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:;j
Capital
Market
Developments
TS75

I

July 1 4 , 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

TABLES
1-6

SECURITY VOLUME AND YIELDS

SYMBOLS
ESTIMATE
PRELIMINARY

9 — 16

MORTGAGE MARKET




r

REVISED

n.3.

7, 8

STOCK MARKET AND SECURITY CREDIT

e
p

NOT A V A I L A B L E

—

DATA DO NOT EXIST

Table 1

3

YIELDS, VOLUME AND RECEPTION
CORPORATE B O N D MARKET
YIELDS
W E E K ENDING

1975

-

May

NEW I S S U E 1
A a a UTILITY .

VOLUME

RECENTLY
• OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

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

2

9.80

9.69

340

95

10

9

9.65

9.60

1,210

93

80

16

9.54

9.61

1,024

95

55

23

9.61

9.66

825

93

144

90

85

30

9.62

9.70

415

6

9.41

9.53

1,002

98

June

13

8.95

9.22

20

9.07

9.14

27

9.37

4
11

July

4

951

98

13

1,237

93

143

9.41

800

93

197

9.62r

9.30r

220

9.38p

9.37p

750

95
97

58
36

.

MUNICIPAL B O N D M A R K E T
YIELDS
WEEK ENDING

1975

-

May

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

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

2

6.40

6.94

451

87

109

9

6.35

6.86

613

84

130

16

June

6.35

6.88

626

80

190

23

6.50

7.09

641

76

256

30

6,50

7.09

378.

89

166

6

6.35

7.05

680

81

175

13

6.15

6.80

623

91

77

20

6.30

6.93

671

85

121

27

6.30

7.00

537

91

99

4

6.30

6.96

1,705

97

108

11

July

6.33

6.98

357

79

151

NOTES:
1

Fedwal 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 bash 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
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR 4
CONSTANT MATURITY

BOND BUYER
2D-BOND INDEX

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)

6.51 (6/18)
5.69 13/23)

6,.23 (6/23)
4,.97 (10/21)

1972 - High
Low

7 .60 (4/21)
6 .99 (11/24)

7.49 (4/21)
7.15 (12/1)

7.36 (4/28)
7.05 (2/12)

6.19 (4/14)
5.74 (11/17)

6,.54 (4/13)
4,.96 (10/21)

1973 - High
Low

8 .52 (8/10)
7 .29 (1/21)

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

7.77 (8/24)
7:11 (1/5)

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

5,.59 (8/3)
4,.99 (10/11)

1974 - High
Low

10 .61 (10/4)
8 .05 (2/15)

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

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

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

7,.15 (12/12)
5 .16 (2/7)

1975 - High
Low

9 .80 (5/2)
8 .89 (2/7)

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

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

8.41 ( 5 / 2 ) ,
7.63 (2/21)

7 .09 (5/29)
6,.27 (2/13)

6
13
20
27

9.41
8.95
9.07
9.37

9.53
9.22
9.14
9.41

8.73
8.75

8.16
7.95
7.99
8.07

7.05
6.80
6.93
7.00

4
11

9.62r
9.38p

9.30r
9.37p

8.82r
8.85p

8.13r
8.19p

6,
6,i l l

1975

-

June

July

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

PERIOD

GROSS PROCEEDS
1

CORPORATE

2

STATE AND LOCAL

1975

2,687
3,217

2,327
1,962
3,933

2,357
2,322
2,086

2,255
2,003
2,025

1,977
1,515
2,467

April
May
June

3,060
3,164
2,981

2,497
2,543
3,578

2,370
2,786

2,397
2,304
2,166

1,826
1,939
2,152

July
August
September

3,260
2,668
1,620

2,631
1,806
1,915

1,459
1,106
1,701

2,028
1,657
1,750

October
November
December

4,609
3,753
3,505

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

9,232
9,205
7,547
11,867

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

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

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

18,437
25,984
37,851

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

January
February
March

Q1
02
Q3
Q4

5,275
4,531
5,343

15,149

1st Half
3 Qtrs.
Year

1

1974

I

3,328

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




6,765

*

1

1974

|

1973

1973

1975

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

G R O S S PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

I S S U E S INCLUDED
FOREIGN [CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1,307
1,008
743
1,351

