Full text of H.16 Capital Market Developments : December 17, 1973
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0 ' H.16 " Capital Market Developments December 1 7 , 1 9 7 3 • Prepared by t h e C A P I T A L MARKETS SECTION in c o n j u n c t i o n 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 O F 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 9-16 MORTGAGE MARKET e P r n.a. — ' ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING NEW ISSUE 1 Aaa UTILITY VOLUME RECENTLY <OFFERED Aaa UTILITY 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END O F WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 1973 - Nov. 2 9 16 23 30 7.76 8.00 7.98 7.86 7.85 7.97 8.03 7.99 7.86 7.87 105 155 730 250 490 71 87 74 88 69p 25 2 75 86 197 Dec. 7 14 8.06 7.99p 7.98r 7.97p 458 770 75 87 100 136 MUNICIPAL BOND MARKET YIELDS WEEK ENDING 1973 - Nov. Dec. MOODY'S NEW ISSUE Aaa VOLUME B O N D BUYER 20-BDND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 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 7 14 5.00 4.90 5.15 5.06 677 605 76 76 275 225 . J NOTES: 1 Federal Reserve series of implied yield on 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 from price restrictions sometime duringjthe last four weeks. 3 Estimated by F.R. on the 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 to make coverage of this series consistent with the gross offerings series. 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 4 BOND BUYER 2D-BOND INDEX 1970 - High Low 9.43 ( 6 / 1 9 ) 7.72 (12/11) 9.20 ( 6 / 2 6 ) 8 . 1 6 (12/18) 8.60 (7/3) 7.48 (12/21) 7.55 ( 5 / 2 9 ) 6.17 (12/18) 7.12 ( 5 / 2 8 ) 5.33 ( 1 2 . 1 0 ) 1971 - High Low 8.26 (7/30) 7,02 ( 2 / 5 ) 8.23 ( 1 / 1 ) 7.17 (12/31) 7.71 (8/12) 7.06 ( 2 / 1 2 ) 6.51 (6/18) 5.69 (3/23) 6.23 ( 6 / 2 3 ) 4.97 (10/21) 1972 - High Low 7.60 (4/21) 6,99 (11/24) 7.46 (5/12) 7.17 ( 1 / 7 ) 7.36 ( 4 / 2 8 ) 7.05 ( 1 2 / 8 ) 6.19 ( 4 / 1 4 ) 5 . 7 4 (11/17) 5.54 (4/13) 4 . 9 6 (10/21) 1973 - High Low 8.52 ( 8 / 1 0 ) 7.29 ( 1 / 2 1 ) 8.32 ( 8 / 1 0 ) 7.28 ( 1 / 5 ) 7.77 ( 8 / 2 4 ) 7.11 (1/5) 7.79 ( 8 / 1 0 ) 6.42 ( 1 / 5 ) 5.59 (8/3) 4.99 ( 1 0 / 1 1 ) 7.97 8.03 7.99 7.86 7.87 7.65 7.67 7.69 7.68 7.64 7.28 7.33 7.36 7.27 7.23 5.17 5.19 5.27 5.13 5.15 7.98r 7.97p 7.65 7.67p 7.28r 7.26p 5.15 5.06 1973 - Nov. 2 9 16 23 30 Dec. 7 14 7.76 8.00 7.98 ; 7.86 ; 7.85 8.06 7. 99p 5 NOTES: 1 Federal Reserve series of implied yield on 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 from 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 f i b r e s . The averege rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. H.16 Table 3 q LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS CORPORATE PERIOD 1973 January February March April May July August September 1st Half Year 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 , 72 0 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 8,222 8,618 6,294 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 16,840 23,134 21,017 30,212 40,776 23,844 34,325 45,089 11,804 17,010 12,296 17,790 23^45 12,812 18,902 24,962 04 3 Qtrs. 2 S T A T E AND LOCAL 1971 3,115 3,000 6,075 December 03 1 1 3,205 3,369 3,229 November 02 1972 2,327 1,962 3,933 October 01 1 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. Table 4 NEW CORPORATE SECURITY I S S U E S BY TYPE OF ISSUE AND ISSUER IN M I L L I O N S OF D O L L A R S GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PERIOD 1972 - II III IV BONDS TOTAL lli,214 9,195 10,564 PUBLICLY OFFERED x COMMON AND PRIVATELY PREFERRED PLACED STOCK MEMO I S S U E S INCLUDED MANUFACTURING PUBLIC UTILITY COMMUNICATIONS F O R E I G N [CONVERTIBLE 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. 