View original document

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

'

UBWY
JA1, 2 9

1976

FEvc-«v'.
Of

Capital
Market
Developments

January 2 6 , 1 9 7 6

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

X

t

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 VOLU! E AND Y I E L D S

7, 8

S T O C K MARKET / ND S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE MARK , : T

SYMBOLS
e
p
r
ll.a.

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

3
Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

RECENTLY
OFFERED
A a a UTILITY

9.24
9.24
9.30
9.25

280
700
587
100

94
96
67
85

48
172
268
135

9.34
9.25
9.19
9.13

425
727
560

88
91
100

105
84
0

—

—

—

1975 - Nov.

7
14
21
28

9.10 9.11
9.40

Dec.

5
12
19
26

9.46
9.37
9.24

1976 - J a n .

VOLUME
2

NEW I S S U E 1
A a a UTILITY

—

—

2
9
16
23

9.10
8.94
8.68r
8.69p

8.88
8.64r
8.60p

GROSS
3
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

365
413
537

NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)

0
38
34 •

100
95
96

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

1975 - Nov.

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-60ND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

7
14
21
28

6.74
6.62
6.59
6.59

7.52
7.43
7.39
7.39

47i
372
752
657

78
89
78
92

Dec.

5
12
19
26

6.52
6.53
6.49
6.49

7.31
7.34
7.30
7.30

420
358
601
56

89
82
82
84

110
121
123
97

1976 - J a n .

2
9
16
23

6.45
6.25
6.25
6.15

7.29
7.13
7.09
7.01

6
277
364
383

44
92
65
87

63
34
132
57

'

194
122
214 '
163

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
CONSTANT MATURITY

4

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

(7/30)

8.23

(1/1)

7.71

(8/21)

6.51

(6/18)

6/23

(6/23)

7.02

(2/5)

7.17

(12/31)

7.06

(2/12)

5.69

(3/23)

4.97

(10/21)

High

7.60

(4/21)

7.49

(4/21)

7.36

(4/28)

6.19

(4/14)

6.54

(4/13)

6.99

(11/24)

7.15

(12/1)

7.05

(2/12)

5.74

(11/17)

4.96

(10/21)

High

8.52

(8/10)

8.32

(8/10)

7.77

(8/24)

7.79

(8/10)

5.59

(8/3)

Low

-

8.26

Low

1971

7.29

(1/21)

7.28

(1/5)

7.11

(1/5)

6.42

(1/5)

4.99

(10/11)

High
Low

1972

1973

-

-

,

1975

-

10.52

(10/11)

9.39

(10/11)

8.68

(8/30)

7.15

(12/12)

(2/15)

8.13

(1/4)

7.73

(1/4)

7.39

(1/4)

5.16

(2/7)

High

9.80

(5/2)

9.71

(5/25)

9.01

(5/2)

8.63

(9/19)

7.67

(10/3)

8.89

(2/7)

9.06

(2/28)

8.57

(2/28)

7.63

(2/21)

6.27

(2/13)

High

9.34

8.83

8.34

7.31

9.37

9.25

8.86

8.37

7.34

9.24

9.19

8.81

8.29

7.30

26
Jan.

9.46

19

-

Dec.

5
12

1976

-

(10/4)

8.05

Low

1975

-

10.61

Low

1974

—

9.13

8.72

8.12

9.10
8.94

8.66
8.63

8.04

8.88

8.68r

8.60r

7.97r

7.13
7.09

8.69p

8.59p

8.03p

7.01

2
9
16

8.64r

23

8.60p

"

7.99

7.29

1
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

GROSS PROCEEDS
PERIOD

1

CORPORATE

1975

1

1974

1

2

STATE AND LOCAL

1973

1975

1

1974

1

1973

January
February
March

5,364
4 ,528
5,378

3,328
2,687
3,217

2,327
1,962
3,933

2,361
2,387
2,135

2,255
2,003
2,025

1,977
1,515
2,467

April
May
June

4,293
5,628
5,618

3,060
3,164
2,981

2,497
2,543
3,578

2,406
2,900
3,064

2,397
2,304
2,166

1,826
1,939
2,152

July
August
September

4,388
2,399
2,830

3,248
2,667
l,bl7

2,631
1,806
1,915

3,580
2,783
2,159

1,459
1,106
1,701

2,028
1,657
1,750

October
November
December

4,573

4,609
3,739
3,511

3,398
3,563
3,238

2,323
2,381 •
2,052

2,860
2,483
1,479

2,313
2,257
2,089

15,270
15,539
9,617

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

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

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

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

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

30,809
40,426

18,437
25,969
37,828

16,840
23,192
33,391

15,253
23,775
30,531

13,150
17,416
24,238

01
02
03
04

1st Half
3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

3

Includes Municipal Assistance Corporation bonds.




