Full text of H.16 Capital Market Developments : February 18, 1975
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,'im Capital Market Developments | 0 February 18,1975 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE, AGRICULTURAL, and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS / / B O A R D OF GOVERNORS f rrnrmi nrwrnvr Washington, D C. 20551 Index TABLES 1 - 6 SYMBOLS SECURITY VOLUME AND Y I E L D S 7, 8 STOCK MARKET AND S E C U R I T Y C R E D I T e p r n.a. 9 - 16 MORTGAGE MARKET ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE B O N D MARKET YIELDS WEEK ENDING 1974 - Dec. 6 13 20 27 NEW ISSUE 1 A a a UTILITY VOLUME RECENTLY OFFERED A a a UTILITY 9.39 9.57 9.59 9.64 9.50 9.59 9.52 — 2 : 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT S O L D BY END O F WEEK 676 925 605 93 85 92 — — NEW ISSUES 4 IN S Y N D I C A T E ( $ MILLIONS) 171 175 178177 1975 - Jan. 3 10 17 24 31 9.62 9.38 9.45 9.00 9.67 9.45 9.55 9.47 9.21r 699 1,494 474 890 98 96 92 93 163 14 174 130 6 Feb. 7 14 8.89r 9.02p 9.12r 9.16p 760 438 99 85 59 mmmm — • * Or MUNICIPAL B O N D MARKET VOLUME YIELDS WEEK ENDING MOODY'S NEW ISSUE BOND BUYER 2Q-BOND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT S O L D BY END O F WEEK NEW I S S U E S 4 IN S Y N D I C A T E ( $ MILLIONS) 1974 - Dec. 6 13 20 27 6.40 6.80 6.70 6.70 6.89 7.15 7.08 7.08 569 441 290 27 90 80 89 91 167 167 140 122 1975 - J a n . 310 17 24 31 6.70 6.60 6.55 6.10 6.00 7.08 6.99 6.90 6.59 6.54 26 500 410 361 667 66 92 84 84 95 117 75 88 66 48 7 14 5.90 5.85 6.34 6.27 535 668 84 81 105 203 Feb. • NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. Table 2 HIGH GRADE BOND YIELDS NEW I S S U E A a a UTILITY DATE 1 RECENTLY OFFERED A a a UTILITY 2 MOODY'S S E A S O N E D CORPORATE A a a 3 U . S . GOVT. 2 0 - Y E A R C O N S T A N T MATURITY 4 BOND BUYER 2 D - B O N D INDEX 1970 - High Low 9.43 (6/19) 7.72 (12/11) 9.20 (6/26) 8.16 (12/18) 8.60 (7/3) 7.48 (12/21) 7.55 (5/29) 6.17 (12/18) 7.12 (5/28) 5.33 (12/10) 1971 - High Low 8.26 (7/30) 7.02 (2/5) 8.23 (1/1) 7.17 (12/31) 7,. 71 (8/21) 7.06 (2/12) 6.51 (6/18) 5^.69 (3/23) 6.23 (6/23) 4.97 (10/21) 1972 - High Low 7.60 (4/21) 6.99 (11/24) 7.49 (4/21) 7.15 (12/1) 7.36 (4/28) 7.05 (2/12) 6.19 (4/14) 5.74 (11/17) 5.54 (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 . 1 1 (1/5) 7.79 (8/10) 6.42 (1/5) 5.59 (8/3) 4.99 (10/11) 1974 - High Low 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 (1/4) 7.15 (12/12) 5.16 (2/7) 1975 - Jan. 3 10 17 24 31 9.62 9.38 9.45 9.00 9.67 9.45 9.55 9.47 9.21 8.93 8.91 8.84 8.78 8.74 7.93 7.83 7.81 7.83 7.81 7.08 6.99 6.90 6.59 6.54 Feb. 7 14 8.89r 9.02p 9.12r 9.16p 8.68r 8.63p 7.68r 7.68p 6.34 6.27 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 falfs 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 OF DOLLARS G R O S S PROCEEDS 1I CORPORATE PERIOD 1974 | 1973 | 1972 3 ,341 2 ,690 3 ,216 2,327 1,962 3,933 3,205 3,369 3,229 3 ,067 3 ,164 2 ,982 2,497 2,543 3,578 3,275 3,598 4,341 August September 3 ,253 2 ,643 1 ,617 2,631 1,806 1,915 October 4.,492 9,,247 9.,213 7,,513 January February March April May June July November December Q1 02 03 04 1st Half 3 Qtrs. Year 18,,446 25., 9 7 3 2 STATE AND LOCAL | 1973 1 1972 2.,255 2-,003 2,,025 1,977 1,515 2,467 1,776 2,005 2,239 2,,397 2;,304 2:,166 1,826 1,939 2,152 1,989 2,017 2,270 3,582 2,893 2,720 1 ,458 ' 1 ,10? 