Full text of H.16 Capital Market Developments : May 5, 1969

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

L . 5 . 8 C o n f i d e n t s (F.R.)

f

^

iJBRARy

DECONTBOLLED AFTER SIX MONTHS ^

|

I FEDEBal BSS£HV£ £S^ I
op
j
Kcm£om
I

/CAPITAL
MARKET
DEVELOPMENTS

Capital Markets Section, DWrsion of Research and Statistics,
Board of Governors of the Federal Reserve System, Washington, D. C.




;

^

INDEX

3-5

Developments in the Corporate and Municipal Bond Markets

6-7

C a p i t a l Market Y i e l d s

8-13

Capital Market Volume

14-17

Stock Market

18-33

Mortgage Market




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TABLE 1: Yields, Volume and Reception
CORPORATE BOND MARKET
VOLUME 2
PER CENT
GROSS
BONDS SCHEDULED
SOLD BY END
MOODY'S Aaa OFFERINGS
OF WEEK
WITHIN 28 DAYS

YIELDS
WEEK ENDING:
NEW ISSUE 1
1969- Apr. 3
11
18
25
May

2
9j>/

7.28
7.30
7.02
—

6.99
6.97
6.88
6.81

196
307
176
r/372

7.18
n. a.

6.80
n. a.

r/227
370e

90
100
95
75
r/65
n. a.

MUNICIPAL BOND MARKET
VOLUME 2
PER CENT
SOLD BY END
GROSS
BOND BUYER
OF WEEK
20 BOND INDEX OFFERINGS

-

635
548
437
n. a.
n

-an. a.

YIELDS
WEEK ENDING:

1969- Apr. 3
11
18
25
May

2
9£/

MOODY'S
Aaa
5.00
5.08
5.00
4.95

5.25
5.29
5.13
5.09

280
420
r/345
r/415

79
87
69
80

4.95
n. a.

5.10
n. a.

, 186
185e/

r/59
n. a.

BONDS SCHEDULED
WITHIN 28 DAYS
969
791
705
550
770 z
n. a.

1 Derived by adjusting to an Aag basis, new issues of publicly-offered, corporate bonds
with call protection, rated A, Aa, or Aaa by Moody's Investors Service (.except serial
and convertible issues, offerings of natural gas pipeline and foreign companies, and
bonds guaranteed by the Federal Government.)
2 Millions of dollars unless otherwise indicated.
ri. a.-- Not available.




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TABLE 2: Details on Inventories
AMOUNT
(MIL. $)

DATE
OFFERED
5/1
4/30
4/24

"

CORPORATE BONDS IN SYNDICATE END OF LATEST WEEK
ORIGINAL
RATING AND
YIELD CALL PROTECTION
COUPON
ISSUER

25.0
50.0
15.0

.Columbus & So. Ohio Elec.
Household Finance
Mass. Electric Power

7-5/8
7.60
7-3/8

7.50
7.60
7.55

A
N.R.
A

ESTIMATED PROPORTION SOLD

5 years
__

•

5 years

90%
90% 25%

\

OFFERED

DATE
| RELEASED

4/23

5.1

CORPORATE BONDS RELEASED FROM SYNDICATE DURING LATEST WEEK
ORIGINAL INCREASE RATING AND ESTIMATED PROCOUPON
ISSUER
IN YIELD CALL PROT. PORTION RELEASED
YIELD

AMOUNT
15.0

Potomac

Edison Company

7-5/8

7.45

N.A.'

A

N.C.

INVENTORIES 1
DATE
1969 - Mar. 28
Apr. 3
11
18
25
May
2£/

MUNICIPALS
BLUE LIST
|
IN
356
356
407
412
r/482
530

SYNDICATE
68
106
123
136
110
76

i

1

N.C. - No call protection, p Daily average of three days ended Wednesday.
others as of Friday; in millions of dollars. e/ Estimated.




CORPORATES
IN SYNDICATE
5
17
15
9
79
82
i Blue List is daily average;

66%

BONDS IN SYNDICATE
Millions of dollars

CORPORATE BONDS IN SYNDICATE

200
100

—i—i—i—~]
i 'i i — r — i
i
. MUNICIPAL BONDS IN SYNDICATE

i

i

:

i

|

i
,

r

1

1

1

1—I

1—1—T

T

-

r
300

200
100

SEPT.

DEC.

•67




MAR.

JUN.

1968

SEPT.

DEC.

MAR.

.

JUN.

1969

SEPT.

DEC.

TABLE 3: High Grade Bond Yields

DATE

NEW CORPORATE
ISSUES(ADJUSTED
TO Aaa BASIS)

MOODY'S SEASONED
CORPORATE
Aaa 1

U.S.'GOVERNMENT
20-YEAR
CONSTANT
MATURITIES 2

SEASONED.
'
STATE AND LOCAL .
GOVERNMENT
Aaa 3

1967- High
Low

6.55(12/8)
5.11(2/10)

6.24(2/29)
5.00(2/10)

5.73(11/7)
4.48(1/20)

4.15(12/28)
3.25(2/9)

1968- High
Low

7.02(12/13)
6.13(8/30)

6.53(1/27)
5.95(9/13)

5.90(12/20)
5.18(8/9)

4.57(12/26)
3.80(8/8)

1969- High
Low

7.57(3/21)
6.90(2/21)

6.99(4/3)
6.55(1/3)

6.27(3/21)
5.96(1/24)

5.08(4/10)
4.57(1/2)

6.99
6.97
6.88
6.81

6.17
6.11
5.97

5.00
5.08
5.00

5.95

4.95

V
1969-Apr.

3
11
18
25 .

