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D B C O m O U E D 4TTEB S

CAPITAL
MARKET
DEVELOPMENTS

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




INDEX
Developments in the Corporate and Municipal Bond Markets
Capital Market Y i e l d s
Capital Market Volume
Stock Market
Mortgage Market

SYMBOLS:
e

Estimate

p

Preliminary

r

Revised

n o.

Not available




3

TABLE 1: Yields, Volume and Reception
CORPORATE BOND MARKET
YIELDS
MOODY'S
SEASONED
NEW ISSUE 1

WEEK ENDING:

1973 - Mar.

Apr.

2
9
16
23
30

7.52
7.45

--

100
88
84
100
94

139
83
70
492

90
100
100
98

n.a.

200

n.a.

n.a.

7.45

7.27
7.25
7.25
7.27

4

n.a.

n.a.

—

MOODY'S
NEW ISSUE
Aaa

VOLUME 2
PER CENT
SOLD BY END
BONDS SCHEDULED
OF WEEK.
WITHIN 28 DAYS

20
234
270
465
110

7.51

WEEK ENDING:'

YIELDS
| BOND BUYER
:
SEASONED 20
j BOND INDEX

n.a.

n• 3•
n.a.

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

MUNICIPAL BOND MARKET
VOLUME 2
I PER CENT
GROSS
SOLD BY END
OFFERINGS |
OF WEEK

1973 - Mar.

2
9
16
23
30

5.00
5.05
5.10
5.10
5.10

5.22
5.27
5.34
5.35
5.26

366
483
631
703
399

77
78
82
81
94

Apr.

6
13
20

5.22
5.07
5.17
5.14

304
657
286
286

90
93
67

27

5.05
4.85
4.90
5.00

4

n.a.

n.a.

357e

May
1

7.25
7.27
7.29
7.31

--

6
13
20
27

May

GROSS
OFFERINGS

- P
n.a.

BONDS SCHEDULED
WITHIN 28 DAYS
1,552
1,419
1,344
1,043
818

/

701
519
433
618
n. a.

New series derived by adjusting to a Aaa utility 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:

See footnotes to Table 3




TABLE 2: Details on Inventories
DATE
OFFERED

CORPORATE BONDS IN SYNDICATE END OF LATEST WEEK
ORIGINAL
RATING AND
YIELD CALL PROTECTION
COUPON
ISSUER

AMOUNT '
(MIL. $)

4/26

75.0

Ford Motor Credit

7.25

5 yrs

7.13

ESTIMATED PROPORTION SOLD
807.

\

OFFERED

DATE
| RELEXSED

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

AMOUNT

NONE

INVENTORIES 1
MUNICIPALS
1
IN SYNDICATE
BLUE LIST

DATE

CORPORATES
IN SYNDICATE

1973 - March

30

587

63

6

April

6
13
20
27

554
618
701
685

55
56
105
76

4
0
0
lie

N.C. - No call protection.
1
All figures in millions of dollars. Blue List is daily average for week ended Priday, except for latest v.iuk
vhich iF daily average of three days ended Wednesday. All other figures are as of Friday.
for FRASER
Z

Digitized


TABLE 3: High Grade Bond Yields

MOODY'S SEASONED
CORPORATE
Aaa 2

U.S. GOVERNMENT
20-YEAR
CONSTANT
MATURITIES 3

%OND
BUYER'S
SEASONED
MUNICIPALS 4

DATE

NEW
CORPORATE
Aaa 1

1971 - High
Low

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

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

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

6.23 (6/23)
4.97 (10/21)

1972 - High
Low

7.60 (4/21)
6.99 (11/24)

7.36 (4/28)
7.05 (12/8)

6.19 (4/14)
5.74 (11/17)

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

1973 - High
Low

7.52 (3/16)
7.29 (1/21)

7.31 (3/30)
7.11 (1/5)

6.93 (3/16)
6.42 (1/5)

5.35 (3/22)
5.03 (1/12)

7.45

7.31
7.31

6.92
6.88

5.35
5.26

1973 - Mar.

23
30

--

5.22
7.27
6.87
5.07
7.25
6.84
5.17
7.25
6.84
7.45
7.27
5.14
6.88
1
New issue, Aaa utility, 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 f:or individual series and may be on different dates
for different series.
Apr.




