Full text of H.16 Capital Market Developments : July 21, 1958

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Not f o r P u b l i c a t i o n DECONTROLLED AFTER SIX MONTHS
H.lli

J u l y 21, 1958.
CAPITAL MARKET DEVELOPMENTS
( I n c l u d i n g Monthly Review of Sources and Uses
of Funds of F i n a n c i a l I n t e r m e d i a r i e s )

The volume of p u b l i c s e c u r i t y f i n a n c i n g was l a r g e l a s t week,
p a r t i c u l a r l y f o r c o r p o r a t e s e c u r i t i e s . I n c l u d i n g U n i t e d States* S t e e l
C o r p o r a t i o n ' s $300 m i l l i o n of debentures> l a r g e c o r p o r a t e i s s u e s t o t a l e d
$k33 m i l l i o n j S t a t e and l o c a l government i s s u e s w i t h a g g r e g a t e p r o c e e d s
of $1*6 m i l l i o n were a l s o s o l d . T h i s week, c o r p o r a t i o n s a r e e x p e c t e d t o
o f f e r i s s u e s t o t a l i n g #65 m i l l i o n . S t a t e and l o c a l government i s s u e s ,
i n c l u d i n g a $100 m i l l i o n o f f e r i n g by t h e S t a t e of C a l i f o r n i a , a r e e x pected t o t o t a l $lUi m i l l i o n .
Bond y i e l d s - Y i e l d s o n . o u t s t a n d i n g c o r p o r a t e and U. S.
Government o b l i g a t i o n s i n c r e a s e d , t h e l a t t e r s h a r p l y , l a s t week, w h i l e
t h o s e f o r A a a - r a t e d S t a t e and l o c a l government bonds remained s t a b l e .
Y i e l d s on B a a - r a t e d S t a t e and l o c a l government bonds d e c l i n e d s l i g h t l y .
O f f e r i n g y i e l d s on new c o r p o r a t e i s s u e s a l s o i n c r e a s e d l a s t
week. A new A a - r a t e d , f i r s t mortgage e l e c t r i c u t i l i t y bond i s s u e was
o f f e r e d on F r i d a y t o i n v e s t o r s a t a y i e l d of ii.10 p e r c e n t — 10 b a s i s
p o i n t s above t h a t f o r a comparable o f f e r i n g made a week e a r l i e r , and
o n l y 5 t o 12 p o i n t s below y i e l d s on o f f e r i n g s made i n e a r l y March, t h e
high f o r the year.
Stock m a r k e t c r e d i t - Customer c r e d i t i n t h e s t o c k market
( e x c l u d i n g t h a t f o r U. S. Government s e c u r i t i e s ) c o n t i n u e d t o advance
t o a r e c o r d l e v e l i n J u n e , Such c r e d i t t o t a l e d ipl|,226 m i l l i o n a t t h e
end of l a s t month, 1; p e r c e n t above t h e May 1956 peak and 19 p e r c e n t
h i g h e r t h a n t h e l e v e l p r e v a i l i n g when margin r e q u i r e m e n t s were reduced
t h i s J a n u a r y . The i n c r e a s e i n bank l o a n s t o " o t h e r s " was p a r t i c u l a r l y
s h a r p and a c c o u n t e d f o r more t h a n h a l f t h e *157 m i l l i o n i n c r e a s e i n
customer c r e d i t . Borrowing by member f i r m s of t h e NYSE m a i n t a i n i n g
margin a c c o u n t s ( e x c l u d i n g borrowing on U. S. Government s e c u r i t i e s )
i n c r e a s e d s h a r p l y i n June a f t e r d e c l i n i n g d u r i n g May. Customers', n e t
f r e e c r e d i t b a l a n c e s a l s o i n c r e a s e d s h a r p l y , t o t a l i n g #l,0li7 m i l l i o n
a t t h e end of J u n e . These and o t h e r d a t a on s t o c k market c r e d i t a r e
shown i n t h e t a b l e on t h e f o l l o w i n g p a g e .




