Full text of H.16 Capital Market Developments : August 23, 1976

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Capital
Market
Developments

August 23,1976

P r e p a r e d by t h e
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




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

~U

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 qf 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 SECURITY
CREDIT

9-16

MORTGAGE MARKET

SYMBOLS
e
p
r
n.a.
—

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

3
Table 1

YIELDS, VOLUME AND RECEPTION
C O R P O R A T E B O N D MARKET
YIELDS
WEEK ENDING

1976 - J u l y

August

NEW ISSUE 1
Aaa UTILITY

2
9
16
23
30

8.72
8.58
8.53
8.66
8.72

6
13
20

8.60
8.49r

VOLUME

RECENTLY 2
OFFERED
Aaa UTILITY
8.67
8.57
8.55
8.68
8.69
8.60
8.49
8.49

GROSS 3
OFFERINGS
($ MILLIONS)
260
248
515
160
158

PER CENT
SOLD BY END
OF WEEK
80
85
87
98
97
96
89
88

299
677
117

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)
213
146
139
13
19
32
110
124

-

MUNICIPAL B O N D MARKET
YIELDS
WEEK ENDING

1976 - J u l y

August

MOODY'S
NEW ISSUE
Aaa

2
9
16
23
30

5.81
5.75
5.70
5.67
5.62

6
13
20

5.54
5.50
5.52

VOLUME

BOND BUYER
2Q-BOND
INDEX
6.87
6.78
6.78
6.77
6.73
6.65
6.60
6.60

GROSS 3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

532
492
677
639
559

74
82
75
91
88

204
228
238
212
175

362
490
511

93
88
79

107
101
167

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aee-reted utility bond with 5-yeer cell protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-nted utility bond with 5-yeer 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
neeessery 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

1972 - High
Low

1

RECENTLY O F F E R E D *
A a a UTILITY

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

B O N D BUYER
2 0 - 6 0 N D INDEX

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

8.95 (5/28)
8.38 (4/23)

9.10 (1/2)
8.44 (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)

1976 - J u l y

2
9
16
23
30

8.72
8.58
8.53
8.66
8.72

8.67
8.57
8.55
8.68
8.69

8.63
8.57
8.53
8.55r
8.55r

8.02
7.98
7.96
8.03
8.03

6.87
6.78
6.78
6.77
6.73

Aug.

6
13
20

8.60
8. 49r

8.60
8.49
8.49p

8.51
8. 48r
8.42p

7.99
7. 9 3 r
7.88

6.65
6.60
6.60

NOTES:
1

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

2

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

3

Weekly average of daily closing figures.

Digitized
FRASER
4 for
Weekly
average of daily figures. U S . Treesury data.
http://fraser.stlouisfed.org/
5
Thursday figures. The average ratio i of the 20 bonds used in this index fells midway between the four top groups as clessified by Moody's Investors Service. Weekly Bond Buyer
mm
"
'
'
Federal Reserve Bank of St. Louis

data.

5

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
1

CORPORATE

PERIOD

1976

2

STATE AND LOCAL

1975

1974

March

3,372
3,838
6,624

5,384
4,528
5,378

3,328
2,687
3,217

2,347
2,707
3,339

2,361
2,387
2,135

April

3,380

4,294
5,798
5,596

3,060
3,164
2,981

2,430
3,477
2,741

2,406
2,900
3,064

2,397
2,304
2,166

4,327
2,399
2,836

3,248
2,667
1,617

3,580
2,783
2,159

1,459
1,106
1,701

4,705
4,068
4,316

4,609
3,739
3,511

2,323
2,381
2,052

2,860
2,483
1,479

15,290
15,688
9,562
13,089

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

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

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

30,978
40,540
53,629

18,437
25,969
37,828

15,253
23,775
30^531

13,150
17,416
24,238

January
February

May

July
August
September
October
November
December
01

13,834

02
03
04
1st Half
3 Qtrs.
Year

|

NOTES:
1

Securities end Exchange Commmton estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




1976

8,393
8,648

I

1975

|

•

1974
2,255
2,003
2,025

Table 4

NEW CORPORATE SECURITY I S S U E S
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE

BONDS

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

COMMUNICATIONS

6,699
2,450
3,468

4,407
3,324
3,421

1,190
679
1,215

3,412
3,105
4,979

257

4,480

4,044

765

4,517

135
475
425

130
315
211

1,731
2,650
2,318

1,380
1,549
1,478

415
413
362

1,188

654
563
837

925

425

1,120

300

38

681
619

1,039
1,024
1,264

270
112
297

. 1,89.7
582
657

1,547
772
797

102
825
975

61

1,761

769
1,630
1,758

154

952
1,103
1,425

1,247
1,275
902

928
55
232

1,579
1,635
1,758

2,189
2,142
3,238
2,350

613
769
1,339
509

570
927
2,047

605
335
400

121
15
121

1,064
1,183
2, 243

1,097
789
2,158

16
171
578

1,19?
1,693
1,644

521

428

37

549

639

448

1,745

PUBLICLY
OFFERED

15,707
9., 559

13,082

10,.>10
5,428
5,816

1,595
2,076
4,136

3,602
2,054
3,131

1,035
1,225
1,902

656
463
215

13,806

7,569

2,693

3,544

1,340

4,294
5,798
5,596

2,771
3,796
3,943

423
502
651

1,100

July
Aug.
Sept ;

4,327
2,399
2,836

2,658
1,356
1,414

\°!o

4

585

Oct.
Nov.
Dec.

4,705

2,389

4,316

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

3,372
3,838
6,624
3,380

1975

II
III
IV

1976

1975

NOTES:

Apr.
May
June

4,068

OTHER
ISSUERS

PUBLIC
UTILITY

TOTAL

1,666

1,500

1,002


1
Other
Issuers ere extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: SecurHte •
r


.

767

1,437

Table 5A

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

1

August 2 t h r o u g h August 20, 1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

V i r g i n i a N a t i o n a l Bankshares I n c .
N a t i o n a l S t e e l Corp.
J o n e s & L a u g h l i n S t e e l Corp.
' I n t e r n a t i o n a l Paper Co.
Ahiotrt L a b o r a t o r i e s
AMDAHL
Long I s l a n d L g t . Co.
T r a n s c o n t i n e n t a l Gas P i p e Line Corp.
General Motors Acceptance Corp.
T r a n s c o n t i n e n t a l Gas P i p e Line Corp.
N a t u r a l Gas P i p e l i n e
Western Union T e l e .
Fruehauf Corp.
I l l i n o i s B e l l T e l . Co.
Mountain F u e l Supply
American C r e d i t Corp.
C h r y s l e r F i n a n c i a l Corp.
A t c h i s o n , Tapika & Santa Fe Ry.
R e l i a n c e Group I n c .
Consumers Pwrs.
Pub. Svc. Co. I n d i a n a

Notes
1 s t mtge
1 s t mtge
Com s t k
Com s t k
Com s t k
Com s t k ( r t s )
Pfd s t k
Notes
1 s t mtge
1 s t mtge
SF d e b t
Debt
Debt
1 s t mtge
Bonds
Notes
Equip. T r .
Pfd stk
Pfd s t k
Pfd s t k

30.,0
175.,0
75.,0
155,.3
93..3
27. 5
73. 0
50. 0
200. 0
75. 0
50.,0
25. 0
50. 0
175.,0
40. 0
50..0
100..0
16..8
50 .0
50 .0
40 .0

1986
2006
1996

8.88
8.38
9.80

A
Aa
Baa/BBB

——
—
——

1986
1986
1986
1986
1996
2016
2001
1986
1983
1977t1991

NOTES:
*

Rights offering.

1

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




8.88
8.38
a.75

—

—

—

—

10.00
8.15
9.75
8.20
10.00
9.70
8.25
8.88
8.88
9.50
8.00
10.72
9.72
8.52

10.00
8.15
9.83
8.20
10.00
9.70
8.25
8.93
9.00
9.55
5.60-8.00
10.72
9.72
8.52

Ba/BB
Aa/A
Baa/BBBA
Baa/BBB
Baa/BBB
Aaa
A
A/ABga/BBB
Aaa
BBB
Ba/BBB
Aa/AA

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

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

CORPORATE

Other

Co.
Co.
Co.
Co.

(Philippines)
(Philippines)
(Philippines)
(Philippines)




Gvt.
Gvt.
Gvt.
Gvt.

