Full text of H.16 Capital Market Developments : August 24, 1970
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CEaOBLlfi
"T\^t
D E C O T O O L L E D AFTER SIX MOUTHS
L.5.8 Confidential;(F.R.)
j,
CAPITAL
MARKET
iPMENTS
Capital Markets Section, Division of Research and Statistics,
Board of Governors of the Federal Reserve System, Washington, D. C.
jL;
A u g u s t 24, 1970
LIBRARY
A U G 4 7 1970
FED!.;. RESEHUE B A N K
OF RICWtfOND
zz:
^ u~
INDEX
3-5
Developments in the Corporate and Municipal Bond Markets
6-7
Capital Market Yields
8-13
Capital Market Volume
14-17
Stock Market
18-33
Mortgage Market
SYMBOLS:
e
Estimate
p
Preliminary
r
Revised
n.a.
Not available
TABLE 1: Yields, Volume and Reception
WEEK ENDING:
1970
July
Aug.
CORPORATE BOND MARKET
VOLUME 2
PER CENT
GROSS
SOLD BY END
BONDS SCHEDULED
'
OFFERINGS
OF WEEK
WITHIN 28 DAYS
3
10
17
24
31
9.02
8.70
8.58
8.38
8.60
8.60
8.55
8.49
8.50
8.26
360
395
475
403
100
94
83
88
364
91
7
14
21
28
8,35
8.53
8*70
n. a.
8.17
8.10
8.12
n.a.
330
581
313
550e
77
87
83
n.a.
WEEK ENDING:
1970 - July
YIELDS
MOODY 1 S
SEASONED
NEW ISSUE 1
Aaa
3
10
17
24
31
YIELDS
BOND BUYER MOODY'S
SEASONED 2.0
SEASONED
Aaa
BOND INDEX
6.65
6.50
6.50
6.15
6.79
6.59
6.60
6.28
6.20
6.40
MUNICIPAL BOND MARKET
VOLUME 2
! PER CENT
GROSS
I SOLD BY END
OFFERINGS j
OF WEEK
.
886
580
674
883
785
1,380
1,153
909
n.a.
.
BONDS SCHEDULED
WITHIN 28 DAYS
351
54
67
62
72
634
845
781
808
397
62
676
119
177
282
710
89
288
6.25
.
6.10
n.a.
6.10
S.30
312
57
311
5.95
6* 17
85
678
340e
P. a.
28
n.a.
n. a.
i
n.a.
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.)
Aug.
7
14
21
2 Millions of dollars unless otherwise indicated.
Note:
Sec-/footnotes to Table 3
TABLE 2: Details on Inventories
AMOUNT
(MIL. $)
DATE
/
OFFERED
20.0
25.0
70.0
7.5
45.0
35.0
35.0
21.0
8/20
8/19
8/19
8/18
8/18
8/13
8/11
8/10
DATE
OFFERED | RELEASED
8-5
8-12
CORPORATE BONDS IN SYNDICATE END OF LATEST WEEK
ORIGINAL
RATING AND
YIELD CALL PROTECTION
ISSUER
Q0UP0N
8-20
8-17
Burlington Northern
Central Illinois Lt.
Potomac Elec.
Blackstone Valley Elec.
Wisconsin Public Serv.
Central Maine Power
Northern Illinois
National Fuel Gas
9.30
9.13
9.50
9.75
9.25
9.30
8.50
8.63
9.30
9.00
9.50
9.75
9.25
9.30
8.28
8.45
Aa
Aa
A
A
I
A
Aa
A
ESTIMATED PROPORTION SOLD
60%
40%
98%
70%
40%
90%
85%
85%
*—
5
5
5
5
5
5
5
yrs
yrs
yrs
yrs
yrs
yrs
yrs
CORPORATE BONDS RELEASED FROM SYNDICATE DURING LATEST WEEK
ORIGINAL INCREASE RATING AND ESTIMATED PROAMOUNT
' ISSUER
COUPON
IN YIELD CALL PROT. PORTION RELEASED
YIELD
150.0
100.0
DATE
1970 - July 24
31
. Augo
7
14
2 IP
Southwest Bell Tel.
Duke Power
INVENTORIES
MUNICIPALS
BLUE LIST
|
IN SYNDICATE
392
452
548
576
568
119
215
126
184
111
8.75
8.63
8.71
8.65
+15
+25
Aaa
Aa
5 yrs
5 yrs
20%
70%
1
CORPORATES
IN SYNDICATE
50
40
109
153
66
N.C. - No call protection.
1
All figures in millions of dollars. Blue List is daily average for week ended Friday, except for latest week
which is daily average of three days ended Wednesday. All lother figures are as of FriHmr
BONDS IN SYNDICATE
Millions of d o l l a r s -
Friday figures
SEPT.
JUN.
1970
SEPT.
DEC.
/
TABLE 3: High Grade Bond Yields
' DATE
NEW
CORPORATE
Aaa 1
MOODY'S SEASONED
CORPORATE
Aaa 2
U.S. GOVERNMENT
20-YEAR
CONSTANT
MATURITIES 3
BOND
BUYER'S
SEASONED
MUNICIPALS 4
1968 - High
Low
7.02
6.13
(12/13)
(8/30)
6.55
5.95
(1/27)
(9/13)
5.90
5,18
(1/20)
(8/9)
4. 85
4.107
(1/26)
(8/8)
1969 - High
Low
8.85
6.90
(12/5)
(2/21)
7.84
6.55
(12/26)
(1/13)
6.97
5.96
(12/26)
(1/24)
6.,90
4.,82
(12/18)
(1/28)
1970 - High
Low
9.30
8.20
(6/19)
(2/27)
8.60
7.79
(7/3)
(3/6)
7.55
6.60
(5/29)
(3/6)
7.,12
5..95
(5/29)
(3/12)
1970 - July
24
31
8.38
8.60
8.40
8.26
6.89
6.90
1970 - Aug.