H.lU

- 2

-

and of month
June
J May
Customer c r e d i t
E x c l u d i n g U. S. Government s e c u r i t i e s - t o t a l
Net d e b i t b a l a n c e s
Bank l o a n s t o " o t h e r s "
Net d e b i t b a l a n c e s s e c u r e d by U. S. Govt.- s e c u r i t i e s
Bank l o a n s t o o t h e r s f o r p u r c h a s i n g o r - c a r r y i n g
U. S. Government s e c u r i t i e s
B r o k e r and d e a l e r c r e d i t
Money borrowed e x c e p t on U= S c Government s e c u r i t i e s
On customer c o l l a t e r a l
Money borrowed on U. S. Government s e c u r i t i e s
Customers' n e t f r e e c r e d i t b a l a n c e s

L,226

Change

1,069

+157

240

1,213
i la

+84
+99

84

75

+9

1,932
1,591
466
1,017

1,808.
r/1,496

+124

2,929
1,297

+73

2,856

24k
979

+95

+ 222
. +68

. r/. Revised.
S t o c k p r i c e s = Common s t o c k p r i c e s d e c l i n e d i n t h e e a r l y days
of l a s t week, b u t more t h a n r e c o v e r e d t h e l o s s e s i n t h e l a t t e r p a r t of
t h e week. S t a n d a r d and P o o r " s i n d e x of 500 common s t o c k p r i c e s c l o s e d
.at 45.77 on J u l y 1 8 , s l i g h t l y above t h e p r e v i o u s 1958 h i g h r e a c h e d a
week e a r l i e r . T r a d i n g a c t i v i t y was q u i t e h e a v y , a v e r a g i n g 3 . 1 m i l l i o n
shares a day.
I n s t i t u t i o n a l i n v e s t o r s - Sayings inflows a t three major
f i n a n c i a l i n s t i t u t i o n s — l i f e i n s u r a n c e companies 3 s a v i n g s and l o a n
a s s o c i a t i o n s and mutual s a v i n g s b a n k s — c o n t i n u e t o be l a r g e r t h a n a
y e a r e a r l i e r . I n May, t h e growth of s a v i n g s a t t h e s e i n s t i t u t i o n s comb i n e d was 12 p e r c e n t more t h a n i n hay 1957= (The i n c r e a s e i n s a v i n g s
and t i m e d e p o s i t s a t commercial banks was 14 p e r c e n t l a r g e r t h a n a y e a r
earlier.)
. The i n c r e a s e i n l ' i f e i n s u r a n c e company a s s e t s amounted t o
§433 m i l l i o n ^ i;53 m i l l i o n more t h a n i n Kay 195?
I'.'et l i q u i d a t i o n of
U. S. Government s e c u r i t i e s was s l i g h t l y l e s s ti.an a y e a r e a r l i e r . In
c o n t r a s t t o o t h e r r e c e n t months n e t a c q u i s i t i o n of b u s i n e s s s e c u r i t i e s
was s m a l l e r t h a n l a s t y e a r . As i n each month t h i s y e a r , t h e i n c r e a s e
i n mortgage h o l d i n g s c o n t i n u e d t o be s m a l l e r t h a n a y e a r e a r l i e r ,
. S a v i n g s c a p i t a l a t s a v i n g s and l o a n a s s o c i a t i o n s i n c r e a s e d
$521 m i l l i o n i n May, $53 m i l l i o n "more t h a n i n t h e c o r r e s p o n d i n g p e r i o d
l a s t y e a r . The i n c r e a s e i n h o l d i n g s of U. S. Government s e c u r i t i e s was
a b o u t t h e same a s i n May 1957c For t h e f i r s t t i m e t h i s y e a r n e t a c q u i s i t i o n of mortgages by s a v i n g s and l o a n a s s o c i a t i o n s was s u b s t a n t i a l l y
l a r g e r than a y e a r e a r l i e r (18 p e r c e n t ) ,




- 3 The growth i n d e p o s i t s a t mutual s a v i n g s banks was $181 m i l l i o n
$12 m i l l i o n g r e a t e r t h a n i n May l a s t y e a r . Net l i q u i d a t i o n of U. S .
Government s e c u r i t i e s was $62 m i l l i o n a s compared w i t h $19 m i l l i o n a
y e a r - e a r l i e r . Net p u r c h a s e s of b o t h b u s i n e s s s e c u r i t i e s and m o r t g a g e s
were g r e a t e r — t h e f o r m e r n e a r l y t w i c e a s l a r g e and t h e l a t t e r o n e - h a l f
larger.
More d e t a i l e d i n f o r m a t i o n c o n c e r n i n g r e c e n t c a p i t a l m a r k e t
developments i s p r e s e n t e d i n t h e a t t a c h e d e x h i b i t s .

C a p i t a l Markets S e c t i o n ,
D i v i s i o n of R e s e a r c h and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l Reserve System.