$td.
gtd,
gtd
gtd

207.2
70.0
65.0
25.0

1991
1989
1988
1987

8.25
8.20
8.15
8.05

8.25
8.20
8.15
8.05

MOODY'S
RATING

Table 5 6

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
August 2 t h r o u g h August
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

20,1976
MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Ramsey Co., Minn.
Ramsey C o . , Minn.
Univ. of Kansas Medical Center
Lucas C o . , Ohio
Lucas C o . , Ohio
E r i e Co. H o s p i t a l A u t h . , P a .
E r i e Co. H o s p i t a l A u t h . , P a .
E r i e Co. H o s p i t a l A u t h . , P a .
S t . C h a r l e s P a r i s h , La.
S t . C h a r l e s P a r i s h , La.
D a l l a s - F o r t Worth A i r p o r t , Texas
D a l l a s - F o r t Worth A i r p o r t , Texas
D a l l a s - F o r t Worth A i r p o r t , Texas
D a l l a s - F o r t Worth A i r p o r t , Texas
v
u m f o r d , Maine
RumFord. Maine
F l o r i d a , S t a t e of
C a l i f o r n i a P o l l . C o n t r o l F i n . Auth.
Hampshire Educ. & H l t h , F a c . Auth.
New Hampshire Educ. & H l t h . F a c . Auth.
New Hampshire Educ. & H l t h . F a c . Auth.
New Hampshire Educ. & H l t h . F a c . Auth.
Mass. Hsg. F i n a n c e Agy.

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

11.1
3.0
22.0
10.9
11.6
3.2
2.8
8.4
16.5.
1.0
9.5
6.0
18.0
1.5
1.6
10.0
30.0
16.0
3.8
2.4
10.4
3.1
2.4

1977-1990
1977-1990
1988-1996
1977-1991
1998
1978-1993
2000
2011
2001
2001
1980-1986
1996
2006
2006
1986
2001
1977-2006
2001
1977-1991
1996
2007
2009
1978-1991

5.08
5.12
7.14
7.57
7.57
7.36
7.36
7.36
—
——

7.99
7.99
7.99
7.99
7.39
7.39
5.68
——

8.40
8.40
8.40
8.40
8.31

3.30-5.60
3.30-5.60
6.60-7.25
4.25-7.25
7.78
4.25-7.00
7.20
7.38
6.44
6.44
6.00-7.20
7.80
8.06
8.05
6.00
7.38
3.20-6.10
6.13
4.75-7.75
8.00
8.50
8.45
5.00-7.50

Aa
Aa
A-l
A-l
A-l
A-l
A-l
A-l
Aa
Aa
Baa
Baa
Baa
Baa
A
A
Aa
Aa
Baa-1
Baa-1
Baa-1
Baa-1
A-l

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, Q.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.

Includes foreign government and International Bank for Reconstruction and Development issues and nonpar an teed issues by Federal Agencies.
Digitized for3 FRASER


Table 5 B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
August 2 t h r o u g h August 20, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

8.31
6.65
6.65
6.65
6.65
6.65
4.00
5.59
5.59
7.55
7.55
7.32
7.32

8.25
3.50-6.20
6.50
6.75
6.88
6.63
4.00

MOODY'S
RATING

STATE AND LOCAL

Mass-. Hsg. F i n a n c e Agy.
P i n e l l a s Co., F l a .
P i n e l l a s Co., Fla.
P i n e l l a s Co., F l a .
P i n e l l a s Co., Fla.
P i n e l l a s Co., F l a .
Kentucky Housing Corp.
Gwinnett Co. Sch. D i s t . , Ga.
Gwinnett Co. Sch. D i s t . , Ga.
Topeka, Kansas
Topeka, Kansas
Ontonagon, Mich.
Ontonagon, Mich.
Beaver Co. I n d u s t . Dev. A u t h . , P a .
Oklahoma C i t y , O k l a .
Maryland Dept. of T r a n s p o r t a t i o n
Colorado S p r i n g s , Colo.
Colorado S p r i n g s , Colo.
Colorado S p r i n g s , Colo.
Mobile Bd. of Water & Sewer Comm. A l a .
St P e t e r s b u r g , F l a .
Maine S t a t e Hsg. Auth.
Maine S t a t e Hsg. Auth.
Rutgers S t a t e Univ., N.J.
Rutgers S t a t e Univ., N.J.
Delaware Co., A u t h . , P a .
Delaware C o . , A u t h . , P a .




