Full text of H.16 Capital Market Developments : January 27, 1975

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Capital
Market
Developments

January 2 7 , 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
« I BOARD OF GOVERNORS •
V ^ F E D ^ f M L RESERVE SYSTEM
Washington, D C. 20551

Index

SYMBOLS

TABLES

1-6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY CREDIT

9-16

MORTGAGE MARKET




e

ESTIMATE

p

PRELIMINARY

r

REVISED

n.a.

NOT A V A I L A B L E
DATA DO NOT EXIST

Table 1

3

YIELDS, VOLUME AND RECEPTION
>

CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1974 - Dec.

1975 - Jan.

N E W ISSUE
A a a UTILITY

1

RECENTLY
OFFERED
Aaa UTILITY

—

3
10
17
24

PER C E N T
SOLD BY END
OF WEEK

93
85
92

—

9.67
9.45
9.55r
9.54p

9.62
9.38r
9.45p

3
GROSS
OFFERINGS
($ MILLIONS)

676
925
605

9.39
9.57
9.59
9.64

9.50
9.59
9.52

6
13
20
27

2

—

w*

699
1,492
474

98
96
92

NEW ISSUES 4
IN S Y N D I C A T E
($ MILLIONS)

171
175
178
177
163
14
174
130

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE

BOND BUYER
2D-BOND
INDEX

3
GROSS
OFFERINGS
($ MILLIONS)

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

NEW ISSUES 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 - Jan.

3
10
17
24

6.70
6.60
6.55
6.10

7.08
6.99
6.90
6.59

26
500
410
361

66
92
84
84

117
75
88
66

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

1970

1971

1972

1973

1974

-

-

-

-

-

4

9.43

(6/19)

9.20

(6/26)

8.60

(7/3)

7.55

(5/29)

7.12

(5/28)

Low

7.72

(12/11)

8.16

(12/18)

7.48

(12/21)

6.17

(12/18)

5.33

(12/10)

High

8.26

(7/30)

8.23

(1/1)

7.71

(8/21)

6.51

(6/18)

Low

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)

Low

5.54

(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)

Low

5.59

(8/3)

7.29

(1/21)

7.28

(1/5)

7.11

(1/5)

6.42

(1/5)

4.99

(10/11)

10.61

(10/4)

10.52

(10/11)

9.39

(10/11)

8.68

(8/30)

8.05

(2/15)

8.13

(1/4)

7.73

(1/4)

7.39(1/4)

7.15
5.16

(12/12)
(2/7)

6.89

High

- Dec.

-

3

High

Jan.

RECENTLY OFFERED
Aaa UTILITY

MOODY'S SEASONED
CORPORATE Aaa

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

B O N D BUYER
20-BGND INDEX

6

9.50

9.39

8.90

7.99

13

9.59

9.57

8.87

7.83

7.15

20

9.52

9.59

8.85

7.81

7.08

9.64

8.90

7.91

7.08

27
1975

2

NEW ISSUE
Aaa UTILITY

Low
1974

1

DATE

—
--

9.67

8.93

7.93

7.08

10

9.62

9.45

8.91.

7.83.

6.99

17

9.38r

9.55r

8.84r

24

9.45p

9.54p

8.78p

3

.

7.81

6.90

7.80p

6.59

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

1974

1

CORPORATE
|
|
1973

1972

1974

STATE AND LOCAL
1 1972
I 1973

January
February
March

3,341
2,690
3,216

2,327
1,962
3,933

3,205
3,369
3,229

2 ,196
- 1,933
1 ,998

1,977
1,515
2,467

1,776
2,005
2,239

April
May
June

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
2,270

July
August
September

3,142
2,653
1,600

2,631
1,806
1,915

3,582
2,893
2,720

1 ,489
1.,103
11,692

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

2,31.3
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

October
November
December
Q1
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.




