Full text of Federal Reserve Bulletin : February 1969

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.






















































































































































































































































































































A 16

U.S. CURRENCY n FEBRUARY 1969
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Coin and small denomination currency

Total
in circulation i

Total

Coin

$12

$2

$5

$10

$20

Total

$50

$100

$500

$1,000

1939
1941
1945
1947
1950
1955
1958

7,598
11,160
28,515
28,868
27,741
31,158
32,193

5,553
8,120
20,683
20,020
19,305
22,021
22,856

590
751
1,274
1,404
1,554
1,927
2,182

559
695
1,039
1,048
1,113
1,312
1,494

36
44
73
65
64
75
83

1,019
1,355
2,313
2,110
2,049
2,151
2,186

1,772
2,731
6,782
6,275
5,998
6,617
6,624

1,576
2,545
9,201
9,119
8,529
9,940
10,288

2,048
3,044
7,834
8,850
8,438
9,136
9,337

460
724
2,327
2,548
2,422
2,736
2,792

919
1,433
4,220
5,070
5,043
5,641
5,886

191
261
454
428
368
307
275

425
556
801
782
588
438
373

20
24
7
5
4
3
3

32
46
24
17
12
12
9

1959
1960
1961
1962
1963
1964
1965
1966

32,591
32,869
33,918
35,338
37,692
39,619
42,056
44,663

23,264
23,521
24,388
25,356
26,807
28,100
29,842
31,695

2,304
2,427
2,582
2,782
3,030
3,405
4,027
4,480

1,511
1,533
1,588
1,636
1,722
1,806
1,908
2,051

85
88
92
97
103
111
127
137

2,216
2,246
2,313
2,375
2,469
2,517
2,618
2,756

6,672
6,691
6,878
7,071
7,373
7,543
7,794
8,070

10,476
10,536
10,935
11,395
12,109
12,717
13,369
14,201

9,326
9,348
9,531
9,983
10,885
11,519
12,214
12,969

2,803
2,815
2,869
2,990
3,221
3,381
3,540
3,700

5,913
5,954
6,106
6,448
7,110
7,590
8,135
8,735

261
249
242
240
249
248
245
241

341
316
300
293
298
293
288
286

3
3
3
3
3
2
3
3

5
10
10
10
4
4
4
4

1967—Nov.
Dec.

46,463
47,226

32,937
33,468

4,865
4,918

1,965
2,035

136
136

2,748
2,850

8,266
8,366

14,957 13,524
15,162 13,758

3,832
3,915

9,163
9,311

239
240

283
285

3
3

4
4

1968—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

45,819
45,846
46,297
46,621
47,202
47,640
47,979
48,353
48,340
48,719
49,989
50,961

32,232
32,284
32,664
32,938
33,414
33,745
33,963
34,238
34,161
34,421
35,489
36,163

4,927
4,969
5,049
5,137
5,231
5,309
5,385
5,449
5,498
5,565
5,625
5,691

1,923
1,895
1,857
1,875
1,883
1,860
1,871
1,863
1,872
1,900
1,957
2,049

136
136
136
136
136
136
136
136
136
136
136
136

2,686
2,665
2,676
2,684
2,727
2,728
2,720
2,728
2,732
2,763
2,862
2,993

7,977
8,000
8,094
8,104
8,230
8,287
8,261
8,309
8,269
8,336
8,627
8,786

14,583
14,619
14,852
15,002
15,207
15,424
15,590
15,753
15,654
15,722
16,282
16,508

3,835 9,221
3,820 9,213
3,840 9,261
3,857 9,293
3,894 9,360
3,932 9,430
3,971 9,511
3,999 9,581
4,002 9,641
4,028 9,734
4,092 9,869
4,186 10,068

240
239
239
240
240
240
240
240
241
241
242
244

285
284
285
286
286
286
286
287
288
289
290
292

3
3
3
3
3
3
3
3
3
3
3
3

4
4
4
4
4
4
4
4
4
4
4
4

End of period

Large denomination currency

2

1 Outside Treasury and F.R. Banks. Before 1955 details are slightly
overstated because they include small amounts of paper currency held
by the Treasury and the F.R. Banks for which a denominational breakdown is not available.

