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H.16
JU'i f ?

»T5

J u n e 2 5 , 19 $3Prepared by the
C AP IT A L MARKETS SECTION
in conjunction with t h e
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




CAPITAL
MARKET
DEVELOPMENTS
DIVISION O F RESEARCH AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L RESERVE SYSTEM
Washington, D.C. 20551

T

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 MARKET VOLUME
STOCK MARKET
MORTGAGE MARKET

SYMBOLS

e

ESTIMATE

P

PRELIMINARY

r

REVISED

n.a.

NOT AVAILABLE

— —

DATA DO NOT EXIST




i

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
WEEK ENDING

1973 - Apr.

May

6
13
20
27
4
11
18
25
1
8
15
22

NEW ISSUE 1
Aaa UTILITY

RECENTLY 2
OFFERED
Aaa UTILITY

7.51
7.45
7.40
7.45
7.61
7.55
7.63
7.59r
7.66p

GROSS 3
OFFERINGS
($ MILLIONS)

7.50
7.47
7.52
7.42

139
83
70
492

7.42
7.45
7. 50
7.55

205
39
154
139—-

7.60
7.59
7.60r
7.69p

433
260
260
290

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

90
100
100
98

4
0
0
45

93
97
72
96

61
0
44
6

64
100
73
100

154
0
100
0

MUNICIPAL BOND MARKET
YIELDS
WEEK E N D I N G

1973 - Apr.

May

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW" ISSUES 4
IN SYNDICATE
($ MILLIONS)

6
13
20
o27

5.05
4.85
4.90
5.00

5.22
5.07
5.17
5.14

304
657
286
286

90
94
67
77

55
56
105
76

4
11
18
25

4.85
4.85
4.85
4.95

5.10
5.10
5.14
5.20

354
334
540
434

88
64
83
81

72
162
126
143.

%

5.00
5.00
5.05
5.05

5.22
5.13
5.13
5.19

373
239
252
492

81
93
65
87

101
57
130
111

June

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.




H.16

Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
Aaa UTILITY

DATE

1971

1972

1973

1973

-

-

-

-

1

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

4

B O N D BUYER

High

8 . 2 6

( 7 / 3 0 )

8 . 2 3

(1/1)

7.71

(8/12)

51

( 6 / 1 8 )

6.23

(6/23)

Low

7.02

(2/5)

7.17

(12/31)

7.06

(2/12)

5 . 6 9

(3/23)

4.97

(10/21)

High

7 . 6 0

(4/21)

7.46

(5/12)

7.36

(4/28)

6 . 1 9

( 4 / 1 4 )

5 . 5 4

(4/13)

Low

6.99

(11/24)

7.17

(1/7)

7.05

(12/8)

5 . 7 4

(11/17)

4.96

(10/21)

High

7 . 6 6 ( 6 / 2 2 )

7.6g

(6/%2)

7.37

(6/22)

7,0.5.(6/22)

5.35

( 3 / 2 2 )

Low

7.29

7.28

(1/5)

7.11

(1/5)

6.42

5.03

(1/12)

Apr.

7.51

6

( 1 / 2 1 )

7.50

7.27

6.87

5.22

7.47

7.25

6.84

5.07

20

- -

7.52

7.25

6 . 8 4

5.17

27

7.45

7.42

7.27

6.88

5 . 1 4

4

13

May

June

(1/5)

7 . 4 0

7.42

7.26

6.94

5 . 1 0

11

—

7.45

7 . 2 6

6.98

5.10

18

7.45

7 . 5 0

7.29

6.98

5 . 1 4

25

7.61

7.55

7.32

7.03

5.20

1

7.55

7 . 6 0

7.35

7.05

5.22

8

7.63

7.59

7.36

7.05

15

7.59

7 . 6 0

7.36

7.02

5.13
5.13

22

7.66p

7.69p

7.37p

7. 05p

5 . 1 9

,
,

5

20-BOND INDEX

NOTES:
1

F e d # * ) Reierve series of implied yield on newly issued, Aae-reted utility bond with 5-year call protection.