7
14
21
8.35
8.53
8.70
8.17
8.10
8.12
6.96
7.11
7.23
1
,
6..28
6.,40
6,.25
6 .30
6 .17
New corporate issues, with call protection, adjusted (as described in
footnote 1 of Table 1) to a Aaa basis.
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.
2
\
HIGH GRADE BOND YIELDS
NEW CORPORATE Aaa
MOODY'S
CORPORATE Aaa
SU.S. GOVT. 20-YR.
CONSTANT MATURITIES
BOND BUYER MUNICIPAL
1966
1967
1968
1969
1970
TABLE 4: Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
GROSS PROCEEDS
CORPORATE 1
PERIOD
1970
STATE AND LOCAL
1969
1968
!
1970
'
January
February
March
2,636
1,802
3,539
2,075
2,045
2,098
1,771
1,608
1,799
J
April
May
June
3,142
3,905
3,225e
2,748
2,076
2,530
1,428
1,866
2,411
j
•
July
August
September
2, 875e
2,700e
2,900e
2,478
1,427
2,427
2,143
1,432
1,557
j
!
j
1,933
2,375
2,532
2,129
1,767
2,054
6,218
7,354
6,332
6,840
5,178
5,704
5,133
5,950
13,572
19,904
26,744
10,882
16,015
21,965
October
November
December
1st
2nd
3rd
4th
Quarter
Quarter
Quarter
Quarter
7,977
10,272
8,475e
1st half
Three quarters
Year
i
s
1969
1968
1,340
1,214
1,551-
1,262
987
538
1,178
1,158
1,404
1,646
995
1,070
1,801
1,110
737
1,318
1,143
1,395
1,300e
l,300e
l,400e
1,097
808
559
1,469
1,699
1,444
1,280
886
816
2,230
1,021
1,115
2,787
3,648
2,464
2,982
3,840
3,856
4,612
4,366
6,435
8,899
11,881
7,956
12,008
16,574
4,105
3,711
4,000e
Excluding finance companies 3
1st
2nd
3rd
4th
Quarter
Quarter
Quarter
Quarter
Year
1
2
3
Note:
6,170
7,037
5,107
5,427
4,785 5,654
20,973
Securities and Exchange Commission estimates of gross proceeds.
Investment Bankers Association o'f America estimates of principal amounts.
Total gross proceeds excluding offerings of sales and consumer finance
companies.
AT&T rights offering included in May estimate.
2
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
AND
MEMO:
BONDS
ISSUES INCLUDED
PUBLICLY PRIVATELY PFD.
MFG.
STOCK
FOREIGN | CONVERTIBLE
OFFERED
PLACED
1969 - II
III
IV
7,354
6,332
6,840
3,411
3,186
3,479
1,673
1,347
1,053
2,268
1,797
2,307
227
289
115
1970 - I
He
7,977
10,272
4,577
6,988
1,235
1,310
2,147
1,975
222
n.a.
1969 - June
July
* Aug.
Sept.
Oct.
Nov.
Dec.
2,530
2,478
1,426
2,427
1,933
2,375
2,532
1,272
1,279
685
1,222
969
1,164
1,346
514
609
259
479
313
226
514
744
589
482
726
651
984
672
1970 - Jan.
Feb.
Mar.
Apr.
May
June2=/
July
2,636
1,802
3,539
3,142
3,905
3,225
2,875
1,595
1,068
1,914
2,001
3,062
1*925
1,825
516
266
471
433
377
500
400
525
468
1,154
708
467
800
650
1
137
132
122
35
59
8
48
61
33
128
88
20
n.a.
ii. a.
GROSS PROCEEDS BY
TYPE OF ISSUER x
PUBLIC
UTILITY
OTHER
ISSUERS 1
1,126
750
809
1,,773
,862
1=
1,,314
1,878
1,544
1,9.67
432
684
598
3,266
2,243
2,961
922
676
21,584
2,,595
2,085
2,757
766
2,165
2,543
2,755
233
214
, 167
369
105
303
401
691
875
362
625
260
453
601
702
493
507
544
745
622
600
191
286
126
272
120
201
277
946
826
433
984
808
1,099
1,054
811
639
357
540
906
1 ,416
690 1,107
805
600
1 ,100 1,050
825
800i
234
226
306
65
1,750
350
150
387
249
286
374
227
75
100
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.
COMMUNICATIONS
952
680
911
1,280 ;
7 50 #
725
950
TABLE 6: Large Long-term Public Security Issues for New Capital
(Other than U.S. Treasury) 1
August 1 through
ISSUER
TYPE2
AMOUNT
(MILLIONS
OF
DOLLARS)
COUPON
RATE OR
NET INTEREST COST
OFFERING
YIELD
8.75
8.81
1976
1976
1975
1990
8.75
9.00
10.00
9.88
8.80
8.89
10.00
9.93
Baa
N.R.
Baa
A
2000
1990
1975
2000
2000
1976
2007
1995
1995
1995
8.63
10.13
8.63
8.50
8.50
8.50
8.75
9.00
9.30
8.00
8.65
10.13
8.45
8.52
8.65
8.29
8.71
9.00
9.30
8.00
Aa
Baa
A
Aaa
Aa
Aa
Aaa
A
A
N.R.
MATURITY
MOODY'S
RATING
Corporates
Union Pacific R.R. Co.
Gen'1 Tel. & Elec. Corp.
Household Finance Corp.
Philips Industries Inc.
Acme Markets Inc.
Duke Pwr. Co.
50.0
Squip. Trst.
Ctfs.
90.0
Lst.Mtg.
75.0
lebs.
