Full text of H.16 Capital Market Developments : July 19, 1976
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I
Capital
Market
Developments
July 19, 1 9 7 6
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION
DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C 20551
"1,
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 $.50
each. Address requests to Publications Services, Division of Administrative Services, and make payment
remittance payable to the order of the Board of
Governors of the Federal Reserve System in a form
collectible at par in U.S. Currency.
TABLES
1 - 6
SECURITY VOLUME AND YIELDS
7, 8
STOCK MARKET AND SECURITY
CREDIT
9 - 1 6 MORTGAGE MARKET
SYMBOLS
e
ESTIMATE
p
PRELIMINARY
r
REVISED
n.a
NOT AVAILABLE
—
DATA DO NOT EXIST
3
Table 1
YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING
1
VOLUME
7
14
21
28
8.68
8.82
8.82
8.95
RECENTLY 2 '
OFFERED
Aaa UTILITY
8.62
8.78
8.83
8.84
June
4
11
18
25
8.83
8.71
8.69
8.70
8.80
8.76
8.70
8.73
325
731r
472
1,183
98
96
92
70
10
30
25
334
July
2
9
16
8.72
8 . 58r
8.53p
8.67
8 . 57r
8.53p
260
248
515
80
85
87
213
146
139
1976 - May
NEW ISSUE
Aaa UTILITY
GROSS 3
OFFERINGS
($ MILLIONS)
PER CENT
SOLD BY END
OF WEEK
401
147
910
636
89
92
90
87
110
65
70
135
NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)
MUNICIPAL BOND MARKET
VOLUME
YIELDS
WEEK ENDING
GROSS 3
OFFERINGS
($ MILLIONS)
PER CENT
SOLD BY END
OF WEEK
NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)
MOODY'S
NEW ISSUE
Aaa
BOND BUYER
2D-BOND
INDEX
7
14
21
28
5.75
5.85
5.92
6.00
6.71
6.83
6.91
7.03
390
1,050
841
946
73
80
90
78
137
236
175
249
June
4
11
18
25
5.90
5.85
5.83
5.81
6.89
6.86
6.85
6.87
590
773
752
313
87
82
87
76
199
223
201
160
July
2
9
16
5.81
5.75
5.70
6.87
6.78
6.78
532
492
677
74
82
75
204
228
238
1976 - May
NOTES:
1
Federal Reserve series of implied yield on newly issued, Am-rated utility bond with 5-yeer cell 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 lest four weeks.
3
Estimated by F.R. on the bests of available data.
4
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.
Table 2
HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY
DATE
1
RECENTLY OFFERED
A a a UTILITY
2
MOODY'S S E A S O N E D
CORPORATE A a a
3
U . S . GOVT. 20-YEAR 4
CONSTANT MATURITY
BOND BUYER
2Q-BOND INDEX
1972 - High
Low
7.60 ( 4 / 2 1 )
6 . 9 9 (11/24)
7.49 (4/21)
7.15 (12/1)
7.36 ( 4 / 2 8 )
7.05 ( 2 / 1 2 )
6.19 (4/14)
5 . 7 4 (11/17)
6.54 (4/13)
4.96 (10/21)
1973 - High
Low
8.52 (8/10)
7.29 ( 1 / 2 1 )
8.32 (8/10)
7.28 (1/5)
7.77 ( 8 / 2 4 )
7.11 (1/5)
7.79 ( 8 / 1 0 )
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 . 3 9 (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 / 2 8 )
9.01 (5/2)
8.57 ( 2 / 2 8 )
8.63 (9/19)
7.63 ( 2 / 2 1 )
7.67 ( 1 0 / 3 )
6.27 (2/13)
1976 - High
Low
8.95 (5/28)
8.38 (4/23)
9.10 (1/2)
8.44 (4/16)
8.66 ( 5 / 2 8 )
8.36 ( 4 / 2 3 )
8.17 ( 5 / 2 8 )
7.80 (4 y 23)
7.29 ( 1 / 2 )
6.54 (4/16)
