Full text of H.16 Capital Market Developments : November 26, 1973
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m 2-3 m i Capital Market Developments November 2 6 , 1 9 7 3 Prepared by t h e C A P I T A L MARKETS SECTION in c o n j u n c t i o n with the MORTGAGE, A G R I C U L T U R A L , and CONSUMER F I N A N C E SECTION DIVISION O F R E S E A R C H AND S T A T I S T I C S BOARD OF GOVERNORS F E D E R A L R E S E R V E SYSTEM Washington, D C. 20551 Index TABLES SYMB0LS 1 - 6 S E C U R I T Y VOLUME A N D Y E , L D S ° 7.8 STOCK MARKET AND S E C U R I T Y C R E D I T L NOTTVA.UABLE 9 - 1 6 MORTGAGE MARKET — DATA DO NOT EXIST P ^ Z n a r y Table 1 YIELDS, VOLUME AND RECEPTION 3 CORPORATE BOND MARKET WEEK ENDING YIELDS VOLUME RECENTLY 2 ' OFFERED Aaa UTILITY NEW ISSUE 1 Aaa UTILITY GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEFK 1973 - O c t . 5 12 19 26 7.75 7.96 7.99 7.97 7.90 7.88 7.98 7.98 350 350 353 570 83 100 72 66 Nov. 2 9 16 23 7.76 8.00 7.98 7.86p 7.97 8.03r 7.99r 7.85p 105 155 730 250 71 87 74 88 . NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 60 0 99 18r 25 2 75 86 MUNICIPAL B O N D MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 20-BQND INDEX 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END O F WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 1973 - O c t . 5 12 19 26 4.70 4.70 4.75 4.90 5.04 4.99 5.05 5.12 461 302 792 162 78 74 74 65 177 155 384 189 Nov. 2 9 16 23 4.95 5.05 5.10 5.05 5.17 5.19 5.27 5.13 461 872 671 187 73 89 80 77 195 154 167 104 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. Table 2 HIGH GRADE BOND YIELDS NEW I S S U E A a a UTILITY DATE 1 RECENTLY OFFERED A a a UTILITY 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 1971 - High Low 8 . 2 6 (7/30) 7.02 ( 2 / 5 ) 8.23 (1/1) 7.17 (12/31) 7.71 (8/12) 7.06 (2/12) 6.51 (6/18) 5 . 6 9 (3/23) 6.23 (6/23) 4 . 9 7 (10/21) 1972 - High Low 7.60 (4/21) 6.99 (11/24) 7.46 (5/12) 7.17 ( 1 / 7 ) 7,36 (4/28) 7.05 (12/8) 6.19 (4/14) 5 . 7 4 (11/17) 5.54 (4/13) 4 . 9 6 (10/21) 1973 - High Low 8.52 (8/10) 7.29 (1/21) 8.32 (8/10) 7.28 (1/5) 7.77 (8/24) 7.11 (1/5) 7.79 (8/10) 6.42 ( 1 / 5 ) 5.59 (8/3) 4 . 9 9 (10/11) 1973 - Oct. 5 12 19 26 7.75 7.96 7.99 7.97 7.90 7.88 7.98 7.98 7.59 7.56 7.58 7.64 7.14 7.10 7.22 7.26 5.04 4.99 5.05 5.12 Nov. 2 9 16 23 7.76 8.00 7.98 7.86p 7.97 8.03r 7.99r 7.85p 7.65 7.67 7.69 7.68p 7.28 7.33 7.36 7.28p 5.17 5.19 5.27 5.13 5 x NOTES: 1 Federal Qetorve 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 6-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 data. 5 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. H.16 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCE EDS 1 CORPORATE PERIOD 1973 1 1972 1973 3,115 3,000 6,075 1,974 1,499 2,451 1,776 2,005 2,239 2,732 1,851 2,258 1 1972 1 1971 January February March 2,327 1,962 3,933 3,205 3,369 3,229 April May June 2,497 2,543 3,578 3,275 3,598 4,341 4,042 3,300 4,375 1,818 1,921 2,072 1,989 2,017 2,270 1,891 2,167 2,013 July 2,553 1,675 3,582 2,893 2,720 4,147 2,532 3,768 1,958 1,489 1,805 1,966 1,726 1,989 1,903 2,098 3,791 3,377 3,396 3,387 3,704 3,673 1,675 2,200 1,861 1,794 1,728 2,264 2,068 8,222 8,618 9,803 11,214 9,195 10,564 12,190 11,688 10,447 10,764 5,924 5,811 6,020 6,276 5,494 5,855 6,841 6,081 5,990 6,060 16,840 21,017 30,212 