Full text of H.16 Capital Market Developments : July 28, 1975

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I

Capital
Market

Developments

July 28, 1975
Prepared by the
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE, A G R I C U L T U R A L , and
CONSUMER F I N A N C E SECTION




DIVISION O F R E S E A R C H AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D . C . 20551

V

'

Index

TABLES

SYMBOLS

1-6

SECURITY VOLUME AND Y I E L D S

7, 8

STOCK MARKET AND SECURITY CREDIT

9 — 16

MORTGAGE MARKET

e
ESTIMATE
P
PRELIMINARY
r
REVISED
n.a. NOT AVAILABLE
— DATA DO NOT EXIST




i

3

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE B O N D MARKET
YIELDS
WEEK ENDING

NEW I S S U E
A a a UTILITY

1

VOLUME

RECENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

NEW ISSUES
IN SYNDICATE
( $ MILLIONS)

1975 - May

2
9
16
23
30

9.80
9.65
9.54
9.61
9.62

9.69
9.60
9.61
9.66
9.70

340
1,210
1,024
825
415

95
93
95
93
90

10
80
55
144
85

June

6
13
20
27

9.41
8.95
9.07
9.37

9.53
9.22
9.14
9.41

1,002
951
1,237
800

98
98
93
93

4
13
143
197

July

4
11
18
25

9.62
9.38
9.53r
9.37p

9.30
9.45
9. 57r
9.46p

220
750
875
520

95
97
98
91

58
36
74
72

4

MUNICIPAL B O N D MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE

B O N D BUYER
2D-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)

1975 - May

2
9
16
23
30

6.40
6.35
6.35
6.50
6.50

6.94
6.86
6.88
7.09
7.09

451
613
626
641
378

87
84
80
76
89

109
130
190
256
166

June

6
13
20
27

6.35
6.15
6.30
6.30

7.05
6.80
6.93
7.00

680
623
671
537

81
91
85
91

175
77
121
99

July

4
11
18
25

6.30
6.33
6.40
6.50

6.96
6.98
7.09
7.23

1,705
357
604
669

97
79
88
. 84

108
151
111
170

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.




\

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 S E A S O N E D
CORPORATE A a a

3

U . S . GOVT. 2 0 - Y E A R
C O N S T A N T MATURITY

4

B O N D BUYER
2Q-BOND INDEX

1971 - High
Low

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

8 . 2 3 (1/1)
7.17 (12/31)

7 . 7 1 (8/21)
7,06 (2/12)

6 . 5 1 (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)

7.49 (4/21)
7.15 (12/1)

7.36 (4/28)
7.05 (2/12)

6.19 (4/14)
5.74 (11/17)

6.54 (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 (8/24)
7 . 1 1 (1/5)

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

5.59 (8/3)
4.99 (10/11)

1974 - High
Low

10.61 (10/4)
8.05 (2/15)

10.52 (10/11)
8 . 1 3 (1/4)

9.39 (10/11)
7.73 (1/4)

8.68 (8/30)
7.39 (1/4)

7.15 (12/12)
5.16 (2/7)

1975 - High
Low

9.80 (5/2)
8.89 (2/7)

9 . 7 1 (5/25)
9.06 (2/28)

9 . 0 1 (5/2)
8.57 (2/28)

8.41 (5/2)
7.63 (2/21)

7 . 2 3 (7/24)
6.27 (2/13)

1975 - June

6
13
20
27

9.41
8.95
9.07
9.37

9.53
9.22
9.14
9.41

8.85
8.76
8.73
8.75

8.16
7.95
7.99
8.07

7.05
6.80
6.93
7.00

July

4
11
18
25

9.62
9.38
9.53r
9.37p

9.30
9.45
9.57r
9.46p

8.82
8.84
8.82
8.84p

8.13
8.18
8.13r
8.18p

6.96
6.98
7.09
7.23

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.

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

G R O S S PROCEEDS

1975
January
February
March

1

5,275
4,531
5,343

April
May
June
July
August
September
October
November
December

15,149

01
02

I

1

CORPORATE

PERIOD

03
04
1st Half
3 Qtrs.
Year

1973

1975

3,328
2,687
3,217

2,327
1,962
3,933

2,357
2,322
2,086

2,255
2,003
2,025

1,977
1,515
2,467

3,060
3,164
2,981

2,497
2,543
3,578

2,370
2,786

2,397
2,304
2,166

1,826
1,939
2,152

3,260
2,668
1,620

2,631
1,806
1,915

1,459
1,106
1,701

2,028
1,657
1,750

4,609
3,753
3,505

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

9,232
9,205
7,547
11,867

8,222
8,618
6,352
10,199

6,283
6,867
4,266
6,822

5,959
5,917
5,435
6,659

18,437
25,984
37,851

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

I

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




2

STATE AND LOCAL

1973

1974

6,765

1

1974

|

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

G R O S S PROCEEDS BY TYPE OF ISSUER

G R O S S PROCEEDS BY TYPE OF ISSUE
PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

ISSUES INCLUDED
FOREIGN

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

CONVERTIBLE

9,201
7,548
11,867
15,149

5,883
5,025
8,611
10,828

1,789
1,227
1,572
2,212

1,533
1,295
1,684
2,109

115
373
374
1,255

39
310
76
1

2,541
1,887
4,079
6,033

3,189
2,376

1,307
1,008
743
1,351

2,168
2,276
3,343
3,040

1974 - Mar.

3,217

2,020

437

760

21

52

641

1,299

331

947

Apr.
May

3,060
3,164
2,981

1,594
2,350
1,939

666
607
516

800
207
526

63
42
10

12
I 15
12

1,202
862
478

1,131
912
1,147

288
663
356

442
730
1,000

July
Aug.
Sept.

