Full text of H.16 Capital Market Developments : December 15, 1975

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Capital
Market
Developments

% ^

December 15,1:975
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

V

Index

/

SUBSCRIPTION RATES:
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in t h e United
States, its possessions, C a n a d a , a n d Mexico; 10 or
m o r e of t h e s a m e issue t o o n e address, $ 1 3 . 5 0 per

TABLES
1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND S E C U R I T Y

9 - 1 6

MORTGAGE MARKET

CREDIT

year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per y e a r or $ . 5 0
each. Address requests t o Publications Services, Division of Administrative Services, a n d m a k e p a y m e n t
r e m i t t a n c e p a y a b l e t o t h e order of t h e Board of
G o v e r n o r s of t h e Federal Reserve S y s t e m in a f o r m
collectible a t par in U.S. C u r r e n c y .




SYMBOLS
e

ESTIMATE

p

PRELIMINARY

r

REVISED

n.a.

NOT AVAILABLE
DATA DO NOT EXIST

X

Table 1

YIELDS, VOLUME AND RECEPTION
C O R P O R A T E BOND MARKET
WEEK ENDING

NEW ISSUE 1
A a a UTILITY

RECENTLY
OFFERED
A a a UTILITY

2

GROSS
3
OFFERINGS
( $ MILLIONS)

PER C E N T
S O L D BY END
O F WEEK

NEW ISSUES 4
IN SYNDICATE
( S MILLIONS)

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

398
357
739
432
560

93
98
95
97
96

5
0
17
10
25

Nov.

7
14
21
28

9.10
9.11
9.40

9.24
9.24
9.30
9.25

280
700
587
100

94
96
67
85

48
172
268

5
12

9.46
9.37p

9.34
9.27p

425
727

88
91

105
84

135

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW I S S U E

VOLUME

B O N D BUYER
20-BQND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

1975 - O c t .

3
10
17
24
31

6.92
6.80
6.60
6.44
6.60

7.67
7.48
7.29
7.17
7.36

451
479
335
495
375

Nov.

7
14
21
28

6.74
6.62
6.59
6.59

7.52
7.43
7.39
7.39

471
372
752
657

Dec.

5
12

6.52
6.53

7.31
7.34

420
358

PER C E N T
S O L D BY END
O F WEEK

,

N E $ ISSUES 4
IN SYNDICATE
( $ MILLIONS)

81
76
92
89
74

142
154
86
110
122

78
89
78
92

194
122
214%
163

89
82

110
121

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
necessary to make coverage of this series consistent with the gross offerings series.




Table 2

HIGH GRADE BOND YIELDS

/

1

NEW ISSUE
A a a UTILITY

DATE

RECENTLY O F F E R E D
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
C O N S T A N T MATURITY

4

BOND BUYER
2 0 - B 0 N D INDEX

1971 - High
Low

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

8.23 (1/1)
7.17 ( 1 2 / 3 1 )

7.71 (8/21)
7.06 ( 2 / 1 2 )

6.51 (6/18)
5.69 ( 3 / 2 3 )

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

1972 - High
Low

7.60 ( 4 / 2 1 )
6.99 ( 1 1 / 2 4 )

7.49 ( 4 / 2 1 )
7.15 ( 1 2 / 1 )

7.36 ( 4 / 2 8 )
7.05 ( 2 / 1 2 )

6.19 ( 4 / 1 4 )
5.74 (11/17)

6.54 (4/13)
4 . 9 6 (10/21)

1973 - High
Low

8.52 (8/10)
7.29 ( 1 / 2 1 )

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

7.77 ( 8 / 2 4 )
7.11 (1/5)

7.79 ( 8 / 1 0 )
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 ( 1 0 / 1 1 )
8.13 (1/4)

9 . 3 9 (10/11)
7.73 (1/4)

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

7 . 1 5 (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)

7.67 ( 1 0 / 3 )
6.27 ( 2 / 1 3 )

7
14
21
28

9.10
9.11
9.40

9.24
9.24
9.30
9.25r

8.76
8.75
8.81
8.81

8.19
8.22
8.34
8.35r

7.52
7.43
7.39
7.39

5
12

9.46
9.37p

8.83
8.86p

8.34
8.38p

7.31
7.34

1975 - Nov.

Dec.

—

'

"9.34
9.27p

NOTES:
1

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

2

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

3

Weekly average of daily closing figures.

