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

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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/y/is3

Not-for Publication DECONTROLLED AFTER SIX MONTHS
H.lli

December 18, 1957
CAPITAL MARKET DEVELOPMENTS

-

Large public security offerings for new capital during the
week ending December 13 totaled $66 million for corporations and $1*3
million for State and local governments. The corporate calendar for
this week includes only the expiration of subscription rights for a
$288 million common stock issue by Standard Oil of New Jersey.. State
and local government issues amounting to $78 million are also scheduled
for sale. Included in the State and local government financing total
Is Texas1s rescheduled $12.5 million bond issue, which was sold this
week at a net interest cost of 2.70 per cent. No bids were received
for these Aa-rated bonds when they were offered for sale in late Maybe cause of a three per cent interest rate limitation.
Bond yields - Bond yields declined last week for all types
of outstanding bonds, with the drop being quite sharp for all categories
except those of lower grade corporate bonds.
Stock market credit - Customer credit in the stock market
(excluding that extended on U. S. Government securities) continued to
decline during November, reaching a level of $3,577 million at the end
of the month. This is the smallest amount outstanding since January
End of month
Nov.

Customer credit
Excluding U.S. Govt, 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. Govt, securities
On customer collateral
Money borrowed on U.S. Government securities
Customers' net free credit balances




Oct.

Change

(Millions of dollars)
3,577
2,517 '
1,060
1*2

3,613
2,568
1,075
39

-66
-51
-15
+3

33

31

+2

1,611
' 1,W3
56
876

1,708
1,520
72
879

-67
-77
-16
-3

— 2 —
1955, and represents a decline of 11 per cent from the peak in June
1957* The decline of $66 million last month occurred largely in net
debit balances. Borrowing by member firms'of the NYSE maintaining
margin accounts (except borrowings on U. S. Government securities^ also
declined further in November. Customers' net free credit balances declined slightly after increasing in October. These and other data on
• stock market credit for November and October are shown in the table.
Stock prices - Stock prices, as measured by the Standard and
Poor's index of 500 common stocks, declined last week, closing at 1*0.73
on December 13. Prices declined sharply in the early part of this week,
closing at 39*1*2 on Tuesday.
Institutional investors - Savings inflows at three major
financial institutions —- life insurance companies, savings and loan
associations, and mutual savings banks — increased in October, but at a
slower rate than in October 1956. (In contrast, savings and time deposits at commercial banks continued to rise more rapidly than in 1956,
with the October increase totaling $1*00 million compared with $100 million
a year earlier.)
In October, the increase in life insurance company assets
amounted to $1*12 million, about 10 per cent less than a year ago. Life
insurance compaiy holdings of U. S. Government securities increased
slightly, but much less than last October. Holdings of mortgages this
year continued to increase at a less rapid rate than in 1956, with the
increase in October being more than 1*0 per cent smaller than a year
earlier. In contrast, the increase in business security holdings was
larger than last year, as it has been since March. Net acquisition of
business securities in October was more than twice as large as in October
1956.
The net increase in savings capital at savings and loan associations in October was $367 million, nearly 10 per cent less than'a year
earlier. The increase in mortgage holdings was above the rate of increase
in 1956 for the third consecutive month. Holdings of U. S. Government
securities declined in October, in contrast to a slight increase last
October.
Deposits at mutual savings banks increased $3l* million in
October, about half the increase of a year earlier. The gain in de- posits was due to a rise in dividends credited to deposits5 a substantial
increase in withdrawals exceeded new deposits. The investment pattern
of savings banks this October showed little change from that of recent




H.lU

- 3 -•

months. - Net liquidation of U. S. Government securities in October
was about the same as last year. Net purchase of business securities
was four times larger than a year ago, whereas net acquisition of
mortgages was i;0 per cent smaller.
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 /- V
V
long-l.im
'/

U. S. Govt., long-term <7
Corporate
Aaa 1/

D.U

New series

Old series

Spread between
U. S. Govt,
State and
local govt. (old series) and
Corporate!State
and
Aaa 3/
Aaa
1 local Aaa