1 ,690 2,028 1,657 1,750 3,398 3,563 3,238 3,791 3,377 3,396 2 ,483 "2 ,336 1 ,407 2,313 2,257 2,089 2,200 1,862 8,222 8,618 6,352 10,199 9,803 11,214 9,195 10,564 6 ,283 6 ,867 4 ,251 6 ,226 ,5,959 :5,917 5,435 6,659 6,020 6,276 16,840 23,192 33,391 21,017 30,212 40,776. 13 ,150 17 ,401 23,6 27 11,876 17,311 23,970 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 1974 > . . • 1,805 1,966 1,726 1,797 5,497 5,859 12,296 17,793 23,652 Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS G R O S S PROCEEDS BY TYPE OF ISSUE PERIOD BONDS TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK G R O S S PROCEEDS BY TYPE OF ISSUER MEMO I S S U E S INCLUDED FOREIGN (CONVERTIBLE MANUFACTURING PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 1973 - I I I IV 6,352 10,199 2,333 5,026 2,285 2,059 1,735 3,114 163 136 50 282 1,160 1,502 2,014 2,917 871 1,851 2,304 3,930 1974 - I II III 9,247 9,199 7,395 5,818 5,883 5,025 1,652 1,766 1,011 1,777 1,537 1,359 88 115 373 58 38 306 1,927 2,520 1,783 3,569 3,190 2,414 874 1,310 1,001 2,880 2,171 2,202 1973 - Nov. 3,563 3,238 1,669 1,552 589 917 1,305 769 53 77 32 476 504 1,080 888 796 377 1,212 1,469 3,341 2,690 3,216 2,115 1,683 2,020 794 421 437 430 586 760 56 11 21 2 4 52 896 393 641 1,441 829 1,2.99 146 397 331 861 1,075 947 Apr. May 3,067 3,164 2,982 1,594 2,350 1,939 671 607 516 801 207 526 63 42 10 12 15 11 1,202 862 478 1,131 912 1,147 294 663 356 442 730 1,000 July Aug. Sept. 3,253 2,643 1,617 2,086 2,042 897 612 274 306 555 327 414 223 — 150 205 104 1,094 601 188 618 1,079 680 295 364 342 1,248 600 409 Oct. 4,492 3,423 217 852 175 661 2,078 471 1,282 Dec. 1974 - J a n . Feb. Mar. NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. T a b l e 5A LARGE LONG-TERM PUBLIC SECURITY ISSUES FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 February 3, t h r u February 14, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE F l o r i d a Power & Light C e n t r a l & South West Corp. PPG I n d u s t r i e s I n c . PPG I n d u s t r i e s I n c . Montgomery Ward C r e d i t Co. Pepsico I n c . Conn. Light & Power Co. S. P a c i f i c Transp. Co. Dow Chemical Co. Esmark I n c . Esmark I n c . Kansas Power & Light Mountain Fuel Supply Co. Washington Water Power Co. S t a t e S t r e e t Boston F i n . Corp. Duke Power Co. P a c i f i c L i g h t i n g Svc. Co. Dana Corp. BankAmerica Corp. Southern Railway Co. Pfd s t k Com s t k Debt Notes Debt SF Notes 1 s t mtge Equip t r Notes Debt SF Notes 1 s t mtge Com s t k 1 s t mtge Notes 1 s t mtge 1 s t mtge Debt SF Debt Equip t r 76.1 68.8 75.0 50.0 50.0 100.0 85.0 15.0 225.0 75.0 50.0 35.0 32.0 25.0 25.0 100.0 35.0 75.0 150.0 15.0 Other European Coal & S t e e l Comm. Notes 150.0 NOTES: • Rights offering. 1 Includes corporate and other security offerings of 515 million and over. — 10.08 — 2000 1985 1995 1985 1982 1990 2005 2000 1982 2005 — 8.50 8.00 9.60 8.25 9.00 8.00 8.50 9.25 8.40 8.63 — 9.93 —— 8.60 8.05 9.60 8.25 8.95 6.75-8.25 8.50 9.30 8.40 8.67 — 2005 1983 2005 1985 2000 2005 1990 9.38 9.00 9.50 9.00 9.00 8.88 8.00 9.25 9.00 9.55 9.00 9.10 8.88 8.30 1983 8.38 8.46 A — Aa/A Aa/A A A A Aa Aa/A+ A A Aa — A A A A A/A+ Non Rated Aa Aaa LARGE LONG-TERM PUBLIC SECURITY ISSUES x FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 February 3, t h r u February 14, 1975 ISSUER TYPE 2 AMOUNT (MILLIONS OF DOLLARS) NET INTEREST COST MATURITY OFFERING YIELD MOODY'S RATING STATE AND LOCAL Madison Voc. Tech. Education D i s t , Wis. Commack Union Sch. D i s t . , N.Y. Michigan, S t a t e of New York S t a t e Housing Finance Agency A r t e s i a n Sch. Bldg. Corp. Ind. I l l i n o i s Educational F a c i l i t i e s Auth. I l l i n o i s Educational F a c i l i t i e s Auth. I l l i n o i s E d u c a t i o n a l F a c i l i t i e s Auth. B a l t i m o r e , Maryland Pennsylvania Higher Education F a c i l i t i e s Auth. San Antonio, Texas San Antonio, Texas Nekoosa, Wise. Nekoosa, Wise. Garland, Texas Garland, Texas V i r g i n i a P u b l i c School Auth. P h i l a d e l p h i a , Pa. S u f f o l k Co., N.Y. I l l i n o i s , S t a t e of New York C i t y , N.Y. G.O. 10.0 G.O. 15.9 G.O. 75.0 Rev 103.5 Rev 10.5 Rev 3.1 Rev 4.7 Rev 4.2 Rev p o l l cont 17.0 1976-1985 1976-2000 1977-1986 1975-2006 1978-2003 1978-1990 1999 2004 1995 Rev 14.4 G.O. 25.0 Rev 10.0 Rev p o l l cont 2.0 Rev p o l l cont 10.6 7.5 Rev G.O. 4.0 G.O. 16.5 G.O. 10.0 G.O. 36.9 150.0 G.O. G.O. 141.4 1976-2015 1986-1993 1976-1999 1985 1987 1976-1994 1976-1995 1976-1995 1976-1995 1976-2003 1976-1995 1976-2015 v 4.78 6.49 4.78 7.46 7.12 6.51 6.51 6.51 — 7.18 5.18 5.96 6.84 6.84 5.89 5.24 5.44 6.61 5.72 5.20 7.17 3.80-4.90 4.30-7.00 4.45-5.00 4.50-7.60 4.50-7.20 4.25-5.90 6.50 6.80 8.88 Aa A Aa A-l A Aaa Aaa Aaa Baa 4.70-7.25 4.75-5.75 3.90-6.70 6.40 .6.70 4.00-6.40 3.60-6.40 3.85-6.50 4.50-7.00 4.65-6.50 3.50-6.10 6.50-7.50 Baa-1 Aa A-l A A A-l Aa Aa A A \aa A NOTES: 1 Includes state and local security offerings of $10 million and over. 2 In case of State and local government securities, G.O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-CL-Ut., revenue bonds secured only by Income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments. 3 Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. Table SB Continued LARGE LONG-TERM PUBLIC SECURITY ISSUES FOR NEW CAPITAL OTHER THAN U.S. TREASURY February 3 , t h r u February 14, 1975 TYPE ISSUER AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL I n c l i n e V i l l a g e General Improv. D i s t . , Nev. W i s c o n s i n , S t a t e of Middlesex Co. I n d u s t r i a l P o l l u t i o n F i n . Auth., N.J. Chicago P u b l i c B u i l d i n g Commission Allentown Area H o s p i t a l A u t h . , P a . Allentown Area H o s p i t a l A u t h . , P a . Oregon, S t a t e of Rev 0. 13.0 75.0 1975-1985 1976-1995 Rev Rev Rev Rev G.O. 28.3 38.0 4.2 9.1 100.0 2000 1976-1994 1979-1996 2009 1980-1991 \ 5.33 5.95 5.10 5.80-6.60 3.70-6.10 6.25 4.00-6.30 5.75-7.50 8.00 4.50-5.60 Aaa Aa Baa-1 Baa-1 Aaa 0 FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 as of February 14, 1975 ISSUER TYPE CORPORATE Commonwealth Edison Co. Atchison, Topeka & Santa Fe RR Nortrust Corp. Arizona Public Service Co. Southwestern Public Service Co. Cleveland Electric Illuminating Co. Mobile Alaska Pipeline Co. ^Southwestern Public Service Kansas Gas & Electric Co. Indiana Gas Co. Indiana Gas Co. First National Boston Corp. Gen'1 Tele. Co. of Florida Houston Lighting & Power American Natural Gas Co. Louisville Gas & Electric Co. Central Illinois Light Co. Central Illinois Light Co. Natural Gas Pipeline Co. Dallas Power & Light Co. Citizens Utilities Co. *Toledo Edison New York S t a t e E l e c t r i c & Gas