Full text of H.16 Capital Market Developments : August 4, 1975

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//A
Capital
Market
Developments

A u g u s t 4, 1975
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE 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




3

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
WEEK ENDING

YIELDS
NEW ISSUE
Aaa UTILITY

1

RECENTLY 2 OFFERED
Aaa UTILITY

1975 - J u n e

6
13
20
27

9.41
8.95
9.07
9.37

9.53
9.22
9.14
9.41

July

4
11
18
25

9.62
9.38
9.53
9.25r

Aug.

1

9.35p

GROSS
3
OFFERINGS
($ MILLIONS)

VOLUME
PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

1,002
951
1,237
800

. 98
98
93
93

4
13
143
197

9.30
9.45
9.57
9.33r

220
750
875
520

95
97
98
91

58
36
74
72

9.45p

243

80

63

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2D-BOND
INDEX

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

1975 - J u n e

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
7.22

1,705
357
604
669

97
79
88
84

108
151
111
170

Aug.

1

6.40

7.09

524

90

138

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
4

Estimated by F.R. on the basis of available data.
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 ISSUE
Aaa UTILITY

DATE

1

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR 4
CONSTANT MATURITY

BOND BUYER
20-80ND INDEX

1971 - H i g h
Low

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

8.23
7.17

(1/1)
(12/31)

7.71
7.06

(8/21)
(2/12)

6.51
5.69

(6/18)
(3/23)

6.23
4.97

(6/23)
(10/21)

1972 - High
Low

7.60 (4/21)
6 . 9 9 (11/24)

7.49
7.15

(4/21)
(12/1)

7.36
7.05

(4/28)
(2/12)

6.19
5.74

(4/14)
(11/17)

6.54
4.96

(4/13)
(10/21)

1973 - H i g h
Low

8 . 5 2 (8/10)
7.29 (1/21)

8.32 (8/10)
7 . 2 8 (1/5)

7.77 (8/24)
7.11 (1/5)

7.79
6.42

(8/10)
(1/5)

5.59
4.99

(8/3)
(10/11)

1974 - High
Low

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

8.68
7.39

(8/30)
(1/4)

7.15
5.16

(12/12)
(2/7)

1975 - H i g h
Low

9 . 8 0 (5/2)
8.89 (2/7)

9.71 (5/25)
9.06 (2/28)

9.01 (5/2)
8.57 (2/28)

8.41
7.63

(5/2)
(2/21)

7.22 (7/24)
6.27 (2/13)

10.52
8.13

(10/11)
(1/4)

9.39
7.73

(10/11)
(1/4)

1975 - J u l y

4
11
18
25

9.62
9.38
9.53
9.25r

9.30
9.45
9.57
9.33r

8.82
8.84
8.82
8.85r

8.13
8.18
8.13
8.18

6.96
6.98
7.09
7.22

Aug.

1

9.35p

9.45p

8.84p

8.22p

7.09

NOTES:
1
Federal Reserve series of implied yield on newly Issued, Aaa-rated utility bond with 6-year call protection.
2
Federal Reserve series of Implied free-market yield on competitively bid Aaa-rated utility bond with 6-year call protection released from price restrictions sometime during the last 4
weeks.
3
Weekly average of daily closing figures.
4 Weekly average of dally figures. US. Treasury data.
6
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
I

CORPORATE

PERIOD

2

STATE AND LOCAL
1973

1973

1975

3,328
2,687
3,217

2,327
1,962
3,933

2,361
2,322
2,088

2,255
2,003
2,025

1,977
1,515
2,467

April
May

3,060
3,164
2,981

2,497
2,543
3,578

2,384
2,858
2,945

2,397
2,304
2,166

1,826
1,939
2,152

July
August
September

3,260
2,668
1,620

2,631
1,806
1,915

1,459
1,106
1,701

2,028
1,657
1,750

October
November
December

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

1975
January
February
March

Q1
02
03
04

5,275
4,531
5,343

15,149

1st Half
3 Qtrs.
Year

1

1974

|

NOTES:
1 Securities and Exchange Commission estimates of gross proceeds.
2 Securities Industry Association estimates of principal amounts.