6
13
20
27

7.51

6

TABLE 4: Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
GROSS PROCEEDS
CORPORATE
1973

1

STATE AND LOCAL '

1972

1971

1973

1972

1971

3,205
3,369
3,229

3,115
3,000
6,075

1,902
1,445
2,270

1,776
2,005
2,239

2,732
1,851
2,258

April
May
June

3,275
3,598
4,341

4,042
3,300
4,375

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

January
February
March

1st
,2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

1
2

2 ,384
1 ,894
4 ,050e

8, 328e

5,617

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




T A B L E 5: New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)

ul'ARTKR
OR
MONTH

TOTAL

1972 - II
III
IV

11,214
9,195
10,564

GROSS PROCEEDS BY
TYPE OF ISSUE
COMMON
BONDS
AND
MEMO:
PUBLICLY
PRIVATELY
PFD.
ISSUES INCLUDED
OFFERED
PLACED
STOCK
FOREIGN 1 C O N V E R T I B L E
4, 634
4, 192
4, 158

2,781
1,867
3,147

3,798
3,136
3,258

245
57
245

449
836,
428

GROSS PROCEEDS BY
T Y P E OF ISSUER
-

MFG.

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS 1

2j,109
1,,629
1,,398

3,495
2,680
2,934

1,369
856
1,079

4,240
4,030
5,151

1973 - I

8,328

2,,730

1,626

3,971

n. a.

113

612

2,443

1,158

4,115

1972 - Jan.
Feb.
Mar.

3,205
3,369
3,229

1,,767
1,,907
1,,677

604
412
577

834
1,041
976

59
12
3

195
83
233

392
529
604

533
988
740

752
498
227

1,529
1,354
1,658

Apr.
May
June

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

July
Aug.
Sept.

3,582
2,893
2,720

1.,807
1:,523
863

657
421
789

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

989
641

344
282

1,050
971 |

14
27

81
27

173
204

897
596

33
140

1,280
955

1 ,100

1,000

1,950 |

n. a.

5

235

950

985

1,880

2,384
1973 - J a n . 1
1,894
Feb. .
M a r . e.If 4 , 0 5 0
1

1

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




I

'

I

T A B L E 6: Large Long-term Public Security Issues for New Capital
(Other than U.S. Treasury) 1
April 1 through April 27,1973

TYPE '
Con. Light & Power
Continental Bank
Commercial Credit Co.
Louisville Gas & Elec.
Cabot, Cabot & Forbes Land Tr.
Union Commerce Corp
NJB Prine Investors
Metropolitan Edison
Citizens Mortgage Trust
Ryder System Inc.
Philadelphia Electric
Cousins Mortgage & Equity Inc.
Bell Tel of Pa.
Bell Tel of Pa.
Industrial National Co.
Washington Water Pwr Co
Ford Motor Credit Co
Ford Motor Credit Co
Tucson Gas & Elect
Wickes Corp
GTE of Michigan
Tucson G & E
Florida Gulf Realty Trust




1st mtge.
Notes
Notes
Pref stk
Bonds
Bonds
Bonds
Pref stk
Bonds
Bonds
Com stk
Bene. Int.
Notes
Deb
Notes
Deb
Deb
Notes
1st mtg
Deb
1st irttig
Pref stk
Bene Int

AMOUNT
(MILLIONS
OF
DOLLARS)
50.0
25.0
50.0
21.9
25.0

20.0
25.0
25.4

20.0

50.0
46.6
34.1
50.0
125.0

20.0

. 20.0
75.0
75.0
40.0

60.0
20.0

15.0
43.6

MATURITY
2003
1983
1993
1981
1998
1980
1980
1993

1980
2013
1981
2003
1993
1979
2003
1998
2003

COUPON
RATE OR
NET INTEREST COST

OFFERING
YIELD

7.63
7.50
7.75
7.45
8.50
7 7/8
7.00
8.12
8 1/2
7.80

7.58
7.61
7.80
7.30
8.50
7.95
7.00
8.00
8.55
7.825

7.00
7 1/2
7.40
7 7/8
7 1/2
7 1/4
7.65
7 7/8.
7 5/8
7.50

7.07
7.53
7.40
7.74
7.50
7.13
7.65
7.90
7.60
7.50

MOODY 1 S
RATINf.
AA
A
——
--——
——
——

Baa

Aaa
Aaa
__

A
——
--

A
Baa
A
A

T A B L E 6: Large Long-term Public Security Issues for New Capital (continuod)
(Other than U.S. Treasury) 1
AMOUNT
(MILLIONS
OF
DOLLARS)
Jacksonville Elec. Auth, Fla.