4

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

5

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




5

Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS O F 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
1,515
2,467

4,439
5,647
5,593

3,060
3,164
2,981

2,497
2i543
3,578

2,406
2,900
3,064

2,397
2,304
2,166

1,826

4,114

3,248
2,667
1,617

1,806

2,631

3,560^
2,79%

1,915

2,1202/

1,459
1,106
1,701

2,028
1,657
1,750

4,609
3,739
3,511

3,398
3,563
3,238

2,253^

2,860
2,483
1,479

2,313
2,257
2,089

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

8,222
6,352
10,199

6,883
8,370
8,479

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

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

18,437
25,969
37,828

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

15,270
15,679

30,949

8,618

NOTES:
1

Securities end Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

3

I n c l u d e s Municipal A s s i s t a n c e C o r p o r a t i o n bonds^




1,939
2,152

Table 4

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

G R O S S P R O C E E D S BY TYPE O F I S S U E
BONDS

PERIOD

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

PUBLICLY
OFFERED

1974 - I I I
IV

7,532
11,859

' 5,025 '
8,611

1,222
1,571

1,285
.1,677

1975 - I
II

15,270
15,679

10,829
10,510

2,333
1,588

2,108
3,581

1,255
1,035

3,248
2,667
1,617

2,086
2,042
897

616
299
307

546
326
413

223

Oct.
Nov.
Dec.

4,609
3,739
3,511

3,423
3,016
2,172

355
330
886

831
393
453

1975 - J a n .
Feb.
Mar.

5,376
4,526
5,368

3,657
3,201
3,971

1,130
730
500

589
622
897

470
610
175

Apr.
May
June
July

4,439
5,647
5,593
4,114

, 2,771
3,796
3,943
2,658

422
.521
645
801

1,246
1,330
1,005
655

135
475
425
925

1974 - J u l y
Aug.
Sept'.

,

G R O S S P R O C E E D S £ Y TYPE O F I S S U E R

I S S U E S INCLUDED
F O R E I G N [CONVERTIBLE

1

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1,887
4,079

2,376
3,702

1,008
743

2,263
3,337

1
656 .

6,055
6,513

4,732
4,405

1,380
1,338

3,105
3,423

150

205
104
1

1,094
605
188

618
1,078
680

295
364
349

1,242
620
401

175
199

76

728
1,699
1,652

2,109
964
629

475
93
175

1,297
985
1,055

1
—

1,901
1,675
2,479

1,268
1,957
1,507

938
125
317

1,268
771
1,066

130
315
211
425

1,731
2,479
2,303
1,089

1,378
1,549
1,478
1,019

563
413
362
263

166
1,207
1,449
1,743

—

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




MANUFACTURING

310
76

373
374

NOTES:
Source: Securities and Exchange Commission.

1

MEMO

TOTAL

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
December 1, t h r u December 12, 1975
AMOUNT
(MILLIONS
OF
DOLLARS)

COUPON RATE

CORPORATE

1 s t mtge
1 s t mtge
1 s t mtge
Fed g t r
Fed g t r
Notes
Notes
Debt
Com s t k
Pfd s t k
Pfd s t k
D e t r o i t Edison
Com s t k
Union E l e c t r i c Co.
General Telephone Co of t h e Southwest p f d s t k
com s t k
J . C . Penney Co.
pfd stk
C i t y Home Corp
pfd stk
Ohio Edison
com s t k
Denny's I n c .
debt
Cheapeake & Potomac T e l . Co. of Va.
conv debt
Sperry Rand Corp.
1 s t mtg
Montana Power
1 f t mtg
D e t r o i t Edison Co.
debt
General T e l e . Co. of t h e Southwest
Offshore Logistics Inc.
^ fed g t r

Appalachian Power Co.
Iowa Pub, S e r v i c e
Northwest N a t u r a l Gas
Sedco Maritime I n c .
Sedco Maritime I n c .
Ford Motor C r e d i t Co.
New Bedford Gas & Edison Light Co
Ford Motor C r e d i t Co.
Idaho Power Co.
P a c i f i c Power & L i g h t

