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Capital
Market
Developments

January 12, 1976
Prepared oy the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




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

/I

Index

SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the 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

S E C U R I T Y VOLUME AND Y I E L D S

7, 8

S T O C K MARKET AND S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE MARKET

SYMBOLS
e
p
r
n.a.
—

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

3
Table 1

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

1975 - Nov.

Dec.

1976 - Jan.

NEW ISSUE 1
A a a UTILITY

7
14
21
28

9.10
9.11
9.40

5
12
19
26

9.46
9.37
9.24

—

—

2
9

VOLUME

RECENTLY
OFFERED
A a a UTILITY

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY E N D
OF WEEK

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

9.24
9.24
9.30
9.25

. 280
700
587
100

94
96
67
85

48
172
268
135

9.34
9.25
9.19
9.13

425
727
560

88
91
100

105
84
0

—

—

• *

ee mm

9.10
8.98p

8.85p

2

365

100

—
WW

0

MUNICIPAL B O N D MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY E N D
O F WEEK

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

1975 - Nov.

7
14
21
28

6.74
6.62
6.59
6.59

7.52
7.43
7.39
7.39

471
372
752
657

78
89
78
92

194
122
214
163

Dec.

5
12
19
26

6.52
6.53
6.49
6.49

7.31
7.34
7.30
7.30

420
358
601
56

89
82
82
84

110
121
123
97

1976 - Jan.

2
9

6.45
6.25

7.29
7.13

6
277

44
92

63
34

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 cell protection, released from price
restrictions sometime during the last four weeks.

3

Estimated by F.R. on the bests of available data.

4

Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




Table 2

HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE A a a

3

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

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

1971 - High
Low

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

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

7.71 (8/21)
7.06 (2/12)

6.51 (6/18)
5.69 (3/23)

6/23 (6/23)
4.97 (10/21)

1972 - High
Low

7.60 (4/21)
6.99 (11/24)

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

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

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

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

1973 - High
Low

8.52 (8/10)
7.29 ( l / 2 i r -

8.32 (8/10)
7.28 (1/5)

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

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

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

1974 - High
Low

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

10.52 (10/11)
8.13 (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)

1975 - High
Low

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

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

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

8.63 (9/19)
7.63 (2/21)

7.67 (10/3)
6.27 (2/13)

9.46
9.37
9.24r

9.34
9.25
9.19
9.13

8.83
8.86
8.81r
8.72

8.34
8.37r
8.29
8.12

7.31
7.34
7.30

9.10
8.98p

8.66
8.63p

8.04
8.01p

7.29
7.13

1975 - Dec.

5
12
19
26

1976 - Jan.

2
9

—

——

8.85p

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4
weeks.

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U.S. Treasury data.

5

Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




5

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

PERIOD

GROSS PROCEEDS
1l

CORPORATE
1975

1

1974

1

1973

January
February
March

5,364
4,528
5,378

3,328
2,687
3,217

2,327
1,962
3,933

April
May
June

4,293
5,628
5,618

3,060
3,164
2,981

July
August
September

4,388
2,399
2,830

October
November
December

4,573

01
02
Q3
04
1st Half
3 Qtrs.
Year

30,809
40,426

1974

1

1973
1,977
1,515
2,467

2,497
2*543
3,578

2,406
2,900
3,064

2,397
2,304
2,166

1,826
1,939
2,152

3,248
2,667
1,617

2,631
1,806
1,915

3,580
2,7-83
2,159

1,459
1,106
1,701

2,028
1,657
1,750

4,609

3,398
3,563
3,238

2,269
2,331

2,860
2,483
1,479

2,313
2,257
2,089

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

6,883
8,370

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

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

13,150
17,416
24,238

11,876
17,311
23,970

9,232
9,205
7,532
11,859
18,437
25,969
37,828

16,840
23,192
33,391

1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

Includes Municipal Assistance Corporation bonds.




