Full text of H.16 Capital Market Developments : June 15, 1959

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rNot-for PubIi^%ign*VjEC0^pnT,T.TTri AFTER SIX MONTHS
June 15, 1959.

jH.ll '

L

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

The volume of public security financing was substantial last
week, but is expected to be much smaller this week. During the week
ending June 12 corporations sold large issues totaling $61j. million and
State and local governments sold issues amounting to $173 million. The
calendar for this week includes only one corporate issue for #23 million,
subscription rights for which expire on Thursday. Two large State and
local government issues with aggregate proceeds of # 2 million are also
scheduled for sale.
Bond yields - Changes in yields on outstanding bonds were
mixed, but minor last week. Yields on State and local government bonds
and high-grade corporate bonds increased, those for lower-grade corporate bonds remained stable and yields on U. S. Government obligations
declined slightly.
Housing starts - Private nonfarm dwelling units started in
May dipped to a seasonally adjusted annual rate of 1,3^40,000 units,
according to preliminary estimates. Although unadjusted VA and conventional starts declined somewhat, conventional starts still recorded
the highest May total in the postwar period. FtiA. starts were at the
highest level for the month in nine years.
Stock market credit - Customer credit in the stock market
(excluding that on U„ S. Government securities) totaled $1;,711 million
at the end of May, slightly less than in April. The May decline of
$10 million in total credit was the result of a decline of &L6 million .
in net debit balances which more than offset a $6 million increase in
bank loans to "others." Customer credit was 5 per cent higher last
month than at the end of 1958 and 9 per cent higher than when margin
requirements were increased to 90 per cent last October.
Borrowing by member firms of the New York Stock Exchange
maintaining margin accounts (excluding borrowing on U. S. Government
securities) changed little in May, totaling #2,159 million at the end
of the month. Customers' net free credit balances declined slightly
last month to $1,188 million. These and other data on stock market
credit for May and April are shown in the table on the following page.




H.lii

— 2 —
End of month
May
Apr.

Change

(Millions of dollars)
Customer credit
Excluding U. S. Government securities - total
Net debit balances
Bank loans to "others"
Net debit balances secured by U. S. Govt, securities
Bank loans to others for purchasing or carrying
U. S. Government securities
Broker and dealer credit
Money borrowed except on U. S. Government securities
On customer collateral
Money borrowed on U. S. Government securitiesCustomers' net free credit balances

k, 711
3,385

1,326
163

Z/U,721
r/3,401
1,320

166

58

55

2,159
1,857
252
1,188

2,1#
1,852
252
1,205

-10
-16
+6
-3

+3
+5
-17

vj Revised.
Institutional investors - In April, life insurance company
assets and share capital at savings and loan associations increased
more rapidly than a year earlier, while the increase in deposits at
mutual savings banks was much smaller. This is similar to the pattern
of growth shown in most months thus far this year. Over the first four
months, savings inflow for these three major financial institutions
combined was slightly larger than in the corresponding period of 1958.
Growth in life insurance company assets was one-seventh larger than in
the Januazy-April period last year and the increase in savings and loan
associations savings capital nearly one-tenth more. Deposits at mutual
savings banks, however, increased one-third less than a year earlier.
(The increase in time deposits at commercial banks was much less than the
very rapid growth last year.)
The increase in life insurance company assets amounted to $1*85
million, two-fifths more than in April 1958. Net acquisitions of U. S.
Government securities, although small, was twice as large as a year
earlier. The increase in business security holdings was about one-sixth
larger than in April 1958. Net acquisitions of mortgages were about the
same as a year earlier.
Savings capital at savings and loan associations increased
# 2 0 million in April, nearly one-fifth more than in the corresponding
period of 1958. Borrowing by these associations rose $98 million, somewhat less than last year but much more than in April of other recent years.
Moreover, the heavy borrowing in April last year reflected the initial
response of savings and loan associations to new legislation permitting
borrowing from Home Loan Banks on a 5-year non-amortized basis in addition
to other borrowing authority and was reflected primarily in an increase
in cash positions.




