Full text of H.16 Capital Market Developments : April 14, 1975

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Capital
Market
Developments

April 1 4 , 1 9 7 5
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, a n d
CONSUMER FINANCE SECTIOfJ




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

Index

TABLES

1.-6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY CREDIT

9-16

MORTGAGE MARKET




SYMBOLS
e

ESTIMATE

p

PRELIMINARY

r

REVISED

n.a

NOT AVAILABLE

—

DATA DO NOT EXIST

Table 1

3

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

NEW ISSUE 1
Aaa UTILITY

1975 - Mar.

7
14
21
28

8.91
9.27
9.60
9.60

Apr.

4
11

9.80r
9.65p

RECENTLY
OFFERED
Aaa UTILITY

9.17
. 9.31
9.41
9.62
9.70
9.60p

2!

3
GROSS
. OFFERINGS
($ MILLIONS)

VOLUME
PER CENT
SOLD BY END
OF WEEK

850
821
1,130
714

92
78
79
96

576r
662

'

97
98

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

266
290
464
208
47r
13

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

1975 - Mar.

7
14
21
28

6.10
6.20
6.35
6.45

6.54
6.65
6.80
6.95

613
478
379
373

88
78
66
91

U7
168
389
107

Apr.

4
11

6.45
6.55

6.93
7.03

450
403

76
87

15 4r
92

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
CONSTANT MATURITY

4

BOND BUYER
2G-BOND INDEX

1971 - High
Low

8.26 (7/30)
7.02 (2/5)

8.23 (1/1)
7.17 (12/31)

7 . 7 1 (8/21)
7.06 (2/12)

6 . 5 1 (6/18)
5.69 (3/23)

6.23 (6/23)
4.97 (10/21)

1972 - High
Low

7.60 (4/21)
6.99 (11/24)

7.49 (4/21)
7.15 (12/1)

7.36 (4/28)
7.05 (2/12)

6.19 (4/14)
5.74 (11/17)

5.54 (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 . 1 1 (1/5)

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

5.59 (8/3)
4.99 (10/11)

1 9 7 4 - 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

9.83 (4/4)
8.89 (2/7)

9.70 (4/4)
9.06 (2/28)

8.93 (4/11)
8.57 (2/28)

8.44 (4/11)
7.63 (2/21)

7.08 (1/2)
6.27 (2/13)

1975 - Mar.

7
14
21
28

8.91
9.27
9.60
9.60r

9.17
9.31
9.41
9.62

8.59
8.61
8.69
8.78

7.75
7.83
8.09
8.29

6.54
6.65
6.80
6.95

Apr.

4
11

9.80r
9.65p

9.70
9.66p

8.87r
8.93p

8.32r
8.44p

6.93
7.03

5

NOTES:
1

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

2

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

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U.S. Treasury data.

5

Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




i

f

Table 3

$

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

GROSS PROCEEDS

l

CORPORATE

PERIOD

1975

1

1974

|

2,173
2,190

1974

I

1973
1,977
1,515
2,467

2,497
2,543
3,578

2,397
2,304
2,166

1,826
1,939
2,152

3,260
2,668
1,629

2,631
1,806
1,915

1,459
1,106
1,701

2,028
1,657
1,750

4,358
3,690

3,398
3,563
3,238

2,860
2,483
1,479

2,257

9,247
9,218
7,557

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

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

5,959
5,917
5,435
6,659

18,465
26,022

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

2,327
1,962
3,933

April
May
June

3,067
3,164
2,987

July
August
September
October
November
December

NOTES:
1
Securities and Exchange Commission estimates of gross proceeds.
Securities Industry Association estimates of principal amounts.




1

2,255
2,003
2,025

3,341
2,690
3,216

1st Half
3 Qtrs.
Year

2

1975

January
February
March

Q1
02
03
04

2

STATE AND LOCAL

1973

2,313
2,089

Table 4

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

PERIOD

1974 - I

TOTAL

G R O S S PROCEEDS BY TYPE OF ISSUE
G R O S S PROCEEDS BY TYPE OF ISSUER
BONDS
COMMON
MEMO
AND
MANUFACPUBLIC
COMMUNIOTHER
PUBLICLY PRIVATELY
ISSUES INCLUDED
PREFERRED
TURING
UTILITY
CATIONS
ISSUERS
OFFERED
PLACED
FOREIGN [CONVERTIBLE
STOCK

9,232
9,211
7,557
11,785

5,818
5,883
5,025
8,611

1,638
1,794
1,237
1,452

1,776
1,534
1,297
1,722

88
115
373
374

58
39
31076

1,927
2,542
1,887
4,023

3,569
3,190
2,376
3,683

874
1,313
1,008
729

2,869
2,172
2,289
3,351

1974 - Jan.
Feb.
Mar.