15.0
totes
25.0
3.F. debs
L st. &
lefunding Mtg.100.0
15.0
lebs.
21.0
debs.
150.0
S.F. debs.
75.0
S.F. debs.
35.0
lst.Mtg.
150.0
debs.
75.0
S.F. debs.
35.0
1st. & Gen.
25.0
debs.
United Gas Pipeline Co.
National Fuel Gas Co.
Shell Oil Co.
Bristol-Myers Co.
Northern Illinois Gas Co.
Southwestern Bell Tel. Co.
Burlington Indus. Inc.
Central Maine Pwr. Co.
Ramada Inn
Notes
Continental Tel. Corp.
1st Mtg.
Arkansas Pwr. & Lt. Co.
1st Mtg.
Central Illinois Lt. Co.
Gen '1 Tel. 6c Electronics Co pS.F. debs.
1st Mtg.
Wis. Pub. Service Corp.
bds.
Potomac Electric Pwr. Co.
Equip. Trst.
Burlington Northern Inc.
Equip. Trst.
Burlington Northern Inc.
.debs.
65.0
25.0
25.0
40.0
45.0
70.0
13.3
6.7
15.0
1985
1
1975
2000
2000
1995
2000
2005
1985
1971-85
1977
9.63
9.63
9.13
9.75
9.25
9.50
9.30
8.15-8 .60
10.00
~-v Aaa
9.63
9.50
9.00
9.75
9.25
9.50
9.30
8.15-8.,60
10.00
Baa
A
Aa
Baa
A
A
Aa
Aa
No rating
TABLE 6: Large Lont) loim Public Security Issues for New Capital (continm d)
(Other than U.S. Treasury) 1
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
August 1 through 21
COUPON
RATE OR
MOODY'S
>wi:rNET INTERi;.(
RATING
EST COST
VILLI)
State and Local
Turnpike Auth. Kentucky
Turnpike Auth. of Kentucky
Virginia Pub. Sch. Auth.
Taylor, Mich S/D
San Francisco BARTS .
Atlanta, Ga.
Washington Sub. Sanit.
Dist., Maryland
Puerto Rico Aqueduct &
Sewer Authority
Florida State Bd. of Ed.
Alabama Highway Auth.
California
Illinois State fJniv.
Oregon, State of
Oregon, State of
Penna. St. Pub Sch. Bldg.
Auth.
San Francisco Airport Imp.
Corp. Cal
Rev.
Rev.
Rev.
G eO.
Rev.
G.O.
9.0
51.0
25.0
12.2
50.0
15.0
1974-90
2010
1972-86
1971-90
1972-80
1971-1995
7.38
5.67
6.86
6.23
5.86
5.30-7.1 0
7.38
4.60-6. 50
4.75-7. 10
5.00-6. 20
4.50-6. 3 0
Aa
Baa
A
Aa
Bds.
17.0
1971-2000
6.30
4.75-6. 75
A
G.O.
Rev.
G. 0.
G.O.
Rev,
G.O.
G.O.
20.0
20.0
35.0
100.0
11.9
15.0
40.0
1972-2003
1980
1980 •
1971-90
1985
1971-1990
1980-1988
6.60
6.39
6.20
5.56
7.38
5.71
5.87
4.70-6. 45
4.30-6.,30
4.50-6,160
4.20-6,.00
5.00-7,.40
4.25-6,.25
5.40-6,.05
Aa
Aa
Rev.
21.4
1971-2009
6.94
4.60-7 .10
N.R.
Rev.
30.0
1971-2009
8.56
5.34-8 .50
—
--
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 genera I obii gati on;
Rev.-Ut., revenue obligations secured only by income from public utilities;
Rev.-Q.-Ut., revenue bonds secured only by income from quas i-ut i I i ti vs ; Rev.-S.
T. ,
revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue
bonds secured solely by lease payments.
IWclXidis fOTvign government and International Bank for Reconstruction and
Development issues and non-quaranteed issues by Federal Agencies.
—
Aa
A
Aa
--
\
T A B L E b:
Large Lorn) term Public Security Issues for New'Capital ( c t M i n m ri)
(Other than U.S. Treasury) 1
\
AMOUNT
(MILLIONS
ISSUER
TYPE
2
OF
DOLLARS)
j
|
COUPON
!
R A T E OR
:: OFFER M A T U R I T Y N E T INTERi
.
[_EST C O S T
j YIELD
MOODY'S
RATING
S t a t e and L o c a l
King Co., W a s h
Connecticut
S t . Paul, M i n n .
Roanoke, Va.
New Hampshire
G.O.
G.O.
G.O.
G.O.
G.O.
11.0
75.0
20.5
10.5
24.5
1972-2010
1971-1990
1973-2000
1971-1985
1971-2000
6.97
5.65
5.98
5.32
5.39
4.70-7.00
4 . 1 0 - 6 . 10
4.50-6.20
4 . 1 0 - 6 . 70
4.00-6.00
debs,
75.0
1997
9.50
9.67
debs.
200.0
1973
7.75
7.75
Other
Quebec Hydro-Elec. Comm.
Fed Intermediate Credit
Bank
Rights offering.
I n c l u d e s c o r p o r a t e and other security offerings of $15 m i l l i o n and over;
State and local security offerings of $10 m i l l i o n and over.
In case of S t a t e and local government s e c u r i t i e s , G.O. denotes general o b l i g a t i o n ;
R e v . - U t . , revenue obligations secured only by income from public u t i l i t i e s ;
Rev. -Q.-lit., revenue bonds secured only by income from quasi -uti 1 ities; R e v . - S . T . ,
revenue b o n d s secured by revenue from specific taxes only; R e v . - R e n t . , revenue
b o n d s secured solely by lease payments.
