Full text of H.16 Capital Market Developments : December 6, 1976

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Capital
Market
Developments

December 6 , 1 9 7 6

Prepared by t h e
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




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

Index

SUBSCRIPTION RATES:
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $ 1 3 . 5 0 per
year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0
each. Address requests to Publications Services, Division of Administrative Services, and make payment
remittance payable to the order of the Board of
Governors of the Federal Reserve System in a form
collectible at par in U.S. Currency.




TABLES
1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT

9 -

16 M O R T G A G E M A R K E T

SYMBOLS
e
p

ESTIMATE
PRELIMINARY

r

REVISED

n.a

NOT AVAILABLE
DATA DO NOT EXIST

3
Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1976 - November

December

NEW ISSUE 1
A a a UTILITY

RECENTLY
OFFERED
A a a UTILITY

5
12
19
26

8.31
8.24
8.05r

8.23
8.28
8.15
8.04

3

7.97p

8.02p

—

VOLUME
2

GROSS
3
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

0
127
431
275

97
90
84

65
24
70
156

1,020

100

0

YIELDS
WEEK ENDING

MOODY'S
NEW I S S U E

BOND BUYER
20-60ND
INDEX

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

VOLUME
3
GROSS
OFFERINGS
( $ MILLIONS)

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

NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)

1976 - November

5
12
19
26

5.31
5.36
5.24
5.16

6.34
6.39
6.26
6.16

532
729
1,353
379

83
79
94
90

253
» 343
176
97

December

3

5.10

6.03

691

88

122

NOTES:
1

Federal Reserve series of implied yield on newly issued. Am-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 cell protection, released from price
restrictions sometime during the last four weeks.

3

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

4

Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. 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

1972

High
Low

1

RECENTLY OFFERED *
A a a UTILITY

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

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

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 ( 1 0 / 1 1 )
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)

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

1976 - High
Low

8.95 (5/28)
7.97 (12/3)

9.10 (1/2)
8.02 (12/3)

8.66 (5/28)
8.11 (12/3)

8.17 (5/28)
7.44 (12/3)

7.29 ( 1 / 2 )
6.03 (12/2)

8.37
8.33
8.30
8.31
8.33

7.76
7.69
7.63
7.70
7.74

6.47
6.33
6.25
6.30
6.33

7.70
7.76
7.69
7.51r

6.34
6.39
6.26
6.16

7.44P

6.03

1976 - O c t .

1
8
15
22
29

8.29
8.29
8.15
8.28
8.29

8.29
8.23
8.20
8.25
8.27

Nov.

5
12
19
26

8.31
8.24
8.05r

8.23
8.28
8.15
8.04p

3

7.97D

8.02p

.

Dec,

. 8.30
8.31
8.27
8.17
8.lip

NOTES:
1

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

2

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

3

Weekly average of daily closing figures.

4

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

5

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




5

Table 3

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

G R O S S PROCEEDS
1

CORPORATE

PERIOD

1976

|

1975

1974

1976

i

STATE AND LOCAL

1

1975

|

1974

January
February

3,381
3,838
6,632

5,384
4,528
5,378

3,328
2,687
3,217

2,347
2,707
3,339

2,361
2,387
2,135

2,255
2,003
2,025

April
May
June

3,522
4,188
6,364

4,294
5,798
5,596

3,060
3,164
2,981

2,429
3,477
3,013

2,406
2,900
3,064

2,397
2,304
2,166

July
August
September

2,860

4,327
2,405
2,836

3,248
2,667
1,617

2,68*2
2,757
2,689

3,580
2,783
2,159

1,459
1,106
. 1,701

4,705
4,068
4,325

4,609
3,739
3,511

2,323
2,381
2,052

2,860
2,483
1,479

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

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

15,253
23,775
30,531

13,150
17,416
24,238

October
November
December
Q1
Q2
Q3
Q4

13,851
14,074

15,290
15,688
9,568
13,098

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

1st Half
3 Qtrs.

