Full text of H.16 Capital Market Developments : March 29, 1976

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I

Capital
Market
Developments

March 2 9 , 1 9 7 6
Prepared by the

DIVISION OF R E S E A R C H AND STATISTICS

C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE, A G R I C U L T U R A L , and
CONSUMER F I N A N C E SECTION

BOARD OF GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D C. 20551




'V

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

STOCK MARKET AND S E C U R I T Y
CREDIT

9-16

MORTGAGE MARKET

SYMBOLS
e
ESTIMATE
p
PRELIMINARY
r
REVISED
n.a NOT AVAILABLE
— DATA DO NOT EXIST

3

Table 1

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

YIELDS
WEEK ENDING

1976 - J a n .

2
9
16
23
30

Feb.

6
13
20
27
5
12
19
26

Mar.

NEW ISSUE
A a a UTILITY

1

RECENTLY
OFFERED
A a a UTILITY

2

'

3
GROSS
OFFERINGS
( $ MILLIONS)

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

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

9.10
8.94
8.68
8.69
8.68

WW

—

365
413
537
870

100
95
96
96

0
38
34
30

8.66
8.58r

8.62
8.68
8.67
8.56

50
350
302
1,376

99
100
96
82

5
0
27
165

8.72
8.63
8.61
8.54p

8.72
8.64 «
8.60r
8.53p

440
978
920
410

90
95
99
92

73
30
6
63

8.88
8.64
8.62
8.66

*

8.68
- -

• ——

,

MUNICIPAL B O N D MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS).

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

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

1976 - J a n .

2
9
16
23
30

6.45
6.25
6.25
6.15
6.00

7.29
7.13
7.09
7.01
6.85

6
277
364
383
1,319

44
92
65
87
78

63
34
132
57
164

Feb.

6
13
20
27

6.00
6.05
6.06
6.06

6.86
6.95
6.97
6.98

774
625
539
508

87
80
77
89

159
170
239
154

5
12
19
26

6.10
6.05
6.0.1
5.81

7.04
6.98
6.92
6.72

509
1,064
529
534

87
90
88
92

155
187
169
93

Mar.

NOTES:
1

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

2

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

3

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

4

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




Table 2

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

DATE

1

RECENTLY OFFERED
A a a UTILITY

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

4

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

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 . 7 1 (5/25)
9.06 (2/28)

9 . 0 1 (5/2)
8.57 (2/28)

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

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

1976 - High
Low

8.88 (1/9)
8.54 (3/26)

9.10 (1/2)
8.53 (3/26)

8.66 (1/2)
8 . 5 1 (3/26)

8.09 (2/13)
7.91 (3/26)

7.29 ( 1 / 2 )
6.72 (3/25)

6
13
20
27

8.68
8.64
8.58

8.62
8.68
8.67
8.56

8.56
8.57
8.56
8.51

8.04
8.09
8.06
7.96

6.86
6.95
6.97
6.98

5
12
19
26

8.72
8.63.
8.61
8.54p

8.72
8.64
8.60r
8.53p

8.55
8.55
8.54
8.51p

8'.07
7.99
7.97r
7.91p

7.04
6.98
6.92
6.72

1976 - Feb.

Mar.

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

GROSS PROCEEDS

1

CORPORATE

PERIOD

1975

1

1974

1

1976
2,389
2,586

January
February
March

5,365
4,528
5,378

3,328
2,687
3,217

2,327
1,962
3,933

April
May

June

4,294
5,798
5,618

3,060
3,164
2,981

July
August
September

4,390
2,396
2,838

October
November
December

2

STATE AND LOCAL

1973

1

1975

1

1974

2,361
, 2,387
2,135

2,255
2,003
2,025

2,497
2,543
3,578

2,406
2,900
3,064

2,397
2,304
2,166

3,248
2,667
l,bl7

2,631
1,806
1,915

3,580
2,783
2,159

1,459
1,106
1,701

4,619
3,965

4,609
3,739
3,511

3,398
3,563
3,238

2,323
2,381
2,052

2,860
2,483
1,479

01
02
03
04

15,271
15,710
9,624

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

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

6,883
8,370
8,522
6,756

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

1st Half
3 Qtrs.
Year

30,981
40,605

18,437
25,969
37,828

16,840
23,192
33,391

15,253
23,775
30,531

13,150
17,416
24,238

NOTES:
1

Securities end Exchange Commission estimates of pots proceeds.

2

Securities Industry Association estimates ef principal amounts.




Table 4

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

GROSS PROCEEDS BY TYPE OF ISSUER

G R O S S PROCEEDS BY TYPE OF ISSUE
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

MEMO
I S S U E S INCLUDED
FOREIGN (CONVERTIBLE

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

IV

11 859

8 ,611

1 ,571

1,677

374

76

4,,079

3,,702

743

3,337

I

15 271
15 710
9 624

10 829
10 ,510
5 428

2 ,350
1 ,595
2 ,140

2,092
3,605
2,056

1 ,255
1 ,035
1 ,225

1
656
463

6, 058
6, 699
2,,585

4, 735
4, 407
3, 324

1,382
1,190
679

3,099
3,414
3,036

- Nov.
Dec.

