View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Capital
Market
Developments

February 2 4 , 1 9 7 5
Prepared by t h e
C A P I T A L MARKETS SECTION
in c o n j u n c t i o n with the
MORTGAGE, A G R I C U L T U R A L , and
CONSUMER F I N A N C E SECTION




DIVISION O F R E S E A R C H AND STATISTICS
y
/ / B O A R D OF GOVERNORS
f
pe<
(
iFRYc CVCTCM
^ W a s h i n g t o n , D . C . 20551

Index

SYMBOLS

TABLES
1 - 6

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

9 - 1 6

MORTGAGE MARKET

e
P
r

ESTIMATE
PRELIMINARY
REVISED

n.a. NOT AVAILABLE




DATA DO NOT EXIST

3

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS

WEEK ENDING

1974 - Dec.

RECENTLY 2 '
OFFERED
Aaa UTILITY

NEW ISSUE 1
Aaa UTILITY

—

VOLUME

NEW ISSUES 4
PER CENT
SOLD BY END IN SYNDICATE
($ MILLIONS)
OF WEEK

676
925
605

93
85
92

—

9.39
9.57
9.59
9.64

9.50
9.59
9.52

6
13
20
27

GROSS 3
OFFERINGS
($ MILLIONS)

—

171
175
178
177

1975 - J a n .

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
21

8.89
9.02
9.03p

9.12
9.10r
9.12p

760
438
770

99
85
82

0
59
128

MUNICIPAL BOND MARKET
YIELDS
WE^C ENDING

MOODY'S
NEW ISSUE

VOLUME

BOND BUYER
20-BQND
INDEX

GROSS 3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ 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 - Jan.

3
10
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

Feb.

7
14
21

5.90
5.85
6.00

6.34
6.27
6.40

535
668
334

84
81
75

105
203
192

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 ISSUE
Aaa UTILITY

DATE

1

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR 1
CONSTANT MATURITY

BOND BUYER
20-B0ND 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 . 5 1 (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)
7.11 (1/5)

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

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

1974 - High
Low

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

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

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

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

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

1975 - J a n .

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
21

8.89
9.02
9.03p

9.12
9.10r
9.12p

8.68
8.63
8.60p

7.68r
7.68p

6.34
6.27

7.63p

6.40

NOTES:
Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
1
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
5

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




5

Table 3

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

G R O S S PROCEEDS

1

CORPORATE

PERIOD

1974

|

1973

1972

1

2

STATE AND LOCAL

1974

1

1973

1

1972

January
February
March

3,341
2,690
3,216

2,327
1,962
3,933

3,205
3,369
3,229

2,255
2,003
2,025

1,977
1,515
2,467

1,776
2,005
2,23.9

April
May
June

3,067
3,164
2,982

2,497
2,543
3,578

3,275
3,598
4,341

2,397
2,304
2,166

1,826
1,939
2,152

1,989
2,017
2,270

July
August
September

3,253
2,643
1,617

2,631
1,806
1,915

3,582
2,893
2,720

1,458
1,103
1,690

2,028
1,657
1,750

1,805
1,966
1,726

October
November
December

4,492

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
1,-797

01
02
03
04

9,247
9,213
7,513

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

18,446
25,973

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

1st Half
3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




•

6,020
6,276
5,497
5,859
12,296
17,793
23,652

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

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

GROSS PROCEEDS BY TYPE OF ISSUER

1

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
MEMO
AND
MANUFACISSUES INCLUDED
PRIVATELY
PREFERRED
TURING
PLACED
FOREIGN [CONVERTIBLE
STOCK

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.
Dec.

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

1974 - J a n .
Feb.
liar.