June
4
11
18
25
8.83
8.71
8.69
8.70
8.8Q
8.76
8.70
8.74r
8.63
8.63
8.62
8.60
8.08
8.04
8.02
7.99
6.89
6.86
6.85
6.87
July
2
9
16
8.72
8,58r
8.53p
8.67
8.57r
8.53p
8.63
8.57r
8.53p
8.02r
7.98
7.95p
6.87
6.78
6.78
l
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
LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS
GROSS PROCEEDS
11
CORPORATE
PERIOD
1976
5,384
4,528
5,378
3,328
2,687
3,217
2,344
2,679
3,321
' 2,361
2,387
2,135
2,255
2,003
2,025
April
May
4,294
5,798
5,615
3,060
3,164
2,981
2,354
2,406
2,900
3,064
2,397
2,304
2,166
July
August
September
4,327
2,398
2,834
3,248
2,667
1,617
3,580
2,783
2,159
1,459
1,106
1,701
October
November
December
4,707
4,070
4,305
4,609
3,739
3,511
2,323
2,381
2,052
2,860
2,483
1,479
15,290
15,707
9,559
13,082
9,232
9,205
7,532
11,859
6,883
8,370
8,522
6,756
6,283
6,867
4,266
6,822
30,997
40,556
53,638
18,437
25,969
37,828
15,253
23,775
30,531
13,150
17,416
24,238
Q1
02
03
04
1st Half
3 Qtrs.
Year
.
|
2
1976
3,297
3,764
1975
STATE AND LOCAL
1974
January
February
March
|
8,344
1
1975
>
NOTES:
1
Securities ant1 Exchange Commission estimates of gross proceeds.
2
Securities Industry Association estimates of principal amounts.
T
1974
Table 4
NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS
GROSS PROCEEDS BY TYPE OF ISSUER
GROSS PROCEEDS BY TYPE OF ISSUE
COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK
BONDS
PUBLICLY
OFFERED
ISSUES INCLUDED
FOREIGN
CONVERTIBLE
MANUFACTURING
PUBLIC
UTILITY
COMMUNICATIONS
OTHER
ISSUERS
15,290
15,707
9., 559
13,082
10,849
10,510
5,428
5,816
2,350
1,595
2,076
4,136
2,091
3,602
2,054
3,131
1,,255
1,,035
1,,225
1,,902
1
656
463
215
6,077
6,699
2,450
3,468
4,735
4,407
3,324
3,421
1,,382
1,,190
679
1 ,215
3,099
3,412
3,105
4,979
1976 r- Feb.
Mar.
4,528
5,378
3,201
3,971
705
510
622
897
610
175
__
—
1,675
2,479
1,957
1,507
127
317
771
1,076
Apr.
May
4,294
5,798
5,615
2,771
3,796
3,943
423
502
670
1,100
1,500
1,002
135
475
425
130
315
211
1,731
2,650
2,318
1,380
1,549
1,478
415
413
362
767
1,188
1,457
July
Augi
Sept ;
4,327
2,398
2,834
2,658
1,356
1,414
1,014
479
583
654
563
837
925
425
——
•—
300
38
1,120
711
619
1,039
1,024
1,261
270
112
297
1,897
551
657
Oct.
Nov.
Dec.
4,707
4,070
4,305
2,389
1,666
1,761
771
1,617
1,748
1,547
787
797
102
825
975
61
154
952
1,103
1,414
1,247
1,272
902
928
55
232
1,581
1,640
1,758
2,189
2,142
538
695
570
927
605
335
121
15
1,020
1,139
1,087
789
16
171
1,175
1,664
1975
I
II
III
IV
1976 - J a n .
Feb.
3,297
3,764
NOTES:
1
Other Issuers we extractive, railroad and other transportation, reel
Source: Securities and Exchange Commission.
and finance, and commercial and other.
Table 5A
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
June 2 8 , t h r u J u l y 16 1976
ISSUER
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
Pfd s t k
Pfd s t k
Pfd s t k
Debt
Notes
SF d e b t
SF d e b t
Notes
1 s t mtge
1 s t mtge
1 s t mtge
SF d e b t
Notes
1 s t mtge
Debt
Notes
Com s t k
Com s t k
Pfd s t k
Pfd stk
Com s t k
SF d e b t
1 s t mtge
Notes
SF d e b t
Notes
1 s t mtge
50.0
25.0
50.4
25.0
20.0
75.0
65.0
25.0
50.0
60.0
60.0
40.0
25.0
50.0
60.0
40.0
55.5
53.5
20.8
30.0
27.0
50.0
100.0
100.0
100.0
50.0
45.0
MATURITY
COUPON RATE
OFFERING
YIELD
MOODY'S
RATING
10.25
9.50
10.08
10.13
10.50
9.40
8.98
10.19
9.95
8.75
9.75
9.55
9.10
8.70
8.82
8.55
Ba/BBf
CORPORATE
Western Union T e l e g . Co.
