Full text of H.16 Capital Market Developments : March 7, 1957

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Not for Publication DECONTROLLED AFTER SIX MONTHS
March 7 , 1957

H.lU
CAPITAL MARKET DEVELOPMENTS

(Including Monthly Review of Sources and Uses of
Funds of Financial Intermediaries)
The volume of large publicly offered securities was quite
large last week, particularly for corporate securities, but is expected to be somewhat smaller this week. During the week ending ;
March 1, offerings totaled $287. million for corporations, including
eviration of subscription rights for the $172 million issue of
Phillips Petroleum Company, and §60 million for State and local governments. This week, corporate security offerings are expected to total
$173 million, comprised of expiration of rights to £102 million in
common stock and new bond issues amounting to $71 million. State and
local government issues totaling $20 million are scheduled for sale.
Bond yields - Changes in yields on outstanding bonds were
mixed last week. Yields on U. S. Government (old series), corporate
Baa's and State and local government bonds increased while those for
Aaa corporate bonds remained stable and yields on U. S, Government
(new series) bonds declined 1 basis point. The increase was substantial for State and local government bond.yields.
On March 6, Columbus and Southern Ohio Electric Company's
A-rated, 30-year first mortgage issue was reoffered to yield lull per
cent—15 basis points below that for the last comparable issue, an
offering made on January 22.
Stock prices - The SEC index of 265 common stock prices
increased 3.0 points last week, closing at 263.3 on March 1. Daily
figures through Thursday of this week indicate some further increasein prices.
Institutional investors - With this report, three new exhibits — H, I, and J — have been added showing, on a monthly basis
the sources and uses of funds of selected institutional investors.
It is intended to include these exhibits once a month in the future,
showing data for a given month about six weeks after the end of the
period.




-2-

The increase in life insurance company assets during December
amounted to S5U5 million, one-fourth less than in December 1955.
Throughout 1956 the increase in life insurance assets was somewhat
smaller than in most corresponding months of 1955. In December, however, when the increase is seasonally large, the year-to-year difference was relatively greater than earlier in the year. Liquidation
of U. S. government securities was larger in most months of 1956 than
in the corresponding months of 1955; in December, however, sales of
auch securities, while in large volume, were smaller than a year
earlier.
In December, as earlier in the year and in 1955, most of
the available funds of life insurance companies were invested in mortgages and business securities. There was however an unusually large
increase in cash in December, The increase in holdings of State and
local government bonds was small in December as in most months. It
may be noted that only when a revenue bond issue which is competitive
on a.yield basis with taxable bonds is sold are life insurance companies important purchasers of such issues. Such purchases are reflected in an increase in life insurance assets considerably after
the date of sale; for example, the increase in January 1956 reflects
acquisitions of the Illinois Turnpike bonds which were sold in October 1955 but, because of litigation as well as the normal lag in
delivery and payment, were not delivered until that month.
The growth of deposits at mutual savings banks was somewhat
smaller in most of the early months of 1956 than a year earlier, but
increased growth late in the year resulted in a slightly greater
growth during the full year 1956 than in 1955. Deposits showed a very
large seasonal increase, #396 million, in December, reflecting the
payment of accrued interest and its transfer from other liabilities
to deposits.
In December as in most recent months,most of the available
funds of mutual savings banks were invested in mortgages, although
there was the usual seasonal buildup in cash. There also was a
small increase in holdings of business securities, as in nearly all
other months of 1956, in contrast to the decline in such holdings
during most of 1955.
The increase in savings capital at savings and loan associations was $86U million in December, about ten per cent greater than
a year earlier, and was seasonally large reflecting year-end dividend




payments. In most months of 1956, the growth in savings capital
was larger than in the corresponding months of 1955* These associations, however, repaid, borrowings in 1956 in contrast to the substantial increase in borrowings in 1955. Nearly all available funds
were invested in mortgages in December as is usual, although cash
holdings increased markedly in anticipation of the usual heavy
January withdrawals.
More detailed information concerning recent 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

H I G H - G R A D E BOND YIELDS

1953

1954

1955

long-term 2 /
Corporate

Date

Ola series

New series

.