3,260
2,668
1,620

2,086
2,042
897

620
299
308

555
325
415

223
150

205
104
1

1,094
605
188

618
1,079
680

295
364
349

1,254
620
404

Oct.
Nov.
Dec.

4,609
3,753
3,505

3,423
3,016
2,172

355
337
880

831
400
453

175
199

76

728
1,699
1,652

2,109
964
629

475
93
175

1,297
1,000
1,049

1975 - J a n .
Feb.
Mar.

5,275
4,531
5,343

3,657
3,201
3,970

1,028
708
476

590
622
897

470

1

1,848
1,713
2,472

1,269
1,951
1,507

932
107
312

1974 - I I
III
IV
1975 - I

•

610

175

NOTES:
1

MANUFACTURING

Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission.




1,226
761
1,053

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
June 30, t h r u J u l y 25, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Delmarva Power & Light Co.
Consumer Power
Consumer Power
E q u i t a b l e Gas Corp.
B u r l i n g t o n Northern I n c .
Delmarva Power & Light Co.
P u b l i c S e r v i c e of I n d i a n a
Montana Power
South C a r o l i n a E l e c t r i c & Gas
Union P a c i f i c RR Co.
South Carolina E l e c t r i c & Gas
Ford Motor C r e d i t Co.
Ford Motor C r e d i t Co.
Standard Oil Co. of C a l i f .
J e r s e y C e n t r a l Power & Light
USLIFE Corp.
Southern Railway
N a t i o n a l S t a r c h & Chemical Corp.
Montana Power ----Arkansas Power & Light
Duquesne Light Co.
D e t r o i t Edison Co.
B e l l T e l e , of Penna.

Com s t k
1 s t mtge
1 s t mtge
1 s t mtge
Equip t r
1 s t mtge
Pfd s t k
Com s t k
Com s t k
Equip t r
1 s t mtge
Notes
Debt
SF debt
1 s t mtge
Notes
Equip t r
Conv debt
1 s t mtge
Pfd s t k
Com s t k
Pfd s t k
1 s t mtge

25.3
75.0
75.0
25.0
15.0
30.0
35.0
39.8
23.4
15.0
25.0
100.0
150.0 .
300.0
35.0
50.0
15.0
25.0
35.0
20.3 .
51.4
50.0
100.0

1980
2000
1995
1990
2005
—.

j

9.75
11.50
10.50
7.40-9.00
10.88
9.44

—

——

—

——

——

——

1990
1984
1985
2000
2005
1985
1985
1990
2005
2005

8.50
9.38
8.85
9.70
8.75
10.25
9.50
8.50
5.75
9.60
10.60

8.70
9.38
8.85
9.73
8.83
10.25
9.50
8.85
5.75
9.60
10.45

11.00
8.75

11.00
8.80

—
——

2015

NOTES:
•

Rights offering.

1

includes only corporate and other security offering* of $16 million and over; excludes options, exchanges, and secondary offerings.




9.75
11.50
10.50
8.75
11.00
9.44

—

Baa/ABaa/AA
Aa
A
Aa
—
—

Aaa
A
Aa/A
Aa/A
Aaa
Baa/Bbb
A
Aa
Baa/Bbb
Aa
Baa
—

Baa
Aaa

Table 5A C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 30, t h r u J u l y 25, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY




OFFERING
YIELD

MOODY'S
RATING

1

CORPORATE

R a i n i e r Bancorp
Mountain Fuel Supply Co.
Norfolk & Western RR
Arco P i p e l i n e Co.
Arkansas Power & Light
Citicorp
Hughes Tool Co.
Missouri P a c i f i c RR Co.
Columbus & So. Ohio E l e c t r i c
Armco S t e e l Corp.
F i r s t Bank System I n c .
F i r s t Bank System I n c .
Northern I l l i n o i s Pub. Ser. Co.
American Broadcasting Co.
Texas Commerce Bancshares I n c .
L o u i s v i l l e & N a s h v i l l e RR Co.
General T e l e . Co. of I l l i n o i s
Columbus & Southern Ohio E l e c t r i c
Other
World Bank
World Bank
A u s t r i a , Republic of
Montreal, City of
Norway, Kingdom of

COUPON RATE

Notes
Debt
Equip t r
Notes
1 s t mtge
Conv debt
SF debt
Equip t r
Pfd s t k
SF debt
1 Notes
Conv debt
1st mtge
SF debt
SF debt
Coll t r
1 s t mtge
Com s t k
Notes
Notes
Notes
Debt
Notes

30.0
25.0
15.0
200.0
40.0
350.0
40.0
15.0
20.0
100.0
50.0
50.0
80.0
100.0
50.0
50.0
40.0
41.5
200.0
300.0
50.0
75.0
100.0

1985
2000
1990
1983
2005
2000
2000
1990

!

