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DECONTBOLLED AFTER SIX MONTHS
L.5.8

Confidential (F.R.)

MARKET
DEVELOPMENTS

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




INDEX

3-5

Developments in the Corporate and Municipal Bond Markets

6-7

Capital Market Y i e l d s

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

WEEK ENDING:

YIELDS
MOODY * S
SEASONED
NEW ISSUE 1
Aaa

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

1972 - M a r .

3
10
17
24
31

7.16
7.12
7.14
7.26
7.23

7.25
7.24
7.22
7.24
7.24

409
281
385
423
247

98
89
82
72
64

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

Apr.

7
14
21
28

7.33
7.42
7.42
n. a.

7.25
7.28
7.32
ii. a.

422
469

78
87
99

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

WEEK ENDING:

412e
325e

MUNICIPAL
YIELDS
BOND BUYER .
MOODY'S
SEASONED 20
SEASONED
GROSS
OFFERINGS
BOND INDEX

1972 - M a r .

3
10
17
24
31

5.00
4.90
5.00
5.00
5.05

5.29
5.18
5.32
5.34
5.40

481
640
542
420
326

Apr.

7
14
21
28

5.20
5.25
5.20
n. a.

,5.49
5.54
5.50
n. a.

378
676
569
36 5e

BOND MARKET
VOLUME 2
r
1 PER CENT
j SOLD BY END
OF WEEK
|
86
77
59
82
81
76 ,
92
90
n.a.

,

I BONDS SCHEDULED
j WITHIN 28 DAYS
1,071
998
957
1,066
1,109
1,375
1,015
1,310

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'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:

Sou footnotes to Table 3




TABLE 2: Details on Inventories
OATi:
OFFERED
4/13
4/17
4/18

1

40.0
12.0
25.0

DATE
!
OFFERED | RELE\SED . |
4/12

|

A:im.i; r
rui..

,

CORPORATE BONDS IN SYNDICATE END OF LATEST WEEK
ORIGINAL [ RATING AND
COUPON I YIELD |CALL PROTECTION
ISSUER
7 3/4
8.00
8.35

Walter Heller & Co
So Indiana G&E
Day1in, Inc.

7.82
7.80
8.35

NR
Aa
Baa

1 ESTIMATED PRO|
PORTION SOLD

5 yrs
5 yrs
10 y r s

987=
80%
80%

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

4/17

40.0

Peoples Gas Lt & Coke

7 5/8

7.60

+16

Aa

5 yrs

60%

INVENTORIES 1
DATE

BLUE LIST

|

IN SYNDICATE

1972 - Mar.

24
31

780
768

150
136

Apr.

7
14

680
654
622

140
94
89

21

'
1

IN SYNDICATE
172
190
94
64
15

N.C. - No call protection.
1
All figures in millions of dollars. Blue List is daily average for v.eek ended Friday, except for latest week
 9 daily average of three days ended Wednesday. All other figures are as of Friday.
which i



TABLE 3: High Grade Bond Yields

MOODY'S SEASONED
CORPORATE
Aaa 2
8.60 (7/3)
7.48 (12/21)

U.S. GOVERNMENT
20-YEAR
CONSTANT
MATURITIES 3
7.55 (5/29)
6.17 (12/18)

BOND
BUYER'S
SEASONED
MUNICIPALS 4
7.12 (5/29)
5.33 (12/11)

1970 - High
Low

NEW
CORPORATE
Aaa 1
9.30 (6/19)
7.68 (12/18)

1971 - High
Low

8.23 (5/12)
6.76 (1/29)

7.71 (8/13)
7.06 (2/12)

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

6.23 (6/24)
4.97 (10/21)

1972 - High
Low

7.42 (4/21)
6.86 (1/14)

7.32 (2/21)
7.16 (1/21)

6.19 (4/14)
5.96 (1/14)

5.54 (4/13)
4.99 (1/13)

DATE

1972 - Mar.

24
31

7.26
7.23

7.24
7.24

6.08
6.10

5.34
5.40

Apr.

7
14
21

7.33
7.42
7.42

7.25
7.28
7.32

6.13
6.19
6.19

5.49
5.54
5.50

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.




\

TABLE 4: Long term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
GROSS PROCEEDS
CORPORATE

PERIOD

1

1972

1971

1970

3,151
3,315
3,550e

3,115
3,000
6,075

2,636
1,802
3,539

April
May
June

4,042
3,271
4,375

July
August
September
October
November
December

January
February
March

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

1
2

STATE AND LOCAL 2

j

1971

1970

2,732
1,851
2,258

1,340
1,214
1,555

3,170
3,909
3,389

1,891
2,167
2,013

1,647
996
1,085

4,147
2,532
3,768

2,768
2,274
3,518

1,989
1,903
2,098

1,348
1,359
1,758

3,387
3,704
3,673
10,016 e

1972

3,777
4,182
3,980

1,728
2,264
2,068

1,924
1,748
2,190

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

7,977
10,468
8,560
11,939

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

4,109
3,728
4,465
5,862

23,844
34,325
45,089

18,445
27,005
38,944

12,912
18,902
24,962

7,837
12,302
18,164

1,762
1,953
2,150c

.