2

Table 4

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

PERIOD

TOTAL

G R O S S PROCEEDS BY TYPE OF ISSUE
G R O S S PROCEEDS BY TYPE OF ISSUER
1
BONDS
COMMON
MEMO
PUBLIC
COMMUNIOTHER
MANUFACAND
PUBLICLY PRIVATELY
ISSUES INCLUDED
CATIONS
ISSUERS
UTILITY
TURING
OFFERED
PLACED PREFERRED
FOREIGN (CONVERTIBLE
STOCK

1973 - i n
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

9,247
9,199
7,395

5,818
5,883

1,652
1,766

1,777
1,537

88
115

58
38

1,927
2,520

3,569
3,190

874
1,310

2,880
2,171

5,025

1,011

1,359

373

306

1,783

2,414

1,001

2,202

1,915

684

682

549

32

3

348

585

243

737

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

250
32

522
476
504

949
1,080
888

678
796
377

1,249
1,212
1,469

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

1,594
2,350
1,939

671

802

3,156
2,978

599
510

207
538

63
42
10

12 '
15
11

1,202
854
470

1,131
912
1,147

294
663
353

442
730
1,007

3,142
2,653
1,600

2,086
2,042
897

518
204
289

538
407

223
—

1,017
583

601
1,133

295
364

1,231
574

414

150

183

680

342

397

III

1973 - Sept.

July
Aug.
Sept.
NOTES:

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




205
104

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY'
January 2, thru January 17, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

OFFERING
YIELD

COUPON RATE

MOODY'S
RATING

CORPORATE

Public Svc Electric & Gas
Pacific Power & Light
Atchison, Topeka & Santa Fe R.R.
Philadelphia Electric Co.
Southwestern Bell Tel. Co.
Southwestern Bell Tel. Co.
Detroit Edison Co.
Black & Decker Mfg. Co.
Central Tel. of Virginia
Boston.Gas Co.
Armour & Co.
Montgomery Ward Credit. Corp.
Carolina Power & Light
Public Svc. of Indiana
Portland General Electric
Consolidated Natural Gas
Union Carbide Corp.
Cyprus Mines Corp.
Amax Inc.
Amax Inc.
Oklahoma Gas & Electric
Cont. Tele. Co. of Calif.
Delmarva Power & Light Co.
Kansas Nebraska Natural Gas

Pfd stk
Com stk
Equip tr
Debt
Notes
Debt
1st mtg
Notes
1st mtg
Debt
Debt SF
Debt
Com stk
Com stk
Pfd stk
Pfd stk
Debt
Notes
Debt SF
Notes
1st mtge
1st mtge
1st mtge
Debt

NOTES:
*

Rights offering.

1

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




35.0
58.6
15.0
100.0
100.0
150.0
50.0
75.0
20.0
25.0
75.0
60.0
59.0
42.3
30.0
50.1
300.0
100.0
75.0
75.0
60.0
25.0
30.0
20.0

12.25

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

——

1990
1981
1982
2015
1982
1985
2000
1982
2000
1983

A
—

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

——
——
—
——

2005,
1985
2000
1984
2005
1982
1983
1995

11.50
10.75
8.50
8.75
9.38
8.50
9.13
10.00
9.38
9.88

.

11.50
10.75
8.50
8.83
9.45
8.56
9.00
10.00
9.25
9.93

——

A
Aa
A
A
A
Aa
Baa/Bbb+
A
A/A+

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY
January 2, thru January 24, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Arco Pipe Line Co.
Ford Motor Credit Co.
Ford Motor Credit Co.
Weyerhaeuser Co.
National Rural Util. Fin. Corp.
Ohio Edison
Middle South Utilities r
^--Columbus & Southern Ohio Electric
Houston Natural Gas
Sears Roebuck Accept. Corp.
Scott Paper Co.
Scott Paper Co.
Brown Group Inc.
Columbus & Southern Ohio Electric
FMC Corp.
Union Pacific RR Co.
Hartford Electric Light