I d a h o Power Co.
G e o r g i a Power
W a l t e r E. H e l l e r & Co.
W a l t e r E . H e l l e r & Co.
R e p u b l i c of Texas C o r p .
A. E . S t a l e y Manuf. Co.
C r e d i t h r i f t F i n . Corp.
G e o r g i a Power
W i s c o n s i n E l e c t . & Pwr. Co.
Consumer Power Co.
Southwest B a n c s h a r e s I n c .
F i r s t N a t i o n a l Bank i n A t l a n t a
N o r t h e r n I l l i n o i s Gas
Eaton Corp.
Eaton C r e d i t Corp.
D e t r o i t Edison
N i a g a r a Mohawk Power C o r p .
Brooklyn Union Gas Co.
Oklahoma Gas & E l e c t r i c
San Diego Gas & E l e c t r i c
American S t o r e s Co.
I l l i n o i s Power Co.
Rockwell I n t e r n a t i o n a l C o r p .
Rockwell I n t e r n a t i o n a l Corp.
B r a n i f f Airways
San Diego Gas & E l e c t r i c Co.
<— •*
1991
1986
2001
2001
2006
2006
2006
2006
2001
1984
2001
2001
1984
10.25
9.50
10.08
10.13
10.50
9.38
8.88
10.13
9.88
8.75
9.75
9.38
9.00
8.75
8.75
8.50
- -
- -
- -
- -
- -
—
- -
—
9.88
8.74
9.50
8.74
9.38
8.63
8.90
9.38
10.00
10.00
9.43
8.67
8.90
9.38
10.00
10.00
- -
2001
2006
1986
1996
1986
2006
— **
——
Baa/BBB
Ba/BB
A/AA
A
-/BBB
Baa/BBB
Aa
Baa/AA/A+
- -
Aa
A
A
- -
—
A/BBB
Aa/AA
A/BBB4Aa
Baa/A
Baa/A
Baa/BB
Baa/BBB
Table 5A Continued
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 28, t h r u J u l y 1 6 , 1976
ISSUER
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
COUPON RATE
OFFERING
YIELD
MOODY'S
RATING
CORPORATE
Gambles C r e d i t Corp.
Other
World Bank
World Bank
World Bank
Toronto
Toronto
J a p a n Development Bank
Norway
I n t e r - A m e r i c a n Dev. Bank
Notes
Notes
Notes
Bonds
SF d e b t
Debt
Notes
Notes
Debt
60.0
250.0
250.0
250.0
65.0
25.0
100.0
100.0
100.0
1986
1981
1986
2001
1996
1986
1981
1981
2001
9.38
8.00
8.38
8.85
9.25
8.50
9.00
8.25
8.75
9.45
8.00
8.38
8.85
9.25
8.55
9.10
8.25
8.84
-/A
Aaa
Aaa
Aaa
Aaa/AA
Aaa/AA
Aaa
Aaa
Aaa
Table 5 B
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
June 28, t h r u J u l y 1 6 , 1976
ISSUER
'
TYPE
2
AMOUNT
(MILLIONS OF
DOLLARS)
MATURITY
3.1
19.9
10.0
15.5
22.4
14.6
25.9
5.0
10.0
10.8
21.4
17.6
40.0
18.2
12.8
7.3
12.7
13.0
44.0
4.7
15.3
60.0
66.0
1981-1986
1989-2005
2006
1976-2004
1976-2011
1976-2014
1978-1998
1978-1994
2006
1981-1990
2000
2005
1978-1993
1979-1991
1996
1977-1995
2008
1977-1996
1976-2003
1981-1991
2005
1978-1999
1977-1988
NET INTEREST
COST
OFFERING
YIELD
MOODY'S
RATING
STATE AND LOCAL
Cape C o r a l , F l a .
Cape C o r a l , F l a .
Washoe C o . , Nev.
S o u t h f i e l d B l d g . A u t h . , Mich.
Bensalem Tp. A u t h . , P a .
Bensalem Tp. A u t h . , P a .
C l e v e l a n d , Ohio
Industry Civic-Rec.-Indust. Auth., Cal.
Industry Civic-Rec.-Indust. Auth., Cal.
C a l i f o r n i a T o l l B r i d g e Auth.
C a l i f o r n i a T o l l B r i d g e Auth.
C a l i f o r n i a T o l l B r i d g e Auth.
A l a s k a , S t a t e of
I l l i n o i s H e a l t h F a c . Auth.
