Full text of H.16 Capital Market Developments : October 20, 1958

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Not for Publication

DECONTROLLED AFTER SIX MONTHS

U.lk

October 20, 1958
CAPITAL MARKET DEVELOPMENTS
(Including Monthly Review of Sources
and Uses of Financial Intermediaries)

The volume of public security financing for new capital was
small last week and is expected to be only slightly larger this week.
During the week ending October 17, one large corporate issue for #15
million and two State and local government issues totaling &31 million
were sold. This week, large corporate issues, including expiration of
subscription rights, are expected to total »U3 million. Large local
government issues amounting to #35 million and a foreign government issue
for $25 million are also scheduled for sale.
Bond yields - Changes in yields on outstanding bonds were
mixed again last week. Yields on U. S. Government obligations increased
slightly, while those for lower-grade corporate bonds remained stable.
Yields on State and local government and high-grade corporate bonds declined.
A new Aa-rated, first mortgage electric utility bond issue
was offered to investors last week to yield it.50 per cent—7 basis points
below that for a comparable offering made a week earlier.
Stock maricet credit - Customer credit in the stock market (excluding that for U. S. Government securities) increased $11U million in
September, after declining $53 million in August. At an all-time high
of
313 million, customer credit was one per cent higher than when
margin requirements were increased in August, and 21 per cent higher
than when requirements were reduced last January. The September increase in credit was largely in net debit balances, as the increase in '
bank loans to "others" was slight.
Borrowing by member firms of the NYSE maintaining margin accounts (excluding borrowing on U. S. Government securities) increased
substantially last month. Customers' net free credit balances increased
for the fourth consecutive month, totaling $1,123 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.




h.lk

-

2

-

End of Month
Sept. I August
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

Change

(Millions of dollars)
4,313
3,Ul
1,199
122

1/4,199
r/3,013
1,186

r/ll£

+114
+101
+13
-18

51

48

+3

1,865
1,628
210
1,123

1,751
1,523
251
1,103

+114
+105
-41
+20

tJ Revised.
Stock prices - Common stock prices fluctuated widely last week
in very heavy trading, but showed little net change. Standard and Poor's
index of 500 common stocks reached a peak of 51.62 on Monday, then declined substantially on Tuesday and Wednesday. Prices increased on the
last two days of the week after margin requirements were increased, clos ing at 51.46 on October 17. Trading volume averaged ,4.9 million shares
a day, the highest weekly average since July 1933.
Institutional investors - In August, life insurance company
assets, deposits at mutual savings banks and savings capital at savings
and loan associations increased more rapidly than a year earlier. The
investment pattern of these institutions showed little change in August
from that of other recent months.
The increase in life insurance company assets amounted to # 7 6
million, ^nearly one-fourth greater than in August 1957. Holdings of
U. S. Government securities continued to increase in contrast to a decline
last August. Net purchases of both business securities and mortgages were
smaller than a year earlier—the former one-fifth less and the latter onefourth less.
Savings capital at savings and loan a ssociations increased $358
• million, two-fifths more than in August 1957. (Savings capital has increased more rapidly in each month this year than in the corresponding
period of 1957.) The increase in 0. S. Government securities totaled
$111 million, $88 million more than in the corresponding month last year.
For the fourth consecutive month, net acquisition of mortgages by savings and loan associations was substantially larger than a year earlier,
with the August increase being one-fifth greater.




.

