Full text of H.16 Capital Market Developments : January 13, 1975

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Capital
Market
Developments

January 1 3 , 1 9 7 5
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, 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 B O N D MARKET
YIELDS
WEEK ENDING

1974 - Dec.

1-975 - Jan.

6
13
20
27
3
10

NEW ISSUE 1
A a a UTILITY

VOLUME

RECENTLY
OFFERED
A a a UTILITY

9.39
9.57
9.59r
9.64

9.50
9.59r
9.52
—

9.67
9.52p

9.45p

2

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

676
925
605

93
85
92

—

—

699

98

wee

N E W I S S U E S 4IN S Y N D I C A T E
( $ MILLIONS)

171
175
178r
177
163
64

MUNICIPAL B O N D MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER C E N T
S O L D BY END
OF 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 .

3
10

6.70
6.60

7.08
6.99

26
500

66
92

117
75

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
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
C O N S T A N T MATURITY

4

B O N D BUYER
2 Q - 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)

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 . 2 3 (6/23)
4 . 9 7 (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 . 9 9 (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)

6 . 9 5 (7/11)
5.16 (2/7)

9.39
9.57
9.59r
9.64

8.90
8.87
8.85
8.90

7.99
7.83
7.81
7.91

6.89
7.15
7.08
7.08

9.67
9.52p

8.93
8.92p

7.93
7.90p

7.08
6.99

1974 - Dec.

6
13
20
27

9.50
9.59
9.52

1975 - J a n .

3
10

- -

—

9.45p

.

7.12 (5/28)
5.33 (12/10)

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 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

1974
January
February
'March
April
May

July
August
September

Year

|

1972

2

STATE AND LOCAL

1974

1

1973

1

1972

3,205
3,369
3,229

2,196
1,933
1,998

1,977
1,515
2,467

1,776
2,005
2,239

3,067
3,156
2,976

2,497
2,543
3,578

3,275
3,598
4,341

2,370
2,237
2,004

1,826
1,939
2,152

1,989
2,017
2,276

3,142
2,653
1,600

2,631
1,806
1,915

3,582
2,893
2,720

1,489
1,103
1,692

2,028
1,657
1,750

1,805
1,966
1,726

3,398
3,563
3,238

3,791
3,377
3,396

2,334

2,313
2,257
2,089

2,200
1,862
1,797

9,247
9,199
7,395

8,222
8,618
6,352
10,199

9,803
11,214
9,195
10,564

6,127
6,611
4,284

5,959
5,917
5,435
6,659

6,020
6,276
5,497
5,859

18,446
25,841

16,840
23,192
33,391

21,017
30,212
40,776

12,738
17,022

11,876
17,311
23,970

12,296
17,793
23,652

04
1st Half
3 Qtrs.

1973
2,327
1,962
3,933

October

Q1

|

3,341
2,690
3,216

November
December

02
03

1

CORPORATE

PERIOD

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




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 ISSUER

G R O S S PROCEEDS BY TYPE OF ISSUE
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

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 - Sept.

1,915

684

682

549

32

3

348

585

243

737

250
32
—

522
476
504

949
1,080
888

678
796
377

1,249
1,212
1,469

Oct.
Nov.
Dec.

3,398
3,563
3,238

1,805
1,669
1,552

553
589
917

1,040
1,305
769

6
53
77

1974 - Jan.
Feb.
Mar.

3,341
2,690
3,216

2,115
1,683
2,020

794
421
437

432
586
759

56
11
21

2
4
52

896
390
641

1,441
829
1,299

146
397
331

861
1,072
947

Apr.
May
June

3,067
3,156
2,978

1,594
2,350
1,939

671
599
510

802
207
538

63
42
10

12
15
11

1,202
854
470

1,131
912
1,147

294
663
353

442
730
1,007

July
Aug.
Sept.

3,142
2,653
1,600

2,086
2,042
897

518
204
289

538
407
414

223

205
104

1,017
583
183

601
1,133
680

295
364
342

1,231
574
397

150

NOTES:
1

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

Source: Securities and Exchange Commission.




1

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY 1
January 2, t h r u January 10, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

12.25

A

CORPORATE

P u b l i c Svc E l e c t r i c & Gas
P a c i f i c Power & Light
Atchison, Topeka & Santa Fe R.R.
P h i l a d e l p h i a E l e c t r i c Co.
Southwestern B e l l T e l . Co.
Southwestern B e l l T e l . Co.
D e t r o i t Edison Co.
Black & Decker Mfg. Co.
C e n t r a l Tel. of V i r g i n i a
Boston Gas Co.
Armour & Co.
Montgomery Ward C r e d i t . Corp.

