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

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Hclii

. July I8fl 1957
CAPITAL MARKET DEVELOPMENTS
(Including Monthly Review of Sources and
Uses of Funds of Financial Intermediaries)

Large publicly offered securities during the week ending
July 12 totaled $115 million for corporations and $51 million for
State and local governments. A foreign issue for $25 million was
also sold last week* The corporate total represented utility financing except for a $20 million-debenture issue of Associates Investment Company — an issue which was originally scheduled for sale
on June 20s then postponed„ This week, the calendar includes large
corporate bond issues amounting to $81 million and State and local
government bond issues totaling $6.7 million.
Bond yields — Changes in yields on outstanding.bonds were
mixed last week. Yields on Baa-rated corporate bonds continued to
increase slightly last week and yields on U„ S„ Government (new series
bonds remained stable„ Corporate Aaa-rateds U. S. Government
(old series) and State and local bond yields declined^ with the decline being substantial for State and local government bonds„
An Aa«ratsd 30-year, first mortgage bond issue was offered .
to the public on Tuesday of this week to yield U<>65 per cent ~ 12
basis points below a comparable offering made late last weekc A
similar A-rated utility issue was offered to investors on Wednesday
to yield l|.o90 per cent —« 20 basis points below that for the last •
comparable issues an offering made on June 7S and 2 basis points
above an offering of last week, an issue which included a 5-year nocall provision.
Stock market credit - Customer credit in the stock market
(excluding U. S0 Government securities) increased substantially
during June, reaching a level of $i].sQ31 million at the end of the
monthg only $16 million below the May 1956 peak0 The increase of
$107 million in June resulted from a $93 million increase in net
debit balances and $lU million increase in bank loans to "others".
Borrowing by member firms of the NYSE maintaining margin accounts '
(except borrowings on U. S. Government securities) continued to increase last montho Customers' net- free credit balances also increased furthers totaling $820 million at bhe end of June, These
and other data on stock market credit for June and May are shown in
the following table.




End of month
Hay

| June

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 U3SC Government securities
Customers' net free credit balances

Change

(Millions of dollars)
1
3,92L +107
: M31
: 2=88? 2,79)i
+93
+lk
ljiUt 1,130
26
-1
25
:
I
-8
39

! ,31
!

1 2,104
| 1,872
I
1

52

820

2,063
1,810
52
817

+ia
+62
+

3

Stock prices - Stock pricesy as measured by the SEC index
of 265 common stocks again reached a new high for the year last week9
closing at 29ho6 on July 12„ Trading activity also increased with
the daily volume averaging 2*6 million shares0 Daily figures through
Wednesday of this week indicate some decline In prices.
Institutional investors The increase m life insurance
company assets during May amounted to $380 mill1ons one-sixth -less
than a year earlier„ Life insurance eonpahy.holdings of U. S. Government securities declined in May„ after increasing slightly in April0
Net sales of such securities were about the same as in May 19560 As
has been the case in each .month this year., the increase in holdings
of mortgages in May was smaller than in the comparable month a year
ago -- over $150 million less than in hay last year* Increases in
holdings by life insurance companies of business securities this
May were larger than a year ago.
The net increase in savings capital at savings and loan
associations in May was »L68 million* slightly smaller than a year
earliere Funds invested in mortgages were larger than in May last
year. Holdings of U, S, Government securities increased,, but the
increase was two-thirds below that in the corresponding period of
1956.
The growth in deposits at mutual savings banks in May was
$169 million? about the same as last year0 Net liquidation of Uc 3e
Government securities by savings banks was smaller this year than in
May 1956o Net purchases of business securities continued to be urr.sually large2 whereas net acquisition of mortgages were one-third
smaller than last year.




The combined growth in savings at these three types of
financial institutions during May continued to be less than in the
corresponding period last year. Earlier in the year, savings
lagged behind 1956 rates at each of the„institutions. More recently
the inflow of funds, to savings and loan associations and mutual
savings banks has risen close to last year's rate, but life insurance
assets continue to grow considerably more slowly than in 1956. in
contrast, savings and time deposits at commercial banks have consistently increased more rapidly than a year earlier.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.