3 ,739
3 ,511

3,,016
2 ,172

330
886

393
453

199

76

1 ;,699
1 ;,652

964
629

93
175

985
1,055

- Jan.
Feb.
Mar.

5,,365
4,,528
5 ,378

3 ,657
3 ,201
3 ,971

1 ,135
705
510

573
622
897

470
610
175

1

1,,904
1 ,675
2 ,479

1 : ,957

1,, 271
1,,507

938
127
317

1,252
771
1,076

Apr.
May

4,,294
5,,798
5 ,618

2 ,771
3 ,796
3 ,943

423
502
670

1,100
1,500
1,005

135
475
425

130
315
211

1 ,731
2.,650
2 ,318

1 ,380
1 ,549
1.,478

415
413
362

767
1,188
1,459

July
Aug.
Sept.

4,390
2,,396
2,,838

2 ,658
1 ,356
1 ,414

1 ,075
477
588

657
563
836

925

425

300

38

1 ,180
708
697

1,,039
1 ,024
1 ,261

270
112
297

1,901
551
584

Oct.a,
Nov.

4,,619
3.,965

2 ,389
1:,666

683
1 ,516

1,547
783

102
825

61

901

1,,238
1,,268

928
50

1,553
1,546

-

II

III

—

NOTES:
1

MANUFACTURING

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

Source: Securities and Exchange Commission.




—

1, ,102

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
March 1, t h r u March 2 6 , 1976
AMOUNT
(MILLIONS
OF
DOLLARS)

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Union O i l of C a l i f .
Texas E l e c t r i c S e r v i c e
V i r g i n i a E l e c t r i c & Power Co.
S o u t h w e s t e r n P u b l i c S e r v i c e Co.
S o u t h w e s t e r n P u b l i c S e r v i c e Co.
P u b l i c S e r v i c e E l e c t r i c & Gas
Northeast U t i l i t i e s
V i r g i n i a E l e c t r i c & Power Co.
F l o r i d a Power & L i g h t Co.
Owen-Illinois Inc.
San Diego Gas & E l e c t . Co.
J . P. Morgan & Co.
Duquesne L i g h t
Toledo Edison
Puget Sound Power & L i g h t
Duke Power
American Cyanamid Co.
Jim W a l t e r Corp.
Commercial C r e d i t Co.
Commercial C r e d i t Co.
J . P. Morgan & Co. I n c .
S t a n d a r d O i l Co. of Ohio

SF d e b t
1 s t mtge
1 s t mtge
1 s t mtge
Pfd s t k
Com s t k
Com s t k
Pfd s t k
Com s t k
Com s t k
Pfd s t k
Com s t k
Pfd s t k
Com s t k
Com s t k
Com s t k
SF d e b t
SF d e b t
Notes
Notes
Notes
Notes

200.0
100.0
100.0
40.0
15.5
36.3
60.9
60.0
75.8
80.5
27.5
108.0
30.0,
46.0
25.7
88.1
100.0
125.0
50.0
100.0
150.0
200.0

2006
2006
2006
2006

2006
1996
1981
1986
1986
1977

NOTES:
•
1

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




8.70
8.75
9.25
8.92
8.60

Aa
Aaa
A
Aa
Aa/AA

9.75

9.75

Baa/BBB+

10.72

9.75

Baa/BBB

9.26

9.26

A/A

8.38
9.50
8.40
8.88
8.13
7.10

8.42
9.50
8.40
8.95
8.00
7.10

Aa
Baa/BBB
A
A
Aaa
A/AA

8.63
9.25
8.88

Table 5A C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1, t h r u March 2 6 , 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

S t a n d a r d O i l Co. of Ohio
Standard O i l Co. of Ohio
Genesco I n c .
Metro. Edison Co.
^
American E l e c t r i c Co.
Harrahs
Baxter L a b o r a t o r i e s
Southwestern B e l l T e l e . Co.
Union P a c i f i c Ry
I n t e r n a t i o n a l H a r v e s t e r C r e d i t Corp.
S o u t h e r n C a l i f . Edison Co.
Texaco I n c .
Dayton Power & L i g h t Co.
Kansas Gas & E l e c . Co.
Texas U t i l i t i e s
Union Camp Corp.
P a c i f i c L i g h t i n g Corp.
I l l i n o i s Power Co.
Texas E a s t e r n T r a n s m i s s i o n Corp.
Iowa I l l i n o i s Gas & E l e c t r i c Co.
Houston L i g h t i n g & Power
Smith I n t e r n a t i o n a l I n c .
P o r t l a n d G e n e r a l E l e c t r i c Co.
E l Paso Co.
Honeywell F i n a n c e I n c .
W i l l i a m s Cos.
S o u t h e r n Co.