3,328
2,687
3,217

2,115
1,683
2,020

783
418
437

430
586
760

56
11
21

2
4
52

896
390
641

1,441
829
1,259

146
397
331

850
1,072
947

Apr.
May
June

3,066
3,164
2,981

1,594
2,350
1,939

671
607
516

801
207
526

63
42
10

12
15
12

1,202
862
478

1,131
912
1,147

294
663
356

442
730
1,000

July
Aug.
Sept.

3,260
2,668
1,629

2,086
2,042
897

620
299
318

555
327
415

223
—
150

205
104
1

1,094
605
188

618
1,079
680

295
364
349

1,254
620
413

Oct.
Nov.
Dec.

4,642
3,734
3,409

3,423
3,016
2,172

366
303
783

853
415
454

175
199

—
76

742
1,684
1,597

2,109
963
611

471
88
170

1,318
1,003
1,030

II
I I I
IV

NOTES:
1
Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission.




1

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
March 31, t h r u A p r i l .11, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

MOODY'S
RATING

OFFERING
YIELD

CORPORATE

D e t r o i t Edison
Pennsylvania Power & Light
E a s t e r n Gas & Fuel Assoc.
Baker Oil Tools Inc
Ralston P u r i n a Co.
H a l l i b u r t o n Co.
GTE Sylvania I n c .
El Paso Co.
P o r t l a n d General E l e c t r i c
Westvaco Corp.
Vulcan M a t e r i a l s Corp.
Potomac E l e c t r i c Power Co.
New England E l e c t r i c System
Dresser I n d u s t r i e s I n c .
Potomac E l e c t r i c Co.
Michigan Wise. P i p e l i n e Co.
Rohm & Haas
\Rohm & Haas
Warner-Lambert Co.
Warner-Lambert Co.
TRW I n c .
TRW I n c .
Cent. I l l i n o i s Pub. S e r . Co.

Com s t k
Com s t k
Com s t k
Com s t k
Conv debt
SF debt
SF debt
Govt g t r
1 s t mtge
Notes
SF debt
Com s t k
Com s t k
Com s t k
Pfd s t k
1 s t mtge
SF debt
Notes
Notes
Debt
SF debt
Notes
1 s t mtge

34.1
54.0
20.1
25.2
100.0
150.0
75.0
130.5
40.0
20.0
60.0
25.0
40.0
20.1
12.5
50.0
50.0
50.0
V 75.0
75.0
50.0
50.0
25.0

——

•—

—

—

—

—

• —
—

—

—

—

—

5.75
9.25
10.00
9.25
10.00
9.00
10.25

5.75
9.30
10.00
9.25
10.00
9.00
10.25

—
—

2000
2000
2000
2000
1982
1983
2000
—

1995
2000
1985
1985
2000
2000
1983

NOTES:
*
1

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




—

—

Baa/A
Aa
A
Aaa
Baa/Bbb
A
A

—

—

—

—

—

—

——

—

—

—

10.63
9.88
9.00
8.30
8.88
9.88
9.00
9.00

10.63
10.00
9.00
8.30
8.93
10.12
9.10
8.89

—
'

—

A .
A
A
Aaa
Aaa
A
A
Aa

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 31, t h r u A p r i l 11, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

125.0
50.0
25.0

2005
1985
1985

9.20
9.00
8.63

9.20
9.00
8.63

Aa
A
Aa

75.0

1980

8.50

8.75

Aaa

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Anheuser-Busch I n c .
Pennwalt Corp.
Amp I n c .