2,168
2,276
3,343
3,040

9,201
7,548
11,867
15,149

5,883
5,025
8,611
10,828

1,789
1,227
1,572
2,212

\1,533
1,295
1,684
2,109

115
373
374
1,255

39
310
76
1

2,541
1,887
4,079
6,033

3,189
2,376

1974 - Mar.

3,217

2,020

437

760

21

52

641

1,299

331

947

Apr.
May
June

3,060
3,164
2,981

1,594
2,350
1,939

666
607
516

800
207
526

63
42
10

12
15
12

1,202
862
478

1,131
912
1,147

288
663
356

442
730
1,000

July
Aug.
Sept.

3,260
2,668
1,620

2,086
2,042
897

620
299
308

555
325
415

223
150

205
104
1

1,094
605
188

618
1,079
680

295
364
349

1,254
620
404

Oct.
Nov.
Dec.

4,609
3,753
3,505

3,423
3,016
2,172

355
337
880

831
400
453

175
199

76

728
1,699
1,652

2,109
964
629

475
93
175

1,297
1,000
1,049

1975 - J a n .
Feb.
Mar.

5,275
4,531
5,343

3,657
3,201
3,970

1,028
708
476

590
622

470
610
175

1,848
1,713
2,472

1,269
1,951
1,507

932
107
312

1974

-

II

III
IV

1975 - I

897

NOTES:
1

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

Source: Securities and Exchange Commission.




1

2;',SI

1,226
761
1,053

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
June 30, t h r u J u l y 11, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Delmarva Power & Light Co.
Consumer Power
Consumer Power
E q u i t a b l e Gas Corp.
Burlington Northern I n c .
Delmarva Power & Light Co.
P u b l i c S e r v i c e of Indiana
Montana Power
South Carolina E l e c t r i c & Gas
Union P a c i f i c RR Co.
South Carolina E l e c t r i c & Gas
Ford Motor C r e d i t Co.
Ford Motor C r e d i t Co.
Standard Oil Co. of C a l i f .
J e r s e y C e n t r a l Power & Light
USLIFE Corp.
Southern Railway
N a t i o n a l Starch & Chemical Corp.
Montana Power

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

25.3
75.0
75.0
25.0
15.0
30.0
35.0
39.8
23.4
15.0
25.0
100.0
150.0
300.0
35.0
50.0
15.0
25.0
35.0

Other
World Bank
World Bank

Notes
Notes

200.0
300.0

1980
2000
1995
1990
2005 .
——

1

9.75
11.50
10.50
7.40-9.00
10.88
9.44

—

——

—

1990
1984
1985
2000
2005
1985
1985
1990
2005
2005

8.50
9.38
8.85
9.70
8.75
10.25
9.50
8.50
5.75
9.60

8.70
9.38
8.85
9.73
8.83
10.25
9.50
8.85
5.75
9.60

1985
1980

8.60
8.30

8.60
8.30

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

Baa/ABaa/AA
Aa
A
Aa
—

——

NOTES:
*
Rights offering.