I l l i n o i s H e a l t h F a c . Auth.
C o n n e c t i c u t Hsg. F i n a n c e Auth.
C o n n e c t i c u t Hsg. F i n a n c e Auth.
C l a r k C o . , Nev.
R o c h e s t e r , N.Y.
O l i v e r C o . , N.D.
O l i v e r C o . , N.D.
San A n t o n i o , Texas
Rhode I s l a n d Hsg. & Mtg. F i n . Corp.
G.O.
G.O.
Rev
Rev
Rev
Rev
G.O.
Rev
Rev
Rev
Rev
Rev
G.O.
Rev
Rev
Rev
Rev
Rev
G.O.
Rev
Rev
Rev
Rev
6.58
6.58
——
6.73
——
——
7.34
7.50
7.50
6.75
6.75
6.75
5.80
7.13
7.13
6.96
6.96
6.98
5.70
8.25
8.25
6.17
6.34
5.40-6.10
6.10-6.60
7.92
3.50-7.00
3.25-6.63
3.75-7.00
4.75-7.70
5.00-7.25
7.37
5.00-6.10
6.75
6.85
4.10-6.65
4.75-7.00
7.38
4.00-6.70
7.00
4.25-7.20
3.00-6.40
6.00-7.50
8.25
3.70-6.60
4.50-6.60
__
Baa
Aa
Aaa
A
A
A
A
A
A
A
A-l
Aa
Aa
Aa
Aa
A
Aaa
Baa
Baa
Aa
A-l
NOTES:
1
Includes only state and local security offerings of $10 million and over; excludes secondary offerings.
2
In case of State and local government securities, G O denotes general obligation; Rev. Ut., revenue obligations secured only by income from public utilities; Rev.-d-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.
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 28, t h r u J u l y 16,1976
ISSUER
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
NET INTEREST
COST
OFFERING
YIELD
MOODY'S
RATING
STATE AND LOCAL
P o r t Auth. of New York & New J e r s e y
New Haven, Conn,
G e o r g i a , S t a t e of
Univ. of Texas System
G. Chicago M e t r o . S a n i t a r y D i s t . , 111.
M i n n e s o t a , S t a t e of
B u r l i n g t o n , Iowa
B u r l i n g t o n , Iowa
Michigan S t a t e Hsg. Dev. Auth.
Michigan S t a t e Hsg. Dev. Auth.
I b e r v i l l e P a r . , La.
I b e r v i l l e P a r . , La.
P e n n s y l v a n i a I n d u s t . Dev. Auth.
P e n n s y l v a n i a I n d u s t . Dev. Auht.
C o n n e c t i c u t H e a l t h & Educ. F a c . Auth.
C o n n e c t i c u t H e a l t h & Educ. F a c . Auth.
C o n n e c t i c u t H e a l t h & Educ. F a c . Auth.
Wausau, Wise.
Wausau, Wise.
Wausau, Wise.
Beaver Co. I n d u s t . Dev. A u t h . , P a .
I n d i a n a Co. I n d u s t . Dev. A u t h . , P a .
Nueces R i v e r A u t h . , Texas
S a l t R i v e r A g r i c . Improv. & Power
D i s t . , Ariz.
S a l t R i v e r A g r i c . Improv. & Power
D i s t . , Ariz.
S a l t R i v e r A g r i c . Improv. & Power
D i s t . , Ariz.
Rev
G.O.
G.O.
Rev
G.O.
G.O.
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
100.0
19.5
26.4
16.0
40.0
62.0
4.4
14.4
2.2
12.8
24.0
1.0
20.0
12.5
7.5
3.3
8.9
8.8
2.0
16.2
14.0
12.0
30.0
2011
1978-1996
1977-1996
1977-1996
1978-1996
1977-1996
1980-1991
2006
1977-1996
2019
2006
2006
1979-1986
1991
1980-1991
1996
2009
1980-1994
1996
2006
2006
2006
2006
8.27
5.96
5.22
5.07
6.13
5.10
7.92
7.92
Rev
8.3
1982-1999
Rev
9.1
Rev
22.6
7.97
7.83
7.47
8.20
4.30-6.60
3.10-5.70
3.00-5.75
4.00-7.00
3.20-5.60
5 . 5 0 - 7 . 4 0'
7.88
4.25-7.30
7.75
7.00
7.00
4.90-6.50
7.15
5.25-7.50
7.75
7.88
5.00-7.50
7.75
8.00
7.88
7.75
7.40
A
Aa
Aaa
Aaa
Aa
Aaa
A
A
A-l
A-l
A
A
A
A
A-l
A-l
A-l
A
A
A
Baa
A
A
6.70
4.50-6.35
Aa
——
——
6.92
6.92
—
- - - ——
- -
2006
6.70
6.63
Aa
2016
6.70
6.75
Aa
T a b l e 5B C o n t i n u e d
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 28, t h r u J u l y 16, 1976
ISSUER
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
60.0
13.9
30.0
25.0
15.4
40.0
37.0
33.0
6.2
10.8
15.5
2006
1977-1993
1979-1991
1977-1996
2007
1977-1996
1978
1977-1997
1980-1996
2007
1978-1996
NET INTEREST
COST
OFFERING
YIELD
MOODY'S
RATING
STATE AND LOCAL
Gulf Coast Waste Disposal Auth., Tex.
