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H . W

October 1 5 , 1 9 7 3
P r e p a r e d 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 t h e
MORTGAGE, A G R I C U L T U R A L , and
CONSUMER F I N A N C E SECTION




CAPITAL
MARKET
DEVELOPMENTS
DIVISION O F R E S E A R C H AND STATISTICS
BOARD O F 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 M U N I C I P A L 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 M A R K E T

SYMBOLS
e

ESTIMATE

P

PRELIMINARY

r

REVISED

n.a.

NOT AVAILABLE

— —

DATA DO NOT E X I S T




3
Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

NEW ISSUE

1

1973

-

S e p t .

VOLUME

RECENTLY
OFFERED
A a a UTILITY

A a a UTILITY

2!

GROSS

3

OFFERINGS
($ MILLIONS)

PER CENT
S O L D BY END
OF WEEK

NEW ISSUES
IN S Y N D I C A T E
($ MILLIONS)

7 . 9 4

8.02

70

79

7 . 7 4

8 . 0 6

150

100

0

21

8.03

8 . 0 3

236

96

10

28

7 . 8 1

7 . 8 4

170

100

^

7.75r

7. 90r

350

7.96p

Oct.

7
14

7.86

350

83r

15

0
60r
0

100

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1973

-

S e p t .

7

5 . 0 0

BOND BUYER
2Q-BOND

GROSS
OFFERINGS

INDEX

MOODY'S
NEW ISSUE

3

PER CENT
S O L D BY END

($ MILLIONS)

OF WEEK

NEW ISSUES 4
IN S Y N D I C A T E
($ MILLIONS)

134

91

5 . 0 0

5 . 1 8

341

81

89

4 . 9 0

5.05

285

88

58

28
Oct.

5 . 1 8

14
21

4 . 7 0

5 . 0 0

673

82

136

5
12

36

4 . 7 0

5 . 0 4

461

78

177

4 . 7 0

4 . 9 9

302

74

155

-

NOTES:
1

Federal Reserve series of implied yield o n 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 t o make coverage of this series consistent with the gross offerings series.




H.16

4

Table 2

HIGH GRADE BOND YIELDS
2

1
NEW ISSUE
A a a UTILITY

DATE

RECENTLY OFFERED
A a a UTILITY

3
MOODY'S SEASONED

U.S. GOVT. 20-YEAR

CORPORATE Aaa

C O N S T A N T MATURITY

-

High

8 . 2 6

(7/30)

8.23

(1/1)

7 . 7 1

(8/12)

6.51

(6/18)

Low

1971

7.02

(2/5)

7.17

(12/31)

7.06

(2/12)

5 . 6 9

(3/23)

4

5
BOND BUYER
2Q-BOND INDEX

6.23
,

( 6 / 2 3 )

4.97

( 1 0 / 2 1 )

-

7.60

(4/21)

7.46

(5/12)

7 . 3 6

( 4 / 2 8 )

6.19

(4/14)

5 . 5 4

( 4 / 1 3 )

6.99

(11/24)

7.17

(1/7)

7 . 0 5

(12/8)

5 . 7 4

(11/17)

4 . 9 6

( 1 0 / 2 1 )

High

8.52

(8/10)

8.32

(8/10)

7.77

( 8 / 2 4 )

7.79

(8/10)

5 . 5 9

(8/3)

Low

1973

-

High
Low

1972

7.29

(1/21)

7 . 2 8

(1/5)

7 . 1 1

( 1 / 5 )

6.42

( 1 / 5 )

4 . 9 9

(10/11)

8 . 0 2

7 . 6 4

7 . 2 6

5 . 1 8

7.74

8 . 0 6

7 . 6 3

7 . 3 4

5 . 1 8

8.03

8 . 0 3

7 . 6 5

7.32-

5.05

28

S e p t .

7 . 9 4

21

-

7
14

1973

7.81.

7.84

7 . 6 0

7.13

5 . 0 0

5

7. 75r

7 . 9 0 r

7 . 5 9

7.14-

5 . 0 4

12

O c t .

v

7. 96p

7 . 8 6

7 . 5 7p

7.09p

4 . 9 9

$
NOTES)
1

Fedenfl Reserve

2

Fed*rel Reserve series o f implied free-merket yield o n competitively bid Aaa-rated utility b o n d with 5-year call protection released from price restrictions sometime during t h e last 4

Mries

o f Implied yield o n newly issued, Aaa-rated utility bond with 5-year call protection.

weeks.
3

Weekly average of daily closing figures.