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
1,299

146
397
331

861
1,075
947

Apr.
May
June

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

205
104

150

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

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




v

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
F e b r u a r y 3 , t h r u F e b r u a r y 21, 1975

TYPE

CORPORATE

F l o r i d a Power & L i g h t
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 Inc.
Conn. L i g h t & Power Co.
S. P a c i f i c T r a n s p . Co.
Dow Chemical Co.
Esmark I n c .
Esmark I n c .
Kansas Power & L i g h t
Mountain F u e l 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.
S o u t h e r n Railway Co.
Southwestern Public Service
Kansas Gas & E l e c t r i c Co.
I n d i a n a Gas Co.
C l e v e l a n d E l e c t r i c I l l u m i n a t i n g 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
Com s t k ( r t s )
Pfd s t k
Pfd s t k
Corn s t k

AMOUNT
(MILLIONS
OF
DOLLARS)

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
18.8
20.0
15.1
60.0

.

MATURITY

10.08

OFFERING
YIELD

9.93

MOODY'S
RATING

A
Aa/A
Aa/A
A
A
A
Aa
Aa/A+
A
A
Aa

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

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

A
A
A
A
A/A+
Non Rated
Aa

9.68
10.00

9.68
10.00

A
A

- ——
——
—

NOTES:
•
Right* offering.
1
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.




COUPON RATE

—

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
February 3, t h r u February 21, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

Long I s l a n d L i g h t i n g Co.
Commonwealth Edison Co.
Mobile A l a s k a P i p e l i n e Co.
Arizona P u b l i c S e r v i c e Co.
S o u t h w e s t e r n P u b l i c S e r v i c e Co.
N o r t r u s t Corp.
F i r s t N a t i o n a l Boston Corp,
Gen'1 T e l e . Co. of F l o r i d a
I n d i a n a Gas Co.

Com s t k ( r t s )
1 s t mtge
Guar debt
1 s t mtge
1 s t mtge
Notes
Notes
1 s t mtge
1 s t mtge

29.4
125.0
300.0
100.0
45.0
30.0
100.0
50.0
20.0

——

——

2005
2005
1982
2005
1984
1982
2005
1982

8.75
8.45
9.50
8.80
8.30
8.00
9.38
9.00

8.75
8.45
9.60
8.80
8.30
8.09
9.40
8.95

Other
M o n t r e a l Urban Community
United S t a t e s of Mexico
European Coal & S t e e l Comm.

Debt
Notes
Notes

50.0
75.0
150.0

2000
1980
1983

10.00
10.00
8.38

10.00
10.00
8.46




—

MOODY'S
RATING

—

Aaa/Aa
Aaa
Baa/AAa
NR
Aaa
A/AA/Aa
A
NR
Aaa

Table SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
F e b r u a r y 3, t h r u F e b r u a r y 21, 1975
ISSUER

2

AMOUNT
(MILLIONS OF
DOLLARS) .

MATURITY

NET INTEREST
COST

G.O.
10.,0
G. 0.
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

4.,78
6. 49
4.,78
7.,46
7..12
6.,51
6.,51
6..51

3 . 8 0 - 4 , ,90
4 . 3 0 - 7 . .00
4 . 4 5 - 5 , ,00
4 . 5 0 - 7 . .60
4 . 5 0 - 7 . .20
4 . 2 5 - 5 . .90
6.50
6.80
8.88

Aa
A
Aa
A-l
A

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
Rev
7.,5
G.O.
4..0
G.O.
16.,5
G.O.
10,.0
G.O.
36..9
G.O.
150 .0
G. 0 .
141..4

1976-2015
1986-1993
1976-1999
1985
1987
1976-1994
1976-1995
1976-1995
1976-1995
1976-2003
1976-1995
1976-2015

7..18
5..18
5..96
6 .84
6,.84
5,.89
5,.24
5,.44
6 .61
5 .72
5,.20
7,.17

4 . 7 0 - 7 , .25
4 . 7 5 - 5 , .75
3 . 9 0 - 6 , .70
6.40
6.70
4 . 0 0 - 6 .40
3 . 6 0 - 6 .40
3 . 8 5 - 6 .50
4 . 5 0 - 7 .00
4 . 6 5 - 6 .50
3 . 5 0 - 6 .10
6 . 5 0 - 7 .50