2000
1983
2000
1983
2000
1985
1985
2005

9.50
10.25
8.50
8.38
10.13
5.75
9.00
8.63
10.52
9.20
8.75
6.25
8.63
9.35
8.88
11.00
9.38

9.50
10.25
7.00-8.80
8.46
10.00
5.75
9.05
7.25-9.00
10.52
9.20
8.75
6.25
8.63
9.35
8.95
11.00
9.43

1985
1980
1982
1985
1980

8.60
8.30
9.00
9.85
8.88

8.60
8.30
9.00
9.85
8.94

A
A
Aa
Aa
A
NR
• A
Aa/Af
A
A
Aa/Aaa
A/Aa
Aa
/
A
Aa/Aa+
Baa/Bbb
Aa
Aaa
Aaa
Aaa
A
Aaa

T a b l e SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY i
June 30, t h r u J u l y 25, 1975
ISSUER

2
TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Maryland Dept. of T r a n s p o r t a t i o n
Merriam, Kansas
Merriam, Kansas
Merriam, Kansas
Municipal A s s i s t a n c e Corp., N.Y.
Municipal A s s i s t a n c e Corp., N.Y.
Municipal A s s i s t a n c e C o r p . , N.Y.
Henrico Co., Va.
Henrico Co., Va.
P o r t of P o r t l a n d , Oregon
Delaware, S t a t e of
M a s s a c h u s e t t s , S t a t e of
Tucson, Arizona
F o r s y t h Co., N.C.
F o r s y t h Co., N.C.
Montgomery Co., Pa.
Anne Arundel Co., Md.
F l o r i d a S t a t e Board of Education
Montgomery, Ala.
Michigan S t a t e H o s p i t a l F i n . Auth.
Michigan S t a t e H o s p i t a l F i n . Auth.
Michigan S t a t e H o s p i t a l F i n . Auth.
Michigan S t a t e H o s p i t a l F i n . Auth.

Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
G.O.
G.O.
G.O.
Rev
Rev
G.O.
G.O.
Rev
G.O.
Rev
Rev
Rev
Rev

34.0
4.7
6.1
13.2
296.0
209.0
495.0
4.1
7.9
20.7
50.0
450.0
10.0
5.9
4.6 •
12.0
20.0
37.9
17.0
9.2
5.8
19.9
7.6

2008
1979-1990
1997
2005
1977-1982
1985
1990
1976-1989
1995
1990
1976-1995
1976-1980
1976-1986
1978-1990
2000
1977-1991
1976-2005
1976-1996
1976-2000
1978-1991
1995
2003
2005

7.56
——
——
—

9.19
9.19
9.19
7.22
7.22
9.20
5.86
5.90
6.20
7.93
7.93
5.58
6.28
6.58
6.88
——
—
——
•n—,

7.50
7,,00-8.50
9.00
9.25
6,.50-8.25
9.00
9.50
4,,50-6.50
7.40
9.00
3,.90-6.70
4..75-5.80
4,,50-6.30
5,,75-7.80
8.00
4,.00-6.05
4,.20-7.00
4 .20-6.80
4 .25-7.40
6 .50-8.55
8.75
9.25
9.25

A

A
A
A
A
A
Aa
A-l
A-l
A-l
A-l
Aaa
Aa
Aa
A
A
A
A
A

NOTES:
1

Includes only state and local security offering! of $10 million and over; excludes secondary offerings.

2

In case of State and local government securities, G.O denotes general oblige;ion; 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 aivf Development issues and non-guaranteed issues by Federal Agencies.




Table SB C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 30, t h r u J u l y 25, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Pennsylvania I n d u s t r i a l Dev. Auth.
Pennsylvania I n d u s t r i a l Dev. Auth.
Beaver Co. I n d u s t r i a l Dev. Auth., Pa.
Beaver Co. I n d u s t r i a l Dev. Auth., Pa.
San Diego Pub. Sch. Bldg. Corp.
San Diego Pub. Sch. Bldg. Corp.
Skowhegan, Maine
Jackson Park H o s p i t a l Foundation, 111.
Jackson Park H o s p i t a l Foundation, 111.
Jackson Park H o s p i t a l Foundation, 111.
Jackson Park H o s p i t a l Foundation, 111.
Ohio, S t a t e of
Ohio, S t a t e of
Houston, Texas
Ohio, S t a t e of
Santa Fe, New Mexico
Santa Fe, New Mexico
Santa Fe, New Mexico
Fort Smith, Ark.
New York S t a t e Power Auth.
NewiYork S t a t e Power Auth.
Hampton, Va.
Sabine River Auth., Texas
Maricopa Co., A r i z .




Rev
Rev
Rev
Rev
Rev
Rev
Rev
G.O.
G.O.
G.O.
G.O.
Rev
Rev
Rev
G.O.
Rev
Rev
Rev
Rev
Rev
Rev
G.O.
Rev
Rev

26.2
13.8
3.5
10.0
8.3
29.0
24.0
18.9
2.3
2.8
7.4
4.0
7.5
25.0
34.0
2.3
6.5
2.8
12.2
150.0
50.0
12.7
40.0
11.6

,

1977-1986
1990
1985
2005
1977-1986
2000
2000
1976-2005
1976-1980
1996
2005
1985
2005
1976-2008
1976-1995
1995
2003
1979-1990
1976-1994
1978
1980
1976-1991
1980-2004
1977-1990 .;

7.66
7.66
—
——

7.23
7.23
—
—
—
—
—
—
—

7.20
5.98
9.36
9.36
9.36
7.10
7.61
7.61
6.40
7.12
9.15

5. 70-7.50
7.75
7.88
8.88
4. 50-6.20
7.25
6. 25-7.63
4.,40-7.20
5,,75-8.45
8.88
9.00
7.88
8.88
4.,00-7.35
4,,00-6.60
9.00
9.50
6,.50-8.30
4,.50-7.25
7.25
7.50
4 .30-6.70
5 .00-7.45
6 .00-8.50