9.75
11.50
10.50
8.75
11.00
9.44

—

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

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

ISSUER

June 30, thru July 11, 1975
2
AMOUNT
TYPE

(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Maryland Dept. of T r a n s p o r t a t i o n
Merriam, Kansas
Merriam, Kansas
Merriam, Kansas
Municipal A s s i s t a n c e Corp., N.Y.
Municipal A s s i s t a n c e Corp., N.Y,
Municipal A s s i s t a n c e Corp., N.Y.
Henrico Co., Va.
Henrico (Co., Va.
Port of P o r t l a n d , Oregon
Delaware, S t a t e of
Massachusetts, S t a t e of
Tucson, Arizona
Forsyth Co., N.C.
Forsyth Co., N.C.
Montgomery Co., Pa.
Anne Arundel Co., Md.
F l o r i d a S t a t e Board of Education
Montgomery, Ala.
Michigan S t a t e H o s p i t a l Fin. Auth.
Michigan S t a t e H o s p i t a l Fin. Auth.
Michigan S t a t e H o s p i t a l F i n . Auth.
Michigan S t a t e H o s p i t a l F i n . Auth.

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

34.0
4.7
6.1
13.2
296.0
209.0
495.0
4.1
7.9
20.7
50.0
450.0
10.0
5.9
4.6
12.0
20.0
37.9
17.0
9.2
5.8
19.9
7.6

2008
1979-1990
1997
2005
1977-1982
1985
1990
1976-1989
1995
1990
1976-1995
1976-1980
1976-1986
1978-1990
2000
1977-1991
1976-2005
1976-1996
1976-2000 1978-1991
1995
2003
2005

7.56

9.19
9.19
9.19
7.22
7.22
9.20
5.86
5.90
6.20
7.93
7.93
5.58
6.28
6.58
6.88
—
—
—

7.50
7.00-8.50
9.00
9.25
6.50-8.25
9.00
9.50
4:50-6.50
7.40
9.00
3.90-6.70
4.75-5.80
4.50-6.30
5.75-7.80
8.00
4.00-6.05
4.20-7.00
4.20-6.80
4.25-7.40
6.50-8.55
8.75
9.25
9.25

A

A
A
A
A
A
Aa
A-l
A-l
A-l
A—1
Aaa
Aa
Aa
A
A
A
A
A

NOTES:
1
2

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.
In case of State and local government securities, G.O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments.

3

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




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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 30, t h r u J u l y 11, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Pennsylvania I n d u s t r i a l Dev. Auth.
Pennsylvania I n d u s t r i a l Dev. Auth.
Beaver Co. I n d u s t r i a l Dev. Auth., Pa.
Beaver Co. I n d u s t r i a l Dev. Auth., Pa.
San Diego Pub. Sch. Bldg. Corp.
San Diego Pub. Sch. Bldg. Corp.
Skowhegan, Maine
Jackson Park H o s p i t a l Foundation, 111.
Jackson Park H o s p i t a l Foundation, 111.
Jackson Park H o s p i t a l Foundation, 111.
Jackson Park H o s p i t a l Foundation, 111.
Ohio, S t a t e of
Ohio, S t a t e of
Houston, Texas
Ohio, S t a t e of

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

26.2
13.8
3.5
10.0
8.3
29.0
24.0
18.9
2.3
2.8
7.4
4.0
7.5
25.0
34.0

1977-1986
1990
1985
2005
1977-1986
2000
,2000 '
1976-2005
1976-1980
1996
2005
1985
2005
1976-2008
1976-1995

7.66
7.66
7.23
7.23

7.20
5.98

5.70-7.50
7.75
7.88
8.88
4.50-6.20
7.25
6.25-7.63
4.40-7.20
5.75-8.45
8.88
9.00
7.88
8.88
4.00-7.35
4.00—6.60

