1yV v - Capital Marl<et Developments

Transcription

1 1yV v - Capital Marl<et Developments June 23,1975 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE, AGRICULTURAL, CONSUMER FINANCE SECTION and DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D.C

2 Index TABLES SYMBOLS 1-6 SECURITY VOLUME AND YIELDS e ESTIMATE P PRELIMINARY 7, 8 STOCK MARKET AND SECURITY CREDIT r REVISED n.a. NOT AVAILABLE 9 16 MORTGAGE MARKET DATA DO NOT EXIST

3 Table 1 YIELDS, VOLUME AND RECEPTION YIELDS WEEK ENDING NEW ISSUE 1 RECENTLY 2 Aaa UTILITY 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 , , June ,, r 9.22r p 9.25p 1, MUNICIPAL BOND MARKET YIELDS VOLUME WEEK ENDING 3 MOODY'S BOND BUYER GROSS PER CENT NEW ISSUES 4 NEW ISSUE 2Q-BOND OFFERINGS SOLD BY END IN SYNDICATE Aaa INDEX ($ MILLIONS) OF WEEK ($ MILLIONS) Apr May June r 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.

4 Table 2 HIGH GRADE BOND YIELDS DATE NEW ISSUE RECENTLY OFFERED MOODY'S SEASONED 3 U.S. GOVT. 20-YEAR BOND BUYER Aaa UTILITY Aaa UTILITY CORPORATE Aaa CONSTANT MATURITY 20-BOND INDEX High 8.26 (7/30) 8.23 (1/1) 7.71 (8/21), 6.51 (6/18) 6.23 (6/23) Low 7.02 (2/5) 7.17 (12/31) 7.06 (2/12) 5.69 (3/23) 4.97 (10/21) High 7.60 (4/21) 7.49 (4/21) 7.36 (4/28) 6.19 (4/14) 5.54 (4/13) Low 6.99 (11/24) 7.15 (12/1) 7.05 (2/12) 5.74 (11/17) 4.96 (10/21) High 8/52 (8/10) 8.32 (8/10) 7.77 (8/24) 7.79 (8/10) 5.59 (8/3) Low 7.29 (1/21) 7.28 (1/5) 7.11 (1/5) 6.42 (1/5) 4.99 (10/11) High (10/4) (10/11) 9.39 (10/11) 8.68 (8/30) 7.15 (12/12) Low 8.05 (2/15) 8.13 (1/4) 7.73 (1/4) 7.39 (1/4) 5.16 (2/7) High 9.80 (5/2) 9.71 (5/25) 9.01 (5/2) 8.41 (5/2) 7.09 (5/29) Low 8.89 (2/7) 9.06 (2/28) 8.57 (2/28) 7.63 (2/21) 6.27 (2/13) May June r r 9.22r 8.76r 7.95r p 9.25p 8. 72p 7.95p 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. 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 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS PERIOD CORPORATE I STATE AND LOCAL January 5,275 3,328 2,327 2,357 2,255 1,977 February 4,519 2,687 1,962 2,322 2,003 1,515 March 3,217 3,933 2,082 2,025 2,467 April 3,059 2,497 2,331 2,397 1,826 May 3,164 2,543 2,304 1,939 June 2,981 3,578 2,166 2,152 July 3,260 2,631 % 1,459 2,028 August 2,668 1,806 1,106 1,657 September 1,620 1,915 1,701 1,750 October 4,625 3,398 2,860 2,313 November 3,762 3,563 2,483 2,257 December 3,471 3,238 1,479 2,089 Q1 9,232 8,222 6,761 6,283 5, ,204 8,618 6,867 5, ,548 6,352 4,266 5, ,858 10,199 6,822 6,659 1st Half 18,436 16,840 13,150 11,876 3 Qtrs. 25,984 23,192 17,416 17,311 Year 37,842 33,391 24,238 23,970 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. Digitized for FRASER I

