Full text of H.16 Capital Market Developments : July 6, 1976

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Capital
Market
Developments

July 6, 1 9 7 6

Prepared by the
C A P I T A L MARKETS SECTION
in c o n j u n c t i o n with the
MORTGAGE and CONSUMER
F I N A N C E SECTION




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

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

SECURITY VOLUME AND YIELDS

7, 8

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

9 - 1 6

MORTGAGE MARKET

SYMBOLS
e
p
r

ESTIMATE
PRELIMINARY
REVISED

n.a

NOT AVAILABLE
DATA DO NOT EXIST

3
Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME
WEEK ENDING

NEW ISSUE 1
Aaa UTILITY

RECENTLY
OFFERED
Aaa UTILITY

GROSS
OFFERINGS

3

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

2
9
16
23
30

8.42
8.38
8.58

8.54
8.50
8.44
8.54
8.57

345
252
390
1,157
387

96
98
96
89
85

46
10
41
98
151

May

7
14
21
28

8.68
8.82
8.82
8.95

8.62
8.78
8.83
8.84

401
147
910
636

89
92
90
87

110
65
70
335

June

4
11
18
25

8.83
8.71
8.69
8.70

8.80
8.76
8.70
8.73

325
728
472
1,183

98
96
92
70

10
30
25
334

July

2

8. 72p

8.74p

260

80

213

1976 - Apr.

8.60
——*

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
20-80ND
INDEX

GROSS 3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
O F WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

2
9
16
23
30

5.77
5.74
5.63
5.63
5.63

6.69
6.65
6.54
6.55
6.55

490
502
514
543
523

82
78
93
85
84

134
158
97
139
136

May

7
14
21
28

5.75
5.85
5.92
6.00

6.71
6.83
6.91
7.03

390
1,050
841
946

73
80
90
78

137
236
175
249

June

4
11
18
25

5.90
5.85
5.83
5.81

6.89
6.86
6.85
6.87

590
773
752
313

87
82
87
76

199
223
201
160

July

2

5.81

6.87

532

74

204

1976 - Apr.

NOTES:
1

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

2

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

3

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

4

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




Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE A a a

3

U . S . GOVT. 20-YEAR 4
CONSTANT MATURITY

BOND BUYER
2Q-BOND 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 . 5 4 (4/13)
4 . 9 6 (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 . 1 1 (1/5)

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

5.59 ( 8 / 3 )
4 . 9 9 (10/11)

. 1974 - High
Low

10.61 (10/4)
8 . 0 5 (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 . 1 5 (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 ( 1 0 / 3 )
6.27 (2/13)

1976 - High
Low

8.95 (5/28)
8 . 3 8 (4/23)

9.10 (1/2)
8 . 4 4 (4/16)

8.66 (5/28)
8.36 (4/23)

8.17 (5/28)
7.80 (4/23)

7.29 ( 1 / 2 )
6.54 (4/16)

7
14
21
28

8.68
8.82
8.82
8.95

8.62
8.78
8.83
8.84

8.48
8.56
8.62
8.66

8.03
8.15
8.16
8.17

6.71
6.83
6.91
7.03

June

4
11
18
25

8.83
8.71
8.69
8.70

8.80
8.76
8.70
8.74r

8.63
8.63
8.62
8.60

8.08
8.04
8.02
7.99

6.89
6.86
6.85
6.87

July

2

8.72p

8.73p

8.63p

8.03p

6.87

1976 - May

NOTES:
1

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

2

Federal Reserve series of implied free-market yield on compe. .ively 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

'

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

G R O S S PROCEEDS

1976
3,297
3,764

January
February

April
May
June
July
August
September
October
November
December
Q1
02
03
04
1st Half
3 Qtrs.
Year

1

CORPORATE

PERIOD

,

1

1975

1

1976

5,384
4,528
5,378

3,328
2,687
3,217

2,344
2,679
3,321

" 2,361
2,387
2,135

2,255
2,003
2,025

4,294
5,798
5,615

3,060
3,164
2,981

2,354

2,406
2,900
3,064

2,397
2,304
2,166

4,327
2,398
2,834

3,248
2,667
1,617

3,580
2,783
2,159

1,459
1,106
1,701

4,707
4,070
4,305

4,609
3,739
3,511

2,323
2,381
2,052

2,860
2,483
1,479

15,290
15,707
9,559
13,082

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

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

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

30,997
40,556
53,638

18,437
25,969
37,828

15,253
23,775
30,531

13,150
17,416
24,238

!