7.28
7.32
7.02

7.07

4.95
Preliminary.
Weekly average of daily figures. Average term of bonds included is 22-24 years.
Weekly average of daily figures.
Thursday figures. Only general•obligation bonds are included; average term is 20
years.
SOURCE: MOODY'S INVESTORS SERVICE
Note--Highs and lows are for individual series and may.be on different dates for different series.

p
1
2
3

May . 2g/_




7.18

6.80

5 . 98

HIGH GRADE BOND YIELDS

NEW CORPORATE Aaa l \

MOODY'S
CORPORATE Aaa

U.S. GOVT. 2 0 - Y R .
CONSTANT MATURITIES

MOODY'S MUNICIPAL Aaa

1965




1966

1967

1968

1969

TABLE 4: Long=term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
GROSS PROCEEDS
CORPORATE

PERIOD

STATE AND LOCAL 2

1

1969p

1968 p

1967

1969 p

1968 p

1967

January
February
March

2,022
2,021
2,005e/

1,771
1,608
1,799

1,684
1,418
2,362

1,239
975
525e/

1,178
1,158
1,404

1,492
1,236
1,450

April
May June

2,300e/
2,050e/

1,428
1,866
2,411

2,015
1,518
2,674

l,575e/
900e/

1,318
1,143
1,395

1,130
1,254
1,497

July
August
September

2,143
1,432
1,557

2,589
2,481
1,763

1,469
1,699
1,444

950
860
1,340

October
November
December

2,129
1,767
2,054

2,409

2,230
1,021
1,115

975
1,401
1,182

5,178
5,704
5,133
5,950

5,464
6,208
6,832
6,294

3,740
3,856
4,612
4,366

4,177
3,881
3,150
3,557

10,882
16,015
21,965

11,672
18,504
24,798

7,956
12,008
16,574

8,059
11,209
14,766

1st
2nd
- 3rd
4th

Quarter
Quarter
Quarter
Quarter

1st halfThree quarters
Year

6,049e/

1,500
2,385
2,739e/

Excluding finance companies 3
1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

5,308
6,063
6,584
5,859
23,814

Year
e
p
1
2
3

5,107
5,427
4,785

Estimated by Federal Reserve.
~
Preliminary.
Securities and Exchange Commission, estimates of gross proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance
companies.




TABLE 5: New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)

QUARTER
OR
MONTH
1967 - Ill
IV
1968 - I
II
III
IV
1969 - Ie/

1968 - Mar.
Apr,
" May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1969 — Jan.
Feb...
Mar. e/

GROSS PROCEEDS FOR NEW CAPITAL
AND REFUNDING V
COMMON
AND
MEMO:
BONDS
TOTAL PUBLICLY PRIVATELY PFD.
ISSUES INCLUDED
OFFERED
PLACED
STOCK FOREIGN | CONVERTIBLE
1,632
1,551
678
234
6,833
4,604
1,327
93
6,294
3,107
2,137
1,051
584
2,465
989
313
5,178
1,724
758
3,105
956
172
5,705
1,644
1,037
2,606
1,166
124
5,133
1,361
. ,951
2,555
1,922
1,474
113
902
2,593
1,553
-1,791
n. a.
n.
a.
•
5,937

1,800
1,428
1,867
2,418
2,144
1,433
1,556
2,129
1,767
2,055
2,022
2,021
2,005

766
719
1,046
1,340
1,244
637
725
1,009
939
607
978
842
805

593 /
438'
521
685
528
400
433
595
362
965
591
382
650

441
-271
300
385
372
396
398
525
466
483
453
797
550

236
31
89
52
47
49
28
24
49
40
104
74

n.a.

**NET PROCEEDS
FOR NEW CAPITAL 1 2
MFG.

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUES

2,792
2,527
1,855
1,653
1,599
1,712
1,575

1,219
1,255
1,394
1,201
1,143
1,736
1,320

595
269
411
529
483
319
410

1,976
2,040
1,356
2,159
1,758
2,485
2,520

761
199
353
139
550
380
750
239
818
605
349
211
221
432
640
365
421
211
651
326
413
371i
516
537
400
n. a.

431
178
549
474
236
438
469
674
443
319
627
314
420

78
189
103
237
236
92
155
115
162
41
186
56
200

469
663
622
874
801
515
442
700
741
1,044
796
1,135
930

p Preliminary, e Estimated by Federal Reserve. 1 Gross proceeds exceed net proceeds by the cost of
flotation. 2 For total see Table 4;
other issuers are extractive, railroad and other transporation,
real estate and finance, and commercial and other. SOURCE: Securities and Exchange Commission.
Quarterly supplements are available.

**NOTE:

Beginning October 1968 net proceeds for new capital series was discontinued. Data since
N
September 1968 are for gross proceeds by type of issuer.




TABLE 6: Large Long-term-Public Security Issues for New Capital
\
(Other than U.S. Treasury)

ISSUER
Corporate
Public Service Elec. &
Gas Company
^Continental Airlines, Inc.
6ec'if"ic Tel. and Tel. Co.
^Security National Bank
Marine Midland Banks
Southern Calif. Edison Co.
Mortgage Investment Group
Union Tank Car Co.
*Dayton Power & Light Co.
Sybron Corp
Dillingham Corp.
Continental Computer Assoc.
Texas Power & Light Co.
Texas Power & Light Co.
Commonwealth Edison Co.
Florida Gas Co.
Pacific Gas & Elec. Co.
^Northwest Airlines
Inland Steel Co.
General Tele. Co.of.Mich.
Public Service Co.of N.Mex,
Wisconsin Pub. Service Co.
Maryland Cup Corp
Rochester Gas & Elec. Corp,
Chrysler Financial Corp.
Seaboard Finance Corp.
i Tenneco, Inc.
Savings Banks Trust Co.
Sunshine Mining
Host International, Inc.
Potomac Edison Co.
Mass.. Electric Co.




TYPE

AMOUNT :
(MILLIONS
OF
- MATURITY
DOLLARS)

1st & ref.
mtg. bds.
75.0
21.6
Com. stk
Com. stk
15.3
Com. stk
17.3
60.0
Debs.
Com. stk
54.4
Units
45.0
Equip, tr.
ctfs.
20.0
Cum. pfd .stk. 15.3
30.0
S. F. Debs.
Conv.sab .debs .50.0
Cenv.sub .debs .15.0
S. F. debs. . 20.0
Pfd. stk.
30.0
1st mtg. bds. 75.0
Conv. debs.
15.0
1st mtg. bds. 80.0
Com. stk.
79.7
1st mtg. bds. 50.0
22.0
Debs.
1st mtg. bds. 15 ..0
1st mtg. bds. 25.0
Conv. debs. . 15.0
20.0
Pfd. stk.
Debs.
100.0
S.F. debs.
30.0
Debs, w/w
100.0
Notes
,40.0
Conv, sub.debs1.25.0
Conv. debs.
20.0
1st mtg., bds. 15.0
1st mtg., bds. 15.0

COUPON
'RATE OR
NET INTEREST COST

OFFER- MOODY'S
RATING
ING
YJELD .

