Full text of H.16 Capital Market Developments : August 25, 1975

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Mr •II'

Capital
Market
Developments

August 2 5 , 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
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551

Index

SYMBOLS

TABLES

1-6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY CREDIT

9-16

MORTGAGE MARKET




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

1975 - J u l y

Aug.

NEW ISSUE 1
Aaa UTILITY

VOLUME

RECENTLY '
OFFERED
Aaa UTILITY

!

GROSS
3
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

4
11
18
25

9.62
9.38
9.53
9.25

9.30
9.45
9.57
9.33

220
750
875
520

95
97
98
91

n

1
8
15
22

9.37
9.44
9.43
9.53p

9.35
9.51
9.49r
9.53p

243
360
235
342

80
80
90
95

63
96
33
4

58
36
74

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-BQND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1975 - J u l y

4
11
18
25

6.30
6.33
6.40
6.50

6.96
6.98
7.09
7.22

1,705
357
604
669

97
79
88
84

108
151
111
170

Aug.

1
8
15
22

6.40
6.40
6.40
6.40

7.09
7.16
7,17
7.18

524
664
442
685

90
83
69
85

138
146r
215
207

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 I S S U E
A a a UTILITY

DATE

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 4
C O N S T A N T MATURITY

BOND BUYER
2G- BON D INDEX

1971 - High
Low

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

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

7.71 (8/21)
7.06 (2/12)

6.51 (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)

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 / 2 4 )
7.11 (1/5)

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

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

1974 - High
Low

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

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

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

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

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

1975 - High
Low

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

9.71 (5/25)
9.06 (2/28)

9.01 (5/2)
8.57 (2/28)

8.54 (8/22)
7.63 (2/21)

7.22 (7/24)
6.27 (2/13)

4
11
18
25

9.62
9.38
9.53
9.25

9.30
9.45
9.57
9.33

8.82
8.84
8.82
8.85

8.13
8.18
8.13
8.18

6.96
6.98
7.09
7.22

1
8
15
22

9.37
9.44
9.43
9.53p

9.35
9.51
9.49r
9.53p

8.86
8.93
8.95r
8.96p

8.27
8.49 *
8.50r
8.54p

7.09
7.16
7.17
7.18

1975 - J u l y

Aug.

NOTES:
1

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

2

Federal Reserve series of Implied free-market yield on competitively bid Aaa-ratad 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 uied in this index falls midway between the four t o p groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




7

5

Table 3

$

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS
GROSS PROCEEDS
PERIOD
1975

1

CORPORATE
1
1
1974

1973

1975

STATE AND LOCAL
1
1974
1

2

1973

January
February
March

5,379
4,526
5,368

3,328
2,687
3,217

2,327
1,962
3,933

2,361
2,322
2,088

2,255
2,003
2,025

1,977
1,515
2,467

April
May

4,407

3,060
3,164
2,981

2,497
2,543
3,578

2,384
2,858
2,945

2,397
2,304
2,166

1,826
1,939
2,152

3,257
2,666
1,617

2,631
1,806
1,915

1,459
1,106
1,701

2,028
1,657
1,750

4,609
3,746
3,505

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

9,232
9,205
7,540
11,860

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

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

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

18,437
25,977
37,837

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

July
August
September

.

October
November
December
01
02
03
04

15,274

1st Half
3 Qtrs.
Year

j

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




6,771
8,187

Table 4

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

G R O S S PROCEEDS BY TYPE OF ISSUE
PERIOD

TOTAL

1974 - I I
III
IV

9,205
7,540
11,860

5,883
\ 5,025
8,611

1,789
1,222
1,565

1,533
1,293
1,684

115
373
374

1975 - I

15,274

10,829

2,336

2,109

3,060
3,164
2,9^1

1,594
2,350
1,939

666
607
516

800
207
526

July
Aug.
Sept.

3,257
2,668
1,617

2,086
2,042
897

616
299
307

Oct.
Nov.
Dec.

4,609
3,746
3,505

3,423
3,016
2,172

1975 - J a n .
Feb.
Mar.