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

'•




\o
"t

TO

Table 6A

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

1

as of July 11, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Texas Commerce Bancshares Inc.
D e t r o i t Edison Co.
Duquesne Light Co.
Arco P i p e l i n e Co.
Bell Tele, of Penna.
Mountain Fuel Supply Co.
C i t i e s Service Co.
Norfolk & Western RR
Arkansas Power & Light
I n t e r s t a t e Power
Arkansas Power & Light
*Iowa Southern U t i l i t i e s Co.
Missouri P a c i f i c RR Co.
Northern I l l i n o i s Pub. Ser. Co.
Citicorp
F i r s t Bank System Inc.
F i r s t Bank System Inc.
Georgia Power Co.
Columbus & Southern Ohio E l e c t r i c
Columbus & Southern Ohio E l e c t r i c
American Broadcasting Co.
Texas Gas Transmission Co.
L o u i s v i l l e & Nashville RR Co.
General Tele. Co. of I l l i n o i s
Baltimore Gas & E l e c t r i c
North American P h i l i p s Corp.
Minnesota Power & Light Co.
Big Three Ind. Inc.
Montgomery Ward & Co., I n c .
Hughes Tool Co.
Armco S t e e l Corp.
Rainier Bancorp
Tucson Gas & E l e c t r i c
New J e r s e y Bell Tele.
Philadelphia Electric
Louisiana Power & Light
Public Service of Indiana
*Kansas City Power & Light

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

50.0
40.0
50.0
200.0
150.0
25.0
150.0
15.0
20.0
15.0
40.0
15.0
15.0
80.0
350.0
50.0
40.0
100.0
40.0
20.0
75.0
40.0
50.0
40.0
60.0
75.0
35.0
50.0
75.0
40.0
100.0
30.0
30.0
175.0
80.0
50.0
80.0
20.0

NOTES:
*

Included in table for first time.

1

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




July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
August
August
August
August
August
August

14
15
15
15
15
15
15
15
16
16
16
17
17
21
22
22
22
23
23
23
23
23
24
24
29
29
31

5
5
6
6
7
7

11

a b l e 6A C o n t i n u e d

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
as of J u l y 11, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
O F DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

*Southwestern E l e c t r i c Power Co.
*Consol Edison Co. of New York
*Wisconsin E l e c t r i c Power Co.
*Northern S t a t e s Power
^Pennsylvania E l e c t r i c Co.
*Portland General E l e c t r i c
*Harnischfeger Corp.
B e l l Telephone Co. of Pennsylvania
Reading & Bates Offshore D r i l l i n g
Co.
A. E. S t a l e y Manufacturing
Schlumberger Ltd.
Georgia Power Co.
Houston Lighting & Power
B a r n e t t Banks of F l a . , Inc.
Ashland Oil I n c .
Emerson E l e c t r i c Co.
F i r s t Mayland Bancorp
Other
A u s t r i a , Republic of
Norway, Kingdom of
*Hydro-Quebec
Montreal, City of




1st
1st
1st
Com
1st
Com
Com
Com

mtge
mtge
mtge
stk
mtge
stk
stk
stk

40.0
80.0
60.0
40.0
45.0
30.0
26.3
65.0

August
August
August
August
- August
August
August
INDEF

Com s t k
Com s t k
Com s t k
Pfd s t k
Com s t k
Notes
Debt
Notes.
Notes

24.6
47.6
171.0
60.0
40.0
50.0
100.0
50.0
25.0

INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

Notes
Notes
Debt
Debt

50.0
100.0
200.0
75.0

July
July
July
July

12
12
13
14
14
21

17
23
29

12

T a b l e 6B

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

1

as of July 11, 1975
ISSUER
STATE & LOCAL

Maricopa Co. A r i z .
Sabine River Auth., Texas
P h i l a d e l p h i a Mun. Hosp. Auth., Pa.
*New York S t a t e Power Auth.
B r a i n t r e e , Mass.
Hampton, Va.
Washington Public Power Supply System
Michigan S t a t e Hsg. Dev. Auth.
^Puerto Rico Highway Auth.
*Alabama Highway Auth.
P h i l a d e l p h i a , Pa.
D e t r o i t City Sch. D i s t . , Mich.
*Red River Auth. of Texas
*New York S t a t e Job Dev. Auth.
Oregon, S t a t e of
^Gainesville, Fla.
T r i n i t y River Auth., Texas
Maryland, S t a t e of
*Clark Co. Sch. D i s t . , Nev.
University of Texas System
^ C a l i f o r n i a , S t a t e of
*Wisconsin, S t a t e of
* I l l i n o i s , S t a t e of
^Pennsylvania, S t a t e of

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

-

Rev
Rev
Rev
Rev
G.O.
G.O.
Rev
Rev
Rev
Rev
G.O.
G.O.
Rev
G.O.
G. 0.
Rev
Rev
G.O.
G.O.
Rev
G.O.
G.O.
G.O.
G.O.

