 July August September 289 1*23 369 272 272 252 195 207 . 179 1*37 206 330 22h 370 512 222 1*25 273 2/231 303 91* 1*59 29l* 328 1,238 255 116 1*07 222 128 5,51*3 3,1*57 October November December Year 3,271* . 11*8 2,706 e/ Estimated. jo/ Preliminary. 1/ Data presented in this exhibit differ from those in Exhibit E in that refunding issues, as well as new capital issues, are included. Long-term securities are defined as those maturing in more than one year. 2/ Includes securities offered in the United.States by foreign governments and their subdivisions and by international organizations. Source: Securities and Exchange Commission. Issues not guaranteed by the U. S. Government. Source: long-term, Securities and Exchange Commission; short-term,Federal Reserve. h/ Principally tax and bond anticipation notes, warrants or certificates and Public Housing Authority notes. In some instances PHA notes included may have a somewhat longer term than one year. Source: Bond buyer. 11. Ik Exhibit G Large Long-tora Public Security Issues for New.Capital (Other than U. 2. Treasury) 1/ Proceeds of Large Issuer Offered (Millions of dollars) Corporate Month State and local - government B7h h20 399 318 605 1,093 725 #6 281 771 209 825 2# 1957 - October -^November December 1958 - ^January February March April May July August September October 393 3Ui UOU la 0 5% 162 300 505 195 275 109 288 172 Other 2/ 151 1,357 266 653 16U 86 a . 18 209- Large Individual Issues Offered November 1 through 21 Type y Amount Coupon Offering (millions Maturity net inter- yield of est cost dollars) Rating CORPORATE Columbia Gas System, Inc. Deb. 25.0 Nat. Gas Pipeline Co. 1st mtg.p.l.bds30.0 Pacific Tel. & Tel. Co. Deb. 80.0 Martin Company S.F. deb. 20.0 Gen. Public Utilities Corp. Com. stk. 20.3 STATS AND LOCAL GOVERNMENT Chicapo, Illinois Eev.-Ut. 25.0 Baltimore Co., Maryland G.O. 11.5 Public Housing Authorities G.O." 15.3 Port of New York Auth. G.O. 25.0 State of Maryland G.O. . 16.8 Nassau Co., new iork G.O. 21.6 Allegheny' Co.^an.Auth,,Pa. Rev. -lit. 20.0 Los Angeles Sch.Dist., Cal. G.O. 28.0 Orange Co., California Rev.-Ut. 15.9 Philadelphia, Pa. G.O. ' 17.it 1963 1978 1990 1968 1961-83 1960-88 1959-99 1959-78. 1961-73 1959-87 J 461-96 1959-83 1960-99 1959-89 I 7/8 li 5/8 ij 5/8 5 1/2 3.82 3.16 3.35 3.57 2.71 3.Uv 3.73 j.46 3.71 3.51 U. 80 L.60 LL7 5.3it A A Aa Baa A 3.10-3.85 2.25-3.55 A Aaa 1.75-3.15,, 2.10-3.65V A '2.05-2.85 Aaa 2.00-3.65 A 2.50-3.79 — 1.90-3.55,/ Aa 2.10-3.9% A 2:00-3.602/ A h.lli G-2 Large Individual Issues Offered November 1 through 21 (Cont'd) Issuer Type 3/ Amount Coupon rate or Offering "millions Maturity net interof yield dollars) est cost Rating OTHER Int'l Bk. for Rec. & Dev. Bds. - 100.0 1973 h 1/2 Ii.50 Aa n.a.—Not available. 1/ Includes corporate and other security offerings of $lf> million and over; State and local government security offerings of $10 million and over. 2/ Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal agencies. 3/ In the case of State and local government securities, G.O. denotes general obligationsj Rev.-Ut., revenue obligations secured only by income from public utilities j Rev.-Q.Ut., revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent revenue bonds secured solely by lease payments. V 2 3/its of 1978 not reoffered. 5/ Is of 1986-99 not reoffered. cy Is of 1989 not reoffered. H.14 Exhibit H Forthcoming Large Long-term Public Security Offerings for New Capital (Other than U. S. Treasury) 1/ Expected Proceeds from Forthcoming Large Issues Date of computation 4957 - Sept. 30 Oct. 31 Nov. 29 Dec. 31 1958 - Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 29 June 30 July 31 Aug. 29 Sept. 30 Oct. 31 During month following date shown State and Corporate local govt. Other 2/ 576 1*58 383 378 U98 1,123 555 356 266 768 161 785 113 201 ^ 334 339 363 345 370 131 298 193 177 225 55 241 295 258 30 18 150 110 150 36 Subsequent to date shown State and Corporate local govt. Other 2/ 647 815 1,193 1,161 1,378 1,208 670 561 464 . 