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f

tf
'•
.»—
v —
o
.
« x DKOSTEOIIffl
iwnmpronT.T.Tm 'AFTER
SIX HOHTHS
M05THS
L.5.8 Confiden»M;(F.R.)
OTEB SIX

/\
>/CAPITAL

(MARKED
DEVELOPMENTS

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




I

6 * ^ 7
October 19. 1970

INDEX
3-5

Developments in the Corporate and Municipal Bond Markets

6-7

Capital Marl<eTYields

8-13

Capital Market Volume

14-17

Stock Market

18-33

Mortgage Market

SYMBOLS:
e

Estimate

p

Preliminary

r

Revised

n o.

Not available




TABLE 1: Yields, Volume and Reception
YIELDS
MOODY'S
SEASONED
1
NEW ISSUE
Aaa

WEEK ENDING:

1970 - Sept.

Oct.

4
11
18
25

8.40
8.52
8.50
8.35

8.13
8.13
8.09
8.06

511
372
305
812

74
97e
87
80

976
1,361
1,350
1,379

2
9
16
23

8.37
8.35
8.53
n.a.

8.05
8.02
8.00

495,
469
490
675e

70
81
89
iL a.

1,178
n.a.
1,237

YIELDS
MOODY'S
BOND BUYER
SEASONED
SEASONED 20
Aaa
BOND INDEX

WEEK ENDING:

1970 - Sept.

Oct.

CORPORATE BOND MARKET
VOLUME 2
PER CENT
GROSS
SOLD BY END
BONDS SCHEDULED
OFFERINGS
OF WEEK
WITHIN 28 DAYS

MUNICIPAL BOND MARKET
VOLUME 2
GROSS
OFFERINGS

PER CENT
SOLD BY END
OF WEEK

BONDS SCHEDULED
WITHIN 28 DAYS

4
11
18
25

5.70
6.00
5.96
5.95

6.16
6.30
6.26
6.28

186
213
676
324

62
47
83
75

919
1,147
851
1,184

2
9
16
23

6.15
6.15
6.10

6.39
6.38
6.35

346
450
324
35 Oe

77
71
68
n.a.

1,516
1,148
1,138

....

1 Derived by adjusting to a Aaa basis, new issues of publicly-offered corporate bonds
with call protection, rated A, Aa, or Aaa by. Moody 1 s Investors Service (except serial
and convertible issues, offerings of natural gas pipeline and foreign companies, and
bonds guaranteed by the Federal Government,)
2 Millions of dollars unless otherwise indicated.
Note:

See footnotes to Table 3




TABLE 2: Details on Inventories

DATE
OFFERED

CORPORATE BONDS IN SYNDICATE END OF LATEST WEEK
ORIGINAL
RATING A N D
YIELD CALL PROTECTION
COUPON
ISSUER

AMOUNT
(MIL. $)
50.0
30.0
175.0
25.0
25.0
55.0
15.0
10.0
30.0
15.0

10/14
10/14
10/14
10/8
10/8
10/7
9/29
9/29

DATE
OFFERED | RELEXSED
10/7

Dresser Indus.
Rex Chain Belt
Pacific Tel. & Tel.
Morton-Norwich
Texas Elec.
So. Calif. Gas
Montana Dak. Util.
Wise. Mich Pwr.
Central Tel.
Elizabethtown Gas.

9 3/8
8.95
8 3/4
8.88
8.88
8.85
9 1/4
9 1/4
%9 1/4
9 1/4

9.38
8.95
8.76
8.88
8.73
8.85
9.15
9.15
9.35
9.32

ESTIMATED PROPORTION SOLD

Baa \
10 yrs
A
' X 10 yrs
Aaa
5 yrs
10 yrs
A
5 yrs
Aaa
5 yrs
Aa
5 yrs
A
5 yrs
A
5 yrs
a
;
5 yrs
A

95%
95%
85%
95%
60%
50%
30%
30%
85%
50%

CORPORATE BONDS RELEASED FROM SYNDICATE DURING LATEST WEEK
ORIGINAL INCREASE RATING A N D ESTIMATED PROAMOUNT
ISSUER
COUPON
IN YIELD CALL PROT. PORTION RELEASED
YIELD

10/13

40.0

DATE
1970 - Sept. 18
25
2
Oct.
9
16p

Conn. P. Sc L.

INVENTORIES 1
MUNICIPALS
BLUE LIST
|
IN SYNDICATE
571
618
607
645
620

201
197
151
202
177

8 7/8

8.75

Aa 5 yrs

+12

50%

CORPORATES
IN SYNDICATE
41
153
179
95
93

N.G. - No call protection.
All figures in millions of dollars. Blue List is dailyj average for week ended Friday, except for latest week
of three days ended Wednesday. All other figures are as of Fridav.

which is daily average



BONDS IN SYNDICATE
Millions of dollars

Friday figures

i

i

r

i
i i i i i i i i i
CORPORATE BONDS IN SYNDICATE

SEPT.




r

I

I

I

I

I

I

JUN.

1970

I

I

SEPT.

TABLE 3: High Grade Bond Yields

DATE

NEW
CORPORATE
Aaa1

MOODY'S SEASONED
CORPORATE
Aaa2

U.S. GOVERNMENT
20-YEAR
CONSTANT
MATURITIES 3

/.
BOND
BUYER'S
SEASONED
MUNICIPALS4

1968 - High
Low

7.02 (12/13)
6.13 (8/30)

6.55 (1/27)
5.95 (9/13)

5.90(1/20)
5.18(8/9)

4.85 (1/26)
4.07 (8.8)

1969 - High
Low

8.84 (12/5)
6.90(2/21)

7.84 (12/26)
6.55 (1/13)

6.97 (12/26)
5.96 (1/24)

6.90 (12/18)
4,82 (1/28)

1970 - High
Low

9.30 (6/19)
8.20 (2/27)

8.60 (7/3)
7.79(3/6)

7.55 (5/29)
6.60 (3/6)

7.12 (5/29)
5.95 (3/12)

25

8.35

8.06

6.77

6.28

2
9
16

8.37
8.35
8.53

8.05
8.02
8.01

6.81
6.79
6.85

6.39
6.38
6.35

1970 - Sept.
Oct.

