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July 9, 1 9 7 3




J

I CAPITAL
MARKET
DEVELOPMENTS
ot VI<51'on* Of JN-5F

AMD iTATlSTlCS

/'/'

INDEX

D E V E L O P M E N T S IN T H E C O R P O R A T E AND MUNICIPAL BOND MARKETS
C A P I T A L MARKET Y I E L D S
C A P I T A L M A R K E T VOLUME
S T O C K MARKET
MORTGAGE M A R K E T

ESTIMATE
PRELIMINARY
REVISED
N O T AVAILABLE
DATA DO NOT EXIST




/

Table 1

1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1973 - May

4 .
11
18
25

June

1
8
,15
22
29

July

6

NEW I S S U E 1
A a a UTILITY

7.40
- -

7.45
7.61

VOLUME

RECENTLY
OFFERED
<Xaa UTILITY

-

7.55
7.63
7.59
7.66
7.73

2

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

7.42
7.45
7.50
7.55

205
39
154
139

93
97
72
96

61
0
44
6

7.60
7.59
7.60
7.69
7.72

433
260
260
305
372

64
100
73
100
94

154
0
100
0
23

7.31p

0

0

0

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE

BOND BUYER
20-BQND
INDEX

4
11
18
25

4.85
4.85
4.85
4.95

5.10
5. 10
5.14
5.20

June

1
8
15
22
29

5.00
5.00
5.05
5.05
5.10

July

•6

5.10

1973 - May

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D -BY. END
O F WEEK

NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)

354
334
540
434

88
64
83
81

72
162
126
143

5.22
5.13
5.13
5.19
5.25

373
239
252
492
830

81
93
65
87
83

101
57
130
111
183

5.34

194

71

133

"

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 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.




OAtr

NOTES:
1
J

SI R v w r e wtwtI of imy^NS rwii3
rwiia o»*s
o»h •*«•»<>» fNi.ma
««».iw» *a
F*>w*l R e w n e » ' » e ti of

y-w ^ i # > h »-wia
1 wii# «*,
ci*. ns»

3

Wwfcfy rvwwge o4 deity c i o * ^ t.g.>w

4

Wwhiy **m*m of daily f»»ji*» u . 5

I w w w r *•«.»

5

Thv'idry figurwi. The *vw*g»

ct e * *ct




.

«

i

>

t

*•«»• »»il #k«>'

»***»* t.i« juw^inw* »«»•*» *«•»•*

««•,« ,.,a« +

iw«¥ww«< fl* **»-»•

••"»*«•*"«=>• *whMw**a * I ' C, " T 't*«»

w>metinw during ' * •

$i ".ipt ** lUnsh^iwa H WiowwSr i imwtitwt Swtuca. h r r * » M< & Bu%?
H.16

Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN M I L L I O N S O F D O L L A R S

G R O S S PROCEEDS
PERIOD

1

CORPORATE
1973

1

1972

1971

1

1973

1

1972

I

1971

January

2,327

205

3,,115

February
March

1,962

3, 369

3,, 0 0 0

1,481

2,005

1,, 8 5 1

3,933

3, 229

6,, 0 7 5

2,353

2,239

2,,258

ApM

2,475

3,,275

4,, 0 4 2

1,772

1,989

1 ,, 8 9 1

3,, 5 9 8

3 ,300

2,017

2,, 1 6 7

4,, 3 4 1

4 ,375

2,270

2,, 0 1 3

3 ,582

4 ,147

1,805

2,893
2,,720

2,532

1,966

1 :, 9 0 3

3 ,768

1,726

2,, 0 9 8

3 ,791

3 ,387

2,200

1 ,, 7 2 8

3 ,377

3 ,704

1,861

2 ,, 2 6 4

3 ,, 3 9 6

3 ,673

1,794

2,, 0 6 8

6,020
6,276

6,, 8 4 1
6 j, 0 8 1

May

Jul*

O c ! oib«#
Dc-:

Qt

a,22?

|
0*

y '•q* + »

|

|

3,

1,978

5,812

1,776

2, 732

1 ,, 9 8 9

9 .803
11,214

12 , 1 9 0
11 , 6 8 8

9,, 1 9 5

10 , 4 4 7

5,494

5,, 9 9 0

tO, 564

10,764

5,855

6,, 0 6 0

21,,017

23,844

30,212

34,, 3 2 5

17,790

18,, 9 0 2

45,,089

23,645

24,,962

40,776

NOTES:
1

2

S T A T E AND LOCAL
/

S w u m * ! and Exchange Commiiiion eitimatei ol grow proceed).