6 NEW CORPORATE SECURITY,ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS I IX III IV 9,232 9,204 7,548 11,858 GROSS PROCEEDS BY TYPE OF ISSUE PUBLICLY OFFERED 5,818 5,883 5,025 8,611 COMMON AND PRIVATELY PLACED PREFERRED STOCK 1,638 1,788 1,227 1,552 1,776 1,533 1,295 1,695 ISSUES INCLUDED FOREIGN CONVERTIBLE GROSS PROCEEDS BY TYPE OF ISSUER MANUFAC- TURING 1,927 2,542 1,887 4,075 PUBLIC UTILITY 3,569 3,190 2,376 3,697 COMMUNI- CATIONS 874 1,313 1, OTHER ISSUERS 2,869 2,172 2,289 3, Feb. Mar. 2,687 3,217 1,683 2, , , Apr. May June 3,059 3,164 2,981 1,594 2,350 1, , , , ,000 July Aug. Sept. 3,260 2,668 1,620 2,086 2, , , , Oct. Nov. Dec Jan. Feb. 4,625 3,762 3,471 5,275 4,519 3,423 3,016 2,172 3,657 3, , ,698 1,618 1,848 1,720 2, ,269 1, ,298 1,011 1,053 1, Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission.

7 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 June 2, thru June 2 0, 1975 AMOUNT ISSUER TYPE (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Kansas City Power & Light Pfd stk A Central Illinois Public Service Com stk 27.0 UGI Corp. Pfd stk Baa Arizona Public Service Com stk 30.5 New England Tel. & Tel. Debt Aaa/Aa- General Motors Acceptance Corp. Sr sub notes Aa/A UGI Corp. 1st mtge A/A- International Tel. & Tel. Corp. Conv debt ' Baa/Bbb International Tel. & Tel. Corp. Notes A International Tel. & Tel. Corp. Debt A CIT Financial Corp. Debt Aa Union Oil Co. of Calif. Debt Aa Arizona Public Service 1st mtge Baa/A- Moore McCormack Leasing Inc. Gtr ship fin Aaa Moore McCormack Leasing Inc. Gtr ship fin Aaa Southern California Edison Pfd stk Aa Texas Eastern Transmission Pfd stk Pfd stk Aa Texas Electric Service Northeast Utilities Com stk 45.6 Dayton Power & Light Com stk 24.0 Data General Corp. Com stk 30.8 G. D. Searle & Co. Notes Aa Texas Electric Service 1st mtge Aaa «Rights offering. 1 Includes only corporate and other security offerings of $15 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 2, thru June 20, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Laclede Gas Co. 1st mtge Aa Squibb Corp. Notes Aa Texas Eastern Transmission 1st mtge Baa/Bbb Standard Oil Co. of Indiana Debt Aaa Long Island Lighting Co. 1st mtge A/A- Portland General Electric 1st mtge Baa/Bbb Public Service of Oklahoma 1st mtge 50.Q Aa Zapata Off-shore Co. Gtr ship fin Aaa Zapata Off-shore Co. Gtr ship fin Aaa Southern Union Gas Co. Pfd stk Baa/A Southern Co. Com stk Jersey Central Pwr. & Lgt. Pfd stk Baa ICI North America Inc. Gtd SF debt Aaa/Aa Northwestern Bell Tele. Co. (Omaha) Debt Aaa Pullman Transport Leasing Co. Equip tr A Pullman Transport Leasing Co. Equip tr A Monsanto Co. Notes Aa Monsanto Co. SF debt ' Aa Associated Dry Goods Credit Corp. Notes A/A-h Ideal Basic Industries Inc. Debt A California Water Service 1st mtge A/A+

9 Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June 2, thru June 20, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Columbus & Southern Ohio Elect. Co. 1st mtge A/Bbb General Tele Co. of Penn. 1st mtge i A National Fuel Gas Debt A Merck & Co. Notes Aaa Manufacturers Hanover Corp. Notes Aaa Manufacturers Hanover Tr. Co. Debt Aaa Monongahela Power 1st mtge A Mississippi River Corp Conv debt , Ba/Bb Other Komatsu LTD Conv SF debt Baa/Bbb+ Province of Ontario Debt Aaa/Aa Province of Ontario Notes Aaa/Aa Commonwealth of Australia Notes Aaa Commonwealth of Australia Notes Aaa