1

New corporate issues, with call protection, adjusted (as described in
footnote 1 of Table 1) to a Aaa basis.
2
Weekly average of daily figures. Average term of bonds included is
22-24 years.
3
Weekly average of daily figures.
4
Thursday figures. The average rating of the 20 bonds used in this index
' falls midway between the four top groups as classified by Moody's Investors Service.
Note--Highs and lows are for individual series and may be on different dates
for different series.




HIGH GRADE BOND YIELDS

NEW CORPORATE Aaa

MOODY'S V X
CORPORATE Aaa

U S. GOVT 20 YR.
CONSTANT MATURITIES
BOND BUYER MUNICIPAL

1966




1967

1968

1970

TABLE 4: Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
GROSS PROCEEDS
STATE AND LOCAL 2

PERIOD
1970

1969

1963

2,636
3,539

2.075
2,045
2,098

1,771

1,802

April
May
June

3,170
3,909

2,748
2.076

1,428

July
August
September

2,850e
2,550e
3,600e

October
November
December

January
February
March

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

1970

1969

1,340
1,214
1,551

1,262
987
538

1,178
1,158
1,404

1,866

1,646
995

1,801

1,318
1,143

2,478
1,427
2,427

2,143
1,432
1,557

1,306
1,342
l,650e

1,097
808
559

1,469
1,699
1,444

4,000e

1,933
2,375
2,532

2,129
1,767
2,054

1,800e

1,280
886
816

2,230
1,021
1,115

7,977
10,468
9,OOOe

6,218
7,354
6,332
6,840

5,178
5,704
5,133
5,950

4,105
3,711
4,298e

2,787
3,648
2,464
2,982

3,840
3,856
4,612
4,366

18,445
27,445e

13,572
19,904
26,744

10,882
16,015
21,965

6,435
8,899
11,881

7,956
12,008
16,574

1,608
1,799

7,816
12,114e

1,110
737

1968

Excluding finance companies 3
1st
2nd
3rd
4th

Quarter
Quarter
Quarter ^
Quarter

Year

6,170
7,037

j

5,107
5,427
4,785
5,654
20,973

Securities and Exchange Commission estimates of gross proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total gross proceeds excluding offerings of sales and consumer finance
companies.




,
i

TABLE 5: New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)

QUARTER
OR
MONTH

GROSS PROCEEDS BY
TYPE OF ISSUE
COMMON
BONDS _
i
AND
MEMO:
TOTAL. PUBLICLY PRIVATELY PFD.
ISSUES INCLUDED
MFG.
OFFERED
PLACED
STOCK
FOREIGN | CONVERTIBLE

GROSS PROCEEDS.BY
TYPE OF ISSUER
PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS 1

7,354
6,332
6,840

3,411
3,186
3,479

1 673
1 347
1 ,053

2 268
1 ,797
2 ,307

277
289
115

1,126
750
809

1,,773
1,,862
1.,314

1,878
1,544
1,967

432
684
598

3,266
2,243
2,961

7,977
10,468
9,025

4,577
6,994
5,975

1,,235
1 ,282
1 ,300

2 ,147
2 ,190
1 ,750

222
135

922
710
260

2.,584
2 ,445
2,,550

2,085
2,812
2,620

766
2,162
1,280

2,543
3,048
2,425

1969 - Sept.
Oct.
Nov.
Dec.

2,427
1,933
2,375
2,532

1,222
969
1,164
1,346

479
313
226
514

726
651
984
672

35
59
8
48

369
105
303
401

625
260
453
601

544
745
622
600

272
120
201
277

984
808
1,099
1,054

1970 - Jan.
Feb.
Mar. ,
Apr.
May
June
July e/
Aug .. -

2,636
1,802
3,539
3,170
3,909
3,389
2,648
2,550

1,595
1,068
1,914
2,022
3,041
1,931
1,831
1,750

516
266
471
447
399
436
236

525
468
1 ,154
701
468
1 ,021
580

639
540
906
1,109
600
1,103
842
600

Sept.—' 3,600

2,400

n.a.

100

811
357
1 ,416
689
817
939
577
850
900

952
680
911
1,310
744
994
1,085

400
700

387
249
286
398
230
82
107
60

234
226
306
62
1,747
353
144

400
500

61 .
33
128
89
20
26
68
n.a.

375
755

725
750

1969 - II
III
IV
1970 - I
He
Ille

1

1,195

Other issuers are extractive, railroad and other transportation, real estate
and finance, and commercial and other.
'• "
Source: Securities add Exchange Commission. Quarterly supplements are available.




T A B L E 6: Large Long-term Public Security Issues for New Capital
(Other than U.S. Treasury) 1

I

Oct, 1 thru Oct. 16, 1970

TYPE '

COUPON
RAT I! OR
Ni:i l'.JTERI". ST COST

AMOUNT
(MILLIONS
OF
DOLLARS)

OFFERING
YIELD

MOODY 1;
RAT INC,

Corporates

American Elec. Power
First Denver Mtg. Investors
Jersey Central Pwr. & Lt. Co.
United Utilities, Inc.
Mass. Mutual Mtg. & Realty
Investors

com. stk.
benf. int.
cum. pref.
stk.
cum. stk.

99.5
30.0
25.0
33.8

conv. sub.
debs.
50.0
debs.
50.0
Otis Elevator Co.
1st. Mtg.
15.0
Montana-Dakota Utilities Co.
1st. Mtg.
55.0
Southern Calif. Gas. Co.
1st. Mtg.
25.0
Wisconsin Pwr. & Lt. Co.
debs.
Weyerhaeuser Co.
150.0
notes
Weyerhaeuser Co.
50.0
*Public Service Elec. & Gas Co. com. stk.
67.9
1st.
Mtg.
Connecticut Lt. & Pwr. Co.
40.0
pref. stk. 20.0
Connecticut Lt. & Pwr.
Pacific Tel. & Tel. Co.
.Morton-Norwich
i
Cummins Engine Co.
Texas Electric Ser. Co.
Dresser Industries Inc.
Rex Chainbelt Inc.
Carolina Pwr. & Lt. Co.
Clark Equipment Co.
General Mills Inc.




debs.
175.0
debs.
25.0
debs.
30.0
bds.
25.0
S.F. debs. 50.0
S.F. debs. 30.0
"cum. stk.
28.8
debs.
50.0
S.F. debs. 100.0

