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Not for Publication DECONTROLLED AFTER SIX MONTHS
Holli

'

September 29, 1958.

CAPITAL MARKET DEVELOPMENTS
(Including Monthly Review of Sources and Uses
of Funds of Financial Intermediaries)
During the week ending September 26, one large corporate
issue for $b0 million and large State, and local government issues
totaling $91 million were sold. A foreign government issue for #18
million was also offered. The volume of new security financing is
expected to be very small this week. The lone large offering on
the calendar for this week is a corporate debenture issue for #1$
million. This issue had been originally scheduled for sale in
late August, but was postponed because of market conditions.
Bond yields - Changes in yields on outstanding bonds
were mixed again last week, indicating at least a temporary stabilization. Yields on corporate bonds increased slightly while those on
U. S. Government and State and local government bonds declined, the
former for the first time since Julyv
October security volume - The October volume of corporate
issues for new capital is expected to total only $550 million, onehalf of the volume last October and one-half of the estimated September
volume. Large publicly-offered issues are expected to total only
about $175 million, in contrast to a very large volume in both September
and October last year.
State and local government, security issues for October are
currently estimated at $650 million. This volume would be about onetwelfth larger than in September and only slightly below the volume
in October 1957. The calendar includes a $200 million issue of the
New York State Power Authority, which,is expected to be sold on a
negotiated basis.
Stock prices - Standard and Poor's index of 500 common
stocks reached an all time peak of 1*9.78 on Wednesday of last week and
then declined slightly. Closing at U9..66 on September 26, the index
was .26 basis points higner than a week earlier and one per cent above
the July 1957 high. Trading activity also increased further, averaging 3.7 million shares a day.




— 2

Institutional investors - In July, deposits at mutual savings
banks and savings capital at savings and loan associations continued
to increase much more rapidly than a year earlier, while the increase
in life insurance company assets was slightly smaller. Over the first
seven months of this year, savings inflow for these three major financial
institutions was nearly one-fifth greater than in the corresponding
period of 1957. Mutual savings banks showed the largest relative increase in this period, with a deposit growth one-half greater than in
the corresponding months of last year. Savings and loan share capital
increased one-fourth more than last year. The increase in life jinsurance company assets was only slightly larger in the January to July
period this year than last.!/ (The growth in time and savings deposits
at commercial banks for the first seven months was three-fifths greater
than last year.)
The increase in life insurance company assets amounted to
$570 million, $lit million less than in July 1957» Holdings of U. So
Government securities increased more sharply than in any month since
January 1955, primarily in acquisition of Treasury bills. Net purchases
of both business -securities and mortgages were smaller than a year
earlier—the former more than two-fifths less and the latter one-fourth
less.
The growth in deposits at mutual savings banks was $88 million, $72 million greater than in July last year, holdings of U. S.
Government securities increased slightly in contrast to a slight decline a year earlier. As in every month this year with the exception
of January, the increase in mortgage holdings continued to be larger
than last year. The July increase in mortgage acquisitions was onehalf larger. In contrast to a.more rapid growth this year than last
in most other months of the year, net acquisition of business securities was smaller than last July, a continuation of the change in investment policy that first occurred in June.
Savings capital at savings and loan associations increased
$62 million in contrast to a decline of $68 million in July 1957= The
increase in holdings of U. S. Government securities was about the same
as a year earlier. For the third consecutive month, net acquisition
of mortgages by savings and loan association's was substantially larger
than a year earlier, with the July increase being one-third greater.
1/ This statement will not agree with the data shown in- Exhibit J,
whjich indicate a slightly smaller asset growth during the first seven
months of 1958 than during the corresponding period of 1957. As indicated in footnote 2 to the Exhibits however, the asset growth in
January 1957 is overstated because of a change in estimating procedure.
After adjustment for this overstatement it would appear that asset*
growth this year was slightly larger than in 1957. While it is possible
to make a fairly accurate adjustment in total assets for this from collateral data, adjustments are not feasible for individual asset items.




fl-.lfc

- 3

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.







