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Not for Publication

DECONTROLLED AFTER SIX MONTHS

H.lU

August 25, 1958

CAPITAL MARKET DEVELOPMENTS
(Including Monthly Review of Sources and Uses
of Funds of Financial Intermediaries)

The volume of public security financing continues to be
moderate. During the week ending August 22, two large corporate issues
with aggregate proceeds of 5-llU million were sold, and one large State
and local government issue for $22 million was offered. The calendar
for this week includes only one large corporate offering for $50 million and State and local government issues totaling §62 million.
The sale of two other corporate issues scheduled for this
week has been postponed indefinitely because of market conditions. The
estimate for corporate new capital financing for the month of August,
shown on Exhibit E s has been lowered to $500 million* reflecting in
part these recent postponements„
Bond yields - Yields continued to increase last week for all
categories of outstanding bonds. The increase was slight for yields
on long-term U. S. Government obligations, but substantial for yields
on corporate and State and local government bonds.
Offering yields on new corporate issues have increased sharply
recently. A new Aa-rated first and refunding mortgage bond issue was
offered to investors last week at a yield of 1|.50 per c e n t — W basis
points above the yield for a first mortgage bond issue with similar
terms offered a month earlier.
Stock prices - Common stock prices increased slightly last
week. Standard and Poor's index of 500 common stocks closed at 1*7.7U
on August 22, only 3 per cent below the July 1957 high. Trading activity declined again last week, averaging 2.5 million shares a day.
Institutional investors - In June, savings inflows at three
major financial institutions continued to be larger than a year earlier.
The combined growth at these institutions—measured by the net increases
in life insurance company assets, savings capital at savings and loan
associations, and deposits at mutual savings banks—was one-sixth larger
than in June 1957.
'
For the first half, the growth of savings at these three institutions was nearly one-fourth greater than in 1957. Deposits at
mutual savings banks increased $1,293 million during the first six
months of 1958, nearly one-half larger than a year earlier. . Savings




h. - lli

—2—
' i/
Sources and Uses of Funds of 14a j or Types of Savings Institutions
First six months 1953-1958
(In millions of dollars)

Year

Cash

Uses of funds
BusiMortness
gages
. ities ities

1958
1957
1956
1955
1951
1953

-99
-155
-178
-136
-121*
-191

29
-2l*9
-625
25
-1*21
-165

u. s„
Govt.

State &
local Other
govt.

Total
sources
and
uses

Sources of funds
Net change
in deposits
Borrow- Other
or savings
ing
capital

Life Insurance Companies
1,101
1,026
1,01*8
968
1,135
1,502

753
1,165
1,859
1,556
1,109
976

ll*6
56
11*9
121*
#3
69

66l
552
363
365
692
178

2,591
2,395
2,616
2,902
2,7$1
2,369

——
--

.

Savings and Loan Associations
1958
1957
1956
1955
1951:
1953

598
-58
-27
-11*
315

hh

157
357
301:
253
39
210

—
—

2,31*5
2,157
2,191
2,869
ls87li
1,703

n.a.

n„a.

198
1*11
.300
180
135
110

3,298
2,861
. 2,762
3,282
2,361
2,061*

3,157
2,650
2,656
2,586
2,321*
1,91*5

-31*6
-167
-279
151
-276
-il*6

1*87
378
385
51*5
313
265

Mutual Savings Banks
1958.
1957
1956
1955
1951
1953 -

.29
-1*9
-1*8
-37
.

k

-51

-163
-108
-163 .
-73
-167
1*2

525
1*02
116
-38
226
285

996
721
1,11*7
1,155
933
726

1*2
10
30
56
125
53

70
58
65
10
*
61*
11
**

1,1*99
1,031*
1,11*7
1,106
1,185
1,100

1,293
876
997
975
1,01*2
1,007

206
158
150
130
11*3
93

1/ For description of data see exhibits J s K and L„
n»a„—Not available.