6,771
8,187

•1

1974

|

Table 4

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

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PUBLICLY
OFFERED

COMMON
MANUFACAND
ISSUES INCLUDED
PRIVATELY
TURING
PLACED PREFERRED
FOREIGN [CONVERTIBLE"
STOCK

2,168

1,351

.2,276
3,343
3,040

1,299

331

947

1,202
862
478

1,131
912
1,147

288
663
356

442
730
1,000

1,094
605
188

618
1,079
680

295
364
349

1,254
620

150

205
104
1

831
400
453

175
199

76

728
1,699
1,652

2,109
964
629

475
93
175

1,297
1,000
1,049

590
622
897

470
610
175

1,848
1,713
2,472

1,269
1,951

932
107
312

1,226
761
1,053

5,883
5,025
8,611

1,789

1,533

1,227

1,295

1,572

1975 - I

15,149

10,828

2,212

1974 - M a r .

3,217

2,020

Apr.
May
June

3,060
3,164
2,981

July
Aug.
Sept.

Mar.

2,541

1,684
2,109

115
373
374

39
310
76

1,255

1

437

760

21

52

641

1,594
2,350
1,939

666
607
516

800
207
526

63
42
10

12
15
12

3,260
2,668
1,620

2,086
2,042
897

620
299
308

555

223

325
415

4,609
3,753
3,505

3,423
3,016
2,172

355
337
880

5,275
4,531
5,343

3,657
3,201
3,970

1,028
708
476

NOTES:
1
Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission.




OTHER
ISSUERS

1,008
743

9,201
7,548
11,867

1975 - Jan.
Feb.

COMMUNICATIONS

1,307

1974 - II
III
IV

Oct.
Nov.
Dec.

PUBLIC
UTILITY

1

1,887

3,189
2,376

4,079
6,033

1,507

404

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
June 30, thru August 1, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Delmarva Power & Light Co.
Consumer Power
Consumer Power
Equitable Gas Corp.
Burlington Northern Inc.
Delmarva Power & Light Co.
Public Service of Indiana
Montana Power
South Carolina Electric & Gas
Union Pacific RR Co.
South Carolina Electric & Gas .
Ford Motor Credit Co.
Ford Motor Credit Co.
Standard Oil Co. of Calif.
Jersey Central Power & Light
USLIFE Corp.
Southern Railway
National Starch & Chemical Corp.
Montana Power
Arkansas Power & Light
Duquesne Light Co.
\
Detroit Edison Co.
Bell Tele, of Penna.

Com stk
1st mtge
1st mtge
1st mtge
Equip tr
1st mtge
Pfd stk
Com stk
Com stk
Equip tr
1st mtge
Notes
Debt
SF debt
1st mtge
Notes
Equip tr
Conv debt
1st mtge
Pfd stk
Com stk
Pfd stk
1st 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
—
—

—
—
—

2015

Rights offering.
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.




—
—

1990
1984
1985
2000
2005
1985
1985
1990
2005
2005

NOTES:
*
1

—

~

9.75
11.50
10.50
8.75
11.00
9.44
8.50
9.38
8.85
9.70
8.75
10.25
9.50
8.50
5.75
9.60
10.60

— '

9.75
11.50
10.50
7.40-9.00
10.88
9.44

Baa/ABaa/AA
Aa
A
Aa

—
—

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

—

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

X
Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 30, thru August 1, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Rainier Bancorp
Mountain Fuel Supply Co.
Norfolk & Western RR
Arco Pipeline Co.
Arkansas Power & Light
Citicorp
Hughes Tool Co.
Missouri Pacific RR Co.
Columbus & So. Ohio Electric
Armco Steel Corp.
First Bank System Inc.
First Bank System Inc.
Northern Illinois Pub. Ser. Co.
American Broadcasting Co.
Texas Commerce Bancshares Inc.
Louisville & Nashville RR Co.
General Tele. Co. of Illinois
Columbus & Southern Ohio Electric
Schlumberger Ltd.
North American Philips Corp.
Georgia Power Co.
Baltimore Gas & Elect.




