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Capital

Market
Developments

i D e c e m b e r 10, 1 9 7 3
Prepared by the
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE, A G R I C U L T U R A L , and
CONSUMER F I N A N C E SECTION




DIVISION O F R E S E A R C H AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D C. 20551

Index

TABLES

SYMBOLS

1 - 6

SECURITY VOLUME AND YEILDS

7, 8

STOCK MARKET AND SECURITY CREDIT

e
P
r

9-16

MORTGAGE MARKET

ESTIMATE
PRELIMINARY
REVISED

n.a. NOT AVAILABLE




DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
WEEK ENDING

NEW ISSUE 1
Aaa UTILITY

OFFERED
Aaa UTILITY

GROSS 3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
(S MILLIONS)

2
9
16
23
30

7.76
8.00
7.98
7.86
7.85p

7.97
8.03
7.99
7.86r
7.87r

105
155
730
250
490

71
87
74
88
69p

25
2
75
86
197

7

1973 - Nov.

8.06p

7.96p

458

75

100

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-BOND
INDEX

GROSS 3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

1973 - Nov.

2
9
16
23
30

4.95
5.05
5.10
5.05
5.00

5.17
5.19
5.27
5.13
5.15

461
872
671
187
370

73
89
80
77
66

195.
154
167
104
168

Dec.

7

5.00

5.15

677

76

275

NOTES:
1

Federal Reserve series of implied yield o n newly issued, Aaa-rated utility b o n d with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility b o n d with 5-year call protection, released f r o m price
restrictions sometime during t h e last f o u r weeks.

3

Estimated by F.R. o n t h e basis of available data.

4

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




H.16

Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
Aaa UTILITY

DATE

1

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR *
CONSTANT MATURITY

B O N D BUYER
2 0 - B 0 N D INDEX

-

High

8.26

(7/30)

8.23

(1/1)

7.71

(8/12)

6.51

(6/18)

6.23

(6/23)

Low

1971

7.02

(2/5)

7.17

(12/31)

7.06

(2/12)

5.69

(3/23)

4.97

(10/21)

5 . 5 4

(4/13)

4.96

(10/21)

-

7.60

(4/21)

7.46

(5/12)

7.36

(4/28)

6.19

(4/14)

6.99

(11/24)

7.17

(1/7)

7.05

(12/8)

5.74

(11/17)

High

8.52

(8/10)

8.32

(8/10)

7.77

(8/24)

7.79

(8/10)

5.59

(8/3)

Low

1973

-

High
Low

1972

7.29

(1/21)

7,28

(1/5)

7.11

(1/5)

6.42

(1/5)

4.99

(10/11)

•

7.65

7.28

5.17

8 . 0 3

7.67

7.33

5.19

7.98

7.99

7.69

7.36

5.27

7.86

7 . 8 6 r

7.68

7.27

5.13

30
Dec.

8 . 0 0

23

Nov.

7.76

9

-

2
16

1973

7.97

7.85

7 . 8 7 r

7 . 6 4

7 . 2 3 r

5.15

8.06p

7.96p

7.65p

7.27p

5.15

7

NOTES:
1

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

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released f r o m price restrictions sometime during the last 4

3

Weekly average of daily closing figures.

4

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

5

Thursday figures. The average rating of t h e 2 0 b o n d s used in this index falls midway between the f o u r t o p groups as classified by Moody's Investors Service. Weekly Bond Buyer d a t a .




5

Table 3

e;

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

GROSS PROCEEDS

1973
January
February
March
April
May
June
July
August
September

1st Half
3 Qtrs.

