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

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Not for Publication

DECONTROLLED AFTER SIX MOUTHS

H.llt

October 18, 1957

CAPITAL MARKET DEVELOPMENTS
(Including Monthly Review of Sources and Uses
of Funds of Financial Intermediaries)
Large public security offerings for new capital during the
week ending October 12 totaled $73 million for corporationss including
expiration of subscription rights,, and $102 million for State and
local governmentso This weeks State and local government issues aggregating $111 million and a $75 million issue of the International Bank
for Reconstruction and Development are scheduled for sale. No large
corporate issues are expected.
Bond yields - Yields declined last week for all types, of
outstanding bonds9 except for U„ S„ Government (new series) obligationss which increased slightly„ The decline was substantial for the
State and local government bond yields5 but moderate for the other
typeso •
Offering yields on new corporate issues also have declined
recentlye An A-rated 30-year5 first mortgage electric utility issue
was offered to investors this week to yield 5 <>00 per cent — 10 basis
points below the last comparable issue„ an offering made on September
25.
Stock market credit ~ Customer credit in the stock market
(excluding that extended on IL S. Government securities) continued
to decline during SeptemberiV reaching a level of $3 <>882 million at
the end of the month„ The decline of $U7 million occurred largely
in net debit balances. Borrowing by member firms of the NYSE maintaining margin accounts (except borrowings on U, S„ Government
securities) increased slightly during September, Customers' net
free credit balances also increased,, totaling $838 million at the
end of the month. These and other data, on stock market credit for
September and August are shown in the following table.




Holy. .

- 2 -

End of month
Sept.

Change

Augo

(Millions of dollars)
Customer credit
Excluding U„S„ Govt, securities - total
Net debit balances
Bank loans to "others"
Net debit balances secured by U.S0 Govt, securities
Bank loans to others for purchasing or carrying
U0S0 Government securities

3,882
2,789
1,093
.35

3,929
2,833

-n
-hh
- 3
+ 5

21

2k

' - 3

Broker.and dealer credit
Money borrowed except on U„S0 Govt, securities
On customer collateral
Money borrowed on U.S0 Government securities
Customerss net free credit balances

2s0k6
1,796
63

58

+11
-U)
+ 5

r/ Revised!"

.

~

~

Stock prices - Stock pricess as measured by the. Standard
and Poor3s index of 500 common stocks9 declined sharply last week9
closing at .ijOoPli on October 120 This is the lowest point reached
since mid-1955 = The volume of trading increased substantially,
averaging 3=1 million shares a dayD After increasing on balance
through Wednesday of this we eke, prices dropped sharply on Thursday in
heavy trading volumeg closing at i|0„ 65„
'
Institutional investors - Savings inflows at three major
financial institutions -- life insurance companies, savings and loan
associations9 and mutual savings banks — increased in August,, but at
a slower rate than in August 1956 o Life insurance companies and
mutual savings banks continued to adjust their portfolios by main- taining or increasing the flow of investments into business securities
and sharply reducing their net acquisitions of mortgages0
In August, the increase in life insurance company assets
amounted to $3&9 millions one-tenth less than a year earlier0 Holdings of U„ So Government securities declined in August0 Redutions in
Government security portfolios so far this years however,, have been
much smaller than over the corresponding period last year0 The




H.lli

'

-3-

increase in mortgage holdings last month continued to be below the rate
of mortgage acquisitions last year but the increase in business security portfolios was slightly above that in August 1956.
The growth in deposits at mutual savings banks in August
was $90 million, compared with an increase of $102 million last August.
(Savings and time deposits at commercial banks continued to rise at a
more rapid rate in August than a year ago.) Mutual savings banks1
holdings of U. S. Government securities increased, in contrast to the
decline last year. Net purchases of business securities continued to
be unusually large, but net acquisition of mortgages was one-half smaller
than last year.
The net increase in savings capital at savings and loan
associations in August was $252 million, $35 million less than in August
19560 Funds invested in mortgages were larger than a year ago. While
holdings of U„ S. Government securities increased, the increase was
below that in the corresponding month of 1956.
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.




