Full text of H.16 Capital Market Developments : October 29, 1973
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$kiy October 29,1973 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE, AGRICULTURAL, and CONSUMER FINANCE SECTION CAPITAL MARKET DEVELOPMENTS DIVISION O F RESEARCH AND STATISTICS BOARD O F GOVERNORS F E D E R A L RESERVE SYSTEM Washington, D.C. 20551 > INDEX D E V E L O P M E N T S IN T H E C O R P O R A T E AND MUNICIPAL BOND MARKETS C A P I T A L MARKET Y I E L D S C A P I T A L MARKET VOLUME STOCK MARKET MORTGAGE MARKET SYMBOLS e ESTIMATE P PRELIMINARY r REVISED n.a. N O T AVAILABLE DATA DO NOT EXIST 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING NEW ISSUE A a a UTILITY 1973 - S e p t . VOLUME RECENTLY OFFERED A a a UTILITY 2 GROSS OFFERINGS ($ MILLIONS) 3 PER CENT S O L D BY END OF WEEK NEW ISSUE: IN S Y N D I C A T E ($ MILLIONS) 7 7 . 9 4 8 . 0 2 70 79 14 7 . 7 4 8 . 0 6 150 100 0 21 8 . 0 3 8 . 0 3 236 96 10 28 Oct 1 5 12 15 7 . 8 1 7 . 8 4 170 100 0 7.75 7 . 9 0 350 83 60 7.96. 7 . 8 8 350 100 19 8. 05 26 7.97 7.98 8 . 0 1 353 570 72 66 0 99 270p MUNICIPAL BOND MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa 1973 - S e p t . Oct. 7 5 . 0 0 . VOLUME BOND BUYER 2D-BOND INDEX GROSS OFFERINGS d PER CENT SOLD BY END NEW ISSUES 4 IN S Y N D I C A T E OF WEEK ($ MILLIONS) ($ MILLIONS) 5 . 1 8 134 14 5.00 5 . 1 8 341 81 89 21 4 . 9 0 5 . 0 5 285 88 58 28 4 . 7 0 5 . 0 0 673 82 136 5 12 91 36 4 . 7 0 5 . 0 4 461 78 177 4 . 7 0 4 . 9 9 302 74 155 74 65 384 189 19 4. 75 5.05 792 26 4 , 9 0 5.12 162 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. H.16 4 Table 2 HIGH GRADE BOND YIELDS NEW ISSUE Aaa UTILITY DATE 1971 1972 1973 1973 - - - - 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 B O N D BUYER 2Q-BOND INDEX High 8 . 2 6 (7/30) 8.23 (1/1) 7.71 (8/12) 6 . 5 1 (6/18) 6.23 (6/23) Low 7.02 (2/5) 7.17 (12/31) 7.06 (2/12) 5 . 6 9 (3/23) 4.97 (10/21) High 7 . 6 0 (4/21) 7.46 (5/12) 7.36 (4/28) 6.19 (4/14) 5 . 5 4 (4/13) Low 6.99 (11/24) 7.17 (1/7) 7.05 (12/8) 5 . 7 4 (11/17) 4 . 9 6 (10/21) High 8.52 (8/10) 8.32 (8/10) 7.77 (8/24) 7 . 7 9 (8/10) 5 . 5 9 (8/3) Low 7.29 (1/21) 7.28 (1/5) 7.11 (1/5) 6.42 (1/5) 4.99 (10/11) Sept. 7 7 . 9 4 8.02 7.64 7 . 2 6 5 . 1 8 7 . 7 4 8 . 0 6 7.63 7 . 3 4 5 . 1 8 8.03 8.03 7.65 7.32 5 . 0 5 7.84 7.60 7.13 5 . 0 0 7.75 7.90 7.59 7.14- 5 . 0 4 12 7.96 7.88 7.56. 7 . 1 0 4.99 19 8 . 0 5 7.98 7.58p 7.22 5 . 0 5 26 7.97 8 . 0 1 7.64p 7 . 2 4 5.12 14 21 28 Oct. / ' 7.81. 5 ' 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 4 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. figures. The average rating of Digitized5 forThursday FRASER the 2 0 bonds used in this index falls midway between the four t o p groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS 1 CORPORATE PERIOD 1973 1 1972 1 1971 1973 2 STATE AND LOCAL 1 1972 1 1971 January February March 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 April 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 August September 2,470 3,582 2,893 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 18,902 24,962 October November December 01 02 03 04 1st Half 3 Qtrs. Year 8,222 8,598 5,924 5,811 - • 