f

H.ll;

capital at savings and loan associations increased a record £3*157 million, nearly.one-fifth greater than in the first half last year. However, the increase in life insurance company assets totaled $2,591 million, only 8 per cent larger than last year and smaller than in 1951,
1955, and 1956. (Tine and savings deposits at commercial banks have
increased more rapidly in each month this 5 ear than last, except in
January, and growth for the first six months was three-fifths greater
than a year earlier.
Life insurance companies added slightly to their holdings of
U. S. Government securities during the first half of this year, in contrast to substantial reduction last year. The net addition reflected
primarily the pattern of -Treasury financing, with life insurance companies acquiring over 4300 million of the new long-term issues, only
partially offset by a reduction in their holdings oi short-term issues
exchanged for the 3 1/2 per cent bond of 1990 and continued reduction
in nonmarketable bond holdings. Last year a considerable part of the
decline in insurance company holdings of U. S. Governments was in marketable bonds. Net acquisition of business securities by life insurance
companies was 7 per cent higher during the first half than last year.
The increase in mortgage holdings was smaller in each month this year
than in the corresponding period a year earlier—with the total increase
being one-third smaller than in 1957.
Mutual savings banks' net liquidation of U. S. Government
securities was 50 per cent larger this year than in the corresponding
half of 1957. Net acquisition of mortgages was 38 per cent greater
than a year earlier, while the increase in holdings of business securities was 31 per cent larger.
Throughout 1957 savings banks increased their holdings of
business securities very rapidly, but net acquisition of mortgages was
at a slower rate than in 1956. The large volume of funds available this
year has permitted an increase in mortgage holdings as well as in business securities. In June, there appears to have been a marked shift in
investment policy of mutual savings banks as net acquisition of mortgages was in record volume while holdings of business securities declined
slightly for the first time in over 18 months. The decline reflects a
reduction in holdings of nonguaranteed debt of Federal agencies (classified in current monthly reports in the business securities category).
Net acquisition of corporate securities increased slightly, but much
less than in earlier months of the year. The shift in current investment activity from acquisition of business securities to investment in
mortgages was quite sharp.
Savings and loan associations' funds, invested in mortgages were
9 per cent larger than last year, while the increase in holdings of U. S.
Government securities was less than half as large. These associations
increased their cash balances 3598 million, in contrast to a $58 million
decline last year.




R.Ik

- k-

More detailed infoimation 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.




HIGH-GRADE

BOND

LOWER - GRADE

YIELDS

BOND

YIELDS




Exhibit B

H.lh

Tables for Exhibit A
High-grade Bond Yields
Corporate
Aaa 1/

U. S. Govt,
long-term 2/

3J*2
2.85
lt.lU
3.89
3.55

3.19 (6/5)
2.15 (8/6)

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

State and
local govt.
Aaa y

(Per cent)
1953
195k
1957
1958

-

High
Low
high
High
Low

July
Aug.
Aug.
Aug.
Aug.

25
1
8
15

$2 2/

.

3.76 (10/18)
3.62 (8/22)
3.07 (h/25)

3.70
3.71
3.77
3.83
3.89

2.73
1.90
3.1*5
3.12
2.6k
2.78
2.81*
2.91
3.04
3.12

3.38

3.a

3.53
3.61
3.62

.38
.30
.60
.51
.22

.83
.30
.*
17
.62
.3U

.32
.27

(6/25)
(9/2)
(8/29)
(8/21) .
(5/1)

.60
.60
.62
.57
.50

. 2h
.22
.27

Lower-grade Bond Yields
State and
local govt.
Baa y

Date .

Corporate
Baa 1/

High
Low
High
High
Low

3.89 (9/18)
3.W* (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*.10 (8/21)
3.61* (5/1)

1*.55
1*.56
1*.60
li.66
2*. 71

3.82
3.83
3.92
1*.03
l*.io

Spread between
Aaa and Baa
State and
"Corporate
local govt.

(Per cent)
1953
1951*
1957
1958

-

July
Aug.
Aug.
Aug.
Aug.

25.
1
8
15
22 2/

.

