Full text of H.16 Capital Market Developments : January 10, 1977

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Capital
Market
Developments

A 1Le.
January 1 0 , 1 9 7 7 - t > t < -

)N

Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




- T h i s

^
i s s v *

• ?

^ . l ^ c C e A x e . ,

DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551

V

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

S E C U R I T Y VOLUME AND Y I E L D S

7, 8

STOCK MARKET AND S E C U R I T Y
CREDIT

9-16

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
YIELDS
WEEK ENDING

1976 - November

NEW ISSUE
Aaa UTILITY

5
12
19
26

December

January

1

8.23
8.28
8.15
8.04

8.31
8.24
8.05

3
10
17
24
31

7.95
7.93
7.96r

7

7.75p

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

—
—

2

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

0
127
431
275

97
90
84

7.97
7.94 r
7.97r
7.92
7.84

1,020
992
720
0
0

100
83
67

7.86p

100

97

——
—

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

65
24
70
156
0
152
266
116
44
26

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE

BOND BUYER
20-80ND
INDEX

VOLUME
3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1976 - November

5
12
19
26

5.31
5.36
5.24
5.16

6.34
6.39
6.26
6.16

537
729
1,353
379

83
79
94
90

253
343
176
97

December

3
10
17
24
31

5.10
5.07
5.07
5.07
5.04

6.03
5.96
5.95
5.93
5.83

691
694
746
114
30

88
87
83
80
75

122
144
226
201
143

January

7

5.01

5.78

314

58

188

I
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 besis 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
Am# 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

B O N D BUYER
2 0 - B O N D INDEX

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)

6.54 (4/13)
4.96 (10/21)

1973 - High
Low

8.52 (8/10)
7.29 (1/21)

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

7.77 (8/24)
7.11 (1/5)

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

5,59 (8/3)
4.99 (10/11)

1974 - High
Low

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

10.52 (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 - High
Low

9 ^ 0 (5/2)
8.89 (2/7)

9.71 (5/25)
9.06 (2/28)

9.01 (5/2)
8.57 (2/28)

8.63 (9/19)
7.63 (2/21)

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

1976 - High
Low

8.95 (5/28)
7.93 (12/10)

9.10 (1/2)
7.84 (12/31)

8.66 (5/28)
7.91 (12/31)

8.17 (5/28)
7.27 (12/31)

7.29 (1/2)
5.95 (12/16)

7.95
7.93
7.96

7.97
7.94r
7.97r
7.92
7.84

8.09
8.01
8.00r
7.96
7.91

7.39
7.32
7.34r
7.28
7.27

6.03
5.96
5.95
5.93
5.83

7.86 p

7.88p

7.24p

5.78

1976 - Dec.

1977 - J a n .

3
10
17
24
31
7

—
—

7.75p

NOTES:
1

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

2

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

3

Weekly average of dally closing figures.

4

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

5

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




5

Table 3

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

GROSS PROCEEDS
PERIOD

1

CORPORATE

1976

1

1975

I

1974

2

STATE AND LOCAL

1976

1

1975

I

1974

January
February
March

3 ,381
3,863
6 ,632

5,367
4,528
5,378

3,328
2,687
3,217

2,347
2,707
3,339

2,361
2,387
2,135

2,255 '
2,003
2,025

April
May
June

3 ,522
4 ,186
6 ,416

4,294
5,798
5,596

3,060
3,164
2,981

2,429
3,477
3,013

2,406
2,900
3,064

2,397
2,304
2,166

July
August
September

3 ,007
3,,177

4,327
2,405
2,836

3,248
2,667
1,617

2,682
2,757
2,803

3,580
2,783
2,159

1,459
1,106
1,701

4,705
4,076
4,307

4,609
3,739
3,511

2,323
2,381
2,052

2,860
2,483
1,479

13:,876
14 ,124

15,273
15,688
9,568
13,088

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

8,393
8,919
8,242

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

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

28,,000

30,961
40,529
53,617

18,437
25,969
37,828

17,312
25,554

15,253
23,775
30,531

13,150
17,416
24,238

October
November
December

01
02
03
Q4
1st Half
3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of «nm proceeds.