EXHIBIT A
HIGH-GRADE

BOND

YIELDS

\ U.S. GOVERNMENT:/»
I long-term
'/

U. S,
Date

Corporate
Aaa y

Old series

long-term £J
Mew series

Spread between
U. S. (
State and
local govt. (old serjS o ' a n d
Corporate State and
Aaa J/
local Aaa

(Per cent)
1953 - High
Low
195k - High
1955 - High
Low
1956 - High
1957 - High
-

Low

3.12
2.99
3.09
2.85
3.17
2.91
3.79
3.07
k.lk
3.66

September 13 • k . H
September 20 k.12
September 27 k.lk
October k
k.12
October 11
It. 09

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

3.15
2.78
2.7k
2.kk
2.9k
2.62
3.k9
2.80
3.70
3.15

(6/6)
(12/26)
(1/9)
(8/7)
(8/5)
(1/7)
(12/21)
(2/17)
(6/21)
(2/6)

3.60
3.66
3.68
3.68
3.66

• 1/ Weekly average of dally figures.

n.a.

3.03
2.89
3.39
2.92
3.66
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
(8/16) 3.k5
(2/8) 2.76

3.59
3.63
3.61
3.60
3.61

3.k3
3.k3
3.kl
3.38
3.29

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

.38
.19
•k3
.32
.3k
.13
.kk
.13
.5k
.25
.51
.kk
.k6
.kk
.k2

.8k
.30
.61
.29
.70
.5k
.68
.32

.

.1*9

.Ik

.17
.3$
. .27
.30
.37

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 Ik 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/k 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.




LOWER - GRADE BOND YIELDS

STATE AND LOCAL GpVT. REVENUE

1954

1955

Corporate
• Baa y

1956

State and
local govt,
rev. y

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

1953 - High
195U - High
1955 - High

3.89
3.50
3.71
l.hk

(9/18)
(1/2)
(1/8)
(12/31)

3.79
2.96
3.32
2.93
3.26

(6/25)
(1/8)
(1/7)
(8/5)
(12/29)

3.02 (1/6)

1956 - High
Low
1957 - High
Low

h.hl (12/28)
k.bZ (V12)

3.90 (2/21)

September 13
September 20
September 27
October i*
October 11

L91

h.h9

i.97 Ho/l)

a. 96
14.97
L.96 .

a.22 (12/27)

h.h9
h.U7

3.27 (6/26)
2.71 (1/2)

3.00 (1/1)

2.72
2.99
2,76
3.98

(8/13)
(12/30)
(1/7)
(12/28)

lilW

3.70 (2/22)

y

U.h6

h.36

1/ Weekly average of daily figures. Average terra of bonds
included is 25-26 years.
2/ Thursday figures. Only general obligation bonds are included; average term is 20 years.
3/ Friday figures. Average rating of bonds included is
between Baa and A; average term is 20 years.
h/ Series discontinued, as of March 15.
Note.--Highs and lows are for individual series and may
be on different dates for different series.




STOCK

MARKET

Stock price
index 1/

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

Stock market cuateimer credit
Customers'
Bank
debit balances y "others" 5/
(Millions of dollars)

1953 - High
. Low
195k - High
Low
1955 - High
Low
1956 - High
Low
1957 - High
Low

26.5U (1/2)
22.95 (9/18)
35.98 (12/31)
21.93 (1/8)
U5.89 (12/9)
35.28 (l/ll*)
1*9.61* (8/3)
1*3.22 (1/20)
1*9.08 (7/12)
1*0.91* (10/11)

August
! 1*5.81*
September
1*3.98
September 27
1*2.55
October 1*
1*2.79
October 11
1*0.91*

2.5
0.9
3.7
1.1*
1*.6
1.5
3.1
1.5
3.1
1.1*

6.25
5.38
5.82
1*.32
U. 1*2
3.61*
U.35
3.82
1*. 63
3.91

2,1*55
2,055
3.1*36
2,1*05
It,030
3,537
l*,0l*7
3,9H*
It,031
3,832

1,665
l,31i*
2,388
1,653
2,805
2,517
2,823
2,71*0
2,887
1,713

780
661*
1,01*8
71*6
1,21*1
1,018
1,267
1,155
1,163
1,086

1.9
1.8
2.5
1.6
3.1

U. 15
U.3U
h.kS
1*.I*0 .
J*. 63

3,929
3,882
a.a.