11,876
17,311
23,970

Table 4

NEW CORPORATE SECURITY I S S U E S
BY TYPE OF I S S U E AND ISSUER
IN M I L L I O N S O F D O L L A R S

G R O S S P R O C E E D S BY T Y P E O F ISSUER

G R O S S P R O C E E D S BY T Y P E O F I S S U E
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

MEMO
I S S U E S INCLUDED

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

F O R E I G N [CONVERTIBLE

1974

-

IV

11,859

8,611

1,571

1,677

374

1975

-

I

15,270

I I

76

4,079

3,702

743

3,337

1974

2,333

2,108

1,255

1

6,055

4,732

1,380

3,105

10,510

1,588

3,581

1,035

656

6,513

4,405

1,338

3,423

9,617

5,428

2,133

2,056

1,225

463

2,580

3,322

679

3,036

728

2,109

475

1,297

1,699

964

93

985

1,652

629

175

1,055
1,252

4,609

3,423

355

831

175

3,739

3,016

330

393

3,511

2,172

886

453

199
—

76

Dec.
Jan.

5,364

3,657

1,134

573

470

1

1,904

1,271

938

Feb.

4,528

3,201

705

622

610

1,675

1,957

127

771

Mar.

5,378

3,971

510

897

175

2,479

1,507

317

1,076

Apr.

4,293

2,771

422

1,100

135

130

1,731

1,380

415

May

5,628

3,796

502

1,330

475

315

2,480

1,549

413

1,188

5,618

-

Oct.
Nov.

1975

-

10,829

15,539

I I I

3,943

670

1,005

425

211

2,318

1,478

362

1,459

4,3*8

2,658

1,073

657

270

1,901

480

563

425
—
—

1,037

1,356

925
—
—

1,180

2,399

711

: 30

836

300

38

689

112
007

551

l,4.L-t

1,024
] , ^ 1

2,389

637

1,547

102

61

873

1,226

926

1,548

July
AUP.
sept.
Oct.

4,573

NOTES:
1

Other issuers ere extractive, railroad end other transportation, reel estate end finance, and commercial and other.

Source: Securities end Exchange Commission.




766

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
January 2, t h r u January 23, 1976
AMOUNT
(MILLIONS
OF
DOLLARS)

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

11.25
8.13
8.85
6. 00-8.00
10.13
9.38

Ba/BB
A
A
A
A
Aa/A

CORPORATE

ITT F i n a n c i a l Corp.
S t a u f f e r Chemical Co.
S t a u f f e r Chemical Co.
N o r f o l k & Western Ry
Southland F i n . Corp.
New York S t a t e E l e c t . & Gas Corp.
I n d i a n a p o l i s Power & L i g h t
C i n c i n n a t i Gas & E l e c t . Co.
Middle South U t i l i t i e s
Northwest P i p e l i n e Corp.
No r t h er n N a t u r a l Gas
Oklahoma Gas & E l e c t .
Chesapeake & Ohio Ry
E l t r a Corp.
I n d i a n a p o l i s Water Co.
A s s o c i a t e s Corp. of North America
Greyhound Corp.
Household F i n a n c e Corp.
Household Finance Corp.
Texas Power & L i g h t
Time I n c .
Southern Ry Co.
P a c i f i c Power & L i g h t

Notes
Notes
Debt
Equip t r
Notes
1 s t mtge
Com s t k
Pfd s t k
Com s t k
Pfd s t k
1 s t mtge
1 s t mtge
Equip t r
Debt
1 s t mtge
Debt
SF debt
Debt
Debt
1 s t mtge
Notes
Equip t r
1 s t mtge

30.0
75.0
125.0
15.0
35.0
75.0
43.8
45.0
121.9
20.0
125.0
55.0
15.0
50.0
18.0
50.0
100.0

100.0
75.0

100.0
50.0
17.4
75.0

1986
1986
2001
1976-1990
1986
2006

9.52
1996
2006
1976-1990
2001
1986
1981
2001
2001
1986
2006
1986
1977-1991
2006

NOTES:
e

1

Riflhts offering.
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.




11.25
8.13
8.85
8.00
10.13
9.38

9.52

Aa/A

10.00
9.00
8.63
8.00
8.50
8.50
8.63
9.38
9.00
8.30
8.60
7.88
7.75
10.00

10.00
9.00
8.50
5,. 9 0 - 8 . 0 0
8.55
8.50
8.69
9.45
9.05
8.30
8.60
7.88
.85-7.95
5
9.90

Baa
A/A+
Aa
Aa
A/AA
A
A
Aa
Aa
Aaa
Aa
Aa/AA+
Baa/A

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
J a n u a r y 2 , t h r u J a n u a r y 23, 1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Hackensack Water Co.
Deere & Co.
Puget Sound Pwr. & L g t . Co.
Central I l l i n o i s Light
Albertson's Inc.
Texas Power and L i g h t Co.