2

Securities Industry Association estimates of principal amounts.




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

BY TYPE OF ISSUER

G R O S S PROCEEDS BY TYPE OF ISSUE
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

PRIVATELY
PLACED

MEMO

COMMON
AND

ISSUES INCLUDED

STOCK

FOREIGN [CONVERTIBLE

rDDCCCDDCn
ntrthntU-

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1975 - I I I
IV

9,568
13,088

5,428
5,816

.,085
4,158

2,054
3,116

1,225
1,902

463
215

2,420
3,480

3,327
3,424

679
1,215

3,142
4,974

1976 - I
II

13,876
14,124

7,569
7,427

2 ,754
3,576

3,553
3,121

1,340
1,843

257
478

4,497
3,737

4,044
3,140

765
1,879

4,569
5,336

2,405
2,836

1,356
1,414

486
585

563
837

300

38

681
619

1,024
1,264

112
297

588
657

4,705
4,076
4,307

2,389
1,666
1,761

769
1,640
1,749

1,547
772
797

102
825
975

61

952
1,103
1,425

1,247
1,275
902

928
55
232

1,579
1,645
1,750

3,381
3,863
6,632
3,522
4,186
6,416
3,007
3,177

2,189
613
2,142
794
1,347
3,238
2,350 x 644
1,051
1,937
1,881
3,140
1,139
1,239
940
1,565

579
927
2,047
528
1,198
1,395
629
672

605
335
400
428
350
1,005
500
367

1,073
1,179
2,245
584
1,709
1,444
1,019
994

1,097
789
2,158
644
1,148
1,348
918
910

16
171
578
450
20
1,409
26
212

1,197
1,723
1,650
1,842
1,309
2,215
1,045
1,062

1975 - Aug.
Sept.
Oct.

Nov.
Dec.

1976 — Jan.
Feb.

Mar.
Apr.
May
June
July

Aug.

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




154
121
15
121
37
15
426
7

1

.
T a b l e SA

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
January 3 through January 7, 1977
ISSUER

$

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY S / S & P ' S
RATINGS

CORPORATE

Missouri P a c i f i c Ry.
P u b l i c S e r v i c e Co. of Indiana

Equip, t r .
1st mtg.

15.0
85.0

1977-1992
2007

7.50
7.63

6.25-7.60
7.63

/

NOTES:
•

Rights offering.

1 FRASER
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.
Digitized for


Aa/AA
Aa/AA

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
January 3 through January 7, 1977
AMOUNT
(MILLIONS OF
DOLLARS)

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S & P S
RATINGS

S T A T E AND LOCAL

San Antonio, Texas
Massachusetts, S t a t e of
Denver, Colorado

Rev.
G.O.
G • 0.

60.0
125.0
56.5

NOTES:
1

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

For FRASER
State and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
Digitized2 for