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 I S S U E S BY TYPE OF ISSUE AND ISSUER IN M I L L I O N S O F D O L L A R S G R O S S P R O C E E D S BY TYPE O F I S S U E 1972 - TOTAL I I 1973 1 MEMO I S S U E S INCLUDED MANUFACTURING F O R E I G N [CONVERTIBLE PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 4,634 2,781 3,798 245 449 2,109 3,495 1,369 4,240 9,195 4,192 1,867 3,136 57 836 1,629 2,680 856 4,030 10,564 4,158 3,147 3,258 245 428 1,398 2,934 1,079 5,151 8,222 8,598 2,945 1,405 3,971 105 112 898 2,427 1,215 3,683 I I 3,345 2,852 2,407 145 118 1,411 2,886 964 3,340 T- J u n e 4,341 1,336 1,218 1,786 130 131 767 1,538 800 1,235 July 3,582 1,807 657 1,118 3 450 574 798 586 1,624 Aug. 2,893 1,523 421 948 17 183 452 635 237 1,568 Sept. 2,720 863 789 1,070 37 203 603 1,247 33 838 Oct. 3,791 1,773 564 1,454 28 162 383 1,280 371 1,757 Nov. 3,377 1,361 982 1,034 124 171 426 794 658 1,499 Dec. 3,396 1,024 1,601 770 93 95 589 860 50 1,895 Jan. 2,327 989 287 1,050 33 1,218 IV 1972 PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK 11,214 I I I 1973 G R O S S P R O C E E D S BY T Y P E OF ISSUER BONDS PERIOD - - I 1 14 81 176 900 Feb. 1,962 641 316 1,004 27 28 213 596 174 980 Mar. 3,933 1,315 802 1,817 64 3 509 931 1,008 1,485 Apr. . 2,497 938 801 758 63 25 282 519 258 1,439 May 2,543 673 1,378 44 82 399 771 374 1,000 3,558 1,049 1,358 822 June 822 38 11 730 1,596 332 901 July 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. H.16 LARGE LONG-TERM PUBLIC SECURITY I S S U E S FOR NEW CAPITAL OTHER THAN U.S. TREASURY ' October TYPE ISSUER C a r r i e r Corp. S o u t h w e s t e r n 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. P u g e t Sound Pwr.& L t . C o n E d i s o n Co MGIC INV C o r p MGIC INV C o r p C h r y s l e r Corp. Commonwealth E d i s o n P a c i f i c Gas & E l e c t r i c F l o r i d a Pwr. & L g t . F l o r i d a Pwr & L g t Inexco Oil Metropolitan Edison B o s t o n E d i s o n Co. Ohio B e l l T e l e . M a s s . E l e c . Co. R o c h e s t e r Gas & E l e c . Co. New B e d f o r d G a s & E d i s o n L t . J . P . M o r g a n & Co. ' GMAC 1 t h r u O c t o b e r 26,/ 1973 Co. S.F. debs Debt Com s t k Com s t k 1 s t & r e f mtg Conv s u b d e b S.F. debs S.F. debs 1 s t mtg. Pfd. stk Com. s t k Pfd stk Com s t k Pfd stk Com s t k Debs Pref stk Com s t k Notes Conv deb Debs AMOUNT (MILLIONS OF DOLLARS) 50.0 300.0 96.3 15.0 150.0 100.0 100.0 200.0 125.0 50.0 43.0 40.0 15.4 15.0 31.0 200.0 20.0 20.9 20.0 150.0 200.0 MATURITY 2013 COUPON RATE OFFERING YIELD 7.75 7.74 7.80 7.67 MOODY'S RATING A Aaa __ 2003 1993 1988 1998 2103 8.40 5.00 8.38 8.00 8.00 8.40 5.00 8.38 8.00 7.91 __ __ __ A A Aaa __ • 2013 7 . 63 __ __ 1998 1998 1998 8.38 4.75 7.85 8.25 4.75 7.85 7.95 Aaa Aa Aaa NOTES: * Rights offering. 