- 3 -

Net acquisitions by savings and loan associations of U. S.
Government securities in April were nearly three times that of last year.
(Holdings of these securities have increased sharply each month this year.)
These associations continued to acquire mortgages in very large volume with
net acquisitions amounting to $70lt million, a record increase and threefourths more than in April 1958.
Growth in deposits at mutual savings banks totaled only $6 million in April as compared with $93 million a year earlier. The increase
in deposits is generally small GTApril reflecting heavy withdrawals
following quarterly interest/dividend payments. The increase this April
was much smaller than in most other recent years, however, as a result
of unusually large withdrawals by depositors of New York and Massachusetts
savings banks. Business security holdings increased somewhat in April
after declining in March, but the rate was much slower than a year
earlier. The increase in mortgage holdings was about the same as a
year earlier, although in earlier months this year the rate of increase
had been more rapid than in the comparable months of 1958,
Stock prices - Stock prices declined substantially early .
last week, then recovered most of the loss. Standard and Poor's index
of 500 common stocks closed at £7.29 on June 12, .22 points lower than
at the close of the previous week. Trading activity averaged 3.1 million
shares a day.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




HIGH-GRADE

BOND

LOWER-GRADE

BOND

YIELDS

YIELDS




'

H.l4

hJxli.i.bit b

Tables i'or Exhibit A
itiph-grade iiond Yields

Date

Corporate
Aaa 1/

U. S. Govt,
long-term 2/

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

State and
local govt.
Aaa y

(Per cent)
195*1 - Low
1957 - High
1958 - High
Low
1959 - High

2.85
4.14
4.13
3-55
4.47
4.09

May 15
May 22
May 29
June 5
June 12 g /

4.36
4.39
4.42

2.45
3.76
3.84
3.07
4.11
3.83

(4/23)
(9/27)
(10/10)
(5/2)
(6/12)
(1/9)

4.44
4.47

-

4.09
4.11
4.08
4.10
4.09

(8/6)
(10/18)
(12/26)
(4/25)
(5/22)
(1/2)

*

1.90
3.45
3.31
2.64
3.32
3.06

(9/2)
(8/29)
(9/U)
(5/1)
(6/11)
(3/26)

3.30
3.31
3.31
3.31
3.32

.30
.60
.51
.22

z

.30
.47
.72
.34

.38
.16

.92
.65

.27
.28
.34
.34
.38

.79
.80
.77
.79
.77

Lower-grade Bond Yields

Date

Corporate
Baa 1/

State and
local govt.
Baa 1 /

Spread between
Aaa and Baa
State and
Corporate
local govt.

(Percent)
1954 - Low
1957 - High
1958 - High
Low
1959 - High
Low

3.44
5.10
4.96
4.51
5.03
4.83

May 15
May 22
May 29
June 5
June 12 £/

4.94
4.97
5.01
5.03
5.03

(12/31)
(11/29)
(1/3)
(7/11)
(6/12)
(4/17)

2.93(8/5)
4.51 (8/29)
4.34(9/11)
3.64 (5/1)
4.23 (6/11)
3.92 (3/26)
4.19
4.20
4.20
4.20
4.23

.52
1.27
1.20
.77
.77
.56

.96
1.21
1.11
.93
.98
;66

.58
.58
.59
.59
.56

.89
.89
.89
.89
.91

£/ Preliminary.
1/ Weekly average of daily figures. Average term of bonds included is 25-26 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in
10 years or morn.
y Thursday figures. Only general obligation bonds are included} average term
is 20 years.
Note.—liiphs and lows are for individual series and may be on different dates for
different series.




t

STOCK

MARKET

Millions

Ip«

V 'N
-

—

XV v \
\.

-

PERMANENT

.X

STOCK

NONFARM

Monthly




i

MARKET

J

. i

PRIVATE

'

DWELLING

UNITS

*ri e

CREDIT

|

STARTED
Thousands

Exhibit D - Tables for Exhibit G
Stock Market

Stock price
index 1/

Date

1 9 5 9 - High
Low

5J4.11
22.95
58.68
54.37

April
MayMay 22
May 29
June 5
June 12

57.10
57.96
58.33
58.68
57.51
57.29

1 9 5 3 - 1 9 5 8 - High
Low

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

(12/24/58)
(9/18/53)
(5/29)
(2/6)

Stock market customer credit
Bank
Customers'
debit bal- loans to .
ances 4 /
"others" 5 /
(Mil]Lions of do]Liars)

Total

3.30
6.25
3.16
3.34

4.9
0.9
4.3
3.0

ll,U92
2,055
It,719
It,527

3.25
3.20
3.19
3.16
3.23
3.2k

3.4
3.4
3.2
3.0
3.0
3.1

It,719
n.a.
n.a.
, n.a.
n.a.
n.a.

