Full text of H.16 Capital Market Developments : April 26, 1976

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Capital
Market
Developments

April 2 6 , 1 9 7 6
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




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

2.

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 $.23 cach. 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
p
r
li.a.

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
WEEK ENDING

1976 - Feb.

6
13
20
27

Mar.

Apr.

YIELDS
NEW ISSUE 1
RECENTLY <•
Aaa UTILITY
OFFERED
Aaa UTILITY

8.68

GROSS
3
OFFERINGS
($ MILLIONS)

VOLUME
PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

8.64
8.58

8.62
8.68
8.67
8.56

50
350
302
1,376

99
100
96
82

5
0
27
165

5
12
19
26

8.72
8.63
8.61
8.53

8.72
8.64
8.60
8.50

440
998
920
410

90
95
99
92

73
30
6
63

2
9
16
23

8.60

8.54
8.50
8.44r
8.48p

345
252
448
1,153

96
98
96
89

46
10
41
98

——

——

8.42r
8.37p

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-BOND
INDEX

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

1976 - 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

Mar.

5
12
19
26

6.10
6.05
6.01
5.81

7.04
6.98
6.92
6.72

509
1,064
529
534

87
90
88
92

155
187
169
93

Apr.

2
9
16
23

5.77
5.74
5.63
5.63

6.69
6.65
6.54
6.55

490
502
514
543

82
78
93
85

134
158
97
139

NOTES:
1
2

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
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 S E A S O N E D
CORPORATE A a a

3

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

4

BOND BUYER
2Q- BON 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)

9.71 (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)

1976 - High
Low

8.88 (1/9)
8.37 (4/23)

9.10 (1/2)
8.44 (4/16)

8.66 (1/2)
8.33 (4/23)

8.09 (2/13)
7.80 (4/23)

7.29 (1/2)
6 . 5 4 (4/16)

1976 - Mar.

5
• 12
19
26

8.72
8.63
8.61
8.53

8.72
8.64
8.60
8.50

8.55
8.55
8.54
8.50

8.07
7.99
7.97
7.89

7.04
6.98
6.92
6.72

Apr.

2
9
16
23

8.60

8.54
8.50
8.44r
8.48p

8.46
8.42
8.36r
8.36

7.90
7.84
7.80t
7.82

6.69
6.65
6.54
6.55

8.42r
8.37p

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

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.


http://fraser.stlouisfed.org/ I
Federal Reserve Bank of St. Louis

5

Table 3

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

G R O S S PROCEEDS

I

CORPORATE

PERIOD

1975

1

1974

I

1976
2,316
2,504

JanuaryFebruary
March

5,365
4,530
5,378

3,328
2,687
3,217

2,327
1,962
3,933

April
May

4,294
5,798
5,618

3,060
3,164
2,981

July
August
September

4,390
2,398
2,845

October
November
December
01
02
03
04
1st Half
3 Qtrs.
Year

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

4,710
4,087
4,279

4,609
3,739
3,511

3,398
3,563
3,238

2,323
2,381
2,052

2,860
2,483
1,479

15,273
15,710
9,633
13,076

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

30,983
40,616
. 53,692

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 and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




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

1975 - I
II
III
IV

BONDS
TOTAL

PUBLICLY
OFFERED

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

15,273
15,710
9,633
13,076

10,829
10,510
5,428
5,816

2,352
1,595
2,149
4,133

2,092
3,605
2,056
3,127

1974 - Dec.

3,511

2,172

886

453

—

1975 - J a n .
Feb.
Mar.

5,365
4,530
5,378

3,657
3,201
3,971

1,135
707
510

573
622
897

Apr.
May
June

4,294
5,798
5,618

2,771
3,796
3,943

423
502
670

July
Aug.
Sept.

4,390
2,398
2,845

2,658
1,356
1,414

Oct.

4,710
4,087
4,279

2,389
1,666
1,761

Nov.

Dec.