——

• —
—

•-

—

1990
1995
1990
1995
2000
2000
1976

——

•-

--

6, 75
6.,50
9.,25
8..85
8,,88
8,.63
8,.13

6.,75
6,,50
9,,15
8,.85
8,.85
8,.63
8,.13

--

Baa
A
Aa
Aa
A
A

--

--

--

*—

2000

8 .88

8 .75

Aa

—

--

--

——

2Q06
1995
1995
2000
1995
1995

8,,75
8,,88
8.,88
8., 88
9.,38
8.,95

8,,76
8,,88
9.,00
8.,73
9..38
8..95

Aaa
A
A
Aaa
Baa
A

--

--

1976
1995

8,.80
8..88

--

8..80
8,,87

—

A

TABLE 6: Large Long-term Public Security Issues for New Capital
(Other than U.S. Treasury) 1
Oct. 1, thru Oct. 16, 1970
1
ISSUER

TYPE 2

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON
1
RATE OR
' OI-TKRNET INTER-• ; i;.c
EST COST
J Xl1^0

MOODY'S
RATING

State and Local
Hudson County, H.J.
Alaska State Housing Auth.
Maryland, State of
Coastal Industrial Wtr. Auth.
Texas
University of Houston, Texas
Minneapolis, Minn.
Shelby County, Tenn.
Alexandria, Va.
Anne Arundel Co., Md.
Atlanta, Ga.
Tacoma, Wash.
Alabama Highway, Auth.
California, State of

G.O.
Rev.
G.O.

St. Louis, M o .
Los Angeles Co. Flood Control
District Calif.
Genesee Co. Comm. Coll. Mich.
Hawaii Co., Hawaii
Fort Worth, Tex.
Jacksonville, Fla.
Penna State of
Snohomish, Co. PuD#l, Wash.
Seattle Dept. Light & Power
El Paso, Texas




11.1
29.0
42.1

1971-1988
1972-85
1973-85

7.28
6.77
5.29

4.75-7. 40
4.75-7. 25
4.00-5.90

S.F. Rev. 17.0
Rev.
10.0
G.O.
10.6
G.O.
12.5
G.O.
13.1
G.O.
14.0
Rev.
20.0
Rev.
25.0
Rev.
25.0
G.O.
100.0

2007
1973-2000
1971-90
1971-95
1971-87
1971-2000
1972-2000
1973-2007
1971-87
1971-90

7.06
7.11
4.79-5,,64
5.82
5.65
6.14
7.43
7.20
6.35
5.57

7.08
4.70-7.25
3.95-6.25
3.90-6. 70
4.00-6. 65
4.75-7. 70
4.80-7. 35
4.10-7. 00
3.85-6.30

Rev.

10.0

1972-05

7.66

4.50-7.60

Baa

G.O.
G.O.
G.O.
G.O. \
Rev.\
G.O.
G.O.
Rev.
G.O.

10.0
11.5
10.0
10.3
52.0
50.0
24.0
20.0
10.0

1972-95
1972-1995
1973-90
1971-95
1972-02
1973-00
1977-2004
1973-2005
1972-1990

5.69
6.29
5.88
5.57
7.17
6.33
6.88
7.18
5.58

3.80-6.20
4.00-7.00
5.20-6. 65
3.70-6.40
4.40-7.35
4.15-6. 60
5.00-7. 20
4.50-7. 25
4.00-6.25

—

Baa
Aaa
A-l
A
Aaa
Aa
A
A
Baa
Baa-1
A
Aa

—

A
Aa
A
A-l
Aa
A
A-l

V

TABLE b: Large Long-term Public Security Issues for New Capital (continued)
(Other than U.S. Treasury) 1
Oct. 1 thru Oct. 19, 1970

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

COUPON
RATE OR
NET INTEREST COST

OFFER na;
YIELD

MOODY 1 S
RATING

8.70
7.20

Aaa

Other
Inter-American Development BK
Federal Home Loan Banks

bds.
100.0
Con. bds.450.0

1995

8.63
7.20

Rights offering.
Includes corporate and other security offerings of $15 million and over;
State and local security offerings of $10 million and over.
In case of State and local government securities, G.O.. denotes general obligation;
Rev.-Ut., revenue obligations secured only by income from public utilities;
Rev.-Q.-lit., revenue bonds secured only by income from quasi-utilities; Rev.-S.T.,
revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue
bonds secured solely by lease payments.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-quaranteed issues by Federal Agencies.




TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury) 1
(continued)
As o f O c t o b e r 16, 1970

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

Corporate
Continental Investment Corp.
Debs
1st mtg
Massachusetts Elec. Co.
New Jersey Natural Gas
1st mtg
GAC Properties Credit Inc.
Debs
Pan American World Airways
Gtd loan ctfs
Appalachian Pwr Co.
1st mtg
*Skelly Oil
Debs
Singer Co.
Debs
Xerox Corp.
Debs
Wisconsin Gas Co.
Debs
Vermont Yankee Nuclear Pwr Co. 1st mtg
Sears, Roebuck & Co.
Notes
Sears, Roebuck & Co.
S.F. debs
Pitney-Bowes Inc.
Debs
First Mtg Investors
Debs
Ford Motor Credit Co.
Notes
Ford Motor Credit Co.
Debs
Beneficial Corp.
Debs
Genesco Inc.
Notes
Mississippi River Transmission Corp.
Debs
Mountain States Tel & Tel Co. Debs
Southwestern Pub. Serv. Co.
1st mtg
Illinois Pwr Co.
1st mtg
Northern Natural Gas Co.
Debs
Michigan Wis. Pipe Line Co.
Bonds
Equitable Life Trust
Conv debs
Equitable Life Trust
Conv debs
General Pub Utilities
Debs
General Pub Utilities
Debs
Toledo, Edison Co.
1st mtg
Gulf Oil
Bonds
1st
mtg
Louisiana Pwr
General Tel Co. of the N. W.
Bonds
Florida Pwr Corp.
1st mtg
Portland General Elec Co.
1st mtg
Cleveland Elec Illuminating Co, 1st mtg
Consumers Pwr Co.
1st mtg
1st mtg
Public Service Co. of N.H.
1st & ref mtg
Pacific G & E Co.
1st mtg
Citizens Utilities Co.
1st mtg
Cincinnati Gas & Elec Co.
Debs
Public Serv. Elec & Gas
1st mtg
•Columbus & So. Ohio Elec Co.
Debs
Dow Chemical Co.
1st & ref mtg
Southern Calif. Edison Co.
1st mtg
New York Telephone Co.