1973

1

1972

1

1971

1,974
1,500
2,455

1,776
2,005
2,239

2,732
1,851
2,258

2,497
2,543
3,578

3,275
3,598
4,341

4,042
3,300
4,375

1,817
1,920
2,138

1,989
2,017
2,270

1,891
2,167
2,013

2,631
1,806
1,857

3,582
2,893
2,720

4,147
2,532
3,768

2,003
1,528
1,675

1,805
1,966
1,726

* 1,989
1,903
2,098

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

5,929
5,875
5,206

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

11,804
17,010

12,296
17,790
23,645

12,812
18,902
24,962

8,222
8,618
6,294

04

Year

2

S T A T E AND LOCAL

1971

1

3,115
3,000
6,075

December

03

1972
3,205
3,369
3,229

November

Q1

1

2,327
1,962
3,933

October

02

1

CORPORATE

PERIOD

16,840
23,134

NOTES:
1
2

"

Securities and Exchange Commission estimates of gross proceeds.
Securities Industry Association estimates of principal amounts.




H.16

Table 4

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

TOTAL

MEMO
BONDS
COMMON
MANUFACAND
ISSUES INCLUDED
PUBLICLY PRIVATELY PREFERRED
TURING
OFFERED
PLACED
FOREIGN [CONVERTIBLE
STOCK

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1972 - I I
III
IV

11,214
9,195
10,564

4,634
4,192
4,158

2,781
1,867
3,147

3,789
3,136
3,258

245
57
245

449
836
428

2,109
1,629
1,398

3,495
2,680
2,934

1,369
856
1,079

4,240
4,030
5,151

1973 - I
II
III

8,222
8,618
6,294

2,945
3,345
2,333

1,405
2,872
2,232

3,971
2,402
1,730

105
145
137

112
118
50

898
1,409
1,148

2,427
2,886
2,014

1,215
964
868

3,683
3,361
2,261

1972 - Aug.
Sept.

2,893
2,720

1,523
863

421
789

948
1,070

17
37

183
203

452
603

635
1,247

237
33

1,568
838

Oct.
Nov.
Dec.

3,791
3,377
3,396

1,773
1,361
1,024

564
982
1,601

1,454
1,034
770

28
124
93

162
171
95

383
426
589

1,280
794
860

371
658
50

1,757
1,499
1,895

1973 - J a n .
Feb.
Mar.

2,327
1,962
3,933

989
641
1,315

287
316
802

1,050
1,004
1,817

14
27
64

81
28
3

176
213
509

900
596
931

33
174
1,008

1,218
980
1,485

Apr.
May
June

2,497
2,543
3,578

938
1,049
1,358

801
673
1,398

758
822
822

63
44
38

25
82
11

282
399
728

519
771
596

258
374
332

1,439
1,000
922

July
Aug.
Sept.

2,631
1,806
1,857

857
792
684

1,013
590
629

762
424
544

117
14
6

0
47
3

533
279
336

920
509
585

303
325
240

874
693
694

NOTES:
1

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

Digitized Source: Securities and Exchange Commission. Estimated data are derived by
for FRASER


Federal Reserve based upon available information.

1

Table 5A

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

1

December 3 - t h r u December 7, 1973

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Potomac Edison Co.
Alabama Power Co.
Bank of America
G.D. S e a r l e Co.
F l o r i d a Pwr. Corp.
M e t r o p o l i t a n Edison Co.
M e t r o p o l i t a n Edison
Alabama Pwr. Co.
F l o r i d a J?wr. Co.
San Diego Gas & E l e c . Co.

1st & coll.
1 s t mtge
Bds
Notes
Bds
Debs
1 s t mtge
Pfd s t k
Pfd s t k
Com s t k

NOTES:
•

Rights offering.