2

Federal Reierve series of implied free-market yield o n competitively bid Aea-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4
weeks.

3

Weekly average of daily closing figures.

4

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

figures. The average reting of
Digitized5 forThursday
FRASER


the 2 0 bonds used in this index falls midway between the four t o p groups as classified by Moody's Investors Service?. Weekly Bond Buyer data.
H.16

3

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

GROSS PROCEEDS
1I

CORPORATE

PERIOD

2

1973

3,205
3,369
3,229

3,115
3,000
6,075

1,978
1,481
2,353

1,776
2,005
2,239

2,732
1,851
2,258

April
May

3,275
3,598
4,341

4,042
3,300
4,375

1,772

1,989
2,017
2,270

1,891
2,167
2,013

July
August
September

3,582
2,893
2,720

4,147
2,532
3,768

1,805
1,966
1,726

1,989
1,903
2,098

October
November
December

3,791
3,377
3,396

3,387
3,704
3,673

2,200
1,861
1,794

1,728
2,264
2,068

9,803
11,214
9,195
10,564

12,190
11,688
10,447
10,764

6,020
6,276
5,494
5,855

6,841
6,081
5,990
6,060

21,017
30,212
40,776

23,844
34,325
45,089

12,296
17,790
23,645

12,812
18,902
24,962

Q1
Q2
Q3
Q4

2,327
1,962
3,935

8,224

1st Half
3 Qtrs.
Year

0

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




5,812

1

1972

1

1971

1971

January
February
March

1

STATE AND LOCAL

1972

1973

Table 4

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

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

1972 - I I
III
IV •

TOTAL
11,214
9,195
10,564

GROSS PROCEEDS BY TYPE OF ISSUER

BONDS
COMMON
MEMO
AND
MANUFACPUBLICLY PRIVATELY
ISSUES INCLUDED
TURING
OFFERED
PLACED PREFERRED
FOREIGN (CONVERTIBLE
STOCK
4,634
2,781
3,798
245
449'
2,109
4,192
1,867
3,136
57
836
1,629
4,158
3,147
3,258
245
428
1,398

1973 - I

8,224

2,944

1,407

3,970

n.a.

1972 - Mar.

3,229

1,677

577

976

3

Apr.
May
June

3,275
3,598
4,341

1,622
1,676
1,336

789
744
1,218

864
1,148
1,786

15
100
130

July
Aug.
Sept.

3,582
2,893
2,720

1,807
1,523
863

657
421
789

1,118
948
1,070

3
17
37

Oct.
Nov.
Dec.

3,791
3,377
3,396

1,773
1,361
1,024

564
982
1,601

1,454
1,034
770

1973 - Jan.
Feb.
Mar.

2,327
1,962
3,935

989
641
1,314

287
316
804

1,050
1,104
1,816

1

COMMUNICATIONS

OTHER
ISSUERS

3,495
2,680
2,934

1*369
856
1,079

4,240
4,030
5,151

112

887

2,427

1,229

3,681

233

604

740

227

1,658

92
226
131

581
761
767

1,219
738
1,538

178
391
800

1,297
1,708
1,235

450
183
203

574
452
603

798
635
1,247

586
237
33

1,624
1,568
838

28
124
93

162
171
95

383
426
589

1,280
794
860

371
658
50

1,757
1,499
1,895

14
27
89

81
28
3

176
213
498

900
596
931

33
174
1,022

"

.

NOTES:
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



PUBLIC
UTILITY

Federal Reserve based upon available information.