1,048 381 . 914 216 326 551 54 3 558 564 487 3.41 330 493 208 235 125 '435 524 675 15 45 63 165 110 150 36 Forthcoming Large Offerings, as of November 21 Type Amount (millions Approximate date of dollars) of offering CORPORATE Northern Natural Gas Co. Pacific Gas"& Electric Co. Potomac Electric Power Co. Public Service Electric & Gas Co. P. Lorillard Co. 30.0 S.F. deb. 1st & ref. mtg, bds. 65.0 1st mtg. bds. 25.0 23.0 Common stk. 24.0 Common stk. Deb. Southern Bell Telephone & Telegraph 1st 6 ref. mtg. bds. Philadelphia Electric Co. Conmon stk. Pacific Telephone and Telegraph Co. Arvida Corp. Consumers Power Co. Montana Power Co. Commerce Oil Refining Corp. Indiana & Michigan Electric Co. Common stk. Pfd. stk. . 1st mtg. bds. Deb., bds. & common 1st mtg. bds. 70.0 50.0 16.6 27.5 15.0 20.0 45.0 20.0 • Nov. 26 Dec. 3 Dec. 3 Dec. 4 Dec. 9 (rights expire) Dec. 10 Dec. 11 Dec. 30 (rights expire) Dec. Winter Winter Winter Winter H.Ik H-2 Forthcoming Large Offerings, as of November 21 (Cont'd) Type Amount Approximate date (millions of offering of dollars) STATE AND LOCAL GOVERNMENT New York, New York State of Ohio State of California East Baton Rouge Parish, Louisiana ttState of New York ^•Chicago Board of Education, Illinois New York State Power Authority ' Chesapeake Bay Ferry Commission Detroit-Metro. Expressway Massachusetts Port Authority . G.Oo G.O. G'oOo G.0„ G.Oo • G.Oo Rev.-Ut„ Rev.-Ut. Rev.-Ut, Rev.-Ut. 32.8 30,0 100.0 22.5 5i-o 25.0 200.0 lkk.o 35.0 75.0 Nov, 25 Dec. 2 Dec, 3 Dec. 10 Dec. 10 Dec. 10 Winter Winter Winter Winter OTHER Republic of Austria Union of South Africa Dec. Bonds 25.0 Bonds Dec. 1* 25.0 _L Included in table for first time. 1/ Includes corporate and other issues of $15 million and over; State and local government issues of $10 million and over. 2/ Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal agencies. Note. —Deletions for reasons other than sale of issues None. H.Ik Exhibit I Yields on New and Outstanding Electric Power Bonds, Rated Aa and A 1/ Date 1952 - 1957 5.00(8/lV57) 2.93(3/31/51) High Low 1958 - January February March • April May 7 13 15, 16 20 21 *3.60o/ 3.89^/ U.08 3.91 3.90 87 -3 -8 22 35 18 . 21 3.85 3.85 16 16 17 25 3.85 3.82 3.95 17 12 21* 18 23 Oct. 7 ^ 15 Loo LlO LlO U.57 L50 25 28 29 25 22 29 L ^ % 22 28 June 10 July 2 9 . Aa-rated offering yields A-rated offering yields Amount above Amount above Actual Actual (per cent) seasoned yields (per cent) seasoned yields (basis points) (basis points) 28 5.50(11/7/57) 3.00(3/17/51) 123 -15 3.962/ l».07 Ll6 L01 li.00 3 9 -1 8 3 14.07 L35 U 32 • Loo 3.95 -i -6 3.98^/ h.30 1 31 • *—Single observation, not an average. 1/ Covers only 30-year first mortgage bonds, as reported in Moody1s 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. Monthly averages so marked include one or more issues with such a provision. Other issues have no such provision. Exhibit J Sources and Uses of Funds by Life Insurance Companies Monthly (In millions of dollars) U. S. Govt. ities 1956 - July Aug. Sept. Oct. Nov. Dec. Value of Assets at End of Year 19572/- Jan. Feb. Mar. Apr. May . July Aug. Sept. Oct. Nov. Dec. Value of Assets at End of Year 1958 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Uses of Funds 1/ State and Busilocal ness govt. ities ities 16 -29 11 16 16 166 -36 -109 2h 1*7 -101 -226 297 11*2 71 108 98 208 hh 16 5 h 12 1,273 7,519 39,552 -127 -37 65 -33 -109 11 -79 -62 5 -32 -32 13 -92 -181 202 169 200, 172 169 181 321* 163 198 -1*2 28 -18 59 -9 -30 1*7 -17 22 138 1,291* -93 -51 20 -17 7k -20 20 -17 -1 gages Other 56 109 93 Total sources or uses 329 282 215 289 307 288 73 115 706 1*11 1*19 1*63 1*05 557 2,23lt 32,99!