Capital Market Developments

Transcription

1 Capital Market Developments June 28,976 Prepared by the DIVISION OF RESEARCH AND STATISTICS CAPITAL MARKETS SECTION in conjunction with the BOARD OF GOVERNORS MORTGAGE and CONSUMER FEDERAL RESERVE SYSTEM FINANCE SECTION Washington, D.C. 2055

2 - V Index SUBSCRIPTION RATES: Weekly $5.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 0 or more of the same issue to one address, $3.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-6 MORTGAGE MARKET SYMBOLS 6 ESTIMATE P PRELIMINARY r REVISED n.& NOT AVAILABLE DATA DO NOT EXIST

3 Table YIELDS, VOLUME AND RECEPTION 3 WEEK ENDING NEW ISSUE Aaa UTILITY RECENTLY 2 OFFERED Aaa UTILITY CORPORATE BOND MARKET 3 GROSS OFFERINGS ($ MILLIONS) VOLUME PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) Apr , May J\ June r p 8.73p, MUNICIPAL BOND MARKET YIELDS VOLUME WEEK ENDING 3 MOODY'S BOND BUYER GROSS PER CENT NEW ISSUES 4 NEW ISSUE 2D-BOND OFFERINGS SOLD BY END IN SYNDICATE Aaa INDEX ($ MILLIONS) OF WEEK ($ MILLIONS) Apr May ' , June Federal Reserve series of implied yield on newly issued. Am-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 besis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Sond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series.

4 Table 2 HIGH GRADE BOND YIELDS DATE NEW ISSUE Aaa UTILITY RECENTLY OFFERED Aaa UTILITY MOODY'S SEASONED 3 CORPORATE Aaa U.S. GOVT. 20-YEAR 4 CONSTANT MATURITY BOND BUYER 2Q-BOND INDEX High 7.60 (4.2) 7.49 (4/2) 7.36 (4/28) 6.9 (4/4) 6.54 (4/3) Low 6.99 (/24) 7.5 (2/) 7.05 (2/2) 5.74 (/7) 4.96 (0/2) High 8.52 (8/0) 8.^2 (8/0) 7.77 (8/24) 7.79 (8/0) 5.59 (8/3) Low 7.29 (/2) 7.28 (/5) 7. (/5) 6.42 (/5) 4.99 (0/) High 0.6 (0/4) 0.52 (0/) 9.39 (0/) 8.68 (8/30) 7.5 (2/2) Low 8.05 (2/5) 8.3 (/4) 7.73 (/4) 7.39 (/4) 5.6 (2/7) High 9.80 (5/2) 9.7 (5/25) 9.0 (5/2) 8.63 (9/9) 7.67 (0/3) Low 8.89 (2/7) 9.06 (2/28) 8.57 (2/28) 7.63 (2/2) 6.27 (2/3) High 8.95 (5/28) 9.0 (/2) 8.66 (5/28) 8.7 (5/28) 7.29 (/2) Low 8.38 (4/23) 8.44 (4/6) 8.36 (4/23) 7.80 (4/23) 6.54 (4/6) May June r p 8.73p 8.60p 7.99p 6.87 Federal Reserve series of implied yield on newly issued, Aaa-mted utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on compev..ively 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. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.

5 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS PERIOD GROSS PROCEEDS CORPORATE STATE AND LOCAL January 3,297 5,384 3,328 2,344 ' 2,36 2,255 February 3,764 4,528 2,687 2,679 2,387 2,003 March 5,378 3,27 3,32 2,35 2,025 April 4,294 3,060 2»354 2,406 2,397 May 5,798 3,64 2,900 2,304 June 5,65 w 2,98 3,064 2,66 July 4,327 3,248 3,580,459 August 2,398 2,667 2,783,06 September 2,834,67 2,59,70 October 4,707 4,609 2,323 2,860 November 4,070 3,739 2,38 2,483 December 4,305 3,5 2,052,479 Q 5,290 9,232 8,344 6,883 6, ,707 9,205 8,370 6, ,559 7,532 8,522 4, ,082,859 6,756 6,822 st Half 30,997 8,437 5,253 3,50 3 Qtrs. 40,556 25,969 23,775 7,46 Year, 53,638 37,828 30,53 24,238 > Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts.