EXHIBIT A

H I G H - G R A D E B O N D YIELDS

v

x/v,

LOWER - GRADE B O N D YIELDS




/ V

H.14

Exhibit B
Tables f o r E x h i b i t A
High-grade Bond Y i e l d s

Date

Corporate
Aaa 1 /

U. S. Govt,
long-term 2 /

3.42
2.85
li.lU
3.68
3.55

3.19
2.1)5
3.76
3.W
3.07

Spread between
U. S. Govt, and
Corporate S t a t e and
Aaa
l o c a l Aaa

S t a t e and
local govt.
Aaa y

(Per cent)
1953
1954
1957
1958

-

High
Low
High
High
Low

20
27
July 4
July 11
J u l y 18 2 /

(6/19)
(4/23)
(9/27)
(1/3)
(5/2)

(6/5)
(8/6)
(10/18)
(7/18)
(4/25)

3.21
3.26
3.26
3.31
3.40

3.57
3.61
3.62
3.63
3.67

2.73
1.90
3.45
2.86
2.64

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

2.75
2.78
2.78
2.78
2.78

.38
.30
.60
.51
.27

.83
.30
.47
.62
.34

.36
.35
.36
.33
.27

.46
.48
.48
.52
.62

Lower-grade Bond Y i e l d s

Date

Corporate
Baa 1 /

High
Low
High
High
Low

3.89
3.44
5.10
4.96
4.51

S t a t e and
l o c a l govti"
Baa y

Spread between
Aaa and Baa
S t a t e and
Corporate
l o c a l govt.

(Per cent)
1953
1954
1957
1958

-

June
June
July
July
July

20
27
4
11
18 2 /

4.53
4.54
4.53
4,51
4.52

(9/18)
(12/31)
(11/29)
(1/3)
(7/11)

3.79
2.93
4.51
3.92
3.64
3.76
3.84
3.84
3.85
3.83

(6/25)
(8/5)
(8/29)
(1/2)
(5/1)

.69
.52
1.27
1.28
.85

1.21
.96
1.21
1.11
.99

.96
.93
.91
.88
.85

1.01
1.06
1.06
1.07
1.05

g / Preliminary.
~
'
"
"
1 / Weekly average of d a i l y f i g u r e s . Average terra of bonds included i s 25-26 y e a r s .
2 / Weekly average of d a i l y f i g u r e s . The s e r i e s i n c l u d e s bonds due o r c a l l a b l e i n
10 y e a r s o r more.
J / Thursday f i g u r e s . Only g e n e r a l o b l i g a t i o n s bonds a r e i n c l u d e d ; average t e r n
i s 20 y e a r s .
Note.—Highs and lows a r e f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s f o r
different series.




STOCK MARKET




1

Table f o r E x h i b i t C
Stock Market

Date

Stock p r i c e
index 1 /

Trading
Common
volume 2 /
stock
yields V
(millions
of shares) ( p e r c e n t )

Stock market customer c r e d i t
Bank
Customers'
T o t a l d e b i t b a l - loans t o
ancea 1*/ " o t h e r s " 5 /
( M i l l i o n s of d o l l a r s )

1953 - High
Low
1951* - High
Low
1955 - High
Low
1956 - High
Low
1957 - High
Low
1958 - High
Low
MayJ u l y ii
J u l y 11
J u l y 18 2 /

26.54
22.95
35.98
21.93
15.89
35.28
1*9.61

(1/2)
(9/18)
(12/31)
(1/8)
(12/9)
(1/lti)
(8/3)

1*3.22 (1/20)
1*9.08 (7/12)

2.5

0.9
3.7
1.1*

1*.6
1.5
3.1

5.38
6.25
1*. 32

5.82

1*.08
1*. 1*1

3.82

39.1*8 (12/20)
1*5.77 (7/18)
1*0.37 ( 1 / 1 0 )

1.1*
3.1
1.7

1.5
1*.2

l*.3l*
>91
1*.72
3.98
1*.58

1*3.70
1*1*. 75
1*5.1*7
1*5.72
1*5.77

2.6
2.7
2.6

1*.17
1*. 07
1*.02
3.99
3.98

2.5
3.1

2,1*55
2,055
3,1*36
2,1*05
1*,030
3,537
l*,0l*7
3,911*
1*,031
3,576
1*,226
3,551*
1*,069
1*,226

1,665
1,311*
2,388
1,653
2,805
2,517
2,823
2,71*0
I ; ®
2,929
2,1*87

2,856
2,929
n.a.
n.a.
n.a.

