Full text of H.16 Capital Market Developments : November 24, 1975

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Capital
Market
Developments

library

November 24, 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

I

i

Index

SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each in the United
States and its possessions, and in Bolivia, Canada,
Chile, Columbia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras,
Mexico, Nicarauga, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela; 10 or more of same
issue to one address, $13.50 per year or $.35 each.
Elsewhere, $20.00 per year or $.50 each. Address
requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the
Federal Reserve System in a form collectible at par
in U.S. Currency.




TABLES
1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT

9 - 1 6

MORTGAGE MARKET

SYMBOLS
e

ESTIMATE

P
r

PRELIMINARY
REVISED

n.a. NOT AVAILABLE
%

DATA DO NOT EXIST

Table 1

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

N E W ISSUE 1
A a a UTILITY

VOLUME

RE CENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
($ MILLIONS)

PER C E N T
S O L D B Y END
OF WEEK

N E W ISSUES 4
IN SYNDICATE
($ MILLIONS)

1975 - O c t .

3
10
17
24
31

9.72
9.60
9.53
9.32
9.22

9.70
9.56
9.41
9.30
9.33

398
357
739
432
560

93
98
95
97
96

5
0
17
10
25

Nov.

7
14
21

9.10
9.11r
9.40p

9.24
9.24r
9.34p

280
700
587

94
96
67

48
172
268 _

MUNICIPAL B O N D MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
N E W ISSUE

B O N D BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
($ MILLIONS)

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

\, NEW ISSUES 4
IN S Y N D I C A T E
($ MILLIONS)

1975 - O c t .

3
10
17
24
31

6.92
6.80
6.60
6.44
6.60

7.67
7.48
7.29
7.17
7.36

451
479
335
495
375

81
76
92
89
74

142
154
86
110
122

Nov.

7
14
21

6.74
6.62
6.59

7.52
7.43
7.39

471
372
752

78
89
78

194
122
214

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 ISSUE
A a a UTILITY

DATE

1971

1972

1973

1974

-

-

-

-

1975

-

-

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

4
U.S. GOVT. 20-YEAR
C O N S T A N T MATURITY

B O N D BUYER
20-B0ND

INDEX

High

8.26

(7/30)

8 . 2 3

(1/1)

7 . 7 1

(8/21)

6 . 5 1

( 6 / 1 8 )

6 . 2 3

(6/23)

Low

7.02

(2/5)

7.17

(12/31)

7 . 0 6

(2/12)

5.69

(3/23)

4.97

( 1 0 / 2 1 )

High

7.60

(4/21)

7.49

(4/21)

7.36

(4/28)

6.19

(4/14)

6.54

(4/13)

Low

6 . 9 9

(11/24)

7 . 1 5

(12/1)

7.05

(2/12)

5.74

(11/17)

4.96

(10/21)

High

8 . 5 2

(8/10)

8 . 3 2

(8/10)

7.77

(8/24)

7.79

(8/10)

5.59

( 8 / 3 )

Low

7.29

(1/21)

7 . 2 8

( 1 / 5 )

7 . 1 1

(1/5)

6.42

(1/5)

4 . 9 9

(10/11)

1 0 . 6 1

(10/4)

1 0 . 5 2

(10/11)

9.39

(10/11)

8 . 6 8

(8/30)

7.15

( 1 2 / 1 2 )

8 . 0 5

(2/15)

8 . 1 3

(1/4)

7.73

(1/4)

7.39

(1/4)

5 . 1 6

(2/7)

High

9.80

(5/2)

9.71*

(5/25)

9 . 0 1

(5/2)

8 . 6 3

(9/19)

7.67

(10/3)

Low

8.89

(2/7)

9 . 0 6

(2/28)

8.57

(2/28)

7.63

(2/21)

6 . 2 7

( 2 / 1 3 )

High
Low

1975

1

Oct..

Nov.

3

9.72

10
17

9 . 7 0

8 . 9 6

8 . 5 9

7.67

9.60

9 . 5 6

8 . 9 3

8 . 4 3

7 . 4 8

9 . 5 3

9 . 4 1

8 . 8 6

8 . 3 4

7 . 2 9

24

9.32

9 . 3 0

8 . 8 1

8 . 2 6

7 . 1 7

31

9 . 2 2

9 . 3 3

8 . 7 8

8.22

7 . 3 6

7

9 . 1 0

9 . 2 4

8.76

8.19

7 . 5 2

14

9 . 1 1 r

9 . 2 4 r

8.75

8 . 2 2 r

7 . 4 3

21

9 . 4 0 p

9 . 3 4 p

8 , 8 0 p

8 . 3 4 p

7 . 3 9

NOTES:
1

Federal Reserve series of implied yield o n newly issued, Aaa-rated utility b o n d with 5-year call p r o t e c t i o n .