* 12,272 95,81*1* 212 258 9 10 26 2 H* 11 7 13 10 10 286 205 197 172 186 11*1* 163 195 151* 170 132 237 11*7 102 31* 135 65 87 77 93 6 110 7 357 1*27 1*19 392 581* 381* 1*67 1*29 391* 1*69 7,028 1*2,133 2,377 35,271 13,206 101,309 221 106 277 208 135 191* 182 128 201 51 10 23 13 28 35 21* 36 19 191 125 111 1 hh 60 19 167 652 31*9 1*01 31*7 1*50 500 570 1*76 kl? 171 15 -119 11 -70 1*7 175 1*2 Z_ 21*1* 6 11*0 113 116 101* 123 11*0 119 -1 11*0- 1*6 _jL 1/ Uses of funds represent net changes in assets and therefore reflect net, rather than gross, uses. 2/ The sum of the twelve monthly changes will not equal the difference between the asset valves for 1956 and 19?7 shown because of adjustment of the change data to eliminate the effect of a change in estimating procedures. Source: Institute of Life Insurance. H.Ik Exhibit K Sources and Uses of Bunds by Savings and Loan Associations Monthly (In millions of dollars) 1956 - July Aug. Sept. . Oct. Nov. Dec. - Value of Assets at End of Year 19572/- Jan. Feb. Mar. Apr. May July Aug. Sept. Oct. Nov. Dec. Value of Assets at End of Year 1958^- Jan. Feb. Mar. Apr. May July Aug. Sept. Uses of Funds 1/ U.S. Govt. MortCash secur- gages ities Other -178 -96 -U3 36 58 302 3h 39 13 lh 25 11 hlh hl.7 35h 356 27h 232 -8h 9 5h 68 81 -21 186 398 377 h73 h37 #3 2,119 2,782 35,729 2,199 12,875 -172 lh2 117 91 30 18 -hi hi 23 26 -10 19 -69 200 266 36h h58 h65 39 h h63 363 h26 303 28h -2h 57 8h 112 lhl hi -100 . 59 55 9h 69 22 lh5 399 515 h97 65h 651 lh h38 h5l h88 h73 675 336 315 359 313 h68 859 -68 252 32h 367 399 966 2,1hh 3,169 hO,119 2,809 h8,275 h2,038 1,381 h,856 -121 175 209 117 38 180 -30h -73 h6 -20 -3 37 15 82 h2 111 216 25h 3hh hOO 5hl 590 539 562 7 13 . 11 .108 100 -hi -79 13 lh8 h22 561 662 69 h 811 198 613 h53 38h h91 363 521 9h5 62 358 -377 -127 -89 112 -32 167 -37 5h 72 165 159 187 205 -301 173 201 -23 -18 38 187 -320 -106 8 -21 8h hoh Sources of Funds Net Total sources change BorrowOther ing 2/ or uses savings capital lh2 287 267 ho 5 377 822 37,W 81 103 95 82 66 60 -380 l,3h7 h,380 -59 16 28 2 -215 2h -70 I5h -21 . 177 lh 170 167 19 106 -31h 116 -3h lh7 39 80 h7 18 103 66 8 . 123 -hlh 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. H.lU Exhibit L Sources and Uses of Funds byMutual Savings Banks Monthly (In millions of dollars) Cash U.S. Govt, ities 1956 - July Aug. Sept. Oct. Nov. Dec. -63 . -7 -19 -1*7 -37 -11*7 -33 -22 -78 -10 11*0 Value of Assets 920 at End of Year 1957 - Jan. Feb. Mar. Apr. May July Aug. Sept. Oct. Nov. Dec. -89 13 -56 12 71 -73 -1*2 27 -21* 6 125 Uses of Funds 1/ State air Busilocal MortTotal ness govt.. gages Other sources secure or uses ities-' ities 31* 2 ll* 13 -7 5 3,523 21 20 18 -76 -19 -72 -7 11 -17 -136 -136 -26 68 51* 83 63 62 72 62 61 60 93 75 h,331 160 86 86 97 120 -2/4 3b 8 34 Value of Assets at End of Year g 7,971 7,552 1958 - Jan. Feb. Mar. Apr. May June July Aug. Sept. -60 63 36 -1*7 -5 1*2 -66 -5 18 -21 111 -85 -62 -36 11 19 -27 55 1 2 -5 -5 i 8 198 227 186 205 175 11*6 669 19,529 6: 1 2 2 -1 7 -3 2 -3 7 -7 136 . 92 127 121 127 118 122 111 103 121* 100 11*1 682 20,951 23 1* 6 k . -19 2k 8 2 2 130 99 165 151* 195 253 193 198 181 -21* 16 25 -15 53 -1*2 Sources of Funds Net changes in deposits Other 139 181 183 18 122 217 76 102 159 62 50 399 698 33,311 30,032 3,279 137 19k 273 31* 21*6 150 82 166 188 -20 108 299 85 112 238 7 169 265 16 90 206 31* 36 1*05 52 82 35 27 77 -115 66 76 -18 -51* 72 -106 761 35,168 31,695 3,1*73 278 251 3k3 91* 269 26k 152 251 237 231* 11*9 336 93 181 300 88 11*3 267 1*1* 102 7 1 88 , -36 61* 108 -20 -5 27 32 -20 62 -38 -29 28 18 -la 38 -9 25 20 9 -29 1*0 5 -28 29 29 63 79 2k -1*1* 72 -152 1/ Uses of funds represent net changes in assets and therefore reflect net, rather than gross, uses. 2/ Includes Canadian government and political subdivisions, International Bank for Reconstruction and Development, non-guaranteed Federal agency and other bonds as well as corporate bonds and stock. Source: National Association of Mutual Savings Banks and Federal Deposit Insurance Corporation.