2 for
Securrtwi
Induiiry A u o o a t i o n e m m a t e i ol
Digitized
FRASER


principal amounts.

12,296

12,, 8 1 2

^

1972 - I I
III
IV

i

%

10,564

1973 - " i

8,222

1972 - Mar.

3,229

1,677

Apr.
May
June

3,275
3,598
4,341

1,622
1,676
1,336

July
. Aug.
Sept.

3,582
2,893
2,720

1,807
1,523
863

Oct.
Nov.
Dec.

3,791
3,377

1,773
1,361
1,024

1973 - J a n .
Feb.
Mar.

2,327
1,962
3,933

1,315

Apr.

2,475

938

3,396

864 b
i'^48

1,218

1,78%'

/130

>8

,450

1,118

564
982
1,601

779

1,070

17
37

1,454
1,034
770

124
93

1,050
1,104
1,817

14
27
64

758

56

' ^20^'

28

383
426
589

81
28
3

176
213
509

25

281

.

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

Source: Securities and Exchange Commission. Estimated data are derived by Federal Reserve based upon available information.




452

162
171
95

NOTES:
1

,798
x

1,280
79&
860
900
596.
931
r

1

T a b l e 5A

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

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

1

MATURITY

COUPON RATE

OFFERING
YIELD

CORPORATE

No i s s u e s d u r i n g week e n d i n g J u l y 6 , 1973

NOTES:
I

and other security offering! of $15 million and ovar.




MOODY'S
RATING

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY 1
J u l y 1 through J u l y 6, 1973
AMOUNT
(MILLIONS
OF
DOLLARS)

C O U P O N RA T E

OFFERING
YIELD

MOODY'S
RATING

S T A T E AND L O C A L

Rockland County, N.Y.
Oklahoma C i t y , Okla.
New York, S t a t e of
San J o s e U n i f i e d S/D, C a l i f .
Allegheny Co., Pa.

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

16.2
15.1
86.0
13.0
32.4

1974-2005
1976-1988
1974-2003
1974-1993
1974-2003

5.38
4.54
5.04
4.97
5.44

4.50-5.50
4.20-4.65
4.40-5.25
4.85-7.00
4.90-5.60

A-l
A
Aa
A-l
A-l

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

J u l y 6, 1973
ISSUER

CORPORATES
Ford Motor C r e d i t Co.
Ford Motor C r e d i t Co.
Michigan C o n s o l i d a t e d Gas
A t l a n t a Gas L i g h t
P u b l i c Svc. E l e c t . & Gas
Northwestern P u b l i c Svc.
P u b l i c S e r v i c e E l e c t . & Gas
N o r t h e r n I l l i n o i s Gas
N o r t h e r n I l l i n o i s Gas
Michigan G e n e r a l
Alabama F i n a n c i a l Group, I n c .
Brooklyn Union Gas
Penn. E l e c t .
F i r s t a t Orlando
Dial Financial
P o r t l a n d Gas & E l e c t .
"'Wise. P u b l i c S e r v i c e
* G r e a t N o r t h e r n Nekoosa Corp
West Texas U t i l i t i e s
GTE of I l l i n o i s
Ohio Power
*Ohio Power
C i n c i n n a t i Gas & E l e c t .
P e o p l e s Gas L i g h t & Coke
*Gen. T e l . of F l a .
South C e n t r a l B e l l T e l .
Consumers Power

TYPE

»

Notes
Debs
Bonds
Bonds
Com s t k
1 s t mtge
Com s t k
1 s t mtge
Com s t k
Bonds
Debs
Com s t k ( r t s )
Bonds
1 s t mtge
Bonds
Pref stk
Com s t k
Bonds
1 s t mtge
Bonds
• 1 s t mtge
Pref stk
Bonds
1 s t mtge
Pref stk.
Bonds
1 s t mtge

NOTES:
•

Included in table for first time.