2

Federal Reserve series of implied f r e e - m a r k e t yield o n competitively bid Aaa-rated utility b o n d with 5-year call p r o t e c t i o n released f r o m price restrictions s o m e t i m e during t h e last 4

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U.S. Treasury d a t a .

5

T h u r s d a y figures. The average r a t in g of t h e 2 0 b o n d s used in this index falls m i d w a y b e t w e e n t h e f o u r t o p groups as classified b y M o o d y ' s Investors Service. Weekly Bond Buyer d a t a .




5

Table 3

g

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

PERIOD
1975

GROSS PROCEEDS
i

CORPORATE
1
1974

1973

1975

STATE AND LOCAL
1
1974
1

2
1973

5,376
4,526
5,368

3,328
2,687
3,217

2,327
1,962
3,933

2,361
2,387
2,135

2,255
2,003
2,025

1,977
1,515
2,467

June

4,439
5,647
5,593

3,060
3,164
2,981

2,497
2,543
3,578

2,406
2,900
3,064

2,397
2,304
2,166

1,826
1,939
2,152

July

4,112

3,248
2,667
1,617

2,631
1,806
1,915

3,563~y
2,7811/
2,0953/

1,459
1,106
1,701

2,028
1,657
1,750

4,609
3,739
3,511

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

15,270
15,679

9,232
9,205
7,532
11,859

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

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

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

30,949

18,437
25,969
37,828

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

January
February
March
April
May

August
September
October
November
December
Q1

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.

3

Includes Municipal Assistance Corporation bonds.




6,883
8,370
8,439

Table 4

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

G R O S S P R O C E E D S BY TYPE OF I S S U E
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

G R O S S P R O C E E D S BY TYPE OF ISSUER
MEMO

ISSUES I N C L U D E D

PUBLIC
UTILITY

COMMUNICATIONS

FOREIGN [CONVERTIBLE

OTHER
ISSUERS

1974 - I I I
IV

7,532
11,859

5,025
8,611

1,222
1,571

1,285
1,677

373
374

310
76

1,887
4,079

2,376
3,702

1,008
743

2,263
3,337

1975 - I
II

15,270
15,679

10,829
10,510

2,333
1,588

2,108
3,581

1,255
1,035

1
656

6,055
6,513

4,732
4,405

1,380
1,338

3,105
3,423

3,248
2,667
1,617

2,086
2,042
897

616
299
307

546
326
413

223
—
150

205
104
1

1,094
605
188

618
1,078
,
680

295
364
349

1,242
620
401

Oct.
Nov.
Dec.

4,609
3,739
3,511

3,423
3,016
2,172

355
330
886

831
393
453

175
199

76

728
1,699
1,652

2,109
964
629

475
93
175

1,297
985
1,055

1975 - J a n .
Feb.
Mar.

5,376
4,526
5,368

3,657
3,201
3,971

1,130
730
500

589
622
897

470
610
175

1

1,901
1,675
2,479

1,268
1,957
1,507

938
125
317

1,2*8
771
1,066

Apr.
May
June
July

4,439
5,647
5,593
4,112

2,771
3,796
3,943
2,656

422
. 521
645
801

1,246
1,330
1,005
655

135
475
425
925

130
315
211
425

1,731
2,479
2,303
1,089

1,378
1,549
1,478
1,019

563
413
362
263

766
1,207
1,449
1,743

1974 - J u l y
Aug.
Sept.

,

—

NOTES:
1

MANUFACTURING

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

Source: Securities and Exchange Commission.




Table 5A

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

1

November 3, t h r u November 21, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

9.50
9.38
9.38
9.75
9.30
10.45
9.51

A
A
A
A
A
A/AAa/A

CORPORATE

FMC F i n a n c e Corp.
T r a n s a m e r i c a Corp.
C l a r k Equipment C r e d i t Corp.
F l o r i d a Power & L i g h t Co.
P a c i f i c L i g h t i n g S e r . Co.
C e n t r a l Hudson Gas & E l e c t r i c
P a c i f i c Gas & E l e c t r i c Co.
Bemis Co.
C e n t r a l L o u i s i a n a E l e c t r i c Co.
V i r g i n i a E l e c t r i c & Power Co.
Arkansas Power & L i g h t Co.
P h i l l i p s P e t r o l e u m Co.
G e n e r a l Motors Acceptance Corp.
V i r g i n i a E l e c t r i c & Power Co.
Diamond Shamrock Corp.
Columbus & Southern Ohio E l e c t r i c
S t a n l e y Works
Madison Gas & E l e c t r i c
Chesapeake & Ohio Ry. Co.
Long I s l a n d L i g h t i n g Co.
Arizona Public Service
Iowa P u b l i c S e r v i c e Co.
*
Utah Power & L i g h t