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 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 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 Sept. Oct. Nov. Dec. 1973 - J a n . Feb. ' 1 OTHER ISSUERS i NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Digitized Source: for FRASER Securities and Exchange Commission. Estimated data are derived by http://fraser.stlouisfed.org/ . . . Federal Reserve Bank of St. Louis Federal Reserve based upon available information. - H.16 Table 5A LARGE LQNGTTERM PUBLIC SECURITY I S S U E S FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 December 3 - thru December 1% 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. S o c i e t y f o r Savings C e n t r a l Telephone Co. I n d i a n a & Michigan E l e c , Co. I l l i n o i s B e l l T e l e . Qo. New England Power Co. United I l l u m i n a t i n g Co. Niagara Mohawk Pwr. Co. A t l a n t i c R i c h f i e l d Co. J e r s e y C e n t r a l Power & L i g h t Co. Nevada Power Co. I n d i a n a & Michigan E l e c . <?o, Niagara Mohawk Pwr. C. H a l l i b u r t o n Co. Commonwealth N a t l . R e a l t y T r u s t Mesa Petroleum Co. 1 s t 5c c o l l 1 s t mtge Bds Notes pds Debs 1 s t mtge Pfd s t k Pfd s t k Com s t k Cap note 1st & poll 1 s t & mtge Debs 1 s t mtge Deb Bds S.F. Debs 1 s t mtge Pfd s t k Pfd s t k Com s t k bom s t k 15.0 75.0 150.0 75.0 70.0 20.0 %o.o 50.0 50.0 28.3 25.0 30.0 40.0 300.0 40.0 30,0 80.0 200.0 30.0 15.1 30.0 46.4 176.0 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 -- 1958 1998 2003 2004 2003 , 2003 2003 2003 2003 —* 8.45 8.16 7.95 7.44 7.90 8.60 8.35 —— —— WW -## — —— 8.25 8.13 8.38 8.00 8.38 8.25 8.25 7.75 8.85 — A A N.R. Aa Aa Baa A 8.40 8.13 8.25 8.00 8.22 8.25 8.15 7.75 8.70 — mm —— A A Aaa Aa A Aa Baa *• — eeee • — II 22 :: NOTES: • 1 Right* offering. Includes corporate and other security offerings of $15 million and over. Q > • Table SB LARGE LONG-TERM PUBLIC SECURITY ISSUES FOR NEW CAPITAL OTHER THAN U.S. TREASURY ' December 3 - t h r u December 17, 1973 ISSUER New J e r s e y Ed. Fac. Auth. New J e r s e y Ed. Fac. Auth. *New J e r s e y Ed. Fac. Auth. New J e r s e y Ed. Fac. Auth. G r e a t e r Anchorage, Alaska, a r e a Borough TYPE Rev Rev Rev Rev G.O. 2 AMOUNT (MILLIONS OF DOLLARS) 6.7 4.0 8.0 12.0 12.4 MATURITY 1974-2008 1974-1993 2008 — 1975-1993 NET INTEREST COST 5.95 — 6. 20 6.27 5.61 OFFERING YEILD MOODY'S RATING 4.10-5.96 5.00-6.00 6.20 A Baa-l" — 5.00-5.70 —— A Baa H.16 T a b l e SB LARGE LONG-TERM PUBLIC SECURITY ISSUES FOR NEW CAPITAL OTHER THAN U.S. TREASURY ' December 3 - t h r u December 17, 2 ISSUER G l e n d a l e 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 Ind. Wtr. A u t h . , Tex. New York S t a t e S t . P a u l , 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 P u e r t o Rico Wtr. Res. Auth. Puerto Rico Wtr. Res. Auth. Princeton, Indiana Richmond, V i r g i n i a N.Y. S t . Dormitory Auth. Elms, N.Y. New Hampshire New Hampshire West V i r g i n i a Housing Dev. Fund E r i e Co. Wtr. Wuth., B u f . , N.Y. Massachusetts J a c k s o n v i l l e Elec. Auth., F l a . Jacksonville, Elec. Auth., Fla. Phoenix, Ariz. DeKalb C o . , Ga. TYPE Ref G.O. G.O. Rev Rev Rev G.O. G.O. Rev G. 0. G.O. Rev Elec rev Elec rev Poll-rev G.O. Rev G.O. G.O. G.O. Rev G.O. Rev Rev G.O. Rev 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 , 22.0 23.0 10.6 6.0 19.5 17.1 25.0 103.4 15.4 20.6 28.0 15.0 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 2003 1975-1994 1976-2005 1975-1984 1975-2004 1974-1983 2008 1975-2021 1983-2001 2012 1975-1990 1976-2002 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 — 4.63 4.84 —— 5.14 5.80 4.71 5.41 4.76 5.49 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 5.78 4.10-4.90 4.75-6.10 4.00-4.20 4.00-5.10 4.40-5.00 5.78 4.20-5.25 4.52-5.35 5.50 4.10-4.90 4.35-5,7.0 MOODY'S RATING A-l Aaa Baa A-l A-l A-l Aa Aa Aa Aaa Aaa - - A A A Aa A Aaa Aaa A-l A Aa Aa Aa 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 lt»ate payments. 