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Capital
Market
Developments

August 1 1 , 1 9 7 5
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




DIVISION O F RESEARCH AND STATISTICS
BOARD O F GOVERNORS
F E D E R A L RESERVE SYSTEM
Washington, D C. 20551

V

Index

TABLES
1-6
7, 8

SECURITY VOLUME AND YIELDS
STOCK MARKET AND SECURITY CREDIT

SYMBOLS
e

ESTIMATE

P

PRELIMINARY

r

REVISED

n.3. NOT AVAILABLE

9—16

MORTGAGE MARKET




—

DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
WEEK ENDING

/
i
:

YIELDS
NEW I S S U E 1
A a a UTILITY

VOLUME

RECENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
( $ MILLIONS)

PER C E N T
S O L D BY END
O F WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1975 - 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
9.53
9.25

9.30
9.45
9.57
9.33

220
750
875
520

95
97
98
91

58
36
74
72

1
8

9.37r
9.44p

9.35r
9.52p

243
360

80
80

63
96

A
Au

f

!•

S-

r.
MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE

VOLUME

B O N D BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER C E N T
S O L D BY END
O F WEEK

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

1975 - 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
7.22

1,705
357
604
669

97
79
88
84

108
151
111
170

Aug.

1
8

6.40
6.40

7.09
7.16

524
664

90
83

138
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

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

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
C O N S T A N T MATURITY

4

B O N D BUYER
2 0 - B 0 N D INDEX

1971 - High
Low

8.26 ( 7 / 3 0 )
7.02 ( 2 / 5 )

8.23 (1/1)
7.17 (12/31)

7.71 (8/21)
7.06 ( 2 / 1 2 )

6 . 5 1 (6/18)
5.69 ( 3 / 2 3 )

6.23 (6/23)
4 . 9 7 (10/21)

1972 - High
Low

7.60 ( 4 / 2 1 )
6.99 (11/24)

7.49 (4/21)
7 . 1 5 (12/1)

7.36 (4/28)
7.05 ( 2 / 1 2 )

6.19 ( 4 / 1 4 )
5,74 (11/17)

6.54 (4/13)
4.96 (10/21)

1973 - High
Low

8.52 ( 8 / 1 0 )
7.29 ( 1 / 2 1 )

8 . 3 2 (8/10)
7.28 (1/5)

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

7.79 ( 8 / 1 0 )
6.42 (1/5)

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

1 0 . 6 1 (10/4)
8.05 ( 2 / 1 5 )

10.52 (10/11)
8.13 (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)

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

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

9.01 (5/2)
8.57 ( 2 / 2 8 )

8.47 ( 8 / 8 )
7.63 (2/21)

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

x

1974 - High
Low
1975

High
Low

1975 - J u l y

4
11
18
25

9.62
9.38
9.53
9.25r

9.30
9.45
9.57
9.33

8.82
8.84
8.82
8.85

8.13
8.18
8.13
8.18

6.96
6.98
7.09
7.22

Aug.

1
8

9.37r
9.44p

9.35r
9.52p

8.86r
8.92p

8.27
8.47

7.09
7.16

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 o n competitively bid Aaa-rated utility bond with 5-year call protection released f r o m price restrictions sometime during t h e 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 t h e 20 b o n d s used in this index falls midway between the four t o p 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

PERIOD
1975

GROSS PROCEEDS
I
1975
1973

CORPORATE
1
1974
|

STATE AND LOCAL
1
1974
|

2
1973

March

5,379
4,526
5,368

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

4,407

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

3,257
2,666
1,617

.2,631
1,806
1,915

1,459
1,106
1,701

2,028
1,657
1,750

4,609
3,746
3,505

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

9,232
9,205
7,540
11,860

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
25,977
37,837

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

January
February

May

July
August
September
October
November
December
Q1

15,274

02
03
04
1st Half
3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




-

6,771
8,187

NEW CORPORATE SECURITY I S S U E S
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

PERIOD

TOTAL

GROSS PROCEEDS BY TYPE OF ISSUE
GROSS PROCEEDS BY TYPE OF ISSUER
BONDS
COMMON
MEMO
AND
MANUFACPUBLIC
COMMUNIOTHER
PUBLICLY PRIVATELY
ISSUES INCLUDED
PREFERRED
TURING
UTILITY
CATIONS
ISSUERS
OFFERED
PLACED
FOREIGN [CONVERTIBLE
STOCK