1

2,255
2,003
2,025

2,361
,

NOTES:

3

STATE AND LOCAL

2,387
2,135

3,739
3,511
15,270
15,539
a , 617

1975

8,522

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
PERIOD

1974

-

IV

1975

-

I
II
III

MEMO
COMMON
MANUFACAND
ISSUES INCLUDED
PRIVATELY PRCCCODCn
TURING
PLACED
FOREIGN [CONVERTIBLE
STOCK

BONDS
TOTAL

11,859
15, 270
15, 539
9, 617

PUBLICLY
OFFERED

8,611

1, 571

1,677

374

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

76

4,079

3,702

743

3,337

4,732
4,405
3,322

1,,380
1,,338
679

3,105
3,423
3,036

10,829
10,510
5,428

2 333
1, 588
2 133

2,108
3,581
2,056

1 ,255
1 ,035
1 ,225

1
656
463

6,055
6,513
2,580

76

728
1,699
1,652

2,109
964
629

475
93
175

1,297
985
1,055

1974 - Oct.
Nov.
Dec.

4,,609
3,,739 *
3,,511

3,423
3,016
2,172

355
330
886

831
393
453

175
199

1975 - Jan.
Feb.
Mar.

5,,364
4,,528
5,,378

3,657
3,201
3,971

1 ;,134
705
510

573
622
897

470
610
175

——

1,904
1,675
2,479

1,271
1,957
1,507

938
127
317

1,252
771
1,076

Apr.
MayJune

4,,293
5,,628
5,,618

2,771
3,796
3,943

422
502
670

1,100
1,330
1,005

135
475
425

130
315
211

1,731
2,480
2,318

1,380
1,549
1,478

415
413
362

766
1,188
1,459

July
Aug.
Sept.

4,,388
2,,399
2 ,830

2,658
1,356
1,414

1 ,073
480
580

657
563
836

925

425

——

——

300

38

1,180
711
689

1,037
1,024
1,261

270
112
297

1,901
551
584

Oct.

4 ,573

2,389

637

1,547

102

61

873

1,226

926

1,548

—

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



—

1

1

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
January 2, thru January
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

9, 1976
MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

11.25
8.13
8.85
6.00-8.00
10.13
9.38

Ba/BB
A
A
A
A
Aa/A

CORPORATE

ITT Financial Corp.
S t a u f f e r Chemical Co.
S t a u f f e r Chemical Co.
Norfolk & Western Ry
Southland Fin. Corp.
New York State E l e c t . & Gas Corp.
Indianapolis Power & Light
Cincinnati Gas & E l e c t . Co.

Notes
Notes
Debt
Equip tr
Notes
1st mtge
Com stk
Pfd stk

30.0
75.0
125.0
15.0
35.0
75.0
43.8
45.0

Other
E l e c t r i c i t e de France
Asian Development Bank

Notes
Notes

75.0
100.0

1986
1986
2001
1976-1990
1986
2006
—

1983
1980

NOTES:
•
1

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




11.25
8.13
8.85
8.00
10.13
9.38
—

—

9.52

9.52

Aa/A

8.88
8.50

8.88
8.56

Aaa
Aaa

Table 5 8

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
January 2, thru January

9, 1976

AMOUNT
(MILLIONS O f
DOLLARS)

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

6.24
4.24
6.17
5.46
9.99
5.70

4.00-6.95
3.75
4.00-6.90
3.75-6.85
6.75-9.85
3.80-6.00

A—1
MIG 1
A-l
Aa
A
Aa

STATE AND LOCAL

Pennsylvania, State of
Ohio Water Development
Garland, Texas
Garland, Texas
Ramapo, N.Y.
New Jersey, State of

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

100.0
50.0
7.6
4.6
14.9
50.0

1977-1995
1978
1977-1997
1978-1996
1976-2006
1977-1991

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 end Development issues end non-guaranteed issues by Federal Agencies.




FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
as of January
ISSUER

1

9, 1976

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Chesapeake & Ohio Ry
Northern Natural Gas
Middle South U t i l i t i e s
*Time Inc.
Oklahoma Gas & E l e c t r i c
Associates Corp. of North America
Associates Corp. of North America
*Texas Power & Light Co.
Southern Ry Co.
Texas Power & Light
Central I l l i n o i s Light
Santa Fe International Corp.
* P a c i f i c Power & Light
Greyhound Corp.
Hackensack Water Co.
Puget Sound Pwr. & Lgt. Co.
*Union P a c i f i c Ry
*Kansas Nebraska Natural Gas
*Gulf States U t i l i t i e s Co.
*Gulf States U t i l i t i e s Co.
*United Gas Pipe Line Co.
Household Finance Corp.
Household Finance Corp.
*Deere & Co.
Indianapolis Water Co.
* S o v t C a r o l i n a Elect. & Gas
*South Carolina Elect. & Gas
Consumer Power
*Kansas Power & Light Co.
*General Tele, of Northwest

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

15.0
125.0
108.0
50.0
55.0
50.0
50.0
30.0
17.4
100.0
16.0
30.0
75.0
100.0
20.0
20.0
19.5
20.0
60.0
50.0
40.0
75.0
75.0
100.0
18.0
35.0
21.0
40.0
20.0
20.0

January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
February
February
February
February
February

Other
Toronto, City -of
;
Toronto, City of
Manitoba Hydro Elect. Bd.
*Newfoundland, The Province of
*Kubota Ltd.
Brazil

Notes
Debt
Debt
SF debt
Debt
Debt

20.0
60.0
100.0
50.0
50.0
50.0

January
January
January
January
January
January

NOTES:
*

Included in table for first time.

1

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




13
13
13
14
14
15
15
20
20
20
21
21
21
21
21
22
27
27
28
28
28

3
3
4
4
5
14
14
19
28

10

Table 6B

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

9, 1976

TYPE

ISSUER

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

California, State of
Florida, State of
Memphis, Tenn.
California Dept. of Water Resources
*Suffolk Co., N.Y.
Anne Arundel Co., Md.
Austin, Texas
Oakland Comm. College D i s t . , Mich.
* Allegheny Co., Pa.
* I l l i n o i s , State of
Ohio, State of
*Salt River Agric. & Improv. D i s t . ,
Ariz.
South Carolina, State of
*University of Alabama
*Florida, State of
*Lafayette, La.
*Jordan Sch. D i s t . , Utah
*Antelope Valley East Kern Water
Agy., C a l i f .
*Howard Co., Md. '
*North Carolina, State of
*Ventura Co. Pub. Fac. Corp., C a l i f .
*Washington Sub. Sanitary D i s t . ,
Md.
*Los Angeles Dept. Water & Power,
Calif.
*Rochester, Minn.
*Maryland, State of

4c.o.
Rev
G.O.
G.O.
G.O.
G.O.
Rev
G.O.
G.O.
G.O.
G.O.

85.0
10.0
24.0
10.0
54.0
18.0
40.0
12.5
27.0
150.0
60.0

January
January
January
January
January
January
January
January
January
January
January

13
13
13
13
14
14
15
15
20
20
20

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

100.0
30.0
25.5
41.8
10.0
16.0

January
January
January
January
January
January

21
21
27
27
27
27

G.O.
G.O.
G.O.
G.O.

19.0
13.3
120.0
27.5

January 27
January 28
January 28
February 3

G.O.

57.0

Rev
Rev
G.O.

50.0
17.0
150.0

February

February 4
February 10
February 11

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.




4

Tabla 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

DJ INDUSTRIALS

|

AMEX

4

|

136.84 (1/11) 26. 0 (9/20)
89.12 (12/13) 9. 0 (8/20)

AMEX

|

NASDAQ

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

4 . 4 (1/3)
.9 (9/26)

7. 5 (1/3)
2,,8 (7/5)

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)

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

835 .80
853 .67
840,,76
860 .67

83.34
85.68
84.37
85.82

77.21
78.98
77.74
78.80

15 .0
19 .1
17,.2
15,.8

1.4
1.8
1.6
1.5

4 .9
5,,5
5,.3
4,.9

45.84
46.26
46.82
47.60

818 .80
832,.73
844,.38
859 .81

82.40
81.92
82.43
82.58

74.72
74.91
75.92
77.13

17 .1
14 .9
16 ,9r
13 .6

1.8
1.7
2.0
1.8

5 •q
5 .7r
4 .8

48.04
50.29

858 .71
911 .05

84.31
88.82

78.06
82.31

15 . 1
28 .9

2.4
2.7

5 .9
6. 7

1974 - High
Low

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

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

102.01 (3/14)
58.26 (12/9)

96.53 (3/15)
54.87 (10/3)

1975 - High
Low

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

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

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

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

Nov.