1 Includes corporate and other security offerings of $ 1 5 million and over. H.16 Table 58 LARGE LONG-TERM PUBLIC SECURITY I S S U E S FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 October 2 ISSUER 1 TYPE 1 thru October 19, AMOUNT (MILLIONS OF DOLLARS) 1973 MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING STATE ANti LOCAL M i c h i g a n S t a t e Housing Dev. A u t h Lucas Co., Ohio Lucas Co., Ohio L u c a s Co. , O h i o King C o . , Wash. Richmond M e t r o A u t h . A l l e g h e n y Co N.Y. H o u s i n g D e v . C o r p . F a i r f a x C o . , Va. Minnesota, 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 Comme O h i o A i r Q t y . Dev. A u t h . N o r t h e r n Ky. S t . C o l l R o m u l u s , M i c h . , Comm S/D W i c h i t a , Kansas W i c h i t a , Kansas New Y o r k C i t y Vermont L o s A n g e l e s Co. F l o o d C o n t D i s t , C a l i f Puerto Rico Michigan City, Indiana G.O. 70.0 1 s t mtg r e v 18.2 1 s t mtg r e v 5.0 1 s t mtg r e v 5.8 Ref 30.4 Rev 73.3 Poll cont rev 16.0 G.O. 63.0 G.O, 32.0 G.O. 30.0 Go Oe 15.0 Rev 15.0 Poll cont rev 18.5 Rev 12.6 G.O. 11. 5 Rev 4. 7 Rev 12.2 G.O. 369; 8 G.O. 15.0 Rev 27.0 G.O. 60. 1 Rev 23.5 1974-2016 2004 1992 1974-1986 1974-2011 1974-2023 2003 1974-2023 1974-1993 1974-1993 1974-1993 1975-2003 1998 1975-2013 1974-2003 1977-1989 2004 1975-2014 1975-1997 1974-2003 1975-1997 2003 --- — 5.85 -- 5.85 4.66 4.48 4.45 4.88 6.62 5.73 5.37 5. 0 6 5.48 4 . 78 5.48 5 . 70 4 . 6 0 - 5 75 6.00 5.90 5.00-5.40 4.50-5.50 5 . 0 0 - 5 . 90 -- 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 N.R. 5. 2 0 - 5 . 7 5 6.08 4 . 4 0 - - 6 . 10 4.40-5.60 4.10-5.30 4 . 4 0 - 5 . 60 5. 70 A —— - — —— —— Baa-1 -- iBaa-1 Aa Aaa Aa Aa Baa Baa-1 Baa-1 A A-l Aa A-l A NOTES: 1 Includes state and local security offerings of $ 1 0 million and over. 2 In case of State and local government securities, G.O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev. Rent., revenue bonds secured solely by lease payments. 3 Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. H.16 Table 5B Continued LARGE LONG-TERM PUBLIC SECURITY I S S U E S FOR NEW CAPITAL OTHER THAN U.S. TREASURY October ISSUER 1 thru October 26, 1973 AMOUNT (MILLIONS OF DOLLARS) MATURITY Rev Rev Rev Rev. Rev. Rev. G.O. ' Rev. G.O. Rev Rev 2.5 -..6,3 6. 1 3.5 21.5 2.5 11.9 9.9 15.0 16.2 1.1 2005 1993 1976-1988 1993 2003 1983-1987 1974-1991 1999-2003 1976-1TO 2003 1978-1988 Rev Rev Rev Rev G.O. 26.5 10.0 10.1 15.5 . 13.8 1974-2003 1974-1993 1976-2003 1998-1993 1974-1995 TYPE COUPON RATE OFFERING YIELD MOODY'S RATING STATE AND LOCAL M a s s . H e a l t h & Ed F a c . A u t h M a s s H e a l t h & Ed F a c . A u t h M a s s H e a l t h & Ed F a c . A u t h T a y l o r Co. , F l a . T a y l o r Co. , F l a . T a y l o r Co. , F l a . B e l l e v u e S c h . D i s t . # 4 0 5 Wash Aurora, Colo. San A n t o n i o , Texas Jackson Co., Miss. \ Jackson Co., Miss. N a s h v i l l e & Davidson Co., Tenn. Metro Gov't K n o x v i l l e , Tenn Indianapolis Sanit. D i s t . , Ind. .Bay C o . , F l a . J e r s e y C i t y , N. J . . __ w— - —— —— «— —* 5.44 4.58 5.93 5.93 5.02 4.88 4.87 - - 5.89 —— 4. 6 0 - 5 . 2 5 5 . 