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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 . September 1 9 , 1957 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 q u i t e l a r g e l a s t week s 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 , but i s e x p e c t e d t o be somewhat s m a l l e r t h i s week. During t h e week ending September 13, l a r g e c o r p o r a t e i s s u e s , i n c l u d i n g e x p i r a t i o n of s u b s c r i p t i o n r i g h t s , amounted t o $350 m i l l i o n . Large S t a t e and l o c a l government i s s u e s t o t a l e d $39 m i l l i o n and a f o r e i g n government i s s u e f o r $30 m i l l i o n was a l s o s o l d . This 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 f l o a t l a r g e i s s u e s t o t a l i n g $118 m i l l i o n . S t a t e and l o c a l government o f f e r i n g s w i t h a g g r e g a t e p r o c e e d s of $80 m i l l i o n a r e a l s o scheduled f o r s a l e . Another S t a t e and l o c a l g o v e r n ment i s s u e s c h e d u l e d f o r s a l e t h i s week was n o t s o l d , M i s s o u r i r e c e i v e d no b i d s f o r i t s $30 m i l l i o n A a a - r a t e d , g e n e r a l o b l i g a t i o n i s s u e , which carried a 3 per cent i n t e r e s t cost l i m i t a t i o n . There h a s been a marked i n c r e a s e t h i s y e a r i n t h e i n c l u s i o n i n c o r p o r a t e s e c u r i t y f l o t a t i o n s of some t y p e of p r o t e c t i o n f o r i n v e s t o r s a g a i n s t e a r l y r e d e m p t i o n . Thus f a r t h i s y e a r , 17 of t h e l a r g e r i s s u e s s o l d p u b l i c l y a g g r e g a t i n g n e a r l y $800 m i l l i o n , have c a r r i e d n o n c a l l a b l e p r o v i s i o n s . I n a d d i t i o n , 32 i s s u e s , t o t a l i n g about $1,200 m i l l i o n , have had n o n - r e f u n d a b l e p r o v i s i o n s s p e c i f y i n g a p e r i o d of t i m e d u r i n g which t h e company may n o t r e f u n d t h e i s s u e w i t h l o w e r i n t e r e s t r a t e o b l i g a t i o n s . This i s i n marked c o n t r a s t t o e a r l i e r p e r i o d s when t h i s t y p e of p r o v i s i o n was a r a r i t y . Four of t h e l a r g e i s s u e s o f f e r e d t o t h e p u b l i c l a s t week were c a l l - p r o t e c t e d o f f e r i n g s . The l a r g e s t i s s u e , t h e S p e r r y Rand C o r p o r a t i o n 1 d e b e n t u r e i s s u e which i n c l u d e d a p r o v i s i o n r e s t r i c t i n g r e f u n d i n g f o r 10 y e a r s , met w i t h e x c e l l e n t market r e c e p t i o n . The company a l s o i n c r e a s e d t h e number of common s t o c k p u r c h a s e w a r r a n t s a t t a c h e d t o t h e bonds b e yond t h e amount o r i g i n a l l y announced. I n c o n t r a s t , t h e two u t i l i t y bond i s s u e s o f f e r e d l a s t week, which were n o t c a l l - p r o t e c t e d , were o n l y p a r t i a l l y s o l d a t t h e end of t h e week. Bond y i e l d s - Changes i n y i e l d s on o u t s t a n d i n g bonds were mixed, b u t minor l a s t week. Yield's on U.S. Government ( o l d s e r i e s ) o b l i g a t i o n s i n c r e a s e d , w h i l e y i e l d s on B a a - r a t e d c o r p o r a t e and 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 A a a - r a t e d c o r p o r a t e and S t a t e and l o c a l government bonds