Rev.

45.0

Connecticut, State of
Tacoma, Washington
Buffalo, New York
Ohio, State of
Orange Co., Fla.
Lehigh Co. Ind. Dev. Auth

G • Oe
Rfg. Rev.
G.O.
G.O.
Swr-Rev.

68.0
24.3
22.9
40.0
10.8

Lehigh Co. Ind. Dev. Auth
Wisconsin
Wisconsin
Memphis, Tenn.
New Mexico
New Mexico
San Francisco Muni RR Imp Corp
New York City
New York, New York
""
Md. Health & Higher Ed Fac Auth
Md.iHealth & Higher Ed Fac Auth
Mass. Port Auth
Mass Port Auth
Murray State Univ., Ky. Bldg.
Alaska State Hsg Auth
Dekalb Co., Ga.
*Houston, Texas
Escambia Co., Florida
Escambia Co., Florida
Wayne Co., Intermediate S/D.
Mich.
Monroe Co., N.Y.




Poll. Cont
Rev.
3.5
Poll. Cont.
. Rev.
24.5
G.O.
6.5
G.O.
30.0
G.O.
25.0
G.O & Rev.
9.0
G.O & Rev.
2.0
Rev.
10.8
G.O. ,
224.8
G.O.
60.6
Rev.
10.1
Rev.
13.4
Rev. ,
74.0
Rev.
33.0
Ref
11.8
Rev
13.0
Rev
15.0
Rev
25.0
Poll Cont
Rev
22.0
Poll Cont
13.0
G.O.
G.O.

10.0

10.0

•

MATURITY

1980-1990
2001
1974-1993
1982-2007
1974-1999

April 1 through April 27, 1973
COUPON
1
RATE OR
1 OFFER - MOODY'S
NET INTER- !
r;.c,
RATING
EST COST
J
5.29
4.87
5.49
4.99
4.88
5.52

1977-1983
2003
1974-2003
1974-1993
1973-1993
1975-1978 •
—

1974-1994
1974-1987
1974-2013
1976-1987
2003
2012
1976-1998
1982-2000
1974-2002
1976-2002
1974-2005
1993
1974-1983
1975-1993
1974-2003

4.50-5.00
5.35
4.00-5.05
4.80-5.65
4.15-5.50
4.00-5.30
4.20 5.80

Aa
Aaa
A-l
A
Aaa
Baa-1

4.50-4.88

A

6.25
3.90-5.30
3.90-5.00
3.80-4.90

A
Aa
Aa
Aa

5.64

4.00-4.15
4.00-5.00
4.25-5.30
4.25-6.20
4.50-5.40
5.70
4.60-5.50

5.86
5.66
' 5.36
5.38

Aa
Aa
A
A
A
A
A
A

5.00-5.88
4.20-4.70
4.15-5.50
4.00-5.50

6.25
5.03
4. 66
4.72
4.21
4.22
4.83
5.10
--

4 7"
__

__
--

4.50-5.30

5.07

4.00-5.20

A
A-l
Baa
Baa

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

ISSUER

United Nations Dev Corp
United Nations Dev Corp
Georgia Education Auth
Georgia Education Auth
Sacramento Muni Ut. Dist, Cal.
Sacramento Muni Ut. Dist. Cal.
Los Angeles Co., Calif Flood
Control Dist
Los Angeles Co., Calif Flood
Control Dist
Seattle, Washington
Monroe Co., N.Y.
Virginia Public Sch Auth

TYPE 2

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

G.O.
G.O.
G.O.
Rev
Elec rev
Elec rev

10.3
44.9
25.4
5.0
11.0
39.0

1977-1998
2023
1974-2013
1974-2013
1978-1992
2013

G.O.

