Full text of H.16 Capital Market Developments : September 4, 1973

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/ H.16I ...

CAPITAL
MARKET
DEVELOPMENTS

September 4 , 1 9 7 3
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




DIVISION O F RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551

V

U/O

>

INDEX

D E V E L O P M E N T S IN T H E C O R P O R A T E AND MUNICIPAL BONO MARKETS
C A P I T A L MARKET Y I E L D S
C A P I T A L MARKET VOLUME
STOCK MARKET
MORTGAGE MARKET

SYMBOLS

e

ESTIMATE

P

PRELIMINARY

r

REVISED

n.a.

N O T AVAILABLE
DATA DO NOT EXIST




Table 1

YIELDS, VOLUME AND RECEPTION
3
CORPORATE B O N D MARKET
WEEK ENDING

1973 - J u l y

Aug.

6
13
20
27
3
17
24
31

YIELDS
NEW ISSUE 1
A a a UTILITY

RECENTLY
OFFERED
A a a UTILITY

7.92
7.92
8.03

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
OF WEEK

„NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

7.80
7.85
7.94

0
317
54
219

0
76
81
96

0
77
10
10

8.28
8.32r

343
150
90
393
0

100
100
100
100
0

0
0
0
0
0

8.12

8.31
8.52
8.30
8.29r

2

8.16
8.20
8.15

MUNICIPAL B O N D MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE

VOLUME

BOND BUYER
20-60ND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

NEW I S S U E S 4
IN S Y N D I C A T E
( $ MILLIONS)

1973 - J u l y

6
13
20
27

5.10
5.25
5.20
5.30

5.34
5.40
5.37
5.48

194
503
436
626

71
74
76
85

133
129
144
148

Aug.

3
10
17
24
31

5.40
5.40
5.20
5.20
5.10

5.59
5.58
5.47
5.44
5.34

181
256
215
292
536

89
94
85
83
91

86
53
59
75
79

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price
restrictions sometime during the last four weeks.

3

Estimated by F.R. on the basis of available data.

4

Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




Table 2

HIGH GRADE BOND YIELDS
1

NEW I S S U E
A a a UTILITY

DATE

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
C O N S T A N T MATURITY

4

B O N D BUYER
2 D - B O N D INDEX

1971 - High
Low

8.26 (7/30)
7.02 ( 2 / 5 )

8.23 (1/1)
7.17 ( 1 2 / 3 1 )

7.71 (8/12)
7.06 (2/12)

6.51 (6/18)
5.69 (3/23)

6.23 ( 6 / 2 3 )
4.97 ( 1 0 / 2 1 )

1972 - High
Low

7.60 (4/21)
6 . 9 9 (11/24)

7.46 (5/12)
7.17 ( 1 / 7 )

7.36 (4/28)
7.05 ( 1 2 / 8 )

\. 6 . 1 9 ( 4 / 1 4 )
\ 5.74 (11/17)

5.54 (4/13)
4.96 (10/21)

1973 - High
Low

8.52 (8/10)
7.29 (1/21)

8.32 (8/10)
7.28 (1/5)

7.77 ( 8 / 2 4 )
7.11 ( 1 / 5 )

7.79 (8/10)
6.42 (1/5)

5.59 (8/3)
5.03 (1/12)

7.80
7.85
7.94
8.12

7.41
7.44
7.45
7.48

7.16
7.20
7.25
7.39

5.34
5.40
5.37
5.48

8.28
8 . 3 2r
8.16
8.21
8.15p

7.53
7.61
7.71
7.77
7.74p

7.71
7.79
7.65
7.52
7.43p

5.59
5.58
5.47
5.44
5.34

-

July

Aug.

6
13
20
27
3
10
17
24
31

--

7.92
7.92
8.03
8.31
8.52
8.30
8.29r

I
!

NOTES:
1

Federal Beterve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-merket yield on competitively bid Aae-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U S. Treasury deta.

5

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. Weekly Bond Buyer data.