•Notes
Notes
Debt
Notes
1st mtge
Pfd stk
Com stk
Com stk
Debt SF
Debt
Debt SF
Notes
Debt SF
1st mtge
Debt
Equip tr
1st mtge

250.0
125.,0
75.,0
250..0
100..0
40.0
98..0
19..4
50.0
125..0
50..0 .
35,.0
35..0
30,.0
100 .0
15 .0
20 .0

1982
1983
1995
1985
1985

1995
1986
2000
1985
2000
1983
2000
1989
1982

9.75
8.38
8.75
8.15
9.88
11.00
9.50
8.25
11.00

9.75
8.40
8.75
8.15
9.90
11.00
9.60
7.00-8.25
10.75

Other
Inter-American Dev. Bank
Hydro Quebec Electric
New Brunswick Electric Pwr. Comm
*Municipal Fin. Auth. of British Columbia

Notes
Debt
Debt
Debt SF

100,.0
200.0
75,.0
34,.5

1985
2005
2005
2000

8.25
10.25
10.00
9.75

8.40
10.25
10.05
9.86




—
——
—

8.00
8.63
9.50
8.00
8.95
10.76

8.10
8.69
9.59
8.06
8.95
10.76

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

—

—

——

——

—

——

.

A
Aa
Aa
Aa
A
A/Bbb
A
Aaa
A

Aaa
A-l
A
Aa

Table SB

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY '
January 2, thru January 24, 1975
TYPE

ISSUER

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Cuyahoga Co., Ohio
Dade Co., Fla.
California Educ. Facilities Auth., Calif.
California Educ. Facilities Auth., Calif.
Salt River Agric. & Pwr. Dist., Ariz.
Salt River Agric. & Pwr. Dist., Ariz.
.Minnesota, State of
Mass. Municipal Electric Systems
Mass. Municipal Electric Systems
Maine State Housing Auth.
Maine State Housing Auth.
Albany Co., N.Y.
Puerto Rico
Florida, State of
Alaska, State of
Mobile Board of Water & Sewer Comm, Ala.
Springfield, 111.
Hamilton Co., Ohio
Port of Seattle, Wash.
Charlotte, N.C.
Washington, State of
Washington, State of

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

30.0
31.0
3.7
13.2
20.0
40.0
33.8
6.0
20.1
13.3
3.7
70.0
25.0
10.0
10.6
11.5
12.0
35.0
40.0
26.0
12.5
17.3

1976-2000
1975-1999
1975-1985
2000
1983-1999
2013
1976-1993
1982-1994
2009
1975-1995
2006
1994-1998
1978
1980-1993
1979-1992
1977-1998
1976-1993
1975-1978
1976-1995
1976-1997
1976-2000
1976-2000

6.74
7.05
7.18
7.18
8.11
8.11
5.70
8.13
8.13
7.49
7.49
7.52
6.47
7.48
7.30
6.53
4.83
7.10
5.72
5.84
5.84

4.80-7.50
4.75-7.70
4.75-6.00
7.20
6.25-7.90
8.13
4.20-6.20
6.10-7.80
8.13
5.10-7.70
7.88
5.90-8.00
8.00
5.10-7.00
5.75-7.75
5.25-7.90
4.60-7.20
4.60
4.90-7.50
4.10-6.50
4.00-6.50
4.00-6.50

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

NOTES:
1

Includes state and local security offerings of $10 million and over.

2

In cm# 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 5B Continued

LARGE LONG-TERM PUBLIC SECURITY ISSUES
FOR NEW CAPITAL
OTHER THAN U.S. TREASURY
January 2, thru January 24, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Detroit, Mich.
Nashville & Davidson Co. Metro. Gov.,
Tenn.
Gary, Indiana
Pittsburgh Sch. Dlst., Pa.
Hillsborough Co. Indust. Dev. Auth., Fla.
Springfield, Mo.
Guildford Co., N.C.