1979-2000
1978-1997
1977-1989

5.25
5.72
4.38

2.90-5.45
3.25-6.00
2.50-4.60

Aa/AA
A-l/AA

9

Tabl* 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of January 7, 1977

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

CORPORATE

Oklahoma Gas & E l e c t r i c Co.
New England Power Co.
Clark Equipment Credit Corp.
Burlington Northern Ry.
Middle South U t i l s . Co.
• I n l a n d S t e e l Co.
Gulf S t a t e s U t i l i t i e s Co.
Gulf S t a t e s U t i l i t i e s Co.
Iowa P u b l i c S e r v i c e Co.
General Motors Acceptance Corp.
General Motors Acceptance Corp.
*Kraft I n c .
*Public Service E l e c . & Gas Co.
*Pennzoil Co.
*Union P a c i f i c Railroad
*Ohio Bell Telephone
Iowa I l l i n o i s Gas & E l e c t r i c Co.
*Atchison Topeka & Santa Fe Ry.
• A s s o c i a t e s Corp. of North America
•Associates Corp. of North America
•Georgia P a c i f i c Corp.
•Georgia P a c i f i c Corp.
Iowa I l l i n o i s Gas & E l e c t r i c Co.
•Commonwealth Edison Co.
Iowa P u b l i c Service Co.
Southern Indiana Gas & Elec. Co.
•Republic S t e e l Corp.
General Telephone of Northwest
•Walter E. H e l l e r
•Walter E. H e l l e r
•Texas Power & Light Co.
•Texas Power & Light Co.
•Sperry Rand Finance Company
•Montana Power Co.
•Southern Ry.
•Zapata Corporation.
•Combanks Corporation
•Sears Roebuck & Co.
•Household Finance Corporation

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

75.0
50.0
50.0
15.4
130.0
125.0
60.0
50.0
20.0
250.0
150.0
100.0
98.0
100.0,
60.0
125.0
15.0
18.9
50.0
25.0
100.0
100.0
30.0
180.0
15.0
30.0
125.0
50.0
50.0
50.0
100.0
30.0
125.0
30.0
19.7
40.0
20.0
300.0
100.0

NOTES:
•

Included in tabte for first time.

1

Include* only corporate end other security issues of $15 million end over; excludes exchanges, options




APPROXMATE
DATE OF OFFERING

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
t Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

10
10
11
11
11
12
12
12
12
12
12
13
13
13
13
17
17
18
18
18
18
18
18
19
19
19
20
20
24
24
25
25
26
26
27

T a b l e 6A Continued

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

1

As of January 7, 1977
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

*American Credit Corp.
*Associated F i r s t C a p i t a l Corp.
Commercial Credit Co.
* P a c i f i c Telephone & Telegraph
*Wisconsin Public S e r v i c e s Corp.
*Union P a c i f i c Ry.
*Gulf Power Co.

Notes
Med-term n o t e s
Med-term n o t e s
Debt.
1st mtg.
Equip, t r .
Pfd. s t k .

50.0
100.0
100.0
325.0
45.0
16.5
15.0

Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.

2
2
8
9

OTHER
*Ontario, Province of

Debt.

300.0

Jan.

11




;
i
:

11
Tible e e

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of January 7, 1977
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

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

30.6
12.7
72.3
90.5
37.9
12.0
13.2
14.2
114.2
14.0
28.4
30.0
151.0
65.0
13.9
10.0
11.5
10.0
130.0
11.5
74.0

Jan.
Jan.
Jan.
^ Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

10
10
11
11
11
11
11
11
11
12
12
12
13
17
17
18
18
18
18
18
18

Rev.
G. 0.

147.7
62.0

Jan.
Jan.

19
19

TYPE

ISSUER
STATE & LOCAL

* I l l i n o i s Health Fac. Auth.
* I l l i n o i s Health Fac. Auth.
*New J e r s e y Housing Finance Agy.
Metro. Water D i s t . of S. C a l i f .
*Erie Co., N.Y.
*Ohio Water Dev. Auth.
*Rockland Co., N.Y.
*York Co. I n d u s t . Dev. Auth., Pa.
L o u i s i a n a , S t a t e of
*Michigan S t a t e Hosp. Fin. Auth.
*Fort Worth, Texas
Richmond, Va.
*Massachusetts Hsg. Finance Agy.
*Westchester Co., N.Y.
Garland, Texas
*Alpine School D i s t . , Utah
*Georgia, S t a t e of
*Sullivan Co., Tenn.
*Oregon, S t a t e of
*Arlington, Texas
Wisconsin, S t a t e of
Los Angeles Dept.of Water & Power,
Cal.
New Hampshire, S t a t e of
*Wayne-Wasteland Comm. Sch. D i s t . ,
Mich.
* S p r i n g f i e l d Exposition & Stadium
Auth., 111.
Georgia Mun. Elec. Auth.
*Gtr. Chicago Metro S a n i t a r y D i s t . ,
<

111.