5

Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

G R O S S PROCEEDS
PERIOD

I

1

CORPORATE

1973

1

1972

1

2

S T A T E AND LOCAL

1971

1973

1

1972

1

1971

January
February
March

2,327
1,962
3,933

3,205
3,369
3,229

3,115
3,000
6,075

1,974
1,499
2,451

1,776
2,005
2,239

2,732
1,851
2,258

April
May
June

2,484
2,468

3,275
3,598
4,341

4,042
3,300
4,375

1,818
1,921
2,072

1,989
2,017
2,270

1,891
2,167
2,013

July
August
September

3,582
2,893
2,720

4,147
2,532
3,768

1,805
1,966
1,726

1,989
1,903
2,098

October
November
December

3,791
3,377
3,396

3,387
3,704
3,673

2,200
1,861
1,794

1,728
2,264
2,068

9,803
11,214
9,195
10,564

12,190
11,688
10,447
10,764

6,020
6,276
5,494
5,855

6,841
6,081
5,990
6,060

21,017
30,212
40,776

23,844
34,325
45,089

12,296
17,790
23,645

12,812
18,902
24,962

01
02
03
04
1st Half
3 Qtrs.
Year

8,222

5,924
5,811

-

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




H.16

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN M I L L I O N S O F D O L L A R S

G R O S S P R O C E E D S BY T Y P E O F I S S U E
PERIOD

1972 - I I
III
IV

G R O S S P R O C E E D S BY T Y P E O F I S S U E R

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

1

MEMO
I S S U E S INCLUDED

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

F O R E I G N (CONVERTIBLE

11,214
9,195
10,564

4,634
4,192
4,158

2,781
1,867
3,147

3,798
3,136
3,258

245
57
245

449
836
428

2,109
1,629
1,398

3,495
2,680
2,934

' 1,369
856
1,079

4,240
4,030
5,151

1973 - I

8,222

2,945

1,405

3,971

105

112

898

2,427

1,215

3,683

1972 - Mar.

3,229

1,677

577

976

3

233

604

740

227

1,658

Apr.
May
June j

3,275
3,598
4,341

1,622
1,676
1,336

789
744
1,218

864
1,148
1,786

15
100
130

92
226
131

581
761
767

1,219
738
'1,538

178
391
800

1,297
1,708
1,235

Jul/
Sep ex

3,582
2,893
2,720

1,807
1,523
863

1,118
948
1,070

3
17
'37

450
183
203

574
452
603

798
635
1,247

586
237
33

1,624
1,568
838

Oct.
Nov.
Dec.

3,791
3,377
3,396

1,773
1,361
1,024

564
982
1,601

1,454
1,034
770

28
124
93

162
171
95

383
426
589

1,280
794
860

371
658
50

1,757
1,499
1,895

1973 - J a n .
Feb.
Mar.

2,327
1,962
3,933

989
641
1,315

287
316
802

1,050
1,004
1,817

14
27
64

81
28
3

176
213
509

900
596
931

33
174
1,008

1,218
980
1,485

Apr.
May

2,484
2,468

938
1,049

788
611

758
808

63
44

25
78

282
381

519
765

258
367

1,426
955

Augl

/•

*

657
421 .
789

NOTES:
1

Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission. Estimated data are derived by Federal Reserve based upon available information.




H.16

Table 5A

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY

1

August 1 t h r u August 31 f 1973

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

C O U P O N RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Consumers Pwr.
Alabama Pwr.
Gulf S t a t e s U t i l i t i e s
Smith I n t e r n a t ' l
S t . John Del-Ray Mining
New England Power
Mich.-Wise. P i p e l i n e Co.
Guardian Mtge. I n v e s t o r s
B a r n e t t Mtg. I n v e s t o r s Tr.
F l a . Pwr. & L t .
New York T e l .

1 s t mtg
Bonds
1 s t mtg
Com s t k
Com s t k ( r t s )
1 s t Mtge
Sst Mtge
Bene.Int.
Conv deb
1st mtg
Bonds

75.0
100.0
50.0
28.9
15.5
40.0
50.0
19.8
30.0
50.0
300.0

*

2003
2003
2003

8-5/8
8-7/8
8.50

8.50
8.80
8.50

Aa
A
Aa
__

__

2003
1993
1998
1980
2012 .

——

8-5/8
8-5/8

8.46
8.68

8-1/2
8-1/8
8.30

8.50
8.00
8.30

—

Aa
A
. —

Aa
Aaa

\

\

a
NOTES:
*

Rights offering.

