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October 9, 1 9 7 3
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 OF GOVERNORS
F E D E R A L RESERVE SYSTEM
Washington, D C. 20551

INDEX
DEVELOPMENTS IN THE CORPORATE AND MUNICIPAL BOND MARKETS
CAPITAL MARKET YIELDS
CAPITAL MARKET VOLUME
STOCK MARKET
MORTGAGE MARKET

SYMBOLS
e

ESTIMATE

P

PRELIMINARY

r

REVISED

n.a.

NOT AVAILABLE

—

DATA DO NOT EXIST




YIELDS, VOLUME AND RECEPTION

J

CORPORATE B O N D MARKET
YIELDS
WEEK ENDING

1973 - S e p t .

RECENTLY 2
OFFERED
Aaa UTILITY

NEW ISSUE 1
Aaa UTILITY

GROSS 3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

7
14
21
28

7.94
7.74
8.03
7.81r

8.02
8.06
8.03r
7.8.4r

70
150
236
170

79
100
96
100

5

7.74p

7.86p

350

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

45

Oct.

15
0

10
0

MUNICIPAL B O N D MARKET
YIELDS
WEEK ENDING

1973 - S e p t .

Oct.

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
2Q-BOND
INDEX

GROSS 3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

7
14
21
28

5.00
5.00
4.90
4.70

5.18
5.18
5.05
5.00

134
341
285
673

91
81
88
82

36
89
58
136

5

4.70

5.04

461

78

177

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price
restrictions sometime during the last four weeks.

3

Estimated by F.R. on the basis of available data.

4

Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




H.16

Table 2

HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY

DATE

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

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

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

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

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

6.23 (6/23)
4.97 (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)
5.74 (11/17)

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

1973 - High
Low

8.52 (8/10)
7.29 (1/21)

8.32 (8/10)
7.28 (1/5)

7.77 ( 8 / 2 4 )
7.11 (1/5)

7.79 (8/10)
6.42 ( 1 / 5 )

5.59 (8/3)
5.00 (9/27)

7
14
21
28

7.94
7.74
8.03
7.81r

8.02
8.06
8.03
7.84r

7.64
7.63
7.65
7.60

7.26
7.34
7.32
7.13r

5.18
5.18
5.05
5.00

5

7.74p

7.86p

7 • 59P

7.14p

5

5.04

1973 - S e p t .

Oct.

NOTES:
1

Federt1 Reserve series of implied yield on newly issued, Aea-reted 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
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 in^ex 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 PROCEEDS

1

CORPORATE

PERIOD

1973

1

1972

2

S T A T E A N D LOCAL

1971

1

1973

I

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
t, 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

8,222
8,598

04
1st Half

3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




5,924
5,811

Table 4

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

PERIOD

TOTAL

GROSS PROCEEDS BY TYPE OF ISSUE
GROSS PROCEEDS BY TYPE OF ISSUER
1
BONDS
MEMO
COMMON
PUBLIC
OTHER
COMMUNIMANUFACAND
ISSUES INCLUDED
PUBLICLY PRIVATELY
PREFERRED
ISSUERS
CATIONS
TURING
UTILITY
PLACED
OFFERED
FOREIGN |CONVERTIBLE
STOCK

11,214
9,195
10,564

4,634
4,192
4,158

2,781
1,867
3,147

3,798
3,136
3,258

245
57
245

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

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

2,427
2,886

1,215
964

3,683
3,340

- June

1972 -

II
III
IV

1973

-

1972

1,336

1,218

1,786

130

131

767

1,538

800

1,235

3,582
2,893
2,720

1,807
1,523
863

657
421
789

1,118
948
1,070

3
17
37

450
183
203

574
452
603

798
635
1,247

586
237
33

1,624
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

- 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

1973

4,341

July
Aug.
Sept.

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

T a b l e SA

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

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

1

5, 1973

MATURITY

C O U P O N RATE

OFFERING
YIELD

7.75
7.74

7.80
7.67

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 .

S.F. debs
Debt
Com s t k
Com s t k

50.0
300.0
96.3
15.0

2013

A
Aaa
--

—-

'

NOTES;
•

Rights offering.