(Per cent)

3.1*2'(6/19)
2.99
3.09
2.85
3.17
2.91
3.79
3.07
L.UU
3.66

(1/9)
(1/8)
(It/23)
(12/23)
(1/7)
(12/28)
(3/2)
(9/27)
(L/12)

3.15
2.78
2.7l*
2.1*1*
2.9b
2.62
3.1*9
2.80
3.87
3.15

2.73 (6/25)
(6/6)
n.a.
1.98 (1/8)
(12/26)
n.a.
2.21 (6/10)
(1/9)
n.a.
1.90 (9/2)
(8/7)
n.a.
(8/5) 3.03 ( 8/5
I : «
(1/7) 2.89 (6/10)
(12/21)3.39 (12/28) 3.05 (12/27))
2.17 (2/23)
(2/17) 2.92 (2/3)
(10/18)3.66 (10/18) 3.L5 (8/29)
2.76 (2/21)
(2/8) 3.22 (2/8)

U.12

k.06
U.02
3.97
3.81*

?/V.;Sy

t6rm

3.U*

£§-

3.5U
3.UU
3.1*0
&

dally fleur,,.

3.28
3! 16
3.03
2.9U

.38
.19
.1.3
.32
.31*
.13
.1*1*
.13
.65
.20

.81*
.30
.61
.29
.70
.51*
.68
.32
.58
.11*

.1*2
.56
.58
.65
.59

.1*2
.27
.28
.29
.31

Average tern of b m d , e l u d e d i= 25-26

Note^--Highs and lows are for individual series and may be on different dates

for different series.




•EXHIBIT B
LOWER-GRADE BOND YIELDS

" V I
: I
\ - Vr--/

Corporate
Baa 1/

State and
local govt,
rev. y

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

3.89 (9/18)
3.50 (1/2)
3.7h (1/8)
3.hh (12/31)
3.63 (12/30)
3.1)5 (1/1L)
U.Ul (12/28).
5.10 ((l//29)

U.U2 (li/12)
5.10
5.09

l:S •
5.06

3.79 (6/25)

2.9.6 (1/8)

3.32
2.93
3.26
3.02
k.22
3.20
L51
3.90
L. 39

(1/7)
(8/5)
(12/29)
(1/6)
(12/27)
(3/8)
(8/29)
(2/21)

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)

! : » '
3.70 (2/22)

V

45

U.iit
U.03

1/ Weekly average of daily figures.Average terra of bonds
included is 25-26 years.
2/ Thursday figures. Only general obligation bonds are included i average terra is 20 years.
3/ Friday figures. Average rating of bonds included is
between Baa and Aj 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 customer credit
Customers1
debit bal- loans to
ances 1*/ "others" 5/
(Millions of dollars)

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 (1/11*)
1*9.61* (8/3)
1*3.22 (1/20)
1*9.08 (7/12)
1*0.19 (11/8)

2.5
0.9
3.7
1.1*
1*.6
1.5
3.1
1.5
li.2
1.1*

6.25
5.38
5-82
lt-32
1*. 1*2
3.61*
1**35
3.82
1*.70
3.91

2,1*55
2,055
3,1*36
2,1*05
1*,030
3,537
It,01*7
3,9H*
It,031
3,577

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

780
66k
1,01*8
71*6
1,21*1
1,018
1,267
1,155
1,163
1,051*

October
November
November 29
December 6
December 13

1*0.1*3
1*0.35
1*1.72
1*1.31
1*0.73

2.8
2.5
3.1
2.2
2.3

1*.60
1*. 62
1*. 50
lt.53
lt.59

3,61*3
3,577

2,568
2,517
n.a.

n.a.

n.a.

1,075
1,060
1,060
1,051*

1953 - High
Low
195U - High
Low
1955 - High
1956 - High

n.a.—not, avanaoie.available.1/ Standard and Poor's composite index of 500 common stocks, weekly closing
prices, I9UI-U3-IO. Monthly data are averages of daily figures rather than of
1
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.
h/ 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 te on different dates
for different series.