1

Includes corporate and other security issues of $ 1 5 million and over.




AMOUNT
'
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

75.0
75.0
35.0
15.0
92.0
25.0
92.0
35.0
26.0
25.0
30.0
15.0
30.0
30.0
25.0
20.0
15.4
30.0
23.0
17.0
40.0
30.0
60.0
30.0
40.0
200.0
75. *0

July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.

9
9
10
10.
10
10
10
11
11
11
12
12
12
16
16
17
18 .
18
18
19
23
23
24
25
26
31
1

8

Table 6B

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

1

As of J u l y 6, 1973
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE O F O F F E R I N G

STATE & LOCAL

D a r i e n , Conn.
Dade C o . , F l a .
N o r t h v i l l e , Michigan, Pub S/D
Macomb Co. Comm C o l l . D i s t . , Warren,
Mich.
P e n n a . , S t a t e of
* P u e r t o Rico *
Wash Metro
New York C i t y
H a r r i s C o . , Tex
P o r t of Houston, Tex.
Lubbock, Tex.
^Oklahoma
P o n t i a c , Stadium Bldg. Auth, Mich
P o n t i a c , Mich.
Minnesota, S t a t e of
* F a l l River, Mass
*Cen. Okla. Trans & Pk Auth, Okla C i t y
• Okla.
Texas
M i s s i s s i p p i , S t a t e of
Oklahoma, C i t y , Okla.
•Rockland Co, N.Y.
- U n i v e r s i t y of Texas System, Austin
Iowa St Bd of Regents
Rosebud C o . , Mont.
Los Angeles DWAP
C h a r l o t t e , N.C.
Metro Denver Sew. D i s t . # 1 , Colo.

- Rev.
G.O.
G.O.

10.0
66.0
10.0

July
July
July

10
10
10

G.O.
G.O.
G.O.
Rev.
G.O.
G. 0.
Rev.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.

12.3
150.0 .
65.0
150.0
325.0
16.0
15.0
12.3
14.0
25.0
15.9
77.8
17.1

July
July
July
July
July
July
July
July
July
July
July
July
July

10
10
11
11
11
12
12
12
16
17
17
17
18

July
July
July
July
July
July
July
July
Aug.
Aug.
Aug.

18
19
19
23
23
26
26

G.O.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
P o l l cont r e v
Rev.
G.O,
Rev.

15.7
10.0
50.0
17.9
16.2
11.0
10.0
20.0
18.0
22.0
20.0

.

15
21
21

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

S T O C K P R I C E S AND VOLUME

N Y S E INDEX

1 DJ I N D U S T R I A L S !

4

AMEX

|

AMEX

NASDAQ

133.28(4/21)
114.88(1/7)

21.8(11/10)
11.2(9/8)

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

11.7(3/10)
6.5(9/10)

65.48(1/11)
53.36 (7/6)

26. 70(1/8)
2 2 .,20(6/25)

136.18(1/12)
99.39(7/5) ,

20.4(1/12)
10.2(7/6)

4.8(1/12)
1,7(7/6)

10.4(1/12)
3.8(7/6),

3.0,
2.5
3.0
4.0

6.2
5.5
6.4
6.8
5.0
5.2
5.0
4.7
4.5

950.82(4/28)
26. 68(4/28)
797.97(11/23) 22. 72(1/4)

1051.70(1/11)
869.13(6/25)

MAY

4
11
18
25

58.77
57.43
54.96
56.96

953.87
927.98
895.17
930.84

2 3 ..67
2 3 ..53
2 2 ..81
2 2 . . 76

110.89
109.10
102.89
105.17

14.5
13.7
15.1
18.0

June

1
8
15
22
29

54.86
56.29
55.36
54.56
54.84

893.96
920.00
888.55
879.97 891.71

22
22
22
22
22

102.30
103.72
102.26
100.99
100.97

11.4
13.3
12.9
13.0
12.3

2.4
2.5
2.3
2.4
2.2

10.2

1:7

53.36

6

|

65.14(12/11) 1 0 3 6 . 2 7 ( 1 2 / 1 1 ) 2 8 . 5 3 ( 4 / 1 4 )
56.23(1/3)
889.30(1/3)
25. 61(1/3)