1974 - IX
III
IV

9,205
7,540
11,860

5,883
5,025
8,611

1,789
1,222
1,565

1,533
1,293
1,684

115
373
374

39
310
76

2,541
1,887
4,079

3,189
2,376
3,702

1,307
1,008
743

2,164
2,272
3,339

1975 - I

15,274

10,829

2,336

2,109

1,255

1

6,055

4,736

1,380

3,104

3,060
3,164
2,981

1,594
2,350
1,939

666
607
516

800
207
526

63
42
10

12
15
12

1,203
862
477

1,130
912
1,147

288
663
356

442
730
992

July
Aug.
Sept.

3,257
2,668.
1,617

2,086
2,042
897

616
299
307

555
325
413

223
150

205
104
1

1,094
605
188

618
1,078
680

295
364
349

1,251
620
401

Oct.
Nov.
Dec.

4,609
3,746
3,505

3,423
3,016
2,172

355
330
880

831
400
453

175
199

76

728
1,699
1,652

2,109
964
629

475
93
175

1,297
993
1,049

1975 - J a n .
Feb.
Mar.

5,379
4,526
5,368

3,657
3,201
3,971

1,133
703
500

589
622
897

470
610
175

1

1,901
1,675
2,479

1,272
1,957
1,507.—

938
125
317

1,267
771
1,066

Apr.

4,407

2,771

360

1,276

135

130

1,706

1,408

561

732

1974 - A p r .
MayJune

—

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




1

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

1

August 4 , t h r u August 8 , 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

I n t e r s t a t e Power
K a n s a s C i t y Pwr. & L g t .
H a m i s c h f e g e r Corp.
Crocker N a t ' 1 . Corp.
Tucson Gas & E l e c t r i c
Commonwealth E d i s o n Co.
Philadelphia Electric
Ohio E l e c t r i c Co.
P u b l i c S e r v i c e of I n d i a n a

Com
Com
Com
Com
Com
1st
1st
1st
1st

stk
stk
stk
stk
stk
mtg
mtg
mtg
mtg

16.5
20.4
23.4
33.8
27.6
125.0
80.0
75.0
80.0

——

-—

- -

—

--

--

—
--

1983
2000
1983
2005

9.00
11.00
11.00
9.60

8.85
11.00
10.75
9.60

—

--

NOTES:
*

Rights offering.

1

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




—

—
—

Aaa/AaA
Baa/Bbb+
Aa

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
August 4 , t h r u August 8 , 1975
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Date Co., F l a .
P e n n s y l v a n i a , S t a t e of
New Hampshire E d u c . & H e a l t h F a c . A u t h .
New Hampshire E d u c . & H e a l t h F a c . A u t h .
P h o e n i x Union H . S . D . # 2 1 0 , A r i z .
M a r i c o p a Co. I n d u s t . Dev. A u t h . , A r i z .
M a r i c o p a Co. I n d u s t . Dev. A u t h . , A r i z .
M a r i c o p a Co. I n d u s t . Dev. A u t h . , A i r z .
M a r s h a l l C o . , Ky.

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

25.0
180.0
4.0
10.4
X 14.8
2.9
6.5
15.1
15.0

1978
1977-1995
1979-1985
2003
1980-1983
1976-1985
1995
2005
2000

6.78
5.75
9.26
9.26
9.26

7.50
4.80-7.25
6.75-8.00
8.25-9.00
5.25-5.75
6.00-7.90
8.75
9.25
8.25

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

NOTES:
1

Includes only state and local security offerings of S10 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.