Notes
Notes
Notes
1 s t mtge
Debt
1 s t mtge
Pfd stk
Com s t k ( r t s )
Com s t k
Com s t k
Pfd s t k
Debt
Notes
1 s t mtge
SF d e b t
1 s t mtge
SF d e b t
1 s t mtge
Equip t r
Pfd s t k
Pfd s t k
Com s t k
Com s t k

50.0
50.0
75.0
50.0
25.0
20.0
96.3
17.4
19.3
66.3
40.0
250.0
100.0
100.0
100.0
60.0
50.0
25.0
15.0
50.0
30.0
17.5
25.3

1983
1983
1982
2005
1985
2005
——

—
—
—
——

—

—

——

—

—

11.04
8.88
8.63
10.00
9.13
9.54
9.30
9.75
6.50-8.50
9.88
10.70

—

—

—

—

—

—

—

—

2000
1985
2005
2000
1984
2000
2005
1976-90
—

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




——

——

10.88
8.88
8.63
10.00
9.13
9.50
9.25
9.75
8.25
9.88
10.70

NOTES:
«
Right* offering.
1

9.50
9.38
9.38
9.85
9.30
10.63
10.46

Baa/BBB
Aa
A
A
A
A/BBB+
A
Aa/A
Aa *' '
A/ABaa/A-

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 3, t h r u November 21, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

5.60

5.60

Aa/A-

CORPORATE

Weyerhaeuser Co.
Sambo's R e s t a u r a n t s I n c .
Commonwealth Edison Co.
Penn. Power & L i g h t
Southern Railway Co.
El Paso E l e c t r i c
P r i v a t e Export Funding Corp.
Wisconsin Gas Co.
Utah Power & L i g h t
Columbia Gas
Arizona P u b l i c S e r v i c e

Pfd s t k
Com s t k
1 s t mtge
1 s t mtge
Equip t r
1 s t mtge
Notes
1 s t mtge
1 s t mtge
1 s t mtge
1 s t mtge

200.0
21.6
125.0
100.0
17.4
15.0
100.0
20.0
60.0
75.0
75.0

Other
European I n v e s t m e n t Bank
Kindgom of Norway
P r o v i n c e of O n t a r i o
P r o v i n c e of O n t a r i o
Hydro Quebec
M a t s u s h i t a E l e c t . I n d u s t . Co. L t d .

Notes
Notes
Debt
Notes
Debt
Conv d e b t

75.0
100.0
200.0
100.0
250.0
100.0




v

2004
2005
1976-1990
2005
1985
1995
2005
1995
2000

9.38
9.75
8.50
10.50
10.38
10.63
10.25
10.13
10.63

1982
1980
2005
1985
2005
1990

9.00
8.85
9.25
8.40
10.00
6.75

9.38
9.75
6.70-8.60
10.40
10.40
10.63
10.20
10.15
10.70
9.00
8.85
9.30
8.40
10.00
6.75

Aaa/AA
Aa/A+
Aa/AA+
A/AAAaa
A
A
A
Baa/AAaa
Aaa
Aaa/AA
Aaa/AA
Aa
Aa

Table 5P

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY i
November 3, t h r u November 21,1975
TYPE

ISSUER

2

AMOUNT
(MILLIONS OF
DOLLARS)

MOODY'S
RATING

MATURITY

NET INTEREST
COST

OFFERING
YIELD

1978-1992
1981-1991
2005
1980-1999
2015
1977-1995
1976-1995
1978-2005
1977-1995
1976-1996
1977-2000
1980-1997
2005
1977-1989
1992
1995
2007
1979-1990
2005
1976-1990
2000 .
1977-1996

6.57
7.22
7.22
7.11
7.15
7.83
6.87
7.52
6.72
. 7.82
7.91
7.44 «
7.44
7.63
7.63
7.63
7.63
9.52
9.52
6.50
7.59
5.97

4.75-6.90
5.20-6.90
7.20
5.00-7.00
7.20
5.00-7.85

A
A
A
Aa
Aa
A

4.15-7.25
5.00-7.75
4.35-7.35
4.75-7.75
5,00-7.85
5 . 0 0 - J . 25
7.50
4.75-7.40
7.50
7 . 60
7.80
6.00-8.50
9.56
4.50-6.80
7.50
3.90-6.60

Aa
A
A-l
A-l
A
Aa
Aa
Aa ,
Aa .
Aa
Aa
A
A
Aaa
Aa
Aaa

STATE AND LOCAL

Minnetonka, Minn.
Sonoma Co. Water Agency, C a l i f .
Sonoma Co. Water Agency, C a l i f .
Los Angeles Dept. of Water & Power
Los Angeles Dept. of Water & Power
Wayne Co, Mich
J e f f e r s o n Co. P r o j . C o r p . , Ky.
Nebraska Pub. Pwr. D i s t .
P e n n s y l v a n i a , S t a t e of
Tampa, FLA.
Tampa, FLA.
Midland County, MICH'
Midland County, MICH.
C o n n e c t i c u t Hsg. F i n . Auth.
C o n n e c t i c u t Hsg, F i n . Auth.
C o n n e c t i c u t Hsg, F i n . Auth.
C o n n e c t i c u t Hsg. F i n . Auth.
Montgomery Co. Hosp. A u t h . , Pa
Montgomery Co. Hosp. A u t h . , Pa.
W e s t c h e s t e r C o . , N.Y.
I l l i n o i s I n d u s t . F i n . Auth.
Indianapolis Apt. Auth., Ind.

