Full text of H.16 Capital Market Developments : December 8, 1975
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Capital
TWcirkset
Developments
/
December 8,1975
Prepared by the
CAPITAL MARKETS SECTION
iivcgrtjtmction 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 $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
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
7, 8
SECURITY VOLUME AND YIELDS
STOCK MARKET AND SECURITY
CREDIT
9 - 1 6 MORTGAGE MARKET
SYMBOLS
e
ESTIMATE
P
PRELIMINARY
r
REVISED
n . a NOT AVAILABLE
DATA DO NOT EXIST
3
Table 1
YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME
WEEK ENDING
NEW ISSUE 1
A a a UTILITY
RECENTLY
OFFERED
A a a UTILITY
2
GROSS
3
OFFERINGS
( $ MILLIONS)
PER CENT
SOLD BY END
OF WEEK
NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)
5
0
17
10
25
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
Nov.
7
14
21
28
9.10
9.11
9.40
9.24
9.24
9.30
9.25r
280
700
587
100
94
96
67
85
48
172
268
Dec.
5
9.46p
9.34p
425
88
105
—
^
135
1
MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING
VOLUME
BOND BUYER
20-BOND
INDEX
MOODY'S
NEW ISSUE
Aaa
3
GROSS
OFFERINGS
( $ MILLIONS)
PER CENT
S O L D BY END
O F WEEK
NEW I S S U E S 4
IN SYNDICATE
( $ 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
81
76
92
89
74
142
154
86
110
122
Nov.
7
14
21
21
6.74
6.62
6.59
6.59
7.52
7.43
7.39
7.39
47:
372
752
657
78
89
78
92
194
122
214
163
I
6.52
7.31
420
89
110
Dec.
Federal Reserve series of Implied y
Aaa-rated utility bond with 5-year call proteistion.
I
I
1
E
s
NOTES:
Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-yeer cell
restrictions sometime during the last four weeks.
>
n, released from price
Estimated by F.R. on the bed* of available data.
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data « i adjusted by Federal Reserve v
necessary to make coverage of this series consistent with the gross offerings series.
\
Table 2
HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY
DATE
1
RECENTLY OFFERED
A a a UTILITY
2
MOODY'S S E A S O N E D
CORPORATE A a a
3
U S . GOVT. 20-YEAR *
C O N S T A N T MATURITY
BOND BUYER
2Q-BOND INDEX
1971 - High
Low
8.26 ( 7 / 3 0 )
7.02 ( 2 / 5 )
8.23 (1/1)
7.17 (12/31)
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 (11/24)
7.49 ( 4 / 2 1 )
7.15 (12/1)
7.36 ( 4 / 2 8 )
7.05 ( 2 / 1 2 )
6/i9~(4/14)
5 . 7 4 (11/17)
6.54 (4/13)
4 . 9 6 (10/21)
1973 - High
Low
8.52 ( 8 / 1 0 )
7.29 ( 1 / 2 1 )
8.32 (8/10)
7.28 (1/5)
7.77 (8/24)
7.11 (1/5)
7.79 ( 8 / 1 0 )
6.42 ( 1 / 5 )
5.59 (8/3)
4 . 9 9 (10/11)
1974 - High
Low
10.61 (10/4)
8.05 ( 2 / 1 5 )
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 . 1 5 (12/12)
5.16 (2/7)
1975 - High
Low
9.80 (5/2)
8.89 (2/7)
9 . 7 1 (5/25)
9.06 (2/28)
9.01 (5/2)
8.57 ( 2 / 2 8 )
8.63 (9/19)
7 . 6 3 (2/21)
7.67 ( 1 0 / 3 )
6.27 ( 2 / 1 3 )
1975 - Nov.
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
Dec.
5
9.46p
9.34p
8.83p
8.34p
7.31
1
Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
2
week*'
3
Weekly average of daily closing figures.
4
Weekly average of daily figures. U.S. Treasury data.
5
Thursday figures. The average rating of~th^20 bonds used In this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.