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

50.0
75.0
70.0
50.0
196.0
20.0
100.0
300.0
19.5
75.0
125.0
300.0
35.3
21.9
90.0
92.0
51.8
51.1
60.0
20.0
40.0
31.9
23.4
40.0
75.0
100.0
165.0

1979
1981
1981
2006

7.60
8.00
10.38
9.00

7.60
8.00
10.46
9.10

1996
2001
2016
1977-1991
1984
2001
2006
—
1—

7.50
4.75
8.50
8.13
9.00
8.88
8.50

7.50
4.75
8.56
6.50-8.20
9.00
8.93
8.57

——

——

—

—
——
——
——
——
——

2003
1986
2006
—

- -

A/AA
A/AA
Baa/BB
A
—

-/BB
Baa/BBB
Aaa
Aaa
A/BBB
Aa
Aaa

——
•

—

8.94
9.60
9,24
9.08
—m
m
9.50
8.40
8.70
9.40

8.75
9.60
9.24
9.08
——

9.50
8.40
8.70
9.40

A/AA
— /BBB
A/A
Aa/AA
* —

Baa/BBB
Aaa
A
Baa/BBB

T a b l e 5A C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1 , t h r u March 2 6 , 1976
ISSUER

TYPE

•

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Iowa I l l i n o i s Gas & E l e c t .
S o u t h e r n Ry
Alabama Power Co.
Portland General E l e c t r i c

1 s t mtg
Equip t r
1 s t mtg
1 s t mtg

20.0
17.4
50.0
50.0

2006
1977-1991
2006
2006

8.75
8.00
8.88
9.50

2006
1984
1981

8.75
8.63
8.25

8.66
6.50-8.10
9.00
9.50

Aa
Aa/AA+
A/ABaa/BBB

Other
B e l l Canada
European I n v e s t m e n t Bank
Norway




Debt
Notes
Notes

200.0
100.0
100.0

8.82
8:67
8.25

Aa ,
Aaa
Aaa

Table SB

INTERMEDIATE ANti LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
March 1, t h r u March 2 6 , 1976
AMOUNT
(MILLIONS OF
DOLLARS)

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

V i r g i n i a Hsg. Dev. Auth.
V i r g i n i a Hsg. Dev. Auth.
V i r g i n i a Hsg. Dev. Auth.
Omaha Pub. Power D i s t . , Neb.
Omaha Pub. Power D i s t . , Neb.
Omaha Pub. Power D i s t . , Neb.
W i s c o n s i n , S t a t e of
V i r g i n i a Pub. Sch. Auth.
Montgomery Co., Pa.
H a r t f o r d , Conn.
Upper S t . C l a i r Tp. Sch. A u t h . , Pa.
Upper S t . C l a i r Tp. Sch. A u t h . , Pa.
Memphis, Tenn.
Phoenix, Ariz.
Denver, Colo.
Denver, Colo.
Maine M u n i c i p a l Bond Bank
San A n t o n i o , Texas
B a l t i m o r e C o . , Md.
M i n n e a p o l i s Sch. D i s t . #1 Minn.
I l l i n o i s H e a l t h F a c . Auth.
I l l i n o i s H e a l t h F a c . Auth.
I l l i n o i s H e a l t h F a c . Auth.
I l l i n o i s H e a l t h F a c . Auth.

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

2.9
1.3
15.2
19.1
16.8
44.1
148.0
16.0
12.1
20.0
10.1
1.5
25.0
14.0
1.9
12.8
27.5
60.0
30.0
14.5
10.2
4.8
14.5
4.9

1978-1995
1999
2018
1982-1999
2006
2016
1977-2001
1977-1996
1976-1991
1977-2006
1977-1990
1993
1983-2001
1980-1990
1979-1986
2000 1
1977-2001
1977-1999
1978-2006
1977-1991
1979-1988
1992
2004
2008

7.86
7.86
7.86
7.12
7.12
7.12
5.48
5.88
5.40
6.04
—
—

6.41
5.50
8.17
8.17
6.62
6.27
5.59
5.37
7.79
7.79
7.79
7.79

4. 7 5 - 7 . 4 0
7.50
7.75
4. 7 5 - 6 . 7 5
7.04
7.20
3. 3 0 - 6 . 1 5
3., 6 0 - 6 . 6 0
2., 6 0 - 5 . 7 5
3.. 6 0 - 6 . 5 0
3.. 5 0 - 6 . 3 5
6.50
4,. 7 5 - 6 . 7 0
4,. 4 0 - 5 . 9 5
5,. 5 0 - 7 . 0 0
8.00
4,. 1 5 - 7 . 0 0
3,, 6 0 - 6 . 7 0
4,. 0 0 - 6 . 7 0
3,. 3 0 - 5 . 7 5
5,. 4 0 - 7 . 2 5
7.50
7.88
7.90

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

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

NOTES:
1
2

Includes only state and local security offerings of S10 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..Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent.. revenue bonds secured solely by lease payments.