5,379
4,526
5,368

Apr.

4,407

1974 - Apr.
May
June

1

COMMUNICATIONS

OTHER
ISSUERS

2,541
1,887
4,079

3,189
2,376
3,702

1,307
1,008
743

2,164
2,272
3,339

1,255

1

6,055

4,736

1,380

3,104

63
42
10

12
15
12

1,203
862
477

1,130
912
1,147

288
663
356

442
730
992

555
325
413

223
150

205
104
1

1,094
605
188

618
1,078
680

295
364
349

1,251
620
401

355
330
880

831
400
453

175
199

76

728
1,699
1,652

2,109
964
629

475
93
175

1,297
993
1,049

3,657
3,201
3,971

1,133
703
500

589
622
897

470
610
175

1

1,901
1,675
2,479

1,272
1,957
1,507

938
125
317

1,267
771
1,066

2,771

360

1,276

135

130

1,706

1,408

561

732

—

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




PUBLIC
UTILITY

39
310
76

NOTES:
Source: Securities and Exchange Commission.

G R O S S PROCEEDS BY TYPE OF ISSUER

MEMO
BONDS
COMMON
MANUFACAND
ISSUES INCLUDED
PUBLICLY PRIVATELY PREFERRED
TURING
PLACED
OFFERED
FOREIGN ^CONVERTIBLE
STOCK

—

1

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY'
August 4 , t h r u August 2 2 > 1 9 7 5

ISSUER

CORPORATE

Interstate Power
Kansas City Power & Light
Harnischfeger Corp.
Crocker Nat'1 Corp.
Tucson Gas & Electric
Commonwealth Edison Co.
Philadelphia Electric
Ohio Electric Co.
Public Service of Indiana
Northern States Power
Big Three Ind. Inc.
North American Philips Corp.
Southwestern Electric Power Co.
British Petroleum Co.
British Petroleum Co.
Pennsylvania Electric Co.
Norfolk & Western RR
Dayton Power & Light
Pfizer Inc.
Pfizer Ipc.
Central Maine Power

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

16.5
Com stk
20.4
Com stk .
23.4
Com stk
33.8
Com stk
27.6
Com stk
125.0
1 s t mtge
80.0
1 s t mtge
75.0
1 s t mtge
80.0
1 s t mtge
40.3
Com stk
47.7
Com stk
Com stk (rts) 28.6
40.0
1 s t mtge
50.0
Notes
100.0
Debt
45.0
1 s t mtge
11.6
Equip tr
45.0
1 s t mtge
100.0
S . F . debt
100.0
Notes
20.0
1 s t mtge

MATURITY

COUPON RATE

1983
2000
1983
2005

2005
1980
2000
1984
1988
2005
2000
1985
1984

NOTES:
\

I Z w d w y L p o r a t e and other security offering, of $16 million end over; excludes options, exchange and secondary offerings.




9.00
11.00
11.00
9.60

9.63
9.00
10.00
10.75
9.00
10.70
9.25
9.88
10.65

OFFERING
YIELD

MOODY'S
RATING

8.85
11.00
10.75
9.60

Aaa/AaA
Baa/Bbb+
Aa

9.60
9.00
10.00
10.75
7.75-9.20
10.70
9.30
9.88
10.65

Aa
Aa
Aa
A/Bbb
Aa
A
Aa
Aa
A/Bbb+

T a b l e 5A C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
August 4 , t h r u August 2 2 , 1975
TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

M i n n e s o t a Power & L i g h t Co.
P u g e t Sound Power & L i g h t Co.
P e n n s y l v a n i a Power & L i g h t
Portland General E l e c t r i c




