Full text of H.16 Capital Market Developments : December 1, 1975

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Capital
Market
Developments

December i, 1975
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

Index

SUBSCRIPTION RATES:
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in the United

TABLES

States and its possessions, and in Bolivia, Canada,

1 - 6

SECURITY VOLUME AND YIELDS

Chile, Columbia, Costa Rica, Cuba, Dominican Repub-

7, 8

STOCK MARKET AND SECURITY
CREDIT

9-16

MORTGAGE MARKET

lic, Ecuador, Guatemala, Haiti, Republic of Honduras,
Mexico, Nicarauga, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela; 1 0 or more of same
issue to o n e address, $ 1 3 . 5 0 per year or $ . 3 5 each.
Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 each. Address

SYMBOLS

requests to Publications Services, Division of Admin-

e

istrative Services, and make payment remittance pay-

P

PRELIMINARY

able t o the order of the Board of Governors of the

r

REVISED

Federal Reserve System in a form collectible at par
in U.S. Currency.

n.a.

NOT AVAILABLE

—

DATA DO NOT EXIST




ESTIMATE

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1975

-

Oct.
>

Nov.

NEW ISSUE 1
Aaa UTILITY

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

2:

3
GROSS
OFFERINGS'
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

3
10

9.72

9.70

398

93

9.60

9.56

357

98

0

17
24

9.53
9.32

9.41
9.30

9.22

9.33

95
97
96

17
10

31

739
432
560

25

9.24
9.24

280
700

94
96

48
172

9.30r

587

67

268

9.27p

100

85

135

7
14

9.10
9.11

21

9.40

28

5

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1975

-

Oct.

Nov.

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2D-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY-END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

3

6.92

7.67

451

81

142

10
17

6.80
6.60

479
335

76
92

154
86

24
31

6.44
6.60

7.48
7.29
7.17
7.36

495
375

89
74

110
122

7
14

6.74
6.62

7.52
7.43

471

78

194

372

89

122

21

6.59

7.39

752

78

214

28

6.59

7.39

657

92

163

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.
4

3

Estimated by F.R. on the basis of available data.

4

Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond liuyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.


I


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 SEASONED
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 O N D INDEX

5

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 (8/24)
7.11 (1/5)

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

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

1974 - High
Low

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

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

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

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

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

1975 - High
Low

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

9,71 (5/25)
9.06 (2/28)

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

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

1975 - Oct.- 3
10
17
24
31

9.72
9.60
9.53
9.32
9.22

9.70
9.56
9.41
9.30
9.33

8.96
8.93
8.86
8.81
8.78

8.59
8.43
8.34
8.26
8.22

7.67
7.48
7.29
7.17
7.36

9.10
9.11
9.40

9.24
9.24
9.30r
9.27p

8.76
8.75
8.81r
8.81p

8.19
8.22
8.34

7.52
7.43
7.39

8.36p

7.39

Nov.

7
14
21
28

i

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

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 6-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.




Table 3

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

G R O S S PROCEEDS
STATE AND LOCAL
1975

1974

1973

1975

1974

1973

5,376
4,526
5,368

3,328
2,687
3,217

2,327
1,962
3,933

2,361
2,387
2,135

2,255
2,003
2,025

1,977

April
May

4,439
5,647
5,593

3,060
3,164
2,981

2,497
2,543
3,578

2,406
2,900
3,064

2,397
2,304
2,166

July

4,112

3,248
2,667
l,bl7

2,631

1,806

4,609
3,739
3,511

3,398
3,563
3,238

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

8,222
6,352
10,199

18,437
25,969
37,828

16,840
23,192
33,391

January
February
March

August

September
October
November
December
Q1
02
03
04
1st Half
3 Qtrs.
Year

15,270
15,679

30,949

1,915

8,618

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2
3

Securities Industry Association estimates of principal amounts.
Includes Municipal Assistance Corporation bonds.




3/
3,563-.
2,781—'
2,0951/

6,883
8,370
8,439

•

2,467

1,459
1,106
1,701

1,657

2,860
2,483
1,479

2,313
2,257
2,089

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

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

13,150
17,416
24,238

11,876
17,311
23,970

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
BONDS
TOTAL

PUBLICLY
OFFERED

IV

7,532
11,859

5 025
8 611

1975 - I
II

15,270
15,679

10 829
10 510

3,248
2,667
1,617

Oct.
Nov.
Dec.

1974

-

i n

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

FOREIGN [CONVERTIBLE

1 ,285
1 ,677

373
374

333
1 ,588

2 ,108
3 ,581

2,,086
2 , ,042
897

616
299
307

546
326
413

4,609
3,739
3,511

3 ,423
3,,016
2, ,172

355
330
886

1975 - J a n .
Feb.
Mar.

5,376
4,526
5,368

3 ,657
3 ,201
3 S, 9 7 1

Apr.
May
June
July

4,439

2 ,771
3., 7 9 6
3,, 9 4 3
2 ,656

1974 - J u l y
Aug.
Sept.