30.0
20.0
15.0
50.0
81.5
70.0
25.0
100.0
155.0
15.0
80.0
125.0
125.0
50.0
30.0
125.0
75.0
75.0
50.0

October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October

35.0
150.0
15.0
35; 0
60.0
40.0
50.0
50.0
20.4
58.0
35.0
200.0
20.0
15.0
40.0
20.0
75.0
50.0
75.0
100.0
23.0
60.0
75.0
25.0
150.0
100.0
200.0

October
October
October
October
October
October
October
October
October
October
October
November
November
November
November
November
November
November
November
November
November
November
November
November
November
December
December

19
19
19
19
19
20
20
21
21 (rgts expire)
21
21
22
22
22
22
26
26
27
27
27
27
27
28
28
29

2
4
5
5
5
9
10
12
16
18
18
18
19
3
3

TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury)' ^
1 6 j

TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

1 9 7 0

APPROXIMATE DATE
OF OFFERING
t

State and Local
Texas, State of
Chicago Pub Bldg Coram 111.
Cleveland, Ohio
New York City
Oklahoma, State of
St. Paul ISD #625, Minn.
Grays Harbor^Co. Wash. Pub Util.
District # 1
Houston, Tex.
North Broward Hosp. Dist. Fla.
Ndrth Texas State University
Albany^Co. N.Y.
Miami, Fla
Puerto Rico Highway Auth.
Louisiana
Memphis, Term.
*N. Y. State Job Devel. Auth.
Seattle
Maine
Houston, Tex.
N. Y. State D o r
Auth.
Fairfax, Va."
*Pittsburgh, Pa.
Philadelphia S/D Pa.
Detroit City S/D, Mich.
*Dallas-Ft. Worth Reg. Arpt. Tex.
Springfield, 111.

G.O.
G.O.
G.O.
G.O.
Bonds
G.O.

20.0
52.0
39.5
233.8
26.1
10.3

October
October
October
October
October
October

Rev
Rev
G.O.
Rev
G.O.
G.O.
G.O.
G.O.
G.O.
Bonds
G.O.
G.O.
Rev
G.O.
G.O.
G.O.
G.O.
G.O.
Rev
Rev

10.0
10.0
10.0
10.0
70.0
12.5
50.0
25.0
34.0
25.0
23.2
14.6
35.0
14.2
40.0
10.5
45.4
30.0
50.0
14.0

October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
November
November
November
November

*Illinois State Toll Hwy Auth.
Los Angeles Dept. of Wtr & Pwr

G.O.
Rev

135.0
39.0

Nassau, Co. N. Y.
San Francisco, Calif.
Los Angles Harbor Dept. Calif.
Sacramento Municipal Utility
Dist., Calif.

G.O.
G.O.
Rev

41.2
52.9
16.0

December 9 *
December 14 •
December 1 6 *

Rev

50.0

January

20

130.8
315.0

October
October

28
30

19

t

19
19

i
20 '
20 j
20 i
20
21
21
21
21
22
22
27
27
27
27
27
28
28
28
29
4

9 i

io;
10 <

November 17
November 18

i

Other
HAA
Federal^Home Loan Mtg Corp.
*
1
2

Bonds
Bonds

Included in table for first time.
.
Includes corporate and other issues of $15 million and over; State and local
Government issues of $10 million and over.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.




TABLE 8: Stock Prices and Volume
TRADING VOLUME 2

STOCK PRICES 1
500
1968

• High
Low

D.J. - IND.

NYSE

AMEX

108.37(11/29) 985.21(12/13)
87.72(3/5)
825.13 (3/21)

33.24(12/20)
21.97(3/25)

1

AMEX

82.61(6/7)
34.0(2/23)

45.4(6/7)
14.1(2/23)

1969 - High
Low

106.16(5/14) 968.85(5/14)
32.91(1/3)
89 . 20 ( 7/17) 769 . 93(12/17) 25.02(7/29)

82.6(10/17)
32.8(4/4)

38.4(5/9)
12.9(4/4)

1970 - High
Low

93.46(1/5) 811.31(1/5)
69.29(5/26) 631.16(5/26)

80.7(5/26)
35.1(7/3)

28.4(1/2)
8.3(7/3)

1970 - Sept. 25 83.97
Oct.

2 85.16
9 85.08
16 84.28

27.02(1/8)
19.36(5/27)

76$.. 77

22.34

83.4

26.4

766.16
768.69
763.35

22.79
22.63
22.39

72.2
84.1
50.5

23.5
22.7
13.7

1.

Figures other than highs and lows are Fridays only,
for the year and are not necessarily for Fridays.

2.

1941-43 = 10.

3.

Average dollar value of shares listed.

4.

NYSE is the New York Stock Exchange; AMEX is the American Stock Exchange.
Total number of shares traded per week (millions of shares). Trading is
normally conducted for 5-1/2 hours per day and 5 days per week, or 27-1/2
hours per week. In recent years, however, abbreviated trading to the
extent, and over the time periods, shown below;

From:

Through:

August 8, 1967
January 22, 1968
June 30, 1968
January 3, 1969
July 7, 1969
January 2^ 1970

August 20, 1967
March 1, 1968
December 31, 1968
July 3, 1969
December 31, 1969
May 1, 1970




Hours/
Day
4
4
5-1/2
4
4-1/2
5

Highs and lows are

Days/
Week
5
5
4
5
5
5

Hours/
Week
20
20
22
20
22-1/2
25

STOCK PRICES AND TRADING VOLUME
AM EX

36

D.J.
(Ind.)

Weekly

I

STOCK PRICES

1 1 1 1 1

i

-

1

1

' '

1

,

I I I I II i I I i i

AMEX PRICE LEVEL INDEX A / 1

32 -

28 -

J

S&P's 500

\y

-

1120 112

~

1040 104

\
\ A

A

16

12 -

f\j

W

U

\

/

DJ. IND.