3
Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.



Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS

V

OTHER THAN U.S. TREASURY
March 1, t h r u March 26, 1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Columbus, Ohio
Ohio, S t a t e of
Kansas C i t y , Kansas
Kansas C i t y , Kansas
G e o r g i a , S t a t e of
M a s s a c h u s e t t s , S t a t e of
New Mexico S t a t e Univ.
New Mexico S t a t e Univ.
Albuquerque Mun. Sch. D i s t . , N.M.
L i n c o l n , Neb.
L i n c o l n , Neb.
L i n c o l n , Neb.
L i n c o l n , Neb.
North Hempstead, N.Y.
Ocala, Fla.
Waltham, Mass.
C o n n e c t i c u t , S t a t e of
Alabama, S t a t e of
P e n n s y l v a n i a , S t a t e of
Minnetonka, Minn.
Dade C o . , F l a .
Kalamazoo H o s p i t a l F i n . A u t h . , Mich.
Kalamazoo H o s p i t a l F i n . A u t h . , Mich.




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

16.0
100.0
9.8
15.2
27.3
535.0
7.5
17.6
10.8
5.7
11.9
9.7
20.9
16.4
10.0
11.5
100.0
15.0
110.0
10.9
46.0
4.3
7.4

1978-2002
1977-2001
1981-1996
2006
1977-1996
2001
1986
1977-1997
1977-1981
1978-1998
1978-1998
2011
2011
1977-2007
1979-2005
1977-1990
1977-1996
1977-1991
1976-1995
1978-1990
1977-2001
1977-1987
1996

6.11
6.90
6.70
6.70
5.55
9.05
——

7.33
7.33
7.33
7.33
5.66
6.89
5.58
6.24
5.09
6.32
6.15
6.63
—

4.00-6.50
3.75-7.25
4.80-6.40
6.90
3.25-6.15
9.00
4.20-6.20
4.50-7.00
3.70-4.60
4.25-6.90
4.30-7.00
7.38
7,50
3.30-6.25
4.50-7.00
3.90-6.20
3.80-6.75
3.25-5.60
3.25-7.05
4.25-6.30
3.70-7.10
5.00-7.00
7.70

Aa
Aa
Aa
Aa
Aaa
A-l
——
—
—

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

T a b l e 5B C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1, t h r u March 2 6 , 1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

West V i r g i n i a Hsg. Dev. Fund
St. Petersburg, Fla.
Albany C o . , N.Y.
Washington, S t a t e of
Washington, S t a t e of
A l l e g h e n c y Co. I n d u s t . Dev. A u t h . , P a .
F a r m i n g t o n , N.M.
D a l l a s Co. Coram. C o l l e g e D i s t . , Texas
Phoenix High S c h . D i s t . , A r i z .
G l e n d a l e Union High Sch. D i s t . , A r i z .
Nebraska Pub. Power D i s t .
Nebraska Pub. Power D i s t .
Chicago P a r k D i s t . , 111.
Phoenix Union High Sch. D i s t . , #210,
Ariz.




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

13.5
20.0
70.0
38.5
18.4
15.5
20.0
15.0
13.8
10.0
102.0
48.0
15.0

1976-1986
1977-2001
1977-2000
1977-2001
1977-2001
2001
2006
1977-1988
1984-1988
1986-1990
2013
1980-1999
1977-1991

G.O.

10.3

1982-1984

5.96
7.32
7.32
5.59

3.50-6.10
4.00-6.80
6.40-8.75
3.25-6.15
3.25-6.15
6.40
6.88
3.10-5.05
5.00-5.50
5.50-6.05
7.40
4.70-7.00
3.50-6.10

