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Capital
Market
Developments

April 5 , 1 9 7 6
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




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

I

vY

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

S E C U R I T Y VOLUME AND Y I E L D S

7, 8

S T O C K MARKET AND S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE MARKET

SYMBOLS
•e
p
r
li.a
—

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

3

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET

-

YIELDS
WEEK ENDING

NEW ISSUE 1
Aaa UTILITY

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

6
13
20
27

8.64
8.58

8.62
8.68
8.67
8.56

Mar.

5
12
19
26

8.72
8.63
8.61
8.53r

8.72
8.64
8.60
8.50r

Apr.

2

8.59p

8.55p

1976 - Feb.

8.68
——

21

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

50
350
302
1,376

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

99
100
96
82

5
0
27
165

440
998r
920
410

90
95
99
92

73
30
6
63

345

96

46

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-80ND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1976 - Feb.

6
13
20
27

6.00
6.05
6.06
6.06

6.86
6.95
6.97
6.98

774
625
539
508

87
80
77
89

159
170
239
154

Mar.

5
12
19
26

6.10
6.05
6.01
5.81

7.04
6.98
6.92
6.72

509
1,064
529
534

87
90
88
92

155
187
169
93

Apr.

2

5.77

6.69

490

82

134

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aee-reted utility bond with 6-yeer call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year cell 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. Deta are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




Table 2

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

D%TE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S S E A S O N E D
CORPORATE A a a

3

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

4

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

1972 - High
Low

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

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

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

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

6.54 (4/13)
4.96 (10/21)

1973 - High
Low

8.52 (8/10)
7.29 (1/21)

8.32 (8/10)
7.28 (1/5)

7.77 (8/24)
7.11 (1/5)

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

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

1974 - High
Low

10.61 (10/4)
8.05 (2/15)

10.52 (10/11)
8.13 (1/4)

9.39 (10/11)
7.73 (1/4)

8.68 (8/30)
7.39 (1/4)

7.15 (12/12)
5.16 (2/7)

1975 - High
Low

9.80 (5/2)
8.89 (2/7)

9 . 7 1 (5/25)
9.06 (2/28)

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

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

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

1976 - High
Low

8.88 (1/9)
8.53 (3/26)

9.10 (1/2)
8.50 (3/26)

8.66 (1/2)
8.46 (3/26)

8.09 (2/13)
7.89 (4/3)

7.29 (1/2)
6.69 (4/2)

5
12
19
26

8.72
8.63
8.61
8.53r

8.72
8.64
8.60
8.50r

8.55
8.55
8.54
8.50r

8.07
7.99
7.97
7.89r

7.04
6.98
6.92
6.72

2

8.59p

8.55p

8.46p

7.89p

6.69

1976 - Mar.

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 4
weeks.

3

Weekly average of daily closing figures.

4

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

5

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




5

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

GROSS PROCEEDS
1

CORPORATE

PERIOD

1975

1

1976

1

STATE AND LOCAL

1973

1976
2,316
2,504

January
February
March

5,365
4,528
5,378

3,328
2,687
3,217

2,327
1,962
3,933

April
May

June

4,294
5,798
5,618

3,060
3,164
2,981

July
August
September

4,390
2,396
2,838

October
November
December

1

1975

1

1974

''2,361
2,387
2,135

2,255
2,003
2,025

2,497
2,543
3,578

2,406
2,900
3,064

2,397
2,304
2,166

3,248
2,667
l,bl7

2,631
1,806
1,915

3,580
2,783
2,159

1,459
1,106
1,701

4,619
3,965

4,609
3,739
3,511

3,398
3,563
3,238

2,323
2,381
2,052

2,860
2,483
1,479

01
02
03
04

15,271
15,710
9,624

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

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

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

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

1st Half
3 Qtrs.
Year

30,981
40,605

18,437
25,969
37,828

16,840
23,192
33,391

15,253
23,775
30,531

13,150
17,416
24,238

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




Table 4

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS O F D O L L A R S

G R O S S P R O C E E D S BY TYPE OF ISSUER

G R O S S P R O C E E D S BY T Y P E O F I S S U E
ERIOD

TOTAL

PUBLICLY
OFFERED

PRIVATELY
PLACED

MEMO
COMMON
AND
I S S U E S INCLUDED
P
RFFFRRFD
rncrcnncu•
F O R E I G N [CONVERTIBLE
STOCK

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

8,611

1, 571

1,677

374

76

4, 079

3,702

743

3,337

15, 271
15, 710
9, 624

10,829
10,510
5,428

2, 350
1, 595
2 140

2,092
3,605
2,056

1 ,255
1 ,035
1 ,225

1
656
463

6, 058
6, 699
2, 585

4,735
4,407
3,324

1.,382
1.,190
679

3,099
3,414
3,036

Nov.
Dec.