1
|

1
Securities and Exchange Commission estimates of gross proceeds. -- •
Investment Bankers Association of America estimates of principal amounts.




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

QUARTER
OR
MONTH

TOTAL

GROSS PROCEEDS BY
TYPE OF ISSUE
COMMON
BONDS
AND
MEMO:
ISSUES INCLUDED
PUBLICLY 1 PRIVATELY PFD.
MFG.
FOREIGN | CONVERTIBLE
STOCK
OFFERED I PLACED

11,688
10,447
10,764
10,016

6 546
4 725
5 135
5 ,323

1,758
1,641
2,439
1,723

3 384
4 079
3 193
2 ,967

215
114
133
n.a.

1971 - Feb.
Mar.

3,000
6,075

2.
,201
4!
,135

275
647

524
,293
1.

Apr.
May
June

4,042
3,271
4,375

2:
,116
2.
,148
2 ,282

507
491
760

July
Aug.
Sept.

4,147
2,532
3,768

1 ,331
1 ,428
1 ,966

1Dct.
Nov.
Dec.

3,387
3,704
3,673

1 ,942
2 ,003
1 ,190

1971 - II
III
IV
1972 " Ie/

GROSS PROCEEDS BY
TYPE OF ISSUER
PUBLIC
UTILITY

OTHER
ISSUERS

1,351
652
767
456

3,
,130
2,
,202
,453
2j
1 ,404

,910
2j
,651
23
3,
,041
2 ,342

896
,263
2,
L ,053
1 ,457

4,753
3,331
4,164
4,815

3
38

168
557

661
2!
,417

,069
1.
,452
1.

683
532

587
1,675

1:
,419
633
1 ,332

116
47
52

384
255
712

,135
1.
588
1 ,206

1:
,267
588
1 ,055

273
405
218

1,367
1,489
1,897

619
416
606

2 ,196
687
1 ,196

72
34
8

199
160
293

582
474
1 ,146

732
849
1 ,070

1 ,622
359
282

1,210
850
1,271

723
433
1,283

723
1 ,269
1 ,201

59
62
12

222
395
150

662
811
980

933
1 ,217
891

432
269
352

1,360
1,408
1,450

529
988
825

749
498
210

1,496
1,309
2,010

1 ,767
552
3,151
829
59
1972 - Jan.
254
378
1,906
371
3,315
1,038
13
194
521
Feb.
n.a.»
aoo___ 1 00
_ J.
180
- .Har.. e/ 3,550 . _ X
505
Other issuers are extractive, railroad and other transportation, real estate
and financc, and commercial and other.
Source: Securities and Exchange Commission. Quarterly supplements are available.




COMMUNICATIONS

TABLE 6: Large Long-term Public Security Issues for New Capital
(Other than US. Treasury) 1
April 3 thru April 21 . 1972

ISSUER
Corporates
Public Svc Elect & Gas
St. Regis Paper
So. Natural Gas
Mississippi Power
North Am Car Corp
Browning-Ferris Ind. Inc.
First Nat'l Bank of Ariz
Public Svc Elect & Gas
Safeway Stores, Inc.
Arkansas Pwr & Light
Arkansas Power & Light
LCA Corp
NW Bell Tele
NW Bell Tele
Teneco Inc
Cincinnati Gas & Elect
Monogahela Pwr
Consolidated Edison of NY
Heller, Walter E & Co
Peoples Gas Lt. & Coke
McCulloch Prop Credit
Gen'l Tele Co of Pa
C.I. Realty Inv.
Hartz Mountain Pet Foods, Inc.
Natomas Co
Duke Pwr
Liggett & Myers
New England Mutual Life Ins Co
Day1in, Inc
A l a b a m a Power
Alabama Power
Larwin Mtge Inv
City Investing Co
Simpson Sears A c c e p t Corp




TYPE 2

1st mtge
Conv debs
Debs
Debs
Eq tr
Com stk
Debs
Pref stk
Debs
1st mtge
Pref stk
Com stk
Debs
Notes
Pref stk
pref stk
Debs
Debs
Debs
1st mtge
Debs
Debs
Bene Int
Cm st
Cm st
Bonds
Debs
Debs
Debs
Pref
Debs
Debs
Debs
Debs

AMOUNT
(MILLIONS
OF
DOLLARS)
125.0
60.0
60.0
25.0
20.0
40.6
20.0
15.0
65.0
35.0
15.0
40.8
, 100.0
'
50.0
1
70.0
40.0
30.0
150.0
40.0
40,0
30.0
16.0
65.0
39.8
19.5
100.0
50.0
50.0
25.0
20.0
100.0
25.0
25.0
25.0

2002
1997
1979
2002
1992
--

1997
--

1997
2002
- «.