1,255
1,035
1,225
1,902

1

OTHER
ISSUERS

6,058
6,699
2,525
3,463

4,735
4,407
3,324
3,414

1,384
1,190
679
1,214

3,099
3,414
3,105
4,985

—

1,652

629

175

1,055

470
610
175

1
—

1,904
1,675
2,479

1,271
1,957
1,507

938
129
317

1,252
771
1,076

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

1,075
479
595

657
563
836

925

425

300

38

1,180
711
634

1,039
1,024
1,261

270
112
297

1,901
551
653

774
1,638
1,721

1,547
783
797

102
825
975

61

955
1,115
1,393

1,247
1,268
899

928
55
231

1,581
1,649
1,755

—

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




COMMUNICATIONS

1
656
463
215

NOTES:
Source: Securities end Exchange Commission.

PUBLIC
UTILITY

154

1

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
March 29, - A p r i l 23. 1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Inland S t e e l Co.
Big Three I n d u s t r i e s
P a c i f i c Gas & E l e c t r i c Co.
Pennsylvania Power & Light Co.
H o s p i t a l Corp. of America
Greyhound Leasing & F i n a n c i a l Corp.
Big Three I n u d s t r i e s I n c .
Atchison & Topeka Santa Fe Ry
Hawaiian Tele. Co.
P u b l i c Service E l e c t r i c & Gas Co.
L i g g e t t & Myers I n c .
Hertz Corp.
Arvin I n d u s t r i e s
Ohio Edison
American Hoist
Chesapeake & Ohio Ry
Capital Financial Services Inc.
General Motors Accept. Corp.
Borg Warner Acceptance
Northern Indiana P u b l i c Svc
Minnesota Power & Light
Pennsylvania E l e c t . Co.
Rexnord I n c .

Com s t k
Com s t k
Pfd s t k
Com s t k
Com s t k
Notes
SF debt
Equip t r
1 s t mtge
1 s t mtge
Debt
SF debt
Pfd s t k
Com s t k
Com s t k
Equip t r
Notes
Notes
Notes
Com s t k
Com s t k
1 s t mtg
Conv debt

74.1
57.8
110.0
70.0
20.1
60.0
50.0
15.0
35.0
60.0
75.0
50.0
21.0
70.0
16.6
15.0
25.0
150.0
50.0
36.3
15.0
60.0
30.0

—

——

—
——
—

1984
2001
1977-1991
2006
2006
2001
2001

10.18
——
——

——
——

—

9.70
8.55
6.15-8.00
8.59
8.75
8.63
8.88
8.00

—
—

—
—

1977-1991
1983
1986
1986

8.13
8.95
8.13
8.38

—

—

—
--

—

2006
2006

•

Rights offering.

1

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

9.00
5.88

A-

9.25

9.70
8.55
8.00
8.50
8.75
8.63
8.88
8.00

NOTES:




——

—

——
—

Baa/BBB
A
Aaa
Aa
Aa
A
A
/BB
.

6.25-8.25
8.95
8.18
8.47
9.00
5.88

—
—

Aa
—/A
A
A
A/BBB
Baa/BBB

T a b l e 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 29, - A p r i l 2 3 , 1976
AMOUNT
(MILLIONS
OF
DOLLARS)
CORPORATE

Notes
Notes
Debt
Debt
Notes
Com s t k
Com s t k
Com s t k
Debt
Debt
1 s t mtge
S.F. debt
Notes
1 s t mtge
1 s t mtge

100.0
50.0
100.0
100.0
150.0
65.0
34.5
18.4
450.0
75.0
25.0
250.0
100.0
32.0
60.0

Other
Notes
S o c i e t e N a t i o n a l e de Chemins
B r i t i s h Columbia's Municipal Fin. Auth. S.F. debt

100.0
52.5

Cyprus Mines Corp.
Bucyrus E r i e Co.
CIT F i n a n c i a l Corp.
CIT F i n a n c i a l Corp.
P r i v a t e Export Funding Corp.
El Paso Co.
Baltimore Gas & E l e c t r i c Co.
Wisconsin P u b l i c Service Co.
Southern B e l l Tele.
B e n e f i c i a l Finance Co. of N.J.
Midland E n t e r p r i s e s I n c .
Sears Roebuck & Co.
Avco F i n a n c i a l Services
Utah Power & Light
Appalachian Power Co.