36.6
40.0
27.6
200.0
17.0
12.7
100.0
25.0
50.0
25.0
60.0
18.5
21.0
10.0
15.6
20.7
17.4
155.7
13.0
14.0
50.0
75.0
150.0
180.0

July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
August

NOTES:
1

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

*

Included in the table for thefirsttiitie.




14
15
15
16
16
17
17
17
18
22
22
22
22
22
22
22
23
23
24
24
29
29
31
7

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DA*re
NYSE INDEX

3

|

GJ INDUSTRIALS

AMEX

4

1

NASDAQ

2

TRADING VOLUME
NYSE

|

AMEX

|

NASDAQ

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)
89.12 (12/13)

26.0 (9/20)
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)

1975 - High
Low

50. 85 (6/30)
37. 16 (1/8)

878 99 (6/30)
632 04 (1/2)

95.27 (7/11)
62.20 (1/2)

87.20 (7/11)
60.70 (1/2)

35.2 (2/13)
13.4 (1/20)

4.2 (2/21)
1.5 (1/21)

8 . 1 (2/13)
3 . 6 (1/20)

2
9
16
23
30

47..18
47,.94
47..96
48,.05
48,.46

848..48
850..13
837.,61
831..90
832,.29

84.91
87.39
87.11
87.73
88.68

80.25
82.82
82.44
82.62
83.10

19.9
24.3
24.1
17.9
20.0

2.3
2.8
2.5
2.0
2.7

5.6
7.0
6.4
, 5.8
6.5

June

6
13
20
27

49 .19
48,.20
49 .39
50,. 66

839..64
816..96
855 .44
873,.12

90.69
89.43
91,08
92.94

84.77
83.43
85.24
86.50

24.7
19.0
19.9
22.5

3.4
2.4
2.1
3.1

7.2
6.2
6.0
6.3

July

4
11

50 .45
50 .71

871,.79
871.09

92.60
95.27

86.20
87.20

19.3
22.5

2.6
3.4

6.0
6.3

1975
May

•

NOTES:
1

Figures other then highs end lows ere Frideys only. Highs end lows ere for the year end ere not necessarily for Fridays.

2

Volume figures are weekly everages of deily figures (millions of sheres).

3

12/31/66 - 50

4

Based on everege price change until September 4 , 1 9 7 3 thereafter, based on market value of shares listed.




SECURITY CREDIT

lb

REGULATED MARGIN CREDIT EXTENDED BY
END O F PERIOD

BROKERS ON1
MARGIN
STOCK

B R O K E R S ON %
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
S T O C K CREDIT
AT BANKS

OUTSTANDING

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

5,370
5,260r
5,160r
4,840r
4,590r
4,090r
4,000r
4,040r
3,910r

1975 - Jan.
Feb.
Mar.
Apr.
May

4,030r
4,200r
4,260
4,440
4,780

134
136
134
138

40
-HOr
-100
-320
-250
-500r
-90
40r
-130r

-1
-7

,

179
172
172
158
156
148
145
139
137

1,009
1,020
1,037
1,023
953
924
916
891
856
848
830
844r
824r

1,868
1,858
2,072
2,091
2,119
2,060
2,024
2,053
2,064
1,919
1,897
l,882r
l,885r

CHANGE IN OUTSTANDING

1974 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Doc.
1975 - Jan.
Feb.
Mar.
Apr.
May

120r
170r
60r
180
340

-14
-3
-7
-3
-6
-2

1
11
17
-14
-70
-29
-8
-25
-35

-1
-10
214
19
28
-59
-36
29
11

-3
2
-2
4

-8
-18
14r
-20r

-145
-22
-15r
-3r

—

NOTES:
1

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

2

New York Stock Exchange data.