ReterV8
°f
imp,ied ,ree market
'
Vield
on
competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4
5
Table 3
$
LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS
GROSS PROCEEDS
l
CORPORATE
PERIOD
1975
1
1974
1
1973
1975
January
February
5,376
4,526
5,368
3,328
2,687
3,217
2,327
1,962
3,933
2,361
2,387
2,135
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
July
August
September
4,114
3,248
2,667
l,bl7
2,631
1,806
1,915
4,609
3,739
3,511
3,398
3,563
3,238
October
November
December
01
02
03
04
15,270
15,679
9,232
9,205
7,532
11,859
8,222
8,618
6,352
10,199
1st Half
3 Qtrs.
30,949
18,437
25,969
37,828
16,840
23,192
33,391
Year
NOTES:
1
Securities and Exchange Commission estimates of gross proceeds.
2
Securities Industry Association estimates of principal amounts.
3
Includes Municipal Assistance Corporation bonds.
2
STATE AND LOCAL
1
1974
1
1973
2,255
2,003
2,025
1,977
1,515
2,467
2,397
2,304
2,166
1,826
1,939
2,152
3,560|Z
2,799|/
2,120i/
1,459
1,106
1,701
2,028
1,657
1,750
2,253^
2,860
2,483
1,479
2,313
2,257
2,089
6,883
8,370
8,479
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
GROSS PROCEEDS BY TYPE OF ISSUER
GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD
BONDS
MEMO
COMMON
MANUFACAND
ISSUES INCLUDED
PRIVATELY
TURING
PLACED PREFERRED
FOREIGN {CONVERTIBLE
STOCK
COMMUNICATIONS
OTHER
ISSUERS
PUBLICLY
OFFERED
1974 - i l l
IV
7,532
11,859
5,025
8,611
1,222
1,571
1,285
1,677
373
374
310
76
1,887
4,079
2,376
3,702
1,008
743
2,263
3,337
1975 -
15,270
15,679
10,829
10,510
2,333
1,588
2,108
3,581
1,255
1,035
1
656
6,055
6,513
4,732
4,405
1,380
1,338
3,105
3,423
3,248
2,667
1,617
2,086
2,042
897
616
299
307
546
326
413
223
—
150
205
104
1
1,094
605
188
618
1,078
680
295
364
349
1,242
620
401
Oct.
Nov.
Dec.
4,609
3,739
3,511
3,423
3,016
2,172
355
330
886
831
393
453
175
199
76
728
1,699
1,652
2,109
964
629
475
93
175
1,297
985
1,055
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
1
—
1,901
1,675
2,479
1,268
1,957
1,507
938
125
317
1,268
771
1,066
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
130
315
211
425
1,731
2,479
2,303
1,089
1,378
1,549
1,478
1,019
563
413
362
263
766
1,207
1,449
1,743
I
II
1974 - J u l y
Aug.
Sept.
—
NOTES:
1
PUBLIC
UTILITY
TOTAL
Other Issuers ere extractive, railroad and other transportation, real estate end finance, and commercial and other.
Source: Securities end Exchange Commission.
1
Table 5A
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
December 1 , t h r u December
y /
ISSUER
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
5 , 1975
MATURITY
CORPORATE/
AppalabtfCan Power Co.
Iowa P u b . S e r v i c e
N o r t h w e s t N a t u r a l Gas
Sedco M a r i t i m e I n c .
Sedco M a r i t i m e I n c .
Ford Motor C r e d i t Co.
New B e d f o r d Gas & Edison L i g h t Co.
Ford Motor C r e d i t Co.
I d a h o Power Co.
P a c i f i c Power & L i g h t
D e t r o i t Edison
Union E l e c t r i c Co.
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
P f d S[tk
Pfd s t k
Com s t k
60. 0
25,.0
20,,0
48,.1
25,,9
100..0
15.,0
125..0
26,.8
40,.0
50..0
47 .6
1984
2005
1986
1995
1976-1982
1986
2000
2006
Rights offering.
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.
MOODY'S
RATING
8,.88
10,,63
9..75
10. 50
10.,20
10,,50
9,.20
6.25*•8.30
8.,91
10.,50
9..82
Baa/BBB
A/AA
Baa/BBB
NR/AAA
NR/AAA
Aa/A
Aa/A
Aa/A
9,.92
11,.00
9,,92
11..00
Baa/BBB
Ba/BB
10. 50
10,.13
10,<50
9,.20
—
——
NOTES:
•
1
OFFERING
YIELD
COUPON RATE
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
ISSUER
December 1 , t h r u December
AMOUNT
2
TYPE
(MILLIONS OF
DOLLARS)
5 , 1975
MATURITY
NET INTEREST
COST
OFFERING
YIELD
MOODY'S
RATING
STATE AND LOCAL
M i s s o u r i Environmental Improv. Auth.