5,647
5,593
4,112

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

310
76

1, ,887
4, ,079

2 , ,376
3, ,702

1 ,008
743

2,263
3,337

1 , ,255

1

1 . ,035

656

6 , ,055
6, ,513

4 , ,732
4 , ,405

1 , ,380

1 ,338

3,105
3,423

223

205
104

1, ,094
605
188

618
1, ,078
680

295
364
349

1,242
620
401

,109
964
629

475
93
175

1,297
985
1,055

1 , ,268
1 ,957

938
125
317

1,268
771
1,066

563
413
362
263

766
1,207
1,449
1,743

—

150

1

831
393
453

175
199

76

1,,130
730
500

589
622
897

470
610
175

422
521
645
801

1 ,246
1 ,330
1 ,005
655

135
475
425
925

—

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




1

ISSUES INCLUDED

1 ,222
1 571
2

G R O S S PROCEEDS BY TYPE OF ISSUER
MEMO

728
—

1
——

130
315
211
425

2

1 ,699
1 , ,652

1 ,901
1 ,675
2. ,479
1.,731
2, ,479
2 -, 3 0 3
1 ,089

1

,507

1 , ,378
1 , ,549
1 , ,478

1 ,019

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
November 3 , t h r u November 28, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

1983
1983
1982
2005
1985
2005

9.50 .
9.38
9.38
9.85
9.30
10.63
10.46

OFFERING
YIELD

MOODY'S
RATING

9.50
9.38
9.38
9.75
9.30
10.45
9.51

A
A
A
A
A
A/AAa/A

CORPORATE

FMC Finance Corp.
Transamerica Corp.
C l a r k Equipment C r e d i t Corp.
F l o r i d a Power & L i g h t Co.
P a c i f i c L i g h t i n g S e r . Co.
C e n t r a l Hudson Gas & E l e c t r i c
P a c i f i c Gas & E l e c t r i c Co.
Bemis Co.
C e n t r a l L o u i s i a n a E l e c t r i c Co.
V i r g i n i a E l e c t r i c & Power Co.
Arkansas Power & L i g h t Co.
P h i l l i p s P e t r o l e u m Co.
General Motors Acceptance Corp.
V i r g i n i a E l e c t r i c & Power Co.
Diamond Shamrock Corp.
Columbus & Southern Ohio E l e c t r i c
S t a n l e y Works
Madison Gas & E l e c t r i c
Chesapeake & Ohio Ry. Co.
Long I s l a n d L i g h t i n g Co.
Arizona P u b l i c S e r v i c e
Iowa P u b l i c S e r v i c e Co.
Utah Power & L i g h t

Notes
Notes
Notes
1 s t mtge
Debt
1 s t mtge
Pfd s t k
Com s t k ( r t s )
Com s t k
Com s t k
Pfd s t k
Debt
Notes
1 s t mtge
SF d e b t
1 s t mtge
SF d e b t
1 s t mtge
Equip t r
Pfd s t k ,
Pfd s t k '
Com s t k *
Com s t k

50.0
50.0
75.0
50.0
25.0
20.0
96.3
17.4
19.3
66.3
40.0
250.0
100.0
100.0
100.0
60.0
50.0
25.0
15.0
50.0
30.0
17.5
25.3

—

—
——
—

2000
1985
2005
2000
1984
2000
2005
1976-90
—
. —
—
—

NOTES:
•
1

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




—

——

—

—

—

—

——

——

10.88
8.88
8.63
10.00
9.13
9.50
9.25
9.75
8.25
9.88
10.70
——

11.04
8.88
8.63
10.00
9.13
9.54
9.30
9.75
6.50-8.50
9,88
10.70

Baa/BBB
Aa
A
A
A
A/BBB+
A
Aa/A
Aa
A/ABaa/A-

—

—

—

—

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
November 3, t h r u November 28, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

——

5.60

5.60

Aa/A-

——

——

CORPORATE

Weyerhaeuser Co.
Sambo's R e s t a u r a n t s I n c .
Commonwealth Edison Co.
Penn. Power & L i g h t
Southern Railway Co.
El Paso E l e c t r i c
P r i v a t e Export Funding Corp.
Wisconsin Gas Co.
Utah Power & L i g h t
Columbia Gas
Arizona P u b l i c S e r v i c e
Georgia Power
Kentucky U t i l i t i e s
Gulf Power
Other
European I n v e s t m e n t Bank
Kindgom of Norway
P r o v i n c e of O n t a r i o
P r o v i n c e of O n t a r i o
Hydro Quebec
M a t s u s h i t a E l e c t . I n d u s t . Co. L t d .