Exhibit D

H.Ik

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

Corporate
1
1956
|

1955

State finil loc ctl •}/
1957 • 1
1956
1

s

January
February
arch

1,063
1,071
l,3kk

573
712
817

535
ku?
1,223

7k2
572
506

kuk
6<;6
390

April
May
June

92k
771
1,189

818
l,lk6
81,1

1,78
886
687

$
395

376
k9o
735

1,27
350
61,2

991
91k
973

1,063
65k
838

597
61,k
670

529
58k
k30

k08
206
357

k70
2k9
k06

October
November
December

1,01k
e/900
e/L,000

1,088

1,162-/
632
900

695
621
e/600

kop

639
31,7

919
658
1,08

1st ouarter
2nd quarter
3rd quarter

3,k79
3,18k
2,878
e/2,91k

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

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

1,820
1,706
l,5k3
e/1,916

l,k90
1,6U3
971
1,395

1,365
l,lil8
1,12k
1,98k

6,663
9,5kl
e/l2,k55

k,907
7,1,63
10,38k

Ull

k,2l6

3,526
5,069
e/6,985

k,u6k
5,k59

2,802
3,927
5,911

M

July
August September

kth Quarter

1st half
Three quarters
Year

538

Excluding finance companies k/
1st
2nd
3rd
Lith.

quarter
quarter
quarter
quarter

Year

3,268
2,92k
2,560
e/2,76k

1,61,7
2,5kl
2,21,6
2,826

1,727
1,870
l,kkk
2,5kk

e/11,516

9,259

7,595

e/ Estimated.
'
~~
~
1/ 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.
'
2/ Includes #637.2 million AT&T convertible debenture issue .
3/ Includes $571.5 million AT&T common stock issue.
IT/ Total new capital issues excluding offerings of sales and consumer finance
co-pantes.
Note.—Details may not add to totals due to rounding.




H.Ik

Exhibit E
Large Public Security Issues for New Capital
(Other than U. S. Treasury) 1/

'

Proceeds of Large Issues Offered
(Millions of dollars)

Month

Corporate

1956 - November
December
1957 - January
February
March
April
May
June
July
August
September
October
November

State and
local government

701
U30 567
671
788
U77
329
877 •
525
526
537
57lt
120

135
201
386
306
19U
h99
2U8
176
265
357
185
1*35
386

Other 2/

100
50
125
25
39
25
30
75

Large Individual Issues Offered December 1 through 13 ^

Issuer

Type 1/

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

Rating

CORPORATE
Virginia Elec. & Pwr. Co.
Northern Natural Gas Co.
Chesapeake & Potomac Tel.
Co. of Maryland
Commonwealth Oil Refining
Nat'l. Cylinder Gas Co.

lst&ref.mtg.bds.20.0
S.F. deb.
25.0

1987
1977

h 1/2
h 5/8

U.U7
It. 63

Aa
A

Deb.
30.0
Conv. sub.deb. 18 S
Conv. sub.deb. 17.5

1993
1972
1977

L 1/8
6
5 1/8

3.98
6.00
5.13

Aaa
ba

STATE AND LOCAL GOVERNMENT
Akron, Ohio
Los Angeles Sch. Dists.,
Calif.
Indianapolis, Ind.
State of Ohio
Greater Baton Rouge Port
Comm., Louisiana
™ B e r g e n Co., New Jersey
Phoenix, Arizona




Water rev.
G.O.
G.O.
G.O.
Rev.
G.O.
Wtr. rev

5.0

1959-78

3.36

2.50-3.U0 A

15.0 1959-83
5.1 1960-89
25.0 1958-77/67

3.19
2.91
2.65

2.35-3.25 Aa
2.25-3.00 Aaa
2.00-2.70 Aaa

19.h 1960-77/67
7.2 1959-82
16.0 1959-87/68

3.36
2.70
3.51

2.60-3.10 Baa
2.10-2.80 Aa
2.50-3.50 A

H.lU

E-2
Large Individual Issues Offered December 1 through 13 (Cont'd)

Type 3/

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

OTHER
None
State and local government security offerings of
million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues.
3/ In the case of State and local government securities, G.O. denotes general
obligation; Rev., revenue bonds; G.R., general obligations additionally secured by
facilities revenues; L.L., limited liability obligations secured by pledge of designated revenues.