A
A
Baa ,
Baa
A-l
A-l i
Aa
Aaa
Aaa
Aaa
Aaa
Baa
Baa
Aa
Aaa
A-l
A-l
A-l
——
——
—

A-l/A
Aa
A-1/A4

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 30, t h r u J u l y 25, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Maricopa Co., A r i z .
Maricopa Co., A r i z .
B r a i n t r e e , Mass.
Nueces County Navigation D i s t . #1,
Texas
Tenn. Hsg. Dev. Agency
Tenn. Hsg. Dev. Agency
P u e r t o Rico Highway Auth.
P u e r t o Rico Highway Auth.
Puerto Rico Highway Auth.
Metro. N a s h v i l l e Apt. Ai4th., Tenn.
Metro. Nashville. Apt. A u t h . , Tenn.
P h i l a d e l p h i a , Pa.
P o r t a g e Co., Ohio
P o r t a g e Co., Ohio
P o r t a g e Co., Ohio
Gainesville, Fla.
D e t r o i t City Sch. D i s t . , Mich.
Alabama Highway Auth.
Maryland, S t a t e of
Michigan S t . Hsg. Dev. Auth.
Michigan S t . Hsg. Dev. Auth.
L a n c a s t e r , Penna.
L a n c a s t e r , Penna.
Chicago, I l l i n o i s




Rev
Rev
G.O.

18.5
6.5
17.0

2001
1994
1978-1994

9 .15
9 .15
6 .49

9.25
8.75
4,.85-6.90

A-1/A+
A-1/A+
Aa

Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
G.O.
Rev
Rev
Rev
Rev
G.O.
Rev
G.O.
Rev
Rev
G.O.
G. 0.
Rev

18.9
15.3
9.6
2.0
7.6
40.4
12.2
3.960.0
1.7
3.0
11.3
19.5
18.5
25.0
155.7
19.5
5.5
4.5
6.9 \
20.0

2005
1976-1995
2006
1977-1985
1995
2005
2005
1979-1990
1976-2000
1978-1987
1995
2007
1977-1999
1976-1990
1976-1990
1978-1990
2017
1976-1995
2000
1977-1994
1976-1987

7,.46
7 .69
7,.69
9 .41
9 .41
9 .41
7..48
7,.48
8..83
9,.53
9,.53
9.,53
7,.43
7..72
7..17
5..97
8..38
8..38
6,.43
6,.43
6,.43

7.38
4.75-7.80
7.90
6,.50-8.25
9.00
9.40
7.50
5..25-6.70
6..00-8.75
6..25-8.00
9.00
9.37
5..00-7.40
5,.25-7.60
4.,75-7.25
4..75-6.30
8.25
4,.75-7.90
6.75
4,.00-6.40
. 4,.40-6.60

A/Aa
A-1/A+
A-1/A+
A
A
A
A
A '
A
• A
A/A+
A/Aa
A
Aaa
A-l
A-l
Aa

T a b l e 5B C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 30, t h r u July 25, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Oregon, S t a t e of
Oregon, S t a t e of
New York S t . Dorm. Auth.
New York S t . Dorm. Auth.
Red River Auth. of Texas
Red River Auth. of Texas
U n i v e r s i t y of Texas System
Knox Co., Knoxville P u b l i c Bldg. A u t h . ,
Tenn.
Brazar River Harbor & Navigation D i s t . ,
Texas
Brazas River Harbor & Navigation D i s t . ,
Texas
Brazas River Harbor & Navigation D i s t . ,
Texas
Brazas River Harbor & Navigation D i s t . ,
Texas
Washington P u b l i c Power Supply System .




G.O.
G.O.
Rev
Rev
Rev
Rev
Rev

8.0
6.0
9.0
10.0
18.1
3.0
14.0

1977-2005
1978-2005
2006
2002
2000
1980-1985
1976-1993

6.46
6.81
9.82
9.82
7.99
7.99
5.79

4.50-6.80
4.70-6.90
10.00
10.00
8.00
5.40-6.25
4.00-6.10

Aaa
Aaa
A-l
A-l
A/A+
A/A+
Aaa

Rev

31.0

1979-2000

7.20

5.00-7.60

Aa/A+

Rev

10.0

2005

7.19

7.50

Aa

Rev

1.0

1992

7.19

6.65

Aa

Rev

1.0

1988

7.19

6.40

Aa

Rev
Rev

5.4
100.0

1985
1978-1981

7.19

6.00
6.40-6.90

Aa
A

• W W Wrt

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

as of J u l y 25, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Schlumberger Ltd.
Baltimore Gas & E l e c t r i c
Ohio E l e c t r i c Co.
North American P h i l i p s Corp.
Georgia Power Co.
Minnesota Power & Light Co.
Big Three Ind. I n c .
I n t e r s t a t e Power
C i t i e s S e r v i c e Co.
Texas Gas Transmission Co.
Montgomery Ward & Co., I n c .
Commonwealth Edison Co.
Tucson Gas & E l e c t r i c
New J e r s e y B e l l T e l e .
Southern N a t u r a l Gas Co.
Louisiana Power & Light
Philadelphia Electric
Kansas City Power & Light
Public Service of Indiana
Southwestern E l e c t r i c Power Co.
*Arkansas Louisiana Gas Co.
Consol. Edison Co. of New York
Wisconson E l e c t r i c & Power Co.
Northern S t a t e s Power
Pennsylvania E l e c t r i c Co.
Dayton Power & Light
C e n t r a l Maine Power
*Puget Sound Power & Light Co.
P o r t l a n d General E l e c t r i c
*General Telephone Co. of Wisconsin
* M i s s i s s i p p i Power & Light
^Niagara Mohawk Power Co.
*Western Union T e l e . Co.
Crocker N a t i o n a l Corp.
*Kewanee I n d u s t r i e s I n c .
H a r n i s c h f e g e r Corp.
Pan American Bancshares
B e l l Telephone Co. of Pennsylvania

