Full text of H.16 Capital Market Developments : January 19, 1976
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Capital Market Developments .January 1 9 , 1 ' t ; 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 Index SUBSCRIPTION RATES: Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in t h e United States, its possessions, C a n a d a , a n d Mexico; 10 or m o r e of t h e s a m e issue t o o n e address, $ 1 3 . 5 0 per TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY 9 - 1 6 MORTGAGE MARKET CREDIT year or $ . 3 5 e a c h . Elsewhere. $ 2 0 . 0 0 per year or $ . 5 0 e a c h . Address requests to Publications Services, Division of A d m i n i s t r a t i v e Services, and m a k e p a y m e n t r e m i t t a n c e p a y a b l e t o t h e order of t h e Board of G o v e r n o r s of t h e Federal Reserve S y s t e m in a f o r m collectible a t par in U.S. C u r r e n c y . SYMBOLS e ESTIMATE P PRELIMINARY I REVISED n.a NOT AVAILABLE DATA DO NOT EXIST 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET W E E K ENDING NEW ISSUE 1 A a a UTILITY RECENTLY OFFERED A a a UTILITY 2 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT S O L D BY END O F WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 1975 - Nov. 7 14 21 28 9.10 9.11 9.40 9.24 9.24 9.30 9.25 280 700 587 100 94 96 67 85 48 .172 268 135 Dec. 5 12 19 26 9.46 9.37 9.24 9.34 9.25 9.19 9.13 425 727 560 88 91 100 105 84 0 1976 - J a n . 2 9 16 365 413 100 95 0 38 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) f . 88r . 58p 9.10 8.94r 8.66p MUNICIPAL BOND MARKET WEEK ENDING 1975 - Nov. MOODY'S NEW ISSUE 6.74 BOND BUYER 2D-BOND INDEX GROSS ' OFFERINGS ( $ MILLIONS) 7 14 21 28 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 - J a n . 2 9 16 6.45 6.25 6.25 7.29 7.13 7.09 6 277 364 44 92 65 63 34 132 6.62 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 1 RECENTLY OFFERED A a a UTILITY 2 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 Q - 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 (1/21) 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) 9.34 9.25 9.19 9.13 8.83 8.86 8.81 8.72 8.34 8.37 8.29 8.12 7.31 7.34 7.30 9.10 8.94r 8.66p 8.66 8.63r 8.61p 8.04 7.99r 7.93p 7.29 7.13 7.09 1975 - Dec. 5 12 19 26 9.46 9.37 9.24 1976 - J a n . 2 9 16 —— — 8.88r 8. 58p — 1 Federal Reserve series of implied yield on newly issued, Aaa rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS O F DOLLARS G R O S S PROCEEDS PERIOD 1 CORPORATE 1975 1 1974 1 2 S T A T E AND LOCAL 1973 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 2,361 2,387 2,135 2,255 2,003 2,025 1,977 1,515 2,467 April May June 4,293 5,628 5,618 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 August September 4,388 2,399 2,830 3,248 2,667 l,bl7 2,631 1,806 1,915 3,580 Z,7=33 2,159 1,459 1,106 1,701 2,028 1,657 1,750 October November December 4,573 4,609 3,739 3,511 3 ,398 3,563 3,238 2,269 2,331 2,860 2,483 1,479 2,313 2,257 2,089 Q1 02 03 04 15,270 15,539 9,617 9,232 9,205 7,532 11,859 8,222 8,618 6,352 10,199 6,883 8,370 8,522 6,283 6,867 4,266 6,822 5,959 5,917 5,435 6,659 1st Half 3 Qtrs. Year 30,809 40,426 18,437 25,969 37,828 16,840 23,192 33,391 15,253 23,775 13,150 17,416 24,238 11,876 17,311 23,970 * NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3 Includes Municipal Assistance Corporation bonds. Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS O F DOLLARS G R O S S P R O C E E D S BY TYPE O F I S S U E ERIOD BONDS TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY P R EFERRED PLACED STOCK G R O S S P R O C E E D S BY TYPE O F ISSUER MEMO I S S U E S INCLUDED FOREIGN (CONVERTIBLE MANUFACTURING PUBLIC UTILITY OTHER ISSUERS COMMUNICATIONS IV 11, 859 8 ,611 1 571 1 ,677 374 76 4,,079 3,,702 743 I II III 15, 270 15,539 9, 617 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 4.,732 4.,405 3,,322 1,,380 1,,338 679 3,105 3,423 3,036 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 Jan. Feb. Mar. 5 , 364 4, 523 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. May 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 — 1 —— — NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. — ^ 3,337 INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 J a n u a r y 2, t h r u J a n u a r y 1 6 , 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) 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 F i n a n c i a l Corp. S t a u f f e r Chemical Co. S t a u f f e r Chemical Co. N o r f o l k & Western Ry S o u t h l an d F i n . Corp. New York S t a t e E l e c t . & Gas Corp. I n d i a n a p o l i s Power & L i g h t C i n c i n n a t i Gas & E l e c t . Co. Middle South U t i l i t i e s Northwest P i p e l i n e Corp. N o r t h e r n N a t u r a l Gas Oklahoma Gas & E l e c t . Chesapeake & Ohio Ry E l t r a Corp. I n d i a n a p o l i s Water Co. A s s o c i a t e s Corp. of North America Greyhound Corp. Manitoba Hydro E l e c t . Bd. Other E l e c t r i c i t e de F r a n c e Asian Development Bank M e t r o p o l i t a n of Toronto M e t r o p o l i t a n of Toronto Notes Notes Debt Equip t r Notes 1 s t mtge Com s t k Pfd s t k Com s t k Pfd s t k 1 s t mtge 1 s t mtge Equip t r Debt 1 s t mtge Debt SF d e b t Debt 30.0 75.0 125.0 15.0 35.0 75.0 43.8 45.0 121.9 20.0 125.0 55.0 15.0 50.0 18.0 50.0 100.0 125.0 Notes Notes Notes Debt 75.0 100.0 20.0 60.0 1986 1986 2001 1976-1990 1986 2006 1996 2006 1976-1990 2001 1986 1981 2001 2006 1983 1980 1986 1996 NOTES: • Rights offering. e 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 10.00 9.00 8.63 8.00 8.50 8.50 8.63 9.38 9.25 10.00 9.00 8.50 5.90-8.00 8.5,5 8.50 8.69 9.45 9.35 Baa A/A+ Aa Aa 8.88 8.50 8.25 9.13 8.88 8.56 8.35 9.20 —— A/AA A A Aa Aaa Aaa Aaa/AA Aaa/AA Table 50 INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' J a n u a r y 2, t h r u J a n u a r y 1 6 , 1976 ISSUER TYPE 2 AMOUNT (MILLIONS O F DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING 1977-1995 1978 1977-1997 1978-1996 1976-2006 1977-1991 1976-1990 2006 1981-2001 1977-1991 1977-1997 1977-2006 1977-1996 1986-1996 1981-1994 1977-1996 6.24 4.24 6.17 5.46 9.99 5.70 7.37 7.37 6.21 6.21 9.77 5.78 5.22 5.50 6.20 5.38 4.00-6.95 3.75 4.00-6.90 3.75-6.85 6.75-9.85 3.80-6.00 4.25-7.10 7.90 4.30-6.75 4.00-6.50 6.50-9.55 3.50-6.50 3.10-5.70 4.80-5.70 4.60—6.60 3.40-6.30 A-l MIG 1 A-l Aa A Aa A-l A-l Aa A-l A Aa Aaa Aaa A-l Aa STATE AND LOCAL P e n n s y l v a n i a , S t a t e of Ohio Water Development G a r l a n d , Texas G a r l a n d , Texas Ramapo, N.Y. New J e r s e y , S t a t e of S. Dakota Hsg. Dev. Auth. S. Dakota Hsg. Dev. Auth. A u s t i n , Texas Oakland Comm. C o l l e g e D i s t . , . Mich. S u f f o l k Co., N.Y. Anne Arundel C o . , Md. C a l i f o r n i a , S t a t e of C a l i f o r n i a , S t a t e of F l o r i d a , S t a t e of