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Not for Publication DECONTROLLED AFTER SIX MONTHS Holli ' September 29, 1958.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 it it. 03 it. 07 It. 10 it. 11 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 .1*7 .62 .3U .27 .31 .32 .it5 .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 it.7it It. 80 It. 86 it. 88 It. 90 (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) it. 21 it. 31 it.3it it.32 it. 29 .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. H.lii 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 jj/ 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 - 507 16k 109 215 kk 5 21 100 300 572 State and local government h/ 196 60 125. 60 95 2 39 1956 72 169 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. Principally tax and bond anticipation notes, warrants or certificates and Public Digitized fork/FRASER Housing Authority notes. In some instances PHA notes included may have a somewhat http://fraser.stlouisfed.org/ longer term than one year. Source: Bond Buyer. 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 1957 - August September October November December 1958 - January February March April May State and local government 399 266 133 393 3a iiOii 209 553 182 300 505 195 275 109 526 537 571 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 State and Other 2, Other 2/ Corporate 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 li61t 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 lit 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 li 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 25 Loo U.00 t:18 29 5.50(11/7/57) 3.00(3/17/510 3.962/ U.07 ii.25 U.07 123 -15 3 9 6 -7 3.98 5 ll.Oit It. 00 11 u.07 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 12,272 31 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 7 706 kll kl9 k63 k05 557 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. 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 Sill 39 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 1(1 -100 59 55 9k 69 22 2,ia 3,169 1*0,119 2,809 - -121 175 209 117 38 180 -30li 1(6 -20 -3 37 15 82 1(2 216 251 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 ill -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 2)4 253 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