T a b l e 6A

g

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

1

As of August 8 , 1975

ISSUER
i

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

&
^

A r k a n s a s L o u i s i a n a Gas Co.
S o u t h w e s t e r n E l e c t r i c Power Co.
^ W i s c o n s i n E l e c t r i c Power Co.
^ Pfizer Inc.
^
Pfizer Inc.
V
Mead C o r p .
N
o r t h e r n S t a t e s Power
A
J . P . Morgan & Co.
P e n n s y l v a n i a E l e c t . Co.
C a l i f o r n i a F e d e r a l S&L
N o r f o l k & W e s t e r n RR
' 4 Dayton Power & L i g h t
M i n n e s o t a Pwr. & L i g h t Co.
7 C e n t r a l Maine Power
-t. P o r t l a n d G e n e r a l E l e c t r i c
t P u g e t Sound Power & L i g h t Co.
hf G e n e r a l T e l e p h o n e Co. o f W i s c o n s i n
^ W i s c o n s i n Gas
>,*Niagara Mohawk Power Co.
"^Niagara Mohawk Power Co.
n N i a g a r a Mohawk Power Co.
' M i s s i s s i p p i Power & L i g h t
1
P u g e t Sound Power & L i g h t
> Big T h r e e I n d . I n c .
A l l i e d F i n a n c e Co.
Armco S t e e l C o r p .
Texas Gas T r a n s m i s s i o n Co.
Western Union T e l . Co.
* W h i r l p o o l Corp
C i t i e s S e r v i c e Co.
Pan American B a n c s h a r e s
*New England Power
* P a c i f i c Power & L i g h t
P a c i f i c Gas & E l e c t r i c
*Gene. T e l . of Kentucky
B a l t i m o r e & Ohio RR
F l o r i d a Power & L i g h t Co.

1 s t mtg
1 s t mtg
1 s t mtg
S.F. debt
Notes
S.F. debt
Com s t k
Notes
1 s t mtg
1 s t mtg
Equip t r
1 s t mtg
1 s t mtg
1 s t mtg
Com s t k
1 s t mtg
1 s t mtg
Pfd stk
Com s t k
Pfd s t k
Gen mtg
1 s t mtg
Com s t k
Com s t k
Notes
Notes
Debt
Notes
S.F. debt
S.F. debt
Notes
Pfd s t k
Com s t k
1 s t mtg
Pfd s t k
Equip t r
1 s t mtg

60.0
40.0
60.0
100.0
100.0
100.0
60.0
150.0
45.0
50.0
11.6
45.0
35.0
20.0
30.0
30.0
20.0
16.0
36.0
30.0
50.0
25.0
19.0
50.0
20.0
21.0
40.0
50.0
75.0
150.0
20.0
25.0
60.0
175.0
15.0
10.0
75.0

NOTES:
•

Included in table for first time.

1

Include! only corporate and other security issue* 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
September
September
September
September
September
lSeptember

12
12
13
13
13
13
14
14
14
18
19
19
20
20
21
21
25
26
26
26
26
26
27

3
4
4
9
9
9

10

Table 6A Continued

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

1

As o f August 8 , 1975

ISSUER

Toledo Edison
L o u i s i a n a Power & L i g h t
^ C o n n e c t i c u t L i g h t & Power
I n d i a n a p o l i s Power & L i g h t
Conn. L i g h t & Power
Long I s l a n d L i g h t i n g Co.
*Tueson Gas & E l e c t r i c
^Philadelphia Electric
Mountain S t a t e T&T Co.
* I n d i a n a & M i c h i g a n E l e c t r i c Co.
* F l o r i d a Power
^ I n d i a n a & M i g h i g a n E l e c t r i c Co.
*Long I s l a n d L i g h t i n g Co.
*Western Maryland R a i l w a y
^ M e t r o p o l i t a n E d i s o n Co.
M a s s a c h u s e t t s E l e c t r i c Co.
Alabama Power Co.
Potomac E d i s o n Co.
H a r t f o r d E l e c t . L i g h t & Power Co.
P a c i f i c Pwr. & L i g h t
So. C a r o l i n a E l e c . & Gas
Kentucky Utilities
South C a r o l i n a E l e c t r i c & Gas
*Raychem C o r p .
Kewanee I n d u s t r i e s i n c .
^ W i s c o n s i n Gas Co.
Houston Lighting & Power
G e o r g i a Power Co.
R e a d i n g & B a t e s O f f s h o r e D r i l l i n g Co.
B e l l T e l e p h o n e Co. of P e n n s y l v a n i a
B a r n e t t Banks of F l a . , I n c .
Emerson E l e c t . Co.
Ashland O i l I n c .
Ashland Oil I n c .
F i r s t Maryland Bancorp
Van Dyk R e s e a r c h C o r p .
Chesapeake & Ohio RR
Montgomery Ward & C o . , I n c .