Pfd s t k
Com s t k
Equip t r
Debt
Notes
Debt
1 s t mtg
Notes
1 s t mtg
Debt
Debt SF
Debt

35.0
58.6
15.0
100.0
100.0
150.0
50.0
75.0
20.0
25.0
75.0
60.0

1990
1981
1982
2015
1982
1985
2000
1982
2000
1983

12.25
8.75
12.75
8.20
9.25
12.75
8.45
10.20
9.88
9.88
9.50

7.75-8.75
12.50
8.20
9.30
12.75
8.45
10.20
9.88
9.96
9.50

Notes
Debt

100.0
200.0

1985
2005

8.25
10.25

8.40
10.25

——

—

—

—

Aaa
Baa
Aaa
Aaa
Baa/Bbb
A/Aa
A
A
A
A

Other
Inter-American Dev. Bank
Hydro-Quebec E l e c t r i c

NOTES:
*
1

Rights offering.
Includes corporate and other security offerings of $15 million and over.




Aaa
A-l

T a b l e SB

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY '
January 2, t h r u January 10, 1975
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Cuyahoga Co., Ohio
Dade Co., F l a .
C a l i f o r n i a Educ. F a c i l i t i e s A u t h . , C a l i f .
C a l i f o r n i a Educ. F a c i l i t i e s A u t h . , C a l i f .
S a l t River A g r i c & Pwr. D i s t . , Ariz.
S a l t River Agric. & Pwr. D i s t . , A r i z .
Minnesota, S t a t e of

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

30.0
31.0
3.7
13.2
20.0
40.0
33.8

1976-2000
1975-1999
1975-1985
2000
1983-1999
2013
1976-1993

6.74
7.05
7.18
7.18
8.11
8.11
5.70

4.80-7.50
4.75-7.70
4.75-6.00
7.20
6.25-7.90
8.13
4.20-6.20

Aa
A-l
Aa
Aa
A-l
A-l
Aaa

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.-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.

3

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




Table 6A

FORTHCOMING LARGE LONG-TERM PUBLIC
SECURITY OFFERINGS FOR NEW CAPITAL
OTHER THAN U.S. TREASURY

1

as of January 10, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERINI

CORPORATE

•Cyprus Mines Corp.
Delmarva Power & Light Co.
Oklahoma Gas & E l e c t r i c Co.
Public Svc. of Indiana
*0klahoma Gas & E l e c t r i c Co.
Amax Inc.
Amax Inc.
Union Carbide Corp.
*Portland General E l e c t r i c
Cont. Tele. Co. of C a l i f .
*Arco Pipeline Company
C o n s o l i d a t e d Natural Gas
*Ford Motor Credit Co.
*Ford Motor Credit Co.
*Scott Paper Co.
National Rural U t i l . F i n . Corp.
Kansas Nebraska Natural Gas
Carolina Power & Light
FMC Corp.
Weyerhaeuser Co.
*Sears Roebuck Accept. Corp.
*0hio Edison
*Houston Natural Gas
Middle South U t i l i t i e s
Columbus & Southern Ohio E l e c t r i c
*Brown Group Inc.
Columbus & Southern Ohio E l e c t r i c
Hartford E l e c t r i c Light
Union P a c i f i c RR Co.
American Tele. & Tele.
American Tele. & Tele.
Burlington Northern
*Long Island Lighting Co.
*Genl. Tele. Co. of the Southeast
*National Security & R e g i s t e r Co.
General Tele, of Ohio
*ERC Corp.
*Fruehauf Finance Co.
*New England Power Co.
*M&41and E n t e r p r i s e s i n c .

Notes
1st mtge
1st mtge
Com s t k
Pfd s t k
Debt S.F.
Notes
Debt
Pfd s t k
1st mtge
Notes
Pfd s t k
Notes
Debt
Debt
Debt
Debt
Com s t k
Debt
Notes
Debt
Pfd s t k
Debt
Com s t k
Com s t k
Debt S.F.
1st mtge
1st mtge
Equip t r
Debt
Notes
Equip t r
Com s t k
1st mtge
Bene i n t
Pfd s t k
Debt
Notes
1st mtge
1st mtge

NOTES:
•

Included in table for first time.

1

Includes corporate and other security issues of $15 million and over.