10 ISSUER Table 56 INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' June 2, thru June 20, 1975 TYPE 2 AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD STATE AND LOCAL Albany Co., N.Y. G.O A Virgin Islands Water & Power Auth. Rev A Virgin Islands Water & Power Auth. Rev A Ohio, State of Rev A East Chicago, Indiana Rev East Chicago, Indiana Rev Essex Co., New Jersey G.O Aa Florida, State of G.O Aa Alaska Housing Finance Corp. Rev A Alaska Housing Finance Corp. Rev A Lower Colorado River Auth., Texas Rev * A-l Oakland Unified S.D., Calif. G.O Aa California, State of G.O Aaa Ohio, State of G.O Aa Arlington Co., Va. G.O Aa Pennsylvania Hsg. Finance Agency Rev A-l Pennsylvania Hsp,. Finance Agency Rev A-l Pennsylvania Hsg. Finance Agency Rev A-l West Virginia, State of G.O A-l Metropolitan Water Dist. of S. Calif. Rev Aa Metropolitan Water Dist. of S. Calif. Rev Aa St. Charles Parish, La. Rev Aaa St. Charles Parish, La. Rev Aaa MOODY'S RATING 1 Includes only state and local security offerings of $10 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 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. Digitized for FRASER

11 Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June 2, thru June 20, 1975 STATE AND LOCAL AMOUNT (MILLIONS ISSUER TYPE OF DOLLARS) NET INTEREST OFFERING MOODY'S MATURITY COST YIELD RATING Ascension Parish, La. Rev Aaa Chicago, Illinois G.O Aa Philadelphia, Pa. Rev A Philadelphia, Pa. Rev A Purdue University, Ind. Rev A Wood Co. Building Comm. W. Va. Rev Wood Co. Building Coram. W. Va. Rev Wood Co. Building Comm. W. Va. Rev '- Connecticut, State of G.O Aaa Georgia, State of G.O Aaa Alpena Co., Mich. Rev A Alpena Co., Mich. Rev A Allegheny Co. Hospital Dev. Auth. Rev A Allegheny Co. Hospital Dev. Auth. Rev A Allegheny Co. Hospital Dev. Auth. Rev A Industry Urban Dev. Agency, Calif. Rev Aaa, Industry Urban Dev. Agency, Calif. G.O A tuborfc Authority of N.Y and N.J. Rev A IpiIkes-Barre Area Sch. Dist., Pa. G.O mtfilkes-barre Area Sch. Dist., Pa. G.O TWilkes-Barre Area Sch. Dist., Pa. G.O Bay Co., Mich. Rev A-l Dallas Co. Community College Dist. Texas G.O Aaa Missouri Housing Dev. Comm. Rev Washington, State of G.O. A " Aa Maryland Dept. of Transportation Rev Aa Digitized for FRASER M

12 \ STATE AND LOCAL ISSUER Table SB Continued > INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June 2, thru June 20, 1975 TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING Brooke County Comm. W. Va. Rev Baa Brooke County Comm. W. Va. Rev Baa Massachusetts Hsg. Finance Agency Rev A-l Minneapolis-St. Paul Airports Comm., Minn. Rev Aa Lake Co. Forest Preserve Dist., 111. G.O A-l Brazos River Auth., Texas Rev Aa Brazos RivAr Auth., Texas Rev Aa Bergen Co., N.J. G.O Aaa Detroit Building Auth., Mich. Rev Baa S