1
Includes corporate and other security offerings of



$15 million and over.
H.16

T a b l e SB C o n t i n u e d

LARGE LONG-T^RM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY
August 1 t h r u August 31. 1973
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

MOODY'S
RATING

J

STATE AND LOCAL

F l o r i d a , S t a t e of
S t . of New Hampshire Indus. Dev. Auth.
Illinois
Alaska
Long Beach C i v i c C t r . Auth, Cal.
D.C. Redev. Land Agency
Houston, Tex.
Houston, Tex.
Minnesota Housing F i n . Agency.
Gainsville, Fla.
Metro Denver Swge. D i s t . #1, Cal.
C h a r l o t t e , N.C.
Boston
New J e r s e y
St. Petersburg, Fla.
Penn, S t a t e of
i
Maryland, S t a t e of
/
N.Y. S t . Housing Finance Agency
Milwaukee Area Voc., Tec. & Adult Ed.
Dist.

OFFERING
YIELD

G.O.
P o l l cont r e v
G.O.
G.O.
G.O.
G.O.
Rev.
Rev.
G.O.
Rev.
"
Rev.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Prom note

50.0
10.0
100.0
31.0
36.0
13.1
11.5
23.5
30.0
11.0
20.0
21.5
27.0
75.0
20.0
125.0
54.3
136.5
22.0

1974-1992
1998
1974-1998
1977-1998
1977-2006
1974-2004
1978-1988
2010
1974-1983
1975-1995
1979-2004
1975-1996
1974-1993
1978-1997
1974-1998
1976-1983
1976-1988
1974-2014
1974-1983 "

5.38
7.50
5.27 .
5.80
5.93
6.10
6.10
5.71
5.50
5.41
4.95
5.80
5.17
5.30
5.48
4.93
6.19

5.30-5.75
7.50
5.00-5.80
5.26-6.00
5.20-6.05
5.00-5.40
5.25-6.00
6.21
5.10-5.70
5.10-5.90
5.00-5.60
4.70-5.00
5.50-5.80
4.90-5.25
4.90-5.45
5.00-5.80
4.80-4.90
5.60-6.20

4.92

4. 90-4.85

Aa
- -

Aaa
Baa-1
Aa
Aaa

Baa
Baa
—

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

OTHER
FNMA
FNMA
FNMA




Debs
Debs
Debs

400.0
300.0
300.0

- ~

1975
1979

7.85
8.20
7.85

7.85
8.20
7.85

- -

T a b l e 6A

FORTHCOMING LARGE LONG-TERM PUBLIC
SECURITY OFFERINGS FOR NEW CAPITAL
OTHER THAN U.S. TREASURY

°

1

As of August 31, 1973
ISSUER

Wisconsin Pub. Svc.
P u b l i c S e r v i c e of Colo.
Miss. Pwr. & L t .
GTE of Pa.
*New England T e l . & T e l .
New J e r s e y B e l l
Utah Pwr. & L t .
Utah Pwr. & L t .
Philadelphia Elect.
Delmarva Pwr. & L t .
Cleveland E l e c t . I l i u m .
Ohio Edison
*Southern Railway
* P a c i f i c Lighting Service
J e r s e y C e n t r a l Pwr. & L t .
*Hawaiian E l e c t .
Northern S t a t e s Pwr. (Wise.)
Va E l e c t . & Pwr.
GTE of Southwest
*MGIC MTGE Corp

TYPE

Debs
Pref s t k
Bonds
1st mtg
Com s t k ( r t s )
Debs
Com s t k
Com s t k
Com s t k ( r t s )
Pref s t k
Pref s t k
Bonds
Equip TR C t f s
Deb
1st mtg
1st mtg
1st mtg
Com s t k
Bonds
1st mtg

AMOUNT
(IN MILLIONS
OF D O L L A R S ) '

25..0
30,.0
20,.0
25,.0
188,.5
150..0
30,.0
28..6
106.,2
15,.0
25..0
75..0
15.,0
30.,0
50.,0
16.,0
30. 0
95. 0
30. 0
100. 0

„

APPROXIMATE
DATE O F O F F E R I N G

September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September

5
5
5
5
9
11
11
11
12
12
12
17
18
19
19
19
26
26
27

NOTES:
•

Included in table for first time.

1

Includes corporate and other security issues of $15 million and over.




H.16

Table 6B

]1

FORTHCOMING LARGE LONG-TERM PUBLIC
SECURITY OFFERINGS FOR NEW CAPITAL
OTHER THAN U.S. TREASURY

1

.