* F l o r i d a , S t a t e of
* J a c k s o n v i l l e Elec. Auth., F l a .
*New York S t a t e Power Auth.
*Texas, S t a t e of
•Washington Sub. S a n i t a r y D i s t . , Md
*Castaic Lake Water Agy., Cal.
Louisiana Mun. Power Comm.
North P l a t t e Hosp. Corp., Neb.

G.O.

10.0

Jan.

19

Rev.
Rev.

21.0
300.0

Jan.
Jan.

19
19

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

40.0
12.5
45.0
200.0
16.0
70.2
18.6
75.0
16.0

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

20
20
25
25
26
26
26

NOTES:
1

M 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

4S

STOCK PRICES AND VOLUME
DATE

1

STOCK PRICES
NYSE INDEX

3

DJ INDUSTRIALS

AMEX

4

T

NYSE

1973 - High
Low

65.58 (1/11)
49.12 (12/13)

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

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

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

26.0 (9/20)
9 . 0 (8/20)

J974 - High
Low

53.37 ( 3 / 1 3 )
32.89 (10/3)

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

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

9 6 . 5 3 (3/15)
54.87 (10/3)

1975 - High
Low

51.24 (7/15)
37.16 ( 1 / 8 )

881.81 ( 7 / 1 5 )
632.04 ( 1 / 2 )

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

1976 - High
Low

57.51
48.04

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

ii®1

1014.79
858.71

®!i'

|

AMEX

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

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

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

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

35.2 (2/13)
8 . 7 (9/15)

4 . 2 (2/21)
1.1 (9/15)

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

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

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

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

11.1 ( 2 / 2 0 )
3.5 (1/2)

2.3
1.9
2.5
2.3

6.2
6.4
7.1
7.3
hi
8.3
8.4
8.9
8.1

53.94
53.10
54.61
55.33

943.07
927.69
948.80
956.62

99.72
98.55
100.04
100.52

89.47
88.10
89.97
91.42

17.0
16.3
20.8
21.9

Dec.

3
10
17
24
31

55.20
56.33
56.24
56.49
57.88

950.55
973.15
979.06
985.62
1004.65

100.15
103.20
104.07
105.90
109.84

92.31
94.62
94.64
95.22
97.88

24.2
23.8
26.0

2.4
3.1
3.1
3.0
3.4

7

56.79

983.13

109.94

97.53

27.5

3.0

MOTE*:
meww otfier tkem M#» a * lows are M * * « + f . Ht#w and tarn are for the year and are not neoeaerity for Frideys.
VakMM f l e w * are weakly ii i i i p i «f M y f l e w * (mWtom of * a r * ) .

1

12/31/06-60

4

Baaed on w a r e # price changa until #«p#ember 4 , 1 0 7 3 thereafter, bemad on market value of i h e m listed.




NASDAQ

11.3 ( 1 / 1 1 )
3 . 5 (8/27)

5
12
19
26

1
2

|

5 . 5 (1/12)
1.4 (8/20)

Nov.

Jan.

2

TRADING VOLUME

NASDAQ

0

Table 8

13

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON 2
CONVERTIBLE
BONDS

BANKS

1

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1975 - S e p t .
Oct.
Nov.
Dec.

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

145
144
146
147

852
1,007
1,008
960

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

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

5,420
5,950
6,410
6,690
6,940
7,080
7,340
7,450
7,530
7,530
7,610

146
153
162
163
161
166
172
167
173
169
178

1,000
1,037
1,042
1,076
1,007
1,028
898
1,061
859
1,068
n.a.

2,321
2,333
2,355
2,325
2,357
2,368
2,317
2,368
2,830
2,774

30
50
70
20

3
-1
2
1

20
155
1
-48

63
-209
-41
11

30
530
460
280
250
140
260
110
80

-1
7
9
1
-2
5
6
-5
6
-4
9

40
37
5
34
-69
21
-130
163
202
209

40
12
22
-30
32
11
-51
-51
462
-56

CHANGE M OUTSTANDING

1975 - S e p t .
Oct.
Nov.
Dec.
1976 - J a n .
Feb.
Mar.
Apr.
May

June
July
Aug.
Sept.
Oct.
Nov.