and U.S. Government (new series) obligations declined. , Stock market 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 , e x t e n d e d on U.S. Government s e c u r i t i e s ) c o n t i n u e d t o d e c l i n e d u r i n g A u g u s t , r e a c h i n g a l e v e l of $ 3 , 9 2 9 m i l l i o n a t t h e end of t h e month. The d e c l i n e of $75 m i l l i o n r e s u l t e d f r o m a $52 m i l l i o n - d e c r e a s e i n n e t d e b i t "balances a n d a $23 m i l l i o n d e c l i n e i n bank l o a n s t o " o t h e r s " . B o r r o w i n g b y member f i r m s of t h e NYSE m a i n t a i n i n g m a r g i n a c c o u n t s ( e x c e p t b o r r o w i n g s on U . S . Government s e c u r i t i e s ) d e c l i n e d f u r t h e r l a s t month. 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 d e c l i n e d , t o t a l i n g $816 m i l l i o n a t t h e end o f A u g u s t . T h e s e and o t h e r d a t a on s t o c k m a r k e t c r e d i t f o r A u g u s t a n d J u l y a r e shown i n t h e f o l l o w i n g t a b l e . End of month August July Change ( M i l l i o n s of d o l l a r s ) Customer c r e d i t Excluding U.S. Govt, s e c u r i t i e s - t o t a l • Net d e b i t b a l a n c e s Bank l o a n s t o " o t h e r s " Net d e b i t b a l a n c e s s e c u r e d by U.S.' G o v t , s e c u r i t i e s Bank l o a n s t o o t h e r s f o r p u r c h a s i n g o r c a r r y i n g U . S . Government s e c u r i t i e s B r o k e r and d e a l e r c r e d i t Money b o r r o w e d e x c e p t on U.S. G o v t , s e c u r i t i e s On c u s t o m e r c o l l a t e r a l Money b o r r o w e d on U.S. Government s e c u r i t i e s Customers' n e t f r e e c r e d i t balances 3,929 2,833 1,096 29 U,Q0U 2,885 1,119 32 2b 23 2,03$ 1,795 58 816 -75 -52 -23 -3 " 2,079 ^ 1,87k 59 829 +1 -lilt -79 -1 -13 c/ Corrected. S t o c k p r i c e s - S t o c k p r i c e s , a s m e a s u r e d by t h e SEC i n d e x of 265 common s t o c k s i n c r e a s e d s l i g h t l y l a s t w e e k , c l o s i n g a t 2 6 9 . 7 on S e p t e m b e r 1 3 . The volume of t r a d i n g i n c r e a s e d , a v e r a g i n g 1 . 8 m i l l i o n s h a r e s a d a y . D a i l y f i g u r e s f o r t h e f i r s t t h r e e d a y s of t h e week show l i t t l e c h a n g e i n p r i c e s on b a l a n c e . I n s t i t u t i o n a l i n v e s t o r s - I n J u l y , l i f e i n s u r a n c e company a s s e t s i n c r e a s e d more t h a n a y e a r e a r l i e r , w h i l e t h e i n c r e a s e i n d e p o s i t s a t m u t u a l s a v i n g s b a n k s was s m a l l e r and s a v i n g s c a p i t a l a t s a v i n g s a n d l o a n a s s o c i a t i o n s showed a n e t d e c r e a s e . 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 d u r i n g J u l y amounted t o $766 m i l l i o n , a b o u t 8 p e r c e n t g r e a t e r t h a n i n J u l y 1 9 5 6 . I n t h e f i r s t h a l f of t h i s y e a r , t h e r i s e i n a s s e t s was b e l o w t h e 1956 rate. L i f e i n s u r a n c e company h o l d i n g s of U.S. Government s e c u r i t i e s i n c r e a s e d i n J u l y , w h e r e a s t h e y d e c l i n e d l a s t y e a r . As h a s b e e n t h e c a s e 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 h o l d i n g s of m o r t g a g e s was s m a l l e r i n J u l y t h a n a y e a r a g o , b u t t h e i n c r e a s e i n " b u s i n e s s • s