6 Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUE GROSS PROCEEDS BY TYPE OF ISSUER BONDS PERIOD COMMON MEMO TOTAL PUBLICLY AND MANUFAC- PUBLIC COMMUNI- OTHER PRIVATELY ISSUES INCLUDED OFFERED PLACED PREFERRFD TURING UTILITY CATIONS ISSUERS STOCK FOREIGN (CONVERTIBLE I 5,290 0,849 2,350 2,09,255 6,077 4,735,382 3,099 II 5,707 0,50,595 3,602, ,699 4,407,90 3,42 III 9-, 559 5,428 2,076 2,054, ,450 3, ,05 IV 3,082 5,86 4,36 3,3, ,468 3,42,25 4, Feb. 4,528 3, ,675, Mar. 5,378 3, ,479,507 37,076 Apr. 4,294 2,77 423, ,73, May 5,798 3, , ,650,549 43,88 5,65 3, , ,38, ,457 July 4,327 2,658, ,20, ,897 Aug. 2,398, , Sept. 2,834, , Oct. 4,707 2,389 77, , ,58 ttov. 4,070,666, ,03,272 55,640 Dec. 4,305,76, , , Jan. 3,297 2, ,020,087 6,75 Feb. 3,764 2, , ,664 Other Issuers are extractive, railroad and other transportation, reel estate and finance, and commercial end other. Source: Securities and Exchange Commission.

7 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June, thru June 25, 976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE National Mine Svc. Co. Com stk 5. Public Service New Mexico Pfd stk Northern States Power Co. Com stk 48.0 Arkansas Louisiana Gas st mtge A/A+ Pennsylvania Elect. Co. st mtge A/BBB Florida Power & Light st mtge A Browning Ferris Industries Notes Baa/BBB Masco Corp. Debt A Pennsylvania P&L Pfd stk 75.0 « A/A Central Illinois Pub. Svc. Co. Com stk 3.3 * * New York Tele. st mtge Aaa General Motors Accept. Corp. Debt Aaa/AA General Motors Accept. Corp. Notes Aaa/AA Kerr-McGee Corp. SF debt Aa Northwest Pipeline Corp. SF debt Baa/BBB General Tele, of Ohio st mtge A Beneficial Corp. Debt Aa Chrysler Fin. Corp. Notes Baa/BBB UT Credit Corp. Notes A Rochester Gas & Elect. st mtge A Chesapeake & Ohio Ry Equip tr Aa Potomac Edison st mtge A Rights offering. Includes only corporate and other security offerings of $5 million and over; excludes options, exchanges, and secondary offerings.

8 Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June, thru June 25, 976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE ITT Financial Corp. Potomac Edison AT&T Louisville Gas & Electric Co. Utah Pwr. & Lgt. Pub. Svc. of Oklahoma Tampa Electric Co. General Finance Jersey Central Pwr. & Light United States Steel Corp. Duquesne Light Co. Me tro-goldwyn-mayer Me t ro-godwyn-mayer Gulf Life Holding Co. Transamerica Corp. Anchor Hocking Corp. Brooklyn Union Gas American Quasar Petroleum Co. Pacific Tel. & Tele. Toledo Edison General Finance Corp. Other Quebec, Province of Manitoba Hydro Elect. Bd. Alcan Aluminum Ltd. Debt Pfd stk , 50 Com stk Pfd stk 25., Com stk 3. 5 Pfd stk Com stk Notes st mtge 35., Conv debt st mtge 80., SF debt 50., Notes 40, Notes 60., Notes SF debt st mtge 25., Conv debt ,25 7.,25 Debt st mtge Notes SF debt 00, Notes 25,.0 Com stk Aa/A Aa/AA -/A- Baa/BBB+ A Aa Baa/BBB- Baa/BBB- A/A- A A A/A- -/B Aaa/AA Baa/A -/A-

9 Table SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June, thru June 25, 976 AMOUNT (MILLIONS OF DOLLARS) NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Texas City, Texas G.O A-l Virginia, State of G.O Pennsylvania, State of G.O A-l Marshfield, Wise. Rev A Marshfield, Wise. Rev A New York State Dormitory Auth. Rev Aaa New York State Dormitory Auth. Rev Aaa New York State Dormitory Auth. Rev Aaa Washington Pub. Power Supply System Rev Aaa Washington Pub. Power Supply System Rev Aaa Washington Pub. Power Supply System Rev Aaa Illinois Health Fac. Auth. Rev Aa Illinois Health Fac. Auth. Rev Aa Illinois Health Fac. Auth. Rev Aa East Chicago, Ind. Rev Baa East Chicago, Ind. Rev Baa Ohio, State of Rev , A St. Clair Co., Mich. Rev Baa St. Clair Co., Mich. Rev Baa Maryland, State of G.O Aaa Sheboygan, Wise. G.O ,50 Aa Detroit, Mich. G.O Baa Hawaii, State of G.O Aa Includes only state and local security offerings of $0 million and over; excludes secondary offerings. 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 b cured 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.