CORPORATE A

STATE AND LOCAL
GOVERNMENT Aao

-I — ST AT E Af D LOCAL GO! T. Boo.

z

;

H.lit

Exhibit B
Tables for Exiiibit A
High-grade Bond Yields

Date

Corporate
Aaa 1/

U. S. Govt,
long-term 2/

State and
• local govt.
Aaa y

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

(Per cent)
1953
195U
1957
1958

- high
- Low
- High
- High
Low

Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26 2/

3J42 (6/19)
2.85 (it/23)
it.Ht (9/27)
U.ll (9/26)
3.55 (5/2)

3.19(6/5)
2.L5 (8/6)
3.76 (10/18)
3.76 (9/19)
3.07 (it/25)

2.73 (6/25)
1.90" (9/2)
3.45 (8/29)
3.31 (9/11)
2.6U (5/1)

3.9 i
t
i . 03
t
i . 07
t
I . 10
t
i . 11
t

3.67
3.72
3.75
3.76
3.7L

3.22
3.29
3.31
3.28
3.21

.

.

.38
.30
.60
.51
.22

.83
.30
.*
17
.62
.3U

.27
.31
.32

.t
i5

.h3
M
M

• 3k

.50

.37

Lower-grade Bond Yields

Date

Corporate
Baa 1/

State and
local govt.
Baa |/

Spread between
Aaa and Baa
State and
Corporate
local govt.

(Per cent)
1953
1954
1957
1958

-

High
Low
High
High
Low .

Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26 2/

3.89
3.hh
5.10
L96
it.5l
i.i
t7t
I . 80
t
I . 86
t
i . 88
t
I . 90
t

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

3.79 (6/25)
2.93 (8/5)
lt.51 (8/29)
it.3U (9/11)
3.6L(5/1)
i . 21
t
i . 31
t
i.i
t3t
it.32
i . 29
t

.69 .
.52
1.27
1.28
.77
.80
.77
.79
.78
.79

1.21
.96
. 1.21
1.11

.98

.99

1.02
1.03

1.0k

1.0 5

2/ 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 more.
2/ Thursday figures. Only general obligations bonds are included; average tern
is 20 years.
Note.—Highs and lows are for individual series and may be on different dates for
different series.




STOCK MARKET
Millions of Dollars




-

1941-43 AveragflO

Exhibit D
Table for Exhibit C
Stock Market
Stock price
index 1/

Date

Stock market customer credit
Trading
Common
stock
Customers' Bank
volume 2/
(millions yields V Total debit bal- loans to
of shares) (per cent)
ances 4/ "others" 5/
(Millions of dollars)

1953 - High
Low
1951 - High
Xow
1955 - High
Low
1956 - High
Low
1957 - High
Low
1958 - High
Low

26.5k (1/2)
22.95 (9/18)^
35.98 (12/31)
21.93
15.89 (12/9)
35.28
49. 64
43-22 (1/20)
49.08 (7/12)
39.18 (12/20)
49.66 (9/26)
40.37 (1/10)