Notes
Debt
Equip tr
Notes
1st mtge
Conv debt
SF debt
Equip tr
Pfd stk
SF debt
Notes
Conv debt
1st mtge
SF debt
SF debt
Coll tr
1st mtge
Com stk
Com stk
Debt
1st mtg
1st mtg

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
160.0
75.0
100.0
60.0

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

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

9.75
11.63
9.88

9.80
11.63
9.80

A
Baa/Bbb
Aa/Aa

——

2000
2000
2005

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, thru August 1, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

8.60
8.30
9.00
9.85
8.88
9.75

8.60
8.30
9.00
. 9.85
8.94
9.85

Aaa
Aaa
Aaa
A
Aaa
Aa

CORPORATE

Other
World Bank
World Bank
Austria, Republic of
Montreal, City of
Norway, Kingdom of
Hydro-Quebec

Notes
Notes
Notes
Debt
Notes
Debt

200.0
300.0
50.0
75.0
100.0
200.0

1985
1980
1982
1985
1980
2005

\

\




I

V)

Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
June 30, thru August 1, 1975
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Maryland Dept. of Transportation
Merriam, Kansas
Merriam, Kansas
Merriam, Kansas
Municipal Assistance Corp., N.Y.
Municipal Assistance Corp., N.Y.
Municipal Assistance Corp., N.Y.
Henrico Co., Va.
Henrico Co., Va.
Port of Portland, Oregon
Delaware, State of
Massachusetts, State of
Tucson, Arizona
Forsyth Co., N.C.
Forsyth Co., N.C.
Montgomery Co., Pa.
Anne Arundel Co., Md.
Florida State Board of Education
Montgomery, Ala.
Michigan State Hospital Fin. Auth.
Michigan State Hospital Fin. Auth.
Michigan State Hospital Fin. Auth.
Michigan State Hospital Fin. 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
—
—
—

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 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.




Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 30, thru August 1, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Pennsylvania Industrial Dev. Auth.
Pennsylvania Industrial Dev. Auth.
Beaver Co. Industrial Dev. Auth., Pa.
Beaver Co. Industrial Dev. Auth., Pa.
San Diego Pub. Sch./Bldg. Corp.
San Diego Pub. Sch. Bldg. Corp.
Skowhegan, Maine
Jackson Park Hospital Foundation, 111.
Jackson Park Hospital Foundation, 111.
Jackson Park Hospital Foundation, 111.
Jackson Park Hospital Foundation, 111.
Ohio, State of
Ohio, State of
Houston, Texas
Ohio, State of
Santa Fe, New Mexico
Santa Fe, New Mexico
Santa Fe, New Mexico
Fort Smith, Ark.
New York State Power Auth.
New York State Power Auth.
Hampton, Va.
Sabine River Auth., Texas
Maricopa Co., Ariz.




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
Aa
Aaa
Aaa
Aaa
Aaa
Baa
Baa
Aa
Aaa
A-l
A-l
A-l
——

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

s
1 able SB Continued

\

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS

r,

OTHER THAN U.S. TREASURY
June 30, thru August 1, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING^

STATE AND LOCAL

Maricopa Go., Ariz.
Maricopa Co., Ariz.
Braintree, Mass.
Nueces County Navigation Dist. #1,
Tepas
Tenn. Hsg. Dev. Agency
Tenn. Hsg. Dev. Agency
Puerto Rico Highway Auth.
Puerto Rico Highway Auth.
Puerto Rico Highway Auth.
Metro. Nashville Apt. Auth., Tenn.
Metro. Nashville Apt. Auth., Tenn.
Philadelphia, Pa.
Portage Co., Ohio
Portage Co., Ohio
Portage Co., Ohio
Gainesville, Fla.
Detroit City Sch. Dist., Mich.
Alabama Highway Auth.
Maryland, State of
Michigan St. Hsg. Dev. Auth.
Michigan St. Hsg. Dev. Auth.
Lancaster, Penna.
Lancaster, Penna.
Chicago, Illinois




Rev
Rev
G.O.