3 Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. O H 16 in T a b l e 6A Continued FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY ' as of December 15, 1973 —, TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Long Island Lighting Co. Duquesne Light Co. Arizona Pub. Service Co. Ben Franklin Income Securities Roger Properities American General Optional Investors Citizens & Southern Realty Investors Consumer Pwr. Co. Midland Mtge. Investors Trust Union Tank Car Co. Mass. Mutual Mtge. Rlty. Inv. Honeywell Finance Inc. Northern States Power Co. Barnes Mtge. Inv. Tr. General Telephone Co. of the Southwest *San Diego Gas & Elec. Co. *Duke Power *Oklahoma Gas & Elec. Co. Wisconsin Telephone Co. Pacific Pwr. & Light Co. *Potomac Elec Power Co. •Northern States Pwr. Co. Tampa Electric Co. Florida Power & Lt. Co. Bds Com Com Com Com Com stk stk stk stk stk Bene int Com stk Conv sub debs Eq tr Sr notes S.F. debs 1 s t mtge Sr sub notes Pfd stk 1 s t mtge Com stk 1 s t mtge Debs 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge 60 .0 46 .7 37 .0 25 .0 15 .0 50,.0 December December December December December December 31,.5 60.0 20..0 35,.0 40.,0 75..0 75..0 25.,0 December December December December December December December December 30.,0 75. 0 80. 0 75. 0 100. 0 60. 0 100. 0 75. 0 50. 0 125. 0 January January January January January January January January January January 17 17 18 20 4 7 8 8 9 9 10 14 15 17 "NOTES: * Included in table for first time. 1 Includes corporate and other security issues of $15 million and over. H.16 Table 6B n FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 a s of December 15, 1973 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING 200.0 172.2 20.0 12-15.0 19.2 65.0 40.0 60.0 10.5 37.1 56.0 December 18 December 19 December December December December January 8 January 9 January 15 January 22 January 22 STATE & LOCAL N.Y. S t . Urban Dev. Corp. HUD Muskogee Hosp. T r s t . , Okla. F a i r f i e l d Swr. Imp. D i s t . #1, Cal. Sarpy Co. Hosp. Auth. #1, Neb. Washington, D. C. Florida *Tennessee, S t a t e of G a r l a n d , Tex. * S u f f o l k C o . , N.Y. L o u i s i a n a , S t a t e of Bds Bds G.O. G.O. Rev Bds G.O. G.O. G.O. 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 / x Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE N Y S E INDEX 3 | D J INDUSTRIALS 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(12/3# 99.68(2/22) 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) 14.4(12/29) 5.0(10/9) 1973 - High Low 65.48(1/11) 49.12(12/13) 26.0(9/20) 9.0(8/20) 5.5(1/12) 1.4(8/20) 11.3(1/11) 3.5(8/27) Nov. Dec. 1051.70(1/11) 1 0 9 . 8 2 ( 1 0 / 1 2 ) 1 3 6 . 8 4 ( 1 / 1 1 ) 788.31(12/5) 87.17(12/13) 89.12(12/13: 9.7(12/1) 5.1(11/8) 2 9 16 23 30 57.61 56.51 55.48 53 o 09 51.18 935.28 908.41 891.33 854.00 822.25 106.56 104.18 100.64 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 7 14 51.36 49.62 838.05 815.65 91.55 87.46 92.32 89.63 19.8 18.8 3.3 3.3 6.4 6.7 1 NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). Trading is normally conducted for 5% hours per day and 5 days per week, or 27% hours per week. In recent years, however abbreviated trading to the extent, and over the time periods, 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 Level Index H.16 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROK ERS O N 1 MARGIN STOCK B ROKERS O N 2 CONVERTIBLE BONDS 7,800 7,800 7,890 7,900 248 250 249 254 7,700 7,500 7,200 7,040 6,540 6,180 6,010 5,830 5,730 5,690 BANKS 3, UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1972 - S e p t . Oct. Nov. Dec. 1973 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. 