- 3 As it has been in each month this year, the growth in deposits
at mutual savings banks was larger than a year earlier—more than one-half
greater than last August. (The rate of growth in time and savings deposits
at commercial banks has slowed appreciably from that in earlier months.
In August, time deposits rose bytfiiO'Dmillion, one-third more than August a year
ago, but less than the average in the first half of the year.) The increase
in savings bank holdings of U. S. Government securities was about the same
as a year earlier. The increase in mortgage holdings was three-fourths
larger, but net acquisition of business securities was more than threefourths smaller.
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

LOWER - GRADE B O N D YIELDS

I—




H.lL

Exhibit B
Tables for Exhibit A
High-grade Bond Yields

Date

Corporate
Aaa 1/

U. S. Govt,
long-term 2/

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

State and
local govt.
Aaa J/

(Per cent)
1953
1951*
1957
1958

-

High
Low
High
High
Low

Sept. 19
Sept. 26
Oct. 3
Oct. 10
Oct. 17 2/

3.1*2 (6/19)
2.85 (V23)
U.lU (9/27)
li.13. (10/10)
3.55 (5/2)

3.19
2.1*5
3.76
3.83
3.07

U.IO
l4.ll
1*.13
1*.13
It. 09

3.76
3.7li
3.83
3.72
3.7k

(6/5)
(8/6)
(10/18)
(10/3)
(lt/25)

2,73 (6/25)
1.90 (9/2)
3.1t5 (8/29)
3.31 (9/11)
2.61* (5/1)

.38
.30
.60
.51
.22

.83
.30
.1*7
.62
.31*

3.28
3-2U
3.25
3.25
3.21

.31*
.37
.30
.1*1
.35

.1*8
.50
.58
.1*7
.53

Lower-grade Bond Yields

Date

Corporate
Baa 1/

State and
local govt.
Baa 2/

Spread between
Aaa and Baa
State and
Corporate
local govt.

(Per cent)
1953
1951*
1957
1958

-

High
Low
High
High
Low

Sept. 19
Sept. 26
Oct. 3
Oct. 10
Oct. 17

3.89 (9/18)
3.1*1* (12/31)
5.10 (11/29)
1*.96 (1/3)
l*.5l (7/11)

3.79 (6/25)
2.93 (8/5)
l*.5l (8/29)
1*.31* (9/11)
3.61* (5/1)

1*.88
1*.90
1*.92
l*.9l*
l*.9l*

1*.32
li.29
1*. 29
1*.30
1*.26

.69
.52
1.27
1.28
.77

1.21
.96
. 1.21
1.11
.98

.78
.79
.79
.81
.85

l.Ol*
1.05
1.01*
1.05
1.05

2/ 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.
2/ 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 M A R K E T




Exhibit D
Table for Exhibit C
Stock Maricet

Date

Stock price
index 1/

Trading
Common
Stock market customer credit
stock
Customers' Bank
volume 2/
(millions yields V Total debit bal- loans to
of shares) (per cent)
ances 4/ "others" 5/
(Millions of dollars)

1953 - High
Low
1954 - High
Low
1955 - High
Low
1956 - High
Low
1957 - High
Low
1956 - High
Low

26.51* (1/2)
22.95 (9/18)
35.98 (12/31)
21.93 (1/8)
15.89 (12/9)
35.28 (1/14)
49.61 (8/3)
13.22 (1/20)
1*9.08 (7/12)
39.W (12/20)
51.1*6 (10/17)
1*0.37 (1/10)

%
4.2
1.1*
4.9
1.7

.4.34
3.91
4.72
3.50
4.58

August
September
Oct. 3
Oct. 10
Oct. 17 £/

1*7.70
1*8.85
50.37
51.39
51.1*6

3.0
3.1*
3.8
3.8
1*.9

3.78
3.69
3.57
3.50
3-50

2.5
0.9
3.7
1.1*
1*.6
1.5

5.38
6.25
4.32

5.82

1*.08
1*.1*1

3.82

2,1*55
2,li05
ir,030
3,537
li,Oli7
3,91k
li,031
3,576
It, 313
3,551.
j/U,199
4,313
n.a.
n.a.
n.a.

