Full text of H.16 Capital Market Developments : April 7, 1975

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Lx

Capital
Market
Developments

April 7 , 1 9 7 5

Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
)
J / BOARD OF GOVERNORS
I j FEDERAL RESERVE SYSTEM
(-Washington, D C. 20551

Index

TABLES

SYMBOLS

1 - 6

SECURITY VOLUME AND Y I E L D S

7, 8

STOCK MARKET AND SECURITY CREDIT

e
P
r
n.a.

9-16

MORTGAGE MARKET




ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

Table 1

3

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
WEEK ENDING

YIELDS
1

RECENTLY 2 '
OFFERED
Aaa UTILITY

NEW ISSUE 1
Aaa UTILITY
'J

3
GROSS
OFFERINGS
($ MILLIONS)

VOLUME
PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

92
78
79
96

266
290
464
208r

97

63

850
821
l,130r
714

1975 - Mar.

7
14
21
28

8.91
9.27
9.60
9.60r

9.17
9.31
9.41
9.62

Apr.

4

9.83p

9.70p

616

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

1975 - Mar.

7
14
21
28

6.10
6.20
6.35
6.45

Apr.

4

6.45

BOND BUYER
20-BQND
INDEX-

,

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

6.54
6.65
6.80
6.95

613
478
379
373

88
78
66
91

117
168
389
107

6.93

450

76

153

NOTES:
1

Federal Reserve series of implied yield o n newly issued, Aaa-rated utility b o n d w i t h 5-year call p r o t e c t i o n .

2

Federal Reserve series of implied f r e e - m a r k e t yield o n competitively bid Aaa-rated utility b o n d with 5-year call p r o t e c t i o n , released f r o m price
restrictions s o m e t i m e during t h e last f o u r weeks.

3

Estimated b y F . R . o n t h e basis of available d a t a .

4

C o r p o r a t e Market: S a l o m o n B r o t h e r s Bond Market Roundup; Municipal M a r k e t : Weekly Bond Buyer. Data are a d j u s t e d b y Federal Reserve w h e n
necessary t o m a k e coverage of t h i s series consistent w i t h t h e gross o f f e r i n g s series.




\

Table 2

HIGH GRADE BOND YIELDS
1
NE V I S S U E
Aaa UTILITY

DATE

1971

1972

1973

1974

1975

1975

-

-

-

-

-

-

RECENTLY OFFERED
Aaa UTILITY

2
MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

4

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

High

8 . 2 6

( 7 / 3 0 )

8 . 2 3

(1/1)

7 . 7 1

(8/21)

6 . 5 1

( 6 / 1 8 )

6 . 2 3

(6/23)

Low

7 . 0 2

(2/5)

7.17

(12/31)

7 . 0 6

(2/12)

5 . 6 9

(3/23)

4.97

( 1 0 / 2 1 )

High

7.60

(4/21)

7.49

(4/21)

7 . 3 6

,4/28)

6 . 1 9

(4/14)

5 . 5 4

(4/13)

Low

6.99

(11/24)

7 . 1 5

(12/1)

7 . 0 5

(2/12)

5.74

(11/17)

4 . 9 6

( 1 0 / 2 1 )

High

8 . 5 2

(8/10)

8 . 3 2

(8/10)

7.77

(8/24)

7.79

(8/10)

5 . 5 9

( 8 / 3 )

Low

7.29

(1/21)

7 . 2 8

(1/5)

7 . 1 1

(1/5)

6 . 4 2

(1/5)

4 . 9 9

( 1 0 / 1 1 )

1 0 . 6 1

(10/4)

1 0 . 5 2

(10/11)

9 . 3 9

(10/11)

8 . 6 8

(8/30)

7 . 1 5

( 1 2 / 1 2 )

Low

8 . 0 5

{2/15)

8 . 1 3

(1/4)

7 . 7 3

(1/4)

7.39

(1/4)

5 . 1 6

(2/7)

High

9 . 8 3

(4/4)

9 . 7 0

(4/4)

8 . 9 3

(1/3)

8 . 2 9

(4/4)

7 . 0 8

(1/2)

Low

8 . 8 9

(2/7)

9 . 0 6

(2/28)

8 . 5 7

(2/28)

7 . 6 3

(2/21)

6 . 2 7

( 2 / 1 3 )

High

Mar.