1280 128

1200 120

24 -

20

\

K.

w\A

V

U y W

j

8

_

960

96

-

880

88

-

800

80

720

72

Millions of shares

AMEX TRADING VOLUME (TOTAL FOR WEEK)

Tp
:
NYSE TRADING VOLUME (TOTAL FOR WEEK)

1966

1967




I

S&P
(500)

I I I I i I I I I I I

I I I I I I I I I I

1970

17

TABLE 9: Security Credit

END OF PERIOD

CREDIT EXTENDED TO
MARGIN CUSTOMERS BY:
BROKERS 1 | BANKS 2 | TOTAL

CUSTOMERS'
NET DEBIT
BALANCES

NET CREDIT
CUSTOMERS' NET EXTENDED BY
BROKERS AND
FREE CREDIT
DEALERS 3
BALANCES

Outstanding:
1969--Aug.
Sept.
Oct.
Nov.
Dec.

5,000
4,940
5,040
5,070
4,970

2,670
2,620
2,570
2,520
2,580

7,670
7,560
7,610
7,590
7,550

7,019
7,039
7,243
7,111
7,445

2,577
2,579
2,753
2,613
2,803

4,442
4,460
4,490
4,498
4,642

1970—Jan.
Feb.
Mar.
Apr.
May
June
. July
Aug.

4,6804,570
4,520
4,360
4,160
3,860
3,790
3,780

2,430
2,370
2,370
2,330
2,290
2,290
2,290
2,300

7,110
6,940
6,890
6,690
6,450
6,150
6,080
6,080

6,683
6,562
6,353
5,985
5,433
5,281
(4)
(4)

2,626
2,563
2,441
2,248
2,222
2,009
2,180
2,077

4,057
4,099
3,912
3,724
3,211
3,272
(4)
(4)

(5)

Change in
Outstanding:
19 69--June
July
Aug.
Sept.
Oct.
Nov.
Dec.

-330
-170
-170
-60
100
30
-100

-30
-40
-30
-50
-50
-50
60

-360
-210
-200
-110
50
-20
-40

-260
-699 .
-496
20
204
-132
334

1
-302
-206
2
174
-140
190

-261
-397
-290
18
30
8
144

1970--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

-290
-110
-50
-160
200
-300
-70
-10

-150
-40

-440
-170
-50
-200
240
-300
-70

-762
-121
-209
-368
-552"
-152

-177
-163
-22
-193
-26
-213
171
103

-585
42
-187
-188
-513
-61

2
3

——

-40
-40
---

10

--

Margin debt, as reported by the New York Stock Exchange. Although margin debt
until March 1968 included loans secured by U.S. governments, the amount of such
loans included is thought to have been small.
"Bank loans to others than brokers and dealers for purchasing or carrying securities other than U.S. governments."
The difference between customers' net debit balances and customers' net free credit balances, this figure represents the net credit extended by brokers and
dealers to the nonfinancial public.
NOTE: With the exception of bank loan data, figures are supplied by the New York
Stock Exchange and are end of month data. Bank loans are for weekly reporting
large commercial banks. Broker data includes loans for regulated securities; bank
data includes loans for the purpose of purchasing or carrying any security, whether
regulated or not.




TABLE 10: Savings Flows at Nonbank Depositary Intermediaries
($ millions)

DATE

MUTUAL SAVINGS BANKS
NET
REGULAR DEPOSITS 3
NEW
ANNUAL
MONEY 2
GROWTH
NET
1
FLOW
RATE

SAVINGS <
St LOAN ASSOCIATIONS
NET
SHARE CAPITAL
NEW
ANNUAL
MONEY2
NET
GROWTH
1
FLOW
RATE

TOTAL
DEPOSITS
ANNUAL
NET
GROWTH
RATE 1
FLOW

NET
NEW
MONEY 2

\

5,082
4,208
2,551

1967
1968
1969
1969 -

1970 -

July
Aug.
Sept.
July
Aug. e./
Sept. el/

-164
95
303
297
176
500

9.3
7.1
4.0
—
--

--

——
—

2,376
1,143
-747
-266
24
-269
174
81
n.a.

Not Seasonally Adjusted
6,129
10,649
9.4
2,738
6.0
7,399
4,020
3.1
-1,003

15,371
11,607
6,571

-1,122
-25
-104

-1,274
87
1,182

485
517
n.a.

840
732
2,226

-1,110
-8
879

--

543
556
1,726

--

—
—

—
—

9.4
6.3
3.4

8,505
3,881
-1,750
/ 1,388
-1
-373

--

659
598
n.a.

Seasonally adjusted
1970 -

Apr.
May
June
July
Aug. e /
Sept.2/

371
360
373
441
279
343

1
2

6.6
6.4
6.6
7.8
4.9
6.0

—
-—
—
—

973
637
891
1,680
791
1,288

8.6
5.6
7.8
14.6
6.8
11.0

—
—
—

---

1,344
997
1,264
2,121
1,070
1,631

8.0
5.9
7.4
12.4
6.2
9.4

• —
• —
—
—

--

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Net New Money is new deposits net of both withdrawals and interest. Data for S&Ls are for
insured associations only, which represent 96% of industry total resources.
3
Regular deposits at mutual savings banks exclude items such as Christmas club and certain
escrow accounts, which represent a very small part of total deposits.
| SOURCE: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




SAVINGS FLOWS (seasonally adjusted)

[ M i l l i o n s of d o l l a r s

Monthly

\—

2000

1600
TOTAL

1200
800
400

400

1200
SAVINGS I LOANS

800
400

400

800
MUTUAL SAVINGS BANKS

400

400
1966

1967




1968

1969

1970
i

TABLE l l :

DATE

TOTAL

Mortgage Commitments at Selected Thrift Institutions

OUTSTANDING COMMITMENTS .
ALL
MUTUAL ,
SAVINGS
SAVINGS &
BANKS
LOAN
(N.Y.
STATE)
ASSOCIATIONS

|
|
TOTAL

1

NET CHANGE
ALL
i
SAVINGS &
LOAN
/
ASSOCIATIONS

(Billions of Dollars, Se asonally Adjusted)

MUTUAL
SAVINGS
BANKS
(N.Y. STATE)