SF debt
Notes
Notes

Other
Asian Dev. Bank

Notes




INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
March 31, t h r u A p r i l 11, 1975
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

Vi ATE AND LOCAL

Rev
New York S t a t e Dormitory Auth.
Rev
New York S t a t e Dormitory Auth.
Rev
N6w York S t a t e Dormitory Auth.
G.O.
Dade Co., F l a .
G.O.
Middlesex Co., N . J .
Washington Suburban S a n i t a r y D i s t . , Md. G.O.
G.O.
Hous t o n , Texas
Rev
Sweetwater Co. , Wyoming
C a l i f o r n i a , S t a t e of
' G.O.
Rev
Bryan, Texas
G.O.
C i n c i n n a t i , Ohio
Rev
Independence, Mo.
Rev
S t . Louis, Mo.
Rev
Green R i v e r , Wyo.
Rev
Green R i v e r , Wyo.
G.O.
Tempe, A r i z .
Rev
Tempe, A r i z .
G.O.
King County, Wash.
G.O.
Cuyahoga Co., Ohio
New J e r s e y , S t a t e of
G.O.

NOTES:
1
2
3

15.4
14.4
6.0
49.6
13.4
63.9
26.0
15.0
75.0
12.5
32.0
14,0
25.0
4.0
10.5
6.2
3.9
22.8
29.7
75.0

1978-1990
2002
2007
1976-1999
1976-1990
1978-2010
1977-1989
2005
1982-2000
1977-2000
1976-2000
1976-1991
1976-1995
1981-1985
1999
1976-1985
1985-1989
1977-2015
1981-1999
1979-1995

8.58
8.58
8.58
6.91
6.08
7.11
5.70
—

5.98
6.92
6.46
6.73
7.45
—
—

6.10
7.14
7.35
6.83
6.00

6.25-7.25
8.75
8.90
4.25-7.35
4.00-6.50
4.75-7.15
4.00-5.85
8.38
5.10-6.50
4.15-7.10
4.30-7.25
4.75-7.05
5.00-7.70
6.00-6.75
8.00
4.30-6.25
6.90-7.00
4.50-7.40
5.65-7.30
4.75-6.30

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

\

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




vo

10

Table 6A

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

1

as of A p r i l 11, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

50.0
100.0
200.0
100.0
25.0
30.0
50.0
22.0
50.0
50.0
100.0
100.0
50.0
40.0
15.0
60.0
50.0
75.0
100.0
65.0
30.0
15.0
50.0
100.0
75.0
40.0
20.0
50.0
36.0
40.0
60.0
100.0
75.0
37.5
28.8
50.0
75.0
50.0

A p r i l 15
A p r i l 15
A p r i l 15
A p r i l 15
A p r i l 15
A p r i l 16
A p r i l 16
A p r i l 16
A p r i l 16
A p r i l 16
A p r i l 17
A p r i l 17
A p r i l 21
A p r i l 22
A p r i l 22
A p r i l 22
A p r i l 22
A p r i l 23
A p r i l 23
A p r i l 23
A p r i l 23
A p r i l 24
A p r i l 24
A p r i l 24
A p r i l 29
A p r i l 29
A p r i l 29
A p r i l 29
A p r i l 29
A p r i l 29
A p r i l 30
A p r i l 30
April
April
April
April
April
April

CORPORATE

Oklahoma Gas & E l e c t r i c Co.
S. Cent. B e l l Tele. Co.
S. Cent. B e l l Tele. Co.
Williams Co.
N. American Car Corp.
Scott & F e t z e r Co.
Kroger Company
Tucson Gas & E l e c t r i c Co.
N. I l l i n o i s Gas Co.
United Telecommunications I n c .
United Technology
United Technology
Occidental Petroleum Corp.
Appalachian Power Co.
Norfolk & Western RR Co.
Lone S t a r Gas Co.
P h i l a d e l p h i a E l e c t r i c Co.
Occidental Petroleum Corp.
Carolina Power & Light Co.
P h i l a d e l p h i a E l e c t r i c Co.
Utah Power & Light
*Gen. Tele, of the Midwest
^Cleveland E l e c t r i c Ilium.
Cleveland E l e c t r i c I l i u m .
Ingersoil-Rand Co.
Michigan Consol. Gas
Iowa Pub. Ser. Co.
*NTL Corp.
Gulf S t a t e s U t i l i t i e s
C i n c i n n a t i Gas & E l e c t r i c Co.
C i n c i n n a t i Gas & E l e c t r i c Co.
*Union P a c i f i c Corp.
Mesa Petroleum
Bucyrus-Erie Co.
New England Tele. & Tele.
Southeast Banking Corp.
Pennzoil Co.
Earsco Corp.