60.0
25.0
20.0
48.1
25.9
100.0
15.0
125.0
26.8
40.0
50.0
47.6
15.0
136.5
50.0
40.0
18.0
100.0
150.0
65.0
50.0
45.0
5.7

v,

1984
2005
1986
1995
1976-1982
1986
2000
2006
—

--

—

9.92
11.00

Baa/BBB
Ba/BB

2015
2000
2005
2000
2005
1985

10.50

10.20

9.52

9.65

11.00
10.48

11.00
10.48

—

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




9.92
11.00

--

NOTES:
•
1

8.88
10.63
9.75

10.50
9.20
6.25-8.30
8.91
10.50
9.82

--

—
--

MOODY'S
RATING

Baa/BBB
A/AA
Baa/BBB
NR/AAA
NR/AAA
Aa/A
Aa/A
Aa/A

10.50
10.13
10.50
9.20

—
——

OFFERING
YIELD

9.25
6.00
9.70"
11.88
9.88
8.45

9.35

6.00
9.70

11.88
9.95
8.45

A/A
Aaa
Baa/BBB
Aa
Baa/BBB
A
Aaa

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
December l , » t h r u December 12, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Offshore Logistics Inc.
P o r t l a n d General E l e c t . Co.
Alabama Bancorp
Texasgulf I n c .
I n d i a n a & Michigan E l e c t . Co.

fed g t r
1 s t mtg
notes
debt
1 s t mtg

25.9
50.0
35.0
125.0
75.0

2000
2005
1984
2000
1984

9.13
11.63
9.50
9.38
10.88

9.13
11.69
9.50
9.38
10.70

Aaa
Baa
NR/AA
A/AA
BAA/BBB

Other
The World Bank
The World Bank
The World Bank
Hudson Bay Mining & Smelting Co. l t d

debt
notes
notes
SF d e b t

250.0
250.0
250.0
50.0

1980
1985
2000
1975

8.35
8.85
9.35
10.50

8.35
8.85
9.35
10.50

Aaa
Aaa
Aaa
A




T a b l e SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
December 1, t h r u December 12, 1975
2
AMOUNT
ISSUER

TYPE

(MILLIONS O F
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

S T A T E AND LOCAL

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
H a l s t e a d , Kansas
/
H a l s t e a d , Kansas
/
H a l s t e a d , Kansas
I
Washington Pub. Power Supply Sys.
Washington Pub. Power Supply Sys.
Washington Pub. Power Supply Sys.
G. Chicago Metro S a n t , D i s t . , 111.
Clayton Co. Sch. D i s t . , Ga.
Maricopa Co. Sch. D i s t . # 3 , A r i z .
Cleveland C i t y S . D . , Ohio
Albuquerque Mun. Sch. D i s t . , N.M.
Cuyahoga C o . , Ohio
Minnesota Higher Educ. Comm.
E a s t Orange, N . J .
C o n n e c t i c u t Dev. Auth.
C o n n e c t i c u t Dev. Auth.
C o n n e c t i c u t Dev. Auth.
C o n n e c t i c u t Dev. Auth.

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

13.4
r 37.3
14.5
18.0\
4.9
6.9
26.1
52.7
71.2
25.0
12.0
13.9
20.0
15.8
15.0
10.0
15.7
10.1
3.8
3.6
5.9

NOTES:

,,

2005
1976-1995
1976-2000
1976-2000
1979-1992
2000
2006
1983-1998
. 2010
2018
1977-1990
1977-2002
1982-1988
1977-1996
1976-1981
1977-2000
1980
1976-2000
1976-1987
1992
1996
2002

,

7.88
5.61
6.30
6.30
9.56
9.56
9.56
7.87
7.87
7.87
6.00
7.39
6.43
8.00

7.88
3.40-6.30
3.60-6.60
3.60-6.60
6.25-8.60
9.39
9.52
5.40-7.25
7.88
7.94
4.10-6.50
4.00-7.50
5.70-6.50
6.00-8.00

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

7.21

4.75-7.75
5.75
7.00-9.25
4.50-7.10
7.60
7.75
7.84

Aa
A
A
Aa
Aa
Aa
Aa

7.70
7.70
. 7.70
7.70

,

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 secy red only by income from public utilities; Rev.-Q.-Ut.,
cured only by Income from quasl-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.




<

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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
December 1, t h r u December 12, 1975

TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Red River Auth. of Texas
Los Angeles Dept. of A i r p o r t s ,
Calif.
Union Co. I n d u s t . P o l l . A u t h . , N . J .
Tyler I n d . Sch. D i s t . , Texas
Ohio, S t a t e of
Denver, Colo.
Carson Redevelopment Agy., C a l i f .
Carson Redevelopment Agy., C a l i f .