1999

7-5/8

7.50

Aa

1994

7-5/8

7.67

—

1989

7-5/8

7.87

A

1994
1994
1989
1994

7-1/2
5-1/2
6-1/2
7-3/4

7.64
5.50
6.50
7.65

Aa

1974
1989
2001

7.30
5-3/4
7-1/2

7.30
5.75
7.45

Aaa
B
Aa

1974
1994
1999
1999
1994

7.00
7-3/4
7-1/4
7-1/4
5-1/8

7.00
7.77
7.30
7.30
5.13

Aa
Baa
A
A
. Ba

1974
1989
1979
1972
1989
1994
1999
1999

7.00
7-7/8
6.00
7-3/8
6-1/2
5-1/4
7-5/8
7-5/8

7.38
7.90
6.00
7.55
6.50
5.25
7.45
7.57

'

A
B
__

N.R.
Ba
N.R.
B
B
A
A

TABLE 6: Large Long-term Public Security Issues for New Capital
(Other than U.S. Treasury)

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

April 1 through May 2. L969.
COUPON
RATE OR
OFFER- MOODY'S
MATURITY
NET INTERRATING
ING
EST COST
YIELD

Corporate (continued)
EDP Resources Inc.
EDP Resources Inc.
Wickes Corporation
Sutro Mortgage Investment
Trust
Amfac Inc.
Central Maine Pwr. Co.
Household Finance Corp.
United Va. Bancshares Inc.
Columbus & Southern Ohio
Electric Company

Equip, notes
22.5
Debs.
8.0
Conv. sub. debs. 40.0

1975
1984
1994

8-1/2
8.00
5-1/8

5.13

Ba

Benef. Int.
25. 6
Conv. debs.
35. 0
1st & gen.mtg.bds.30.0
Notes
50. 0
Conv, sub. debs. 17.8

1994
1999
1974
1994

5-1/4
7-1/2
7.60
5

5.25
7.25
7.60
5.00

B
A
N.R.
N.R.

Debs.

25. 0

1999

7-5/8

7.50

A

Rev. -Ut. •

72. 1

2018

5-3/4

5.75

A-l

Rev.-Ut.

12. 3

1998

5-5/8

5.63

A-l

Rev. -Ut.
G.O.

10. 6
27. 0

1972-88
1970-94

5.76
5.08

4.50-5 .45
4.15-5 .45

A-l
Aa

Rev.
G.O.

12.3
81. 0

1973-99
1971-84

5.86
4.65

4.75-6 • 00
4.10-4 .70 Aaa

5.78
6.14
5.13
5.62
5.27
5-7/8
ri.a.
5.12
5.20

4.70-5 .80
5.00-6 .10
4.60-5 .30
4.30-5 .80
4.30-5 .60
5.87
4.75-5>.30
4.20-5.30
4.30-5 .35

State & local Government
Calif. Dept. of Water
Resources
Calif. Dept. of Water
Resources
Calif. Dept. of Water
Resources
Memphis, Tenn.
Tucson Comm. Center Auth.,
Arizona
State of Virginia
New Haven Coliseum Auth.,
Connecticut
Port of Oakland, Calif.
Chicago, Illinois
Commonwealth of Penna.
Kansas City, Kansas
MassJ Port Auth.
"Mass. Port Auth.
Essex Co. , New Jersey •
Rhode Island, State of
FRASER

Digitized for


Rev.
Bonds
G.O.
G.O.
Rev.
Rev.-rent.
Rev.-rent.
G.O.
G.O.

19. 5 1975-2009
11. 0 1971-95
28. 0 1972-84
116. 8 1970-98
10. 0 1970-89
58., 9 4 7 0 0 8
3 .1-1972-79
16 .0 1970-94
19. 0 1970-89

Aa
Baa
A-l
A-l
Aa
—
Aa
A-l

TABLE 6: Large Long-term Public Security Issues for New Capital
(Other than U.S. Treasury)

/

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ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON
RATE OR
NET INTEREST1 COST

OFFERING
YIELD

MOODY'S
RATING

State & local Government
(Continued)
Fla. State Bd. of Education
San Francisco B.A.R.T.
Indianapolis San. Dist., Ind
Washington Sub. San. Dist.,
Maryland
Ga. Education Authority
Ohio, State of
Baltimore Co., Maryland
Oregon, State of
Delaware River Port Auth.,
New Jersey
Delaware River Port Auth.,
New Jersey
Genesee Co., Michigan
Atlanta, Georgia
New York, New York
California, State of
Penna. State Pub. Sch.
Bldg. Auth.
New York State Housing
Finance Agency"
Suffolk Co., New York




Rev.
G.O.
G.O.

\

39.0
70.0
14.3

1970-98
1972-99
1971-96

5.42
5.27
4.94

4.20-5.60
4.25-5.60
4.20-5.15

Aa
Aa
Aa

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

23.0

1970-98
1972-94
1970-94
1971-99 y
1974-83"

5.39
5.09
4.86
4.98
4.74

4.30-6.00
4.25-5.30
4.00-5.20
4.20-5.35
4.30-4.75

A
Aa
Aaa
A
Aa

Rev.

100*0

2009

5.66

5.66

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

40.0
30.1

111.1
30,0

Rev.
Rev.-rent.
G.O.

22.0
45.0

18.0

30.0

1975-85
5.66
1971-2000/08 5.89
1971-2000
5.64
1970-98
5.57
1970-84
4.78

5.66
4.30-5.90
4.40-5.75
4.60-5.75
4,00-4.85

23.7

1970-2008

5.68

4.60-5.80

60.0

1969-99
1983

5.61
4.90

4.10-5.60
4.40-4.80

18.0

15.5

Baa
Baa-1
Aa

I

TABLE 6: Large Long-term Public Security Issues for New Capital (continued)
. (Other than U.S. Treasury)1

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
. DOLLARS)

MATURITY

COUPON
RATE OR
NET INTEREST COST

OFFERING
YIELD

MOODY'S
RATING

Other^
Federal National Mortgage
Association
.)
Federal Land Banks
Hudson's Bay Oil & Gas Co..
Ltd. (Canada)
F.N.M.A.
Quebec, Province of
Quebec, Province of

Debs.
Consol. farm
loan bds.
Coll. tr. bds.
Debs.
Debs.
Debs.