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

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/A4A-1/A+
Aa

18.9
15.3
9.6
2.0
7.6
40.4
12.2
3.9
60.0
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

Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 30, thru August 1, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Oregon, State of
Oregon, State of
New York St. Dorm. Auth.
New York St. Dorm. Auth.
Red River Auth. of Texas
Red River Auth. of Texas
University of Texas System
Knox Co., Knoxville Public Bldg. Auth.,
Tenn.
Brazar River Harbor & Navigation Dist.,
Texas
Brazas River Harbor & Navigation Dist.,
Texas
Brazas River Harbor & Navigation Dist.,
Texas
Brazas River Harbor & Navigation Dist.,
Texas
Washington Public Powet Supply System
Illinois, State of
Wisconsin, State of
Wisconsin, State of
Suffolk Co. Water Auth., N.Y.
California, State of
Alexandria, Va.
Clark Co. Sch. Dist,, Nev.
Ohio, State of




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

1985
1978-1981
1976-1997
1976-2000
1976-1995
1977-2010
1976-1999
1976-1990
1976-1986
2000

7.19
7.04
5.96
5.99
6.08
7.89
5.92
6.21
6.83
7.98

6.00
6.40-6.90
3.90-6.30
4.00-6.60
4.00-6.50
5.00-7.90
3.90-6.15
4.30-6.60
4.75-6.75
7.88

Aa

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

5.4
100.0
150.0
50.0
18.2
15.0
50.0
19.6
13.0
13.8

A-l

Aaa
Aaa
Aaa
A-l
Aaa
Aa
- A
A

i

laoie da

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

1

As of August 1, 1975

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Commonwealth Edison Co.
*Harnischfeger Corp.
Tucson Gas & Electric
New Jersey Bell Tel.
Southern Natural Gas Co.
Philadelphia Electric
Kansas City Pwr. & Light
Ohio Electric Co.
Public Service of Indiana
Consol Edison Co. of New York
Arkansas Louisiana Gas Co.
Southwestern Electric Power Co.
Wisconsin Elect. Pwr. Co.
Northern States Power
Pennsylvania Elect. Co.
Norfolk & Western RR
Dayton Power & Light
Minnesota Pwr. & Light
Central Maine Power
Portland General Electric
Puget Sound Power & Light Co.
General Telephone Co. of Wisconsin
Niagara Mohawk Power Co.
Mississippi Power & Light
Crocker Nat'1 Corp.
Interstate Power
Big Three Ind. Inc.
"Allied Finance Co.
*Armco Finance Co.
*J. P. Morgan & Co.
*Pfizer Inc.
*Pfizer Inc.
*Van Dyk Research Corp.
*Mead Corp.
Texas Gas Transmission Co.
Montgomery Ward & Co., Inc.
Western Union Tel. Co.

1st mtg
Com stk
Com stk
Debt
S.F. debt
1st mtg
Com stk
1st mtg
1st mtg
1st mtg
1st mtg
1st intg
1st mtg
Com stk
1st mtg
Eq tr ctf
1st mtg
1st mtg
1st mtg
Com stk
1st mtg
1st mtg
1st mtg
1st mtg
Com stk
Com stk
Com stk
Notes
Notes
Notes
Debt
Notes
S.F. debt
S.F. debt
Debt
S.F. debt
Notes

125.0
21.6
30.0
75.0
60.0
80.0
20.0
75.0
80.0
80.0
60.0
40.0
60.0
40.0
45.0
11.6
45.0
35.0
20.0
30.0
30.0
20.0
50.0
25.0
38.0
15.0
50.0
20.0
21.0
150.0
100.0
100.0
10.0
100.0
40.0
75.0
50.0

NOTES:
*

Included in table for first time.