Com s t k
1 s t mtge
1 s t mtge
Debt
1 s t mtge
1 s t mtge
Com s t k
Com s t k
SF debt
Debt
SF debt
1 s t mtge
Com s t k
Debt
SF debt
1 s t mtge
1 s t mtge
Com s t k
1 s t mtge
1 s t mtge
1 s t mtge
1 s t mtge
1 s t mtge
Com s t k
1 s t mtge
1 s t mtge
1 s t mtge
1 s t mtge
Com s t k
1 s t mtge
1 s t mtge
1 s t mtge
Notes
Com s t k
SF debt
Com s t k
Notes
Com s t k

171.0
60.0
75.0
75.0
100.0
35.0
50.0
15.0
150.0
40.0
75.0
125.0
30.0
•
75.0
60.0
50.0
80.0
20.0
80.0
40.0
60.0
80.0
60.0
40.0
45.0
45.0
20.0
30.0
30.0
20.0
25.0
50.0
50.0
38.0
45.0
26.3
20.0
65.0

NOTES:
*

Included in table for first time.

1

Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




July
July
July
July
July
July
July
July
July
July
July
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
INDEF

29
29
29
29
31
31

4
5
5
6
6
7
7
7
12
12
12
13
14
14
19
20
21
21
25
26
26

T a b l e 6A C o n t i n u e d

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

a s of July 25, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Reading & Bates O f f s h o r e D r i l l i n g
Ca.

Georgia Power Co.
Houston L i g h t i n g & Power
B a r n e t t Banks of F l a . , I n c .
Emerson E l e c t r i c Co.
Ashland Oil I n c .
Ashland Oil I n c .
F i r s t Maryland Bancorp
Other
Hydro-Quebec
European Investment Bank
European Investment Bank
* B r i t i s h Petroleum Co.
^ B r i t i s h Petroleum Co.




Com s t k
Pfd s t k
Com s t k
Notes
Notes
Debt
SF debt
Notes
Debt
Notes
Notes
Notes
Debt

24.6
60.0
40.0
50.0
50.0
50.0
50.0
25.0

INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

200.0
50.0
50.0
50.0
100.0

July
August
August
August
August

29
5
5
12
12

Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

as of J u l y 25, 1975
AMOUNT
(IN MILLIONS
OF DOLLARS)

ISSUER

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Niagara I n d u s t . Dev. Agency, N.Y.
*Buffalo Sewer Auth. N.Y.
Alexandria, Va.
C a l i f o r n i a , S t a t e of
Wisconsin, S t a t e of
S u f f o l k Co. Water A u t h . , N.Y.
I l l i n o i s , S t a t e of
Saugus, Mass.
Lancaster Co., Pa.
*Maricopa Co. UHSD #210, A r i z .
J a y , Me
*St. Petersburg, Fla.
Municipal A s s i s t a n c e Corp., N.Y.
Municipal A s s i s t a n c e Corp., N.Y.
Pennsylvania, S t a t e of
*Louisiana
*Georgia, S t a t e of
Los Angeles Co. Flood Control
Dist., Calif.
^ B r i d g e p o r t , Conn.
*Austin, Texas
^ F l o r i d a S t a t e Bd. of Education
P h i l a d e l p h i a Mun. Hosp. Auth.

Rev
Rev
G.O.
G.O.
G.O.
Rev
G.O.
Rev
G.O.
G.O.
Rev
Rev
Rev
Rev
G.O.
G.O.
G.O.

17.3
35.0
19.6
50.0
75.0
15.0
150.0
30.0
11.5
14.8
11.0
15.0
650.0
350.0
180.0
75.0
39.1

July
July
July
July
July
July
July
July
July
August
August
August
August
August
August
August
August

G.O.
G.O.
Rev
Rev
Rev

10.0
14.2
26.0
28.5
32.0

August
August
' August
August
August

G.O.
G.O.

10.0
1.6

29
29
29
29
29
30
31
4
4
5
7
7
7
12
12
12
19
21
26

Postponed
New York S t a t e Job Dev. Auth.
Oregon, S t a t e of

July
July

NOTES:
1

Includes state and local government issues of $10 million and overr foreign government. International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.
Included in the table for the first time.




22
22

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

|

BJ INDUSTRIALS

AMEX

4

1

NASDAQ

2

TRADING VOLUME
NYSE

1

AMEX

I

NASDAQ

1973 - High
Low

65 48 (1/11)
49 12 (12/13)

1051. 50 (1/11)
788 31 (12/5)

130.47 (1/11)
85.26 (12/20)

136.,84 (1/11)
89.12 (12/13)

26.,0 (9/20)
9.,0 (8/20)

5 . 5 (1/12)
1 . 4 (8/20)

11.3 (1/11)
3.5 (8/27)

1974 - High
Low

53 37 (3/13)
32 89 (10/3)

891 66 (3/13)
577 60 (12/6)

102.01 (3/14)
59.13 (12/6)

96. 53 (3/15)
54.,87 (10/3)

24..9 (1/3)
7,.5 (7/5)

4.4 (1/3)
.9 (9/26)

7.5 (1/3)
2.8 (7/5)

1975 - High
Low

51.24 (7/15)
37 16 (1/8)

881 81 (.7/15)
632 04 (1/2)

96.86 (7/15)
62.20 (1/2)

88.,00 (7/15)
60.,70 U / 2 y

35..2 (2/13)
13,.4 (1/20)

4.2 (2/21)
1.5 (1/21)

8 . 1 (2/13)
3.6 (1/20)