1,008 943 902 ^ 865 1,871 1^875 1,871 1,896 249 248 244 232 224 215 216 210 204 n.a. ^65 8>67 >79 872 866 871 n.a. n.a. n.a. n.a. 1,932 1,95% 1,962 1,952 1,992 1,964 n.a. n.a. n.a • n.a. 2 2 -1 5 -24 -65 -41 -37 -5 -1 -4 -12 -8 -9 1 -6 -6 2 12 -7 -6 5 n.a. n.a. r CHANGE IN OUTSTANDING 1972 - S e p t . Oct. 20 —— 90 10 Nov. Dec. 1973 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. < -200 -200 -300 -160 -500 -360 -170 -180 -100 -40 71 ' 4 -4 25 36 19 11 -10 40 -28 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 „ H.16 / Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS \ DATE S A V I N G S & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS \ | G U L A R DEPOSITS NET\. FLOW x 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. MayJune July Aug. Sept. Oct. p 579 387 451 777 -173 -117 198 113 7.5 5.0 5.8 9.9 -2.2 -1.5 2.5 1.4 - — -— NET NEW MONEY 2 SHARE CAPITAL NET FLOW 10,965 28,230 32,902 293 293 292 1,801 3,395 2,046 -651 -613 n.a. -1,158 1,845 955 — - --- -- 2 TOTAL DEPOSITS NET FLOW 5,285 20,653 23,884 15,482 37,851 42,690 7.7 17.5 17.0 6,221 26,331 29,281 —— 1,708 1,486 1,886 2,220 4,410 2,516 —— — 2,001 1,704 2,178 -1,186 -340 833 -1,664 2,133 755 —— 2,980 1,646 2,396 3,172 362 -331 1,586 1,739 11.7 6.4 9.3 12.2 1.4 -1.3 6.0 6.6 -— — —— — -- 2,40fEASON%L.Y5ADJUSTE?—— 1,259 7.0 —— 1,945 10.8 2,395 13.2 —— 535 2.9 — -214 -1.2 7.5 — 1,383 1,626 8.8 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. Federal Home Loan Bank Board. NET NEW MONEY 8.1 19.3 19.5 NOTES: National Association of Mutual Savings Banks and DigitizedSource: for FRASER ANNUAL 3 GROWTH RATE NOT SEASONALLY ADJUSTED 936 5,678 5,397 • — ANNUAL 3 GROWTH RATE NET NEW MONEY — -1,837 -958 n.a. *— — 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 ALL SAVINGS MUTUAL & LOAN SAVINGS BK$5 ASSOCIATIONS (N.Y. STATE:> NET CHANGE TOTAL ALL SAVINGS MUTUAL S A V I N G S BKS & LOAN ASSOCIATIONS (N.Y. S T A T E ) ( 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 ) r / 14.0 3.7 .59 .38 1971 - Dec. 17.7 1972 - J a n . Feb. Mar. Apr. 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 1.19 .49 .42 .60 .53 .36 .83 .99 .73 .73 .68 1973 - J a n . Feb. Mar. Apr. f May June July Aug. Sept. Oct. 25.9 26.6 26.1 25.3 24.6 24.2 22.9 22.0 20.8 19.6 20.8 21.6 21.3 20.7 20.1 19.8 18.6 17.9 16.8 15.8 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 .11 .91 .38 . .29 .55 .60 .26 .76 .77 .63 .69 .65 .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 T a b l e 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 — -— — — FNMA +350 +200 -1 +201 +450 -13 +554 +649 +550 +500 —„ * -403 -2 -1 -200 -1 -1 -1 +103 +337 -1 +251 -1 +1,195 +1,200 +600 +998 +1,349 +1,500 . +1,300 — +200 —— — +500 — — — —- - -25 +76 +116 +51 —— +1 +400 - - —— —— -150 +602 +250 -- -1 +814 — —— +100 -150 -1 +400 +6 +10 +379 +107 +361 +530 — +350 +650 — SHORT-TERM DISCOUNT NOTES -339 -245 +65 -347 +193 +135 -73 +93 -396 +63 -259 -230 -72 +139 -170 -214 -366 +121 +524 < -65 +317 -202 +9 +140 +204 -3 6 +169 -221 -53 +344 +61 -4 +159 NOTES: Based on data from the Treasury Survey of Ownership. H.16 Table 12 nn NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS TOTAL INCLUDING FNMA-GNMA PERIOD 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE COMPANIES FNMA-GNMA Not S e a s o n a l l y A d j u s t e d 1969 1970 1971 1972 1972 - Aug Sept Oct Nov Dec 1973 - J a n Feb Mar Apr May June July Aug Sept Oct , 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 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 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 2,1-28 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 -- -- -- ' -- Seasonally Adjusted 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 1973 - J a n 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 3,729 501 437 556 555 562 572 542 456 320 -- 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 -- 1,459 1,516 1,654 1,601 1,890 1,585 1,409 1,742 1,652 -- -- -- 226 256 - 39~ 74 109 220 136 134 137 - 24 