1

1,218 980
1,483

Table 5A

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U . S . T R E A S U R Y 1
June 1. 1973 through June 2 2 . 1973
AMOUNT
(MILLIONS
OF
DOLLARS)

ISSUER

COUPON RATE

MATURITY

MOODY'S
RATING

OFFERING
YIELD

CORPORATE

L o u i s i a n a Pwr. & L t .
Georgia Pwr.
N
Commonwealth Edison
Potomac E l e c t . Pwr.
Barnett Banks of F l a . , I n c .
F l a . Pwr.
Consolidated, Natural Gas
I l l i n o i s Pwr.
Consumers Power Co.
Atlantic City Elect.
Duke Pwr.
G e n ' l . T e l . of Wise
Mountain S t a t e s T e l .
Arkansas Pwr & Lt
P a c i f i c Pwr & L t .
C i r c l e Income Shares
Ohio Edison

1 s t mtge
1 s t mtge
1 s t mtge
Com stk
Com s t k
Com s t k
1 s t mtge
1st mtge
Pref s t k
1 s t mtge
1 s t mtge
1 s t mtge
Bonds
1 s t mtge
Com s t k
Com stk
Com s t k

45.0
115.0
100.0
60.0
29.5
48.9
50.0
50.0
75.2
30.0
100.0
25.0
250.0
40.0
35.7
15.0
62.5

8.00
7 7/8
7 5/8

2003
2003
2003
- -

——

2003
2003
2003
2013
2003

'

'

A
A
Aaa

- -

--

--

- -

—
—

- -

- -

1998
2003

7. 88
7.,85
7. ,60

7 3/4
7 5/8
7.50
7 3/4
7 3/4
7 3/4
7 3/4
8.00

—

7. 67
7.,65
7.,65
7.,69
7..70
7,.77
7.,75
7,,85

Aa
Aa
—

Aa
Aa
A
Aaa
A

- -

--

--

- -

- -

- -

—

- -

—

—
—

—

NOTES:
•

Rights offering.

1

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




H.16

Table SB

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY 1
June 1, 1973 through June 22 , 1973
2
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Washington, S t a t e of
Georgia Highway Auth
New York S t . Hous. Fin Agcy.
Los Angeles DWAP
Los Angeles DWAP
S e a t t l e , Washington
Louisiana, S t a t e of
New Castle County, Del.
West V i r g i n i a
F l o r i d a , S t a t e of
S a l t River P r o j e c t Agr. Imp & Pwr D i s t . ,
S a l t River P r o j e c t Agr. Imp & Pwr D i s t . ,
Delaware
H u n t s v i l l e , Ala.
Muskogee Co. Ga., S/D
Port of New York & New J e r s e y Auth.
Wash Sub Sanitary D i s t . , Md.

20.0
G.O.
19.0
Ren-rev
168.8
G.O.
23.6
Rev
23.5
Rev
41.5
Ref
40.0
G.O.
19.8
G.O.
40.0
G.O.
P o l l Cont Rev 3 9 . 8
41.3
Rev.
33.7
Rev.
40.0
G.O.
12.3
G.O.
12.5
G.O.
100.0
Rev.
27.6
Rev.

1974-1998
1974-1998
1974-2003
1979-1998
2013
1985-2009
1974-1993
1974-2003
1974-1998
1974-2002
2011
1977-1999
1974-1993
1974-1998
2003
2008
1976-2010

4.99
5.13
5.76
- —

5.29
—

4. 79
4.95
4.91
5.13
5.42
5.42
4.83
5.39
5.22
6.02
5.34

4.00-5.25
4.10-5.50
4.20-5.90
4.35-5.20
—

4.70-5.60
4.00-5.35
4.00-5.20
4.05-5.60
4.00-5.30
5.60
4.35-5.40
4.10-5.00
4.15-6.00
4.10-5.90
6.00
4.20-5.50

Aa
Aa
A
Aa
Aa
Aa
A-l
/Aa
A-l
Aa
A-l
A-l
Aa
A
A-l
A
A-l

Other
Farmers Home Adm.

301.0

7.35

7.35

NOTES:
1

Includes state and local security offerings of $ 1 0 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.-O. 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.