As of August 31, 1973
AMOUNT
(IN M I L L I O N S
OF DOLLARS)

ISSUER

APPROXIMATE
DATE O F O F F E R I N G

STATE & LOCAL

*HUD
Oregon, S t a t e of
Nassau Co, N.Y.
*N. J . S p o r t s & Exp. Auth.
Chicago
*Onondaga Co., N.Y.
Los Angeles DWAP
Washington, S t a t e of
U n i v e r s i t y of Texas
L a f a y e t t e , La.
Barton Co. Dev. A u t h . , Ga.
Baltimore Co., Md
Greenle Co., I n d . Dev. Auth.
Oakland U . S . D . , Cal.
*New York C i t y
*Sacramento, C a l i f . Muni. U t i l .

Bonds
G.O.
G.O.
Rev.
Rev.
G.O.
Rev.
G.O.
Rev.
Rev.
P o l l cont rev
P o l l cont reV
P o l l cont rev
G.O.
G.O.
Rev.

446.3
75.0
48.5
265.0
47.0
12.0
15.0
28.0
46.5
10.0
41.0
42.0
85.00
10'. 8
385.0
50.0

September
September
September
September
September
September
September
September
September
September
September
September
September
October
October
November

5
5
9
10
10
12
12
12
13
18

15
16
14

NOTES:
1

Includes state and local government issues of $10 million and over.

2

Includes foreign government and International Bank for Reconstruction and Development issues and issues of Federally sponsored agencies.




Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE

NYSE INDEX

3

| D J INDUSTRIALS!

AMEX

4

|

2

TRADING VOLUME

NYSE

NASDAQ

|

AMEX

|

NASDAQ

8.9(12/30)
5.1(11/26)

26.68(4/28) 112.66(12/31)
22.72(1/4) 100.52(2/26)

22.1(2/12)
11.0(9/17)

6.7(2/5)
2.7(8/13)

65.14(12/11) 1036.27(12/11)
889.30(1/3)
56.23(1/3)

28.53(4/14) 133.28(4/21)
25.61(1/3)
114.88(1/7)

21.8(11/10)
11.2(9/8)

7.4(3/10)
2.6(9/6)

11.7(3/10)
6.5(9/10)

65.48(1/11)
53.36(7/6)

26.70(1/8)
136.18(1/12)
22.20(6/25) 99.39(7/5)

20.4(1/12)
10.2(7/6)

4.8(1/12)
1.5(8/24)

10.4(1/12)
3.8(7/6)

1971 - High
Low

57.76(4/18)
48.73(1/4)

1972 - High
Low
1973 - High
Low

950.82(4/28)
797.97(11/23)

1051.70(1/11)
851.90(8/22)

July

6
13
20
27

53.36
55.12
57.09
58.36

870.11
885.99
910.90
936.71

22.24
22.64
23.18
23.54

99.48
103.03
107.67
109.36

10.2
14.6
16.7
17.1

1.7
2.4
2.9
3.1

4.0
5.5
5.9
6.2

Aug.

3
10
17
24
31

56.79
55.84
54.58
54.18
55.64

908.87
892.38
871.84
863.49
887.57

23.35
23.17
22.97
22.81
22.98

106.82
105.32
103.71
102.40

12. l r
12.4r
11. 8 r
10. 8r
12.3

2. 3 r
2.0
1.7
1.5
1.7

4.9
4.9
4.4
4. l r
4.4

li. a .

NOTES:
1

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

2

Volume figures are weekly averages of daily figures (millions of shares). Trading is normally conducted for 5% hours per day and 5 days per week, or 27% hours per week. In recent years,
however abbreviated trading to the extent, and over the time periods, shown below:
From

Through

January 3, 1969
July 7 , 1 9 6 9 1
January 2, 1970

July 3 , 1 9 6 9
December 31, 1969
May 1, 1970

3

12/31/65 » 5 0

4

Average dollar value of shares listed.




Hours/Day
4
4%
5 .

