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H.16

m

May 22, 1 9 7 3

Prepared by the
C A P I T A L MARKETS SECTION
in c o n j u n c t i o n with the
MORTGAGE, AGRICULTURAL, and
CONSUMER F I N A N C E SECTION




24

C_7TNj£ P I T A L
A

4x'
y
MARKET
DEVELOPMENTS
DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D C . 20551

/

INDEX

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
n.a.

REVISED
NOT AVAILABLE
DATA DO NOT EXIST




1

Table 1

YIELDS, VOLUME AND RECEPTION
C O R P O R A T E B O N D MARKET
YIELDS
WEEK ENDING

1973 - Apr.

May

6
13
20
27
4
11
18
25

VOLUME

RECENTLY 2 '
OFFERED
Aaa UTILITY

—
——

7.45
7.40
—

7.45

PER CENT
SOLD BY END
OF WEEK

139
83
70
492

90
100 —
100
98

7.42
7.45
7.47

7.51

GROSS 3
OFFERINGS
($ MILLIONS)

7.50
7.47
7.52
7.42

NEW ISSUE 1
Aaa UTILITY

205
39
154
140e

93
97
72

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)
4
0
0
45
61
. 0
44

MUNICIPAL B O N D MARKET
YIELDS
WEEK ENDING

MOODY'S

NEW ISSUE
Aaa
1973 - Apr.

May

VOLUME

BOND BUYER
20-BQND

GROSS
OFFERINGS

INDEX

( $ MILLIONS)

3

PER CENT
SOLD BY END
„

O F WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

6
13
20
27

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

5.10
5.10
5.14

354
334
540
324e

88
64
83

72
162
126

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 I S S U E
A a a UTILITY

DATE

2

MOODY'S SEASONED
CORPORATE A a a

3

U . S . GOVT. 2 0 - Y E A R
C O N S T A N T MATURITY

4

BOND BUYER
2 0 - B 0 N D INDEX

8.23 (1/1)
7.17 ( 1 2 / 3 1 )

7.71 (8/12)
7.06 (2/12)

6.51 (6/18)
5.69 (3/23)

6.23 ( 6 / 2 3 )
4.97 (10/21)

7.60 (4/21)
7.99 ( 1 1 / 2 4 )

7.46 (5/12)
7.17 ( 1 / 7 )

7.36 (4/28)
7.05 (12/8)

6.19 (4/14)
5.74 (11/17)

5.54 (4/13)
4.96 (10/21)

7.52 ( 3 / 1 6 )
7.29 ( 1 / 2 1 )

7.59 (3/23)
7.28 ( 1 / 5 )

7.31 (3/30)
7.11 (1/5)

6.98 ( 5 / 1 8 )
6.42 ( 1 / 5 )

5.35 ( 3 / 2 2 )
5.03 (1/12)

6
13
20
27

7.51

7.50
7.47
7.52
7.42

7.27
7.25
7.25
7.27

6.87
6.84
. 6.84
6.88

5.22
5.07
5.17
5.14

4
11
18

7.40

7.42
7.45
7.47

7.26
7.26
7.29

6.94
6.98
6.98

5. 10
5.10
5.14

x

1972 - High \
Low
1973 - High
Low

May

RECENTLY OFFERED
A a a UTILITY

8.26 (7/30)
7.02 ( 2 / 5 )

1971 - High
Low

1973 - Apr.

1

——
——

7.45
——

7.45

t

NOTES:
1

Federal Reterve 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
5

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




5

Table 3

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

G R O S S PROCEEDS
i

CORPORATE

PERIOD

1973

1

1972

1971

1973

2

S T A T E A N D LOCAL

1•

1972

1

1971

January
February
March

2,384
1,894
4,050e

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

2,250e

3,275
3,598
4,341

4,042
3,300
4,375

l,525e

1,989
2,017
2,270

1,891
2,167
2,013

3,582
2,893
2,720

4,147
2,532
3,768

1,805
1,966
1,726

1,989
1,903
2,098

3,791
3,3773,396

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

May
June
July
August
September
October
November
December

8,328e

01
02
03
04
1st Half
3 Qtrs.
Year

5,812

-

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




Table 4

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

G R O S S P R O C E E D S BY TYPE OF I S S U E
PERIOD

1972 - I I
III

G R O S S P R O C E E D S BY TYPE OF ISSUER

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

1

MEMO
I S S U E S INCLUDED
FOREIGN

MANUFACTURING

COMMUNICATIONS

OTHER
ISSUERS

(CONVERTIBLE

11,214
9,195
10,564

4,634
4,192
4,158

2,781
1,867
3,147

3,798
3,136
3,258

245
57
245

1973 - I

8,328

2,730

1,626

3,971

n.a.