e c u r i t y p o r t f o l i o s was a b o u t 1*0. p e r c e n t g r e a t e r . The growth i n d e p o s i t s a t m u t u a l s a v i n g s banks was n e a r l y 80 p a r c e n t below l a s t y e a r , r e f l e c t i n g a much g r e a t e r i n c r e a s e i n w i t h d r a w a l s t h a n i n d e p o s i t s a s compared w i t h J u l y 1956. ( S a v i n g s and time d e p o s i t s a t commercial banks c o n t i n u e d t o r i s e more r a p i d l y t h a n i n 1956, b u t a t a somewhat l e s s r a p i d pace t h a n i n e a r l i e r months of t h i s 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 by s a v i n g s banks i n J u l y was t h e same a s l a s t y e a r . Net a c q u i s i t i o n cf mortgages was o v e r 35 p e r c e n t s m a l l e r t h a n a y e a r a g o , whereas n e t p u r c h a s e s of b u s i n e s s s e c u r i t i e s was over 80 p e r c e n t l a r g 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 d e c l i n e d i n J u l y , t h e f i r s t a b s o l u t e " d e c l x n e s i n c e J u l y 1950. A s u b s t a n t i a l ' i n c r e a s e i n w i t h d r a w a l s exceeded t h e i n c r e a s e i n d e p o s i t s a t t h e a s s o c i a t i o n s . Funds i n v e s t e d i n mortgages were t h e same a s a y e a r e a r l i e r , w h i l e h o l d i n g s of U.S. Government s e c u r i t i e s i n c r e a s e d s l i g h t l y and h o l d i n g s of cash were reduced s h a r p l y . 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 market 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 . B u s i n e s s F i n a n c e and 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. H I G H - G R A D E B O N D YIELDS U. S . G o v t . . l o n g - t e r m * / Corporate Aaa 1 / Old s e r i e s New s e r i e s Spread between S t a t e and 0 . S. Govt. l o c a l g o v t . ( o l d s e r i e s ) and Aaa y CorporateI S t a t e and Aaa [ l o c a l Aaa (Per cent) 1953 - High Low 195U - High Low 1955 - High 1956 - High Low 1957 - High Auguet 16 August 23 August 30 September 6 S e p t e m b e r 13 3.1*2 2.99 3.09 2.85 3.17 2.91 3.79 3.07 U.12 3.66 (6/19) (1/9) (1/8) (U/23) (12/23) (1/7) (12/28) (3/2) (9/6) (UA2) li.09 h.ll U.12 U.12 U.ll 3.15 (6/6) 2.73 (6/25) 2.78 (12/26) 1.98 (1/8) 2.21 (6/10) 2.7U ( 1 / 9 ) 2.62 (1/7) 3.U9 2.80 3.70 3.15 3.66 3.62 3.60 3.58 3.60 (12/21) ( 2 / L7 ) (6/21) (2/8) n.a. 1.90 3 . 0 3 ( 8 / 5 ) 2.3U 2.89 (6/10) 2.05 3.39 (12/28)3.05 2.92 (2/3) 2.17 3 . 6 6 ( 8 / 1 6 ) 3.U5 3.22 (2/8) 2.76 3.66 3.63 3.63 3.61 3.59 , 3.37 3.UU 3.U5 3.UU 3.U3 (9/2) (9/8) (5/26) (12/27) (2/23) (8/29) (2/21) .13 •5U .25 • 8U .30 .61 .29 .70 •5U .68 •32 •U9 •1U •U3 •U9 .52 •5U .51 .29 .18 .15 .1U •17 .38 .19 .U3 .32 .3U . .13 1 / Weekly a v e r a g e of d a i l y f i g u r e s . A v e r a g e t e r m of b o n d s i n c l u d e d i s 2 5 - 2 6 years. 2 / Weekly a v e r a g e s o f d a i l y f i g u r e s . The o l d s e r i e s i n c l u d e s f u l l y t a x a b l e , . m a r k e t a b l e 2 1 / 2 p e r c e n t b o n d s due o r f i r s t c a l l a b l e a f t e r 12 y e a r s t h r o u g h S e p t e m b e r 1955, a n d t h o s e due o r c a l l a b l e i n 1 0 - 1 2 y e a r s t h e r e a f t e r ; t h e a v e r a g e t e r m t o f i r s t " c a l l of t h e bonds i n c l u d e d d e c l i n e d f r o m 1U y e a r s i n e a r l y 1953 t o 1 1 1 / 2 y e a r s i n e a r l y 1956. The new s e r i e s i s c o m p r i s e d of t h e 3 p e r c e n t bond of 1995 a n d t h e 3 l / l i p e r c e n t bond of 1 9 7 8 - 8 3 . . 