2,833
2,789

n.a.

n.a.

1,096
1,093
1,093
1,086

available.
1/ Standard and Poor's composite Index of 500 common stocks, weekly closing
• prices, 19U--13-10. Monthly data are averages of daily figures rather than of
Fridays' 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.
U/ 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.
5/ 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 D

H.lh

Corporate and State and local Government
Security Offerings and Placements
(In millions of dollars)
New capital
1957

Corporate
1
1956
|

January
February
M
arch

1,063
1,071
1,3LL

573
712
817

April
May
June

92h
771
1,1,89

818
1,116
81,1

July
August
September

e/1,075
e/900
eA,000

October
November
December
Jfst
2nd
3rd
Lth

ouarter
quarter
ouarter
ouarter

1st half
Three quarters
Year

1955

1957

State ?uiu local 1 /
1
1956
1

712
573
506

1,014
696
390

#5
312
538

1.78'
886
667

765
516
39li

376
L90
735

1.2 7
350
6L2

1,063
65L
838

597
61, L
670

52L
572
Ll8

I4O8
206
357

L70
2L9
L06

e/1,000

7h53/
1,089^
- 1,088

1,162-/
6#
. 900

e/600

639
31.7
Lop

919
658
I.08

3,179
3,181
e/2,975

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

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

1,821
1,705
1,51L

1,190
1,6u3
971
1,395

1,365
1,L16
1,12L
1,98L

6,663
e/9,638

L, 907
7,1,63
10,381

14,216
6,127
8,821

3,526
5,olo

3,093
L,o6L
5,L59

2,802
3,927
5,911

535
h07
1,223

•

.

Excluding- finance companies bj
1st
2nd
3rd
Lth

quarter
ouarter
quarter
ouarter

3,268
2,92k
e/2,675

Year

1,61.7
2,5Ll
2,216
2,626

1,727
1,870
1,LLL
2,5LL

9,259

7,595

1/ Data through June 1956 are Bond Buyer data classified as new capital by
Federal Reservej 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 £637 «2 million AT&T convertible debenture issue .
?/ Includes $571.5 million AT&T common stock issue .
IB
t/ Total new capital issues excluding offerings of sales and consumer finance
^o-panios.
Note.—Details may not add to totals due to rounding.




H.lU

"

Exhibit E •

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

Month

1956 - September
October
November
December
1957 - JanuaryFebruary
March
April
May
-

State and
local government
18U
383
135 201
386
306
19b
U99
218
176
265
357
185

#8
386
701
h30
567
671
788
U77
329
^ 877
525./
526
537

' July
August
September

Other 2/

35
100
50
125
25
39
25
30

Large Individual Issues Offered October 1 through 11
Issuer

•

Type ]/

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

CORPORATE

Gulf States Utilities Co.
Southwestern Bell Tel. Co.
Htirthern Natural Gas Co.
Shamrock Oil & Gas Corp.
Columbia Gas System Inc.
Chem. Com Exchange Bank
Commonwealth Edison Co.

1st mt^.bds. 17.0
Deb.
100.0
Pfd. stk.
16.0
Conv.sub.deb. 17.5
Deb.
25.0
Cap. stk.
k8.b
Pfd. stk.
25.0

1987
1992

h 7/8
b 3A

it. 78
li.70

Aa
Aaa

1982
1982

5 1/1*
5

5.25
5.00

Ba
A

2.25-2.90
2.70-3.25

Aaa
Aa

STATE & LOCAL GOVERNMENT
State of New York
State of Oregon




G.O.
G.O.