4

Weekly average of dally figures. U.S. Treasury data.

5

Thursday figures. The average rating of t h e 2 0 bonds uaed in this in^ex falls midway between the four t o p groups as classified by Moody's I n v o s W Service. Weekly Bond Buyer data.




i

H.16

Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS

5

IN M I L L I O N S O F D O L L A R S

GROSS PROCEEDS

1

CORPORATE

PERIOD

1973

1

1972

1

2

S T A T E AND LOCAL

1971

1973

1

1972

1

1971

2,327
1,962
3,933

3,205
3,369
3,229

3,115
3,000
6,075

1,974
1,499
2,451

1,776
2,005
2,239

2,732
1,851
2,258

May
June

2,497
2,543
3,558

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

2,470

3,582
2 ,8 9 3
2,720

4,147
2,532
3,768

1,958

1,805
1,966
1,726

1,989
1,903
2,098

3,791
3,377
3,396

3,387
3,704
3,673

2,200
1,861
1,794

1,728
2,264
2,068

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

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

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

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

21,017
30,212
40,776

23,844
34,325
45,089

12,296
17,790
23,645

12,812
ia,902
24,962

January
February
March
April

August
September
October
November
December

Q1
02
03

8,222
8,598

04
1 s t Half
3 Qtrs.
Year

5,924
5,811

<

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




H.I#

Table 4

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

G R O S S PROCEEDS BY TYPE OF ISSUE
PERIOD

-

II
III
IV

1973

-

1972

-

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

MEMO
ISSUES INCLUDED
z
CD

1972

G R O S S PROCEEDS BY TYPE OF ISSUER

BONDS
TOTAL

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHW
ISSUERS

2,781
1,867
3,147

3 , 798
3 , 136
3 , 258

245
57
245

449
836
428

2 ., 1 0 9
1 , 6 b
1, , 3 9 8

3,495
2,680
2,934

1,369
856
1,079

4,240
4,030
5,151

I
II

8,222
8,598

2, 945
3 345

1,405
2,852

3, 971
2, 407

105
145

112
118

898
1 ,411

2 ,, 4 2 7
2 j, 8 8 6

1,215
964

3,683
3,340

June

4,341

1, , 3 3 6

1,218

1 ,, 7 8 6

130

131

767

1,538

800

1,235

3,582
2,893
2,720

1, , 8 0 7
1, , 5 2 3
863

657
421
789

1 ,, 1 1 8
948
1 ,, 0 7 0

3
17
37

450
183
203

574
452
603

798
635
I, , 2 4 7

586
237
33

1,624
1,568
838

Oct.
Nov.
Dec.

3,791
3,377
3,396

1 ,773
1 ,361
1 ;, 0 2 4

564
982
1,601

1, , 4 5 4
1 ., 0 3 4
770

28
124
93

162
171
95

383
426
589

1,, 2 8 0
794
860

371
658
50

1,757
1,499
1,895

Jan.
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
3,558

938
1,049
1,358

801
673
1,378

758
822
822

63
44
38

25
82
11

282
399
730

519
771
1,596

258
374
332

1,439
1,000
901

July

-

4 , 634
4 , 192
4 , 158

July
Aug.
Sept.

1973

11,214
9,195
10,564

2,470

855

869

746

77

0

523

862

296

789

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.




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

1

October 1 t h r u October 12, 1973

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

7.75
7.74

7.80
7.67

A
Aaa

8.40
5.00
8.38

8.40
5.00
8.38

A

MOODY'S
RATING

CORPORATE

C a r r i e r Corp.
Southwestern B e l l T e l . Co.
P h i l a d e l p h i a E l e c . Co.
Puget Sound Pwr.& L t .
Con Edison Co
MGIC INV Corp
MGIC INV Corp

S.F. debs
Debt
Com s t k
Com s t k
1 s t & r e f mtg
Conv sub deb
S . F . debs

50.0
300.0
96.3
15.0
150.0
100.0
100.0

2013
i
— «-

2003
1993
1988

__

NOTES:
*
Right* offering.
1

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




H.16

Teble 5B

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY 1
October 1 t h r u October I I T

1973

AMOUNT
(MILLIONS
OF
DOLLARS)