780

66U

1,01*8
71*6
1,21*1

1,018

1,267
1,155
1,163
1,051*
1,317
1,051
1,213
1,297
1,317
1,307

n.a.—Not available.
g / Preliminary.
1/ Standard and P o o r ' s composite index of 500 common s t o c k s , weekly c l o s i n g
p r i c e s , 19ljl-U3"10. Monthly d a t a a r e average's of d a i l y f i g u r e s r a t h e r than of
F r i d a y s ' only. Highs and lows a r e f o r F r i d a y s data o n l y .
2 / Averages of d a i l y t r a d i n g volume on t h e New York Stock Exchange.
2 / Standard and P o o r ' s composite s t o c k y i e l d based on Wednesday d a t a conv e r t e d t o weekly c l o s i n g p r i c e s by F e d e r a l Reserve. Yields shown a r e f o r d a t e s
on which p r i c e index reached i t s high o r low,
h / End of month f i g u r e s f o r member f i r m s of t h e New York Stock Exchange which
c a r r y margin a c c o u n t s ; excludes balances secured by U. S. Government o b l i g a t i o n s .
£ / Wednesday f i g u r e s f o r weekly r e p o r t i n g member banks. Excludes l o a n s f o r
purchasing o r c a r r y i n g U. S. Government s e c u r i t i e s a t banks i n New York and
Chicago. Weekly r e p o r t i n g banks account f o r about 70 p e r c e n t of l o a n s t o o t h e r s .
For f u r t h e r d e t a i l see B u l l e t i n .
Note.—Highs and lows a r e f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s
for different series.




Exhibit E
Long-term Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
( I n m i l l i o n s of d o l l a r s )

1958
January
February
March
April
May
July
August .
September

723

1,060
1,065
1,320

573
• 712
817

812
953
511

7k2
572
506

kok
696
390

2/1,12k
2/62li
e/800

931
765
1,453

.818
l,lk6
8ia

. b/532

765
5k6
393

378
k90
735

e/1,150

1,003
92k
973

1,063
65k
838

529
58k
k31

k08
206
357

1,090
789
1,076

1,089V
1,088

#8
633
698

639
3k7
k09

October
November
December
1st
2nd
3rd
kth

New c a p i t a l
Corporate 1 /
S t a t e and l o c a l 2 /
1956
1958
1956
1
1
1
1
1957
1957

e/525

quarter
quarter
quarter
quarter

3,135
e / 2 , 5I48

3,kk5
3,119
2,899
2,95k

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

2,276
2/2,200

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

l,k90
1,603
971
1,395

1st half
Three q u a r t e r s Year

e/5,6f%

6,59k
9,k93
12,W

k,907
' 7,k63
10,38k

2/k,k7<>

3,52k
5,069
7,099

3,093
k,06k
5,k59

Excluding f i n a n c e companies $J
1st
2nd
3rd
kth

quarter
quarter
quarter
quarter

2,89li
e/2,1,98

Year

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

l,6k7
2,5kl
2,2k6
2,826

11,518

9,260

e / Estimated.
1 / S e c u r i t i e s and Exchange Commission e s t i m a t e s of n e t p r o c e e d s .
• 2 / Data through June 1956 a r e Bond Buyer d a t a c l a s s i f i e d a s new c a p i t a l by
F e d e r a l R e s e r v e ; l a t e r d a t a a r e from t h e Investment Bankers A s s o c i a t i o n of America
and a r e somewhat more complete a s t o coverage than t h e e a r l i e r d a t a , p a r t i c u l a r l y
f o r F e d e r a l Government l o a n s .
3 / I n c l u d e s $718.3 m i l l i o n AT&T c o n v e r t i b l e debenture i s s u e .
k / I n c l u d e s $571.5 m i l l i o n AT&T common s t o c k i s s u e .
1 / T o t a l new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and consumer f i n a n c e
companies.




Exhibit - F

11. Ill

Other S e c u r i t y O f f e r i n g s 1 /
( I n m i l l i o n s of d o l l a r s )
Long-term
F o r e i g n government 2/
F e d e r a l agency 3 /
"19^
19^~
1957
w
"19W
January
February
March
April
•May

196
53

8li
19
30

37

139
197

123
h&
U2

50

8

1,163
251

72

523

125

July
August
September

26
7
30

— •

215

October
November
December

h
60
1

5
21

100

507

300

Year

2
39

April
May

—

. 60
-

—

109
—

.