Apr.

7

8 . 9 1

9.17

8 . 5 9

7 . 7 5

6 . 5 4

14

9.27

9 . 3 1

8 . 6 1

7 . 8 3

6 . 6 5

21

9 . 6 0

9 . 4 1

8 . 6 9

8 . 0 9

6 . 8 0

28

9 . 6 0 r

9 . 6 2

8 . 7 8 r

8 . 2 9 r

6 . 9 5

4

9 . 8 3 p

9. 70p

8 . 8 5 p

8 . 2 9 p

6 . 9 3

NOTES:
1

Federal Reserve series of implied yield o n n e w l y issued, Aaa-rated utility b o n d with 5-year call p r o t e c t i o n .

2

Federal Reserve series of implied f r e e - m a r k e t yield o n competitively bid Aaa-rated utility b o n d vith 5-year call p r o t e c t i o n released f r o m price restrictions s o m e t i m e d u r i n g t h e last 4

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U.S. Treasury d a t a .

5

T h u r s d a y figures. T h e average rating of t h e 2 0 b o n d s used in this index falls midway bt-iween t h e f o u r t o p gr oups as classified by M o o d y ' s Investors Service. Weekly Bond Buyer d a t a .




5

Table 3

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

PERIOD
1975

GROSS PROCEEDS
l

CORPORATE
1
1974
I

1973

1975
2,064

STATE AND LOCAL
1
1974
|

2
1973

2,255
2,003
2,025

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

October
November
December

4,358
3,690

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

Q1
Q2
Q3
Q4

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

January
February
March

3,341
2,690
3,216

2,327
1,962
3,933

April
May
June

3,067
3,164
2,987

July
August
September

1st Half
3 Qtrs.
Year

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 OF DOLLARS

PERIOD

TOTAL

GROSS PROCEEDS BY TYPE OF ISSUE
GROSS PROCEEDS BY TYPE OF ISSUER
1
BONDS
MEMO
COMMON
COMMUNIPUBLIC
OTHER
MANUFACAND
ISSUES INCLUDED
PUBLICLY PRIVATELY
CATIONS
ISSUERS
PREFERRED
TURING
UTILITY
OFFERED
PLACED
FOREIGN (CONVERTIBLE
STOCK
1,735
3,114

163
136

50
282

1,652

1,776

1,800
1,235

1,534
1,297

88
115

58
39

3 7 3

310

1973 -

III
IV

6,352
10,199

2,333
5,026

2,285
2,059

1974 -

I
II
III

9,247
9,218
7,557

5,818
5,883
5,025

Dec.

3,238

1,552

917

769

1973 1974 -

2,014
2,917

871
1,851

2,304
3,930

1,927

3,569
3,190

2,880

2,377

874
1,310
1,008

2,172
2,287

2,548
1,887

77

504

888

377

1,469

896
393
641

1,441
829
1,299

146
397
331

861
1,075
947

Jan.
Feb.
Mar.

3,341
2,690
3,216

2,115
1,683
2,020

794
421
437

430
586
760

56
11
21

%
4
52

Apr.
May
June

3,067
3,164
2,987

1,594
2,350
1,939

671
607
522

801
207
526

63
42
10

12
15
12

1,202
862
484

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

619
299
317

555
327
415

223

1,094
605
188

618
1,079
680

295
364

150

205
104
1

349

1,254
620
413

Oct.
Nov.

4,538
3,690

3,423
3,016

262
259

853
415

175
199

76

693
1,669

2,086
963

471
86

1,288
975

NOTES:
1

1,160
1,502

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

Source: Securities and Exchange Commission.