13,588
13,563
13,632
13,683
13,787
13,895
14,015
14,115
14,179
14,299
14,500
14,798

$5,000 $10,000

Paper currency only; $1 silver coins reported under coin.

NOTE.—Condensed from Statement of United States Currency and
Coin, issued by the Treasury.

KINDS OUTSTANDING AND IN CIRCULATION
(In millions of dollars)
Currency in circulation

Held in the Treasury
Kind of currency

Gold
Gold certificates
Federal Reserve notes
Standard silver dollars
Silver certificates
Fractional coin
United States notes
In process of retirement^
Total

Dec 31 1968
Nov 30 1968
Dec 31 1967

. .

Total outstanding As security
Dec. 31,
against
Treasury
1968
gold and
cash
silver
certificates
10,367
(10 026)
47,560
6,795

(10,026)

73
281

485

(10,026)
(10,026)
(11,854)

695
742
1,344

1967
Nov. 30

Dec. 31

1
2,834
206

44,653
6,308

43,750
6,239

41 ,545
5,681

482

482

202
4

-110,026

?69
9

564,722
563,562
563,077

1968

1

Dec. 31

5,209
310
308

5,144
306
308

482
371
4,436
306
86

3,041
2,807
3,028

50,961

3

5 680
'323
308

1
Outside Treasury and F.R. Banks. Includes any paper currency held
outside the United States and currency and coin held by banks. Estimated totals for Wed. dates shown in table on p. A-5.
2
Includes $230 million gold deposited by and held for the International
Monetary Fund.
3
Consists of credits payable in gold certificates, the Gold Certificate
Fund—Board of Governors, FRS.
4
Redeemable from the general fund of the Treasury.




2341

For
F.R.
Banks
and
Agents

Held by
F.R.
Banks
and
Agents

10,026
10,024
11,479

49,989

47,226

5 Does not include all items shown, as some items represent the security
for other items; gold certificates are secured by gold, and silver certificates
by standard silver dollars and monetized silver bullion. Duplications
are shown in parentheses.
NOTE.—Prepared from Statement of United States Currency and Coin
and other data furnished by the Treasury. For explanation of currency
reserves and security features, see the Circulation Statement or the Aug.
1961 BULLETIN, p. 936.

FEBRUARY

1969 •

MONEY SUPPLY; BANK

A 17

RESERVES

MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Seasonally adjusted

Not seasonally adjusted

Money supply

Period
Total

Currency Demand
component deposit
component

Time
deposits
adjusted i

Money supply

Total

Currency Demand
deposit
component component

Time
deposits
adjusted i

U.S.
Govt.
demand
deposits i

1965—Dec
1966—Dec
1967—Dec.

166.8
170.4
181.3

36.3
38.3
40.4

130.5
132.1
140.9

146.6
158.1
183.5

172.0
175.8
187.1

37.1
39.1
41.2

134.9
136.7
145.9

145.2
156.9
182.0

1968—Jan
Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec

182.3
182.7
183.4
184.3
186.1
187.4
189.4
190.3
189.5
190.2
191.9
193.1

40.6
40.7
41.1
41.4
41.6
42.0
42.2
42.6
42.7
42.8
43.2
43.4

141.7
141.9
142.2
143.0
144.5
145.4
147.2
147.6
146.7
147.4
148.7
149.6

184.1
185.2
186.7
187.1
187.6
188.2
190.4
193.8
196.6
199.5
201.9
204.3

187.6
181.4
182.0
185.6
182.5
185.6
187.2
186.9
188.6
190.6
193.4
199.2

40.5
40.3
40.7
41.1
41.3
41.9
42.4
42.7
42.7
42.9
43.7
44.3

147.1
141.1
141.2
144.5
141.1
143.6
144.8
144.2
145.8
147.7
149.7
154.9

183.7
185.8
187.7
187.9
188.4
188.6
190.8
194.4
196.2
199.1
200.7
202.5

5.0
5.0
7.2
6.6
4.2
6.4
5.4
5.7
5.5
5.9
6.1
4.2
4.8

1969—Jan

193.7

43.6

150.1

202.5

199.5

43.5

156.0

202.1

4.2

4.6
3.4

Week ending—
1968—Dec.