:

V

3,285
1,314
3,399
3,253

1,317
669
1,332
1,210

3,399
n.a.
n.a.
n.a.
n.a.
n.a.

1,320
1,326
1,324
1,326
1,324
n.g.

n.a.—Not available.
g/ Preliminary.
1/ Standard and Poor's Tmposlte index of 500 ooirmon stocks, weekly closing prices, 1941-43=10, Monthly data,
are averages of daily figures rather than of Fridays' only. Highs and lows are for Fridays' data only.
2/ 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.
3/ Averages of dally trading volume on the New York Stock Exchange.
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.
Private Permanent Nonfarm Dwelling Units Started

Date

Total
Seasonally
adjusted
annual rate

1/

Unadjusted
Unadjusted

FHA

VA

Corn,',

(Thousands of units)
1 9 5 8 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 9 5 9 - Jan.
Feb.
Mar.
Apr.
May

1,039
1,057
1,174
1,228
1,255
1,303
1,427
1,432
1,364
1,403
B/1,390
2/1,390
2/1,340

101
101
109
115
111
113
107
90
84
94
E/117
2/133
g/131

26
28
30
30
32
35
26
25
20
20
30
34
34

^

6
8
11
13
14
15
11
9
7
6
10
11
10

69
65
68
71
65
64
70
55
57
67
2/77
e/*9
2/86

1/ Total starts are BLS estimates. A dwelling unit Is started when excavation begins; all units
in an Apartment structure are considered started at that time. FHA and VA starts are units started
under commitments by these agencies to Insure or guarantee the mortgages. As reported by FHA and VA,
a unit is started when a field office receives the first compliance inspection report, which is made
before footings are poured in some oases but normally after the foundations have been completed.
Capehart military housing units are excluded. Conventional starts are derived as a residual, although
total
and FHA and VA starts are not strictly comparable in concept or timing; they include both units
for FRASER
financed by conventional mortgages and units without mortgages.

Digitized


Exhibit E

H.lJU

- Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New capital
1957

1959

728 ..
857
1,553

1,060
1,065
1,320

636
855
639

812
953
511

71*2
572
506

l,lii0
597
887

931
765
1,453

2/910
V575
e/800

796
895
551

51*6
393

1,107
51*0
l,llk

1,003
92h
973

806
1*03
651

52?
581*
1*31

862
518
920

1,090
789
1,076

1*56
1*7U
1*35

698
633
698

2,216
e/2,ij26

3,139
2,623
2,760
2,300

3,W*5
3,11*9
2,899
2,951

2,130
5 / 2 , 2 85

2,276
2,2hk
1,860
1,365

1,820
1,701*
1,51*1*
2,029

e/l*,622

5,762
8,522
10,823

6,59k
9,193
12,W

e/U,iil5

1*,520
6,380
7,71*6

3,52k
5,069
7,099

1959
Jammer
Kebrtia ry
Larch
April
Hay

OUo
1\6
631
2/826
%750
e/850

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

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

State and local 2/
1
1958
1
1957

Co m o rate 1/
1
1958 rj |

Excluding finance companies h/
1st
2nd
3rd
jith

quarter
quarter
quarter
quarter

2,011
e/2,176

Year

2,899
2,586
2,731
2,213

3,237
2,88?
2,582
2,810

10,1*29

11,518

e/ Estimated.
__
_
1/ Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
3/ Includes $718.3 million AT&T convertible debenture issue.
k/ Total new capital issues excluding offerings of sales and consumer finance
Companies.




|

H.Ik

Exhibit F

|

Other Security Offerings 1/

|

(In millions of dollars)
Long-term
Foreign government 2/
Federal agenc] 3/
1958
1959
1
1959
1
1958
1957
1
1957

-

January
FebruaryMarch

77
59
2

197
54

April
May
June

56

139
200.
120

123
48
42

9
5
17

28
7
30

164

October
November
December

57
123
74

4
60
1

220

Year

995

507

2,321

July
August
September

—

84
49
30

199

April
May
June

190
m
2#

•

fi/497

July
August
September
October
November
December
Year

72

523

125

-.