162.4

1971

6.85

6.85

--

181.0

1971

6.80

6.80

—

25.0
50.0
15.0
35.0

1994
1971
1974
1999

7.85
6.85
7-3/4
8.00

7.85
6.85
7.87
7.87

A
—
-

Rights offering.
N.R. Not rated.
.
Includes corporate and other security offerings of $15 million and over;
State and local security offerings of $10 million and over.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues by Federal Agencies.
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.
,
This portion of Mass. Port Auth. issue had different maturity therefore the amount
of $3.1 million shown separately.
\.
Bonds due 1982-83 were not reoffered. :




TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury) 1
As of May 2, 1969.

ISSUER

TYPE

.

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

Corporate
Teledyne, Inc.
Union Electric Company
Fruehauf Corporation
Mid-Continent Realty Corp.
Tandy Corporation
Western Union Telegraph Co.
C. & P. Tele. Co. of W. Va.
U. S. Realty Investment
Hoener Waldorf Corp.
Homestake Mining Co.
Tappan Company
Cincinnati Gas & Elec. Co.
Wisconsin Elec. Pwr. Co.
Kentucky Utilities Co.
Pacific Pwr. & Lt. Co.
Pa. Electric Company
American Enka Corporation
Houston Lighting & Power
Company
-Jersey Central Power &
Light Company
Southern New England Tele.
Company
Long Island Lighting Co.
Burroughs Corporation
Virginia Elec. & Pwr. Co.
*Virginia Elec. & Pwr. Co*
Consumers Power Company
Florida Power & Light Co.
Illinois Bell Tele. Co.
Consumers Power Co.
^Indiana & Michigan Electric
Company
*South Carolina Electric &
Gas Company
*Duquesne Light Company
Beneficial Finance
*Vernitron Corporation
^Southern Natural Gas Co.
*Performance Systems Inc.




30.0
Debs.
1st mtg. bds.
70.0
75.0
Conv. debs.
16.0
Conv. debs.
35.0
Conv. debs.
59.8
Com. stk.
40.0
Debs.
20.0
Conv. debs.
30.0
Conv. debs.
18.9
Com. stk.
20.0
Conv. debs.
50.0
1st mtg. bds
40.0
1st mtg. bds
25.0
1st mtg. bds
25.0
1st mtg. bds
1st mtg. bds . - . — 28.0
45.0
Conv. debs.

5~

May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May

5
6
6
6
6
6
6
6
12(rts. exp.)
13
13
14
19
20
21
22(rts. exp.)

1st mtg. bds

40.0

May

22

1st mtg. bds

33.0

May

26

Debs.
1st mtg. bds
Conv. debs.
1st mtg. bds
Pfd. stk.
1st mtg. bds
1st mtg. bds
1st mtg. bds
Pfd. stk.

65.0
40.0
100.0
75.0
35.0
50.0
50.0
150.0
35.0

May
May
May
June
June
June
June
June
June

27
28
28
3
3
4
12
17
18

j

Bonds

60.0

June 18

Bonds
1st mtg. bds,
Debs.
Conv. debs.
Debs.
Conv. debs.

40.0
30.0
50.0
20.0
50.0
15.0

June 19
June 25
Indefinite
Indefinite
Indefinite
Indefinite

TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury)1
(continued)

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

State & local Government
Winston-Salem, N. C.
G.O.
Hawaii, State of
Rev.
Hawaii, State of
G.O.
Denver, Colorado
Rev.
Madison, Wisconsin
G.O.
Delaware, State of
G.O.
Lancaster Area Swr. Auth.,
Pennsylvania
Rev.
Prince George's Co., Md.
G.O.
^Worcester, Massachusetts
G.O.
*New York State
G.O.
•^Alabama Highway Authority
Rev.
Phoenix Civic Plaza Bldg.
Corp., Arizona
Rev.
*Nashville & Davidson Co.
Metro. Govt., Tennessee
Rev.
*Los Angeles Dept. of
Airports
Rev.
*New Housing Authority
Bonds
*0hio, State of
G.O.
Los Angeles Dept. of Wtr.
& Power
Rev.
*Stamford, Connecticut
G.O.
New Hampshire
G.O.
Philadelphia Sch. Dist., Pa.G.O.
King Co., Washington
G.O.
Minnesota, State of
G.O.
Boulder Walley Sch. Dist.
#R-2, Colorado
G.O.

12.0
40.0
11.5
35.0
12.0
42.9

May
May
May
May
May
... May

19.0
23.5
11.9
88.0
15.0

May
May
May
May
May

18.0

May 20

11.0

May 20

60.0
195.2
75.0

May 21
May 21
May 27

6
7
7
7
8
13
13
13
14
14
15

39.0
10.9
36.5
30.0
33.5
33.8

May 28
May
May
June 3
June17
Indefinite

10.0

Indefinite

II
Neon Products of Canada,
Ltd. .
iConv. debs.
Housing & Urban Development :Bonds
Tennessee Valley Authority 1&ev.

20.0
195.2
100.0

May 5
May 21
June 3

Includes corporate and other issues of $15 million and over; . State and local
z
Government issues of $10 million and over.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.




TABLE 8: Stock Prices and Volume
TRADING1 VOLUME 2

STOCK PRICES 1
S&P
5003

. DATE

D.J. - IND.