Days/Week
5
5
5

Hours/We#
20
22%
25

H.16

19

Table 8

SECURITY CREDIT
R E G U L A T E D MARGIN CREDIT EXTENDED BY
END O F P E R I O D

BROKERS ON 1 BROKERS ON 2
MARGIN
CONVERTIBLE
STOCK
BONDS

31
BANKS

UNREGULATED4
NONMARGIN
STOCK CREDIT
AT B A N K S

OTHER
SECURITY
CREDIT
AT BANKS

OUTSTANDING

July
Aug.
Sept.
Oct.
Nov.
Dec.
1973- J a n ,
Feb.
Mar.
Apr.
May
June
July

7,660
7,780
7,800
7,800
7,890
7,900

248
246
248
250
249
254

979
1,032
1,008
943
902
865

1,772
1,800
1,871
1,875
1,871
1,896

1,285
1,298
1,255
1,351
1,296
1,528

7,700
7,500
7,200
7,040
6,540
6,180
6,010

249
248
244
232
224
215
216

865
867
879
872
866
n.a.
n.a.

1,940
1,954
1,917
1,969
2,010
n.a.
n.a.

1,484
1,508
1,566
1,482
1,502
6/
6/

150
120
20
90
10

4
-2
2
2
-1
5

24
53
-24
-65
-41
-37

128
28
71
4
-4
25

11
13
- 43
96
45
132

-200
-200
-300
-160
-500
-360
-70

-5
-1
-4
-12
-8
-9
1

2
12
-7
-6
n.a.
n.a.

44
14
-37
52
41
n.a.
n.a.

-44
24
58
32
20
n. a.

,

.

C H A N G E IN O U T S T A N D I N G

July
Aug.
Sept.
Oct.
Nov.
Dec.
1973 - J a n .
Feb.
Mar.'
Apr.
May
June
July

- •

NOTES:
1

Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.

2

New York Stock Exchange data.

3

. June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.

4

Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no

5

Includes loans to purchase or carry margin stock if these are unsecured or secured entirely by unrestricted collateral.

6

Discontinued.




H.16

5

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL S A V I N G S B A N K S
REGULAR D E P O S I T S
DATE

NET
FLOW

1

ANNUAL 3
GROWTH
RATE

S A V I N G S & LOAN A S S O C I A T I O N S

NET
NEW
MONEY

2

S H A R E CAPITAL

NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

2

TOTAL
DEPOSITS

NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

2

NOT SEASONALLY A D J U S T E D

1970
1971
1972

4,517
9,621
9,788

6.8
13.5
12.0

936
5,678
5,397

10,965
28,230
32,902

1972 - Apr.
\ May.
June

464
669
1,136

- —

280
533
868

1,744
2,209
3,738

--

1973 - Apr.
. May
June

96
525
823

-88
366
-35

831
1.880
3,277

*. —

- —
—
——
—

8.1
19.3
19.5
--

- —

5,285
20,653
23,884

15,482
37,851
42,690

7.7
17,5
17.0

6,221
26,331
29,281

1,668
2,107
1,626

2,208
2,878
4,874

——

1,948
2,640
2,494

724
1,763
900

927
2,383
4,100

——

4,834
2,299
2,980
1,646
2,379
3,085

19.4
9.1
11.7
6.4
9.2
11.8

—
—

—

636
2,107
865

SEASONALLY ADJUSTED

1973 - J a n .
Feb.
Mar.
Apr.
May
June

808
465
579
387
450
690

10.6
6.1
7.5
5.0
5.8
8.8

--—---

4,026
1,834
2,401
1,259
1,929
2,395

23.3
10.4
13.5
7.0
10.7
13.2

——
——
——
- ---

- - —
- —
- --

NOTES:
1

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.

2

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources!

3

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.

Source:, National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




H.16

14

T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS O F DOLLARS, SEASONALLY A D J U S T E D

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

MUTUAL
ALL S A V I N G S
S A V I N G S BKS>
& LOAN
ASSOCIATIONS (N.Y. S T A T E )

NET CHANGE
TOTAL

MUTUAL
ALL S A V I N G S
SAVINGS BKS
& LOAN
ASSOCIATIONS (N.Y. S T A T E )

( B i l l i o n s of D o l l a r s i, S e a s o n a l l y Adjusted)^£/
1971 - Dec.