80

*

NOTES:
1

Margin account debt * reported by the New York Stock Exchange, excluding credit for subscription issues end convertible bond*.

2

New York Stock Exchange da*.

3

June data for banks are universe totab; ell other data for banks represent estimates for aN 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 Governor* of the Federal Reserve
System's list of OTC mergin stocks. At benks, loans to pwcheee or terry nonmargin stocks are unregulated; at brokers, such stocks have no
value.




4

Table 0

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLE.ARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

NET
FLOW
1971
1972
1973
1974
1975

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

1976 - A p r i l
May
July
August
September
October

586
801
1,207
910
308
1,307
835

1976 - A p r i l
May
June
July
August
September
October

917
1,024
, 646
1,712
1,248
1,315
1,204

1

NET
NEW
MONEY

SHARE CAPITAL

ANNUAL 3
GROWTH
RATE
13.5
5,378
12.4
5,451
5.3
-442
3.0
-2,822
11.3
4,757

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

352
561
-36
333
47
75
582

2,798
3,050
5,042
3,184
2,165
5,597
3,506

—
—
—
—
——
—
—

9.8
10.8
6.8
17.9
12.8
13.4
11.8

—
——

——

NET
FLOW

ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0
17.7

SEASONALLY
3,676
3,642
2,861
5,018
5,341
5.626
4,519

—
—
——

ADJUSTED
14.7
14.4
11.2
19.4
20.3
21.0
16.6

NET
NEW
MONEY

TOTAL

2

DEPOSITS

NET
FLOW

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

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

2, 583
2,835
1,353
3,282
1,967
1,944
3,252

3,384
3,851
6,249
4,094
2,473
6,904
4,341

——

4,593
4,666
3,507
6,730
6,589
6,941
5,723

——
—
——

——

ANNUAL 3
GROWTH
RATE
17.2
16.7
8.4
5.8
15.9
——
——

——

13.4
13.4
10.0
19.0
18.3
19.0
15.3

NET
NEW
MONEY

2

26,331
29,335
10,062
1,846
34,033
3,935
3,396
1,317
3,615
2,014
2,019
3,834
—
—
—
——
——
——

NOTES: i
1

Rapilar dsposin at mutual sadnp tanks exdude Hems audias Christinas dub and certain escrow accounts, which represent a vary small part of total deposits.

2

New deposits net of both*withdrawals and interest. Data for SSL's are for insured associations only, which represent 96 per cent of industry total resources.

3

Annuel powdi rase for monthly data is the annual bad monthly pwocntep increase in deposits.

Jauraa: Nafttond Association of Mutud Savin* Benks end Federal Home Loan Bank Board.




H.16

Table 1 0

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS

? 15
1

BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

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

TOTAL

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

1972 - Dec.

25.2

20 .3

4.9

.45

.43

.02

1973 - Dec.

19.9

16 .4

3.5

.04

.21

.17

1974 - Dec.

14.6

12 .4

2 .2

.09

.09

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

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

12.5
12 .6
13.0
14 .2
14 .7
14,.9
15,.9
16 .9
17 .9
18 .0
18 .4
18 .5

2 .1
1 .9
2 .0
2 .0
2 .1
2 .1
2,.1
2 .2
2 .1
2 .1
2,.0
2 .0

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

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

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

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

20.5
21.1
21.5
21.9
22.5
22.6
23.2
24.1
25.1
26.3
27.2

18 .5
19 .2
19,.4
19 .7
20 .2
20.4
20.9
21 .6
22 .5
23.,6
24.,5

2,.0
1 .9
2.1
2.,2
2..3
2 .2
2,.3
2 .4
2 .6
2..7
2.7

.06
.61
.48
.38
.48
.27
.50
•87
1.05
1.20
.97

.02
.67
.27
.29
.44
.29
.44
.75
.82
1.11
.94

.04
.06
.21

Juris

•

NOTES:
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




:°o!
.02

.05
.12
.23
.09
.03

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

TOTAL

FHLB

1974 - Sept.
Oct.
Nov.
Dec.