A-l
A-l
A
Aa
Aa
Aa
Aa
Aaa
•» —
A-l
A-l
A-l
Aa

4.96

4.60-4.75

Aa

** *

6.56
8.91
5.74
5.74
f—
——
4.63
- -

13
T a b l e OA

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

1

As of March 2 6 , 1976

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Big Three I n d u s t r i e s I n c .
H e r t z Corp.
Greyhound L e a s i n g & F i n a n c i a l Corp.
Hawaiian T e l . Co.
A t c h i s o n & Topeka S a n t a Fe Ry
P e n n s y l v a n i a Power & L i g h t Co.
* L i g g e t t & Myers I n c .
I n l a n d S t e e l Co.
P a c i f i c Gas & E l e c t r i c Co.
Browning F e r r i s I n d u s t r i e s
Big Three I n d u s t r i e s
D. H. Baldwin V
Ohio E d i s o n
Chesapeake & Ohio Ry
Arvin I n d u s t r i e s
G e n e r a l Motors Accept. Corp.
Minnesota Power & L i g h t
P e n n s y l v a n i a E l e c t . Co.
N o r t h e r n I n d i a n a P u b l i c Svc
Capital Financial Services Inc.
Central I l l i n o i s Light
Southern B e l l T e l .
*Utah Power & L i g h t
A p p a l a c h i a n Power Co.
P h i l a d e l p h i a E l e c t r i c Co.
* C e n t r a l Maine Power Co.
S o u t h w e s t e r n E l e c t r i c Pwr.
N o r t h e r n S t a t e s Power Co.
*Rocky M a i n t a i n N a t u r a l Gas Co.
Bucyrus E r i e Co.
H o s p i t a l Corp of America
Borg Warner Acceptance
*Avco F i n a n c i a l S e r v i c e s
American H o i s t
p u b l i c S e r v i c e E l e c t r i c & Gas Co.
CIT F i n a n c i a l
GIT F i n a n c i a l
R e l i a n c e Group I n c .

SF d e b t
SF d e b t
Notes
1 s t mtg
Equip t r .
Com s t k
Debt
Com s t k
Pfd s t k
Notes
Com s t k
Notes
Com s t k
Equip t r
Pfd ' s t k
Notes
Com s t k
1 s t mtg
com s t k
Notes
1 s t mtg
Debt
1 s t mtg
1 s t mtg
Pfd s t k
1 s t mtg
1 s t mtg
Com s t k
Pfd s t k
Notes
Com s t k
Notes
Notes
Com s t k
1 s t mtg
Debt
Debt
Pfd s t k

50.0
50.0
50.0
35.0
15.0
75.0
75.0
75.0
100.0
40.0
58.8
15.0
71.0
15.0
21.3
150.0
15.0
60.0
40.0
25.0
40.0
450.0
32.0
60.0
50.0
35.0
45.0
60.0
20.0
50.0
21.3
50.0
100.0
16.5
60.0
75.0
100.0
50.0

NOTES:
*

Included in table for first time.

1

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




March
March
March
March
March
March
March
March
March
March
March
March
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
INDEF
INDEF
INDEF
INDEF

30
30
30
30
30
30
31
31
31

6
6
7
7
13
13
14
15
20
20
21
22
22
27
27
27

14

T a b l e 6A Continued

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

1

As of March 2 6 , 1976

TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

81.0

INDEF

100.0

INDEF

CORPORATE

*Abbott L a b o r a t o r i e s

Other
S o c l e t e N a t i o n a l e de Chemins




Com s t k

Notes

Table 6B

15

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of March 26, 1976
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Albuquerque, N.M.
•Peabody, Mass.
C a l i f o r n i a , S t a t e of
•Kentucky Hsg. Corp.
Kansas, S t a t e of
T e x a s , S t a t e of
M i n n e a p o l i s , Minn.
• M i s s o u r i S t a t e E n v i r o n m e n t a l Auth,
• S o u t h C a r o l i n a , S t a t e of
Maine, S t a t e of
South C a r o l i n a Pub S e r . A u t h .
W i c h i t a U n i f i e d Sch. D i s t . #259
Kan.
• G i l r o y U n i f i e d Sch, D i s t . , C a l .
Wilmington, D e l .
• V a l d e z , Alaska
•Lynchburg, Va.
Milwaukee C o . , Wise.
•Conejo V a l l e y U n i f e d Sch. D i s t . ,
Cal.
Ohio, S t a t e of
Oregon, S t a t e of
Deer P a r k Tnd. Sch. D i s t . , Texas
•Washington Pub. Power System
• D a l l a s , Texas
• D a l l a s , Texas

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

19.3

10.2
100.0
90.0
50.0
35.0
16.7
10.5
13.6
19.0

100.0
15.0

10.0

12.5
13.6
15.6

11.8

March
March
March
March
March
April
April
April
April
April
April

29
30
30
31
31

April
April
April
April
April
April

7
7
8
12
13
13

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

10.5
45.0
125.0
13.5
100.0

April
April
April
April
April
April
April

13
13
13
19
27
28
28

G.O.
Rev

13.6

March
April

29
8

10.0
22.0

POSTPONEMENT
V a l d e z , Alaska
Ohio Water Dev. Auth.

*

10.0

NOTES:
1

Includes stats end local government issues of $10 million end over, foreign government, International Bank for Reconstruction
issues of Federally sponsored egencies; excludes secondary offerings.
Included in the table for the first time.