Table 5A

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

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

1

4 , 1975

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Com s t k
Com s t k
Com s t k
Com s t k
Conv d e b t
SF d e b t
SF d e b t
Govt g t r
1 s t mtge
Notes
SF d e b t
1 s t mtge

D e t r o i t Edison
P e n n s y l v a n i a Power & L i g h t
Gulf S t a t e s U t i l i t i e s
Baker O i l T o o l s I n c
R a l s t o n P u r i n a Co.
H a l l i b u r t o n Co.
GTE S y l v a n i a I n c .
E l P a s o 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.
Gulf S t a t e s U t i l i t i e s Co.

NOTES:
*
Rights offering.
1

34.1
54.0
36.0
25.2
100.0
150.0
75.0
130.5
40.0
20.0
60.0
40.0

—

—

—

—

—

—

—

—

—
—

—
—

5.75
9.25
10.00
9.25
10.00
9.00
10.25
10.00

5.75
9.30
10.00
9.25
10.00
9.00
10.25
10.00

2000
2000
2000
2000
1982
1983
2000
2005

v

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
Aa

-J

/
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
March 3 1 , t h r u A p r i l
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

4 , 1975
MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Rev
New York S t a t e Dormitory Auth.
Rev
New York S t a t e Dormitory Auth.
Rev
New York S t a t e Dormitory Auth.
G.O.
Dade C o . , F l a .
G.O.
Middlesex Co., N.J.
W a s h i n g t o n Suburban S a n i t a r y D i s t . , Md. G.O.
G.O.
H o u s t o n , Texas
Rev
S w e e t w a t e r C o . , Wyoming
G.O.
C a l i f o r n i a , S t a t e of
Rev
B r y a n , Texas

15.4
14.4
6.0
49.6
13.4
63.9
26.0
15.0
75.0
12.5

1978-1990
2002
2007
1976-1999
1976-1990
1978-2010
1977-1989
2005
1982-2000
1977-2000

8.58
8.58
8.58
6.91
7.11
5.70
—

5.98
6.92

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

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

NOTES:
1

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

2

In case of State and local government securities, G O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev. Rent., revenue bonds secured solely by lease payments.

3

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




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

1

a s of A p r i l 4 , 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

New England T e l e . & T e l e .
Michigan Wise. P i p e l i n e Co.
W i l l i a m s Co.
New England E l e c t r i c Systems
Ohio E d i s o n Co.
Cleveland E l e c t . Ilium.
*Rohm & Haas
Rohm & Haas
P e n n z o i l Co.
Warner-Lambert Co.
Warner-Lambert Co.
C e n t . I l l i n o i s Pub. S e r . Co.
Anheuser-Busch I n c .
Amp I n c .
F i r s t Maryland Bancorp
Potomac E l e c t r i c Power Co.
Potomac E l e c t r i c Power Co.
S. C e n t . B e l l T e l e . Co.
S. C e n t . B e l l T e l e . Co.
Oklahoma Gas & E l e c t r i c 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 .
O c c i d e n t a l P e t r o l e u m Corp.
* A p p a l a c h i a n Power Co.
N o r f o l k & 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.
O c c i d e n t a l P e t r o l e u m Corp.
C a r o l i n a Power & L i g h t Co.
P h i l a d e l p h i a E l e c t r i c Co.
Utah Power & L i g h t
*Gen. T e l e , of t h e Midwest
* I n g e r s o l l - R a n d Co.
Michigan C o n s o l . Gas
Iowa Pub. S e r . Co.
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.

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

28.8
50.0
100.0
30.0
61.5
125.0
50.0
50.0
75.0
75.0
75.0
25.0
125.0
25.0
25.0
25.0
25.0
100.0
200.0
50.0
50.0
22.0
45.0
50.0
50.0
40.0
15.0
60.0
50.0
75.0
100.0
65.0
30.0
15.0
75.0
40.0
20.0
40.0
60.0

NOTES:
*

Included in table for first time.