1

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




15.0
75.0
150.0
75.0
70.0
20.0
20.0
50.0
50.0
28.3

2003
2003
2003
1980
2003
1998
2003

8.63
8.20
7.88
7.50
8.00
8.75
8.50
8.16

8.00

8.45
8.16
7.95
7.44
7.90
8.60
8.35

A
A
N.R.
Aa
Aa
Baa
A

Table 5B

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY '
December 3 - t h r u December
ISSUER

Glendale Union High S/D #205
Shelby Co. Health & Ed. Fac. Bd., Tenn.
Shelby Co. Health & Ed. Fac. Bd., Tenn.
G r e a t e r Chicago, 111. Metro San. D i s t .
C o a s t a l Ind. Wtr. A u t h . , Tex.
C o a s t a l I n d . Wtr. A u t h . , Tex.
New York S t a t e
S t . Paul, Minn., Indp. S/D #625
Maryland Dept. of Trans.
V i r g i n i a , S t a t e of
V i r g i n i a , S t a t e of
U n i v e r s i t y of Texas
Puerto Rico Wtr. Res. Auth.
Puerto Rico Wtr. Res. Auth.

TYPE

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

2

AMOUNT
(MILLIONS OF
DOLLARS)

16.6
16.1
46.1
20.0
16.0
19.0
152.5
13.1
47.2
47.0
56.0
53.0
20.0
100.0

7, 1973
MATURITY

1982-1983
1974-1982
2005
1975-1993
1983-1998
2008
1974-2003
1975-1992
1974-1988
1993
1976-1982
1975-2004
1975-2007
2014

NET INTEREST
COST

4.88
- "

4.99
5.54
5.54
4.88
4.92
5.02
4.75
4.75
5.56
6.04
6.04

OFFERING
YEILD

4.70-4.75
4.60
5.25-6.00
4.35-5.20
4.80-5.50
5.90
4 . 2 0 - 5 . 1 5 & 5. 60
4.15-5.00
4.30-5.10
4.91
4.10-4.25
4.40-5.80
4.60-5.90
6.05

MOODY'S
RATING

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

A
A

NOTES:
1

Includes state and local security offerings of $10 million and over.

2

In case of State and local government securities, G O denotes general obligation; Rev. Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments.

3

Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.




H.16

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

1

as of December 7, 1973
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Niagara Mohawk Pwr. Co.
J e r s e y C e n t r a l Power & L i g h t Co.
Niagara Mohawk Pwr. Co.
New England Power Co.
Mass. Mutual Mtge. R l t y . I n v .
The United I l l u m i n a t i n g Co.
Nevada Power Co.
I l l i n o i s B e l l T e l e . Co.
I n d i a n a & Michigan E l e c t r i c Co.
Indiana & Michigan E l e c t r i c Co.
C e n t r a l Telephone Co.
Duquesne L i g h t Co.
Long I s l a n d L i g h t i n g Co.
Arizona Pub. S e r v i c e Co.
Ben F r a n k l i n Income S e c u r i t i e s
*Koger P r o p e r t i e s I n c .
American General Optional I n v e s t o r s
C i t i z e n s & Southern R e a l t y
Investors
H a l l i b u r t o n Co.
Consumer Pwr. Co.
Northern S t a t e s Power Co.
Honeywell Finance Inc
Barnes Mtge. I n v . T r .
Society f o r Savings
F l o r i d a Power & Light Co.
*Commonwealth N a t i o n a l R e a l t y T r .
*General Telephone Co. of the
Southwest
San Diego Gas & E l e c t r i c Co
Oklahoma Gas & E l e c t r i c Co.
P a c i f i c Pwr. & L i g h t Co.
Wisconsin Telephone Co.
Tampa E l e c t r i c




Bds
1st mtge
Com s t k
1 s t mtge
Sr notes
Deb
Pfd s t k
Debs

80.0
30.0
51.6
40.0
40.0
30.0
15.0
300.0

1st
Pfd
1st
Com
Bds
Com
Com
Com
Com

40.0
30.0
30.0
46.7
60.0
37.0
25.0
15.0
50.0

mtge
stk
& coll
stk
stk
stk
stk
stk

December
December
December
December
December
December
December
December

10
11
11
11
11
11
12
12

December 13
December 13
December 13
December 17
December 17
December 18
December 20
December
December

Bene i n t
Com s t k
Com s t k
1 s t mtge
S.F. debs
Sr sub n o t e s
Cap note
1 s t mtge
Bene i n t