Table 7

STOCK PRICES AND VOLUME
DATE

1973 - High

1

STOCK PRICES
NYSE INDEX

|

BJ INDUSTRIALS

|

AMEX

4

|

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

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

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

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)

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

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

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

Low

55.15 (3/24)
48.04 (1/2)

1,009.21 (3/24)
858.71 (1/2)

105.30 (3/11)
84.31 (1/2)

2
9
16
23
30

48.04
50.29
51.41
52.59
53.55

858.71
911.05
929.63
953.95
975.28

Feb.

6
13
20
27

52.97
53.27
54.61
53.39

Mar.

5
12
19
26

53.05
53.91
53.76
54.87

Low

1974 - High
Low

1975 - High
Low

1976 - High
1976
Jan.

2

TRADING VOLUME

NASDAQ

NYSE

1

136.84 (1/11) 26.0 (9/20)
89.12 (12/13) 9.0 (8/20)

AMEX

I

NASDAQ

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

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

•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)

92.09 (2/25)
78.06 (1/2)

4 4 . 5 (2/20)
10.3 d / 2 )

8.6 (2/20)
1 . 1 (1/2)

1 1 . 1 (2/20)
3.5 (1/2)

84.31
88.82
92.05
94.17
96.84

78.06
82.31
84.30
85.26
87.05

15.1
28.9
31.9
32.3
32.4

2.4
2.7
2.9

954.90
958.36
987.80
972.61

97.16
99.54
103.91
103.37

87.25
88.96
91.02
90.25

972.92
997.64
979.69
1,003.46

103.65
104.48
103.37
104.73

89.47
90.99
89.54
90.89

NOTES:
1
2
3

Fipwee other then Ntfis end tows ere Frideys only. Highs end lows ere for the yeer end ere not neceeerily for Frideys.
Vohmw figures ere weekly everegw of deity figures (millions of sfwres).
1 2 / 3 1 / * - 80

4

Beeed en everep price chenge until September 4.1873 thereefter. besed on merket veloe of sheres listed.




%

5.9
6.7
7.5
8.1
7.8

31.5
27.6
34.8
32.4

3.7
3.5
6.4
5.7

8.7
7.2
9.2
8.9

24.1
27.2
21.4r
24.2

4.0
4.0
3. 3r
3.1

7.2
7.6
7.Or
7.6

•

17

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1 BROKERS ON %
MARGIN
CONVERTIBLE
STOCK
BONDS

BANKS

21

•UNREGULATED
l y n r ^ i i i a wr% NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1975 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1976 - J a n .
Feb.

3,950
4,130
4,180
4,360
4,700
4,990
5,300
5,220
5,250
5,300
5,370
5,390

134
136
134
138
140
146
143
142
145
144
146
147

5,420
5,950

146

110
180
50
180
340
290
310
-80
30
50
70
20

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

30
530

-1

1

848
830
844
824
819
844
820
832
852
1,007
1,008
960

1,919
1,897
1,882
1,885
1,883
2,434
2,387
2,457
2,520
2,311
2,270
2,281

1,000

2,321

-8
-18
14
-20
-5
25
-24
12
20
155
1
-48

-145
-22
-15
-3
-2
551
-47
70
63
-209
-41
11

40

40

CHANGE IN OUTSTANDING

1975 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1976 - J a n .
Feb.

,

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 benks represent estimates for eh 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 Bdard 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
value.




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

1971
1972
1973
1974
1975p

9,621
10,067
4,815
2,909
10,960

1974 - September
October
November
December

319
-74
449
1,053

1975 - September
October
November
December p /

785
348
765
1,284

1976 - January £ /

1 ,035

1975 - JanuaryFebruary
March
April
May

405
713
1,149
955
1,295

1

ANNUAL 3
GROWTH
' RATE

13.5
12.4
5.3
3.0
11.2

-

-

NET
NEW
MONEY

2

SHARE CAPITAL
NET
FLOW

5,378
5,451
-442
-2,822
4,754

27,793
32,567
20,237
16,053
43,118

' -689
-260
236
-37

1,425
438
1,226
3,393

-338
131
549
111

3,698
2,264
2,246
6,332

809

5,376

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0
17.7

-

NET
NEW
MONEY

2

TOTAL
DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8
15.8

20,653
23,884
10,507
4,668
o 29,276

37,414
42,634
25,052
18,962
54,078

-1,068
312
1,091
571

1,744
364
1,675
4,446

-

631
2,086
2,072
968

4,483
2,612
3,011
5,616

- -

5,108

6,411

- -

-

SEASONALLY ADJUSTED
4.9
8.7
13.8
11.4
15.3

-

2,351
3,005
3,864
3,712
4,237

11.5
14.6
18.6
17.6
19.8

—

2,756
3,718
5,013
4,667
5,532

NOTES:
1
Regular deposit* 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.

Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




9.6
12.9
17.2
15.8
18.5

NET
NEW
MONEY

2

26,331
29,335
10,062
1,846
34,030
-1,757
52
1,327
534
293
2,217
2,621
1,079 •
5,917

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

DATE

NET
FLOW

1

ANNUAL 3
GROWTH
RATE

1975 - June
July
August
September
October
November
December

1,369
1,190
1,044
802
731
772
523

16.0
13.7
11.9
9.0
8.2
8.6
5.8

1976 - January j>/

1,037

11.4

NET
NEW
MONEY

- ~

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

- -

«• *»
——

2

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

4,395
4,774
3,933
3,682
3,334
3,125
2,925

20.2
21.5
17.4
16.1
14.4
13.3
12.3

4,233

17.7

NET
NEW
MONEY

——
- - —-

—
—

DEPOSITS
NET
FLOW

5,764
5,964
4,977
4,484
4,065
3,897
3,448

19.0
19.3
15.9
14.1
12.6
12.0
10.5

5,270

15.9

NOTES:
1

Regular deposits et mutual swings banks exclude items such as Christmas dub end certain escrow accounts, which represent a very smell pert of total deposits.

2

New deposits net of both withdrawals end interest. Date for SSL's ere for insured associations only, which represent 96 per cent of industry total resources.

3
Annuel yowth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY
__
-—
—
---

20

Table 10

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

ALL SAVINGS
MUTUAL
SAVINGS BKI5
& LOAN
ASSOCIATIONS (N Y. STATE;>

NET CHANGE
TOTAL

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

1972 - Dec.

25.2

20.3

4.9

.45

.43

.02

1973 - Dec.

19.9

16.4

3.5

.04

.21

-.17

1974 - Dec.

14.6

12.4

2.2

- -

.09

-.09

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

14.6
14.5
15.0
16.2
16.8
17.0
18.0
19.1
20.0
20.1
20.4
17.5

12.5
12.6
13.0
14.2
14.7
14.9
15.9
16.9
17.9
18.0
18.4
18.5

2.1
1.9
2.0
2.0
2.1
2.1
2.1
2.22.1
2.1
2.0
2.0

-.03
-.01
.50
1.18
.55
.25
.92
1.21
.90
.01
.35
.12

.08
.14
.39
1.17
.49
.21
.94
1.10
.96
.07
.42
.08

-.11
-.24
.11
.01
.06
.04
-.02
.11
-.06
-.06
-.07
.04

1976 - J a n .

20.5

18.5

2.0

.06

.02

.04

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

21

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

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

PERIOD

TOTAL

FHLB
+998
+1,349
+1,500
+1,300

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

+1,475
+1,693
+1,910
4 +1,946
+11
+598

+1,528
+1,349
+1,850
+1,950
-150
+256

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

-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

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

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

-242
-659
+440
0
-1,568
+330
+236
-398
215
587
152
669

-5
-254
+ 689
+69
-1,279
+ 600
+ 300
-700
100
850
200
600

-4
-554
-11
-30
-1,279
0
0
-700
0
+150
0
0

-154

0

0

1976 - J a n . p

*

FHLMC
—
——
—

-150

—

FNMA
+530
——

+350
+650
——

+256

—

—

-800
-657

—

——

—

—

+450

Notes:
Based on d a t a from t h e Treasury Survey of Ownership.
11 Sales of FHLB d i s c o u n t n o t e s began i n Hay 1974.
]>/ P r e l i m i n a r y .




FNMA & FHLB

INTERMEDIATE AND LONG-TERM I S S U E S

+44

SHORT-TERM
DISCOUNT .
NOTES 1 /

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

+1,050
+100
+310
+491

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

+ 300
0
-1
0
0
0
0
0
0
200
0

-1
0
+ 700
+ 100
0
+ 600
+ 300
0
100
700
0
600

-237
-405
-249
-69
-289
-270
-64
302
115
-263
-48
69

0

0

-154

—
—

——

+750
+499

—
—

-200
"

—-

—

22

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

I

FINANCIAL INSTITUTIONS
INSURANCE
COMPANIES

[COMMERCIAL
BANKS

Not Seasonally Adjusted
1971
1972
1973
1974
1975
1975 - Oct.
Nov.
Dec.

41,647
57,587
58,372
42,748
42,475

39,259
55,561
55,072
36,526
37,636

9 ,940
16 ,800
19.,600
11 =
,700
2,,900

3 ,938
5.,377
5,,642
2, ,172
2, ,236

23 ,919
31 ,932
25,,552
17.,560
29.,400

1,221
1,452
4,278
5,078
3,100

2 ,388
2 ,026
3.,300
6.,222
4.,839

4,781
3,284
4,413

4,132
2,918
3,754

700
200
200

226
200
272

2,,996
2,,323
2,,774

210
195
508

649
366
658

0
200

84

1, 378

1976 - J a n .
Feb.
Mar.
Apr.
May
June

410

Seasonally Adjusted
1975 - Oct.
Nov.
1976 - J a n .
eb.