1st
1st
Pfd
Com

mtge
mtge
stk
stk

35.0
30.0
50.0
31.3

2005
1985

10.50
10.45
11.00

10.50
10.45
11.00

A
Baa/BBB
Baa

Table 5 8

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY <
August 4 , t h r u August 2 2 , 1975
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Dade C o . , F l a .
P e n n s y l v a n i a , S t a t e of
New Hampshire Educ. & H e a l t h F a c .
Auth.
New Hampshire Educ. & H e a l t h F a c .
Auth.
P h o e n i x Union H . S . D . #210, A r i z .
M a r i c o p a Co. I n d u s t . Dev. A u t t i . ,
Ariz.
M a r i c o p a C o . < E n d u s t . Dev. A u t h . ,
Ariz,
M a r i c o p a Co. I n d u s t . Dev. A u t h . ,
Ariz.
M a r s h a l l C o . , Ky.
I l l i n o i s I n d u s t . P o l l u t i o n Cont.
Auth.
I l l i n o i s I n d u s t . P o l l u t i o n Cont.
Auth.
New York S t a t e D o r m i t o r y A u t h .
S. Dakota B u i l d i n g Auth.
Colorado S p r i n g s , Colo.
H o u s t o n , Texas

Rev
G.O.

25.0
180.0

1978
1977-1995

6.78

7.50
4.80-7/25

A
A-l

Rev

4.0

1979-1985

8.91

6.75-8.00

A

Rev
G.O.

10.4
14.8

2003
1980-1983

8.91
5.75

8.25-9.00
5.25-5.75

A
Aa

2.9

1976-1985

9.26

6.00-7.90

A-l

1995

Rev

-WW

Rev

6.5

9.26

8.75

A-l

Rev
Rev

15.1
15,0

2005
2000

9.26
8*30

9.25
8.25

A-l
A

Rev

10.0

1985

8.24

6.75

A

Rev
Rev
Rev
Rev
G.O.

35.0
23.0
17.5
47.4
25.0

8.24
10.57
7.39
7.43
5.80

8.25
10.00
5.00-7.50
5.00-7.50
3.90-6.30

.....

„

2000
1977
1976-1993
1978-2005
1976-1995

A
A-l
A-l
Aa

Aaa

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.-UL, revenue bonds secured only by Income from quasi-otilttiei; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lee* payments.

3

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




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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
August 4 , t h r u August 22 , 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Morristown I n d u s t . Dev. Bd. Tenn.
Nebraska P u b l i c Power D i s t .
G e o r g i a , S t a t e of
Chicago School D i s t . , 111.
St. Petersburg, Fla.
Saugus, Mass.
S a u g u s , Mass.
T r i n i t y R i v e r Auth. Texas
Los A n g e l e s Co. Flood C o n t r o l D i s t . ,
Calif.
M u n i c i p a l A s s i s t a n c e C o r p . , N.Y.
M u n i c i p a l A s s i s t a n c e C o r p . , N.Y.
M u n i c i p a l A s s i s t a n c e C o r p . , N.Y.
A u s t i n , Tex..
P h i l a d e l p h i a Mun. Hosp. A u t h .
P h i l a d e l p h i a Mun. Hosp. A u t h .
P h i l a d e l p h i a Mun. Hosp. A u t h .
P h i l a d e l p h i a Mun. Hosp. A u t h .
Birmingham M e d i c a l C l i n i c B d . , A l a .
Birmingham M e d i c a l C l i n i c B d . , A l a .
P l a t t e R i v e r Power A u t h . , C o l o .
P l a t t e R i v e r Power A u t h . , C o l o .
P l a t t e R i v e r Power A u t h . , C o l o .
Gulf C o a s t Waste D i s p o s a l A u t h . , T e x .
Gulf Coast Waste D i s p o s a l A u t h . , T e x .
Nassau C o . , N.Y.
B r i d g e p o r t , Conn.
Wayne C o . , Mich.
D e t r o i t B l d g . A u t h . , Mich.




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

17.0
23.5
39.0
65.0
15.0
13.9
16.1
17.4

2000
1977-2004
1976-2000
1977-1990
1976-1995
1977-1985
1994
1978-1999

8.51
7.38
6.19
6.76
7.10

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

10.0
70.0
65.0
140.0
26.0
11.8
6.8
2.0
13.4
5.0
17.7
8.7
5.7
20.6
3.0
19.0
31.6
13.0
16.0
20.0

1991-1995
1980
1981
1983
1987-2000
1979-1990
1995
1997
2008
1977-1990
2005
1981-1995
2000
2010
1985
2005
1976-2004
1976-1995
1984-2000
1979-1994

G.O.