Baa-1
Aa
A-l
A
A
A-l
Aa
Aa
A
A

TYPE

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Madison Voc. Tech. E d u c a t i o n 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 F i n a n c e Agency
A r t e s i a n Sch. Bldg. Corp. I n d .
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.
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.
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
P e n n s y l v a n i a Higher E d u c a t i o n F a c i l i t i e s Auth.
San A n t o n i o , Texas
San A n t o n i o , Texas
Nekoosa, Wise.
Nekoosa, Wise.
G a r l a n d , Texas
G a r l a n d , 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 C o . t N.Y.
I l l i n o i s , S t a t e of
New York C i t y , N.Y.

Aaa

A 3.3.
Baa

A

NOTES:
1
2
3

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




ND

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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
F e b r u a r y 3, t h r u February 21, 1975
TYPE

ISiSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL




13.0
75.0

1975-1985
1976-1995

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

28.3
38.0
4.2
9.1
100.0
15.0

2000
1976-1994
1979-1996
2009
1980-1991
1976-1995

Rev p o l l cont

1.0

1980-1982

Rev p o l l cont
G.O.
G.O.
G.O.

9.0
40.0
125.0
12.0

2000
1976-1995
1976-2025
1977-1997

5. 8 0 - 6 . 6 0
3. 7 0 - 6 . 1 0

6.32
5.95
5.10
5.89
—

'
5.32
5.67
5.97

Aaa

6.25
4. 0 0 - 6 . 3 0
5.,75-7.50
8.00
4.. 5 0 - 5 . 6 0
4. 1 0 - 6 . 5 0

Aaa
Aa
Baa-•1
Baa-•1
Aaa
A-l

5.

——

5.33

A

8

Rev
G.O.

?

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
.A1lentown Area H o s p i t a l A u t h . , Pa.
Allentown Area H o s p i t a l A u t h . , Pa.
Oregon, S t a t e of
Miami Beach, F l a .
I l l i n o i s I n d u s t r i a l P o l l u t i o n Control
F i n . Auth.
I l l i n o i s I n d u s t r i a l P o l l u t i o n Control
F i n . Auth.
Delaware, S t a t e of
M a s s a c h u s e t t s , S t a t e of
Piano I n d e p e n d e n t School D i s t . , Texas

7.38
3.. 6 0 - 6 . 2 5
3,. 6 0 - 6 . 4 0
3 .75-6.85

—

A
Aa
Aa
A

Table 6A

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

1

a s of February 21, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Houston L i g h t i n g & Power
L o u i s v i l l e Gas & E l e c t r i c Co.
American N a t u r a l Gas Co.
C e n t r a l I l l i n o i s L i g h t Co.
C e n t r a l I l l i n o i s L i g h t Co.
Bethlehem S t e e l Corp.
Deere & Co.
Deere & Co.
N a t u r a l Gas P i p e l i n e Co.
Hueblein I n c .
D a l l a s Power & L i g h t Co.
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*
Toledo Edison
C i t i z e n s U t i l i t i e s Co.
C i t i z e n s U t i l i t i e s Co.
American Brands I n c .
Freuhauf F i n a n c e Co.
P r o c t e r & Gamble Co.
Commonwealth Edison Co.
S i e r r a P a c i f i c Power Co.
Union P a c i f i c RR
Arizona P u b l i c S e r v i c e Co.
J e r s e y Cent. Pwr. & L i g h t Co.
Southern C a l i f o r n i a Edison Co.
O t i s E l e v a t o r Co.
I n t e r n e t ' 1 H a r v e s t e r C r e d i t Corp.
N i a g a r a Mohawk Power Corp.
N i a g a r a Mohawk Power Corp.
S t . Louis & Southwestern RR
New York T e l e . Corp.
New York T e l e . Corp.
Duquesne L i g h t
Union E l e c t r i c Co.
(Carolina Power & L i g h t Co.
F l o r i d a Power & L i g h t
A t l a n t i c C i t y 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.