M i n n e s o t a , 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
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.
C l a y t o n Co. Sch. D i s t . , Ga.
Maricopa Co. Sch. D i s t . # 3 , A r i z .
C l e v e l a n d C i t y S . D . , Ohio
Albuquerque Mun. Sch. D i s t . , N.M.
Rev
G.O.
G. 0 .
G.O.
Rev
Rev
Rev
Rev
Rev
Rev
G.O.
G.O.
Rev
G.O.
G.O.
13.4
37.3
14.5
18.0
3.2
4.9
6.9
26.1
52.7
71.2
25.0
12.0
13.9
20.0
15.8
2005
1976-1995
1976-2000
1976-2000
1979-1992
2000
2006
1983-1998
2010
2018
1977-1990
1977-2002
1982-1988
1977-1996
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
1976-1981
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
Aa
Aa
A
A
A
Aaa
Aaa
Aaa
Aa
A-l
A-l
A
A-l
NOTES:
1
2
Includes only state and local security offerings of $10 million and over; excludes secondary 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 bonis secured only by Income from quasl-utllities; 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.
Table 6A
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
1
J
OTHER THAN U.S. TREASURY
1
4
As of December 5, 1975
ISSUER
1
1
%
1
"J
t
"'1
I
i
1
1
j
i
:i
j
TYPE
1
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
CORPORATE
Chesapeake & Potomac Tel. Co. of Va
Textron I n c .
Textron I n c .
Allegheny Power System
J . C. Penney Co.
Household Finance Corp.
Household Finance Corp.
D e t r o i t Edison Co.
C e n t r a l Telephone Co.
General Telephone Co. of Southwest
General Telephone Co. of Southwest
Montana Power
Sperry Rand Corp*.
Offshore Logistics Inc.
I n d i a n a & Michigan E l e c t . Co.
P o r t l a n d General 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 r i c & Gas Co.
Burlington Northern, Inc.
I n t e r n a t i o n a / Paper Co.
Union Tank dar Co.
Alabama Power) Co.
Alabama Power Co.
Northwest Endrgy Co.
Denny's I n c .
City 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
Southland F i n . Corp.
American F i n a n c i a l Corp.
Debt
SF debt
Notes
Com s t k
Com s t k
Debt
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 debt
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
Notes
Debt
100.0
60.0
60.0
60.0
162.4
75.0
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
40.0
100.0
25.0
20.3
18.8
50.0
50.0
50.0
60.0
50.0
15.0
35.0
50.0
NOTES:
•
Included in table for first time.
1
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options
December 9
December 9
December 9
December 9
December 9
December 9
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
December 16
December 17
December 17
December
December
December
December
December
December
December
December
INDEF
INDEF
10
Table 6A Continued
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
As of December 5, 1975
ISSUER
TYPE
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
Other
Hudson Bay Mining & Smelting Co.
Ltd.
European Coal & S t e e l Community
The World Bank
The World Bank
The World Bank
Asia Development Bank
SF debt
Notes
Debt
Notes
Notes
Notes
50.0
100.0
250.0
250.0
250.0
75.0
December
December
December
December
December
INDEF
Postponement
Consumers Power
E l e c t r i c i t e de France
B r a z i l , Government of
Com s t k
Notes
SF debt
55.0
75.0
50.0
December
December
December
9
10
10
10
10
Table 6B
11
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S . TREASURY
As of December
TYPE
ISSUER
1
5 , 1975
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
STATE & LOCAL
Cuyahoga Co., Ohio
East Orange, N . J .
Connecticut Dev. Auth.
Tyler Ind. Sch. D i s t . , Texas
Carson Redevelopment Agy., C a l i f .
*Red River Auth. of Texas
Union Co. I n d u s t . P o l l . A u t h . , N . J .
Los Angeles Dept. of A i r p o r t s . ,
Calif
Pennsylvania Hsg. Fin. Agy.