3,,739
3,,511

3,016
2,172

330
886

393
453

199

76

1,,699
1,,652

964
629

93
175

985
1,055

Jan.
Feb.
Mar.

5,,365
4,,528
5,,378

3,657
3,201
3,971

1,,135
705
510

573
622
897

470
610
175

1

1,,904
1,,675
2 ,479

1,271
1,957
1,507

938
127
317

1,252
771
1,076

Apr.
MayJune

4,,294
5,,798
5 ,618

2,771
3,796
3,943

423
502
670

1,100
1,500
1,005

135
475
425

130
315
211

1 ,731
2,,650
2 ,318

1,380
1,549
1,478

415
413
362

767
1,188
1,459

July
Aug.
Sept.

4,,390
2 ,396
2 ,838

2,658
1,356
1,414

1 ,075
477
588

657
563
836

925

425

——

——

300

38

1 ,180
708
697

1,039
1,024
1,261

270
112
297

1,901
551
584

Oct.
Nov.

4 ,619
3 ,965

2,389
1,666

683
1 ,516

1,547
783

102
825

61

901
1 ,102

1,238
1,268

928
50

1,553
1,546

I
I I

III

—

NOTES:
1

MANUFACTURING

H , 859

IV

1974

BONDS

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

Securities and Exchange Commission.
DigitizedSource:
for FRASER


—

Table 5A

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

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

2, 1976

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Inland S t e e l Co.
Big Three I n d u s t r i e s
P a c i f i c Gas & E l e c t r i c Co.
Pennsylvania Power.& L i g h t Co.
H o s p i t a l Corp. of America
Greyhound Leasing & F i n a n c i a l Corp.
Big Three I n u d s t r i e s I n c .
Atchison & Topeka Santa Fe Ry
Hawaiian Tele. Co.
P u b l i c S e r v i c e E l e c t r i c & Gas Co.
L i g g e t t & Myers I n c .
Hertz Corp.

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

74.1
57.8
110.0
70.0
20.1
60.0
50.0
15.0
35.0
60.0
75.0
50.0

—
——

„

—

10.18

——

9.25

A——

—

——

——

——

——

——

1984
2001
1977-1991
2006
2006
2001
2001

9.70
8.55
8.00
8.50
8.75
8.63
8.88

9.70
8.55
6.15-8.00
8.59
8.75
8.63
8.88

Baa/BBB
A
Aaa
Aa
Aa
A
A

<
-•*

NOTES:
•
1

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




Table SB

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

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

1

2, 1976
MATURITY

5

STATE AND LOCAL

Kentucky Hsg. Corp.
Kentucky Hsg. Corp.
B e l l e v i l l e , 111.
B e l l e v i l l e , 111.
Albuquerque, N.M.
Albuquerque, N.M.
Cleveland Reg. Sewer D i a t . , Ohio
Cleveland Reg. Sewer D i s t . , Ohio
C a l i f o r n i a , S t a t e of
Peabody, Mass.
Kansas, S t a t e of

MOODY'S
RATING

NET INTEREST
COST

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

49.0
41.0
3.7
12.6
15.4
3.9
16.6
16.4
100.0
10.2
50.0

1977-1996
2007
1980-1991
2006
1977-1982
1977-1983
1977rl992
1999
1978^-2002
1977-1996
1976-1982

6.96
6.96
7.81
7.81
4.49
4.93
5.38
5.73
4.43

?

3.50-6.90
7.20
5.40-7.25
7.75
3.45-4.60
3.25-4.85
4.00-6.70
7.14
3.40-5.70
3.50-6.30
3.00-4.65

Aa
Aa
A-l
A-l
A-l
A-l
A
A
Aaa
Aa
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, 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 end International Bank for Reconstruction end Development issues and non-guaranteed issues by Federal Agencies.