1/

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

9.9
9.5
9.2
8.9
8.6
8.4

6.8
6.5
6.4
6.1
5.9
5.8

3.1
3.0
2.8
2.7
2.7
2.6

-.32
-.36
-.31
-.33
-.24
-.25

-.22
-.24
-.18
-.23
-.18
-.12

-.10
-.12
-. 13
-.09
-.06
-.13

970 - Jan.
Feb.
Mar.
Apr.
May
June
July

8.2
7.9
7.6
7.8
8.0
8.2
8.6

5.6
5.4
5.2
5.4
5.8
6.1
6.5

2.6
2.5
2.5
2.4
2.2
2.1
2.0

-.17
-.30
-.26
.13
.24
.22
.35

-122
-.23
-.21
.26
.38
.30
.40

.04
-.07
-.05
-.13
-.14
-.09
-.05

1

Based on data from Federal Home Loan Bank Board and Savings Banks Associations of
New York State. Net changes are derived directly from unrounded outstandings
levels"as reported and after seasonal adjustment by Federal Reserve. Subtotals
may not add to totals because of rounding. Mutual Savings Banks and total data
include building loans beginning August 1967.




t

MORTGAGE COMMITMENTS OUTSTANDING (seasonally adjusted)
Monthly

Billions of dollars

TOTAL

S&L'S

N.Y.-MSB'S

includes building loans beginning August 1967

1960




1962

1964

1966

1968

1970

22

TABLE 12: Net Change in Mortgage Holdings 1

DATE

FINANCIAL INSTITUTIONS
MUTUAL
SAVINGS &
SAVINGS
COMMERCIAL
LOAN
BANKS
BANKS
ASSOC.

TOTAL
INCLUDING
FNMA-GNMA

LIFE
INSURANCE
COMPANIES

FNMA-GNMA.

Not Seasonally Adjusted
1966
1967
1968
1969
1969 - May
June
July
Aug.
.1970 - May
June
July
Aug.

1969 - July
Aug.
Sept.
Oct.
Nov.
Dec.

15,782
18,219
21,273
19,676

4,705
4,639
6,677
5,535

2,385

1,976
2,163

575

2,'lf!

i:iii

400

1,256
1,932

200

1,626

200
200

18,105

20,016
23,781
24,051

2,161

1,634
2,32 9
2,089

600
200

400

2,720
3,153
2,787

3,761
7,520
9,350
9,407

4,596
2,907
2,459
2,052

2,323
1,797
2,508
4,375

233
230
215
181

988
1,2X6

155
142
115
171

185
222
293
528

189
183
187

378
397
463
399

173
193
191
171
139
134

334
530
511
568
583
614

2,682

144
221
160

182
Seasonally Adjusted

1,698
1,910
1,876
1,734
1,652
1,906

1.364
1,380
1.365

1,166
1,069
1,292

151
310
383
244
237
347

181
157
137
124
146
235

865
844
723

1,128
1,079

1,111
859
720
654
627
547
576

556
225
400
24
288
937
1,493
1970 - Jan.
499
241
436
143
285
1,105
1,604
Feb.
516
125
276
197
144
712
1,228
. Mar.
494
189
357
205
141
892
1,386
Apr.
418
196
588
160
133
1,066
1,484
May
454
220
225
935
1,649
269
2,103
June
245
506
128
1,075
1,599
2,105
151
July
398
985
158
110
Aug.
1
Monthly data for commercial banks based on Federal Reserve estimates benchmarked
to Call Report data on real estate loans outstanding as available. Other data
derived from mortgage debt outstanding as reported separately by National Assn.
of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance
and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual
savings banks and for Life Insurance companies may differ somewhat from those
derived from regular quarterly series because of minor conceptual differences for
which adjustments are not made in the monthly series. Altogether, these groups
accounted for 87 per cent of the net increase estimated for all holders in 1967.




23

NET CHANGE IN MORTGAGE HOLDINGS (seasonally adjusted)
Monthly

Billions of dollars

3.0

TOTAL, INCL. FNMA - GNMA

2.0

FINANCIAL INSTITUTIONS \

1.5

1.0

1967




1968

1969

1970

TABLE 13: Net Increases in Mortgage Debt Outstanding
Billions of dollars, SAAR '

QUARTER

TOTAL

RESIDENTIAL 3

1- to 4FAMILY

MULTIFAMILY

COMMERCIAL

1

MULT1-AND
COMMERCIAL

FARM

1966 - IIIp
IVp

18.7
15.2

11.0
9.2

8.4
7.0

2.6
2.1

5.5
4.2

8.2
6.2

2.2
1.8

1967 - Ip
up
IIIp
IVp

15.6
20.5
27.0
27.5

10.0
13.8
19.6
19.9

6.8
10.5
15.7
16.0

3.2
3.4
3.9
3.9

3.8
4.9
4;9
4.9

7.2
8.2
8.7
8.8

1.8
1.8
2.5
2.7

1968 - Ip
HP
IIIp

27.1
25.9
26.5

18.4
18.0
18.2

15.4
14.8
14.6

3.0
3.2
3.5

6.3
5.7
6.5

9.4
8.9
10.1

2.3
2.2
1.8

1969 - Ip
IIP
IIIp
IVp

30.4
28.5
27.0
25.6

22.1
21.2
19.9
18.6

17.9
16.5
15.2
13.1

4.2
4.7
4.7
5.5

6.1
5.0
5.3
5.8

10.3
9.6
10.0
11.3

2.2
2.3
1.8
1.3

1970 - Ip
lip

20.3
23.8

14.0
17.5

9.3
11.9

4.8
5.5

4.9
4.7

9.6
10.2

1.5
1.6

-

1

2
3

Derived from data oil mortgage debt outstanding from Federal Deposit Insurance
Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration,
Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations
and extrapolations, where required, estimated mainly by Federal Reserve.
May differ somewhat from related flow of funds series mainly because of more
aggregative type of seasonal adjustment.
Residential mortgage debt i n d u e s nonfarm only and is-sum of 1-to 4 - family
and multifamily mortgage debt combined.