TYPE

Pfd stk
1 s t mtg
Pfd s t k
1 s t mtg
1 s t mtg
Com s t k ( r t s )
Pfd s t k
Com s t k ( r t s )
Notes
Pfd s t k
Com s t k
1 s t mtg
1 s t mtg
Equip t r
1 s t mtg
1 s t mtg
1 s t mtg
1 s t mtg
1 s t mtg
Com stk
Pfd s t k
Pfd s t k
Pfd s t k
Com stk
S.F. debt
1 s t mtg
Com s t k
Pfd s t k
Com s t k
Com s t k
Notes
Notes
Debt
S.F. debt
Notes
S.F. debt
Equip t r
S.F. debt

AMOUNT
(IN MILLIONS
OF DOLLARS)

30.0
50.0
20.0
80.0
40.0
60.0
25.0
80.0
200.0
30.0
30.0
50.0
90.0
11.0
45.0
40.0
35.0
30.0
30.0
60.0
15.0
20.0
15.0
32.0
45.0
20.0
40.0
60.0
24.6
65.0
50.0
50.0
50.0
50.0
25.0
10.0
15.0
75.0

APPROXIMATE
DATE OF OFFERING

September
September
September
September
September
September
September
September
September
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
INDEF
INDEF
INDEF

10
10
11
11
11
12
16
17
17
18
18
18
18
23
23
23
23
24
30

11

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

1

As of August 8 , 1975

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

50.0
100.0

August
August

80.0
75.0
60.0
60.0
50.0
50.0

August
August
August
August
August
August

CORPORATE

OTHER
B r i t i s h P e t r o l e u m Co.
B r i t i s h P e t r o l e u m Co.

Notes
Debt

POSTPONEMENTS
C o n s o l . E d i s o n Co. of New York
New J e r s e y B e l l T e l .
S o u t h e r n N a t u r a l Gas Co.
W i s c o n s i n E l e c t . P w r . Co.
E u r o p e a n I n v e s t m e n t Bank
E u r o p e a n I n v e s t m e n t Bank




1 s t mtg
Debt
S.F. debt
1 s t mtg
Notes
Notes

12
12

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of August 8, 1975

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING -

STATE & LOCAL

T r i n i t y River Auth. Texas
Rev
St. Petersbury, Fla.
Rev
Georgia, S t a t e of
G.O.
Los Angeles Co. Flood C o n t r o l D i s t . ,
Calif.
G.O.
^Nebraska P u b l i c Power D i s t .
Rev
*East Chicago, I n d i a n a
Rev
^Houston, Texas
G.O.
S o m e r v i l l e , Mass.
G.O.
Chicago School D i s t . , 111.
G.O.
^Municipal A s s i s t a n c e C o r p . , N.Y.
Rev
*Gulf Coast Waste D i s p o s a l A u t h . ,
Texas
Rev
^ D e t r o i t Bldg. A u t h . , Mich.
G.O.
*Wayne Co., Mich.
G.O.
Nassaif Co., N.Y.
G.O.
B r i d g e p o r t , Conn.
G.O.
A u s t i n , Tex.
- Rev
F l o r i d a S t a t e Bd. of Education
Rev

17.4
15.0
39.0

August
August
August

12
12
12

10.0
23.5
20.0
25.0
11.6
65.0
275.0

August
August
August
August
August
August
August

12 |
13 \
13
13
13 i
13
14

22.0
20.0
16.0
31.6
14.2
26.0
28.5

August
August
August
August
August
August
August

14
18
19
19
19
21
26

G.O.

75.0

August

NOTES:
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.




\
1
|
f

f

POSTPONEMENT
L o u i s i a n a , S t a t e of

t.

12

^

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DA rE
N Y S E INDEX

1973 - High
Low

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

1974 - High
Low

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

1975 - High
Low

3

|

B J INDUSTRIALS

1051. 50 ( 1 / 1 1 )
788. 31 ( 1 2 / 5 )

AMEX

4

1

1 3 0 . 47 ( 1 / 1 1 )
85.26 (12/20)

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

891. 66 ( 3 / 1 3 )
577 60 ( 1 2 / 6 )

102 0 1 ( 3 / 1 4 )
5 8 . 29 ( 1 2 / 9 )

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

881. 8 1 ( 7 / 1 5 )
632.04 (1/2)

2
9
16
23
30

47.18
47.94
47.96
48.05
48.46

June

6
13
20
27

July

1975
May

Aug.