1 s t mtge
Conv d e b t
Pfd stk
Com s t k
Com s t k
Pfd s t k

20.0

100.0
22.0

2006
2001

9.75
5.50

9.75
5.50
9.42

A
A
Baa/BBB

8.70

8.70

Aa/AA

8.88

8.88

Aaa
Aaa
Aaa/AA
Aaa/AA
Aa

18.0
17.3
29.9

OTHER
E l e c t r i c i t e de F r a n c e
Asian Development Bank
M e t r o p o l i t a n of Toronto
M e t r o p o l i t a n of Toronto
Manitoba Hydro E l e c t . Bd.




Notes
Notes
Notes
Debt
Debt

75.0

100.0

20.0
60.0

125.0

1983
1980
1986
1996
2006

8.50
8.25
9.13
9.25

8.56
8.35
9.20
9.35

Table 56

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U . S . TREASURY i
J a n u a r y 2 , t h r u J a n u a r y 2 3 , 1576
TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
FATING

1977-1995
1978
1977-1997
1978-1996
1976-2006
1977-1991
1976-1990
2006
1981-2001
1977-1991
1977-1997
1977-2006
1977-1996
1986-1996
1981-1994
1977-1996
1985-1999
2006
2016
1977-1991
1979-1988
1994
2006

6.24
4.24
6.17
5.46
9.99
5.70
7.37
7.37
6.21
6.21
9.77
5.78
5.22
5.50
6.20
5.38
7.17
7.17
7.17
4.82

4.00-6.95
3.75
4.00-6.90
3.75-6.85
6.75-9.85
3.80-6.00
4.25-7.10
7.90
4.30-6.75
4.00-6.50
6.50-9.55
3.50-6.50
3.10-5.70
4.80-5.70
4.60—6.60
3.40-6.30
5.00-6.70
7.00
7.20
3.00-5.35
5.75-7.50
8.00
8.20

*
A-l
MIG 1
A-l
Aa
A
Aa
A-l
A-l
Aa
A-l
A
Aa
Aaa
Aaa
A-l
Aa
Aa
Aa
Aa
Aaa
A
A
A

STATE AND LOCAL
P e n n s y l v a n i a , S t a t e of
Ohio Water Development
G a r l a n d , Texas
G a r l a n d , Texas
Ramapo, N.Y.
New J e r s e y , S t a t e of
S. D a k o t a Hsg. Dev. A u t h .
S. D a k o t a Hsg. Dev. A u t h .
A u s t i n , Texas
O a k l a n d Comm. C o l l e g e D i e t . , Mich.
S u f f o l k C o . , N.Y.
Anne A r u n d e l C o . , Md
C a l i f o r n i a , S t a t e of
C a l i f o r n i a , S t a t e of
F l o r i d a , S t a t e of
Memphis, T e n n .
Salt River Agric & Improv. Dist., Ariz.
Salt River Agric & Improv. Dist., Ariz,
Salt River Agric & Improv. Dist., Ariz,
South Carolina, State of
Montgomery Medical Clinic Bd., Ala.
Montgomery Medical Clinic Bd., Ala.
Montgomery Medical Clinic Bd., Ala.

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

100.0
50.0
7.6
4.6
14.9
50.0
8.3
3.3
40.0
12.5
54.0
18.0
75.0
10.0
10.0
24.0
16.4
21.4
62.2
30.0
4.4
3.4
6.9

—
—
-- -

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


government and International Bank for Reconstruction end Development issues and non»iaranteed issues by Federal A g e n c i e s ^


10
Table 6A

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

1

as of January 23, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Dow Chemical Co.
Arco Pipe Line Co.
Union P a c i f i c Ry
Kansas Nebraska N a t u r a l Gas
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 i t l i t i e s Co.
United Gas P i p e Line Co.
Gen 1 1. Motors Accept. Corp.
Gen'1. Motors Accept. Corp.
Santa Fe I n t e r n a t i o n a l Corp.
Burroughs Corp.
South C a r o l i n a E l e c t . & Gas
South C a r o l i n a E l e c t . & Gas
Consumers Power
Kansas Power & Light Co.
Gene. T e l e , of Northwest
M i s s i s s i p p i Power
American E l e c t r i c Power Co.
J e r s e y Cent. Pwr. & Light
*Utah Power & L i g h t
*Pennsylvania E l e c t r i c Co.
* P u b l i c S e r v i c e of New Mexico
*Allegheny Power
* P u b l i c S e r v i c e of New Mexico
* P h i l a d e l p h i a E l e c t . Co.
*Iowa Power & Light Co.
*Iowa Power & L i g h t Co.
*New J e r s e y B e l l T e l e .
* P o r t l a n d General E l e c t r i c
*Fairmont Foods