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

7.15

8.40
4.75-7.60
4.00-6.65
4.90-7.40
4.75-7.35
5.75-7.00
8.00
5.00-7.60

A
A-l
Aaa
A-l
A-l
A
A
A

5.93
11.03
11.03
13 .03
7.29
8.05
8.05
8.05
8.05
8.45
8.45
8.08
8.08
8.08
8.16
8.16
7.18
6.46
7.46
9.90

6.05-6.20
10.00
10.50
11.00
6.50-7.55
6.10-7.70
8.00
8.09
8.25
7.80-8.00
8.38
6.00-7.60
7.88
8.13
6.50
8.20
5.35-7.70
4.40-6.90
6.60-7.50
8.50-9.63

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

—

11

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

1

a s of August 2 2 , 1975
AMOUNT
(IN MILLIONS
OF DOLLARS)

ISSUER

APPROXIMATE
DATE OF OFFERING

CORPORATE

G e n e r a l Telephone Co. of W i s c o n s i n
Wisconsin Gas
N i a g a r a Mohawk Power
N i a g a r a Mohawk Power
N i a g a r a Mohawk Power
M i s s i s s i p p i Power & L i g h t
Ashland O i l I n c .
Puget Sound Power & L i g h t
I n l a n d S t e e l Co.
Mead Corp.
Western Union T e l e . Co.
Armco S t e e l Corp.
Pan American B a n c s h a r e s
C i t i e s S e r v i c e Co.
W h i r l p o o l Corp.
New England Power
P a c i f i c Power & L i g h t
A t c h i s o n , Topeka & S a n t a Fe Railway
G e n e r a l T e l e . Co of Kentucky
Union P a c i f i c R a i l r o a d Co.
Union P a c i f i c R a i l r o a d Co.
F l o r i d a Power & L i g h t Co.
B a l t i m o r e & Ohio RR
*General P u b l i c U t i l i t i e s
Toledo E d i s o n
L o u i s i a n a Power & L i g h t
C o n n e c t i c u t L i g h t & Power
C o n n e c t i c u t L i g h t & Power
I n d i a n a p o l i s Power & L i g h t
Reading & B a t e s O f f s h o r e D r i l l i n g
Co.
^ S o u t h e r n Ry Co.
Tucson Gas & E l e c t r i c
Philadelphia Electric
Mountain S t a t e T e l e . & T e l e . Co.
Washington N a t u r a l Gas Co.
F l o r i d a Power
I n d i a n a & Michigan E l e c t r i c

1 s t mtge
Pfd s t k
Com s t k
Pfd stk
Gen mtge
1 s t mtge
SF d e b t
Com s t k
1 s t mtge
SF d e b t
Notes
Notes
Notes
SF d e b t
SF d e b t
Pfd s t k
Com s t k
Equip t r
Pfd s t k
Equip t r
Equip t r
1 s t mtge
Equip t r
Com s t k ( r t s )
Pfd s t k
1 s t mtge
Pfd s t k
1 s t mtge
1 s t mtge
Com s t k
Equip t r
Pfd s t k
Com s t k ( r t s )
Notes
1 s t mtge
Com s t k j
Pfd, s t k

20.0
16.0
36.0
30.0
50.0
25.0
100.0
19.0
100.0
100.0
50.0
21.0
20.0
150.0
75.0
25.0
60.0
15.0
15.0
40.0
20.0
75.0
10.5
80.0
30.0
50.0
20.0
40.0
80.0
24.6
15.0
25.0
80.0
250.0
20.0
30.0
30.0

NOTES:
*

Included in table for first time.