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

125 .0
25 .0
74 .0
16 .0
25 .0
200 .0
100 .0
100 .0
60 .0
125 .0
50 .0
25 .4
75,.0
19,.0
17 .5
20,.0
150,.0
60,.0
300.rO
115..0
15. 0
15..0
28.,0
35.,0
150. 0
50. 0
75. 0
31.1
50. 0
15. 0
100. 0
100. 0
50. 0
70. 0
33. 3
125. 0
35. 0
15. 0

NOTES:
*
1

Included in table for first time.
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




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
March
March
March
March
March
March
March

24
25
25
25
25
25
25
25
25
26
26
27
27
27
27
27
27
3
3
4
4
4
5
6
6
6
11
11
11
11
11
12
12
13
13
18
18

Table 6A Continued

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

1

as of February 21, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

P u b l i c S e r v i c e of New Mexico
Union E l e c t r i c Co.
United T e l e , of Ohio
I n d i a n a p o l i s Power & L i g h t Co.
z
I n d i a n a p o l i s Power & L i g h t Co.
New England Power Co.
Texas Power & L i g h t Corp.
Diamond S t a t e T e l e . Co.
Potomac Edison Co.
Metro. Edison Co.
*Brockway Glass Co.
*Sears Roebuck & 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
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.
General T e l e , of Ohio
American Finance Corp.
Avco Corp.
ERC Corp.
Other
Govt, of I r e l a n d
* Japan. Dev. Bank
* C a i s s e N a t i o n a l des Telecommunications
*Eurofima
P r o v i n c e of O n t a r i o
* I n t e r - A m e r i c a n Dev. Bank
Hydro-Quebec
Hydro-Quebec




1 s t mtge
1 s t mtge
1 s t mtge
Com s t k
Pfd s t k
1 s t mtge
1 s t mtge
Debt
1 s t mtge
1 s t mtge
Notes
Debt
Com s t k
Pfd s t k
Com s t k
Bene i n t
Pfd s t k
Debt
Notes
Debt

Notes
Notes
Guar n o t e s
Notes
Notes
Notes
Debt
Debt

25.0
70.0
25.0
30.0
20.0
80.0
100.0
20.0
35.0
50.0
35.0
250.0
30.5
30.0
190.0
30.0
20.0
30.0
50.0
25.0

25.0
50.0
75.0
50.0
200.0
125.0
20.0
100.0

March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

February
March
March
March
Indefinite
Indefinite
Indefinite
Indefinite

19
19
19
20
20
20
24
25
26
26

Table 6B

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

13

1

a s of February 21, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

D e t r o i t B u i l d i n g A u t h . , Mich.
* P u e r t o Rico Urban Renewal & Hsg.
Corp.
L o u i s i a n a , S t a t e of
C o n n e c t i c u t , S t a t e of
Hempstead, N.Y.
Anne Arundel C o . , Md.
Ocean Highway & P o r t A u t h . , F l a .
Maryland, S t a t e of
F l o r i d a S t a t e Board Higher
Education
*West V i r g i n i a , S t a t e of
Miami, F l o r i d a
*Georgia ^ . S t a t e / o f
Milwaukeep^xsc.
P r i n c e W i l l i a m C o . , Va.
*Tennessee, S t a t e of
^Washington P u b l i c Power Supply
System
*New Mexico
^Memphis, Tenn.
Nassau C o . , N.Y.
Ohio, S t a t e of
Los Angeles Dept. Water & Power,
Calif.
*Waterbury, Conn.
* B a l t i m o r e , Maryland
N o r f o l k I n d u s t r i a l Dev. Auth • 9 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 . C h a r l e s P a r i s h , La.

Rev

30.0

February

24

Rev
G.O.
G.O.
G.O.
G.O.
Rev p o l l c o n t
G.O.