P l e a s a n t Co., W. Va.
Richmond, Va.
*Ramapo, N.Y.
*0hio, S t a t e of
*Wayne Co., Mich.
Indianapolis Sant. D i s t . , Ind.
S t . Bernard P a r . , La.
^ V i r g i n i a Beach, Va.
*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.
G. 0.
G.p,
Rev
G.O.
G.O.
Rev
Rev
15.0
15.7
23.6
16.0
18.0
10.7
37.5
December 8
December 8
December 9
December 9
December 10
December 10
December 10
Rev
Rev
Rev
G.O.
G.O.
Rev
G.O.
G.O.
Rev
G.O.
G.O.
35.0
16.9
11.0
25.0
14.9
11.5
19.2
15.0
25.0
19.6
15.0
December
December
December
December
December
December
December
December
December
December
December
G.O.
14.0
December 16
NOTES:
1
Includes state and local government issues of $10 million and over,foreigngovernment. International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offering*.
*
Included in the table for the first time.
10
10
10
10
.11
11
15
16
16
16
16
Table 7
STOCK PRICES AND VOLUME
1
STOCK PRICES
DATE
NYSE INDEX
3
|
BJ INDUSTRIALS
1
AMEX
4
1
1973 - High
Low
65.48 (1/11)
49 12 (12/13)
1051.50 ( 1 / 1 1 )
788.31 ( 1 2 / 5 )
130.47 ( 1 / 1 1 )
85.26 (12/20)
1974 - High
Low
53 37 ( 3 / 1 3 )
32 89 ( 1 0 / 3 )
891.66 ( 3 / 1 3 )
577.60 ( 1 2 / 6 )
102.01 (3/14)
58.26 ( 1 2 / 9 )
96.53 (3/15)
54.87 (10/3)
1975 " High
Low
51 24 (7/15)
37..16 ( 1 / 8 )
881.81 (7/15)
632.04 (1/2)
96.86 ( 7 / 1 5 )
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
Nov.
7
14
21
28
47.24
48 .16
47., # T
48,[24
Dec.
5
45,.84
1975
Oct.
y
TRADING VOLUME
NASDAQ
NYSE
136.84 ( 1 / 1 1 ) 2 6 . 0 (9/20)
89.12 (12/13) 9 . 0 ( 8 / 2 0 )
1
AMEX
1
NASDAQ
5.5 (1/12)
1.4 (8/20)
11.3 (1/11)
3.5 (8/27)
24.9 (1/3)
7.5 (7/5)
4.4 (1/3)
.9 ( 9 / 2 6 )
7.5 (1/3)
2.8 (7/5)
88.00 (7/15)
60.70 ( 1 / 2 )
35.2 (2/13)
8 . 7 (9/15)
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
17.2
15.3
1.5
1.5
1.5
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
1.6
1.5
4.9
5.5
5.3.
4.9
818.80
82.40
74.72
17.9
1.8
5.5
NOTES:
1
Figures other then highs end lows are Fridays only. Highs end lows are for the year end are not necessarily for Fridays.
2
Volume figures are weekly averages of daily figures (millions of shares).
3
12/31/66 - 50
on everege price change until September 4, 1973 thereafter, based on market value of shares listed.
Digitized4forBated
FRASER
Table 8
13
SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD
BROKERS ON 1 BROKERS ON 2
CONVERTIBLE
MARGIN
BONDS
STOCK
BANKS
31
IIUDB/^lll
A f • FX
UAUUADAUI
UNREGULATED
NONMAnuIN
STOCK CREDIT
AT BANKS
OUTSTANDING
1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
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
1975 - J a n .
Feb.
Mar.
Apr.
May
3,950
4,130
4,180
4,360:
4,700:
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.
1,919
1,897
1,882
1,885
1,883
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
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
n.a.
n.a.
July
Aug*
Sept.
Oct.
CHANGE IN OUTSTANDING
July
Aug.
Sept.
Oct.
19
28
-59
-36
29
11 ,
-145
-22
-15
-3
-2
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
1
Table 9
SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS
SAVINGS & LOAN ASSOCIATIONS
MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
(
\
1971
1972
1973
1974
\
1974 - J u l y
Aug.
Sept.
Oct.