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

1

As of June 22, 1973
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE
Appalachian Pwr.
P a c i f i c Gas & E l e c t .
*Dow Chemical
Delmarva Pwr. & Lt.
Duquesne Light
Michigan General
* F i r s t a t Orlando
Alabama F i n a n c i a l Group, Inc.
Public Svc. E l e c t . & Gas
Michigan Consolidated Gas
*Northwestern Public Svc.
Atlanta Gas Light
Northern I l l i n o i s Gas
Northern I l l i n o i s Gas
Brooklyn Union Gas
Penn. E l e c t .
Portland Gas & E l e c t .
Wise. Public Service
West Texas U t i l i t i e s
*Ohio Power
*Cincinnati Gas & E l e c t .
*South Central B e l l Tel.
Instrument Systems Corp.

1 s t mtge
Bonds
Bonds
1 s t mtge
1 s t mtge
Bonds
1 s t mtge
Debs
Com s t k
Bonds
1 s t mtge
bonds
1st mtge
Com s t k
Com s t k ( r t s )
Bonds
Pref s t k
Com s t k
1st mtge
1 s t mtge
Bonds
Bonds
Sub debs

50.0
150.0
100.0
25.0
35.0
25.0
30.0
30,0
92.0
35.0
25.0
15.0
35.0
26.0
15.0
30.0
20.0
15.4
23.0
40.0
60.0
200.0
25.0

June
June
June
June
June.
June
June
June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
INDEF

25
26
26
27
28
28
28
10
10
10
10
11
11
12
12
17
18
18
23
24
31

NOTES:
*

Included in table for first time.

1

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




H.16

Table 6B

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

1

As of June 22, 1973
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

^Chesterfield C o . , Va.
Md. Dept. of Trans.
DeKalb Co. Sch. D i s t . , Ga.
Washington Pub. Pwr. Supply Sys.
Culver City Dev. Agy., C a l i f .
HUD Housing
Fremont, Neb.
Allegheny Co., Pa.
Rosebud C o . , Mont. P o l l . Cont.
New York
San Jose U n i f i e d S/D, C a l i f .
frDarien, Conn.
*Northvilie,Mich.,Pub S/D
^Macomb Co. Comm. C o l l . D i s t . , Warren
Mich.
Penna., S t a t e of
Wash. Metro
New York C i t y
Lubbock, Tex.
^Oklahoma
tCen. Okla Trans & Pk. Auth, Okla City
Okla.
*Texas
Iowa S t . Bd of Regents
Harris Co., Tex.
Los Angeles DWAP
Charlotte, N.C.

G.O.
G.O.
G.O.
Rev.
Bonds
Bonds
Rev.
G.O.
Rev.
G.O.
G.O.
Rev.
G.O.

18 . 0
50 . 0
53 .7
150 . 0
16 .6
264 . 6
21 . 0
32 . 4
20 .0
86 .0
13,.0
10..0
10.0

June
June
June
June
June
June
June
June
June
July
July
July
July

2
3
10
10

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

12.,3
150.,0
150.,0
325. 0
12. 3
14. 0

July
July
July
July
July
July

10
10
11
11
12
16

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

15. 7
10. 0
10. 0
16. 0
18. 0
22. 0

July
July
July
July
Aug.
Aug.

18
19
26

26
26
26
27
27
27
28
28

15
21

S
..
NOTES:
1

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

2

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




H.16

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
N Y S E INDEX

3

DJ INDUSTRIALS!