Corp. New York S t a t e E l e c t r i c & Gas Corp. Hueblein Inc. ERC Corp. Freuhauf Finance Co. *Commonwealth Edison Co. *Sierra Pacific Power Co. Arizona Public Service Co. Union Pacific RR Jersey Central Power & Light Co. Southern California Edison Co. Otis Elevator Co. Niagara Mohawk Power Corp. Niagara Mohawk Power Corp. St. Louis & Southwestern RR New York Tele. Corp. *Duquesne Light Union Electric Co. 1 s t mtge Equip tr Notes 1 s t mtge 1 s t mtge Com stk Guar debt Com stk (rts) Pfd stk 1 s t mtge | Pfd stk : Notes i 1 s t mtge 1 s t mtge ; Com stk 1 s t mtge Com stk 1 s t mtge Debt 1 s t mtge 1 s t mtge Pfd stk Com stk 1 s t mtge Notes Debt Notes Com stk (rts) Pfd stk Com stk Equip tr 1 s t mtge 1 s t mtge Debt 1 s t mtge Com stk Equip tr Notes 1 s t mtge 1 s t mtge NOTES: * Included in table for first time. 1 Includes corporate and other security issues of $15 million and over. AMOUNT (IN MILLIONS O F DOLLARS) 125 .0 15 .0 30 .0 100 .0 45 .0 35 .0 300 .0 18 .0 20 .0 20 .0 15 .0 100 .0 50.0 125 .0 74,.0 25 .0 16,.0 25.0 60.0 50,.0 35..0 19..0 25..4 75.0 125.,0 25..0 60.,0 100.,0 15.,0 28.,0 15.,0 35.,0 150.,0 50.,0 50.,0 31..1 15.,0 200,,0 50.,0 70,,0 APPROXIMATE DATE O F OFFERING February February February February February February February February February February February February February February February February February February February February February February February February February February February March March March March March March March March March March March March March 18 18 19 19 19 19 19 19 19 20 20 20 20 24 25 25 25 25 25 26 27 27 27 27 27 3 4 4 4 5 6 6 11 11 . 11 11 .. 12 12 Table 6A Continued FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 as of February 14, 1975 TYPE ISSUER CORPORATE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING F l o r i d a Power & Light ^ A t l a n t i c City E l e c t r i c Co. N a r r a g a n s e t t E l e c t r i c Co. P u b l i c Service of New Mexico Union E l e c t r i c Co, ^United Tele, of Ohio New England Power Co. ^ I n d i a n a p o l i s Power & Light I n d i a n a p o l i s Power & Light Co. *Texas Power & Light Corp. ^Diamond S t a t e Tele. Co. *Potomac Edison Co. *Metro Edison Co. General P u b l i c U t i l i t i e s Co. Boston Edison *American E l e c t r i c Power ^ P r o c t e r & Gamble Co. *Bethlehem S t e e l Corp. *Deere & Co. *Deere & Co. tAmerican Brands I n c . American Finance Corp. General Tele, of Ohio N a t i o n a l S e c u r i t y & R e g i s t e r Co. Avco Corp. 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge Com s t k Pfd s t k 1 s t mtge Debt 1 s t mtge 1 s t mtge Com s t k Pfd s t k Com s t k Debt Notes Notes Debt Notes Debt Pfd s t k Bene i n t Notes 125.0 35.0 15.0 20.0 70.0 25.0 80.0 30.0 20.0 100.0 20.0 35.0 50.0 30.5 30.0 190.0 300.0 200.0 100.0 100.0 150.0 30.0 20.0 30.0 50.0 13 March 18 March 18 March 19 March 19 March March 19 20 March March 20 March 20 March 24 March 25 26 March 26 March March March March March Indefinite Indefinite Indefinite Indefinite Indefinite Indefinite Indefinite Indefinite Other Montreal Urban Community United S t a t e s of Mexico Govt, of I r e l a n d Hydro-Quebec Hydro-Quebec *Province of Ontario Debt Notes Notes Debt Debt Notes 50.0 50.0 25.0 20.0 100.0 200.0 February 19 February February February February Indefinite 11 FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 As of February 14, 1975 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Delaware, S t a t e of *0cean Highway & P o r t A u t h . , F l a . Piano Independent School D i s t . , Texas Miami Beach, F l a . Massachusetts, S t a t e of *Kansas C i t y , Kansas *St. Paul, Minn. *Detroit Building A u t h . , Mich. ^Louisiana, S t a t e of ^Connecticut, S t a t e of Hempstead, N.Y. Anne Arundel Co., Md. Maryland, S t a t e of F l o r i d a S t a t e Board Higher Education Miami, F l o r i d a ^Milwaukee, Wis. Prince William Co., Va. Nassau Co., N.Y. *0hio, S t a t e of *Los Angeles Dept. Water & Power, C a l i f . ^Norfolk I n d u s t r i a l Dev. A u t h . , Va. 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. S t . Charles P a r i s h , La. G. 0. Rev p o l l cont G.O. G.O. G.O. Rev G.O. Rev G.O. G.O. G.O. G.O. G.O. Rev G.O. G.O. G.O. G.O. G.O. Rev Rev Rev Rev p o l l cont 40.0 22.5 12.0 15.0 125.0 14.0 12.0 30.0 50.0 100.0 14.4 20.0 84.0 46.0 19.0 25.4 16.0 34.2 50.0 20.0 21.5 50.0 60.0 February 18 February 18 February 18 February 19 February 19 February 20 February 20 February 24 February 25 February 25 February 25 February 25 February 26 February 26 February 27 March 4 March 4 March 12 18 March 19 March March Indefinite Indefinite NOTES: 1 Includes stats and local government issues of $10 million and over. 2 Includes foreign government and International Bank for Reconstruction and Development issues and issues of Federally sponsored agencies. Table 7 STOCK PRICES AND VOLUME STOCK PRICES DATE 0 J INDUSTRIALS NYSE INDEX TRADING VOLUME NASDAQ 1972 - High Low 65.14 (12/11) 56.23 (1/3) 1036.27 (12/11) 889.15 (1/26) 138.35 (4/11) 117.09 (1/3) 135.15 (12/8) 113.65 (1/3) 1973 - High Low 65.48 (1/11) 49.12 (12/13) 1051.50 (1/11) 788.31 (12/5) 130.47 (1/11) 85.26 (12/20) 1974 - High Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 6 13 20 27 34.45 35.39 35.23 35.36 3 10 17 24 31 7 14 1974 Dec. 1975 Jan. Feb. 27. 6 (12/29) 8. 1 (7/3) 10.3 (12/29) 1.8 (9/8) 14. 4 (12/29) 5. 0 (10/9) 136.84 (1/11) 26. 0 (9/20) 89.12 (12/13) 9.,0 (8/20) 5 . 5 (1/12) 1.4 (8/20) 11. 3 (1/11) 3. 5 (8/27) 102.01 (3/14) 59.13 (12/6) 96.53 (3/15) 54.87 (10/3) 24.,9 (1/3) 7..5 (7/5) 4.4 (1/3) .9 (9/26) 7.,5 (1/3) 2. 8 (7/5) 577.60 592.77 598.48 602.16 59.13 60.11 59.73 59.35 58.21 59.22 58.67 58.74 13,.1 15,.1 16 .4 13 .1 1.9 2.2 2.4r 2.3 4.,4 4.,8 5..3 4,.4 37.35 38.57 37.86 38.84 40.91 634.54 658.79 644.63 666.61 703.69 62.86 67.32 67.81 71.05 74.20 61.23 63.69 64.40 65.37 69.78 17 .4 18,,1 16 .9 16.4 29 . l r 2.8 2.0 1.8 1.9 3.Or 5 .4 5,,5 4 .9 4 7,.Or 41.08 43.21 711.91 734.20 75.08 76.79 71.12 73.26 25 .7r 22 .6 2.8r 2.3 6 .4r 5 .8 NOTES: are Fridays only. Highs end lows ere for the year and are not necessarily for Fridays, 1 Figures other then highs end 2 Volume figures ere weekly of daily figures (millions of shares). 