Business Finance and Capital Markets SectioniS
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




EXHIBIT A
HIGH-GRADE

BOND

YIELDS

long-term if
Date

Corporate
series

New s e r i e s

Spread between
State and
U. S. Govt,
local govt. (old series) and
Aaa
CorporatelState and
Aaa
1local Aaa

y

(Per cent)
1 9 5 3 - High
Low
195U - High
1 9 5 5 - High
1956 - High
Low
1957 - High
Low
June l i t
June 28
July 1 2

3.U2
2.99
3.09
2.85
3.17
2.91
3.79
3.07
U.00
3.66

(6/19)
(1/9)
(1/8)
(V23)
(12/23)
(1/7)
(12/28)
(3/2)
(7/5)
(V12)

3.88
3.9U
3.97
li.00
3.97

n. a .
2.73
3.15 (6/6)
2.78 (12/26)
1.98
2.21
2 . 7 U (1/9)
(8/7)
1.90
2 . 9 U (8/5), . 3 . 0 3 ( 8 / 5 ) 2 . 3 U
2.62 ( V 7 )
2.89 (6/10) 2.05
3.39 (12/28)3-05
3.U9 ( 1 2 / 2 1 )
2.80 (2/17)
2.92 (2/3)
2.17
3.62 (6/21) 3.23
3.70 (6/21)
3.22 (2/8)
2.76
3.15 (2/8)

2.kh

3.51
3.70
3.68
3.61
3.58

1/ Weekly average of daily figures.

3.U9
3.62
3.60
3.56

3.17
3.23
3.23
3.20
3.11

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

'

.38
.19
.10
.32
.3k
.13
.Uj
.13
.51

.2h
~.3h
,2h
.29
.39
.39

.8U
.30

'.29

.

.70
.5U
.68
• 32
•U8
.26
.37

.hi

.16
.U1
.1*7

Average term of bonds included la 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 lit 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 l/li per cent bond of 1978-83.
2/ Thursday figures. Only general obligation bonds are includedj average
term is 20 years.
Note.—Highs and lows are for individual series and may be on different dates
for different series.




EXHIBIT B
LOWER-GRADE

B O N D YIELDS

Date

Corporate
Baa 1 /

State and
local govt.
Baa 2 /

State and
local govt,
rev. 1/

(Per cent)
1953 - High
195U - High
Low
1955 - High
1956 - High
1957 - High
Low
June 1U
June 28
July 5
July 12

3.89
3.50
3.7k
3.Wt
3.63
3.15
it. 1*1
3.58
U.72
U.U2
1.62
U.66
U.68
u.71
U.72

(9/18)
(1/2)
(1/8)
(12/31)
(12/30)
(1/llt)
(12/28).
(3/9)
(7/12)
(U/12)

3.79
2.96
3-32
2.93
3.26
3.02
U.22
3.20
- It.35
3.90
It. 31
b. 33
it.35
it.33
U.2lt

(6/25)
(1/8)
(1/7)
(8/5)
(12/29)
(1/6)
(12/27)
(3/8)
(6/27)
(2/21)

3.27
2.71
3.00
2.72
2.99
2.76
3.98
2.89
3.98
3.70

(6/26)
(1/2)
(1/1)
(8/13)
(12/30)
(1/7)
(12/28)
(2/2it)
(1/lt)
(2/22)

V
'

1/ Weekly average of daily figures. Average term of bonds
included is 25-26 years.
2/ Thursday figures. Only general obligation bonds are included j 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 MARKET CREDIT

u

- .-p

-

r

,.|>1

I !