27,925

30,978
40,546
53,644

18,437
25,969
37,828

Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




8,393
8,919
8,128

r

Table 4

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

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

GROSS PROCEEDS BY TYPE OF ISSUER
MEMO

ISSUES INCLUDED
FOREIGN [CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1975 - I I I
IV

9,568
13,088

5,428
5,816

2 ,085
4,158

2,054
3,116

1,225
1,902

463
215

2,420
3,480

3,327
3,424

679
1,215

3,142
4,974

1976 - I
II

13,851
14,074

7,569
7,427

2 ,729
3,532

3,544
3,115

1,340
1,843

257
478

4,497
3,703

4,044
3,140

765
1,877

5,354

4,327
2,405
2,836

2,658
1,356
1,414

1,014
486
585

654
563
837

925

425

300

38

1,120
681
619

1,039
1,024
1,264

270
112
297

1,897
588
657

Oct.
Nov.
Dec.

4,705
4,068
4,325

2,389
1,666
1,761

769
1,630
1,767

1,547
772
797

102
825
975

61

952
1,103
1,425

1,247
1,275
902

928
55
232

1,579
1,635
1,767

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

3,381
3,838
6,632
3,522
4,188
6,364
2,860

2,189
2,142
3,238
2,350
1,937
3,140
1,239

613
769
1,347
644
1,059
1,829
993

579
927
2,047
528
1,192
1,395
628

605
335
400
428
350
1,005
500

1,073
1,179
2,245
584
1,709
1,410
890

1,097
789
2,158
644
1,148
1,348
905

16
171
578
450
20
1,407
26

1,197
1,697
1,650
1,842
1,311
2,201
1,041

1975 - J u l y
Aug.
Sept.

——

NOTES:
1

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

DigitizedSource:
for FRASER
Securities and Exchange Commission.


—

154
121
15
121
37
15
426

1

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
November 29 through December 3 , 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

GEICO
* P u b l i c Svc. Co. Colorado
Wisconsin E l e c . & Power Co.
Duquesne L i g h t Co.
Monongahela Power Co.
West Penn Power Co.
So. C a l i f o r n i a Edison Co,
Houston N a t u r a l Gas
Union Tank Car Co.
Union Tank Car.Cb*
P a c i f i c Gas & E l e c . Co.
Southern Railway Co.
C h r y s l e r F i n a n c i a l Corp.
Transamerica Corp.
Mountain S t a t e s T e l . & T e l e .
Standard Oil Company Ohio
Standard O i l Company Ohio
Standard O i l Company Ohio
Kroger Co.
OTHER
Finland
Manitoba Hydro E l e c . Board

Com. s t k . ( r t s .
Pfd. s t k .
Com. s t k .
Com. s t k .
Pfd. stk.
Pfd. stk.
Com. s t k .
1 s t mtg.
Equip, t r .
Equip, t r .
1 s t mtg.
Equip, t r .
Notes
SF d e b t .
Debt.
Notes
Notes
Notes
SF d e b t .
Notes
Bonds

) 75.9
35.0
46.0
50.0
15.2
20.2
110.6
60.0
32.8
7.2
175.0
19.7
125.0
50.0
150.0
200.0
75.0

—

——

—

8.40

—
—
—
—

8.60
8.20

8.50
8.10

—

A/A+
—
—

A/AA/AA

8.25
7.38
9.00
8.63
7.88
7.50
6.13
6.50
8.50

8.20
8.30
6.88-7.13
8.28
5.00-7.70
9.04
8.70
7.90
7.50
6.13
6.50
8.55

A/AHA/A
A/A
Aa/AAAa/AA+
Baa/BBB
A/A
Aaa/AAA
A/AA
A/AAA/AAA/A

7.88
8.63

7.95
8.70

Aa/AAA
Aa/AA

8.20
8.30

50.0

50.0
125.0

1981
2006

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




—

—

2001
1996
1980-1982
2008
1977-1991
1986
2001
2016
1986
1979
1981
2001

75.6

8.40

—

NOTES:
•
1

—

• —

—

Table SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
November 29 through December 3, 1976
AMOUNT
(MILLIONS OF
DOLLARS)

ISSUER

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S & P S
RATINGS

STATE AND LOCAL

Knox Co. Health & Educ. Fac. Bd., Term
Knox Co. H e a l t h & Educ. Fac. Bd., Tenn
A r t e s i a n Sch. Bldg. C o r p . , I n d .
Kentucky S t a t e P r o p e r t y & Bldg. Comm.
Kentucky S t a t e P r o p e r t y & Bldg. Comm.
South L o u i s i a n a P o r t Comm., La.
South L o u i s i a n a P o r t Comm., La.
South L o u i s i a n a P o r t Comm., La.
Mobile I n d u s t . Dev. Bd., Ala.
Chelan Co. P u b l i c U t i l i t y D i s t . , //I
Washington
Chelan Co. P u b l i c U t i l i t y D i s t . , # 1
Washington
Alabama, S t a t e of
Alabama, S t a t e of
Hawaii, S t a t e of
S p r i n g f i e l d Metro. E x p o s i t i o n & A u d i t .
Auth., I l l i n o i s
Allegheny Co., Pa.