Pfd s t k
Com s t k
1 s t mtge
1 s t mtge
Equip t r
1 s t mtge
Notes
1 s t mtge
1 s t mtge
1 s t mtge
1 s t mtge
1 s t mtge
Com s t k
Pfd s t k

200.0
21.6
125.0
100.0
17.4
15.0
100.0
20.0
60.0
75.0
75.0
100.0
17.9
15.0

2004
2005
1976-1990
2005
1985
1995
2005
1995
2000
2005

Notes
Notes
Debt
Notes
Debt
Conv d e b t

75.0
100.0
200.0
100.0
250.0
100.0

1982
1980
2005
1985
2005
1990

-—

9.38
9.75
8.50
10.50
10.38
10.63
10.25
10.13
10.63
11.75
——

. 10.40
9.00
8.85
9.25
8.40
10.00
6.75

9.38
9.75
6.70-8.60
10.40
10.40
10.63
10.20
10.15
10.70
11.75
—

——

Aaa/AA
Aa/A+
Aa/AA+
A/AAAaa
A
A
A
Baa/ABaa/BBB
—

10.40

A/A+

1
9.00
8.85
9.30
8.40
10.00
6.75

Aaa
Aaa
Aaa/AA
Aaa/AA
Aa
Aa

Table 5 P

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

1

November 3, t h r u November 2 3 , 1 9 7 5
TYPE

ISSUER

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Minnetonka, Minn.
Sonoma Co. Water Agency, C a l i f .
Sonoma Co. Water Agency, C a l i f .
Los Angeles Dept. of Water & Power
Los Angeles Dept. of Water & Power
Wayne Co, Mich
J e f f e r s o n Co. P r o j . C o r p . , Ky.
Nebraska Pub. Pwr. D i s t .
P e n n s y l v a n i a , S t a t e of
Tampa, FLA.
Tampa, FLA.
Midland County, MICH'
Midland County, MICH.
C o n n e c t i c u t Hsg. F i n . A u t h .
C o n n e c t i c u t Hsg, F i n . Auth.
C o n n e c t i c u t Hsg, F i n . Auth.
C o n n e c t i c u t Hsg, F i n . Auth.
Montgomery Co. Hosp. A u t h . , Pa
Montgomery Co. Hosp. A u t h . , P a .
W e s t c h e s t e r C o . , N.Y.
I l l i n o i s I n d u s t . Fin. Auth.
Indianapolis Apt. Auth., Ind.

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

10.8
4.6
6.8
31.8
33.2
19.0
14.4
20.0
100.0
19.0
30.0
12.4
27.6
16.3
3.5
2.7
12.5
2.2
11.3
37.4
22.0
10.0

1978-1992
1981-1991
2005
1980-1999
2015
1977-1995
1976-1995
1978-2005
1977-1995
1976-1996
1977-2000
1980-1997
2005
1977-1989
1992
1995
2007
1979-1990
2005
1976-1990
2000
1977-1996

6.57
7.22
7.22
7.11
7.15
7.83
6.87
7.52
6.72
7.82
7.91
7.44
7.44
7.63
7.63
7.63
7.63
9.52
9.52
6.50
7.59
5.97

4.75-6.90
5.20-6.90
7.20
5.00-7.00
7.20
5.00-7.85

A
A
A
Aa
Aa
A

4.15-7.25
5.00-7.75
4.35-7.35
4.75-7.75
5.00-7.85
5.00-7.25
7.50
4.75-7.40
7.50
.
7.60
7.80
6.00-8.50
9.5b
\
4.50-6.80
7.50
3.90-6.60

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

NOTES:
1
2

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

3

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




INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 3 , t h r u November 28, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Mobile, Ala.
Coconino Co. P o l l u t i o n C t r . C o r p . s A r i z .
Coconino Co. P o l l u t i o n C t r . C o r p . , A r i z .
P u e r t o Rico Water Auth.
P u e r t o Rico Water Auth,
P u e r t o Rico Water Auth.
P u e r t o Rico Water Auth.
Ohio, S t a t e of
Michigan, S t a t e of
Omaha Pub. Power D i s t . , Neb.
Omaha Pub. Power D i s t . , Neb.
Omaha Pub. Power D i s t . , Neb.
Alabama Pub. Sch. & C o l l e g e Auth.
Houston, Texas
I l l i n o i s H e a l t h Fac. Auth.
I l l i n o i s H e a l t h F a c . Auth.
Hampton T p . , Mich.
Hampton T p . , Mich.
P o r t Sheldon T p . , Mich.
P o r t Sheldon T p . , Mich.
Maryland Dept. of T r a n s p .
M i s s i s s i p p i , S t a t e of
Sweetwater C o . , Wyo.
Nueces R i v e r A u t h . , Texas
B a l t i m o r e , Md.
West V i r g i n i a Bd. of Regents




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

10.0
1.0
14.7
15.0
2.0
29.0
4.0
10.5
55.0
12.8
8.7
58.5
30.0
16.9
8.0
21.9
5.6
14.4
3.4
7.6
65.0
11.7
10.4
11.0
14.0
9.3

1977-1996
1985
2005
1979-1983
1995
2010
2015
1977-1987
1976-1989
1982-1995
2000
2015
1976-1990
1976-1995
1979-1986
2005
1980-1990
2000
1980-1990
2000
1978-1990
1976-1984
2005
1990
2000
1982-1992