Debt
Notes
Equip t r
SF debt
1 s t mtge
Com s t k
Debt
Debt
Notes
Conv debt
Notes
1 s t mtge
Com s t k
Com s t k
Pfd s t k ~
Pfd s t k
1 s t mtge
Com s t k ( r t s )
1 s t mtge
1 s t mtge
Pfd s t k
Pfd s t k
Com s t k
Com s t k
1 s t mtge
Com s t k
1 s t mtge
Debt
Com s t k
Conv debt

200.0
200.0
19.5
20.0
60.0
50.0
40.0
200.0
100.0
30.0
100.0
35.0
21.0
40.0
20.0
20.0
25.0
150.0
60.0
35.0
35.0
20.0
70.0
20.0
100.0
15.0
25.0
100.0
25.0
15.0

NOTES:
*

Included in table for first time.

1

Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




January
27
January
27
January
27
January
27
January
28
January
28
January
28
January
28
January
28
January
February
3
February
3
February
3
February
4
February
4
February
5
February 17
February 18
February 18
February 18
February 19
February 19
February 19
February 19
February 25
February 25
February 25
February 26
February 26
February

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

1

as of January 23, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Other
I n t e r American Dev. Bank
I n t e r American Dev. Bank
Newfoundland, The p r o v i n c e of
Kubota Ltd.
*Kyoto Ceramic C o . , Ltd.
*Winnipeg, City of
*BP North American Finance Corp.
*Casisse N a t i o n a l e des Telecommunications




Notes
Debt
SF debt
Debt
Com s t k
Debt
Debt

75.0
75.0
50.0
50.0
40.0
50.0
150.0

January
January
January
January
January
February
February

Gtr n o t e s

100.0

February

27
27
28
29
19

12

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

1

As of January 23, 1976
AMOUNT
(IN MILLIONS
OF DOLLARS)

Plymouth, Minn,
U n i v e r s i t y of Alabama
F l o r i d a , S t a t e of
Ohio Air Q u a l i t y Dev. Auth.
L a f a y e t t e , La.
Jordan Sch. D i s t . , Utah
Antelope V a l l e y E a s t a m Water
Agy., C a l i f .
*Gulf Coast Waste D i s p o s a l A u t h . ,
Texas
Howard C o . , Md.
*Port of S t . H e l e n s , Oregon
North C a r o l i n a , S t a t e of
*Albany C i t y Sch. D i s t . , N.Y.
I l l i n o i s , S t a t e of
Ventura Co. Pub. Fac. C o r p . , C a l i f .
L o u i s i a n a , S t a t e of
N a s h v i l l e & Davidson Co. Metro,
Gov., Term.
Washington Sub. S a n i t a r y D i s t . , Md.
^Washington Power Supply Sys.
*Utica Comm. Sch. D i s t . , Mich.
* K n o x v i l l e , Term.
*Blount Co., Term.
Vista Building Auth., C a l i f .
R o c h e s t e r , Minn.
*Allegheny C o . , P a .
^Richmond, Va.
S. F r a n c i s c o S o c i a l S e r v . C o r p . ,
Calif.
Maryland, S t a t e of
*San F r a n c i s c o , C a l i f .
Los Angeles D e p t . Water & Pwr, C a l f .
*Texas, S t a t e of

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

14.0
25.5
41.8
19.0
10.0
16.0
19.0

APPROXIMATE
DATE OF OFFERING

January
January
January
January
January
January

26
27
27
27
27
27

January

27

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

27.0
13.3
12.7
120.0
16.0
150.0
27.5
100.0

January .28
January
28
January
28
January
28
January
29
January
29
February
3
February
3

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

10.0
57.0
180.0
15.5
16.5
13.0
25.5
17.0
27.0
25.0

February
February
February
February
February
February
February
February
February
February

3
4
4
9
10
10
10
10
11
11

Rev
G.O.
Rev
Rev
G.O.

10.8
150.0
43.0
50.0
18.0

February
February
February
February
February

11
11
18
18
25

G.O.