1

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




H.16

Table 5B

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY 1
October 1 thru October
2
ISSUER

l
>

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

5, 1973
MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

S T A T E A N D LOCAL

Michigan S t a t e Housing Dev. Auth
Lucas C o . , Ohio
Lucas Co., Ohio
Lucas C o . , Ohio
King Co., 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

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

70.0
18.2
5.0
5.8
30.4
73.3
16.0
63.0
32.0
30.0

1974-2016
2004
1992
1974-1986
1974-2011
1974-2023
2003
1974-2023
1974-1993
1974-1993

5.85

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

5.85
4. 66
4.48

5.00-5.90
4.30-5.50
•4.20-4.70

-—
—
- -

A
»--

Baa-1
--

Baa-1
Aa
Aaa

NOTES:
1

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

2

In case of State and local government securities, Q.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.


i


H.16

'

-

"

'

Table 6A

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

1

As of October 5. 1973
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE
C e n t r a l I l l i n o i s L g t . Co.
Con Edison Co.
Wisconsin Pwr. & Lgt
New England T e l . & T e l . Co
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
•Boston Edison Co.
New Bedford Gas & Edison L t . Co.
Mass. E l e c . Co.
R o c h e s t e r Gas & E l e c . Co.
P u b l i c Serv. E l e c . & Gas Co.
Northern S t a t e s Pwr.
Pennsylvania Power & Lgt. 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. I n s t .
MGIC Mtge Corp.
MGIC Mtge. Corp.
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 Indiana
*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

Com s t k
1 s t & r e f mtg
Com s t k ( r g t s )
Com s t k ( r g t s )
Pfd s t k
Com s t k
1 s t mtg
Pfd s t k
Com s t k
1 s t mtg
Pfd s t k
Com s t k
Notes
Pfd s t k
Com s t k
1 s t mtg
Com s t k ( r g t s )
Com s t k
Bonds

14.0
150.0
17.0
28.3
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
45.0
60.0

October
9
October 10
October 10
October 12
October 16
October 16
October 16
October 17
October 17
October 18
October 18
October 23
October 24
October 24
October 24
October 29
October 30
October 30
October 31

Sr sub n o t e s
Debs
Conv debs
Com s t k
Bene i n t
Com s t k
Com s t k
Com s t k
1 s t mtg
Pfd
Com s t k
1 s t mtg
Conv debs
Debs

20.0
100.0
100.0
15.4
12.0
105.0
15.0
40.0
15.0
25.0
80.0
40.0
150.0
150.0

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

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.16

Table 6B

FORTHCOMING LARGE LONG-TERM PUBLIC
SECURITY OFFERINGS FOR NEW CAPITAL
OTHER THAN U.S. TREASURY
As of October 5, 1973

ISSUER
STATE & LOCAL

Colorado Springs, Colo.
Orlando, Fla. Utilities Comm.
*Ohio Air Qty. Dev. Auth.
N.J. Sports & Exp. Auth.
Northern Ky. St. Coll.
Lansing, Mich.
Aurora, Colo.
Romulus, Mich., Comm. S/D
Oakland U.S.D. Cal.
New York City
San Antonio, Texas
Knoxville, Tenn.
Nashville and Davidson Co., Tenn
Jackson Co., Miss.
Barton Co. Dev. Auth., Ga.
Baltimore Co., Md
*0hio
*East Chicago. Ind.
Sac., Calif. Muni. Util. Dist.
*Dist. of Columbia
*New England Power Co.
Maryland Dept. of Trans.

TYPE

X/

G.O.
Rev
Poll cont rev
Rev
Rev
Rev
Rev
G.O.
G.O.
G.O.
G.O.
Elec
Metro govt
Rev
Poll cont rev
Poll cont rev
Rev
Rev
Rev
G.O.
1 s t mtg
Rev

1

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

15.0
15.0
18.5
265.0
12.6
14.0
9.9
11.5
10.8
369.8
15.0
10.0
26.5
17.0
41.0
42.0
18.5
12.5
50.0
65.1
40.0
47.2

APPROXIMATE
DATE OF OFFERIN

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

9
9
10
10
11
11
15
15
15
16
18
23
23
24

14
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

NYSE INDEX

1971 - High
Low

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

1972 - High
Low
1973 - High
Low
Sept.

Oct.

1

STOCK PRICES

DATE

3

DJ INDUSTRIALS!

AMEX

4

|

950.82(4/28) 26,68(4/28) 112.66(12/31)
797.97(11/23) 22.72(1/4) 100.52(2/26)

2

TRADING VOLUME

NYSE

NASDAQ

|

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)

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. l r
3.4
3.3r

5.6
4.9
7.2
6.8

5

59.34

971.25

106.47

112.56

19.6

3.8

7.1

NOTES:
1
Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.
2

Volume figures are weekly averages of daily figures (millions of shares). Trading is normally conducted for 6% hours per day and 5 days per week, or 27% hours per week. In recent years,
however abbreviated trading to the extent, and over the time periods, shown below:
From

Through

Hours/Day

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

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 L e v e l I n d e x .