G.O.

15.8

1976-1990

7..80

5.50-8.00

Baa

G.O.
Rev poll cont
G.O.
Rev
Rev
G.O.

61.1
29.0
20.0
14.0
15.0
23.7

1976-1999
1985
1976-2000
1995
1977-2004
1976-1996

5..70

4..10-6.80
6.20
4..20-7.00
7.75
4,.50-7.25
4..00-6.50

Aa
Aa
A-l
A
Aa
Aa

—

6..21
—

6,.34
5,.73

Table 6A

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

1

as of January 24, 1975
ISSUER

TYPE

CORPORATE

American Tel. & Tel.
American Tel. & Tel.
Burlington Northern
Long Island Lighting Co.
Sohio BP Alaska Pipeline Fin. Co.
Duke Power Co
Genl. Tel. Co. of the Southeast
Oklahoma Gas & Electric Co.
National Security & Register Co.
General Tel. of Ohio
Pepsico Inc.
Central & South West Corp.
Conn. Light & Power Co.
S. Pacific Transp. Co.
Kansas Power & Light
*United Illuminating Co.
Washington Water Power Co.
Duke Power Co.
Mountain Fuel Supply Co.
*PPG Industries Inc.
*PPG Industries Inc.
Dana Corp.
*Southern Railway Co.
Florida Power & Light
*Indiana Gas
*Atchinson Topeka & Santa Fe RR
Kansas Gas & Electric Co.
Pacific Lighting Svc. Co.
Cleveland Electric Illuminating Co.
^Houston Lighting & Power
*American Natural Gas Co.
Louisville Gas & Electric Co.
Cent. Illinois Light Co.
Natural Gas Pipeline Co.
Dallas Power & Light Co.
^Citizens Utilities Co.
Esmark Inc.
Esmark Inc.
Freuhauf Finance Co.
ERC Corp.

Debt
Notes
Equip tr
Com stk (rts)
Notes
Pfd stk
1st mtge
Pfd stk
Bene int
Pfd stk
Notes
Com stk
1st mtge
Equip tr
1st mtge
Com stk
1st mtge
1st mtge
Com stk
Notes
Debt
Debt SF
Equip tr
Pfd stk
1st mtge
Equip tr
Pfd stk
1st mtge
Com stk
1st mtge
Com stk
1st mtge
1st mtge
Debt
1st mtge
1st mtge
Debt SF
Notes
Notes
Debt

NOTES:
•
Included in table for first time.
1 Includes corporate and other security issues of $15 million and over.




AMOUNT
(IN MILLIONS
OF DOLLARS)

300 .0
300 .0
15 .6
29 .1
150 .0
50 .0
25 .0
35 .0
30 .0 .
20 .0 _
75 .0
55 .0
85 .0.
15 .0
35 .0
16,.1
25 .0
100,.0
30,.0
50,.0
75,.0
75..0
15,.0
60..0
20..0
15,.0
20.0
30..0
35..0
125..0
62.,5
25..0
25..0
60.,0
50.,0
35.0
75.0
50.0
60.0
25.0

APPROXIMATE
DATE OF OFFERING

January
January
January
January
January
January
January
January
January
January
January
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February
February

28
28
28
29
30
30
30

4
4
4
6
11
11
11
11
11
11
12
13
16
18
18
19
20
20
24
25
25
25
26
26
27

Table 6A Continued

12

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

1

as of January 24, 1975
TYPE

ISSUER
CORPORATE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

*Dow Chemical Co.
*American Finance Corp.
Montgomery Ward Credit Co.
Sierra Pacific Power Co.
Indiana & Michigan Electric Co.
Arkansas Power & Light
Niagara Mohawk Pwr.

Notes
Debt
Debt SF
Pfd stk
Pfd stk
Pfd stk
Pfd stk

200.0
30.0
50.0
15.0
30.0
15.0
40.0

February
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

Other
Hydro-Quebec
Hydro-Quebec
*European Coal & Steel Comm.