100.0
30.0
60.0
35.0
35.0
50.0
50.0
300.0
25.0
25.0
250.0
50.0
125.0
75.0
75.0
100.0
20.0
45.0
100.0
200.0
125.0
40.0
50.0
75.0
16.0
35.0
30.0
20.0
15.0
300.0
300.0
15.6
29.1
25.0
30.0
20.0
25.0
60.0
50.0
15.0

January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January

14
14
14
14
14
14
14
14
15
15
15
15
15
15
15
15
15
16
16
16
16
21
21
21
22
22
22
23
23
28
28
28
29
30

10

Table 6A Continued

FORTHCOMING LARGE LONG-TERM PUBLIC
SECURITY OFFERINGS FOR NEW CAPITAL
OTHER THAN U.S. TREASURY

1

as of January 10, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING \

CORPORATE

*Sohio BP Alaska P i p e l i n e F i n .
^ C e n t r a l & Southwest Corp.
*S. P a c i f i c Transp. Co.
*Conn. Light & Power Co.
*Kansas Power & Light
^Washington Water Power Co.
* F l o r i d a Power & Light
Montgomery Ward Credit Co.
S i e r r a P a c i f i c Power Co.
Indiana & Michigan E l e c t r i c Co.
Arkansas Power & Light
Niagara Mohawk Pwr.

Notes
Com s t k
Equip t r
1 s t mtge
1 s t mtge
1 s t mtge
Pfd s t k
Debt S.F.
Pfd s t k
Pfd s t k
Pfd s t k
Pfd s t k

150.0
55.0
15.0
85.0
35.0
25.0
60.0
50.0
15.0
30.0
15.0
40.0

Other
New Brunswick E l e c t . Pwr. Comm.
^Municipal F i n . Auth. of B r i t i s h
Columbia

Debt

75.0

January

14

Debt S.F.

34.5

January

15

Postponed
Crown Z e l l e r b a c h Corp.
Bankamerica Corp.
F i r s t National Boston Corp.




Debt
Debt
Notes

100.0
150.0
100.0

January
4
February
February
4
February
4
February
6
February . 11
February
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

January
January
February

Table 6B

FORTHCOMING LARGE LONG-TERM PUBLIC
SECURITY OFFERINGS FOR NEW CAPITAL
OTHER THAN U.S. TREASURY

1

as of January 10, 1975
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

•Maricopa Co., S. D. A r i z .
• S p r i n g f i e l d , 111.
• P o r t of S e a t t l e , Wash.
^Mobile Board of Water & Sewer
Comm., Ala.
• F l o r i d a , S t a t e of
C h a r l o t t e , N.C.
•Hamilton Co., Ohio
Albany Co., N.Y.
• S p r i n g f i e l d . Mo.
• N a s h v i l l e & Davidson Co. Metro.
Gov., Tenn.
• P i t t s b u r g h Sch. D i s t . , Pa.
G u i l f o r d Co., N.C.
D e t r o i t , Mich.
• S . Oklahoma City H o s p i t a l T r u s t ,
Okla.
•Tallahassee, Fla.
•Garland, Texas
• V i r g i n i a Public School Auth.
•Madison Voc. Tech. Education D i s t . ,
Wis.
•Los Angeles Dept. Water & Power,
Calif.
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.
Postponed
J e r s e y C i t y , N.J.
Chicago Public Building Comm., 111.

G.O.
Rev
Rev

13.2
12.0
40.0

January
January
January

13
14
14

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

11.5
10.0
26.0
35.0
70.0
15.0

January
January
January
January
January
January

14
14
14
15
16
21

G.O.
G.O.
G.O.
G.O.

61.1
20.0
23.7
15.8

January
January
January
January

21
21
21
22

Rev
Rev
G.O.
G.O.

11.2
25.0
11.5
16.5

January
January
February
February

28
29
4
5

G.O.

10.0

February

5

Rev
Rev
Rev p o l l cont

20.0
50.0
60.0

February
5
Indefinite
Indefinite

G.O.
Rev

12.7
38.0

January
January

7
9

NOTES:
1

Includes state and local government issues of $10 million and over.

2

Includes foreign government and International Bank for Reconstruction and Development issues and issues of FederaBy sponsored agencies.




Table 7

STOCK PRICES AND VOLUME
TRADING VOLUME

STOCK PRICES
NASDAQ

B J INDUSTRIALS

27.6 (12/29)
8 . 1 (7/3)

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

14.4 (12/29)
5 . J (10/9)

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

11.3 (1/11)
3 . 5 (8/27)

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

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

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

61.23
63.69

17.4
16.0

2.8
1.8

5.4
5.1

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)

136.84 (1/11) 26.0 (9/20)
89.12 (12/13) 9.0 (8/20)

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)

6
13
20
27

34,.45
35 .39
35 .23
35 .36

577,.60
592,.77
598,.48
602 .16

59.13
60.11
59.73
59.35

3
10

37 .35
38 .57

634 .54
658 .79

62.86
67.32

1974
Dec.

1975
Jan.

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 - 50
Based on average price change until September 4 , 1 9 7 9 thereafter, based on market value of shares listed.