1956

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

(Per cent)
1953 - High
1951 - High
Low
1 9 5 5 - High
Low
1956 - High
Low
1957 - High
Low
February
February
"February
February
March 1
y

1
8
15
22

(6/19)

3.U2
2.99
3.09
2.85
3-17
2.91
3.79
3.07
3.82
3.66

3.15
2.78
(V9)
(1/8)
2.7U
(V23)
2 M
(12/23) 2.9k
(1/7)
2.62
( 1 2 / 2 8 ) 3.1*9
2.80
(3/2)
(1A)
3.53
(3/1)
3-15

3.72
3.69
3.67

3.20
3.15
3.15
3.2k
3.27

3.66

3.66

(6/6)

n.a.

(12/26)

(1/9)
(8/7)

(8/5)

(V7)
(12/21)
(2/17)
(1/W

(2/15

3.03
2.89
3.39
2.92
3.U5
3.22
3-29

3,22

3.26
3.29

3.28

2.73
1.98
2.21
1.90
(8/5)
2.3U
(6/10)
2.05
(12/28) 3.05
(2/3)
2.17
(1A)
3.05
(2/8)
2.76
2.87
2.81
2.76
2.76
2.83

(6/25)
(V8)
(6/10)

(9/2)
(9/8)
(5/26)
(12/27]1
(2/%)
(l/io)
(2/21)

• 38
.19
.13
.32
.3U
.13
.hh
.13
• 5U
.29

" .81
.30
.61
.29
.70
.514
.68
.32

.52
.5U
.52

•33
.31*
.39

.k2

$

.39

Week]-y average of daily figures.• Average term of bonds included is 2 5 - 2 6

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 1/L per cent bond of 1978-83.
i/ Thursday figures. Only general obligation bonds are included; average
term is 20 years.
Note.—Highs and lows are for individual series.and may be on different dates
for different series.




/
EXHIBIT B

LOWER - GRADE BOND YIELDS

\P

Date

Corporate
Baa 1/

State and
local govt.
Bad 2/

State and
local govt,
rev. 3/

(Per"cent)

1957 - High
Low.

3.89
3.50
3.7k
3.a
3.63
3.145
4.41
3.58
4.50
4.46

February
February
February
February
March 1

4.48
4.48
4.47
4.46
4.47

1953 - High
Low
1954 - High
Low
1955 - High
Low
1956 - High

1
8
15
22

(9/18)
(1/2)
(1/8)
(12/31)
(12/30)
(1/14)
(12/28)
(3/9)
(1/18)
(2/22)

3.79 (6/25)
2.96 (1/8)
3.32 (1/7)
2.93 (8/5)
3.26 (12/29)
3.02 (1/6)
4.22. (12/27)
3.20 (3/8)
4.22 (1/10)
3.90 (2/21)

3.27
2.71
3.00
2.72
2.99
2.76
3.98
2.89
3.98
3.70

4.08
4.00
3.94
3.90
3.99

3.81
3.80
3.70
3.70
3.83

(6/26)
(1/2)
(1/1)
(8/13)
(12/30)
(1/7)
(12/28)
(2/24)
(1/4)
(2/22)

1/ Weekly average of daily figures.* Average terra of bonds
included is 25-26 years.
2/ Thursday figures. Only general obligation bonds are included; average term is 20 years.
Friday figures. Average rating of bonds included is
between Baa and Aj average tern is 20 years.
Note.—Kighs and lows are for individual series and may
be on different dates for different series.