13 5.40 4.70-4.80 4.40-5.00 5.35-5.40 4.00-5.20 5.90 4.75-5.25 4.10-5.50 4.10-5.10 4.10-5.40 5.70 5.00-5.90 A A A Aaa Aaa Aaa —— A Aa Baa Baa Aa Aa Aa A Baa x> H.16 Table 6A ~ FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY as of O c t o b e r 26, TYPE ISSUER 1 1973 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Consumers Power Co. N o r t h e r n S t a t e s Pwr. P e n n s y l v a n i a Power & L g t . Co. C&P T e l e . C o . o f Wash C a r o l i n a T e l e . & T e l e . Co. * F i r s t Va Mtg & R e a l E s t a t e I n v . Trst. Investors Diversified L i o n e l Edie Cap. Fd. Total Petroleum Ltd P u b l i c S e r v i c e Co. of I n d i a n a * W i s c o n s i n Power & L i g h t Co. ^ 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. G e o r g i a Pwr. Co. G e o r g i a Pwr. Co. C a r o l i n a Pwr. & L i g h t Co. D a y t o n Pwr. & L i g h t Co. *New E n g l a n d E l e c t r i c S y s t e m *Duke Power Co. Flexi-Van Corp. New E n g l a n d T e l . & T e l . o f F l a . *Southern Railway *Gen. T e l . Co. of F l o r i d a D e t r o i t E d i s o n Co. * T o l e d o E d i s o n Co. ^ C a r o l i n a Pwr. & L i g h t Co. Columbus & So. Ohio E l e c . Co. T r a n s c o n t i n e n t a l Gas P i p e l i n e Co. * D a l l a s Pwr. & L g t . Co. * S o u t h e r n Co. Diamond S t a t e s T e l e p h o n e C o . P a c i f i c Gas & E l e c . Co. ^ A r k a n s a s Power & L i g h t Co. * G e n e r a l T e l e p h o n e Co. of I n d . G e n e r a l T e l e p h o n e of I n d i a n a Van-Dyk R e s e a r c h C o r p . White C o n s o l i d a t e d I n d u s t r i e s I n c . AT&T M e t r o E d i s o n Co. Pref. stk Cornystk ( r g t s ) Com s t k Bonds Debs S r Sub N o t e s 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 Com s t k Debs Debs Debs Equip t r s t Bonds Com s t k 1 s t mtg 1 s t mtg Bonds Bonds Pfd Com s t k Debs Bonds Pfd Pfd s t k 1 s t mtg Deb Conv d e b s Pfd s t k 1 s t mtg NOTES: • Included in table for first time. 1 Includes corporate and other security issues of $15 million and over. 55 . 0 51 .4 44 .5 T 60 . 0 30 . 0 20 . 0 12 . 0 105 . 0 15 . 0 40.0 15.. 6 15, , 0 15, . 0 25, . 0 69. . 0 4 0 ,. 0 3 0 ,. 0 1 0 0 .. 0 3 5 .. 0 2 0 0 .. 0 15. . 0 5 0 ., 0 8 0 ., 0 4 0 .. 0 1 0 0 . ,0 45. 0 50. 0 30. 0 175. 0 15. 0 125. 0 15. 0 15. 0 25. 0 5. 0 51. 5 500. 0 40. 0 October October October October October 30 30 30 31 31 October October October October November November November November November November November November November November November November November November November November November November November . November November November November November November November November November November 1 1 1 7 7 x 8 8 12 12 13 13 14 14 14 15 19 20 20 26 27 27 27 28 29 29 Table 6B FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY as of October 26, !( 1 1973 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL C a l i f o r n i a , S t a t e of Kansas South Carolina New Y o r k S t a t e M t g . A g e n c y Florida B a r t o n Co. Dev. A u t h . , Ga. East Chicago, Ind. Lansing, Mich. *0hio B a l t i m o r e C o . , Md. O a k l a n d U. S . D , C a l i f . Alaska S t . Housing Auth. Houston P o r t of S e a t t l e , Wash. New Y o r k S t . D o r m i t o r y A u t h . G e o r g i a Highway A u t h o r i t y Oregon F a i r f i e l d Swr. Imp. D i s t . # 1 , C a l i f . 