Stock price

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

U

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

1953 - High
195*. - High
1955 - High
1956 - High
1957 - High

May

' July 5.
July 12

167.1
litlt.O
221.lt
156.5
270.7
217.b
295.5
257.U
291.6
260.3

(1/2)
(9/18)
(12/31)
(1/6)
(12/30)
(1/1It)
(8/3)
(1/20)
(7/12)
(2/8)

381.2
286.2
281t.lt
291.8

29L.6

2.5
0.9
3.7
i.it
It.6
1.5
3.1
1.5
2.7
1.6
2.It
2.2
1.9
2.3
2.6

-

5.88
5.15
5.1*9
1.09
It. 2 3
3.59
U.13
3.65
It.28
3,67

2,165
2,055
3,136
2,lt05
It,030 •
3,537
lt,0U7 •
3,911*
k,031
3,832

3.82
3.79
3.79
3.73
3.67

•3,921*
a,031

n.a.

1,665
1,31U
2,388
1,653
2,805
2,517
2,823
2,7lt0
2,887
1,713
' 2,791
2,887

780
661*
1,01*8
71*6
1,21*1
1,018
1,267
1,155
1,163
.1,117
1,130
V i»iw*
Ttf 1,11*1*
1,151

n.a.

n . a . — N o t available.
—r/ Revised»
1/ SEC index of 265 common stocks, weekly closing prices, 1939-100; converted
to 191*7-1*9-100 by Federal Reserve. The conversion factor is 123.91.
2/ Averages of daily trading volume on the «ew *ork Stock Exchange.
3/ Moody's 125 industrial stocks; weekly data based on Friday.
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 m m b e r banks. Excludes loans for
purchasing or carrying U. S. Government securities at banks in New York and Chicago.
Weekly reporting banks account for about 72 per cent of loans to others.
Note.—Highs and lows are for individual series and may be on different dates
for different series.




Exhibit D
Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars) '

January
February
March
April
May
June
July
August
September

1955

1957

1,063
1,071
1,3^

573
712
817

535
1*07
1,223

685
566
499

e/950
e/750
e/1,350

818
1,11)6
841

478
"886
687

e/900

1,063
651
838

597
6a
670

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

New Capital

Corporate
1956 1

1957

3,479
2/3,050

e/6,529

1

.

State and local
1
1956
1

1955

liOl*
696
390

535
312
538

762
2/550
e/380

378
490
735

427
350
61*2

eA00

376
199
333

470
21*9
406

61*5
311
426

919
658
408

.

745 .
1,0892/
1,088

1,1621/
632
900

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

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

1,750
e/1,692

1,1*90
1,603
. 908
1,382

1,385
1,418
. 1,124
1,984

it, 216"
6,127
8,821

e/3,442

3,093
4,ooi
5,383

2,803
3,927
5,911

1,907
7,163
10,381

Excluding finance companies 2/
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

3,268
<s/2,800

Year

1,61*7
2,5U
2,216
2,826
9,259

'

1,727
1,870
1,444
2,551
7,595

e/ Estimated.
1/ Includes $637•2 million AT&T convertible debenture issues.
2/ Includes $571•5 million AT&T common stock issues.
i/ Total new capital issues excluding offerings of sales and consumer finance
companies.
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)

Month

Corporate

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

State and
local government

185
592
217
558
386
-701
U30
567
671
788
U77
329
877

Other 2/

20
w—
37.

163
16U
35
18k
.383
135
201
386
306
19h
h99
2U8
176

,

. 35
100
50
125
25
39

Large Individual Issues Offered July 1 through 12

Issuer

Type 3/

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

CORPORATE
Southern Calif. Edison Co.
Rochester Gas & Elec. Co.
Timken Roller Bearing Co.
Central Illinois Light Co.
Wisconsin Telephone Co.
Washington Water Power Co.
West Penn Power Co.
Associates Investment Co.