Rev

10.7

2005

7.84

7.79

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

35.0
37.5
16.0
11.5
34.0
5.0
13.0

1976-2005
2005
1978-1995
1978-2002
1976-1990
1977-1988
2000

7.48

4.40-7.75
6.70
3.75-6.70
5.00-7.75
3.75-6.20
4.75-7.25
8.00

—

5.76
7.68
5.76
7.92
7.92

A
A—1
Aaa
A-l
A
Aa
A
A

11

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

1

As of December 12, 1975

ISSUER

TYPE

AMOUNT
(IN MILLIONS
O F DOLLARS)

APPROXIMATE
DATE O F OFFERING

CORPORATE

Burlington Northern, Inc.
I n t e r n a t i o n a l Paper Co.
Union Tank Car Co.
Alabama Power Co.
Alabama Power Co.
Northwest Energy Co.
Textron I n c .
Textron I n c .
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
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
*New York S t a t e E l e c t . & Gas Corp.
^ C i n c i n n a t i Gas & E l e c . Co.
^ I n d i a n a p o l i s Power and L i g h t
*Kansas Nebraska N a t u r a l Gas
*Cheapeake and Ohio Ky.
^Northern N a t u r a l Gas
^Central I l l i n o i s Light
Middle South U t i l i t i e s
^Oklahoma Gas and E l e c t .
Southland F i n . Corp.
American F i n a n c i a l Corp.
Other
European Coal & S t e e l Community
^Toronto, C i t y of
*Toronto, C i t y of
Asia Development Bank
Postponements
Household Finance Corp.
C e n t r a l Telephone Co.
C a r t e r Hawley Hale S t o r e s I n c .
Allegheny Power System

equip t r .
SF d e b t
equip t r .
1 s t mtg.
pfd. stk.
com. s t k .
SF d e b t
notes
notes
debt
notes
pfd. stk.
com. s t k .
1 s t mtg.
pfd. stk.
com. s t k .
debt
equip t r .
1 s t mtg.
com. s t k .
com. s t k .
1 s t mtg.
notes
debt

15.0
150.0
40.0
100.0
25.0
20.3
60.0
60.0
50.0
50.0
50.0
15.0
50.0
75.0
45.0
30.0
20.0
15.0
125.0
16.0
100.0
55.0
35.0
50.0

notes
notes
debt
notes

100.0
10.0
60.0
75.0

debt
1 s t mtg.
debt
com. s t k .

75.0
20.0
60.0
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




'

December 16
December 16
December ,16
December 17
s i l December 17
December
Decembe^
December
December
December
December
December
January
January
7
January
8
January
8
January 13
January 13
January 13
J a n u a r y 13
J a n u a r y 13
January 14
Indef.
Indef. '
December
January 14
January 14
Indef.
•

December 9
December 10
December
December 9

Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
as of December 12, 1975

ISSUER

TYPE

AMOUNT
(IN MILLIONS
O F DOLLARS)

APPROXIMATE
DATE O F OFFERING

STATE & LOCAL

Wayne Co., Mich.
Indianapolis Sant. D i s t . , Ind.
V i r g i n i a Beach, Va.
S t . Bernard P a r . , La
Newark, N . J .
Du Page Co. F o r e s t P r e s e r v e D i s t . ,
111.
R u s s e l l Co. I n d u s t . Dev. A u t h . , Va.
* S u f f o l k Co., N.Y.
*New J e r s e y Mtg. Finance Agy.
^ P e n n s y l v a n i a , S t a t e of
* A u s t i n , Texas
Oakland Coram. College D i s t . , Mich.
Postponement
Richmond, Va.
Ramapo, N.Y.

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

19.2
15.0
19.6
25.0
15.0

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

14.0
17.0
27.0
16.0
100.0
40.0
12.5

December 16
December 17
December 18
December 18
January
8
January 15
January 15

G.O.
G.O.

25.0
14.9

December 10
December 11

December
December
December
December
December

*

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.