Debt
Debt
Notes

100.0
20.0
100.0

January
January
February

Postponed
Midland Enterprises Inc.




1st mtge

15.0

January

22

Table 6B

FORTHCOMING LARGE LONG-TERM PUBLIC
SECURITY OFFERINGS FOR NEW CAPITAL
OTHER THAN U.S. TREASURY '
as of January 24, 1975
AMOUNT
(IN MILLIONS
OF DOLLARS)

ISSUER

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Alaska, State of
California, State of
S. Oklahoma City Hospital Trust,
Okla.
*Barnstable, Mass.
*West Virginia, State of
Tallahassee, Fla.
New York State Power Auth.
Philadelphia, Pa.
*New York State Housing Finance
Agency
Garland, Texas
Virginia Public School Auth.
Madison Voc. Tech. Education Dist.
Wis.
*Artesian Sch. Bldg. Corp. Ind.
San Antonio, Texas
San Antonio, Texas
Philadelphia Hospital Auth., Pa.
St. Charles Parish, La.

January
January

28
28

11.2
14.8
50.0
25.0
125.0
10.0

January
January
January
January
January
February

28
29
29
29
30
4

103.5
11.5
16.5

February
February
February

4
4
5

G.O.
G.O.

40.3
90.0

Rev
G.O.
G.O.
Rev
G.O.
G.O.
Rev
G.O.
G.O.
G.O.
Rev
G.O.
Rev
Rev
Rev poll cont

10.0
10.5
25.0

10.0

50.0
60.0

February
February
February
February
Indefinite
Indefinite

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 end issues of Federally sponsored agencies.




Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

QJ INDUSTRIALS

AMEX

4

1

NASDAQ

135.15 (12/8)
113.65 (1/3)

2

TRADING VOLUME
NYSE

I

AMEX

27.6 (12/29) 10.3 (12/29)
8.1 (7/3)
1.8 (9/8)

|

NASDAQ

1972 - High
Low

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

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

138.35 (4/11)
117.09 (1/3)

1973 - High
Low

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

1051.50 (1/11)
788.31 (12/5)

136.84 (1/11) 26.0 (9/20)
130.47 (1/11)
85.26 (12/20)
89.12 (12/13) 9.0 (8/20)

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

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

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)

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

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

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

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

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

3
10
17
24

37.35
38.57
37.86
38.84

634 .54
658,.79
644.63
666.61

62.86
67.32
67.81
71.05

61.23
63.69
64.40
65.37

17 .4
18,,lr
16 .9r
15 .4

2.8
2.0
1.8r
1.8

5.4
5.5
4.9r
4.4

1974
Dec.

1975
Jan.

NOTES:
1
2

Figures other than Mtftt and lows are Fridays only. Hltfte and lows are for the year and are not n#r—i ll/ for Friday#.
Volumefigure#are weekly * * * * * * of daHy figure# (million# of there#).

3
4

12/31/66 • 80
Beaed on everege price change until September 4,1673 thereeftar, beaed on market value of ihere# listed.




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

lame e

SECURITY CREDIT
END OF PERIOD

REGULATED MARGIN CREDIT EXTENDED BY
BROKERS O N 2
BANKS
CONVERTIBLE
BONDS

BROKERS O N 1
MARGIN
STOCK

«
3

IIMDPfSIII
ATCn NIIOMIIARAIM
UNKCUULAICU
UHMMUin
STOCK CREDIT
AT BANKS

OUTSTANDING
1973 - Sept.
Oct.
Nov.
Dec.

5,730
5,690
5,460
5,050

204
203
197
189

1,005
1,181
1,103
1,131

1,909
1,878
1,917
1,866

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

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
139

1,020
1,039
1,008
1,009
1,020
1,085
1,071
977

1,845
1,843
1,869
1,868
1,858
1,721
1,739
1,759

n.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 - Jan.
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

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

CHANGE IN OUTSTANDING

—

-14
-3
-7
-3
—6

NOTES:
1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subecription issues and convei tibia bonds.
2 New York Stock Exchange data.
3 June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.
4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no
value.