Pfd s t k
Notes
Debt
Notes
Equip t r
Notes
Notes
Com s t k
1 s t mtge
Debt
Debt
Notes
Com s t k
1 s t mtge
Equip t r
SF debt
Com s t k
Notes
1 s t mtge
1 s t mtge
Com s t k
Pfd s t k
1 s t mtge
1st mtge
Notes
1 s t mtge
1 s t mtge
Notes
Com s t k
Com s t k
1 s t mtge
Notes
Pfd s t k
Com s t k
Com s t k ( r t s )
Notes
Debt
SF debt

NOTES:
*

Included in table for first time.

1

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




Table 6A Continued

11

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

1

as of A p r i l 11, 1975
TYPE

ISSUER
CORPORATE

Avco F i n . Ser. I n c .
B a r n e t t Banks of F l a . , I n c .
Houston Oil & Minerals Corp.
McDonalds Corp.
Dresser I n d u s t r i e s Inc.
P a c i f i c Power & Light
* P a c i f i c Gas & E l e c t r i c
*San Diego Gas & E l e c t r i c
Northern N a t u r a l Gas
San Diego Gas E l e c t r i c
Union P a c i f i c RR
C a l i f o r n i a Water Service
*Chesapeake & Potomac Tele. Co. of
W. Va.
*Atchison Topeka & Santa Fe RR
Syborn Corp.
Norton Co.
F i r s t Maryland Bancorp
*IC Products Co.
Texaco I n c .
Burlington I n d u s t r i e s I n c .
General Tele, of Ohio
Manufacturers Hanover Tr. Co.
Manufacturers Hanover Corp.
Emerson E l e c t r i c Co.
Ashland Oil I n c .
Dominion Bankshares Corp.
ERC Corp.
American Finance Corp.
Potomac Edison Co.
*Wal-Mart S t o r e s I n c .
Other
Newfoundland
*French S t a t e Railways
*Societe N a t i o n a l e des Chemis de f e r
Francis
Govt, of I r e l a n d
Hydro-Quebec
Hydro-Quebec
Postponements
Gulf S t a t e s U t i l i t i e s Co.
Montreal Quebec




AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

Notes
Notes
Conv debt
Notes
SF debt
1 s t mtge
Com s t k ( r t s )
Com s t k
1 s t mtge
1 s t mtge
Equip t r
1 s t mtge

50.0
50.0
30.0
80.0
75.0
60.0
150.0
20.0
100.0
40.0
15.0
26.0

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

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

50.0
15.0
35.0
40.0
25.0
50.0
300.0
75.0
20.0
75.0
125.0
50.0
100.0
25.0
25.0
30.0
35.0
15.0

May
May
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

13
13

SF debt
Gtd n o t e s

50.0
50.0

April
April

17
17

50.0
25.0
20.0
100.0

April
INDEF
INDEF
INDEF

17

40.0
75.0

April
INDEF

3

Notes
Notes
Debt
Debt
1 s t mtge
SF debt

1
5
6
6
6
6
7

T a b i e 6B

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

1

as of A p r i l 11, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Austin Ind. School D i s t . , Texas
*Carson Redevelopment Agency, C a l i f .
Puerto Rico Telephone Authority
P i n e l l a s Co., F l a .
*New York S t a t e Medical Care Finance
Agy.
Clark Co., Nev..
F l o r i d a S t a t e Board of Education
Los Angeles Co. Flood Control D i s t . ,
Calif.
*Port of A s t o r i a , Oregon
* P a r r i s h I n d u s t r i a l Dev. Board,
Ala.
S a l t R i v e r ^ A g r i c u l t u r a l Improv. &
Power D i s t . , A r i z .
* S p r i n g f i e l d , Mass.
San F r a n c i s c o , C a l i f .
*Memphis, Tenn.
Jacksonville Electric Auth., Fla.
*Massachusetts, S t a t e of
Pennsylvania, S t a t e of
*0hio, S t a t e of
H a r r i s Co., Texas
H a r r i s Co. Flood Control D i s t . ,
Texas
Port of Houston A u t h . , Texas
*Florida S t a t e Board of Education
*Texas, S t a t e of
P h i l a d e l p h i a H o s p i t a l Auth., Pa.
Postponement
Boston, Mass.
P i t t s b u r g h , Pennsylvania