NOTES:
1

Securities and Exchange Commission estimates of gross process.

2

Securities Industry Association estimates of principal amounts.




2

STATE AND LOCAL

1974

8,344

1

1975

1

1974

Table 4

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

G R O S S PROCEEDS BY TYPE OF ISSUER

G R O S S PROCEEDS BY TYPE OF I S S U E
PERIOD

1975 - I
II
III
IV

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

MEMO
ISSUES INCLUDED

OTHER
ISSUERS

PUBLIC
UTILITY

COMMUNICATIONS

6,077
6,699
2,450
3,468

4,735
4,407
3,324
3,421

1,382
1,190
679
1,215

3,099
3,412
3,105
4,979

1,675
2,479

1,957
1,507

127
317

771
1,076

FOREIGN [CONVERTIBLE

15,290
15,707
9,559
13,082

10,849
10,510
5,428
5,816

2,350
1,595
2,076
4,136

2,091
3,602
2,054
3,131

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

1976 - Feb.
Mar.

4,528
5,378

3,201
3,971

705
510

622
897

610
175

Apr.
May
June

4,294
5,798
5,615

2,771
3,796
3,943

423
502
670

1,100
1,500
1,002

135
475
425

130
315
211

1,731
2,650
2,318

1,380
1,549
1,478

415
413
362

767
1,188
1,457

July
Aug.
Sept.

4,327
, 2,398
2,834

2,658
1,356
1,414

1,014
479
583

654
563
837

925

425

300

38

1,120
711
619

1,039
1,024
1,261

270
112
297

. 1,89.7
551
657

Oct.
Nov.
Dec.

4,707
4,070
4,305

2,389
1,666
1,761

771
1,617
1,748

1,547
787
797

102
825
975

61
154

952
1,103
1,414

1,247
1,272
902

928
55
232

1,581
1,640
1,758

1976 - J a n .
Feb.

3,297
3,764

2,189
2,142

538
695

570
927

605
335

121
15

1,020
1,139

1,087
789

16
171

1,175
1,664

——

NOTES:
1

MANUFACTURING

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

Source: Securities end Exchange Commission.



1
656
463
215

—

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
June 28, t h r u J u l y 2, 1976

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Western Union T e l e g . Co.
Idaho Power Co.
Georgia Power
Walter E. H e l l e r & Co.
Walter E. H e l l e r & Co.
Republic of Texas Corp.
A. E. S t a l e y Manuf. Co.
C r e d i t h r i f t F i n . Corp.
Georgia Power

Pfd s t k
Pfd s t k
Pfd s t k
Debt
Notes
SF debt
SF debt
Notes
1 s t mtge

50.0
25.0
50.4
25.0
20.0
75.0
65.0
25.0
50.0

Other
World Bank
World Bank
World Bank
Toronto
Toronto

Notes
Notes
Bonds
SF debt
Debt

250.0
250.0
250.0
65.0
25.0

ISSUER

OFFERING
YIELD

MOODY'S
RATING

10.25
9.50
10.08
10.13
10.50
9.40
8.98
10.19
9.95

Ba/BB+

1991
1986
2001
2001
2006
2006

10.25
9.50
10.08
10.13
10.50
9.38
8.88
10.13
9.88

1981
1986
2001
1996
1986

8.00
8.38
8.85
9.25
8.50

8.00
8.38
8.85
9.25
8.55

MATURITY

COUPON RATE

CORPORATE

——

NOTES:
•

Rights offering.

1

Includes only corporate and other security offerings of $ 1 5 million and over; excludes options, exchanges, and secondary offerings.