NET INCREASES IN MORTGAGE DEBT OUTSTANDING
Quarterly

Billions of dollars, seasonally adjusted annual rate

TOTAL

TOTAL
RESIDENTIAL

1-4 FAMILY

COMMERCIAL

MULTIFAMILY

1966




1968

1970

TABLE 14: FNMA Weekly " A u c t i o n " Results

WEEK
ENDED

COMMITMENTS IN $ MILLIONS
IMPLICIT YIELD 2 (per cent)
ACCEPTED
1-YEARll
90TOTAL
TOTAL
6901-YEAR 1
6
MONTH & OVER
OFFERED
DAY
DAY
& OVER
MONTH

June

1
15
29

224.2
249.7
156.3

113.8
127.9
98.9

31.1
34.2
30.6

71.4
86.7
56.5

11.3
7.0
11.8

9. 20
9. 27
9. 32

9. 24
9.30
9. 33

9.27
9.31
9.34

July

13
27

286.2
323.8

113.3
150.4

25.0
37.0

73.0
91.1

15.3
22.3

9.,20
9,,10

9. 21
9. 12

9.22
9.12

Aug.

10
24

441.3
575.0

180.2
215.1

41.4
48.8

91.0
124.4

A?.8
41.9 .

9..03
9.,03

9. 03
9.,03

9.04
9.03

Sept .

8
21

384.2
207.8

200.1
195.3

45.6
40.1

117.0
121.5

37.5
33.7

9 .06
9,.01

9..04
9..01

9.04
9.02

Oct.

5
19

267.5

62.2
(105)
(150)3/

73.1

14.5

8,.90

8. 92

8.97

Note: Under the FNMA auction system, approved sellers of Governmentunderwritten mortgages bid for FNMA forward purchase commitments, subject to an over-all dollar limit announced by FNMA in advance. Bids
accepted by FNMA are for delivery at the seller's option, and at any
time within the specified period. Bids on proposed homes relate to
construction not yet started on which mortgages may be delivered only
after completion and occupancy.
1

For "proposed construction" of new homes only.

2

Average secondary market yield after allowance for commitment fee and
required purchase and holding of FNMA stock, assuming prepayment of
15 years for 30-year Government-underwritten mortgages. Yields shown
are gross, before deduction of 38 basis points fee paid by investors
to servicers. Prior to August 10, 1970 the servicing fee was 50 basis points.
FNMA announced limit of accepted bids for next week's auction.




27

FNMA "AUCTION" RESULTS
$ Millions

200

AMOUNT OF ACCEPTED BIDS
BY COMMITMENT PERIOD

150

6 MONTHS

100 .

1 YEAR
AND OVER

50

IMPLICIT YIELD
!

6 - M T N T H COMMITMENTS

:

/

i

i

i

i

i

i

i

i

i

i

i
$ Millions

-

—

TOTAL BIDS RECEIVED

K
1

-

800

—

600

J\

400

200
|

|
JUNE

| TOTAL BIDS ACCEPTED
AUG.

OCT.

1969




DEC.

i

I
FEB.

I

-1
APR.

i
JUNE

1970

i

i

i
AUG.

i

i
OCT.

0

i
DEC.

TABLE 15: Private Housing Starts and Permits
STARTS

DATE

SEASONALLY ADJUSTED
ANNUAL RATE
TOTAL 1-FAMILY 2 OR MORE

TOTAL

UNADJUSTED
TYP E OF FINANCING
FHA VA
OTHER

1969 - Aug.
Sept.
Oct.
Nov.
Dec.

1,376
1,481
1,390
1,280
1,402

752
828
766
762
776

624
653
624
518
626

124.9
129.3
123.4
94.6
84.1

22.4
18.3
254
18.6
23.2

4.2
4.8
5.0
3.9
4.2

1970 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. p
Sept.p

1,059
1,306
1,392
1,224
1,242
1,393
1,503
1,412
1,504

577
725
708
697
728
835
827
830
884

482
581
684
527
514
558
776
582
620

66.4
74.3
114.7
128.4
125.0
135.2
140.8
127.4
130.8

16.5
17.5
25.2
32.4
37.1
40.7
43.4
34.1
i

3.4
3.9
4.8
5.4
5.2
5.1
5.3
5.7
n.a.

1

2

98.3
106.2
93.3
74.7
57.9
46.5
52.9
84.7
90.6
80.8
89.4
92.1
87.7
n.a.

BUILDING
PERMITS
(SEASONALLY
ADJUSTED
ANNUAL
RATE) 2
1,245
1,201
1,183 1,191
1,239
1,013
1,137
1,099
1,263
1,321
1,306
1,275
1,326
1,368

Total starts are Census estimates including farm for both permit-issuing and
non-issuing areas. A dwelling unit is started when excavation begins; all units
in an apartment structure are considered started at that time. FHA and VA
starts are units started under commitments by these agencies to insure or guarantee the mortgages. As reported by FHA and VA, a unit is started when a field
office receives the first compliance inspection report, which is made before
footings are poured in some cases but normally after the foundations have been
completed. Other starts are derived as a residual, although total and FHA and
VA starts are not strictly comparable in concept or timing; other starts include both units financed by conventional mortgages and units without mortgages.
Building permits before January 1963 are Census estimates for about 10,000 areas
identified as having a local building permit system in 1959. Estimates beginning 1
January 1963 are for approximately 12,000 and beginning January 1967 13,000, or
all known permit-issuing places. Unlike starts, seasonally adjusted building per- 1
mits reflect direct adjustment for differences in the number of working days per
month, as well as other differences in timing and coverage.




PRIVATE HOUSING STARTS AND PERMITS
Monthly, annual rates

Millions of units

SEASONALLY ADJUSTED
2.0

HOUSING STARTS

1.6

1.2
BUILDING PERMITS

(in issuing areas)

PER CENT OF UNADJUSTED TOTAL STARTS

MULTI-FAMILY
(2 or more)

GOVERNMENT UNDERWRITTEN
1964




1966

1968

1970

TABLE 16: Mortgage and Bond Yields
FHA
.
MORTGAGES 2
DATE
25-YEAR 30-YEAR

CONVENTIONAL
MORTGAGES
3

SPREAD BETWEEN YIELDS
ON CONV. &
FHA MORTGAGES

1

NEW
Aaa CORPORATE
BONDS
4

SPREAD BETWEEN
YIELDS ON NEW
CORPORATE BONDS
AND
FHA MORTGAGES

1959-60 - High
1961-66 - Low
1966 - High
1967 - High
- Low
1968 - High
Low
1969 - High
Low

6.26
5.43
6.73
n.a.
n. a.
n.a.
n.a.
n.a.
n.a.

n.a.
5^44
6.81
6.81
6.29
7.52
6.78
8.62
7.99

6.30
5.80
6.70
6.70
6.40
7.40
6.75
8.35
7.55

.23
.25
.30
.11
-.12
.12
-.27
.40
.13

5.25
4.41
5.82
6.51
5.18
6.79
6.15
8.75
6.91

1.69
.77
1.16
1.28
.27
1.20
.26
1.08
-.13

1970 - Apr.
May
June
July
Aug.

n.a.
n.a.
n.a.
n.a.
n.a.