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

10.8
4.6
6.8
31.8
33.2
19.0
14.4
20.0
100.0
19.0
30.0
12.4
27.6
16.3
3.5
2.7
12.5
2.2
11.3
37.4
22.0
10.0

NOTES:
1

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

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.-0.-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.




-, G

Table 5 8 Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 3 , t h r u November 21, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

10.0
1.0
14.7
15.0
2.0
29.0
4.0
10.5
55.0
12.8
8.7
58.5
30.0
16.9
8.0
21.9
5.6
14.4
3.4
7.6
65.0
11.7
10.4
11.0
14.0
9.3

1977-1996
1985
2005
1979-1983
1995
2010
2015
1977-1987
1976-1989
1982-1995
2000
2015
1976-1990
1976-1995
1979-1986
2005
1980-1990
2000
1980-1990
2000
1978-1990
1976-1984
2005
1990
2000
1982-1992

NET INTEREST
COST

MOODY'S
RATING

OFFERING
YIELD

STATE AND LOCAL

Mobile, Ala.
Coconino Co. P o l l u t i o n C t r . C o r p . , A r i z .
Coconino Co. P o l l u t i o n C t r . C o r p . , A r i z .
P u e r t o Rico Water A u t h .
P u e r t o Rico Water Auth.
P u e r t o Rico Water Auth.
P u e r t o Rico Water A u t h .
Ohio, S t a t e of
Michigan, S t a t e of
Omaha Pub. Power D i s t . , Neb.
Omaha Pub. Power D i s t . , Neb.
Omaha Pub. Power D i s t . , Neb.
Alabama Pub. Sch. & C o l l e g e Auth.
Houston, Texas
I l l i n o i s H e a l t h Fac. Auth.
I l l i n o i s H e a l t h Fac. Auth.
Hampton T p . , Mich.
Hampton T p . , Mich.
P o r t Sheldon T p . , Mich.
P o r t Sheldon T p . , Mich.
Maryland D e p t . of T r a n s p .
M i s s i s s i p p i , S t a t e of
Sweetwater C o . , Wyo.
Nueces R i v e r A u t h . , Texas
B a l t i m o r e , Md.
West V i r g i n i a Bd. of Regents




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

7.03
8.32
8.32
9.92
9.92
9.92
9.92
——

5.62
——
——
——

6.55
5.55
——
——
——
—
——
——

6.82
5.87
——

9.22
8.02

4.50-7.60
6.50
8.25
7.50-8.50
9.50
10.00
10.35
6.75
3.60-5.95
5.75-7.50
7.80
8.00
4.25-7.00
3.50-6.40
6.40-8.00
9.27
6.75-8.50
9.00
6.75-8.50
9.00
5.00-7.10
4.30-6.10
8.50
9.00
7.75
6.10-7.75

'

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

Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 3 , t h r u November 21, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

4.8
4.8
7.2
10.0
5.3
2.6
6.0 .
96.4
5.5

199?
1998
2004
1976-1985
1991-1994
1999
2005
1976-2000
1976-2005

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

West V i r g i n i a Bd. of Regents
West V i r g i n i a Bd. of Regents
West V i r g i n i a Bd. of Regents
Texas Water Dev. Board
F o r t Wayne Hosp. A u t h . , Xnd.
F o r t Wayne Hosp. A u t h . , I n d .
F o r t Wayne Hosp. A u t h . , I n d .
W i s c o n s i n , S t a t e of
W i s c o n s i n , S t a t e of