13 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 13 CORPORATE As of June 20, 1975 AMOUNT ISSUER TYPE (IN MILLIONS APPROXIMATE DATE OF DOLLARS) OF OFFERING Pizza Hut Inc. AMF Inc. Consolidated Natural Gas Co. Private Export Funding Corp. Iowa Illinois G & E Washington Gas Light Co. Washingon Gas Light Co. United Illuminating Co. Gas Service Co. *United Illuminating Lucky Stores Inc. U. S. Bancorp VEPCO N.L. Industries Inc. Geo. A Hormel & Co. Iowa-Illinois Gas & Elect Co. International Harvester Credit Corp. Kansas Gas & Electric Co. Bell Telephone Co. of Penn. North American Philips Corp. Reading & Bates Offshore Drilling Co. North American Philips Corp. Kerr-McGee Corp. Burlington Northern Inc. Delmarva Power & Light Equitable Gas Corp. Consumer Power Delmarva Power & Light Co. Montana Power Montana Power Southern Railway Jersey Central Pwr. & Light Public Service of Indiana Public Service of Indiana S. Carolina Elect. & Gas Co. Louisville & Nashville RR Co. Conv debt 25.0 June 23 Notes 60.0 June 23 SF debt June 23 Notes June 24 Com stk 15.0 June 24 1st mtge 40.0 June 24 Pfd stk 10.0 June 24 Debt 30.0 June 24 1st mtge 25.0 June 24 1st mtge 30.0 June 24 Conv debt 40.0 June 24 Con debt 20.0 June 24 Com stk 45.0 June 25 Debt June 25 Notes 25.0 June 25 1st Mtge 20.0 June 25 Notes 75.0 June 26 1st mtge 40.0 June 26 Com stk 65.0 June 30 Debt 75.0 June 30 Com stk 24.6 June Com stk(rts) 26.0 June Notes 75.0 June Equip tr 15.0 July 1 Com stk 22.0 July 1' 1st mtge 25.0 July 1 1st mtge July 1 1st mtge 30.0 July 2 Com stk 30.0 July 8 1st mtge 35.0 July 8 Equip tr 15.0 July 8 1st mtge 35.0 July 9 Pfd stk 30.0 July 9 1st mtge 80.0 July 9 1st mtge 20.0 July 10 Coll tr 50.0 July 10 Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options

14 14 Table 6A Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 CORPORATE South Carolina Electric & Gas Union Pacific RR Co. Bell Tele of Perm Duquesne Light Detroit Edison Co. Norfolk & Western RR Arkansas Power & Light Arkansas Power & Light Interstate Power *Georgia Power Co. *Texas Gas Transmission Co. * General Tele. Co. of Illinois *USLIFE Corp. Houston Lighting & Power A.E. Staley Manufacturing Barnett Banks of Fla., Inc. Georgia Power Co. *Schlumberger Ltd. Potomac Edison Co. American Finance Corp. ERC Corp. Ashland Oil Inc. Emerson Elect. Co. First Maryland Bancorp As of June 20, AMOUNT APPROXIMATE ISSUER TYPE (IN MILLIONS OF DOLLARS) DATE OF OFFERING Com stk Equip tr 1st mtge Com stk Pfd stk Equip tr 1st mtge Pfd stk Com stk 1st mtge Debt 1st mtge Notes Com stk Com stk Notes Pfd. stk Com stk 1st mtge Debt Debt Debt Notes Notes 15.0 July July July July July July July July July July July July July 40.0 Indef 47.6 Indef 50.0 Indef 60.0 Indef Indef 35.0 Indef 30.0 Indef 24.0 Indef Indef 50.0 Indef 25.0 Indef