G.O.
Rev
Rev
Rev

10.0
35.8
100.0
10.0

April
April
April
April

14
15
15
15

Rev
G.O.
Rev

82.0
12.0
41.6

April
April
April

15
15
15

G.O.
Rev

48.0
12.0

April
April

15
16

Rev

28.7

April

16

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

75.0
12.0
72.0
32.0
40.0
150.0
140.0
50.0
25.0

April
April
April
April
April
April
May
May
May

16
17
21
22
23
24
1
6
8

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

10.0
10.0
48.9
11.0
50.0

May
May
May
May
INDEF

8
8
13
14

G.O.
G.O.

60.0
13.3

April
April

8
8

NOTES:
1
'*

Includes state and local government issues of $10 million and over, foreigngovemment, International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.
Included in the table for the first time.




Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES
NYSE INDEX

3

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

|

DJ INDUSTRIALS

1051. 50 (1/11)
788. 31 (12/5)

4

2

TRADING VOLUME

1

NASDAQ

NYSE

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

136.,84 (1/11)
89 .12 (12/13)

26.,0 (9/20)
9..0 (8/20)

5,.5 (1/12)
1 , .4 (8/20)

11 .3 (1/11)
3,.5 (8/27)

[

AMEX

1

AMEX

|

NASDAQ

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

891. 66 (3/13)
577. 60 (12/6)

102.01 (3/14)
59.13 (12/6)

96 .53 (3/15)
54 .87 (10/3)

24,.9 (1/3)
7..5 (7/5)

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

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

45.54 (3/17)
37.16 l l / 8 )

789.,50 (4/11)
632 .04 (1/2)

81.26 (3/17)
62.20 (1/2)

76 .31 (4/11)
60.,70 (1/2)

35..2 (2/13)
13,.4 (1/20)

4. 2 (2/21)
1 . 5 (1/21)

8,.1 (2/13)
3,.6 (1/20)

Feb.

7
14
21
28

41.08
43.21
43.70
43.07

711.91
734.20
749.77
739.05

75.08
76.79
77.73
77.27

71.12
73.26
73.79
73.00

25.7
22.2
23.2
18.8

2.8
2.4.
3.0
2.1

6.4
6.0
6.0
5.1

Mar.

7
14
21,
28 V

44.55
44.74
44.26
44.46

770.10
773.47
763.06
770.26

77.66
80.00
80.47
80.01

74.40
76.07
75.92
76.18

26.0
24.4
24.4
18.3

2.6
3.0
3.0
2.1

5.9
6.2
6.2
5.2

Apr.

4
11

42.98
44.61

747.26
789.50

79.01
81.24

74.73
76.31

14.9r
17.8

1.0

1.8

4.8
4.8

NOTES:
1
Figures other than his** *)nd lews M FriAys only. High* and lows are tor the y w and are not necessarily for Fridays.
2

Volume figure we weekly a v w w of Ally flgun* (millirns of shawl.

3
12/31/fS-M
Digitized4 forBaaed
FRASER
on average price change until Stptsmber 4,1973 th- setter, based on market value of shares listed.



w

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1
MARGIN
STOCK

BROKERS ON %
CONVERTIBLE
BONDS

BANKS

31

HMDCfllll
ATCH UnMUADfllM
UNntUULAICU
NUNMAnuIn
STOCK CREDIT
AT BANKS

OUTSTANDING

1974 - J a n .
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov. .
Dec.
1975 - Jan.
Feb.

5,130
5,230
5,330
5,370
5,180
5,080
4,760
4,510
4,020
3,930
3,960
3,840

182
183
180
179
172
172
158
156
148
145
139
137

1,020
1,039
1,008
1,009
1,020
1,037
1,023
953
924
916
891
856

1,845
1,843
1,869
1,868
1,858
2,072
2,091
2,119
2,060
2,024
2,053
2,064

3,950
4,130

134
136

848
830

1,919
1,897

80
100
100
40
-190
-100
-320
-250
-490
-90
-30
-120

-7
1
-3
-1
-7
-14
-3
-7
-3
-6
-2

-111
19
-31
1
11
17
-14
-70
-29
-8
-25
-35

-21
-2
26
-1
-10
214
19
28
-59
-36
+29
+11

110
180

-3
2

—8
-18

-145
-22

CHANGE IN OUTSTANDING

1974 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - Jan.
Feb.