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

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

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

1975 - Jan.
Feb.
Mar.
Apr.
MayJune
July
Aug.
Sept.
Oct.
Nov.
Dec.

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

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

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

1976 - Jan.
Feb.
Mar.
Apr.
May

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

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

0
-1,1.00
0
0
-600
0
0
0
0

July
Aug.
Sept.

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

INTERMEDIATE AND LONG-TERM ISSUES

Preliminary




FHLMC

FNMA

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

+1,050
+100
+310
+491

+18
+66
-182
-454

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

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

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

0
200
0
0
0

0
300
-300
700

-197
-360

—

—

0

0
-200
0

0

-200
300
0
200

-547

-569
-346
99

-349
597
57

%

f
|

!

I

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

2

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

[COMMERCIAL
BANKS
1

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

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

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

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

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

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

2,403
3,534
4,691
5,424
4,878
5,951
6,213
5,636
5,953
4,983

1,993
3,270
5,531
5,088
5,412
6,594
5,907
5,356
6,093
5,399

300
600
900
900
1,100
1,100
1,000
600
1,300
1,000
700

87
106
324
309
240
517
323
384
364
398

1,378
2,416
4,069
4,171
4,032
4,815
4,522
4,234
4,090
3,895
3,545

228
148
238
-292
40
162
62
138
326
106

410
264
-840
+336
-534
-643
306
280
-140
-416
592

3,873
4,748
4,879
4,697
4,071
4,546
5,407
4,722
5,914
5,358

3,387
4,333
5,565
4,535
4,414
5,111
5,360
4,675
6,311
5,914

678
962
987
762
826
699
968
372
1,129
1,023
814

2,189
2,848
3,844
3,771
3,232
3,894
4,070
3,803
4,359
4,398
4,187

336
274
414
-299
161
147
94
144
365
48

486
415
-686
+162
-343
-565
47
47
-397
-556
582

MSB's

S & Ls

INSURANCE FNMA-GNMA
COMPANIES

Not Seasonally Ad lusted
1971
1972
1973
1974
1975
1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

»
\

2,388 „
2,026
3,300
6,222
4,839

Seasonally Ad lusted
1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

184
249
320
301
195
371
228
356
445
445

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates bench marked 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.




Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING 1
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES
2
QUARTER