23
30

47..18
47,.94
47.,96
48,.05
48,.46

848..48
850,.13
837,,61
831,.90
832.29

84.91
87.39
87.11
87.73
88.68

80.,25
82,.82
82.,44
82,.62
83..10

19,.9
24,.3
24,.1
17,.9
20,.0

2.3
2.8
2.5
2.0
2.7

5.6
7.0
6.4
5.8
6.5

June

6
13
20
27

49,.19
48,.20
49 .39
50.. 66

839.64
816,.96
855.44
873,.12

90.69
89.43
91.08
92.94

84,.77
83..43
85,.24
86,.50

24 .7
19 .0
19 .9
22 .5

3.4
2.4
2.1
3.1

7.2
6.2
6.0
6.3

July

4
11
18
25

50,.45
50..71
50,.07
47.,87

871..79
871.,09
962..41
834.09

92.60
95.27
95.67
91.14

86,.20
87.,20
87,.02
83.,60

19 .3
22 .5
22,,8r
19.,5

2.6
3.4
3.3r
2.5

6.0
6.2
6.5r
6.0

1975
May-

2
9

NOTES:
1
2

Figure* other than highs end low* are Friday* only. Highs end low* are for the year and are not necessarily for Fridays.
Volume figures are weekly overages of deily figures (millions of shares).

3

12/31/66 - 50

4

Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




17

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1974 - Apr.
May
June
July
Aug.
Sept.
Oct.
Dec.

5,370
5,260r
5,160r
4,840r
4,590r
4,090r
4,000r
4,040r
3,910r

179
172
172
158
156
148,
145
139
137

1,009
1,020
1,037
1,023
953
924
916
891
856

1975 - J a n .
Feb.
Mar.
Apr.
May
June

4,030r
4,200r
4,260
4,440
4,780
5,070

134
136
134
138

848
830
844
824
819
n.a.

1,919
1,897
1,882
1,885
1,883
n.a.

40
-HOr
-100
-320
-250
-500r
-90
40r
-130r

-1
-7
-14
-3
-7
-3
—6
-2

1
11
17
-14
-70
-29
—8
-25
-35

-1
-10
214
19
28
-59
-36
29
11

120r
170r
60r
180
340
290

-3
2
-2
4
n.a.
n.a.

Nov.

>

1,868
1,858
2,072
2,091
2,119
2,060
2,024
2,053
2,064

CHANGE IN OUTSTANDING

1974 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

Doc.
1975 - J a n .
Feb.
Mar.
Apr.
May

—

.

-8
-18
14
-20
-5

-145
-22
-15
-3
-2
n.a.

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




4

Table 9

^

oo

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW

1971
1972
1973
1974

9,621
10,067
4,815
2,909

1974 - February
March
April
May

521
1,240
-441
6

1975

February
March
April
May#/

909
2,052
626
1,140

1975 - January
February
March
April
May])/

369
715
1,489
867
1,349

1

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

2

SHARE CAPITAL
NET
FLOW

13.5
12.4
5.3
3.0

5,378
5,451
-442
-2,822

27,793
32,567
20,237
16,008

——

341
308
-645
-182

1,824
4,165
-218
511

708
1,029
395
930

3,297
6,493
2,858
3,891

- ——

——
——

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0
__
——
——
—

__
- ——

NET
NEW
MONEY

2

TOTAL
DEPOSITS
NET
FLOW

20,653
23,884
10,507
4,66b

37,414
42,634
25,052
18,917

1,697
1,751
-340
420

2,345
5,405
-659
517

3,114
3,690
2,673
3,636

4,206
8,545
3,484
5,031

ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8

—

__
——
- —

NET
NEW
MONEY

26,331
29,335
10,062
1,847
2,038
2,059
-985
233
3,822
4,719
3,068
4,616

SEASONALLY ADJUSTED
4.5
8.7
18.0
10.3
15.9

•—
—
- - -

2,455
3,057
4,842
3,642
4,337

12.1
14.9
23.3
17.2
20.2

——
—
- -

—

2,824
3,772
6,331
4,509
5,686

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: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




9.9
13.1
21.7
15.2
19.0

——
—

—
—

2

; able 10

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

NET CHANGE

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

TOTAL

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

1971 - Dec.

17.7

14.0

3.7

.49

.30

.19

1972 - Dec.

25.1

20.2

4.9

.56

.55

.01

1973 - J a n .
Feb .
Mar.
Apr.
MayJune
July
•Aug.
Sept.
Oct.
Nov.
Dec.

25.8
25.8
25.4
24.8
24.0
23.7
23.1
22.2
21.0
20.0
19.6
19.7

20.8
20.9
20.6
20.2
19.5
19.3
18.8
18.0
17.0
16.1
15.9
16.2

5.0
4.9
4.8
4.6
4.5
4.4
4.3
4.2
4.0
3.9
3.7
3.5

.80
.21
-.43
-.57
- .89^
-.21
-.67
-.92
-1.15
-1.06
-.41
' .15

.66
.11
-.28
-.40
-.77
-.15
- .56
-.75
-1.00
-.90
-.26
.35

.14
-.10
-.15
-.17
-.12
- .06
-.11
-.17
-.15
-.16
-.15
-.20

1974 - J a n .
Feb.
Mar.
Apr.
May
June
July
•' Aug.
Sept.
Oct.
Nov.
Dec.