- —
- —

Baa/BBB
Ba/BB
A/AA
A
-/BBB
Baa/BBB

Aaa
Aaa
Aaa
Aaa/AA
Aaa/AA

Table 5 B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY <
June 28, t h r u J u l y
ISSUER

TYPE

2

2, 1976

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

3.1
19.9
10.0
15.7
22.4
14.6
25.9
5.0
10.0
10.8
21.4
17.6
40.0
18.2
12.8
7.3
12.7
13.0
44.0
4.7
15.3

1981-1986
1989-2005
2006
1976-2004
1976-2011
1976-2014
1978-1998
1978-1994
2006
1981-1990
2000
2005
1978-1993
1979-1991
1996
1977-1995
2008
1977-1996
1976-2003
1981-1991
2005

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Cape C o r a l , F l a .
Cape C o r a l , F l a .
Washoe Co., Nev.
S o u t h f i e l d Bldg. A u t h . , Mich.
Bensalem Tp. A u t h . , Pa.
Bensalem Tp. A u t h . , Pa.
Cleveland, Ohio
I n d u s t r y C i v i c - R e c . - I n d u s t . A u t h . , Cal.
I n d u s t r y C i v i c - R e c . - I n d u s t . A u t h . , Cal.
C a l i f o r n i a T o l l Bridge Auth.
C a l i f o r n i a T o l l Bridge Auth.
C a l i f o r n i a T o l l Bridge Auth.
Alaska, S t a t e of
I l l i n o i s H e a l t h Fac. Auth.
I l l i n o i s Health Fac. Auth.
Connecticut Hsg. Finance Auth.
Connecticut Hsg. Finance Auth.
Clark Co., Nev.
R o c h e s t e r , N.Y.
Oliver Co., N.D.
Oliver Co., N.D.

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

6.58
6.58
6.73
——
- —

7.34
7.50
7.50
6.75
6.75
6.75
5.80
7.13
7.13
6.96
6.96
6.98
5.70
8.25
8.25

5.40-6.10
6.10-6.60
7.92
3.50-7.00
3.25-6.63
3.75-7.00
4.75-7.70
5.00-7.25
7.37
5.00-6.10
6.75
6.85
4.10-6.65
4.75-7.00
7.38
4.00-6.70
7.00
4.25-7.20
3.00-6.40
6.00-7.50
8.25

—

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

NOTES:
1

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

2

In case of State and local government securities, G O denotes general obligation; Rev. Ut., revenue obligations secured only by income from public utilities; Rev.-O.-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.




T a b l e 6A

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

1

as of July 2, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

B r a n i f f Airways
Ohio A-T-0 I n c .
Consumer Power Co.
Wisconsin E l e c t . & Pwr. Co.
F i r s t N a t i o n a l Bank in A t l a n t a
Northern I l l i n o i s Gas
I l l i n o i s Power Co.
Niagara Mohawk Pwr. Corp.
Oklahoma Gas & E l e c t r i c
San Diego Gas & E l e c t . Co.
Ohio Edison Co.
New York S t a t e E l e c t r i c & Gas
D e t r o i t Edison Co.
P h i l a d e l p h i a E l e c t r i c Co.
Commercial C r e d i t Co.
Rockwell I n t e r n a t i o n a l Corp.
Rockwell I n t e r n a t i o n a l Corp.
*Aetna Business Credit I n c .
*Aetna Business C r e d i t I n c .
Fruehauf Corp.
Southwest Bancshares I n c .
Brooklyn Union Gas Co.
Gambles Credit Corp.
American S t o r e s Co.
Southern Union Co.
Union E l e c t r i c
Western Union T e l e .
Eaton Corp.
Eaton C r e d i t Corp.
Abbott L a b o r a t o r i e s
I l l i n o i s B e l l T e l . Co.
United I l l u m i n a t i n g
United I l l u m i n a t i n g
Arizona Pub. Svc. Co.