OFFERING
YIELD

7 1/2
4.88
6 7/8
7 5/8
8.10

MATURITY

COUPON
RATE OR
NET INTEREST COST

7 1/2
4.88
6.95
7.63
8.10

——

/

7.70
8.08
7.40
7 3/4

--

7.22
7.96
7.40
7. 63

MOODY'S
RATINC

Aa
Ba
A
A
Baa
---

A
A
A

———

--

—*

2005
1979

2002
2002
1992
2002
1979
1997

7 1/2
6 3/4
7.94
7.44
7 7/8
• 7.90
7.75
7 5/8
7 1/2
8.00

7.46
6.75
7.94
7.44
7.75
7.90
7.82
7.60
7.50
7.95

——

——

——

--

—W

__

—-

——

2002
1997
1997
1997
--

2002
1982
1997
1992

—

7 3/4
7.60
7 3/8
8.35
8.04
7 7/8
6 3/4
8 7/8
8 3/4

Aaa
Aaa
__

'

A
A
Aa
Baa

**

7.70
7.60
7.46
8.35
7.90
7.85
6.75
8.96
8.75

Aa
A
Baa
A
A
—

TABLE 6: Large Long term Public Security Issues for New Capital (contimii r )
l
(Other than U.S. Treasury) 1

ISSUER
State and Local
Maine
Oakland Co, Mich
Revere, Mass
Alhambra Redevelopment Agency, Cal.
Universities of State of Texas
N.Y.C. Ed. Const. Fund, N.Y.
Buffalo, N.Y.
Maine
Village of Hodge, La.
Village of Hodge, La
Village of Hodge, La
Pittsburgh
New York City
University of California
Delaware River Port Auth., N.J.
Massachusetts
Coral Gables, Fla.
Los Angeles Co Fid Contr. Dist,
Cal.
Fairfax Co, Va.
Erie Co., N.U.
Portland Oreg
Oakland Co, Mich
San Joaquin Delta JCD, Cal.
Memphis, Tenn
Connecticut, State of
Wayne Co Stadium Auth
Puerto Rico Wtr Res. Auth
Salt River Project Agric Imp
and Power Dist., Ariz




April 3 thru April 21.1972
COUPON
RATE OR
; iilTKR
MOODY 1 S
NET INTERII.C
RATING
EST COST
I XIEr u
4.60
Aaa
2.75-5. 60
5.55
3.00-6. 35
A-l
Baa-1
3.25-5. 20
4.97
5.56
3.75-5. 70
A
3.56
Aa
2.75-3. 75
7.00
Baa
4.60-7. 00
4.58
2.70-5. 05
A
Aaa
3.61
2.75-5. 60
3.50-5. 60
A
5.80
A
6.00
A
A-l
3.10-5. 50
5.17
Baa-1
4.00-6. 90
6.28
3.50-5. 80
5.76
A-l
Baa
• 6.56
Aa
3.00-5. 70
4.90
5.43
3.00-5. 70
A

T

AMOUNT
(MILLIONS
OF
DOLLARS)
G.O.
G.O.
G.O.
Rev.
G.O.
Bonds
G.O.
G.O.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
G.O.
G.O.

13.0
14.2
12.5
11.2
58.4
49.2
35.1
4.3
16.5
17.5
31.0
11.4
255.3
14.9

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

27.0
27.2
14.9
15.1
10.1
. 11.9
25.0
105.0
35.9

5.07
5.10

60.0

1973-2002
1973-1992
1974-1982
1974-1991
1976-2000
1976-1987
1973-1997
1973-1992
1977-1997
1974-2005

49.0

1979-2002

Elec Rev

100.0
90.0
21.2 '

1973-1992
1973-2002
1973-1982
1975-1997
1973-1978
1974-2010
1972-1985
1975-1990
1998
2007
1973-1992
1973-2012
1974-2011
2011
1973-2021
1973-1999

3.10-5.50
3.20-5.40
3.30-4.60

Aa

5.80
4.78
4.98
4.99

4.10-6.10
4.30-4.80
3.00-5.30
3.10-5.35
4.40-6.25
3.50-6.20

A-l
Aa
Aa
Aaa
Baa-1
A

5.36

4.30-5.70

Aa

Aa

A

4.48

T A B L E 6:

April 3 thru April 21. 197?
COUPON
RATE OR
MOODY'S
OFFERNET INTERRATING
i;.c
EST COST
YIELD

AMOUNT
(MILLIONS
OF
DOLLARS)

ISSUER
S t a t e and L o c a l
Mississippi
U n i v e r s i t i e s of State of Texas
W a y n e Co. S t a d i u m A u t h

G.O.
G.O.
G.O.