1

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




April
April
April
April
April
April
April
April
April
April
April
April
April
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

7
7
8
8
8
8
8
8
8
9
9
9
10
10
10
10
10
15
15
15
16
16
16
17
21
22
22
22
22
23
23
23
23
24
29
29
29
29
.30

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
a s of A p r i l 4 , 1975
ISSUER
CORPORATE

B u c y r u s - E r i e Co.
E a s t e r n Gas & F u e l Assoc.
Pennwalt Corp.
N. American Car Corp.
Mesa P e t r o l e u m
E a r s c o Corp.
Avco F i n . S e r . I n c .
B a r n e t t Banks of F l a . , I n c .
Houston O i l & M i n e r a l s Corp.
McDonalds Corp.
TRW I n c .
Dresser I n d u s t r i e s Inc.
S o u t h e a s t Banking Corp.
* P a c i f i c Pwr. & L i g h t
* 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
* N o r t h e r n 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 S e r v i c e
*Syborn Corp.
*Norton Co.
Texaco I n c .
Burlington Industries Inc.
G e n e r a l T e l e , of Ohio
S c o t t & F e t z e r Co.
M a n u f a c t u r e r s Hanover T r . Co.
M a n u f a c t u r e r s Hanover Corp.
U n i t e d A i r c r a f t Corp.
U n i t e d A i r c r a f t Corp.
Emerson E l e c t r i c Co.
Ashland O i l I n c .
Dominion B a n k s h a r e s Corp.
ERC Corp.
American F i n a n c e Corp.
Potomac E d i s o n Co.




TYPE

Com s t k
Com s t k
Notes
Equip t r
Pfd s t k
SF d e b t
Notes
Notes
Conv d e b t
Notes
SF d e b t
SF d e b t
Notes
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
Notes
SF d e b t
Debt
SF d e b t
Pfd s t k
Notes
Debt
Notes
Debt
Notes
Notes
Debt
Notes
Debt
Debt
1 s t mtge

AMOUNT
(IN MILLIONS
OF DOLLARS)

37.5
19.4
50.0
25.0
75.0
50.0
50.0
50.0
30.0
80.0
100.0
75.0
50.0
60.0
150.0
20.0
100.0
40.0
15.0
26.0
35.0
40.0
300.0
75.0
20.0
30.0
75.0
125.0
100.0
100.0
50.0
100.0
25.0
25.0
30.0
' 35.0

APPROXIMATE
DATE OF OFFERING

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

1
5
5
6
6
6
7

Table 6A Continued

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

1

a s of A p r i l 4 , 1975
ISSUER

Other
M o n t r e a l , Quebec
A s i a n Dev. Bank
*Newfoundland
Govt, of I r e l a n d
Hydro-Quebec
Hydro-Quebec




TYPE

SF d e b t
Notes
SF d e b t
Notes
Debt
Debt

AMOUNT
(IN MILLIONS
OF DOLLARS)

75.0
75.0
50.0
25.0
20.0
100.0

APPROXIMATE
DATE OF OFFERING

April
April
April
INDEF
INDEF
INDEF

7
9
17

12

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

1

a s of A p r i l 4 , 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

King County, Wash.
New J e r s e y , S t a t e of
B o s t o n , Mass.
Pittsburgh, Pennsylvania
S t . L o u i s , Mo.
Green R i v e r , Wyo.
I n d e p e n d e n c e , Mo.
C i n c i n n a t i , Ohio
A u s t i n I n d . School D i s t . , Texas
P u e r t o Rico Telephone A u t h o r i t y
* P i n e l l a s Co., F l a .
C l a r k C o . , Nev.
F l o r i d a S t a t e Board of E d u c a t i o n
Los Angeles Co. Flood C o n t r o l
Dist., Calif.
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 .
San F r a n c i s c o , C a l i f .
^Jacksonville Electric Auth., Fla.
^ P e n n s y l v a n i a , S t a t e of
* H a r r i s C o . , Texas
^ H a r r i s Co. Flood C o n t r o l D i s t . ,
Texas
* P o r t of Houston A u t h . , Texas
P h i l a d e l p h i a H o s p i t a l Auth., Pa.
Postponement
P i n e l l a s Co., Fla.
San F r a n c i s c o Redevelopment
Agency, C a l i f .

