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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