ISSUER

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Michigan S t a t e Housing* Dev. Auth
Lucas C o . , Ohio
Lucas C o . , Ohio
Lucas C o . , Ohio
King C o . , Wash.
Richmond Metro Auth.
Allegheny Co
N.Y. Housing Dev. Corp.
F a i r f a x C o . , Va.
M i n n e s o t a , S t a t e of
Colorado S p r i n g s , Colo.
O r l a n d o , F l a . U t i l i t i e s Comm.
Ohio A i r Qty. Dev. Auth.
N o r t h e r n Ky. S t . C o l l

G.O.
1
1 s t mtg t e v
1st mtg rev
1st mtg r e v
Ref
Rev
P o l l cont rev
G.O.
G.O.
G.O.
G.O.
Rev
P o l l cont rev
Rev

70.0
18.2
5.0
5.8
30.4
73.3
16.0
63.0
32.0
30.0
15.0
15.0
18.5
12.6

1974-2016
2004
1992
1974-1986
1974-2011
1974-2023
2003
1974-2023
1974-1993
1974-1993
1974-1993
1975-2003
1998
1975-2013

__
- —
- —
—

5.85
——

5.85
4.66
4.48
4.45
4.88
6.62
5.73 :

NOTES:
1

Includes state and local security offerings of $10 million and over.

2
3

Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed i^ues by Federal Agencies.




4.60-5.75
6.00
5.90
5.00-5.40
4.50-5.50
5.00-5.90

A
- ———
- -

Baa-•1
——

5.00-5.90
4.30-5.50
4.20-4.70
4.00-4.70
4.10-5.30
6.50
4.60-6.10

Baa-•1
Aa
Aaa
Aa
Aa
Baa
Baa-•1

Table 6A

•

9

FORTHCOMING LARGE LONG-TERM PUBLIC
SECURITY OFFERINGS FOR NEW CAPITAL
OTHER THAN U.S. TREASURY
as of October 12, 1973

ISSUER

TYPE

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE
F l o r i d a Pwr. & L g t .
Bunker H i l l Income S e c u r i t i e s , I n c .
C e n t r a l Pwr. & L i g h t Co.
Pac. Gas & E l e c t r i c
F l o r i d a Pwr. & L g t .
^Commonwealth Edison
M e t r o p o l i t a n Edison
3oston Edison Co.
New Bedford Gas & Edison L t . Co.
Mass. E l e c . Col
Rochester Gas & E l e c . Co
P u b l i c S e r v . E l e c . & Gas Co.
^Consumers Power Co.
Northern S t a t e s Pwr.
Pennsylvania Power & L g t . Co.
C&P T e l e . Co. of Wash.
* F i r s t Va. Mtg. & Real E s t a t e
Inv. T r s t .
General Motors Acceptance Corp.
C a r o l i n a Telephone & T e l e . Co.
Inexco Oil
Investors Diversified
L i o n e l Edie Cap. Fd.
T o t a l Petroleum L t d .
P u b l i c S e r v i c e Co. of I n d i a n a
^Wisconsin Power & L i g h t Coi
* C e n t r a l I l l i n o i s P u b l i c S e r v i c e Co.
Georgia Pwr. Co.
Georgia Pwr. Co.
C a r o l i n a Pwr. & L i g h t Co.
Dayton Pwr. & L i g h t Co.
J . P . Morgan & Co.
Chrysler Corporation
*New England E l e c t r i c System
* D e t r o i t Edison CO.

Pfd s t k
Com s t k
Bonds
Pfd s t k
Com s t k
1 s t mtg
Pfd s t k
Com s t k
Notes
Pr e f s t k
Com s t k
Bonds
Pr e f s t k
Com s t k ( r g t s )
Com s t k
Bonds ,
Sr sub n o t e s
Deb
Deb
Com s t k
Bene i n t
Com s t k
Com s t k
Com s t k
Com s t k
Pref stk
Bonds
Pfd
Com s t k
Bonds
Conv debDebs
Com s t k
Com s t k

40.0
55.0
51.0
50.0
43.0
125.0
15.0
31.0
20.0
20.0
20.9
100.0
55.0
51.4
44.5
60.0
20.0
200.0
30.0
15.4
12.0
105.0
15.0
40.0
15.6
15.0
15.0
25.0
80.0
40.0
150.0
150.0
30.0
80.0

October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
November
November
November
November
November
November
November
November
November
November
November

15
16
16
17
17
18
18
23 .
24
24
24
29
30
30
30
31

1
1
1
7
7
8
8

NOTES:
*

Included in table for first time.