40,776 23,844 34,325 45,089 11,735 12,296 17,790 23,645 12,812 18,902 24,962 August September October November December Q1 02 03 04 1st Half 3 Qtrs. Year - 2 S T A T E AND LOCAL 1971 1 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. H.16 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 ISSUER G R O S S PROCEEDS BY TYPE OF I S S U E PERIOD TOTAL \ MEMO COMMON BONDS MANUFACAND ISSUES INCLUDED PUBLICLY PRIVATELY PREFERRED TURING OFFERED PLACED FOREIGN (CONVERTIBLE STOCK COMMUNICATIONS OTHER ISSUERS 1972 - I I III IV 11,214 9,195 10,564 4,634 4,192 4,158 2,781 1,867 3,147 3,789 3,136 3,258 245 57 245 449 836 428 2,109 1,629 1,398 3,495 2,680 2,934 1,369 856 1,079 4,240 4,030 5,151 1973 - I II 8,222 8,618 2,945 3,345 1,405 2,872 3,971 2,402 105 145 112 118 898 1,409 2,427 2,886 1,215 964 3,683 3,361 1972 - Aug. Sept. 2,893 2,720 1,523 863 421 789 948 1,070 17 37 183 203 452 603 635 1,247 237 33 1,568 838 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 93 162 171 95 383 426 589 1,280 794 860 371 658 50 1,757 1,499 1,895 1973 - J a n . Feb. Mar. 2,327 1,962 3,933 989 641 1,315 287 316 802 1,050 1,004 1,817 14 27 64 81 28 3 176 213 509 900 596 931 33 174 1,008 1,218 980 1,485 Apr. May June 2,497 2,543 3,578 938 1,049 1,358 801 673 1,398 758 822 822 63 44 38 25 82 11 282 399 728 519 771 596 258 374 332 1,439 1,000 922 July Aug. 2,553 1,675 857 792 944 461 752 422 117 10 0 40 515 239 907 507 301 310 829 620 NOTES: 1 PUBLIC UTILITY 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. 1 T a b l e 5A LARGE LONG-TERM PUBLIC SECURITY ISSUES FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 November 1 - t h r u November 23,1973 TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE C a r o l i n a pwr. & L i g h t Co. Avery P r o d u c t s Corp United T e l . Co. of F l o r i d a Nabisco I n c . Dayton Pwr. & L i g h t Co. Mortgage I n v e s t o r of Wash. 1 s t Va. Mtge. & Real E s t . Inv C e n t r a l Pwr. & L i g h t Duke Power Co. New England T e l . and T e l . Southern Railway Gen. T e l . Co. of F l o r i d a Toledo Edison Co. W.E. H e l l e r & Co. W.E. H e l l e r & Co. Corning G l a s s Works MGIC Mtg. Corp. A l a . F i n . Grp. New England E l e c t r i c System D e t r o i t Edison Co. Barnett-Winston Inv. T r s t . S t a t e Mutual I n v e s t o r Avco F i n . Serv. Com s t k Com s t k 1 s t mtg SF Deb Bonds Sr Sub n o t e s Sr sub n o t e s 1 s t mtg Debs Debs Equip t r s t Bonds 1 s t mtg Sr n o t e s Sub debs S . F . debs Notes Debs Com s t k Com s t k Conv debs Sr debs 69.0 27.2 15.0 75.0 40.0 15.0 20.0 40.0 100.0 , 170.0 15.0 50.0 40.0 50.0 25.0 50.0 100.0 30.0 30.0 80.0 30.0 25.0 - - —- 2003 2001 2003 1980 1980 2003 2003 1980 1993 1998 1979 2003 8.50 7.75 8.00 8.00 8.50 8.00 8.13 8.00 8.00 8.00 8.00 7.63 8.50 7.75 8.63 8.50 WW • w —— 2003 2003 — • — 1998 1980 - - 8.25 7.79 8.00 8.00 8.50 8.00 8.15 8.07 8.25-7.85-7.90 8.20 8.00 ^ 7.97 8.50 7.75 8.63 8.50 — - - Aa A Aaa Aa Aa --- Aa A mm • w— 8,20 9.00 — A Aa Aa 8.20 9.00 • • N.R. NOTES: • 1 Rights offering. Includes corporate and other security offerings of $15 million and over. H.16 LARGE LONG-TERM PUBLIC SECURITY ISSUES FOR NEW CAPITAL OTHER THAN U.S. TREASURY November 1 - t h r u November 23. 