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

22.6
9.4
5.8
6.1
5.7
4.3
18.0
1.3
8.7
9.8
15.2
3.8
7.2
45.0
34.8
50.0
, 4.0
4.1
18.9
23.9
20.0
1.0
9.3
11.4
13,4
10.6
2.3

2017
1976-1991
1996
2000
2005
2005
1978
1979-1986
1987-1997
1979-1996
2006
1977-1986
1996
2006
1979-1996
1978-1991
1981-1999
2006
2016
1977-2001
1977-2001
1978-1996
2018
1977-2001
2011
1980-1994
1996

—

4.83
5.49
6.47
6.47
6.47
6.38
6.05
——
——

6.73
6.73
6.58
6.58

—

5.05-6.00
4.50-7.30
7.63
4.50-6.40
7.38
7.88
3.60-5.90
3.80-5.80
4.25-6.20
6.38
6.50
3.75-6.75
3.50-6.40
4.30-6.90
7.28
3.75-6.60
6.90
4.40-6.40
6.50

A-l
A-l
A-l
A-l
A-l
A-l
MIG-1
A-l
A—1
A
A
Baa
Baa
Baa
Aa "
Aa
Aa
Aa
Aa
A
A-l
A-l
A-l
A
A
Aa
Aa

i a b l e SB C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
August 2 t h r o u g h August
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

20 1976
MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATMG

STATE AND LOCAL

Delaware Co. A u t h . , P a .
North Shore S a n i t a r y D i s t . , 111.
La C r o s s e , Wise.
Delaware Co. A u t h . , Pa.
Maricopa Co., A r i z .
I l l i n o i s H e a l t h Fac. A u t h o r i t y
I l l i n o i s Health Fac. Authority
Univ. of P u e r t o Rico
Univ. of P u e r t o Rico
Bergen C o . , N . J .
P e n n s y l v a n i a , S t a t e of
P e n n s y l v a n i a , S t a t e of
Oregon, S t a t e of
Michigan S t a t e Hsg. Dev. Auth.
Michigan S t a t e Hsg. Dev. Auth.
Provo, Utah
P r o v o , Utah
Murray, Utah
Murray, Utah




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

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

13.9
10.0
19,8
16.2
28.4
7.1
22.7
3.7
19.0
12.2
60.0
70.0
150.0
3.7
16.3
4.6
14.7
2.6
8.2

2005
1979-1993
1977-1990
1976-1985
1984-1988
1979-1991
2006
1977-1991
2013
1977-1996
1977-1996
1978-1996
1981-1994
1978-1998
2020
2006
1979-1991
1979-1991
1996

6.58
5.62
4.76

6.90
4.20-6.25
3.25-5.35

Aa
A
Aa

6.58
5.29
7.75
7.75
9.16
9.16
5.10
5.95
5.95
5.06

2.75-5.10
5.20-5.30
4.75-7.25
7.75
5.00-8.50
9.13
3.25-5.50
3.00-6.70
5.95
4.10-5.40
4.50-7.30
7.63
6.90
4.40-6.50
4.40-6.50
6.70

Aaa
Aa
A/A+
A/A+
A
A
Aaa
A-I/AA
A-l/AA
Aaa/A
A-l/AA
A-l/AA
Aa/AA+
Aa/AA+
Aa/AA+
Aa/AA+

——

7.63
6.90
—-

6.70

12
Table 6A

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

1

As of August 20, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Entex I n c .
Union E l e c t r i c
P o r t l a n d G e n e r a l E l e c . Co.
Diamond I n t l . Corp.
Wendy's I n t l . I n c .
Amco S t e e l Corp.
J o s . S c h l i t z Brewing Co.
V i r g i n i a E l e c t r i c & Power
P u b l i c S e r v i c e E l e c . & Gas Co.
P u b l i c S e r v i c e E l e c . & Gas
Appalachian Power
Canal E l e c t r i c Co.
General Telephone of Michigan
*P. R. Mallory & Co.
C o n s o l i d a t e d N a t u r a l Gas
Minnesota Power & L i g h t
* N a t i o n a l R u r a l U t i l . Coop. F i n .
Corp.
Columbus & Southern Ohio E l e c .
P e n n s y l v a n i a Power Co.
* B a l t i m o r e Gas & E l e c t r i c Co.
*Kansas Gas & E l e c t r i c Co.
Kansas Gas & E l e c t r i c Co.
*Texas Gas T r a n s m i s s i o n Co.
*Utah Power & L i g h t
Southern Union Co.
United I l l u m i n a t i n g
Arizona Pub. Svc. Co.
Pan American World Airways
Ohio A-T-0 I n c .
*0hio Power