Includes foreign government and I n t e r n a t i o n a l B a n k for R e c o n s t r u c t i o n and
Development issues and non-quaranteed issues by Federal A g e n c i e s .
A
Aaa
Aa
Aa
Aaa
TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury) 1
(continued)
ISSUER
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
APPROXIMATE DATE
OF OFFERING
Corporates
debs•debs.
.
1st. Mtg.
1st. Mtg. Bd.
1st. Mtg.
1st. Mtg.
1st. Mtg.
notes
1st. Mtg.
debs.
1st. Mtg.
Equip. Trst.
Department
Gen *1 Motors Acceptance Corp
UGI
Rochester Gas & Elec. Corp
North Indiana Pub. Ser. Co
Public Set. Co. of Col.
Central La. Elec. Co..
Continental Tel. Corp.
Hawaiian Tel. Co.
Westinghouse Elec. Corp.
Iowa-Ill. Gas & Elec. Co.
Illinois Central R.R.
New England Tel. & Telegraph
Company
International Harvester Co.
Atlantic City Elec. Co.
Georgia Pwr. Co.
Long Island Ligthing Co.
Arkansas La. Gas Co.
Virginia Elec. & Pwr. Co.
Texas Pwr. & Lt. Co.
Ohio Edison Co.
Western Electric Co.
Indianapolis Pwr. & Lt. Co.
Elizabethtown Gas Co.
debs.
debs.
1st. M t g .
1st. Mtg.
1st. Mtg.
1st. Mtg.
1st. Mtg.
1st. Mtg.
1st. Mtg.
debs.
1st. Mtg.
debs.
Holiday Inn Investors
conv. debs.
50.0100.0
25.0
30.0
35.0
35.0
15.0
65.0
35.0
200.0
20.0
26.0
Aug. 25
Aug. 26
Aug. 26
Aug. 26
Aug. 26
Aug. 26
Aug. 27
Aug. 26
Aug. 27
Aug. 27
Aug. 31
Sept. 1 .
175.0
100.0
27.0
75.0
40-50.0
40.0
85.0
30.0
45.0
150.0
30.0
15.0
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
75.0
Sept.
1
1
2
3
9
9
10
14
15
2$
29
29
I
TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury) 1
ISSUER
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
APPROXIMATE DATE
OF OFFERING
State and Local
Oakland Co ., Mich.
Wisconsin
Hennepin Co. Area Vo.-Tech.
' S/D, Minn.
Port of N.Y. Auth.
Baltimore Co. M d .
Madison, Wis.
Los Angeles DMAPS
San Jose, Cal.
Jacksonville, Fla.
* 1 1 1 . Bldg. Auth.
Lake Orion Coram. S/D Mich.
New York^St. Hsg. Fin. Agency
Broward Co. STSD # 1 Fla.
^Allegheny Co., Pa.
Los Angeles Parking Auth. Cal.
*Mass. Bay Trans. Auth.
^ O h i o , State of
Detroit, Mich.
Miami, Fla.
G.O.
G.O.
18.0
70.0
Aug.
Aug.
25
25
G.O.
Rev.
G.O.
G.O.
G.O.
G.O.
Rev.
Bonds
G.O.
G.O.
G.O.
G.O.
Rev.
Bonds
G.O.
Rev.
G.O.
12.5
100.0
20.0
12.9
39.0
19.0
52.0
65.0
11.0
81.0
25.0
30.0
31.9
66.9
75.0
46.0
12.5
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
26
26
1
1
2
8
9
15
16
16
16
17
23
23
29
Bonds
400.0
Aug.
26
8
Other
GNMA
*
1
2
Included in table for first time.
Includes corporate and other issues of $15 million and over; State and :
Government issues of $10 million and over.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.
TABLE 8: Stock Prices and Volume.
TRADING VOLUME 2
STOCK PRICES 1
DATE
S&P
3
500
1
1
AMEX4
D.J. - IND..
AMEX
NYSE
1968 - High
Low
108.37(11/29) 985.21(12/13)
825.13 (3/21)
87.72(3/5)
33.24(12/20)
21.97(3/25)
82.61(6/7)
34.0(2/23)
45.4(6/7)
14.1(2/23)
1969 - High
Low
L0 6.16 (5/14)
89.20(7/17)
32.91(1/3)
25.02(7/29)
82.6(10/17)
32.8(4/4)
38.4(5/9)
12.9(4/4)
27.02(1/8)
19.36(5/27)
80.7(5/26)
35.1(7/3)
28.4(1/2)
8.3(7/3)
20.50
20.37
20.05
20.31
51.2
40.6
38.8
49.9
11.3
11.2
9.0
10.7
1970 - High
Low
1970
968.85(5/14)
769.93(12/17)
93.46(1/5) 811.31(1/5)
69.29(5/26) 631.16(5/26)
- July 31 78.05
Aug.
7 .77.25
14 75.18
2lF 79.24
734.12
725.70
710.84
745.41
,
1.
Figures other than highs and lows are Fridays only.
for the year and are not necessarily for Fridays.
2.
1941-43 = 1 0 .
3.
Average dollar value of shares listed.
4.
NYSE is the New York Stock Exchange; AMEX is the American Stock Exchange.
Total number of shares traded per week (millions of shares). Trading is
normally conducted for 5-1/2 hours per day and 5 days per week, or 27-1/2
hours per week. In recent years, however, abbreviated trading to the
extent, and over the time periods, shown below :
From;
Through:
August 8, 1967
January 22, 1968
June 30, 1968
January 3, 1969
July 7, 1969
January 2, 1970
August 20, 1967
March 1, 1968
December 31, 1968
July 3, 1969
December 31, 1969
May 1, 1970
Hours/
Day
4
4
5-1/2
4
4-1/2
5
Highs and lows are
Days/
Week .