1973 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING 7.50 8.04 Aa A CORPORATE Columbus & So. Ohio Elec. Co. C a r o l i n a Pwr. & Light Co. Baltimore Gas & E l e c t r i c Co. Kentucky U t i l i t i e s 1st 1st Pfd Com mtge mtge stk stk 50.0 100.0 20.0 16.6 1980 2003 7.63 8.13 Table 5B LARGE LONG-TERM PUBLIC SECURITY ISSUES FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 November 1 - t h r u November 23, 1973 2 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING STATE AND LOCAL P u e r t o Rico Aqueduct & Swr. Auth. Rev P u e r t o Rico Aqueduct & Swr. Auth Rev Kentucky Housing Corp. Rev Kentucky Housing Corp. Rev Georgia Highway A u t h o r i t y Rev New York S t . Dormitory Rev New York S t . Dormitory Rev P o r t of S e a t t l e , Wash. Adv-ref-rev Alaska S t . Housing Auth. Rev New J e r s e y Mortgage F i n . Agency Rev New J e r s e y Health Care F a c . F i n . Auth. Rev New j e r s e y Health Care F a c . F i n . Auth. Rev New J e r s e y H e a l t h Care F a c . F i n . Auth. •Rev. Los Angeles Dept. of Wtr. & P w r . , C a l i f , Rev Los Angeles Dept. of Wtr. & P w r . , C a l i f Rev South C a r o l i n a Pub. S e r v . Auth. R e l^ South C a r o l i n a Pub. Serv. Auth Rev Oregon G.O. Sacramento, C a l i f . Muni. U t i l . D i s t . Rev Sacramento, C a l i f . Muni. U t i l . D i s t . Rev S u f f o l k Co. Wtr. A u t h . , N. Y. Rev Denver, Colo. G.O. 7.5 30.0 10.0 42.1 25.0 10.2 28.9 110.0 15.3 100.0 5.2 5.6 2.2 25.2 24.8 83.5 16.5 100.0 10.0 40.0 13.0 38.1 1978-1992 2006 1975-1988 2013 1974-1998 1976-2005 1975-2004 1974-2001 1976-1993 1974-1983 2005 ' 1976-1988 1*993 1979-1998 2013. 1993 1993 1979-1991 1978-1992 2013 1974-2007 1976-1989 « • mm mm 5.10 5.34 5.79 5.70 5.62 5.80 — 5.50 5.75 5.38 5.63 4.81 4.75-5.65 5.98 4.50-5.40 5.98 4.20-5.25 4.25-5.60 4.70-6.00 4.50-5.90 4.90-5.90 4.50-5.00 5.80 4,60-5.20 5.50 4.30-5.35 5.50 •• • 4.60-5.40 4.20-4.94 4.35-5.15 5.50 4.50-5.70 4.25-5.00 A A A A Aa Aaa A-l A Baa A-l A A A Aa Aa A A Aaa Aa Aa A-l Aa 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.-0.-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. T a b l e 5B C o n t i n u e d LARGE LONG-TERM PUBLIC SECURITY ISSUES FOR NEW CAPITAL OTHER THAN U.S. TREASURY November 1 - t h r u November 23, 1973 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING STATE AND LOCAL Colo. S p r i n g s , Colo. Henrico Co., Va Anne Arundel Co., Md. D e t r o i t , Mich. New York S t . Housing F i n . Agency New York S t . Housing F i n . Agency Salem, Mass. Penna. S t a t e P u b l i c Sch. Bldg. Auth. T r i n i t y R i v e r Auth. of Tex. Maryland U n i v e r s i t y of Houston T.ansing, Mich. Kentucky P o l l . Abatement Auth. "sarasota C o . , F l a . Spc. U t i l . D i s t . #1 Minn., Minnesota M i n n . , Minnesota Michigan Alabama P u b l i c School & C o l l . Auth. Rev G.O. G.O. G.O. G.O. G.O. G.O. Rev Rev G.O. Rev Rev Rev G.O. G.O. G.O. G.O. Rev 10.0 23.0 25.0 16.9 5.0 158.0 12.1 15.7 23.0 57.9 25.0 14.0 23.8 10.2 9.2 2.6 25.0 23.0 1984-2003 1974-1993 1974-1998 1974-1988 — —- 1974-1993 1976-2013 1978-1999 1976-1988 1974-1999 1991 1974-1989 1976-2013 1974-1978 1974-1978 1974 1974-1987 5.39 4.86 5.09 5.52 5.48 5.93 5.49 5.35 4.65 5,46 4.79 -»<• 5.54 4.99 4.38 4.33 8.86 4.70-5.50 4.20-5.10 4.20-5.40 4.75-5.60 4.50-5.97 4.50-5.97 4.30-5.20 4.50-5.65 4.40-5.75 4.20-4.90 4.25-5.75 4.25-5.00 4.60-5.50 