Memphis, Tenn. G.O. Rev Rev G.O. G.O. G.O. Rev Rev Rev G.O. G.O. G.O. G.O. G.O. Rev G.O. 100.0 50.0 7.6 4.6 14.9 50.0 8.3 3.3 40.0 12.5 54.0 18.0 75.0 10.0 10.0 24.0 k NOTES: 1 2 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 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 Federel Agencies. T a b l e 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of J a n u a r y 16, 1976 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE * J e r s e y Cent. Pwr. & L i g h t Albertson's Inc. Texas Power & L i g h t Co. Time I n c . Texas Power & L i g h t Co. Southern Ry Co. Household Finance Corp. Household Finance Corp. Central I l l i n o i s Light Hackensack Water Co. * P a c i f i c Power & L i g h t Santa Fe I n t e r n a t i o n a l Corp. Puget Sound Pwr. & Lgt. Co. Deere & Co. Union P a c i f i c Ry Kansas Nebraska N a t u r a l Gas Gulf S t a t e s U t i l i t i e s Co. Gulf S t a t e s U t i l i t i e s Co. United Gas P i p e Line Co. * G e r ' 1 . Motors Accept. Corp. *Gen'1. Motors Accept. Corp. *Dow Chemical Co. *Arco Pipe Line Co. *Burroughs Corp. South C a r o l i n a E l e c t . & Gas South C a r o l i n a E l e c t . & Gas Consumers Power Kansas Power & L i g h t Co. G,ene. T e l e , of Northwest * M i s s i s s i p p i Power *American E l e c t r i c Power Co. 1 s t mtge Com s t k Pfd s t k Notes 1 s t mtge Equip t r Debt Debt Com s t k 1 s t mtge 1 s t mtge Conv d e b t Pfd s t k Conv d e b t Equip t r SF debt 1 s t mtge Com s t k Debt Debt Notes Debt . Notes Notes 1 s t mtge Com s t k Com s t k Pfd s t k Pfd s t k 1 s t mtge Com s t k ( r t s ) Other Newfoundland The P r o v i n c e of Kubota L t d . * I n t e r American Dev. Bank * I n t e r American Dev. Bank SF debt Debt Notes Debt 60.0 18.0 30.0 50.0 100.0 17.4 75.0 16.0 20.0 75.0 30.0 20.0 100.0 19.5 20.0 60.0 50.0 40.0 200.0 100.0 200.0 200.0 100.0 35.0 21.0 40.0 20.0 20.0 45.0 150.0 January January January January January January January January January January January January Janaury January January January January January January January January January January February February February : February February February February February 50.0 50.0 75.0 75.0 January January January January 100.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 18 19 20 20 20 20 20 20 21 21 21 21 22 26 27 27 28 28 28 28 28 17 18 28 Table 6 8 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 a s of J a n u a r y 16, 1976 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Allegheny C o . , Pa. S a l t River A g r i c . & Improv. D i s t . , Ariz. South C a r o l i n a , S t a t e of ^Plymouth Minn. U n i v e r s i t y of Alabama F l o r i d a , S t a t e of *0hio Air Q u a l i t y Dev. Auth. L a f a y e t t e , La. J o r d a n Sch. D i s t . , Utah Antelope V a l l e y E a s t Kern Water Agy., C a l i f . Howard C o . , Md. North C a r o l i n a , S t a t e of I l l i n o i s , S t a t e of * L o u i s i a n a , S t a t e of * N a s h v i l l e & Davidson Co. Metro, Gov., Tenn. Ventura Co. Pub. Fac. C o r p . , C a l i f . Washington Sub. S a n i t a r y D i s t . , Md. Los Angeles Dept. Water & Power, Calif. *Vista Building Auth., C a l i f . R o c h e s t e r , Minn. *San F r a n c i s c o S o c i a l Serv. C o r p . , Calif. Maryland, S t a t e of Postponement Ohio, S t a t e of G.O. 27.0 January 20 Rev G.O. G.O. Rev G.O. Rev Rev G.O. 100.0 30.0 14.0 25.5 41.8 19.0 10.0 16.0 January January