4...
11...
18...
25...

192.9
193.1
192.7
192.7

43.5
43.5
43.4
43.4

149.4
149.6
149.2
149.3

203.7
204.1
204.5
204.6

195.9
197.0
199.2
199.3

44.1
44.4
44.4
44.7

151.8
152.6
154.9
154.6

201.9
202.4
202.6
202.6

3.3
3.2
4.5
6.8

1969—Jan.

I...
8...
15...
22*»..
29"..

193.7
195.4
193.8
193.6
191.8

43.4
43.5
43.5
43.6
43.7

150.3
151.9
150.3
150.0
148.1

204.1
203.3
202.8
202.1
201.5

203.7
204.0
201.3
198.4
194.4

43.9
44.1
43.6
43.4
43.1

159.8
159.9
157.7
155.0
151.3

202.7
202.5
202.4
201.9
201.7

5.2
4.3
2.7
4.4
6.7

1
At all commercial banks.
NOTE.—For revised series beginning Jan. 1963, see June 1968 BULLETIN, pp. A-92—A-97. For monthly data 1947-58, see June 1964 BULLETIN, pp. 679-89; and for data for 1959-62, see Aug. 1967 BULLETIN,
pp. 1303-16.
Averages of daily figures. Money supply consists of (I) demand
deposits at all commercial banks other than those due to domestic com-

mercial banks and the U.S. Govt., less cash items in process of collection
and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of all commercial
banks. Time deposits adjusted are time deposits at all commercial
banks other than those due to domestic commercial banks and the
U.S. Govt. Effective June 9, 1966, balances accumulated for payment of
personal loans were reclassified for reserve purposes and are excluded from
time deposits reported by member banks.

AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
(In billions of dollars)
Not seasonally adjusted

Seasonally adjusted
Deposits subject to
reserve requirements 2

Member bank reserves i

Deposits subject to
reserve requirements 2

Member bank reservesl

Period
Total

Nonborrowed

quired

Ke-

Total

Time
and
savings

U.S.
Private
Govt.
demand demand

Total

Time

Nonborrowed

u_
K.equired

Total

and

savings

PriU.S.
vate
Govt.
demand demand

1965—Dec
1966—Dec
1967—Dec

22.64
22.90
25.15

22.15
22.29
24.85

22.31
22.60
24.91

236.6
244.6
273.2

121.2
129.4
149.9

UI.O
111.7
118.6

4.4
3.5
4.6

23.23
23.47
25.78

22.77
22.91
25.54

22.77
23.08
25.44

239.0
247.1
275.9

119.8
127.9
148.1

115.2
116.1
123.3

4.0
3.0
4.5

1968—Jan
Feb
Mar
Apr
May....
June....
July....
Aug
Sept
Oct
Nov
Dec.p...