2001
1983
2001
1986
1984

COUPON RATE

OFFERING
YIELD

8.50
7.75
8.38
7.88
7.80

8.50
7.75
8.45
7.88
7.80

——
——

MOODY'S
RATING

A
A
Aa
Aa
Aaa

—

—

—
—

—

——

——

2016
1984
1996
2006
1984
2006
2006

8.25
7.75
8.70
8.00
8.50
8.75
9.75

8.29
7.84
8.70
8.02
8.59
8.75
9.60

Aaa
Aa
A
Aaa
A
A
Baa/BBB

1983
2001

8.75
8.88

8.90
8.88

Aaa
Aa

—

Table 5 6

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
March 29, t h r u A p r i l 23, 1976
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Kentucky Hsg. Corp.
Kentucky Hsg. Corp.
B e l l e v i l l e , 111.
B e l l e v i l l e , 111.
Albuquerque, N.M.
Albuquerque, N.M.
Cleveland Reg. Sewer D i s t . , Ohio
Cleveland Reg. Sewer D i s t . , Ohio
C a l i f o r n i a , S t a t e of
Peabody, Mass.
Kansas, S t a t e of
I l l i n o i s Hsg. Dev. Auth.
I l l i n o i s Hsg. Dev. Auth.
Gilroy U n i f i e d Sch. D i s t . , Cal.
L i t t l e Blue Val. Sewer D i s t . , Mo.
Wichita U n i f i e d Sch. D i s t . , Kansas
Texas, S t a t e of
South Carolina Pub. Service Auth.
South Carolina Pub. Service Auth.
South Carolina Pub. Service Auth.
Maine, S t a t e of
Minneapolis, Minn.
Minneapolis, Minn.

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

49.0
41.0
3.7
12.6
15.4
3.9
16.6
16.4
100.0
10.2
50.0
5.5
26.9
10.0
25.0
15.0
35.0
19.3
20.7
60.0
19.4
13.0
2.9

1977-1996
2007
1980-1991
2006
1977-1982
1977-1983
1977-1992
1999
1978-2002
1977-1996
1976-1982
1978-1996
2018
1979-2008
1981-2010
1977-1996
1984-1989
1981-1998
2006
2016
1977-1986
1977-1986
1977-1996

6.96
6.96
7.81
7.81
4.49
4.93
6.93
6.93
5.38
5.73
4.43
7.40
7.40
6.63
6.58
5.18
4.06
6.98
6.98
6.98
4.46
4.45
5.20

3.50-6.90
7.20
5.40-7.25
7.75
3.45-4.60
3.25-4.85
4.00-6.70
7.14
3.40-5.70
3.50-6.30
3.00-4.65
4.50-7.00
7.38
4.50-6.90
4.60-6.80
3.10-6.00
4.45-5.00
4.60-6.75
6.88
7.05
3.20-4.80
3.20-4.80
3.20-5.75

Aa
Ac;
A-l
A-l
A—1
A-l
A
A
Aaa
Aa
A-l
A—1
A-l
A
A-l
Aa
Aaa
A—1
A-l
A-l
Aa
Aaa
Aaa

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.-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
OTHER THAN U.S. TREASURY
March 29, t h r u A p r i l 23,1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

New York, S t a t e of
. South C a r o l i n a , S t a t e of
Missouri S t a t e Environmental Auth.
Wilmington, Del.
Port Arthur Nav. D i s t . , Texas
Valdez, Alaska
Oregon, S t a t e of
Ohio, S t a t e of
Washington Pub. Power System
Washington Pub. Power System
Washington Pub. Power System
Escambia C o . , F l a .
U n i v e r s i t y of Massachusetts Bldg.
Auth.
U n i v e r s i t y of Massachusetts Bldg.
Auth.
Conejo Valley U n i f i e d Sch. D i s t . CaL
Gulf Coast Waste Disposal A u t h . , Tex,
Bucks Co. Water & Sewer A u t h . , Pa.
Bucks Co. Water & Sewer A u t h . , Pa.
Michigan S t a t e Hsg. Dev. Auth.
Michigan S t a t e Hsg. Dev. Auth.
Michigan S t a t e Hsg. Dev. Auth.
Milwaukee Co., Wise.
Milwaukee Co., Wise.
Alexandria S a n t . A u t h . , Va.
Alexandria S a n t . A u t h . , Va.
Lynchburg,
Va.