3 12/31/66 - 60 \ 4 Based on average price change until September 4 , 1 9 7 3 thereafter, based on market value of shares listed. Table 8 lit SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON? MARGIN STOCK BROKERS ON 2 CONVERTIBLE BONDS BANKS 3 1 lNUnDcCU^UI L IflAATTc eUn NUNMArtUIN U/MJIIAO/1IM U STOCK CREDIT AT B A N K S OUTSTANDING 1973 - Sept. Oct. Nov. Dec. 5,730 5,690 5,460 5,050 204 203 197 189 1,005 1,181 1,103 1,131 1,909 1,878 1,917 1,866 1974 - J a n . Feb. Mar. Apr. May- 5,130 5,230 5,330 5,370 5,180 5,080 4,760 4,510 4,020 3,930 3,960 3,840 182 183 180 179 172 172 158 156 148 145 139 1,020 1,039 1,008 1,009 1,020 1,845 1,843 1,869 1,868 1,858 l,037r l,023r 953 r 2,072r 2,119r 924r 2,060r 916 n.a. 2,024 1973 - Sept. Oct. Nov. Dec. -100 -40 -230 -410 -6 -1 -6 -8 -31 176 -78 28 -43 -31 39 -51 1974 - Jan. Feb. Mar. Apr. MayJune ^ July Aug. Sept. Oct. Nov. Dec. 80 100 100 40 -190 -100 -320 -250 -490 -90 -30 -120 -7 1 -3 -1 -7 -111 19 -31 1 11 -21 -2 26 -1 -10 July Aug. Sept. Oct. Nov. Dec. 2,091r n.a. CHANGE IN OUTSTANDING 17r -14 -3 -7 -3 -6 214r -14r 19r -70 28r r -29r -8 -59r -36 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 f Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR DEPOSITS NET FLOW 9,621 10,067 4,815 2,101 1971 1972 1973 1974 £./ 1973 - October November December 1974 - October November x j December £./ -150 440 1,057 -74 449 990 1 NET NEW MONEY 2 SHARE CAPITAL ANNUAL 3 GROWTH RATE 5,378 13.5 5,451 12.4 -442 5.3 -2,818 3.0 27,793 32,567 20,237 16,014 -337 265 -42 935 1,260 2,914 — -260 236 -33 438 1,223 3,391 — — — —— NET FLOW 2 NET NEW MONEY TOTAL DEPOSITS ANNUAL 3 GROWTH RATE 20,653 19.0 23,884 18.7 10,507 9.8 4,647 7.0 37,414 42,634 25,052 18,115 835 1,166 406 785 1,700 3,971 312 1,091 550 364 1,672 4,381 —— — — - - NET FLOW ANNUAL 3 GROWTH RATE 17.2 16.7 8.4 5.8 — — — — — • • — NET NEW MONEY 2 26,331 29,335 10,062 1,829 498 1,431 364 52 1,327 517 SEASONALLY ADJUSTED 1974 - J u l y Aug. Sept. Oct. Nov. r j Dec. p./ -82 12 172 260 535 368 -1.0 0.1 2.1 3.2 6.6 4.5 — —— — — 579 544 818 1,277 1,752 2,486 2.9 2.8 4.1 6.4 8.8 12.4 — — — — — . 497 556 990 1,537 2,287 2,854 1.8 2.0 3.6 5.5 8.1 10.1 — — — — NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. h VX T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BK53 ASSOCIATIONS (N.Y. STATE ) NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N.Y. STATE) 1971 - Dec. 17.5 13.8 3.7 .41 1972 - Dec. 24.7 19.8 4.9 .36 .34 .02 1973 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 25.7 26.2 25.7 25.1 24.2 23.9 23.0 22.1 20.8 19.9 19.4 19.5 20.6 21.3 20.9 20.5 19.7 19.5 18.7 17.9 16.8 16.0 15.7 15.9 5.1 4.9 4.8 4.6 4.5 4.4 4.3 4.2 4.0 3.9 3.7 3.6 .94 .49 - .54 - .57 - .88 - .31 - .85 -1.01 -1.16 -1.04 - .37 - .02 .81 .63 - .37 - .38 - .76 - .25 - .76 - .87 -1.03 - .87 - .21 .15 .13 -.14 -.17 -.19 -.12 -.06 -.09 -.14 -.13 -.17 -.16 -.17 19.3 19.6 19.8 20.0 18.8 18.1 17.2 16 .6 16.1 14.7 14.3 14.2 15.9 16.4 16.7 16.9 15.9 15.3 14.4 13.8 13.4 12.3 12.0 12.0 3.4 3.2 3.1 3.0 2.9 2.8 2.8 2.8 2.7 2.4 2.3 2.2 .03 .43 .33 .22 - .95 - .69 - .83 - .67 - .40 -1.06 - .32 - .41 - .11 -.22 -.14 -.12 -.04 -.09 -.06 .01 -.12 -.30 -.10 -.10 1974 - J a n . Feb . Mar. Apr. May July Aug. Sept. Oct. Nov. Dec. - .08 .21 .19 .10 - .99 - .78 - ,89 - .66 - .52 -1.36 - .42 - .51 .20 .21 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 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 1973 - J u l y Aug. Sept. Oct. Nov. Dec. +1,475 +1,6.93 +1,910 +1,946 +11 +598 +1,528 +1,349 +1,850 +1,950 -150 +256 1974 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. p -671 -695 +424 +508 +1,442 +2,699 +1,804 +878 +2,768 +1,665 -89 +595 -756 -657 +450 -4 +992 +2,250 +1,499 +200 +2,750 +1,599 -93 -H,000 1975 - J a n . p -12 FHLB +998 +1,349 +1,500 +1,300 • —— -150 — - - -800 -657 — «• —— -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +500 FNMA +530 —— " —— — Notes: Based on d a t a from the Treasury Survey of Ownership. 