AMEX 4

NYSE

AMEX

943.08(9/25)
786.41(1/3)

24.52(12/29]
13.78(1/27)

12.3(12/29)
6.9(1/6)

6.7(10/27)
2.1(1/6)

1968 - High
Low

108.37(11/29) 985.21(12/3)
825.13(3/21)
87.72(3/5)

33.25(12/20:
22.00(3/22)

17.1(7/12)
8.2(3/29)

9.2(5/31)
2.9(3/29)

1969 >

103.99(1/3)
97.98(2/25)

956.05(1/6)
899.80(2/25)

32.91(1/3)
29.46(3/7)

13.4(1/10)
9.2(2/14)

8.0(1/31)
3.8(2/14)

100.68
101.65
101.24
101.72

927.30
933.46
924.82
924.00

30.25
30.31
30.06
30.09

10.9
10.8
9.7
11.3

4.3
5.0
4.6
4.9

2jV 104.00

957.17

30.93

14.5

7.3

97.59(9/25)
80.38(1/3)

1967 - High
Low

High
Low

1969 - Apr. 3
11
.18.
25
May

p
1
2
3
4

Preliminary.
Figures, except highs and lows are Friday's only. Highs and lows are for the
year and are not necessarily for Friday's.
Averages of daily trading volume on the New York and American Stock Exchanges.
Millions of shares.
1941-43 = 1 0
Based on actual dollar value, rather than a formula.




=

STOCK PRICES AND TRADING VOLUME
AM EX

OJ.
(Ind.)

Weekly

SAP
(500)

STOCK PRICES
30

27

AMEX PRICE LEVEL INDEX

24

S&P's 5 0 0

D J . IND.

1040

104

980

98

920

92

860

86

800

80

740
—
—1
AMEX TRADING VOLUME
10

.

|

T

- N Y S E TRADING VOLUME

"P"

T

111
1965

1966




1967

1968

1969

TABLE 9: Stock Market Credit

^.

CUSTOMERS'
^
.
CREDIT EXTENDED TO CUSTOMERS BY: NET DEBIT
BANKS 2 | TOTAL
BALANCES
BROKERS 1
END OF PERIOD

NET CREDIT
CUSTOMERS' NET EXTENDED BY
FREE CREDIT
BROKERS AND
DEALERS 3
BALANCES

Outstanding:

i

1968-

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1969 - Jan.
Feb,
Mar. j>J

i

4
i
1
1

i

j
j

1968-

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1969 - Jan.
Feb.
Mar. £/

1

«

j

J

!

,t
1
*

1

;

2
3

;

2,370
2,350
2,360
2,410
2,420
2,490
2,520
2,560
2,630
2,710
2,750
2,810
2,781

8,560
8,780
9,000
9,100
8,920
8,950
8,910
8.810
8,830
8,900
8,660
8,570
8,461

-50
-20
10
50
10
70
30
40
70
80
40
60
-29

-10
220
220
100
-180
30
-40
100
20
80
-240
-140
-109

.

7,248
7.701
8,268
8,728
8,861
8,489
8,724
8.859
9,029
9,790
9,107 , :
9,148
8,348

2,692
2,979
3,064
3,293
3,269
2,984
3,126
3,407
3,419
3,717
3,597
3,647
3,294

4^556
4,722
5,204
5,435
5,592
5,505
5,590
5,452
5,610
6,073
5,510
5,505
5,054

Change in:
Outstanding

:|

*

6,190
6,430
6,640
6,690
6,500
6,460
6,390
6,250
6,200
6,200
5,910
5,760
5,680

40
240
210
50
-190
-40
-70
-140 -50
——

-290
-200
-80

. -171
453
567
460
133
-371
235
135
170
761
-683
-51
-800

-76
287
85
229
-24
-285
142
281
12
298
-120
50
-351

-85
166
482
231
156
-86
85
-138
158
563
-501
-5
-449

Margin debt, as reported by the New York Stock Exchange. Although margin debt
until March 1968 included loans secured by U.S. governments, the amount of such
loans included is thought to have been dmall.
"Bank loans to others than brokers and dealers for purchasing or carrying securities other than U.S. governments."
The difference between customers' net debit balances and customers net free credit balances, this figure represents the net credit extended by brokers and
dealers to the nonfinancial public. NOTE: With the exception of bank loan data,
figures are supplied by the New York Stock Exchange and are end of month data.
Bank loans are for weekly reporting large commercial banks.




-

)
:»
TABLE 10: Savings Flows at N on bank Depositary Intermediaries
($ millions)
MUTUAL SAVINGS BANKS
NET
REGULAR DEPOSITS 3'
NEW
|. ANNUAL •
MONEY 2
NET ' I GROWTH
1
FLOW
1
RATE

. DATE

1966
1967
1968

VV.

218
331
j:/642

1969 - Jan.
Feb.
Mar. e./
1968 - Oct.
- Nov.
Dec.
1969 - Jan.
Feb.
Mar. £/

1
2
3

p
*

NET
NEW
MONEY 2

Not Seasonally Ad lusted
2,557
5,082
4,186

266
350
645

1968 - Jan.
Feb.
Mar.

, TOTAL
SAVINGS •
6c LOAN ASSOCIATIONS"
DEPOSITS .
SHARE CAPITAL
- NET
• A N N U A L • NEW
ANNUAL
NET
GROWTH
GROWTH
MONEY 2 NET
1
RATE 1
FLOW
FLOW
RATE

.

363
395
362
220
384
r/382

4.9
9.3
7.0

—

—
6.9
7.5
6.8
4.1
7,2
r/7.1 /

227
2,376
1,143

3,584
10,687
7,396

162
301
117

-251
584
1,275
-91
605

106
264
r/81
—

-- .
-——
—

-552
6,129
2,676

6,141
3,5,769
1\1,582

-270
559
541

15
934
1,920

-130
569
1,357
—
473
Seasonally Ad lusted
——
764
7.1
-620
5.7
620
5.7

127
936
cj 1,999

523
582
882.

3.2
9.4
5.9

--——

4.8
5.2
8.0

-IT
——

'

3.8
9.4
6.3

—

__ •

1,127
1,015
982

7.0
6.3
6.1

743
966
cf1,264

. 4.6
5.9
r/7.7

-325
8,505
3,819

-108
860
658
-24
833
r/556
" —' •
•

-T.
mm mm
——

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits
Net New Money is the net change in deposits net of both withdrawals And interest. Data for S&Ls
are for insured associations only, which represent 96% of the total resources of the industry.
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.
SOURCE: National Association of Mutual Savings Ba-ks and Federal Home Loan Bank Board,
Preliminary.
S&L series reflects FHLB revisions of data shown here through 1968.