3

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

4

Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

NET
FLOW
9,621
10,067
4,815
2,909

1971
1972
1973
1974
1974

-

February
March
April
May

1975

February
March
April
May£/

521
1,240
-441
6

1

ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0

——

—

909
2,052
626

__

1,140

—

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

NET
NEW
MONEY

2

SHARE CAPITAL
NET
FLOW

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

27,793
32,567
20,237
16,008

341
308
-645
-182

1,824
4,165
-218
511

708
1,029
395
930

3,297
6,493
2,858
3,891

ANNUAL 3
GROWTH
RATE

2

NET
NEW
MONEY

DEPOSITS
NET
FLOW

19.0
18.7
9.8
7.0

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

37,414
42,634
25,052
18,917

— «*

1,697
1,751
-340

2,345
5,405
-659

* —

——

17.2
16.7
8.4
5.8
- ——
- -

420

517

3,114
3,690

4,206
8,545

—

2,673
3,636

3,484
5,031

—

—

—»

ANNUAL 3
GROWTH
RATE

—

—

NET
NEW
MONEY
26,331
29,335
1.0,062
1,847
2,038
2,059
-985

233

3,822
4,719
3,068
4,616

SEASONALLY ADJUSTED
1975

-

January
February
March
April
May£/

369
715
1,489

4.5
8.7
18.0

867

10.3
15.9

1,349

——

----

2,455
3,057
4,842
3,642
4,337

12.1
14.9
23.3
17.2

20.2

—
-—
—

,

2,824
3,772
6,331
4,509
5,686

NOTES:
1
Regular deposits et mutual saving* banks exclude items such as Christmas dub and certain escrow accounts, which represent a very small part of total deposits.
2

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

3

Annual growth rate for monthly data is the annualized monthly percentage Increase in deposits.

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




9.9
13.1
21.7
15.2

19.0

--

2

16

Table 10

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

OUTSTANDING COMMITMENTS
PERIOD

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BK£5
ASSOCIATIONS (N.Y. STATE])

TOTAL

NET CHANGE
TOTAL

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

1971

- Dec.

17.7

14.0

3.7

.49

.30

.19

1972

- Dec.

25 . 1

20.2

4.9

.56

.55

.01

1973

-

25 . 8
25.8
25.4
24.8
24.0
23.7
23.1

20.8
20.9
20.6
20.2
19.5
19.3
18.8
18.0
17.0
16.1
15.9
16.2

5.0
4.9
4.8
4 .6
4.5
4.4
4.3
4.2
4.0
. 3,9
3.7
3.5

.80
.21
-.43
-.57
-.89
-.21
-.67
-.92
-1.15
-1.06
-.41
.15

.66
.11
-.28

.14
-.10
-.15
-.17
-.12
-.06
-.11
-.17
-.15
-.16
-.15
-.20

1974

-

Jan.
Feb,
Mar.
Apr,
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May

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

—

1975

22.2
21.0
20.0
19.6
19.7
19.3
19.4
19.5
19.7
18.5
18.0
17.3
16.7
16.2
14.9
14.4
14.4

•

.

15.9
16.0
16.4
16.7
15.6
15.1
14.5
13.9
13.5
12.5
12.1
12.2

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

-.40
-.77
-.15
- .56
- .75
-1.00
-.90
-.26
.35
-.33
.13
.33
.30
-1.02
-.54
-.60
-.55
-.43
-1.01
- .44
.14

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

- Jan.

14.4

12.3

2.1

-.04

.06

-.10

Feb.

14.4

12.6

1.8

.05

.30

-.25

Mar.
Apr.