16.6

13.1

3.6

.09

- .06

.15

1972 - J a n .
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

18.0
19.1
19.7
20.1
20.6
20.7
21.0
21.8
22.9
23.6
24.3
24.9

14.1
15.0
15.4
15.7
16.2
16.3
16.5
17.3
18.1
18.7
19.4
20.0

3.9
4.1
. 4.3
4.4
4.4
4.4
4.5
4.8
4.9
4.9
4.9

.24
1.19
.49
.42
.60
.53
.36
.83
.99
.73
.73
.68

.11
.91
.38
.29
.55
.60
.26
.76
.77
.63
.69
.65

.13
.28
.11
.13
.05
-.07
.10
.07
.22
.10
.04
.03

1973 - J a n . .
Feb.
Mar.
Apr.
May
June

25.9
26.5
26.0
25.3
24.6
24.0

20.8
21.5
21.2
20. 7
20.1
19.6

5.1
5.0
4.8
4.6
4.5
4.4

.98
.59
-.59
65
-.74
-.55

.81
.69
-.38
-.48
-.61
-.43

.17
-.10
-.21
-.17
-.13
-.12

. 4-5
'

1

-

NOTES:
Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of-period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.
H.16




T a b l e 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

FNMA

——

+350
+200
-1
+201
+450
-13
+554
+649
+550
+500

-339
-245
+65
-347
+193
+135
-73
+93
-396
+63

** —

-259
-230
-72
+139
-170
-214
-366
+121
+524
-65
+317
-202

—

——

+399
+248
-1
+299
+813
-1
-1
+100
-47
+311
+475

-403
-2
-1
-200
-1
-1
-1

+200

+103
+337
-1

+131
+452
+582
+1,267
+1,769
+740

+122
+312
+378
+1,303
+1,600
+961

+251
-1
+1,195
+1,200
+600

.

—

—

——

from the T r e a s u r y S u r v e y of O w n e r s h i p .




SHORT-TERM
DISCOUNT
NOTES

FHLMC

-259
+169
+176
+138
+129
+599
-367
+120
+624
-112
+628
+273

1972 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

on data

FHLB

-450
-651
-452
-337
-39
-87
-28
+200
-250

-439
-696
-388
-483
+604
+335
+453
+942
-96
+563

NOTES:
Based

TOTAL

-100
-451
-453
-136
+411
+200
+526
+849
+300
+500

1971 - Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1973 - J a n .
Feb.
Mar.
Apr.
May
June

INTERMEDIATE AND LONG-TERM ISSUES

- ——
——
- -

+300
—
—
—
—

—

+602
+250

—

—

+500

-1
+814

—
- -

—

- -

—

—
—

-25
+76
+116
+51
—

+1
+400

+100
-150
-1
+400
+6
+10
+379
+107
+361

.

+9
+140
+204
-36
+169
-221

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

FINANCIAL I N S T I T U T I O N S

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

24,074
21,736
41,647
57,107

19,699
16,827
39,259
55,081

5,404
2,462
9,940
15,999

2,682
1,845
3,938
5,377

9,561
10,172
24,160
31,982

2,052
2,348
1,221
1,723

4,375
4,909
2,388
2,026

1972 - J u l y
Aug
Sept
Oct
Nov
Dec

4,872
5,931
5,286
4,779
5,114
5,943

4,717
5,563
4,918
4,684
4,984
5,811

1,500
1,600
1,400
1,400
1,500
1,000

438
553
502
472
517
598

2,758
3,313
2,926
2,673
2,712
3,101

79
97
90
139
255
1,112

164
368
137
95
130
132

1973 - Jan
Feb
Mar
Apr
MayJune

3,760
3,454
4,913
4,364
5,339
6,363

3,565
3,388
4,844
4,368
5,503
6,108

900
900
1,200
1,200
1,600
1,700

458
331
568
506
562
598

2,045
2,128
2,999
2,991
3,250
3,296

162
39
77
-329
142
514

195
66
69
- 4
-164
255

PERIOD

COMMERCIAL
BANKS

MSB's

S & L s

INSURANCE FNMA-GNMA
COMPANIES

Not S e a s o n a l l y A d j u s t e d
1969
1970
1971
1972

Seasonally Adjusted
1972 - J u l y
Aug
Sept
Oct
Nov
Dec

4,849
5,471
4,748
4,714
5,282
5,697

4,593
5,179
4,714
4,738
5,212
5,601

1,451
1,477
1,155
1,393
1,524
1,164

472
515
537
484
513
525

2,678
3,108
2,911
2,726
2,876
3,130

101
79
111
135
299
782

147
292
34
- 24
70
96

1973 - J a n
Feb
Mar
Apr
May

4,501
4,081
5,168
4,224
5,272
5,800

4,273
3,969
5,044
4,333
5,331
5,466

1,112
1,079
1,262
1,162
1,533
1,589

475
388
601
554
562
527

2,467
2,430
3,067
2,906
3,100
2,794

219
72
114
-289
187
556

228
112
124
91
- 59
334

NOTES:
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 89per cent of the net increase estimated for all holders in 1 9 7 2 .