3



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

1

as of A p r i l 2, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Ohio Edison
Chesapeake & Ohio Ry
Arvin I n d u s t r i e s
General Motors Accept. Corp.
Minnesota Power & Light
Pennsylvania E l e c t . Co.
Northern Indiana Public Svc.
C a p i t a l F i n a n c i a l Services Inc.
Bucyrus E r i e Co.
Avco F i n a n c i a l Services
Southern Bell Tele.
Central I l l i n o i s Light
*Rexn©rd Inc.
Utah Power & Light
Appalachian Power Co.
*Champion I n t e r n a t ' l . Corp.
*Wisconsin Public Service Co.
P h i l a d e l p h i a E l e c t r i c Co.
Central Maine Power Co.
*Kansas Power & Light Co.
Northern S t a t e s Power Co.
Southwestern E l e c t r i c Pwr.
*Kansas Power & Light
*Midland E n t e r p r i s e s Inc.
Browning F e r r i s I n d u s t r i e s
Rocky Mountain Natural Gas Co.
Borg Warner Acceptance
*E1 Paso Co.
*Advent1st P r o p e r t i e s Mtge. Trust
^Baltimore Gas & E l e c t r i c Co.
*Allied S t o r e s Corp.
*Dravo Corp.
*Shell Oil Co.
*Chromalloy American Corp.
American Hoist
*Iowa Public Service Co.
*Central I l l i n o i s Light Co.
CIT F i n a n c i a l

Com s t k
Equip t r
Pfd s t k
Notes
Com s t k
1 s t mtge
Com s t k
Notes
Notes
Notes
Debt
1 s t mtge
Conv debt
1 s t mtge
1 s t mtge
Com s t k
Com s t k
Pfd s t k
1 s t mtge
Com s t k
Com s t k
1 s t mtge
1 s t mtge
Mtge bonds
Notes
Pfd s t k
Notes
Com s t k
Bene i n t
Com s t k
Com s t k
Com s t k
Com s t k
Com s t k
Com s t k
1 s t mtge
1 s t mtge
Debt

71.0
15.0
21.3
150.0
15.0
60.0
40.0
25.0
50.0
100.0
350.0
40.0
30.0
32.0
60.0
75.0
20.0
50.0
35.0
23.4
60.0
45.0
45.0
25.0
40.0
20.0
50.0
62.0
15.0
34.5
53.0
15.0
162.0
25.0
16.5
25.0
45.0
75.0

NOTES:
*
Included in table for first time.
1
Includes only corporate and other security issues of $15 million and over; exdwles exchanges, options




April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
May
May
INDEF

6
6
7
7
13
13
14
15
15
15
20
20
21
21
22
22
22
22
27
27
27
27
28

4
5

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

1

as of A p r i l 2, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

CIT F i n a n c i a l
Reliance Group I n c .
Abbott L a b o r a t o r i e s
D. H. Baldwin
Other
* B r i t i 8 h Columbia's Municipal F i n .
Auth.
S o c i e t e N a t i o n a l e de Chemins




Debt
Pfd s t k
Com s t k
Notes

100.0
50.0
81.0
15.0

INDEF
INDEF
INDEF
INDEF

SF debt
Notes

52.5
100.0

April
INDEF

22

Table 6B

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

1

as of A p r i l 2, 1976
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Texas, S t a t e of
*New York, S t a t e of
Minneapolis, Minn.
Missouri S t a t e Environmental Auth.
South C a r o l i n a , S t a t e of
Maine, S t a t e of
South Carolina Pub. Service Auth.
*Port Arthur Nav. D i s t . , Texas
*Escambia Co., F l a .
Wichita Unified Sch. D i s t . , #259
Kans.
*Michigan S t a t e Hsg. Dev. Auth.
Gilroy Unified Sch. D i s t . , Cal.
* L i t t l e Blue Val. Sewer D i s t . , Mo.
*0hio Water Dev. Auth.
Wilmington, Del.
Valdez, Alaska
Lynchburg, Va.
Washington Pub. Power System
Milwaukee Co., Wise.
Conejo Valley Unified Sch. D i s t . ,
Cal.
Ohio, S t a t e of
Oregon, S t a t e of
Deer Park Ind. Sch. D i s t . , Texas
*Erie Co., N.Y.
*Salt River Agric. Improv. Power
Dist.» Ariz.
*St. C l a i r Co., Mich.
D a l l a s , Texas
D a l l a s , Texas
*Lower Colorado River Auth., Texas
*Sacramento Mun. U t i l i t y D i s t . , Cal.

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

35.0
15.0
16.7
10.5
13.6
19.0
100.0
26.4
12.8

April
April
April
April
April
April
April
April
April

5
6
6
6
6
6
6
7
7

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

15.0
25.0
10.0
25.0
10.0
12.5
13.6
15.6
100.0
11.8

April
April
April
April
April
April
April
April
April
April

7
7
7
8
8
8
12
13
13
13

G.O.
G.O.
G.O.
G.O.
G.O.