10 Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June, thru June 25, 976 AMOUNT (MILLIONS OF DOLLARS) NET INTEREST COST OFFERING YIELD MOODY'S RATMG STATE AND LOCAL Port of Seattle, Wash. Rockland Co., N.Y. Anaheim, Cal. Ventura Co. Pub. Fac. Corp., Cal. Wisconsin, State of Mount Lebanon Hosp. Auth., Pa. Mount Lebanon Hosp. Auth., Pa. Mount Lebanon Hosp. Auth., Pa. Converse Co., Wyo. Middletown, Ohio Middletown, Ohio Middletown, Ohio New Jersey Health Care Fac. Fin. Auth. New Jersey Health Care Fac. Fin. Auth. New Jersey Health Care Fac. Fin. Auth. Columbus, Ohio Virginia Hsg. Dev. Auth. Virginia Hsg. Dev. Auth. Elizabeth, N.J. Indiana Co. Hosp. Auth., Pa. Indiana Co. Hosp. Auth., Pa. Indiana Co. Hosp. Auth., Pa. Middlesex Co., N.J. Jackson Co., Mo. Austin, Texas Austin, Texas G.O Aa G.O A-l Rev , A-l Rev , A-l G.O Aaa Rev A Rev ,, A Rev ,0 8.3 A Rev , Baa Rev , A Rev , A Rev , A Rev ,, Rev , Rev ,0 8.9 G.O Aa Rev , A-l Rev A-l G.O A Rev Rev Rev G.O Aa G.O Aa Rev Aa G , Aaa

11 \ Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June, thru June 25, 976 AMOUNT (MILLIONS OF DOLLARS) NET INTEREST COST OFFERING YIELD MOODY'S RATMG STATE AND LOCAL Philadelphia, Pa. Rev A Philadelphia, Pa. Rev A Petersburg, Ind. Rev Aa Ohio, State of Rev 0., , Baa Omaha Public Power Dist., Neb. Rev Aa Omaha Public Power Dist., Neb. Rev , Aa Omaha Public Power Dist., Neb. Rev 83, , Aa St. Paul, Minn. G Aa St. Paul, Minn. G.O. 4., , Aa St. Paul, Minn. G.O , Aa Park Ridge,. Rev 6., Aa Mesa, Ariz. Rev ,02 A-l Mesa, Ariz. Rev 20., ,02 5, A-l Roanoke, Va. G.O ,58 3, Aa Missouri Housing Dev. Comm. Rev , Aa Missouri Housing Dev. Comm. Rev 2, Aa King Co., Wash. G.O. 2, , Aa New Bedford, Mass. G. 0., A St. Paul Port Auth., Minn. Rev 3,

12 2 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY as of June 25, 976 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Walter E. Heller & Co. Notes 20.0 June 29 Walter E. Heller & Co. Debt 25.0 June 29 Western Union Teleg. Co. Pfd stk 50.0 June 29 Western Union Teleg. Co. SF debt 25.0 June 29 Credithrift Fin. Corp. Notes 25.0 June 30 Georgia Power Pfd stk 50.0 June 30 Idaho Power Co. Pfd stk 25.0 June 30 Republic of Texas Corp. SF debt 75.0 June 30 Georgia Power st mtge 50.0 June 30 Southwest Bancshares Inc. SF debt 40.0 June Fruehauf Corp. Debt 50.0 June United Illuminating Pfd stk 5.0 June Ohio A-T-0 Inc. SF debt 20.0 June Arizona Pub. Svc. Co. Com stk 40.0 United Illuminating Pfd stk 5.0 Consumer Power Co. st mtge 60.0 July 7 Wisconsin Elect. & Pwr. Co. st mtge 60.0 July 7 Northern Illinois Gas st mtge 50.0 July 8 Illinois Power Co. st mtge 00.0 July 3 Niagara Mohawk Pwr. Corp. Com stk 5.5 July 3 Oklahoma Gas & Electric Pfd stk 30.0 July 3 San Diego Gas & Elect. Co. st mtge 45.0 July 5 Ohio Edison Co. st mtge 60.0 July 20 New York State Electric & Gas Com stk 40.0 July 20 *Detroit Edison Co. st mtge 50.0 July 2 *Philadelphia Electric Co. st mtge 00.0 July 28 *Commercial Credit Co. Notes 50.0 July *Rockwell International Corp. SF debt 00.0 July *Rockwell International Corp. Notes 00.0 July Brooklyn Union Gas Co. Pfd stk 20.0 July Gambles Credit Corp. Notes 60.0 July Braniff Airways Notes 50.0 July American Stores Co. SF debt 50.0 July First National Bank in Atlanta Notes 25.0 July A.E. Staley Manuf. Co. SF debt 65.0 INDEF Southern Union Co. SF debt 25.0 INDEF Union Electric st mtge 70_0 INDEF Eaton Corp. Debt 60.0 INDEF # Included in table for first time. Includes only corporate and other security issues of $5 million and over; excludes exchanges, options