1975 - June r /
July
Aug. r j
Sept.
Oct. p /
1975 - J a n u a r y
February
March
April
May
July r /
August xj
September
October £ /
NET
FLOW
9,621
10,067
4,815
2,909
-521
-646
319
-74
1,871
509
197
785
330
369
715
1,489
867
1,352
1,530
957
865
621
665
1
NET
NEW
MONEY
ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0
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
37,414
42,634
25,052
18,952
-733
-837
-689
-260
-481
-1,147
1,425
438
——
-581
-1,218
-l,068p
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
—
——
—
—
——
—
—
—
—
4.5
8.7
18.0
10.3
15.9
17.8
11.0
9.8
7.0
7.4
—
——
——
—
—
——
—
—
—
—
——
SEASONALLY ADJUSTED
2,455
12.1
3,057
14.9
4,842
23.3
3,642
17.2
20.2
4,331
23.0
5,031
18.6
4,144
3,208
14.2
3,049
13.3
13.5
3,123
—
——
——
—
——
——
2,824
3,772
6,331
4,509
5,683
6,561
5,101
4,073
3,670
3,788
2
NET
NEW
MONEY
ANNUAL 3
GROWTH
RATE
17.2
16.7
8.4
5,8
26,331
29,335
10,062
1,847
—
-1,314
-2,055
-1,757
52
__
3,805
3,129
1,323
293
2,223
——
• ——
—
9.9
13.1
21.7
15.2
19.0
21.6
16.5
13.0
11.6
11.8
——
—
——
—
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: National Association of Mutual S vir r
Digitized
' ' for FRASER
' ^
• V I > F deral H'miw I
|
> i' ''»
C
T a b l e 10
15
MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
NET CHANGE
OUTSTANDING COMMITMENTS
PERIOD
TOTAL
ALL SAVINGS MUTUAL
& LOAN SAVINGS BKS5
ASSOCIATIONS (N.Y. STATE)
TOTAL
ALL SAVINGS MUTUAL
& LOAN SAVINGS BKS
ASSOCIATIONS (N.Y. STATE)
1971 - Dec.
17.7
14.0
3.7
.49
.30
.19
1972 - Dec.
25.1
20.2
4.9
.56
.55
.01
1973 - Dec.
19.7
16.2
3.5
.15
.35
-.20
1974 - J a n .
Feb.
Mar.
Apr.
May
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
-.06
.20
.20
-1.08
-.61
- .64
- .56
-.56
-1.31
-.54
-.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 unrounded endof period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.
Table 11
16
NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS
PERIOD
1973 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
1974 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - J a n .
Feb.
Mar.
Apr.
May
June p
July p
TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES
INTERMEDIATE AND LONG-TERM ISSUES
TOTAL
FHLB
+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
-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
-242
-659
+440
0
-1,568
+ 252
+165
-5
-254
+689
+69
-1,279
+600
+300
-4
-554
-11
-30
-1,279
0
0
FNMA
+530
——
——
——
+350
+650
— —.
—
-150
—
—
-800
-657
+256
+44
——
+450
——
Notes:
Based on d a t a from t h e T r e a s u r y Survey of Ownership.
1/ S a l e s of FHLB d i s c o u n t n o t e s began i n May 1974.
2% P r e l i m i n a r y .
FHLMC
——
——
-200
——
—
—
+300
0
-1
0
0
0
+750
+499
+1,050
+100
+310
+491
-1
0
+ 700
+ 100
0
+ 600
+ 300
FNMA
SHORT-TERM
DISCOUNT
NOTES
-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454
-237
X405
-249
-69
-289
-348
-135
T a b l e 12
NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS
PERIOD
TOTAL
INCLUDING
FNMA-GNMA
2
FINANCIAL INSTITUTIONS
INSURANCE
COMPANIES
TOTAL
COMMERCIAL
BANKS
21,736
41,647
57,587
58,372
42,748
16,827
39,259
55,561
55,072
36,526
2,462
9,940
16,800
19,600
,11,700
1,845
3,938
5,377
5,642
2,170
10,254
23,919
31,932
25,552
17,578
2,348
1,221
1,452
4,278
5,078
4,909
2,388
2,026
3,300
6,222
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug,
Sept.