31.5
169.5
60.0
75.0
75.0
25.0
25.0
125.0
14.4

December
December
December
December
December
December
December
December
January

]
Pfd s t k
1st mtge
1st mtge
1st mtge
[)ebs
]Lst mtge

30.0
55.0
75.0
60.0
100.0
50.0

January
January
January
January
January
January

-

4
4
7
8
9
9
15

H.16

u
FORTHCOMING LARGE LONG-TERM PUBLIC
SECURITY OFFERINGS FOR NEW CAPITAL
%

OTHER THAN U.S. TREASURY
as of December 7, 1973

TYPE

ISSUER

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERIN<

12 . 4
18 .7
15 .0
28 .0
36,.0
103,.4
25,.0
16..9
25..5
10,.6
200.,0
20.,9
172.,2
20. 0
12-15. 0
19. 2
40. 0
10. 5

December 10
December 11
December 11
December 11
December 11
December 11
December 11
December 12
December 12
December 12
December 18
December 19 '
December 19
December
December
December
January
8
January
15

STATE & LOCAL

.Greater Anchorage, Alaska, a r e a
Borough
*New J e r s e y Educational
*De Kalb C o . , Ga.
*Phoenix, Ariz.
^Jacksonville Elec. Auth., Fla.
*Massachusetts
*Erie Co. Wtr. A u t h . , B u f . , N.Y.
*Minnetonka, Minn.
*Nev; Hampshire
*N.Y. S t . Dormitory Auth. Elms, N.Y
N.Y. S t . Urban Dev. Corp
Mass Health & Ed. Fac. Auth.
HUD
Muskogee Hosp. T r s t . , Okla.
F a i r f i e l d Swr. Imp. D i s t . #1, C a l i f
Sarpy Co. Hosp. Auth. # 1 , Neb.
Florida
Garland, Tex.

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

NOTES:
1

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

2

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




H.16

Table 7

STOCK PRICES AND VOLUME
1

S T O C K PRICES

DATE
NYSE INDEX

3

| DJ I N D U S T R I A L S

AMEX

4

|

2

TRADING VOLUME

NASDAQ

NYSE

|

AMEX

|

NASDAQ

1971 - High
Low

57.76(4/28)
49.60(11/23)

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

114.12(12/39
99.68(1/22)

31.7(8/16)
7.3(10/25)

8.6(8/16)
1.9(8/6)

1972 - High
Low

6 5 . 1 4 ( 1 2 / 1 1 ) 1036.27(12/11) 2 8 . 5 3 ( 4 / 1 4 )
889.15(1/26) 25.61(1/3)
56.23(1/3)

135.15(12/8)
113.65(1/3)

27.6(12/29)
8.1(7/3)

10.3(12/29)
1.8(9/8)

12.0(1/28)
5.0(10/9)

1973 - High
Low

65.48(1/11)
49.05(12/5)

26.0(9/20)
9.0(8/20)

5.5(1/12)
1.4(8/20)

11.3(1/11)
3.5(8/27)

1051.70(1/11) 109.82(10/12) 136.84(1/11)
89.73(12/5)
788.31(12/5) 88.73(12/5)

9.7(12/1)
5.1(11/8)

Nov.

2
9
16
23
30

57.61
56.51
55.48
53.09
51.18

935.28
908.41
891.33
854.00
822.25

106.56
104.13
100.64
96.49
93.12

108.93
105.77
101.38
97.30
93.51

17.3
17.4
21.9
19.1
18.8

2.8
2.9
3.8
3.3r
3.3r

6.0
6.5
7.4
6.3
7.Or

Dec.

7

51.36

838.05

91.55

92.32

19.8

3.3

6.4

NOTES:
1
Figures other than high* and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.
2

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

3
4

1 2 / 3 1 / 6 5 = 50
Average d o l l a r v a l u e of s h a r e s l i s t e d .
Market Value Index r e p l a c e s P r i c e L e v e l Index




Table 8

SECURITY CREDIT
R E G U L A T E D MARGIN CREDIT E X T E N D E D BY
3

2

UNREGULATED NONMARGIN
STOCK C R E D I T
A T BANKS

BROKERS O N 1
MARGIN
STOCK

BROKERS O N
CONVERTIBLE
BONDS

Sept.
Oct.