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

50.0
70.0
29.0
30.0
18.0
100.0
50.0
100.0
50.0
60.0
70.0
35.0
25.0
30.0
75.0
30.0

August
August
August
August
August
August
August
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

1 s t mtge
1 s t mtge
1 s t mtge
1 s t mtge
1 s t mtge
Pfd s t k
1 s t mtge
1 s t mtge
SF Debt
Pfd stk
Com s t k
Conv. d e b t
SF Debt
Gvt. g t r bonds

25.0
35.0
15.0
75.0
25.0
20.0
50.0
40.0
25.0
15.0
40.0
50.0
20.0
36.0

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.

24
24
26
25

1
8
8
8
9
9
13
14
15
15
15
16
20
21
21
22
22

Table 6 8

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

1

As of August 20, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

J e f f e r s o n Co., Ky.
Pasadena Redev. Agy., C a l .
M i s s i s s i p p i , S t a t e of
C a l i f o r n i a , S t a t e of
Michigan S t a t e H o s p i t a l F i n . Auth.
•Pope County, Ark.
Wayne Co. Comm. C o l l e g e D i s t . , M i c h
* S t . P a u l P o r t . A u t h o r i t y , Minn.
T e n n e s s e e , S t a t e of
•Washington P u b l i c Pwr. System
• A t l a n t a , Ga.
•Washington, S t a t e of
•Illinois
•Illinois
•G. Chicago Metro. S a n i t a r y D i s t .
Hawaii, S t a t e of
B u r l i n g t o n Co., N . J .
Kansas, S t a t e of
•New J e r s e y , S t a t e of
Sacramento Reg. Co. S a n i t a t i o n
D i s t . , Cal.
Sacramento Mun. U t i l i t y D i s t . Cal.
J e f f e r s o n P a r i s h , La.
•San F r a n c i s c o , C a l .
•New York S t a t e Power Auth.
•Madison, I n d .
Postponed
Cumberland Reg. ScH. D i s t . , N . J ,

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

36.0
21.4
13.5
75.0
31.3
16.6
29.0
66.1
111.0
180.0
18.9
59.8
75.0
50.0
14.0
25.0
11.0
64.0
75.0

August
August
August
August
August
August
August
August
August
August
August
August
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

24
24
24
24
25
26
31
31
31
31
31
31
1
1
2
2
8
9
15

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

25.0
25.0
10.0
43.4
150.0
50.0

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

15
16
16
21
21

G.O,

10,2

Awst

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction
issues of Federally sponsored agencies; exclude* secondary offering*

*

Included m the table for the first time.




18

Table 7

STOCK PRICES AND VOLUME
STOCK PRICES
NYSE INDEX

3

|

O J INDUSTRIALS

AMEX

1

TRADING VOLUME
4

1

NYSE

NASDAQ

136.84 ( 1 / 1 1 ) 2 6 . 0 ( 9 / 2 0 )
89.12 ( 1 2 / 1 3 ) 9 . 0 ( 8 / 2 0 )

1

AMEX

5. 5 ( 1 / 1 2 )
1. 4 ( 8 / 2 0 )

|

NASDAQ

11. 3 ( 1 / 1 1 )
3. 5 ( 8 / 2 7 )

1973 - High
Low

65. 58 ( 1 / 1 1 )
49. 12 ( 1 2 / 1 3 )

1051. 50 ( 1 / 1 1 )
788. 31 ( 1 2 / 5 )

130. 47 ( 1 / 1 1 )
85. 26 ( 1 2 / 2 0 )

1974 - High
Low

53. 37 ( 3 / 1 3 )
32. 89 ( 1 0 / 3 )

891. 66 ( 3 / 1 3 )
577. 60 ( 1 2 / 6 )

102. 01 ( 3 / 1 4 )
58. 26 ( 1 2 / 9 )

96.53 (3/15)
54.87 ( 1 0 / 3 )

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

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

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

1975 - High
Low

51.24 (7/15)
37. 16 ( 1 / 8 )

881. 81 ( 7 / 1 5 )
632. 04 ( 1 / 2 )

96.,86 ( 7 / 1 5 )
62.,20 ( 1 / 2 )

88.00 (7/15)
60.70 (1/2)

35.2 (2/13)
8.7 (9/15)