19

SAVINGS FLOWS (seasonally adjusted)
Monthly

Millions of dollars

2000
1600
TOTAL

1200
800
400

400

SAVINGS & LOANS

MUTUAL SAVINGS BANKS

v

—

1
1965

1
1966




1 r i i i i ii ii i I 1 ii ii M ii i i i
1967

1968

1969

x

DATE

I
1968-,Mar.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.1969- Jan.
Feb.
Mar* £/

1

TOTAL

8.6
8.7
8.6
8.6
8.8
9.0
9.1
9.5
9.7
9.7
9.9
10.1
18.3

TABLE 11: Mortgage Commitments,at Selected Thrift Institutions

OUTSTANDING COMMITMENTS
ALL
MUTUAL
SAVINGS
SAVINGS &
BANKS
LOAN
(N.Y. STATE)
ASSOCIATIONS

NET CHANGE .
MUTUAL
ALL
TOTAL
SAVINGS &
SAVINGS
LOAN
BANKS
(N.Y. SfATE)
ASSOCIATIONS
(Billions of Dollars, Seas< mally Adjusted) 1/
1
V
x
V
.02
.15
.17
2.5
6.1
.14
2.5
.14
6.2
.02
-.16
-.13
2.6
6.0
.06
-.10
2.6
.04
5.9
.08
.16
• .24
2.7
6.1
.16
.16
2:9
6.1
.04
.10
.14
, 2.9
6.2
.22
.13
.35
3.0
6.4
1
.10
,
.17
.27
3.2
6.5 .
-.10
:
.08
-.01
3.1
6.6
6.7
6.9
7.0

3.2
3.2
3.3

'

I

.15
.25
.17

.08
.22
.09

Based on data,from Federal Home Loan Bank Board and Savings Banks Assoications of
New York State. Net changes are derived directly from unrounded outstandings
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals
may not add to totals because of rounding.




.07
; 03
.08

MORTGAGE COMMITMENTS OUTSTANDING (saar)

BiVions of dollars

Monthly

TOTAL

S&L'S

MSB'S

1959




1961

1963

1965

1967

1969

TABLE 12: Net Change in Mortgage Holdings 1

.DATE

TOTAL
INCLUDING
FN MA

TOTAL

FINANCIAL INSTITUTIONS
SAVINGS
MUTUAL
&
SAVINGS
COMMERCIAL
LOANS
BANKS
BANKS

1965 - I
,
II
III"
IV

4,761
6,365
6,469
6,303

4,813
6,431
6,403
5,947

823
1,749
1,805
1,322

1966 - I
II
III
IV

5,425
5,648
3,976
3,056

4,630
5,097
3,468
2,587

1967 - I
2,617
II
. 4,868
. III.
6,285
IV
6,246

2,267
4,762
5,706
5,484

1968 - Jan.
1,403
Feb.
1,5 77
Mar,
1,788
Apr.
1,969
May2,227
June
2,125
1,851
July
Aug. . 1 , 9 8 2
Sept. 2,000
Oct.
2,314
Nov; j 2,088
Dec. | 2,483

1,053
1,273
1,514
1,723
1,992
1,905
1,699
1,841
1,892
2,153
1,943
2,311

300
400
400
616 616
616
533
533
746
807
706
404

215
197
137
160
203
219
248
233
221
313
310
'340

1,449
1,549
n. a.

400.
500
400

293
228 '
n. a.

.1969 - Jan.
Feb.
Mar.

j

1,650
1,770
n. a.

LIFE
INSURANCE
COMPANIES

FNMA

965
946
1,072
1,078

1,860
2,706
2,460
1,947

1,165
1,030
1,066
1,600

-52
-66
66
. 356

975 1,656
1,300
774

753
513
739
715

1,683
1,651
373
54

1,219
1,277
1,056
1,044

795
551
508
469

151
1,200
1,751
1,537

770
786
839
758

48'6
2,119
'2,595
"2,320

860
657
521
869

350
106
5.79
762

380
542
789
879
957
901
718
874
810
645
732
903

157
134
188
68
216
169
200
201
J15
188
195
664

350
304
274
246
235
220
152
141
108
161
145
172

622
671
906

134
150
n. a.

201
221
205

J

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.
— o f Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance
and the Federal 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.




NET CHANGE IN MORTGAGE HOLDINGS
Monthly

'

•

Billions of dollars

3.0

2.5

TOTAL, INCL. FNMA

2.0

1.5

1.0

FINANCIAL INSTITUTIONS

1966




1967

1968

1969

TABLE 13: Net Increases in Mortgage Debt Outstanding 1
QUARTER

TOTAL

RESIDENTIAL 2

1- to 4FAMILY

MULTIFAMILY | COMMERCIAL

1965 - I
II
^
III
IV

24.9
25.2
25.8
26.6

18.6
18.5
19.3
19,6

15 ;1
15.1
15;5 %
15.8
.

3.5
3.5
3.8
3.8

4.2
4.5 .
4.4
4.6

1966 - I
II
III .
IV

28.4
23.6
17.8
14.9

19.0
15.3
10.6
9.2

14.7
12.1
8.3
7.2

4.3
2.3
2.0

7.0
6.1
5.1
3.9

- 15.5
20*4
26.3
, 28,5

9.9
13.7
19.1
20.8

6.8
10.5
15 3
16 - 5

3.1
3.2
3.8
4.3

3.8
4.8
4.8
5.1

27.1
26.2
25.8
30.2

18.3
18.6
17,8

16.3
14.7
14.6
17.0

2.0.
3.9
3.3
4.0

6.3

1967 - I
11
"II
w
19.68 - I
II
I!..
... IV .

1

2
£./

21.0

3.2

1:1
7.7

MULTI-AND
COMMERCIAL
8.0
8.1
8.4
7,9
11.7
9.4_
7.7
5.6

-

FARM
2.2
2.1
2.2
2.4
2.4
2.2
2.1
1.7

. 7.3
8.0
8.8
8.8

1.8
1.9
2.4
2.6

9.3
9.8
10.8

?:l

x

2.5
1.6

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 Bank's, 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 by Federal Home Loan Bank Board
and the Federal Reserve.
Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family
and multifamily mortgage de^t combined.
Preliminary.