STOCK MARKET

Trading
Stock price
index 1/

Common

(millions yields j/
of shares) (per cent)

Stock market customer credit
Customers»
debit bal- loans to
"others" SJ
ances h/
(Millions of dollars)

1953 - High
Low
195U - High
Low
1955 - High
Low
1956 - High
Low
1957 - High
Low

167.1
ia.0
221.U
156.5
270.7
217.lt
295.5
257.1*
279.2
260.3

January
February
February 15
February 22
March 1

273.0
262.1*
261.5
261.3
263.3

(1/2)
(9/18)
(12/31)
(1/6)
(12/30)
(I/Hi)
(8/3)
(1/20)
(1A)
(2/8)

1,665
l,31it
2,388
1,653
2,805
2,517
2,823
2,7ltO

2.5
0.9
3.7
l.lt
It.6
1.5
3.1
1.5
2.7
1.7

5.75 * 2 , a s
5.15
2,055
5.33
3,It*
It. 20
2,lt05
It.22
It,030
3.78
3,537
It,01,7
It. 25
3.86
3,9llt
It.ltlt
n.a.
U.31

2.2
2.0
2.It
1.7
1.7

U. 31
It.ltlt

3,903

2,762

n.a.

n.a.

n,a.

n.a.

780
66U
1,0U8
7lt6
l,2ltl
1,018
1,267
1,155
1,163
1,119
1,11*1
n.a.
1,119
1,121
n.a.

available
V SEC index of 265 cannon stocks, weekly closing prices, 1939*100; converted
to 19u7-l;9-100 by Federal Reserve. The conversion factor is 123.91.
Averages of daily trading volume on the New York Stock Exchange.
Moody's 200 common stocks; end of month figures.
End of month figures for member firms of the New York Stock Exchange which
—
cany 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 72 per cent of loans to others.
Note.—Highs and lows are for individual series and may be on different dates
for different series.

f




H.lU

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

January
February
Aarch

1957

Corporate
1 1956
|

e/1,100
e/1,000
e/1,275

579
704
790.

New capital
|
State and local
I 1956
|
1 1957

1955
535
407
1,223

e/660
^/525
e/325

1955

' hOh
696
390

535
312
538
427
350
641

April
May
June

816
1,144
830

687

377
490
735

July
August
September

1,066
#9
#6

597
6a
670

376
199
333

470
249
406

1,162 ^
632
900

645
311
kn

919
658
408

1,490
1,603
908
.1,383

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

October
November
^December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

i,%e^/
1,09k
2/3,375

1st half
'
Three quarters
Year

2,073
2,790
2,571

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

4,863
7,434
10,363

4,217
6,128
8,821

e/1,510

3,093
4,001
5,33 4

2,803
3,927.
5,911

excluding finance companies 3/
1st quarter
2nd quarter
3rd quarter
iith quarter

e/3,175

Year

1,617.
2,520
2,263
2,331*

1,727
1,870
1,434
2,554

'9,2314

7,54

1/ Includes &637.2 million AT&T convertible debenture issue,
2/ Includes $571*5 million AT&T common stock issue.
.
3/ 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

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

Corporate

i

State and
local government
192
Uhh
163
- 157
233
L63
161*
35
16k
383
135
201
366
306

95
212
. 278
395
623
185
592
217
558
306
701
Ii30
567
671

Other 2/

50
20
37

-

35
100
50

Large Individual Issues' Offered February 1 through %&rch ]_

Issuer

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

CORPORATE
Carrier Corp.
Conv.sub.deb. 18.0
Douglas Aircraft Co.
Conv.sub.deb. 27.9
Stanrock Uranium Mines,Ltd. 1st mtg. bds. 16.0
Potomac Electric Power Co.
Deb.
18.0
Trans-CanadaPipe Lines,Ltd Deb. & Common 20.
Ohio Edison Co.
Common stk. 27.0
Southern California
1st. & ref.
mtg. bds.
37.5
Edison Co.
Common stk.199.3
Socony Mobil Oil Co.
Colorado Fuel & Iron Corp, Conv.S.F. deb. 19.9




1982
1977
1963
19.82
1987

h 1/8
k
5 3A
L5/8
5.60

It.03
3.89
V
kTUS
y

Baa
Baa
A

1982

h 1/h

a.25

Aa

1977

h 7/8

!i.88

Ba

H.lli

E-2
Large Individual Issues Offered February 1 through March 1 (Cont'd)