19.3
19.4
19.5
19.7
18.5
18.0
17 .3
16.7
.. 16,2
14.9
14.4
14.4

15.9
16.0
16.4
16.7
15.6
15.1
14.5
13.9
13.5
12.5
12.1
12.2

3.4
3.2
3.1
3.0
2.9
2.9
2.8
2.S
2.7
2.4
2.3
2.2

-.33
-.06
.20
.20
-1.08
-.61
-.64
-.56
-.56
-1.31
-.54
-.03

-.33
.13
.33
.30
-1.02
-.54
-.60
-.55
-.43
-1.01
-.44
.14

-.10
-.19
-.13
-.10
-.06
- .06
-.04
-.01
-.13
- .30
-.10
-.11

14.4
14.4
15.2
16.2
16.9

12.3
12.6
13.2
14.2
14.8

2.1
1.8
2.0
2.0
2.1

-.04
.05
• 71
1,13
.73

.06
.30
.60
1.07
.62

-.10
-.25
. 11

1975 - J a n .
Feb.
Mar.
Apr.
May

•

.06
.11

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.




T a b l e 11

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

PERIOD

1973 - July
Aug.
Sept.
Oct.

Nov.
Dec.

1974 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

Oct.
Nov.
Dec.
1975 - J a n .
Feb.
Mar.
Apr. p
May p
June p -

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

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

FHLB

+1,475
+1,693
+1,910
+1,946
+11
+598

+1,528
+1,349
+1,850
+1,950
-150
+256

+998
+1,349
+1,500
+1,300

-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+507

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
+961

-4
+992
+1,500
+1,000
+400
+1,700
+1,499
-217
+470

-242
-659
440
-21
-1,546
252

-5
-254
689
100
-1,265
600

-4
-554
-11
0
-1,265
0

- ——

-150

—

—

-800
-657

—

- -

FNMA & FHLB

FNMA

+530
- —

—

Notes:
Based on data from the Treasury Survey of Ownership.
I / Sales of FHLB discount notes began in May 1974.
£,/ Preliminary.




FHLMC

- -

+350
+650
- -

+256

+1,050
+100
+310
+491
-1
0
700
100
0
600

-237
-405
-249
-79
-281
-348

——

+450

- -

——

——

——

—
—

-200
——
——
——

300
0
0
0
0

-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454

+44
—

SHORT-TERM
DISCOUNT
NOTESl/

+750
+499.
—— -

21

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

COMMERCIAL
BANKS
Not

1970
1971
1972
1973
1974
1974 - Oct.
Nov.
Dec.

1975 - J a n .
Feb.
Mar.
Apr.
May

2

FINANCIAL INSTITUTIONS
TOTAL

MSB's

INSURANCE FNMA-GNMA
COMPANIES

S & Us

S e a s o n a l l y Ad l u s t e d

21,736
41,647
57,587
58,372
42,748

16,827
39,259
55,561
55,072
36,526

2,462
9,940
16,800
19,600
11,700

1,845
3,938
5,377
5,642
2,170

10,254
23,919
31,932
25,552
17,578

2,348
1,221
1,452
4,278
5,078

4,909
2,388
2,026
3,300
6,222

2,419
1,992
2,255

1,655
1,476
1,082

500
400
500

45
79
- 22

565
522
595

545
475
729

764
516
453

1,313
1,588
2,333
3,458
3,967

862
1,514
1,946
3,268
3,910

100
-100
0
400
300

66
100
70
132
181

428
1,111
1,618
2,285
3,185

268
403
258
451
244

451
74
387
190
57

S e a s o n a l l y Ad l u s t e d

1974 - Oct.
Nov.
Dec.

1975 - J a n .
Feb.
Mar.
Apr.
May

2,847
2,461
1,986

2,205
1,973
1,456

533
509
734

98
67
-102

1,037
985
629

537
412
195

642
488
530

2,614
2,829
2,473
3,519
3,489

2,108
2,630
1,912
3,128
3,308

447
184
53
384
33

170
242
47
166
149

1,156
1,648
1,415
2,015
2,770

335
556
397
563
356

506
199
561
391
181

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 89 per cent of the net increase estimated for all holders in 1972.

2

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




.

T a b l e 13

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

5
QUARTER

3

RESIDENTIAL
MULTIFAMILY

COMMERCIAL

MULTIFAMILY
&
COMMERCIAL

TOTAL

TOTAL

1968 - I
II
III
IV

28.1
26.4
25.5
29.6

19.4
18.2
17.2
20.4

16.3
15.0
13.6
16.5

3.1
3.2
3.5
3.9

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

1969 - I
II
III
IV

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

19.4
16.8
14.0
13.1

4.4
4.6
4.7
5.4

6.0
5.4
5.3
5.3

10.4
10.1
10.0
10.7

2.2
2.2
1.7
1.4

1970

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

37.3
47.7
52.3
54.2

27.4
35.5
38.5
41.2

19.4
26.2
28.6
31.3

8.0
9.4
9.9
9.9

7.7
9.8
11.5
,10.5

15.7
19.2
21.4
20.4

2.4
2.3
2.5

1972 - I
II
III
IV

62.8
64.9
65.1
68.3

46.1
47.0
47.1
49.5

37.7
37.4
38.0
40.0

8.4
9.6
9.1
9.5

14.1
15.3
15.3
16.3

22.5
24.9
24.4
25.8

2.6
2.6
2.6
2.5

%
::
%
^

1973 - I
II
III
IV

83.4
75.6
71.3 ~
57.9

63.1
53.9
'51.4
38.3

53.1
44.0
41.8
31.7

10.0
9.9
9.6
6.5

16.3
17.8
16.3
15.0

26.3
27.8
25.9
21.5

4.1
3.8
3-6
4.6

'

1974 - I
II

58.5
65.3
50.0
38.6

39.5
44.0
35.7
23.7

32.1
37.1
27.5
17.3

7.4
6.8
8.2
6 .4

15.4
17.3
9.0
7 .6

22.7
24.1
17.2
14.0

3.6
4.0 #
5.3.:%
7.3

34.9

25.8

21.1

4.7

4.2

„ .'