1

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




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
August
August
August
August
August
August
August
August
August
August
August

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

J

I

Table 6A Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of August 1, 1975
AMOUNT
(IN MILLIONS
OF DOLLARS)

ISSUER

APPROXIMATE
DATE OF OFFERING

CORPORATE

Cities Service Co.
Kewanea Industries Inc.
Pan American Bancshares
^Pacific Gas & Electric
^Baltimore & Ohio KR
*Florida Power & Light Co.
*Toledo Edison
^Louisiana Power & Light
Louisiana Power & Light
*Indianapolis Power & Light
*Conn. Light & Power
*Chesapeake & Ohio RR
^Mountain State T&T Co.
^Massachusetts Electric Co.
*Alabama Power Co.
*Potomac Edison Co.
*Hartford Elect. Light & Power Co.
Pacific Pwr & Light
*So. Carolina Electric & Gas
^Kentucky Utilities
Houston Lighting & Power
Bell Telephone Co. of Pennsylvania
Reading & Bates Offshore Drilling Co.
Georgia Power Co.
Barnett Banks of Fla., Inc.
Emerson Elect, Co.
Ashland Oil Inc.
Ashland Oil Inc.
First Maryland Bancorp.

S.F. debt
S.F. debt
Notes
1st mtg
Eq tr ctf
1st mtg
Pfd stk
1st mtg
1st mtg
1st mtg
1st mtg
Eq tr ctf
Notes
1st mtg
1st mtg
1st mtg
1st mtg
Com stk
Pfd stk
Pfd stk
Com stk
Com stk
Com stk
Pfd stk
Notes
Notes
Debt
S.F. debt
Notes

150.0
45.0
20.0
175.0
10.0
75.0
30.0
50.0
50.0
80.0
40.0
15.0
200.0
40.0
• 35.0
30.0
30.0
60.0
15.0
20.0
40.0
65.0
24.6
60.0
50.0
50.0
50.0
50.0
25.0

August
August
August
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

Notes
Notes
Notes
Debt

50.0
50.0
50.0
100.0

August
August
August
August

4
9
9
10
10
10
11
11
16
17
23
23
24
30

Other
European Investment Bank
European Investment Bank
British Petroleum Co.
British Petroleum Co.




5
5
12
12

Table 6B

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

1

As of August 1, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & L O C A L

Phoenix Union H.S.D. #210$ Ariz.
Pennsylvania, State of
Saugus, Mass.
^Trinity River Auth., Texas
St. Petersburg, Fla.
Louisiana, State of
Georgia, State of
Los Angeles Co. Flood Control Dist.,
Calif.
-Somerville, Mass.
^Chicago School Dist., 111.
^Nassau Co., N.Y.
Bridgeport, Conn.
Austin, Texas
Florida State Bd. of Education

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

14.8
180.0
30.0
17.4
15.0
75.0
39.0

August
August
August
August
August
August
August

4
7
7
12
12
12
12

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

10.0
11.6
65.0
31.6
14.2
26.0
28.5

August
August
August
August
August
August
August

12
13
13
19
19
21
26

Rev
G.O,

35.0
33.8

July
July

29
29

POSTPONEMENT
Buffalo Sewer Auth., N.Y.
Erie County, N.Y.

-

NOTES:
1

Includes state and local government issues of S10 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.




Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES
NYSE INDEX

3

1

BJ INDUSTRIALS

AMEX

4

1

NASDAQ

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

102.01 (3/14)
58.29 (12/9)

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)

35.2 (2/13)
13.4 (1/20)

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

8.1 (2/13)
3.6 (1/20)

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

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

92.60
95.27
95.67
91.14

86.20
87.20
87.02
83.60

19.3
22.5
22.8
18.6r

2.6
3.4
3.3
2.4r

6.0

16.1

1.8

891.66 (3/13)
577.60 (12/6)

1975 - High
Low

51.24 (7/15)
37.16 (1/8)

881.81
632.04 © 5 ?

96.86
62.20 s i ?

88.00
60.70

2
9
16
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

June

613
20
27

49.19
48.20
49.39
50.66

839.64
816.96
855.44
873.12

July

4
11
18
25

50.45
50.71
50.07
47.87

871.79
871.09
862.41
834.09

47.10

826.50

89.23

m

81.92

NOTES:
1

Figure* other than highs and lows are Fridays only. Highs end lows are for the year and are not necessarily for Fridays.

2

Volume figures are weekly averages of daily figures (millions of shares).

3
4

12/31/66 - 60
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




NASDAQ

5.5 (1/12)
1.4 (8/20)

53.37 (3/13)
32.89 (10/3)

1

|\

26.0 (9/20)
9.0 (8/20)

1974 - High
Low

Aug.

AMEX

136.84 (1/11)
89.12 (12/13)

65.48 (1/11)
49.12 (12/13)

1975
May

|

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

1973 - High
Low

1051.50 (1/11)
788.31 (12/5)

2

TRADING VOLUME
NYSE

1:1

5.8r
4.9

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS O N 1
MARGIN
STOCK

BROKERS ON 2
CONVERTIBLE
BONDS

2t
BANKS

1
(ftinrM 1
1 ANONMARGIN
Ten klAHIIAD^Ikl
UNREGULATED
STOCK CREDIT
AT BANKS

OUTSTANDING

1974 - Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - Jan.
Feb.
Mar.
Apr.
May
June

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

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

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

134
136
134
138
140
146

848
830
844
824
819
n.a.

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

-1
-7

-1
-10
214
19
-59
-36
29
11
-145
-22
-15
-3
-2
n.a.

C H A N G E IN OUTSTANDING

1974 - Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Doc.
1975 - Jan.
Feb.
Mar.
Apr.
May

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

-14
-3
-7
-3
-6
-2

1
11
17
-14
-70
-29
-8
-25
-35

120r
170r
60r
180
340
290

-3
2
-2
4
2
6

-8
—18
14
-20
-5
n.a.

—

28

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




Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

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

1971
1972
1973
1974
1974 - February
March
April
May..
June

521
1,240
-441
6
769

1975

909
2,052
626
1,143
1,900

February
March
April
May

June 2/

1

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0
——
«- —
——

»M

--

NET
NEW
MONEY

SHARE CAPITAL
NET
FLOW

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

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

341
308
-645
-182
-370

1,824
4,165
-218
511
2,685

708
1,029
395
930
.. .700

3,297
6,493
2,858
3,895
6,218

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0

• —
——

—«» .
«• —

NET
NEW
MONEY

TOTAL

2

DEPOSITS
NET
FLOW

20,653
23,884
10,507
4,669

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

1,697
1,751
-340
420
16

2,345
5,405
-659
517
3,454

3,114
3,690
2,673
3,690
3,086

4,206
8,545
3,484
5,038
8,118

ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8
——
--

—
——
--

NET
NEW
MONF '

2

26,331
29,335
10,062
1,847
2,038
2,059
-985
238
-354
3,822
4,719
3,068
4,620
3,786

SEASONALLY ADJUSTED
1975 - January
February
March
April
Mayo/

June £/

369
715
1,489
867
1,352
1,559

4.5
8.7
18.0
10.3
15.9
18.1

«•—
—
--—

2,455
3,057
4,842
3,642
4,331
5,013

12.1
14.9
23.3
17.2
20.2
22.9

——

--—

2,824
3,772
6,331
4,509
5,683
6,572

9.9
13.1
21.7
15.2
19.0
21.6

NOTES:
1 Regular deposits at mutual savings banks exclude Hems such as Christines dub 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 Annuel growthratefor monthly data Is the annualized monthly percentega increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