/
Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW
4,517
9,621
10,067
4,815

1970
1971
1972
1973 r/
1973 - September
October — .
November —
1974 - September
October — .
November —

283
-150
440
319
-74
449

1

ANNUAL 3
GROWTH
RATE
6.8
13.5
12.4
5.3

E
::

NET
NEW
MONEY

SAVINGS & LOAN ASSOCIATIONS
2

936 ^
5,678 ^
5,451
-442

SHARE CAPITAL

10,965
27,793
32,567
20,237

-613
-337
265

1,821
935
1,260

-689
-260
236

1,421
438
1,212

-

ANNUAL 3
GROWTH
RATE

NET
FLOW

8.1
19.0
18.7
9.8

...

E

NET
NEW
MONEY

TOTAL
2

DEPOSITS
NET
FLOW

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

15,482
37,414
42,634
25,052

-340
835
1,166

2,104
785
1,700

-1,068
301
1,082

1,740
364
1,661

ANNUAL 3
GROWTH
RATE
7.7
17.2
. 16.7
8.4

E

NET.
NEW
MONEY
6,221
26,331
29,335
10,062
-953
498
1,431
1,757
41
1,318

SEASONALLY ADJUSTED

1974 - Apr. ~
May
f
June V
July y
Aug. % i

IT*
Nov. —'

-206
203
444
-82
12
172
260
534

-2.5
2.5
5.5
-1.0
0.1
2.1
3.2
6.6

—

532
947
1,533
579
544
818
1,277
1,738

2.7
4.9
7.8
2.9
2.8
4.1
6.4
8.7

-

326
1,150
1,977
497
556
990
1,537
2,272

NOTES:
1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.
2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources.
3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Souroe:National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




1.2
4.2
7.2
1.8
2.0
3.6
5.5
8.1

--

2

T a b l e 10

2,?-

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

NET C H A N G E

ALL S A V I N G S
MUTUAL
& LOAN
S A V I N G S B K Si
A S S O C I A T I O N S (N Y. S T A T E )

TOTAL

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

1971

- Dec.

17.5

13.8

3.7

.41

.20

.21

1972

- Dec.

24.7

19.8

4.9

.36

.34

.02

1973

- Jan.

25.7

20.6

5.1

.94

.81

.13

Feb.

26.2

21.3

4.9

.49

.63

-.14

Mar.

25.7

20.9

4.8

.54

-

.37

-.17

25.1

20.5

4.6

-

.57

-

.38

-.19

May

24.2

19.7

4.5

-

.88

-

.76

-.12

23.9

19.5

4.4

-

.31

-

.25

-.06

July

23.0

18.7

4.3

-

.85

-

.76

-.09

Aug.

1974

-

Apr.

22.1

17.9

4.2

.87

-.14

Sept.

20.8

16.8

4.0

-1.16

-1.03

-.13

Oct.

19.9

16.0

3.9

-1.04

-

-1.01

-

.87

-.17

Nov.

19.4

1 5 .7

3.7

-

.37

.21

-.16

Dec.

19.5

15.9

3.6

-

.02

.15

-.17

-

.08

• .03

- .11

• 21
.19

.43

-,22

.33

-.14

- Jan.

19.3

15.9

3.4

Feb.

19.6

16.4

3.2

Mar.

19.8

16.7

Apr.

20.0

16.9

3.0

May

18.8

15.9

2.9

-

.99

-

.95

-.04

18.1

15.3

2.8

-

.78

-

.69

-.09
-.06

3.1

.10

.22

-.12

July
Aug.

17.2

14.4

2.8

-

,89

-

.83

16.6

-

.66

-

.67

.01

16.1

13.8
13.4

2.8

Sept.