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

15.0
13.6
10.5
12.5
26.4
11.2
125.0
45.0
19.6
35.1
45.3
12.8

1977-2001
1977-1986
2001
1977-2001
2006
1978-1993
1981-1994
1977-2001
1983-1998
2010
2018
2006

7.00
4.40
8.19
6.27
6.17
6.56
5.58
6.36
6.48
6.48
6.48

5.3

1977-1996

16.8
10.5
17.5
5.9
8.4
4.3
3.0
17.7
4.3
7.5
6.8
16.2
15.6

2011
1977-1996
2001
1976-1985
1981-2011
1977-1997
2003
2019
1977-1986
1977-1991
1980-1989
2001
1977-1996

——

—

Aaa

—

2.90-4.60
8.00
3.60-6.80
6.10
4.70-6.80
4.10-5.60
3.50-6.75
4.40-6.00
6.53
6.60
6.75

7.47

4.75-6.90

A-l

7.47
5.74

7.50
3.40-6.00
6.20
3.00-5.10
7.00
4.25-7.40
7.50
7.88
3.00-4.70
3.00-5.20
4.50-6.00
6.88
3.20-6.00

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

- - - -

7.85
7.85
7.85
4.44
4.79
6.82
6.82
5.16

—

A-l
Aaa
A
Aaa
Aa
Aaa
Aaa
Aaa
Aa

Table 5B Continued

INTERMEDIATE AND LONG TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 29, t h r u A p r i l 23, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATMG

STATE AND LOCAL

E r i e Co., N.Y.
Massachusetts Hsg. Finance Agy.
Massachusetts Hsg. Finance Agy.
Savannah Port A u t h . , Ga.
Stamford, Conn.
Allegheny Co. Hosp. Dev. A u t h . , Pa.
Allegheny Co. Hosp. Dev. A u t h . , Pa.
Allepheny Co. Hosp. Dev. A u t h . , Pa.
S a l t River Agric. Improv. Power D i s t .
Ariz.
S a l t River Agric, Improv. Power D i s t .
Ariz.
S a l t River Agric. Improv. Power D i s t .
Ariz.
Alabama Pub. Sch. & College Auth.
Northampton Co., Pa.
G t r . New Bedford Voc. High Sch. D i s t .
Mass.
Deer Park Ind. Sch. D i s t . , Texas
Pennsylvania Hsg. Finance Agy.
Pennsylvania Hsg. Finance Agy.
Pennsylvania Hsg. Finance Agy.




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

39.7
4.7
40.0
11.5
15.4
2.8

Rev

22.6

1984-1999

6.61

4.70-6.10

Aa

Rev

30.8

2006

6.61

6.50

Aa

Rev
Rev
G.O.

86.6
40.0
10.5

2016
1977-1996
1977-1996

6.61
5.51

6.63
3.20-6.15
3.20-6.10

Aa
Aa

G.O.
G. 0.
Rev
Rev
Rev

13.5
13.5
7.0
4.9
46.4

1977-1991
1977-1992
1977-1996
2002
2023

6.79
4.95
7.77
7.77
7.77

4.00-7.00
3.10-5.20
4.30-7.20
7.50
7.75

A
Aa
A-l
A-l
A-l

1.1

13.6

1977-2001
1978-1991
2017
2006
1977-1996
1980-1991
1994

7.02
7.80
7.80
5.14

• 2011

4.75-7.10
5.00-7.00
7.75
6.20
3.10-5.80
5.00-7.00
7.13
7.50

A-l
A-l
A-l
A
Aaa

12
Table 6A

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

1

As of A p r i l 23, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMA1
DATE OF OFFEI