4

AMEX

|

950.82(4/28) 26.68(4/28) 112.66(12/31)
797.97(11/23) 22.72(1/4)
100.52(2/26)

1971 - High
Low

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

1972 - High
Low

65.14(12/11) 1036.27(12/11) 28.53(4/14) 133.28(4/21)
889.30(1/3)
56.23(1/3)
25.61(1/3)
114.88(1/7)

1973 - High
Low

65.48(1/11)
54.22(5/21)

1973 - A p r i l

^ May

June

1051.70(1/11)
873.65(6/21)

2

TRADING VOLUME
NYSE

NASDAQ

|

AMEX

|

NASDAQ

8.9(12/30)
5.1(11/26)

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

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

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

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

11.7(3/10)
6.5(9/10)
10.4(1/12)
4.5(6/22)

26.70(1/8)
22.37(6/4)

136.18(1/12)
100.77 ( 6 / 4 )

20.4(1/12)
11.4(6/1)

4.8(1/12)
2.4(6/1)

58.23
59.65
59.59
56.86

931.07
959.36
963.20
922.17

24.06
24.18
24.07
23.57

113.27
115.22
114.15
108.40

12.4
15.2
13.2
14.5

2.9

3.1
2.7
3.2

6.5
6.4
5.8
6.2

4
11
18
25

58.77
57.43
54.96
56.96

953.87
927.98
895.17
930.84

23.67
23.53
22.81
22.76

110.89
109.10
102.89
105.17

14.5
.13.7
15.1
18.0

3.0
2.5
3.0
4.0

6.2
5.5
6.4
6.8

1
8
15
22

54.86
56.29
55.36
54.56

893.96
920.00
888.55
879.97

22.49
22.57
22.56
22.34

102.30
103.72
102.26
100.99

11.4
13.3
12.9
13.0

2.4
2.5
2.3
2.4

6
13
20
27

.

.

5.2
.5.2
5.1
4.5

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 554 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:

\
\

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 = 5 0

4

Average dollar value of shares listed.




^

H.16

10

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1 BROKERS ON 2
MARGIN
CONVERTIBLE
STOCK
BONDS

3

BANKS

UNREGULATED
NONMARGIN
STOCK CREDIT
AT BANKS

OTHER
SECURITY
CREDIT
AT BANKS

OUTSTANDING

19-72 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

7,010
7,20CL7,510
7,660
7,780
7,800
7,800
7,890
7,900

240
241
244
248
246
248
250
249
254

967
994
955
979
1,032
1,008
943
902
865

1,150
1,141
1,644
1,772
1,800
1,871
1,875
1,871
1,896

1,278
1,296
1,274
1,285
1,298
1,255
1,351
1,296
1,528

1973 - Jan.

7,700
7,500
7,200
7,040

249
248
244
232

865
867
879
872

1,940
1,954
1,917
1,969

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

Feb.

Mar.
Apr.

CHANGE IN OUTSTANDING
-

1972 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1973 - Jan.
Feb.
Mar.
Apr.

390
190
310
150
120
20
90
10

1
3
4
-2
2
2
-1
5

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

-200
-200
-300
-160

-5
-1
-4
-12

2
12
-7

44
14
-37
52

-44
24
58
32

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
IN M I L L I O N S 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
GROWTH
RATE

1

3

SAVINGS & LOAN ASSOCIATIONS
2

NET
NEW
MONEY

SHARE CAPITAL
ANNUAL 3
GROWTH
RATE

NET
FLOW

NET
NEW
MONEY

TOTAL
2

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET'
NEW
MONEY

NOT SEASONALLY ADJUSTED
1970

4,517

6.8

936

10,965

8.1

5,285

15,482

7.7

6,221

1971

9,621

13.5

5,678

28,230

19.3

20,653

37,851

17.5

26,331

1972

9,788

12.0

5,397

32,902

19.5

23,884

42,690

17.0

29,281

- —

1972

1973

-

-

•

Feb.

931

- -

809

2,818

Mar.

1,507

--

773

4,287

Apr.

464

—

280

1,744

Feb.

551

—

402

Mar.

1,102

Apr. &/

96

—

2,700

3,749

—

3,509

2,532

5,794

--

3,305

—

1,668

2,208

1,904

——

1,795

2,455

mm tm

280

3,702

--

1,628

4,804

--

-88

866

—

756

962

.

1,948
2,197
1,908
668

SEASONALLY ADJUSTED

1972

-

j

761

10.2

902

12.0

Jan.