5
5
4
5
5
5
Hotirs/
Week
20
20
22
20
22-1/2
25
15
j'.
i
STOCK PRICES AND TRADING VOLUME
(Ind.)
Weekly
AM EX.
36
Dl
SAP
:
(500) f
1280 128 [
"STOCK PRICES
1200 120 f
A M E X PRICE LEVEL INDEX / V
32
28
1120 112 |
S&P's 5 0 0
1040 104 I
24
20
960
16
880 88
D.J. IND.
800 80)
12
8
Millions of shares
TTTT-I
60
AMEX TRADING VOLUME (TOTAL FOR WEEK)
40
20
TTT
100
NYSE TRADING VOLUME (TOTAL FOR WEEK)
80
60
40
20
1966
1967
1968
1969
1970
T A B L E 9: Security Credit
END OF PERIOE
CREDIT EXTENDED TO
MARGIN CUSTOMERS BY:
BANKS 2 | TOTAL
BROKERS 1
NET CREDIT
CUSTOMERS' NET EXTENDED BY
FREE CREDIT
BROKERS AND
DEALERS 3
BALANCES
CUSTOMERS 1
NET DEBIT
BALANCES
Outstanding:
1969—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
5,340
5,170
5,000
4,940
5,040
5,070
4,970
2,740
2,700
2,670
2,620
2,570
2,520
2,580
8,080
7,870
7,670
7,560
7,610
7,590
7,550
8,214
7,515
7,019
7,039
7,243
7,111
7,445
3,085
2,783
2,577
2,579
2,753
2,613
2,803
5,129
4,732
4,442
4,460
4,490
4,498
4,642
1970—Jan.
Feb.
Mar.
Apr.
May r
June P
4,680
4,570
4,520
4,360
4,160
3,920
2,430
2,370
2,370
2,330
2,290
2,290
7,110
6,940
6,890
6,690
6,450
6,210
6,683
6,562
6,353
5,985
5,433
5,281
2,626
2,563
2,441
2,248
2,222
2,009
4,057
4,099
3,912
3,724
3,211 ,
3,272
i
Change in
Outstanding:
1969--June
July
Aug.
Sept.
Oct.
Nov.
Dec.
-330
-170
-170
-60
100
30
-100
-30
-40
-30
-50
-50
-50
60
1970—Jan.
Feb.
Mar.
Apr.
May r
June P
-290
-110
- 50
-160
200
-240
-150
- 40
1
2
3
--
- 40
- 40
-360
-210
-200
-110
50
- 20
- 40
-260
-699
-496
20
204
-132
334
1
-302
-206
2
174
-140
190
-261
-397
-290
18
30
8
144
-440 .
-170
- 50
-200
240
-240
-762
-121
-209
-368 .
-552
-152
-177
-163
- 22
-193
-26
-213
-585
42
-187
-188
-513
- 61
•
*
Margin debt, as reported by the New York Stock Exchange. Although margin debt
until March 1968 included loans secured by U.S. governments, the amount of such
loans included is thought to have been small.
"Bank loans to others than brokers and dealers for purchasing or carrying securities other than U.S. governments."
The difference between customers' net debit balances and customers' net free credit balances, this figure represents the net credit extended by brokers and
dealers to the nonfinancial public.
NOTE: With the exception of bank loan data, figures are supplied by the New York
Stock Exchange and are end of month data. Bank loans are for weekly reporting
large commercial banks.. Broker data includes loans for regulated securities; bank
data includes loans for the purpose of purchasing or carrying any security, whether
regulated or not.
TABLE 10: Savings Flows at Nonbank Depositary Intermediaries
($ millions)
DATE
MUTUAL SAVINGS BANKS
REGULAR DEPOSITS 3
NET
ANNUAL
NEW
MONEY 2
GROWTH
NET
RATE 1
FLOW
SAVINGS & LOAN ASSOCIATIONS
NET
SHARE CAPITAL
NEW
ANNUAL
NET
GROWTH
MONEY2
1
FLOW
RATE
2,376
1,143
-747
Not Seasonally Adjusted
10,649
9.4
6,129
7,399
6.0
2,738
4,020
3.1
-1,003
307
324
-164
227
-266
- -266
-1,110
1970 - May
JuneP/
July
326
469
260
224
-133
150
1970 - Feb.
Mar.
Apr.
MayE./
June£./
July
298
244
371
360
338
404
1967
1968
1969
1969 - May
X
June
July
5,082
4,208
2,551
9.3
7.1
4.0
642
1,359
—
—
601
-116
-1,122
TOTAL
DEPOSITS
ANNUAL
NET
GROWTH
FLOW
RATE 1
15,371
11,607
6,371
8,505
3,881
-1,750
949
1,683
-1,274
828
-382
-1,388
929
154
n. a.
753
—
705
1,079
1,812
~
287
2,281
n. a.
770
510
,9.4
\&.3
3.4
NET
NEW
MONEY 2
Seasonally adjusted
1
2
5.4
4.4
6.6
6.4
6.0
7.1
247
1,021
973
637
902
1,647
2. 2
9. 1
8.,6
5.,6
7.,9
14.,3
545
1,265
1,344
997
1,240
2,051
3.3
7.5
8.0
5.9
7.3
11.9
Annual growth rate £or monthly data is the annualized monthly percentage increase in deposits.
Net New Money is new deposits net of both withdrawals and interest. Data for S&Ls are for
insured associations only, which represent 96% of industry total resources.
3
Regular deposits at mutual savings banks exclude items such as Christmas club and certain
escrow accounts, which represent a very small part of total deposits.
I SOURCE: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.