2

TRADING VOLUME

NASDAQ

NYSE

|

AMEX

|

NASDAQ

26. 0 ( 9 / 2 0 )
9. 0 (8/20)

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

11.3 (1/11)
3. 5 (8/27)

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)

96 86 ( 7 / 1 5 )
62 20 ( 1 / 2 )

88.00 (7/15)
60.70

35. ,2 ( 2 / 1 3 )
13. ,4 ( 1 / 2 0 )

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

8. 1 (2/13)
3. 6 (1/20)

848.,48
850..13
837., 6 1
831..90
832, .29

84.. 9 1
87..39
87,. 1 1
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

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

4
11
18
25

50.45
50.71
50.07
47.87

871 . 7 9
871,.09
"62.41
834,.09

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
6.2
6..5
5,, 8 r

1
8

47.10
45.92

826 . 5 0
817 .74

89 . 2 3
85 .86

81.92
79.55

15,, 6 r
14,.2

1.8
1.7

4 .9
4,.7

any

NOTES:
1

Figures other than high* and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.

2

Volume figures are weekly everages of daily figures (millions of sheres).

3

12/31/66 - 50

4

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




\

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

B R O K E R S ON
MARGIN
STOCK

1

B R O K E R S ON %
CONVERTIBLE
BONDS

BANKS

3

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1974 - Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - J a n .
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.

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
2
6

-8
-18
14
-20
-5
n.a.

-145
-22
-15
-3
-2

CHANGE IN OUTSTANDING

1974 - Apr.
May
June
July
Aug.
Sept.
Oct.
.Nov.
Doc.
1975 - J a n .
Feb.
Mar.
Apr.
May

—

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

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

NET
FLOW
1971
1972
1973
1974

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

1974 - F e b r u a r y
March
April
May
June

521
1,240
-441

1975

909
2,052
626
1,143
1,900

February
March
April
May
J u n e 2./

6

769

1

S A V I N G S & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

S H A R E CAPITAL

ANNUAL 3
GROWTH
RATE
13.5
5,378
12.4
5,451
5.3
-442
3.0
-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

——
———
"

-——

NET
FLOW

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
4,669

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
MONEY
26,331
29,335
10,062
1,847
2,Q38
2,059
-985
233
-354
3,822
4,719
3,068
4,620
3,786

SEASONALLY ADJUSTED
1975 - J a n u a r y
February
March
April
May]?/
June j>/

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

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 increese 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
21.6

«. —
---—

2

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS O F DOLLARS, S E A S O N A L L Y A D J U S T E D

O U T S T A N D I N G COMMITMENTS
PERIOD

ALL SAVINGS MUTUAL
& LOAN SAVINGS BK55
ASSOCIATIONS (N Y. STATE]

TOTAL

NET CHANGE

TOTAL

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

1971 - Dec.

17.7

14.0

3.7

.49

.30

.19

1972 - D e c .

25.1

20.2

4.9

.56

.55

.01

1973 - J a n .
Feb.
Mar.
Apr.
May
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
18.017.0
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
2.8
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 - J a n .
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 endof 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 O F DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

TOTAL

FHLB

1973 - J u l y
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 - J a n .
Feb.
Mar.
Apr.
May

-671
-695
4424
+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

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

-5
-254
689
100
-1,265
600

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

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

FHLMC

• FNMA
+530

—

+350
+650

—

-150

—

—

+256

-800
-657

--

+44

—

- —

--

—

+450

-4
+992
+1,500
+1,000
+400
+1,700
+1,499
-217
4470

—

--

—

+750
+499

Notes:
Based on d a t a from t h e Treasury Survey of Ownership.
If
S a l e s of FHLB d i s c o u n t n o t e s began i n May 1974.
2./ P r e l i m i n a r y .




FNMA & FHLB

INTERMEDIATE A N D LONG-TERM I S S U E S

--

—
—
—
——
—
——

300
0
0
0
0

-53
+344
+60
-4
+161
+342

+1,050
+100
+310
+491

+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454

-1
0
700
100
0
600

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

--

-200

SHORT-TERM
DISCOUNT
NOTES!/

--

Table 12

18

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE FNMA-GNMA
COMPANIES

Not Seasonally A d i 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

1974 - O c t .
Nov.
Dec.