30.0
10.3
90.1

1977-1992
1973-1978
2012

5.06
3.92
6.64

4.10-5.25
3.00-4.00
6. 70

1979

6.64

6.64

Other
E x p o r t Import

200.0

Rights oT t or ing.
Includes corporate and other security offerings of $15 million and <
State and local security offerings of $10 million and over.
In case of State and local government securities, G.O. denotes gene
obi i g.it i on ;
i
'<ev. -Ut. , revenue obligations secured only by income from public ut i 1 it e s ;
Re v. -Q. -II t. , revenue bonds secured only by income from quasi-utilit i e s ; R e v . - S . T . ,
revenue
revenue bonds secured by revenue from specific taxes only; Rev.-Run
bonds secured solely by lease payments.
Includes foreign government and International Bank for Reconstruc t i
Development issues and non-quaranteed issues by Federal Agencies.




s

Large Long-term Public Security Issues for New Capital (contimn r )
l
(Other than U.S. Treasury) 1

Aa
Aa
Baa-1

TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury)1
(continued)
,,
An o f k
u

ISSUER
Corporate
Carolina Pwr & Lt
Iowa Elect Lt & Pwr
U.S. Ban Corp RE & Mtg Trust
Transcontinental Pipeline
First Commercial Banks
Miss Pwr & Lt
Metropolitan Edison
Pacific Pwr & Lt
Delmarva Pwr & Lt
Ryder System Inc
Southwestern Bell Tel
Va Commonwealth Bankshares
Security Mtg Inv.
First Pa Banking & Tr. Co.
Medical Mtg Inv
So. Calif. Edison
Gen'l Public Utilities
Bait Gas & Elect
Kansas City Pwr & Lt
Consolidated Nat Gas
Gen'l Tel of the NW
Central 111 Pub Svc
Gulf Pwr
Utah Pwr & Lt
Utah Pwr & Lt
Pacific Lighting
National Fuel Gas
Columbus & So Ohio Elect
Columbus & So Ohio Elect Co
C&P Tel Co of Va
American Natural Gas
Duquesne Light Co
Va Elect & Pwr
Gen'l Elect Credit Corp
Hanover Square Realty Investors
Avco Financial Corp
Sun Oil Co
BancOhio Corp
Lone Star Industries Inc
Mobil Oil Corp
Instutional Investors Trust
Pennzoil La. & Texas Offshore




TYPE
Debs
1st mtg
Debs
1st mtg
Debs
1st mtg
1st mtg
Cm st
Cm st
1st mtg
Debs
Debs
Debs
Debs
Debs
Pref
Cm st (rts)
Cm st
Debs
Debs
1st mtg
Debs
Bonds
Bonds
Cm st
Pref
Debs
Bonds
Cm st
Debs
Cm st
1st mtg
Cm st (rts)
Bonds
Conv debs
Bonds
Debs
Debs
Debs
Debs
Conv deb
Conv deb

1972

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
Of OFFERING

100.0
30.0
25.0
75.0
25.0
15.0
26.0
35.0
20.0
25.0
250.0
15.0
50.0
30.0
50.0
75.0
72.0
45.0
30.0
50.0
20.0
30.0
22.0
25.0
25.0
30.0
23.5
25.0
17.0
100.0
55.0
35.0
45.0
75.0
25.0
50.0
100.0
25.0
50,0
300.0
30.0
130.0

April
April
April
April
April
April
April
April
April
April
May
May
May
May
May
May
May
May
May
•May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
Indef
Indef
Indef
Indef

-

24
25
25
26
26
26
26
26
27
2
3
3
3
3
3
4
8
10
11
11
15
16
17
17
17
18
18
18
22
23
24
31

12

TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury) 1
(continued)
-is of flpril ?/,, 197?
AMOUNT
APPROXIMATE DATE
(MILLIONS
OF OFFERING
OF
ISSUER
DOLLARS)
State and Local
"East Baton Rouge Parish
Consolidated S/D
Prince Georges Co, Md
New York, State of Austin ISD, Texas
San Antionio, Texas
Texas, State
MaComb Co, Mich
Pennsylvania, State of
Alabama State Dock Dept
Milwaukee
Hampton Rds Sanit.Dist.,
Battery Park City Auth
Penna State Pub Sch Bldg.
Auth, Harrisburg.
Ann Arundel Co., Md.
Ohio University
Dallas, Tex.,
.Florida
Los Angeles DWAP

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

.0.