1

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




H.1S

FORTHCOMING LARGE LONG-TERM PUBLIC
SECURITY OFFERINGS FOR NEW CAPITAL
OTHER THAN U.S. TREASURY
as of October 12, 1973

ISSUER

TYPE

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Aurora, Colo.
Romulus, M i c h . , Coram S/D
Oakland U . S . D . , C a l i f .
Vermont
New York C i t y
Los Angeles Co. Flood Cont.
Dist., Califc
San Antonio, Texas
KnoxvilLe, Tenn 0
K n o x v i l l e , Tenn.
N a s h v i l l e & Davidson Co e , Tenn.
Metro. Govt.
J a c k s o n C o . , Miss.
C a l i f o r n i a , S t a t e of
Kansas
Barton Co, Dev. Auth., Ga„
B a l t i m o r e Co„, Mde
*0hio
L a n s i n g , Mich.
E a s t Chicago, Ind„
S a c . , C a l i f . Muni. U t i l . D i s t ,
* D i s t c of Columbia
*New England Power Co.
Maryland Dept. of T r a n s .

Rev
G.Oo
G.O.
G.O.
G.O.
Rev
G.O.
Elec. rev
Rev
Rev
Rev
Bonds
Rev
P o l l cont r e v
P o l l cont r e v
Rev
Rev
Rev
Rev
G e 0.
1 s t mtg
Rev

9.9
11.5
10.8
15.0
369.8

October
October
October
October
October

15
15
15
16
16

27.0
15.0
10.0
10.0

October
October
October
October

10
18
23
23

October
October
October
October
October
October
October
October
October
November
December
December
December

23
24
30
31

26.5
17.0
100.0
40.0
41.0
42.0
18.5
14.0
12.5
50.0
65.1
40.0
47.2

14
1
11
11

NOTES:
1

Includes state and local government issues of $ 1 0 million and over.

2

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




H.16

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
N Y S E INDEX

1971 - High
Low

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

1972 - High
Low
1973 - High
Low

3

DJ INDUSTRIALS 1

AMEX

4

1

2

T R A D I N G VOLUME

NASDAQ

NYSE

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

|

AMEX

|

NASDAQ

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

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)
53.36(7/6)

26.70(1/8)
136.18(1/12)
22.20(6/25) 99.39(7/5)

21.5(9/28)
10.2(7/6)

4.8(1/12)
1.5(8/24)

10.4(1/12)
4.0(7/6)

1051.70(1/11)
851.90(8/22)

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

Sept.

7
14
21
28

56.12
55.92
57.73
58.51

898.63
886.36
927.90
947.10

101.58^
99.77
102.75
105.41

107.02
106.07
109.46
111.20

14.9
12.4
21.2
20.4

•2.1
2.1
3.4
3.3

5.6
4.9
7.2
6.8

Oct.

5
12

59.34

971.25
978.63

106.47
109.82

112.56
114.10

19.6
19.5

3.8
3.7

7.1
6.9

\

1

Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays

2

514

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

Through
July 3, 1989
December 31, 1969
May 1, 1970

Hours/Day
4
4%
5

3

12/31/65 = 50

4

Average dollar value of shares listed.

5

AMEX Market Value I n d e x r e p l a c e s AMEX P r i c e Level I n d e x .




- »

-

*V -

5

d

, „ p.,

or 27'A „ o u r .

Days/Week

Hours/Week

5
5
5

20
22%
25

Table 8

SECURITY CREDIT

19

R E G U L A T E D M A R G I N C R E D I T E X T E N D E D BY
END OF PERIOD

B R O K E R S ON
MARGIN
STOCK

1

BROKERS ON 2
CONVERTIBLE
BONDS

BANKS

OTHER
SECURITY
CREDIT
AT BANKS

. UNREGULATED
31
NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

July

7,660

248

979

1,772

1,285

Aug.

1972-

7,780

246

1,032

1,800

1,298

Sept.

248

1,008

1,871

1,255

7,800

250

943

1,875

1,351

Nov.

7,890

249

902

1,871

1,296

Dec.

7,900

254

865

1,896

1,528

Jan.

7,700

249

865

1,940

1,484

Feb.