27.0

January

22

POSTPONEMENT
Allegheny C o . , P a .
NOTES:
1

Includes state and local government issues of $10 million end 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
STOCK PRICES
BJ INDUSTRIALS

TRADING VOLUME
NASDAQ

1973 - High
Low

65.48 (1/11)
49.12 (12/13)

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

130.47 ( 1 / 1 1 )
8 5 . 2 6 (12/20)

1974

High
Low

53.37 ( 3 / 1 3 )
32.89 ( 1 0 / 3 )

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

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

96..53 ( 3 / 1 5 )
54,.87 ( 1 0 / 3 )

1975 - High
Low

51.24 ( 7 / 1 5 )
37.16 ( 1 / 8 )

881.81 (7/15)
632.04 ( 1 / 2 )

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

5
12
19
26

45.84
46.26
46.82
47.60

818.80
832.73
844. 38
859.81

2
9
16
23

48.04
50.29
51.41
52.59

858.71
911.05
929.63
953.95

1975
Dec.

1976
Jan.

136..84 ( 1 / 1 1 ) 26,.0 ( 9 / 2 0 )
89,.12 ( 1 2 / 1 3 ) 9,.0 ( 8 / 2 0 )

5.,5 ( 1 / 1 2 )
1.,4 ( 8 / 2 0 )

11..3 ( 1 / 1 1 )
3..5 ( 8 / 2 7 )

24,.9 ( 1 / 3 )
7,.5 ( 7 / 5 )

4 . ,4 ( 1 / 3 )
,9 ( 9 / 2 6 )

7.,5 ( 1 / 3 )
2..8 ( 7 / 5 )

88..00 ( 7 / 1 5 )
60,.70 ( 1 / 2 )

35..2 ( 2 / 1 3 )
8,.7 ( 9 / 1 5 )

4.,2 ( 2 / 2 1 )
1.,1 ( 9 / 1 5 )

8.,1 ( 2 / 1 3 )
2,.5 ( 9 / 1 5 )

82.40
81.92
82.43
82.58

74.,72
74.,91
75..92
77.,13

17,. 1
14..9
16.,9
13.,6

1. 8
1..7
2.,0
1. 8

5.,3
4.,9
5.,7.
4.,8

84.31
88.82
92.05
94.17

78,.06
82.,31
84 .30
85.26

15.,1
28..9
31 . 9 r
32 . 0

2. 4
2. 7
2 ,9r
3 .1

NOTES:
1
2

Flew* other then
and lows are Fridays only. H#w and lows are for the y
Volume figures are weekly snerep of daWy figures (millions of sheres).

3
4

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




>

5.,9
6.,7
7 .5r
7 .9

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

B R O K E R S ON
MARGIN
STOCK

1

BROKERS O N 2
CONVERTIBLE
BONDS

ci

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

Nov.
Dec.

1975 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

Nov.
Dec.

- 139
137

891
856

3",950
4,130
4,180
4,360
4,700
4,990 ^
5,300
5,220
5,250
5,300
5,370
5,390

134
136
134
138
140
146
143
142
145
144
146
n.a.

848
830
844
824
819

30
-90

-6
-2

-25
-35

29
11

110
180
50
180
340
290
310
-80
30
50
70
20

-3
2
-2
4
2
6
-3
-1
3
-1
2
n.a.

-8
-18
14
-20
-5

-145
-22
-15
-3
-2
n.a.
n.a.

3,960
3,840

'

2,053
2,064
1,919
1,897
1,882
1,885
1,883
n.a.
n.a.

CHANGE IN OUTSTANDING

Nov.
Dec.

1975 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

Nov.
Dec.

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 norimargin stocks are unregulated; at brokers, such stocks have no




A

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS
DATE

REGULAR DEPOSITS
NET
FLOW

1971
1972
1973
1974
1974 - August
September
October
November

9,621
10,067
4,815
2,909
-646
319
-74
449

1975 - August
September
October
November j>/

197
785
348
765

1

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0
__
——

—
- -

—
——

—
—

NET
NEW
MONEY

SHARE CAPITAL
NET
FLOW

5,378
5,451
-442
-2,822

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

-837
-689
-260
236

-1,147
1,425
438
1,226

-21
-338
131
549

1,472
3,698
2,264
2,246

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8

7

, -°
—w
- ——

NET
NEW
MONEY

2

TOTAL
DEPOSITS
NET
FLOW

20,653
23,884
10,507
4,669

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

'1,218
-1,068
312
1,091

-1,793
-1,744
364
1,675
r 1,669
4,483
2,612
3,011

——
w •»
—

—

1,326
631
2,086
2,072

ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8

NET
NEW
MONEY

26,331
29,335
10,062
1,847
-2,055
-1,757
52
1,327

—

1,305
293
2,217
2,621

SEASONALLY ADJUSTED
1975 - J a n u a r y
February
March
April
May
June
July

405
713
1,149
955
1,295
1,369
1,190

4.9
8.7
13.8
11.4
15.3
16.0
13.7

——
——
- »
——
——

2,351
3,005
3,864
3,712
4,237
4,395
4,774

11.5
14.6
18.6
17.6
19.8
20.2
21.5

__
•» —
- -

——

2,756
3,718
5,013
4,667
5,532
5,764
5,964

NOTES:
1

Regular deposits at mutual savin* banks exclude hams^uch as Christmas club and certain escrow accounts, which represent a very smell part of total deposits.