4.30-5.75 • 4.20-5.15 4.20 4.20-4.40 4.40-5.00 Aa Aa A-l mm •» A-l A-l Aa A A Aaa A-l Aaa A A Aaa Aaa Aa Aa H.16 Table 6A 11 FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY as of November 23, 1973 D a l l a s Pwr. & Lgt. Co. Kerr-McGee Eaton Corp AT&T Southern Co. Diamond S t a t e s Telephone Co. P a c i f i c Gas & E l e c . Co. CIT F i n . Corp. Arkansas Power & Light Co. General Telephone Co. of Ind. General Telephone of I n d i a n a Georgia Pwr. Co. Georgia Pwr. Co. White Consolidated I n d u s t r i e s I n c . T o t a l Petroleum Ltd. Lionel Edie Cap. Fd. Investors Diversified M e t r o p o l i t a n Edison Co. M e t r o p o l i t a n Edison Niagara Mohawk Pwr. Co. F l o r i d a Pwr. Corp. F l o r i d a Pwr. Co. San Diego Gas & E l e c . Co. Alabama Pwr. Co. Alabama Pwr. Co. Consumer R?r. Co. Potomac Edison Co. Niagara Mohawk Pwr. Co. Nevada Power Co. J e r s e y C e n t r a l Power & Light Co. New England Power Co. I l l i n o i s B e l l T e l e . Co. Indiana & Michigan E l e c t r i c Co. C e n t r a l Telephone Co. Long I s l a n d L i g h t i n g Co. Duquesne Light Co. *Bank of America American General O p t i o n a l I n v e s t o r s Arizona Pub. S e r v i c e Co. ^ C i t i z e n s & Southern Realty I n v e s t o r ; AMOUNT (IN MILLIONS OF DOLLARS) TYPE ISSUER Pfd- s t k Pfd s t k Sr debs Pfd s t k Com s t k Debs Bonds Debs ' Pfd Pfd s t k 1st mtg Bonds Pfd Conv debs Com s t k Com s t k Bene i n t Debs 1st mtge Com s t k Bdnds Pfd s t k Com s t k Pfd s t k 1st mtge Com s t k 1st & C o l l Bonds Pfd s t k 1 s t mtge 1st mtg Debs Pfd s t k 1st & c o l l Bonds Com s t k Bonds Com s t k Com s t k Bene i n t 1 30.0 26.6 75.0 500.0 175.0 15.0 125.0 100.0 15.0 14.0 25.0 15.0 25.0 51.5 "l v 15.0 105.0 12.0 20.0 20.0 51.6 70.0 50.0 35.0 50.0 75.0 60.0 15.0 80.0 15.0 30.0 40.0 300.0 30.0 30.0 60.0 46.7 150.0 50.0 37.0 31.5 > APPROXIMATE DATE OF OFFERING November November November November November November November November November November November November November November November November November December December December December December December December December December December December December December December December December December December December December December December December 26 27 27 27 27 27 27 27 28 29 29 3 3 3 4 4 4 4 5 5 6 10 11 11 11 12 13 13 17 17 NOTES: • Included in table for first time. 1 Includes corporate and other security issues of $15 million and over. H.16 12 Table 6 8 FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY as of November 23, 1973 TYPE ISSUER 1 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL B a l t o . , Co. Md. Coastal Indus. Wtr. A u t h . , Tex. Tallahassee, Fla. H a r r i s Co., Tex., Mun. U t i l i t y D i s t . #20 San Bernardino Redev. Agency, C a l i f . Chicago, 111. F a i r f i e l d Swr. Imp. D i s t . #1, C a l i f . New York S t a t e Housing F i n . Agency Sarpy Co. Hosp. Auth. #1, Neb. Washington, D.C. V i r g i n i a , S t a t e of Puerto Rico Wtr. Res. Auth. Maryland Dept. of Trans. * S t . Paul, Minn. Indp. S/D #625 New York S t a t e G r e a t e r Chicago, 1 1 1 . , Metro. San Dist U n i v e r s i t y of Texas *N.Y. S t . Urban Dev. Corp. *HUD Muskogee Hosp. T r s t . , Okla G, 0. Rev Rev Rev Rev G.O. G.O. G.O. Rev Bonds G.O. Elec rev Rev