Issuer

Type 3/

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

- CORPORATE (Cont'd)
Phillips Pet"oleum Co.
Conv. deb.
Illinois Bell Telephone Co 1st mtg. bds.
Potomac Elec. Power Co.
Pfd. stk.
United Gas Corporation
lst&coll. tr.
Commercial Credit Co.
Sub. notes

171.8
40.0
15.0
35.0
25.0

1987
1988

4 1/4
4 1/4

4.25
It. 17

1977
1977

4 1/2
4 1/2

4.33
4.65

A
Aaa
A
.—

STATE AMD LOCAL GOVERNMENT
Milwaukee Co., Wisconsin
G.O.
11.2 1958-67
San Diego Unified School
Dist., California
G.O.
5.0 1959-78
New York, New York .
G.O.
25.2 1958-66
Fresno Unified Sch. Dist.,
California
G.O.
5.5 1958-77
Public Housing Authorities
28.6 1958-97
^State of Missouri
G.O.
20,0 1958-77
Allegheny Co. Sanitary
Auth., Pennsylvania
Swr. rev.
15.0 1961-96
State of New York
G.O.
40.4 1959-2007
San Francisco (City & Co.),)
California
j G.O.
23.6 1958-72
St. Louis, Missouri
j! G.O.
12.1 1963-76
Montgomery Co., Maryland j G.O.
6.0 1958-87
Elizabeth, New Jersey
! G.O.
5.0 1958-87
El Paso Co. Sch. Dist.
|
. No, 11, Colorado
| G.O.
6.9 1958-76
Los Angeles, California
| Wtr. rev.
9.0 1958-87
Puerto Rico Aqueduct &
f
Sewer Authority
Rev.
12.0 1958-92
Fort Worth, Texas
Wtr. & swr. rev. 6.0 1958-82
Fort Worth, Texas
G.O.
4.0 1958-82
Dallas Ind. Sch. Dist.,
Texas
G.O.
7.5 1958-77
Jacksonville, Florida
Elec. rev.
8.0 1958-76
Pennsylvania State Univ.
Rev.
10,8 1961-99
Georgia Farmers Market
Authority
Rev.
10.0 1958-82
State of Delaware
G.O.
10.8 1958-77
Houston Ind, Sch. Dist;,
Texas
G.O.
16.8 1958-87
'Seattle, Washington
j G.O.
6.5 1959-77




2.48

2.00-2.45

Aaa

3,07
2.89

2.35-3.10
2.25-3.00

A
A

2.79
2.82
2.39

2.10-2.85
1,95-2.85
1.80-2.40

Aa
Aaa
Aaa

3.21
2.67

2.60-3.22
2.00-2.90

Aaa

2.57
2.68
3.52
3.06

1.85-2.60 Aa 2.30-2.70., Aa
2.25-3.602/ Baa
A
2.10-3.15

2.88
3.12

2.00-2.80 •Aa
2.00-3.15 Ad.

4.04
3.34

2.75-4.00
2.20-3.35
2.25-3.35

Baa
A
A '

3.10
3.13
n.a.

2.10-3.15
2.15-3.15
3.00-3,90

A
Aa

4.03
2.73

2.50-4.00
2.00-2.75

Aa

3.50
3.21

2.35-3.50
2.35-3.25

A
n.a.

H..1k
&

E-3
Large Individual Issues Offered February 1 through March 1 (Cont'd)
Issuer

Quebec Hydro-Electric
Commission

Type 3/

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

50.0 '

1977

a 3/8

4.b7

n»a. --not available.
1/ Includes corporate and other security offerings of §l£ million and over;
State and local government security offering? of $5 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
obligationj Rev., revenue bondsj G.R., general obligations additionally secured by
facilities revenuesj L.L. limited liability obligatiooa aenured by pledge of
designated revenues.
h/ Offered in units with common stock.
2I
of 1987 not reoffered.




H.lij.