1

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




August
25
August
26
August
26
August
26
August
26
August
26
August
27
August
27
August
August
August
August
August
August
August
September
3
September
4
September
4
September
9
September
9
September
9
September
9
September
9
September 10
September 10
September 10
September 1 1
September 11
September 1 1
September
September
September
September
September
September
September
September

15
16
16
17
17
17
18
18

12

T a b l e 6A C o n t i n u e d

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

1

a s of August 22, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
O F DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

* M i s s o u r i P a c i f i c RR Co.
Shenandoah O i l Corp.
Long I s l a n d L i g h t i n g Co.
I n d i a n a & Michigan E l e c t r i c Co.
I l l i n o i s Power
Kentucky U t i l i t i e s
Western Maryland Railway
M a s s a c h u s e t t s E l e c t r i c Co.
Alabama Power Co.
Houston L i g h t i n g & Power
Houston L i g h t i n g & Power
Potomac Edison Co.
M e t r o p o l i t a n Edison Co.
Long I s l a n d L i g h t i n g Co.
*Michigan W i s c o n s i n P i p e l i n e
. H a r t f o r d E l e c t r i c L i g h t & Power Co.
*Alza Corp.
South C a r o l i n a E l e c t r i c & Gas
Raychem Corp.
A l l i e d F i n a n c e Co.
Kewanee I n d u s t r i e s I n c .
Wisconsin Gas Co.
M i t s u i & Co.
*Archer D a n i e l s Midland Co.
B a r n e t t Banks of F l a . , I n c .
Emerson E l e c t r i c Co.
F i r s t Maryland Bancorp
Texas Gas T r a n s m i s s i o n Co.
Chesapeake & Ohio RR
Van Dyk R e s e a r c h Corp.
Other
Nova S c o t i a Power Corp.
Postponements
Montgomery Ward & C o . , I n c .
New J e r s e y B e l l T e l e .
S o u t h e r n N a t u r a l Gas Co.
P a c i f i c Gas & E l e c t r i c
* F i r s t Maryland Bancorp
*Macy C r e d i t Corp.




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

12.9
20.0
90.0
50.0
40.0
20.0
11.0
40.0
35.0
40.0
40.0
30.0
45.0
60.0
50.0
30.0
20.0
15.0
32.0
20.0
45.0
20.0
50.0
63.0
50.0
50.0
25.0
40.0
15.0
10.0

September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

18
18
18
18
23
23
23
23
23
24
24
24
25
26
30
30

Debt

50.0

September

4'

75.0
75.0
60.0
175.0
25.0
50.0

August
August
August
September
September
September

SF d e b t
Debt
SF d e b t
1 s t mtge
Notes
Debt

:
i
g
'
'

T a b l e 6 A Continued

^

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

1

a s of August 2 2 , 1975
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Postponements
Consol E d i s o n Co. of New York
A r k a n s a s L o u i s i a n a Gas Co.
W i s c o n s i n E l e c t r i c Power Co.
J . P . Morgan & Co.
C a l i f o r n i a F e d e r a l S&L

1 s t mtge
1 s t mtge
1 s t mtge
Notes
1 s t mtge

O t h e r Postponements
European I n v e s t m e n t Bank
European I n v e s t m e n t Bank

Notes
Notes




80.0
60.0
60.0
150.0
50.0

INDEF
INDEF
INDEF
INDEF
INDEF

50.0
50.0

August
August

Ill

Table 6B

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

1

as of August 2 2 , 1975
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

M i n n e s o t a H i g h e r Educ. Comm.
• H a w a i i , S t a t e of
F l o r i d a S t a t e Bd. of E d u c a t i o n
• E u g e n e , Oregon
* J a y , Maine
L o u i s a I n d u s t . Dev. A u t h . , Va.
•Aurora, Colo.
L o u i s i a n a , S t a t e of
E c t o r C o . , Texas
P o r t of S e a t t l e , Wash.
Oklahoma C i t y , O k l a .
M i s s i s s i p p i , S t a t e of
M i s s i s s i p p i , S t a t e of
• A l b u q u e r q u e , New Mexico
Postponement
Minneapolis-St. Paul Metro. Council

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

16.0
75.0
28.5
59.0
12.0
26.0
12.0
75.0
15.4
16.0
25.9
50.0
10.0
10.0

August
, August
August
August
August
August
September
September
September
September
September
September
September
September

25
26
26
27
28
28
3
4
8
9
9
9
9
15

G.O.