Table 8

13

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1
MARGIN
STOCK

BROKERS ON 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

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

5,130
5,230
5,330
5,370
5,180
5,080
4,760
4,510
4,020
3,930
3,960

182
183
180
179
172
172
158
156
148
145
n.a.

1,020
1,039
1,008
1,009
1,020
1,085
1,071
977
n.a.
n.a.
n.a.

1,845
1,843
1,869
1,868
1,858
1,721
1,739
1,759
n.a.
a.a.
. n.a.

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.

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

-7
1
-3
-1
-7

-111
19
-31
1
11
65
-14
-94
n.a.

-21
-2
26
-1
-10
-137
18
20
n.a.
n.a.
n.a.

1973 - Sept.
Oct.
Nov.

Dec.

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

^

CHANGE IN OUTSTANDING

——

-14
-3
-7
-3

NOTES:
1

Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertiMebond*.

2

New York Stock Exchange data.

3

June data for banks are universe totals; all other data for banks represent estimates for ah commercial banks based on reports fay a reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.

4

Non margin 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 non margin stocks are unregulated; at brokers, such stocks have no
value.




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW
4,517
9,621
10,067
4,842

1970
1971
1972
1973
1973 - J u l y
August
September

-385
-502
280

1974 - J u l y
August
September

-521
-646
300

1974 - Apr.
May
June
July
Aug.

-9
-2
473
-123
29
172

1

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE
6.8
13.5
12.4
5.3

—
—

—
—

i

2

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

TOTAL
2

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

936
5,678
5,451
-456

10,965
27,793
32,567
20,490

8.1
19.0
18.7
9.9

5,285
20,653
23,884
10,504

15,482
37,414
42,634
25,332

-602
-651
-613

-225
-1,156
1,843

——

-291
-1,186
-340

-610
-1,658
2,123

—

-733
-837
-675

-483
-1,151
1,405

-581
-1,218
-1,100

-1,004
-1,797
1,705

——

—

—

7.7
17.2
16.7
8.5

—
—

—

NET
NEW
MONEY
6,221
26,331
29,335
10,048
-893
-1,837
-953
-1,314
-2,055
-1,775

SEASONALLY ADJUSTED

Sept. £ /

-0.1
0.0
5.9
-1.5
0.4
2.1

—

——

925
566
1,604
591
340
1,202

4.8
2.9
8.2
3.0
1.7
6.1

—
——
——
——

916
. 564
2,077
468
369
1,374

NOTES:
1

Regular deposits i t mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2
3

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.
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.




3.3
2.0
7.5
1.7
1.3
4.9

—
——

2

T a b l e 10

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

1971 - Dec.

17.5

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BK£$
ASSOCIATIONS (N.Y. STATE]1

13.8

NET CHANGE
TOTAL

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

3.7

.41

.20

.21

1972 - Dec.

24.7

19.8

4.9

.36

.34

.02

1973 - Jan.
Feb.
Mar.
Apr.
May

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

15.9
16.4
16.7
16.9
15.9
15.3
14.4
13.8
- 13.4
12.3
12.0

3.4
3.2
3.1
3.0
2.9
2.8
2.8
2.8
2.7
2.4
2.3

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

.03
.43
.33
.22
- .95
- .69
- .83
- .67
- .40
-1.06
- .32

-.11
-.22
-.14
-.12
-.04
-.09
-.06
.01
-.12
-.30
-.10

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

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

1973 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
1974

- Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
^ Oct.
Nov. p
Dec. p

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

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

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

-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750

-4
+992
+1,500
+1,000
+400
+1,700

+1,665
-431
+545

+1,599
-250
-1,000

+1,499
-250
+500

FNMA & FHLB

FNMA

+998
+1,349
+1,500
+1,300
—

-150

- -

—

—

+256

+530
—
——

——

-800
-657

--

——

——

Notes:
Based on d a t a from the Treasury Survey of Ownership.
1/ Sales of FHLB discount notes began i n May 1974.
£./ P r e l i m i n a r y .




FHLMC

——

+350
+650

444
——

4450

--

— —1

——

——

——

+750
+499

——

-200
——
——
——

—— -

+1,050
+100
- -

+500

SHORT-TERM
DISCOUNT
NOTES]./
-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-181
-455

17

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS 1
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNM/

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE FNMA-GNMA'
COMPANIES

Not Seasonally Adlusted
1970
1971
1972
1973

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

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

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

1974 - Apr
May
June
July
Aug
Sept.
Oct.
Nov.