4.,2 ( 2 / 2 1 )
1. 1 ( 9 / 1 5 )

8.,1 ( 2 / 1 3 )
2.,5 ( 9 / 1 5 )

1976 - High
Low

56..61 ( 7 / 1 4 )
48..04 ( 1 / 2 )

1011.,21 ( 7 / 1 2 )
858,,71 ( 1 / 2 )

107.,05 ( 7 / 1 2 )
84.,31 ( 1 / 2 )

92.52 ( 7 / 1 5 )
78.06 ( 1 / 2 )

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

8.,6 ( 2 / 2 0 )
1.,1 ( 1 / 2 )

11,.1 ( 2 / 2 0 )
3..5 ( 1 / 2 )

July

2
9
16
23
30

55,.57
56..06
55..94
55,.63
55,.26

999..84
1003,.11
993,.21
990..91
984,.64

105..17
106..57
106 .02
111 .10
103..67

90.88
91.48
92.40
91.60
91.29

19.8
20.0
23.9
17.4r
14.6

2,.3
2,.1
2,.5
2,. l r
1,.6

5..8
6,.2
6 .9
6 .0
5 .2

August

6
13
20

56..46
55 .69
54 .71

986.,00
990..19
974 .07

103..41
103 .80
101 .79

91.64
91.81
90.19

17.1
15.7
17.3

1,.7
1,.6
1.9

5,. 3
5 .4
5 .6

NOTES:
1

Figures ether then hl*w end lows era Frideys only. Highs end lows ere for the yeer end ere not necessarily for Fridays.

2

Volume figures era weekly ewenges of delly figures (millions of sheras).

3
4

12/11/66 - 60
Besed en werege price ehenge until September 4 , 1 9 7 3 thereafter, based on market value of shares listed.




15
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROK E R S ON
MARGIN
STOCK

1

BROKERS ON 2
CONVERTIBLE
BONDS

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

3

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

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

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

5,420
5,950
6,410
6,690
6,940
7,080
7,340

146
153
162
163
161
166

1,000
1,037
1,042
1,076
1,007
1,028

2,321
2,333
2,355
2,325
2,357
2,368

340
290
310
-80
30
50
70
20

2
6
-3
-1
3
-1
2
1

-5
25
-24
12
20
155
1
-48

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

30
530
460
280
250
140
260

-1
7
9
1
-2
5

40
37
5
34
-69
21

40
12
22
-30
32
11

May
June

July
CHANGE IN OUTSTANDING

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

July

NOTES:
1
Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.
2
3

New York Stock Exchange data.
June date for banks ere 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

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS

NET
FLOW
1971
1972
1973
1974
1975

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

1975 - September
October
November
December

785
348
765
1,394

1976 - J a n u a r y
February
March
April
May ,
JuneE'

1,037
1,017
2,029
586
801
1,195

1

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

SHARE CAPITAL

ANNUAL 3
GROWTH
RATE
13.5
5,378
12.4
5,451
5.3
-442
3.0
-2,822
11.3
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
561
-55

5,376
3,946
7,070
2,797
3,050
5,047

——

—

—
— «•
——

--

NET
FLOW

ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0
17.7

——
- -

——
— •»
——
——

TOTAL
DEPOSITS

NET
NEW
MONEY

NET
FLOW

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

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

631
2,086
2,072
968

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

5,108
3,719
3,687
2,583
2,835
1,348

6,413
4,963
9,099
3,383
3,851
6,242

ANNUAL 3
GROWTH
RATE
17.2
16.7
8.4
5.8
15.9
__
——
- -

——
——
——
mm w

2

NET
NEW
MONEY
26,331
29,335
10,062
1,846
34,033
293
2,217
2,621
1,082
5,918
4,497
4,553
3,935
3,396
1,293

NOTES:
1

Repilar deposits at mutual savings banks exclude hems such as Christmas dub and certain escrow accounts, which represent a very small part of total deposits.

2
3

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.
Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.

fiouiw: National Association of Mutual Savings Banks and Federal Home Loan Bank Boerd.