15
16
16
16
16

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE

NYSE INDEX

3

9J INDUSTRIALS 1

AMEX

4

1

7.5 (1/3)
2,4 (7/5)

88.00 ( 7 / 1 5 )
60.70 ( 1 / 2 )

35. 2 ( 2 / 1 3 )
8. 7 ( 9 / 1 5 )

4.2 (2/21)
1 . 1 (9/15)

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

83.21
84.13
83.38
83.07
82.79

75.50
76.96
77.63
78.62
76.99

13.,6
15,.3
16..2.
.2
i l : .3

1.5
ill
1.6 \
1.5

4.4
4.6
5.2
5.0
4.6

835.80
853.67
840.76
860.67

83.34
85.68
84.37
85.82

77.21
78.98
77.74
78.80

15 .0
19 . 1
17,.2
15,.8

1.4
1.8
1.61.5

4.9
5.5
5.3
4.9

818.80
832.73

82.40
81.92

74.72
74.91

17 . l r
15 . 3

1.8
1.7

5.3
5.1

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

102.01 (3/14)
58.26 (12/9)

96.53 (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 )

96.86 (7/15)
62.20 (1/2)

3
10
17
24
31

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

813.21
832.91
832.18
840.52
836.04

7
14
21
28

47 .24
48 .16
47 .38
48 .24

12

45 .84
46 .26

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

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

NOTES:
1
Figures other than hiflhs end lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.
2
Volume figures are weekly averages of daily figures (millions of shares).
12/31/66-60
Based on average price change until September 4,1973 thereafter, based on market value of shares listed.




NASDAQ

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

53. 37 ( 3 / 1 3 )
32. 89 ( 1 0 / 3 )

3
4

|

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

1974 - High
Low

_pec.

AMEX

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

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

Nov.

I

5.5 (1/12)
1.4 (8/20)

136.84 ( 1 / 1 1 ) 26. 0 ( 9 / 2 0 )
89.12 ( 1 2 / 1 3 ) 9 . 0 ( 8 / 2 0 )

1973 - High
Low

1975
Oct.

2

TRADING VOLUME>

NYSE

NASDAQ

14

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

B R O K E R S ON
MARGIN
STOCK

1

BROKERS O N 2
CONVERTIBLE
BONDS

BANKS

>

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

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

4,840

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

4,590
4,020

3,930:

158
156
148
145

1,023
953
924
916
891
856

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

3,960.

139

3,840

137

3,950
4,130
4,180
4,3604,700:
4,990
5,300
5,220:
5,250:
5,300

134
136
134
138
140
146
143r
142
145
144

848
830
844
824
819
n•a•
n • a. •

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

-320
-250
-570
-90
30
-90

-14
-3
-7
-3
—6
-2

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

19
28
-59
-36
29
11

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

110
180
. 50
180
340
290
310
-80
30
50

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

-8
-18
14
-20
-5

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

1,919
1,897
1,882
1,885
1,883
n* a •
n•a•

CHANGE IN OUTSTANDING

July
Aug.
Sept.
Oct.

n • 3. •
n . 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
DATE

1971
1972
1973
1974
1974 - J u l y
Aug.
Sept.
Oct.
1975 - J u n e r /
July
Aug. x j
Sept.
O c t . p./

REGULAR DEPOSITS

NET
FLOW
9,621
10,067
4,815
2,909
-521
-646
319
-74
1,871
509
197
785
330

1

ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0
—
—
——

—

NET
NEW
MONEY

2

SHARE CAPITAL

NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

2

TOTAL
DEPOSITS

NET
FLOW

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

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

19.0
18.7
9.8
7.0

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

3 7 .'.>14
42,634
25,052
18,952

-733
-837
-689
-260

-481
-1,147
1,425
438

—

-581
-1,218
-1,068
312

-1,002
-1,793
1,744
-364

716
264
-21
-338
120

6,226
3,055
1,472
3,698
2,282

3,089
2,865
1,313
631
2,103

8,097
3,564
1,684
4,483
2,612

—

2,455
3,057
4,842
3,642
4,331
5,031
4,144
3,208
3,049
3,123

——

——
——
——

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

17.2
16.7
8.4
5,8

26,331
29,335
10,062
1,847

—

-1,314
-2,055
-1,757
52

——

——
——
——

2

3,-805
3,129
1,323
293
2,223

SEASONALLY ADJUSTED
1975 - J a n u a r y
February
March
April
May
June
J u l y xj
August r /
September
O c t o b e r £_/

369
715
1,489
867
- 1,352
1,530
957
865
621
665

4.5
8.7
18.0
10.3
15.9
17.8
11.0
9.8
7.0
7.4

——
——
——
——
——

12.1
14.9
23.3
17.2
20.2
23.0
18.6
14.2
13.3
13.5

—
—
—
—
——
—
—
—
—

2,824
3,772'
6,331
4,509
5,683
6,561
5,101
4.073
3,670
3,788

NOTES:
1
Regular deposits at mutual savings banks exclude items such as Christmas dub and certain escrow accounts, which represent a very small part of total deposits.
2
New 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.