9.10
9.11
9.16
9.11
9.07

8.55
8.55
8.55
8.60
8.60

-.55
-.56
-.61
-.51
-.47

8.60
9.10
9.11
8.63
8.48

.50
.01
.05
.48
.59

1

2

3

4

Neither mortgage nor bond yields include allowance for servicing costs which are
much higher for mortgages than for bonds. Generally, bonds pay interest semiannually; mortgages, monthly. Mortgage yields, if computed as equivalent to
a semi-annual interest investment, would be slightly higher than given in the
table.
Based on FHA-field-office opinions about average bid prices in the private
secondary market for new-home mortgages for immediate delivery. Separate
data available for 25-year and—beginning July 1961—30-year mortgages with
minimum downpayments, weighted by probable volume of transactions. Yields
computed by FHA, assuming prepayment period of 12 years for 25-year mortgages
and 15 years for 30-year mortgages. Over the period for which they can be
compared, the movement of the two'mortgage yield series has been similar .
Dashed lines indicate periods of adjustment to changes in contractual interest
rates.
,
Based on FHA-field-office opinion on typical interest rates (rounded) on conventional first mortgages prevailing in the market areas of insuring office
cities. Beginning with April 1960, rate relates only to new-home mortgages;
prior to that date, rate related to both new as well as existing-home mortgages. Dashed line indicates this change in the series.
See note for Table 1.




MORTGAGE AND BOND YIELDS
Monthly

12

11

10

9

8

7

HOME MORTGAGES:

6

CONVENTIONAL

5
Aaa CORPORATE BONDS
NEW ISSUES

4

I E L D S P R E A D ( F H A MORTGAGE VS. NEW ISSUE Aaa CORPORATE BONDS)

200

100

+
0

J
1962




1

L
1964

I
1966

_ 1

:
1968

L 11111111111111111111111
1970

100

TABLE 17: Conventional Mortgage Terms '
NEW HOMES

DATE

CON- FEES &
TRACT CHARGES EFFEC- MATURITY
RATE
(PER
(YEARS)
TIVE
(PER
CENT) RATE
CENT)
2
3

LOAN/
PRICE LOAN
RATIO AMT.
(PER ($000)
CENT)
4

EXISTING HOMES
CON- FEES &
LOAN/
TRACT CHARGES EFFEC- MATU- PRICE
(PER
RATE
TIVE
RITY RATIO
(PER
CENT) RATE (YEARS) (PER
2
CENT)
CENT)
3

LOAN
AMT.
($000
4

1969
7.86
7.89
7.99
7.97
8.07

0.86
0.92
0.89
0.96
1.06

8.00
8.05
8.13
8.13
8.25

25.2
25.3
25.3
25.3
25.4

72.3
72.9
72.8
72.8
71.9

24.3
25.0
24.6
24.6
25.0

7.90
7.98
8.00
8.00
8.08

0.93
0.91
0.90
0.90
0.93

8.05
8.13
8.15
8.15
8.24

22.6
22.2
22.6
22.6
22.9

71.2
70.7
70.4
70.4
70.6

19.8
19.2
19.5
20.1
20.8

8.16
Jan.
8.23
Feb.
Mar.
8.29
8.23
Apr.
8.28
May
June . 8.31
July-' 8.32
Aug.
8.35

1.08
1.09
1.11
1.02
0.98
0.99
1.01
0.99

8.34
8.41
8.47
8.40
8.45
8.48
8.49
8.51

25.0
24.2
25.0
24.8
25.3
25.1
25.1
24.9

69.3
71.8
71.1
71.1
71.7
71.3
71.5
71.8

25.1
24.9
25.1
24.5
25.3
25.6
24.9
25.5

8.13
8.23
8.26
8.20
8.18
8.19
8.21
8.25

0.94
1.02
0.98
0.90
0.94
0.98
0.95
0.89

8.29
8.41
8.43
8.35
8.34
8.36
8.37
8.40

22.4
22.4
:
22.6
22.8
22.8
23;0
23.1
23.1

70.3
70.2
70.4
70.4
70.3
71.5
71.5
71.7

20.5
20.4
20.6
20.4
21.1
21.5
21.7
21.4

Aug.
Sept.
Oct.
Nov.
Dec.
1970

Compiled by Federal Home Loan Bank Board in cooperation with Federal Deposit Insurance
Corporation. Data are weighted averages based on probability sample survey of characteristics of conventional first mortgages originated by major institutional lender
groups (including mortgage companies) for purchase of single family homes. Data exclude loans for refinancing, reconditioning or modernization; construction loans to
home-builders; and permanent loans which are coupled with construction loans to ownerbuilders. Related series on conventional mortgage rates only, based on unweighted
opinions of field-office directors of the Federal Housing Administration, are available
somewhat sooner than the results of the FHLBB-FDIC survey, and are included-in the case
of new home mortgage rates—in Table 16.
Fees and charges—expressed as ^percentage of the principal mortgage amount--include
loan commissions, fees, discounts, and other charges which provide added income to the
lender and are paid by the borrower. They exclude any closing costs related solely to
transfer of property ownership.
Includes fees & charges amortized over a 10 year period in addition to the contract
interest rate.
Derived by FRB.




CONVENTIONAL MORTGAGE TERMS
Years

Monthly

30
MATURITY
NEW
25

EXISTING

20

i i i I i i i i i i i i I i i i i i i i i i i i I 15

80

LOAN/PRICE RATIO

NEW

75

EXISTING
70

1 i i i i i i i i i i i 1 i i i i i i i i i i i I 65
Thousands of dollars

LOAN AMOUNT
30

20
EXISTING

10
I i i i i
1964




1966

1968

i i i i i i i i i i i
1970
* CHANGE IN SERIES