CZ




*,.16

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

5

BANKS

UNREGULATED
NONMARGIN
STOCK CREDIT
AT B A N K S

OTHER
SECURITY
CREDIT
AT B A N K S

OUTSTANDING

1972- J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

7,660
7,780
7,800 7,800
7,890
7,900

248
246
248
250
249
254

979
1,032
1,008
943
902
865

1,772
1,800
1,871
1,875
1,871
1,896

1,285
1,298
1,255
1,351
1,296
1,528

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

7,700
7,500
7, 2 0 0
7,040
6,540
6,180
6,010
5,830

249
248
244
232
224
215
216
210

865
867
879
872
866
871
n.a.
n.a.

1,940
1,954
1,917
1,969
2,010
1,964
n.a.

1,484
1,508
1,566
1,482
1,502
6/
' 6/
6/

150
120
20
90
10

4
-2
2
2
-1
5

24
53
-24
-65
-41
-37

128
28
71
4
-4
25

11
13
- 43
96
45
132

-200
-200
-300
-160
-500
-360
-70
-180

-5
-1
-4
-12
-8
-9
1
-6

2
12
-7
-6
-5
n.a.
n.a.

44
14
-37
52
41
46
n.a.
n.a.

-44
24
58
32
20
6/
6/

July
Aug.
CHANGE IN OUTSTANDING

1972 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
1973 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.

—

;

:

£/

NOTES:
1

Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.

2

New York Stock Exchange data.

3

June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.

4

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

5

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

6
Di continued
Digitized for sFRASER .


H.16

5

Table 9

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

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

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

NET
FLOW

1

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

2

S H A R E CAPITAL

NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

TOTAL
DEPOSITS

NET
FLOW

ANNUAL 3
GROWTH
RATE

2

NET
NEW
MONEY

NOT SEASONALLY A D J U S T E D

1970
1971
1972

4,517
9,621
9,788

6.8
13.5
12.0

1972 - June
July
Aug.

1,136
582
419

—-

823
-412
-425

1973 - J u n e
July
Aug. p
1973 - Feb.
Mar.
Apr.
May
June
July
Aug. p

.

- -

465
579
387
450
690
-200
-37

6.1
7.5
5.0
5.8
8.8
-2.5
-0.5

936
5,678
5,397

10,965
28,230
32,902

868
414
293

3,738
2,290
1,801

-35
-603
-575

3,277
-225
-1,186

8.1
19.3
19.5
__

—-

5,285
20,653
23,884

15,482
37,851
42,690

1,626
2,159
1,708

4,874
2,872

890
-291
-1.209

4,100
-633
-1,611

SEASONALLY ADJUSTED

__
—
—
—
—
—

i

1,834
2,401
1,259
1,929
2,395
535
-242

10.4
13.5
7.0
10.7
13.2
2.9
-1.3

—
—
-—
— .
—
—

2,299
2,980
1,646
2,379
3,085
336
-279

7.7
17,5
17.0
-

__

9.1
11.7
6.4
9.2
11.8
1.3
-1.1

6,221
26,331
29,281
2,494
2,573
855
-915
-1,784
—w
——
- ——
-

w

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.

_j

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

Table 10

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

ALL S A V I N G S
MUTUAL
& LOAN
SAVINGS BKi5
A S S O C I A T I O N S (N Y. S T A T E ]

( B i l l i o n s of D o l l a r s
1971 - Dec.

17.7

14.0

3.7

1972 - J a n .
Feb.

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

March

April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1973 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug

4.3
4.1

NET CHANGE

ALL SAVINGS

TOTAL

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

S e a s o n a l l y A d j u s t e d ) :r
.59

j

.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
-1.15
- .79

.17
-.12
-.22
-.15
-.17
-.09
-.10
-.15

NOTES:
Based on data f r o m Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of non
residential commitments; S&L commitments also include loans in process Net changes are derived directly f r o m u n r o u n d e d end of period outstandinq
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

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

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

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

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

FHLB

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

-* —
-403
-2
-1
-200
-1
-1
-1
- -

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

NOTES:

Based on data from the Treasury Survey of Ownership.