Exhibit F
Forthcoming Large Public Security Offerings for New Capital
(Other than U. S. Treasury) l /
Expected Proceeds from Forthcoming Large Issues

Date of
computation
1956 - Feb. 29
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept. 28
Oct. 31
Nov. 30
Dec. 31
1957 - Jan. 31
Feb. 28

Subsequent to
During month following
date shown
date shown
State and
State arid
Other 2/
Corporate
Other 2/ Corporate
local govt*
local govt.
123
380
568
198
437
2U7
369
315
683
436
476
591
740

220
1.32
173
332
81
131
'359
162
48
280
153
153

__

"

37

23
100
35

233
1,013
818
as
567
1,096

785
811
832
941
690
726
958
1,197
955
979
763
648

1,202
1,009
990
481

796
966

631

795

37

23
100
35

Forthcoming Large Offerings, as of March 1
' Issue#

Type

Amount
Approximate date
(millions
of offering
of dollars

CORPORATE
Anaconda Co.
Columbus & Southern Ohio Elec. Co.
Connecticut Light & Power Co.

Common stk.

86.7

1st mtg. bja*
Common stk.

16.0
15.3

Southern Counties,Gas Co.
Texas Eastern Transmission Corp.
Commonwealth Edison Co.
Central & South West Co.
American Natural Gas Co.

1st mtg. bds.
1st mtg. P. L. bds.
1st mtg. bds.
Common stk.
Common stk.

15.0
40.0
50.0
20.0
24.1

Dresser Industires, Inc.
Consolidated Edison Co.

Conv. sub. deb.
Conv. deb.

20.0
54.8

1st mtg. bds.
Deb.
- Common stk.

29.0
50.0
23.5

Conv. pfd. stk.

I5.5

Appalachian Electric Power Co.
Public Service Elec. & Gas Co.
Consumers Power Co.
Lone Star Gas Co.




March 5
(rights expire)
March 6
March 6
(rights expire)
March 7
March 7
March 12
March 13
March 14
(rights expire)
March 14
March 15
(rights expire)
March 20
March 20
March 22
(rights empire)
March 25
(rights expire)

H.lU

F-2
Forthcoming Large Offerings* as of March 1 (Cont'd)
Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE (Cont'd)
American Tel. & Tel. Co.
Southern Company
Michigan Wisconsin Pipe Line Co.

Deb.
Common stk.

250.0
30.0

1st mtg. bds.

25.0

March 26
April k
(rights expire)
Winter

STATE AND LOCAL GOVERNMENT
University of Illinois
Rev.
6.8
*State of Rhode Island
G.O.
13.0
G.O.
•Ferndale Sch. Dist., Michigan
5.5
Wtr. rev. .
•Chicago, Illinois
15.0
Memphis, Tennessee
G.O.
11.5
G.O.
6.0
Broward Co. Spec. Tax Sch. Dist., Fla.
•Alabama Highway Authority
Rev.
1U.0
G.O.
. 20.2
•tiommomreal-bh of Massachusetts
Dade Co. Tax Dist. No. 1, Florida
G.O.
10.0
•Glendale, California
Eleco rev.
6.5
•Louis iana State Bldg. Author ity
G.O.
9-9
•State of South Carolina
, 10.0
G.O.
•Palm Beach Sch. Dist. No. 1, Florida
G,0.
6.9
•State of Ohio
Thoroughfare rev .
32.0
20.0
•Los Angeles City Sch. Dist., Calif.
G.O.
Jacksonville Expressway Authority
Rev.
U2.0
State of California
G.O.
75.o
Pennsylvania Turnpike Commission
Rev.
62,0
Inter-American Center Auth., Florida
Rev,
20.0
New York State Thruway Authority
• G.O.
50.0
Florida State Turnpike Authority
Rev.
185.0
Oklahoma Turnpike Authority
Rev.
65.0
State of Connecticut
Expressway rev.
54-o

March 5
March 6
March 11
March 12
March 13
March llj.
March 19
March 19
March 20
March 20
March 20
March 20
March 25
March 2J
April 2
April 9
April 2k
Winter
Winter
. Winter
Winter
Winter
Winter

OTHER
None

-

|

*-rIncluded in table for first time.
l/ Includes corporate and other issues of $1$ 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.
Hote. —Deletions-^Por reasons other than sale of issue: None.