10.0

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

22.0
12.0
5.9
15.2

m

April 1 through April 27. 1973
COUPON
RATE OR
OFFER - MOODY'S
NET INTERINC
RATING
EST COST
YIELD
__

5.00
4.99
5.30
5.30

4.65-5.75
5.90
3.90-5.25
3.90-5.25
4.25-5.00
5.34

A
A
Aa

1974-2003

4.89

3.75-5.30

Aa

1975-1995
1975-2013
1974-1987
1975-1994

4.83
5.09
4.83

4.00-5.00
3.90-5.35
3.90-5.10
4.00-5.00

Aa
Aa
Aaa
Aa

7.20
7.20

7.20
7.58

——

—

Aa
Aa

Other
Farmers Home Admin
Farmers Home A d m i n
Province of Quebec
T.V.A.

*
1
2

3

Notes
Notes
Debs
Pwr Bd

300.2
200.9
100.0
150.0

1978
1977
2003
1998

—

7.39

—*

7.35

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 genera1 obligation;
•tev.-Ut., revenue obligations secured only by incomc from public utilities;
Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilitivs; 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 of April 27, 1973

ISSUER

Gulf Power
* Instrument Systems Corp
Toledo Edison
*Jones & Laugh1in Steel Corp
Hartford Elect Co
General Public Utilities
*Seaboard Coastline RR Co
Baltimore Gas & Electric
Dayton Power & Light
Public Service Colo.
Investors Realty Trust
, Mississippi PWr
Columbus & Southern Ohio E.
Columbia Gas
*Orange & Rockland
*Carolina Pwr & Lt
Con Edison
*GTE of Kentucky
*Fla. IVr
4
* Pacific Tel & Tel
* Pacific Tel & Tel
Continental Illinois Corp
Great American Mortgage Invest:
Walter Kidde & Co.




TYPE

Bonds
Com stk
1st mtg
Bonds
Com stk (rts)
1st mtg
Com stk
Pres stk
Bonds
Bonds
Bonds
Com
Bonds
1st mtg
Bonds
Com st
Bonds
Bonds
Bonds
Bonds
Bonds
Bonds
Debs

AMOUNT
(MILLIONS
OF
DOLLARS)
25 .0
25 .0
22 .5
40 .0
40 .0
83 .0
75,.0
45 .0
25 .0
50,.0
15..0
15..0
25.,0
50.,0
25.,0
100. 0
120. 0
14. 0
60.0
200. 0
100. 0
100. 0
25. 0
65. 0

APPROXIMATE DATE
OF OFFERING

May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
INDEF
INDEF
INDEF

1
1
1
1
2
3
3
8
9
10
10
15
16
16
21
22
23
24
30
31
31

11

12
TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury) 1
(continued)
' As of April 27. 1973

TYPE

ISSUER
State and Local
California
Pinellas Co., Fla
Detroit, Mich
New .Jersey Turnpike Auth
*Tucson, Ariz
St. Paul, Minn
New York State Dormitory Auth
^Alaska
Philadelphia, Pa.
""Dallas, Texas
San Jose USD, Cal
New Orleans, La
Ohio Pub Fac Comm
Austin, Texas
Massachusetts
Los Angeles Reg Arpts Corp,
Cal
Prince George's Co., Maryland
Gulf Coast Waste Disposal
Auth, Tex
Pensacola, Fla
Lacygne, Kan
Los Angeles Calif Dept of
Wtr & Pwr

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

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

25.0
13.0
17.5
210.0
14.1
10.9
11.5
27.0
53.2
21.0
13.0
18.0
40.0
17.5
10.4

May
May
May
May
May
May
May
May
May
May
May
May
May
May
May

Rev
Poll cont rev

25.5
25.0

May
May

Rev
Rev
Rev

25.0
12.5
30.0

May
May
,May

Rev

47.0

June

1
1
1
3
8
9
9
15
15
16
16
16
22
31
10

6

Included in table for first time.
Includes corporate and other issues of 315 million and ever; State and local
Government issues of 510 million and over.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.




13
Tables

STOCK PRICES AND VOLUME
TRADING VOLUME 2 '

STOCK PRICES 1 '
DATE
NYSE INDEX 3 '

D J . INDUSTRIALS

1971 - High
Low

5 7 . 7 6 (4/28)
4 8 . 7 3 (1/4)

1972 - H i g h
Low

6 5 . 1 4 (12/11) 1036.27(12/11) 28.53
25.61
56.23 (1/3)
8 8 9 . 3 0 (1/3)

1973

- High
Low

65.48 (1/11) 1051.70 (1/11) 26.70 (1/8)
56.85 (3/26) 922.19 (4/27) 23.57 (4/27)

1973

- Mar.