1973 - High
Low

870.11

.49
.57
.56
.34
.32

22 .24

99.48

NOTES:
1
Figures other than highs and lows are Fridays only. Highs and lows are f o r t h e y e a r a n d are n o t necessarily for Fridays.
2

|

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

1972 - High
Low

July

2

TRADING VOLUME
NYSE

NASDAQ

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

57.76(4/18)
48.73(1/4)

-

3

112.66(12/31)
100.52(2/26)

1971 - High
Low

1973

1

STOCK PRICES

DATE

i

,

8.9(12/30)
5.1(11/26

1

3.8

,

Volume figures are weekly averages of daily figures (millions of shares). Trading is n o r m a l l y c o n d u c t e d for 5% hours per day and 5 days per week, < • 27% hours per week. In recent years,
however abbreviated trading to the extent, and over the time periods, i h o w n b e l o w :
From

Through

Hours/Day

Days/Week

Hours/Week

January 3, 1969
July 7, 1969
January 2, 1970

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

4
4%
5

5
5
5

20
22%
25

3

12/31/65 = 50

4

Average dollar value of shares listed.




H.16

10

Table 8

SECURITY CREDIT
R E G U L A T E D MARGIN CREDIT E X T E N D E D BY
END OF PERIOD

BROKERS ON 1 BROKERS ON 2
MARGIN
CONVERTIBLE
STOCK
BONDS

3

BANKS

UNREGULATED4
NONMARGIN
STOCK CREDIT
AT B A N K S

OTHER
SECURITY
CREDIT
AT BANKS

OUTSTANDING

May
June
July
Aug.
Sept.
Oct.
Nov:
Dec.

1973 - J a n .
' Feb.
Mar.
Apr.
May

7,200
7,510
7,660
7,780
7,800
7,800 .
7,890
- 7,900
7,700
7,500
7,200
7,040
6,540^ -

241
244
- 248
246
248
250
249
254
249
248
244
232
224

•

•

^ Z ^ 9 4
955
979
1,032
1,008
943
902
865

1,141
1,644
1,772
1,800
1,871
1,875
1,871
1,896

1,296
1,274
1,285
1,298
1,255
1,351
1,296
1,528

865
867
879
872
866

1,940
1,954
1,917
1,969
2,010

1,484
1,508
1,566
1,482
1,502

16
27
39
24
53
-24
-65
-41
-37

-8
-9
503
128
28
71
4
-4
25

-16
18
-22
11
13
-43
96
45
132

44
14
-37
52
41

-44
24
58
32
20

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

1972 - Apr.
May
June
July
Aug.
Sept.
. Oct.
Nov.
Dec.
1973 - J a n .
Feb.
Mar.
Apr.
May

390
190
310
150
120
20
90
10
-200
-200
-300
-160
-500

1
3
4
-2
2
2
-1
5
-5
-1
-4
-12
-8

21
• 12
-7

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

5

Includes loans to purchase or carry margin stock if these are unsecured or secured entirely by unrestricted collateral.




H.16

5

*

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
v

IN MILLIONS O F D O L L A R S

MUTUAL SAVINGS BANKS
REGULAR D E P O S I T S
DATE
NET
FLOW

ANNUAL 3
GROWTH
RATE

TOTAL

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

1

NET
NEW

2

SHARE CAPITAL
ANNUAL 3
GROWTH
RATE

NET
FLOW

MONEY

NET
NEW

2

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

5,285
20,653
23,884

15,482
37,851
42,690

7.7
17.5
17.0

2,700
2,532
1,668

3,749
5,794
2,208

—

2,455

--

4,804

—

MONEY

2

NET
NEW
MONEY

NOT SEASONALLY ADJUSTED

1970
1971
1972

4,517
9,621
9,788

1972 - Feb.
Mar.
Apr.