1972 - Mar.

3,229

1,677

577

976

3

233

604

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

92
226
131

581
761
767

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

450
183
203

Oct.
Nov.
Dec.

3,791
3,377
3,396

1,773
1,361
1,024

564
982
1,601

1,454
1,034
770

28
124
93

1973 - J a n .
Feb.
Mar.e/

2,384
1,894
4,050

989
641
1,100

344
282
1,000

1,050
971
1,950

Apr.—/

2,250

800

650

800

IV

PUBLIC
UTILITY

1

449
836
428

2,109
1,629
1,398

113

612

3,495
2,680
2,934

1,369
856
1,079

4,240
4,030
5,151

2,443

1,158

4,115

740

227

1,658

1,219
738
1,538

178
391
800

1,297
1,708
1,235

574
452
603

798
635
1,247

586
237
33

1,624
1,568
838

162
171
95

383
426
589

1,280
794
860

371
658
50

1,757
1,499
1,895

14
27
n.a.

81
27
5

173
204
235

897
596
950

33
140
985

1,280
955
1,880

n. a .

0

225

475

200

1,350

!

x

NOTES:
1

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.




H.16

T a b l e 5A C o n t i n u e d

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY
May 1, 1973 through May 11, 1973

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

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

25.0
22.3
40.0
40.0
75.0
55.0
25.0
25.0
65.0
49.4
69.0
25.0
75.0
50,0
15.0
23.6

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

7.48

Aa

CORPORATE

Gulf Power
Toledo Edison
H a r t f o r d E l e c t Co.
J o n e s & L a u g h l i n S t e e l Corp.
Seaboard C o a s t l i n e RR Co.
E x c e l s i o r Income S h a r e s , I n c .
G r e a t American Mortgage I n v e s t .
Alison Mtge. I n v e s t o r s
P e n n z o i l Co.
B a l t i m o r e Gas & E l e c .
CNA Income Shares
Dayton Power & L i g h t
Beneficial Fin.
Columbia Gas
M i s s i s s i p p i Pwr.
Columbus & Ohio E l e c t .




'

2003
——

2003
1998
1998

7 1/2
—

—
—

7.45
8.07
7.78

7 1/2
8.00
7 3/4

- -

1983
1983

—

8 3/4
8.75
8.00

- -

1

8.75
8.75
8.00

—

1998
1998
2003

—
—

—

- -

—

- —

—

Aa
Baa
A

—
—

7.38
7.48
7.57
7. 63

7.38
7 1/2
7.62
7 5/8

- -

A
A

!

c

H.16

Table SB

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY 1
May 1 through May 4, 1973
2
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

3.90-4.85

Aaa
A
A
Baa
Aa
A-l

S T A T E AND LOCAL

C a l i f o r n i a , S t a t e of
New J e r s e y Turnpike Auth.
P i n e l l a s Co., Fla.
D e t r o i t , Mich.
M a s s a c h u s e t t s , S t a t e of
Hawaii, S t a t e of
C a l c a s i e u P a r i s h I n d . Dev. B d . , La. P o l .
C a l c a s i e u P a r i s h I n d . Dev. B d . , La. P o l .
Tucson, A r i z .
Tucson, A r i z .
A l a s k a , S t a t e of
P h i l a d e l p h i a , Pa.
P h i l a d e l p h i a , Pa.
Mass. Health & Ed. Fac. Auth.
New O r l e a n s , La.
D a l l a s , Texas
P u e r t o Rico I n d . Dev. Co.
P u e r t o Rico I n d . Dev. Co.
New York S t . Urban Dev. Corp.
Other
F e d e r a l Home Loan Mtge. Corp.

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

.