1,665
1,311*
2,388
1,653
2,805
2,517
2,823
2,7W
2,807
2,1*82
3,1H*
2,1*87
z/3,013
3,111*

780
664
1,048
71*6
1,21*1

1,018

1,267
1,155

1,317
1,051

1,186

1,199

1,176
1,166
n.a.

g/ Preliminary.
r/ Revised.
~
n.a.—Not available.
1/ Standard and Poor's composite index of 500 common stocks, weekly closing
prices, 19l*l-l*3"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,
j/ 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.
\J End of month figures for member firms of the New York Stock Exchange which
cany margin accounts; excludes balances secured by U. S. Government obligations.
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

1

New capital
Corporate 1/
State and local 2/
1
1956
1958
1
1956
1957
1
1957

Januaty
February
March

723
851,z
l,56li/

1,060
1,065
1,320

573
712
817

812
953
511

7k2
572
506

kOk
696
390

April
May
June

1,1&
600
881

f§
l,k53

818 "
l,Hi6
8kl

798
895
551

765
5k6
393

378
k90
735

EA,101
p/k71
e/1,100

1,003
92k
973

1,063
6 5k
838

803
JU03
£/6U5

529
58k
U31

k08
206
357

e/550

1,090
789
1,076

e/650
1,088

698
633
698

3,135
2,622
2/2,672

3,kk5
3,lk9
2,899
2,951

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

2,276
2,2kk
2/1,851

1,820
1,70k
1,5 kk
2,029

I,k90
1,603
971
1,395

5,757
e/8,k2 9

6,59k
9,U93
12,kk7

1,907
7,L63
10,38k

L520
E/6,371

3,52k
5,069
7,099

3,093
k,06k
5,k59

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

quarter
quarter
quarter
quarter

1st half
Three quarters
Tear

,

.

639
3k7
k09-

Excluding finance companies
1st quarter
2nd quarter
3rd quarter
ktti quarter

2,89k
2,583
e/2,622

Year

3,237
2,889
2,582
2,810

l,6k7
2,511
2,216
.2,826

11,513

9,260

e/ Estimated.
1/ Securities and Exchange Commission estimatey of net proceeds.
2/ 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.
3/ Includes $718.3 million AT&T convertible debenture issue.
k/ Includes $571.5 million AT&T common stock issue.
5/ Total new capital issues excluding offerings of sales and consumer finance
companies.




j

Exhibit F

H.lli

Other Security Offerings 1/
(In millions of dollars)
Long-term
Foreign government 2/
Federal agency 3/
1956
1956
1957
"1938"
1957
196
53

8L
1*9
30

139
198
120

123
I18

37
8
SO

h2

95

28
7
30

2
39

h

hk

1,163
251

72

523

125

1935"

60

60

16U
109

215

60
1

5
21

100

507

300

572

lb?

Federal agency 3/

State and local government Li/

638
It-30
505

380
220
283

336
2|69
501

323
314
260

221*

370
512

222
1*25
273

328
118

2 9k

1,238
255
116

U07
222
128

2,706

5,51*3

3,1*57

233
U60
273

326
155
lb?

196
357
21*9

12
,26k

205
337
153

125
252
176

289
U23
2/362

272
272
252

195
207
179

I
1*59
3,271

371
208
11*1*

209

161

329

601
206

e/ Estimated.
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.
J/ Issues not guaranteed by the U. S. Government. Source: long-term, Securities
and Exchange Commission; short-term,Federal Reserve.
jt/ Principally tax and bond anticipation notes, warrants or certificates and Public
Housing Authority notes. In some instances PtlA notes included may have a somewhat
longer term than one year. Source: Bond buyer.
1




Exhibit G

H.ll*

Large Long-term public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(Millions of dollars)

Corporate

Month

1957 - September
October
November
December
1958 - January
February
March
April
May

State and
local government

216

133
393

537
57 U
1*20
399
318
605
1,093
725
356
281
771
209
825

July
August
September

Other 2/

3hk

151*

l*ol*

1*10
553
182
300
505
195
275
109
288

1,357
266
653

161*
86
la

18

Large Individual Issues Offered October 1 through 1?