Notes
SF debt
1st mtge
1st mtge
Notes
1st mtge
1st mtge
Com s t k
Pfd s t k
1 s t mtge
1st mtge
Com s t k
1st mtge
1 s t mtge
Notes
SF debt
Notes
Notes
Notes
Debt
SF debt
Pfd s t k
Notes
SF debt
SF debt
1 s t mtge
SF debt
Debt
Notes
Com s t k
Debt
Pfd s t k
Pfd s t k
Com s t k

50.0
20.0
60.0
60.0
25.0
50.0
100.0
51.5
30.0
45.0
60.0
40.0
50.0
100.0
50.0
100.0
100.0
20.0
20.0
50.0
40.0
20.0
60.0
50.0
25.0
70.0
25.0
60.0
40.0
81.0
175.0
15.0
15.0
40.0

NOTES:
*

Included in table for first time.

1

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




July
July
July
July
July
July
July
July
July
July .
July
July
July
July
July
July
July
July
July
July
July
July
July
July
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

6
7
7
7
8
8
13
13
13
15
20
20
21
28

Table 6A Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
as of July 2, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Other
*Banque F r a n c a i s e du Commerce
Exter-ieur
*Newfoundland, Province of
Norway
Japan Development Bank
Inter-American Dev. Bank




Gtr n o t e s
SF debt
Notes
Notes
Debt

75.0
50.0
100.0
100.0
100.0

July 20
July 21
July
July
INDEF

11
Table 6B

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

1

as of J u l y 2, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Minnesota, S t a t e of
*Rhode I s l a n d Hsg. & Mtg. F i n . Corp.
C i n c i n n a t i , Ohio
^Tennessee Housing Dev. Agency
Port Auth. of New York & New J e r s e y
New Haven, Conn.
Georgia, S t a t e of
G. Chicago Metro. S a n i t a r y D i s t . ,
111.
Univ. of Texas System
Fairbanks North S t a r Boro., Alaska
F l o r i d a S t a t e Bd. of Education
Montgomery Co., Md.
* P h i l a d e l p h i a H o s p i t a l s Auth., Pa.
*Wausau, Wise.
* S a l t River Agric. Improv. & Power
D i s t . , Ariz.
*Beaver Co. I n d u s t . Dev. A u t h . , Pa.
*Gulf Coast Waste Disposal Auth.,
Texas
Neenah, Wise.
*Pennsylvania I n d u s t . Dev. Auth.
San Antonio, Texas
Chicago, 111.
*Lawrenceburg, Ind.
*Plaquemine, La.
*Pekin, 111.
* J o l i e t , 111.
*Chelan Co. Pub. U t i l i t y D i s t . , #1
Wash.
*Nashville & Davidson Co. Metro.
Govt., Tenn.
Texas Water Dev. Board
*Portland, Oregon
*San Ramon Sch. D i s t . Educ. Fac.
Corp. Cal.
^ T r i n i t y River A u t h . , Texas
Postponement
San F r a n c i s c o . C a l i f .

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

62.0
65.6
18.6
40.4
100.0
19.5
26.4

July
July
July
July
July
July
July

7
8
8
8
8
8
8

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

40.0
16.0
15.5
33.0
40.0
35.0
27.0

July
July
July
July
July
July
July

8
8
8
13
13
14
14

Rev
Rev

40.0
14.0

July
July

14
14

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

60.0
13.9
30.0
60.0
30.0
25.0
14.5
20.0
20.0

July
July
July
July
July
July
July
July
July

14
14
15
15
15
19
20
20
20

Rev

10.0

July

20

Rev
G.O.
Rev

15.8
40.0
10.0

July
July
July

20
20
21

Rev
Rev

11.0
14.0

July
July

27
28

G.O.

43.4

July

20

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction
Included in the table for the first time.




i

Table 7

STOCK PRICES AND VOLUME
STOCK PRICES

TRADING VOLUME

BJ INDUSTRIALS

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)

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

1,011.02 (4/21)
858.71 (1/2)

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

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)

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

92.09 (2/25)
76.06 (1/2)

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

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

11.1 (2/20)
3 . 5 (1/2)

102.91
104.81

16.3.
19.7
18.4.
16.9

2.0
2.4

5.8
6.3

2.1.

54.26
54.01
53.96
53.31

996.22
992.60
990.75
975.23

103:16

90.02
89.78
89.39
88.04

2.0

I:?