25.50

25.19
25.40
25.14
24.94
24.98
25.12
25.43
25.92
25.95
26.21
26.16
26.14

25.15
25.39
25.40
25.28
25.24
25.44
25.60
26.05
26.16
26.34
26.52
26.69

274.7
277.0
278.0
276.9
277.3
278.8
280.9
285.9
287.9
290.9
293.6
296.7

149.9
150.2
151.2
151.3
151.5
151.8
153.8
156.5
158.9
161.5
163.5
165.8

119.4
119.7
120.1
120.4
122.1
123.2
124.3
124.6
123.6
124.5
125.4
126.7

5.4
7.1
6.7
5.2
3.7
3.9
2.7
4.8
5.3
5.0
4.7
4.2

26.04
25.61
25.58
25.55
25.51
25.71
26.00
26.06
26.32
26.64
26.76
27.17

25.80
25.25
24.91
24.86
24.76
25.02
25.48
25.50
25.84
26.21
26.19
26.40

25.65
25.21
25.22
25.28
25.09
25.36
25.70
25.69
26.03
26.40
26.47
26.77

278.3
276.1
277.1
277.5
276.5
278.3
281.7
283.6
286.7
291.2
292.4
299.8

149.4
150.9
152.2
152.0
152.3
152.2
154.1
157.2
158.6
161.0
162.3
163.8

124.4
118.8
119.1
121.7
118.6
121.3
122.6
121.7
123.0
124.8
126.4
131.9

4.4

26.41

27.00

295.2

163.2

126.6

5.3

28.03

27.34

27.83

299.0

162.7

132.1

4.2

25.77
25.81
25.62
25.71
25.82
25.92
26.43
26.40
26.61
26.73
26.98
1969—Jan.". . . 27.16

1
Averages of daily figures. Data reflect percentage reserve requirements
made effective Jan. 18, 1968. For comparability with past data, September
figures reflect required reserves based on current deposits, the method of
calculating required reserves that was in effect prior to September 12.
Under the revised Regulation D, required reserves henceforth will be
based on average deposits with a 2-week lag.
2
Averages of daily figures. Deposits subject to reserve requirements include total time and savings deposits and net demand deposits as defined
by Regulation D. Private demand deposits include all demand deposits ex-




6.4
5.8
3.7
5.6
4.8
5.0
4.8
5.2
5.4
3.6
4.1

cept those due to the U.S. Govt., less cash items in process of collection
and demand balances due from domestic commercial banks. Effective June
9, 1966, balances accumulated for repayment of personal loans were eliminated from time deposits for reserve purposes.
NOTE.—Back data for the period 1947 to date may be obtained from
the Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D. C. 20551.











































A

INTEREST RATES

32

n FEBRUARY

1969

BOND AND STOCK YIELDS
(Per cent per annum)
Corporate bonds

Government bonds

Period

United
States
(longterm)