12.0
34.0
147.0
21.0
15.0

10.0
16.4
100.0
15.0
12.3
12.0

200.0
50.0
15.0
24.7
35.0
54.0
40.0

April
April
April
April
April
April
May
May
May
May
May
May

25
25
26
26
27
27
2
2
3
9
9
10

May
May
May
May
May
June

11
23
24
24

Included in table for first time.
Includes corporate and other issues of 515 million and over; State and local
Government issues of S10 million and over.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.




Table 8

13

STOCK PRICES AND VOLUME
STOCK PRICES1-

TRADING VOLUME 2 -

DATE
NYSE INDEX 3 -

D J . INDUSTRIALS

AMEX *

NYSE

AMEX

1970 - High
Low

52.36 (1/5)
37.69 (5/26)

842.00(12/29) 27.02 (1/8)
631.16 (5/26) 19.36 (5/27)

18.5 (12/4)
7.8 (8/14)

7.1 (1/2)
1.8 (8/14)

1971 - High
Low

57.76 (4/28)
48.73 (1/4)

950.82 (4/28) 26.68 (4/28)
797.97(11/23) 22.72 (1/4)

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

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

1972 - High
Low

61.28 (3/14)
56.23 (1/3)

967.72 (4/14) 28.53 (4/14)
889.30 (1/3) 25.61 (1/3)

21.2 (3/24)
14.0 (3/31)

7.4 (3/10)
4.0 (3/31)

1972 - Mar. 24
31

60.39
59. 68

939.87
940.70

28.32
27.87

21.2
14.0

4.8
4.0

61.08
61.28
60.72

962.60
967.72
963.80

28.31
28.53
28.30

19.8
19.9
18.1

6.0
6.3

Apr.

7
14
21

5.7

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.

NYSE is the New York Stock Exchange; AMEX is the American Stock Exchange.
Volume figures are daily averaged for the entire week. (millions of shares).
Trading is normally conducted for 5-1/2 hours per day and 5 days per week, or
In recent years, however abbreviated trading to the extent, and over the time
Hours/
Days/
From
Through:
Day
Week
January 3, 1969
July 7, 1969
January 2, 1970

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

3.

5
5
5

20
22-1/2
25

12/31/65 - 50

4.

4
4-1/2
5

27-1/2 hours per week.
periods, shown below:
Hours/
Week

Average dollar value of shares listed.




*

u
TABLE 9: Security Credit

END OF PERIOE

CREDIT EXTENDED TO
MARGIN CUSTOMERS BY:
BROKERS 1 j RANKS* | TOTAL

CUSTOMERS 1
NET DEBIT
BALANCES

NET CREDIT
CUSTOMERS' NET EXTENDED l V
i
B:.ii I S AND
l',; :
FREE CREDIT
3
DEALERS
BALANCES

4,090
4,300
4,530
4,620
4,720
4,790
4,850
4,930
4,950
4,910
5,400

2,330
2,360
2,340
2,340
2,390
2,420
2,430
2,430
2,410
2,400
2,440

6,420
6,660
6,870
6,960
7,110
7,210
7,280
7,360
7,360
7,310
7,840

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

2,743
2,798
2,660
2,550
2,440
2,210
2,200
2,100
2,160
2,170
2,220

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

5,700
6,180

2,490
2,510

8,190
8,690

(4)
(4)

2,488
2,542

(4)
(4)

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

90
210
230
90
100
70
60
80
20
-40
490

30
30
-20

--

120
240
210
90
150
100
70
80

-20
-10
40

--

--

-50
530

--

1972 - Jan.
Feb.

300
480

50
20

350
500

Outstanding
l971 - Feb.
Mar.
Apr.
May j
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Change in
Outstanding:

50
30
10

--

291
55
-138
-110
110
230
-10
100
60
10
50

--

--

268
54

--

-—
-—
--

—

--

-——
—
-—
—
-—
--

Margin debt, as reported by the New York Stock Exchange. Although mar gin di ht
until. March 1968 included loans secured by U.S. governments, the amoun t ui 'ucli
loans included is thought to have beep small.
"Bank loans to others than brokers and dealers for purchasing or c a n \
rities other than U.S. governments."
The di1ferencu between customers' net debit balances and customers' nvl
dil balances, this figure represents the net credit extended by r i n k T
dealers to the nonfinancial public.
NOTE: With the exception of bank loan data, figures are supplied by t
Stock Exchange and are end of month data. Bank loans are for weekly r
large commercial banks. Broker data includes loans for regulated sec u i i t i t s
data includes loans for the purpose of purchasing or carrying any sect r i t v,
regulated or not.
Series discontinued.
Changes in series.