7,800
7,800

248
250

1,008
943

Nov.

7,890

249

902

1,871

Dec.

7,900

254

865

1,896

END O F PERIOD

BANKS

OUTSTANDING
1972

-

1973

1,871
1,875

- Jan.

7,700

249

865

1,932

Feb.

7,500

248

867

1,951

Mar.

7,200

244

879

1,962

Apr.

7,040

232

872

1,952

May

6,540

224

866

1,992

June

6,180

215

871

1,964

July

6,010

216

n.a.

Aug.

5,830

210

n. a.

n.a#

Sept.

5,730

204

n.a.

n.a.

Oct.

5,690

n.a •

C H A N G E IN O U T S T A N D I N G
1972

20

2

-24

——

2

-65

Nov.

90

-1

-41

-4

Dec.
-

Sept.
Oct.

1973

-

10

5

-37

25

Jan.

-200

-5

71
4

36

Feb.

-200

-1

2

19

Mar.

-300

»-4

12

Apr.

-160

11

-12

-7

-10

May

-500

-8

-6

June

40

-360

-9

5

July

-28

-170

1

n.a.

Aug.

-180

-6

n.a.

Sept.

-100

-6

n.a.

Oct.

-40

n.a!
n.a.
n.a.

NOTES:
1

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

2

New York Stock Exchange data.

3

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

4

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




—

4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

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

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

NET
FLOW

1

ANNUAL 3
GROWTH
RATE

1970
1971
1972

4,517
9,621
9,788

6.8
13.5
12.0

1972 - Aug.
Sept.
Oct.

419
1,015
470

-—

1973 - Aug.
Sept.
Oct. p

-506
283
-200

••

1973 - Mar.
Apr.
May
June
July
Aug.
Sept.
Oct. p

579
387
451
777
-173
-117

7.5
5.0
5.8
9.9
-2.2
-1.5

198

2

—

NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

293
293
292

1,801

__

3,395

—

2,046

—

-651
-613
n.a.

-1,158
1,845
955

8.1
19.3
19.5

--

-—

DEPOSITS

NET
FLOW

—
—

15,482
37,851
42,690

1,708
1,486
1,886

2,220
4,410
2,516

--

-1,186
-340
833

-1,664
2,133
755

--

1,259
1,945
2,395
535
-214
1,383
1,626

7.0
10.8
13.2
2.9
-1.2
7.5
8.8

——
——
— «•
-—
—
--

2,980
1,646
2,396
3,172
362
-331
1,586
1,739

o

NOTES:
1

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2

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

3

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

Source:
Digitized for National Association of Mutual Savings Banks and
FRASER


Federal Home Loan Bank Board.

ANNUAL 3
GROWTH
RATE

5,285
20,653
23,884

2,40f=ASON%L^ADJUSTED_
---

TOTAL

2

NET
NEW
MONEY

NOT S E A S O N A L L Y A D J U S T E D

10,965
28,230
32,902

1.4

--

SHARE CAPITAL

936
5,678
5,397

2.5

113

NET
NEW
MONEY

7.7
17.5
17.0

—

—

6,221
26,331
29,281
2,001
1,704
2,178
-1,837
-958
n.a.

11.7
6.4

— **

9.3
12.2
1.4
-1.3
6.0
6.6

——
— «•
——
--

2

T a b l e 10

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

OUTSTANDING C O M M I T M E N T S
PERIOD
TOTAL

1971 - Dec.