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

8.02
8.02
8.02
4.53
8.85
8.85
8.85
5.65
5.65

7.90
8.00
8.08
—

8.10-8.35
8.68
——

3.50-6.40
3.50-6.50

A
A
A
Aaa
—
——
——

Aaa
Aaa

12
Table 6A

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

1

a s of November 21, 1975
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Georgia Power
Gulf Power
Super Valu S t o r e s
American Communication
Kentucky U t i l i t i e s
American F i n a n c i a l Corp.
Southwest Gas Co.
Southland F i n . Corp.
Appalachian Power Co.
New Bedford Gas-& Edison L i g h t Co.
*Sedco Maritime I n c .
Panhandle E a s t e r n P i p e l i n e
Panhandle E a s t e r n P i p e l i n e
Idaho Power Co.
Iowa Pub. S e r v i c e
Northwest N a t u r a l Gas
General Telephone & E l e c t r o n i c s
*Ford Motor C r e d i t Co.
*Ford Motor C r e d i t Co.
^ D e t r o i t Edison Co.
Union E l e c t r i c Co.
* P a c i f i c Power & Light
^ D e t r o i t Edison
Chesapeake & Potomac T e l . Co. of Va.
Allegheny.Power System
* E l t r a Corp.
C e n t r a l Telephone Co.
General Telephone Co. of t h e
Southwest
General Telephone Co. of t h e
Southwest
^Montana Power
I n d i a n a & Michigan E l e c t . Co.
P o r t l a n d G e n e r a l E l e c t . Co.
*Alabama Bancorp
*Texasgulf I n c .
Ohio Edison
P u b l i c S e r v i c e E l e c t r i c & Gas Co.

1 s t mtge
Pfd s t k
Com s t k
Com s t k
Com s t k
Debt
Pfd s t k
Notes
1 s t mtge
Notes
Fed g t r
Com s t k
Debt
Com s t k
1 s t mtge
1 s t mtge
Pfd s t k
Notes
Debt
1 s t mtge
Com s t k
Pfd s t k
Pfd s t k
Debt
Com s t k
SF d e b t
1 s t mtge
Pfd s t k
Debt
1 s t mtge
1 s t mtge
1 s t mtge
Notes
Debt
Pfd stk
Pfd s t k

100.0
15.0
16.5
15.0
15.0
50.0
40.0
35.0
60.0
15.0
74.0
45.0
40.0
28.0
25.0
20.0
100.0
100.0
125.0
50.0
50.0
40.0
50.0
100.0
60.0
50.0
20.0

November
November
November
November
November
November
November
November
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December

2
2
3
3
3
3
3
3
3
4
4
4
4
4
4
9
9
9
10

15.0

December

10

45.0
65.0
75.0
50.0
30.0
125.0
40.0
40.0

December
December
December
December
December
December
December
December

10
10
11
11
11
11
12
16

NOTES:
*

Included in table for first time.

1

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




24
25

•

A

Table 6A Continued

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

1

a s of November 2 1 , 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

*Burlington Northern, Inc.
Alabama Power Co.
Alabama Power Co.
A s s o c i a t e s Corp. of North America
A s s o c i a t e s Corp. of North America
*Northwest Energy Co.
*Denny's I n c .
City Home Corp.
*Textron I n c .
*Textron I n c .
* C a r t e r , Hawley, Hale S t o r e s I n c .
*Household F i n a n c e Corp.
*Household Finance Corp.
*Sperry Rand Corp.
*Union Tank Car Co.
*American Express C r e d i t Corp.
*So. C a r o l i n a E l e c . & Gas
Consumers Power

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

15.0
100.0
25.0
50.0
50.0
20.3
18.8
50.0
60.&
60.0
60.0
75.0
75.0
150,0
40.0
50.0
15.0
55.0

December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December

16
17
17

Other
Hudson Bay Mining & Smelting Co.
Ltd.
*The World Bank
*The World Bank
*The World Bank
*European Coal & S t e e l
* E l e c t r i c i t e de F r a n c e
B r a z i l , Government of
Asia Development Bank

SF d e b t
Debt
Notes
Notes
Notes
Notes
SF d e b t
Notes

50.0
250.0
250.0
250.0
100.0
75.0
50.0
75.0

November
December
December
December
December
December
December
INDEF

24
10
10
10

1 s t mtge

60.0

Postponement
Wisconsin E l e c t r i c Power Co.




INDEF

Ih

Table 6B

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

1

a s of November 21, 1975
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

* L o u i s i a n a H e a l t h Educ. Auth.
S u f f o l k C o . , N.Y.
Delaware, S t a t e of
*0regon, S t a t e of
R a l e i g h , N.C.
* 0 1 i v e r C o . , N.D.
* H a l s t e a d , Kans.
*Missouri Environmental Improv. Auth.
Washington, S t a t e of
Washington, S t a t e of
Washington P u b l i c Power Supply Sys.
*Cleveland C i t y S . D . , Ohio
* S t . Bernard P a r . , La.
*Tyler I n d . Sch. D i s t . , Texas
*Union Co. I n d u s t . F i n . A u t h . , N . J .
Richmond, Va.
*Du Page Co. F o r e s t P r e s e r v e D i s t . , r
111.
Postponement
P h i l a d e l p h i a , Penn.
Michigan Hsg. Dev. Auth.