TABLE 10: Savings Flows at Nonbank Depositary Intermediaries
($ millions)
MUTUAL SAVINGS BANKS
REGULAR DEPOSITS 3
NET
NEW
ANNUAL
MONEY 2
GROWTH
NET
1
FLOW
RATE

DATE

SAVINGS & LOAN ASSOCIATIONS
NET
SHARE CAPITAL
ANNUAL
NEW
NET
MONEY 2
GROWTH
1
FLOW
RATE

TOTAL
DEPOSITS
ANNUAL
NET
GROWTH
RATE 1
FLOW

NET
NEW
MONEY 2

Not Seasonally Adjusted
1969
1970
1971

2,549
4,517
9,623

1 9 7 1 - January
February
March

791
906
1,604

1972 - January
February &/
March e/

-

856
931
1,550

4.0
6.8
13.5
—

—

-763
936
5,678

4,068
10,965
28,244

637
811
955

2,609
2,444
4,108

716
809
n. a.

3,266
2,818
4,299

3.1
8.1
19.4

-

;;

3.4
7.7
17.5

-1,766
6,231
26,330

-1,003
5,285
20,652

6,617
15,482
37,867

2,476
2,340
2,627

3,383
3,350
5,712

3,113
3,151
3,582

3,117
2,684
n.a.

4,122
3,749

3,833
3,493
n.a.

5,849

Seasonally Adjusted
1971 - August
September
October
November
December

3

8.4
10.5
9.1

10.0
12.5

1,,529
2,,125
2,, 0 7 1
1,,710
2,, 0 3 1

11.,2
15.,4
14.,8
12,, 1
14,,2

——
-- '
—
——

2,,068
2,,808
2,,670
2.,369
2,,867

10.3
13.8
13.0
11.4
13.7

-23.9
5 ,066
28 . 4
4 ,118
14.1
948
861
—
12.6
2,,955
19..9
3,,816
February j>/
17.6
16.4
1.132
March e/
4 ,103
70,,6
1. 4,,235-— 1 9 , 3
Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Net New Money is hew deposits net of both withdrawals and interest. Data for S&Ls are fur
insured associations only, which represent 967. of industry total resources.
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 Hanks and Federal Home Loan Hank Hoard.

1972 - January p/
1
2

539
683
599
659
836




TABLE 11: Mortgage Commitments at Selected Thrift Institutions

DATE

TOTAL

OUTSTANDING COMMITMENTS
1
ALL
MUTUAL
SAVINGS &
SAVINGS
TOTAL
LOAN
BANKS
(N.Y. STATE)
ASSOCIATIONS

1

NET CHANGE
ALL
SAVINGS &
LOAN
ASSOCIATIONS

MUTUAL
SAVINGS
BANKS
(N.Y. STATE)

(Billions of Dollars, Sea sonally Adjusted)
- Feb.
Mar.
Apr.
May
June
July
Aug,
Sept.
Oct.
Nov.
Dec.
?72 - Jan.
Feb.

11.3
12.6
13.7
14.5
15.9
16 o 2
16.3
16.4
16.3
16.6
16.6

9.0
10.1
11.0
11.6
12.8
13.1
13.2
13.2
13.1
13.2
13.1

2.3
2.5
2.7
3.0
3.1
3.1
3.1
3.2
3.3
3.4
3.6

.76
1.28
1.15
.90
1.31
.30
.12
.08
.02
.20
.09

.60
1.11
.90
.56
1.26
.29
.14
-.07
-.05
.08
-. 06

.16
.17
.25
.34
.05
.01
-.01
.14
.07
.12
.15

17.0
18.3

13.3
14.2

3.7
4.1

.30
1.34

.12
.97

.18
.37

Based on data from Federal Home Loan Bank Board and Savings Ranks Associations of New York State.
Data for savings banks and S&L's include a minor amount of nonresidential commitments. S&L
commitments include loans in process. New 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.




17

TABLE 12: Net Change in Mortgage Holdings 1

DATE

1968
1969
1970
1971p

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

23,796
21,288
23,867 • 19,492
21,945
17,035
41,611
39,223

FINANCIAL INSTITUTIONS
MUTUAL
SAVINGS &
SAVINGS • LOAN
BANKS
ASSOC.
Not Seasonally Adius ted

COMMERCIAL
BANKS
6,677
5,404
2,462
9,564

2,798
2,533
1,956
4,212

9,344
9,572
:
10,254
24,226

596

2,338

274
259
n.a.

1,453
1,737

1971 - Dec.

4,616

4,327

700

1972 - Jan.
Feb.
Mar.

2,427
n*a.
n.a.

2,248
n.a.
n.a.

600
500
1,000

LIFE
INSURANCE
COMPANIES
2,469
1,983
2,363
1,221

'

FNMA-GNMA

2,508
4,375
4,910
2,388

693

289

-79

179

n.a.

n.a.

Seasonally Adlusted
1971 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

2,033
2,184
3,005
3,057
3,300
4,136
4,186
4,168
3,924
3,657
3,647
4,325

2,043
2,219
2,983
3,113
3,260
3,935
3,878
3,656
3,458
3,267
3,345
4,083

1972 - Jan.
Feb.
Mar.