H.16

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

1975 - O c t o b e r
November
December

731
772
663

8.2
8.6

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

1,039
796
1,018
917
1,024
682

11.4
8.7
11.0
9.8

jZeZ'

NET
NEW
MONEY

7.0

10.8
6.5

TOTAL

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL

ANNUAL 3
GROWTH
RATE
SEASONALLY ADJUSTED
3,334
14.4
3,125
13.3
2,926
12.3
NET
FLOW

4,232
3,658
4,078
3,676
3,642
2,866

17.7
15.0
16.5
14.7
14.4
11.2

NET
NEW
MONEY

NET
FLOW

ANNUAL 3
GROWTH
RATE

4,065
3,897
3,559

12.6
12.0
10.8

5,271
4,454
5,096
4,593
4,666
3,548

15.9
13.3
15.0
13.4
13.4
9.9

NET
NEW
MONEY

NOTES:
Regular deposits at mutual savings banks exclude Mams such as Christmas dub and certain escrow accounts, which represent a very smell pert of total deposits.
1
2

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

3

Annuel yowth rate for monthly deta k the ennuellzed monthly percentage increese in deposits.

Source: Netionel Association of Mutual Savings Banks end Federal Home Loen Benk Board.




H.I*

18

Table 10

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

OUTSTANDING COMMITMENTS

NET C H A N G E

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

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

1972 - Dec.

25.2

20.3

4.9

.45

.43

.02

1973 - Dec.

19.9

16.4

3.5

.04

.21

-.17

.09

-.09

.08
.14
.39
1.17
.49

-.11
-.24
.11

1974 - Dec.

14.6

12.4

2.2

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

14.6
14.5
15.0

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

1976

Jan.
Feb.
Mar.
Apr.
May
June

16.2
16.8

17.0
17.9
19.1
20.0
20.1
20.4
20.4
20.5
21.1
21.5
-21.9
; 22.5

18.5
19.2
19.4
19.7
20.2
20.4

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

2.0
1.9
2.1
2.2
2.3

.06
.61
.48
.38
.48

2.0,

.21

.94
1.10
.96
.07
.42
.08
.02
.67
.27
.29
.44
.30

.01

.06
.04
-.02
.11
-.06
-.06
-.07
.04
.04
-.06
.21

:°o!

NOTES:
Based on data from Federal Home Lo,m Bonk Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments S&L commitments also mrlvde loans in process. Net changes are derived directly from unrounded end of-period outstandim
levels as reported and after seasonal arivittmpnt bv Federal Reserve Subtotals may not add to totals because of rounding.




m-

19
T a b l e 11

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

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

TOTAL

FHLMC

gfiLB

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

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

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

1974 - 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

-800
-657

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

-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

-197

0
-800
-100
700
-600
-200

-1,160

447
131
-946
-101

+350
+650
-150

+1,000

+400
+1,700
+1,499
-217
+470
-4
-554
-11

-30
-1,279
0
0
-700
0
+150
0
0
0

-1,100

0
0
-600
0

+256
+44
+450

-4
+992
+1,500

Based on data from the Treasury Survey of Ownership.
1/ Sales of FHLB discount notes began in May
£/ preliminary.




FNMA

+530

1973 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

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

FNMA & FHLB

INTERMEDIATE AND LONG-TERM I S S U E S

+750
+499
-200

+1,050
+100
+310
. +491

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

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

0
0
200
0
0
0

0
300
-300
700
0
-200

SHORT-TERM
DISCOUNT
NOTES 1 /

20

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN M I L L I O N S O F D O L L A R S

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

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 l u s t e d
41,647
57,587
58,372
42,748
43,775

39,259
55,561
55,072
36,526
38,936

9,940
16,800
19,600
11,700
4,200

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 - O c t .
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

2,431
3,534
4,490.
4,659
4,878

1,802
3,270
5,330.
5,088
5,412

300
600
900
900
1,100
1,100

87
106
123
309
240

1,378
2,416
4,069
4,171
4,032
4,908

37
148
238
-292
40

1971
1972
1973
1974
1975

i

i

I
:

410 &
264 f
-840 i
-429 .
-534 :
"643 £

S e a s o n a l l y Ad l u s t e d
1975 - O c t .
Nov.
Dec.

5,353
4,265
5,189

4,842
3,910
4,454

923
614
877

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

3,682
4,748
4,678
4,280
4,071

3,196
4,333
5,364 .
4,535
4,414

687
962
987
762
826
699

273
214
200

3,490
2,949
3,36&;

184
249
119
301
195

2,189
2,848
3,844
3,771
3,232
3,987

,

156
133
17

511
355
735

, 145
274
*414
-299
161

486
415
-686
-255
-343
-565

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates bench marked to Call Report data on reel 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 replar quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether
these groups eccounted for 8 3 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.