13 3 Table 6A Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY as of June 25, 976 AMOUNT ISSUER TYPE (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Eaton Credit Corp. Shell Oil Co. Adventist Properties Mtge. Trust Applied Digital Data System Reliance Group Inc. Abbott Laboratories Illinois Bell Tel. Co. Notes Com stk Bene int Com stk Pfd stk Com stk Debt INDEF INDEF INDEF INDEF INDEF INDEF INDEF Other International Bank for Reconstruction & Development International Bank for Reconstruction & Development International Bank for Reconstruction & Development Toronto Toronto *Norway *Japan Development Bank Inter-American Dev. Bank Notes Bonds Debt Debt Notes Notes Debt June 29 June 29 June July July INDEF

14 4 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY as of June 25, 976 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE 4 LOCAL *Bensalem Tp. Auth., Pa. Rev 37. June 28 Southfield Bldg. Auth., Mich. Rev 5.7 June 28 Alaska, State of G.O June 29 Los Angeles Co. Civic Rec. Indust. Auth. Rev 5.0 June 29 *Industry-Civic-Rec.-Indust. Auth., Calif. Rev 5.0 June 29 *California Toll Bridge Auth. Rev 49.8 June 29 Cleveland, Ohio G.O June 29 Connecticut Housing Fin. Auth. Rev 20.0 June 30 *RoChester, N.Y. G.O June 30 Clark Co., Nev. Rev 3.0 June 30 *Weirton Mun. Hosp. Bldg. Comm., W. Va. Rev 25.9 July 2 *Weirton Mun. Hosp. Bldg. Comm., W. Va. Rev 29. July 2 *0iver Co., N.D. Rev 20.0 July 2 Iberville Par., La. Rev 25.0 July 2 Minnesota, State of G.O July 7 *Cincinnati, Ohio G.O. 8.6 July 8 *Port Auth. of New York & New Jersey Rev 00.0 July 8 *New Haven, Conn. G.O. 9.5 July 8 Georgia, State of G.O July 8 *G. Chicago Metro. Sanitary Dist.,. G.O July 8 *Univ'. of Texas System Rev 6.0 July 8 Fairbanks North Star Boro., Alaska G.O. 5.5 July 8 *Florida Board of Education G.O July 3 *Montgomery Co., Md. G.O July 3 *Neenah, Wise. G.O. 3.9 July 4 San Antonio, Texas Rev 60.0 July 5 Chicago,. G.O July 5 Texas Water Dev. Board G.O July 20 San Francisco, Calif G.O July 20 *Illinois Health Fac. Auth. Rev 3.0 July Postponement Nashville & Davidson Co. Metro. Govt. Tenn. Rev 5.8 Julv 6 Includes state and local government issues of $0 million and over, foreign government. International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. Included in the table for the first time.