I
II
HI
IV

III

IV

1975 - I p

1- tO 4 FAMILY

8.8

FARM

;

v;

£
:

2.2

4.7

0
Si

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of L
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.
May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.
Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage debt4combmed.




Table 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS
PERIOD

TOTAL

1—FAMILY

TOTAL

1—FAMILY

FAMILY

2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS

1,324
1,352
1,925
2,219
1,820
1,074

626
647
906
1,033
882
644

698
705
1,018
1,186
937
431

1,467
1,434
2,052
2,357
2,045
1,338

811
813
1,151
1,309
1,132
888

656
621
901
1,048
914
450

1,399
1,418
1,706
1,972
2,005

808
802
1,014
1,143
1,166

592
617
692
828
838

413
401
497
576
580

1,040
928
853
811
770
837

638
626
588
550
534
514

402
302
265
261
236
323

1,314
1,156
1,157
1,106
1,017
880

920
826
845
792
802
682

394
330
312.
314
215
198

1,655
1,592
1,562
1,627
1,657
1,606

934
919
899
908
893
852

721
674
663
719
763
754

340
316
252
217
195
195

508
515
503
603
658

182
186
173
234
254

999
1,000
985
980
" 1,129

739
733-'
775
762
886

260
.267
210
218
243

1,535
1,320
1,305
1,191

964
770
734
744

571
550
571
447

185
219
199
194

May

689
701
677
837
912

June

926

661

265

1,070

862

208

1,220

785

435

224

1969
1970
1971
1972
1973
1974
1974

COMPLETIONS

STARTS

2-OR MORE

- July
Aug.

Sept.
Oct.
Nov.
Dec .
1975 - J a n .
Feb.
Mar.

Apr.

NOTES: P r i v a t e permits ( f o r 14,000 a r e a s w i t h permit systems, excluding farm), s t a r t s , arid completions a r e Census
Bureau d a t a . A d w e l l i n g u n i t i s s t a r t e d when e x c a v a t i o n b e g i n s . In the case ox apartment b u i l d i n g s , a l l u n i t s
a r e considered s t a r t e d a t t h p t tithd; however, a l l such u n i t s a r e considered completed when more than h a l f of the
u n i t s i n the s t r u c t u r e aire ready f o r u s i . P r i v a t e mobile home shipments" a r e Mobile Home. Manufacturers Assoc. d a t a
converted to s e a s o n a l l y a d j u s t e d annual r a t e by Census Bureau.
Digitized for1/ FRASER
Permit d a , a f o r 1969 and 1970 based on 13,000 a r e a s with permit systems.



T a b l e 15

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

1

PERIOD

SPREAD
BETWEEN
RETURNS ON
NEW A a a
NEW HOMES
CONVENTIONAL
UTILITY
1
BOND
AND HUD(FHA)
NEW HOME
YIELD
DISCOUNT
SPREAD
(BASIS
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
POINTS)
POINTS)
POINTS)

. HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

1

RATE
(IN PER CENiT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

1973 - High
Low

8.95
7.70

107
31

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

8.36
7 .38

1974 - High
Low

9.80
8.55

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6 .3
2.3

1
-70

10.4b
8.10

1974 - Oct.
Nov.
Dec.

9.70
9.55
9.45

-33
-13
n.a.

9.70
9.60
9.45

-33
i - 8
n.a.

10.13
n.a.
9.51

10
n.a.
n.a.

4.6
n.a.
3.8

-43
n.a.
- 6

10.03
9.68

1975 - J a n .
Feb.
Mar.
Apr.
May
June

9.15
9.05
8.90
9.00
9.05
9.00

15
11
-70
-66
-57
-37

9.20
9.05
8.95
9.05
9.10
9.05

20
11
-65
-61
-52
-32

8.99
8.84
8.69

- 1
-10
-91
n.a.
-46
-31

3.8
2.6
5.4
n.a.
5.0
4.3

16
21
21
n.a.
-11
- 6

9.00
8.94
9.60
9.66
9.62
9.37

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

9.16
9.06

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 secqndary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downoayment, prepaid in 15 years, for immediate delivery, are used.




Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

AVERAGE
YIELD

1155 (3/25) 333 (3/25) 10.59
26 (11.18) 18 (11/18) 8.43 i

• High
Low

2?

AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

164 (4/18) 63 (4/8)
10.71 (9/9)
14 (10/21) 7 (11/18) 8.47 (3/11)

Jan.

13
27

25,.3
41,.4

21.2
28.6

9.37
9.12

17.9
11.1

14.9
10.6

9.50
9.39

Feb.

10
24

24.,6
36..2

18.1
23.8

8.98
8.87

14.8
20.0

9.1
9.1

9.20
9.04

Mar.

10
24

99.,2
460.,5

60.1
321.4

8.78
8.85

34.4
60.7

22.1
35.8

8.96
9.00

Apr.

7
21

551. 6
470. 9

277.2
247.3

8.98
9.13

99.8
79.2

44.6
64.8

9.13
9.26

May

5
19

j 165.6

1 525.5

280.4
115.0

9.29
9.25

69.8
46 4

43.9
38.4

9.43
9.41

June

2
16
30

172.5
73.4
358.7

80.4
38.6
246.9

9.14
9.06
9.07

51.2
28.5
67.5

27.1
15.7
47.3

9.26
9.21
9.18

July

14

333.2

174.9

9.10

71.4

35.8

9.20

.

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 eligible bids received.