2.7

Oct.

14.7

12.3

2.4

- .52
-1.36

- .40
-1.06

-.12
-.30

Nov.

14.3

12.0

2.3

-

-

-.10

.42

.32

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^f 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

PERIOD

INTERMEDIATE AND LONG-TERM ISSUES

TOTAL

FHLB

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

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

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

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

1974 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
• Sept.
Oct.
. Nov. p
Dec. p

-671
-695
4424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-431
+545

-756
-657
+450
-4
+992
+2,250
+1,499
. +200
+2,750
+1,599
-250
fl,000

-800
-657

1
I
1
1

——

+530
--

--

+350
4650

--

-150

--

+256
444

--

——

+450

——

-4
+992
+1,500
+1,000
+400
+1,700
+1,499
-250
+500

FNMA & FHLB

FNMA

-—

—

Notes:
Based" on data from the Treasury Survey of Ownership.
1/ Sales of FHLB discount notes began in May 1974.
Digitizedjg/for Preliminary."
FRASER



FHLMC

—

——
--

——

-200
**

+750
4499
—— -

+1,050
+100
——

+500

'

SHORT-TERM
DISCOUNT
NOTES]/

-53
+344
460
-4
+161
+342
+85
-38
-26
+512
+450
4449
+305
+678
+18
+66

-181
-455

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS1

19

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

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS
Not

MSB's

S & L's

INSURANCE F N M A - G N M A '
COMPANIES

Seasonally Adiusted

1970

21,736

16,827

2,462

1,845

1971

41,647

39,259

9,940

3,938

23,919

1,221

2,388

1972

57,637

55,611

16,800

5,377

31,982

1,452

2,026

1973

59,732

56,432

19,600

5,642

26,912

4,278

3,300

2,509

1974

1974

- Apr

10,254

2,348

4,909

5,396

4,992

1,700

285

May

5,502

4,802

1,600

303

2,618

281

700

June

4,955

4,363

1,500

248

2,137

478

592

July

4,231

3,364

900

260

1,735

469

867

Aug

1,000

183

1,578

422

843

65

911

390
545

808

4,869

4,026

Sept.

2,874

2,066

700

Oct.
Nov.

2,419

1,655

45
500
565
400
507
Seasonally Adiusted

.

498

404

475

764
516

560

- Apr

5,537

1,667

328

2,389

593

May

5,317

4,489

1,412

289

2,429

359

June

4,095

3,431

1,281

131

1,499

520

664

July

3,679

2,889

796

217

1,382

494

790

4,977

828

3,130

2,543

741

135

1,260

407

587

Sept.

2,580

1,928
1,945

114
. 96

828

412
533

652

Oct.
Nov.

458
488

944

2,599

654

793

449

449

Aug

501

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the
Government National Mortgage Association.. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether
these groups accounted fo%|»per cent of the net increase estimated for all holders in 1 9 7 3 .

2

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




Table 13

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

2$

MULTFAMILNr
&
COMMERCIAI

QUARTER

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

FAMILY

•

MULTIFAMILY

COMMERCIAI

FARM

NOTES:
1

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association,
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.

2

May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.

3

Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage (Inhtjnmliinml




Table 14

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

PERIOD

TOTAL

PERMITS
1—FAMILY

2-OR MORE
FAMILY

TOTAL

STARTS
1—FAMILY

698
705
1,025
1,186
937

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

1/

COMPLETIONS
MOBILE
1—FAMILY 2-OR MORE
HOME
FAMILY
SHIPMENTS

2-OR 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

1969
1970
1971
1972
1973

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

626
647
928
1,033 ,
882

1973 - July
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

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

1974 - January
February
March
April
May
June
July
Aug.
1
Sept.
Oct.
Nov.
Dec.