2 / T h u r s d a y 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 b o n d s a r e i n c l u d e d ; a v e r a g e t e r m i s 20 y e a r s . N o t e , — H i g h s a n d l o w s a r e f o r i n d i v i d u a l s e r i e s and may b e on d i f f e r e n t d a t e s for different peries. LOWER - GRADE BOND YIELDS Date Corporate Baa 1 / S t a t e and local govt. .Baa 2/ S t a t e and l o c a l govt, rev. y (Per cent) 1957 - High Low 3.89 3.50 3.7k 3.W 3.63 3.1*5 it.ltl 3.58 It .91 lt.lt2 August 16 August 23 August 30 September 6 September 13 1.82 lt.81t U.87 It .91 It .91 1953 - High 195U - High 1955 - High 1956 - High (9/18) (1/2) (1/8) (12/31) (12/30) (1/Ut) (12/28). (3/9) (9 A 3 ) (h/12) 3.79 (6/25) 2.96(1/8) 3.32 ( 1 / 7 ) 2.93 ( 8 / 5 ) 3.26 (12/29) 3.02 ( 1 / 6 ) It. 22 (12/27) 3.20 ( 3 / 8 ) It .51 (8/29) 3.90 (2/21) 3.27 2.71 3.00 2.72 2.99 2.76 3.98 2.89 3.98 3.70 lt.lt3 It .51 It.51 lt.lt9 It .!t9 y (6/26) (1/2) (1/1) (8/13) (12/30) (1/7) (12/28) (2/2lt) (lA) (2/22) included i s 2$ -26 y e a r s . 2 / Thursday f i g u r e s . Only general o b l i g a t i o n bonds a r e i n cluded; average term i s 20 y e a r s . 3/ Friday f i g u r e s . Average r a t i n g of bonds i n c l u d e d i s between Baa and A; average term i s 20 y e a r s . k/ Series discontinued, as of March 15. 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 d i f f e r e n t s e r i e s . STOCK MARKET Date Stock p r i c e index 1 / Trading Common volume 2 / (millions yields }/ of s h a r e s ) ( p e r c e n t Stock market customer c r e d i t Customers 1 debit b a l - loans t o ances y "others" 5 / ( M i l l i o n s of d o l l a r s ) 1953, - High Low 1951 - High 1955 - High 1956 - High 1957 - High Low July August 30 September 6 September 13 167.1 lW*.0 221.lt 156.5 270.7 217.li 295.5 257.U 29h.6 260.3 (1/2) (9/18) (12/31) (1/6) (12/30) (1/11*) (6/3) (1/20) (7/12) (2/8) 292.0 277.0 272.3 269.0 269.7 2.5 0.9 3.7 1.1* U.6 1.5 3.1 1.5 2.7 1.1* 5.88 5.15 5.1*9 14.09 1*.23 3.59 1*;13 3.65 L.28 3.67 2,1*1*5 2,055 3,1*36 2,1*05 it,030 3,537 l*,0l*7 3,911* 1*,031 3,832 1,665 1,3H* 2,388 1,653 2,805 2,517 2,823 2,71*0 2,887 1,713 780 661* 1,01*8 71*6 1,21*1 1,018 1,267 1,155 1,163 1,096 2.2 1.9 2.0 1.1* 1.8 3.75 3.98 3.98 U .03 1*.02 l*,00li 3,929 n.a. 2,885 2,833 n.a. 1,119 1,096 1,096 1,110 n.a. n.a.—Not a v a i l a b l e . 1 / SEC Index of 265 common s t o c k s , weekly c l o s i n g p r i c e s , 1939*100; converted t o 19^7-1*9-100 by F e d e r a l Reserve. The c o n v e r s i o n f a c t o r i s 123.91. 2 / Averages of d a i l y t r a d i n g volume on t h e New %ork Stock Exchange. 3 / Moody's 125 i n d u s t r i a l s t o c k s ; weekly d a t a based on F r i d a y . 6 / 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 b a l a n c e s 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 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 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 72 p e r c e n t of l o a n s t o o t h e 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 for different series. Exhibit D H.lh C o r p o r a t e and 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 and P l a c e m e n t s ( I n m i l l i o n s of d o l l a r s ) New c a p i t a l 1957 Corporate I 1956 | 1955 1957 S t a t e and l o c a l 1 / 1 1956 1 1955 January February March 1,063 1,071 l,3hh 573 712 • 817 5% 1x07 1,223 71.2 573 506 hoh 696 390 535 312 538 April May June 92h 771 1,189 818 1,116 811 It 78 886 687 765 5h6 39h 378 L90 735 h27 350 6h2 e / 1,075 - e ^ U O e / 1,100 1,063 65h 838 597 6hh 670 521 572 e/U50 108 206 357 h70 2h9 ho6 6# 3h7 ho? 919 658 ho8 July August September 1,088 1,162-^ 632 900 3,h79 3 , m e/3,075 2,102 2,805 2,556 2,922 2,165 2,052 1,911 2,695 1,821 1,705 e/l,5ii6 I,h90 1,603 971 , . 