1/ Sales of FHLB discount notes began i n May 1974. j>/ P r e l i m i n a r y . FHLMC FNMA & FHLB —— +350 +650 —- +256 +44 — - — —— +450 — — —— —— -200 — —— - — +750 +499 — . +1,050 +100 +310 +500 SHORT-TERM DISCOUNT NOTESJ./ -53 +344 +60 -4 +161 +342 +85 -38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -405 -12 Table 12 18 NET CHANGE IN MORTGAGE HOLDINGS 1 IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNMA FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS Not 1970 1971 1972 1973 1974 - Apr May . July Aug Sept. Oct. fee.' 1974 - Apr May July Aug Sept. Oct. Nov. Dec. MSB's Seasonally S & L's I N S U R A N C E FNMA-GNMA' COMPANIES Adjusted 21,736 41,647 57,637 59,732 16,827 39,259 55,611 56,432 2,462 9,940 16,800 19,600 1,845 3,938 5,377 5,642 10,254 23,919 31,982 26,912 2,348 1,221 1,452 4,278 4,909 2,388 2,026 3,300 5.396 5,502 4,055 4,231 4,869 2,874 2,419 1:992 4,992 4,802 4,363 3,364 4,026 2,066 1,655 1,476 1,700 1,600 1,500 900 1,000 700 500 400 500 285 303 248 260 183 65 45 79 2,509 2,618 2,137 1,735 1,578 911 565 522 592 498 281 478 469 422 390 545 475 404 700 592 867 843 808 764 516 453 5,537 5,317 4,095 3,679 3,130 2,580 2,599 2,266 4,977 4,489 3,431 2,889 2,543 1,928 1,945 1,817 593 359 520 494 407 412 533 449 560 828 664 790 587 652 654 449 Seasonally adjusted 1,667 1,412 1,231 796 741 458 488 501 328 289 131 217 135 114 96 59 798 2,389 2,429 1,499 1,382 1,260 944 828 808 480 483 NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates bencnmarked 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 forjBfrper cent of the net increase estimated for all holders in 1 9 7 3 . 2 Beginning January 1972 datarftffect activity in limited amount of conventional mortgages. NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES 2 QUARTER 3 RESIDENTIAL 1- to 4 FAMILY MULTIFAMILY COMMERCIAL MULTIFAMILY & COMMERCIAL FARM 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 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 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.a 26.3 27.8 25.9 21.5 4.1 3.8 3.6 4.6 1974 - I II III 58.5 65.3 49.8 39.5 44.0 33.7 32.1 37.1 27.7 7.4 6.8 6.6 15.4 17.3 10.4 22.7 24.1 17 .0 3-6 4.0 5.1 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<combmed. PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS s ! IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES | I PERMITS PERIOD TOTAL 1—FAMILY 1969 1970 1971 1972 1973 1,324 1,352 1,952 2,219 1,820 626 647 928 1,033 882 1973 - J u l y August September October November December 1,814 1,777 1,656 1,379 1,361 1,285 902 828 807 676 674 641 1974 - January February March April May June July Aug. 1,282 1,325 1,410 1,296 1,120 1,106 1,017 900 823 782 730 802 637 716 761 727 671 674 632 618 577 533 511 482 Oct. Nov. Dec. NOTES: 1/ TOTAL 1—FAMILY 811 813 1,151 1,309 1,132 656 621 901 1,048 914 1,399 1,418 1,706 1,972 2,005 808 802 1,014 1,143 1,166 592 617 692 828 838 2,152 2,030 1,844 1,674 1,675 1,403 1,232 1,108 990 957 938 767 920 921 854 718 737 636 1,965 1,836 1,900 1 .971 1,949 1,873 1,038 1,084 1,152 1,125 1,128 1,050 926 752 748 846 821 823 564 543 479 458 490 456 1,464 1,922 1,499 1,630 1,471 1,596 1,338 1,134 1,150 1,109 990 868 793 1,056 962 996 931 1,014 958 812 844 777 788 