7
14
21
28

47.24
48.16
47.38
48.24

Dec.

5
12
19
26
2
9

Jan.

|

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

130.47 ( i / i i )
85.26 (12/20)

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

1976

NYSE

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

1051. 50 ( i / i i )
788. 31 (12/5)

1973 - High
Low

1975
Oct.

2

TRADING VOLUME

NASDAQ

NOTES:
1
2
3

12/31/66 - 60
Baaed on ewer«fe price ehange until September 4, 1973 thweeftSf, 1baaed on markel




lecessarity for Fridays.

I
I
1

4

Figures other than Mflha and lows are Frideys onhf. Highs and lows are for the yeei
Volume figures are weetity averages of dilily figures (millions of sheres).

P

12

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

B R O K E R S ON
MARGIN
STOCK

1

3

B R O K E R S ON %
CONVERTIBLE
BONDS

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1974 - Oct.
Nov.

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

3,930
3,960
3,840

145
139
137

916
891
856

2,024
2,053
2,064

3,950
4,130
4,180
4,360
4,700
4,990
5,300
5,220
5,250
5,300
5,370

134
136
134
138
140
146
143r
142
145
144

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

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

*

CHANGE IN OUTSTANDING

1974 - Oct.
Nov.
Dec.

-90
30
-90

-3
-6
-2

-8
-25
-35

-36
29
11

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

110
180
50
180
340
290
310
-80
30
50
70

-3
2
-2
4
2
6
-3r
-1
3
-1

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

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

.

NOTES:
1

Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.

2

New York Stock Exchange data.

3

June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.

4

Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Resenm
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 •

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

NET
FLOW
1971
1972
1973
1974
1974 - July
Aug.
Sept.
Oct.

9,621
10,067
4,815
2,909
-521
-646
319
-74

1

ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0
—
—
—
—

1975 - June xj
July
Aug. r /
Sept.
Oct. £ /

1,871
509
197
785
330

' —

1975 - January
February
March *
April
May
June
July r /
August r /
September
October ]>/

369
715
1,489
867
1,352
1,530
957
865
621
665

4.5
8.7
18.0
10.3
15.9
17.8
11.0
9.8
7.0
7.4

——
—

—
—

SAVINGS A LOAN ASSOCIATIONS

NET
NEW
MONEY

SHARE CAPITAL

NET
FLOW

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

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

-581
-1,218
-1,068
312

-1,002
-1,793
1,744
-364

3,089
—
2,865
—
1,313
——
631
2,103
—
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
4,144
18.6
—
3,208
14.2
—
3,049
13.3
3,123
13.5

8,097
3,564
1,684
4,483
2,612

__

2,824
3,772
6,331
4,509
5,683
6,561
5,101
4,073
3,670
3,788

9.9
13.1
21.7
15.2
19.0
21.6
16.5
13.0
11.6
11.8

NET
FLOW

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

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

-733
-837
-689
-260

-481
-1,147
1,425
438

716
264
-21
-338
120

6,226
3,055
1,472
3,698
2,282

——
—
——
—

—

——

TOTAL
DEPOSITS

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0
-T—
——
—

"

NOTES:
1

Repilar deposits at mutual savings banks exclude Hams such as Christmas dub and certain escrow accounts, which repre—nt a vary small part of total deposits.

2
New deposits net of both'withdrawals and interest. Data for SSL's are for insured associations only, which lapieecnt 96 per cent of industry total resources.
Digitized3forAnnual
FRASER
growth rate for monthly data 6s the ennueiized monthly percentage increase in deposits.
http://fraser.stlouisfed.org/
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.