State
and local

By selected
rating

Stocks
Dividend/
price ratio

By
group

Earnings /
price ratio

Total i
Total i

3.60
3.30
3.28

Aaa

Baa

3.27
3.03
3.06

4.01
3.67
3.58

3.09
3.16
3.67
3.74
4.20

Industrial

Railroad

Public
utility

Preferred

Corn-

Common

4.54
4.47
4.42

4.86
4.86
4.65

4.57
4.51
4.41

4.66
4.50
4.30

2.98
3.37
3.17

4.76
6.06
5.68

4.40
4.49
5.13
5.51
6.18

5.08
5.02
4.86
4.83
4.87
5.67
6.23
6.94

4.52
4.61
5.30
5.74
6.41

4.67
4.72
5.37
5.89
6.77

4.53
4.60
5.36
5.81
6.49

4.32
4.33
4.97
5.34
5.78

3.01
3.00
3.40
3.20
3.07

5.54
5.87
6.72
"5.70

Aaa

Baa

4.66
4.62
4.50

4.35
4.33
4.26

3.54
3.57
4.21
4.30
4.88

4.57
4.64
5.34
5.82
6.51

1961
1962
1963

3.90
3.95
4.00

1964.....
1965
1966
1967
1968

4.15
4.21
4.66
4.85
5.25

1968—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

5.18
5.16
5.39
5.28
5.40
5.23
5.09
5.04
5.09
5.24
5.36
5.65

4.48
4.31
4.28
4.54
4.44
4.59
4.59
4.45
4.29
4.45
4.49
4.60
4.76

4.06
4.01
4.28
4.13
4.28
4.21
4.12
4.00
4.23
4.21
4.33
4.50

4.66
4.69
4.89
4.84
4.96
5.06
4.91
4.72
4.78
4.89
4.98
5.18

6.45
6.40
6.42
6.53
6.60
6.63
6.57
6.37
6.35
6.43
6.56
6.80

6.17
6.10
6.11
6.21
6.27
6.28
6.24
6.02
5.97
6.09
6.19
6.45

6.84
6.80
6.85
6.97
7.03
7.07
6.98
6.82
6.79
6.84
7.01
7.23

6.34
6.31
6.33
6.42
6.49
6.54
6.50
6.26
6.24
6.35
6.47
6.72

6.65
6.65
6.67
6.79
6.87
6.88
6.82
6.72
6.70
6.72
6.78
6.97

6.47
6.36
6.39
6.54
6.60
6.60
6.53
6.30
6.27
6.39
6.58
6.85

.70
.65
.80
.86
.92
.90
5.74
5.59
5.63

3.13
3.28
3.34
3.12
3.07
3.00
3.00
3.09
3.01
2.94
2.92
2.93

1969—Jan

5.74

4.89

4.58

5.34

6.89

6.59

7.32

6.78

6.98

7.02

5.93

3.06

5.15
5.25
5.28
5.24

4.43
4.49
4.49
4.48

4.14
4.22
4.22
4.21

4.80
4.90
4.90
4.90

6.37
6.40
6.43
6.47

6.02
6.06
6.10
6.13

6.78
6.79
6.84
6.88

6.29
6.31
6.36
6.38

6.70
6.70
6.73
6.74

6.30
6.33
6.39
6.44

5.70
5.77
5.75
5.75

2.96
2.94
2.94
2.92

5.26
5.28
5.33
5.40
5.44

4.54
4.54
4.61
4.61
4.63

4.95
4.95
4.97
4.97
5.03

6.49
6.52
6.54
6.57
6.63

6.15
6.16
6.15
6.17
6.28

6.92
6.97
7.00
7.02
7.07

6.48
6.54
6.57
6.60
6.64

5.81
5.81
5.81
5.82
5.83

2.96
2.98
2.92
2.91
2.88

4.68
4.73
4.82
4.82

5.07
5.15
5.25
5.25

6.69
6.77
6.82
6.88

7.14
7.18
7.24
7.31

6.86
6.94
6.99
7.05

6.69
6.87
6.87
6.96

5.81
5.87
5.92
6.02

2.87
2.90
2.91
2.96

5.72
5.70

4.82
4.90
4.90
4.90

4.57
4.58
4.58
4.58

5.25
5.35
5.35
5.35

7.35
7.35

6.79
6.80
6.78
6.75

7.02
6.98
6.98
6.96

7.03
7.03
7.03
7.02

6.01
5.96
5.94
5.91

2.99
3.08
3.06
3.05

5.79

4.95

4.60

5.40

6.91
6.91
6.90
6.89
6.87

6.33
6.45
6.48
6.53
6.55
6.58
6.59
6.59

6.39
6.41
6.43
6.46
6.59
6.63
6.71
6.73
6.77

6.75
6.75
6.77
6.79
6.82

5.56
5.55
5.66
5.82

4.25
4.25
4.35
4.35
4.35
4.40
4.45
4.57
4.57

6.59

7.27

6.74

6.99

6.98

5.89

3.05

9-12

20

18

30

38

30

40

14

500

6.17

Week ending—
1968—Oct.

5
12....
19....
26

Nov. 2
9
16....
23
30

Dec.

7
14
21

28. . ..
1969—Jan. 4
11
18
25
Feb. 1
Number of issues 2

108

1 Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number
of corporate bonds in some groups has varied somewhat. As of Dec.
23, 1967, Aaa-rated railroad bonds are no longer a component of the
railroad average or the Aaa composite series.
2 Number of issues varies over time; figures shown reflect most recent
count.
NOTE.—Annual yields are averages of monthly or quarterly data.
Monthly and weekly yields are computed as follows: U.S. Govt. bonds:




500

Averages of daily figures for bonds maturing or callable in 10 years or
more. State and local govt. bonds: General obligations only, based on
Thurs. figures. Corporate bonds: Averages of daily figures. Both of these
series are from Moody's Investors Service series.
Stocks: Standard and Poor's Corporate series. Dividend/price ratios are
based on Wed. figures; earnings/price ratios are as of end of period.
Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public utility; common stock ratios
on the 500 stocks in the price index. Quarterly earnings are seasonally
adjusted at annual rates.