CORPORATE

Engelhard Minerals & Chemicals Corp.
Central Maine Power Co.
Kansas Power & Light Co.
Northern S t a t e s Power Co.
Sohio Pipe Line Co.
Southwestern E l e c t r i c Pwr.
Kansas Power & Light
C e n t r a l I l l i n o i s Light
Boston Edison
Browning of F e r r i s I n d u s t r i e s
A l l i e d S t o r e s Corp.
S h e l l Oil Co.
Adventist P r o p e r t i e s Mtg. Trust
Southern N a t u r a l Gas
Kansas City Pwr. & Light Co.
Gelco Corp.
Iowa Public Service Co.
C e n t r a l I l l i n o i s Light Co.
New York S t a t e E l e c t r i c & Gas
Cleveland E l e c t r i c I l l u m i n a t i n g Co.
Cleveland E l e c t r i c I l l u m i n a t i n g Co.
Southern C a l i f . Gas
Ohio Power Co.
Cleveland E l e c t r i c I l l u m i n a t i n g Co.
*Youngstown Sheet & Tube Co.
*Public S e r v i c e Co. of Indiana
I l l i n o i s B e l l T e l . Co.
I n t e r s t a t e Power Co.
Wisconsin Pwr. & Light Co.
Columbia Gas System
Union E l e c t r i c
I n d i a n a p o l i s Pwr. & Light
Kentucky U t i l i t i e s
*SCM Corp.
*DuPont Co.
*BankAmerica Corp.
Champion I n t e r n a t ' l Corp.
P a r k e r - H a n n i f i n Corp.

Conv debt
1st mtg
Com s t k
Com s t k
Debt
1st mtg
1st mtg
1 s t mtg
Pfd s t k
Notes
Com s t k
Com s t k
Bene i n t
Debt
1st mtg
Conv debt
1st mtg
1 s t mtg
Com s t k
Com s t k
1 s t mtg
1st mtg
1st mtg
Pfd s t k
1 s t mtg
Com s t k
Debt
Com s t k
1st mtg
Debt
1 s t mtg
1 s t mtg
1 s t mtg
SF debt
Debt
Debt
Com s t k
Com s t k

100.0
35.0
23.4
60.0
250.0
45.0
45.0
40.0
35.0
40.0
53.0
162.0
15.0
60.0
40.0
20.0
25.0
45.0
40.0
60.0
60.0
50.0
80.0
40.0
50.0
80.0
200.0
19.0
35.0
75.0
70.0
25.0
30.0
50.0
400.0
200.0
75.0
15.0

NOTES:
*

Included in table for first time.

1

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




April
April
April
April
April
April
April
April
April
April
April
April
April
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May

26
27
27
27
27
27
28
29

4
4
4
4
5
5
11
12
12
12
12
18
18
18
19
19
19
25
26
26

Table 6A Continued

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

1

As of A p r i l 23, 1976
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Ocean D r i l l i n g & Exploration
Applied D i g i t a l Data System
Reliance Group I n c .
New York S t a t e s E l e c t r i c Co.
Abbott L a b o r a t o r i e s
D. H. Baldwin

Pfd s t k
Com s t k
Pfd s t k
Pfd s t k
Com s t k
Notes

40.0
15.0
50.0
30.0

81.0
15.0

INDEF.
INDEF.
INDEF.
INDEF.
INDEF.
INDEF.

Other
*European Coal & S t e e l Community
*European Coal & S t e e l Community
Nippon T e l . & T e l . Public Corp.
New Brunswick Pwr. Comm.
*Brazil

Notes
Notes
Notes
Debt
Debt

75.0
50.0
100.0
100.0
50.0

April
April
April
May
May

50.0
25.0

April
April

4
10

Postponed

P h i l a d e l p h i a E l e c t r i c Co.
Chromalloy American Corp.




Pfd s t k
Com s t k

22

14
Table 6B

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

1

as of A p r i l 23, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Tempe Union High Sch. D i s t . #213,
Ariz.
Oakland Co., Mich.
Tennessee, S t a t e of
Menasha, Wise.
Missouri Hsg. Dev. Commission
S t . C l a i r Co., Mich.
*West V i r g i n i a Hsg. Dev. Fund
Louisa I n d u s t . Dev. Auth. Va.
*Minnesota Hsg. Finance Agy.
*Pima Co., A r i z .
Lower Colorado River A u t h . , Texas
*Hono-lulu, Hawaii
* I l l i n o i s Educ. F a c i l i t i e s Auth.
D a l l a s , Texas
I r v i n e Ranch Water D i s t . , Cal.
Tallahassee, Fla.
Sacramento Mun. U t i l i t y D i s t . ,
Cal.
Baltimore, Md.
*Georgia, S t a t e of
*Florida S t a t e Board of Education
Milwaukee, Wise.
S. C a l i f o r n i a Metro. Water D i s t .
I l l i n o i s , S t a t e of
Brazos River Auth., Texas
*0hio, S t a t e of
M i s s i s s i p p i , S t a t e of
*Glendale, C a l i f .
*Columbus Sch. D i s t . , Ohio
Louisiana, S t a t e of
San Antonio , Texas
* E l i z a b e t h , N.J.
*Los Angeles Dept. Water & Power
Cal.