175

60

•

215
100
—

Short-1
State and local government k/
JanuaryFebruary
March

1,163
251

"

—

572

Federal agency 3/

233
460
273

326
455
147

359
500
489

371
208
144

638
430
505

357
354
261*

205
337
153

486
675

209
161
329

336
469
501

289
123
.369

272
272
252

437
206
330

224
370
512

231
145
243

303
94
459

454
114
137

1,238
255
116

3,910

3,274

3,098

5,543

2/ P r e l i m i n a r y . '
1/ Data presented in this exhibit differ from those in Exhibit E in that refunding issues, as well as new capital issues, are included. Long-term securities are defined as those maturing in more than one year.
2/ Includes securities offered in the United States by foreign governments and
their subdivisions and by international organizations. Source: Securities and Exchange Commission.
3/ Issues not guaranteed by the U. S. Government. Source: long-term, Securities
and Exchange Commission; short-term, Federal Reserve.
4/ Principally tax and bond anticipation notes, warrants or certificates and Public
Housing
Authority notes. In some instances PMA. notes included may have a somewhat

longer tern than one year. Source: Bond Buyer.



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

Corporate

Month

1958 - May

State and
local government

356
281
771
209
825
259
227
305
369
340
215
359
342

-July
August
September
October
November
^
December
1959 - January
February
March
April
May

505
195
275
109
288
172
259
229
335
551
369
563
258

Other 2/

164
86
41
18
209
100
79
174
35
176
20
50

Large Individual Issues Offered June 1 through 12

Issuer

Type 3/

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

Rating

CORPORATE
Pub. Service Elec. & Gas
Florida Power Corp.
Florida Power & Light Co.
Duke Power Co.
Consolidated Nat. Gas Co.

lst&ref.mtg.bds.50.0
Com.stk.
17.6
1st mtg. bds. 25.0
Pfd. stk.
25.1
Cap. stk.
38.6

1989

5 1/8

1989

5*00

Aa

14.95

Aa

STATE AND LOCAL GOVERNMENT
Los Angeles Co. Flood Control Dist., California
Memphis, Tennessee
Pennsylvania State Hwy. &
Bridge Authority
New York, New York
State of Maryland
State of California
State of Connecticut
_OTHER

DigitizedNone
for FRASER


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

40.0

16.0

1961-89
1960-89

3.94
3.51

10.0 1961-79/67 3.55
27.0 1960-74
3.57
10.5 1962-74
3.15
100.0 1961-85/80 3.95
62.5 1964-97/69 4.30

2.40-4.00, , Aa
2.30-4.20& Aa
2.60-3.65
2.40-3.69
2.50-3.25
2.50-4.00
3.25-4.25

Aa
A
Aaa
Aa
A

G-2
Footnotes
n.a.—Not available.
1/ Includes corporate and other security offerings of *15 million and over;
State and local government security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues by Federal agencies.
3/ In the case of State and local government securities, G.O. denotes general
obligations; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.Ut., revenue bonds secured only by revenue from quasi-utilities;
Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent.,
revenue bonds secured solely by lease payments.
h/ 1/hs of 1989 not publicly reoffered.




Exhibit h

11. Ill

forthcoming Lai-ge Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues

Date of
computation

During month following
date shown
State and
Other 2/
Corporate
local govt.
266
768
161
785
113
20U
301
210
270
198
396
2U6
287

1958 - May 29
June 30
July 31
Aug. 29
Sept. 30
Oct. 31
Nov. 28
Dec. 31
— Jan. 30
Feb. 27
- Mar. 31
Apr. 30
May 29

177
225
55
2hl
2#
258
229
261
551
292
550
25U
2ii7

36

71
75
kS
20
50
—

Subsequent, to
date shown
Corporate

::al::vt.Her2/
208
235
125
U35
52k
675

h6k
1,0&8
381
91U
216
326
hoi
370
#5
279
176
3U6
332

36

683

71

515
856
Ufll
761
517
761

U
20
50

Forthcoming Large Offerings, as of June 12
Type

Issuer

Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE
Com. stk.

Virginia Electric & Power Co.

Conv. sub. deb.

Spiegel, Inc.

Com. stk.

Philadelphia Electric Co.

S . K deb.
1st mtg. bds.
1st mtg. bds.
Com. stk.
Conv. sub. deb.
Deb., bds. & common

Philip Morris, Inc. '
Northern Illinois Gas Co^
Long Island Lighting Co.^
International Recreation Corp.
-it-United States plywood Corp.
Commerce Oil Refining Corp.