SAVINGS FLOWS (seasonally adjusted)
M i l l i o n s of d o l l a r s
Monthly
2000
1600
TOTAL
1200
400
400
1200
SAVINGS & LOANS
800
400
400
800
MUTUAL SAVINGS BANKS
400
400
1966
1967
1968
1969
1970
TABLE 11: Mortgage Commitments at Selected Thrift Institutions
DATE
TOTAL
OUTSTANDING COMMITMENTS
ALL
MUTUAL
SAVINGS
SAVINGS &
BANKS
LOAN
(N.Y. STATE)
ASSOCIATIONS
1
TOTAL
NET CHANGE
ALL
SAVINGS &
LOAN
ASSOCIATIONS
(Billions of Dollars, S< lasonally Adjusted)
L 9 6 9 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
L970 - Jan.
Feb.
Mar.
Apr.
May
June
1
10.4
10.2
9.9
9.5
9.2
8.9
8.6
8.4
8.2
7.9
7.6
7.8
8.0
8.2
7.1
7.0
6.8
6.5
6.4
6.1 x
5.9
5.8
5.6
5.4
5.2
5.4
5.8
6.1
"
1
MUTUAL
SAVINGS
BANKS
(N.Y, STATE)
1/
3.2
3.2
3.1
3.0
2.8
2.7
2.7
2.6
-.11
-.18
-.32
-.36
-.31
-.33
-.24
-.25
-.06
-.11
-.22
-.24
-.18
-.23
-.18
-.12
-.05
-.06
-.10
-.12
-.13
-. 09
-.06
-.13
2.6
2.5
2.5
2.4
2.2
2.1
-.17
-.30
-.26
.13
.24
.22
-.22
-.23
-.21
.26
.38
.30
.04
-.07
-.05
-.13
-.14
-.09
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.
v
MORTGAGE COMMITMENTS OUTSTANDING (seasonally adjusted)
Monthly
Billions of dollars
TOTAL
S&L'S
Includes building loans beginning August 1967
1960
1962
1964
1966
1968
1970
TABLE 12: Net Change in Mortgage Holdings
DATE
TOTAL
INCLUDING
FNMA-GNMA
1
FINANCIAL INSTITUTIONS
LIFE
1
MUTUAL
SAVINGS &|
INSURANCE
SAVINGS
TOTAL 1 COMMERCIAL
LOAN
BANKS
BANKS
ASSOC. J COMPANIES
I
Not Seasonally Ad i us-ted
FNMA-GNMA
18,105
20,016
23,781
24,051
15,782
18,219
21,273
19,676
4,705
4,639
6,6f7
5,^5
2,720
3,153
2,787
2,682
3,761
7,520
9,350
9,407
4,596
2,907
2,459
2,052
2,323
1,797
2,508
4,375
2,227
2,161
2,387
2,036
1,976
2,165
627
600
575
204
233
230
1,026
988
1,216
179
155
144
191
185
222
1,500
1,634
1,023
1,256
n.a.
200
200
400
160
144
214
486
723
1,128
177
189
477
378
397
1969 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2,153
1,698
1,910
1,876
1,734
1,652
1,906
1,875
1,364
1,380
1,365
1,166
1,069
1,292
440
151
310
383
244
237
347
230
181
157
137
124
146
235
1,022
859
720
654
627
547
576
183
173
193
191
171
139
134
278
334
530
511
568
583
614
1970 - Jan.
Feb.
Mar.
Apr.
May
June
1,493
1,604
1,228
1,386
1,484
937
1,105
712
892
1,066
288
285
144
141
133
269
24
143
197
205
160
213
400
436
276
357
588
935
225
241
125
189
196
556
499
516
494
418
454
1966
1967
1968
1969
1969 - Apr.
May
June
1970
Apr.
May
June
"
1
.
'
Seasonally Adlusted
.
to Call Report data on real estate loans outstanding as available. • Other data
derived from mortgage debt outstanding as reported separately by National Assn.
of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance'
and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual
savings banks and for Life Insurance companies may differ somewhat from those
derived from regular quarterly series because of minor conceptual differences for
which adjustments are not made in the monthly series. Altogether, these groups
accounted for 87 per cent of the net increase estimated for all holders in 1967.
23
NET CHANGE IN MORTGAGE HOLDINGS (seasonally adjusted)
Monthly
Billions of dollars
3.0
2.5
TOTAL, INCL. FNMA - GNMA
2.0
FINANCIAL INSTITUTIONS
1.5
1.0
1967
1968
1969
1970
24
TABLE 13: Net Increases in Mortgage Debt Outstanding
1
Billions of dollars, SAAR ' QUARTER
TOTAL
RESIDENTIAL 3
1- to 4FAMILY
MULTIFAMILY
COMMERCIAL
MULTI-AND
COMMERCIAL
1966 - IIIp
IVp
18.7
15.2
11.0
9.2
8.4
7.0
2.6
2.1
5.5
4.2
8.2
6.2
2.2
1.8
1967 - Ip
IIP
IIIp
IVp
15.6
20.5
27.0
27.5
10.0
13.8
19.6
19.9
6.8
10.5
15.7
16.0
3.2
3.4
3.9
3.9
3.8
4.9
4.9
4.9
7.2
8.2
8.7
8.8
1.8
1.8
2.5
2.7
1968 - Ip
HP
IIIp
IVp
27.1
25.9
26.5
30.1
18.4
18.0
18.2
20.5
15.4
14.8
14.6
16.5
3.0
3.2
3.5
4.0
6.3
5.7
6.5
7.8
9.4
8.9
10.1
11.7
2.3
2.2
1.8
1.8
1969 - Ip
Hp
IIIp
IVp
30.4
28.5
25.1
25.7
22.1
21.2
20.1
18.6
17.9
16.5
15.5
13.7
4.2
4.7
4.6
4.8
6.1
5.0
5.0
6.0
10.3
9.6
9.5
10.8
2.2
2.3
1.8
1.2
1970 - Ip
19.7
13.4
8.9
4.3
5.2
9.7
1.1
FARM
1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance
Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, Na- .
tional 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.