-69
.52
1.27
1.28
.82

1.21
.96
1.21
1.11
.98

.85
.85
.83
.83
.82

1.0U
.99
1.01
.99
.98

2/ Preliminary.
1/ Weekly average of daily figures. Average terra 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/C 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

-1:




Exhibit D
Table for Exhibit C
Stock Market

Date

Stock price
index 1/

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

Stock market customer credit
Customers'
Bank
Total debit bal- loans to
ances 4/ "others" 5/
(Millions of dollars)

1953 - High
Low
1954 - High
Low
1955 — High
Low
1956 - High
Low
1957 - High
Low
1958 - High
Low

26.54
22.95
35.98
24.93
45.89
35.28
49.64
43.22
49.08
39.48
48.05
40.37

(1/2)
2.5
(9/18X 0.9
(12/31) 3.7
(1/8)
1.4
(12/9)
4.6
(1/14)
1.5
(8/3)
3.1
(1/20)
1.5
(7/12)
4.2
(12/20) 1.4
(8/8)
3.8
(1/10)
1.7

June
July
Aug. 8
Aug. 15
Aug. 22 •£/

hi1.75
145.98
48.05
47.50
47.73

2.7
3.2
3.7
2.9
2.5

5.38
6.25
4.32
• 5.82
•
4.08
4.41
3.82
4.34
3.91
4.72
3.74
4.58

h. 07
3.97
3.7k
3.79
3.77

2,455
2,055
3,436
2,405
4,030
3,537
4,047
3,914
4,031
3,576
4,251
3,554

1,665
1,314
2,388
1,653
2,805
2,517
2,823
2,740
2,887
2,482
3,020
2,487

780
664
1,048
746
1,241
1,018
1,267
1,155
1,163
1,054
1,317
1,051

4,226
4,251

2,929
3,020

1,297
1,231
1,199
1,189
n.a.

n.a.—Not available.
jg/^Preliminary. '
1/ Standard and Poor's composite index of 500 common stocks, weekly closing
prices, 1941-43=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.
4/ 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.




H.lU

Exhibit H
i
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

1956

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

January
February
March

723
851,/
1,561-2/

1,060
1,065
1,320

573
712
817

812
953
511

7k2
572
506

kok
696
390

April
May
June

1,110.
600
891

&
l,U53

818
l,lk6
8kl

798
873
5k2

765
5k6
393

378
k90
735

1,003
92k
973

1,063
65k
838

E/627
e/kOO

529
58k
k31

k08
206
357

1,090
789
1,076

1,088

698
633
698

639
3k7
k09

3,115
3,119
2,899
2,95k-

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

2,276
2,213

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

l,k90
1,603
971
1,395

k,907
7,k63
10.38k

k,k89

3,52k
5,069
7,099

3,093
k,06U
5,k59

July
August
September

e/1,150
2/500

October
November
December
1st
2nd
3rd
kth

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

3,135
2,622

5,75,7

6,59k
9,k93
12,kk7

Excluding finance companies
1st
2nd
3rd
iith
Year

quarter
quarter
quarter
quarter

2,89k
2,583

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

l,6k7
2,5kl
2,216
2,826

11,518

9,260

1/ Securities and Exchange Commission estimates of net proceeds.
2/ Data through June 1956 are Pond 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.
h/ Includes $571.5 million AT&T common stock issue.
jy Total new capital issues excluding .offerings of sales arid consumer finance
companies.




'

H.IU

Exhibit F
Other Security Offerings 1/
(In millions of dollars)
Long-term
Federal agency 3/
Foreign government 2/
1956
1958
1958
1
1
1957
1
1
1957
1

January
February
March

196
53

April
May
June

139
198
120

Bh
h9

37
8.

30

1956

72

1,163
251

—
—

—

123

50

h2

95

July
August
September

28
7
30

2
39

October
November
December

h

hh

60
1

5
21

100

507

300

60

572

Year

125

523

60

109
215

—

Short-term
State and local government U/

Federal cigency 3/

January
February
March .

233
160
273

326
155
117

.196
357

2k9

371
208
1UU

April
May
June

357
35U

205
337
153

125
252
176

209
161
329

2/286

272
272
252

195
207
179

601

July
August
September

26k

169

638
L30
505

.'