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

15.0
6.0
10.8
12.7
30.3
5.0
14.0
14.0
10.6

1977-1991
1997
1978-2004
1977-1991
2006
1981-1988
1996
2006
2006

6.97
6.97
6.50
6.10
6.10
6.88
6.88
6.88
7.33

4.00-7.00
7.25
3.50-6.50
3.00-5.40
6.25
5.00-6.38
6.80
7.20
7.25

A-1/A+
A-1/A+

Rev.

38.1

1981-2006

6.39

4.00-6.10

A/A

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

250.5
2.0
15.0
75.0

2029
1977-1984
1978-1991
1979-1996

6.39
3.73
4.51
4.95

6.38
2.60-4.00
2.90-4.75
3.35-5.70

A/A
Aa/AA
Aa/AA
Aa/AA

Rev.
G.O.

20.6
27.6

1977-2000
1977-2006

5.72
5.72

3.00-6.35
2.80-6.10

A/A
A-l/AA

NOTES:
1

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

2

For State and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.




A/A
A/A
Baa/BBB+
Baa/BBB+
Baa/BBB+

9

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

1

As of December 3, 1976
ISSUER
CORPORATE

V i r g i n i a E l e c . & Power Co.
Kansas C i t y Power & L i g h t Co.
Avco F i n a n c i a l S e r v i c e s , I n c .
Avco F i n a n c i a l S e r v i c e s , I n c .
Republic New York Corp.
General American Transp. Corp.
General American Transp. Corp.
P o r t l a n d General E l e c . Co.
Ohio Edison Co.
Southern P a c i f i c Transp. Co.
Ohio Edison Co.
B r a n i f f Airways
Diamond Shamrock Corp.
M i s s o u r i P a c i f i c Ry.
Union Carbide Corp.
South C a r o l i n a E l e c . & Gas Co.
P a c i f i c Power & L i g h t Co.
P a c i f i c Power & Light Co.
South C a r o l i n a E l e c . & Gas Co.
L o u i s i a n a Power & Light Co.
C e n t r a l & South West Corp.
L o u i s i a n a Power & L i g h t Co.
Chesapeake & Ohio Ry.
P e n n s y l v a n i a Power & Light Co.
Arizona P u b l i c S e r v i c e s
I n t e r n a t i o n a l Harvester Credit
Corp.
Miles L a b o r a t o r i e s I n c .
H a r r i s Corp.
*Trailmobile Finance Co.
Copperweld Corp.
C r e d i t h r i f t F i n a n c i a l Corp.
City I n v e s t i n g Co.
Allegheny Power Co.
General T e l e . & E l e c t r o n i c s
Maryland N a t i o n a l Corp.
OTHER
Honda Motor Co.
Mexico

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

Com. s t k .
1 s t mtg.
Notes
Debt.
Debt.
Equip, t r .
Equip, t r .
Pfd. stk.
1st mtg.
1st mtg.
Pfd. s t k .
. SF d e b t .
SF d e b t .
Equip. t r .
Debt.
Pfd. stk.
1 s t mtg.
Com. s t k .
1 s t mtg.
Pfd. stk.
Com. s t k .
1 s t mtg.
Equip, t r .
1 s t mtg.
Com. s t k .

67.1
30.0
75.0
50.0
50.0
30.0
30.0
30.0
60.0
100.0
40.0
50.0
125.0
15.0
200.0
20.0
50.0
20.0
50.0
25.0
100.0
40.0
15.0
150.0
35.0

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

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

Notes
SF d e b t .
Debt.
Debt.
SF d e b t .
Notes
SF d e b t .
Pfd. s t k .
Com. s t k .
Notes

75.0
40.0
50.0
30.0
30.0
25.0
50.0
35.0
146.0
35.0

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

15
15
15
16
17

Com. s t k .
Bonds

52.0
50.0

NOTES:
*

Included in table for first time.