January January January January January January 21 21 26 27 27 27 27 27 G.O. G.O. G.O. G.O. G.O. 19.0 13.3 120.0 150.0 100.0 January January January January February 27 28 28 29 3 Rev G.O. G.O. 10.0 27.5 57.0 February February February 3 3 4 Rev Rev Rev 50.0 25.5 17.0 February February February 4 10 10 Rev G.O. 10.8 150.0 February February 11 11 G.O. 60.0 January 20 * 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 1 STOCK PRICES DATE NYSE INDEX 3 | B J INDUSTRIALS AMEX 4 1 1973 - High Low 65.48 (1/11) 49.12 (12/13) 1974 - H i g h Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102 0 1 ( 3 / 1 4 ) 58 26 ( 1 2 / 9 ) 96.. 5 3 ( 3 / 1 5 ) 54,.87 ( 1 0 / 3 ) 1975 - H i g h ' 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 ) 5 12 19 26 45.84 46.26 46.82 47.60 818.80 832.73 844. 38 859.81 2 9 16 48.04 50.29 51.41 858.71 911.05 929.63 1975 Dec. 1976 Jan. 1051.50 (1/11) 788.31 (12/5) 130 47 ( 1 / 1 1 ) 85 26 ( 1 2 / 2 0 ) NYSE 136. .84 ( 1 / 1 1 ) 26, .0 ( 9 / 2 0 ) 89..12 ( 1 2 / 1 3 ) 9 .0 ( 8 / 2 0 ) 1 AMEX 1 NASDAQ 5.5 (1/12) 1.4 (8/20) 11, . 3 ( 1 / 1 1 ) 3,. 5 ( 8 / 2 7 ) 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 / 1 5 ) 60 .70 ( 1 / 2 ) 35,.2 ( 2 / 1 3 ) 8 .7 ( 9 / 1 5 ) 4.2 (2/21) 1.1 (9/15) 8,. 1 ( 2 / 1 3 ) 2 .5 ( 9 / 1 5 ) 82. .40 8 1 . ,92 82 . 4 3 82. 58 74..7? 7 4 . .91 75,. 9 2 77..13 17 . 1 14..9 16, .9 13..6 1.8 1.7 2.0 1.8 5. .7. 4..8 84. 31 88..82 92 . 0 5 78..06 82.. 3 1 34 . 3 0 15.. 1 28,.9 33.,4 2.4 2.7 3.0 5..9 6..7 7,.6 NOTES: 1 Figures other then highs end lows ere Friday# only. Highs end lows ere for the year end ere not necetserily for Fridays. 2 Volume figures ere weekly eweregei of deity figures (millions of shares). 3 12/31/66 - 60 4 Peeed on average price change until Septeinbet 4, 1973 thereafter, based on market value of shares listed. TRADING VOLUME NASDAQ 5,. 3 4,.9 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END O F PERIOD BROKERS O N 1 MARGIN STOCK B R O K E R S ON % CONVERTIBLE BONDS BANKS 1 lUDf il/MIUADAIIi U N n c UAl U LSiAA T cTen u NU NMAnuIN S T O C K CREDIT AT BANKS 3 OUTSTANDING 1974 - O c t . Nov. Dec. 3,930 3,960 3,840 145 139 137 916 891 856 2,024 2,053 2,064 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 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 14 3 r 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 - O c t . Nov. Dec. -90 30 -90 -3 -6 -2 -8 -25 -35 -36 29 11 1975 - J a n . 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 s 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 O F DOLLARS MUTUAL SAVINGS BANKS REGULAR D E P O S I T S NET FLOW 1971 1972 1973 1974 1974 - J u l y Aug. Sept. Oct. 1975 - J u n e r j July Aug. r / Sept. O c t . p./ 9,621 10,067 4,815 2,909 -521 -646 319 -74 1,871 509 197 785 330 1 ANNUAL 3 GROWTH RATE 13.5 12.4 5.3 3.0 —— — — — — — — — SAVINGS & LOAN ASSOCIATIONS NET NEW MONEY 2 SHARE CAPITAL 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 ANNUAL 3 GROWTH RATE 19.0 18.7 9.8 7.0 —— __ —— —— . —• — NET NEW MONEY 2 TOTAL DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE 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 29,335 10,062 1,847 -581 -1,218 -1,068 312 -1,002 -1,793 1,744 -364 __ -1,314 -2,055 -1,757 52 3,089 2,865 1,313 631 2,103 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 — — 2 3,805 3,129 1,323 293 2,223 SEASONALLY ADJUSTED 1975 - J a n u a r y February March April May June July r j August r j September October p / 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 —— — —— —— —— 2,455 3,057 4,842 3,642 4,331 5,031 4,144 3,208 3,049 3,123 12.1 14.9 23.3 17.2 20.2 23.0 18.6 14.2 13.3 13.5 — __ — —— — — — " NOTES: 1 Realtor deposits et mutual savings banks axdude items such as Christmas dub and certain escrow accounts, which represent a very small pert of total deposits. 