52.4

August

26

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
S J INDUSTRIALS

TRADING VOLUME
NASDAQ

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 / 2 6 )

7.5 (1.3)
2.8 (7/5)

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

35.2 (2/13)
10.6 (8/15)

1.2 (8/18)

4.2 (2/21)

8 . 1 (2/13)
3.6 (1/20)

90.69
8 9 .4 3
91.08
92.94

84.77
83.43
85.24
86.50

24.7
19.0
19.9
22.5

3.4
2.4

2.1

6.2
6.0

3.1

6.3

871.79
871.09
862.41
834.09

92.60
95.27
95.67
91.14

86.20

19.3
22.5

2.6

6.0

47.10
45.92

826.50
817.74

89.23
85.86

81.92

44.85

804.76

83.58

76.45

1973 - High
Low

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

1051.50 (1/11)
788.31 (12/5)

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

1974 - High
Low

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

891.66 (3/13)
577.60 (12/6)

102.01 (3/14)
58.29 ( 1 2 / 9 )

9 6 . 5 3 (3/15)
54.87 ( 1 0 / 3 )

1975 - High
Low

51.24 ( 7 / 1 5 )
37.16 ( 1 / 8 )

881.81 (7/15)
632.04 ( 1 / 2 )

62.20 (1/2)

96.86 ( 7 / 1 5 )

6
13
20
27

49.19
48.20
49.39
50.66

839.64
816.96
855.44
873.12

11
18
25

50.4550.71
50.07
47.87

1
8
15
22

46.02

825.64

86.16

136.84 ( 1 / 1 1 ) 2 6 . 0 ( 9 / 2 0 )
89.12 (12/13) 9 . 0 ( 8 / 2 0 )

87.20
87.02
83.60
79.55

78.58

NOTES:
1

Figures other than hfflks and tows we Fridays oofy. High# end lows are for the y

2

Volume figures are weakly i m r i p i of daily figures (millions of shores).

3
4

12/81/66-60
Based on e w a p price change until September 4 . 1 9 7 3 theraefter, based on market value of shares listed.




22.8

18.6.
15.6
13.7
12.4r
15.3

3.4
3.3
2.4

1.8

1.6

1.4

1.6

7.2

6.2
6.5
5.8

4.9
4.6
4.4r
4.7

16

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON %
CONVERTIBLE
BONDS

3
.BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

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

1975 - J a n .
Feb.

Mar.
Apr.

May
June
July

4,840
4,590
4,090
4,000
4,040
3,910

158
156
148
145
139
137

1,023
953
924
916
891
856

2,091
2,119
2,060
2,024
2,053
2,064

4,030
4,200
4,260
4,440
4,780
5,010r
5,320

134
136
134
138
140
146

848
830
844
824
819
n.a.

1,919
1,897
1,882
1,885
1,883

-320
-250
-500
-90
40
-130

-14
-3
-7
-3
—6
-2

-14
-70
-29
-8
-25
-35

19
28
-59
-36
29
11

120
170
60
180
340
230
310

-3
2
-2
4
2
6

-8
-18
14
-20
-5
n. a.

-145
-22
-15
-3
-2
n.a.

CHANGE IN OUTSTANDING

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

HOTES:
Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.
1
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 0