Nov.
Dec.

1973

-

808

10.6

Feb.

465

6.1

Mar.

579

7.5

Apr. &/

387

5.0

—

-

x
- -

2,246

13.3

2,164

12.7

4,026

23.3

--

3,007

12.3

3,066

12.5

4,834

19.4

1,834

10.4

——

2,299

9.1

2,430

13.7

——

3,009

11.8

1,294

7.2

1,681

6.6

NOTES:

r -

'

,

1

Regular deposit! at mutual savings tanks 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 datei is the annualized monthly percentage increase in deposits.

t

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




H.16

Table 10

12

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKSi
ASSOCIATIONS (N.Y. STATE]

( B i l l i o n s of D o l l a r s

NET CHANGE
TOTAL

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

S e a s o n a l l y Adjusted). r /

1971 - D e c .

16.6

13.1

3.6

.09

-.06

.15

1972 - Jan.
Feb,

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

.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

25.9
26.5
26.0
25.2

20.8
21.5
21.2
20.6

5.1
5.0
4.8
4.6

.98
.59
-.59
-.68

.81
.69
-.38.
-.51

.17
-.10
-.21
-.17

March
April
May
June
July
Aug.
Sept.
Oct.

Nov.
Dec.

1973 - Jan.
" Feb.
Mar.

Apr.

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




11

Table 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

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

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

• —

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

-403
-2
-1
-200
-1
-1
-1

Dec.

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

+103
+337
-1

1973 - Jan.
Feb.
Mar.

+131
+452
+582

+122
+312
+378

+251
-1

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

Nov.
Dec.

1972 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

Nov.

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

FHLMC

FNMA

*• mm

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

— ""
»

—~

+300
- ——
- —

—

•

-

w

+100
-150
-1
+400
+6
+10
+379

+9
+140
+204

+602
+250
--

+500
- —

-1
+814
—
- -

.

-—

-25
76
+116
+51

-339
-245
+65
-347
+193
+135
-73
+93
-396
+63
-259
-230
-72
+139
-170
-214
-366
+121
+524
-65
+317
-202

——

+200

- -

—

SHORT-TERM
DISCOUNT
NOTES

.
.

NOTES:
Based on data from Federal Home Loan Bank Board (FHLBB), Federal National Mortgage Assoc. (FNMA) and Federal Home Loan Mortgage Corp.
(FHLMC). Intermediate and long-term issues are those with an original maturity of one year or more, including Government National Mortgage Association mortgage backed bonds.




H.16

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

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

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

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

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

3,760
3,754
5,217

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

900
900
1,200
1,200

458
331
568
506

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

162
29
77
n. a.

195
66
69

1972 - J u l y
Aug
Sept
Oct
Nov
Dec

4,849
5,471
4,748
4,714
5,282
5,697

4,593
5,179
1
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

1973 - Jan
Feb
Mar
Apr
May
June
July
Aug

4,501
4,381
5,472

4,273
4,269
5,348

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

475
388
601
554

2,467
2,730
3,371
3,206

219
72
114

228
112
124

PERIOD

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE FNMA-GNMA
COMPANIES

Not S e a s o n a l l y Ad lusted
1969
1970
1971
1972
1972 - J u l y
Aug
Sept
Oct
Nov
Dec
1973 - Jan
Feb
Mar
Apr
May

*

July
Aug
S e a s o n a l l y Ad l u s t e d '

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 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

T a b l e 13

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

COMMERCIAL

MULTFAMILV
&
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 -

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 OF 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 RATES