1,395 1,365 l,hl8 l,12h l,98h 6,663 e / 9,738 1,907 7,1.63 10,381 ll, 216 6,127 8,821 3,526 e/5,072 ' 3,093 h,o6h 5,h59 2,802 3,927 5,911 October November December 1st 2nd 3rd lith Quarter quarter Quarter Quarter 1st half Three q u a r t e r s Year 715 3 / E x c l u d i n g f i n a n c e companies h / 1st 2nd 3rd lith quarter quarter quarter quarter 3,268 2,921 e / 2,775 Year ~~ l,6Ii7 2,511 2,2h6 2,826 1,727 1,870 l,hhh 2,5hh 9,259 7,595 e / Estimated. ~ T / D a t a t h r o u g h J u n e 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 , b y F e d e r a l . R e s e r v e j l a t e r d a t a a r e f r o m t h e I n v e s t m e n t B a n k e r s A s s o c i a t i o n of America and a r e somewhat more c o m p l e t e a s t o c o v e r a g e t h a n 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 . 2 / I n c l u d e s £637#2 m i l l i o n AT&T c o n v e r t i b l e d e b e n t u r e i s s u e . 3 / I n c l u d e s 8571*5 m i l l i o n AT&T common s t o c k i s s u e . To/ T o t a l new c a p i t a l i s s u e s e x c l u d i n g 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. N o t e . — D e t a i l s may n o t add t o t o t a l s due t o r o u n d i n g . H. lit Exhibit E L a r g e P u b l i c 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 ( O t h e r t h a n U. S. T r e a s u r y ) 1 / P r o c e e d s 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 ) . Corporate Month 1956 - A u g u s t . September October November December 1957 - J a n u a r y February March April May S t a t e and l o c a l government 217 55& #6 701 1J30 #7 671 788 477 #9 877 525 526 July August . 37 35 181* 383 135 201 366 306 19li Ii99 218 176 26$ 357 L a r g e I n d i v i d u a l I s s u e s O f f e r e d September 1 t h r o u g h Type 3 / Other 2 / 35 100 50 125 25 39 25 13 Amount Coupon Offering (millions Maturity rate or net inter- yield of dollars)| est cost liating CORPORATE 1 s t mtg. b d s . 18.0 Tampa E l e c t r i c Co. Dake Power Co. S.F. deb. 50.0 E l P a s o N a t u r a l Gas Co. . 6u.o Conv. d e b . T e x a s E a s t e r n T r a n s . Co. 1 s t m t g . P . L . b d s . 3 0 . 0 New J e r s e y P e l l . T e l . Co. Deb. 30.0 S p e r i y Rand C o r p . S»E* d e b . llu.o L e h i f h P o r t l a n d Cement Co. S . F . d e b . 30.0 P h i l a d e l p h i a E l e c . Co. I s t f r e f . mtg. bds. hO.O • STATE f LOCAL COVEBMNT J a n t a "Tonica U . U . D . , C a l i f Dade C o . , S p e c . T a x S.D* r i o. 1 , F l o r i d s p o n s t o n , Texas V.'innebago Co. S . n . No.205 Illinois .0.0. • G.O. Water r e v . G.O. b.u 1987 1982 1977 1977" 1993 1982 1979 5 L 7/6 5 1/1 5 5/8 h 7/8 5 1/2 L/7/8 I1.68 Aa Aa Baa. Baa Aaa Baa A 1967- L 5/8 1.63 Aaa It. 85 L.7L 5.25 5.71 li.75 5.50 3.6o 2 . 5 o - 3 « 6 5 Aa 9 . 5 1959-76/66 > 10.0 1958-91/6? 14-30 1' -59 3.10-14.25 A 3 . 0 0 - l i . 5 0 Baa 5 . 