Apr.
-

NYSE

AMEX

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

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

21.8
11.2

7.4 (3/10)
2.6 (9/8)

AMEX *

950.82 (4/28) 36.68 (4/28)
797.97 (11/23 )22.72 (1/4)
(4/14)
(1/3)

(11/10)
(9/8)

2 0 . 4 (1/12)
1 2 . 4 (4/6)

4.8 (1/12)
2.7 (3/16)

2
9
16
23
30

60.17
61.02
60.75
58.15
59.58

961.32
972.23
963.05
922.71
951.01

24.68
24.88
24.71
24.17
24.41 .

17.-2
16.0
14.2
15.5
15.6

4.0
2.9
2.7
3.1
2.8

6

58.23

931.07

24.06

13
20
27

59 65
59.59
56.86

959.36
963.20
922.17

24.18
24.07
23.57

12.4
15.2
13.2

2.9
3.1
2.7

14.5

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/
Through;
Pay
- Week
From
January 3, 1969.
July 7, 1969
January 2, 1970

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

3.

12/31/65 - 50

4.

Average dollar value of shares listed.




4
4-1/2
5

5
5
5

,

3.2

27-1/2 hours per week.
periods, shown below:
Hours/
Week
20
22-1/2
25

lii
T A B L E 9: Security Credit

END OF PERIOD

CREDIT EXTENDED T Q
M A R G I N CUSTOMERS B Y :
BROKERS 1 | BANKS 2 | TOTAL

:CUSTOMERS'
N E T DEBIT
BALANCES

NET CREDIT '
C U S T O M E R S ' N E T EXTENDED BY
BROKERS A N D
FREE C R E D I T
DEALERS 3
BALANCES

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

5,700
6,180
6,620
7,010
7,200
7,510
7,600
7,780
7,800
7,800
7,890
7,900

2,490
2,510
2,520
2,530
2,560
2,650
2,690
2,780
2,830
2,860
2,860
2,440

8,190
8,690
9,140
9,540
9,760
10,160
10,350
10,560
10,630
10,660
10,750
10,340

1973 - Jan.

7,700

2,910

10,610

300
480
440
390
190
310
150
120
20

50
20
10
10
30
90
50
90
50
30

--

268
54
-30
-53
-129
-99
14
-128
-61
41
121
99

--

21

Outstanding
Changes:
1972 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1973 - Jan.

1

2
3

90
10

-420

350
500
450
400
220
400
200
210
70
20
90
410

-200

470

270

--

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

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

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

2,488
2,542
2,512
2,459
2,300
2,231
2,245
2,117
2,056
2,097
2,218
2,317

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

-

2,296

-

(4)
(4)

---—
——

-—
——
--

;

(4)
(4)
(4)

-——--——

---

—

Margin debt, as reported by the New Y o r k Stock Exchange. A l t h o u g h 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."
T h e 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.
N O T E : W i t h the exception of bank loan data, figures are supplied by the New York
Stock Exchange and are end of month data. B a n k 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 n o t .

Series discontinued
Digitized4for FRASER


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

DATE

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS 3
NET
ANNUAL 1
NEW
GROWTH
NET
MONEY2
1
FLOW
RATE

2,549
4,517
9,621
9,788

1969
1970
1971
1972

4.0

6.8

13,5

12.0

-763
936
5,678
5,397

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL
NET
NEW
ANNUAL
NET
GROWTH
MONEY2
FLOW
RATE 1
Not Seasonally Adjusted
4,068
3.1
-1,003
10,965
8.1
5,285
28,230
19.3
20,653
32,902
19.5
23,884

1972 - January
February
March

855
931
1,507

716
809
773

3,266

1973 - January
February^/
March®/

766
551
1,070

595
402

1972 -.September
October
November
December

925
780
761
902

1973 - January?/
February®/
March®/

808

1
2
3

12.6
10.5

10.2
12.0

465

10.6
6.1

550

7.0

TOTAL
DEPOSITS
ANNUAL
NET
GROWTH
RATE 1
FLOW

6,617
15,482
37,851
42,690

4,287

3,117
2,700
2,533

4,121
3,749
5,794

3,278

3,105

4,044

2,818

3.4
7.7
17.5
17.0

3;!oo
Seasonally Adjusted
2,930
17.8
2,706
16.2
2,246
13.3
2,164
12.7

3,855
3,486
3,007
3 s 066

14.5
12.3
12.5

4,026
1,835
1,900

4,834
2,300
2,450

19.4
9.1
9.5

23.3
10.4
10.5

NET
NEW
MONEY 2

-1,766
6,231
26,331
29,281

k m
16.2

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.
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.
i
SOURCE: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