2h.O
1958-72: 2.90
26.6 1960-71/67 3.21

H.lii

E-2

^

Large individual Issues Offered October 1 through 11 (Cont'd)
Issuer

"type y

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

STATE AND LOCAL GOVERNMENT
(Continued)
City & Co.of San Francisco,
G.O.
Calif.
State of Ohio
Hwy. rev.
Cincinnati, Ohio
G.O.
G.O.
Chicago Park Dist., 111.
Mecklenburg Co., N. C.
G.O.
L.A. Dept. of Wtr.&Pwr.,
Calif.
Rev.
Dayton City S.D., Ohio
G.O.

28.9
31.0
5.3
6.0
5.0

1958-77
1958-72
1959-98
1959-77
1959-78

3.13
3.32
3.20
3.15
3.37

2.1*0-3.20
2.20-3.30
2.1*0-3.30
2.60-3.50
2.60-3.1i0

Aa
Aa
Aaa
A
A

18.0
8.0

1958-87
1959-78

3.52
3.22

2.50-3.55
2.50-3.15

Aa
Aa

OTHER
None
P
1/ Includes corporate and other security offerings of $1$ 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.
J/ 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 Tqy pledge of
designated revenues.




H.lb

Exhibit F

Forthcoming Large Public Seqm-ity Offerings for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
Date of
-computation
1956 - Sept. 28
Oct. 31
Nov. 30
.Dec. 31
1957 - Jan. 31
Feb. 28
Mar. 29
' Apr. 30 .
May 31
June 28
. July 31
Aug. 30.
Sept. 30

Subsequent to
During month following
date shown
date shown
Corporate State and Other 2/ Corporate State and Other 2/
local govt.
local govt.
315
683
1.36
176
591
710
b6l
187
525
370
526
578
576

359
162
18
280
153
153
290
179
97
172
252
2b 3
370

23
lou
35 „
25
. 25
25

.

30

1,009
990
181
796
966
795
h86
258
5#
1,15
811
8b5
6b 7

1,197
955
979
763
6b8
631
062
396
388
b98
51b
b39
587

23
100
35
25
25
25
30
15

Forthcoming Large Offerings, as of October 13
Type

1
Amount
(millions Approximate date
of dollars) of offering

CORPORATE
Consolidated Edison Co.
General Portland Cement Co.
-^Commercial Credit Co.
American Telephone & Telegraph Co.
National Cylinder Gas Co.
.Consumers Power Co.
Merrimack Essex Electric Co.
fDayton Power & Light Co.
—"Southern New England Tel. Co.
Ohio Power Co.
•^Standard Oil Co. of New Jersey

Istfref.mtg.bds.
Conv.sub.deb.
Deb.
Conv.sub.deb.
Conv. deb.

60.0
15.0

50.0
250.0

17-5
35.2

?st mtg. bds.
1st mtg. bds.
Common stk.

20.0
25.0
27.1

1st mtg. bds.
Common stk.

25.0
250.0

STATE AND LOCAL GOVEWENT
San Diego Unified Sch. Dist., Calif.
Commonwealth of' Massachusetts




0.0.
G.O.

10.0

63.5

Oct. 22
Oct. 2b
Oct. 2b
Oct. 29
Oct.
Nov. 1
(rights expire)
Nov. 7
Nov. 7
Nov. 8
(rights expire)
Nov. 20
Dec. 17
(rights expire)
Oct. 15
Oct. 15

F-2

H.lh

Forthcoming Large Offerings, as of October 11 (Cont'd)
Type

Amount
Approximate date
(millions of offering
of dolJars)