15 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of June 20, 1975 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Prince George's Co., Md. G.O June 24 Clark Co. Public Utility Dist. #1 Wash. Rev 14.0 June 24 Springfield, Mo. Rev 22.9 June 24 Utah, State of G.O June 24 Racine, Wise. G.O June 25 'Hawaii, State of Rev 20.0 June 26 Omaha Public Power Dist., Neb. Rev June 26 Galveston, Texas Rev 26.0 June 26 Massachusetts, State of G.O June 30 Henrico Co., Va. Rev 12.0 July 1 Montgomery Co., Pa. G.O July 1 Anne Arundel Co., Md. G.O July 1 ; Maryland Dept. of Transportation Rev 34.0 July 1 Florida State Board of Education Rev 37.9 July 8 San Diego U.S. D. Pub. Sch. Bldg. Corp., Calif. G.O July 9 Ohio, State of G.O July 9 Sabine River Auth., Texas Rev 40.0 July 15 Braintree, Mass. G.O July 16 Hampton, Va. G.O July 17 Michigan State Hsg. Dev. Auth. Rev 25.0 July 17 Maryland, State of G.O July 23 Trinity River Auth. of Texas Rev 17.4 July 23 Sandwich, Mass. G.O June 18 Postponements Newark, N.J. G.O June 17 Pennsylvanis Higher Ed. Fac. Auth. Rev 15.0 June 18 1 Includes state and local government issues of $10 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.

16 Table 7 STOCK PRICES AND VOLUME TE NYSE INDEX STOCK PRICES 3 ] PJ INDUSTRIALS AMEX 1 TRADING VOLUME 2 4 NASDAQ NYSE ] AMEX NASDAQ High (1/11) (1/11) (1/11) (1/11) 26.0 (9/20) 5.5 (1/12) 11.3 (1/11) Low (12/13) (12/5) (12/20) (12/13) 9.0 (8/20) 1.4 (8/20) 3.5 )8/27) High (3/13) (3/13) (3/14) 96.53(3/15) 24.9 (1/3) 4.4 (1/3) 7.5 (1/3) Low (10/3) (12/6) (12/6) (10/3) 7.5 (7/5).9 (9/26) 2.8 (7/5) High (6/20) (5/14) (6/20) (6/20) 35.2 (2/13) 4.2 (2/21) 8.1 (2/13) Low (1/8) (1/2) (1/2) (1/2) 13.4 (1/20) 1.5 (1/21) 3.6 (1/20) 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). 3 12/31/ Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.

17 Table 8 SECURITY CREDIT 17 REGULATED MARGIN CREDIT EXTENDED BY 4 END OF PERIOD BROKERS ON 1 BROKERS ON 2 3 UNREGULATED NONMARGIN STOCK CREDIT MARGIN CONVERTIBLE BANKS * AT BANKS STOCK BONDS OUTSTANDING Mar. 5, ,008 1,869 Apr. 5, ,009 1,868 May 5, ,020 1,858 June 5, ,037 2,072 July 4, ,023 2,091 Aug. 4, ,119 Sept. 4, ,060 Oct. 3, ,024 Nov. 3, ,053 Dec. 3, , Jan. 3, Feb. 4, ,919 1,897 Mar. 4, r l,848r Apr. 4, n.a. n.a. CHANGE IN OUTSTANDING Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr 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

18 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS SAVINGS & LOAN ASSOCIATIONS TOTAL REGULAR DEPOSITS 1 NET 2 SHARE CAPITAL NET 2 DEPOSITS NET 2 ANNUAL 3 NEW NET NET ANNUAL 3 NEW NET ANNUAL 3 NEW GROWTH FLOW MONEY FLOW GROWTH MONEY RATE RATE FLOW GROWTH MONEY RATE , ,378 27, ,653 37, , , ,451 32, ,884 42, , , , ,507 25, , , ,822 16, ,669 18, , February ,824 1,697 2,345 2,038 March 1, ,165 «- 1,751 5,405-2,059 April February ,297 3,114, 4,206 3,822. March 2,052 1,029 6,493 3,690 8,545 4,719 April r/ ,858 2,673 3,484 -* 3,068 SEASONALLY ADJUSTED 1975 January , , February , , March 1, , , April r/ , , Regular depoiits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.

19 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS NET CHANGE PERIOD ALL SAVINGS MUTUAL ALL SAVINGS MUTUAL TOTAL & LOAN SAVINGS BK 5 TOTAL & LOAN SAVINGS BKS ASSOCIATIONS (N.Y. STATE) ASSOCIATIONS (N.Y. STATE) Dec Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug 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. Series revised due to reestitration of seasonal factors.