2
3

New deposits net of both whh*iwels and interest. Deta for SSL's ere for insured associations only, which represent 96 per cent of industry total resources.
Annuel yowth re* for monthly data is the annualized monthly percentage increase in deposits.

Source: Netkmel Association of Mutual Savings Banks and Federal Home Loan Bank Board.




9.6
12.9
17.2
15.8
18.5
19.0
19.3

__

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW

1975 - August
September
October
November

1,044
802
731
772

1

ANNUAL 3
GROWTH
RATE

11.9
9.0
8.2
8.6

NET
NEW
MONEY

-""""

SHARE CAPITAL
NET
FLOW

3,933
3,682
3,334
3,125

ANNUAL 3
GROWTH
RATE

17.4
16.1
14.4
13.3

NET
NEW
MONEY

---

2

TOTAL
DEPOSITS
NET
FLOW

4,977.
4,484
4,065
3,897

ANNUAL 3
GROWTH
RATE

15.9
14.1
12.6
12.0

NET
NEW
MONEY

2

—
—

NOTES:
1
Regular deposits at mutual savings banks exclude Hems such as Christmas club and certain escrow accounts, which represent a very small pert of total deposits.
2
New dcpoatts net of both withdrawals and interest. Data for SftL's are for insured associations only, which represent 96 per cent of industry total resources.
3
Annual powth rate for monthly deta is the annualized monthly percentage Increase in deposits.
Source: National Association of Mutual Savings Benks end Federal Home Loan Bank Board.




H.16

T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS

17

BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D

NET CHANGE

OUTSTANDING C O M M I T M E N T S
PERIOD
TOTAL

ALL S A V I N G S
MUTUAL
& LOAN
S A V I N G S BKSi
ASSOCIATIONS (N Y. S T A T E )

TOTAL

MUTUAL
ALL S A V I N G S
SAVINGS BKS
& LOAN
ASSOCIATIONS (N Y. S T A T E )

1971 - Dec.

17.7

14.0

3.7

.49

.30

.19

1972 - Dec.

25.1

20.2

4.9

.56

.55

.01

1973 - Dec.

19.7

16.2

3.5

.15

.35

-.20

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

19.3
19.2
19.5
19.7
18.5
18.0
17.3
16.7
16.2
14.9
14.4
14.4

15.9
16.0
16.3
16.7
15.7
15.1
14.6
13.9
13.5
12.5
12.0
12.3

3.4
3.2
3.1
3.0
2.9
2.9
2.8
2.8
2.7
2.4
2.3
2.2

-.33
-.06
.20
-1.08
-.61
- .64
-.56
-.56
-1.31
- .54
-.03

-.31
.09
.34
.39
-1.07
-.54
-.55
-.66
-.39
-1.05
-.42
.25

-.10
-.19
-.13
-.10
-.06
- .06
-.04
-.01
-.13
-.30
-.10
-.11

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

14.4
14.4
15.2
16.2
. 16.9
17.1
18.2
19.4
20.1
19.9
20.2

12.3
12.6
13.2
14.3
14.9
15.1
16.1
17.2
17.9
17.8
18.2

2.1
.1.8
2.0
2.0
2.1
2.1
2.1
2.2
2.2
2.1
2.0

-.04
.04
.71
= 1-13
.72
.34
.92
1.18
.64
-.14
.25

.06
.29
.60
1.07
.61
.27
.95
1.06
.74
-.05
.32

-.10
-.25
.11
.06
.11
.07
-.03
+ .12
-.06
-.09
-.07

.20

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. '




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

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
FHLMC

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

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

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

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

1974 - J a n .
Feb.
Mar.
Apr.
May

-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+507

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
+961

-242
-659
+ 440
0
-1,568
+ 252
+165

-5
-254
+ 689
+69
-1,279
+ 600
+ 300

+530

-800

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

+350
+650
-150

-4
+992
+1,500
+1,000
+400
+1,700
+1,499
-217
+470
-4
-554
-11

-30
-1,279
0
0

+256
+44

-657

Notes:
Based on data from the Treasvry Survey of Ownership.
1/ Sales of FHLB discount notes began in May 1974.
£/ Preliminary.