17.7

1972 - J a n .
Feb.
Mar.
Apr.
May

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

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

25.9
26.6
26.1
25.3
24.6
24.2
22.9
22.0
20.8
19.6

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

NET C H A N G E
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKS
ASSOCIATIONS (N.Y. STATE)

( B i l l i o n s of D o l l a r £, S e a s o n a l l y A d j u s t e d ) ? /
14.0
3.7
.59
.38
14.1
15.0
15.4
15.7
16.2
16.3
16.5
17.3
18.1
18.7
19.4
20.0
20.8
21.6
21.3
20.7
20.1
19.8
18.6
17.9
16.8
15.8

•

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

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

5.1
5.0
4.8
4.6
4.5
4.4
4.3
4.1
4.0
3.8

.98
.62
-.54
- . 68
-.84
-.38
-1.25
-.88
-1.19
-1.16

.81
. 74
-.32
-.53
-.67
-.29
-1.15
-.73
-1.11
-.97

.21
.13
.28
.11
.13
.05
-.07
.10
.07
.22
.10
.04
.03
.17
-.12
-.22
-.15
-.17
-.09
-.10
-.15
-.09
-.19

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




H.16

15

Table 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

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

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

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

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

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

+131
+452
+582
+1,267
+1,769
+740
+1,475
+1,693
+1,910
+1,946
+9

+122
+312
+378
+1,303
+1,600
+961
+1,528
+1,349
+1,850
+1,950
-150

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

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

FHLB

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

FHLMC
——

--——

—

+300
-——
——

—

—

—*

«• —

-403
-2

+200

-1

---

-200

+500

-1
-1
-1
——

+103
+337
-1
— «•

+251
-1

+1,195
+1,200
+600
+998
+1,349
+1,500
+1,300
—

---

FNMA

+350
+200
-1

+201
+450
-13
+554
+649
+550
+500
— «•

+602
+250
--1

+814
—

--

—

---

+100
-150

-25
+76

+400

+116
+51
——

+1
+400

-1

+6
+10
+379
+107
—

—

+361
+530

-—

+350
+650

——

--

-150

—

SHORT-TERM
DISCOUNT
NOTES

-339
-245
+65
-347
+193
+135
-73
+93
-396
+63
-259
-230
-72
+139
-170
-214
-366
+121
1
+524
-65
+317
-202
+9
+140
4204
-3 6
+169
-221
-53
+344
+61
-4
+159

NOTES:

Based on d a t a from t h e T r e a s u r y Survey of Ownership.




H.16

-

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

2

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

24,074
21,736
41,647
57,908

19,699
16,827
39,259
55,882

5,404
2,462
9,940
16,800

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

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

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

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

1972 - Aug
Sept
Oct
Nov
Dec

6,017
5,238
4,867
5,201
6,134

5,649
5,101
4,772
5,071
6,002

1,714
1,610
1,488
1,587
1,191

553
502
472
517
598

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

69
63
139
255
1,112

368
137
95
130
132

1973 - Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

4,060
3,854
5,313
4,768
5,791
6,518
5,682
6,170
4,497

3,865
3,788
5,244
4,768
5,954
6,264
5,075
5,324
4,011

1,200
1,300
1,600
1,600
2,000
1,800
1,500
1,900
1,900

458
331
568
506
562
649
557
494
321

2,045
2,128
2,999
2,991
3,250
3,301
2,689
2,516
1,407
1,038

162
29
77
-329
142
514
329
414
383

195
66
69
- 4
-163
254
607
846
486
426

1972 - Aug
Sept
Oct
Nov
Dec

5,454
5,090
4,834
5,347
5,781

5,228
4,834
4,873
5,273
5,672

1,558
1,364
1,481
1,622
1,435

516
503
501
510
517

3,097
2,874
2,769
2,876
2,950

57
93
122
265
770

226
256
- 39
74
109

1973 - Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

5,030
4,842
5,399
4,892
5,702
5,812
5,466
5,593
4,105

4,810
4,706
5,265
4,755
5,726
5,481
4,906
4,893
3,729

1,459
1,516
1,654
1,6.01
1,890
1,585
1,409
1,742
1,652

501
437
556
555
562
572
542
456
320

2,620
2,650
2,947
2,870
3,089
2,770
2,604
2,294
1,354
1,140

230
103
108
-271
185
554
351
401
413

220
136
134
137
- 24
331
560
700
366
288

PERIOD

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE FNMA-GNMA
COMPANIES

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

--

--

--

--

--

Seasonally Adjusted

--

--

--

*

,

--

--

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the
Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted for 89 per cent of the net increase estimated for all holders in 1972.