6%

TABLE 11: Mortgage Commitments at Selected Thrift Institutions
OUTSTANDING COMMITMENTS
|
ALL
MUTUAL
1
TOTAL
SAVINGS
SAVINGS &
BANKS
LOAN
(N.Y. STATE)
ASSOCIATIONS

1

NET CHANGE
ALL
.SAVINGS &
LOAN
ASSOCIATIONS

MUTUAL
SAVINGS
BANKS
(N.Y. STATE)

DATE

TOTAL

1971-Dec.

16.6

13.1

3.6

.09

1972-Jan.
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
4.5
4.8
4.9
4.9
4.9

.24
.67
.49
.42
.60
.53
.36
.83
.99
.73
.73
.68

. 11
.39
.38
.29
.55
.60
.26
.76
.77
.63
.69
.65

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

1973-Jan.
Feb.

25.8

20.7

5.1
5.0

.86

.69

.17
-.10

(Billions of Dollar:

1

Seasonally Adjusted)r/
-.06

Based on data from Federal Home Loan Bank Board and Savings Banks 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. 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.




. 15

17

T A B L E 12: Net Change in Mortgage Holdings

T O T A L Li
INCLUDING
FNMA-GNMA

1

FINANCIAL INSTITUTIONS
MUTUAL
SAVINGS & | L I F E
LOAN
INSURANCE
SAVINGS
TOTAL | C O M M E R C I A L
ASSOC.
| COMPANIES
|
BANKS
BANKS
N o t Seasonally A d j u s t e d

1969
1970
1971
1972 - Jul;
Aug
Sep
Oct
Nov
Dec

24,074
21,736
41,647

19,699
16,827
39,259

5,404
2,462
9,940

2,682
1,845
3,938

9,561
10,172
24,160

2,052
2,348
1,221

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

1,000

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

900
900

458
331

1,758

162

1973 - J a n
Feb
Mar

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

1,200
Seasonally A d j u s t e d

5
2,596
464
1,264
4,329
4,464
1972 - M a r
85
2,481
400
1,361
4,327
4,363
Apr
67
2,567
453
1,434
4,521
4,908
May96
2,959
516
1,489
5,060
5,176
June
101
2,67%
472
1,451
4,593
4,849
July
79
3,108
515
1,477
5,179
5,471
Aug
111
2,911
537
1,155
4,714
4,748
Sept
135
2,726
484
1,393
4,738
4,714
Oct
299
2,876
513
5,212
1,524
5,282
Nov
782
3,130
525
5,601
1,164
5,697
Dec
219
2,180
475
1,112
Jan
1973
n.
a.
388
1,079
Feb
n.a.
1,262
Mar
M o n t h l y 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 m o r t g a g e debt outstanding as reported separately by National Assn.
of M u t u a l Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance
and, through August 1968, the Federal National M o r t g a g e Association, and thereafter by FNMA and the Government National Mortgage A s s o c i a t i o n .
Data for mutual
savings banks and for Life Insurance companies m a y differ somewhat from those
derived from regular quarterly series because of minor conceptual differences for
which a d j u s t m e n t s 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.
Beginning J a n u a r y 1972 data reflect activity in limited amount of conventional
mortgages.




a

18
TABLE 13: Net Increases in Mortgage Debt Outstanding
Billions of dollars, SAAR MULTIFAMILY

MULTI-AND
COMMERCIAL

TOTAL

RESIDENTIAL 3

1- to 4FAMILY

1968 - I
II
III
IV

27.9
26.4
25.6
29.9

19.4
18.2
17.3
20.4

16.2
15.0
13.6
16.5

3.1
3.2
3.5
3.9

6.4
6.0
6.5
7.4

9.4
9.2
10.2
11.2 .