Federal Reserve Bank of St. Louis

ANNUAL 3
GROWTH
RATE
17.2
16.7
8.4
5,8

—

—

NET
NEW
MONEY
26,331
29,335
10,062
1,847
-1,314
-2,055
-1,757
52
3,805
3,129
1,323
293
2,223

—

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

1971 - Dec.
1972 - Dec.
1973 - Dec.
1974 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov;
Dec.
1975 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

17.7

1

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

NET CHANGE
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS B K S :
ASSOCIATIONS (N Y. STATE) I

14.0

3.7

25.1

20.2

4.9

.56

.55

.01

19.7

16.2

3.5

.15

.35

-.20

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
-1.31
-.54
-.03

-.31
.09
.34
.39
-1.07
-.54
-.55
-.66
-.39
-1.05
-.42
.25

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

14.4
14.4
15.2
16.2
16.9
17.1
18.2
19.4
20.1
19.9
20.2

12.3
12.6
13.2
14.3
14.9
15.1
16.1
17.2
17.9
17.8
18.2

2.1
1.8
2.0
2.0
2.1
2.1
2.1
2.2
2.2
2.1
2.0

-.04
.04
.71
1.13
.72
.34
.92
1.18
.64
-.14
.25

.06
.29
.60
1.07
.61
.27
.95
1.06
.74
-.05
.32

-.10
-.25
.11
.06
.11
.07
-.03
+ .12
-.06
-.09
-.07

.49

r .56

.30

.19

NOTES:
Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




!
'
\
;
;
:
?
:

T a b l e 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES

i5

IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

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

FHLB

FHLMC

FNMA

—— •

+530

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
+424
+508
+1,442
+2,699
+1,804
+876
+2,768
+1,665
-89
+507

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

-800
-657

—

——

—

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

+450

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

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

-5
-254
+ 689
+69
-1,279
+600
+ 300

-4
-554
-11
-30
-1,279
0
0

—

—

Notes:

Based on data from the Treasury Survey of Ownership.
1/ Sales of FHLB discount notes began in Hay 1974.
]>/ Preliminary.




—
—
——

-150

—

+350
+650
——

+256

+1,050
+100
+31#
+491
-1
0
+ 700
+ 100
0
+ 600
+ 300

-237
-405
-249
-69
-289
-348
-135

——
—

——

—

+750
+499

—
——
—
—

+ 300
0
-1
0
0
0

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

+44

-200

FNMA
SHORT-TERM
DISCOUNT
NOTES

—

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE FNMA-GNM/
COMPANIES

I

Not Seasonally Adiusted
L970
1971
L972
L973
1974

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

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

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

1,211
1,486
2,329
3,458
3,966
4,343
4,493
4,435
4,377
4,781

760
1,412
1,942
3,268
3,909
4,301
3,783
3,937
3,620
4,132

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

2,512
2,727
2,469
3,519
3,388
3,146
3,851
3,412
4,281
5,235

2,006
2,528
1,908
3,128
3,207
3,081
3,329
3,186
3,730
4,706

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

0
66
426
-200
100
1,109
0
70
1,614
400
2,285
132
200
181
3,184
323
3,425
400
200
3,122
334
213
3,259
300
500
119
2,883
700
226
2,996
200
200
2,307
Seasonally Ad i us ted
1,154
170
347
1,646
242
84
47
53
1,411
2,015
166
384
- 67
2,769
149
67
2,655
193
2,751
269
175
2,836
167
31
175
349
3,069
. 736
281
3,486
2,782
310
189

268
403
258
451
244
.153
127
165
118
210

451
74
387
190
57
42
710
498
757
649

335
556
397
563
356
166
134
152
137
203

506
199
561
391
181
65
522
226
551
529

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

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

f
[
b
i
i
1

'
|
1
!
i

!

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.


>
f

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING 1

*

17

IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL RATES

3

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1 1- t o 4 | _ FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMI.)f
&
COMMERCIAIL

FARM

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
II
III

35.2
50.6
55.7

25.5
39.7
44.0

21.3
36.1
38.5

4.3
3.6
5.5

4.9
6.9
7.5

9.2
10.5
13.0

4.8
4.0
4.2

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.




PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

PERMITS 1
PERIOD

1969
1970
1971
1972
1973
1974

TOTAL

1 —FAMILY

STARTS
2 - O R MORE
FAMILY

TOTAL

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

626
647
906
1,033
882
644

1975 - Jan.
Feb.
Mar.
Apr.
May

689
701
677
837
912

508
515
503
603
658

June

949

679

270

1,094

1,042
995
1,095
1,079
1,118

711
732
779
769
789

331
263
316
310
329

! 1,235
1,269
1,269
1,457
1,375

July
Aug.
Sept.
Oct.
Nov.

'

1—FAMILY
-

COMPLETIONS
2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

MOBILE
2 - O R MORE

HOME

FAMILY

SHIPMENTS

698
705
1,018
1,186
937
431

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

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

656
621
901
1,048
914
450

1,399
1,418
1,706
1,972
2,014
1,692

808
802
1,014
1,143
1,174
932

592
617
692
828
840
760

413
401
497
576
567
329

182
186
173
234
254

999
1,000
985
980
1,130

739
733
775
762
887

260
267
210
218
243

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

964
770
734
756
8 32

571
550
571
455
444

185
219
199
194
224

884

210

1, 165

785

380

210

935
987
931
1,10-2
1,026

300
282
338
355
349

1,269
1,267
1,272
1,094

901
881
955
717

368
386
317
377

225
235
215
229
235

NOTES:
Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins.
the case of
apartment buildings, all units are considered started at \hat rime; however, all such units are considered completed when more than half of the units in the structure are ready for ute. Private m o i
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1
Permit
for 1969 and 1970 based on 13,000 areas with permit systems
Digitized
for data
FRASER


T a b l e 15

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

EXISTING HOMES

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

RATE
(IN PER CENT)

SPREAD
BETWEEN |
ON i
RETURNS
NEW HOMES
CONVENTIONAL^
AND HUD(FHA)|
NEW hOMiE
SPREAD
DISCOUNT
(BASIS
(PERCENTAGE MORTGAGES
(BASIS
POINTS)
POINTS)
POINTS)

HUD(FHA) '.NSURED LOANS
SECONDARY MARKET

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

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

-70

9.70
9.55
9.45

-33
-13

9.70
9.60
9.45

-33
-

10.13
n.a.
9.51

10
n.a.
n.a.

4.6
n.a
3.8

9.15
9.05
8.90
9.00
9.05
9.00
9.00
9.15
9.25
9.25
9.20

15
11
-70
-66
-57
-37
-25
-34
-45
3
n.a.

9.20
9.05
8.95
9.05
9.10
9.05
9.05
9.15r
9.30
9.30
9.25

20
11
-65
-61
-52
-32
-20
-34
-40
8
n.a.

8.99
8.84
8.69

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

3.8
2.6
5.4
n.a,
5.0
4.3
4.8
6.2
5.5
4.0
3.1

8

(

9.16
9.06
9.13
9.32r
9.74
9.53
9.41

NEW Aaa
UTILITY
BOND

1

-43
-

6

16
21
21
-11
- 6

-13
-17
-49
-28
-21

NOTES:
1

Gross yield spread is averega 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 besed 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 besis points. For secondary market date, weighted HUD office opinions on the averege bid price for HUD (FHA) loans with minimum downpayment, prepaid in IB years, for immediate delivery, are used.




H

>o

20

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)

High
Low

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

643 (8/25) 366 (8/11) 9 .95
25 (2/10) 18 (2/10) 8 .78

100(4/7)
51(4/21)
10 (10/20) 9 (2/10)

10.02(9/22)
8.96 (3/10)

Oct.

6
20

198.5
43.2

143 .0
23 .2

9 .95
9 .65

27.5
9.7

23.5
9.2

10.02
9.81

Nov.

3
17

69.8
293.1

41,.7
180,.6

9,.32
9..33

19.6
68.6

15.2
34.6

9.54
9.40

Dec.

1
15
29

255.9
287.1
95.3

138.,5
158. 8
52. 7

9.,32
9. 31
9. 29

73.9
69.7
41.8

40.5
31.2
11.8

9.38
9.36
9.35

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.