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 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

1971
1972
1973
1974

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

1973 - December
1974 - January
February

1,057
257
521

1974 - December
1975 - January r /
February j>/

1,053
472
885

1

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0
—
- -

——

NET
NEW
MONEY

2

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0

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

27,793
32,567
20,237
16,008

-42
46
341

2,914
2,177
1,824

__

-37
250
675

3,385
3,285
3,277

— mm

—-

- -

NET
NEW
MONEY
20,653

23,884
•10,507
4,669

2

TOTAL
DEPOSITS
NET
FLOW

37,414
42,634
25,052
18,917

ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8

406
2,018
1,697

3,971
2,434

—

2,345

—

571
3,094
3,097

4,438
3,757
4,162

——
- -

NET
NEW
MONEY

26,331
29,335
10,062
1,847
364
2,064
2,038
534
3,344
3,772

" "

SEASONALLY ADJUSTED
1974 - September
October
November
December

172
260
535
431

2.1
3.2
6.6
5.3

1975 - January r /
February j>/

369
691

4.5
8.4

- -

—
- -

...

—-

2,911

3.6
5.5
8.1
10.3

2,824
3,728

9.9
14.8

- -

- -

990
1,537

- -

2,287

- -

818
1,277
1,752
2,480

4.1
6.4
8.8
12.3

——

2,455
3,037

12.1
14.8

—

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 net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources.

3

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

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




—
—
- -

2

T a b l e 10

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

OUTSTANDING COMMITMENTS
PERIOD

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKJ5
ASSOCIATIONS (N.Y. STATE;1

TOTAL

1971 - Dec.

17.7

14.0
^

NET CHANGE
TOTAL

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

3.7

.49

.30

.19

1972 - Dec.

25.1

^ 20.2

4.9

.56

.55

.01

1973 - J a n .
Feb .
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.

25.8
25.8
25.4
24.8
24.0
23.7
23.1
22.2
21.0
20.0
19.6
19.7

20.8
20.9
20.6
20.2
19.5
19.3
18.8
18.0
17.0
16.1
15.9
16.2

5 .0
4.9
4.8
4.6
4.5
4.4
4.3
4.2
4.0
3.9
3.7
3.5

.80
.21
-.43
-.57
-.89
-.21
-.67
-.92
-1.15
-1.06
-.41
.15

.66
.11
-.28
-.40
-.77
-.15
-.56
-.75
-1.00
-.90
-.26
.35

.14
-.10
-.15
-.17
-.12
-.06
-.11
-.17
-.15
-.16
-.15
-.20

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

19.3
19.4
19.5
19.7
18.5
18.0
17.3
16.7
16.2
14.9
14.4
14.4

15.9
16.0
16.4
16.7
15.6
15.1
14.5
13.9
13.5
12.5
12.1
12.2

3.4
3.2
3.1
3.0
2.9
2.9
2.8
2.8
2.7
2.4
2.3
2.2

-.33
-.06
.20
.20
-1.08
-.61
-.64
-.56
-.56
-1.31
-.54
-.03

-.33
.13
.33
.30
-1.02
-.54
-.60
-.55
-.43
-1.01
-.44
.14

- .10
-.19
-.13
-.10
- .06
-.06
-.04
-.01
-.13
-.30
-.10
-.11

1975 - J a n .
Feb.

14.4
14.4

12.3
12.6

2.1
1.8

-.04
.04

.06
29

-.10
-.25

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.

S e r i e s r e v i s e d due to 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 .




T a b l e 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES

17

IN MILLIONS O F DOLLARS

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

PERIOD

INTERMEDIATE AND LONG-TERM I S S U E S
TOTAL

FHLB

FHLMC

_FNMA & 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
—

—

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
-%,ooo

-800
-657

«• —

+44

——

- —

+450

p

-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+595

1975 - J a n . p

-12

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

Nov.
Dec.

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

Nov.
Dec.

- -

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

Notes:
Based on d a t a from t h e Treasury Survey of Ownership.
1/ Sales of FHLB discount notes began i n May 1974.
\ ! Preliminary.