Mtge backed
bonds

25.0
210.0
13.0
17.5
10.4
75.0
2.4
18.6
2.6
14.1
27.0
35.0
18.2
10.4
18.0
21.0
31.8
3.2
200.0

400.0

1974-1996
2013
1974-2003
1974-1988
1974-2003
1976-1993

4.64
5.76
5.30
5.31
4.75
4.81

--

—

1993

--

1974-1992
1976-1998
1974-2003
1974-2003
1974-2003
1974-1997
1974-1993
1974-1991
1974-1991
2013

1976

4.56
15.5
5.11
5.86
5.91
5.12
4.92
4.67
6.00
—

6. 05

7.05

--

4.00-5.04
4.10-5.40
4.00-5.25
4.15-5.05
4.25-4.90
5.70
4.10-4.50
4.00-5.10
4.45 - 5 . 7 0
4.25-5.90
4.25-5.90
4.00-5:25
4.00-5.40
3.90-5.20
—

4.50-5.88

-—

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

7.05

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

Table 6A

FORTHCOMING LARGE LONG-TERM PUBLIC
SECURITY OFFERINGS FOR NEW CAPITAL
OTHER THAN U.S. TREASURY '
As of May 18, 1973
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE
Orange & Rockland U t i l .
General P u b l i c U t i l .
C a r o l i n a Pwr. & L t .
t r a n s c o n t i n e n t a l Gas P i p e l i n e
Con. Edison
Wisconsin Pwr. & L t .
GTE of Kentucky
Pacific Tel.
I n s t r u m e n t Systems Corp
F i r s t Penn. Corp.
Pacific Tel.
Pacific Tel.
Potomac E l e c t . Pwr.
L o u i s i a n a Pwr. & L t .
Georgia Pwr.
F l a . Pwr.
F l a . Pwr.
C o n s o l i d a t e d N a t u r a l Gas
Consumer Pwr.
I l l i n o i s Pwr.
Gen. T e l . of Wise.
Duke Pwr.
* C a r o l i n a Pwr. & L t .
*Ohio Edison
^Mountain S t a t e s T e l .
* P a c i f i c Pwr. & L t .
*Arkansas Pwr. & L t .
American Express Income Shares
C i r c l e Income Shares I n c .
M e r i d i an Income Sec.
S-<? S e c u r i t i e s I n c .
P u b l i c S e r v i c e E l e c t . & Gas
*Burlington Northern Inc.
^Michigan General

~

1 s t mtge
Com s t k ( r t s )
1 s t mtge
Pref stk
Com s t k
Pr e f s t k
1 s t mtge
Com s t k ( r t s )
Sub debs
Conv debs
Notes
Debs
Com s t k
1 s t mtge
1 s t mtge
1 s t mtge
Com s t k
Bonds
Pr e f s t k
Bonds
1st mtge
Bonds
Pref s t k
Com s t k
Bonds
Com s t k
1 s t mtge
Com s t k
Com s t k
Com s t k
Pr e f s t k
Com s t k
Pr e f s t k
Bonds

NOTES:
*

Included in table for first time.

1

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




25.0
83.0
100.0
40.0
120.0
15.0
14.0
265.4
25.0
60.0
100.0
, 200.0
65.0
45.0
115.0
60,0
50.0
50.0
75.0
50.0
25.0
100.0
50.0
64.5
250.0
43.8
40.0
110.0
37.5
25.0
60.0
108.0
60.0
25.0

^

May
21
May
22
May
22
May
23
23
May
May
23
May
24
May
25
May
29
May
31
May
31
May
31
June
5
June
5
June
6
June
7
June
7
June 11
June 12
June 12
June 14
June 14
June 19
June 19
June 20
June 20
June 21
June
June
June
June.
June
June
June

8
Table 6B

FORTHCOMING LARGE LONG-TERM PUBLIC
SECURITY OFFERINGS FOR NEW CAPITAL
OTHER THAN U.S. TREASURY '
As of Hay 18, 1973
TYPE

ISSUER

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

APPROXIMATE k
DATE OF OFFERING

S T A T E & LOCAL

North Ala. Eriv. Imp. Auth.
Ohio Pub. F a c . Comm.
New York S t a t e Dormitory Auth.
I n d i a n a U n i v e r s i t y of Akron, Ohio
Monroe C o . , Mich.
*Phoenix A r i z . ,
* B i l l e r i c a , Mass.
Waterbury, Conn.
Penn. S t a t e P u b l i c Sch. Bldg. Auth.
Gulf Coast Waste D i s p o s a l A u t h . , Tex.
Houston, Tex.
A u s t i n , Texas
Los Angeles Reg. A r p t s . C o r p . , C a l .
P r i n c e G e o r g e ' s C o . , Md.
Pensacola, Fla.
Lacygne, Kan.
Los Angeles, C a l i f . Dept. of Wtr & Pwr.
* C h a r l o t t e , N,C.