H.lli

Exhibit F
Forthcoming Large Public Security Offering3 for New Capital
(Other than. U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
Subsequent to
During month following
date shown
date shown
State and
State and
Corporate
Other 2/
Other 2/
local govt.
local govt.

Date of
computation

Corporate

1956 - Nov.
Dec.
1957 - Jan.
Feb.
Mar.

30
31
31
28
29
Apr. 30
May 31
June 28
July 31
Aug. 30
Sept. 30
Oct. 31
Nov. 29

136
hi 6
591
7h0
I16I
187 525
370
526
578
576
L58
383

I18
280
153
153
290
179
97
172
252
. 213
370
369
387

23
100
35
25
25
25
30
30
18

1*81
796
966
795
U86
258
525
U5
811
815
617/:
815
1,193

979
763
61*8
631
862
396
388
198
51U
139
587
573
589

23
100
35
25
25
25
30
15
15
63

Forthcoming Large Offerings, as of December 13
Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE
Standard Oil Co. of New Jersey
•^Washington Water Power Co.
*Cowierce Oil Refining Corp.
^Commerce Oil Refining Corp.
American Telephone & Telegraph Co.
Commercial Credit Co.
Natural Gas Pipeline- Co. of America

1st ntg. bds.
1st mt['. bds.
Sub.deb.&common
Conv. deb.

2U.0
25.u
20.0
720.0

'Notes
1st mt£. bds.

50.0
LiO.O

Dec. 18
(rights expire)
Jan. 10
Jan. .
Jan.
March 12
(rights expire)
Winter
Winter

0.0.

12.5

Dec. 16

G.O.
G.O.
Water rev.
G.O.

13. u
15.0.
6.0
6.5

Dec. 17
Dec. 17
Dec..18
Dec. 18

Common stk.

286.2

STATE AND LOCAL C O V E F M N T
State of Texas
Minneapolis f St. Paul Met. Airport
Corm., Minn.
Atlanta, Georgia
-^Mobile, Alabama
Richmond, Virginia.




• V_

I-l.ll:
Forthcoming Large Offerings, as of December 13 (Cont'd)
Type

~j

Amount
Approximate date
(millions
of offering
I of dollars)

STATE AND LOCAL COVET-TOUT (Cont'd;
Chicago BcL. of Education, 111.
^University of Minnesota
Chelan Co. Pub. Ut. Dist., No.l,VJash
Caddo Parish Soh. Dist., La.
*Los Angeles, California
Dade Co., Florida
New York State
*State of North Carolina
Penna. State Highway £ Bridge Auth.
-^State of California
*Los Angeles, California
East Baton Rouge Par. S.D. Mo.l, La.
•^Denver, Colorado
New York State Thruway Auth.
State of Missouri
Pennsylvania Turnpike Commission
Inter-American Center Auth., Fla.

G.O. Rev.
Rev.
G.O.
C.O.
G.O.
G.O.
G.O.
Rev.
G.O.
Water rev.
G.O.
Water rev.
Rev.
G.O.
Rev.
Rev.

25.0
5.o
250.0
7.5
. 25.0
1U.5
37-5
10.0
20.0
• 150.0
9.0
10.0
20.0
ItO.O
30.0 62.0
20.0

Ext. loan bds.