NET INCREASES IN MORTGAGE DEBT OUTSTANDING
Quarterly

Billions of dollars, seasonally adjusted annual rate

TOTAL

' 24
TOTAL
RESIDENTIAL

16

/ 1 - 4 FAMILY

COMMERCIAL

MULTIFAMILY

1965




1967

1969

TABLE 14: FNMA Weekly "Auction" Resu/ts

WEEK
ENDED

TOTAL
OFFERED1

IMPLICIT YIELD
AMOUNTS IN $ MILLIONS
ACCEPTED
901-1/
906TOTAL
61MONTH fear&ove : DAY
DAY
MONTH Year & ove

-Mar. 3
10
17
24

118.9
127.1
132.7
220,9

90.5
84.6
88.5
84.1

11.5
7.5
3.1
3.5

38.1
37.0
45.6
47.4

41.0
40.2
39.8
33.3

8.13
8.14
8.09
8.10

8.17
8.13
8.08
8.09

8.02
8.00
7.95
7.96

Apr. 1
7
14
21
28

182.9
175.9
144.7
128.1
157.7

93.1
102.5
101.1
100.9
84.1

4.6
8.2
7.9
4.6
4.8

47.2
57.8
52.3
59.8
58.7

41.4 '
36.5
40.9
36.5
20.5

8.10
8.12
8.10
8.05
7.92

8.11
8.13
8.10
8.05
7.92

7.98
8.01
7.98
7.93
7.84

May .5

(85.0)—

,

Note: Under the FNMA auction system, approved' sellers of Governmentunderwritten mortgages bid for FNMA forward purchase commitments,
subject to an- over-all dollar limit announced by FNMA in advance. Bids
accepted by FNMA are for delivery at the seller's option, and at any
time within the specified period. Bids on( proposed homes relate to
construction not yet started on which mortgages may be delivered only
after completion and occupancy;
1. For "proposed construction " of new homes only.
2. Average secondary market yield after allowance for commitment fee and required
purchase and holding of FNMA stock, assuming prepayment in 15 years for 30-year
Government-underwritten mortgages. Yields shown are gross, before deduction of
50 basis point fee paid by investors to servicers.
3. FNMA announced limit of accepted bids for next week's auction.




FNMA WEEKLY "AUCTION" RESULTS
$ Millions
.120
A M O U N T OF ACCEPTED BIDS BY C O M M I T M E N T PERIOD

100
80

\

6-MONTHS

1 YEAR
"1

90

DAYS

IMPLICIT YIELD
6 - M O N T H COMMITMENTS

7.6

7.2

JUNE

AUGUST




1968

DECEMBER

FEBRUARY
1969

APRIL

TABLE 15: Private housing starts and Permits
STARTS
SEASONALLY ADJUSTED
ANNUAL RATE
TOTAL 1-FAMILY 2 OR MORE

1968 - Mar.
Apr.
May
• June
• July
Aug.
Sept.
Oct.
Nov.
Dec.

1,511
1.591
1.364
1.365
1,531
1,518
1.592
1,570
1,733
1,509

1969 - Jan. r/1,878
Feb. r/1,673
Mar.
1,539
L

2

920
922
838
790
904
867
944
965
905

591
669
526
575
627
651
648
605
828
r/585

r/1,066 r/812
r/974 r/699
825
714

—

TOTAL

126.6
162.0
140.9
137.9
139.8
136.6
134.3
140.8
127.1
96.4

UNADJUSTED
TYPE OF FINANCING
FHA VA
OTHER

19.6
22.6

4.5
5.4
20.5 575
19.8 5.0
18.8 4.9
20.9 4.8
18.6 4.6
21.4 5.3
17.5 4.2
16.3 4.4

r/101. 5 r/14.2. 3.8
r/89.5
13.2 3.5
128.4
18.9 3.9

102.4
134.0
114.9
113.1

116.2
110.9
111.1
114.0
105.4

75.7

tf83.5
72.9
105.6

BUILDING
PERMITS
(SEASONALLY
ADJUSTED
ANNUAL
RATE) 2

1,416
1,340

1,280
1,281
1.289
1.290
1,393
1,378
1,425
1,463
1,403
1,477
1,370

Total starts are Census estimates including farm for both permit-issuing and
non-issuing areas. A dwelling unit is started when excavation begins; all units
in an apartment structure are considered started at that time. FHA and Va
starts are units started under commitments by these agencies to insure or guarantee the mortgages. As reported by FHA and VA, a unit is started when a field
office receives the first compliance inspection report, which is made before
footings are poured in some_cases but normally after the foundations have been
completed.
apehart military housing units are excluded. Other starts are
derived as a. residual, although total and FHA and VA starts are not strictly
comparable in concept or timing; other starts include both units financed by conventional mortgages and units without mortgages.
Building permits before January 1963 are Census estimates for ^bout 10,000 areas
identified as having a local building permit system in 1959. Estimates beginning
January 1963, are for approximately 12,000 and beginning January 1967 13,000, or
all known permit-issuing places. Unlike starts, seasonally adjusted building permits reflect direct adjustment for differences in the number of working days per
month, as well as other differences in timing and coverage.
Revised.
p

Preliminary.




PRIVATE HOUSING STARTS AND PERMITS
Monthly, annual rates

Millions of units

SEASONALLY ADJUSTED DATA
2.0

1.6
HOUSING STARTS

1.2

BUILDING PERMITS
(in issuing areas)

PER CENT OF UNADJUSTED TOTAL STARTS
MULTI-FAMILY

40

(3 or moref

GOVERNMENT UNDERWRITTEN
1963




1965

1967

1969

TABLE 16: Mortgage and Bond Yields
FHA
MORTGAGES

2

DATE
25-YEAR 30-YEAR

CONVENTIONAL
MORTGAGES
3

SPREAD BETWEEN YIELDS
ON CONV, &
FHA MORTGAGES 4

1

NEW
Aaa CORPORATE
BONDS
5

SPREAD BETWEEN
YIELDS ON NEW
CORPORATE BONDS
AND
FHA MORTGAGES

1957 - High
_ ^ % 9 5 8 - Low
1959-60 - High
1961-66 - Low
1966 - High
1967 - High
Low
1968 - High
Low

5.63
5.35
6.24
5.43
6.73
n. a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
5.44
6.81
6.81
6.29
7.52
6.78

6.00
5.55
6.30
5.80
6.70
6.65
6.40
7.30
6.75

.47
.15
.23
.25
.30
.11
-.12
.02
-.27

4.94
3.65
5.25
4.41
5.82
6.51
5.18
6.79
6.15

1.58
.88
1.69
.77
1.16
1.28
.27
1.20
.26

1968- Nov.
Dec.
1969 - Jan.
Feb.
Mar.

n.a.
n.a.
n.a.
n.a.
n.a.