1

Includes only corporate end other security issues of $16 million end over; excludes exchenges, options




APPROXIMATE
DATE OF OFFERING

Dec.
Indef.

Table 6B

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

1

As of December 3, 1976
TYPE

ISSUER
STATE & LOCAL

Michigan S t a t e Hosp. F i n . Auth.
F a i r b a n k s , Alaska
Ohio Water Dev. Auth.
Pico Rivera Water Dev. C o r p . , Cal.
I l l i n o i s , S t a t e of
B a k e r s f i e l d , Cal.
Glendale Redevelopment Agy., Cal.
Rhode I s l a n d , S t a t e of
New York, S t a t e of
* V i r g i n i a Beach, Va.
O l i v e r Co., N.D.
T o r t a g e Tp. Sch. B l d g . C o r p . , I n d .
*Puerto Rico Aqueduct & Sewer Auth.
*Brea Redevelopment Agy., Cal.
C h e s t e r f i e l d Co., Va.
Dade Co., F l a .
Camden Co., N . J .
*New York Job Development Auth.
Nebraska P u b l i c Power D i s t .
H a r r i s Co. Flood C t r l . D i s t . , Tex.
P h i l a d e l p h i a H o s p i t a l A u t h . , Pa.
Louisiana Hun. Power Comm.
North P l a t t e Hosp. C o r p . , Neb.
P e t e r s b u r g Hosp. A u t h . , Va.

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

AMOUNT
(IN MILLIONS
OF DOLLARS)

11.5
35.2
46.0
11.0
150.0
15.5
13.7
25.0
92.0
16.0
15.4
19.0
35.0
10.5
29.9
26.0
15.0
15.0
160.0
15.0
163.0
75.0
16.0
42.0

NOTES:
1

Indudes state and local government issues of $10 million and over, foreign government, Irftei national Bank for Reoomtt
issues of Federally sponsored agencies; excludes secondary offerings.

•

Included in the table for the first time.




APPROXIMATE
DATE OF OFFERING

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

6
6
7
7
7
7
7
8
8

9
9
9
10
14
14
14
14
15
15
16
21

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

|

B J INDUSTRIALS

AMEX

4

|

NYSE

1973 - High
Low

65 . 5 8 ( 1 / 1 1 )
49 .12 ( 1 2 / 1 3 )

1051 .50 ( 1 / 1 1 )
788 31 ( 1 2 / 5 )

130.47 (1/11)
85.26 (12/20)

136.84 (1/11)
89.12 (12/13)

26.0 (9/20)
9.0 (8/20)

1974 - H i g h
Low

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

891 .66 ( 3 / 1 3 )
577 . 6 0 ( 1 2 / 6 )

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

96.53 (3/15)
54.87 (10/3)

1975 - High
Low

51 .24 ( 7 / 1 5 )
37 . 1 6 ( 1 / 8 )

881 . 8 1 ( 7 / 1 5 )
632 .04 ( 1 / 2 )

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

1976 - High
Low

57 . 5 1 ( 9 / 2 1 )
48 . 0 4 ( 1 / 2 )

1014 .79 ( 9 / 2 1 )
858 . 7 1 ( 1 / 2 )

107.05 (7/12)
84.31 (1/2)

Nov.

5
12
19
26

53,.94
53.,10
5 4 . 61
5 5 . 33

943..07
927. .69
948. 80
9 5 6 . 62

Dec.

3

5 5 . 20

9 5 0 . 55

AMEX

|

NASDAQ

11,.3 ( 1 / 1 1 )
3,.5 ( 8 / 2 7 )

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

4.4 (1/3)
.9 (9/26)

7 .5 ( 1 / 3 )
2,. 8 ( 7 / 5 )

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

35.2 (2/13)
8.7 (9/15)

4.2 (2/21)
1.1 (9/15)

8,. 1 ( 2 / 1 3 )
2..5 ( 9 / 1 5 )

92.52 (7/15)
78.06 (1/2)

44.5 (2/20)
10.3 (1/2)

8.6 (2/20)
1.1 (1/2)

11 . 1 ( 2 / 2 0 )
3 .5 (1/2)

99.72
98.55
100.04
100.52

89.47
88.10
89.97
91.42

17.0
16.3
20.8
21.9

2.3
1.9
2.5
2.3

6,.2
6..4
7. 1
7. 3

100.15

92.31

24.0

2.4

7. 8

Fifum other than N # n and lows we Fridays only. High# and lows are for the year and ere not neceewlty for Frideys.
Volume 1t»iree ere weekly i w r i p i of deMy figures (millions of shares).