678 671 866 537 634 540 582 380 322 306 332 202 190 1,916 1,891 1,885 1,695 1,677 1,851 1,674 1,505 1,505 1,645 1,620 1,026 1,018 973 883 882 1,092 935 899 882 922 874 890 873 912 812 795 759 739 607 624 722 746 469 449 475 435 451 441 380 370 316 248 218 216 1—FAMILY 1,467 1,434 2,052 2,357 2,045 912 949 849 702 687 645 645 609 649 569 449 432 385 282 246 249 219 320 698 705 1,025 1,186 937 1 MOBILE 2 - O R MORE HOME FAMILY SHIPMENTS 2 - O R MORE FAMILY TOTAL 2 - O R MORE FAMILY ' COMPLETIONS STARTS 1 413 401 497 576 580 P r i v a t e b u i l d i n g permits ( f o r 14,000 a r e a s with permit systems, excluding farm), s t a r t s , and completions are Census Bureau d a t a . A dwelling u n i t i s s t a r t e d when excavation b e g i n s . In the case of apartment b u i l d i n g s , a l l u n i t s a r e considered s t a r t e d a t t h a t time; however, a l l such units are considered completed when more than h a l f of the u n i t s in the s t r u c t u r e a r e ready for) u s e . P r i v a t e mobile home shipments are Mobile Home Manufactures Assoc. d a t a converted to s e a s o n a l l y a d j u s t e d annual r a t e by Census Bureau. V PFRASER e r m i t d a t a f o r 1969 and 1970 based on 13,000 a r e a s with permit systems. Digitized for T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET EXISTING HOMES NEW HOMES 1 PERIOD SPREAD BETWEEN RETURNS ON NEW A a a NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND DISCOUNT NEW HOME SPREAD YIELD (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS POINTS) (BASIS POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET 1 RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 1972 - High Low 7.70 7 .55 61 15 7.75 7.60 66 20 7.57 7.45 48 05 4.7 3 .7 14 06 7 .45 7 .09 1973 - High Low 8.95 7.70 107 31 8.95 7.75 107 37 9.18 7 .55 13Q 14 9.4 2.2 21 -23 8.36 7.38 1974 - Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec. 8.65 8.55 8.60 8.90 9.15 9.25 9.40 9.60 9.80 9.70 9.55 9.45 40 45 - 4 - 8 6 -25 -70 -39 -66 -33 -13 8.65 8.60; 8.60 8.90 9.15 9.25 9.40 9.60 9.80 9.70 9.60 9.45 40 50 - 4 - 8 6 -25 -70 -39 -66 -33 - 8 8.54 8.66 9.17 9.46 9.46 9.85 10.30 10.38 10.13 44 2 19 37 - 4 -25 31 - 8 10 2.3 3.2 5.1 5 .3 5.3 6.3 5.8 6.3 4.6 1 - 6 -27 -31 -21 -45 -70 -58 -43 n .a. 3.8 - - - - 9.51 - - 1 8.25 8.10 8.64 8.98 9.09 9.50 10.10 9.99 10.46 10.03 9.68 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. H . Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF D O L L A R S ) DATE OF AUCTION OFFERED 551 (9/3) 1973 - High | AVERAGE YIELD AMOUNT (IN MILLIONS OF D O L L A R S ) OFFERED ACCEPTED 289 (9/3) 9.37 (9/17) 171 (8/20) 25 (10/15, 17 (10/15)7.69 (1/8) 11/26) Low I AVERAGE YIELD ACCEPTED 88 (4/16) 9.68 (9/17) 7 (10/1) 7.84 (1/2) 45.8 59.0 19.4 24.9 10.16 10.42 46.5 22.1 30.9 19.0 10.71 10.66 9 (10/1) 12 26 207.9 309.6 97.7 93.0 10.12 10.38 Sept. 9 23 176.1 57.2 98.6 •38.2 10.59 10.56 Oct. 7 21 46.6 34.5 29.7 ' 26.0 10.32 10.11 26.1 14.1 23.3 12.2 10.46 10.27 Nov. 4 18 47.8 25.7 24.7 17.6 9.93 9.81 20.4 20.6 12.1 6.8 10.11 9.92 52.5 49.6 35.7 25.3 41.4 23.3 43.3 31.8 21.2 28.6 9.61 9.52 9.47 24.0 20.1 17.2 12.0 18.5 10.1 9.80 9.72 9.59 9.37 9.12 17.9 11.1 14.9 10.6 9.50 9.39 24.6 18.1 8.98 14.8 9.1 9.20 1974 - Aug. Dec. Jan. Feb. 2 16 30 13 27 10 j | - . 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 bids received.
@FedFRASER