PERMITS
PERIOD

1972

1973

-

-

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

January

2,204

1,098

1*106

2,439

1,395

1,044

1,968

1,154

814

554

February

2,056

959

1,097

2,540

1,281

1,260

2,088

1,141

947

552

March

2,007

954

1,053

2,313

1,310

1,003

1,983

1,137

846

595

2,204

1,215

989

1,954

1,154

799

634

2,318

1,308

1,011

1,891

1,121

770

572

2,315

1,283

April

1,991

963

1,028

May

1,955

923

1,032

June

1,132

1

2,121

989

1,032

1,904

1,125

779

583

July

2,108

1,013

1,095

2,244

1,319

925

1,891

1,095

799

556

August

2,237

1,031

1,206

2,424

1,373

1,051

1,973

1,210

763

534

September

2,265

975

1,290

2,426

1,382

1,045

1,972

1,118

853

494

October

2,216

1,086

1,130

2,446

1,315

1,131

1,945

1,156

789

548

November

2,139

961

1,178

2,395

1,324

1,071

1,980

1,153

828

666

December

2,377

947

1,430

2,369

1,207

1,162

2,147

1,168

980

606

January

2,218

1,057

1,161

2,497

1,450

1,047

2,191

1,068

1,123

2,456

1,372

1,084

2,147
2,033

1,259

823
774

648

February
March

2,071

989

1,082

2,260

1,245

1,015

2,159

1,308

852

737

Aprilr/

1,834

923

911

2,104

1,197

907

2,007

1,120

886

680

May

1,867

898

969

2,430

1,268

1,162

.

1,324

642

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.




Table 15

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

EXISTING HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

1
RATE
(IN PER CENT)

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

1972 - Jan
Feb
Mar
Apr
May

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
.!8
.16
.19
.48
.41

4.0 '
3.8
3.7
4.1
4.3
4 .4 r
4.4
4.5
4.6
4.7
4.7
4.6

.11
.14
.10
.10
.07
.06
.11
.10
.14
.13
.13,
.14

7 .21
7.34
7.24
7.45
7.38
7.32
7.38
7.37
7.40
7.38
7.09
7.15

7.70
7.75
7.80
7.90
7.95

.32
.35
.31
.44
.44

7.75
7.80
7.85
7.90
8.00

,17
.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

7.38
7.40
7.49
7.46
7.51 2 /

July
Aug
Sept
Oct
Nov
Dec
1973 - Jan
Feb
Mar
Apr
May

V

NOTES:
Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.
1
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

IB

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

1972 - Oct

Nov

Dec.

1973 - Jan.

Feb,

Mar.

Apr.

May

NOTES:

AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

OFFERED

| ACCEPTED

10
16
30

271.2
186.4

224.9
162.7

6
13
27

- -

• ——

78.7
60.8

49.2
36.6

7.72
7.70

42.4
66.3

7.68
7.69

61.3
92.1

7.69
7.70
7.71

4
11
26

7 .73
7.74

- -

'

2
8
22

82.2
108.7
__

74.2
107.0

5
6
19
21
5
6
19
21

128.7

65.4
- -

- -

71.6

7.73

- -

- -

107.7

- -

- -

297 .3

168.7

- -

2
3
16
17
30

234.6

261.2

185.9

14
29

253.3
212.4

187 .7
140.0

11

184.5

142.2

OFFERED
42.2

37.2

- -

- -

——

- -

- -

- -

75.0

68.0

7.90

—

7.90

——

w

- -

- -

- -

36.4

30.9

7.87

——

——

- -

- -

- -

25.5

7.84

- -

——

- -

- -

- -

- -

- -

100.9

62.9

7.89

66.0

49.6

7.92
7.95

7 .75
- -

60.3

44.3

7.81

- -

- -

- -

- -

86.8

56.4

8.02
8.11

145 .9

7 .86
- -

190.7

111.9

7.89

81.6

- -

- -

- -

7.92

111.0
128.9

88.4
88.2

8.17
8.23

7 .96
8.00

117.6
113.3

84.4
74.0

8.31
8.39

8:04

110.1

74.1

8.44

- -

216.6

AVERAGE
YIELD

| ACCEPTED

39.3

110.3
170.8

AMOUNT
(IN MILLIONS OF DOLLARS)

- -

*

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