3

12/31/66 - 60

4

Based on average price change until September 4 , 1 9 7 3 thereefter, besed on market value of shares listed.




1

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

NOTES:
1
2

2

TRADING VOLUME

NASDAQ

12
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1 BROKERS ON 2
MARGIN
CONVERTIBLE
STOCK
BONDS

3
BANKS

IlilDC/^lll
1 TFI\ NONMAntiiN
UAilU A IfcJ
UNREGULATED
STOCK CREDIT
AT BANKS

OUTSTANDING

1975 - S e p t .
Oct.
Nov.

Dec.
1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

5,250
5,300
5,370
5,390

145
144
146
147

852
1,007
1,008
960

2,520
2,311
2,270
2,281

5,420
5,950
6,410
6,690
6,940
7,080
7,340
7,450
7,530

146
153
162
163
161
166
172
167
173

1,000
1,037
1,042
1,076
1,007
1,028
898
1,061
859

2,321
2,333
2,355
2,325
2,357
2,368
2,317
2,368
2,830

30
50
70
20

3
-1
2
1

20
155
1
-48

63
-209
-41
11

30
530
460
280
250
140
260
110
80

-1
7
9
1
-2
5
6
-5
6

40
37
5
34
-69
21
-130
163
202

40
12
22
-30
32
11
-51
-51
462

CHANGE IN OUTSTANDING

1975 - S e p t .
Oct.
Nov.

Dec.
1976 - Jan<
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.

NOTES:
1

Margin account debt at 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 Resewe
System's list of OTC margin stocks. At banks, loans to purchase or carry non margin stocks are unregulated; at brokers, such stocks have no
value.




4

Table g

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

1971
1972
1973
1974
1975

9,621
10,067
4,815
2,909
11,070

1976 - J a n u a r y
February
March
April
May
June
July
August 21
1976

January
February
March
April
May
July
August E /

ANNUAL 3]
GROWTH
RATE

13.5
12.4
5.3
3.0
11.3

1,037
1,017
2,029
586
801
1,207
910
307
1 ,039
796
1 ,018
917
1 ,024
646
1,,712
1,,248

1

NET
NEW
MONEY

5,378
5,451
-442

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL
NET
FLOW

4,757

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

810
787
866
352
561
-55
675
47

5,375
3,946
7,072
2,798
3,050
5,042
3,184
2,165

-2,822

11 .4
8 .7
11 .0
9 .8
10 .8
6, 8
17. 9
12. 8

ANNUAL 3
GROWTH
RATE

SEASONALLY
4,232
3,658
4,078
3,676
3,642
2,861
5,018
5,341

19.0
18.7
9.8
7.0
17.7
—
—

—
ADJUSTED
17.7
15.0
16.5
14.7
14.4
11.2
19.4
20.3

TOTAL
DEPOSITS

NET
NEW
MONEY

NET
FLOW

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

37,414
42,634
25,052
18,962
54,188

5,108
3,719
3,687
2,583
2,835
1,353
3,282
1,967

6,412
4,963
9,101
3,384
3,851
6,249
4,094
2,472
5,271
4,454
5,096
4,593
4,666
3,507
6,730
6,589

NOTES:
1

Repilar deposits at mutual

2

New depoehs net of both*

3

Annual yowth rata

Souroe: National Awdetion ol




banks exdude hems such as Christmas dub and certain escrow accounts,i, which represent e very smell part of tc
and interest. Data for SSL's an for insured associations
represent 96 per cent of industry total
is the annualized monthly perneniap bureau

ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8
15.9
——
——
——
——
——

15.9
13.3
15.0
13.4
13.4
10.0
19.0
18.3

NET
NEW
MONEY

26,331
29,335
10,062
1,846
34,033
5,918
4,497
4,553
3,935
3,396
1,298
3,957
2,014

Table 10

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

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

1972 - Dec.