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
66
100
70
132
181
323
334
213
119
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
451
74
387
190
57
42
710
498
757
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
335
556
397
563
356
166
134
152
137
506
199
561
391
181
65
522
226
551
MSB's
S & L's
FNMA-GNMA
Not S e a s o n a l l y Ad l u s t e d
1970
1971
1972
1973
1974
Seasonally Adlusted
p
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
/
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
cI
RESIDENTIAL
QUARTER
MULTFAMU
&
COMMERCIAI
TOTAL
TOTAL
IV
28.1
26.4
25.5
29.6
19.4
18.2
17.2
20.4
16.3
15.0
13.6
16.5
3.1
3.2
3.5
3.9
6.4
6.0
6.5
7.4
9.5
9.2
10.1
11.3
2.3
2.2
1.8
1.9
1969 - I
II
III
IV
32.0
29.1
25.8
25.2
23.8
21.5
18.7
18.5
19.4
16.8
14.0
13.1
4.4
4.6
4.7
5.4
6.0
5.4
5.3
5.3
10.4
10.1
10.0
10.7
2.2
2.2
1.7
1.4
1970
I
II
III
IV
20.7
22.9
28.5
31.8
14.4
16.8
21.3
22.8
9.4
11.6
15.0
16.2
5.0
5.2
6.3
6.6
4.8
4.6
5.1
6.8
9.8
11.5
13.4
1.5
1.5
2.1
2.2
1971 - I
II
III
IV
37.3
47.7
52.3
54.2
27.4
35.5
38.5
41.2
19.4
26.2
28.6
31.3
8.0
9.4
9.9
9.9
7.7
9.8
11.5
10.5
15.7
19.2
21.4
20.4
2.2
2.4
2.3
2.5
1972 - I
II
III
IV
62.8
64.9
65.1
68.3
46.1
47.0
47.1
49.5
37.7
37.4
38.0
40.0
8.4
9.6
9.1
9.5
14.1
15.3
15.3
16.3
22.5
24.9
24.4
25.8
2.6
2.6
2.6
2.5
1973 - I
II
III
IV
83.4
75.6
71.3
57.9
63.1
53.9
51.4
38.3
53.1
44.0
41.8
31.7
10.0
9.9
9.6
6.5
16.3
17.8
16.3
15.0
26.3
27.8
25.9
21.5
4.1
3.8
3.6
4.6
1974 - I
II
III
IV
58.5
65.3
50.0
38.6
39.5
44.0
35.7
23.7
32.1
37.1
27.5
17.3
7.4
6.8
8.2
6.4
15.4
17.3
9.0
7.6
22 .7
24.1
17.2
14.0
3.6
4.0
5.3
7.3
1975 - I
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
1968 - I
II
in
[
|
1" to 4 FAMILY
MULTIFAMILY
COMMERCIAL
9.8
.
FARM
NOTES:
1
Derived from data on mortgage debt outstanding from Federal Deposit Insurant Corporation. Federal Home Loan Bank Board. Institute of Liftf
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 dobt 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 mortage debt includes nonfarm only and is sum of 1 to 4- family and multif amity mortgage debt,combined.
T a b l e 14
PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES
PERMITS 1
PERIOD
TOTAL
1969
1970
1971
1972
1973
1974
1,324
1,352
1,925
2,219
1,820
1,074
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
.
i
1—FAMILY
626
647
906
1,033
882
644
COMPLETIONS
STARTS
2 - O R MORE
FAMILY
TOTAL
1—FAMILY
2 - O R MORE
FAMILY
TOTAL
1 —FAMILY
MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS
698
705
1,018
1,186
937
431
1,467
1,434
2,052
2,357
2,045
1,338
811
813
1,151
1,309
1,132
888
656
621
901
1,048
914
450
1,399
1,418
1,706
1,972
2,014
1,692
808
802
1,014
1,143
1,174
932
592
617
692
828
840
760
964
770
734
756
832
571
550
5^1
455
444
(f
413
401
497
576
567
329
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
949
679
270
1,094. .
884.