—

169

572

Short-term
S t a t e and l o c a l government U/
- January
February
March

__

——

60

95

1956

F e d e r a l agency 3 /

233
kto
273

3#
ii55
1U7

196
357
2U9

371
208
iWi

638
130
505

380
220
283

357
E/353

205
337
153

125
252
176

209
161

336
1*69
501

323
31k
260

272
272
252

195
207
179

22 a
370
512

222
U25
273

29h
328
1U8

1,238
255
116

107
222
128

July
August
September
October
November
December

' 303
9L
159

Year

3,271*

•

2,706

5,51*3 '

3 #1*57

e / Estimated.
w
1 / Data p r e s e n t e d i n t h i s e x h i b i t d i f f e r from t h o s e i n E x h i b i t E i n t h a t r e f u n d i n g i s s u e s , a s w e l l a s new c a p i t a l i s s u e s , a r e i n c l u d e d . Long-term s e c u r i t i e s a r e d e f i n e d a s t h o s e m a t u r i n g i n more t h a n one y e a r .
2 / I n c l u d e s s e c u r i t i e s o f f e r e d i n t h e United S t a t e s by f o r e i g n governments and
t h e i r s u b d i v i s i o n s and by i n t e r n a t i o n a l o r g a n i z a t i o n s . S o u r c e : S e c u r i t i e s and Exchange Commission.
J / I s s u e s n o t g u a r a n t e e d by t h e U. ST Government. S o u r c e : l o n g - t e r m , S e c u r i t i e s
and Exchange Commission; s h o r t - t e r m , F e d e r a l R e s e r v e .
h / P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , w a r r a n t s o r c e r t i f i c a t e s and P u b l i c
Housing A u t h o r i t y n o t e s . In some i n s t a n c e s P11A n o t e s i n c l u d e d may have a somewhat
Digitized
for
l o n g e rFRASER
term t h a n one y e a r . S o u r c e : Bond Buyer.



HvlU

Exhibit G
Large Long-term Public S e c u r i t y I s s u e s f o r New C a p i t a l
(Other than U. S. Treasury) 1 /
Proceeds of Large I s s u e s O f f e r e d
( M i l l i o n s of d o l l a r s )

.

Month

Corporate

1957 - June
July
August
September
October
November
December"
1958 - January
Februaiy
March
April
May

S t a t e and
l o c a l government

Other 2 /

81
22k
266
133
393
3hh
iiOli
lao
553
182
300
505
195

877
525
526
537
57U
120
399
318
605
1,093
725
356
281

99
25
2U5
75
100
1,378
266
653
165
86

Large I n d i v i d u a l I s s u e s O f f e r e d J u l y 1 through 18

Issuer

Type y

Coupon
Amount
Offering
(millions
Maturity n e t i n t e r yield
of
dollars)
est cost

Rating

CORPORATE
F l o r i d a Power Corp.
N o r t h e r n - I n d . Pub. Sv. Co.
P a c i f i c Gas & E l e c . Co.
N. Y. Telephone Co.
New Eng. T e l . & T e l . Co.
Southern Nat. Gas Co.
Boston Edison Co.
Southern Railway Co.
Boeing A i r p l a n e Co.
United S t a t e s S t e e l Corp.
P a c i f i c L i g h t i n g Corp.
Burroughs Corp.

1 s t mtg. bds. 25.0
1988
Com. s t k .
15.2
Com. s t k .
hh.k
Ref. mtg. b d s . 6 5 . 0
1993
Com. s t k .
22.6
S . F . deb.
3 0 . 0 ~ 1978
Pfd. stk.
25.0
1 s t c o l l . t r . 22.0
1988
S . F . deb.
liO.O
1978
S . F . deb.
300.0
1983
Com. s t k .
1*6.3
S . F . deb.
25.01983

U 1/8

3.98

A

k 1/8

Loo

Aaa

It 1 / 2

14.50

Baa

k 1/2
5
h

1^.50
5.12
3.97

A
Baa
Aa

h 3/8

U.38

A

STATE AND LOCAL GOVERNMENT
Penna. Gen. S t a t e Auth.
Met. San. D i s t . of Chicago
Illinois
Memphis,
Tennessee
i


Rev.-S.T.

30.0

Rev.-Ut.
Rev.-tit.

15.0
10.0



1960-8U/68

3.3b

1,.30-3.50

1960-78
3.03
1960-88/68 3.09

1.25-3*20
1.25-3.25

A
Aa

H.1U
Large I n d i v i d u a l I s s u e s O f f e r e d July 1 through 18 ( C o n t ' d )

Ij'pG 3/

Amount
V .nillions

Coupon
Offering
r a t e or
net inter- yitlri
est cost

dollars))

Rating

•SfiiTa aki) LOCAL GOVERI€4ENT
(Continued)
Los Angeles Dept. of Wtr,
and Pwr., C a l i f o r n i a
S t a t e of North Carolina

Rev,-Ut,
G.O.

21.0
15.0

Loan b d s .