TOTAL

TOTAL

RESIDENTIAL
I 1- to 4FAMILY

MULTIFAMILY

aI

COMMERCIAL

MULTFAMLY
&

FARM

COMMERCIAL

1969 - I
II
III
IV

34 .1
30.8
28 .2
29.6

25.5
23 .6
21.4
22 .3

21 .2
19 .0
16 .8
16 .0

4.4
4.5
4.6
6.3

6. 6
5. 2
5.2
6. 0

11.0
9.8
9.8
12.3

2.0
2 .0
1 .7
1.3

1970 - I
II
III
IV

23.3
26 .9
34 .1
37 .1

16 .7
19.2
24 .5
28 .1

11 .2
13.6
16.2
19.5

5.5
5.5
8.2
8.6

5. 6
6. 8
8. 3
7. 6

11.1
12.3
16.5
16.1

0.9
1.0
1 .4
1.4

1971 - I
II
III
IV

41.8
51 .4
56 .6
60 .3

32 .8
40 .0
42 .2
46.0

23 .3
30 .0
33 .1
36 .3

9.5
10.4
9.1
9.7

6. 6
8.9
11. 7
11.5

16.1
19.3
20.8
21.2

2 .5
2 .5
2 .7
2.8

1972 - I
II
III
IV

70.6
72 .9
75 .2
89 .3

50 .6
53 .6
56.7
65 .7

39 .4
40 .7
46 .0
49.5

11.2
12.9
10.7
16.2

16 .6
15 .6
14 .7
20.4

27.8
28.6
25 .4
36.5

3 .4
3 .6
3 .8
3 .3

1973 - I
II
III
IV

86.4
84.0
80,.0
71 .4

59 .6
58 .3
55 .2
49,.5

51 .4
45 .3
43,.1
41,.4

8.2
13.0
12.1
8.2

21 .3
20 .2
19 .5
16 .3

29.5
33.2
31.6
24.5

5 .6
5 .5
5,.3
5,.6

1974 - I
II
III
IV

71,.8
69,.0
56,.0
46,.3

49,.3
46,.8
35.,7
28..9

39..8
39,.5
29..5
24..0

9.6
7.3
6.2
4.8

18 .9
17 .4
14 .0
11 .6

28.5
24.7
20.2
16.5

3,.6
4,.8
6..3
5..8

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

38..8
54.,5
62. 9
69. 2

26, 3
40. 3
46. 1
51. 6

26.,3
40, 3
46, ,1
52. 1

0.0
0.0
0.1
-0.5

7 .2
9 .4
12 .5
14 .1

7.2
9.3
12.5
13.6

5..3
4 . ,8
4 . ,3
3. 5

1976 - I ( r )
I I (r)
III

76. 2
72. 6
84. 0

59. 5
54. 6
64. 9

58. 2
53. 6
61. 5

1.3
1.0
3.5

10 .8
12 .3
12.4

12.1
13.4
15.9

6. 0
5. 6
6. 6

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 agpegative type of seasonal adjustment

3
Residential
mortgage debt includes nonfarm only and is sum of



1 to 4 family and multifamity mortgage debt.

1

?

i
I

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

PERMITS 1
PERIOD

TOTAL

1 —FAMILY

STARTS
2 - O R MORE
FAMILY

1—FAMILY

COMPLETIONS
! 2 - O R MORE
FAMILY

MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS

1969
1970
1971
1972
1973
1974
1975

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

626
647
906
1,033
882
644
668

698
705
1,018
1,186
937
431
257

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

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

656
621
901
1,048
914
450
269

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

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

592
617
692
828
840
760
430

1975 - Oct.
Nov.
Dec.

1,111
1,127
1,091

794
814
812

317
313
279

1,431
1.381
1,283

1,093
1,048
962

338
333
321

1,115
1,386
1,329

738
992
993

377
394
*336

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

1,147
1,165
1,188
1,082
1,158
1,150
1,215
1,296
1,504
1,492
1,585

851
863
882
803
807
829
870
874
926
998
1,085

296
302
306
279
351
321
345
422
578
494
500

1,236
I,547
II,417
1,367
1,422
1,510
1.382
1,537
1,840
1,813
1,705

957
1,295
1,110
1,055
1,065
1,139
1,123
1,171
1,280
1,340
1,237

279
252
307
312
357
371
259
366
560
473
468

1,213
1,299
1,399
1,266
1,360
1,373
1,307
1,401
1,390
1,317

926
953
1,032
986
934
1,052
1,038
1,094
1,023
968

287
346
367
280
426
321
269
307
367
349

NOTES:

data for 1969 and 1970 based on 13.000 areas with permit systems
DigitizedPermit
for FRASER


\

Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
PERIOD

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

NEW HOMES

1

1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

NEW HOMES

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1
YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

DISCOUNT
(PERCENTAGE
POINTS)

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

1974 - High
Low

9.80
8.55

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

1975 - Oct.
Nov.
Dec.

9.25
9.20
9.15

3

9.30
9.25
9.20

8
n.a.
n.a.

9.53
9.41
9.32

31
n.a.
n.a.

4.0
3.1
2.4

-28
-21
-17

9.22
n#a .
n.a.