Issuer

Type 2/

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

Rating

CORPORATE
S.F. deb.
American Cement Corp.
20.0
Public Service Co. of Did. Pfd. stk.
21*. 3
1stratg.bds. 15.0
Idaho Power Co.

1978

5

5.16

A

1988

1* 1/2

l*.5o

Aa

STATE AND LOCAL GOVERNMENT
Boston, Massachusetts
Venice, Illinois
Met. Water Diet, of So.
Calif.
State of South Carolina
OTHER
None




G.O.
Rev.-Ut.

23.7
12.0

1959-78
1988

3.80

2.20-3.85 A
5.00

Rev.-Ut.

18.0
13.0

1959-70
1959-78

3.01*
3.06

2.00-3.10 Aa
1.90-3.15 Aa

0.0.

,

h. ll|

G-2

n.a,—Not available,
1/ Includes corporate and other security offerings of i>l5 million aftd 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 obligations3 Rev.-Ut., revenue obligations secured only by income from
public utilitiesj Rev,-Q=Ut., revenue bonds secured only by revenue of quasiutilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only;
Rev.-Rent.} revenue bonds secured solely by lease payments,




Exhibit H

H.lii

Forthcoming Large Long-term 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

Cor

1957 - Aug. 30
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

P°rate

local%ovt.

si
U58
383
378
1*98
1,123
J I
266
768

161

785
113

s

I
370
13U
298
193
177
225

30
30
18
150
110
150
36

Subsequent to
date shown
State and Other 2/
Corporate
local govt.
81*5
617
815
1,193

379

63

1,161

i
1*87
3l*l
330
1:93
208
235
125

1,378

1,208
670
561
1*61*

1,048
381
91U
216

•g
295

8
1*5
165

110
150
36

3

Forthcoming Large Offerings, as of October 17
Issuer

Type

Amount
(millions Approximate date
of offering
of dollars)

CORPORATE
Peoples Gas Light and Coke Co.
Cincinnati-Suburban Bell Tel. Co.
Florida Power & Light Co.
International Harvester Credit Corp.
Glidden Co.
Puget Sound Power & Light Co.
„ #Hartford Electric Light Co.
J. I. Case Co.
Columbia Gas System, Inc.
Indiana & Michigan Electric Co.
^Natural Gas Pipeline Co.
Consumers Power Co.
Montana Power Co.
Commerce Oil Refining Corp.
Martin Co.




Cap. stk.

18.3

Deb.
Common stk.
Deb.
S.F. deb.
Deb.
let mtg. bds.
Conv. deb.

25.0
20.0
50.0

:
Deb.
1st mtg. bds.
1st mtg.p.1.bds.
Pfd. stk.
1st mtg. bds.
Deb,, bds. & common
S.F. deb.

30.0
15.0

18.0
20.1
25.0

20.0
30.0

15.0
20.0

1*5.0
25.0

Oct. 20
(rights expire)
Oct. 22
Oct. 29
Oct. 30
Oct. 30
Oct. 30
Oct. 30
Oct. 30
(rights expire)
Nov. 7
Nov. 7
Nov. 8
1958
1958
1958
1958

xi.lii

ii-2

forthcoming Large Offerings, as of October 1? (Cont'd)
Type

Amount
(millions Approximate date
of offering
of dollars)

S M h , AND LOCAL G0Vj_Hiu^ivT (Cont'd)
Cook County, Illinois
Oakland,. California
City f Co. of San Francisco, Calif.
City
Co. of Denver, Colorado
Los Angeles Dept. of Vttr.Pwr., Calif.
St. Louis, -dssouri
New York State Power Authority
Florida State Board of education
-"-Public Housing Authorities
Detroit-Retro, expressway
Chesapeake bay ferry Commission
State of California

G.O.
G.,0.

0.0.

Rev.-Ut.
Rev.-Ut.
0.0.
Rev.-Ut.
Rev.
Rev.-Ut.
Rev.-Ut.
G.O.