2.5
0:9
3.7
l.U
4.6
1.5
3.1
1.5
4.2
1.4
3.8
1.7

July
August
Sept. 12
Sept. 19
Sent. 26 d/

45.98
17.70
48.53

3.2
3.0

m

|

49.40

49.66

3.1

3.6
3.7

5.38
6.25
4.32

5.82

4.08
4.41

3.82

4.34
3.91
4.72
3.63
4.58.
3.97
3.78
3.71
3.64
3.63

3,436
2,405
4.030
3,537
4,047
3,914
4.031
3,576
4,252
3,554

1,665
1,314
2,388
1,653
2,805
2,517
2,823
2,740
2,887
2,482
3,021
2,487

4,252
4,202

3,021
3,016

1:58

780
664

1,048

746
1,241

1,018

1,267
1,155
1,163
1,054
1,317
1,051
1,231

1,186
1,192
1,198

n.a.—Not a v a i l a b l e . g / Preliminary.
~~~
1/ Standard and Poor's composite index of 500 con.non. stocks, weekly closing
prices, 1941-43=10. Monthly data are averages of daily figures rather than.of
Fridays1 only. Highs and lows are for Friday's data only.
2/ Averages of daily trading volume on the New York Stock Exchange.
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 v:hich price index reached its high or low.
4/ 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.
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.
Note.—Highs and lows are for individual series and may be on different dates
for different series.




Hli
.i

Exhibit E
Long-term Corporate and States and Local Government
Security Offerings and Placements
(In millions of dollars)

195b
Januaxy
February
March
April
May
June
July
August
September
October
November
December
1st
2nd
3rd
hth

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

New capital
Corporate 1/
State and local 2/
1958
1 1956
1 1956
1
1957
1957
1,060
1,065
1,320

573
712
817

812
953
511

572
506

7h2

liOU
696
390

l,liil
600
881

S§
i,to

818
1,-Ui6
8ia

798
878
551

765
5U6
393

378
ii90
735

e/i,ioi
e/500
a/i,ioo

1,003
92U
973

1,063
65U
838

639
2/382
e/600

529
58U
U3l.

hOQ

e/550

1,090
789
1,076

e/650

698
633
6#

639

1,820
l,70lt
2,029

1,1*0
1,603
971
1,395

3,521
5,069
7,099

3,093
li,06U
5,459

723

1,088

3,135
2,622
e/2,701

3,hh$

3,119
2,899
2,951

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

2,276
2,227
e/1,621

5,757
e/8,i^8

6,59k
9A93
12,W

i S
10,38b

e/6,12U

l,5hk

206
357

3U7
hoy

Excluding finance companies j /
j
1st
2nd
3rd
hth

quarter
quarter
quarter
quarter

2,89k
2,583
e/2,651

Year

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

1,6U7

11,518

9,260

2, Shi

2,216
2,826

e/ Estimated.
_
_
1/ Securities and Exchange Commission estimatey of net proceeds.
2/ Data through June 1956 are Bond Buyer data classified as new capital by
Federal Reserve; later data are from the Investment Bankers Association of America
and are somewhat more complete as to coverage than the earlier data, particularly
for Federal Government loans.
3/ Includes #718.3 million AT&T convertible debenture issue.
h/ Includes $571.5 million AT&T common stock issue.
Total new capital issues excluding offerings of sales and consumer finance
companies.




„

Exhibit F

H.lk

Other Security Offerings 1/
(In millions of dollars)
Long-term
Foreign government 2/
Federal agency 3/
1950
I 1957
I 19~W
1958
1957

eh

January
February
March

196
53

April
May
June

139
198
120

123
k8
k2

9

28
7
30

July
August
September
October
November
December

k9
30

k
60
1

Year

37
8
50

1,163
251
523

16k

100

300

507

109

215

kk
5
21

-

60

125.

60

95
2
39

1956

72

572

State and local government h/

196

169

Federal agency 3/

January
February
March

233
k60
273

3#
k55
lk7

April
May

11

205
337
153

•

272
272
252

195
207
• 179

303
9k
159

29k
328
1U8

1,238
255
116

k07
222
128

3,27k

2,706

5,5143

3,k57

26b

July
August
September

289
g/k23

October
November
December
Year

357
2k9

371
208
Ikk

638
ii30
505

380
220
283

125
252
176

209

329

3#
46?