1973-

7,800

Oct.

7,500

248

867

1,954

1,508

7,200

Mar.
Apr.

1

May

244

879

1,566

1,917

7,040

232

872

1,969

1,482

6,540

224

866

2,010

1,502

June

6,180

215

871

1,964

6/

July
Aug.

6,010

216

n. a.

n, a.

6/

5,830

210

n . a .

n.a.

6/

150

4

24

128

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

1972

-

July
Aug.

1
1

f
N

120

-2

53

28

20
—

2

-24

71

Oct.

2

-65

4

Nov.

90

-1

-41

-4

45

Dec.

10

5

-37

25

132

44

-44

Sept.

1973

-

13
-

43
96

Jan.

-200

-5

Feb.

-200

-1

2

14

Mar.

-300

-4

12

-37

58

Apr.

-160

-12

-7

52

32

'

24

May

-500

-8

-6

41

20

June

-360

-9

-5

46

6/

July
Aug.

-180

-70

1
-6

n.a.

n.a.

6/

n.a.

n.a.

6/

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 6 0 per cent of security credit outstanding at banks on June 30.

4

Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no

5

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

6

Discontinued.




H.16

5

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN M I L L I O N S O F D O L L A R S

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

ANNUAL
GROWTH
RATE

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

1

NET
3

2

NEW
MONEY

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

TOTAL
2

DEPOSITS
ANNUAL 3
GROWTH
RATE

NET
FLOW

NET
NEW
MONEY

2

NOT SEASONALLY ADJUSTED
1970

4,517

6.8

936

10,965

8.1

5,285

15,482

7.7

6,221

1971

9,621

13.5

5,678

28,230

19.3

20,653

37,851

17,5

26,331

1972

9,788

12.0

5,397

32,902

19.5

23,884

42,690

17.0

29,281

868

3,738

1,626

4,874

414
293

2,290

2,159

2,872

1,801

1,708

1972

-

-

June

1,136

July

582
419

—

- June

823

--

-35

July

-412

—
—

-603

Aug.
1973

Aug.

p

-425

-575

3,277
-225

__

890

.

2,494
2,573

855

4,100

-291

-633

-915

-1,186
-1.209
SEASONALLY ADJUSTED

-1,611

-1,784

465

6.1

__

1,834

10.4

__

2,299

9.1

579

7.5

——

2,401

13.5

- -

2,980

11.7

Apr.

387

5.0

——

1,259

7.0

- -

1,646

6.4

- -

May

-

Feb.
Mar.

1973

450

5.8

- —

1,929

10.7

—

2,379

9,2

--

w

2,395

13.2

——

3,085

11.8

--

535

2.9

336

1.3

-242

-1.3

-279

-1.1

690
July
Aug.

p

8.8

-200

-2.5

-37

- 0 . 5

-

- -

——

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 9 6 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.1S

I
Table 10

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

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

ALL SAVINGS MUTUAL
SAVINGS BK!3
& LOAN
ASSOCIATIONS (N Y. STATE )

TOTAL

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

( B i l l i o n s of D o l l a r ; 3, S e a s o n a l l y A d j u s t e d ) .r /
1971 - Dec.
1972 - J a n .
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1973 - J a n .
Feb.
Mar .
Apr.
May
July
Aug

17.7

14.0

3.7

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
21.9

20.8
21.6
21 .3
20. 7
20.1
19.8
18.6
17.8

5.1
5.0
4.8
4,6
4.5
4.4
4.3
4.1

.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
-.94

.81
.74
-.32
-.53
-.67
-.29

.17
-.12
-.22
-.15
-.17
-.09

-1.15
- .79

-.10
-.15

.59

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

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

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

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

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

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

+131
+452
+582
+1,267
+1,769
+740

INTERMEDIATE AND LONG-TERM I S S U E S
TOTAL

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

FHLB

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

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

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

+103
+337
-1
+251
-1
+1,195
+1,200
+600

NOTES:

Based on d a t a from t h e T r e a s u r y Survey of Ownership.