1,282
1,325
1,410
1,296
1,120
1,106
1,017
900
823
782
730
802

637
716
761
727
671
674
632
618
577
533
511
482

645
609
649
569
449
432
385
282
246
249219
320

1,464
1,922
1,499
1,630
1,471
1,596
1,338
1,134
1,150
1,109
990
868

793
1,056
962
996
931
1,014
958
812
:
844
777
788
678

671
866
537
634
540
582
380
322
306
332
202
190

1,916
1,891
1,885
1,695
1,677
1,851
1,674
1,505
1,505
1,645
1,620

1,026
1,018
973
883
882
1,092
935
899
882
922
874

890
873
912
812
795
759
739
607
624
722
746

469
449
475
435
451
441
380
370
316
248
218

N°T ES:
?r.iv?.te 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 than half
of the units in the structure are ready for use. Private mobile home shipments are Mobile ^ome Manufactures Assoc.
data converted to seasonally adjusted annual rate by Census Bureau.
JL/Permit data for 1969 and 1970 based on 13,000 areas with permit systems.
FRASER

Digitized for


/

Table 15

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

1

PERIOD
RATE
(IN PER CENT)

HUD(FHA) INSURED LOANS
SECONDARY MARKET
NEW HOMES

1

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

48
05

1972 - High
Low

7.70
7 .55

61
15

7.75
7 .60

66
20

7.57
7 .45

1973 - High
Low

8.95
7.70

107
31

8.95
7.75

107
37

9.18
7 .55

1974 - Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

8.65
8.55
8.60
8.90
9.15
9.25
9.40
9.60
9.80
9.70
9.55
9.45

40
45
- 4
- 8
6
-25
-70
-39
-66
-33
-13
n.a.

8.65
8.60
8.60
8.90
9.15
9.25
9.40
9.60
9.80
9.70
9.60
9.45

40
50
- 4
- 8
6
-25

Oct

Nov
Dec.

|

-39
-66
-33
- 8

130 .
14

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

4.7
3.7

14
06

7 .45
7 .09

9.4
2.2

21
-23

8.36
7.38

__

8.25
8.10
8.64
8.98
9.09
9.50
10.10
9.99
10.46
10.03
9.68

__

8.54
8.66
9.17
9.46
9.46
9.85
10.30
10.38
10.13
9.51

,

44
2
19
37
- L

-25
31
- 8
10

2.3
3 .2
5.1
5.3
5 .3
6.3
5.8
6.3
4.6

1
- 6
-27
-31
-21
-45
-70
-58
-43.

3.8

NOTES:
1

Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.

Rates on conventional first mortgages (excluding additional fees and charges) rre based or» 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.




T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

1973

-

High

551

Low

25

|

(9/3)
(10/15,

AVERAGE
YIELD

ACCEPTED

289
17

(9/3)

AMOUNT
(IN M I L L I O N S O F D O L L A R S )
OFFERED

9.37

(10/15)7.69

(9/17)
(1/8)

%

|

AVERAGE
YIELD

ACCEPTED

171

(8/20)

88

(4/16)

9.68

(9/17)

9

(10/1)

7

(10/1)

7.84

(1/2)

11/26)
1974

- Aug.

Sept.

Oct.

Nov.

Dec.

12

207.9

97.7

10.12

45.8

19.4

10.16

26

309.6

93.0

10.38

59.0

24.9

10.42

9

176.1

98.6

10.59

4 6 .5

30.9

10.71

23

57.2

38.2

10.56

22.1

19.0

10.66

7

46.6

29.7

10.32

26.1

23.3

10.46

21

34.5

26.0

10.11

14.1

12.2

10.27

4

47.8

24.7

9.93

20.4

12.1

10.11

18

25.7

17.6

9.81

20.6

6.8

9.92

2

52.5

23.3

9.61

24.0

12.0

9.80

49.6

43.3

9.52

20.1

18.5

9.72

16

Jan.

30

35.7

31.8

9.47

17.2

10.1

9.59

13

25.3

21.2

9.37

17.9

14.9

9.50

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.