501

323
31k
260

161
601
206

22k
370
512

-

222

125
273

e/ E s t i m a t e d . p / Preliminary.
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.
j\J Issues not guaranteed by the U. S. Government. Source: long-term, Securities
and Exchange Commission; short-term, Federal Reserve.
k/ Principally tax
 notes.and bond anticipation notes, warrants or certificates and Public
Housing Authority
In some instances PHA notes included may have a somewhat
http://fraser.stlouisfed.org/ year. Source: Bond Buyer.
longer term than one

Federal Reserve Bank of St. Louis

H.lU

Exhibit G
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasuiy) 1/
Proceeds of Large Issues Offered
(Millions of dollars) '

Corporate

Month

State and
local government

399

266
133
393
3a
iOi
ii

209

1957 - August
September
October
November
December
1958 - January
February
March
April
May

553
182
300
505
195
275
109

526
537

571

1*20

July
August

215
iSh

lao

318
605
1,093 .
725
356
281
771

Other 2/

1,357
266

#3

161*
86

.

hi

Large Individual Issues Offered during September

Type y

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

Rating

CORPORATE
Standard Oil Co. of Calif. S.F. deb.
Texas Eastern Transm. Co. 1st mtg.p.l.bds.
S.F. deb.
Sears Roebuck & Co.
Tenn. Gas Transm. Co.
1st mtg.p.l.bds.
Standard Oil Co. of Indiana
Deb.
1st -mtg. bds.
Consumers Power Co.

150.0
35.0
350.0
50.0
200.0
ItO.O

1983
1978
1983
1979
1983
1988

L
5
h
5
h
k

3/8
5/8
3/U
3/8
1/2
1/2

JU.Uo
5.71
U.75
5.38
U. 57
u.a

Aaa
Baa
Aa
A
Aa
Aa

STATE AND LOCAL GOVERNMENT
State of Delaware
G.O.
Indiana State Office Bldg.
Comm.
Rev.-Rent.
State of Connecticut
G.O.
San Diego U. S. D., Calif.
G.O.
Los Angeles Co. Flood Control Dist., California
Rev^Ut.




17.0 1959-78

3.26

1.50-3.50 Aa

30.0 1963-88/70 it.23
20.0 1959-88
3.21
10.0 1961-80
3.6U

3.00-U.25 Aa
1.60-3.50, Aaa
2.25-3.85^A

30.0 1959-83

1.75-3.75 Aa

3.68

G-2

H.Ik

Large Individual Issues Offered during September (Cont'd)

Issuer

Type 3/

Coupon
Amount
Offering
rate or
(millions
yield
of . Maturity net interdollars)
est cost

Rating

STATE AND LOCAL GOVERNMENT
. (Cont'd/
Colleges of the State of
Texas
State of Oregon
State of Ohio
Puerto Rico Industrial
Development Co.
Commonwealth of Mass.
State of Washington
Chicago, Illinois

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

12.U
20.0
30.0

1959-66
1963-72
1959-72

3.00
3.00
3.38

Rev.
G.O.
Rev 0 —S.T.
G.O.

15.0
61.0
10.0
20.0

1959-78
1959-78
1959-76
1960-77

n.a.

17.5

1973

5 1/k

Kingdom of Norway

Bdso

3'hS

3.71
3.59

1.90-2.90 Aa
2.25-3-15 Aa
1.60-3.45 Aa
——

2.00-3.50 Aa
2.00-3.75 A
2.20-3.70 A

5-U5

n.a e —Not available.
1/ Includes coiporate 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 nofa-guaranteed issues by Federal agencies.
jy 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 of quasi-utilities; Rev.S.T. , revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue
bonds secured solely by lease payments. •
h / Is of 1980 not reoffered.




Exhibit H

H.lii

Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
During month following :
Subsequent to
date shown
date shownState and Other 2/ Corporate
State and Other 2,
Corporate
local govt.
local govt.

Date of
computation
1957 - Aug. 30
Sept. 30
Oct. 31
Nov. 29
Dec. 31
1958 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 29
June 30
July 31
Aug. 29
Sept. 30

578
576
1*58
383
378
k98
1,123
555
356
266
768
161
785
Li

183
331
339
363
3U5
370
131
298
it93
177
225
55

2kl

295

30
30
18
150
110
150
36

8U5
617
815
1,193
1,161
1,378
1,208
670
561
l6t
i1
l,0it8
381

379
551
5L3
558
56L . L87
3Ul
330
2*93
208
235
125
135
52k

nk

2l6

.

30
15
63
165
110
150
36