2

Beginning January 1972 data reflect activity in limited amount of conventional mortgages.




H.16

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL RATES

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAl

MULTFAMUr
&
COMMERCIAl

'
FARM

1968 - I
II
III
IV

28.1
26.4
25.5
29.6

19.4
18.2
17.2
20.4

16.3
15.0
13.6
16.5

3.1
3.2
3.5
3.9

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

1969 - I
II
III
IV

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

19.4
16.8 ,
14.0
13.1

4.4
4.6
4.7
5.4

6.0
5.4
5.3
5.3

10.4
10.1
10.0
10.7

2.2
2.2
1.7
1.4

1970 - I
II
III
IV

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

9.4
11.6
15.0
16.2

5.0
5.2
6.3
6.6

4.8
4.6
5.1
6.8

9.8
9.8
11.5
13.4

1.5
1.5
2.1
2.2

1971 - I
II
III
IV

37.5
47.8
52.2
54.2

27.3
36.0
38.9
40.7

19.2
26.5
30.1
31.9

8.0
9.4
8.8
8.9

8.1
9.5
11.1
11.0

16.1
18.9
19.8
. 19.9

2.2
2.3
2.3
2.5

1972 - I
II
III
IV

62.4
64.9
65.2
68.4

45.4
47.1
47.3
50.6

35.9
37.5
38.5
40.2

9.5
9.6
8.8
10.4

14.5
15.2
15.2
15.4

23.9
24.8
24.0
25.8

2.6
2.6
2.6
2.5

1973 - I
II

77.0
71.8

57.9
53.0

46.9
42.8

11.0
10.2

16.1
16.2

27.1
26.4

3.0
2.6

*

NOTES:
1

Derived from data on 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.

2

May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.

3

Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage debt combined.




H.16

Table 14

x>

/

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES
PERM ITSy
PERIOD

TOTAL

1—FAMILY

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

2 - O R MORE
FAMILY

MOBILE
HOME
SHIPMENTS

1969
1970
1971
1972

1,322
1,352
1,952
2,219

626
647
928
1,033

696
705
1,025
1,186

1,500
1,467
2,085
2,379

811
813
1,151
1,309

656
, 898
901
1,048

1,399
1,452
1,740
2,002

808
802
1,014
1,145

1972 - August
September
October
November
December

2,281
2,366
2,318
2,226
2,399

1,065
1,029
1,138
1,013
1,001

1,216
1,337
1,180
1,213
1,398

2,424
2,426
2,446
2,395
2,369

1,373
1,382
1,315
1,324
1,207

1,051
1,045
1,131
1,071
1,162

1,973
1,972
1,945
1,980
2,147

1,210
1,118
1,156
1,153
1,168

763
853
789
828
980

534
494
548
666
606

1973 ~ J a n u a r y
February
March
April "
May r /
June r /
July

2,233
2,209
2,129
1,939
1,838
2,030
1,816

1,062
1,079
1,022
945
954
934
891

1,171
1,130
1,107
994
884
1,096
925

2,497
2,456
2,260
2,123
2,413
2,093
2,176

1,450
1,372
1,245
1,202
1,271
1,117
1,249

1,047
1,084
1,015
921
1,142
976
927

2,147
2,033
2,162
2,067
2,175
2,102

1,324
1,259
1,310
1,168
1,288
1,215

823
774
851
899
887
886

648
642
737
680
661
616

.

592
617
692
829

413
401
497
576

- — •

NOTES:
Private building permits (for 14,000 areas with permit systems, excluding farm), starts and completions are Census Bureau data, with completions converted to a seasonally adjusted annual rate
by the Federal Reserve. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered
completed when half of the units in the structure are ready for uss. Private mobile home shipments are Mobile Home Manufacturers Assoc. data converted to seasonally adjusted annual rate by
Census Bureau.