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

10.3
22.8
125.0
10.3
11.8
28.5
25.3
20.0
18.7
14.9
60.0
35.0
10.0
22.0
10.4
24.0

April
April
April
April
April
April
April
April
April
May
May
May
May
May
May
May

26
27
27
27
28
28
29
29
29
3
3
4
4
5
5
5

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

25.0
34.3
31.9
100.0
13.2
50.0
150.0
10.0
100.0
40.0
10.0
34.0
73.0
20.0
13.0

May
May
May
May
May
May
May
May
May
May
May
May
May
May
May

6
11
11
11
11
11
12
17
18
18
18
18
18
20
25

20.0

May

26

Rev

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.




i

|

\
i

Table 7

STOCK PRICES AND VOLUME
STOCK PRICES
NYSE INDEX

3

[

S J INDUSTRIALS

TRADING VOLUME

AMEX

NASDAQ

1

AMEX

F

NASDAQ

1973 - High
Low

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

1051.50
788.31

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

136.84
89.12

26.0 (9/20)
9.0 (8/20)

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

1974 - High
Low

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

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

891.66
577.60

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

96.53
54.87

24.9 (1/3)
7.5 (7/5)

4.4 (1/3)
.9 (9/26)

1975 - High
Low

7.5 (1/3)
2.8 (7/5)

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

881.81
632.04

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

88.00
60.70

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

1976 - High
Low

4.2 (2/21)
1.1 (9/15)

8 . 1 (2/13)
2.5 (9/15)

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

1,009.21
858.71

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

92.09
78.06

44.5 (2/20)
10.3 (1/2)

8.6 (2/20)
1.1 (1/2)

11.1 (2/20)
3.5 (1/2)

1976
Feb.

6
13
20
27

52.97
53.27
54.61
53.35

954.90
958.36
987.80
972.61

97.16
99.54
103.91
103.37

87.25
88.96
91.02
90.25

31.5
27.6
34.8
32.4

3.7
3.5
6.4
5.7

8.7
7.2
9.2
8.9

Mar.

5
12
19
26

53.05
53.91
53.76
54.87

972.92
987.64
979.69
1,003.46

103.65
104.48
103.37
104.73

89.47
90.99
89.54
90.89

24.1
27.2
21.4
23.lr

4.0
4.0
3.3
3.1

7.2
7.6
7.0
7.0

Apr.

2
9
16
23

54.54
53.41
53.55
54.48

991.58
968.28
980.48
1,000.71

104.09
102.08
101.90
103.09

90.63
88.89
89.17
90.60

17.8
21.2r
16.4
21.7

2.6
2.8r
2.1
2.5

6.3
7.2r
5.8
7.1

NOTES:
1
2
3

Figure otter than high* and low. are Friday, only. Highs and lows are for the year and are not neceuarily for Friday,
Volume figures are weekly averages of daily figures (millions of shares).
12/31/66 - 60

4

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




16
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1 BROKERS O N 2
MARGIN
CONVERTIBLE
BONDS
STOCK

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

4

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

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

5,420
5,950

146
n.a.

1,000
1,037

2,321
2,333

CHANGE IN OUTSTANDING

1975 -

1976 -

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

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

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

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

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

Jan.
Feb.

30
530

-1

40
37

40
12

\
NOTES:
1

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

2

New York Stock Exchange data.

3

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

4

Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no




Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

9,621
10,067
4,815
2,909
11,070

1971
1972
1973
1974
1975
1974

1975

1976

1975

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0
11.3

__

- September
October
November
December

319
-74
449
1,053

- September
October
November
December

785
348
765
1,394

-

January £ /
February 2/

1,037
1,017

——

January
February
March
April
May

405
713
1,149
955
1,295

4.9
8.7
13.8
11.4
15.3

-

1

——
——

-——

SHARE CAPITAL

NET
NEW
MONEY

NET
FLOW

5,378
5,451
-442
-2,822
4,757

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

-689
-260
236
-37

1,425
438
1,226
3,393

-338
131
549
114

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

gin
787
—

-—»—
MM

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

TOTAL
DEPOSITS
NET
FLOW

37,414
42,634
25,052
18,962
54,188

17.2
16.7
8.4
5.8
15.9

26,331
29,335
10,062
1,846
34,033

WW

-1,068
312
1,091
571

1,744
364
1,675
4,446

——

-1,757
52
1,327
5.3',

631
2,1)86
2,072
968

4,483
2,612
3,011
5,726

——

5,108

6,413
4,951

———
—

——
——
—

5,376

"§§isONALLY~ADJUSTED 3 ' 7 1 0
11.5
14.6
18.6
17.6
19.8

-----

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

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.