--

-—
—

^
vo

20

T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
B I L L I O N S OF D O L L A R S , S E A S O N A L L Y A D J U S T E D

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
S A V I N G S BK55
ASSOCIATIONS (N.Y. S T A T E ]

NET CHANGE
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
S A V I N G S BKS
ASSOCIATIONS (N.Y. S T A T E )

1971 - Dec.

17.7

14.0

3.7

.49

.30

.19

1972 - Dec.

25.1

20.2

4.9

.56

.55

.01

1973 - Jan.
Feb.
Mar.
Apr.
May
June
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 - Jan.
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
2.8
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

1975 - Jan.
Feb.
Mar.
Apr.
May

14.4
14.4
15.2
16.2
16.9
17.1

12.3
12.6
13.2
14.2
14.8
15.0

2.1
1.8
2.0
2.0
2.1
2.1

-.04
.05
• 71
1.13
.73
.27

.06
.30
.60
1.07
.62
.20

-.10 •
-.25
. 11
.06
.11
• 07

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
Federal Reserve. Subtotals may not add to totals because of rounding.

as reported and after seasonal adjustment by
Digitized levels
for FRASER


.

Table 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

1973 - July
Aug.
Sept.
Oct.
Nov.
Dec.

+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

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

-671
-695
4424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+507

-756
-657
4450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
+961

-800
-657

1975 - Jan.
Feb.
Mar.
Apr. p
May p
June p

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

-5
-254
689
100
-1,265
600

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

-• —

FNMA
+530

—

--

—

+350
+650

——

-150
—

—

+256
444

——

--

--

—-

+450

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

--

Notes:
Based on data from the Treasury Survey of Ownership.
If
Sales of FHLB discount notes began in May 1974.
j)/ Preliminary.




FHLMC

. -——
--

-200
-——
- -—

300
0
0
0
0

---

+750
+499
-— .

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

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES1/
-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
4450
+449
+305
+678
+18
+66
-4m
-23%
-405
-249
-79
-281
-348

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN M I L L I O N S OF D O L L A R S

2

F I N A N C I A L INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMl

TOTAL

1970

21,736

16,827

2,462

1,845

10,254

2,348

4,909

1971

41,647

39,259

9,940

3,938

23,919

1,221

2,388

1972

57,587

55,561

16,800

5,377

31,932

1,452

2,026

1973

58,372

55,072

19,600

5,642

25,552

4,278

3,300

42,748

36,526

11,700

2,170

17,578

5,078

6,222

2,419

1,655

500

45

565

545

764

79

522

475

516

22

595

729

453
451

PERIOD

COMMERCIAL
BANKS
Not

' 1974
1974

- Oct.

1975

Nov.

1,992

1,476

400

Dec.

2,255

1,082

500

- Jan.

MSB's

S & L s

INSURANCE F N M A - G N M A
COMPANIES

S e a s o n a l l y A d lusted

-

862

100

66

428

268

. Feb.

1,588

1,514

-100

100

1,111

403

74

Mar.

2,333

1,946

0

70

1,618

258

387

Apr.

3,458

3,268

400

132

2,285

451

190

May
June

3,964

3,907

300
500

181

3,182

244

1,313

3,435

57
42

Seasonally Adiusted
1974

1975

- Oct.

2,847

2,205

533

1,037

537

642

Nov.

2,461

1,973

509

67

985

412

488

Dec.

1,986

1,456

734

-102

629

195

530

- Jan.

2,614

2,108

447

170

1,156

335

506

98

Feb.

2,829

2,630

184

242

1,648

556

199

Mar.

2,473

1,912

53

47

1,415

397

561

"

Apr.