10.5
45.0
125.0
13.5
39.7

April
April
April
April
April

13
13
13
19
20

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

100.0
28.5
10.0
22.0
60.0
25.0

April
April
April
April
May
May

22
28
28
28
3
6

NOTES:
1
Includes stats and local government issues of $10 million and over,foreigngovernment. International Bank for Reconstruction
issues of Federally sponsored agmdes; excludes secondary offerings.
•

Included in the table for the first time.




A

Table 7

STOCK PRICES AND VOLUME
DATE

1

STOCK PRICES
NYSE INDEX

3

|

BJ INDUSTRIALS

|

AMEX

4

|

1973 - High
Low

65,.48 (1/11)
49,.12 (12/13)

1051.,50 (1/11)
788.31 (12/5)

130..47 (1/11)
85.,26 (12/20)

1974 - High
Low

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)

1975 - High
Low

51.,24 (7/15)
37.,16 (1/8)

881.,81 (7/15)
632.,04 (1/2)

96..86 (7/15)
62.,20 (1/2)

1976 - High
Low

55..15 (3/24)
48.04 (1/2)

1,009. 21 (3/24)
858,.71 (1/2)

1976
Feb.

2

TRADMQ VOLUME

NASDAQ

NYSE

136..84 (1/11) 26,.0 (9/20)
89,.12 (12/13) 9..0 (8/20)

|

AMEX

|

NASDAQ

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

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

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

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

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

88..00 (7/15)
60,.70 (1/2)

35..2 (2/13)
8..7 (9/15)

4,.2 (2/21)
1..1 (9/15)

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

105.,30 (3/11)
84,.31 (1/2)

92 .09 (2/25)
78 .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)

6
13
20
27

52.97
53.27
54.61
53.35

954.90
958.36
987.80
972.61

97.16
99.54
103.91
103.37

87.25
88.96
91.02
90.25

31.5
27.6
34.8
32.4

3.7
3.5
6.4
5.7

8.7
7.2
9.2
8.9

Mar.

5
12
19
26

53.05
53.91
53.76
54.87

972.92
987.64
979.69
1,003.46

103.65
104.48
103.37
104.73

89.47
90.99
89.54
90.89

24.1
27.2;
21.4
23. l r

4.0
4.0
3.3
3.1

7.2
7.6
7.0
7.Or

Apr.

2

54.54

991.58

104.09

90.63

17.8

2.6

6.3

NOTES:
1
2
3

Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.
Volume figures are weekly averages of daily figures (millions of shares).
12/31/66 - 60

4

Bmsei I on i w ra e irice chart a 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 ON 2
MARGIN
CONVERTIBLE
STOCK
BONDS

BANKS

3

• IIIDC^III ATCflNUNMAnuIN
yAilftlAD/iiy . 4
UNncuULATcU
STOCK CREDIT
AT BANKS

OUTSTANDING

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

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

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

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

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

1976 - Jan.
Feb.

5,420
5,950

146

1,000

2,321

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

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

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

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

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

1976 - Jan.
Feb.

30
530

-1

40

40

CHANGE IN OUTSTANDING

NOTES:
1

Mar*n account debt as reported by the New York Stock Exchange, excluding credit for subscriptioni issues and convertible bonds.

2

New York Stock Exchange data.

3

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

4

Noontargin stocks are those not 1isted on a national1 securities exchangeand not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or canry nonmargin stocks are unre)julated; at brokers, such stocks have no




Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

DATE
NET
FLOW

1971
1972
1973
1974
1975p

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

1

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0
11.2

SHARE CAPITAL

NET
NEW
MONEY

NET
FLOW

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

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

-689
-260
236
-37

1,425
438
1,226
3,393

1974 - September
October
November
December

319
-74
449
1,053

1975 - September
October
November
December j>/

785
348
765
1,284

-338
131
549
111

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

1976 - January £ /

1,035

809

5,376

-

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0
17.7
-

NET
NEW
MONEY

DEPC>srrs
NET
FLOW

1975 - January
February
March
April
May
NOTES:
1
Regiler deposits at mutual
2

New deposits net of both

405
713
1,149
955
1,295

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

-1,068
312
1,091
571

1J44
364
1,675
4,446

-1,757
52
1,327
534

631
2,086
2,072
968

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

293
2,217
2,621
1,079

5,108

6,411

5,917

—

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

i, which lepiesent e very smell part of total deposits.
banks exclude Hems such as Christines club end een
ie|weaent 96 per cent of industry total resources.
and interest. Dete for S&L't era for insured essocietkms only, which

is the annualized monthly percentega increase in deposits.
Digitized
3 for FRASER