380
220
283

336
169
501

323
31U
260

22k
370
512

222
125
273

303

2?h ,

U59

328
1U8

1,238
255
116

107
222
128

2,706

5,513

3,l'i57

October
November
December

- 9h

Year

3,27lr

e/ Estimated.
-qJ
Preliminary.
1 / Ebta 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 organisations. Source: Securities and Exchange Commission.
2 / Issues not guaranteed by the U. S. Government. Source: long-term, Securities
and Exchange Commission; short-term, Federal Reserve.
hj Principally tax and bond anticipation notes, warrants or certificates and Public
 notes. In some instances PHA notes included may have a somewhat
Housing Authc ' y
.
longer term '
.
one year. Source: Bond Buyer.



I.I, - 1 ( •l'v.V'Lic Security- icuius l'or New Capital
..I
th:.n U.
Treasury) 1 ]
i .'
. ProiH:. d i 0 1 Lar^v Issuer, Offered
(. .LIion.-' of dollars)

Corpoiate

Month

Ju.l>
Auf-iuit

525
526
537
57li
120
399
313
605
1,093
725
3#
281
771

October
Nov>i,iber
LV: c 111 ber
:1
January
February
March
April
May
July

State and
local government

Other 2/

22h
266
133
393
3WJ

'

25
2145
15U

hoh
hio

1,357
2#

#3
182
300

#3
l6it
86
- hi

195
275

Large Individual Issues Offered August 1 through.22

Type 3/

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

Rating

- CORPORATE
S.l*. deb.
U5.0
Consolidated Nat. Gas Co.
Public Serv. Elec. & Gas Co. 1st ref.mtg.bds.60.0
Beb.&com.stk.
hS.3
Houston Corn.

1983
1988
1 Q 68

k3/8
L5/8
5

U. 30
14.50

y

Aaa
Aa

STATE AND LOCAL GOVERNMENT
Philadelphia Sch. Dipt. ,Pa.
Georgia Rural Rds. Auth.
Los Angeles, California

G.O.
Rev.-Kent.
G.O.

OTHER
None




12.0
21.0
21.5

1900-83
3.28
1960-79/68 3.72
1959-88/68 1.63

l.UC -3.50^ A
1.70-3.70
A
1.25-3.95
Aa

G-2

• 1/ Includes corporate and other security offerings of $lj? million and over5
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
obligations5 Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.Ut., revenue bonds secured only by revenue of quasi-utilities; Rev.-S
revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue
bonds secured solely by lease payments.
h/ The 3.50 per cent yield is for the 1981-82 maturities. The 1/hs of 1983
•were' reoffered to yield I4.OO per cent.
5/ Offered in units with common stock.




H.ll*

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

1957 - June 28
July 31
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

During month following
date shown
State and
Corporate local govt. Other 2/

Subsequent to
date shown.
State and
Corporate
local govt. Other t

370
526
578
576
1*58
383
378
1*98
1,123
555
356
266
768
161

1*15
811
81*5
61*7
815
1,193
1,161
1,378
1,208
670
561
16*
*1
1,01*8
381

153
218
183
331*
339
363
315
370
13U
298
1*93
177
225
55

25
30
30
18
150

110
150
36

1*79
1*71
379
551
51*3
558
561*
1*87
31*1
330
1*93
208
235
125

25
30
15
1*5
63
165

110
150
36

Forthcoming Large Offerings, as of August 22

Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE
Southern California Edison Co.
*Texas Eastern Trans. Co.
*Sears Roebuck & Co.
•Tennessee Gas Trans. Co.
Universal-Cyclops Steel Corp.
Montana Power Co.
Commerce Oil Refining Corp.
Standard Oil Co. of California
Martin Co.

1st ref. mtg. bds.
1st mtg. p. 1. bds.
S.F. deb.
1st mtg. p. 1. bds.
S.F. deb.
1st mtg. bds.
Deb ., bds. & common
Deb.
S.F. deb.