7.36
7.50

7.30
7.40
7.55
7.60
7.65

-.06
-.10

6.61
6.79
6.92
r/6,91
7.37

.75
.71

1

2

3

4
5.

--

7.99
8.05

—

-.39
-.40

--

r/l.08
.68

Neither mortgage nor bond yields take into account servicing costs which are
much higher for mortgages than bonds." Generally, bonds pay interest semiannually; mortgages, monthly. Mortgage yields, if computed as equivalent to
a semi-annual interest investment, would be slightly higher than given in the
table.
Based on FHA-field-office opinions about average bid prices in the private
secondary market for new-home mortgages for immediate delivery. Separate
data available for 25-year and--beginning July 1961--30-year mortgages with
minimum downpayments, weighted by probable volume of transactions.. Yields
computed by FHA, assuming prepayment period of 12 years for 25-year mortgages
and 15 years for 30-year mortgages. Over the period for which they can be
compared, the movement of the two mortgage yield series has been similar.
Dashed lines indicate periods of adjustment to changes in contractual interest
rates.
Based on FHA-field-office opinion on typical interest rates (rounded) on conventional first mortgages prevailing in the market areas of insuring office
cities. Beginning with April 1960, rate relates only to new-home mortgages;
prior to that date, rate related to both new as well as existing-home mortgages. Dashed line indicates this change in the series.
FHA mortgage yield data are for 25-year mortgages through June 1961; 30-year
mortgages thereafter.
See note for Table I. (Data prior to 1965 is based on a composite of issues with
and without call protection.) n.a. Not available.




MORTGAGE AND BOND YIELDS
Monthly

HOME MORTGAGES:
CONVENTIONAL

FHA

Aaa CORPORATE BONDS:
NEW ISSUES

1961




1963

1965

1967

1969

.32

TABLE 17: Conventional Mortgage Terms

NEW HOMES
CONDATE

FEES &
TRACT CHARGES EFFEC- MATURITY
(PER
(YEARS)
RATE
TIVE
CENT) RATE
(PER CENT)
3
2

1968
6. 50
Mar.
6.57
Apr.
May . 6.69
June
6.88
July
.7.04
Aug. „ 7.10
Sept. 7.10
Oct.
7.09
Nov.
7.07
Dec.
7.09

1

EXISTING HOMES
CON- FEES &
LOAN/
TRACT CHARGES EFFEC- MATU- PRICE
PRICE LOAN
(PER
RATE
RATIO AMT.
TIVE RITY RATIO
'CENT) RATE (YEARS) (PER
(PER ($000) (PER
LOAN /

CENT)

CENT)

2

LOAN

($000%

CENT)

3

A

.0.88
0.88
0.95
0.95
0.85
0.87
0.87
0.88
0.84
0.89

6.64
6.71
6.84
7.03
7.17
7.24
7.24
7.23
7.21
7.23

25.7
25.3
25.0
25.4
25.5
25.5
25.5
25.6
25.4
25.9

74.3
73.4
73.2
74.4
73.7
73.6
74.2
74.5
74.1
74.0

22.2
21.9
21.7
22.3
22.2
22.6
22.1
22.7
22.5
24.7

6.59.
6.64
6.81
6.97
7.10
7.12
7.11
7.09
7.07
7.09

0.79
0.80
0.87
0.86
0.83
0.85
0.82
0.84
0.82
0.85

6.72
6.77
6.95
7.12
7.23
7.26
7.25
7.22
7.21
7.23

23.0
22.6
22.5
22.6
22.5
22.7
22.6
22.5
22.7
23.3

73.3
72.8
73.1
73.1
72.6
73.0
72.6
72.4
72.9
73.2

1969
Jan.
7.16 0.84
Feb. - 7.26r/0.81
"Rar.jV 7.31 0.92

7.30
7.39
7.46

25.6
25.6
25.8

73.6
r/73.3
73.8

24.1
23,5
24.1

7.18
7.28
7.34

0.86
0.86
0.84

7.32
7.42
7.48

22.8
22.9
23.0

72.6
20.0
72.8 r/19.6
72.8 ~ 20.3

18.3
18.1
18.3
18.2
18.5
18.6
18.3
18.3
18.9
20.4

r
1

Revised.
p Preliminary
Compiled by Federal Home Loan Bank Board in cooperation with Federal Deposit Insurance
Corporation. Data are weighted averages based on probability sample survey of characteristics of conventional first mortgages originated by major institutional lender
groups, (including mortgage companies) for purchase of single family homes. Data exclude loans for refinancing, reconditioning, or modernization; construction loans to
hoine-builders; and--in this exhibit--permanent loans which are coupled with construction
loans to owner-builders. Data prior to 1965.on a comparable basis with the new series
are pending. Related serieson conventional" mortgage rates only, based on unweighted
opinions of regional-office directors of the Federal Housing Administration, are available somewhat sooner than the results of the FHLBB-FDIC survey, and are included-in the
case of new home mortgage rates--in Table 16.

2

Fees and charges--expressed as a percentage of the principal mortgage amount--include
loan commissions, fees, discounts, and other charges which provide added income to the
lender and are paid by the borrower. They exclude any closing costs related solely to
transfer of property ownership.

3

Includes fees & charges amortized over a 10 year period in addition to the contract
interest rate.
°




,

AMT. ^

t
^
t

I
#
#
;

I
y

CONVENTIONAL MORTGAGE TERMS
Monthly.

Years

30

MATURITY
NEW

EXISTING

20

80

LOAN/PRICE RATIO

75

NEW

EXISTING
70

65
1963




1965

1967

1969