3,023
n.a.
n.a.

2,874
n.a.
n.a.

1

394
475
690
685
864
1,219
977
901
902
884
752
826
788
654
1,061

200
217
401
293
318
386
374
400
306
329
465
522

1,348
1,426
1,801
2,082
2,036
2,309
2,455
2,252
2,122
1,977
2,058
2,357

272
296
n.a.

1,813
2,003

101
101
91
53
42
21
72
130
128
77
77
378
1
n.a.
n.a.

-10
-35
22
-56
40
201
308
512
466
390
302
242
149
n.a.
n.a.

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 separatelyby 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 86 per cent of the net increase estimated for all holders in 1971.




15

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

RESIDENTIAL 3

1- to 4FAMILY

MULTIFAMILY

1967 - I
II
III
IV

16.0
20.8
26.3
27.2

10.3
14.0
18.9
19.7

7.0
10.6
15.1
15.9

3.3
3.4
3.8
3.8

» 3.9
5.0
4.9
4.7

7.2
8.4
8.8
8.5

1.8
1.8
2.5
2.8

1968 - I
II
III
IV

28.1
26.4
25.8
29.4

19.4
18.2
17.4
20.2

16.2
15.0
13.9
16.3

3.2
3.2
3.5
3.9

6.4
6.0
6.6
7.3

9.5
9.2
10.1
11.2

2.3
2.2
1.8
1.9

1969 - I
II
III
IV

31.8
29.1
26.2
24.9

23.6
21.5
19.0
18.2

19.2
16.8
14.4
13.0

4.4
4.7
4.7
5.3

6.1
5.4
5.4
5.2

10.5
10.1
10.0
10.5

2.2
2.2
1.7
1.4

1970 - I
nIII
iv-

20.6
22.9
29.1
31.3

14.2
16.9
21.8
22.5

9.1
11.5
15.5
16.0

5.1
5.4
6.3
6.5

4.8
4.6
5.2
6.7

9.9
9.9
11.5
13.2

1.5
1.5
2.1
2.2

1971 - i
IL
nip
IV p

37.1,
47.8
53.7
52.1

26.6
36.1
40.6
40.4

18.5
26.4
30.7
31.0

8.1
9.7
9.9
9,5

8.-3
9.4
10.8
9.3

16.3.
19.1
20.7
18.7

2.2
2.3
2*3
2.4

QUARTER

-

-

COMMERCIAL

MULTI-AND
COMMERCIAL

FARM

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 extrapolationswhere required, estimated mainly by Federal Reserve.
2 May differ somewnat 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 multifamilv mortgage debt combined.




TABLE 14: FNMA Weekly "Auction" Results

-

WEEK
ENDED

Jan.
Feb.
Mar.
Apr.

IMPLICIT YIELD 2 (per cent)
COMMITMENTS IN $ MILLIONS
,
ACCEPTED
1-YEAR 1
1 -YEAR 1
6TOTAL
TOTAL
644& OVER
MONTH MONTH & OVER MONTH
OFFERED
MONTH

10
24

136.9
103.6

72.9
54.9

72.9
54.9

7
21

88.7
68.6

63.9
44.8

63.9
44.8

6
20

86.9
202.9

50.6
86.2

50.6
86.2

3
17

258.8
347.4

178.5
176.3

178.5i
176.3

—

—
—

—

-——
--

—
—

——

7.61
7.61

— -*

7.61
7.61

-—

7.56
7.54

——

7.56
7.60

——

-——
—
——
-—

NOTE: Under the FNMA auction system, approved sellers of Governmentunderwritten mortgages bid for FNMA forward purchase commitments.
1. 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.




20
TABLE 15: Private Housing Starts and Permits
UNADJUSTED
TYP OF FINANCING
OTHER

SEASONALLY ADJUSTED
ANNUAL RATE
TOTAL|l-FAMILY I 2 OR MORE
I
1971 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. r/

1,794
1,938
1,951
2,046
2,008
2,091
I 2,219
| 2,029
I 2,038
! 2,228
I 2,457

1,005
1,080
1,122
1,152
1,150
1,162
1,198
1,172
1,155
1,242
1,347

789
858
829
894
858
929
1,021
857
882
985
1,110

198.5
193.8
194.3
204 o 5
173.8
179.7
176.4
152.1

1972 - Jan. r/
Feb. £/
Mar.

| 2,487 1,415
2,655 1,313
2,359 1,283

1,071
1,324
1,077

205.2

102.2
167.9

201.1

150.9
152.2

27.3 4.7
33.5 6.9

44.6
40.7
46.1
42.9

45.8

8.5
8.4
9.3
9.2
9.4
8,7

70.2
127.6
148.0
149.4
138.4
141.1
147.0
116.8

48.3
38.5

8.1

85.4

9.1
7.4

120.1
59.3

7.5

107.7
116.4

47.2
35.7
27.8

8.0
10.5

133.1

BUILDING
PERMITS
(SEASONALLY
ADJUSTED
ANNUAL
RATE)2
1,563
1,627
1,638
1,927
1,849
2,052
2,006
1,900
2,173
1.952
2,292
2,105
2,078
1.953

Total starts are Census estimates including farm for both permit-issuing and
noi.-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
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
mits reflect direct adjustment for differences in the number of working days per
month, as well as other differences in timing and coverage.