FEBRUARY 1969 n SECURITY MARKETS

A 33

SECURITY PRICES
Common stock prices
Bond prices
(per cent of par)

New York Stock Exchange
Standard and Poor's index
(1941-43=10)

Period

U.S.
Govt.
(longterm)

State
and
local

Corporate
AAA

1966
1967
1968

78.63
76.55
72.33

102.6
100.5
93.4

86.1
81.8
76.4

1968—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

73.09
73.30
70.98
72.06
70.89
72.58
73.99
74.48
73.95
72.44
71.27
68.47

95.6
94.8
92.7
94.7
92.7
92.8
95.3
95.9
93.7
92.7
91.2
89.2

77.2
77.5
76.9
76.2
75.3
75.6
76.1
78.1
78.4
77.0
75.7
73.0

1969—Jan

67.61

New York Stock Exchange index
(Dec. 31, 1965 = 50)

American
Stock
Exchange
total
index 1

Volume of
trading in
thousands of
shares

Industrial

Railroad

Public
utility

Total

Indus- Transtrial
portation

Utility

85.26 91.09
91.93 99.18
98.70 107.49

46.34
46.72
48.84

68.21
68.10
66.42

46.15
50.77
55.37

46.19
51.97
58.00

50.28
53.51
50.58

45.41
45.43
44.19

44.25
49.82
65.85

14.67 7,538
19.67 10,143
27.72 12,971

2,741
4,508
6,353

103.11
98.33
96.77
104.42
107.02
109.73
109.16
106.77
110.53
113.29
114.77
116.01

43.38
42.35
41.68
44.79
48.00
51.72
51.01
48.80
51.11
54.26
53.74
55.19

68.02
65.61
62.62
63.66
62.92
65.21
67.55
66.60
66.77
66.93
70.59
70.54

53.24
50.68
49.48
53.23
54.85
56.64
56.41
55.04
56.80
58.32
59.44
60.32

55.45
52.63
51.54
56.03
58.04
59.83
59.12
57.59
59.57
61.07
61.97
63.21

47.90
45.15
43.29
46.85
49.92
52.86
51.59
49.01
51.94
55.24
55.96
57.30

44.87
43.36
41.78
42.46
42.07
43.30
44.69
44.09
44.53
45.22
47.18
46.73

55.89
53.88
52.98
57.56
60.43
64.60
68.90
68.19
71.77
77.50
79.55
79.00

24.95
22.43
22.21
24.39
27.17
29.20
29.18
28.38
29.75
30.76
31.24
32.96

11,947
9,182
9,178
14,779
13,276
15,139
14,266
10,718
13,435
15,112
14,821
14,865

7,309
4,065
3,600
6,536
8,142
7,491
6,600
4,778
6,542
6,376
6,789
8,075

88.0

72.3 102.04 110.74

54.11

68.65

57.82

60.32

56.35

45.64

75.58

32.15 12,122

6,781

67.61
67.30
67.84
68.04

89.1
88.3
88.1
88.3

72.0
72.0
72.6
72.1

103.90
101.33
101.47
102.02

113.08
110.21
110.43
110.98

54.08
52.86
53.06
54.67

69.60
68.34
67.97
68.25

58.91
57.39
57.40
57.85

61.68
59.92
59.89
60.34

56.30
55.00
55.50
57.21

45.93
45.40
45.41
45.41

76.26
74.30
74.68
76.35

32.78
,946
31.71 13,423
31.61 11,677
32.35 11,804

6,756
6,578
6,189
6,658

67.17

87.3

72.3 102.58

1.39

55.81

69.70

58.18

60.56

57.65

46.20

76.73

32.65 11,921

7,957

Total

95.04
90.75
89.09
95.67
97.87
100.53
100.30
98.11
101.34
103.76
105.40
106.48

Fi-

NYSE AMEX

Week ending—
1969—Jan.