15.0

Dec. 18
Dec. 30
Dec.
Jan. 7
Jan. 7
Jan. 8
Jan. Ih
Jan. 16
Jan. 17
Jan. 22
Jan. 29
Feb. h
Feb. 5
Winter
V; inter
Winter
Winter

OTFEP
Union of South Africa

V,'inter

1/ Includes corporate and other issues of ?15 million and over; State and
local government issues of £5 million and over.
2/ Includes foreign government and International Bank for Reconstruction
and Development issues.
Note.—Deletions for reasons other than sale of issue: Pacific Great
Eastern Railway Company's &30 million debenture issue--withdrawn from registration




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

Date

1952 - 1956
High
Low
1957 - January
February
March
April
May
June 5
7
11
Ju ly 3
10
11
16
17
August lU
September 5
6
25
October 1
15
17
24
November 7
8
15
20
21
22
December 6
12

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

It. 30(12/12/56)
2.93(3/31/51)
4.44
4.25
None
*1.29
4.44
4.63
14.-78

.

62
-3
57
44
50
58
75
87

4.57
4.77
4.65

<U8
68
56

5.00
4.80
4.85

75
51
56

4.78

45

4.97
4.86 2/

63
52

4.82
4.65
4.65
4.30

53
37
39
Ik

1.58(12/6/56)
3.00(3/17/54)
4.62
None
4.50
h.55
u .08
5.10

70
-15
64
•

45
54
79
106

4.80 2/
4.88 ?/

64
74

4.90

71

5-10

51

5-00
4.95
5.30
5.50

39 .
34
67
88

5.05 2/

43

4-4o

36

*—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. Other is sties have no such provision.




Sources and Uses of Funds by Life
Insurance Companies
Monthly

1

Cash

(In millions of dollars;
Uses of Funds 1/
State and
local
BusiU.S.
ness
Govt.
fovt.
ities

1955 - Oct.
Nov.
Dec.
Value of Assets
at End of Year
1956 - Jan.
' Feb.
Mar.
Apr.
May
June
July
Auf.
. Sept..
Oct.
Nov.
Dec.
Value of .Assets
at End of Year
1957 - Jan.
Feb.
T/r
ar.
Apr.
nay
June
July
Aug.
Sent.
Oct.
"Nov.
Dec.

-9
67
55
1,255
-88
-113
-1L
27
19
-9
16
-29
13
16
16
166
1,273
-332
-38
-li7
2h
-22
60
-5
-30
1.5
-16

Mortgages

Other

Total
sources
or uses

ities

ities

261
153
293

7
-3
11

313
30l,
558

17
9li
203

I187
li79
772

8,51,5 37,580

1,998

29,125

31,1I61I

90,267

125
2U
30

373

12
6

293
3:9
^'62
21i,
2U9
307
X8

85
93
57
8
55
65
56
109
93
-3
73
315

2,23b

32,991,

12,27?

30

285
?U>
3 93
168
3.82
337
397
393
150
162

-3.02
-136
-3b6

-152
-157
-191
ho

-99
-66
-36
-109
2h
li7
-101
-226

27b
230
169
116
153
lu6
297
11,2
73
108
- 98
208

-Hi
8
1.1.
16
5
h

7,539 39)552
69
-Mi
-13 7
3
-90
-70
36
-38
-lil j
9

172
160
392
365
165
172
llllj
15b
188
237

7
13
26
33

'

10
. 7
1?

3ul.

280
269
3bo

68
11,1,
108
hi
33o
72
93
82
92
8 .

637
377
311
Ij 60
161,
397
706
1,3.1
1,19
1,63
hu5 •

557
95,81,1,
1,72
1,2?
336
1,1b
?8u
371
766
369
1,38
1,1.2

1/ Uses of funds represent net charges in assets and therefore reflect net,
rather than {toss, uses.
Source: Institute of Life Insurance.




H.lli

Exhibit I

Sources and Uses of Funds
by Savings and Loan Ar Lwci-ttions
Monthly
(in millions of dollars')
U sos of Funds 1/
U.S.
Total
Govt. MortOther
sources
Cash
secur- gages
or uses
ities
1955 - Oct.
Nov.
Dec.

117
67
268

1
11
3

Value of Assets 2,067
at End of Year

2,31,2

1956 - Jan.
Feb.
Mar.
Apr.
MayJune
July
2
Aug.
Sept.
Oct.
Nov.
Dec.