7.03
8.32
8.32
9.92
9.92
9.92
9.92
5.62
7.98
7.98
7.98
6.55
5.55

6.82
5.87
9.22
8.02

4.50-7.60
6.50
8.25
7.50-8.50
9.50
10.00
10.35
6.75
3.60-5.95
5.75-7.50
7.80
8.00
4.25-7.00
3.50-6.40
6.40-8.00
9.27
6.75-8.50
9.00
6.75-8.50
9.00
5.00-7.10
4.30-6.10
8.50
9.00
7.75
6.10-7.75

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

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
November 3 , t h r u November 2 8 , 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

7.90
8.00
* 8.08

A
A
A
Aaa

STATE AND LOCAL

West V i r g i n i a Bd. of Regents
West V i r g i n i a Bd. of Regents
West V i r g i n i a Bd. of Regents
Texas Water Dev. Board
F o r t Wayne Hosp. A u t h . , I n d .
F o r t Wayne Hosp. A u t h . , I n d .
F o r t Wayne Hosp. A u t h . , I n d .
W i s c o n s i n , S t a t e of
W i s c o n s i n , S t a t e of
C a r l t o n , Wise.
C a r l t o n , Wise.
Oswego Co. I n d u s t . Dev. A g y . , N.Y.
La Cygne, Kansas
La Cygne, Kansas
V i r g i n i a C o l l e g e B l d g . Auth
V i r g i n i a C o l l e g e B l d g . Auth
R a l e i g h , N.C.
D e l a w a r e , S t a t e of
L o u i s i a n a H e a l t h Educ. Auth.
L o u i s i a n a H e a l t h Educ. Auth.
L o u i s i a n a H e a l t h Educ. Auth.
Oregon, S t a t e of
O l i v e r C o . , N. D.
O l i v e r C o . , N. D.
O l i v e r C o . , N. D.




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

4.8
4.8
7.2
10.0
5.3
2.6
6.0
96.4
5.5
1.9
16.0
13.5
14.0
25.0
5.2
8.1
10.0
50.0
22.8
13,4
20.0
100.0
2.9
' 3.0
10.1

1995
1998
2004
1976-1985
1991-1994
1999
2005
1976-2000
1976-2005
2000
2005
1985
1985
2005
1976-1986
1995
1977-1997
1976-1995
1979-1990
1996
2005
1981-1990
1981-1990
2000
2005

8.02
8.02
8.02
4.53
8.85
8.85
8.85
5.65
6.26
7.84
7.84
——

7.56
7.56
7.12
7.12
5.86
6.38
8.53
8.53
8.53
5.86
9.42
9.42
9.42

—

8.10-8.35
8.68
3.50-6.40
3.50-6.50
7.75
7.75
6.50
6.00
7.75
4.25-6.20
7.25
3.75-6.50
4.00-7.10
5.80-8.00
8.50
8.75
5.00-6.15
6.50-8.20
9.50

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

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
November 3 , t h r u November 2 8 , 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COS^

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

New J e r s e y Hsg. F i n a n c e Agy.
New J e r s e y Hsg. F i n a n c e Agy.
New J e r s e y Hsg. F i n a n c e Agy.
New J e r s e y Hsg. F i n a n c e Agy.
New J e r s e y Hsg. F i n a n c e Agy,
New J e r s e y Hsg. F i n a n c e Agy.
P h i l a d e l p h i a , Penn.
P e q u o n i c , L i n c o l n Pk. Sew. A u t h . , N . J .
P e q u o n i c , L i n c o l n Pk. Sew. A u t h . , N . J .
P e q u o n i c , L i n c o l n Pk. Sew. A u t h . , N . J .




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

6.1
3.5
36.8
8.7
4.8
5.1
25.0
8.9
4.6
3.3

1976-1995
2000
2018
2020
2021
2022
1977-2001
1984-1995
2005
2015

I

9.00
9.00
9.00
9.00
9.00
9.00
9.50
7.69
7.69
7.69

5.00-8.00
8.25
9.00
8.82
8.08
7.28
7.00-9.40
6.20-7.20
7.50
7.70

A-l
A-l
A-l
A-l
A-l
A-l
A
A
A
A

?

Table 6A

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

5

I

1

a s of November 28, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Appalachian Power Co.
^
New Bedford Gas & Edison L i g h t Co.
Sedco Maritime I n c .
Idaho Power Co.
Iowa Pub. S e r v i c e
*Northwest N a t u r a l Gas Co.
Northwest N a t u r a l Gas Co.
Ford Motor C r e d i t Co.
Ford Motor C r e d i t Co.
Union E l e c t r i c Co.
Textron Inc.
;
x
Textron I n c .
P a c i f i c Power & L i g h t
D e t r o i t Edison
Chesapeake & Potomac T e l . Co. of Va.
Allegheny Power System
* J . C. Penney Co.
Household F i n a n c e Corp.
E l t r a Corp.
Household F i n a n c e Corp.
D e t r o i t Edison Co.
C e n t r a l Telephone Co.
General Telephone Co. of t h e
Southwest
General Telephone Co. of t h e
Southwest
Montana Power
S p e r r y Rand Corp.
*Offshore L o g i s t i c s Inc.
I n d i a n a & Michigan E l e c t . Co.
P o r t l a n d G e n e r a l E l e c t . Co.
Alabama Bancorp
Texasgulf I n c .
Ohio Edison
P u b l i c S e r v i c e E l e c t . & Gas Co.
Burlington Northern Inc.
* I n t e r n a t i o n a l Paper Co.