50.0
100.0
10.0
15.0
15.0
13.4
14.5
18.0
150.0
20.0
25.0
16.0
37.5
25.0

November
November
November
November
November
November
December
December
December
December
December
December
December
December
December
December

25
25
25
25
25
28
1
2
2
2
3
4
9
9
10
10

G.O. .

14.0

December

16

G.O.
Rev

25.0
25.0

November
November

18
19

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

56.2
54.3

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.




Table 7

STOCK PRICES AND VOLUME
TRADING VOLUME

STOCK PRICES

AMEX

BJ INDUSTRIALS

1973

High
Low

6 5 . 4 8 (1/11)
49.12 (12/13)

1051.50 (1/11)
788.31 ( 1 2 / 5 )

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

136.84 (1/11) 26.0 (9/20)
89.12 (12/13) 9 . 0 (8/20)

5 . 5 (1/12)
1.4 (8/20)

1 1 . 3 (1/11)
3.5 (8/27)

1974 - High
Low

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

891.66 ( 3 / 1 3 )
577.60 ( 1 2 / 6 )

102.01 ( 3 / 1 4 )
58.26 ( 1 2 / 9 )

9 6 . 5 3 (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)

High
Low

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

881.81 (7/15)
632.04 (1/2)

96.86 ( 7 / 1 5 )
62.20 ( 1 / 2 )

88.00 (7/15)
60.70 ( 1 / 2 )

35.2 (2/13)
8 . 7 (9/15)

4 . 2 (2/21)
1 . 1 (9/15)

8 . 1 (2/13)
2 . 5 (9/15)

3
10
17
24
31

45.49
46.67
47.06
47.57
47.06

813.21
832.91
832.18
840.52
836.04

83.21
84.13
83.38
83.07
82.79

75.50
76.96
77.63
78.62
76.99

13.6
15.3
16.2
17.2
15.3

1.5
1.5
1.5
1.6
1.5

4.4
4.6
5.2
5.0
4.6

7
14
21

47.24
48.16
47.38

835.80
853.67
840.76

83.34
85.68
84.37

77.21
78.98
77.74

15.0
19.lr
18.4

1.4
1.8r
1.7

4.9
5.5
5.5

1975
1975
Oct.

NOTES:
1
Figures other then high* and low* are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.
2

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

3
4

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




V\

16

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS O N 2
CONVERTIBLE
BONDS

BANKS

51

•UNREGULATED
iiinr^l II A TenNONMAHuIN
II/Miii ADnil
STOCK CREDIT
AT B A N K S

OUTSTANDING

1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

4,840
4,590
4,020
3,9303,960:
3,840

158
156
148
145
139
137

1,023
953
924
916
891
856

2,091
2,119
2,060
2,024
2,053
2,064

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

3,950
4,130
4,180
4,360
4,700:
4,990
5,300
5,220
5,250

134
136
134
138
140
146
144

848
830
844
824
819
n. a.
n.a*

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

1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

-320
-250
-57C
-90
30
-90

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

-14
-70
-29
—8
-25
-35

19
28
-59
-36
29
11

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

110
180
50
•180
340
290
310
-80
30

-3
2
-2
4
2
6
-2

-8
-18
14
-20
-5
n•a•
n. a.

-145
-22
-15
-3
-2 •
n. a.
n•a•

July
Aug •
Sept.
CHANGE IN OUTSTANDING

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

DATE
NET
FLOW

1971
1972
1973
1974

9,621

10,067
4,815
2,909

1974 - May
July
August
1975 - May

6
769
-521
-646

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0

—
—
—

1,143

•

NET
NEW
MONEY

2

5,378
5,451
-442
-2,822
-182
-370
-733
-837
930
716
264

1,827

July
August 2 j

1

509
225

*

1975 - J a n u a r y
February
March
April
May
July
August £ /

369
715
1,489
867
1,352
1,5#
937
893

4.5
8.7
18.0
iy.3

15.9
17.8
11.0
10.1

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

—
—
——
—

SHARE CAPITAL
NET
FLOW

27,793
32,567
20,237
16,053

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0

NET
NEW
MONEY

2

DEPOSITS
NET
FLOW

NET
NEW
MONEY

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

37,414
42,634
25,052
18,952

17.2
16.7
8.4
5.8

26,331

420
16
-581
-1,218

542
3,460
-1,002
-1.793

—

238
-354
-1,314
-2.055

3,895
,690
6,226
,089
3,055
,865
1,460
.313
SEASONALLY ADJUSTED
2,455
12.1
3,057
14.9
4,842
23.3
3,642
17.2
4,331
20.2
5,031
23.0
18.6
—
4,144
3,208
14.2

5,038
8,053
3,564
1,685

536
2,691

-481
-1,147

—
——

2,824
3,772

6,331 '
4,509
5,683
6,561
5,101
4,101 -

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.