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

9.05
9.00
8.95
8.90
9.00
9.05
9.05
9.05
9.00
9.00
8.95

39
42
42
32
5
35
33
58
77
71
91

9.10
9.05
9.00
8.95
9.05
9.10
9.10
9.10
9.05
9.00
9.00

44
47
47
37
10
40
38
63
82
71
95

9.06
9.04

40
46

2.4
2.2

- 1
" 4

8.82
9.03
9.05
8.99
8.93
8.82
8.55
8.45

24
8
35
27
46
59
26
40

2.5
4.1
4.2
3.8
3.3
2.5
4.3
3.6

8
- 3
0
6
12
18
45
50

Oct.

Nov.

8.66
8.58
8.53
8.58
8.95
8.70
8.72
8.47
8.23
8.29
8.05

NOT##:
1

Gross yield spreed h average mortgage return before deducting servicing costs, minus averega yield on new Issues of high-grede utility bonds with 5-year cell protection.

Betes on conventional first mortgages (excluding additional fee# end charges) are besed on unweighted HUD (PHA) field office opinions on prevailing contract Interest rates In the market areas
of the Insuring offices, rounded to the nearest 8 basis points. For secondary market dote, weighted HUD office opinions on the average bid price for HUD (FHA) loens with minimum downpayment, prepaid In 16 yeers, for Immediate delivery, ere used.




Table 16

21

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT 4JNDERWR11T EN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

AVERAGE
YIELD

ACCEPTED
366 ( 8 / 1 1 ) 9 . 9 5 ( 9 / 2 2 )
18 ( 2 / 1 0 ) 8 . 7 8 ( 2 / 1 0 )

AMOUNT
( M MILLIONS OF DOLLARS)

OFFERED

AVERAGE
YIELD

1 ACCEPTED

100,(4/7)
51 ( 4 / 2 1 )
10 ( 1 0 / 2 0 )
9 (2/10)

10.02 (9/22
8 . 9 6 (3/1C

1975 - High
Low

643 ( 8 / 2 5 )
25 ( 2 / 1 0 )

1976 - J a n . 12
26

58.4
103.9

31 5
57 7

9.13
9.07

42.7
33.4

32.1
24.7

9.28
9.22

Feb.

9
23

252.2
126.9

179 9
81 2

9.07
9.04

57.8
44.0

36.9
23.3

9.17
9.14

Mar.

8
22

299.9
146.3

171 9
121 6

9.06
9.03

75.4
46.2

45.0
33.7

9.15
9.13

Apr.

5
19

106.2
132.1

5 6 .2
60 .1

8.94
8.83

56.4
55.3

31.8
33.4

9.05
9.00

Hay

4
17

483.3
634.3

222 .3
321 .4

8.94
9.13

110.7
128.8

60.1
68.9

9.09
9.24

June

1
14
28

349.5
146.6
261.2

2 2 4 .7
98 . 8
157 .5

9.20
9.14
9.12

131.4
77.3
93.6

90.5
70.3
59.2

9.31
9.30
9.31

J u l y 12
26

148.3
311.8

88.4
212.0

9.05
9.04

90.7
130.5

82.0
105.2

9.27
9.23

9
23

190.1
171.3

107 . 4
107 . 0

9.01
8.97

136.7
162.1

93.4
115.3

9.17
9.14

Sept . 7
20

121.9
99.1

68 . 8
49 .1

8.92
8.84

170.6
151.1

117.8
107.6

9.13
9.09

Oct.

4
18

124.3
111.2

61 .8
45 .3

8.80
8.70

153.8
143.7

94.4
121.4

9.07
9.02

Nov.

1
15
30

215.3
218.9
59.9

73 . 2
114 . 2
33 .7

8.67
8.68
8.63

141.7
140.9
70.7

112.2
126.5
58.2

9.00
9.00
8.99

Dec 4 13
27

36.0
20.9

22 . 6
18 . 9

8.51
8.39

79.7
70.5

68.1
67.3

8.89
8.80

Aug.

•