21
TABLE 16: Mortgage and Bond Yields
FHA
MORTGAGES
30-year

CONVENTIONAL
MORTGAGES
3

8.60

SPREAD BETWEEN YIELDS
ON CONV. &
-FHA MORTGAGES 5

NEW
Aaa CORPORATE
BONDS
4

SPREAD BETWEEN
YIELDS ON NEW
CORPORATE BONDS
AND
FHA MORTGAGES 6

High
Low

9.29
8.40

8.30

-.10
-.74

9.11
7.80

1971 - High
Low

7.97
7.32

7.95
7.55

.28

8.01

-.19

7.24

.50
-.36

1971 - Aug.
Sept.

7.92
7.84

7.85
7.85

-.07

7.65
7.44

.27
.40

7.75
7.62
7.59

7.80
7.75
7.70

.05
.13

7.29
7.19
7.09

. 46
.43
.50

1970

Oct.
Nov.
Dec.

.01

.11

.99

.01

.42
7.07
.11
7.60
7.49
Jan.
.30
7.16
.14
7.60
7.46
Feb.
.33
7.22
.10
7.55
7.45
Mar.
l
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.
2. Based on FHA-field-office opinions about average bid prices in the private
secondary market for new-home mortgages for immediate delivery. Data shown
are for 30-year mortgages with minimum downpayments, and weighted by probable
volume of transactions. Yields computed by FHA, assuming prepayment period
of 15 years for 30-year mortgages.
3 Based on FHA-field-office opinion on typical contract interest rates (rounded) on
conventional first mortgages prevailing in the market areas of insuring
offices.
4 See note for Table 1.
5 Yield spread equals conventional mortgage rate less FHA secondary market yield.
6 Yield spread equals FHA secondary market yield less new Aaa corporate bond
yield.
,

1972




22
TABLE 17: Conventional Mortgage Terms

DATE

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

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

1

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

LOAN
AMT.
(S000)
4

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

7 .52
.37
7,
.36
7,
.38
7,
.51
7.
.60
7,
.67
7,
7.
.68
.65
7.
7.
.62

0 .83
0 .73
0,
.71
0.
.74
0,
.90
0,
.84
0.
.97
0.
.97
0.
.87
0.
.93

7 . 66
7 .49
7 .47
7 .50
.66
7,
.74
7.
.83
7,
.84
7.
.79
7.
.77
7.

25.9
26.3
26.1
26.3
26.3
26.2
25.8
26.4
26.7
26.6

73 .7
73 .6
74,
.0
73,
.7
74,
.5
73,
.9
.3
75.
.5
75.
,4
75.
74.
,5

26.0
26.2
26.7
27.2
27.1
26.5
25.9
26.3
27.3
26.5

7 .47
7 .34
7 .33
7 .38
7 .50
7 .58
7 .63
7 .62
.56
7,
.51
7,

0 .77
0 .75
0 .71
0 .74
0 .75
0 .76
0,
.78
0,
.79
0,
.79
0,
.78

7 .60
7 .47
.45
7.
.50
7,
.63
7,
.71
7.
,76
7.
.75
7.
,69
7.
, 64
1.

24 .1
24 .2
.0
24,
.3
24,
24.
.2
24.
.5
24. 2.
,
24.
,1
24.
,6
,6
24.

73 .5
73 .6
73 .2
73 .9
.5
74,
74.
.2
,5
74.
,2
74.
,6
74.
,6
74.

23.0
23.1
23.3
28.3
23.2
23.5
22.5
22.9
23.2
23.9

,62
1.
1. 45
7. 39

0. 95
1. 02
0. 81

7. 78
7. 61
7. 52

26.5
27.0
27.1

75. 0
76. 5
76. 0

27.6
27.8
28.2

.45
7.
,35
7.
7. 32

0.
,82
0.
,79
0. 75

7. 58
7.48
7.44

24. 7
25. 4
25. 0

74. 7
75. 8
75. 3

24.1
24.8
24.4

1972
Jan.
Feb.
Mar.

. 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-i n the case
of new home mortgage rates--in Table 16.
Fees and charges--expressed as a 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.
4

Derived by FRB.




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