- -

—

+300
—- ——

—

—

+122
+312
+378
+1,303
+1,600
+961

FHLMC

——

+200
—

+500
- -

FNMA

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

+602
+250
——

-1
+814

—

——

—

——

—

+100
-150
-1
+400

—

-25
+ 76
+116
+51
—

+1
+400

+6
+10
+379
+107
+361

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

T a b l e 12

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

TOTAL
INCLUDING
FNMA-GNM/

PERIOD

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS
Not

MSB's

S & L's

Seasonally

INSURANCE FNMA-GNMA
COMPANIES

Adjusted

1969

24,074

19,699

5,404

2,682

9,561

2,052

4,375

1970

21,736

16,827

2,462

1,845

10,172

2,348

4,909

1971

41,647

39,259

9,940

3,938

24,160

1,221

2,388

1972

57,107

55,081

15,999

5,377

31,982

1,723

2,026

1972

-

Aug

553

3,313

97

168

4,918

1,400

502

2,926

90

137

4,684

1,400

472

2,673

139

95

5,114

4,984

1,500

517

2,712

255

130

Dec
-

1,600

5,286
4,779

Nov

1973

5,563

Sept
Oct

5,931

5,964

5,831

1,000

598

3,121

1,112

133

Jan

3,760

3,565

900

458

2,045

162

195

Feb

3,454

3,388

900

331

Mar

4,913

4,844

1,200

4,364

4,368

1,200

506

2,128

May-

'

29

66

2,999

568

Apr

77

69

2,991

-329

4

5,390

1,600

562

3,250

142

-164

6,164

1,700

649

3,301

514

255

5,482

J u l y
Aug

5,554

6,419

4,875

1,300

557

2,689

329

--

2,505

--

--

--

-Seasonally

1972

- A u g

Adlusted

5,368

5,142

1,444

516

3,097

85

4,907

Sept

607
^.845

4,651

1,154

503

2,874

120

226
256

Oct

-

4, 785

1,393

501

2,769

122

5,260

5,186

1,535

510

2,876

265

74

Dec
1973

4,746

Nov

5,590

5,481

1,244

517

2,950

770

109
220

Jan

-

39

4,730

4,510

1,159

501

2,620

230

Feb

4,442

4,306

1,116

437

2,650

103

Mar

4,999

4,865

1,254

556

2,947

108

134

4,492

4,355

1,201

555

2,870

-271

137

Apr

.

May

5,301

5,326

1,490

562

3,089

185

June

5,713

5,381

1,485

572

2,770

554

J u l y

5,266

4,706

1,209

542

2,604

351

Aug

2,283

136

-

25
332
560
699

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the
Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted f o r 8 9 p e r cent of the net increase estimated for all holders in 1 9 7 . 2 .

2

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




H.16

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING 1
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

RESIDENTIAL
QUARTER

MULTFAMUr

TOTAL

TOTAL

1- t o 4 FAMILY

MULTIFAMILY

1968 - I
II
III
IV

28.1
26.4
25.5
29.6

19.4.
18.2
17.2
20.4

16.3
15.0
13.6
16.5

3.1
3.2
3.5
3.9

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

1969 - I
II
III
IV

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

19.4
16.8
14.0
13.1

4.4
4.6
4.7
5.4

6.0
5.4
5.3
5.3

10.4
10.1
10.0
10.7

2.2
2.2
1.7
1.4

1970 - I
II
III
IV

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

9.4
11.6
15.0
16.2

5.0
5.2
6.3
6.6

4.8
4.6
5.1
6.8

9.8
9.8
11.5
13.4

1.5
1.5
2.1
2.2

1971 - I
II
III
IV

37.5
47.8
52.2
54.2

27.3
36.0
38.9
40.7

19.2
26.5
30.1
31.9

8.0
9.4
8.8
8.9

8.1
9.5
11.1
11.0

16.1
18.9
19.8
. 19.9

. 2.2
2.3
2.3
2.5

1972 - I
II
III
IV

62.4
64.9
65.2
68.4

45.4
47.1
47.3
50.6

35.9
37.5
38.5
40,2

9.5
9.6
8.8
10.4

14.5
15.2
15.2
15.4

23.9
24.8
24.0
25.8

2.6
2.6
2.6
2.5

1973 - I
II

77.9
76.7

58.1
55.6

45.7
43.3

12.4
12.3

15.8
17.3

28.2
29.6

4.0
3.9

COMMERCIAIL

&

COMMERCIAIL

FARM

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.I6

T a b l e 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S O F U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

PERMITS!/
PERIOD

TOTAL

1—FAMILY
I

\

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

MOBILE
HOITu
2 - O R MORE
SHIPMENTS
FAMILY

1969

1,322

626

696

1,500

811

656

1,399

808

592

413

;

1970

1,352

647

705

1,467

813

898

1,452

802

617

1,740

1,014

692

401
497

'
1

2,002

1,145

829

576

1

1971

1,952

928

1,025

2,085

1,151

901

1972

2,219

1,033

1,186

2,379

1,309

1,048

1972 - August

.