-
NET INCREASES IN MORTGAGE DEBT OUTSTANDING
Quarterly
Billions of dollars, seasonally adjusted annual rate
32
TOTAL
24
TOTAL
RESIDENTIAL
1-4 FAMILY
COMMERCIAL
MULTIFAMILY
1966
1968
1970
V
••
V
TABLE 14: FNMA Weekly " A u c t i o n " Results
WEEK
ENDED
1970
IMPLICIT YIELD 2 (per cent)
COMMITMENTS IN $ MILLIONS
ACCEPTED
1-YEARll
1-YEAR 1
90906TOTAL
6TOTAL
& OVER
M0NTH & OVER
DAY
MONTH
OFFERED
DAY
May
5
11
18
25
443.3
269.2
,300.3
289.5
195.5
• 102.2
136.3
145.2
43. 5
26. 0
32. 4
38. 9
212. 1
63. 2
86. 4
86. 7
38.9
13.0
17.5
19.7
9.01
9.04
9.11
9.15
9.,04
9.,07
9.,13
9.,18
9.10
9.13
9.18
9.22
June
1
15
29
224.2
249.7
156.3
113.8
127.9
98.9
31.,1
34,,2
30.,6
71. 4
86. 7
56.,5
11.3
7.0
11.8
9.20
9.27
9.32
9,.24
9,.30
9,.33
9.27
9.31
9.34
July
13
27
286.2
323.8
113.3
150.4
25,.0
37..0
73.,0
91.,1
15.3
22.3
9.20
9.10
9,.21
9,.12
9.22
9.12
Aug.
10
24
441.3
180,2
,41.4
300.0)-
91.,0
47.8
9.03
9 .03
9.04
Note: Under the FNMA auction system, approved sellers of Governmentunderwritten mortgages bid for FNMA forward purchase commitments, subject to an over-all dollar limit announced by FNMA in advance.| Bids
accepted by FNMA are for delivery at the seller's option, and at any
time wi thirl the specified period. Bids on proposed homes relate to
construction not yet started on which mortgages may be delivered only
after completion and occupancy.
For "proposed construction" of new homes only.
Average secondary market yield after allowance for commitment fee and
required purchase and holding of FNMA stock, assuming prepayment of
15 years for 30-year Government-underwritten mortgages. Yields shown
are gross, before deduction of 38 basis points fee paid by investors
to servicers. Prior to August 10, 1970 the servicing fee was 50 basis points.
3
FNMA announced
limit of accepted bids for next week's auction.
27
FNMA "AUCTION" RESULTS
$ Millions
200
AMOUNT OF ACCEPTED BIDS
BY COMMITMENT PERIOD
150
6 MONTHS
100
1 YEAR
AND OVER
50
IMPLICIT YIELD
6 - M O N T H COMMITMENTS
$ Millions
-
—
800
600
-
TOTAL BIDS RECEIVED
X / v y l
j
-
400
200
|
|
JUNE
| TOTAL BIDS ACCEPTED
AUG.
OCT.
1969
DEC.
1
FEB.
1*1
1
APR.
1
JUNE
1970
1
I
I
AUG.
I
I
OCT.
I
0
DEC.
TABLE 15: Private Housing Starts and Permits
STARTS
UNADJUSTED
TYP E OF FINANCING
FHA VA |
OTHER
BUILDING
PERMITS
(SEASONALLY {
ADJUSTED 4
ANNUAL
;
RATE) 2 " I
SEASONALLY ADJUSTED
ANNUAL RATE
-FAMILY 2 OR MORE
j TOTAL |1
TOTAL
9 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1,533
[1,507
1,429
1,376
1,481
1,390
1,280
1,402
877
826
803
752
828
766
762
776
656
681
626
624
653
624
518
626
155.5
147.3
125.2
124.9
129.3
123.4
94.6
84.1
21.1
21.5
20.8
22.4
18.3
25.1
18.8
23.2
4.3
4.6
4.7
4.2
4.8
5.0
3.9
4.2
130.1
121.2
99.7
98.3
106.2
93.3
74.7
57.9
1,323
1,340
1.228
1,245
1,201
1,183
1,191
1,239
f
}
|
;
(
0 - J an.
Fetu
Mar.
Apr.
MayP
June p
|l ,059
11,306
k,392
1,224
1,225
1,358
577
725
708
697
717
818
482 — —
581
684 •
527
508
540
66.4
74.3
114.7
128.4
123.1
131.6
16.5
17.5
25.2
32.4
37.1
40.7
3.4
3.9
4.8
5.4
5.2
5.0
46.5
52.9
84.7
90.6
80.8
85.9
1,013
1,137
1,099
1,263
1,321
1,302
'
f
f
i
f
<
• DATE
I
2
1
1
!
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 r
office receives the first compliance inspection report, which is made beforie
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..
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 permits reflect direct adjustment for differences
in the number of working days per month, as well as other differences in timing
and coverage.
29
PRIVATE HOUSING STARTS AND PERMITS
Monthly, annual rates
Millions of units
SEASONALLY ADJUSTED
2.0
HOUSING STARTS
1.6
1.2
B U I L D I N G PERMITS
(in issuing areas)
*CHANGE IN SERIES
PER CENT OF UNADJUSTED TOTAL STARTS
MULTI-FAMILY
(2 or more)
.