15 Table 7 STOCK PRICES AND VOLUME DATE NYSE INDEX STOCK PRICES TRADING VOLUME 2 3 DJ INDUSTRIALS AMEX ' 4 NASDAQ NYSE AMEX NASDAQ - High (/) (/) (/) (/) 26.0 (9/20) 5.5 (/2).3 (/) Low 49.2 (2/3) (2/5) (2/20) 89.2 (2/3) 9.0 (8/20).4 (8/20) 3.5 (8/27) - High (3/3) (3/3) 02.0 (3/4) (3/5) 24.9 (/3) 4.4 (/3) 7.5 (/3) Low (0/3) (2/6) (2/9) (0/3) 7.5 (7/5).9 (9/26) 2.8 (7/5) - High 5.24 (7/5) 88.8 (7/5) (7/5) (7/5) 35.2 (2/3) 4.2 (2/2) 8. (2/3) Low 37.6 (/8) (/2) (/2) (/2) 8.7 (9/5). (9/5) 2.5 (9/5) - High 55.5 (3/24),0,02 (4/2) (3/) (2/25) 44.5 (2/20) 8.6 (2/20). (2/20) Low d/2) (/2) 84.3 (V2) (/2) 0.3 (/2). (/2) 3.5 (/2) , , , Figures other than hfghi and lows are Friday* only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures ere weekly evereges cf daily figures (millions of shares). 3 2/3/66 - SO 4 Based on everage price change until September 4, 973 thereafter, based on market value of shares listed.

16 6 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY 4 END OF PERIOD BROKERS ON BROKERS ON 2 3 UNREGULATED NONMARGIN STOCK CREDIT MARGIN CONVERTIBLE BANKS AT BANKS STOCK BONDS OUTSTANDING Apr. 4, ,885 May 4, ,883 4, ,434 July 5, ,387 Aug. 5, ,457 Sept. 5, ,520 Oct. 5,300 44,007 2,3 Nov. 5,370 46,008 2,270 Dec. 5, , Jan. 5,420 46,000 2,32 Feb. 5,950 53,037 2,333 Mar. 6,40 62 n. a. n. a. Apr. 6, CHANGE IN OUTSTANDING Apr May July Aug Sept Oct Nov Dec Jan Feb Mar xi. a.. n. a Apr. 280 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 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

17 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS SAVINGS & LOAN ASSOCIATIONS TOTAL REGULAR DEPOSITS 2 2 NET SHARE CAPITAL DEPOSITS 2 NET NET NET ANNUAL 3 NEW GROWTH NET ANNUAL 3 NEW NET ANNUAL 3 NEW FLOW MONEY RATE FLOW GROWTH MONEY RATE FLOW GROWTH MONEY RATE 97 9, ,378 27, ,653 37, , , ,45 32, ,884 42, , I 4, , ,507 25, , , ,822 6, ,668 8, , , ,757 43, ,276 54, , September , , October ,264 2,086 2,62 2,27 November ,246 2, December, , ,726, January, ,375 5,08 6,42 5,98 February, ,946 3,79 4,963 4,497 March 2, ",072 3,687 9,0 4,553 April r ,805 2,583 3,39 3,935 "! a I January ,35.5 2, February , , March, , , April , , May, , , Regular deposits at mutual savings banks exclude iterns 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 SSL's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.

18 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS DATE MUTUAL SAVINGS BANKS SAVINGS & LOAN ASSOCIATIONS TOTAL 2 REGULAR DEPOSITS SHARE CAPITAL DEPOSITS NET NET ANNUAL 3 NET NEW NET ANNUAL 3 NEW GROWTH FLOW MONEY FLOW GROWTH NET ANNUAL 3 MONEY GROWTH RATE RATE FLOW RATE NET NEW MONEY June, , , July, , , a»p» August, , , September , , October , , November , , December , January, , , February , , March,08.0 4, T-. 5, April p , , 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 depoeits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.

19 Table 0 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED 9 OUTSTANDING COMMITMENTS NET CHANGE PERIOD ALL SAVINGS MUTUAL ALL SAVINGS MUTUAL TOTAL & LOAN SAVINGS BKi 3 TOTAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y STATE; > ASSOCIATIONS (N Y. STATE) Dec Dec Dec Jan Feb Mar Apr May June July Aug. 9. ~ Sept Oct Nov Dec Jan Feb Mar Apr 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.

20 Table 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 PHLB FHLMC FNMA FNMA & FHLB SHORT-TERM DISCOUNT, NOTES / July +,475 +, Aug. +,693 +,349 +, Sept. +,90 +,850 +, Oct.,+,946 +,950 +, / Nov Dec ? Jan Feb Mar : Apr j May +, ,699 +2,250 +, July +,804 +,499 +, > Aug Sept. +2,768 +2,750 +,700 +, Oct. +,665 +,599 +, Nov Dec Jan \ Feb ? Mar ; Apr f May -,568 -,279 -, ; July Aug Sept ; Oct < Nov & pec. p Jan. p ' ' Notes: Based on data from the Treasury Survey of Ownership. / Sales of FHLB discount notes began in May / Preliminary.