STATE AND LOCAL GOVTRNMENT (Cont'd)
G.O.
Pittsburgh, Pa.
G.O.
Mary]and State Poads Commission
G.O.
Boston, Massachusetts
G.O. .
Milwaukee, Wisconsin
G.O. ,
State, of California
G.O.
*State of Washington
G.O.
^State of Mississippi
G.O.
Broward Co. Spec. Sch. Dist.No.l,Fla,
•>:-Los Angeles Co.Flood Control Hist-,
Rev.
Calif.
Utilities rev.
Jacksonville, Florida
Rev.
•tfport of New York Auth.
estate of Kentucky
G.O.
Thoroughfare rev.
estate of Ohio
G.O.
*New York City
G.O.
Territory of Hawaii
Rev.
Washington Toll Bridge Auth.
G.O.
State of Missouri
G.O.
State of Texas
. Rev.
PUniversity System Bldg. Auth., Ga.
Rev.
Pennsylvania Turnpike Commission
Rev.
Inter-American Center Auth., Fla.
G.O.
New York State Thruway Authority

6.6
15.0
16.0 5 .5"
85.0
52.0
10.0
12.5

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.

16
16
16
22
23
29
30
1 .

20.0
30.0
25.0
35.0
30.0
36.5
7.0
30.5
30.0
12.5
12.0
62.0
20.0
50.0

Nov. 5
Nov. 7
Nov. 7
Nov. 12
Nov, 19
Nov. 19
Nov. 19
'Nov. 20
1957
1957
1957
1957
. 1957
1957

75.0

Oct. 15
1957

OTHER
International Bank for Reconstructiezi
Bonds
and Deve]opment
Ext. loan bds.
Union of South Africa

15.0

*—Included in table for firsttime.
1/ Includes corporate and other issues of £15 million and over; State and
local~government issues of
million and over.
r
2/ Includes foreign government and International Bank for Reconstruction
end Development issues.
Note.—Deletions for reasons other than sale of issue: None.




H.lb

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

(In millions of dollars)

Uses of Funds 1/ :
State and
local
Busigovt.
ness
Govt.
secursecurities
ities ities"
U.S.

Cash

1955 - May
July
" Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year
1956

- Jan.
Feb.
Mar.
Apr.
. May
Jun e.
July
Aug.
Sept.
Oct.
Nov.
DecValue -of Assets
at End of Year
1957 - Jan.
Feb.
Mar.

. Apr.
May.
July
Au^.

bo
-3
30
75
-27
-9
67
55
1,255
-88
-113
-lb
27
19
-9
16
-29
11
16
16
166
1,273
-132
-38
-h7
2b
-22
60
-5
-30

•

-It 7
-12"
5u
8b
-51
-102
-136
-316

168
lbb
251
-9
209
261
153
293

-9
1
22
It.
7
-3
11

8,515 37,580

1,998

27lt
230
169
116
153
106
297
lb2
71
108
96
208

125
20
10

-152
-157
-191
ltd
-99
-66
-36
-109
2li
1x7
-101
-226

-lit _
8
bb
16
5
.

h

.12
6

2,23b
7,519 39,552
69
172 . " 10
160
-1th
-117
192
7
165
13
3
26
-90
165
-70 " 172
hlh
33
-Jo
. 15it . 10

Mortgages

Other

268
267
261
253
21+9
313
301
558

' 3b
5b
51
b6
58
17
9b
201

29,lt25 ll,b6b
373
30b
280
269
3lt0
293
329
282
215
289
307
288

85
93
57
8
55
65 •
56
109
93
-1
73
115

Total

sources
or uses
b5b
b5l
668
bb 9
bb2
b87
b79
772
90,267
617
377
311
b60
b5b
397
706
bll
bl9
b&3
b05
557

32,991, 12,272
95,8bb
' 68 - " b?2
'285
2ou
liib
b22
108
336
193
168
bl
bib
lc2
119
380
137
72
371
766
91
197
#2 '
191
369

Sept.
1/ Us-s of funds represent net changes in assets and therefore reflect net,
rather than gross, uses.
Source: Institute of Life Insurance.