2

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




H.16.

T a b l e 13

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

RESIDENTIAL

MULTIFAMIL\ f
&
COMMERCIAI

FARM

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

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

9.4
11.6
15.0
16.2

5.0
5.2
6.3
6 .6

4.8
4.6
5.1
6.8

9.8
9.8
11.5
13.4

1.5
1.5
2.1
2.2

27.3
* 36.0
38.9
40.7

19.2
26.5
30.1
31.9

8.0
9.4
8.8
8.9

8.1
9.5
11.1
11.0

16.1
18.9
19.8
. 19.9

2.2
2.3
2.3
2.5

62.4
64.9
65.2
68.4

45.4
47.1
47.3
50.6

35.9
37.5
38.5
40.2

9.5
9.6
8.8
10.4

14.5
15.2
15.2
15 .4

23.9
24.8
24.0
25.8

2.6
2.6
2.6
2.5

79.1
75.6
70.4

58.8
55.0
48.6

46.4
42.6
37.3

12.4
12.3
11.2

16.3
16.9
17.7

28.7
29.2
28.9

4.1
3.8
4.1

TOTAL

TOTAL

1- to 4 FAMILY

MULTIFAMILY

1968 - I
II
III
IV

28.1
26.4
25.5
29.6

19.4
18.2
17.2
20.4

16.3
15.0
13.6
16.5

3.1
3.2
3.5
3.9

1:69 - i
II
III
IV

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

19.4
16.8
14.0
13.1

1970 - I
II
III
IV

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

1971 - I
II
III
IV

37.5
47.8
52.2
54.2

1972 - I
II
III
IV
1973 - I r /
II x /
IIl£/

QUARTER

COMMERCIAL

NOTES:
1

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association,
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.

2

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

3

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




H.16

Table 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS!/
PERIOD

TOTAL

1-FAMILY

^

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

COMPLETIONS
1-FAMILY

MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS

1969
1970
1971
1972

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

6.26
647
928
1,033

696
705
1,025
1,186

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

811
813
1,151
1,309

656
898
901
1,048

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

808
802
1,014
1,145

592
617
692
829

1972 - August
September
October
November
December

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

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

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

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

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

1,051
1,045
1,131
1,071
1,162"" \

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

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

763
853
789
828
980

534
494
548
666
606

1973 - J a n u a r y
FebruaryMarch
April
May

2,233
2,209
2,129
1,939
1,838
2,030
1,780
1,750
1,596
1,310

1,062
1,079
1,022
945
954
934
904
805
778
645

1,171
1,130
1,107
994
884
1,096
876
945
818
665

2,497
2,456
2,260
2,123
2,413
2,128
2,191
2,094
1,761
1,613

1,450
1,372
1,245
1,202
1,271
1,124
1,247
1,125
977
945

1,047
1,084
1,015
921
1,142
1,004
944
969
784
668

' 2,147
2,033
2,162
2,067
2,168
2,201
1,965
1,831
1,852

1,324
1,259
1,310
1,168
1,285
1,278
1,038
1,096
1,115

823
774
851
899
883
925
926
736
737

648
642
737
680
661
616
569
546
473

July
August
September
October

413
401
497
576

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

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


H.16

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

NEW HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
-POINTS)

RATE
(IN PER CENT)

SPREAD
BETWEEN
RETURNS ON
NEW Aaa
UTILITY
CONVENTIONAL
1
AND HUD(FHA)
BOND
YIELD
NEW HOME
DISCOUNT
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES
SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1971 - High
Low