G.O.
Rev-•ref
Re f
Rev
Rev
G.O.
G.O.
G.O.
G.O.
Rev
Rev
Rev
Rev
P o l l cont r e v
Rev
Rev
Rev
G.O.

27 .5
40 . 0
- 107 . 8
10 .0
51 .0
13,.0
10..3
10..0
18..6
25.,0
30.,0
17.,5
25. 5
25. 0
12. 5
30. 0
47. 0
22.0

May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
June
Aug.

21
22
22
22
22
22
23
23
24
24
31
31

6
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

STOCK PRICES AND VOLUME
STOCK PRICES
N Y S E INDEX

1

2

TRADING VOLUME

•
4

AMEX

NYSE

NASDAQ

|

AMEX

|

NASDAQ

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

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

65.14(12/11) 1036.27(12/11) 28.53(4/14) 133.28(4/21)
56.23(1/3)
889.30(1/3)
25.61(1/3)
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)
54.96(5/18)

20.4(1/12)
12.4(4/6)

4.8(1/12)
2.5(5/11)

10.4(1/12)
5.5(5/11)

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

1972 - High
Low
1973 - High
Low

May

DJ INDUSTRIALS |

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

1971 - High
Low

1973 - A p r i l

3

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

1051.70(1/11)
895.17(5/18)

26.70(1/8) 136.18(1/12)
22.81(5/18) 102.89(5/18)

6
13
20
27

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

58.77
57.43
55.96

953.87
927.98
895.17

23.67
23.53
22.81

110.89
109.10
102.89

14.5
13.7
15.1

3.0
2.5
3.0

6.2
5.5
6.4

t

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:
From

Through

Hours/Day

Pays/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

S

12/31/65 = 50

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 B A N K S

5

OTHER
SECURITY
CREDIT
AT BANKS

OUTSTANDING

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

6,620
7,010
7,200
7,510
7,660
7,780
7,800
7,800
7,890
7,900

240
240
241
244
248
246
248
250
249
254

951
967
994
955
979
1,032
1,008
943
902
865

1,158
1,150
1,141
1,644
1,772
1,800
1,871
1,875
1,871
1,896

1,294
1,278
1,296
1,274
1,285
1,298
1,255
1,351
1,296
1,528

1972 - J a n .
Feb.
Mar.

7,700
7,500
7,200

249
248
244

865
867
879

1,940
1,954
1,917

1,484
1,508
1,566

440
390
190
310
150
120
20

-16

90
10

1
3
4
-2
2
2
-1
5

1
16
27
39
24
53
-24
-65
-41
-37

-12
-8
-9
503
128
28
71
4
-4
25

-33
-16
18
-22
11
13
-43
96
45
132

-200
-200
-300

-5
-1
-4

2
12

44
14
-37

-44
24
58

-

CHANGE IN OUTSTANDING

1971 - Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1972 - J a n .
Feb.
Mar.

- -

—

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
Digitized Includes loans to purchase or carry margin stock
for FRASER


iHhese are unsecured or secured entirely by unrestricted collateral.
H.16

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF D O L L A R S

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

DATE

NET
FL0W

ANNUAL 3
GROWTH
RATE
6.8
13.5
12.0

1970
1971
1972

4,517
9,621
9,788

1972 - J a n .
Feb.
Mar.

855
931 .
1,507

--

1973 - J a n .
Feb.