G.O. G.O. Rev Rev Bonds Bonds G.O. 15.0 35.0 25.0 November November November 27 28 28 11.0 22.3 14.0 12-15.0 160.0 19.2 65.0 103.0 120.0 47.2 13.1 152.5 November November November November November November December December December December December December 28 29 30 20.0 53.0 200.0 172.2 20.0 December December December December December 5 6 18 19 1 4 4 4 4 5 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 NYSE INDEX 1971 - High Low 57.76(4/28) 49.73° ( 1 / 4 ) 1972 - High Low 1973 - High Low 3 | DJ INDUSTRIALS | AMEX 950.82(4/28) 797.97(11/23) 4 | 2 TRADING VOLUME NASDAQ | NYSE AMEX | NASDAQ 2 6 . 6 8 ( 4 / 2 8 ) 114.12(12/31] 22.72(1/4) 100.00(2/5) 28.3(2/9) 7.3(10/25) 8.3(2/9) . 1.9(8/6) 9.7(12/1) 5.1(11/8) 65.14(12/11)1036.27(12/11) 56.23(1/3) 889.15(1/26) 28.53(4/14) 135.15(12/8) 25.61(1/3) 113.65(1/3) 27.6(12/29) 8.1(7/3) 9.0(2/2) 2.2(8/3) 11.6(2/17) 5.0(10/9) 65.48(1/11) 1051.70(1/11) 53.36(7/6) 851.90(8/22) 26.70(1/8) 136.84(1/11) 22.20(6/25) 99.43(6/25) 25.1(1/11) 10.6(6/20) 5.3(1/11) 1.4(8/20) 11.3(1/11) 3.5(8/27) Oct. 5 12 19 26 59.34 60.25 59.49 59.90 971.25 978.63 963.73 987.06 106.47 109.82 108.96 108.70 112.56 114.10 113.25 112.79 19.4 20.2 18.1 16.1 3.8 3.9 3.1 2.8 7.1 7.1 6.1 5.7 Nov. 2 9 16 23 57.61 56.51 55.48 53.09 935.28 908.41 891.33 854.00 106.56 104.18 100.64 96.49 108.93 105.77 101.38 97.30 17.3 17.4 21.9r 21.6 2.8 2.9 3.8r 3.8 6.0 6.5 7.4 7.0 NOTES: 1 Figures other than highs and lows are Fridays only. Highs and tow* are for the year and are not necessarily for Fridays. 2 Volume figure# are weekly averages of dally figures (millions of shares). H i g h s 3 4 12/31/65 = 5 0 Average d o l l a r v a l u e of s h a r e s l i s t e d . Market Value Index r e p l a c e s P r i c e Level Index and lows ref er to a Single day of the year. H.16 14 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD B R O K E R S ON MARGIN STOCK 1 BROKERS O N 2 CONVERTIBLE BONDS BANKS 3 1UrinbUULArfcU IMDCSM II ATCHriUNMAnUIN MAMIIADftlM STOCK CREDIT AT BANKS OUTSTANDING 1972 - S e p t . Oct. Nov. Dec. 7,800 7,800 7,890 7,900 248 250 249 254 1,008 943 902 865 1973 - J a n . Feb. Mar. Apr. May 7,700^ 7,500 7,200 7,040 6,540 6,180 6,010 5,830 5,730 5,690 249 248 244 232 224 215 216 210 204 n.a. 865 867 879 872 866 871 n.a. n.a. n.a. n.a. July Aug. Sept. Oct. 1,871 1,875 1,871 1,896 1,932 1,95lr 1,962 1,952 1,992 1,964 n.a. n.a. n.a. n.a. CHANGE IN OUTSTANDING 1972 - S e p t . Oct. Nov. Dec. 1973 - J a n . Feb. Mar. Apr. May July Aug. Sept. Oct. 20 90 10 2 2 -1 5 -200 -200 -300 -160 -500 -360 -70 -180 -100 -5 -1 -4 -12 -8 -9 1 -6 -6 — -24 -65 -41 -37 71 4 -4 25 2 12 -7 -6 -5 36 19 11 10 40 -28 n.a. n# a • NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no H.16 4 Table SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL S A V I N G S BANKS REGULAR D E P O S I T S NET FLOW 1 ANNUAL 3 GROWTH RATE S H A R E CAPITAL NET FLOW 4,517 9,621 9,788 6.8 13.5 12.0 936 5,678 5,397 10,965 28,230 32,902 1972 - J u l y Aug. Sept. 582 419 1,015 —— 414 293 218 2,290 1,801 3,395 -603 -651 -613 -225 -1,158 1,850 1973 - J u l y Aug. Sept. p -412 -506 283 —- 1973 - Mar. Apr. May June July Aug. Sept. p 579 387 451 777 -173 -117 198 7.5 5.0 5.8 9.9 -2.2 -1.5 2.5 -— ANNUAL 3 GROWTH RATE NET NEW MONEY 2 DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE NET NEW MONEY 2 NOT SEASONALLY A D J U S T E D 1970 1971 1972 — TOTAL S A V I N G S & LOAN A S S O C I A T I O N S NET NEW MONEY 8.1 19.3 19.5 — -- —-EASON -- 2,40f 1,259 1,945 2,395 535 -214 1,388 — -— — — L Y lb . 