7.95
7.55

52
01

8.05
7.65

62
06

7.97
7.32

31
07

7.8
2.7

28
01

8.04
7.28

1972 - High
Low

7.70
7.55

61
15

7.75
7.60

66
20

7.57
7.45

48
05

4.7
3.7

14
06

7,45
7.09

1972 - J u l y
Aug

7.65
7.65
7.70
7.70
7.70
7.70

27
28
30
32
61
55

7.70
7.70
7.75 .
7.75
7.75
7. 75

32
33
35
37
66
60

7.54
7.55
7.56
7.57
7.57
7.56

16
18
16
19
48
41

4.4
4.5
4. 6
4.7
4.7
4.6

11
10
14
13
13
14

7.38
7.37
7.40
7.38
7.09
7.15

7.70
7.75
7.80
7.90
7.95
8.05
8.40
8.85
8.95
8.80

32
35
31
44
44
41
39
49
107
88

37
40
36
44
49
46
39
49
107
93

7.55
7.56
7.63
7.73
7.79
7.89
8.19

17
16
14
27
28
25
18

4.5
4.6
5.2
5.9
6.4
7.2
9.4

15
19
17
17
16
16
21.

7.38
7.40
7.49
7.46
7.51
7.64
8.01
8.36
7 88
%
7.92

Sept
Oct

Nov
Dec

1973 - J a n
Feb

Mar
Apr
MayJune
July
Aug
Sept
Oct

7.75
7.80
7.85
7.90
8.00
8.10
8.40
8.85
8.95
8.85

__

--

9.18
8.97

130
105

——

5.2
3.6

--

-23
-17

NOTES:
1

Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.

Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas
of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum down
payment, prepaid in 15 years, for immediate delivery, are used.




"

H.16

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

1973 - J a n .

Feb.

Mar.

Apr.

2
8
22
5
6
19
21
5
6
19
21
2
3
16
17
30
14
29

June 11
25
July

|

AVERAGE
YIELD

ACCEPTED

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

39.4
74.2
107.0

61.3
92.1

7.69
7.70

128.6

65.4

|

AVERAGE
YIELD

ACCEPTED

25.5

7.84

7.71

--

--

71.6
--

107.7
--

168.7
--

--

234.6

145.9

--

49.6

7.92

44.3

7.95

86.8

7.81

--

7.89

--

60.3

--

297.3

62.9

--

56.4

8.02

81.6

8.11

7.75

--

--

66.0

--

170.8

--

100.9

7.73

--

--

--

--

110.3

--

7.86

——

--

--

--

216.6

111.9

190.7

7.89

--

--

--

--

261.2

185.9

7.92

111.0
128.9

88.4
88.2

8.17
8.23

258.3
212.4

187. 7
140.0

7.96
8.00

117.6
113.3

84.4
73.9

8.31
8.39

184.5
199.3

142.2
118.7

8.04
8.09

110.1
95.0

74.1
69.4

8.44
8.51

9
23

539.3
351.4

244.8
181.4

8.38
8.54

108.4
119.0

72.5
61.7

8.67
8.79

Aug.

6
20

458.5
525.0

201.9
223.8

8.71
8.95

154.3
171.3

77.4
77.2

8.98
9.27

Sept.

4
17

551.0
138.1

288.9
107.9

9.27
9.37

118.6
48.6

61.5
46.8

9.53
9.68

Oct.

1
15
29

32.5
24.8
28.2

24.1
16.6
21.6

9.11
8.97
8.94

9.1
18.6
17.4

7.1
16.2
9.4

9.43
9.10
9.01

Nov. 12
26

29.3
24.9

23.1
20.9

8.87
8.81

24.1
31.0

16.7
22.1

8.94
8.90

May-

.

——

--

NOTES:
Average secondary market yields are grrcs before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages-assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered by bidders relate to total eligible bids received.




H.16

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