1st & ref. mtg. bds. kO.O
1st mtg. bds.
15.0
Common i
stk.
19. k
1st mtg. bds.
15.0
Deb
30.0
1st mtg. bds.
30.0
1st mtg bds.
20.0
Deb,
20.0

1982
1987

h 3A
h 7/8

h»70
U.80

Aa
A

1987
1992
1987
1987
1977

b
h
h
h
5

5/8
1/2
7/8
7/8
3A

It.57
L. 13
L.88
L75
5.75

Aa
Aaa
A
Aa
—

STATE AND LOCAL GOVERNMENT
Salt River Agric. Impr. &
Power Dist., Arizona
Fresno U.S.D., California
Mstro. Wtr. Dist. of So.
California
Port of New York Auth.




G.O.
G.O.
Rev.
Airport rev.

5.0 1960-87
7.0 1960-77

li.29 3 . 2 0 - L 2 5
3.31 2.70-3.35

A
Aa

15.0 1958-69
3.20 2.50-3.20
28.8 1958-75^53.66 2.70-3.70

Aa
A

H.Ik

JS-2
Large Individual Issues Offered July 1 through 12 (Cont'd)
Issuer

Coupon
Amount
Type 3/ (millions Maturity rate or Offering Rating
net inter- yield
of
dollars)
est cost

OTHER
Montreal, Quebec

S.F. deb. . 25.0

1977

5 1A

5.70

A

1/ Includes corporate,and other security offerings of &l£ million and over;
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. '
..




Exhibit F

H.lU

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

Subsequent to
During month following
date shown
date shown
State
and
Corporate
Other 2/ Corporate • State and Other 2/
local govt.
local govt.
U37
21*7
36?
315
683
U36
176
591
7U0
161
187
•525
370

81
131
3#
162
ii8
280
153
153
290
179
97
172

37

23
100.
35
25
25
25

567
1,096
1,202
.1,009
990
U81
796
966
795
486

gf
258

690
726
958^
1,197
955
979
763
618
631
862
396
388
L98

37

23
100
3$
25
25
25

Forthcoming Large Offerings, as of July 12
Type

Amount
(millions Approximate date
of dollars) of offering

CORPORATE
Texas Electric Service Company
1st mtg. bds.
Jersey Central Power & Light Company 1st mtg. bds.
1st mtg. bds.
Inland Steel.Company
First National City Bank of New York Capital stk.

16.0
15.0
50.0
120.0

1st & ref. mtg. bds. 60.0
Pacific Gas and Electric Company
Deb. .
Tennessee Gas Transmission Company
25.0
Sears Roebuck Acceptance Corp.•
Deb.
50.0
Common stk.
-^Minneapolis-Honeywell Regulator Co.
28.2
^Northern States Power Company
Public Service Electric & Gas Co.




1st mtg. bds*
Pfd. stk.

18.0
25.0 '

July 16
July 17
July 17.
July 22
(rights expire)
July 2h
July 2k
July 26
August 1
(rights expire)
August lii
1957

H.llt

F-2
Forthcoming Large Offerings, as of July 12 (Cont'd)
Amount
Type
(millions Approximate date
of dollars) of offering

. STATE AND LOCAL GOVERNMENT
Cook Co. Sch. Dist. No. 205, IH.
G.O.
Philadelphia School Dist., Penna.
G.O.
State of Minnesota
Highway rev.
Atlanta, Georgia
G.O.
St. Louis Co., Missouri
G.O.
State of Louisiana
G.O.
Viestport, Connecticut
G.O.
Georgia Rural Roads Authority
Rev.
Milwaukee, Wisconsin
Water rev.
East Baton Rouge Par. Sch. Dist., La,
G.O. .
State of California
G.O.
State of Oregon
G.O.
•^Phoenix, Arizona
G.O.
^Kansas Turnpike Authority
Rev.
Los Angeles City Sch. Dists., Calif,
G.O.
State of Ohio
Highway rev.
ttSan Diego Unified Sch. Dist., Calif,
G;0.
State of Texas
• G.O.
Jacksonville, Florida
Utilities rev.
University System Bldg. Auth., Ga.
Rev.
PPennsylvania Turnpike Commission
Rev.
Inter-American Center Auth., Fla.
Rev.
New York State Thruway Authority
G.O.
Oklahoma Turnpike Authority
Rev.