2.3
2.2
1.8
1.9

1969 - I
II
III
.. IV

31.7
29.1
25.7
25.6

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

20.9
22.8
_28.3
32.2

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
9.9
13.4

2.2

1971 - I
II
III
IV

37.7
47.4
52.3
54.9

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

16.0
19.0
19.9
19.9

2.2
2.3
2.3
2.5

1972 - I
II
III
IV

61.8
64.1
64.3
67.2

45.4
47.1
46.4
49.1 -

35.9
37.5
36.2
39.4

9.5
9.6
10.2
9.8

14.5
15.2
14.9
14.6

23.9
24.6
25.3
24.3

2.6
2.6
2.9
2.6

QUARTER

COMMERCIAL

FARM

1.5
1.5

—2.1

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 non.farm 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.




19

TABLE 14:

FNMA. BIWEEKLY AUCTION RESULTS (FHA/VA LOANS)

TOTAL OFFERS (MILLIONS $)

YIELD TO FNMA. (PER CENT)

RECEIVED

ACCEPTED

1972 - Oct. 16
30

271.2
186.4

224.9
162.7

7.73
7.74

Nov. 13
27

78.7
60.8

49.2
36.6

7.72
7.70

Dec. 11
26

82.2
108.7

42.4
66.3

7.68
7.69

1973 - Jan.

8
22

74.2
107.0

61.3
92.1

7.69
7.70

Feb.-

5
19

128.7
110.3

65.4
71.6

7.71
7.73

Mar.

5
19

170.8
297.3

107.7
168.7

7.75
7.81

Apr.

2
16

234.6
216.6

145.9
190.7

7.86
7.89

•

Note: Average secondary market yields are g r o s s — b e f o r e deduction of 38 basis-point
fee 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 FNM& commitment fees and FNMk stock purchase and holding
requirements. Data are for short-term (4 month) commitments.




20
T A B L E 15: Private Housing Starts and Permits
STARTS
UNADJUSTED
TYPE OF FINANCING

SEASONALLY A D J U S T E D
A N N U A L RATE
TOTAL |l-FAMILY 2 OR MORE

1972 - January
FebruaryMarch
April
May
June
July
August
September
October
November
December

2,439
2,540
2,313
2,204
2,318
2,315
2,244
2,424
2,426
2,446
2,395
2,369

1,395
1,281
1,310
1,215
1,308
1,283
1,319
1,373
1,382
1,315
1,324
1,207

1973 - January
February
March

2,497
2,457
2,259

1,450
1,377
1,239

1,044

1,260
1,003
989
1,011
1,032
925
1,051
1,045"
1,131
1,071
1,162
1,047

1,080
1,020

BUILDING
PERMITS
(SEASONALLY
ADJUSTED
ANNUAL
RATE) 2

187.1
150.5

36.1 7.5
27.8
8.0
37.7 10.5
29.1
8.5
32.4
9.4
9.6
31.9
26.2 9.4
30.3
9.9
28.2 8.9
25.4
8.5
21.3
8.0
42.3 5 . 8

147.1
138.8

12.0
--

150.9
153.6
205.8

213.2
227.9
226.3
207.5
231.0
204.4

218.2

6.8
6.8

107.3
117.8
155.7
172.9

186.1
184.8
171.9
190.8
167.3
184.3
157.8
102.4
126.3

2,204
2,056
2,007
1,991
1,955
2,121

2,108
2,237
2,265
2,216
2,139
2,377
2,218
2,191
2,093

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. A s reported T>y 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 m o r t g a g e s .
Building permits are Census estimates based on 13,000 or all k n o w n permitissuing places. U n l i k e starts, seasonally adjusted building permits reflect
direct adjustment for differences in the n u m b e r of days per month, as w e l l as
other differences in timing and coverage.