26,331
29,335
10,062
1,846
34,030

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

-

11.5
14.6
18.6
17.6
19.8

17.2
16.7
8.4
5.8
15.8

NET
NEW
MONEY

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

SEASONALLY ADJUSTED
4.9
8.7
13.8
11.4
15.3

ANNUAL 3
GROWTH
RATE

9.6
12.9
17.2
15.8
18.5

2

Table 0

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

NET
FLOW

1

ANNUAL 3
GROWTH
RATE

1975 - June
July
August
September
October
November
December

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

16.0
13.7
11.9
9.0
8.2
8.6
5.8

1976 - January 2 !

1,037

11.4

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

NET
NEW
MONEY

——
——
——
- —*
- -

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

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

20.2
21.5
17.4
16.1
14.4
13.3
12.3

4,233

17.7

NET
NEW
MONEY

• *e
a»cw
—w
*«•
- -

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

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

19.0
19.3
15.9
14.1
12.6
12.0
10.5

5,270

15.9

NET
NEW
MONEY

2

—
— •*
- —— '
——

NOTES:
1 Repilar deposits at mutual savings banks exclude Items such as Christmas dub and certain escrow accounts, which represent a very small part of total deposits.
2 New dsposits net of both wlthifeeweb and interest. Beta for SSL's are for insured essocietloni only, which represent 96 per cent of industry total resources.
3 Annual growth rate for monthly deta is the annualized monthly percentap increase In deposits.
Seuroe: National Association of Mutual Savin* Banks and Fedsrel Home Lorn Benk Boerd.




H

VA

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

ALL S A V I N G S
MUTUAL
S A V I N G S BKJS
& LOAN
A S S O C I A T I O N S ( N Y. S T A T E )

>

NET CHANGE
TOTAL

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

1972 - Dec.

25.2

2|3

4.9

.45

.43

.02

1973 - Dec.

19.9

16.4

3.5

.04

.21

-.17

1974 - Dec.

14.6

12.4

2.2

.09

-.09

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

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

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

2.1
1.9
2.0
2.0
2.1
2.1
2.1
2.2
2.1
2.1
2.0
2.0

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

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

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

1976 - J a n .

20.5

18.5

2.0

.06

.02

.04

-.li

NOTES:
Based on data from. Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor a m o u n t of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly f r o m unrounded end-of-period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add t o totals because of rounding.




?

Table 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

TOTAL

FHLB

FHLMC

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

+1,475
+1,693
+1,910
v+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

—

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

-200

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

1976 - J a n . p

-154

0

—

—
——

—

-150

FNMA
+530
——

+350
+650
——

+256

SHORT-TERM
DISCOUNT .
NOTES 1 /

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

—

+1,050
+100
+310;
+491

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

-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

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

0

0

0

-154

—

+44
—

+450

—

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




FNMA & FHLB.

INTERMEDIATE AND LONG-TERM ISSUES

——

—

—

——

—

—
—
—

+750
+499
—

Table 12

18

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & Ls

INSURANCE FNMA-GNMA
COMPANIES

Not Seasonally Ad lusted
41,647
57,587
58,372
42,748
42,475

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

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

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

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

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

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

1975 - Oct.
Nov.
Dec.

4,781
3,284
4,413

4,132
2,918
3,754

700
200
200

226
200
272

2,996
2,323
2,774

210
195
508

649
366
658

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

1,909

1,499

0
200

84

1,378

37

410

1971
1972
1973
1974
1975

Seasonally Ad lusted
1975 - Oct.
Nov.
Dec.