5.5

12.0

12.0
15.5

6.8
10.0

5.h
17.5

10.0
10.0

5o.o
15.0

6.0

18.0

kU.o
31.0

10.0
12.5

30.0
12.0

62.0

20.0
50.0
65.0

July 15
July 16
July 16
July 16
July 17
July 17
July 18
July 23
July 23
July 23
July 2k
July 29
July 31
AUg. 1

Aug. 13
Sept. 10
Oct. 15
1957
1957
1957
1957
1?57
1957
1957

OTHER .
None
*—Included in table for- first time.
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: None.




I

&
H.l4

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

Date

1952 - 1956

U.30(12/12/56)
2.93(3/31/54)

High
Low

1956 - July
August
September
October
November
December
1957 - January 8 .

16
18
22
2k

February 5
March 6

19
27

12
20
29

April 3

10
12
May 10
15
16
21
23
29

June 5

7
11
July 3
10

11

3.66
*4.07
li.13
*4.20
*14.30

*1.30

62
- 3
29
52
. 53
48
52
47

It.50

62

4.43 1

56

4.40
it. 29
It.25
It.22

- 53
it5
it6
43

it. 29 '

50

it.50L 38 2/

' 65
51

it.63

.75

it .78

87

it.57
it. 77

48
68

4.58(12/6/56)
3.00(3/17/54)
*3.82
*4.00
None

70
r-15
28
43.

*4.40

63

*4.58

70

4.67

70

4.56

57

4. ill
4.58
4.55
4.45

35
52
49
43

4.6o
4.50
4.53
4.53 2/
4.70

59
49
52
52

None

69

• 5.00
5.25

98
123

5.10

106

4.80 2/
4.88 2/

64
74

*—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
ffom 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 issues have no such provision.
FRASER

Digitized for


Exhibit H

H.lU

Sources and Uses of Funds by Life
Insurance Companies
Monthly
(In millions of dollars)
Uses of Funds 1/
Cash

1955

May
July
Aug.
Sept.
Oct.
Nov.
Dec.

hO
-3
30
75
-27
-9
67
55
! 1,255

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

-87
-113
-1U
27
19
-8
15
-29
13
16
16
16U

Value of Assets
at End of Year 1,273
1957 • Jan.
Feb.
Mar.
Apr.
May

-132
-38
-hi
2h
-22

U.S.
Govt.
securities

-hi
-12
50
8ti
-51
-102
-136
-316

Business
securities

209
261
153
293

275
221
175
118
118
106
298
155.
Sh
109
98
193

7,532 39,53ii
56
—UU
-117
3
-90

19b 160
192
165
165

Total
sources
or uses

Mortgages

ities

168
ia
251

8,51*5 37,580
-153
-157
-191
hO
-99
-65
-35
-108
27
h5
-101
-217

State and
local
govt.

-9
1
22
.

h
7
-3
11

1,998
127
19
9
-13
8
h3
15
7
5
11
8
2,237
7
7
13
26

268
267
26h
253
2h9
313
30U
558

3U
Sh
51
16
58
17
9h
201

hSh
161
~668
Wi9
. hh2
h87
h79
772

29,125 11,161

. 90,267

91
126
hi
29
58
6U
55
9h
10I4
-5
71
89

623
398
303
182
L53
398
70k
hl2
hl9
h5&
hO 5
515

33,017 12,226

95,819

111
ia
108
hi
119

h97
h22
336
lah
380

367
302
281
268
310
293
328
285
21h
288
310
308

262
200
193
168
182

July
Aug.
Sept.
1/ Uses 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/
U.S.
Total
Govt, Mort- Other
sources
Cash
gages assets or uses
ities
. 1955 - May
June
July
- - Aug. '
Sept.
• Oct.
Nov.
Dec.
Value of Assets
at End of Year
1956^/ - Jan.
1-eb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year
1957J2/ - Jan.
Feb.
Mar.
Apr.
Kay