5 1958-73 3 .lib 2 . ^ 0 - 3 . h S Aa 195b-77 H.1U E-2 Large I n d i v i d u a l I s s u e s • O f f e r e d September 3 t h r o u g h 13 (Cont'd,) Type 3 / Coupon Amount r a t e or . O f f e r i n g (millions Maturity net i n t e r - y i e l d of est cost dollars; Rating STATE AKD LOCAL COVI'RN^EKT, (Cont'dJ Cook C o . , I l l i n o i s Los A n g e l e s , C a l i f . Baltimore Co., Md, G.O. G.O. G.O. 10.0 5.0 23.6 1958-77 1958-77 1959-97 3.78 3.66 3.90 1972 5 1/2 2.60-3.80 - 2.60-3.75 2.60-1.75 A Aa A OTHER Kingdom of Belgium E x t . S . F . d e b 30.0 5.75 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 M 5 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 m i l l i o n and o v e r . 2 j 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 . 3 / In the c a s e 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. d e n o t e s g e n e r a l o b l i g a t i o n ; R e v . , revenue bonds; G . R . , g e n e r a l o b l i g a t i o n s a d d i t i o n a l l y s e c u r e d by f a c i l i t i e s r e v e n u e s ; L . L . , l i n i t e d l i a b i l i t y o b l i g a t i o n s s e c u r e d by p l e d g e o f designated revenues. H.IU Forthcoming Large 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 t h a n U. S. Treasury) 1 / Expected Proceeds from Forthcoming Large I s s u e s During month f o l l o w i n g d a t e shown Date of computation Subsequent t o d a t e shown Corporate 1956 - Aug. 31 S e p t . 28 O c t . 31 Nov. 30 Dec. 31 1957 - J a n . 31 Feb. 28 Mar. 29 Apr. 30 May 31 June 28 J u l y 31 Aug. 30 369 315 683 136 176 591 7h0 I461 187 525 370 526 578 C o r p o r a t e | ^ ^ Z L l0ther ^ 1,202 131 359 162 IS 260 153 153 290 179 97 172 252 2h3 1,009 990 iifll 796 966 795 i486 258 525 23 100 35 25 25 las 25 811 . 8l£ 30 958 1,197 955 979 -763 618 631 862 396 388 198 51U h39 23 100 35 25 25 25 30 Forthcoming Large O f f e r i n g s , a s of September 13 Type Amount Approximate d a t e (millions of o f f e r i n g I of d o l l a r s ) CORPORATE N i a g a r a Mohawk Power Co. C o n s o l i d a t e d N a t u r a l Gas Co. P a c i f i c Power & L i g h t Co. ^ N a t i o n a l C y l i n d e r Gas Co. Consumers Power Co. Utah Power & L i g h t Co. P a c i f i c Telephone & T e l e g r a p h Co. J J e n . mtg. b d s . ' Deb. 1 s t mtg. b d s . Sub. conv. d e b . 1 s t mtg. b d s . 1 s t mtg. b d s . Common s t k . 50.0 30.0 20.0 17.5 35.0 15.0 18.9 Gulf S t a t e s U t i l i t i e s Co. Southwestern B e l l T e l . Co. • N o r t h e r n N a t u r a l Gas Co. •Shamrock O i l & Gas Corp. Columbia Gas System, I n c . •Commonwealth Edison Co. American Telephone & Telegraph Co. • S o u t h e r n New England T e l . C o . 1 s t mtg. b d s . Deb. Pfd. stk. Conv. s u b . d e b . Deb. • Pfd. stk. Deb. Common s t k . 17.0 . 100.0 16.0 17.5 25.0 25.0 250.0 . 35.0 Sept . 17 Sept . 18 Sept . 19 Sept . 19 Sept, . 2h S e p t , . 25 S e p t , . 30 (rights expire) - Oct. 1 Oct. 2 Oct. 2 Oct. 3 Oct. h Oct. 9 O c t . 29 Nov. 8 (right expire) K.Ik . F-2 Forthcoming- L a r g e ' O f f e r i n g s , as of September 13 ( C o n t ' d ) Issuer ; T)?e 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 W i c h i t a , Kansas S p r i n g f i e l d , Massachusetts P e n n s y l v a n i a Gen. S t a t e A u t h o r i t y B u f f a l o , Mew York Oakland U n i f . Sch. D i s t . , C a l i f . Colorado S p r i n g s , Colorado T e r r i t o r y of Hawaii S t a t e of Colorado * S t a t e of New York # S t a t e of Oregon * S t a t e of Oregon C i t y & Co. of San Francisco> C a l i f . S t a t e of Ohio - ^ C i n c i n n a t i , Ohio