52.78
53.73
55.29
55.35

963.90
978.80
1,001.80
999.84

102.20
102.77
104.89
105.06

87.75
87.71
90.05
90.05

16.2
16.3
22.3
19.ir

1.9
2.1
2.2
2.1

5.1
5.4
6.7
6.0

55.57

999.84

105.17

90.88

20.5

2.4

6.0

NOTES:
1

Figures other then high* and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.

2

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

3
4

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




13

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1 BROKERS O N 2
MARGIN
CONVERTIBLE
STOCK
BONDS

BANKS

3

1 lilDC^I II A TCI\ NONMARuIN
UAIIIIADMII
UNREGULATED
STOCK CREDIT
AT BANKS

OUTSTANDING

1975 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

4,700
4,990
5,300
5,220
5,250
5,300
5,370
5,390

140
146
143
142
145
144
146
147

819
844
820
832
852
1,007
1,008
960

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

5,420
5,950
6,410
6,690
6,940

146
153
162
163
161

1,000
1,037
1,042

2,321
2,333
2,355

340
290
310
-80
30
50
70
20

2
6
-3

-5
25
-24
12
20
155
1
-48

-2
551
-47
70
63
-209
-41
11

40
37
5

40
12
22

,

1,883
2,434
2,387
2,457
2,520
2,311
2,270
2,281

CHANGE IN OUTSTANDING

1975 - May
July
Aug.
S ept.
Oct.
Nov.
Dec.
1976 - J a n .
Feb.
Mar.
Apr.
May

30
530
460
280
250

1
7
9
1
-2

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




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

S A V I N G S & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

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

1971
1972
1973
1974
1975
1975 - September
October
November
December

785
348
765
1,394

1976 - J a n u a r y
February
March
April r

1,037
1,017
2,029
586

1975 - J a n u a r y
February
March
April
May

405
713
1,149
955
1,295

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0
11.3

——
——

4.9
8.7
13.8
11.4
15.3

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

-338
131
549
114

3,698
2,264
2,246
4,332

810
787
866
352

5,375
3,946
>,072
2,805

—
—
- -

ANNUAL 3
GROWTH
RATE

NET
FLOW

2

17.2
16.7
8.4
5.8
15.9

NET
NEW
MONEY

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

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

—
-—
—

631
2,086
2,072
968

4,483
2,612
3.011
5,726

293
2,217
2.621
1,082

—
—
—
—

5,108
3*719
3,687
2,583

6,412
4,963
9,101
3,391

5,918
4,497
4,553
3,935

ABJVSTED
11.5
14.6
18.6
17.6
19.8

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

NOTES:
1
Regilar deposits at mutual savings beiks exclude Hems such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.
New deposits net of both'withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of ii

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


ANNUAL 3
GROWTH
RATE

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

19.0
18.7
9.8
7.0
17.7

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

NET
NEW
MONEY

9.6
12.9
17.2
15.8
18.5

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

1975 - June
July
August
September
October
November
December

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

1976

1,039
796

January
February
March
April p

1,018
917

NOTES:
1
Regular deposits at mutual savings be
2
New deposits net of both withdrawals and
3
Annual growth rata for monthly data is thi
Sauna: National Aaeociation of Mutual Savings




ANNUAL 3
GROWTH
RATE

16.0

NET
NEW
MONEY

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL
NET
FLOW

ANNUAL
GROWTH
RATE

DEPOSITS

NET
NEW
MONEY

NET
FLOW

ANNUAL 3
GROWTH
RATE

20.2
21.5
17.4
16.1
14.4
13.3
12.3

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

19.0
19.3
15.9
14.1

7.0

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

11.4
8.7
11.0
9.8

4,232
3,658
4,078
3,676

17.7
15.0
16,5
14.7

5,271
4,454
5,096
4,593

15.9
13.3
15.0
13.4

13.7
11.9
9.0
8.2

8.6

•tarns such as Christmas dub and
•ow accounts, which represent e very small part of tc
Data for SftL's are for insured associations only, which represent 96 per cent of industry total

12.6
12.0
10.8

NET
NEW
MONEY

16

Table 10

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

1972 - Dec.