2 New deposits net of both withcfcaweU and Interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. Digitized for 3 FRASER Annuel powth rati far monthly data is the annualized monthly percentage increese in deposits. Source: National Association of Mutual Savings Banks rnd Federal Home Loan Bank Board. H T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS O F DOLLARS, SEASONALLY A D J U S T E D OUTSTANDING COMMITMENTS PERIOD TOTAL ALL S A V I N G S MUTUAL & LOAN SAVINGS BKS> ASSOCIATIONS (N Y. S T A T E ) NET CHANGE TOTAL ALL SAVINGS MUTUAL SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) 1971 - Dec. 17.7 14.0 3.7 .49 .30 .19 4.9 .56 .55 .01 1972 - Dec. 25.1 20.2 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 -.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 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 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 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 1973 - J u l y Aug. Sept. Oct. Nov. Dec. 1974 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May June p July p TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM I S S U E S TOTAL FHLB FHLMC FNMA +530 +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 — — +256 -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 — +44 -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +470 -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 d a t a from 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. J / preliminary. — — — - — -150 —r- +350 +650 — +450 — +750 +499 -200 — — — — — + 300 0 -1 0 0 0 — +1,050 +100 +310 +491 -1 0 + 700 + 100 0 + 600 + 300 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNM/ TOTAL FINANCIAL INSTITUTIONS COMMERCIAL MSB's S & Ls BANKS ' 2 INSURANCE FNMA-GNMA COMPANIES1 Not S e a s o n a l l y Ad l u s t e d 1970 1971 1972 1973 1974 21,736 41,647 57,587 58,372 42,748 16,827 39,259 55,561 55,072 36,526 1975 - J a n . 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 1975 - J a n . 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 . 2,462 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 6,222 760 1,412 1,942 3,268 3,909 4,301 3,783 3,937 3,620 4,132 0 66 426 -200 100 1,109 0 70 1,614 400 132 2,285 200 181 3,184 323 400 3,425 200 334 3,122 300 213 3,259 500 119 2,883 700 226 2,996 200. 200 2 307 S e a s o n a l l y Ad l u s t e d 268 403 258 451 244 153 127 165 118 210 451 74 387 190 57 42 710 498 757 649 2,006 2,528 1,908 3,128 3,207 3,081 3,329 3,186 3,730 4,706 347 84 53 384 - 67 67 175 31 349 736 310 170 242 47 166 149 193 269 167 175 281 189 335 556 397 563 356 166 134 152 137 203 506 199 561 391 181 65 : 522 226 551 529 1,154 1,646 1,411 2,015 2,769 2,655 2,751 2,836 3,069 3,486 2,782 NOTES: 1 Monthly date for rommercial 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. Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES f 2 QUARTER RESIDENTIAL 3 MULTFAMLY COMMERCIAL FARM TOTAL TOTAL 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 f H 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 1 1 *° 4 " FAMILY MULTIFAMILY & COMMERCIAL 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. Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF UNITS, SEASONALLY PERMITS 1 -FAMILY ANNUAL RATES MORE TOTAL STARTS 2 - O R MORE COMPLETIONS 2 - O R TOTAL FAMILY 1969 1970 1971 1972 1973 1974 ADJUSTED 1—FAMILY FAMILY, MOBILE |2-OR MORE FAMILY HOME SHIPMENTS 1,324 1,352 1,925 2,219 1,820 1,074 626 647 906 ,033 882 644 698 705 1,018 1,186 937 431 1,467 1,434 2,052 2,357 2,045 1,338 811 813 1,151 1,309 1,132 888 656 621 901 1,048 914 450 1, 399 1,,418 1,,706 1,,972 2, 014 1, 692 808 802 1 ,014 1 ,143 1 ,174 932 592 617 692 828 840 760 413 401 497 576 567 329 1975 - J a n . Feb. Mar. Apr. May 689 701 677 837 912 508 515 503 603 658 182 186 173 234 254 999 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 June 949 679 270 1,094 884 210 1,, 165 785 380 210 July 1,042 995 1,095 1,079 1,118 711 732 779 769 789 331 263. 316 310 329 1,235 1,26? 1,269 1,457 1,375 935 987 931 1,102 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 Aug. Sept. Oct. Nov. NOTES: 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 erm i t s y s t e m s , e x c l u d i n g farm), starts, and c o m p l e t i o n s are C e n s u s B u r e a u data. A d w e l l i n g u n i t is started w h e n e x c a v a t i o n b e g i n s . the case of a p a r t m e n t b u i l d i n g s all u n i t s are c o n s i d e r e d started at t h a t t i m e ; h o w e v e r , all such u n i t s 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 u n i t s in t h e s t r u c t u r e are r e a d y f o r 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 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 st ed a n n u a l rate b y C e n s u s Bureau. 1 Permit data f o r 1 9 6 9 and 1 9 7 0 based o n 1 3 , 0 0 0 areas w i t h p erm i t s y s t e m s T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES EXISTING H O M E S SPREAD BETWEEN R E T U R N S ON NEW A a a NEW HOMES CONVENTIONAL UTILITY AND HUD(FHA) BOND DISCOUNT SPREAD NEW h C M E YIELD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) (BASIS POINTS) 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 10.13 n.a. 9.51 10 n.a. n.a. 4.6 -43 3.8 - 10.03 9.68 n.a. 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 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 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 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. Oct. Nov. RATE (IN PER CENT) 9.16 9.06 9.13 9.32r 9.74 9.53 9.41 6 16 21 21 -11 - 6 -13 -17 -49 -28 -21 9.00 8.94 9.60 9.66 9,62 9.37 9.25 9.49 9.70 9.22 n.a. 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 ttw insuring offices, rounded to the nearest 6 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. H \o 20 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS O F DOLLARS) OFFERED 1975 - High Low AVERAGE YIELD ACCEPTED CONVENTIONAL AMOUNT (IN MILLIONS O F D O L L A R S ) OFFERED | AVERAGE YIELD ACCEPTED" 643 ( 8 / 2 5 ) 366 ( 8 / 1 1 ) 9 . 9 5 ( 9 / 2 2 ) 100 ( 4 / 7 ) 51 ( 4 / 2 1 ) 25 ( 2 / 1 0 ) 18 ( 2 / 1 0 ) 8 . 7 8 ( 2 / 1 0 ) 10 ( 1 0 / 2 0 ) 9 ( 2 / 1 0 ) 10.02 (9/22) 8.96 (3/10) 1975 - O c t . 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 68.6 19.6 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 1976 - J a n . 12 58.4 31.5 9.13 42.7 32.1 9.28 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.