25.0
10.0

26.k

12.6
10.0
10.0
200.0
12.5
45.3
35.0

ihk.o

5o.o

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Dec.

21
22
27

29

29
29
6
35

-

3

OTHER
Commonwealth of Australia
Montreal, Canada
Republic of Panama

Bds.
Deb.
Bds.

25.0

28.0
16.7

Oct. 2h
Oct. 29
Oct. 31

-:$•—Included in table for first time. .
1/ Includes corporate and otner issues of vl5 million and over; State and
local government issues of &10 million and over.
2/ Includes foreign government and International nank for Reconstruction and
Development issues and non-guaranteed issues by federal agencies.
Note.—Deletions for reasons otner than sale of issue: None.




R.lh

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

Date

1952 - 1957
High
Low
1958 - January
February
March
April
May 7 .
13
.
15
16
20
21
22
28
. June 10
17
25
July 2
9
18

23

Oct. 7
15

A-rated offering yields
Aa-rated offering yields
Amount above
Amount above
Actual
Actual
seasoned yields
seasoned yields
(per cent)
(per cent)
(basis points)
(basis points)
5.00(8M/57)
2.93(3/31/51)

87
-3

*3.60 ,
U.08
3.91

-8
22
35
18

3.90

21

3.85
3.85

16
16

3.85
3.82
3.95

17
12
2ii

Loo

25

3.89*

h.io
h.10

li.57

a. 5 0

5.50(11/7/57)
3.00(3/17/51)
3.96%/
1.07

h.l£>
h.01

123
-15
3
9

-1

il.00

8
3

14.07
li.35

32

li.OO
3.95

-6

2/

h

-1

3.98^

1

1».35S/

31

28

.

29
25

22

I

*—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. 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)

Cash

U. S.
Govt.
ities

1956 - July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year
19572/. Jan.l/
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year

16
-29
11
16
16
166

-36
-109
2l*
1*7
-101
-226

Uses of Funds 1/
State and
Busilocal
ness
govt.
securities
ities
297
11*2
71
108
98
208

1,273

7,519

39,552 .

-127
-37
-1*2
28
-18
59
-9
-30
1*7
-17
22
138

65
-33
-109
11
-79
-62
5
-32
-32
13
-92
-181

202
169
200
172
169
181*
321*
, 163
198
21*1*
212
258

1,29k

1958

7,028

1*2,133

kk

16
5

k

12
6

2,23k
12
9
10
26
2
11*
11
7
13
10
10
2,377

,

Mortgages

329
282
215
289
307
288

32,99k
286
205
197
172
186
11*1*
163
195
151*
170
132
237
35,271

Other

56
109
93
-1
73
115

12,272
87
11*7
102

3k

135
65
87
77
93
6
110
7
13,206

Total
sources
or uses

706
1*11
1*19
1*63
1*05
557
95,81*1*

S

357
1*27
1*19
392
581*
381*
1*67
1*29
391*
1*69
101,309

- Jan.
221
171
111
51
191
652
-93
Feb.
106
10
11*1*
-51
15
125
3U9
Mar.
20
60
-119
11*0
1*01
277
23
Apr.
208
11
-17
13
113
19
3U7
May
28
116
71*
-70
167
135
1*50
June
-20
101*
1*7
191*
11*0
500
35
July
20
182
1*6
21*
175
123
570
Aug.
-17
k2
128
36
11*0
11*7
1*76
Sept.
1
r/ Revised.
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 values for 1956 and 1?57 shown because of adjustment of the change data to
eliminate the effect of a change in estimating procedures.
Source: Institute of Life Insurance.