65.0
50.0
100.0
14.4
20.0
22.5
84.0

February
February
February
February
February
February
February

25
25
25
25
25
26
26

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

46.0
50.0
19.0
38.4
25.4
16.0
100.0

February
February
February
March
March
March
March

26
27
27
4
4
4
5

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

125.0
13.3
30.0
34.2
50.0

March
March
March
March
March

6
11
11
12
18

Rev
G.O.
G.O.
Rev
Rev
Rev p o l l cont

20.0
11.5
30.4
21.5
50.0
60.0

March
19
March
20
March
25
March
Indefinite
Indefinite

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.

*

Included in the table for the first time.




Table 7

STOCK PRICES AND VOLUME
TRADING VOLUME

STOCK PRICES
NYSE INDEX

3

BJ INDUSTRIALS

|

AMEX

4

1

NASDAQ

NYSE

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

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

4 . 4 (1/3)
.9 (9/26)

7.5 (1/3)
2.8 (7/5)

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

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
4.6
7.Or

75.08
76.79
77.73

71.12
73.26
73.79

25 .7
22 .2r
22 .7

2.8r
2.4r •
2.5

6.4r
6.If
5.9

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)

136.84 (1/11) 26. 0 (9/20)
89.12 (12/13) 9 0 (8/20)
i -

1974 - High
Low

53.37 (3/13)
32.89 (10/3)

891.66 (3/13)
577.60 (12/6)

102.01 (3/14)
59.13 (12/6)

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

3(4.45
35.39
35.23
35.36

577.60
592.77
598.48
602.16

59.13
60.11
59.73
59.35

37.35
38.57
37.86
33.84
40.91

634.54
658.79
644.63
666.61
703.69

41.08
43.21
43.70

711.91
734.20
749.77

3
10
17
24
31

Feb.

7
14
21

1

NOTES:
1

Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.

2

Volume figures are weekly averages of daily figures (millions of shares).

3
4

12/31/66 - 60
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




NASDAQ

5 . 5 (1/12)
1 . 4 (8/20)

1036.27 (12/11)
889.15 (1/26)

1975
Jan.

|

14.4 (12/29)
5.0 (10/9)

65.14 (12/11)
56.23 (1/3)

6
13
20
27

AMEX

10.3 (12/29)
1 . 8 (9/8)

1972 - High
Low

1974
Dec.

|

27. 6 (12/29)
8. 1 (7/3)

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
BROKERS ON 1
MARGIN
STOCK

END OF PERIOD

BROKERS ON 2
CONVERTIBLE
BONDS

. BANKS

5i

IUNncuULATfaD U A I I f t A i t O f t l M
l l f D C ^ I I I A T C n NUNMAnuIN

STOCK CREDIT
AT BANKS

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
June
July
Aug.

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

1,037

916

2,072
2,091
2,119
2,060:.
2,024

1973 - Sept.
Oct.
Nov.
Dec.

-100
-40
-230
-410

—
6
-1
-6
—
8

-31
176
-78
28

-43
-31
39
-51

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

80
100
100
40
-190
-100
-320
-250
-490
-90
-30
-120

-111
19
-31
1
11'
17:
-14-70
-2>

-21
-2
26
-1
-10

Oct.
Nov.
Dec.

1,023.
953
924:

n.a.

CHANGE IN OUTSTANDING

,

1
. -3
—

-14
-3
-7
-3
—
6

-8

214
19
28:
-59
-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
value.




Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

DATE

1971
1972
1973
1974 2./

NET
FLOW
9,621
10,067
4,815
2,101

1973 - October
November
December
1974 - October
November r /
December jj/

1

NET
NEW
MONEY

2

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL

ANNUAL 3
GROWTH
RATE
5,378
13.5
5,451
12.4
5.3
-442
-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

-150
440
1,057

—

-74
449
990

—

—

—

NET
FLOW

NET
NEW
MONEY

2

TOTAL
DEPOSITS

ANNUAL 3
GROWTH
RATE
17.2
16.7
8.4
5.8

ANNUAL 3
GROWTH
RATE
20,653
19.0
18.7
23,884
9.8
10,507
7.0
4,647

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

——

497
556
990
1,537
2,287
2,854

1.8
2.0
3.6
5,5
8.1
10.1

——
—
—

——
—
—

NET
FLOW

NET
NEW
MONEY
26,331
29,335
10,062
1,829
498
1,431
364

—

52
1,327
517

SEASONALLY ADJUSTED
1974 - J u l y .
Aug.
1
Sept.
Oct.
Nov. r /
Dec. £ /

-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

——
—

—
—

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.




—
—
—
—
—

•

2

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

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

ALL SAVINGS MUTUAL
& LOAN SAVINGS BK5
i
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

.20

.21

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

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

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

- .08
• 21
.19
.10
- .99
- .78
- ,89
- .66
- .52
-1.36
- .42
- .51

.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

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.




Table 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES

TOTAL

FHLB

1973 - July
Aug.
Sept.
Oct.
Nov.
Dec.

+1,475
+1,693
+1,910
+1,946
+11
+598

+1,528
+1,349
+1,850
+1,950
-150
+256

+998
+1,349
+1,500
+1,300

1974 - Jan.
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
+1,000

-800
-657
--4
+992
+1,500
+1,000
+400
+1,700
+1,499
-217
+500

1975 - Jan. p

-12

——
- -

Notes:
Based on data from the Treasury Survey of Ownership.
1/ Sales of FHLB discount notes began i n May 197*
£_/• Preliminary.




FHLMC

FNMA & FHLE

FNMA
+530

- —
——
- -

-150
--

——

+350
+650
——

+256

__

+44

- -

- -

--

+450

- -

- -

- —

——

—
—
——

-200
—
——
——
—

+750
+499
——

+1,050
+100
+310
+500

SHORT-TERM
DISCOUNT
NOTES1/

-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-405
-12

Table 12

NET CHANGE IN MORTGAGE HOLDINGS 1
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNM/

19

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE FNMA-GNMA'
COMPANIES

Not Seasonally Adiusted
1970
1971
1972
1973

21,736
41,647
57,637
59,732

1974 - Apr
May
June
July
Aug
Sept.
Oct.

16,827
39,259
55,611
56,432

5,396
5,502
4,955
4,231
4,869
2,874

4,992
4,802
4,363
3,364
4,026
2,066

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

iec 7 :
1974 - Apr
May
June
July
Aug
Sept.
Oct.
Nov.
Dec.

2,462
9,940
16,800
19,600

10,254
23,919
31,982
26,912

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

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

2,509
2,618
2,137
1,735
1,578
911
565
522
1?
500
592
Seasonally a d j u s t e d
1,667
328
2,389
1,412
289
2,429
1,281
131
1,499
796
217
1,382
1,260
741
135
944
458
114
488
96
828
501
59
808
798
480

498
281
478
469
422
390
545
475

404
700
592
867
843
808
764
516
453

593
359
520
494
407
412
533
449

560
828
664
790
587
652
654
449
483

1,700
1,600
1,500
900
1,000
700

1,845
3,938
5,377
5,642
285
303
248
260
183
65
45
79

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^&per cent of the net increase estimated for all holders in 1 9 7 3 .

2

Beginning January 1972 datareflect activity in limited amount of conventional mortgages.




Table 13

20

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

2

i
2

RESIDENTIAL

MULTIFAMILY
&
COMMERCIAL

FARM

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

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

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

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

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

58.5
65.3
49.8

39.5
44.0
33.7

32.1
37.1
27.7

7.4
6.8

15.4
17.3
10.4

22.7
24.1
17.0

3.6
4.0
5.1

QUARTER

MULTIFAMILY

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

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

1970

I
II
III
IV

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

1971 - I
II
III
IV

37.3
47.7
52.3
54.2

1972 - I
II
III
IV

FAMILY

6.6

COMMERCIAL

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,eombined.