25.2

1973 - Dec.

NET CHANGE

TOTAL

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

20.3

4.9

.45

.43

.02

3.5

.04

.21

-.17

19.9

16.4

1974 - Dec.

14.6

12.4

2.2

.09

-.09

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

14.6
14.5
15.0
16.2
16.8
17.0
17.9
19.1
20.0
20.1
20.4
20.4

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

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

-.03
-.01
.50
1.18
.55
.25
.92
1.21
.90
.01
.35
.04

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

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

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

20.5
21.1
21.5
21.9
22.5
22.6
23.2
24.1
25.1

18.5
19.2
19.4
19.7
20.2
20.4
20.9
21.6
22.5

2.0
1.9
2.1
2.2
2.3
2.2
2.3
2.4
2.6

.06
.61
.48
.38
.48
.27
.50
.90
1.07

.02
.67
.27
.29
.44
.29
.44
.78
.84

.04
-.06
.21
.09
.04
-.02
.05
.12
.23

July
Aug.
Sept.

v

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

v

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




T a b l e 11

15

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM I S S U E S
TOTAL

FHLB

+2,768
+1,665
-89
+507

+2,750
+1,599
+93
+961

+1,700
+1,499
-217
+470

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

-242
-659
+440
0
-1,568
+330
+236
-398
215
587
152
669

-5
-254
+689
+69
-1,279
+600
+300
-700
100
850
200
600

-4
-554
-11
-30
-1,279
0
0
-700
0
+150
0
0

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

-197
-1,160
447
131
-946
-101
-49
397
257

0
-800
-100
700
-600
-200
300
-200
200

0
-1,100
0
0
-600
0
0
0
0

Bawd on data from Treasury Survey of Ownership.
Sales of FHLB discount notes began in May 1974.
p

Preliminary




FNMA

FNMA 6 FHLB
SHORT-TERM
DISCOUNT
NOTES 1

*

1974 - S e p t .
Oct.
Nov.
Dec.

NOTES:

FHLMC

+1,050
+100
+310
+491

+18
+66
-182
-454

+300
0
-1
0
0
0
0
0
0
200
0

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

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

0
200
0
0
0
0
0
-200
0

0
300
-300
700
0
-200
300
0
200

-197
-360
-547
-569
-346
99
-349
597
57

—
—
——
—
—

Table 12

16

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

3

TOTAL
INCLUDING
FNMA-GNMA

FINANCIAL INSTITUTIONS

COMMERCIAL
BANKS

MSB's

S & L'S

INSURANCE
COMPANIES

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

41,406
57,587
58,372
42,732
43,608

39,018
55,561
55,072
36,510
38,769

9,940
16,800
19,600
11,700
4,200

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

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

1,221
1,452
4,278
5,078
2,933

1975 - O c t .
Nov.
Dec.

4,921
3,565
4,908

4,272
3,199
4,250

900
500
600

226
200
366

2,996
2,323
2,774

150
176
510

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

2,403
3,534
4,691
5,424
4,878
5,951
6,213
5,636
5,953

1,993
3,270
5,531
5,088
5,412
6,594
5,907
5,356
6,093

300
600
900
900
1,100
1,100
1,000
600
1,300

87
106
324
309
240
517
323
384
364

1,378
2,416
4,069
4,171
4,032
4,815
4,522
4,234
4,103

238
-292
40
162
62
138
326

5,293
4,246
5,285

4,782
3,891
4,550

923
614
877

273
214
294

3, ,490
2,,949
3, ,360

96
114
19

511
355
735

3,873
4,748
4,879
4,697
4,071
4,546
5,407
4,722
5,914

3,387
4,333
5,565
4,535
4,414
5,111
5,360
4,675
6,311

678
962
987
762
826
699
968
372
1,129

184
249
320
301
195
371
228
356
445

2, ,189

336
274
414
-299
161
147
94
144
365

486
415
-686
+162
-343
-565
47
47
-397

1971
1972
1973
1974
1975

Hi

Seasonally Adjusted

1975

Oct.
Nov.
Dec.

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

2j,848
3,,844
3,,771
3.,232
3 ,894
4 ,070
3 ,803
4.,372

NOTES:
1
Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate
able. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federamome 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 companiesmay
rived 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.