H.Ik

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) (basis points) (per cent) (basis points)

Date
1952
1953
195k
1955
1956
1956

average
average
average
average
average
- January
February
March
April
May
June
July 3
18
25
August 1
30
September 11
13
25
October 10
31
November 21
December 6
12

1957 - January 8
16
18
22
2k
February 5
19
27

|

I

J

;

3.16
3.46
3.02
3.23
3.81
None
*3.15
3.28
*3.77
*3.53 .
*3.52

13
16
2
9
35
3
11
no
19
18

3.62
3.70

26
33

1.07
1.20
4.17
4.01

52
62
58
37

4.20
It. 30

U8
52

It. 30

47 .. .

4.50

62

U.U3

56

il.ko

4.29
1,25
4.22

53
45

|

3.35
3.78
3.12
3.33
o/3.71i
~ None
3.23
3.45
3.61
o/3.76
~*3.75
3.82

11
26
-3
12
c/28

LOO

43

4.40

63

4.58

70

' -6
15
26
28
27 ,
28

4.67

70

4.56

57

43 .

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.
o—Corrected.




Exhibit H
Sources and Uses of Funds by Life
Insurance Companies
Monthly

Cash

1955 - Jan.
Feb.
Mar.
Apr.
May

Uses of Funds
1/
U.S.
Busi- State and
Govt.
ness
local
Mortsecurgages
govt.
ities
ities • securities

-62
209
-28
9
-81
-11*8
- 2
Ik
l*o . - U7
-• 12
- 3
30
50
81*
75
-27
- 51
-102
- 9
-136
67
5 U „ -3U5

July
Aug.
Sept.
r
oct.
Nov.
Dec.
Value of Assets at
End of Year
|
|l,251* 8,546

173
63
277
1U3
168
Ikk
251
- 9
209
261
153
295
37,58k

1956 - Jan. 11 - 87 -153
275
Feb. ! -113 -157
221
Mar. I - Ik
-191
175
' Apr.
27
118
ko
May
19
li*8
June g - 8 - 65
106
July
15
298
- 35
Aug.
- 29 -108
155
13
27 . 51*
Sept,
Oct..
16 . 1*5
109 .
Nov.
16
-101
98
Dec.
161* -217
193
Value of Assets at
End of Year
1,273 7,532 39,534

10U
. 37
-10 .
1
- 9
1
22
1*
7
- 3
11 •

282
.21*9
268
222
268
267
261*
253
21*9
313
30i*
565

Other

Total
sources
or uses

73
82
67
55
31*
51*
51
1*6
58
17
91*
11*8

779
1*12
373
1*33
1*51*
1*51
668
1*1*9
1*1*2
1*87
1*79
728

1,998

29,1(33

11,1*01*

90,219

127
19
9

367
302
281
268
31*0
#3
328
265
211*
288
3:0
308

91*
126
1*3
29
58
. 61*
55
91*
101*
- 5
71
89

623
398
303
1*82
1*53
398
701*
1*12
1*19
1*58
1*05
51*5

33,017

12,226

95,819

-13
8
1*3
15
7
5."
11
8
2,237

1957 - Jan.
Feb.
Mar.
~kl
Uses of funds represent net changes in assets and therefore reflect
et, rather than gross, uses.
Source: Institute of Life Insurance.




.Exhibit I
i
Sources and Uses of Funds
by Savings and Loan Associations
Monthly
(in millions of dollars)
Sources of Funds
Uses of Funds 'i/
Net
U.S.
Total • change BorrowGovt,
Other
MortCash
Sources
Savings ing 2/ Other
secur- gages Assets
or Uses Capital
ities
-10"
71*
67
5
38
-50
-88
31
25
3
18
126
July -2hk - 57
Aug.
-66f
15
Sept, -Ul -19
Oct.
1
117
Nov.
11
67
Dec.
3
268