23. u
15.4
29.±
kO.O
20.0
25.0
17.2
15.0
u5.0

June 18
(rights expire)
June 22
(rights expire)
June 23
(rights expire)
June 23
June 2k
June 25
June 26
July 17
Sumner

STATE AND LOCAL GOVERNMENT
Port of New York Authority
KYonkers, New York
Florida State Bd. of Education
California Toll Bridge Authority




|

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

30.0
11.6
12.0
3L0

June
June
June
June

17
18
23
2k

0

H-2

H.lli

Forthcoming Large Offerings, as of June 12 (Cont'd)

Type

Amount
Approximate date
(millions
of offering
of dollars)

STATE AND LOCAL GOVERNMENT (Cont'd)
Los Angeles Dept. of W'tr. & Pwr.,
California
Birmingham, Alabama
Territory of Hawaii
State of New York
^Jefferson Parish S. D. No. 1, La.
.Grant Co. Public Utility Dist. No.2,
Washington
Chesapeake Bay Ferry Commission
Commonwealth of Pennsylvania
New York Thruway Authority

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

15.0
22.8
19.8
50.0
10.0

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

200.0
1M.0
120.0
5o.o

Summer
Summer
Summer
Summer

S.F. deb.

33.2

July 1

June
June
June
June
July

2U
25
25
30
2

OTHER
Municipality of Metro. Toronto, Can,

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.14

Exhibit I
Yields on New and Outstanding
<Electric Power Bonds, Rated Aa and A 1/
A-rated offering yields
Aa-rated offering yields
Amount above
Amount above
Actual
Actual
seasoned
yields
(per cent)
(per cent) seasoned yields
(basis points)
(basis points)

Date
1952 - 1958
• High
Low

5.00 (9/14/57)
2.93 (3/31/54)

1958 - May
June
July
August
September
October
November
December
1959 - Jan. 7
20
28
Feb. 18
Mar. 11
25
26
31
Apr. 3
15
16
29
May 1

'

£

20
21
26
June 4

87
-3

3.87
3.87,,
k.oW

18
17
28

h'.kli/

16

*14.14,

23

4.60

34

k.hoZ/
4.43
k.k3
4.47

h
l
11
9
9
13

1.60
I.#,,
4.55^

22
a
7

4.95
L #

38
3k

5.00
b.9$

38
29

5.50 (11/7/57)
3.00 (3/17/54)
4.07

123
-15
6

4.162/

15

4.75^/

23

4.67

18

4.85
5.06

17
13

5.13

. 27

*—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 cm seasoned issues
^>f 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
Digitizedmore
for FRASER
issues with such a provision. Other issues have no such provision.



Exhibit J
Sources and Uses of Funds by
Life Insurance Companies
(In millions of dollars)

Cash

U. S.
Govt.
ities

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

1958 - Jan.
Feb.
Mar.
Apr.
MayJune
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year

1959 - Jan.
Feb.
Mar.
Apr.
May

Uses of Funds 1/
BusiState and
local govt, Mortgages
securities
ities

Other

Total
sources
or uses

28
-18
59
-9
-30
47
-17
22
138

11
-79
-62
5
-32
-32
13
-92
-181

1,294

7,026

1+2,133

2,377

-93
-51

-17
-1
-19
52
123

171
15
-119
11
-70
47
175
42
7
12
25
-139

221
106
277
208
135
194
182
128
201
303
133
394

51
10
23
13
28
35
24
36
19
25
31
13

1,365

7,205

44,615

2,685

37,097

14,452

107,419

-83
-57
-14
-24

280
-71
-185
22

185
223
251
2h2

59
30
66
49

114
139
136
116

171
174
108
80

726
438
362
485

20

-17
74
-20

20

172
169
184
324 '
163
198
244
212
258

10
26
2
14
11
7
13
10
10

172
186
144
163
195
154
170 .
132
237

34
135
65
87
77
93
6
110
7

427
419
392
584
384
467
429
394
469

35,271

13,206

101,309

191
125
140
113
116
10k
123
l4o
139
186
146
303

111
144
60
19
167
140
46
147
74
53
100
185

652
349
401
347
450
500
570
476
439
560
467
879

1/ Uses of funds represent net changes in assets and therefore reflec
rather than gross, uses.
Source: Institute of Life Insurance.