Table 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

1969
1970
1971
1972
1973
1974
1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec .

TOTAL

^

"

COMPLETIONS

STARTS

PERMITS
PERIOD

1—FAMILY 2-OR MORE
FAMILY

TOTAL

1 —FAMILY 2-OR MORE
FAMILY

TOTAL

1 —FAMILY 2-OR MORE
FAMILY

MOBILE
HOME
SHIPMENTS

1,324
1,352
1,952
2,219
1,820
1,052

626
647
928
1,033
882
726

698
705
1,025
1,186
937
419

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
2,005

808
802
1,014
1,143
1,166

592
617
692
828
838

413
401
497
576
580

1,017
900
823
782
730
822

632
618
577
533
511
486

385
282
246
249
219
336

1,314
1,156
1,157
1,106
1,017
874

920
826
845
792
802
676

394
329
313
314
215
198

1,674
1,505
1,505
1,633
1,648
1,582

935
899
882
922
888
836

739
607
624
712
761
746

380
370
316
248
218
216

661

495

\ 166

987

743

244

1975 - J a n .

NOTES: P r i v a t e p e r m i t s ( f o r 14,000 a r e a s w i t h p e r m i t s y s t e m s , e x c l u d i n g f a r m ) , s t a r t s , and c o m p l e t i o n s a r e Census
Bureau d a t a . A d w e l l i n g u n i t i s s t a r t e d when e x c a v a t i o n b e g i n s . I n t h e case of a p a r t m e n t b u i l d i n g s , a l l u n i t s
a r e c o n s i d e r e d s t a r t e d a t t h a t t i m e ; however, a l l such u n i t s a r e c o n s i d e r e d completed when more t h a n h a l f of t h e
u n i t s i n t h e s t r u c t u r e arq r e a d y f o r u s e . P r i v a t e mobile home shipments a r e Mobil Home M a n u f a c t u r e r s A s s o c . d a t a
c o n v e r t e d t o 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 B u r e a u .
t d a t a f o r 1969 and 1970 based on 13,000 a r e a s w i t h p e r m i t s y s t e m s .
1/ P e r m i



h

Table 15

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

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

61 '
15

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

7.75
7 .60

66
20

7.57
7 .45

48
05

4.7
3 .7

14
06

7 .45
7 .09

1972 - High
Low

7.70
7 .55

1973 - High
Low

8.95
7.70

107
31

8.95
7.75

107
37

9.18
7 .55

130
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

8.25
8.10
8.64
8.98
9.09
9.50
10.10
9.99
10.46
10.03
9.68

- -

- -

9.51

n .a.

—-

- -

3.8

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 ! r v
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.




Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS

23

1
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

551 (9/3)

1973 - High

ACCEPTED

289 (9/3)

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

9.37 (9/17) 171 (8/20)

25 (10/15, 17 (10/15)7.69 (1/8)
11/26)

Low
1974 - Aug.

|

AVERAGE
YIELD

9 (10/1)

|

AVERAGE
YIELD

ACCEPTED

88 (4/16)

9.68 (9/17)

7.(10/1)

7.84 (1/2)

12
26

207.9
309.6

97.7
93.0

10.12
10.38

45.8
59.0

19.4
24.9

10.16
10.42

Sept.

9
23

176.1
57.2

98.6
38.2

10.59
10.56

46 .5
22.1

30.9
19.0

10.71
10.66

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

Dec.

2
16
30
13
27

52.5
49.6
35.7
25.3
41.4

23.3
4%.3
31.8

9.61
9.52
9.47

24.0
20.1
17.2

12.0
18.5
10.1

9.80
9.72
9.59

21.2
28.6

9.37
9.12

17.9
11.1

14.9
10.6

9.50
9.39

10

24.6

18.1

14.8

9.1

9.20

Jan.
Feb.

8.98

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 . ."^yle bids received.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102