Digitized for
3 FRASER
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.


9.9
13.1
21.7
15.2
19.0
21.6
16.5
13.0
11.6
11.8

—
——
—
——
——

<

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS O F DOLLARS, SEASONALLY A D J U S T E D

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

NET CHANGE

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

TOTAL

MUTUAL
ALL S A V I N S S
& LOAtvT* S A V I N G S B K S
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 - 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 t
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
- .06
.20
.20
-1.08
-.61
-.64
- .56
-.56
-1:31
-.54
-.03

-.31
.09
.34
.39
-1.07
-.54
-.55
-.66
-.39
-1.05
-.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.
Oct.

14.4
14.4
15.2
16.2
16.9
17.1
18.2
19.4
20.1
20.0

12.3
12.6
13.2
14.3
14.9
15.1
16.1
17.2
17.9
18.0

2.1
1.8
2.0
2.0
2.1
2.1
2.1
2.2
2.2
2.1

-.04
.04
.71
1.13
.72
.34
.92
1.18
.64
.56

.06
.29
.60
1.07
.61
.27
.95
1.06
.74
.65

,

-.10
-.25
.11
.06
.11
.07
-.03
+ .12
-.06
-.09

1

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 endof 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 O F DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM I S S U E S

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

1974 - J a r .
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

—
——

—

—

-4
+992
i£U500
+1,000
+400
+1,700
+1,499
-217
+470
-4
-554
-11
-30
-1,279
0
0

FNMA
+530
——

-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 Hay 1974.
2./ P r e l i m i n a r y .




—

—

—

i

FHLMC

+350
+650
+256
+44

+1,050
+100
+310
+491
-1
0
+ 700
+100
0
+600
+ 300

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

+450
——

—
——
——

-200
—
——
—
—

+ 300
0
-1
0
0
0

-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454

—
—

FNMA
SHORT-TERM
DISCOUNT
NOTES

——

+750
+499
——

~

I
T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN M I L L I O N S O F D O L L A R S

TOTAL
INCLUDING
FNMA-GNM/

PERIOD

FINANCIAL INSTITUTIONS

TOTAL

[COMMERCIAL
1 BANKS

MSB's

S & L's

2
INSURANCE F N M A - G N M A
COMPANIESI

Not S e a s o n a l l y Ad l u s t e d
1970
1971
1972
1973
1974
1975 - J a n .
Feb.
Mar.
Apr .
May

•

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

1

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

1,311
1,586
2,329
3,458
3,966
4,443
4,493
4,435
4,477

860
1 ,512
1,942
3,268
.3 909
4.,401
3,,783
3,,937
3,,720

100
-100
0
400
300
500
200
300
600

\66
yoo

426
1,109
1,614
2,285
3,184
-3,425
3,122
3,25?
2,883
2,996
Adjusted

2,612
2,827
2,469
3,519
3,488
3,246
3,851
3,412
4,381

2, 106
2, 628
1, 908
3, 128
3, 307
3, 181
3,329
3, 186
3> 830

447
184
~ 53
384
33
167
175
31
449

170
242
47
166
149
. 193
269
167
175
281

-

ho

132
181
323
334
213
119
226
Seasonally

1,154
1,646
1,411
2,015
2,769
2,655
2,751
2,836
3,069
3,486

t

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

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

* 268
403
258
451
244
153
127
165
118

451
A4
387
190
57
42
710
498
757

506
199
561
. 391
181
65
522
• 226
551

335
556
397
563
356
166
134
152
137

-r

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 thbse 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.




T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING^
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL R A T E S

$

RESIDENTIAL
QUARTER

MULTIFAMU r
A
COMMERCIAI

.