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

22.8
75.0
60.0
13.0
25.0
14.0
14.0
34.0
10.0
100.0
10.0
12.0
41.6

April
April
April
April
April
April
April
April
April
April
April
April
April

7
8
8
8
9
9
9
9
14
15
15
15
15

G.O.

48.0

April

15

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

75.0
72.0
40.0
140.0
25.0

April
April
April
May
May

16
21
23
1
8

G.O.
G.O.
Rev

10.0
10.0
50.0

May
May
INDEF

8
8

Rev

10.8

April

1

April

16

Rev

•

210.0

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.

*

Included in the table for the first time.




Table 7

STOCK PRICES AND VOLUME
STOCK PRICES

TRADING VOLUME

BJ INDUSTRIALS

65.48 (1/11)
4 9 . 1 2 (12/13)

1051.50 ( 1 / 1 1 )
788.31 (12/5)

NASDAQ

130.47 ( 1 / 1 1 )
8 5 . 2 6 (12/20)

136.84 ( 1 / 1 1 )
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)

53.37 (3/13)
32.89 ( 1 0 / 3 )

891.66 ( 3 / 1 3 )
577.60 ( 1 2 / 6 )

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

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

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

4.4 (1/3)
.9 ( 9 / 2 6 )

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

45.54 (3/17)
37.16 (.1/8)

786.53 (3/17)
632.04 ( 1 / 2 )

81.26 ( 3 / 1 7 )
62.20 (1/2)

76.27 ( 3 / 1 7 )
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

Mar.

7
14
21
28

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
5.2r

Apr.

4

42 .98

747.26

79 . 0 1

74.73

15.1

1.8

4.8

NOTES:
1
2

.Figures other then highs and lows ere 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).

3
4

12/31/66 - 50
Based on average price change until September 4,1973 thereafter, based on market value of shares listed.




2.4
3.0
2.1

6.4
6.0
6.0
5.1

Table 8

SECURITY CREDIT

lil

R E G U L A T E D M A R G I N CREDIT E X T E N D E D BY
— E N D O F PERIOD

BROKERS ON 1
MARGIN
STOCK

BROKERS O N 2
CONVERTIBLE
BONDS

BANKS

:>

|UmNnRrE/ G
^U
lieL AATTECDh N
I IO
AN
i lM
llA
/ ^IlN
il
AD
RG
STOCK CREDIT
AT BANKS

OUTSTANDING

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

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

134

848

1,919

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

-3

—8

C H A N G E IN O U T S T A N D I N G

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

-145

NOTES:
1

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

2

New York Stock Exchange data.

3

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

4

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




-C*.

V

< jf/#-"/- A ^

W . k,»

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

1971
1972
1973
1974

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

ANNUAL 3
GROWTH
RATE

13.5
12.4
V3
3.0

1,057
257
521

- -

1,053
472
885

«. —

1974 - September
October
November
December

172
260
535
431

2.1
3.2
6.6
5.3

1975 - J a n u a r y r /
F e b r u a r y ]>/

369
691

4.5
8.4

1973 - December
1974 - J a n u a r y
February
1974 - December
1975 - J a n u a r y r /
F e b r u a r y jd>/

1

—
—

—

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

TOTAL
DEPOSITS

NET
NEW
MONEY

NET
FLOW

ANNUAL 3
GROWTH
RATE

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

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

19.0
18.7
9.8
7.0

20,653
23,884
10,507
4,669

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

-42
46
341

2,914
2,177
1,824

——

406
2,018
1,697

3,971
2,434
2,345

—

-37
250
675

3,385
3,285
3,277

— «"

571
3,094
3,097

4,438
3,757
4,162

- -

17.2
16.7
8.4
5.8

—

NET
NEW
MONEY

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

SEASONALLY ADJUSTED
__
——
——
—

...