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

NET
FLOW

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

1971
1972
1973
1974
1974 - F e b r u a r y
March
April
May

June

1975

February
March
April
May

J u n e j>/

521
1,240
-441
6
769

1

ANNUAL 3
GROWTH
RATE *

13.5
12.4
5.3
3.0
we

——

NET
NEW
MONEY

SHARE CAPITAL
NET
FLOW

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

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

341
308
-645
-182
-370

1,824
4,165
-218
511
•2,685

708
1,029
395
930
700

909
2,052
626
1,143
1,900

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0
*»——
——

3,297
6,493
2,858
3,895
6,218

DEPOSITS

NET
NEW
MONEY

NET
FLOW

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

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

1,697
1,751
-340
420
16

2,345
5,405
-659
517
3,454

3,114
3,690
2,673
3,690
3,086

4,206
8,545
,3,484
5,038
8,118

ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8
——
•

—
—

——
- —

—

NET
NEW
MONEY

26,331
29,335
10,062
1,847
2,Q38
2,059
-985
233
-354
3,822
4,719
3,068
4,620
3,786

SEASONALLY. ADJUSTED
1975 - J a n u a r y
February
March
April
Mayp/

June £ /

369
715
1,489
867
1,352
1,559

4.5
8.7
18.0
10.3
15.9
18.1

•—
- -

--—

2,455
3,057
4,842
3,642
4,331
5,013

12.1
14.9
23.3
17.2
20.2
22.9

•

__

-—
—
—

2,824
3,772
6,331
4,509
5,683
6,572

NOTES:
1
Regular deposit! et mutual savings banks exclude heme such aa Christmas ehib end certain eawfw ecoounta. wMch repiesent a very smelt part of total deposits.
New deposits net of both* withdrawals and interest. Data for S&L's are for insured eeeooiertoni only, which uprasent M par cant of induetry total resources.
2
3
Annual growth rata for monthly data is the annualized monthly percental increase in deposits.
Source: National Association of Mutual Savines Banks and Federal Home Loen Bank Board.




9.9
13.1
21.7
15.2
19.0
21.6

—

Table 10

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

OUTSTANDING COMMITMENTS
PERIOD

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

TOTAL

TOTAL

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

1971 - Dec.

17.7

14.0

3.7

.49

.30

.19

1972 - Dec.

25.1

20.2

4.9

^56

.55

.01

1973 - J a n .
Feb.
Mar.
Apr.
May
June
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.
Mar.
Apr.
May

14.4
14.4
15.2
16.2
16.9
17.1

12.3
12.6
13.2
14.2
14.8
15.0

2.1
1.8
2.0
2.0
2.1
2.1

-.04
.05
.71
1.13
.73
.27

.06
.30
.60

-.10
-.25
. 11

1.07
.62
.20

.06
.11
.07

? •

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 eod-of-period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




%
^

t
>

T a b l e 11

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

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

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

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

Dec.

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

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

-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+507

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
+961

-800
-657

1975 - J a n .
Feb.
Mar.
Apr.
May
June p
July p

-242
-659
+440
0
-1,568
+252
+165

-5
-254
+689
+69
-1,279
+600
+300

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

+350
+650

+450
+750
+499

+1,000

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

-30
-1,279
0
0

+256
+44

-4
+992
+1,500

.

FNMA

+530

-150

Notes:
Based on data from the Treasury Survey of Ownership,
1/ Sales of FHLB discount notes began in May 1974.
£;/ Preliminary.




FHLMC

-200
+1,050
+100
+310
+491
+300
0
-1
0
0
0

-1
0

+700
+100
0

+600
+300

FNMA
SHORT-TERM
DISCOUNT
NOTES

-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454
-237
-405
-249
-69
-289
-348
-135

Table 12

20

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNM/

2

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & Ls

INSURANCE FNMA-GNMA
COMPANIES

Not S e a s o n a l l y Adinst-orl
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.
Mar.
Apr.
May
June

1,313
1,588
2,333
3,458
3,964
4,416

862
1,514
1,946
3,268
3,907
4,374

100
66
428
-100
100
1,111
0
70
1,618
400
132
2,285
300
3,182
181
500
3,435
286
S e a s o n a l l y Ad l u s t e d

268
403
258
451
244
153

451
74
387
190
57
42

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.

2,614
2,829
2,473
3,519
3,486
3,219

2,108
2,630
1,912
3,128
3,305
3,154

447
184
53
384
33
167

170
242
47
166
149
156

1,156
1,648
1,415
2,015
2,767
2,665

335
556
397
563
356

506
199
561
391
181
65.