3,519

3,128

384

166

2,015

563

391

May

3,486

3,305

33

149

2,767

356

181

167

2,665

65

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 January 1972 data reflect activity in limited amount of conventional mortgages.




Table 13

2$

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING1
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

2
QUARTER

TOTAL

5t

RESIDENTIAL
TOTAL

1- to 4FAMILY

MULTIFAMILY

MULTFAMILY

&

COMMERCIAL

FARM

COMMERCIAL

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

I
II
III
IV

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

9.4
11.6
15.0
16.2

5.0
5.2
6.3
6.6

4.8
4.6
5.1
6.8

9.8
9.8
11.5
13.4

1,5; ~
1.5
2.1

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

2.3
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
III
IV

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

1975 - I p

34.9

25.8

21.1

4.7

4.2

8:8

4.7

2.2
2 A

NOTES:
1
Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association,
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.
2

May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.

3

Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamity mortgage debtjeambmed.




-

Table 14

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

PERMITS
PERIOD

STARTS
2 - O R MORE
FAMILY

TOTAL

TOTAL

1—FAMILY

1969
1970
1971
1972
1973
1974

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

626
647
906
1,033
882

698
705
1,018
1,186
937

644

431

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

1974 - July
Aug.
Sept.
Oct.
Nov.
Dec.

1,040
928
853
811
770
837

638
626
588
550
534
514

402
302
265
261
236
323

689
701
677
837
912

508
515
503
603
658

182
186
173
234

926

66l

1975 - Jan.
Feb.
Mar.
Apr.
May
June

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

COMPLETIONS
MOBILE
1—FAMILY 2 - O R MORE
HOME
FAMILY
SHIPMENTS

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

1,314
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

739
733
775
762

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

964
770
734
744

447

185
219
199
194

886

260
.267
210
218
243

571
550
571

254

999
1,000
985
980
1,129

265

1,070

862

208

1,220

785

435

224

NOTES: Private permits (for 14,000 areas with permit systems, excluding farm), starts, arid completions are Census
Bureau data. A dwelling unit is started whew oxcavatioa begins. In the case o-Z apartment buildings, all units
are considered started at that titod; howe»r~r,' all such units are considerer1 "completed when more than half of the
units in the structure are ready for use, Private mobile home dhipments'are Mobile Home. Manufacturers Assoc. data
converted to seasonally adjusted annual rate by Census Bureati.
Digitized1/
forPermit
FRASER
data for 1969 and 1970 based on 13,000 areae:«i£h permit systems.



Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

1

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

NEW HOMES

EXISTING HOMES

NEW HOMES

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

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

1974 - Oct.
Nov.
Dec.

9.70
9.55
9.45

-33
-13
n.a.

9.70
9.60
9.45

-33
- 8

10.13

1975 - Jan.
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

9.51
8.99
8.84
8.69
n.a.
9.16
9.06

i

21
-23

8.36
7.38

1
-70

10.46
8.10
10.03
9.68
n.a.

10

4.6
n.a.
3.8

-43
' n.a.
- 6

- 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

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) ere 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.




ro

V l

T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS

26

CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN M I L L I O N S OF D O L L A R S )

DATE OF
AUCTION

OFFERED

1974 - High
Low

|

AVERAGE
YIELD

ACCEPTED

AMOUNT
(IN M I L L I O N S O F D O L L A R S )
OFFERED

|

AVERAGE
YIELD

ACCEPTED

1155 (3/25) 333 (3/25) 10.59 (9/9:> 164 (4/18) 63 (4/8)
10.71 (9/9)
26 (11.18) 18 (11/18) 8.43 (2/2!> 14 (10/21) 7 (11/18) 8.47 (3/11:

1975 - 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

525.5
165.6

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
28

333.2
415.8

174.9
247.7

9.10
9.17

71.4
56.5

35.8
34.5

9.20
9.26

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.