210 •
1,165
785
380
210
1,042
995
1,095
1,092
711
732
779
775
331
263
316
317
1,235
1,269
1,268
1,458
300
282
339
355
1,269
1,229
1,214
901
855
895
368
374
319
225
235
215
935
987
929
1,103
185
219
199
194
224
.4
NOTES:
Private building permit! (for 14,000 *ee$ with permit systems, excluding farm), starts, end completion* 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 mot
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
>u
Permit data for 1969 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
NEW HOMES
1
RATE
(IN PER CENT)
SPREAD
(BASIS
POINTS)
1973 - High
Low
8.95
7.70
107
31
8.95
7.75
107
37
1974 - High
Low
9.80
8.55
45
-70
9.80
8.60
* 50
-70
1974 - O c t .
Nov.
Dec.
9.70
9.55
9.45
-33
-13
n.a.
9.70
9.60
9.45
-33
- 8
n.a.
1975 - J a n . '(
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept,
Oct.
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
NOTES:
1
HUD(FHA) INSURED LOANS
SECONDARY MARKET
EXISTING HOMES
RATE
(IN PER CENT)
SPREAD
(BASIS
POINTS)
1
YIELD
(IN PER CENT)
SPREAD
(BASIS
POINTS)
DISCOUNT
(PERCENTAGE
POINTS)
SPREAD
BETWEEN
RETURNS ON
NEW A a a
CONVENTIONAL
UTILITY
AND HUD(FHA)
BOND
NEW HOME
YIELD
MORTGAGES (IN PER CENT)
(BASIS
POINTS)
130
14
9.4
2.2
21
-23
8.36
7.38
10.3/
8.54
44
-25
6.3
2.3
1
-70 x
10.46
8.10
10.13
n.a.
9.51
10
n.a.
n.a.
4.6
n.a.
3.8
-43
n.a.
- 6
10.03
9.68
3.8
2.6
5.4
n.a.
5.0
4.3
4.8
6.2
5.5
4.0
16
21
21
n.a.
-11
- 6
-13
-17
-49
-28
9.00
8.94
9.60
9.66
9.62
9.37
9.25
9.49
9.70
9.22
8.99
8.84
8.69
n.a.
9.16
9.06
9.13
9.32r
9.74
9.53
- 1
-10
-91
-46
-31
-12
-17
4
31
,
x
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 B beils points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid In 16 years, for immediate delivery, are used.
/
Table 16
FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL
GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)
DATE OF
AUCTION
|
OFFERED
AVERAGE
YIELD
ACCEPTED
AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED
|
AVERAGE
YIELD
ACCEPTED
1155 (3/25) 333 (3/25) 10.59 (9/9) 164 (4/18) 63 ( 4 / 8 )
10.71 (9/9)
26 (11.18) 18 (11/18) 8 . 4 3 (2/25 14 (10/21) 7 (11/18) 8.47 (3/11)
1974 - High
Low
1975 - J a n .
13
27
25.3
41.4
21.2
28.6
9.37
9.12
17.9
11.1
14.9
10.6
9.50
9.39
Feb.
10
24
24.6
36.2
18.1
23.8
8.98
8.87
14.8
20.0
9.1
9.1
9.20
9.04
Mar.
10
24
99.2
460.5
60.1
321.4
8.78
8.85
34.4
60.7
22.1
35.8"
8.96
9.00
Apr.
7
21
551.6
470.9
277.2
247.3
8.98
9.13
99.8
79.2
May
5
19
525.5
165.6
280.4
115.0
9.29
9.25
69.8
46.4
June
2
16
30
172.5
73.4
358.7
80.4
38.6
246.9
9.14
9.06
9.07
July
14
28
333.2
415.8
174.9
247.7
9.10
9.17
Aig.
Sept.
86
:=T
l
44.6
^ 8
9.13
9.26
M
X
38<<£X
9.43
9.41
51.2
28.5
67.5
27.1
15.7
47.3
9.26
9.21
9.18
71.4
56.5
35.8
34.5
9.20
9.26
4
11
578.7
365.5
9.32
96.9
48.9
25-
643.1
223.0
9.50
98.5
31.0
8
530.1
197.7
9.70
96.9
43.9
9.75
68.8
35.2
9.92
27.5
23.5
10.02
22
293.6
142.0
9.86
9.38
.
9.55
6
198.5
143.0
9.95
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
Oct.
NOTES:
Avenge 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 bidden relate to total eligible bids received.
@FedFRASER