1970
1971
1972
1973
1974

Mar.

Apr.
May
June

166

1

Monthly data for commercial banks based on Federal Reserve estimates benchmark^ 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.




J

:
v

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

i

RESIDENTIAL
QUARTER

TOTAL

TOTAL

MULTIFAMILY

FAMILY

COMMERCIAIL

MULTFAIflL)f
&
COMMERCIAIL

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

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
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

1975 - I p

34.9

25.8

21.1

4.7

4.2

8.8

4.7

I
II
III
IV

...

NOTES:
1

j

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 multif amity mortgage debt,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 1
1—FAMILY

COMPLETIONS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

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

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

626
647
906
1,033
882
644

698
705
1,018
1,186
937
431

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

689
701
677
837
912

508
515
503
603
658

182
186
173
234
254

999
1,000
985
980
1,130

739
733
775
762
887

260
267
210
218
243

1,535
1,320
1,305
1,211
1,265

964
770
734
756
823

571
550
571
455
442

185
219
199
194

949

679

270

1,088

879

209

1,107

735

372

224

1,007

691

316

1,238

927

311

210

NOTES:
Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of
apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1
Permit data for 1969 and 1970 based on 13,000 areas with permit systems



Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

PERIOD

CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES
EXISTING HOMES
1

1

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

. HUD(FHA) INSURED LOANS
SECONDARY MARKET
NEW HOMES
1

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

- Oct.
Nov.
Dec.

9.70
9.55
9.45

-33
-13
n.a.

9.70
9.60
9.45

-33
- 8
n.a.

10.13
n.a.
9.51

10
n.a.
n.a.

4.6
n.a#
3.8

-43
n.a.
- 6

10.03
9.68
n.a.

- Jan.
Feb.
Mar.
Apr.
May
June

9.15
9.05
8.90
9.00
9.05
9.00

15
11
-70
-66
-57
-37

9.20
9.05
8.95
9.05
9.10
9.05

20
11
-65
-61
-52
-32

- 1
-10
-91
n.a.
-46
-31

3.8
2.6
5.4
n.a.
5.0
4.3

16
21
21
n.a.
-11
- 6

9.00
8.94
9.60
9.66
9.62
9.37

1975

1I
1

8.99
8.84
8.69
n.a.
9.16
9.06

NOTES:
1
Gross yield spread is average mortgage return before deducting servicing costs, minus awaiega 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.




2h
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED „

1974 - High
Low

AVERAGE
YIELD

ACCEPTED

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

|

AVERAGE
YIELD

ACCEPTED

1155 (3/25) 333 (3/25) 10.59 (9/9: ) 164 ( 4 / 1 8 ) 63 ( 4 / 8 )
10.71 (9/9)
26 (11.18) 18 (11/18) 8 . 4 3 (2/2!> 14' (10/21) 7 (11/18) 8 . 4 7 (3/11:

1975 - J a n .

13
27

25.3
41.4

21.2
28.6

9.37
9.12

17.9
11.1

14.9
10.6

9.50
9.39

Feb.

10
24

24.6
36.2

18.1
23.8

8.98
8.87

14.8
20.0

9.1
9.1

9.20
9.04

Mar.

10
24

99.2
460.5

60.1
321.4

8.78
8.85

34.4
60.7

22.1
35.8

8.96
9.00

Apr.

7
21

551.6
470.9

277.2
247.3

8.98
9.13

99.8
79.2

44.6
64.8

9.13
9.26

May

5
19

525.5
165.6

280.4
115.0

9.29
9.25

69.8
46.4

43.9
38.4

9.43
9.41

June

2
16
30

172.5
73.4
358.7

80.4
38.6
246.9

9.14
9.06
9.07

51.2
28.5
67.5

27.1
15.7
47.3

9.26
9.21
9.18

July

14
28

333.2
415.8

174.9
247.7

9.10
9.17

71.4
56.5

35.8
34.5

9.20
9.26

Aug.

11

578.7

9.32

96.9

48.9

9.38

365.5

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.