Dayton, Ohio San Diego U n i f i e d Sch. D i s t . , C a l i f . Commonwealth of Massachusetts. •^Pittsburgh, Pa. S t a t e of C a l i f o r n i a S t a t e of M i s s o u r i S t a t e of Texas Jacksonville, Florida U n i v e r s i t y System Bldg. A u t h . , Ga. P e n n s y l v a n i a Turnpike Commission Inter-American Center A u t h r p F l a . New York S t a t e Thruway A u t h o r i t y Water r e v . G.O. Rev. G.O. G.O. Utilities rev. Highway r e v . Highway r e v . G.O. Highway r e v . G.O. G.O. Highway r e v . G.O. G.O. G.O. G.O. G.O. G.O. G.O. G.O. Utilities rev. Rev. Rev. Rev. G.O. 11.8 5.? 25. u 8.L 10.0 5.5 12.5 8.0 2ii.0 20.6 6.0 28.9 31.0 5.3 6.0 10.0 65.0 6.3 50.0 . 30.0 -• 1 2 . s 30.0 12.0 62.0 20.0 50.0 Ext. loan bds. 15.0 S e p t . 17 S e p t . 18 S e p t . 19 S e p t . 19 S e p t . 21 S e p t . 2lx " S e p t . 2h S e p t . 27 Oct. 1 Oct. 1 Oct. 1 Oct. 7 Oct. 8 Oct. 8 O c t . 10 O c t . 15 O c t . 15 O c t . 16 O c t . 23 1957 1957 1957 1957 1957 1957 1957 OTHER Union of South A f r i c a Oct. 3 . *—Included in t a b l e f o r f i r s t time. 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 £15 m i l l i o n and over5 S t a t e and local"*govemment i s s u e s of $5 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 . 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 than s a l e of i s s u e : VJestcoast T r a n s m i s s i o n C o . , L t d . , $ 2 5 . 0 m i l l i o n s u b o r d i n a t e d e b e n t u r e issue—amount o f f e r e d i n t h e United S t a t e s reduced t o l e s s than S15 m i l l i o n . Exhibit H H.lb S o u r c e s and Uses of Funds by L i f e I n s u r a n c e Companies Monthly ho -3 30 75 -27 -9 67 55 1955 - May June July Aug. Sept. Oct. Nov. Dec. V a l u e of A s s e t s a t End of Y e a r 1956 r / - J a n . Feb. Mar. Apr. " • May June July Aug. Sept. Oct. Nov.. Dec. V a l u e of A s s e t s a t End of Y e a r 1957 - J a n . Feb. Mar. Apr. . May June July Aug. Sept. , -b7 -12 50 8b -51 -102 -136 -316- 1,255 8,5L5 -88 -113 -lli 27 19 -9 16 -29 11 16 16 166 -152 -157 -191 ho -99 -66 -36 -109 2b b7 -101 -226 1,273 -132 -38 -L7 2b -22 60 -5 37,580 27b 230 169 116153 106 297 • lli2 71 108 98 208 7,519 39,552 r / 69 r / 172 ~ - b b . '~ l 6 o -117 192 165 3 -90 165 -70 172 36 hlli Total sources Other ities ities 168 Hill 251 -9 209 261 153 293 gages - 268 267 26b 253 2b9 313 30b 558 3b 5b 51 b6 58 17 9b 201 1,996 29,125 11,16k 90,267 125 20 10 -lb 8 bb 16 5 b 12 6 373 30b 280 269 3b0 293 329 282 215 289 307 288 85 93 57 8 . 55 65 56 109 93 -1 73 115' 617 377 311 b60 b5b 397 706 bll hl9 b63 b05 557 2,23b 32,99b • -9 1 22 b 7 -3 11 7 13 26 33 ' • I ities c Cash (In millions o f d o l D a r s ) U s e s of Funds 1 / S t a t e and local BusiU.S. govt. ness Govt. " 200 193 168 162 137 197 12,272 / 68 lltb 108 bl 119 72 91 ~ b5b b51 668 bb9 bb2 b8? b79 772 . 95,8bb r/ hTdc ' b22 336 bib 380371 766 "1/ Uses of f u n d s r e p r e s e n t n e t c h a n g e s 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 than g r o s s , u s e s . • S o u r c e : I n s t i t u t e of L i f e I n s u r a n c e . Exhibit I h.i4 S o u r c e s and Uses ' o f f u n d s by S a v i n g s and Loan 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 ) S o u r c e s of f u n d s Uses of f u n d s 1 / U.S. Net T o t a l Govt. Mort- Other change Borrowsources Other Cash gages a s s e t s o r u s e s savings ing2/ ities capital 1955 - May July Aug/ Sept. Ort. Nov. Dec. V a l u e of A s s e t s a t End of Y e a r 19562/ — - , Jan. • 1-eb. Mar. Apr. May July • Aug. Sept. Oct. Nov. Dec. of A s s e t s id of Y e a r 1957J2/ - J a n . Feb. Mar. Apr. Kay 1 3 126 -244 -66 -41 117 67 268 25 18 57 15 -19 1 11 '•i 551 611 531 581 463 336 246 218 2,067 2,342 31,161 -48 -58 9 121 -169 -90 -43 37 56 302 108 76 57 56 45 -32 35 39 13 14 28 17 2,142 2,798 -168 -39 -24 -48 38 174 -320 148 115 92 28 15 -35 41 93 12 -71 40 13 . 