Neenah, Wise.
Chicago, 111,
Tennessee Housing Dev. Agency
Tennessee Housing Dev. Agency
Montgomery Co., Md.
Minnesota Higher Educ. Coord. Bd.
Florida State Bd. of Education
Maricopa Co., Ariz.
Maricopa Co., Ariz,
Fairbanks North Star Boro., Alaska
Rev
G.O.
G.O.
Rev
Rev
G.O.
Rev
G.O.
Rev
Rev
G.O.
—
5.20
6.02
6.93
6.93
5.17
5.25
5.54
7.90
7.90
6.63
6.20
3,, 4 0 - 5 . 8 0
4., 3 0 - 6 . 4 0
4,. 0 0 - 6 . 9 0
7.10
3.. 2 5 - 6 . 0 0
4.75
3.. 2 0 - 5 . 9 0
5,. 5 0 - 7 . 6 3
7.88
—
Aaa
Aa
Aa
A-l
A-l
Aaa
Aa
Aa
A
A
A
12
Table 6A
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
as of J u l y 16, 1976
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
CORPORATE
New York S t a t e E l e c t r i c & Gas
Ohio Edison Co.
*Kansas Gas & E l e c t r i c Co.
D e t r o i t Edison Co.
Aetna B u s i n e s s C r e d i t I n c .
Aetna B u s i n e s s C r e d i t I n c .
Nevada Power
Long I s l a n d L i g h t i n g
P h i l a d e l p h i a E l e c t r i c Co.
New England Gas & E l e c t r i c
Consumers Powers
* S c o t t Paper Co.
Commercial C r e d i t Co.
R e l i a n c e Group I n c .
Fruehauf Corp.
P a c i f i c Gas & E l e c t r i c Co.
P u b l i c S e r v i c e E l e c t r i c & Gas
* N a t u r a l Gas P i p e l i n e
* V i r g i n i a N a t i o n a l Bankshares I n c .
*Jones & L a u g h l i n S t e e l Corp.
* N a t i o n a l S t e e l Corp.
* I n t e r n a t ' 1 . Paper Co.
S o u t h e r n Union Co.
Union E l e c t r i c
Western Union T e l e .
Abbott L a b o r a t o r i e s
I l l i n o i s B e l l T e l . Co.
U nited I l l u m i n a t i n g
A r i z o n a Pub. Svc. Co.
Com s t k
1 s t mtge
Pfd s t k
1 s t mtge
Notes
Notes
Pfd s t k
Com s t k ( r t s )
1 s t mtge
Pfd s t k
Pfd stk
Com s t k
Notes
Pfd stk
Debt
1 s t mtge
1 s t mtge
1 s t mtge
Notes
1 s t mtge
1 s t mtge
Com s t k
SF d e b t
1 s t mtge
SF d e b t
Com s t k
Debt
Pfd stk
Com s t k
Other
Banque F r a n c o i s e du Commerce
Exterieur
Newfoundland, P r o v i n c e of
*Asian Development Bank
Gtr n o t e s
SF d e b t
Notes
75.0
50.0
75.0
SF d e b t
20.0
Postponed
Ohio A-T-0 I n c .
50.0
60.0
20.0
50.0
20.0
20.0
15.0
80.0
100.0
20.0
40.0
70.0
50.0
50.0
50.0
175.0
60.0
50.0
30.0
75.0
150.0
160.0
25.0
70.0
25.0
81.0
175.0
15.0
40.0
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
August
August
August
August
August
August
August
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
20
20
21
21
26
26
27
27
28
29
3
3
10
July
20
July
21
August
13
Table 6B
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
a s of J u l y 16, 1976
TYPE
ISSUER
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
STATE & LOCAL
j o l i e t , 111.