2,281

1,065

1,216

2,424

1,373

1,051

1,973

1,210

763

534

September

2,366

1,029

1,337

2,426

1,382

1,045

1,972

1,118

853

494

October

2,318

1,138

1,180

2,446

1,315

1,131

1,945

1,156

789

548

November

2,226

1,013

1,213

2,395

1,324

1,071

1,980

1,153

828

666

1,207

1,162

2,147

1,168

980

606

December
1973 - January

2,399

1,001

1,398

2,369

2,233

1,062

1,171

2,497

1,450

1,047

2,147

1,324

823

648

February

2,209

1,079

1,130

2,456

1,372

1,084

2,033

1,259

774

642

March

2,129

1,022

1,107

2,260

1,245

1,015

2,162

1,310

851

737

April

994

2,123

1,202

921

2,067

1,168

899

680

1,939

945

May

1,838

954

884

2,413

1,271

1,142

2,168

1,285

883

661

June

2,030

934

1,096

2,128

1,124

1,004

2,159

1,279

879

616

July

1,780

876

2,176

1,238

938

1,977

1,036

941

569

August

1,706

904
805

901

2,045

1,126

919

.

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 i$ 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 1 9 6 9 a n d


1970

based

on

13,000

permit-issuing

places.

!

Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
EXISTING HOMES
1

NEW HOMES
PERIOD
RATE
(IN PER CENT)

1

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET
NEW HOMES
1

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

28
01

8.04
7.28

14
06

7.45
7.09

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

4.5
4.6
5.2
5.9
6.4
7.2
9.4

15
19
17
17
16
16
21

7.38
7.40
7.49
7.46
7.51
7.64
8.01

1971 - High
Low

7.95
7.55

52
01

8.05
7.65

62
06

7.97
7.32

31
07

7.8
2.7

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

1972 - J u l y
Aug
Sept
Oct
Nov
Dec

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

1973 - J a n
Feb
Mar
Apr
MayJune
July
Aug

7.70
7.75
7. 80
7.90
7.95
8.05
8.40
8.85

32
35
31
44
44
41
39
49

7.75
7.80
7.85
7.90
8.00
8.10
8.40
8.85

37
40
36
44
49
46
39
49

7.55
7.56
7.63
7.73
7.79
7.89
8.19

17
16
14
27
28
25
18

.

8.36

NOTES:
1

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

H.ie

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE O F
AUCTION

AMOUNT
(IN M I L L I O N S O F D O L L A R S )
OFFERED

1973 - J a n

Feb

Mar

Apr-.

2
8
22
5
6
19
21
5
6
19
21

|

AVERAGE
YIELD

ACCEPTED

AMOUNT
(IN M I L L I O N S O F D O L L A R S )
OFFERED

39.4

74.2
107.0

61.3
92.1

7.69
7.70

128.6

65.4

|

AVERAGE
YIELD

ACCEPTED

25.5

7.84

7.71

——

--

--

--

--

62.9

7.89

100.9

--

--

110.3

71.6

7.73

--

--

--

170.8

107.7

„„

--

--

66.0

49.6

7.92
7.95

7.75
- -

297 .3

168.7

60.3

7.81

44.3

- —

--

--

--

—

--

86.8

56.4

8.02

111.9

81.6

8.11

--

2
3
16
17
30

261.2

185.9

14
29

258.3
212.4

June 11
25
July

234.6
--

145.9
- -

7.86
——

216.6

190.7

7.89

--

--

--

--

--

7.92

111.0
128.9

88.4
88.2

8.17
8.23

187.7
140.0

7.96
8.00

117.6
113.3

84.4
74.0

8.31
8.39

184.5
199.3

142.2
118.7

8.04
8.09

110.1
95.0

74.1
69.4

8.44
8.51

9
23

539.0
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

32.5

24.1

9.11

9.1

7.1

9.43

May-

- -

NOTES:
Average secondary market yields are gross before deduction of the fee of 3 8 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 .




H.16

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