331 560 700 366 288 ^ 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 NET INCREASE IN MORTGAGE DEBT OUTSTANDING 1 IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL RATES RESIDENTIAL QUARTER TOTAL TOTAL FAMILY MULTIFAMILY COMMERCIAL MULTIFAMILY & COMMERCIAL FARM 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 6.4 6.0 6.5 7.4 9.5 9.2 10.1 11.3 2.3 2.2 1.8 1.9 1969 - 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 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 20.7 22.9 28.5 31.8 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 9.8 11.5 13.4 1.5 1.5 2.1 2.2 1971 - I II III IV 37.5 47.8 52.2 54.2 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 1972 - I II III IV 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 1973 - I r / II j / I I I £/ 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 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.fll T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF UNITS, SEASONALLY A D J U S T E D A N N U A L RATES PERMITS!/ PERIOD TOTAL 1—FAMILY COMPLETIONS STARTS 2 - O R MORE FAMILY TOTAL 1—FAMILY 2 - O R MORE FAMILY TOTAL . 1—FAMILY MOBILE 2 - O R MORE HOME FAMILY SHIPMENTS 1969 1970 1971 1972 1,322 1,352 1,952 2,219 626 647 928 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 February March April May June July August September October 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 1,115 823 774 851 899 883 925 926 736 737 648 642 737 680 661 616 569 546 473 413 401 497 576 \ 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 irate byCensus Bureau. Data f o r 1969 arid 1970 based on 13,000 p e r m i t - i s s u i n g p l a c e s . Digitized for1/FRASER :-i T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL L O A N S PRIMARY MARKET NEW HOMES EXISTING HOMES PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) , SPREAD v BETWEEN RETURNS ON NEW Aaa NEW HOMES CONVENTIONAL UTILITY 1| AND HUD(FHA) BOND NEW HOME DISCOUNT YIELD SPREAD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET SPREAD (BASIS POINTS) YIELD (IN PER CENT) 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 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 7. 75 7. 80 7.85 7.90 8.00 8. 10 8.40 8.85 8.95 8.85 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 1-7 17 16 16 21 9.18 8.97 130 105 5.2 3.6 -23 -17 7.38 7.40 7.49 7.46 7.51 7.64 8.01 8.36 7.88 7.92 1972 - J u l y Aug Sept Oct Nov Dec 1973 - J a n Feb Mar Apr May June July Aug Sept Oct 1 ' NOTES: 1 Grots yield spread it average mortgage return before deckicting 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 end 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 downpayment, prepaid In IB years, for immediate deJivety. 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. 2 8 22 5 6 19 21 5 6 19 21 | ACCEPTED AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 74.2 107.0 61.3 92.1 7.69 7. 70 128.6 , 65.4 7.71 | AVERAGE YIELD ACCEPTED 39.4 25.5 7.84 -- -- -- -- -- -- 100.9 62.9 7.89 -- -- -- 110.3 71.6 7.73 -- -- -- -- 66.0 49.6 7.92 107.7 7.75 60.3 44. 3 7.95 -- -- -- 86.8 56.4 8.02 8.tl 170. 8 -- -- 297.3 168.7 -- -- 2 3 16 17 30 261.2 185.9 14 29 258.3 212.4 187.7 140.0 June 11 25 184.5 199.3 July 9 23 Aug. Apr. AVERAGE YIELD 234.6 -x 7.81 , 145.9 7.86 -- 111.9 81.6 190. 7 7.89 -- -- -- - - 7.92 111.0 128.9 88.4 88.2 8.17 8.23 7.96 8.00 117.6 113.3 84.4 73.9 8.31 8.39 142.2 118.7 8.04 8.09 110.1 95.0 74.1 69.4 8.44 8.51 539.3 351.4 244.8 181.4 8.38 8.54 108.4 119.0 72.5 61,7 8,67 8,79 6 20 458.5 525.0 201.9 223.8 8.71 8.95 154.3 171.3 77,4 8,98 77,2 9,27 4 17 551.0 138.1 288.9 9,27 107.9 118,6 9.37 61,5 9,53 48.6 46,8 9,68 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 16.7 22.1 8.94 8.90 May Sept. Oct. —— 216.6 31.0 NOTES: Average secondary market yields are gross 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