FNMA
SHORT-TERM
DISCOUNT
NOTES

+450

+300
0
-1
0
0
0

+85
-38
—26

+1,050
+100
+310:
+491

+512
+450
+449
+3J05
+678
+18
+66
-182
-454

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

-237
-405
-249
-69
-289
-348
-135

+750
+499
-200

-53
+344
+60
-4
+161
+342

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS

19

IN M I L L I O N S O F D O L L A R S

TOTAL
INCLUDING
FNMA-GNMA

FINANCIAL INSTITUTIONS
TOTAL J C O M M E R C I A L

INSURANCE
COMPANIES

MSB's

Not S e a s o n a l l y A d j u s t e d
21,736
41,647
57,587
58,372
42,748

16,827
39,259
55,561
55,072
36,526

1,211
1,486
2,329
3,458
3,966
4,343
4,493
4,435
4,377
4,781

760
1,412
1,942
3,268
3,909
4,301
3,783
3,937
3,620
4,132

2,512
2,727
2,469
3,519
3,388
3,146
3,851
3,412
4,281
5,235

2,006
2,528
1,908
3,128
3,207
3,081
3,329
3,186
3,730
4,706

10,254
23,919
31,932
25,552
17,578

2,348
1,221
1,452
4,278
5,078

66
426
100
1,109
70
1,614
0
132
2,285
400
181
3,184
200
323
3,425
400
334
3,122
200
213
3,259
300
119
2,883
500
226
2,996
700
200
2*307
200
S
I easonally Adjusted
1,154
170
347
1,646
242
84
1,411
47
53
2,015
166
384
2,769
149
- 67
2,655
193
67
2,751
269
175
2,836
167
31
175
3,069
349
3,486
736
281
2,782
189
310

268
403
258
451
244
153
127
165
118
210

2,462
9,940
16,800
19,600
11,700

1,845
3,938
5,377
5,642
2,170

0

-200

335
556
397
563
356
166
134
152
137
203

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 hot made in the monthly series. Altogether,
these groups accounted for 83 per cent of the net increase estimated for all holders in 1974.

Digitized Beginning January 1972 data reflect activity in limited amount of conventional mortgages.
for FRASER
2


T a b l e 13
?0

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN B I L L I O N S 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 C A N N U A L R A T E S

RESIDENTIAL
QUARTER

TOTAL

~|

L

1- t o 4 -

MULTIFAMILY

10.4
10.1
10.0
10.7

5.4
5.3
5.3

5.0
5.2
6.3

4.8
4.6
5.1

16.2

6.6

6.8

9.8
9.8
11.5
13.4

19.4
26.2

8.0
9.4
9.9
9.9

7.7
9.8
11.5
10.5

15.7
19.2
21.4
20.4

8.4
9.6
9.1
9.5

14.1
15.3
15.3
16.3

22.5
24.9
24.4
25.8

53.1
44.0
41.8
31.7

10.0

16.3
17.8
16.3
15.0

26.3
27.8
25.9
21.5

39.5
44.0
35.7
23.7

32.1
37.1
27.5
17.3

7.4

6.4

15.4
17.3
9.0
7.6

22.7
24.1
17.2
14.0

25.5
39.7
44.0

21.3
36.1
38 ;5

4.3
3.6
5.5

4.9
6.9
7.5

9.2
10.5
13.0

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

1970 - I
II
III
IV

20.7
22.9
28.5
31.8

14.4

21.3
22.8

15.0

1971 - I
II
III
IV

37.3
47.7
52.3
54.2

27.4
35.5
38.5
41.2

31.3

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

1973 - I
II
III
IV

83.4
75.6
71.3
57.9

63.1
53.9
51.4
38.3

1974 - I
II
III
IV

58.5
65.3
50.0
38.6
35.2
50.6
55.7

6.0

MULTFAMLY
&
[COMMERCIAL]

4.4
4.6
4.7
5.4

19.4

1969 - I
II
III
IV

1975 - I
II
III

COMMERCIAL

16.8

16.8
14.0
13.1
9.4

11.6

28.6
1

9.9
9.6
6.5

6.8
8.2

1
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.

Digitized Residential mortgage debt includes nonfarm only and is sum of
for FRASER
3


1 to 4- family and multifamily mortgage debt.

T a b l e 14

PRIVATE HOUSING PERMITS, S T A R T S ,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

PERMITS 1
1 —FAMILY

1969
1970
1971
1972
1973
1974
1975
1975

1 324
1 352
1 925
2,,219
1.,820
1,,074
927
Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.

689
701
677
837
912
949
1,,042
995
1,,095
1,,079 "
1,,085
1,,058 .