J*

:
^
f
'

*

Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL R A T E S 4

21

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMLY
&
COMMERCIAL

FARM

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

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

1970 - I
II
III
IV

20.7
22.7
28.4
32.5

15.7
16.7
21.2
23.4

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

1971 - I
II
III
IV

37.2
46.7
52.1
56.3

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

1972 - I
II
III
IV

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 . J
14.8

5.1
4.3
4.4
5.1

1976 - I

71.5

54.0

49.9

4.1

12.0

5.4

NOTES:
1

. 2

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.
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.

4

D a t a r e v i s e d A p r i l 12 d u e t o r e e s t i m e t i o n o f s e a s o n a l f a c t o r s .

Digitized
* for
L e sFRASER
s than .05.


Table 14

PRIVATE HOUSING PERMITS, S T A R T S ,
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
PERIOD

1—FAMILY

1969
1970
1971
1972
1973
1974
1975

1,324
1,352
1,925
2,219

STARTS
2 - O R MORE
FAMILY

COMPLETIONS
2 - O R MORE
FAMILY

2 - O R MORE
FAMILY

1,074
924

626
647
906
1,033
882
644
668

698
705
1,018
1,186
937
431
257

1,407
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

1975 - O c t .
Nov.
Dec.

1,111
1,127
1,091

794
814
812

317
313
279

1,431
1,381
1,283

1,093
1,048
962

338
333
321

1,115
1,386
1,329

738
992
993

377
394
336

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

1,147
1,165
1,188
1,082
1,158
1,050
1,219

851
863
882
803
807
829
875

296
302
306
279
351
321
344

1,236
1,547
1,417
1,367
1,422
1,527
1,387

957.
1,295

279
252
307
312
357378
259

1,213
1,299
1,399
1,266
1,351
1,343

926
953
1,032
986
926
1,027

287
346
367
280
425
316

1,820

1,110

1,055
1,065
1,149

1,128

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 mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1

Permit data for 1969 and 1970 based on 13,000 areas with permit systems




T a b l e 15

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

NEW HOMES
1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1
RATE
(IN PER CENT)

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

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 - O c t .
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
n.a.
n.a.

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

9.05
9.00
8.95
8.90
9.00
9.05
9.05

39
42
42
32
5
35
33

9.10
9.05
9.00
8.95
9.05
9.10
9.10

44
47
47
37
10
40
38

9.06
9.04

40
46

2.4
2.2

- 1
- 4

8.82
9.03
9.05
8.99

24
8
35
27

2.5
4.1
4.2
3.8

8
- 3
0
- 6

8.66
8.58
8.53
8.58
8.95
8.70
8.72

NOTES:
1

Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.

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




FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
c.nvgRMMENT-UNPERWBlTTEN
AMOUNT
(IN MILLIONS O F DOLLARS)

DATE O F
AUCTION

OFFERED

AVERAGE
YIELD

I ACCEPTED

CONVENTIONAL
AMOUNT
(IN MILLIONS O F DOLLARS)
OFFERED

51 ( 4 / 2 1 )
643 ( 8 / 2 5 ) 366 ( 8 / 1 1 ) 9 . 9 5 ( 9 / 2 2 ) 100 ( 4 / 7 )
25 ( 2 / 1 0 ) 18 ( 2 / 1 0 ) 8 . 7 8 ( 2 / 1 0 ) 10 ( 1 0 / 2 0 ) 9 ( 2 / 1 0 )

1975 - High
Low

AVERAGE
YIELD

ACCEPTED

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

1975 - O c t .

6
20

198.5
43.2

143.0
23.2

9.95
9.65

27.5
9.7

23.5
9.2

10.02
9.81

Nov.

3
17

69.8
293.1

41.7
180.6

9.32
9.33

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

9.22

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

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.IS

Apr.

5
19

106.2
132.1

60.1

56.2

8.94
8.83

56.4
55.3

31.8
33.4

9.05
9.00

May

4
17

483.3
634.3 *

222.3
321.4

8.94
9.13

L10.7
128.8

60.1
68.9

9.09
9.24

1
14
28

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

12

148.3
311.8

88.4
212.0

9.05
9.04

90.7
130.5

82.0
105.2

9.27
9.23

190.1

107.4

9.01

136.7

93.4

9.17

July

26
Aug.

offered by bidden relate to total eligible bids received.




9.28