5 7.0 10.8 13.2 2.9 -1.2 7.5 5,285 20,653 23,884 15,482 37,851 42,690 7.7 17.5 17.0 6,221 26,331 29,281 2,159 1,708 1,486 2,872 2,220 4,410 —— 2,573 2,001 1,704 -291 -1,186 -345 -633 -1,664 2,133 - - ADJUSTE B•* — __ 2,980 1,646 2,396 3,172 362 -331 1,586 — — 11.7 6.4 9.3 12.2 1.4 -1.3 6.0 -915 -1,837 -958 —— —— - 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 1$, Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL SAVINGS BK:3 & LOAN ASSOCIATIONS (N Y. S T A T E ) NET CHANGE TOTAL A L L SAVINGS MUTUAL S A V I N G S BKS & LOAN ASSOCIATIONS (N Y. STATE) ( B i l l i o n s of Dollars 3, S e a s o n a l l y A d j u s t e d ) ;r / ,1971 - Dec. 17.7 14.0 3.7 1972 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 18.0 19.1 19.7 20.1 20.6 20.7 21.0 21.8 22.9 23.6 24.3 24.9 14.1 15.0 15.4 15.7 16.2 16.3 16.5 17.3 18.1 18.7 19.4 20.0 3.9 4.1 4.3 4.4 4.4 4.4 4.5 4.5 4.8 4.9 4.9 4.9 25.9 26.6 26.1 25.3 24.6 24.2 22.9 22.0 20.8 20.8 21.6 21 .3 20.7 20.1 19.8 18.6 17.9 16.8 5.1 5.0 4.8 4,6 4.5 4.4 1973 - J a n . Feb. Mar. Apr. May June July Aug. Sept 4.3 4.1 4.0 .59 .38 .21 .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 .98 .62 -.54 -.68 -.84 -.38 -1.25 -.88 -1.19 .81 .74 -.32 -.53 -.67 -.29 -1.15 . .73 -1.10 .17 -.12 -.22 -.15 -.17 • -.09 -.10 -.15 -.09 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 endof period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB 1971 - Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -439 -696 -388 -483 +604 +335 +453 +942 -96 +563 -100 -451 -453 -136 +411 +200 +526 +849 +300 +500 1972 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -259 +169 +176 +138 +129 +599 -367 +120 +624 -112 +628 +273 +399 +248 -1 +299 +813 -1 -1 +100 -47 +311 +475 +103 +337 -1 1973 - J a n . Feb. Mar. Apr. May June +131 +452 +582 +1,267 +1,769 +740 +122 +312 +378 +1,303 +1,600 +961 +251 -1 +1,195 +1,200 +600 1973- +1,475 +1,693 +1,911 +1,946 +1,528 +1,350 +1,850 +1,950 +: 998 +1,350 +1,500 +1,300 July Aug.p Sept.p Oct. Nov. Dec. — -450 -651 -452 -337 -39 -87 -28 +200 -250 — —* -403 -2 -1 -200 -1 -1 -1 - - __ NOTES: Based on d a t a from t h e T r e a s u r y Survey of Ownership. FHLMC — - —— —— —— +300 - —— —— — FNMA +350 +200 -1 +201 +450 -13 +554 +649 +550 +500 — +200 —- +602 +250 - - — +500 -1 +814 - - - — — —— — +100 -150 -1 +400 —— -25 +76 +116 +51 — +1 +400 +6 +10 +379 +107 —— — +361 —- +350 +650 +530 — FNMA SHORT-TERM DISCOUNT NOTES -339 -245 +65 -347 +193 +135 -73 +93 -396 +63 -259 -230 -72 +139 -170 -214 -366 +121 +524 -65 +317 -202 +9 +140 +204 -36 +169 -221 -58 +343 +61 -4 Table 12 18 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE FNMA-GNMA COMPANIES Not S e a s o n a l l y A d j u s t e d 1969 1970 1971 1972 24,074 21,736 41,647 57,908 6,017 5,238 4,867 5,201 6,134 19,699 16,827 39,259 55,882 5,404 2,462 9,940 16,800 2,682 1,845 3,938 5,377 9,561 .10,172 24,160 31,982 2,052 2,348 1,221 1,723 4,375 4,909 2,388 2,026 5,649 5,101 4,772 5,071 6,002 1,714 1,610 1,488 1,587 1,191 553 502 472 517 598 3,313 2,926 2,673 2,712 3,101 69 63 139 255 1,112 368 137 95 130 132 Mar Apr May June July Aug Sept 4,060 . 