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


ANNUAL 3
GROWTH
RATE

—
—
—

29,335
10,062
1,847

4,620
3,805
3,129
1,323
9.9
13.1
21.7
15.2
19.0
21.6
16.5
13.1

——
—
——

——
——
——

2

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, S E A S O N A L L Y

OUTSTANDING
PERIOD
TOTAL

ADJUSTED

COMMITMENTS

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

NET CHANGE
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKS
A S S O C I A T I O N S ( 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 - Dec.

19.7

16.2

3 .5

.15

.35

-.20

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

19.3
19.2
19.5
19.7
18.5
18.0
17.3
16.7
16.2
14.9
14.4
14.4

15.9
16.0
16.3
16.7
15.7
15.1
14.6
13.9
13.5
12.5
12.0
12.3

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
.34
.30
-1.07
-.54
-.55
-.55
-.43
-1.01
-.42
.25

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

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

14.4
14.4
15.2
16.2
16.9
17.1
18.2
19.4
20.1

12.3
12.6
13.2
14.3
14.9
15.1
16.1
17.2
17.9

2.1
1.8
2.0
2.0
2.1
2.1
2.1
2.2
2.2

-.04
.04
.71
1.13
.72
.34
.92
1.18
.64

.06
.29
.60
1.07
.61
.27
.95
1.06
.70

-.10
-.25
.11
.06
.11
.07
-.03
+ .12
-.06

NOTES:
Based o n data f r o m Federal H o m e Loan Bank Board and Saving- B u n k s A s s o c i a t i o n of N e w York S t a t e . B o t h series include a minor a m o u n t of nonresidential c o m m i t m e n t s ; S&L c o m m i t m e n t s also include loans in process. N e t changes are derived directly f r o m u n r o u n d e d e n d of period o u t s t a n d i n g
levels as reported and after seasonal adjustment by Federal Reserve. S u b t o t a l s m a y n o t add t o t o t a l s because of rounding.




T a b l e 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TE^M ISSUES
TOTAL

FHLB

FHLMC

FNMA

——

+530

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
—

-150

—

—

1974 - J a n .
Feb.
Mar.
Apr.
May

-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

-800
-657

—

-242
-659
+ 440
0
-1,568
+ 252
+ 165

-254
+ 689
+69
-1,279
+ 600
+300

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

7%

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

+350
+650
+256
+44
+450

-4
+992
+1,500
+1,000 .
+400
+W00
+TT%99
-217 +470
-4
-554
-11
-30
-1,279
0
0

Notes:
Based on d a t a f r o m t h e T r e a s u r y Survey of Ownership.
1 / 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 .




.
——

SHORT-TERM
DISCOUNT
NOTES

—

+750
+499
-200
A-

+ 300
0
-1
0
0
0

+1,050
+100
+310
+491
-1
0
+ 700
+ 100
0
+ 600
+ 300

"

+85
-38
-26
+512
+450 .
+449
+305
+678
+18
+66
-182
-454
-237
-405
-249
-69
-289
-348
-135

Table 12

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

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS
TOTAL

TCOMMERCIAL
1
BANKS

MSB's

S & L's

INSURANCE

FNMA-GNMA

COMPANIES

Not S e a s o n a l l y Ad l u s t e d
1970

21,736

16 , 8 2 7

2,462

1,845

10 , 2 5 4

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

17 , 5 7 8

5,078

6,222
451

42,748

1974
1975

- Jan.
Feb.
Mar.
Apr.
MayJune
July
Aug.
Sept.

36 ,526

11,700

2,170
66

1,311

860

100

426

268

1,586

1,512

-100

100

1 ,109

403

74

2,329

1 ,942

0

70

1 ,614

258

387
190

3,458

3

268

400

132

2 ,285

451

3,966

3

909

300

181

3 ,184

244

57

4,443

4

401

500

323

3 ., 4 2 5

153

42

4,493

3 ., 7 8 3

200

334

3,, 1 2 2

127

4,435

3 ., 9 3 7

300
600

213

3 ., 2 5 9

165

119

2 ,, 8 6 6

118

4,460

3,,703

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

2,612

2, 106

447

170

2,827

2,,628

184

242

53

47

2,469

1, 9 0 8

1,, 1 5 4
1,, 6 4 6
1,4 1 1

498

o .

S e a s o n a l l y Ad l u s t e d
1975

710
^

335

506

556

199

397

561

3,519

3, 128

2, 015

563

391

3,488

3,307

33

149

2, 769

356

181

3,246

3, 181

167

193

2, 655

166

65

3,851

3, 329

175

269

2, 751

134

522

3,412

3, 186

31

152

226

3, 813

449

167
175

2, 836

4,364

3, 052

137

551

384

166

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 83 per cent of the net increase estimated for all holders in 1974.

2

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




.