766
551
1,102

—
—

Mar.E/

1

—
—

—

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

NET
NEW
MONEY

2

S H A R E CAPITAL

NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

2

TOTAL
DEPOSITS

NET
FLOW

ANNUAL 3
GROWTH
RATE

2

NET
NEW
MONEY

NOT SEASONALLY A D J U S T E D

936
5,678
5,397

10,965
28,230
32,902

8.1
19.3
19.5

5,285
20,653
23,884

15,482
37,851
42,690

7.7
17.5
17.0

6,221
26,331
29,281

716
809
773

3,266
2,818
4,287

m—

3,117
2,700
2,532

4,121
3,749
5,794

ww '

3, 833
3,509
3,305

595
402
280

3,278
1,905
3,731

__

3,117
1,795
1,658

4,044
2,456
4,833

——

3,486
3,007
3,066

14.5
12.3
12.5

4,834
2,299
3,009

19.4
9.1
11.8

- —
—

——
--

——
—

"""

3,712
2,197
1,938

SEASONALLY ADJUSTED

1972 - Oct.
Nov.
Dec.

780
761
902

10.5
10.2
12.0

—-

1973 - J a n .
Feb.

808
465
579

10.6
6.1
7.5

—
—

Mar.E/

—
--

2,706
2,246
2,164

* 16.2
13.3
12.7

4,026
1,834
2,430

23.3
10.4
13.7

•» ™
——
—
M*
— ""

——

__
"• —

I |

NOTES:
1

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

2

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

3

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

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




H.16

12
Table 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
SAVINGS BKS
& LOAN
A S S O C I A T I O N S (N Y. S T A T E )

NET CHANGE
TOTAL

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

( 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

j

U

1971 - D e c .

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
.67
.49
.42
.60
.53
.36
.83
.99
.73
.73
.68

.11
.39
.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.

25.9
26.5
26.2

20.8
21.5
21.2

5.1
5.0
5.0

.98
.59
.15

.81
.69
.36

.17
-.10
-.21

}

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 c o m m i t m e n t s 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 I S S U E S
TOTAL

FHLB

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

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

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

—

-403
-2
-1
-200
-1
-1
-1
+103
+337
-1

1973 - J a n .
Feb.
Mar.

+131
+452
+582

+122
+312
+378

+251
-1

—

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

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

——

—
—
—
—

+300
—
. -—
—

—

- —

FNMA

——

—

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

SHORT-TERM
DISCOUNT
NOTES

FHLMC

—

—

—

+500

-1
+814

—

--

•—

+100
-150
-1
+400

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

+6
+10
+379

+9
+140
+204

—
—

+200
—

+602
+250

,

—

—

-25
76
+116
+51

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




14
T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONSJOF DOLLARS

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

24,074
21,736
41,647

19,699
16,827
39,259

Not S e a s o n a l l y Ad i us ted
5,404
2,682
9,561
2,462
1,845
10,172
9,940
3,938
24,160

2,052
2,348
1,221

4,375
4,909
2,388

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 - Jan
Feb
Mar

3,760
3,744
n.a.

3,565
3,678
n.a.

900
900
1,200

458
331
568

2,045
2,428
3,303

162
19
n.a.

195
66
69

PERIOD

1969
1970
1971

COMMERCIAL
BANKS

MSB s

S &

L

s

INSURANCE FNMA-GNMA
COMPANIES

S e a s o n a l l y Ad l u s t e d
1972 - Apr
May
July
Aug
Sept
Oct
Nov
Dec
1973 - J a n
Feb
Mar

4,363
4,908
5,176
4,849
5,471
4,748
4,714
5,282
5,697

4,327
4,521
5,060
4,593
5,179
4,714
4,738
5,212
5,601

1,361
1,434
1,489
1,451
1,477
1,155
1,393
1,524
1,164

400
453
516
472
515
537
484
513
525

2,481
2,567
2,959
2,678,
3,108
2,911 2,726
2,876
3,130

85
67
96
101
79
111
135
299
782

36
387
116
147
292
34
-24
70
96

4,501
4,371

4,273
4,259

1,112
1,079
1,262

475
388
601

2,467
2,730
3,371

219
62

228
112
124

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
Sank 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 87 per cent of the net increase estimated for all holders in 1967.

2

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




H.16

15

T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING

}

IN BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D ANNUAL R A T E ?