P e k i n , 111.
Lawrenceburg, I n d .
Phoenix, Ariz.
Phoenix, Ariz.
T e x a s , S t a t e of
E r i e Co. Water A u t h . , N'.Y.
N a s h v i l l e & Davidson Co. Metro Govt.
Tenn.
Chelan Co. Pub. U t i l i t y D i s t . # 1
Wash.
plaquemine, La.
^Colorado Hsg. F i n a n c e Auth.
^ P i t t s b u r g h , Pa.
Hamilton C o . , Ohio
New York, S t a t e of
P o r t l a n d , Oregon
^Nebraska P u b l i c Power D i s t .
P i n e l l a s Co., Fla.
*Sayre Boro. H o s p i t a l A u t h . , P a .
*Sayre Boro. H o s p i t a l A u t h . , P a .
San Ramon Sch. D i s t . Educ. F a c .
Corp., C a l .
•^Houston, Texas
T r i n i t y R i v e r A u t h . , Texas
*Ber keley C o . , S.C.
^ P o r t s m o u t h , Va.
* F l o r i d a , S t a t e of
*Alaska Hsg. F i n a n c e Corp.
^ S u f f o l k C o . , N.Y.
*Ramsey C o . , Minn.
C i n c i n n a t i , Ohio
Univ. of Kansas C o l l . of H l t h . &
Hosp.
^Maryland D e p t . of T r a n s p o r t a t i o n
*Beaver Co. I n d u s t . Dev. A u t h . , P a .
Rev
Rev
Rev
Rev
G.O,
G. 0«
Rev
Rev
25.0
25.0
25.0
10.0
25.0
40.0
20.0
July
July
July
July
July
July
July
15.8
July
20
Rev
Rev
Rev
G.O.
Rev
G.O.
Rev
Rev
Rev
Rev
Rev,
10.0
14.5
30.0
10.3
58.5
45.0
10.0
102.0
31.2
23.7
17.5
July
July
July
July
July
July
July
July
July
July
July
20
20
21
21
21
21
21
22
22
26
26
Rev
G.O.
Rev
Rev
G.O.
Rev
Rev
G.O.
G.O.
G.O.
11.0
35.0
14.0
18.0
10.0
30.0
20.0
125.0
14.0
18.6
July
July
July
July
July
July
July
July
August
August
27
28
28
29
29
29
30
22.0
50.0
45.0
August
August
August
4
10
10
Rev
Rev
Rev
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 the first time.
19
19
19
20
20
20
20
4
4
14
Table SB 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 16, 1976
ISSUER
TYPE
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
STATE & LOCAL
*La C r o s s e , Wise.
*Oregon, S t a t e of
^ P e n n s y l v a n i a , S t a t e of
G. 0 •
G.O.
G. 0.
19.8
150.0
130.0
August
August
August
11
17
19
Table 7
STOCK PRICES AND VOLUME
STOCK PRICES
NYSE INDEX
3
|
TRADMG VOLUME
B J INDUSTRIALS*
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 )
85.26 (12/20)
1974 - High
Low
53.37 (3/13)
32.89 (10/3)
891.66 ( 3 / 1 3 )
577.60 (12/6)
102.01 (3/14)
58.26 (12/9)
96. 53 ( 3 / 1 5 )
54.,87 ( 1 0 / 3 )
1975 - High
Low
51.24 (7/15)
37.16 (1/8)
881.81 (7/15)
632.04 (1/2)
96.86 (7/15)
62.20 (1/2)
1976 - High
Low
55.15 (3/24)
48.04 (1/2)
1,011,02 (4/21)
858.71 (1/2)
Hay
7
14
21
28
54.26
54.01
53.96
53.31
June
4
11
18
25
July
2
9
16
136. 84 ( 1 / 1 1 ) 2 6 . 0 ( 9 / 2 0 )
89. 12 ( 1 2 / 1 3 ) 9 . 0 ( 8 / 2 0 )
5.5 (1/12)
1.4 (8/20)
11.3 (1/11)
3.5 (8/27)
24.9 (1/3)
7.5 (7/5)
4.4 (1/3)
.9 ( 9 / 2 6 )
7.5 (1/3)
2.8 (7/5)
88. 00 ( 7 / 1 5 )
60.,70 ( 1 / 2 )
35.2 (2/13)
8.7 (9/15)
4.2 (2/21)
1 . 1 (9/15)
8 . 1 (2/13)
2.5 (9/15)
105.30 ( 3 / 1 1 )
84.31 d / 2 )
92,,09 ( 2 / 2 5 )
78,,06 ( 1 / 2 )
44.5 (2/20)
10.3 (1/2)
8.6 (2/20)
1.1 (1/2)
11.1 (2/20)
3.5 (1/2)
996.22
992.60
990.75
975.23
102.91
104.81
104.76
103.16
90 .02
89 ,78
89,.39
88 .04
16.3
19.7
18.4.