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL R A T E S

2

21

RESIDENTIAL
1- tO 4 FAMILY

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

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
11
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
II

35.2
50.7

25.5
38.9

21.3
36.1

4.3
2.8

4.9
7.8

9.2
10.6

4.8
4.0

QUARTER

[
|

MULTIFAMILY

COMMERCIAL

FARM

NOTES:
1

Derived from data on mortgage debt outstanding from Federal Deposit Insurant 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 dcbt i cumbm«i.




T a b l e 14

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 A N N U A L RATES

PERMITS 1
PERIOD

TOTAL

1—FAMILY

MORE1,

FAMILY

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

- Jan.
Feb.
Mar.
Apr.
May

689
701
677
837
912

508
515
503
603
658

June

949

July

1 ,042
995
1 ,095
1 ,092

Aug.
Sept.
Oct.

COMPLETIONS

STARTS

1
2-OR

TOTAL

2-OR

1 - 1F A M I L Y

MORE

FAMILY

I

|

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

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

656
621
901
1,048
914
450

182
186
173
234
254

999
! 1 ;,000
985
1
980
' 1.,130

739
733
775
762
887

260
267
210
218
243

679

270

i 1 ,094

884

210

711
732
779
775

331
263
316

1 ,235
| 1 ,269
1 1 ,268
1 ,458

935
987
929
1 ,103

317

!

•

300
282
339
355

FAMILY

TOTAL

i

i

i
j

1

i
;
|
!

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

j 2 - OR

808
802
1 ,014
1 ,143
1 ,166

MORE

FAMILY

592
617
692
828
838

MOBILE
HOME
SHIPMENTS
1
4\\5
401
497
576
580

1,535
1,320
1,305
1,211
1,276

964
770
734
756
8 32

571
550
571
455
444

1,165

785

380

210

368
374
319

225
235
215

1,269
1,229
1,214

901
855
895

185
219
199
194
224

Private b u i l d i n g p e r m i t s 'for 1 4 , 0 0 0 areas 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 l a r m l , starts, and c o m p l e t i o n s are Census Bureau data. A d w e l l i n g unit is started w h e n e x c a v a t i o n begins. In t h e c a s e of
a p a r t m e n t b u i l d i n g s , all mits tire c o n s i d e r e d started at that t i m e ; h o w e v e r , all such units are c o n s i d e r e d c o m p l e t e d w h e n m o r e than half of t h e units in t h e s t r u c t u r e are ready for use. Private m o t
h o m e s h i p m e n t s are M o b i l e H o m e M a n u f a c t u r e r s A s s o c i a t i o n data c o n v e r t e d t o s e a s o n a l l y adjusted annual rate by C e n s u s Bureau.

Digitized
for dFRASER
1
Permit
a t a for 1 9 6 9 and 1 9 7 0 b a s e d o n 1 3 , 0 0 0


areas w i t h p erm i t s y s t e m s

*<b* # * * * ~ %

' '"•*&%,

/«-

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
P R I M A R Y MARKET
NEW H O M E S

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

EXISTING H O M E S

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1973 - High
Low

8.95
7.70

107
31

1974 - High
Low

9.80
8.55

1974 - O c t .
Nov.
Dec.
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

NEW HOMES

1
RATE
(IN PER CENT)

1

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

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

8.36
7.38

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

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.

9.15
9.05
8.90
9.00
9.05
9.00
9.00
9.15
9.25

15
11
-70
-66
-57
-37
-25
-34
-45

9.20
9.05
8.95
9.05
9.10
9.05
9.05
9.15r
9.30

- 1
-10
-91
n.a.
-46
-31
-12
-17
4

3.8
2.6
5.4
n.a.
5.0
4.3
4.8
6.2
5.5

20
. 1 1
-65
r61
-52
-32
-20
-34
-40

8.99
8.84
8.69
n.a.
9.16
9.06
9.13
9.32r
9.74

SPREAD
(BASIS
POINTS)

-

16 •
21
21
-11
- 6
-13
-17
-49

9.00
8.94
9.60
9.66
9.62
9.37
9.25
9.49
9.70

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.

Rttes 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.




T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE O F
AUCTION

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

1974 - High
Low

AVERAGE
YIELD

ACCEPTED

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

j

AVERAGE
YIELD

ACCEPTED

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

1975 - J a n .

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

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

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

July
Aug.

Sept.

Oct.

Nov.

,

11

578.7

365.5

9.32

96.9

48.9

9.38

25

643.1

223.0

9.50

98.5

31.0

9.55

8

530.1

197.7

9.70

96.9

43.9

9.75

22

293.6

142.0

9.86

68.8

35.2

9.92

6

198.5

143.0

9- .95

27.5

23.5

10.02

20

43.2

23.2

9.65

9.7

9.2

9.81

3
17

69.8
293. L

41.7
180.6

9.32
9.33

19.6
68.6

15.2
34.6

9.54
9.40

NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average ac
cepted 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.