-1*1.0

1959-88/613.30
1960-78
2.76

1.00-3.50
1.20-2.90

oi'h^rt
F e d e r a l Land Banks

Oct, 1959

1 3/h

1.90

1 / I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of %l5 m i l l i o n and o v e r ;
S t a t e and l o c a l government s e c u r i t y o f f e r i n g s of §10 m i l l i o n and over,
2 / I n c l u d e s f o r e i g n government and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and
Development i s s u e s and non-guaranteed i s s u e s by F e d e r a l a g e n c i e s ,
3 / In the case of S t a t e and l o c a l government s e c u r i t i e s , G.O,, denotes g e n e r a l
o b l i g a t i o n s ; Kev.-Ut, > revenue o b l i g a t i o n s secured only by income from p u b l i c
u t i l i t i e s ; R e v . - Q . U t , , revenue bonds secured only by revenue of q u a s i - u t i l i t i e s ;
R e v . - S . T , , revenue bonds secured by revenue from s p e c i f i c t a x e s o n l y ; Rev.-Rent„ s
revenue bonds secured s o l e l y by l e a s e payments.




Exhibit H

H.Ik

Forthcoming Lar^e Long-tern P u b l i c S e c u r i t y O f f e r i n g s f o r New C a p i t a l
(Other thato U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large I s s u e s
Date of
computation

1957 - Hay 31
J u n e 28
J u l y 31
Aug. 30
S e p t . 30
Oct. 31
Nov. 29
Dec. 31
1958 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 29
June 30

During month f o l l o w i n g
d a t e shown
| 0 t h e r 3/

Corporate
525
370

526

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

87
153
218
$
339
363
3U5
370
134
298
1*93
177
225

Subsequent t o
date shown
Corporate

25
30
30
18
150
110
150
36

1*07
1*79
1*71

2 !
811
81*5
61*7
815
1,193

1

1,161

561*
1*87
31*1
330
1*93
208
235

1,378

1,208

670
561
1*61*
1,01*8

Forthcoming Large O f f e r i n g s , as of
Type

Other j /

25
30
15
1*5
63
165
110
I5t>
36

J u l y 18

Amount
Approximate d a t e
(millions
of o f f e r i n g
of d o l l a r s )

CORPORATE
Washington Water Power Co.
Natural Gas P i p e l i n e Co. of America
N a t u r a l Gas P i p e l i n e Co. of America
Boeing A i r p l a n e Co.
Burroughs Corp.
Houston Corp.
Montana Power Co.
Consolidated N a t u r a l Gas Co.
Commerce O i l R e f i n i n g Corp.
Standard O i l Co. of C a l i f o r n i a
Martin Co.

15.0

1 s t mtg. bds.
Conv. deb.
Pfd. s t k .
Conv. sub. deb.

15.0
30.6

Common s t k .

15.0

35.0

Deb. & common s t k .
36.2
1 s t mtg. b d s .
20.0
S.F. deb.
1*5.0
Deb., b d s . & common 1*5.0
Deb.
150.0
S.F. deb.
25.0

J u l y 2l*
J u l y 25
J u l y 25
July 29
(rights expire)
J u l y 30
( r i g h t s expire)
Aug. 6
Aug. 13
* Aug. 11*
1958
1958
1958
.

STATE AND LOCAL GOVERNMENT
S t a t e of Ohio
T e r r i t o r y of Hawaii
S t a t e of C a l i f o r n i a




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

31.0

12.5

100.0

J u l y 22
J u l y 22
J u l y 23

H.l/t

H-2
Forthcoming Large O f f e r i n g s , a s of J u l y 18 ( C o n t ' d )
Type

Amount
Approximate d a t e
(millions
of o f f e r i n g
of d o l l a r s )

STATE AND LOCAL GOVERNMENT ( C o n t ' d )
Los Angeles Sch. D i s . t s . , C a l i f .
Philadelphia, Pennsylvania
San Diego U n i f . Sch. D i s t . , C a l i f .

G.O.
G.O.
G.O.

liO.O
12.0
10.0

.

July; 29
Aug.'5
S e p t . 10

OTHER
None
* — I n c l u d e d i n t a b l e f o r f i r s t lime.
1 / I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of $ l £ m i l l i o n and o v e r ; S t a t e and.
l o c a l government i s s u e s of $10 m i l l i o n and o v e r .
2 / I n c l u d e s f o r e i g n government and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and
Development i s s u e s and n o n - g u a r a n t e e d i s s u e s by F e d e r a l a g e n c i e s .
N o t e . — D e l e t i o n s f o r r e a s o n s o t h e r t h a n s a l e of i s s u e : None.