16.9
2.0
2.4
2.1.
2.0
5.8
6.3
5.9,
5.7
52.78
53.73
55.29
55.35
963.90
978.80
1,001.80
999.84
102.20
102.77
104.89
105.06
87 .75
87,.71
90.,05
90,.05
16.2
16.3
22.3
19.x
1,0
2.1
2.2
2.1
5.1
5.4
6.7
6.0
55.57
56.06
55.94
999.84
1,003.11
993.21
105.17
106.57
106.02
90,.88
91.,48
92,,40
19.8
20. Or
23.9
2.3
2. l r
2.5
5,8
6.2r
6.9
NOTES:
1
2
end tows ere Frldeys only. Highs end lows ere for the yeer end ere not necessarily for Fridays,
Fipin
of dally figures (millions of sheres).
Volume fifwes ere weekly
3
12/31/66 - B0
II September 4,1973 thereeftn, based on market value of sheres listed.
16
Table 8
SECURITY CREDIT
R E G U L A T E D MARGIN CREDIT EXTENDED BY
END O F PERIOD
BROKERS ON 1 BROKERS ON 2
MARGIN
CONVERTIBLE
BONDS
STOCK
BANKS
3
1U|fclDC/t|
e n NklAIJAJ
N n b u U L| |AATTc D
U N M AAKDf*
u i NIkl
STOCK CREDIT
AT BANKS
OUTSTANDING
1975 - May
July
Aug.
Sept.
Oct.
Nov
Dec.
1976 - J a n .
Feb.
Mar.
Apr.
May
4,700
4,990
5,300
5,220
5,250
5,300
5,370
5,390
140
146
143
142
145
144
146
147
819
844
820
832
852
1,007
1,008
960
1,883
2,434
2,387
2,457
2,520
2,311
2,270
2,281
5,420
5,950
6,410
6,690
6,940
146
153
162
163
161
1,000
1,037
1,042
2,321
2,333
2,355
340
290
310
-80
30
50
70
20
2
6
-3
-1
3
-1
2
1
-5
25
-24
12
20
155
1
-48
-2
551
-47
70
63
-209
-41
11
30
530
460
280
250
-1
7
9
1
-2
40
37
5
40
12
22
n.a.
n.a.
C H A N G E IN OUTSTANDING
1975 - May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1976 - J a n .
Feb.
Mar.
Apr.
May
NOTES:
1
Margin account debt as reported by the New York Stock Exchange, excluding eredit for subscriptioni issues and convertible bonds.
2
New York Stock Exchange data.
3
June data for banks are universe totals; all other daita for banks represent estimate* for all commercial banks based on reports by a reporting
sample, wrhich accounted for 60 |wr cent of securit i credit outstanding at banks o
4
Nonmargin stocks are those not 1isted on a national securities exchange and not iniduded on the Board of Governors of the Federal Reserve
System's list of OTC margin stod ts. At banks, loans to purchase or carry nonmanH" stocks are unregulated; at brokers, such stocks have no
4
Table 9
SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS
REGULAR DEPOSITS
NET
FLOW
9,621
10,067
4,815
2,909
11,070
1971
1972
1973
1974
1975
1975 - September
October
November
December
1976
January
February
March
April p
1975 - J a n u a r y
February
March
April
May
ANNUAL 3|
GROWTH
RATE
13.5
12.4
5.3
3.0
11.3
785
348
765
1,394
—
—
1,037
1,017
2,029
586
—
405
713
1,149
955
1,295
- —
—
—
TOTAL
SAVINGS & LOAN ASSOCIATIONS
MUTUAL SAVINGS BANKS
SHARE CAPITAL
NET
NEW
MONEY
NET
FLOW
5,378
5,451
-442
-2,822
4,757
27,793
32,567
20,237
16,053
43,118
-338
131
549
114
810
787
866
352
4.9
8.7
13.8
11.4
15.3
ANNUAL 3
GROWTH
RATE
NET
NEW
MONEY
DEPOSITS
NET
FLOW
26,331
29,335
10,062
1,846
34,033
37,414
42,634
25,052
18,962
54,188
3,698
2,264
2,246
4,332
631
2,086
2,072
968
4,483
2,612
3,011
5,726
293
2,217
2.621
1,082
5,375
3,946
>,072
2,805
5,ioa
3 >719
3.687
2,583
6,412
4,963
9,101
3,391
5,916
4,497
4, 553
3,935
SEASONAL
2,351
3,005
3,864
3,712
4,237
ADJUSTED
11.5
14.6
18.6
17.6
19.8
2,756
3,718
5,013
4,667
5,532
1
Regular deposits at mutual savings banks exclude items such es Christmas club end certain escrow accounts, which represent a very small part of total deposits.