5,152
3,829
4,793

4,641
3,474
4,058

722
311
481

273
214
200

3,490
2,949
3,360

156
133
17

511
355
735

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

3,379

2,893

378
562

181

2,189

145

486

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 youps 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

19

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING 1
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

2
QUARTER

TOTAL

5\

RESIDENTIAL
TOTAL

j 1- to 4 J_ FAMILY

MULTIFAMILY

MULTFAML1r

A

COMMERCIAft

FARM

COMMERCIAI

1969 - I
II
III
IV

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

19.4
16.8
14.0
13.1

4.4
4.6
4.7
5.4

6.0
5.4
5.3
5.3

10.4
10.1
10.0
10.7

2.2
2.2
1.7
1.4

1970 - I
II
III
IV

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

9.4
11.6
15.0
16.2

5.0
5.2
6.3-'
6.6

4.8
4.6
5.1
6.8

9.8
9.8
11.5
13.4

1.5
1.5
2.1
2.2

1971 - I
II
III
IV

37.3
47.7
52.3
54.2

27.4
35.5
38.5
41.2

19.4
26.2
28.6
31.3

8.0
9.4
9.9
9.9

7.7
9.8
11.5
10.5

15.7
19.2
21.4
20.4

2.2
2.4
2.3
2.5

1972 - I
II
III
IV

62.8
64.9
65.1
68.3

46.1
47.0
47.1
49.5

37.7
37.4
38.0
40.0

8.4
9.6
9.1
9.5

14.1
15.3
15.3
16.3

22.5
24.9
24.4
25.8

2.6
2.6
2.6
2.5

1973 - I
II
III
IV

83.4
75.6
71.3
57.9

63,1
53.9
51.4
38.3

53.1
44.0
41.8
31.7

10.0
9.9
9.6
6.5

16.3
17.8
16.3
15.0

26.3
27.8
25.9
21.5

4.1
3.8
3.6
4.6

1974 - I
II
III
IV

58.5
65.3
52.2
40.3

39.5
44.0
32.2
23.5

32.1
37.1
25.5
18.5

7.4
6.8
6.7
5.0

15.4
17.3
14.2
10.5

22.7
24.1
20.9
15.5

3.6
4.0
5.7
6.3

1975 - I
II
III
IV p

34.7
50.4
56.5
62.7

21.2
35.1
41.7
47.6

19.7
34.3
39.4
42.9

1.5
.8
2.3
4.7

8.5
11.1
10.4
9.7

10.0
11.9
12.7
14.4

5.0
4.2
4.3
5.5

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 multifamity mortgage debt.




Table 14

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

PERMITS 1
PERIOD

TOTAL

1 —FAMILY

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

COMPLETIONS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

MOBILE
2-OR

MORE

FAMILY

HOME
SHIPMENTS

1969
1970
1971
1972
1973
1974
1975

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

626
647
906
1,033
882
644
668

698
705
1,018
1,186
937
431
257

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

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

656
621
901
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

413
401
497
576
567
329
216

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

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

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

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

1,547
1,350
1,314
1,244
1,269
1,202
1,261
1,267
1,315
1,115
.1,386
1,313

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

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

185
219
199
194
224
210
225
235
215
229
232
228

1,120
1,127

828
860

293
267

1,224
1,555

950
1,303

274
252

1,176

903

273

263

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

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 w h e n excavation begins. In t h e case of
a p a r t m e n t buildings, all units are considered started at t h a t time; however, all such units are considered completed when m o r e than half of t h e units in t h e s t r u c t u r e are ready for use. Private mobi't
h o m e s h i p m e n t s are Mobile H o m e Manufacturers Association data converted t o seasonally adjusted annual rate by Census Bureau.




T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES
1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

NEW HOMES
1

1
RATE
(IN PER CENT)

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES
SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1974 - High
Low

9.80
8.55

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

1975 - Oct.
Nov.
Dec.

9.25
9.20
9.15

3
n. a .
n.a.

9.30
9.25
9.20

8
n.a.
n.a.

9.53
9.41
9.32

31

4.0
3.1
2.4

-28
-21
-17

9.22
tl a Si e
n.a.

1976 - J a n .
Feb.

9.05
9.00

39
.42

9.10
9.00

44
.42

9.06
9.04

40
.46

2.4
2.2

- 1
4

8.66
8.58

NOTES:
1

Gross yield spread is average mortgage return before defecting servicing costs, minus average yield on new issues of high-grade utility bonds with 6-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 B bests points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 16 years, for immediate delivery, are used.




22

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

|

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

ACCEPTED

51 (4/21)
643 (8/25) 366 (8/11) 9 .95 (9/22) 100 (4/7)
25 (2/10) 18 (2/10) 8.78 (2/10) 10 (10/20) 9 (2/10)

1975 - High
Low

I

10.02
8.96

1975 - 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

Mar.

8
22

299.9
146.3

171,.9
121.6

9 .06
9..03

75,.4
46.2

45.0
33.7

9.15
9.13

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.