1955 - Jan.
Feb.
Mar.
Apr.
May

Value of Assets at
End of Year
Jan.
1956^ ,
Feb.
Mar.
Apr.
May

-32
15
1*2

50
93
12
-71
1*0
ii
97
15

2,067 2,342 31,1*61 1,791
- 1*8

- Ill*
- 58
9
121
July -169
Aug.' - 90
Sept. - 1*3
Oct.
37
Nov.
58
Dec.
302

Value of Assets at
End of Year

30l*
335
535
533
551
611
531*
581
U83
336
2h6
218

108
76
57
56
1*5
-32
35
39
13
11*
28
17

236
-19
305
53
1*8
1*03
1*09
89
1*1*5 137
1*61
29
391* -81*
1*52 . - 1
353
55
68
366
291
85
271* -15

335
1*21
56k
525
671
766
275
569
1*35
1:99
1*20

503
37,719
276
1*31*
1*63
1*96
6#
599
175
1*00
• 377
1*85
1.61
578

U63
323
355

SI

29U
270
1*16
386
78U

-166
- 32
6:
73
207
62
129
111
73
18
51i

38
130
200
150
183
-156
91
1U6
51
10
16
-335

32,192 1,558

3,969 •

1*23
358
359
330
1*75
811
131
287
267
1*11
391*
861*

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

2,11*2 2,798 35,870 2,236 1*3,098 37,302

-197
- 71*
- 51
- 3
- 2
57
- 59
16
32
h
82

1,355 1*,1*1*1

1957 - Jan.
Feb.
Mar.
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
1 to be small> is not available.
2/ Advances from Home Loan Banks and other borrowing.
Source: Federal Savings and Loan Insurance Corporation.




.

Exhibit .tf
Sources and Uses of Funds by .
Mutual Savings Banlcs
Monthly
(in millions of dollars)
Uses of Funds l/
Sources
U.S.
Busi- State and
net
Total
govt. ness . local MortSources changes
Cash
Other
Other
securgovt.
gages
or Uses
in
ities ities
Deposits
secur• ities
Jan.
2
30
Feb.
8
-hi
Mar.
6
- 1
Apr.
b$
-17
May
16 - lh
June
36 - 58
July
-65
3h
Aug.
9 - 7
Sept. -10 - hS
Oct.
-25 -111 .
Nov.
- 6 - 73 .
Dec.
73 - 13
Value of Assets
at End of Year
1956 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year

8,U6o

965
-52
-lh
-13
-56
- 2
85
-63
-19

21
8
8
- 52
- h2
- 75
- 7
- hi
- 37
-33 —1U7
-22 - 78
1U8 - 29
913

-

11
:8
7
-16
-38
-10
-32
-ho
-23
-10
-35

31
7
13
- 2
' 5
2
19
- 3
-20
- 5
-12
2

3,3U6

637

13
3h
3
2
19
39
3h
2
lh
13
-7
13

7,970 3,526

.

l61|
166
220
18k
192
229
213
231
232
221
177
200

2hS
166
260
50
191
19U
1U6
201
158
5U
87
2I4.6

17,215 621 31,271

192
25
2
190
16
205
-3 ' 183
-5
19h
-2
186
1
198
- i
227
186
-5
205
-5
175
152

670

7
20
15
-2h
30
- 8
-23
11
2h
-16
36
-15

-20
18
32
5
62
-33
-2U
16
'25
-15
53
-18

19,533 693

195
105
266
a
125
- 2ko
97
13h
182
85
27
328
28,187

179
139
222
135
251
. 238
1*5
79
226
162
200
28h
139
76
181
102
183
159
18 •
62
122
50
236
396
33)306

30,028

5o
61
- 6
6
66
-hi
h9
67
-2h
-31
60
-82
3,087
ho
87
13
3h
6h
- 8h
63
79
2h
- W
72
-160
3,278

1957 - Jan.
Feb.
Mar.
1/ Uses of fi.nds represent net =changes -in.-assets and+therefore reflect net,
rather than gross, uses.
Source: National Association of Mutual Savings Banks and Federal Deposit
Insurance Corporation.