3,854 5,313 4,768 5,791 6,518 5,682 6,170 4,483 3,865 3,788 5,244 4,768 5,954 6,264 5,075 5,324 3,997 1,200 1,300 1,600 1,600 2,000 1,800 1,500 1,900 1,900 458 331 568 506 562 649 557 494 321 2,045 2,128 2,999 2,991 3,250 3,301 2,689 2,516 1,393 162 29 77 -329 142 514 329 414 383 195 66 69 - 4 -163 254 607 846 486 1972 - Aug Sept Oct Nov Dec 5,454 5,090 4,834 5,347 5,781 5,228 4,834 4,873 5,273 5,672 1,558 1,364 1,481 1,622 1,435 516 503 501 510 517 3,097 2,874 2,769 2,876 2,950 57 93 122 265 770 226 . 256 - 39 74 109 1973 - Jan Feb Mar Apr May June July Aug Sept 5,030 4,842 5,399 4,892 5,702 5,812 5,466 5,593 4,091 4,810 4,706 5,265 4,755 5,726 5,481 4,906 4,893 3,725 1,459 1,516 1,654 1,601 1,890 1,585 1,409 1,742 1,652 501 437 556 555 562 572 542 456 320 2,620 2,650 2,947 2,870 3,089 2,770 2/604 2,294 1,340 230 103 108 -271 185 554 351 401 413 220 136 134 137 - 24 331 560 700 366 1972 - Aug Sept Oct Nov Dec 1973 - J a n Feb Seasonally Adjusted 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 lnsuiam^*comnanies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for wbi^h;adjustments are not made in the monthly series. Altogether, these groups accounted for 89 per cent of the net increase estimated for all holders in 1972. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. H.16 NET INCREASE IN MORTGAGE DEBT OUTSTANDING 1 IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL R A T E S RESIDENTIAL MULTFAMLY & COMMERCIAL FARM 6 .4 6.0 6.5 7.4 9.5 9.2 10.1 11.3 2.3 2.2 1.8 1.9 6.0 5.4 5.3 5.3 10.4 10.1 10.0 10.7 2.2 2.2 1.7 1.4 4.8 4.6 5.1 6.8 9.8 9.8 11.5 13.4 1.5 1.5 2.1 2.2 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 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 46.4 42.6 37.3 12.4 12.3 11.2 16.3 16.9 17.7 28.7 29.2 28.9 4.1 3.8 4.1 TOTAL TOTAL 1- t o 4 FAMILY 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 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 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 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 1972 - I II III IV 62.4 64.9 65.2 68.4 45 .4 47.1 47.3 50.6 1973 - I r / I I %/' I I I 2/ 79.1 75.6 70.4 58.8 55.0 48.6 QUARTER MULTIFAMILY COMMERCIAL . 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 I PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF UNITS, SEASONALLY A D J U S T E D ANNUAL RATES PERMITS.!/ PERIOD TOTAL COMPLETIONS STARTS 1—FAMILY 2-OR MORE FAMILY TOTAL 1—FAMILY 2-OR MORE FAMILY TOTAL 1—FAMILY 2-OR MORE FAMILY MOBILE HOME SHIPMENTS 1969 1970 1971 1972 1,322 1,352 1,952 2,219 626 647 928 1,033 696 705 1,025 1,186 1,500 1,467 2,085 2,379 811 813 1,151 1,309 656 898 901 1,048 1,399 1,452 1,740 2,002 808 802 1,014 1,145 592 617 692 829 1972 - August September October November December 2,281 2,366 2,318 2,226 2,399 1,065 1,029 1,138 1,013 1,001 1,216 1,337 1,180 1,213 1,398 2,424 2,426 2,446 2,395 2,369 1,373 1,382 1,315 1,324 1,207 1,051 1,045 1,131 1,071 1,162 1,973 1,972 1,945 1,980 2,147 1,210 1,118 1,156 1,153 1,168 763 853 789 828 980 534 494 548 666 606 1973 - J a n u a r y February March April May June July August September October 2,233 2,209 2,129 1,939 1,838 2,030 1,786 1,750 1,596 1,310 1,062 1,079 1,022 945 954 934 904 805 778 645 1,171 1,130 1,107 994 884 1,096 876 945 818 665 2,497 2,456 2,260 2,123 2,413 2,128 