Exhibit K

H.ll*

Sources and Uses of Funds by
Savings and Loan Associations
(In millions of dollars)
Uses of Funds 1/
U. S.
Govt.
Mort- Other
Cash
gages assets
ities
2/
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year
19582/- Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year

1959 - Jan.
Feb.
Mar.
Apr.
May

26
lit
-1*0
1*1
21*
26
-5
23
-65

-1*9
39
185
-320
-103
11
-18
86
1*31

1*00
1*1*6 '
1*21
1*07
1*60
357 •
1*16
278
253

Total
sources
or uses

Sources of Funds
Net
change BorrowOther
savings ing 3/
capital

115
11*0
31
-9h
59
- 56
87
60
-5

1*92
639
597
3k
1*1*0
l*5o
1*80
1*1*7
611*

308
1*52
821
-52
252
321*
361
378
923

11
21
101
-37
37
1*7
16
10
125

173
166
-325
123
151
79
103
59
—1D4

2,ll*6

3,173

140,01#

2,770

1*8,138

1*1,912

1,379

It, 81*7

-119
173
209

19h
21*7
335
398

12
8

131
1*09
553
651*
679
803

1*50
373
1*81*
356

38
177
-297
-70
-76
-108
a
338

a
-19
-1
38
13

-377
-127
-89
113
-32
169

Uo
in
11*7
107
50
37

533
557
571*
605
1*65
532

2,569

3,821

1*5,599

-300
-26
1
-183

296
97
79
106

116

81

528
582

1*10
1*27.
593
701*

10
102
100
-37
-80
9
1*2
131

102
-1*1*

3,125

-53
80
92
153.

196

607
685
735

661
863
55, ill*

353
578
765
780

477
1,073

85
58
1*1
215

58
163
158
185
203
-303
173
199
160
176
11*3
-1|25

1*7,926

1,1*51

5,737

1*31*
1*08
529
1*20

-181
-57
-5
98

100
227
21*1
262

508
937
62
I4I4O

501

%

jo/ 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,
are not available.
2/ 1957 data adjusted to include mortgage pledged shares as currently reported,
Advances from Home Loan Banks and other borrowing.
Digitized for j/
FRASER
Source: Federal Savings and Loan Insurance Corporation.



Exhibit L

H.lU

Sources and Uses of Funds byMutual Savings Banks
(In millions of dollars)

Cash

U. S.
Govt.
ities

1957 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

-56
12
71
-73
-42
27
-2k
6
125

Value of Assets
at End of Year
1958

7,552

• Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. rj

-60
63
36
-1*7
-5
1*2
-66
-5
18
-8
-38
101

f Assets
of Year*/

921

Jan. y
Feb.
Mar.
Apr.
May

-76
-19 _
-72
-7
11
-17
-136
-136
-26

-96
18
45
-111*

-21
a
-85
-62
-36
11
19
-27
-92
-32
-2
7,266

119
39
62
-1*1*

Uses of Funds 1/
State and
local
Mortgovt.
gages Other
iUe2/
ities
Busi-

63

62
72
62
61
55

60

93
75

2
2
-1
7
-3
2
-3
7
-7

121
127
118
122
111
103
121*
100
•11*1

-20
62
-38
-29
28
18
-1*1
38
-9

a,331

682

20,951

761

160
86
86
97
120
-21*
34
8
34
-6

23
1*
6
It
-19
21*
8
2
2
-3
-1
-7

165
154
-195
253
193
198
181
195
151
171*

130
99

25
20
9
-29
1*0
5
-28
29
29
-1*6
43
-3

1*7

Sources of Funds
Total
sources
or uses

34
21*6
150
82
166
188
-20
108
299
35,168 .

278
251
343
94
269
261*
152
251
237
40
123
309

Net
change
in
deposits

Other

27
77
-115
66
76
-18
-54
72
-106

7

I69

265
16
90
206
34
36
I4O5
31,695

234
149
336
93
181
300
88
143
26?
95
42
418

,

3,473

44

102

7
•1
88
-36
64
108
-30
-55
81
-109

4,973

725

23,039

855

37,779

34,01*1

3,738

-16
6
-31
58

17
-1*
ia

208
125
175
155

-58
32
38
-32

175
216
330
-10

122
113
313
6

53
103
17
-16

-33

1/ Uses of funds represent net changes in assets and therefore reflect, net rather
than gross, uses.
2/ Includes Canadian government and political subdivisions, International Bank for
reconstruction and Development, non-guaranteed Federal agency and other bonds as well
as corporate bonds and stocks.
2/ Adjusted to eliminate the effect of a merger of a large savings bank with a
commercial bank.
Source.—Nat.
Assoc. of Mutual Savings Banks and Federal Deposit Insurance Corp.