15.2

13.2

2.0

• 71

.60

.11

16.2

14.2

2.0

1.13

1.07

.06

May

16.9

14.8

2.1

.73

.62

.11

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.




1

T a b l e 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS O F DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM I S S U E S
TOTAL

FHLB

FNMA & FHLB

FHLMC

FNMA

'

+530

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
- -

-150

- -

—

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

-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

-800
-657

- —

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

1975 - J a n .
Feb.
Mar.
Apr. p
May p
June p

-242
-659
440
-21
-1,546
252

-5
-254
689
100
-1,265
600

-4
-554
-11
0
-1,265
0

—
—

__
——

Notes:
Based on data from t h e Treasury Survey of Ownership.
1/ Sales of FHLB discount notes began i n May 1974.
jg/ Preliminary.




—

- - —
- - -

-200
- ——

300
0
0
0
0

——

+350
+650
——

+256

SHORT-TERM
DISCOUNT
NOTES!/

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

+1,050
+100
+310
+491

+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454

-1
0
700
100
0
600

-237
-405
-249
-79
-281
-348

+44
+450
—*
- -

+750
+499
—— •

18

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE FNMA-GNMA
COMPANIES

Not Seasonally Adjusted
41,647
57,587

16,827
39,259
55,561

58,372

1970
1971
1972
1973
1974

55,072

21,736

42,748

1974 - Oct.
Nov.
Dec.
1975 - J a n .
Feb.
Mar.
Apr.
May

36,526

2,419

1,655

1,992

1,476
1,082

1,313

862
1,514
1,946
3,268

2,255
1,588
2,333

3,458

2,462

1,845

10,254
23,919

2,348
1,221

4,909
2,388
2,026

5,078

6,222

565
522
595

545
475
729

516
453

66
100
70

428
1,111
1,618

268
403
258

132

2,285
3,185

451

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

5,377
5,642
2,170

31,932

500
400
500

45
79
- 22

100
-100
0
400
300

3,938

25,552
17,578

1,452
4,278

3,300
764

451
74
. 387
190
57

Seasonally Ad lusted
1974

- Oct.
Nov.
Dec.

1975 - J a n .
Feb.

Mar.
Apr.
May

2,847
2,461

1,986
2,614
2,829
2,473

3,519

2,205
1,973
1,456
2,108
2,630
1,912
3,128

533
509
734
447
184

53
384
33

98
67
-102

1,037
985
629

537
412
195

642
488
530

170
242
47
166

1,156
1,648
1,415
2,015
2,770

335
556
397
563

506
199
561
391

181

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
Bank Board. Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the
Government National Mortgage Association. Data for mutual savings banks and for Life insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted for 89 per cent of the net increase estimated for all holders in 1972.

2

Beginning January 1972 data reflect activity in limited amount of conventional mortgages.




Table 13

19

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

2
QUARTER

TOTAL

2t

RESIDENTIAL
TOTAL

1- t o 4 FAMILY

,

MULTIFAMILY

COMMERCIAL

MULTFAMILY
&
COMMERCIAL

FARM

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
IV

58.5
65.3
50.0
38.6

39.5
44.0
35.7
23.7

32.1
37.1
27.5
17.3

7.4
6.8
8.2
6.4

15 .4
17.3
9.0
7.6

22.7
24.1
17.2
14.0

3.6
4.0
5.3
7.3

1975 - I p

34.9

25.8

21.1

4.7

4.2

8.8

4.7

NOTES:
1

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

2

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

3

Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage debt<combmed.