Exhibit K
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
Govt,
change
MortOther
Borrowsources
Cash
Other
assets or uses sayings
secur- gages
ing 2/
capital
ities
1956 - July
^ Aug.
Sept.
> Oct.
Nov.
Dec.
Value of Assets
at End of Year
I957B/- Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year
1958^- Jan.
Feb.
Mar.
Apr.
May

3k

-178
-96
-U3
36
58
302

39
13
11*
25
11

2,119

2,782

-172
-1*0
-23
-1*8
38
187
-320
-106
8
-21
81*
1*39

11*2
117
91
30.
18
-1*1
1*1
23
26
-10
19
-69

2,11*1* 3,16?

-121
175
209
117
38
180
-301*
-73

1*6
-20
-3
^ 37
15
82
1*2
111

1*11*
W
351*
356
271*
232
35,729

-81*
9
51*
68
81
-21
2,199

200
-21*
266
57
81*
361*.
1*01*
112
11*1
1*58
1*65
la
-100
391*
1*63
59
363
55
1*26 ' 91*
69
303
281*
22
1*0,119 -2,809

216
251*
31*1*
1*00
51*1
590
539
562

7
13
11
108
100
-1*1
-79
13

186
398
377
1*73
1*37
523

-11*2
287
267
1*05
377
822

-59
16
28
2

1*2,875

37,.11*8

1,31*7

11*5
#9
515
1*97.
651*
651
11*
1*38
1*51 1
1*88
1*73
675
1*8,275

11*8
1*22
561.
662
69I*
811
198
613

336
315
359
313
1*68
859
-68
252
321*
367
399
966
1*2,038

1*53
381*
1*91
363
521
91*5 .
62
358

81

103
95
82
66
60 .
-380
1*,380

21*
-215
151*
-70 ,
-21
177
11*
170
167
19
106
-311*
116
-31*
11*7
39
80
1*7
18
103
66
8
-1*11*
123
1,381

1,856

-377
-127
-89
112
-32
167
-37
51*

72
165
159
187
205
-301
173
201

July
Aug.
Sept.
1
g/Preiimina iy.
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 L
Sources and Uses of Funds by
Mutual Savings Banlcs
Monthly
(In millions of dollars)

1956 - July
Aug.
Sept.
Oct.
Nov.
Dec.

-63
-19

U.S.
BusiGovt,
securities |ities-7

-hi

3k
2
Ik

-33
-22
mo

-37
-117
-78
-10

13
-7
5

920

7,971

3,523

-89

68
51i
83
63
62
72
62
61

27
-2U
6
125

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

60
93
75

Value of Assets
at End of Year 890

7,552

1,331

1957 - Jan.
Feb.
Mar.
- Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.

1958 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

13
-56
12
71
-73

-60
63
36
-U7
-5

h2

-66
-5

-21
ia

-85
-62
. -36
11
19

55

160
86
86
97
120
-2U
3k
8

Sources of Funds
Total
Other sources
or uses

1!

Cash

ml

Uses of Funds 1/

1
2
-5
-5
1
8

198
227
186
. 205
175
1U6

669 19,529

6'
1
2
2
-1
7
-3
2
-3
7
. -7

136
92
127
121
127
118
122
111
103
12 U
100
iia

682 20,951
23

k

6

: : h
-19

" 2h
8
2

130
99
165
15U
195
253
193
198

-2k

Net
changes
in
deposits

139
181
183
18
122
2U7

76
102
159
62
50
399

698 33,311

30,032

16
25
-15
53
-12

-5
27
32
-20
62
-38
-29
28
18
-111
38
-9

137

19k
273

3k

85.
112
238
7
169
265
16
90
206

2 k6
150
82
166
188
-20
108
299

36
U05

761 35,168

31,695

25
20
9
-29
Uo
5

-28
29

278
251
3U3
9h
269
26li
152
251

3k

23k

1U9
336

93

181
300
88

lk3

Other

63
79

2k
-kk ;

72 .
-152
3,279

52
82
35
27
77
-115
66
76
-18
-5U
72
-106

3fk73
kk

102
7
1
88
-36
6ii
108

3/ 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
Corporation.
DigitizedInsurance
for FRASER