Digitized2forBeginning
FRASER
January 1972 data reflect activity in limited amount of conventional


!

1
$
,•

Table 13

17

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

2
QUARTER

:i

RESIDENTIAL

TOTAL

1
I

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIA!

MULTFAML1r
&
COMMERCIA!

FARM

1969 - I
II
III
IV

34.1
30.8
28.2
29.6

25.5
23.6
21.4
22.3

21.2
19.0
16.8
16.0

4.4
4.5
4.6
6.3

6.6
5.2
5.2
6.0

11.0
9.8
9.8
12.3

2.0
2.0
1.7
1.3

1970 - I
II
III
IV

23.3
26.9
34.1
37.1

16.7
19.2
24.5
28.1

11.2
13.6
16.2
19.5

5.5
5.5
8.2
8.6

5.6
6.8
8.3
7.6

11.1
12.3
16.5
16.1

0.9
1.0
1.4
1.4

1971 - I
II
III
IV

41.8
51.4
56.6
60.3

, 32.8
40.0
42.2
46.0

23.3
30.0
33.1
36.3

9.5
10.4
9.1
9.7

6.6
8.9
11.7
11.5

16.1
19.3
20.8
21.2

2.5
2.5
2.7
2.8

1972 - I
II
III
IV

70.6
72.9
75.2
89.3

50.6
53.6
56.7
65.7

39.4
40.7
46.0
49.5

11.2
12.9
10.7
16.2

16.6
15.6
14.7
20.4

27.8
28.6
25.4
36.5

3.4
3.6
3.8
3.3

1973 - I
II
III
IV

86.4
84.0
80.0
71.4

59.6
58.3
55.2
49.5

51.4
45.3
43.1
41.4

8.2
13.0
12.1
8.2

21.3
20.2
19.5
16.3

29.5
33.2
31.6
24.5

5.6
5.5
5.3
5.6

1974 - I
II
III
IV

71.8
69.0
66.0
46.3

49.3
46.8
35.7
28.9

39.8
39.5
29.5
24.0

9.6
7.3
6.2
4.8

18.9
17.4
14.0
11.6

28.5
24.7
20.2
16.5

3.6
4.9
6.3
5.8

1975 - I (r)
I I (r)
) I I I (r)
IV (r)

39.0
55.3
63.4
69.7

26.1
40.5
46.2
51.7

26.1
40.4
46.1
52.1

0.0
0.1
0.1
-0.4

7.2
9.5
12.6
14.3

7.1
9.6
12.7
13.9

5.7
5.3
4.7
3.7

1976 - I (r)
I I (r)

71.9
74.8

55.6
56.9

54.6
55.9

1.0
1.0

10.3
12.3

11.3
13.4

6.0
5.5

„

NOTES:
1

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

2

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

3

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

4

Data r e v i s e d October 1. Revised h i s t o r i c a l d a t a a v a i l a b l e on r e q u e s t from t h e
Mortgage and Consumer F i n a n c e S e c t i o n , D i v i s i o n of Research and S t a t i s t i c s ,
Board of Governors, F e d e r a l Reserve System, Washington, D.C., 20551.




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

COMPLETIONS

PERIOD

2 - O R MORE
FAMILY

-FAMILY

2 - O R MORE
FAMILY

TOTAL

'

1 —FAMILY

MOBILE
| 2 - O R MORE
HOME
FAMILY
SHIPMENTS

1969
1970
1971
1972
1973
1974
1975

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

626
647
906
1,033
882
644
668

698
705
1,018
1,186
937
431
257

1,407
1,434
2,052
2,357
2,045
1,388
1,161

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

656
621
901
1,048
914
450
269

1,399
1,418
1,706
1,972
2,014
1,692
1,296

808
802
1,014
1,143
1,174
932
866

592
617
692
828
840
760
430

413
401
497
576
567
329
216

1975 - O c t .
Nov.
Dec.