-L8
-li
-17
-62
12
122
-178
-96
-13
36
58
302

Value of Assets 2,119
at End of Year
1957^- Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

-172
-liO
-23
-1.8
38
187
-320
-106
8
-21

110
73
57
55
1.3
-3h
3it
39
13
111
25
11

Sourccs of Funds
Net
change
Borrow- Other
ing 2/
savings
capital

1,99
1,20
503

1,16
386
781,

73
18
514

10
16
-335

31,1*61 1,791 . 37,719

32,192

1,558

3,969

L13
316
317
319
1,62
769
31,2
28?
267
1,05
377
822

-2o0
-75
. -51
-5
-2
5JU
-59
16
28
2

35
1U9
15U
17b
157
-281
103
95
82
66
60
-380

336
21,6
218

211,
296
397
1,08
U36
llho
1,11,
w,7
351,
356
27li
232

U6
97
15 "

-27
56
liii
. m
127
12
-81,
9
51
68
81
-21

21,8
1,20
L5o
1,88
617
539
166
398
377
1,73
1,37
523

2,782

35,729

2,199

h2,875

37,31,8

Hi 2
117
91
30
18
-11
hi
23
26
-10

200
266
361t
I4OI4
L58
165
391
163
363
U26

-21,
57
81,
312
11,1
1,1
•-100
59
55
9h

11,5
399
515
1,97
651,
651
11,
1,38
U51
1,88

336
315
359
313
1,68
859
-68
252
32J4
367

83

1,31,7 1,000

-235
-70
-21
lh
19
106
-314
39
hi
18

21,
I5h
177
170
167
-311,
116
11,7
80
103

1/ Uses of funds represent net changcs in assets and therefore reflect net,
rather than gross, uses. Savings and loan associations do not hold business secur^ities and data on holdings of State and local government bonds, presumed to be small,
^P^re not available.
2/ Advances from Home Loan Banks and other borrowing.
Source:

Federal Savings and Loan Insurance Corporation.




JExhibit J

.lit

Sources and Uses of Funds by
Mutual Savings Banks
Monthly

Cash

1955 - Oct.
Nov.
Dec.

1956 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
. Nov.
Dec.
Value of Assets

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

(In millions of dollars)
Uses of Funds 1/
S tate arid
Total
U.S.
Busi- local
Govt.
ness
govt.
Mort- Other sources
gages
secur- securities
ities
ities

-?5
-6
73

-111
-73
-13

-10
-35

-5
-12
2

221
177
200

965

8,1*60

3,316

637

17,2U5

-52
-Hi
-13
-56
-2
89
-63
-19
-33
-22
lliO

21
-8
8
-52
-L2
-90
-7
-hi
-37
-1U7
-78
-10

13
3h
3
2
19
bS
3U
2
114
13
-7
5

25
2
16
-3
-5
-5
1
2
-5
-5
l
8

192
190
205
.183
19k
183
198
227
186
205
175
1U6

920

7,971

3,523

669

19,529

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

68
5ii
83
63
62
72
62
61
55
60

6
1

136
92
127
121
127
118
122
111
103
12U

-89
13
-56
12
71
-73
—LL2
27
-2k

"

2
2
-1
7
-3
2
-3

-16
36
-15

Sources of Funds
Net
changes
in
deposits

Other

51i
87
216

85
27
328

-31
60
-82

623 31,27b

28,187

3,087

-20
18
32
5
62
-32
-21
16
25
-15
53
-ii2

139 '
135
238
15
162
278
76
102
. 159
62
50
399

179
222
251
79
• 226
190
139
181
183
. 18
122
2li7

ho
87
13
3h
614
-86
63
79
2k
-hh
72
-152

698 33,311

30,032

3,279

137
39tt
273
31,
2li6
150
82
166
188
-20

85
112
238
7
169
265
16
90
206
3U

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

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

1/ Uses of funds represent net changes in assets and therefore reflect net,
rather than gross, uses.
2/ Source: National Association of Mutual Savings Banks and Federal Deposit
Insurance Corporation.