Exhibit I '

H.lU

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
Govt, Mort- Other Total change Borrow- Other
Cash
•secur- gages
sources savings ing 2/
ities
or uses capital
1955 - May
July
Aug.
Sept.
Oct.
Nov.
Dec.

3
126
-2 44-66
-41

117
67
268

Value of Assets 2,067
at End of Year
.

9

19561/- Jan.
Feb.
Mar. .
Apr.
May
July
Aug.
Sept.
Oct.
• Nov.
Dec.

-48
-4
-47
-62
12
122
-178
-96
-43
36
58
302

.Value of Assets
at End of Year 2,119
1957E/'- Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.

-172
-40
-23
-48
38
187
-320
-106

25
18
57
15
-19 •
1
11
3

551
611
53k
581
483
336
246
218

2,342 -31,461
110
73
57
55
43
-34
34
39
13
14
25
11

214

296

397
408
436
440
414
447
354
356
274
232

2,782 '35,729.
142
117
91
30
• 18
-41
41
. 23

93
12
-7140
13
46
97
. 15
1,791
-27
56
44
88
127
12
-84
9
54
68
81
-21
2,199

200 - -24
266
57
84
364
112
404
141
458
465
41
-100394
463
59

671
766
275
569
435
499
420
50?

415
715
122
294
270
416
366
784

73
207
62
129
111
73
18
54

183
-156
91
146
54
10
16
-335

37,719 32,192

1,558

3,969

-200
-75
-51
-5
-2
54
-59
16
28

35
149
154
174
157
-284
103
95
82
66
60
-380

248
420
450
488
617
539
186
398
377
473
437
523

413
346
347
319
462
769
142
287
267
405
377
822

2

. 81

42,875 37,148

1,347

336
315
359
313
468
859
-68
252

-215
-70
-21
14
19
106
-34
39

145
399
515
497
654
651
14
438

4,000

24

154
177

170

167
-314
116
147

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-

H.lll

Sources and Uses of Funds by
Mutual Savings Banks
Monthly

Cash

U.S.
Govt.
ities

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

16 - -14
36
-58
-65
34
9
-7
-10 . -45
-111
-25
-6
-73
-13
73
965
-52
-lk
-13
-56
-2
89
-63
-19
-33
-22
140

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

-89
13
-56
12
71
-73
-42

(In millions of dollars)
Uses of Funds 1/
Total
State and
sources
local MortBusiOther or uses
govt.
ness
gages
securities
ities
-38
-10
-32
-hO
-23
-10
-35

8,460 3,3#
21
-8
8
-52
-42
-90.
-7
-47
-37
-147
-78
-10

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

7,971 3,523
21

—20

18
-76
-19
-72
-7
11

68
5k
83
63
62
72
62
61

5
2
19
-3
-20
-5
-12
2

192
229
213
231
232
221
177
200

637

17,245

25
2
16
-3
-5
-5
i
2
-5
-5
i
8

192
190
205

669

19,529

6

136
92127
121
127
116
122
111

1
2
.

183
194
183
198
227
186.
205
175
146

2

30
-8
-23
11
2k
-16
36
-15

Sources of Funds
Net
change
in
deposits

191
194
146
201
158
54
87
246

125
240
97
134
182
85
27
328

621 31,274

28,187

-20
18
32
5
62

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

139
135
238
45
162

Other

66
-47
49 67
-24
-31
60

-82
3,087
40
87
13
34
64 .
-88

278
76
102
159
62
50
399

79
24
-44
72
-152

698 33,311

30,032

3,279

137
194
' 273
34
246
• 150
. 82
166

85
112
238
7

52
82
35
27
77
-115
66
76

-32
-2k
16
25
-15
53
-42

-5

27

32

-20
62

169

63

-1
-38
265
July
-29
16
7
28
Aug.
-3
90
Sept.
" 1/ Uses of funds represent net changes in assets and therefore reflect net,
rather than gross, uses.
2j Source: National Association of Mutual Savings Banks and Federal Deposit
uranee Corporation.