H.lli

Exhibit I

^

Y i e l d s on New and Outstanding
E l e c t r i c Power Bonds, Rated Aa and A l /

Date
1952 - 1957
High
Low
1958 - January
February
March h
5
6
12
19
21
2*
April 1
2
17
23
29
May 7
13
16
20
21
22
28
June 10
17
25
July 2
9
18

Aa-rated o f f e r i n g y i e l d s - A-rated OJf f e r i n R y i e l d s
I Amount above
Amount above
Actual
seasoned y i e l d s
Actual
seasoned y i e l d s
(per c e n t ) | ( b a s i s points) (per cent) (basis points)
5.00(8/114/57)
2.93(3/31/51*)

-

87
-3

*3.60 •
_3.89Z/

-8
22

lt.i5
It. 22
It. 00 Loo

lilt
50
28
26

It. 05
3.98
L. 00

31
23
25

3.75

5

3.90

21

3.85
3.85

16
16

3.85
3.82
3.95

17
12
2 It

It. 00
L.10

25
28

5.50(11/7/57)
3.00(3/l7/51t)

123
-15

3.96^/
It. 07
lt.25

lt.07

3
9
6

-7

3.98

5

U.OltIt. 00

11
3

lt.07
It.35

It
32

It. 00
3.95

-1
-6

3.98^/

1

—Single o b s e r v a t i o n , not an a v e r a g e .
3 / Covers only 30-year f i r s t mortgage bonds, as r e p o r t e d I n Moody's Bond
Survey, Except where i n d i c a t e d , t h e a c t u a l y i e l d f i g u r e and t h e amount above
seasoned y i e l d s a r e averages of o f f e r i n g s d u r i n g t h e i n d i c a t e d period and of t h e
d i f f e r e n c e s between t h e s e new o f f e r i n g y i e l d s and y i e l d s on seasoned i s s u e s of
s">:llar q u a l i t y f o r t h e same day. Average m a t u r i t y f o r t h e seasoned i s s u e s v a r i e s
<11 26 t o 28 y e a r s .
.
2 / Provides f o r a 5 - y e a r p e r i o d during which i s s u e may not be c a l l e d f o r
r e f u n d i n g a t a lower coupon r a t e . Monthly averages so marked i n c l u d e one or more
i s s u e s with such a p r o v i s i o n . Other i s s u e s have no such p r o v i s i o n .




H.llj

Exhibit J
Sources and Uses of Funds by L i f e
Insurance Companies
Monthly
( I n m i l l i o n s of d o l l a r s )

Cash

U. S.
' Govt.
ities

1956 - Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of A s s e t s
a t End of Year
1957 - Jan.
Feb.
Mar.
Apr.
May
June
Jtily
Aug.
Sept.
Oct.
Nov.
Dec.
Value of A s s e t s
a t End of Year

27
. 19
-9
16
-29
11
16
16
166

ko
-99
-66

-36

-109
214
147
-101
-226

Uses of Funds l /
S t a t e and
Busilocal
govt.
ities
116
153
106
297
li+2 •
71 .
108
98
208

-111
8
a
16
5
k
12
6

7,519

39,552

2,23k

-132
-38
-1*7
2k
-22
60
-5

69
-a
-117
3
-90
-70
36
-38

172
160
192
165
165
172

10
7
13
26

kS
-16
Ik
138

9
-98
-185

1514
188
237
202
252

33
10
7
12
10
13

1,26k

6,950

12,025

2,375

-30

-I4I4

Other

ities

1,273

lilli

Mortgages

8
55
65
56
109
93
-1
73
115

269
3140
293
329
282
215
289
307
288
32,99k

12,272

68

285
200
193
168
182
137
197
191
150
162
127

1I4I4
108

ia

119
72
91
82
92
8
118
-16

2I4I4

35,230

13,199

180
163
1*3
1958 - Jan.
2114
-914
Feb.
8.
11
119
-57
99
-122
Mar.
22
19
271
1314
-18
Apr.
202
12
110
7
111
27
130
May
-73
73
June
1 / Uses of f u n d s r e p r e s e n t n e t changes i n a s s e t s and t h e r e f o r e
r a t h e r than gross, uses.
Source: I n s t i t u t e of L i f e I n s u r a n c e .