2,191 2,094 1,761 1,613 1,450 1,372 1,245 1,202 1,271 1,124 1,247 1,125 977 945 1,047 1,084 1,015 921 1,142 1,004 944 969 784 668 2,147 2,033 2,162 2,067 2,168 2,201 1,965 1,831 1,852 1,324 1,259 1,310 1,168 1,285 1,278 1,038 1,096 1,115 823 774 851 899 883 925 926 736 737 648 642 737 680 661 616 569 546 473 413 401 497 576 NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts and completions are Census Bureau data, with completions converted to a seasonally adjusted annual rate by the Federal Reserve. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Assoc. data converted to seasonally adjusted annual rate by Census Bureau. 1/ Data f o r 1969 and 1970 based on 13,000 p e r m i t - i s s u i n g p l a c e s ~ H-.16 T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES EXISTING HOMES 1 PERIOD RATE (IN PER CENT) SPREAD BETWEEN ON RETURNS NEW A a a NEW HOMES CONVENTIONAL UTILITY 1 BOND AND HUD(FHA) DISCOUNT NEW HOME YIELD SPREAD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) (BASIS POINTS) POINTS) HUD(FHA) INSURED LOANS S E C O N D A R Y MARKET 1 SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 1971 - High Lov» 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 - J u l y Aug 7.65 7.65 7.70 7.70 7.70 7.70 27 28 30 32 61 55 7.70 7.70 7.75 7.75 7.75 7 . 75 32 33 35 37 66 60 7.54 7.55 7.56 7.57 7.57 7.56 16 18 16 19 48 41 4.4 4.5 4. 6 4.7 , 4.7 4.6 11 10 14 13 13 14 7.38 7.37 7.40 7.38 7.09 7.15 7.70 7.75 7.80 7.90 7.95 8.05 8.40 8.85 8.95 8.80 32 35 31 44 44 41 39 49 107 88 7.75 7.80 7.85 7.90 8.00 8.10 8.40 8.85 8.95 8.85 37 40 36 44 49 46 . 39 7.55 7.56 7.63 7.73 7.79 7.89 8.19 17 16 14 27 28 25 18 4.5 4.6 5.2 5.9 6.4 7.2 9.4 15 19 17 17 16 16 21 130 105 5.2 3.6 -23 -17 7.38 7.40 7.49 7.46 7.51 7.64 8.01 8.36 7.88 7.92 Sept Oct Nov Dec 1973 - J a n Feb Mar Apr MayJune July Aug Sept, Oct. • 49 107 93 -- 9.18 8.97 —— NOTES: 1 m 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 on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. H.16 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS 22 CONVENTIONAL GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 19' 3 - J a n . Feb. Mar. Apr. 2 8 22 5 6 19 21 5 6 19 21 2 3 16 17 30 | AVERAGE YIELD __ 74.2 107.0 61.3 92.1 AMOUNT (IN MILLIONS OF D O L L A R S ) OFFERED ACCEPTED 39.4 7.69 7.70 i —— | 25.5 - - 128.6 65.4 71.6 7.73 -- -- -- -- 66.0 49.6 170.8 107 .7 7 .75 -- -- — 297..3 60.3 168.7 7.81 44.3 -- — 234.6 145.9 -- -- 7.84 —— -- 110.3 —— AVERAGE YIELD ACCEPTED 7.71 -- -- 100.9 —— 86.8 62.9 —— —— 56.4 7.89 —— 7.92 7.95 -- 8.02 7.86 -- 111.9 81.6 8.11 216.6 190.7 7.89 -- -- -- - - 261.2 185.9 7.92 111.0 128.9 88.4 88.2 8.17 8.23 14 29 258.3 212.4 187.7 140.0 7.96 8.00 117.6 113.3 84.4 73.9 8.31 8.39 11 25 184.5 199.3 142.2 118.7 8.04 8.09 110.1 95.0 74.1 69.4 8.44 •8.51 July 9 23 539.3 351.4 244.8 181.4 8.38 8.54 108.4 119.0 72.5 61.7 8.67 8.79 Aug. 6 20 458.5 525.0 201.9 223.8 8.71 8.95 154.3 171.3 77.4 77.2 8.98 9.27 Sept. 4 17 551.0 138.1 288.9 107.9 9.27 9.37 118.6 48.6 61.5 46.8 9.53 9.68 Oct. 1 15 29 32.5 24.8 28.2 24.1 16.6 21.6 9.11 8.97 8.94 9.1 18.6 17.4 7.1 16.2 9.4 9.43 9.10 9.01 12 29.3 23.1 8.87 24.1 16.7 8.94 May Nov. *— — 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 b i d s r e c e i v e d . I | H.16 i
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