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 i t y of Houston Sacramento, C a l i f . Muni. U t i l . D i s t . L o s A n g e l e s DWAP S a r a s o t a Co., F l a . , Spc. U t i l . D i s t . #1 New Y o r k S t a t e H o u s i n g F i n . A g e n c y G e n e r a l Telephone of I n d i a n a * D i s t . of Columbia *New E n g l a n d P o w e r Co. Maryland Dept. of Trans. Bonds Rev G.O. ' Rev Poll cont rev Poll cont rev Rev Rev Rev Poll cont rev G.O. Rev Rev Adv-ref-rev Rev Rev G.O. G.O. Rev Rev G.O. Rev Rev Rev Rev G.O. 1 s t mtg G.O. 1 s t mtg Rev 100.0 40.0 48.5 113.5 32.4 41.0 12.5 H.O lb 5 42.0 10.8 15.3 11.5 110.0 39.1 25.0 100.0 12-15.0 15.7 23.0 57.9 25.0 50.0 50.0 10.2 160.0 25.0 65.1 40.0 47.2 October October October October October October October October October October October November November November November November November November November November November November November November November November November December December December 30 31 31 31 31 5 6 7 7 7 8 13 14 14 14 14 14 17 20 1 11 11 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 N Y S E INDEX 3 4 AMEX 950.82(4/28) 797.97(11/23) 26.68(4/28) 22.72(1/4) 112.66(12/31) 100.52(2/26) 22.1(2/12) 11.0(9/17) 6.7(2/5) 2.7(8/13) | 2 TRADING VOLUME [DJ INDUSTRIALS]^ NASDAQ NYSE | AMEX | NASDAQ 1971 - High Low 57.76(4/18) 48.73(1/4) 1972 65.14(12/11) 56.23(1/3) 1036.27(12/11) 889.30(1/3) 28.53(4/14) 25.61(1/3) 133.28(4/21) 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) 1051.70(1/11) 851.90(8/22) 26.70(1/8) 22.20(6/25) 136.18(1/12) 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) - High Low 1973 - High Low Sept. 7 14 21 28 Oct. 5 12 19 26 8.9(12/30) 5.1(11/26) 56.12 55.92 57.73 58.51 898.63 886.36 927.90 947.10 101. 5 8 ^ 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 59.34 60.25 971.25 978.63 963.73 106.47 109.82 108.96 112.56 114.10 113.25 3.8 3.9 3.1 7.1 7.1 6.2 59.90 987.06 108.70 112.78 19.6 19.4r 18.2 16.1 2.8 5.6 1 NOjTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). Trading is normally conducted for 5% hours per day and 5 days per week, or 27% hours p $ week. In recent years, however abbreviated trading to the extent, and over the time periods, shown below: 3 From Through Hours/Day Days/Week Hours/Week January 3, 1969 July 7, 1969 January 2, 1970 July 3, 1969 December 31, 1969 May 1, 1970 4 4% 5 5 5 5 20 22% 25 12/31/65 = 5 0 4 Average dollar value of shares listed. 5 AMEX M a r k e t V a l u e I n d e x 1 r e p l a c e s AMEX P r i c e L e v e l I n d e x . Table 8 13 SECURITY CREDIT 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 BROKERS O N 1 MARGIN STOCK BROKERS ON 2 CONVERTIBLE BONDS 3 BANKS UNREGULATED4 NONMARGIN STOCK CREDIT AT BANKS OTHER SECURITY CREDIT AT BANKS OUTSTANDING 1972- 1973- July 7,660 248 979 1,772 1,285 Aug. 7,780 246 1,032 1,800 1,298 Sept. 7,800 248 1,008 1,871 1,255 Oct. 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. 7,500 248 867 1,954 1,508 Mar. 7,200 244 879 1,917 1,566 Apr. 7,040 232 872 1,969 1,482 1,502 6,540 224 866 2,010 June 6,180 215 871 1,964 6/ July Aug. 6,010 216 n.a. n.a. 5,830 210 n.a. £/ n.a. 6/ Sept. 5,730 May C H A N G E IN O U T S T A N D I N G 1972 - July 150 4 24 128 11 Aug. 120 -2 53 28 13 2 -24 71 2 -65 4 Sept. 1973 - Oct. 20 —— Nov. 90 -1 -41 -4 45 Dec. 10 5 -37 25 132 Jan. -200 -5 Feb. -200 -1 Mar. -300 - 43 96 44 -44 2 14 24 -4 12 -37 58 ' Apr. -160 -12 -7 52 32 May -500 -8 -6 41 20 -9 -5 46 6/ n.a. n.a. 6/ n.a. 6/ June -360 July Aug. -70 1 -180 -6 Sept. -100 