RESIDENTIAL
QUARTER

1968 - I

TOTAL

MULTIFAMILY

TOTAL

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL•

7

&

FARM

COMMERCIAL

M

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

; 0.969 - 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
: lo.r
' 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

:

4
:: ; r

11

9 ,
9.2 v
10.1 Z
;;
1 11.3

H

:

2.3
2.2
i.8
1.9

3-1

NOTES:
1

Derived from data on mortgage debt outstanding from Federal Deposit lnsurance»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 t h e 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

J
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, 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

I
PERIOD

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

-

COMPLETIONS!/

STARTS

PERMITS

TOTAL

TOTAL

1—FAMILY

2,204
2,056
2,007
1,991
1,955
2,121
2,108
2,237
2,265
2,216
2,139
2,377

1,098
959
954
963
923
989
1,013
1,031
975
1,086
961
947

1,106
1,097
1,053
1,028
1,032
1,132
1,095
1,206
1,290
1,130
1,178
1,430

2^439
2,540
2,313
2,204
2,318
2,315
2,244
2,424
2,426
2,446
2,395
2,369

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

2,218
2,191
2,071
1,793

1,057
1,068
989
895

1,161
1,123
1,082
898

2,497
2,456
2,248
2,103

1,450
1,372
1,247
1,191

1,047
1,084
1,001
912

2 - O R MORE
FAMILY

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1/

1 —FAMILY

MOBILE
HOME
2 - O R MORE
FAMILY
SHIPMENTS

Data n o t y e t a v a i l a b l e .

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

NOTES:
Private building permits (for 13,000 areas with permit system*, 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 excavatidn 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 L O A N S
PRIMARY MARKET
NEW H O M E S

H U D ( F H A ) IN SU R ED L O A N S
S E C O N D A R Y MARKET

EXISTING H O M E S

1

PERIOD

1

RATE
(IN PER C E N T )

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1971 - High
Low

7.95
7.55

- .09
.27

8.05
7.65

.01
.37

1972 - High
Low

7.70
7.55

.25
.46

7.75
7.60

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
7.75
7.80
7.90

.32
.35
.31

1973 - J a n
Feb
Mar
< Apr

,

NOTES:
1

'42

YIELD
(IN PER C E N T )

.

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

-.07
.04

7.8
2.7

-.02
.23

8.04
7.28

.30
.51

7.57
7 .45

.12
.36

4.7
3.7

.13
.10

7.45
7.09

7.70
7.65
7.60
7.65
7.70
7.70
7.70
7.70
7.75
7,75
7.75
7.75

,

7.37
7.32

.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

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
.13 ,
.14

7.75
7.80
7.85
7.90

.17
.40
.36
.42

7.55
7.56
7.63
7.73

4.5
4.6
5.2
5.9

.15
.19
.17
,17

,

.41

.17
.16
.14

,

7.21
7.34
7.24
7.45
7.38
7.32
-V 7 .38
"' 7 .37
, 7 .40
7.38
7.09
'7.15
7.38
7.40
7.49
7.48

'

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

Rates on conventional first mortgages (excluding additional fees and charges) are based pn 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

18
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

1972 - Oct

Nov

Dec

1973 - J a n .

Feb.

Mar .

Apr .

May

|

AVERAGE
YIELD

ACCEPTED

10
16
30

271.2
186.4

6
13
27

__

49.2
36 .6

--

OFFERED

__

78.7
60.8

--

4
11
26
2
8
22

82.2
108.7

224.9
162.7

42.4
66.3

7.68
7.69

128.7
-110.3

--

--

71.6

7.73

--

--

--

5
6
19
21

170.8
-297 .3

168.7

--

--

2
3
16
17
30

234.6
-216.6

14

--

37.2

__

--

--

--

--

—

68.0

7.90

--

--

36.4

30.9

7.90

--

7.87 -

7.69
7.70

--

--

--

--

--

39.3

5
6
19
21

107.7

AVERAGE
YIELD

ACCEPTED

75.0
7.72
7.70

61.3
92.1
65.4

|

42.2
7 .73
7.74

74.2
107.0

i

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

25.5

7.84

——

--

--

--

--

7.71

7.75
-7.81
--

100.9
-66 .0
60.3
-86.8

62.9

7.89

--

--

49.6

7.92

44.3

7.95

. - -

--

56.4

8.02
8.11
-8.17

261.2

145 .9
-190.7
-185.9

7.86
-7.89
-7.92

111.9
-111.0
128.9

81.6
-- ,
88.4 88.2

8'.23

258.3

187.7

7.96

117.6

84.4

8.31

--

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

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