25
18
57
15
-19
1
11

3
126
-244-66
-Ul
117
67
268
2,067

551
93
611
12
-71
534
581
ko
183
13
336 . k6
2ii6
97
218
15

2,342 31,161 l-,79l
108
76
57
56

-18
-44
-58
9
121
-169
-90
-43

J

II

35
39
13
14
28

302

17

2,142

2,798

-168
-39
-24
—48
-38

148
115
92
28
15

236
305
403
409
445
481
394
452

-19
53
48
89
137
29
-81*
-1

366
291
274

68
85
-15

35,870 2,236
232
269
363
402
459

-25
54
86
115"
145

671
766
275
569
135
499
k20
503 -

Sources of Funds
• Net
Borrowchange
Other
ing 2/
savings
capital
415
715
122
29k
270
416
386
784

37,719 32,192
276
434
463
496
635
599
175
400
377
485
161
578

423
358
359
475
811
131
287
267
kll
39k
36k

43,098 37,302
187
399
516
496
656

336
315
359
313
468

73
207
62
129
111
73
18
54

183
-156
91
146
54
10
16
-335

1,558

3,969

-197
-74
-51
-3

50
150
155
169
162
-269
103
97
78
78
67
-368

-2

57
-59
16
32
-4
82

1,355
-190
-62
-15
10
22

. 4,441
41
146
172
173
166

July
Aug.
Sept.
p/ Preliminary.
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,
e not available.
2/ Advances from Home Loan Banks and other borrowing.
Source: Federal Savings and Loan Insurance Corporation;




Exhibit J

H.lh

Sources and Uses of Funds by
Mutual Savings Banks
Monthly
(In millions of dollars)

Cash

1955 - May
July
Aug.
Sept.
Oct.
Nov.
Bee.
Value of Assets
at End of Year
1956 - Jan.
Feb.
Mar.
Apr.
•
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of A ssets
at End of Year
1957 - Jan.
Feb.
Mar.
Apr.
May

16
36
-65
9
-10
-25
-6
73
965

-52
-Ik
-13
-56
-2
89
-63
-19
-33
-22
IkO

U.S.
Govt,
securities

Uses of Funds 1/
Total
State and
sources
Busilocal
MortOther or uses
ness
govt.
gages
securities
ities

-lb
-58
3k
-7
-15
-ill
-73
-13

-38
-10
-32
-Uo
-23
-10
-35

8,1*60 3 , 3 1 6
21
-8
•8
-52
-li2
-90
-7
-hi
-37
-IkT
-78
-10

13
3k .
3
2
19
1*5
3k
2
Ik
13
-7 5.

920 7,971 3,523*
-89
13
-56
12

21
20
18
-76

-19

68
5k
83
63
62

5
2
19
-3
-20
-5
-12
2
637

25
2
16
-3
-5
-5
1
2
-5
-5
1
8
669

192
229

213
231
232
221

-16

177
200

•36
-15

1

191
19U
1I16
201
158
5k
87
2i;6

17,245

621 31,27k

192
190
205
, 183
19U
183
198
227
186
205
175

-20
18
32
5
62
-32
-2k
16
25
-15
53
-1*2

ii»6

19,529

. , 136
92
127
121
2
2
127

6

30

-8
-23
11
2k

179
222
251
79

226

190
139
181
183
18
122

2kl

698 33,311
-5
27
32
-20
62

137

19k
273
3k
216

Sources of Funds
Net
change
in
deposits

Other

125
2b0
97
13k
182
85
27
328

66
-k7
19
67
-2k
-31
60
-82

28,187

3,087

139
135
238
k5
162
278
76
102
159
62
50

liO

399

30,032
85
112
238
7
169

-

87
13
3U
6k
-88
63
79
2k
-kk
72
-152

3,279
52
82
35 "
27
77

July
Aug.
Sept.
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.