818
1,277
1,752
2,480

4.1
6.4
8.8
12.3

2,455
3,037

12.1
14.8

——
—m

—

990
1,537
2,287
2,911

v

2,824
3,728

NOTES:
1
Regular deposit* 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:




3.6
5.5
8.1
10.3
9.9
14.8

——
——

—

T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
B I L L I O N S OF 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
PERIOD
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
S A V I N G S BK£ 5
ASSOCIATIONS ( N . Y . S T A T E ]

NET CHANGE
TOTAL

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

1971

-

Dec.

17.7

14.0

3.7

.49

.30

.19

1972

-

Dec.

25.1

20.2

4 . 9

.56

.55

.01

1973

-

Jan.

25.8

20.8

5 .0

.66

.14

Feb.

25.8

20.9

4.9

.21

.11

-.10

Mar.

25.4

20.6

4.8

-.43

-.28

Apr.

24.8

20.2

4.6

-.57

-.40

-.17

May

24.0

19.5

4.5

-.89

-.77

-.12

-

June

23.7

19.3

4.4

-.21

-.15

-.06

23.1

18.8

4.3

-.67

- .56

-.11

18.0

4.2

-.92

-.75

-.17

Sept.

21.0

17 .0

4.0

-1.15

-1.00

-.15

Oct.

20.0

16.1

3.9

-1.06

-.90

-.16

Nov.

19.6

15.9

3.7

- .41

-.26

-.15

Dec .

19.7

16.2

3.5

.15

.35

-.20

-.33

Jan.

-

22.2

19.3

15 .9

3.4

-.33

Feb.

19.4

16.0

3.2

-.06

.13

-.19

Mar.

19.5

16.4

3.1

.20

.33

-.13

Apr.

19.7

16.7

3.0

.20

.30

-.10

- .10

May

18.5

15 .6

2.9

-1.08

-1.02

-.06

June

18.0

15.1

2.9

-.61

-.54

-.06

July

1975

-.15

July
Aug.

1974

.80

17.3

2.8

-.64

Aug.

16.7

13.9

2.8

-.56

-.55

-.01

Sept.

16.2

13.5

14.5

2.7

-.56

-.43

-.13

Oct.

14.9

"12 .5

2.4

-1.31

-1.01

-.30

- .60

-.04

Nov.

14.4

12.1

2.3

-.54

- .44

-.10

Dec .

14.4

12.2

2.2

-.03

.14

-.11

Jan.

14.4

12.3

2.1

- .04

.06

-.10

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 .




Table 11

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

TOTAL

INTERMEDIATE AND LONG-TERM ISSUES

INCLUDING

PERIOD

SHORT-TERM
DISCOUNT
NOTES

TOTAL

FHLB

FHLMC

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

+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. p

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

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
+1,000

-800
-657

——

——

- -

1975 - J a n . p

-12

——
- ——

-150

Notes:
Based on d a t a from t h e T r e a s u r y Survey of Ownership.
1 / S a l e s of FHLB d i s c o u n t n o t e s began i n May 1974.
£./ P r e l i m i n a r y .




+530

—

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

FNMA & FHLB

FNMA

+350
+650
——

+256
+44

——
——
- -

-200
—
——
—

——

+450
——

+750
+499
——

+1,050
+100
+310
+500

SHORT-TERM
DISCOUNT
NOTES]./

-53
+344
460
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-405
-12

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNM/

TOTAL

FINANCIAL INSTITUTIONS
COMMERCIAL
MSB's
S & Ls
BANKS

2
INSURANCE FNMA-GNMA
COMPANIES

Not S e a s o n a l l y Ad l u s t e d
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 - O c t .
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

1970
1971
1972
1973
1974

S e a s o n a l l y Ad l u s t e d
1974 - O c t .
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

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.