•jL/

Data f o r 1969 and 1970 based on 13,000 p e r m i t - i s s u i n g p l a c e s .




Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL L O A N S
PRIMARY MARKET
NEW HOMES

1

PERIOD
RATE
(IN PER C E N T )

SPREAD
(BASIS
POINTS)

1971 - High
Low

7.95
7.55

52
01

1972 - High
Low

7.70
7.55

1972 - J u l y
Aug
Sept
Oct

Nov
Dec

1973 - J a n
Feb
Mar
Apr
May
June
July

NEW HOMES

1
RATE
(IN PER CENT)

SPREAD
BETWEEN
RETURNS ON
NEW A a a
CONVENTIONAL
UTILITY
1
AND HUD(FHA)
BOND
DISCOUNT
NEW HOME
YIELD
(PERCENTAGE M O R T G A G E S (IN PER CENT)
(BASIS
POINTS)
POINTS)

HUD(FHA) INSURED L O A N S
S E C O N D A R Y MARKET

EXISTING H O M E S
SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

8.05
7.65

62
06

7.97
7.32

31
07

7.8
2.7

28
01

8.04
7.28

61
15

7.75
7.60

66
20

7.57
7.45

48
05

4.7
3.7

14
06

7.45
7.09

7.65
7.65
7.70
7.70
7.70
7.70

27
28
30
32
61
55

7.70
7.70
7.75
7.75
7.75
7.75

32
33
35
37
66
60

7.54
7.55
7.56
7.57
7.57
7.56

16
18
16
19
48
41

4.4
4.5
4. 6
4.7
4.7
4. 6

11
10
14
13
13
14

7.38
7.37
7.40
7.38
7.09
7.15

7.70
7.75
7.80
7.90
7.95
8.05
8.40

32
35
31
44
44
41
39

7.75
7.80
7.85
7.90
8.00
8.10
8.40

37
40
36
44
49
46
39

7.55
7.56
7.63
7.73
7.79
7.89
8.19

17
16
14
27
28
25
18

4.5
4.6
5.2
5.9
6.4
7.2
9.4

15
19
17
17
16
16
21

7.38
7.40
7.49
7.46
7.51
7.64
8.01

NOTES:
1
Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.
Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas
of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment. prepaid in 15 years, for immediate delivery, are used.




Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
DATE OF
AUCTION

GOVERNMENT-UNDERWRITTEN
AMOUNT
AVERAGE
(IN MILLIONS OF DOLLARS)
YIELD
OFFERED

1973 - J a n .

Feb.

Mar.

Apr.

May

July
Aug.

2
8
22
5
6
19
21
5
6
19
21
2
3
16
•17
30

|

ACCEPTED

CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

.

74 2
107 0

61 3
92 1

7.69
7,. 70

128 7

65 4

7.71

-

110 3

--

71 6

--

AVERAGE
YIELD

ACCEPTED

39.. 3

25..5

-•

-•

- -

-•

"

100..9

7.73

|

62..9

7.84

7.89

--

- -

66,.0

49.,6

7.92
7.95

-

-

--

170 8

107 7

7,.75
--

60..3

44.,3

297 3

168 7

7.,81

--

--

--

-

--

--

86.,8

56.,4

8.02

111.; 9

81.,6

8.11

-

234..6

145.,9

7,: s 6

216.,6

190. 7

7,.89

--

--

261.,2

185. 9

14
29

258. 3
212.,4

11
25

--

--

--

7..92

111.,0
128.,9

88. 4
88. 2

8.17
8.23

187. 7
140. 0

7.• 96 .
8.,00

117. 6
113. 3

84. 4
74. 0

8.31
8.39

184. 5
199. 3

142. 2
118. 7

8.,04
8.,09

110. 1
95. 0

74. 1
69..4

8.44
8.51

9
23

539. 0
351. 4

244. 8
181. 4

8.,38
8.,54

108. 0
119. 0 '

72. 5
61. 7

8.67
8.79

6

458. 5
525, . 0

201. 9
223.,8

8. 71
8 .95

154. 3
171..3

77. 4
77.2

8.98
9.27

20

*

NOTES:
Average secondary market yields are gross before deduction of the fee of 3 8 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered by bidders relate t o total eligible bids received.