21 Table 2 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNMA TOTAL [COMMERCIAL BANKS FINANCIAL INSTITUTIONS 2 MSB's S & Ls \ Not Seasonally Ad iusted INSURANCE FNMA-GNMA COMPANIES i 97 4,647 39,259 9,940 3,938 23,99,22 2,388 ; ,587 55,56 6,800 5,377 3,932,452 2, ,372 55,072 9,600 5,642 25,552 4,278 3, ,748 36,526,700 2,72 7,560 5,078 6, ,475 37,636 2,900 2,236 29,400 3,00 4, Oct. 4,78 4, , Nov. 3,284 2, , Dec. 4,43 3, , Jan.,92, , Feb. 3,34 2, , Mar. 3,990 4, , Apr , May Seasonally Adiusted Oct. 5,52 4, , Nov. 3,829 3, , Dec. 4,793 4, , ; Jan. 3,382 2, , ! Feb. 4,348 3, , Mar. 4,78 4, , Apr , May June i 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 968, 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 83 per cent of the net increase estimated for all holders in Beginning January 972 data reflect activity in limited amount of conventional mortgages.

22 22 Table 3 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES* 2 RESIDENTIAL 3 MULTFAMLY QUARTER TOTAL - to 4- MULTI- COMMERCIAL a FARM i FAMILY FAMILY COMMERCIAL I II III IV i I II III IV I II III IV I II III IV I i II , F III , IV , I ,2 3.6 II ,0 4.8 III IV & I II I III IV * I 'i 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 to 4- family and multifamily mortgage debt. 4 Data revised April 2 due to reestimation of seasonal factors. * Less than.05.

23 Table 4 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS STARTS COMPLETIONS MOBILE PERIOD TOTAL FAMILY 2-OR MORE TOTAL FAMILY 2-OR MORE TOTAL FAMILY 2- OR MORE HOME FAMILY FAMILY FAMILY SHIPMENTS 969, , , , , , , ,08 2,052,5 90,706, ,29,033,86 2,357,309,048,972, , ,045, ,04, , , , , ,, Jan ,005 ' , Feb !, Mar i, Apr j , May !, , June !, I, July, , !, Aug i, , Sept., , , Oct., ,43, , Nov., ,38, , Dec., , , Jan., , , Feb., ,547, , Mar., ,47,0 307,393, Apr., ,38,063 38, May, ,45, Private building permits (for 4,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. 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 more than half of the units in the structure are ready for use. Private mobi'i - Vo home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. Latest HlOIlth preliminary. *** Permit data for 969 and 970 based on 3,000 areas with permit systems 2 Data revised due to seasonally adjustment.

24 Table 5 AVERAGE RATES AND YIELDS ON HOME MORTGAGES PERIOD RATE (IN PER CENT) CONVENTIONAL LOANS PRIMARY MARKET HUD(FHA) INSURED LOANS SECONDARY MARKET NEW HOMES EXISTING HOMES NEW HOMES SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) SPREAD (BASIS POINTS) DISCOUNT (PERCENTAGE POINTS) SPREAD BETWEEN RETURNS ON NEW Aaa CONVENTIONAL UTILITY AND HUD(FHA) BOND NEW HOME YIELD MORTGAGES (IN PER CENT) (BASIS POINTS) High Low High Low ' Oct Nov n. a n.a. 9.4 n.a n.a. Dec. 9.5 n.a n.a n.a n.a Jan Feb Mar n.a. n.a Apr May Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of h Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field c of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions o payment, prepaid in 5 years, for immediate delivery, are used. e bid price for HUD (FHA) I,

25 Table 6 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS 25 GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) AVERAGE YIELD CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) AVERAGE YIELD Oct Nov. 3 7 Dec Jan Feb (8/25) 366 (8/) 9.95 (9/22) 25 (2/0) 8 (2/0) 8.78 (2/0) * (4/7) 0 (0/20) (4/2) 0.02 (9/22) 9 (2/0) 8.96 (3/0) 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 2 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 bidden relate to total eligible bids received.