5.,152
3.,829
4,,793

4,,641
3,,474
4,,058

722
311
481

273
214
200

3.,490
2,,949
3,,360

378
562

181

2,,189

156
133
17

511
355
735
486

Apr.
May •
;

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 r o u p s accounted for 83 per cent of the net increase estimated for all holders in 1974.

2 for
Beginning
January 1972 data reflect activity in limited amount of conventional mortgages.
Digitized
FRASER


Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL R A T E S

RESIDENTIAL

TOTAL

QUARTER

TOTAL

I
j

1- to 4 FAMILY

,
MULTIFAMILY

3
COMMERCIAL

MULTFAMLY
&
COMMERCIAL

FARM

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
1.71.4

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
52.2
40.3

39.5
44.0
32.2
23.5

32.1
37.1
25.5
18.5

7.4
6.8
6.7
5.0 -

15.4
17.3
14.2
10.5

22.7
24.1
20.9
15.5

3.6
4.0
5.7
6.3

1975 - I
II
III
IV p

34.7
50.4
56.5
62.7

21.2
35.1
41.7
47.6

19.7
34.3
39.4
42.9

1.5
.8
2.3
4.7

8:5
11.1
10.4
9.7

10.0
11.9
12.7
14.4

5.0
4.2
4.3
5.5

1969 - I
II
III
IV
1970 - I
II
III
IV

,

,

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 A D J U S T E D ANNUAL RATES

PERMITS 1
TOTAL

1969
1970
1971
1972
1973
1974
1975
1975

2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

1,324
1,352
1,925
2,219
1,820
1,074
924

626
647
906
1,033
882
644
668

698
705
1,018
1,186
937
431
257

1,467
1,434
2,052
2,357
2,045
1,388
1,161

811
813
1,151
1,309
1,132
888
893

656
621
901
1,048
914
450
269

1,399
1,418
1,706
1,972
2,014
1,692
1,296

808
802
1,014
1,143
1,174
932
866

592
617
692
828
840
760
430

508
515
503
603
658
679
711
732
779
769
787
766

182
186
173
234
254
270
331
263
316
310
298
262

1,005
953
986
982
1,085
1,080
1,207
1,264
1,304
1,431
1,381
1,283

748
722
763
774
853
874
916
979
966
1,093
1,048
962

257
231
223
208
232
206
291
285
338
338
333
321

1,547
1,350
1.314
1,244
1,269
1,202

1,261

Nov.
Dec.

689
701
677
837
912
949
1,042
995
1,095
1,079
1,085
1,028

1,267
1.315
1,115
1,386
1,313

959
793
757
782
827
808
882
880
969
738
992
983

588
557
557
462
442
394
379
387
346
377
394
330

Jan.
Feb.

1,120
1,127

828
860

293
267

1,224
1,555

950
1,303

274
252

1,176

903

273

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

1976

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

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. In the case of
apartment buildings all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobi'i
nome shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
data for 1969 and 1970 based on 13,000 areas with permit systems
DigitizedPermit
for FRASER


I
<

T a b l e 15

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

EXISTING HOMES
1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

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

SPREAD
(BASIS
POINTS)

1974 - High
Low

9.80
8.55

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

1975 - Oct.
Nov.
Dec.

9.25
9.20
9.15

3
n.a.
n.a.

9.30
9.25
9.20

8
n.a.
n.a.

9.53
9.41
9.32

31
n.a.
n.a.

4.0
3.1
2.4

-28
-21
-17

9.22

1976 - J a n .
Feb.

9.05
9.00

39
.42

9.10
9.00

44
.42

9.06
9.04

40
.46

2.4
2.2

- 1
4

8.66
8.58

NOTES:
1

Gross yield spread is ****** mortgage return before deducting servicing com. minus average yield on new issues of high-grede utility bonds with 5-yeer cell protection.

Rata* on comwitionel first iimtygw (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 neerest 5 besis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loens with minimum downpayment, prepeid in 16 years, for immediate delivery, ere used.




^
ui

26
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

1975 - High
Low

AVERAGE
YIELD

CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

643 (8/25) 366 (8/11) 9.95 (9/22) 100 (4/7)
51 (4/21)
25 (2/10) 18 (2/10) 8.78 (2/10) 10 (10/20) 9 (2/10)

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

1975 - Oct.

6
20

19&.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

Jan.

12
26

58.4
103.9

31.5
57.7

9.13
9.07

42.7
33.4

32.1
24.7

9.28
9.22

Feb.

9
23

252.2
126.9

179.9
81.2

9.07
9.04

57.8
44.0

36.9
23.3

9.17
9.14

Mar.

8
22

299.9
146.3

171.9
121.6

9.06
9.03

75.4
46.2

45.0
33.7

9.15
9.13

1976

NOTES:
Average secondary mwket 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 bidden relate to total eligible bids received.