4....
11
18....
25....

Feb.

I

i Begins June 30, 1965, at 10.90. On that day the average price of a share
of stock listed on the American Stock Exchange was $10.90.
NOTE.—Annual data are averages of monthly figures. Monthly and
weekly data are averages of daily figures unless otherwise noted and are
computed as follows: U.S. Govt. bonds, derived from average market

yields in table at bottom of preceding page on basis of an assumed 3 per
cent, 20-year bond. Municipal and corporate bonds, derived from average
yields as computed by Standard and Poor's Corp., on basis of a 4 per cent,
20-year bond; Wed. closing prices. Common stocks, derived from component common stock prices. Volume of trading, average daily trading in
stocks on the exchange for a 5Vi-hour trading day.

TERMS ON CONVENTIONAL FIRST MORTGAGES
New homes
Period

Contract
rate
(per
cent)

Fees&
charges
(per
cent)*

Maturity
(years)

Loan/
price
ratio
(per
cent)

Existing homes
PurLoan
chase
amount
price
(thous. of
(thous. of dollars)
dollars)

1963
1964
1965
1966
1967. . .
I968P

5.84
5.78
5.74
6.14
6.33
6.83

.64
.57
.49
.71
.81
.89

24.0
24.8
25.0
24.7
25.2
25.5

73.3
74.1
73.9
73.0
73.6
73.9

22.5
23.7
25.1
26.6
28.0
30.7

1967—Dec

6.41

.84

25.4

72.7

1968—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec."

6.39
6.47
6.50
6.57
6.69
6.88
7.04
7.10
7.10
7.09
7.07
7.09

.86
.94
.88
.88
.95
.95
.85
.87
.87
.88
.84
.89

25.4
25.5
25.7
25.3
25.0
25.4
25.5
25.5
25.5
25.6
25.4
26.0

72.9
74.5
74.3
73.4
73.2
74.4
73.7
73.6
74.2
74.5
74.1
74.0

Maturity
(years)

Loan/
price
ratio
(per
cent)

.60
.55
.55
.72
.76
.83

19.2
20.0
21.8
21.7
22.5
22.7

70.8
71.3
72.7
72.0
72.7
73.0

Fees&

charges
(per
cent) i

PurLoan
chase
amount
price (thous. of
(thous. of dollars)
dollars)
17.8
18.9
21.6
22.2
24.1
25.6

12.6
13.4
15.7
16.1
17.5
18.7

16.3
17.3
18.5
19.4
20.6
22.6

5.98
5.92
5.87
6.30
6.40
6.90

29.6

21.5

6.51

.83

23.1

73.1

25.2

18.4

29.7
29.8
30.2
30.3
30.2
30.4
30.5
31.0
30.3
31.0
30.7
33.8

21.7
22.2
22.4
22.2
22.1
22.6
22.5
22.8
22.5
23.1
22.7
25.0

6.57
6.58
6.59
6.64
6.81
6.97
7.10
7.12
7.11
7.09
7.07
7.09

.82
.81
.79
.80
.87
.86
.83
.85
.82
.84
.82
.85

22.7
22.6
23.0
22.6
22.5
22.6
22.5
22.7
22.6
22.5
22.7
23.4

73.7
73.6
73.3
72.8
73.1
73.1
72.6
73.0
72.6
72.4
72.9
73.2

24.9
24.5
25.4
25.1
25.3
25.2
25.7
25.6
25.4
25.5
26.2
28.2

18.4
18.0
18.6
18.3
18.5
18.4
18.6
18.7
18.4
18.5
19.1
20.6

i Fees and charges—related to 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.
NOTE.—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 mortgages




Contract
rate
(per
cent)

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
homebuilders; and permanent loans that are coupled with construction
loans to owner-builders. Series beginning 1965, not strictly comparable
with earlier data. See also the table on Home-Mortgage Yields, p. A-51.