20 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB FHLMC FNMA FNMA & FHLB SHORT-TERM DISCOUNT NOTESl/ July +1,475 +1, Aug. +1,693 +1,349 +1, Sept. +1,910 +1,850 +1, Oct. +1,946 +1,950 +1, Nov Dec Jan Feb Mar ' Apr May +1, ,699 +2,250 +1, July +1,804 +1,499 +1, Aug Sept. +2,768 +2,750 +1,700 +1, Oct. +1,665 +1,599 +1, Nov Dec Jan Feb Mar Apr. p May p -1,546-1,265-1, Notes: Based on data from the Treasury Survey of Ownership. If Sales of FHLB discount notes began in May / Preliminary.

21 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS 21 TOTAL FINANCIAL INSTITUTIONS 2 PERIOD INCLUDING TOTAL COMMERCIAL MSB's S & L's INSURANCE FNMA-GNMA FNMA-GNMA BANKS COMPANIES Not Seasonally Adlusted ,736 16,827 2,462 1,845 10,254 2,348 4, ,647 39,259 9,940 3, ,919 1,221 2, ,587 55,561 16,800 5,377 31,932 1,452 2, ,372 55,072 19,600 5,642 25,552 4,278 3, ,748 36,526 11,700 2,170 17,578 5,078 6, Oct. 2,419 1, Nov. 1,992 1, Dec. 2,255 1, Jan. 1, Feb. 1,588 1, , : 74 Mar. 2,333 1,946 cnfl 70 1, Apr. Seasonally AdiustetT Oct. 2,847 2, , Nov. 2,461 1, Dec. 1,986 1, Jan. 2,614 2, , Feb. 2,829 2, , Mar. 2,473 1, , Apr , 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 for 89 per cent of the net increase estimated for all holders in Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Series revised due to reestimation of seasonal factors.

22 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES! 2 RESIDENTIAL 3 MULTIFAMILY QUARTER TOTAL I 1- to 4- MULTI- COMMERCIAL & FARM TOTAL FAMILY FAMILY COMMERCIAL I II III IV I & II " III IV I II III IV I II III IV I II III IV I II III IV 57.9, I II III IV I p 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 deb^combmed.

23 Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS STARTS COMPLETIONS MOBILE PERIOD TOTAL 1 FAMILY 2-OR MORE TOTAL 1 FAMILY 2-OR MORE TOTAL 77--FAMILY 72 - on MORE HOME FAMILY FAMILY! 1 FAMIl Y SHIPMENTS , , , , , , , ,025 2,052 1, ,706 1, ,219 1,033 1,186 2,357 1,309 1,048 1,972 1, , ,045 1, ,005 1, , , July 1, , , Aug , , Sept , , Oct , , Nov , , Dec , Jan , Feb , , Mar , Apr , May , Private permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case o-z apartment buildings, all units are considered started at that titod; however, all such units are considered completed when more than 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/ Permit daia for 1969 and 1970 based on 13,000 areas with permit systems. Digitized for FRASER

24 Tab Te 15 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 CONVENTIONAL AND HUD(FHA) NEW HOME MORTGAGES (BASIS POINTS) NEW Aaa UTILITY BOND YIELD (IN PER CENT) High Low High Low Jan n.a. n.a. n a 8.25 Feb Mar Apr May June July Aug Sept Oct Nov ; 60-8 n.a. n.a Dec n.a n.a n.a Jan Feb Mar Apr. I n.a. n.a 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. * Digitized for FRASER

25 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS 25 GOVERNMENT-UNDERWRITTEN CONVENTIONAL DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED AVERAGE YIELD High 1155 (3/25) 333 (3/25) (9/9) 164 (4/18) 63 (4/8) (9/9) Low 26 (11.18) 18 (11/18) (2/25 14 (10/21) 7 (11/18) 8.47 (3/11) Jan Feb Mar Apr May , i June , 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 eligible bids received.