TOTAL

TOTAL

1968 - I
II
III
IV

28.1
26.4
25.5
29.6

19.4
18.2
17.2
20.4

16.3
15.0
13.6
16.5

3.1
3.2
3.5
3.9

6.4
6.0
6.5
7.4

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

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
U3.4

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
11
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
II

35.2
50.7

25.5
38.9

21.3
36.1

4.3
2.8

4.9
7.8

9.2
10.6

4.8
4.0

1970

1
1

1- to 4FAMILY

MULTIFAMILY

COMMERCIAI

FARM

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

10.4 „
10.1
10.0
10.7

2.2
2.2
1.7
1.4

NOTES:
1

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

2

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

3

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




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

OF

UNITS, SEASONALLY

PERMITS 1

ADJUSTED

2-OR

MORE

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

626
647
906
1,033

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

2-OR

MORE

MORE

FAMILY

FAMILY

FAMILY

1

COMPLETIONS

STARTS
2-OR

1969
1970
1971
1972 '
1973
1974

ANNUAL RATES

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
r,i32

656
621
901
1,048
914
450

1,399
1,418
1,706
1,972
2,014
1,692

808
802
1,014
1,143
1,174
932

592
617
692
828
840
760

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
1,276

964
770
734
756
8 32

571
550
571
455
444

949

679

270

1,094

884

210

1,165

785

380

1,042
995
1,095
1,092

711
732
779
775

331
263
316
317

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

935
987
929
1,103

300
282
339
355

1,269
1,229
1,214

901
855
895

368
374
319

.882

%

rivate building permits (for 1 4 , 0 0 0 areas w i t h permit s y s t e m s , e x c l u d i n g farm), starts, and c o m p l e t i o n s are Census Bureau data. A d w e l l i n g unit is started w h e n e x c a v a t i o n begins. In t h e case o f
apartment buildings, all units are considered started at that t i m e ; h o w e v e r , all such units are considered c o m p l e t e d w h e n m o r e than half of t h e units in t h e structure are ready f o r use. Private m o t
o m e s i p m e n t s are Mobile H o m e Manufacturer^ A s s o c i a t i o n data c o n v e r t e d t o seasonally adjusted annual rate by Census Bureau.
Permit data for 1 9 6 9 and 1 9 7 0 based o n 1 3 , 0 0 0 areas 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

EXISTING HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1973 - High
Low

8.95
7.70

107
31

1974 - High
Low

9.80
8.55

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

1
RATE
(IN PER CENT)

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

8.36
7.38

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

9.70
9.55
9.45

- 33
-13
n.a.

9.70
9.60
9.45

-33
- 8
n.a.

10.13

10
n.a.
n.a.

4.6

-43
n.a.
- 6

10.03
9.68
n.a.

9.15
9.05
8.90
9.00
9.05
9.00
9.00
9.15
9.25
9.25

15
11
-70
-66
-57
-37
-25
-34
-45
3

9.20
9.05
8.95
9.05
9.10
9.05
9.05
9.15r
9,30
9.30

20
11
-65
-61
-52
-32
-20
-34
-40
8

8.99
8.84
8.69

- 1
-10

3.8
2.6
5.4
n.a.
5.0
4.3
4.8
6.2 .
5.5
4.0 -

16
21
21

9.00
8.94
9.60
9.66
9.62
9.37
9.25
9.49
9.70
9.22

,

,

9.51

9.16
9.06
9.13
9.32r
9.74
9.53

•'

-^46
-31
-12
-17
4
31

3.8

-11
- 6
-13
-17
-49
-28

NOTES:
1

Qron 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.

Ratn 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 arei
of the Insuring offices, rounded to the nearest 6 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpeyment, prepaid In IB years, for immediate delivery, are used.




T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE O F
AUCTION

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

ACCEPTED

OFFERED
1974 - High
Low
1975 - J a n .

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

AVERAGE
YIELD

OFFERED

| ACCEPTED

AVERAGE
YIELD

1155 (3/25) 333 (3/25) 10.59 (9/9: > 164 (4/-18) 63 (4/8)
1 0 . 7 1 (9/9)
26 (11.18) 18 (11/18) 8 . 4 3 (2/2!> 14 ( l b / 2 1 ) 7 (11/18) 8.47 (3/11:
13
27

25.3
41.4

28.6

9.37
9.12

17.9
11.1

14.9
10.6

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

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

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

July
Aug.
-

Sept.

Oct.

2L2

-

B

9.50
9.39

11

578.7

365.5

9.132

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

Nov.

3
17

69.8
293.1

41.7
180.6

9.32
9.33

19.6
68.6

15.2
34.6

9.54
9.40

Dec.

1

255.9

138.5

9.32

73.9

40.5

9.38

.

1

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.