626
647
906
1,033
882
644
- 669
508
515
503
603
658.
679
711
732
779 "
769
787
782

COMPLETIONS
2 - O R MORE
FAMILY

1—FAMILY

698
705
1,,018
1,,186
937
431
278
182
186
173
234
254
270
331
263
316
310
298
279

2 - O R MORE
FAMILY

TOTAL

1,467
1,434
2,052
2,357
2,045
1,388
1,161
|
j
I
j
!
I
,

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

999
1,000
985
980
1,130
1,094
1,235
1,269
1,269
1,452
1,354 1,309

739
733
775
762
887
884
935
987
931
1,,103
1,,028
972

260
267
210
218
243
210
300
282
338
349
326
337

1,535
1,320
1,305
1,211
1,276
1,165
1,269
1,267
1,291
1,115
1,416

1 —FAMILY

808
8.02
1,,014
1,,143
1,,174
932
964
770
734
756
832
785
901
881
969
734 .
997

2 - O R MORE
FAMILY

592
617
692
828
840
760
571
550
571
455
444
380
368
386
322
381
419

Private building permits (for 14.000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of
apartment buildings, all units are considered started at that time; however, all such units are considered completed when more th»n half of the units in the structure are ready for use. Private mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.

Digitized Permit data for 1969 and 1970 based on 13.000 areas with permit systems
for FRASER
1


M

H

T a b l e 15

AVERAGE RATES AND YIELDS QN HOME MORTGAGES

EXISTING HOMES
YIELD
(IN PER CENT)

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

9.70
9.55
9.45

-33
-13

9.70
9.60
9.45

-33

10.13
n.a.
9.51

10
n.a.
n.a.

4.6

-43

9.15
9.05
8.90
9.00
9.05
9.00
9.00
9.15
9.25
9.25
9:20
9.15

15
11
-70

9.20
9.05
8.95
9.05
9.10
9.05
9.05
9.15r

- 1
-10
-91
n.a.
-46
-31
-12
-17
4
31
n.a.
n.a.

3.,8
2. 6
5..4
,a.
5,,0
4,,3
4,,8
4 .2
5 .5
4 .0
3 .1
2,.4

SPREAD
(BASIS
POINTS)

1973 - High
Low

8.95
7.70

107
31

1974 - High
Low

9.80
8.55

1974 - O c t .
Nov.
Dec.
1975 - J a n .
Feb.
Mar.
Apr..
May
J.une
July
Aug.
T-pt.
Oct.
Nov.
Dec.

1

SPREAD
(BASIS
POINTS)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

NOTES:

SPREAD
BETWEEN
RETURNS ON
CONVENTIONAL
AND HUD(FHA)
NEW hOME
DISCOUNT
(PERCENTAGE MORTGAGES
(BASIS
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
S E C O N D A R Y MARKET

CONVENTIONAL L O A N S
PRIMARY MARKET

-66

-57
-37
-25
-34
-45
3

RATE
(IN PER CENT)

9..V

9.30
9.25
9.20

-

8

n.a.
20
11
-65
-61
-52
-32
-20
-34
-40 .
8
n.a.
n.a.

8..99
8.•84 .
8.,69
a.
9.,16
9.,06
9..13
9 • 32r
9 .74
9 .53
9 .41
9..32

-

6

16
21
21
n.a.
-11
6
-13
17
-49
-28
-21
-17

9,70
9.22

\

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

?3

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)

CONVENTIONAL

AVERAGE
YIELD

AMOUNT
(IN MILLIONS O F DOLLARS)
OFFERED

1975

High
Low

1975 - O c t .

6
20

AVERAGE
YIELD

ACCEPTED"

643 ( 8 / 2 5 ) 366 ( 8 / 1 1 ) 9 . 9 5 ( 9 / 2 2 ) 100 ( 4 / 7 )
51 ( 4 / 2 1 )
25 ( 2 / 1 0 ) 18 ( 2 / 1 0 ) 8 . 7 8 ( 2 / 1 0 ) 10 (10/20) 9 ( 2 / 1 0 )

10.02 ( 9 / 2 2 )
8.96 (3/10)

12

143.0
23.2

9.95
9.65

27.5
9.7

23.5
9.2

10.02
9.81

41.7
180.6

9.32
9.33

68.6

19.6

15.2
34.6

9.54
9.40

255.9
287.1
95.3

Dec.

198.5
43.2
69.8
293.1

Nov.

1976 - J a n .

|

138.5
158.8
52.7

9.32
9.31
9.29

73.9
69.7
41.8

40.5
31.2

11.8

9.38
9.36
9.35

58.4

31.5

9.13

42.7

32.1

9.28

NOTES:
m

£ k e t !!!!? "

9r

°"

befo

"

deduetion of

offered by bidders relate to total eligible bids received.




fee 01 3 8

P« id <<*

»™ieing. They reflect the av*age ac-

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