—

—-

—

+350
+650

-150

——

+256

——

——
- - - ——

-200
—
- - —

——
- -

+750
+499
—

.

+1,050
+100
+310
+500

SHORT-TERM
DISCOUNT
NOTES!/

-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-405
-12

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNM/

2

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE FNMA-GNMA
COMPANIES

Not S e a s o n a l l y Ad-justed
1970
1971
1972
1973
1974

21,736
41,647
57,587
58,372
42,748

16,827
39,259
55,561
55,072
36,526

2,462
9,940
16,800
19,600
11,700

1,845
3,938
5,377
5,642
2,170

10,254
23,919
31,932
25,552
17,578

2,348
1,221
1,452
4,278
5,078

4,909
2,388
2,026
3,300
6,222

1974 - Oct.
Nov.
Dec.

2,419
1,992
2,255

1,655
1,476
1,082

500
400
500

45
79
- 22

565
522
595

545
475
729

764
516
453

1975 - J a n .
Feb.

1,313

862

100
-200

66

428
1,097

268

451
74

Seasonally Ad l u s t e d
1974 - Oct.
Nov.
Dec.

2,847
2,461
1,986

2,205
1,973
1,456

533
509
734

98
67
-102

1,037
985
629

537
412
195

642
488
530

1975 - J a n .
Feb.

1,578

1,072

-247
-484

- 38

1,156
560

201

506
-51

NOTES:
1

2

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 groups accounted for 89 per cent of the net increase estimated for all holders in 1972.
^Beginning January 1972 data reflect activity in limited amount of conventional mortgages.

S e r i e s revised due to r e e s t i m a t i o n of seasonal f a c t o r s .




NET INCREASE IN
MORTGAGE DEBT OUTSTANDING'
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

cI

RESIDENTIAL

MULTIFAMILY
&
COMMERCIAL

FARM

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

4.4
4.6
4.7
5.4

6.0
5.4
5.3
5.3

10.4
10.1
10.0
10.7

2.2
2.2
1.7
1.4

9.4
11.6
15.0
16.2

5.0
5.2
6.3
6.6

4.8
4.6
5.1
6.8

9.8
9.8
11.5
13.4

1.5
1.5
2.1
2.2

27.4
35.5
38.5
41.2

19.4
26.2
28.6
31.3

8.0
9.4
9.9
9.9

7.7
9.8
11.5
10.5

15.7
19.2
21.4
20.4

2.2
2.4
2.3
2.5

62.8
64.9
65.1
68.3

46.1
47.0
47.1
49.5

37.7
37.4
38.0
40.0

8.4
9.6
9.1
9.5

14.1
15.3
15.3
16.3

22.5
24.9
24.4
25.8

2.6
2.6
2.6
2.5

1973 - I
II
III
IV

83.4
75.6
71.3
57.9

63.1
53.9
51.4
38.3

53.1
44.0
41.8
31.7

10.0
9.9
9.6
6.5

16.3
17.8
16.3
15.0

26.3
27.8
25.9
21.5

4.1
3.8
3.6
4.6

1974 - I
II
III
IV

58.5
65.3
50.0
38.6

39.5
44.0
35.7
23.7

32.1
37.1
27.5
17.3

7.4
6.8
8.2
6.4

15.4
17.3
9.0
7.6

22.7
24.1
17.2
14.0

3.6
4.0
5.3
7.3

QUARTER

TOTAL

TOTAL

1968 - I
II
III
IV

28.1
26.4
25.5
29.6

19.4
18.2
17.2
20.4

16.3
15.0
13.6
16.5

3.1
3.2
3.5
3.9

1969 - I
II
III
IV

32.0
29.1
25.8
25.2

?3.8
:u.5
18.7
18.5

19.4
16.8
14.0
13.1

1970

I
II
III
IV

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

1971 - I
II
III
IV

37.3
47.7
52.3
54.2

1972 - I
II
III
. IV

1- to 4 FAMILY

MULTIFAMILY

COMMERCIAL

NOTES:
1

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association,
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.

2

May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.

3

Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debtjwmbined.