1 s t mtge
Notes
Fed g t r
Com s t k
1 s t mtge
Com s t k
1 s t mtge
yNtrb^s
yDebt\
\Com s t k
9F d e b t
Nqtes
Pfd s t k
Pfd s t k
Debt
Com s t k
Com s t k
Debt
SF d e b t
Debt
1 s t mtge
1 s t mtge
Pfd s t k
Debt
1 s t mtge
Conv d e b t
Fed g t r
1 s t mtge
1 s t mtge
Notes
Debt
Pfd s t k
Pfd s t k
Equip t r
SF d e b t

60.0
15.0
74.0
28.0
25.0
21.3
20.0
100.0
125.0
50.0
60.0
60.0
40.0
50.0
100.0
60.0
162.4
75.0
50.0
75.0
50.0
20.0
15.0
45.0
65.0
150.0
31.6
75.0
50.0
30.0 =
125.0
40.0
40.0
15.0
150.0

NOTES:
*

Included in table for first time.

1

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




.

December
2
December
2
December
3
December
3
December
3
December
3
December
3
December
4
December
4
December
4
December
4
December
4
December
4
December
4
December
9
December
9
December
9
December
9
9
December
December
9
December 10
December 10
December

10

.

December 10
December 10
December 10
December 11
December 11
December 11
December 11
December 11
December 11
December 16
December 16
December 16

lis

T a b l e 6A Continued

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

1

a s of November 28, 1975
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Union Tank Car Co.
Alabama Power Co.
Alabama Power Co.
Northwest Energy Co.
Denny's I n c .
C i t y Home Corp.
A s s o c i a t e s Corp. of North America
A s s o c i a t e s Corp. of North America
C a r t e r Hawley Hale S t o r e s I n c .
American Express C r e d i t Corp.
So. C a r o l i n a E l e c . & Gas
Consumers Power
Southland F i n . Corp.
American F i n a n c i a l Corp.

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

40.0
100.0
25.0
20.3
18.8
50.0
50.0
50.0
60.0
50.0
15.0
55.0
35.0
50.0

December
December
December
December
December
December
December
December
December
December
December
December
INDEF
INDEF

16
17
17

Other
European Coal & S t e e l Community
Hudson Bay Mining & Smelting Co.
Ltd.
The World Bank
The World Bank
The World Bank
E l e c t r i c i t e de France
B r a z i l , Government of
Asia Development Bank

Notes

100.0

December

1

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

50.0
250.0
250.0
250.0
75.0
50.0
75.0

December
December
December
December
December
December
INDEF

4
10
10
10

Postponement
American Communication
General Telephone & E l e c t r o n i c s

Com s t k
Pfd s t k

15.0
100.0

November
December




3

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

1

a s of November 28, 1975
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

H a l s t e a d , Kans.
M i s s o u r i Environmental Improv. Auth.
*Minnesota, S t a t e of
Washington, S t a t e of
Washington, S t a t e of
Washington P u b l i c Power Supply Sys.
*G. Chicago Metro. S a n t . D i s t . , 111.
Union Co. I n d u s t . F i n . A u t h . , N . J .
*Clayton Co. Sch. D i s t . , Ga.
Cleveland C i t y S . D . , Ohio
*Cuyahoga Co., Ohio
*East Orange, N . J .
^ C o n n e c t i c u t Dev. Auth.
T y l e r I n d . Sch. D i s t . , Texas
S t . Bernard P a r . , La.
*Carson Redevelopment Agy., C a l i f .
*Los Angeles Dept. of A i r p o r t s , C a l i f ,
* P e n n s y l v a n i a Hsg. F i n . Agy.
Richmond, Va.
* P l e a s a n t C o . , W. Va.
*Indianapolis Sant. D i s t . , Ind.
Du Page Co. F o r e s t P r e s e r v e D i s t . ,
111.
Postponement
S u f f o l k Co., N.Y.

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

15..0
13..4
37.>3
14..5
18..0
150..0
25 .0
37..5
12.,0
20..0
15..0
15..7
23..6
16.,0
25..0
18..0
35..0
16..9
25.0
11..0
15.,0

December
1
2
December
December
2
December
2
December
2
December
3
December
4
December
4
December
4
December
4
8
December
8
December
December
9
9
December
9
December
10
December
December 10
December -10
December 10
December 12
December 16

G.O.

14. 0

December

16

G.O.

54. 3

November

25

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.