21
T A B L E 16: Mortgage and Bond Yields
FHA
MORTGAGES
DATE
30-year

2

CONVENTIONAL
MORTGAGES

3

2

3

4
5
6

NEW
ISSUE
Aaa
UTILITY
4

SPREAD BETWEEN
YIELDS ON NEW
CORPORATE BONDS
AND
FHA MORTGAGES 6

- High
Low

7.97
7.32

7.95
7.55

.28
-.19

8.26
7.02

.52
-.36

- High
Low

7.57
7.45

7.70
7.55

..14
.06

7.40
7.09

.61
•05

- Jan.
Feb.
Mar.
Apr.
May
June
July
August
September
October
November
December

7.49
7.46
7.45
7.50
7.53
7.54
7.54
7.55
7.56
7.57
7.57
7.56

7.60
7.60
7.55
7.60
7.60
7.60
7.65
7.65
7.70
7.70
7.70
7.70

.11
.14
.10
.10
.07
.06
.11
.10
.14
.13
.13
.14

7.21
7.34
7.24
7.45
7.38
7.32
7.38
7.37
7.40
7.38
7.09
7.15

.28
.12
.21
.05
.15
.22
•16
as
.16
.19
.61
.55

7.55
7.56

, 7.70
7.75

.15
.19

7.38
7.40

.32
.35

7.80

.17

7.49

.31

Feb.
Mar.
1

SPREAD BETWEEN YIELDS
ON C0NV. &
FHA M O R T GAGES 5

1

'

7.63

N e i t h e r mortgage nor bond yields include allowance for servicing casts which are
much higher for mortgages than for bonds.
Generally, bonds pay interest semiannually; mortgages, m o n t h l y . M o r t g a g e 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
m i n i mum 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.
Based on FHA-field-office opinion on typical contract interest rates (rounded)
on conventional first mortgages prevailing in the market areas of insuring
offices.
See note for Table 1.
Yield spread equals conventional mortgage rate less FHA secondary market yield.
Yield spread equals FHA secondary market yield less new Aaa corporate bond
yield.




22
T A B L E 17: Conventional Mortgage Terms
NEW HOMES
CONFEES &
] LOAN /
TRACT CHARGES EFFEC- MATURITY j PRICE
RATE
(PER
(YlARS) 1 'VvTIO
TIVE
(PER
C E N T ) RATE
|
(PER
CENT)
CENT)
2
I
1972
Jan.
Feb.
Mar.
Apr.
Hay

LOAN
AMT.

($000)

EXISTING HOMES
CONFEES &
LOAN/
TRACT CHARGES EFFEC- MATU- PRICK
(PER
RATE
TIVE
RITY
RATIO
(PER
CENT) RATE
(YEARS) (PER
CENT)
CENT)
2
3
;

July
Aug.
Sept.
Oct.
Nov.
Dec.

7.62
7.45
7.38
7.38
7.40
7.41
7.43
7.45
7.43
7.48
7.50
7.51

1973 4/
Jan.
Feb.

7.52
7.52

1.03
1.15

7.68
7.70

26.8

25.7

76.6
78.6

27.0
27.6

7.53
7.55

0.94
1.03

7.68
7.72

23.2
23.6

Mar.

7.52

1.09

7.69

26.9

78.5

27.5

7.53

1.00

7.69

23.9

0.95

0.91
0.92

7.78
7.61
7.52
7.51
7.53
7.55
7.56
7.59
7.57
7.62
7.65
7.66

26.5
27.0
27.2
27.2
27.2
27.2
27.2
27.5
27.3
27.2
27.5
27.5

1.02
0.84
0.83
0.84
0. 85
0 . 83

0.86
Oc 86
0.88

75.0
76.5

27.6
27.8

76.2

28.2

76.0
76.2
76.5
77.0
77.5
77.5
77.3
77.3
78.0

28.5
28.5
27.8

29.1

7.45
7.35
7.31
7.30
7.33
7.36
7.37
7.39
7.42
7.43
7.44
7.45

28.2
27.9
27.9
27.4

28.0

0.82

24.7
25.4
25.1
25.2
25.2
25.5
25.6
26.3

LOAN
AMT.

($000)

0.86

7.58
7.48
7.44
7.42
7.46
7.49
7.50
7.52
7.55
7.57
7.58
7.59

26.3
26.4

74.7
75.8
75.6
75.3
75.4
76.1
76.2
76.5
76.5
76.3
76.8
76.8

75.2
77.5

22.6

77.2

22.4

0.79
0.77
0.78
0.77
0.78
0.83

0.81
0.83
0.84
0.84

26.2
26.1

24.1
24.8
24.4
24.9
24.6
25.2
25.2
25.4
24.8
25.0
25.4
25.7

22.0

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 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

Beginning J a n u a r y 1973, series revised.
to data on or after that data.




D a t e before J a n u a r y 1973 not comparable