NET
NEW
MONEY

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

NOTES:
1
Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

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

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0
17.7

3

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

2

--

__
—

—

--

~~
—

9.6
12.9
17.2
15.8
18.5

293
2,237
2,621
1,082
5,918
4,497
—

2

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET

FLOW

1

ANNUAL 3
GROWTH
RATE

1975 - June
July
August
September
October
November
December

1,369
1,190
1,044
802
731
772
633

16.0
13.7
11.9
9.0
8.2
8.6
7.0

1976 - January
February $J

1,039
797

11.4
8.7

NET
NEW
MONEY

2

——
——
——
- ——

SHARE CAPITAL

NET
FLOW

ANNUAL 3
GROWTH
RATE

4,395
4,774
3,933
3,682
3,334
3,125
2.926

20.2
21.5
17.4
16.1
14.4
13.3
12.3

4,232
3,652

17.7
15.0

NET
NEW
MONEY

—
—
- - -

—
—
——

2

TOTAL
DEPOSITS

NET
FLOW
5,764
5,964
4,977
4,484
4,065
3,897
3,559

19.0
19.3
15.9
14.1
12.6
12.0
10.8

5,271
4,449

15.9
13.3

NOTES:
1

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2

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

3

Annual 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

——

—
—
—
- -

—
——

2

Table 10

19

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

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BK5>
ASSOCIATIONS (N Y. STATE)

NET CHANGE
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKS
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
17.9
19.1
20.0
20.1
20.4
20.4

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
2.2
2.1
2.1
2.0
2.0

-.03
-.01
.50
1.18
.55
.25
.92
1.21
.90
.01
.35
.04

.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 .
Feb.

20.5
21.1

18.5
19.2

2.0
1.9

.06
.66

.02
.72

.04
-.06

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.




20

T a b l e 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

TOTAL

FHLB

+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

-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

1976 - J a n . p

-154

0

0

1973 - July
Aug.
Sept.
Oct.

Nov.
Dec.

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

Nov.
Dec.

FHLMC

—

+530
—

- »

+350
+650

——

——

—

+256

—

+450

-800
-657

+44

SHORT-TERM
DISCOUNT ,
NOTES V

-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

——
•

—

FNMA

—

-150

—

Notes:
Based on d a t a from the Treasury Survey of Ownership.
1/ Sales of FHLB discount n o t e s began i n May 1974.
2.1 Preliminary...




FNMA & FHLB

INTERMEDIATE AND LONG-TERM ISSUES

——

——

•—

——

——

+750
+499

-200
——
——
—
—

——

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS

TOTAL

(COMMERCIAL
| BANKS

MSB's

S & L's

INSURANCE
COMPANIES

FNMA-GNMA

Not Seasonally Ad lusted
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

1975 - Oct.
Nov.
Dec.

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

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

1,912

1,502

0
200

87
106

1,378
2,322

37

410
264

1971
1972
1973
1974
1975

Seasonally Ad lusted
1975 - Oct.
Nov.
Dec.

5,152
3,829
4,793

4,641
3,474
4,058

722
311
481

273
214
200

3,490
2,949
3,360

156
133
17

511
355
735

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

3,382

2,896

378
562

184
249

2,189
2,754

145

486
415

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates bench marked 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. Altogethei
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 R A T E S 4