T a b l e 14

\

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF UNITS, SEASONALLY A D J U S T E D ANNUAL RATES

PERMITS
PERIOD

1969
1970
1971
1972
1973
1974
1974 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - J a n .
Feb.
Mar.
Apr.
May

TOTAL

1—FAMILY

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS

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

626
647
928
1,033
882
726

698
705
1,025
1,186
937
419

1,467
1,434
2,052
2,357
2,045
1,338

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

656
621
901
1,048
914
450

1,399
1,418
1,706
1,972
2,005

808
802
1,014
1,143
1,166

592
617
692
828
838

1,017
900
823
782
730
822

632
618
577
533
511
486

385
282
246
249
219
336

1,314
1,156
1,157
1,106
1,017
880

920
826
845
792
802
682

394
330
312
314
215
198

1,655
1,592
1,562
1,627
1,657
1,606

934
919
899
908
893
852

721
674
663
719
763
754

682
714
677
837
909

495
524
503
603
653

187
190
173
234
256

999
1,000
985
986
1,126

7-39
733
775
770
886

260
267
210
216
240

1,535
1,320
1,292
1,173

964
770
721
724

571
550
571
449

413
401
497
576
580

x

.

340
316
252
217
195
195
185
219
199
194

NOTES: P r i v a t e permits ( f o r 14,000 a r e a s with permit systems, excluding farm), s t a r t s , and completions are Census
Bureau d a t a . A dwelling u n i t i s s t a r t e d when excavation b e g i n s . In the case ox 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 are considered completed when more than half of the
u n i t s i n 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 s h i p m e n t s ' a r e Mobile Home Manufacturers Assoc. d a t a
converted to 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.
\ J Permit data f o r 1969 and 1970 based on 13,000 a r e a s with permit systems.




T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

NEW HOMES

SPREAD
(BASIS
POINTS)

NEW HOMES

1
YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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 - High
Low

9.80
8.55

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

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

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

40
45
-4
-8
6
-25
-70
-39
-66
-33
-13
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
-70
-39
-66
-33
—
8

n.a.
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

n.a.

9.51

8.25
8.10
8.64
8.98
9.09
9.50
10.10
9.99
10.46
10.03
9.68

1975 - J a n .
Feb.
Mar.
Apr.
May

9.15
9.05
8.90
9.00
9.05

15
11
-70
-66
-57

9.20
9.05
8.95
9.05
9.10

20
11
-65
-61
-52

8.99
8.84
8.69

-1
-10
-91

n.a.

n.a.

9.16

3.8

-46

-6

3.8
2.6
5 .4

16
21
21
n.a.

5.0

-ii"

9.00
8.94
9.60
9 .66
9 ,*2

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.
(V




Table 16

22

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT-UNDERWRITTEN
DATE O F
AUCTION

AMOUNT
(IN MILLIONS O F DOLLARS)
OFFERED

1974 - High
Low

|

AVERAGE
YIELD

ACCEPTED

CONVENTIONAL
AMOUNT
(IN MILLIONS O F D O L L A R S )
OFFERED

|

AVERAGE
YIELD

ACCEPTED

1155 (3/25) 333 (3/25) 10.59 (9/9) 164 (4/18) 63 (4/8)
10.71 (9/9)
26 (11.18) 18 (11/18) 8.43 (2/25 14 (10/21) 7 (11/18) 8.47 (3/11:

1975 - Jan.

13
27

25.3
41.4

21.2
28.6

9.37
9.12

17.9
11.1

14.9
10.6

9.50
9.39

Feb.

10
24

24.6
36.2

18.1
23.8

8.98
8.87

14.8
20.0

9.1
9.1

9.20
9.04

Mar.

10
24

99.2
460.5

60.1
321.4

8.78
8.85

34.4
60.7

22.1
35.8

8.96
9.00

Apr.

7
21

551.6
470.9

277.2
247.3

8.98
9.13

99.8
79.2

44.6
64.8

9.13
9.26

May

5
19

525.5
165.6

280.4
115.0

9.29
9.25

69.8
46 .4

43.9
38.4

9.43
9.41

June

2
16
30

172.5
73.4
358.7

80.4
38.6
246.9

9 .14
9.06
9.07

51.2
28.5
67.5

27.1
15.7
47.3

9.26
9.21
9.18

1
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 loam, 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 bidden relate to total eligible bids received.




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