ALL SAVINGS
MUTUAL
& LOAN
S A V I N G S B K S>
ASSOCIATIONS (N Y. S T A T E )

25.2

20.3

.45

.43

.02

!

16.4

3.5

.04

.21

-.17

j

12.4

2.2

.09

-.09

|

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

2.0
1.9
2.1
2.2
2.3

.06
.61
.48
.38
.48

.02
.67
.27
.29
.44

.04
06
.21
.09
.04

19.9

1974 - Dec.

14.6

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

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
18.5
19.2
19.4
19.7
20.2

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

20.5
21.1
21.5
21.9
22.5

^

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

4.9

1973 - Dec.

• July
Aug.
Sept.
Oct.
Nov.
Dec.

NET CHANGE
TOTAL

NOTES:
Based o n d a t a f r o m Federal H o m e L o a n Bank Board a n d Savings B a n k s Association of N e w Y o r k S t a t e . B o t h series i n c l u d e a m i n o r a m o u n t of nonresidential c o m m i t m e n t s ; S&L c o m m i t m e n t s also include loans in process. N e t changes are derived directly f r o m u n r o u n d e d e n d o f period o u t s t a n d i n g
levels as r e p o r t e d a n d a f t e r seasonal a d j u s t m e n t by Federal Reserve. S u b t o t a l s m a y n o t a d d t o t o t a l s b e c a u s e of r o u n d i n g .




!
t
i
1'
>
I
%

T a b l e 11

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

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
FHLMC

FHLB

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

—

-200

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

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

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

1976 - J a n . p

-154

0

0

0

1973 - July
Aug.
Sept.
Oct.
Nov.

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

Dec.

—

+350
+650

—
—

-150

—

+450

—

Notes:
Based on d a t a from t h e Treasvry Survey of Ownership.
1/ S a l e s of FHLB d i s c o u n t n o t e s began i n May 1974.
2/ Preliminary.




—

—

+750
+499

—
—

——
—
——
—

+1,050
+100
+310
+491

Table 12

18

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS O F DOLLARS

TOTAL
INCLUDING
FNMA-GNMA

PERIOD

2

FINANCIAL INSTITUTIONS

TOTAL

COMMERCIAL
BANKS

MSB's

S & Us

INSURANCE
COMPANIES

FNMA-GNMA

Not S e a s o n a l l y Ad j u s t e d
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
5,6^2
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

1
,
\
|
|

1975 - Oct.
Nov.
Dec.

4,781
3,284
4,413

4,132
2,918
3,754

900
500
600

226
200
272

2,996
2,323
2,774

210
195
508

649
366
658

^
!
:

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

2,451
3,534
4,490

1,802
3,270
5,330

300
600
900
900
1,100

87
106
123
309

1,378
2,416
4,069
4,171
4,028

37
148
238

410
264
-840
-429
-534

'
:
f
'

1971
1972
1973
1974
1975

Seasonally Adjusted
1975 - O c t .
Nov.
Dec.
1976 - J a n .
Feb.
Mar.
Apr.
May
June"

|

5,353
4,265
5,189

4,842
3,910
4,454

923
614
877

273
214
200

3,490
2,949
3,360

156
133
17

511
355
735

:
;
:

3,682
4,748
4,678

3,196
4,333
5,364

687
962
987
762
826

184
249
119
301

2,189
2,848
3,844
3,771
3,228

145
274
414

486
415
-686
-255
-343

;
,
>

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

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




Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S 4

3I

RESIDENTIAL

COMMERCIAL

MULTFAMLV
&
COMMERCIAL

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
IV

35.4
45.7
58.2
69.8

21.1
31.7
39.9
49.9

19.4
30.9
38.6
49.9

1.7
0.9
1.4
*—

9.1
9.7
13.9
14. 8

10.8
10.6
15.3
14.8

5:1
4.3
4.4
5.1

1976 - I

66.2

51.3

47.7

3.6

10.4

14.0

4.5

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

QUARTER

1
[

1" ' ° 4"
FAMILY

MULTIFAMILY

FARM

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 d e b t .

4
*

Data r e v i s e d A p r i l 12 due t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s .
Less t h a n . 0 5 .




PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S

OF UNITS, SEASONALLY

ADJUSTED

ANNUAL RATES

COMPLETIONS
2-OR

1-FAMILY

MORE

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

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

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

1,120
1,134
1,134
1,095
1,158

828
850
827
813
821

292
284
307
282
337

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

-FAMILY

MORE

FAMILY

FAMILY

1969
1970
1971
1972
1973
1974
1975

2-OR

1

!

j

!
:
!
!I

i

i

656
621
901
1,048
914
450
269

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

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

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

1,236
1,547
1,417
1,381
1,415

957
1,295
1,110
1,063
1,057

279
252
307
318
358

|

I

|
|

j

!

1

MOBILE
2-OR

HOME

MORE

SHIPMENTS-'

413
401
497
576
567
329
216

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

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

190
221
193
190
209
201
213
225
228
235
230
224

1,213
1,299
1,393
1,262

926
953
1 ,024
981

287
346
369
281

263
287
244
237
261

1
1

P r i v a t e b u i l d i n g p e r m i t s (for 1 4 0 0 0 areas w i t h p e r m i t s y s t e m s , e x c l u d i n g f a r m ) , 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 d a t a . A d w e l l i n g u n i t is s t a r t e d w h e n e x c a v a t i o n begins. In t h e c a s e of
a p a r t m e n t b u i l d i n g s , all u n i t s are c o n s i d e r e d s t a r t e d 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 t h a n 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. P r i v a t e m o b , ' ,

h o m eFRASER
s h i p m e n t s a r e 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 seasonally
Digitized for
1
P e r m i t d a t a f o r 1 9 6 9 a n d 1 9 7 0 b a s e d o n 1 3 . 0 0 0 areas w i t h p e r m i t s y s t e m s


adjusted annual rate by Census Bureau.

2/

FAMILY

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

SPREAD
BETWEEN
RETURNS ON
CONVENTIONAL
AND HUD(FHA)
DISCOUNT
NEW HOME
(PERCENTAGE MORTGAGES
POINTS)
(BASIS
POINTS)

1974 - High

9.80
8.55

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

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

1975 - Oct.
Nov.
Dec.

9.25
9.20
9.15

9.53
9.41
9.32

31

4.0
3.1
2.4

-28

1976

9.05
9.00
8.95
8.90
9.00

9.06
9.04

40
46

2.4
2.2

- 1
- 4

8.82
9.03

24

2.5
4.1

Jan.
Feb.
Mar.
Apr .
May

9.30
9.25
9.20
39
42
42
32
5

9.10
9.05
9.00
8.95
9.05

44
47
47
'37
10

-21

-17

NOTES :
1

GroS5 vie,d , p r e a d

"

aver89e mort9a9e




return

before

^ducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection

22

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

DATE OF
AUCTION

OFFERED

AVERAGE
YIELD

ACCEPTED

AMOUNT
(IN MILLIONS OF DOLLARS)
ACCEPTED
OFFERED

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

1975 - High
Low

AVERAGE
YIELD

10.02 ( 9 / 2 2 ) .
8.96 (3/10) .

Oct.

6
20

198.5
43.2

143.0
23.2

9.95
9.65

27.5
9.7

23.5
9.2

10.02
9.81

Nov.

3
17

69.8
293.1

41.7
180.6

9.32
9.33

19.6
68.6

15.2
34.6

9.54
9.40

Dec.

1
15
29

255.9
287.1
95.3

138.5
158.8
52.7

9.32
9.31
9.29

73.9
69.7
41.8

40.5
31.2
11.8

9.38
9.36
9.35

1976 - J a n .

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

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.

106.2
132.1

56.2
60.1

8.94
8.83

56.4
55.3

31.8
33.4

9.05
9.00

May

483.3
634.3 *

222.3
321.4

8.94
9.13

110.7
128.8

60.1
68.9

9.09
9.24

349.5
146.6
261.2

224.7
98.8
157.5

9.20
9.14
9.12

131.4
77.3
93.6

90.5
70.3
59.2

9.31
9.30
9.31

1975

June

1
14
28

offered by bidders relate to total eligible bids received.




I