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 MILLIONS OF DOLLARS DATE ANNUAL 3 GROWTH RATE NET FLOW 1970 1971 1972 1972 4,517 9,621 9,788 - June July Aug. 1 \ \ 1,136 582 419 TOTAL SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR DEPOSITS NET NEW MONEY 2 SHARE CAPITAL NET NEW MONEY 2 DEPOSITS 6.8 13.5 12.0 936 5,678 5,397 NOT 10,965 28,230 32,902 «. — 868 414 293 3,738 2,290 1,801 1,626 2,159 1,708 4,874 2,872 3,277 890 -225 -291 -1.186 -1.158 SEASONALLY ADJUSTED 4,100 -633 -1,611 10.4 13.5 7.0 10.8 13.2- —— — 2,299 2,980 1,646 2,396 3,172 9.1 11.7 6.4 9.3 12.2 2.9 -1.2 __ 362 1.4 -231 -1.3 1973 - J u n e July Aug. p 823 -412 -425 - - 1973 - Feb. Mar. Apr. May June July Aug. p 465 579 387 451 777 -173 -117 6.1 7.5 5.0 5.8 9.9 -2. 2 -1.5 -35 -603 -575 —— —— — -- NET FLOW 1,834 2,401 1,259 1,945 2,395 535 -214 —— -— NET FLOW 15,482 37,851 42,690 NET NEW MONEY ANNUAL 3 GROWTH RATE ANNUAL 3 GROWTH RATE SEASONALLY ADJUSTED 5,285 J 8.1 ( 20,653 19.3 23,884 19.5 7.7 17,5 17.0 2 6,221 26,331 29,281 2,494 2,573 ' — 855 -915 -1,784 -- --- NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: Association of Mutual Savings Banks and Digitized for National FRASER Federal Home Loan Bank Board. ' H.tB Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD TOTAL NET CHANGE ALL SAVINGS MUTUAL & LOAN S A V I N G S BKS> . ASSOCIATIONS ( N Y. S T A T E ) (Billions of Dollars TOTAL Seasonally ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS ( N Y. S T A T E ) A d j u s t e d ) r / 1971 - Dec. 17.7 14.0 3.7 .38 .21 1972 - Jan. 18.0 14.1 3.9 .24 .11 .13 Feb. 19.1 15.0 4 . 1 1.19 .91 .28 March 19.7 15.4 4.3 .49 .38 .11 April 20.1 15.7 4.4 .42 .29 .13 May 20.6 16.2 4.4 .60 .55 .05 .60 -.07 June 1973 - .59 20.7 16.3 4.4 .53 July 21.0 16.5 4.5 .36 .26 .10 Aug. 21.8 17.3 4.5 .83 .76 .07 Sept. 22.9 18.1 4.8 .99 .77 .22 Oct. 23.6 18.7 4.9 .73 .63 .10 .04 Nov. 24.3 19.4 4.9 .73 .69 Dec. 24.9 20.0 4.9 .68 .65 .03 Jan. 25.9 20.8 5.1 .98 .81 .17 Feb. 26.6 21.6 5.0 .62 .74 -.12 Mar. 26.1 21 . 3 4.8 -.54 -.32 -.22 Apr. 25.3 20.7 4,6 -.68 -.53 -.15 May 24.6 20.1 4.5 -.84 -.67 -.17 June 24.2 19.8 4.4 -.38 -.29 •* . 0 9 July 22.9 4.3 22.0 -1.25 - . 8 8 -1.15 , -73 - .10 Aug 18.6 17.9 Sept 16.8 4.1 ' -.15 -1.10 NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of-period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 NET NEW MONEY BORROWINGS BY-MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD 1971 - Mar. Apr. May July Aug. Sept. Oct. Nov. Dec. 1972 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1973 - J a n . Feb. Mar. Apr. May 1973- July Aug.p Sept.p Oct. Nov. Dec. NOTES: B a s e d on d a t a TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES -439 -696 -388 -483 +604 +335 +453 +942 -96 +563 INTERMEDIATE AND LONG-TERM ISSUES TOTAL -100 -451 -453 -136 +411 +200 +526 +849 +300 +500 —— FHLB FHLMC -450 (-651 \452 - —— — - 3 9 \ -87 \ .