2I

RESIDENTIAL

COMMERCIAL

MULTFAMLY
&
COMMERCIAL

FARM

4.4
4.7
4.7
5.7

6.2
5.3
5.3
6.0

10.6
10.0
10.0
11.7

2.2
2.2
1.8
1.4

11.1
11.5
14.9
17.1

4.6
5.2
6.3
6.3

3.5
4.5
5.1
7.0

8.1
9.7
11.4
13.2

1.5
1.5
2.1
2.2

27.4
34.9
38.1
43.1

18.7
25.6
28.4
33.6

8.7
9.4
9.7
9.5

7.6
9.4
11.6
10.8

16.3
18.7
21.4
20.4

2.2
2.4
2.3
2.4

:

62.8
61.7
63.9
72.1

47.7
45.5
46.2
51.5

38.0
35.8
37.4
42.6

9.7
9.7
8.8
8.9

12.4
13.7
15.1
18.2

22.1
23.3
23.9
27.1

2.6
2.6
2.7
2.4

;

1973 - I
II
III
IV

83.4
72.4
70.6
61.4

59.7
50.4
48.9
39.5

51.1
39.6
40.1
32.6

8.7
10.8
8.8
6.9

19.7
18.0
18.1
18.0

28.3
28.8
26.9
24.9

4.1
3.9
3.7
3.9

1974 - I
II
III
IV

60.2
62.3
52.0
43.0

37.7
38.9
31.8
25.9

29.4
32.4
26.1
21.6

8.3
6.5
5.7
4.3

18.9
18.6
14.3
11.3

27.2
25.0
20.0
15.6

3.6
4.8
5.9
5.7

1975 - I
II
III r
IV r

35.4
45.7
56.3
68.1

21.1
31.7
40.6
51.8

19.4
30.9
37.9
49.0

1.7
0.9
2.7
2.8

9.1
9.7
11.4
11.4

10.8
10.6
14.0
14.1

5.1 :
4.3 ;
4.4
4.9

QUARTER

TOTAL

TOTAL

1969 - I
II
III
IV

31.7
28.9
25.7
25.4

23.3
21.3
18.7
18.0

18.9
16.7
14.0
12.2

1970 - I
II
III
IV

20.7
22.7
28.4
32.5

15.7
16.7
21.2
23.4

1971 - I
II
III
IV

37.2
46.7
52.1
56.3

1972 - I
II
III
IV

1
[

1

" *° 4 "
FAMILY

MULTIFAMILY

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.

r e v i s e d A p r i l 12 due to reestimatiori of seasonal f a c t o r s .
Digitized4forData
FRASER


•

;

:

:

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS 1
1—FAMILY

STARTS
2 - O R MORE
FAMILY

1 —FAMILY

COMPLETIONS
2 - O R MORE
FAMILY

2 - O R MORE
HOME
FAMILY
SHIPMENTS

1969
1970
1971
1972
1973
1974
1975

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
,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

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

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

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
1,,267
1,,315
1,,115
1, ,386
1,,329

959
793
757
782
827
808
882
880
969
738
992
993

588
557
557
462
442
394
379
387
346
377
394
336

1976 - J a n .
Feb.
Mar.

1,120
1,134
1,156

828
850
835

292

1,236
1,562
1,444

957
1,297
1,135

279
265
309

1,,211
1,,270

924
933

287
337

284
321

NOTES:

1 for
Permit
data for 1969 and 1970 based on
Digitized
FRASER


13,000 areas with permit systems

-tlJ
401
497
576
567
329
216

219
199
194

224
210
225
235
215
229
232
228

263
287

Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
HUD(FHA) INSURED LOAhS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES
1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

NEW HOMES
1

EXISTING HOMES
1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

SPREAD
BETWEEN
NEW Aaa
RETURNS ON
CONVENTIONAL
UTILITY
AND HUD(FHA)
BOND
NEW HOME
YIELD
DISCOUNT
(PERCENTAGE MORTGAGES (IN PER CENT)
POINTS)
(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.
Mar.

9.05
9.00
8.95

39
42
42

9.10
9.05
9.00

44
47
47

9.06
9.04

40
46

2.4
2.2

- 1
- 4

8. 66
8 .58
8.53

NOTES:
Groti 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.
1
Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas
of the Insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum down
payment, prepaid in 15 years, for immediate delivery, are used.




25

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)

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)

High
Low

AVERAGE
YIELD

ACCEPTED

10.02
8.96

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

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

Apr.

5
19

106 .2
132 .1

56 .2
60 .1

8.94
8.83

56.4
55.3

31.8
33.4

9.05
9.00

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.