1,111
1,127
1,091

794
814
812

317
313
279

1,431
1.381
1,283

1,093
1,048
962

338
333
, 321

1,115
1,386
1,329

738
992
993

377
394
336

235
230
224

1976

1,147
1,165
1,188
1,082
1,158
1,150
1,215
1,296
1,504
1,437

851
863
882
803
807
829
870
874
926
989

296
302
306
279
351
321
345
422
578
448

1,236
1,547
1,417
1,367
1,422
1,510
1.382
1,537
1,858
1,792

957
1,295
1,110
1,055
1,065
1,139
1,123
1,171
1,289
1,329

279
252
307
312
357
371
259
366
569
463

1,213
1,299
1,399
1,266
1,360
1,373
1,307
1,399
1,362

926
953
1,032
986
934
1,052
1,038
1,092
1,006

287
346
367
280
426
321
269
307
356

263
287
244
237
260
233
224
252
255

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

NOTES:


1
Permit d r t ' for 19' 9 and 1970 based on 13,000 areas with permit systems


•«.

T a b l e 15

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

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

NEW HOMES

1
RATE
(IN PER CENT)

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES
SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1974 - High
Low

9.80
8.55

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

1975 - O c t .
Nov.
Dec.

9.25
9.20
9.15

3
n. a.
n.a.

9.30
9.25
9.20

8
n.a.
n.a.

9.53
9.41
9.32

31
n•a•
n.a.

4.0
3.1
2.4

-28
-21
-17

9.22
n # a.
n.a.

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

9.05
9.00
8.95
8.90
9.00
9.05
9.05
9.05
9.00
9.00

39
42
42
32
5
35
33
58
77
71

9.10
9.05
9.00
8.95
9.05
9.10
9.10
9.10
9.05
9.00

44
47
47
37
10
40
38
63
82
71

9.06
9.04

40
46

2.4
2.2

- 1
- 4

8.82
9.03
9.05
8.99
8.93
8.82
8.55

24
8
35
27
46
59
26

2.5
4.1
4.2
3.8
3.3
2.5
4.3

8
- 3
0
6
12
18
45

8.66
8.58
8.53
8.58
8.95
8.70
8.72
8.47
8.23
8.29

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 mdrtgages (excluding additional fees end 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 down
payment, prepeid in 15 years, for immediate delivery/are used.




20

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
FIOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS O F DOLLARS)

DATE O F
AUCTION

AVERAGE
YIELD

ACCEPTED

CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

\

AVERAGE
YIELD

ACCEPTED

51 (4/21)
366 (8/11) 9.95 ( 9 / 2 2 ) 100 ( 4 / 7 )
18 ( 2 / 1 0 ) 8 . 7 8 (2/10) 10 (10/20) 9 ( 2 / 1 0 )

10.02 ( 9 / 2 2 )
8.96 ( 3 / 1 0 )

1975 - High
Low

643 (8/25)
25 (2/10)

1976 - J a n . 12
26

58.4
103.9

31.5
57.7

9.13
9.07

42.7
33.4

32.1
24.7

9.28
9.22

Feb.

9
23

252.2
126.9

179.9
81.2

9.07
9.04

57.8
44.0

36.9
23.3

9.17
9.14

Mar.

8
22

299.9
146.3

171.9
121.6

9.06
9.03

75.4
46.2

45.0
33.7

9.15
9.13

Apr.

5
19

106.2
132.1

56.2
60.1

8.94
8.83

56.4
55.3

31.8
*33.4

9.05
9.00

May

4
17

483.3
634.3

222.3
321.4

8.94
9.13

110.7
128.8

60.1
68.9

9.09
9.24

June

1
14
28

349.5
146 .6
261.2

224.7
98.8
157.5

9.20
9.14
9.12

131.4
77.3
93.6

90.5
70.3
59.2

9.31
9.30
9.31

J u l y 12
26

148.3
311.8

88.4
212.0

9.05
9.04

90.7
130.5

82.0
105.2

9.27
9.23

Aug.

9
23

190.1
171.3

107 .4
107.0

9.01
8.97

136.7
162.1

93.4
115.3

9.17
9.14

Sept. 7
20

121.9
99.1

68.8
49.1

8.92
8.84

170.6
151.1

117.8
107.6

9.13
9.09

Oct.

4
18

124.3
111.2

61.8
45.3

8.80
8.70

153.8
143.7

94.4
121.4

9.07
9.02

Nov.

1
15
30

215.3
218.9
59.9

73.2
114.2
33.7

8.67
8.68
8.63

141.7
140.9
70.7

112.2
126.5
58.2

9.00
9.00
8.99

offered by bidders relate to total eligible bids received.



H.16