-28 \ +200 1 -250 — +300 - — - — — -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 +131 +452 +582 +1,267 +1,769 +740 +122 +312 +378 +1,303 +1,600 +961 +251 -1 +1,195 +1,200 +600 +1,475 +1,693 *1,911 +1,528 +1,350 +1,850 + 998 +1,350 +1,500 FNMA +350 +200 -1 +201 +450 -13 +554 +649 +550 +500 —— — -403 -2 -1 -200 -1 -1 -1 +200 +500 — - - - - — +100 -150 -1 +400 —- +602 +250 - - — -1 +814 — -25 +76 +116 +51 — +1 +400 - - —« - - +6 +10 +379 +107 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 +361 +9 +140 +204 -36 +169 -221 +530 —— +350 -58 +343 +61 —- f r o m t h e T r e a s u r y S u r v e y of O w n e r s h i p . H.16 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNMA TOTAL FINANCIAL INSTITUTIONS COMMERCIAL MSB's S & L's BANKS 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 9,561 10,172 24,160 31,982 2,052 2,348 1,221 1,723 4,375 4,909 2,388 2,026 553 502 472 517 598 3,313 2,926 2,673 2,712 3,121 97 90 139 255 1,112 368 137 95 130 133 458 331 568 506 562 649 557 494 2,045 2,128 2,999 2,991 3,250 3,301 2,689 2,516 1,393 162 29 77 -329 142 514 329 414 195 66 69 4 -164 255 607 845 24,074 21,736 41,647 57,107 19,699 16,827 39,259 55,081 5,404 2,462 9,940 15,999 2,682 1,845 3,938 5,377 1972 - Aug Sept Oct Nov Dec 5,931 5,286 4,779 5,114 5,964 5,563 4,918 4,684 4,984 5,831 1,600 1,400 1,400 1,500 1,000 1973 - J a n Feb Mar Apr MayJune July Aug Sept 3,760 3,454 4,913 4,364 5,390 6,419 5,482 5,969 3,565 3,388 4,844 4,368 5,554 6,164 4,875 5,124 900 900 1,200 1,200 1,600 1,700 1,300 1,700 -- Seasonally Adjusted 1 9 7 2 - Aug Sept Oct Nov Dec 5,368 4,907 4,746 5,260 5,590 5,142 4,651 4,785 5,186 5,481 1,444 1,154 1,393 1,535 1,244 516 503 501 510 517 3,097 2,874 2,769 2,876 2,950 85 120 122 265 770 226 256 - 39 74 109 1973 - J a n Feb Mar Apr MayJune July Aug 4,730 4,442 4,999 4,492 5,301 5,713 5,266 5,392 4,510 4,306 4,865 4,355 5,326 5,381 4,706 4,693 1,159 1,116 1,254 1,201 1,490 1,485 1,209 1,542 501 437 556 555 562 572 542 456 2,620 2,650 2,947 2,870 3,089 2,770 2,604 2,294 1,3.40 230 103 108 -271 185 554 351 401 220 136 134 137 - 25 332 560 699 Sept NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates bench marked 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 IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL R A T E S RESIDENTIAL QUARTER 1968 - 1969 - 1970 1971 1972 I - - - - TOTAL 28.1 1- t o 4 FAMILY 19.4 16.3 3.1 26.4 18.2 15.0 3.2 I l l 25.5 17.2 13.6 3.5 IV 29.6 20.4 16.5 3.9 , COMMERCIAL MULTIFAMILY I I MULTIFAMILN & COMMERCIAL FARM 9.5 2.3 6.4 • 6.0 9.2 6.5 10.1 1.8 7.4 11.3 1.9 2.2 2.2 I 32.0 23.8 19.4 4.4 6.0 10.4 II 29.1 21.5 16.8 4.6 5.4 10.1 2.2 1.7 III 25.8 18.7 14.0 4.7 5.3 10.0 IV 25.2 18.5 13.1 5.4 5.3 10.7 1.4 I 20.7 14.4 9.4 5.0 4.8 9.8 1.5 II 22.9 16.8 11.6 5.2 4.6 9.8 1.5 III 28.5 21.3 15.0 6.3 5.1 11.5 2.1 2.2 IV 31.8 22.8 16.2 6.6 6.8 13.4 I 37.5 27.3 19.2 8.0 8.1 16.1 II 47 .8 36.0 26.5 9.4 9.5 18.9 2.3 III 52.2 38.9 30.1 8.8 11.1 19.8 2.3 IV 54.2 40.7 31.9 8.9 11.0 19.9 2.5 I 62.4 45.4 35.9 . - 2.2 9.5 14.5 64.9 47.1 37.5 9.6 15.2 24.8 2.6 I I I 65.2 47.3 38.5 8.8 15.2 24.0 2.6 IV 68.4 50.6 40.2 10.4 15.4 25.8 2.5 I 7 7 .9 58.1 45.7 12.4 15.8 28.2 4.0 II 76.7 55.6 43.3 12.3 17.3 29.6 3.9 ' II 1973 TOTAL 23.9 2.6 - 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 Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF U N I T S , SEASONALLY A D J U S T E D A N N U A L RATES TOTAL 1—FAMILY COMPLETIONS STARTS PERMITS!