Forthcoming Large Offerings, as of September 26
Issuer

Type

Amount
(millions Approximate date
of offering
of dollars)

CORPORATE
Universal-Cyclops Steel Corp.
Idaho Power Co.
Public Service Co. of Indiana
American Cement Corp.
Peoples Gas Light and Coke Co.
*J. I. Case Co.
Consumers Power Co.
Montana Power Co.
Commerce Oil Refining Corp.
Martin Co.

S.F. deb.
1st mtg. bds.
Pfd. stk.
S.F. deb.
Cap. stk.
Conv. deb.
Pfd. stk.
lstf mtg. bds.
Deb., bds. & common
S.F. deb.

15.0
15.0
2k. 3

Oct,
Oct.
Oct.
(rights
Oct.
20.0
Oct.
17.0
(rights
20.0
Oct.
(rights
15.0
1958
20.0
1958
15.0
1958
25.0
1958

2
5
6
expire)
9
20
expire)
30
expire)

STATE AND LOCAL GOVERNMENT
Boston, Massachusetts
Metro. Wtr. Dist. of So. California
*State of South Carolina
#City & Co. of San Francisco, Calif.
*New York State Power Auth.




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

2k. 7

18.0

200.0

Oct.
Oct.
Oct.
Oct.
Oct.

7
lb
15
27

Ho l t
i

H-2

-

Forthcoming Large Offerings, as of September 26 (Cont'd)
"""
""

Issuer

-Type

Amount
(millions Approximate date
of offering
of dollars)

STATE AND LOCAL GOVERNMENT (Cont'd)
Florida State Board of Education
Detroit - Metro. Expressway
Chesapeake Bay Ferry Comm.
State of California

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

12.5
35.0
lWi.0
50.0

Oct.
Nov. 15
Nov.
Dec. 3

OTHER
None
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.




Exhibit I

H.lU

Yields on New and Outstanding
Electric Power Bonds, Rated Aa and A 1/
Aa-rated offering yields
ferine yields
Amount above
Amount above
Actual
seasoned yields Actual
seasoned yields
(per cent) (basis points) (per cent) (basis points)
1952 - 1 9 #
High
Low

$.00(8/11*/#)
2.93(3/31/#,)

1958 - January
February
March l
i
5

6

12
19
21
25
April 1
2
17
23
29
May 7
13

15
16

20
21
22
28
June 10
17
25
July 2
9
18
23

*3.60
" 3.892/

L l5

87
-3
-8
22

UU

U.22

50
28
26

U.05
3.98

U.00

31
23
25

3.75

5

3.90

21

3.85
3.85

16
16

3.85

3.82
3.95

17
12
2U

LOO

5.50(11/7/57)
3.00(3/17/510
3.962/
U.07
ii.25

123

-15

3
9
6

25

Loo
U.00

t:18

U.07

-7

5
11

u.07

29

3.98
l.i
lOt
It. 00

U
32

L35

Loo
3.95

3

-1

-6

3.98^

1

L35^/

31

*—Single observation, not an average.
1/ Covers only 30-year first mortgage bonds, as reported in Moody's Bond
Survey. Except where indicated, the actual yield figure and the amount above
seasoned yields are averages of offerings during the indicated period and of the
differences between these new offering yields and yields on seasoned issues of
similar quality for the same day. Average maturity for the seasoned issues varies
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 more
issues with such a provision. Other issues have no such provision.




Exhibit J

H.Ik

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

Cash

U. S.
Govt.
ities

1956 - JulyAug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year
^1957*/-. Jan. 2/
Feb.
Mar.
Apr.'
May
-

July
Aug.
• Sent.
Oct.
Nov.
Dec.

Value of Assets
at End of Year

Uses of Funds 1/
State and
Busilocal
ness
govt. securities
ities

16
-29
11
16
16
166

-36
-109
2k
k7
-101
-226

297
lk2
71
108
.98
208

1,273

7,519

39,552

-120
-37
-k2
28
-18
59
-9
-30
k7
-17
22
138

100
-33
-109
- 11
-79
-62
5
-32
-32
13
-92
-181

288
169
200
172
169
18k
32k
163
198
2kk
212
258

7,028

k2>133

1,29k

.

Mortgages

Other

329
282
215
289
307
288

56
109
93
-1
73
115

2,23k

32,99k

13
10
10

322
205
197
172
186
lkk
163
195
15k
170
132
237

71
lk7
102
3k
135
65
87
77
93
110
7

2,377

35,271

13,206

kk
16
5
k
12 '
6

9
10
26
2
lk
11

7

6

221
195SV- Jan. 191
171
51
-93
106
10
Feb.
125
-51
15
Mar.
20
IkO
-119
23
277
208
Apr.
11
113
-17
13
May
28