STOCK PRICES AND VOLUME

NYSE INDEX
1973

-

High

1975

1975
Oct.

-

-

3

1

BJ INDUSTRIALS

1

AMEX

(1/11)
(12/5)

130.47
85.26

(1/11)
(12/20)

(3/13)
(10/3)

891.66
577.60

(3/13)
(12/6)

102.01
58.26

(3/14)
(12/9)

(7/15)
(1/8)

881.81

(7/15)

96.86

(7/15)

632.04

(1/2)

62.20

(1/2)

(1/11)
(12/13)

High
Low

53.37

High

51

Low

37.,16

'3
10
17
24

45,.49
46 .67
47,.06
47 .57

813.21

83.21

832.91
832.18
840.52

84.13
83.38
83.07

31

47,. 0 6

836.04

7

47 . 2 4
48 .16

835.80

47,. 3 8
48 . 24

840.76
860.67

Nov.

14
21
28

32.89
24

4

1051.50
788.31

6 5 . 48
4 9 . 12

Low
1974

1

STOCK PRICES

DATE

853.67

[_

NASDAQ

5.5
1.4

(1/12)
(8/20)

11.3
3.5

96.53
54.87

(3/15)
(10/3)

24.9
7.5

(1/3)
(7/5)

4.4
.9

(1/3)
(9/26)

7.5
2.8

(1/3)
(7/5)

88.00
60.70

(7/15)
(1/2)

35.2
8.7

(2/13)
(9/15)

4.2
1.1

(2/21)
(9/15)

8.1
2.5

(2/13)
(9/15)

75.50
76.96

13.6
15.3

1.5

4.4

1.5

77.63
78.62

16.2
17.2

1.5
1.6

4.6
5.2
5.0

82.79

76.99

15.3

1.5

4.6

83.34
85.68

77.21
78.98

15.0

1.4
1.8

4.9

19.1

84.37

77.74

1 7 . 2r

1. 6r

5. 3r

85.82

78.80

15.8

1.5

4.9

Figures other than h i # * 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).

3

12/31/66 - SO




|

(9/20)
(8/20)

1

-

AMEX

26.0
9.0

2

4 lm

|

(1/11)
(12/13)

136.84
89.12

NOTES:

mm

2

TRADING VOLUME
NYSE

NASDAQ

5.5

ci/ii)
(8/27)

1
|
'

Table 8

17

• SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1 BROKERS ON 2
MARGIN
CONVERTIBLE
STOCK
BONDS

BANKS

31

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
July
Aug*
Sept.

4,840
4,590
4,020:
3/930:
3,960.
3,840

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

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

134
136
134
138
140
146
144

848
830
844
824
819
n. a.
n.a.

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

-320
-250
-570
-90
30
-90

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

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

19
> 28
-59
-36
29
11

110
180
50
180
340
290
310
-80
30

-3
2
-2
4
2
6
-2

—8
"18
14
-20
-5

-145
-22
-15
-3
-2

n#a •
n.a.

CHANGE IN OUTSTANDING

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

1975 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.

A

.

-

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




4

Table 9

-

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS

"

IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR D E P O S I T S

DATE

NET
FLOW

1

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

1971

9,621

13.5

5,378

1972

10,067
4,815

12.4

1973
1974

2,909

5,451
-442
-2,822

1974

-

May

6
769
-521
-646

July
August
1975

-

-

—

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

19.0

20,653

37,414

17.2

26,331

18.7
9.8

16,053

7.0

23,884
10,507
4,669

42,634
25,052
18,952

16.7
8.4
5.8

29,335
10,062
1,847

420
16
-581
-1,218

542
3,460
-1,002
-1,793
5,038

536
2,691

—

—

-733
-837

-481
-1,147

—

—

TOTAL
2

27,793
32,567
20,237

-182
-370

—

NET
NEW
MONEY

—

——
—
—

238
-354
-1,314
-?.n_ss

May

1,143

—

930

3,895

June
July

1,827

—

716

6,226

—

3,690
3,089

—

?64

3,055

• —

2,865

8,053
3,564

—

509

—

3,129

225

—

1.313

1,685

—

1

369
715

4.5
8.7
18.0

August
1975

5.3
3.0

2

pJ

January
February
March
April
May
June
July
A u g u s t jp/

1

,460

4,620
3,805
,323

SEASONALLY ADJUSTED
1,489
867
1,352

10.3
15.9

1,530
937

17.8
11.0

893

10.1

—

——

2,455
3,057

12.1
14.9

—

4,842
3,642
4,331
5,031

23.3
17.2
20.2
23.0

—

4,144
3,208

18.6
14.2

2,824
3,772

9.9
13.1
21.7
15.2

__

6,331
4,509
5,683

—

6,561

—

5,101

21.6
16.5

4,101

13.1

—

—

NOTES:
1

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2

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

3

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

Source:
Aiisociation of Mutual Savings Banks and
Digitized
forNational
FRASER


Federal Home Loan Bank Board.