/VX»-A
. . / \
-
X
-
GOVERNMENT UNDERWRITTEN
I
1
1964
1
I *
1966
1
111111111 M 111 I I 1 I I 1 I I 1 1
1968
1970
TABLE 16: Mortgage and Bond Yields
FHA
MORTGAGES
|
DATE
2
25-YEAR 130-YEAR
j
NEW
Aaa CORPORATE
BONDS
4
6.26
5.43
6.73
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
5.44
6.81
6.81
6.29
7.52
6.78
8.62
7.99
6.30
5.80
6.70
6.70
6.40
7.40
6.75
8.35
7.55
.23
.25
.30
.11
-.12
.12
-.27
.40
.13
5.25
4.41
5.82
6.51
5.18
6.79
6.15
8.75
6.91
1970 - Jan.
Feb.
Mar.
Apr.
May
June
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
9.29
9.20
9.10
9.11
9.16
8.55
8.55
8.55
8.55
8.55
8.55
-.74
-. 65
-.55
-.56
-.61
8.46
8.30
8.60
8.60
9.10
9.11
2
4
SPREAD BETWEEN YIELDS
ON CONV. &
FHA MORTGAGES
1959-60 - High
1961-66 - Low
1966 - High
1967 - High
- Low
1968 - High
Low
1969 - High
Low
1
3
CONVENTIONAL
MORTGAGES
3
1
SPREAD BETWEEN
YIELDS ON NEW
CORPORATE BONDS
AND
FHA. MORTGAGES
1.69
.77
1.16
1.28
.27
1.20
.26
1.08
-.13
__
.99
.60
.50
.01
.05
'
Neither mortgage nor bond yields include allowance for servicing costs which arc
much higher for mortgages than for bonds. Generally, bonds pay interest semiannually; mortgages, monthly. Mortgage yields, if computed as equivalent to
a--semi-annual interest investment, would be slightly higher than given in the
table.
Based on FHA-field-office opinions about average bid prices in the private
secondary market for new-home mortgages for immediate delivery. Separate
data available for 25-year a n d — b e g i n n i n g July 1961--30-year mortgages with
minimum downpayments, weighted by probable volume of transactions. Yields
computed by FHA, assuming prepayment period of 12 years for 25-year mortgages
and 15 years for 30-year mortgages. Over the period for which they can be
compared, the movement of the two mortgage yield series has been similar.
Dashed lines indicate periods of adjustment to changes in contractual interest
rates.
Based on FHA-field-office opinion on typical interest "rates (rounded) on conventional first mortgages prevailing in the market areas of insuring officecities . Beginning with April I960, rate relates only to new-home mortgages;
prior to that date, rate related to both new as well as existing-home mortgages. Dashed tine indicates this change in the series.
See note for Table 1.
31
MORTGAGE AND BOND YIELDS
Monthly
HOME MORTGAGES
Aaa CORPORATE BONDS
NEW ISSUES
Y I E L D S P R E A D ( F H A MORTGAGE VS. NEW ISSUE Aaa CORPORATE BONDS)
Basis Points
I
1962
1964
1966
1968
1111 n 1111111111111111111 100
1970
T A B L E 17: Conventional Mortgage Terms
DATE
NEW HOMES
CON- FEES &
TRACT CHARGES EFFEC- MATURITY
RATE
(PER
CENT)
(PER
TIVE
CENT) RATE
2
3
(YEARS)
LOAN/
PRICE LOAN
RATIO AMT.
(PER ($000)
CENT)
4
1
EXISTING HOMES
CONFEES &
LOAN/
TRACT CHARGES EFFEC- MATU- PRICE
RATE
(PER
TIVE
RITY
RATIO
(PER
CENT)
CENT) RATE
2
3
LOAN
AMT.
(YEARS) (PER
CENT)
($000)
4
1969
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
7.50
7.62
7.76
7.86
7.89
7.99
7.97
8.07
0.88
0.84
0.92
0.86
0.92
0.89
0.96
1.06
7.65
7.76
7.91
8.00
8.05
8.13
8.13
8.25
25.8
25.6
25.5
25.2
25.3
25.3
25.3
25.4
73.2
73.0
72.0
72.3
72.9
72.8
72.8
71.9
25.0
24.9
24.5
24.3
25.0
24.6
24.6
25.0
7.54
7.64
7.79
7.90
7.98
8.00
8.00
8.08
8.16
8.23
8.29
8.23
8.28
8.30
1.08
1.09
1.11
1.02
0.98
0.98
8.34 —
8.41
8.47
8.40
8.45
8.47
25.0
25.2
25.0
24.8
25.3
25.1
69.3
71.8
71.1
71.1
71.7
71.4
25.1
24.9
25.1
24.5
25.3
25.6
8.13
8.23
8.26
8.20
8.18
8.18
0.83
0.86
0.91
0.93
0.91
0.90
0.90
0.93
7.68
7.79
7.94
8.05
8.13
8.15
8.15
8.24
22.7
22.8
22.8
22.6
22.2
22.6
22.6
22.9
71.9
19.7
71.4 • 20.1
71.7
20.1
71.2
19.8
70.7
19.2
70.4
19.5
70.4
20.1
70.6
20.8
8.29
8.41
8.43
8.35
8.34
8.34
22.4
22.4
22.6
22.8
22.8
23.0
70.3
70.2
70.4
70.4
70.3
71.6
1970
Jan.
Feb.
Mar.
Apr.
May
June
0.94
1.02
0.98
0.90
0.94
0.97
20.5
20.4
20.6
20.4
21.1
21.6
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" o'f^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
Derived by FRB.
CONVENTIONAL MORTGAGE TERMS
Monthly
MATURITY
NEW
EXISTING
1 II I I I II M i I 1 I ,
1 I M I I II I 1.1 15
LOAN/PRICE RATIO
NEW
EXISTING
J
L
IiiiI IiiiIiiIiiiiiIiiiiiI 65
Thousands of dollars
LOAN AMOUNT
NEW
EXISTING
1964
1966
1968
1970
* CHANGE IN SERIES
@FedFRASER