/ PERIOD 2 - O R MORE FAMILY TOTAL 1—FAMILY 2 - O R MORE FAMILY TOTAL 1—FAMILY MOBILE 2 - O R MORE HOME FAMILY SHIPMENTS 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 1971 1,952 928 1,025 2,085 1,151 901 1,740 1,014 692 401 497 1972 2,219 1,033 1,186 2,379 1,309 1,048 2,002 1,145 829 576 1,373 1,051 1,973 1,210 763 534 2,281 1,065 1,216 2,424 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 December 2,399 1,001 1,398 2,369 1,207 1,162 2,147 1,168 980 606 1,324 823 648 642 1972 - August . 2,233 1,062 1,171 2,497 1,450 1,047 2,147 February 2,209 1,079 1,130 2,456 1,372 -1,084 2,033 1,259 774 March 2,129 1,022 1,107 2,260 1,245 1,015 2,162 1,310 851 737 April 1,939 945 994 2,123 1,202 921 2,067 1,168 899 680 May 1,838 954 884 2,413 1,271 1,142 2,168 1,285 June 2,030 934 1,096 2,128 1,124 1,004 2,201 1,278 883 925 616 935 721 1973 - J a n u a r y July 1,780 August 1,750 1,604 September 904 805 876 945 2,191 1,247 944 1,984 1,050 2,066 1,116 950 1,802 1,081 779 825 1,763 985 778 661 569 546 I 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 ra v Census Bureau. / D a t a f o r 1969 and 1970 based on 13,000 permit-issuing places. / Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES NEW HOMES EXISTING HOMES 1 PERIOD RATE (IN PER C E N T ) SPREAD BETWEEN NEW Aaa RETURNS ON NEW HOMES U. ILITY CONVENTIONAL 1 1 BOND AND HUD(FHA) YIELD NEW HOME YIELD SPREAD DISCOUNT ( P E R C E N T A G E MORTGAGES (IN PER CENT) (IN PER C E N T ) (BASIS (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET SPREAD (BASIS POINTS) RATE (IN P E R C E N T ) SPREAD (BASIS POINTS) 31 07 7.8 2. 7 28 01 8.04 7.28 7.57 7.45 48 05 4.7 3.7 14 06 7.45 7.09 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 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 7.38 7.40 7.49 7.46 7.51 7.64 8.01 -- 130 5.2 8.36 7.88 1971 - High Low 7.95 7.55 52 01 8.05 7.65 62 06 7.97 7.32 1972 - High Low 7.70 7.55 61 15 7.75 7.60 66 20 1972 - July 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 1973 - Jan Feb Mar Apr May June July Aug Sept 7. 70 7.75 7.80 7.90 7.95 8.05 8.40 8.85 8.95 32 35 31 44 44 41 39 49 107 7.75 7.80 7.85 7.90 8.00 8.10 8.40 8.85 8.95 , 49 107 / - - 9.18 -- -23 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,16 Table 16 <5 21 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN AMOUNT AVERAGE (IN MILLIONS OF DOLLARS) YIELD DATE OF AUCTION OFFERED 1973 - J a n . Feb. Mar. Apr. 2 8 22 5 6 19 21 ACCEPTED OFFERED „„ 39.4 25.5 7.69 7.70 -- -- 128.6 65.4 7.71 -- -- 71.6 7.73 -- 170.8 107.7 7.75 -- -- - - 297 . 3 168.7 -- -- 234.6 145.9 -- -- 216.6"" 7.81 . -- AVERAGE YIELD ACCEPTED 61.3 92.1 -- : | 74.2 107.0 110.3 5 6 19 21 2 3 16 17 30 | CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) 7.84 -__ 100.9 —— 62.9 7.89 -- __ 66.0 49.6 7.92 60.3 44.3 7.95 __ -- __ 86.8 —— 56.4 8.02 111.9 81.6 8.11 7.86 -- 190.7 7.89 —- -- -- 88.4 88.2 8.17 8.23 261.2 185.9 7.92 111.0 128.9 14 29 258.3 212.4 187.7 140.0 7.96 8.00 117.6 113.3 84.4 74.0 8.31 8.39 J u n e 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 23 539.0 351.4 244.8 181.4 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 15 32.5 24.8 24.1 16.6 9.11 8.97 9.1 18.6 7.1 16.2 9.43 9.10 May -- -- -- . 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 .
@FedFRASER