46 97 15 671 766 275 569 135 4,99 1,20 503 1,7V-1 37,719 -19 53 48 89 137 29 -84 -1 68 85 -15 276 434 463 496 635 599 175 400 377 485 461 578 35,870 2,236 43,098 236 305 40 3 409 445' 481 394 452 353 366 291 274 232 269 363 402 459 453 394, 55 -25 54 86 115 145 54 -100 187 399 516 h'A' 656 646 34 hlS 73 207 62 129 111 73 18 5h 183 -156 91 146 54 10 16 -335 32,192 1,558 3,969 423 358 359 330 475 811 131 287 267 411 394 864 -197 -74 -51 -3 -2 57 -59 . 16 32 -4 50 150 155 169 162 -269 103 97 7C 78 67 -368 715 122 29k 270 It l b 386 784 37,302 336 315 359 313 468 8# . 82 1,355 -190 -62 -15 10 22 87 -4o 4,441 41 146 172 173 166 -298 122 -00 July Aug. Sent. 2 / Preliminary. 1 / Uses of f u n d s r e p r e s e n t n e t c h a n g e s 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 . S a v i n g s and l o a n a s s o c i a t i o n s do n o t h o l d 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 b o n d s , p r e s u m e d t o b e s m a l l , are not available. 2 / Advances f r o m Home Loan Banks and o t h e r b o r r o w i n g . S o u r c e : F e d e r a l S a v i n g s and Loan I n s u r a n c e C o r p o r a t i o n . Exhibit J S o u r c e s and Uses of Funds by M u t u a l S a v i n g s Banks - Monthly Cash 1955 - May June July Aug. Sept. Oct. Nov. -Lee. V a l u e of A s s e t s a t End of Y e a r 1956 - J a n . Feb. Mar. Apr. May July Aug. Sept. . Ort. Nov. Dec. " Value of A s s e t s fit End of Y e a r 16 36 -65 9 -10 -25 -6 73 U.S. Govt. securities -lk -58 3k -7 -15 -111 -73 -13 ( I n m i l l i o n s of d o l l a r s ) S o u r c e s of Funds Uses of Funds 1 / S t a t e and Total Net sources Busilocal Mortchange Other govt. Other or uses g a g e s in secursecur• deposits ities ities -38 -10 -32 —Uo -23 -'10 -35 5 2 19 -3 -20 -5 -12 2 192 229 213 231 232 221 177 200 96$ 8,k60 3,3^6 637 17,215 -52 -lk -13 -56 -2 89 ! -63 -19 13 -33 -22 IkO 21 -8 8 -52 -k2 -90 -7 -k7 -37 -lk7 -78 -10 2 lk 13 -7 5 25 2 16 -3 -5 : -5 1 2 -5 - -5 l 8 192 190 205 183 19k 183 198 227 186 205 175 lk6 920 7,971 3,523 669 19,529 3k 3 2 19 k5 3h 87 Zk6 6 2 1 31,27k 28,137 3,087 179 222 251 139 135 238 kO 87 13 226 190 139 181 183 18 122 21,7 162 278 76 102 159 62 50 399 6k -88 63 79 2k -kk 72 -152 698 33 , 3 1 1 #,032 3,279 -20 13 - 32 5 62 -32 -2k 16 25 -15 53 -k2 191 19k lko 201 158 66 125 2k0 97 13k 182 85 27 320 30 -3 -23 11 2k -16 36 -15 5k V) US -hi . k9 67 -21; -31 . 60 -82 3k 6 21 68 1957 - J a n . -89 136 • 65 . 52 137 -5 Feb. 20 1 112 82 92 27 5k 19k 18 Mar. 127 238 13 83 32 273 35 -56 2 - Apr. 63 -20 -76 121 27 3k 7 %ay ^ 12 62 2 62 2k6 -19 127 169 77 71 June £ / 316 -72 72 -1 -38 ' 15u 265 -Bb July 62 -73 122 -7 82 7 16 -29 66 Aug. Sept. 1 / Uses of f u n d s r e o r e s e n t n e t c h a n g e s 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 than pross, uses. ' 2 / S o u r c e : N a t i o n a l A s s o c i a t i o n of M u t u a l S a v i n g s Banks and F e d e r a l D e p o s i t Insurance Corporation. r / F evised.