T a b l e 14

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

PERMITS
PERIOD

TOTAL

1—FAMILY

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1—FAMILY

1969
1970
1971
1972
1973
1974

1,324
1,352
1,952
2,219
1,820
1,052

626
647
928
1,033
882
726

698
705
1,025
1,186
937
419

1,467
1,434
2,052
2,357
2,045.
1,338

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

656
621
901
1,048
914
450

1,399
1,418
1,706
1,972
2,005

808
802
1,014
1,143
1,166

1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

1,017
900
823
782
730
822

632
618
577
533
511
486

385
282
246
249
219
336

1,314
1,156
1,157
1,106
1,017
880

920
826
845
792
802
682

394
330
312.
314
215
198

1,655
1,592
1,562
1,627
1,657
1,615

934
919
899
908
893
848

682
673

495
514

187
159

996
977

742
718

254
259

1,500

927

1975 - J a n .
Feb.

MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS

\

592
617
692
828
838

413
401
497
576
580

721
674
663
721
763
767

380
370
316
248
218
216

573

215

NOTES: P r i v a t e permits ( f o r 14,000 a r e a s w i t h permit systems, excluding farm), s t a r t s , and completions a r e Census
Bureau d a t a . A d w e l l i n g u n i t i s s t a r t e d wben e x c a v a t i o n b e g i n s . In the case of apartment b u i l d i n g s , a l l u n i t s
a r e considered s t a r t e d a t t h a t timd; Hot'ever, a l l such u n i t s a r e considered completed when more than h a l f of the
u n i t s i n the s t r u c t u r e a r e ready f o r use'. P r i v a t e mobile home shipments are Mobil Home Manufacturers Assoc. d a t a
converted to s e a s o n a l l y a d j u s t e d annual r a t e by Census Bureau.
1/ Permit d a t a f o r 1969 and 1970 based on 13,000 a r e a s w i t h permit systems.




T a b l e 15

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

CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

1

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1973 - High
Low

8.95
7.70

107
31

8.95
7.75

1974 - High
Low

9.80
8.55

45
-70

9.80
8.60

1974 - Jan,
Feb.
Mar.
Apr.
May

8.65
8,55
8.60
8.90'
9.15
9.25
9.40
9.60
9.80
9.70
9.55
9.45

40
45
-4
-8
6
-25
-70
-39
—66
-33
-13

9.15
9.05

15
11

July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - J a n .
Feb.

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

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

NEW HOMES

EXISTING HOMES

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

8.36
7.38

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

8.65
8.60
8.60
8.90
9.15
9.25
9.40
9.60
9.80
9.70
9.60
9.45

40
50
-4
—8
6
-25
-70
-39
-66
-33
-8

__

__

8.54
8.66
9.17
9.46
9.46
9.85
10.30
10.38
10.13

44
2
19
37
-4
-25
31
-8
10

2.3
3.2
5.1
5.3
5.3
6.3
5.8
6,3
4.6

1
-6
-27
-31
-21
-45
-70
-58
-43

—

9.51

3.8

-6

8.25
8.10
8.64
8.98
9.09
9.50
10.10
9.99
10.46
10.03
9.68

9.20
9.05

20
11

8.99
8.84

3.8
2.6

16
21

•

?

-1
-10

9.00
8.94

NOTES:
1

Gross yield spread is average mortgage returi) 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 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used.




ro

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

AVERAGE
YIELD

1155

1975

- Jan.
Feb.
Mar.

26

(11.18)

333

(3/25)

18 (11/18)

13
27

25,.3
41..4

21.2

10

2 4 , .6

18.1

28.6

10.59
8.43

164
i

14

(4/18)
(10/21)

17 . 9
.1

63
7

(4/8)
(11/18)

14 . 9
.6

10.71
8.47

11

8.98
8.87

9 , .1
9 . .1

9., 2 0

2 0 , .0

14,.8

10

9,. 3 9

3 6 , ,2

10

99. 2
460. 5

321.4

8.85

3 4 . ,4
60.,7

2 2 . .1
35..8

8., 9 6
9 . ,00

551. 6

277.2

8.98

99.

44.

6

9 . 13

7

23.8
60.1

8.78

(9/9)
(3/11)

9 , .50

9.37
9.12

24

24

Apr.

(3/25)

AVERAGE
YIELD

OFFERED

OFFERED

1974 - High
Low

AMOUNT
(IN MILLIONS OF DOLLARS)

9.. 0 4

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.