,
I

—
——
——

19.0
—
—

2

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS

19

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

OUTSTANDING C O M M I T M E N T S
PERIOD
TOTAL

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

1971 - Dec.

17.7

14.0
20.2

c

NET CHANGE
TOTAL

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

3.7

.49

.30

.19

4.9

.56

.55

.01

1972 - Dec.

25.1

1973 - Dec.

19.7

16.2

3.5

.15

.35

-.20

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

19.3
19.2
19.5
19.7
18.5
18.0
17.3
16.7
16.2
14.9
14.4
14.4

15.9
16.0
16.3
16.7
15.7
15.1
14.6
13.9
13.5
12.5
12.0
12.3

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
-.6&
.20
.20
-1.08
-.61
- .64
-.56
-.56
-1.31
• - .54
J-.03

-.33
.13
'
.34
.30
-1.07
-.54
-.55
-.55
-.43
-1.01
-.42
.25

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

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

14.4
14.4
15.2
16.2
16.9
17.1
18.2
19.4
20.1

12.3
12.6
13.2
14.3
14.9
15.1
16.1
17.2
17.9

2.1
1.8
2.0
2.0
2.1
2.1
2.1
2.2
2.2

-.04
.04
.71
1.13
.72
.34
.92 /
1.18
.64

.06
.29
.60
1.07
.61
.27
.95
1.06
.70

.

-

-.10
-.25
.11
.06
.11
.07
-.03
+.12
-.06

/

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 u n f u n d e d end of period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




T a b l e 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES

TOTAL

FHLB

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
—T

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

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

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

-4
-554
-11
-30
-1,279
0
0

FHLMC

FNMA
+530

——

——

——

+350
+650

——

-150

——

—

—

+256

-800
-657

——

+44

SHORT-TERM
DISCOUNT
NOTES

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

—

+1,050
+100
+310:
+491

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

+300
0
-1
0
0
0

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

-237
-405
-249
-69
-289
-348
-135

—

+450
—.

——

—

——

—

+750
+499

-200
—
—
—

——

|
f
;
j
J
>
§

i
i
i

Notes:
Based on d a t a f r o m t h e T r e a s u r y Survey of Ownership.
vnelrsl
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.
jd/ P r e l i m i n a r y .




W
s-

Table 12

21

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

TOTAL
INCLUDING
FNMA-GNMA

1970
1971
1972
1973
1974
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

TOTAL

3

FINANCIAL INSTITUTIONS

COMMERCIAL

INSURANCE
COMPANIES

MSB's

FNMA-GNMA

Not S e a s o n a l l y A d j 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

1,311
1,586
2,329
3,458
3,966
4,443
4,493
4,435
4,460

860
1,512
1,942
3,268
3,909
4,401
3,783
3,937
3,703

100
-100
0

400
300
500
200
300
600

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

66

426
1,109
1,614
2,285
3,184
3,425
3,122
3,259
2,866

268
403
258
451
244
153
127
165
118

100
70
132
181
323
334
213
119

Seasonally Adjusted
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

2,612
2,827
2,469
3,519
3,488
3,246
3,851
3,412
4,364

2,106
2,628
1,908
3,128
3,307
3,181
3,329
3,186
3,813

447
184
53
384
33
167
175
31
449

170
242
47
166
149
193
269
167
175

1,154
1,646
1,411
2,015
2,769
2,655
2,751
2,836
3,052

335
556
397
563
356
166
134
152
137

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 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.