2

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

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 .




NET INCREASE IN
MORTGAGE DEBT OUTSTANDING'
IN BILLIONS OF 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 A N N U A L R A T E S

2
QUARTER

TOTAL

cI

RESIDENTIAL
TOTAL

FAMILY

MULTIFAMILY

COMMERCIAL

MULTIFAMILY
&
COMMERCIAL

.

FARM

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

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

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
111
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

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, Veteran; Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, whera 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 deb^combined.




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

STARTS
12-OR MORE
| FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

COMPLETIONS
MOBILE
HOME
1—FAMILY 2 - O R MORE
FAMILY
SHIPMENTS

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

592
617
692
828
838

413
401
497
576
580

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

721
674
663
721
763
767

380
370
316
248
218
216

1975 - J a n .
Feb.

682
673

495
514

187
159

996
977

742
718

254
259

1,500

927

573

215

1969
1970
1971
1972
1973
1974
1974 - J u l y
Aug.
Sept.

NOTES: P r i v a t e p e r m i t s ( f o r 14,000 a r e a s w i t h p e r m i t s y s t e m s , e x c l u d i n g f a r m ) , s t a r t s , and c o m p l e t i o n s 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 when e x c a v a t i o n b e g i n s . I n t h e c a s e of a p a r t m e n t b u i l d i n g s , a l l u n i t s
a r e c o n s i d e r e d s t a r t e d a t t h a t t i m e ; however, a l l such u n i t s a r e c o n s i d e r e d completed when more t h a n h a l f of t h e
u n i t s i n the s t r u c t u r e a r e r e a d y f o r u s e . P r i v a t e mobile home shipments a r e Mobil Home M a n u f a c t u r e r s A s s o c . d a t a
n v FRASER
e r t e d t o 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 B u r e a u .
Digitizedc ofor
\ j P e r m i t d a t a f o r 1969 and 1970 based on 13,000 a r e a s w i t h permit s y s t e m s .



Table 15

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

NEW HOMES
YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1973 - High
Low

8.95
7.70

107
31

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

8.36
7.38

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

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

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
n.a.

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

1975 - J a n .
Feb.

9.15
9.05

15
11

9.20
9.05

20
11

8.99
8.84

3.8
2.6

16
21

——

n.a.
-1
-10

9.00
8.94

NOTES:
1

Gross yield spread is average mortgage returp 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 baped 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

T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS O F DOLLARS)

DATE OF
AUCTION

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF D O L L A R S )

AVERAGE
YIELD

ACCEPTED

1155 ( 3 / 2 5 ) 333 ( 3 / 2 5 ) 1 0 . 5 9
26 ( 1 1 . 1 8 ) 18 ( 1 1 / 1 8 ) 8 . 4 3 i

- High
Low
Jan.
Feb.
Mar.

13
27

25,.3
41..4

21.2
28.6

9.37
9.12

10
24

24.,6
36. 2

18.1
23.8

10
24

99. 2
460. 5

60.1
321.4

164 ( 4 / 1 8 ) 63 ( 4 / 8 )
10.71 (9/9)
14 ( 1 0 / 2 1 ) 7 ( 1 1 / 1 8 ) 8 . 4 7 ( 3 / 1 1 )
17.9

14,.9
10,.6

9.50
9.39

8.98
8.87

14.8

20.0

9.,1
9.,1

9.20
9.04

8.78
8.85

34.4
60.7

22. 1
35. 8

8.96
9.00

11.1

NOTES:
Average secondary market yields are gross before deduction of the fee of 3 8 basis points paid f o r mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years f o r 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 t o total eligible bids received.