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

1975 - J a n .
Feb.

1,313
1,588
2,333
3,458
3,964

862
1,514
1,946
3,268
3,907

66
428
100
-100
100
1,111
70
0
1,618
132
2,285
400
3,182
300
181
500
3,435
S e a s o n a l l y Adiusted

268
403
258
451
244

451
74
387
190
57
42

1974 - O c t .
Nov.
Dec.

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

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

2,614
2,829
2,473
3,519
3,486

2,108
2,630
1,912
3,128
3,305

447
184
53
384
33
167

170
242
47
166
149

1,156
1,648
1,415
2,015
2,767
2,665

335
556
397
563
356

506
199
561
391
181
65

1970
1971
1972
1973
1974

Mar.

Apr.
May
June

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

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

$

RESIDENTIAL
QUARTER

TOTAL

TOTAL

FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMLXr
&
COMMERCIAL

FARM

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
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

2.2
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
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

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 multifamily mortgage debt < combmed.




T a b l e 14

o

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

PERMITS
PERIOD

COMPLETIONS

STARTS

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
644

698
705
1,018
1,186
937

1974 - J u l y
Aug .

1,040
928
853
811
770
837

2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1—FAMILY

MOBILE
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

431

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

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

739
733
775
762
886

260
267
210
218
243

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

964
770
734
744

447

185
219
199
194

254

999
1,000
985
980
1,129

571
550
571

May-

689
701
677
837
912

June

926

661

265

1,070

862

208

1,220

785

435

224

Sept.
Oct.

Nov .
Dec .

1975 - J a n .
Feb.

Mar.
Apr.

NOTES: P r i v a t e p e r m i t s ( f o r 14,000 a r e a s w i t h p e r m i t s y s t e m s , e x c l u d i n g f a r m ) , s t a r t s , and c o m p l e t i o n s 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 c x c a v a t i o n b e g i n s . I n the case ox a p a r t m e n t b u i l d i n g s , a l l u n i t s
a r e c o n s i d e r e d s t a r t e d a t t h a t tithe; howe*» r r, a l l such u n i t s a r e c o n s i d e r e d completed when more t h a n h a l t of t h e
u n i t s i n the s t r u c t u r e a r e r e a d y f o r u s e . P r i v a t e mobile home s h i p m e n t s ' ' a r e Mobile Home M a n u f a c t u r e r s A s s o c . d a t a
c o n v e r t e d t o 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.
for FRASER
1/ P e r m i t d a , a f o r 1969 and 1970 based on 13,000 a r e a s w i t h permit s y s t e m s .
*
' "

Digitized


T a b l e 15

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

HUD(FHA) INSURED LOA N S
S E C O N D A R Y MARKET

EXISTING HOMES

NEW HOMES

1

1

PERIOD

SPREAD
(BASIS
POINTS)

SPREAD
BETWEEN
R E T U R N S ON
NEW A a a
CONVENTIONAL
UTILITY
1
AND HUD(FHA)
BOND
DISCOUNT
NEW HOME
YIELD
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
POINTS)
POINTS)

NEW HOMES

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

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

9.80
8.55

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

Dec.

9.70
9.55
9.45

-33
-13
n.a.

9.70
9.60
9.45

-33
- 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
n.a.

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
n.a.
9.16
9.06

- 1
-10
-91

3.8
2.6
5.4
n.a.
5.0
4.3

16
21
21

9.00
8.94
9.60
9.66
9.62
9.37

1973 - High
Low

1974 - High
Low

1974 - O c t .
Nov.

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

-46
-31

-11
- 6

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 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.




j\j

Table 16

22

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

|

AVERAGE
YIELD

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

ACCEPTED

|

AVERAGE
YIELD

ACCEPTED

10.71 (9/9)
1155 ( 3 / 2 5 ) 333 (3/25) 10.59 (9/9) 1 164 (4/18) 63 ( 4 / 8 )
26 (11.18) 18 (11/18) 8 . 4 3 (2/2= i 14 (10/21) 7 (11/18) 8.47 ( 3 / 1 1 )

1974

-

High

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

j 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.