5,396
5,502
4,955
4,231
4,869
2,874
2,419

4,992
4,802
4,363
3,364
4,026
2,066
1,655

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

285
303
248
260
183
65
45

1974 - Apr
May
June
July
Aug
Sept.
Oct.
Nov.

5,537
5,317
4,095
3,679
3,130
2,580
2,955

4,977
4,489
3.431
2,889
2,543
1,928
1,945

1,667
1,412
1,281
796
741
458
488

328
289
131
217
135
114
96

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

2,509
2,618
2,137
1,735
1,578
911
565
507
Seasonally Adlusted

498
281
478
469
422
390
545

404
700
592
867
843
808
764
516

593
359
520
494
407
412
533

560
828
664
790
587
652
654
449

2,389
2,429
1,499
1,382
1,260
944
828
793

-

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 g-oups accounted for«&per cent of the net increase estimated for all holders in 1 9 7 3 .

2

Beginning January 1972 dataref led activity in limited amount of conventional mortgages.




NET INCREASE IN
MORTGAGE DEBT OUTSTANDING'
IN BILLIONS O F D O L L A R S , S E A S O N A L L Y A D J U S T E D ANNUAL R A T E S

2

3t

RESIDENTIAL
1- t o 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
15.0

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
6.6

15.4
17.3
10.4

22.7
24.1
17.0

3.6
4.0
5.1

QUARTER

NOTES:
1

2

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.
May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.
Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debt,combined.




Table 14

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

PERMITS

1/

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1—FAMILY

1969
1970
1971
1972
1973

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

626
647
928
1,033
882

698
705
1,025
1,186
937

1,467
1,434
2,052
2,357
2,045

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

912
949
849
702
687
645

1974 - January
February
March
April
May
June
July
Aug.
Sept.
Oct.
NOV;

1,282
1,325
1,410
1,296
1,120
1,106
1,017 '
900
823
782
720

637
716
761
727
671
674
632
618
577
533
503

645
609
649
569
449
432
385
282
246
249
217

PERIOD

STARTS

COMPLETIONS
MOBILE
1—FAMILY 2 - O R MORE
HOME
FAMILY
SHIPMENTS

2 - O R MORE
FAMILY

TOTAL

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

413
401
497
576
580

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
1,106
990

793
1,056
962
996
931
1,014
958
812
844
779
784

671
866
537
634
540
582
380
322
306
327
206

1,916
1,891
1,885
1,695
1,677
1,851
1,674
1,505
1,507
1,613

1,026
1,018
973
883
882
1,092
935
899
871
904

890
873
912
812
795
759
739
607
636
709

469
449
475
435
451
441
380
370
316
248

NOTES:

H
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 f a r m ) . s t a r t s and completions are
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 . . In t h e 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 u n i t s a r e considered completed when morel 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 f o r u s e . P r i v a t e mobile home shipments a r e Mobile Home Manufactures Assoc.
d a t a converted 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 Bureau.
Digitized for _1/Permit
FRASER d a t a f o r 1969 and 1970 based on 13,000 a r e a s w i t h permit s y s t e m s .



fO
o

T a b l e 15

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

1

NEW HOMES

1

1

SPREAD
BETWEEN
RETURNS ON
CONVENTIONAL
AND HUD(FHA)
NEW HOME
MORTGAGES
(BASIS
POINTS)

NEW Aaa
UTILITY
BOND
YIELD
(IN PER CENT)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

130
14

9.4
2.2

21
-23

8.36
7.38

1974 - Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

8.65
8.55
8.60
8.90
9.15
9.25
9.40
9.60
9.80
9.70
9.55

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

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
N/A

44
2
19
37
- 4
-25
31
- 8
10
N/A

2.3
3.2
5.1
5.3
5.3
6.3
5.8
6.3
4.6
N/A

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

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

DISCOUNT
(PERCENTAGE
POINTS)

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.
^




Table 16

21

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

551 ( 9 / 3 )

1973 - High

|

AVERAGE
YIELD

OFFERED

ACCEPTED

289 (9/3)

|

AVERAGE
YIELD

ACCEPTED

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

88 (4/16)

9 (10/1)

7 (10/1)

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

Low

AMOUNT
(IN MILLIONS OF DOLLARS)

9.68 (9/17)
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

52.5
49.6
35.7

23.3
43.3
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

1974 - Aug.

Dec.

2
16
30

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.