931
1,507
464

- -

1973 - Feb.
Mar.
Apr. &/

551
1.102
96

——

.

6.8
13.5
12.0

—
—

—

936
5,678
5,397

1 10,965
28,230
32,902

809
773
280
402
280
« "88

2,818
4,287 ,
1,744
1,904
3,702
866

8.1
19.3
19.5
- -—
—
--

1,795
1,628
756

---

962.

--

6,221
26,331
29,281
3,509
3,305
1,948
2,197
1,908
668

SEASONALLY ADJUSTED

-

1972 - Nov.
Dec.

761
902

10.2
12.0

1973 - J a n .
Feb.
Mar.
Apr.£./

808

10.6

465
579
387

6.1
7.5
5.0

—

2,246
2,164

13.3
12.7

——

4,026
1,834

23.3
10.4
' 13.7
7.2

2*430

1,294

3,066

12.3
12.5

__

--

•-' v 1 9 , 4
9.1

__

—

„ 4,834
2,299
3,009

11.8

'3,007

,

1,681

—

——
• —

6. 6

NOTES:
1

Regular deposits at mutual savings banks exclude items such as Christmas club ahd 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.

H

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




H.16

T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

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

NET CHANGE
TOTAL '

ALL S A V I N G S
MUTUAL
& LOAN
SAVINGS BKS
1 ASSOCIATIONS ( N Y S T A T E )

( B i l l i o n s of D o l l a r s , S e a s o n a l l y A d j u s t e d ) r /
.1971 - De<%

16 .6

13 . 1

3.6

.09

- .06

.15

1972 - J a n .
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec .

18 .0
19 .1
19 .7
20 .1
20 .6
20 7
21 0
21 8
22 9
23.6
24 3
24..9

14 .1
-15 .0
15 .4
15 .7
16 .2
16 .3
16 .5
17 3
18 1
18 7
19 4
20..0

3.9
4.1
4.3 .
4.4
4.4
4.4
4.5
4.5
4.8
4.9
4.9
4.9

.24
1.19
.49
.42
.60
.53
.36
.83
.99
.73
.73
.68

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

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

1973 - J a n .
Feb.
Mar.
Apr.
May

25.,9
26..5
26. 0
25. 3
24.,6

'20. 8
21..5
21..2
20. 7
20.,1

5.1
5.0
4.8
4.6
4.5

.98
.59
-.59
-.65
-.74

.81
.69
-.38
-.48
-.61

.17
-.10
-.21
-.17
-.13

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 non
residential commitments; S&L commitments also mclude loans in process. Net changes are derived directly from unrounded end-Of-penod 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

13

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS O F D O L L A R S

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE A N D LONG-TERM I S S U E S
TOTAL

FHLB

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

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

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

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

-259
+169
+176
+138
+129
" +599
-367
+120
+624
,-H2
+628
+273

——

——

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

-403
-2
.
-1
-200
-1
-1
, -1

+131
+452
+582
+1,267

+122
+312
+378
+1,303

1973 - J a n .
Feb.
Mar.
Apr.

FHLMC

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

—

--

+200

+602
+250

—
—

+300
—
—
—
—

—

+100

—

-150
-1
+400

-259
-230
-72
+139
-170
-214
-366
+121
+524
-65
+317
-202

+6
+10
+379
+107

+9+140
+204
-36

—
--

--

+500

-1
+814

-—
—
—

-25
76

--

-

NOTES:

Based on data from the Treasury Survey of Ownership.