50.0
35.0
350.0
50.0
22.5
20.0
1*5.0
150.0
25.0

Aug. 26
Sept. 11
Sept.
Sept.
1958
1958
1958
1958
1958

32.1*
18.7
10.7
21.0
30.0
20.0
10.0
30.0
30.0
11*1*.0
50.0

Aug. 26
Aug. 26
August
Sept. 3
Sept. 9
Sept. 9
Sept. 10
Sept. 16
Sept. 18
October
Dec. 3

STATE AND LOCAL GOVERNMENT
New York, New York
Detroit, Michigan
San Carlos, California
*State of Delaware
Indiana State Office ELdg. Comm.
*State of Connecticut
San Diego Uhif. Sch. .Dist., Calif.
*Los Angeles Go. Flood Dist., Calif.
State of Ohio
Chesapeake Bay Ferry Comm.
State of California




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

H.lU

H-2
Forthcoming Large Offerings, as of August 22 (Cont'd)

Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

OTHER
None
*—Included in table for first
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 issue: . None.




H.lU

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

Date

1952 - 1957

Aa-rated <
offering yields
A-rated offering yields
Amount above
Amount above
Actual
seasoned yields
Actual
seasoned yields
(per cent) (basis points) (per cent) (basis points)

5.00(8/lU/57)
2.93(3/3l/5U)

High
Low
1 9 5 8 - January
February
March U

5
6
12
19
21
25

April 1
2

17
23

May 7

87
-3

*3.60
з . 892/

-8
22

U.22
U.00
U.OO

и.15

UU
50
28
26

U.05
3.98
U.00

31
23

3.75

5

3.90

21

3.85
3.85

16
16

3.85
3.82
3.95

17
12
2U

U.OO

June 1 0

17
25

July 2

9
18
23

123
-15

25

25

29

13
15
16
20
21
22
28

5.50(11/7/57)
3.00(3/l7/5U)

il:18

||

3.962/
U.07
U.25

U.07

3
9
6

-7

3.98

5

U.OU
U.OO

11
3

U.07
U.35

U
32

U.00
3.95

-1
-6

3.982/

1

U.35%/

31

*—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

H.U*

Sources and Uses of Funds by Life
Insurance Companies
Monthly

(In millions of dollars)

U. S.
Govt.
ities

1956 • Apr,
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets '
at End of Year

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

27
19
-9

16

Uses of Funds 1 J
State and
Busilocal
ness
Mortgovt,
gages
securities
ities^

l*o

-29

1,273

6

39,552

2,23k

32,991

12,272

-132
-38
-1*7
2l*
-22
60
-5
-30
1*5
-16

172
160
192
165
165
172
lOlt
15U
188
237
202
252

10

33
10
7
12
10
13

285
200
193
168
182
137
197
191
150
162
127
2**
11

68
1**
11
108
la
119
72
91
82
92
8
118
-16

lk

138
1,26k

1*2,025

2,375

35,230

2h

7,519

69
-**
11
-117
3
-90
-70
36
-38
-4*
I1
9
-98
-185
6,950

3h0

56
109
93
-1
73
115

1*7
-101
-226

11

269

-lit

293
329
282
215
289
307
288

-36
-109

16
16
166

116
153
106
297
ll*2
71
108
98
208

Other

:

-8

1*1*

16
5

k

12

7
13
26

I

13,199

211*
180
163
1*3
-9k
11
8
119
-57
99
-122
19
271
"
22
13U
-18
202
12
110
7
111
130
27
73
-73
-22
185
1*3
3k
99
1/ Uses of funds represent net changes in assets and therefore
rather than gross, uses.
Source:
 Institute of Life Insurance.
1958 - Jan.
Feb.
Mar.
Apr.
May



1*72
1*22
336
11*
*1
380
371
766
369
138

hl2

373
116
**
101,01*3

123
629
11*8
328
61
385
19
332
165
1*33
18*
*1
ll*5
reflect net,

Exhibit K

H.lU

Sources and Uses of Funds
by Savings and Loan Associations
Monthly

r°

(l| millions of dollars)
Uses of Funds l /
U.S.
Govt. MortCash
secur-; gages
ities;
1956 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets .

1957E/- Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year
1958^" Jan.
Feb.
Mar.
Apr.
May

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

55
1*3
-3U
3k
39
13
ll*
25
11

1*08
1*36
1*1*0
lai*
1*1*7
351
356
27k
232

2,119

2,782

35,729

-172
-Uo
-23
-1*8
38
187
-320
-106
. 8
-21
81*
1*3 9

ll*2
117
91
30
18
-la
1*1
23
26
-10
19
-69

200
266
361*
l*ol*
1*58
1*65
39k
1*63
363
1*26
303
28k

2,ll*l*

3,169

-121
175
209
117
38
180

1*6
-20
-3
37

¥
82

k0,119

216
25U
3kk
koo
5U1
590

Other

Total
sources
or uses

Sources of Funds
Net
change
Borrowsavings
ing 2/
capital

88
127
12
-8k
9
5k
68
81
-21

1*88
617
539
186
398
377
1*73
1*37
523

319
1*62
769
11*2
287
267
1*05
377
822

2,199

12,875

11*5
-2k
57 .
399
8k
515
112
1*97
1i a
•651*
~ 651
hi
-100
11*
1*38
59
1*51
55
1*88
9k
69
1*73
22
675

81

171*
157
-281*
103
95
82
66
60
-380

37,11*8

1,31*7

1*,380

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

-215
-70,
-21
11*
19
106
-31*
39
1*7
18
8
123

21*
151*
177
170
167
-311*
116
11*7
80
103
66
-1*11*

-5
-2
51*
-59
16
28
2

2,809

1*8,275

1*2,038

1,381

1*,856

7
13
11
108
100
-la

11*8
1*22
561
662

1*53
381*
1*91
363
521
91*5

-377
-127
-89
112

72
165
159
187

69I*
- 811

-32
I67

205
-301

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 f
t
Soui-ces and Uses of Funds by
Mutual- Savings Banks
Monthly
(In millions of dollars)

Cash

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

-56
-2
89
-63

-19

-33
-22
il*o

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
-2k
6

125

Value of Assets 890
at End of Year
.1958.- Jan.
»Feb.
Mar.
•
Apr.
May
June

-60
63
36

-1x7

r-5
1 h?

Uses of Funds 1 /
State and
u.s.
local MortTotal
BusiGovt.
ness
govt. gages Other sources
secur- securor uses
ities
ities-^ ities

2
19
1*5
31*
2
11*
13
-7
5

-52
-1*2
-90
-7
-1*7
-37
-117
-78
-10
7,971

3,523

21
20
18
-76
-19
-72
-7
11
-17
-136
-136
-26
7,552

-3
-5
-5
1
2
-5
-5
l

8

669 19 ,529
6

68

1

51*
83
63

2

62

2
-1

72
62
61
55
60
93
75
1,331

-21
ltl
-u5

-62

-36

7

-3
2
-3
7
-7

97

120
-2h

103

121*
100
lhl

23
.

'
*

6

18
-ill
30

?.U

137
.191*
273
3h
2L6
150
82

166
188

-20
108

Net
changes
in
deposits

1*5
162
278
7.6
102
159
62
50
399

Other

31*
61*
-88
63
79
21*
-1*1*
72
152

30,032

3, # 9

85
112
238
7
169
265
16

52
82
35
27
77
115

90

76
-16

#6

31,
36

66

299

l*o5

72
106

7ol 3!
$.168

31,6yS

3.1*73

278

130

23),

Jili

251

11*9

102

99
165

20
9

31*3

195

10
*
5

269
?6L

I:'

-19

79
226
190
139
• 181
183
18
122
21*7

698 33,311

136
-5
27
92
127
32
-20
121
62
127
118 . -38
122
-29
111
28

682 20,951

160

86
86

183
5
62
191*
183
-32
-21*
198
16
227
186
25
205
-15
175
53
11*6 . - ! » 2

Sources of Funds

Ph

336
93
181
300

7
1
.
83
36

1/ Uses of funds represent net changes in assets and therefore reflect net,
rather than Rross, uses.
2/ Includes Canadian government and political, -subdivis Lens,, International Bank
for i<econstruction and Development, non-guaranteed Federal agency and other bonds
A3 well as corporate bonds and stock.
Source: National Association of Mutual oavinvs Banks and federal Deposit
:
Inr.Hran^e Corporation.
"




•


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102