FHLMC

FNMA

— -i

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

——
- ——
- -

+300
—
—
—
—

+200
—

+602
+250

—

—

+500

-1
+814

—
—
——
- ——

-25
+76
+116
+51
—

+1
+400

—
—

+100
-150
-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

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

COMMERCIAL
BANKS

MSB's

S &

L's

I N S U R A N C E 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

19,699
16,827
39,259
55,081

1972 - Aug
Sept
Oct
Nov
Dec
^

24,074
21,736
41,647
57,107
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
May-

3,760
3,454
4,913
4,364
5,390
6,419
5,482

3,565
3,388
4,844
4,368
5,554
6,164
4,875

900
900
1,200
1,200
1,600
1,700
1,300

--

--

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

2,045
2,128
2,999
2,991
3,250
3,301
2,689
2,505

162
29
77
-329
142
514
329
--

195
66
69
- 4
-164
255
607
845

85
120
122
265
770

226
256
- 39
74
109

230
103
108
-271
185
554
351

220
136
134
137
- 25
332
560
699

2,682
1,845
3,938
5,377

--

July
Aug

5,404
2,462
9,940
15,999 -

Seasonally Adjusted
516
3,097
503
2,874
501
2,769
510
2,876
517
2,950

1972 - 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

1973 - J a n
Feb
Mar
Apr
May
June
July
Aug

4,730
4,442
4,999
4,492
5,301
5,713
5,266

4,510
4,306
4,865
4,355
5,326
5,381
4,706

1,159
1,116
1,254
1,201
1,4901,485
1,209

501
437
556
555
562
572
542

2,620
2,650
2,947
2,870
3,089
2,770
2,604
2,283

-

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 for 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 A D J U S T E D ANNUAL R A T E S

RESIDENTIAL
QUARTER

TOTAL

TOTAL

FAMILY

MULTIFAMILY

MULTFAMILY
&
COMMERCIAL

FARM

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

10.4

10.0
10.7

COMMERCIAL

2.2
2.2
1.7
1.4

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

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

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

77.0
71.8

57.9
53.0

46.9
42.8

11.0
10.2

16.1
16.2

27.1
26.4

3.0
2.6

NOTES:

lo.i

*

^

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

/
T a b l e 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF UNITS, SEASONALLY A D J U S T E D A N N U A L RATES

PERMITS.!./
PERIOD

TOTAL

1—FAMILY

COMPLETIONS

STARTS
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
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 - Augus t
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 r /
June r /
July r/
Augus t

2,233
2,209
2,129
1,939
1,838
2,030
1,780
1,706

1,062
1,079
1,022
945
954
934
904
805

1,171
1,130
1,107
994
884
1,096
876
901

2,497
2,456
2,260
2,123
2,413
2,128
2,176
2,045

1,450
1,372
1,245
1,202
1,271
1,124
1,238
1,126

1,047
1,084
1,015
921
1,142
1,004
938
. 919

2,147
2,033
2,162
2,067
2,168
2,159
1,977

1,324
1,259
1,310
1,168
1,285
1,279
1,036

823
774
851
899
883
879
941

648
642
. 737
680
661
616
569

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.

 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
1/ Data f o r


H.16

...
T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL L O A N S
PRIMARY MARKET
NEW HOMES

H U D ( F H A ) INSURED LOA N S
S E C O N D A R Y MARKET

EXISTING H O M E S

NEW HOMES

1

PERIOD

RATE
(IN PER CENT)

1

1

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

DISCOUNT
(PERCENTAGE
POINTS)

SPREAD
BETWEEN
R E T U R N S ON
NEW A a a
CONVENTIONAL
UTILITY
AND HUD(FHA)
BOND
YIELD
NEW HOME
MORTGAGES (IN PER CENT)
(BASIS
POINTS)

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

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
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

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

1973 - J a n
Feb
Mar
Apr
May
June
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

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
8.36

f
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 S 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
GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF 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

__

| ACCEPTED

AVERAGE
YIELD

y

CONVENTIONAL

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

AVERAGE
YIELD

OFFERED

| ACCEPTED

39.4

25.5

7.84

--

--

--

--

--

--

62.9

7.89

__

__

74.2
107.0

61.3
92.1

7.69
7.70

128.6

65.4

7.71

--

--

--

110.3

71.6

7.73

--

--

--

--

66.0

49.6

7.92
7.95

--

--

100.9

170.8

107.7

--

--

—

297.3

168.7

60.3

44.3

7.81

--

--

—

--

--

--

86.8

56.4

8.02

111.9

81.6

8.11

234.6

2
3
16
17
30

261.2

185.9

14
29

258.3
212.4

June 11
25
July

—

216.6

145.9
- -

7.75

7.86
—

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 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 .




H.16

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