-339
-245
+65
-347
+193
+135
-73
+93
-396
+63

- -

+103
' +33 7
-1
+251
-1 .
+1,195

+350
+200
-1
+201
+450
-13
+554
+649
+550
+500

--

—

FNMA

FNMA
SHORT-TERM
DISCOUNT
NOTES

+116
+51
--

+1

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN M I L L I O N S O F D O L L A R S

PERIOD

-

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

24,074
21,736
41,647'
57,107

19,699
16,827
39,259
.55,081

COMMERCIAL
BANKS

MSB's

S & L s

INSURANCE FNMA-GNMA
COMPANIES

Not S e a s o n a l l y Ad l u s t e d

-

1969
1970
1971
1972

5,404
2,462
9,940
15,999

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 - J u l y
Aug
Sept
Oct
Nov
Dec

4,872
5,931
5,286
4,779
5,114
5,943

4,717
5,563
4,918
4,684
4,984
5,811

1,500
1,600
1,400
1,400 '
1,500
1,000

438
553
502
472
517
598

2,758
3,313
2,926
2,673
2,712
3,101

79
97
90
139
255
1,112

164
368
137
95
130
132

1973 - J a n
Feb
Mar
Apr
May

3,76,0/
3,754
5,217
4,664
n .a.

3,565
3,688
5,148
4,668
n.a.

900
900
1,200
1,200
1,600

458
331
568
506
n.a.

2,045
2,428
3,303
3,291
3,499

162
29
77
-329
n.a.

195
66
69
4
-164

July
Aug
S e a s o n a l l y Ad l u s t e d
July
Aug
Sept
Oct
Nov
Dec .
1973

Jan
Feb,.

MarApr
May
.June
July
Aug

4,849
5,471
.• 4,74.8
4,714 :
5,282
'•
5,697

V
*•

•4,501
4,381
5,472
5,302
n.a.

4,593
5,179
4,714
4,738
5,212
5,601

1,451
1,477
1,155
1,393
1,524
1,164

472
515
537
484
513
525

2,678
3,108
2,911
2,726
2,876
3,130

101
79
111
135
299
782

147
292
34
- 24
70
96

4,273
4,269
5,348
5,211

1,112
1,079
1,262
1,162
1,533

475
388
601
554
n.a.

2,467
2,730
3,371
3,206
n.a.

219
72
114
289
n.a.

228
112
124
91
-59

NOTESi
1

Monthly cfata for commercial banks based oh 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 de
rived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted for 89per cent of the net increase estimated for all holders in 1 9 7 2 .

2 -

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




H.16

Table

13
1?

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN B I L L I O N S O F D O L L A R S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

RESIDENTIAL
QUARTER

TOTAL

TOTAL

FAMILY

MULTIFAMILY

COMMERC1A1

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 - 1-

80.9

59.7

48.5

11.2

18.1

29.2

3.1

•

.

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.16

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 O F U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

PERMITS
PERIOD

1972 - J a n u a r y
February
March
April
May
June
July
August
September
October
November
December
1973 - J a n u a r y
February
March
,
Aprilr/
May

TOTAL

1—FAMILY

2,204
2,056 .
2,007
1,991
1,955
2,121
2,108
2,237
; 2,265
' 2,216
i 2,139
2,377
,
2,218
2,191
2,07i
1,834 \
1,867

TOTAL

.1,098
1,1,06
2,439
959
1,097
2,540
954
1,053
2,313
963
2,204
\i,028
923
, 1 , 0 3 2 . ' 'T 2^318
1,132
Y 999
\&15
1,095 '
1,013.
1,031 ( \ 1 , 2 0 6
;1,290
9(5
2 ' #
1,130
1,096
\961
1,178
2,39#
94,7
1,430
l(057
1,068
989,/,
923*
_898

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

li^ai
1,#3
1,083
'
911 A
969

2 0 7
2,456
2,260
2,104
2,430

1—FAMILY

2 - O R MORE
FAMILY

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

, 1,044
1,260
.1,003
989
1,011
1,032
925
.
' 1,051
1,045
1,131
1,071
1,162

1,450
1,-372
1,245
1,197
1,268

1,047
1,084
1,015
907
1,162

TOTAL

1 —FAMILY

1,9#8
2,088' '
1,983
' 1,954
1,891
1,904
1,891
1,973
1% 972 .
1,945
1,980
.2,147,, .
'

^2,147
2,033
2,159
2,007 --

1,154
1,141
1,137
1,154 •
1,121
1,125
1,095
1,210
1,118
1,156
1,153
1,168
1,324
1,259
1,308
1,120

MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS

. 814
947 846
799
770
779
799
763
853 "
789
828
980
823
774
852
886

554
552
595
634
572
583
• 556
534
494
548
666
606
648
642 •
737
680

NOTES:
Private building permits (for 13,000 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.