123
II48

61
19
165
reflec

Total
sources
or uses

I46O

14514
397
706

I4II

1419

I463
1405
557

95,m

k72
k22
336

I4II4

380
371
766

369

1438
kl2
373

I4I46

H.lU

Exhibit
Sources and Uses of Funds
by Savings and Loon A s s o c i a t i o n s
Monthly
( I n m i l l i o n s of d o l l a r s )
U:ses of Funds 1 /
U.S.
Govt. MortCash
gages
ities

1956 - Apr.
May
July
• Aug.
Sept.
Oct.
Nov.
Dec.
Value of A s s e t s
a t End of Year

19512/- Jan.
Feb.
Mar.
Apr.
May

July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of A s s e t s
a t End of Year
1 9 5 $ ' Jan.
Feb.
Mar.
Apr.
May

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

55
- 1+3
-31+

3h

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*

3,1#

-121
175
209
117
38

1+6
-20
-3
37
15

1*08
1+36
Wo
1+1 1+
1+1+7
351+
356
27I4
232
,729

200
266.
361*
1*01*
1*58
1*65
391*
1*63
363
1*26
303
281*

Other

88
127
12
-81+
9
51+
68
81
-21

Sources of Funds
Net
Borrowchange
savings
ing 2/ Other

Total
sources
or uses

•

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

capital

~

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

81

171*
157
-281*
103
95
82
66
60
-380
1*,380

-5
-2
51*
-59
16
28
2

2,199

1*2,875

37,11*8

1,31*7

-21*
57
81*
112
11+1
1*1
-100
59
55
91*
69
22

H+5
399
515
1+97
651*
651
11+
1*38
1*51
1+88
1+73
675

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+

1*0,119

2,809

1+8,275

1+2,038

1,381

l+,856

216
251+
31*1+
1*00
51+1

7
13
11
108
100

11+8
1*22
561
662
691*

.1*53
381+
1*91
363
521

-377
-127
-89
112
-32

72
165
159
187
205

g/ P
r
e
l
i
m
i
n
a
r
y
.
"
1 / Uses of f u n d s r e p r e s e n t n e t changes i n a s s e t s and t h e r e f o r e r e f l e c t n e t ,
r a t h e r t h a n g r o s s , u s e s . Savings and l o a n a s s o c i a t i o n s do n o t hold b u s i n e s s s e c u r i t i e s and d a t a on h o l d i n g s of S t a t e and l o c a l government bonds, presumed t o be s m a l l ,
" are not a v a i l a b l e .
2 / Advances from Home Loan Banks and o t h e r borrowing.
S o u r c e : F e d e r a l Savings and Loan I n s u r a n c e C o r p o r a t i o n .




H.lli

Exhibit L
Sources and Uses of Funds by
Mutual Savings Banks
Monthly
(In m i l l i o n s of d o l l a r s )

Cash

U.S.
Govt.
itiea

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

-56
-2
89
-63
-19
-33
-22
II4O

Value of A s s e t s y 2 0
a t End of Year
1957 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

13
-56
12
71
-73
-1*2
27
-21*

6

125

-52
-1*2
-90
-7
-1*7
-37
-11*7
-78
-10

Llsus of Funds \ /
State anc
l o c a l MortTotal
Busigovt. gages Other sources
or uses
ities
ities
2
19
1*5
31*
2
11*
13
-7
5

7,971

3,523

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

68
51*
83
63
62
72
62
61
55
60
93
75

Value of A s s e t s 890
a t End of Year

7,552

1,331

-60
63
36
-1*7
-5

-21
1*1
-85
-62

160
86
86
97
120

1 9 5 8 . - Jan. c /
- Feb.
Mar.
Apr.
May

-3
-5
-5
1
2
-5
-5
1
8

183
19l*
183
198
227
186
205
175
11*6

669 19,529
6
1
2
2
-1
7
-3
2
-3
7
-7

136
92
127
121
127
116
122
111
103
12l*
100
lhl

682 20,951
23
1*
6
1*
-19

130
99
165
151*
195

5
62
-32
-21*
16
25
-15
53
-1*2

79
226
190
139
181
183
18
1-22
21*7

Sources of Funds
Net
changes
in
deposits
1*5
162
278
76
102
159
62
50
399

698 33,311

30,032

137
1914
273
31*
2l*6

85
112
238
7
169
265
16
90
206
3k
36
1*05

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

150
82

166

188
-20
108
299

761 35,168
25
20
9
-29
1*0

270
251
31*3
91*
269

Other

31*
61*
-88
63
79
21*
-1*1*
72
•152
3,279
52
82
35
27
77
-115

,

66

76
-18
-5k
72
-106

31,695

3,1*73

231*
11*9
336
93
181

1*1*
102
7
1
88

" c / Corrected.
'
y Uses of funds represent net changes in a s s e t s and t h e r e f o r e r e f l e c t n e t ,
rather than gross, uses.
Source: National Association of Mutual Savings Banks and Federal Deposit
Insurance Corporation.




-