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

TOTAL

r
1

1968

-

1972

1973

1974

1975

28.1

II

26.4

18.2

15 . 0

3 .1
3 .2

III
IV

25.5
29.6

17.2
20.4

13 .6
16 . 5

3 .5
3 .9

I
II
III
IV

32.0

23.8
21.5
18.7
18.5

19 . 4
' 16 . 8
14 . 0
13 .1

4.4

29.1
25.8
25.2

4 .6
4 .7
5 .4
5 .0

16 . 3

FARM

9.5

2.3

6.0

9.2

2.2

6.5

10.1

1.8

7.4

11.3

1.9

6.0

10.4

2.2

5.4
5.3
5.3

10.1
10.0
10.7

2.2

6.4

1.7
1.4

22.9

14.4
16.8

9 .4
11 .6

5 .2

4.8
4.6

9.8
9.8

1.5

21.3
22.8

15 . 0
16 . 2

6 .3
6 .6

5.1
6.8

11.5

2.1

13.4

2.2

I

37.3

27.4

19.4

8 .0

7.7

15.7

2.2

II

47.7

35.5

26 .2

9 .4

9.8

19.2

2.4

III

52.3

38.5

28 .6

9 .9

11.5

21.4

2.3

IV

54.2

41.2

31 .3

9 .9

10.5

20.4

2.5

37 .7
3 7 , .4

8.4
9..6

14.1
15.3

22.5
24.9

2.6

I

62.8

46.1

II

64.9

47.0

1.5

2.6

III

65.1

47.1

3 8 ..0

9..1

15^3

24.4

2.6

IV

68.3

49.5

4 0 . .0

9 . .5

16.3

25.8

2.5

I

83.4

63.1

5 3 . .1

10. 0

16.3

26.3

4.1

II
III

75.6
71.3

53.9

4 4 . ,0

9. 9

17.8

27.8

3.8

16.3

25.9

3.6

57.9

4 1 . .8
31. 7

9.6

IV

51.4
38.3

6. 5

15.0

21.5

4.6

2 2 .7

- I

-

19.4

MULTBFAMIY
&
COMMERCIAL

28.5
31.8

-

-

20.7

i

COMMERCIAL

II

I

-

MULTIFAMILY

III
IV

1970

1971

TOTAL

i- to 4 FAMILY

I

-

1969

|

i

RESIDENTIAL

*1
QUARTER

58.5

11

65.3

39.5
44.0

32. 1
37. 1

7 .4
6 .!8

15.4
17 . 3

24.1

3.6
4.0

III
IV

50.0

35.7

27. 5

17.2

5.3

23.7

1 7 . :3

8. 2
6 .4

9.0

38.6

7.6

14.0

7.3

I

35.2

25.5

21. 3

4. 3

4.9

9.2

4.8

II

50.7

38.9

36. 1

2 . ;8

7.8

10.6

4.0

NOTES:
1

Derived from data on mortgage debt outstanding from Federal Depos-t Irsu- .nT C.oroorstion, Federal Home I can Sank Board. Institute of Lifo
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association.
Federal Housing Administration. Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.

2

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

3

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




T a b l e 14

PRIVATE HOUSING PERMITS, S T A R T S ,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF UNITS, SEASONALLY A D J U S T E D ANNUAL RATES

PERMITS 1
TOTAL

1—FAMILY

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

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

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

949

679

270

1,094

1,042
995
1,095
1,092

711
732
779
775

331
263
316
317

1,235
1,269
1,268
1,458

2 - O R MORE
FAMILY

TOTAL

1—FAMILY

1,399
1,048

1,706
1,972
1,692

1,014
1,143

1,174

2 - O R MORE
FAMILY

592
617
692
828
840
760

1,211
1,276

571
550
571
455
444

884

1,165

380

935
987
929
1,103

1,269

368
374
319

L.320

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

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




T a b l e 15
J=r

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

NEW HOMES

YIELD
(IN PER CENT)

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

-70

9.70
9.55
9.45

-33
-13
n.a.

9.70
9.60
9.45

-33

10.13
n.a.
9.51

10
n.a.
n.a.

4.6
n.a.
3.8

-43
n.a.

9 . 1 5 -l
9.05
8.90
9.00
9.05
9.00
9.00
9.15
9.25
9.25

15
11
-70

9.20
9.05
8.95
9.05
9.10
9.05
9.05
9.15r
9.30
9.30

- 1
-10

3.8
2.6
5.4

16
21
21

5.0
4.3
4.8
6.2
5.5
4.0

-11
- 6

SPREAD
(BASIS
POINTS)

1973 - High
Low

8.95
7.70

107
31

1974 - High
Low

9.80
8.55

1974

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

EXISTING HOMES
SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

Oct.
Nov.
Dec.

SPREAD
BETWEEN
RETURNS ON
NEW HOMES
CONVENTIONAL
AND HUD(FHA)
DISCOUNT
NEW hOME
SPREAD
(PERCENTAGE MORTGAGES
(BASIS
(BASIS
POINTS)
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

-66

-57
-37
-25
-34
-45
3

RATE
(IN PER CENT)

-

8

n.a.
20
11
-65
-61

-52
-32
-20

-34
-40
8

8.99
8.84
8.69
n.a.
9.16
9.06
9.13
9.32r
9.74
9.53

-91
n.a.
-46
-31
-12

-17
4
31

1

-

6

-13
-17
-49
-28

NOTES:
1
Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.
Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas
of the insuring offices, rounded to the nearest 5 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.




• 25

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

1974

-

-

ACCEPTED

1

CONVENTIONAL
AMOUNT
(IN MILLIONS O F D O L L A R S )
OFFERED

|

ACCEPTED

AVERAGE
YIELD
|

1155 ( 3 / 2 5 ) 333 (3/25) 10.59 (9/9) I 164 ( 4 / 1 8 ) 63 ( 4 / 8 )
10.71 (9/9)
26 (11.18) 18 (11/18) 8 . 4 3 (2/25 i 14 (10/21) 7 (11/18) 8.47 (3/11:

High
Low

1975

|

AVERAGE
YIELD

Jan.

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.

Sept.

Oct.

Nov.

11

578.7

365.5

9.32

96.9

48.9

9.38

25

643.1

223.0

9.50

98.5

31.0

9.55

8

530.1

197.7

9.70

96.9

43.9

9.75

22

293.6

142.0

9.86

68.8

35.2

9.92

23.5

10.02

6

198.5

143.0

9.95

27.5

20

43.2

23.2

9.65

9.7

9.2

9.81

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

NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average ac
cepted 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.