H.16

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW H O M E S

EXISTING H O M E S

1

PERIOD
RATE
(IN PER C E N T )

, .

1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER C E N T )

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

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

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

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

.39
.26
. .31
.15
.22
.28
.27
.28
.30
.32
.61
.55

7.70
7 .65
7 .60
7.65
7.70
7.70
7 .70
7 .70
7.75
7.75
7.75
, 7.75

.49
.31
.36
.20
.32
.38
.32
.33
.35
.37 "
.66
.60

7 .49
7.46
7 .45
7.50
7.53
7.54
7.54
7 .55
7.56
7.57
7.57
7.56

.28
.12
.21
.05
.15
.22
.16
.18
.16
.19
.48
.41

4.0
3.8
3.7
4.1
4.3
4.4
4.4
4.5
4.6
4.7
4.7
4.6

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

1973 - J a n
Feb
Mar
Apr
May

7.70
7.75
7.80
7 .90

.32
.35
.31
.44
.44

7.75
7.80
7.85
7.90
8.00

.37
.40
.36
.44
.49

7.55
7.56
7.63
7.73
7.79

.17
.16
.14
.27
.28

4.5
4.6
5 .2
5.9
6.4

.15 '
.19
.17
• .17
.16

7.95

NOTES:
1

SPREAD
(BASIS
POINTS)

SPREAD
BETWEEN
R
E
T
U R N S ON
NEW A a a
NEW HOMES
CONVENTIONAL
UTILITY
1
AND HUD(FHA)
BOND
SPREAD
DISCOUNT
NEW HOME
YIELD
(BASIS
( P E R C E N T A G E M O R T G A G E S (IN PER CENT)
(BASIS
POINTS)
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

:

*

8.04
7.28
.

7.45
7.09
7 .21
7.34
7.24
7.45
' 7.38
7.32
7.38
7,37
7.40
7.38
7.09
7.15
7.38
7.40
7.49
7.46
7.51

£

/

^

Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 6-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 downpayment, prepaid in 15 years, for immediate delivery, are used.




H.16

Table 16

18

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

1972 - Oct

Nov

Dec

1973 - J a n .

Feb.

Mar.

Apr .

AMOUNT
(IN MILLIONS O F D O L L A R S )

AVERAGE
YIELD

OFFERED

| ACCEPTED

10
16
30

271.2
186.4

224.9
162.7

7.73
7.74

6
13
27

78.7
60.8

49.2
36.6

7.72
7.70
7.68
7.69

4
11
26

82.2
108.7

42.4
66.3

2
8
22

V—_
74.2
107.0

--

61.3
92.1

7.69
7.70

128.7

65.4

7.71

110.3

71.6

5
6
19
21
5
6
19
21

__

I

--

AMOUNT
(IN MILLIONS O F D O L L A R S )

1 ACCEPTED

42.2

37.2

7 .90

--

--

--

75.0

68.0

7.90

--

--

--

--

36.4

.

--

7.73
--

170.8

107.7

7.75

--

--

--

297 .3

168.7

7.81

--

--

--

'

--

30.9

7.87

---

--

25 .5

7.84

--

--

100.9

62.9

7.89

66 .0

49.6

7 .92

39.3

r

AVERAGE
YIELD

OFFERED

---

__

60.3

'

44.3

7.95

86.8

56 .4

8.02

__

111.9

81.6

__
8.11

——

2
3
16
17
30

216.6

190.7

261.2

185.9

7 .92

111.0
128.9

88.4
88.2

8.17
8.23

14
29

258.3
212.4

187.7
140.0

7.96
8.00

117.6
113.3

84.4
74.0

8.31
8.39

J u n e 11
25

184.5
199.3

142.2
118.7

8.04
8.09

110.1
95.0

74.1
69.4

8.44
8.51

May

234.6

145.9

7,86

--

7 .89

--

--

--

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 t o total eligible bids received.




H.16