116
-70
135
7k
June
-20
10k
19k
k7
35
July
182
20
2k
123
175
Aug.
Sept.
t/ Revised.
1/ Uses of funds represent net changes in assets and therefore
rather than gross, uses.
2/ The total net change in assets is overstated by about #170
month as the result of a change in estimating procedure.
Source: Institute of Life Insurance.




706
kll
kl9
k63
k05
557

12,272

31

Total
sources

111
lkk
60
19
167
IkO
k6

reflect net,
million for this

H.lii

Exh '.hit

Y.

Sources and Uses of Funds
by Savings and Loan Associations
Monthly
(In millions of dollars)
Uses of Funds \J
U.S.
Govt.
Mortsecur- gages
ities
1956 - July .
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year
19572/- Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Value of Assets
at End of Year
1958^- Jan.
Feb.
Mar.
. Apr.
May
July
Aug.
Sept.

Sources of Funds
Net
Total
sources change Borrowing 2/
or uses savings
capital

Other

186
398
377
h73
1(37
523

lh2
287
267
ho5
377
822

-59
16
28
2
81

103
95
82
66
60
-380

1(2,875

37,lh8

1,31(7

k,380

675

336
315
359
313
1|68
859
-68
252
32k
367
399
966

-215
-70
-21
lk
19
106
• -3k
39
k7
18
8
123

k8,275

1(2,038

1,381

k,856

lk8
1(22
561
662
69L
811
198

1(53
38k
1(91
363
521
9k5
62

-377
-127
-89
112
-32
167
-37

72
165
159
I87
205
-301
173

kik . -8k
W,7
9
51
35U
68
356
27 k . 81
-21
232

-176
-96
-k3
36
58
302

3k
39
13
lk
25
11

2,119

2,782

35,729

2,199

-172
-ho
-23
4,8
38
187
-3?o
-106
8
-21
Si
l 39
l

11(2
117
91
30
18
-ill
la
23
26
-10
19
-69

200
266
36k
" kok
168
k65
39k
U63
363
126
303
28b

-21
57
BU
112
lid
11
(
-100
59
55
9k
69
22

2,ia

3,169

1*0,119

2,809

- -121
175
209
117
38
180
-30li

16
(
-20
-3
37
15
82
12
(

216
251
3kk
koo
511
590
539

7
13
11
lOfi
100
-hi
-79

lh5
399
.515
1(97
65k
651 .
Ik
k38
1(51
1*88

hi 3

-

2k .
15k
177
170
167
-31k
116
lk7
80
103
66
-klk

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/ Advances from Home Loan Banks and other borrowing.
Source: Federal Savings and Loan Insurance Corporation.




H.1U

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

Cash

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

-63
-19

Uses of Funds 1/
State anc
U.S.
Busilocal. MortTotal
Govt.
ness
govt. gages Other sources
secur- secur^ t securor uses
ities
ities-1 ities

3k

-33
-22
1U0

-7
-U7
-37
-1U7
-78
-10

2
1U
13
-7
5

Value of Assets
at End of Year 920

7,971

3,523

1957 - Jan.
-89
Feb.
Mar.
13
Apr.
-56
May
12
June
71
July
-73
Aug.
-k2
Sept. .
27
Oct.
-2U
Nov.
6
Dec.
125

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

68
5U
83
63
62
72
62
61
55
60
93
75

7,552

It,331

Value of Assets
at End of Year
1958 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

-60
6^
36

~k7

-5

k2

-66

——

160

-21
il
l
-85
-62
-36
11

86
97
120
-2h

86

3k

1
2
-5
-5
l
8

198
227
186
205
175
1U6

669 19,529

6
1
2
2
-1
7
-3
2
-3
7
-7

.136
92
127
121
127
118
122
111
103
12U
100

lkl

682 20,951
23

130
99
165
k * l51i
-19
195
24
)
253
8
193

k

6

-2k

Sources of Funds
Net
changes
in
deposits

139
181
183
. 18
122

2k7

76
102
159
62
50
399

72
-152

698 33,311

30,032

3,279

137
-5
27
19li
32
273
-20
3ii
62
21*6
-38 . 150
82
-29
28
166
18
188
-20
-111
108
38
2 99
-9

85
112
238
7
169
265
16
90
206
36
li05

52
82
35
27
77
-115
66
76
-18
-5U
72
-106

31,695

3,k73

16
25
-15
53
-U2

761 35,168
25
20
9
-29

ko

5
-28

278
251
3h3

9k

269

26k

152

3k

23k

lii9
336
93
181
300
88 '

63
79

2k
-kk

kk

102
7
1
88
-36
6U

\J 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 stock.
Source: National Association of Mutual Savings Banks and Federal Deposit
for FRASER
Insurance Corporation.

Digitized



Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102