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
Annuel yowth rate for monthly date is the annualized monthly percentage increase in deposits.
17.2
16.7
8.4
5.8
15.9
NET
NEW
MONEY
20,653
23,884
10,507
4,668
29,276
19.0
18.7
9.8
7.0
17.7
2
aburoe: National Association of Mutual Savings Banks end Federal Home Loan Bank Board.
ANNUAL 3
GROWTH
RATE
9.6
12.9
17.2
15.8
18.5
Table 9
SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
M MILLIONS OF DOLLARS
MUTUAL SAVINGS BANKS
DATE
REGULAR DEPOSITS
NET
FLOW
1975
1976
June
July
August
September
October
November
December
1,369
1,190
1,044
802
731
772
633
January
February
March
April p
1,039
796
1,018
917
ANNUAL 3
GROWTH
RATE
16.0
NET
NEW
MONEY
SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL
NET
FLOW
DEPOSITS
NET
FLOW
ANNUAL 3
GROWTH
RATE
5,764
5,964
4,977
4,484
4,065
3,897
3,559
19.0
19.3
15.9
14.1
7.0
20.2
21.5
17.4
16.1
14.4
13.3
12.3
11.4
8.7
11.0
9.8
4,232
3,658
4,078
3,676
17.7
15.0
16,5
14.7
5,271
4,454
5,096
4,593
15.9
13.3
15.0
13.4
8.2
8.6
and i n t a n t Data for SSL's are for insured —socistioiu only,
s w a t h rale for monthly data is the
mcreese in
e National Aesodetion of Mutual Serin* Benks end Federal Home Loan Bank Board.
NET
NEW
MONEY
4,395
4,774
3,933
3,682
3,334
3,125
2.926
13.7
11.9
9.0
NOTES:
1
Rapilar dqmits at mutual savin* banks exclude h u m such es Christmas dub and certain escrow
2
3
ANNUAL
GROWTH
RATE
represent e very smell pert of total deposits.
96 per cent of h
12.6
12.0
10.8
NET
NEW
MONEY
19
Table 10
MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
NET CHANGE
OUTSTANDING COMMITMENTS
PERIOD
TOTAL
ALL SAVINGS
MUTUAL
SAVINGS BKS>
& LOAN
ASSOCIATIONS (N Y. STATE)
TOTAL
ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKS
ASSOCIATIONS (N Y. STATE)
1972 - Dec.
25.2
20.3
4.9
.45
.43
.02
1973 - Dec.
19.9
16.4
3.5
.04
.21
-.17
- -
1974 - Dec.
14.6
12.4
2.2
.09
-.09
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
14.6
14.5
15.0
16.2
16.8
17.0
17.9
19.1
20.0
20.1
20.4
20.4
12.5
12.6
13.0
14.2
14.7
14.9
15.9
,16.9
17.9
18.0
18.4
18.5
2.1
1.9
2.0
2.0
2.1
2.1
2.1
2.2
2.1
2.1
2.0
2.0
-.03
-.01
.50
1.18
.55
.25
.92
1.21
.90
.01
.35
.04
.08
.14
.39
1.17
.49
.21
.94
1.10
.96
.07
.42
.08
-.11
-.24
.11
.01
.06
.04
-.02
.11
-.06
-.06
-.07
.04
1976 - J a n .
Feb.
Mar.
Apr.
20.5
21.1
21.5
21.9
22.5
18.5
19.2
19.4
19.7
20.2
2.0
1.9
2.1
2.2
2.3
.06
.61
.48
.38
.48
.02
.67
.27
.29
.44
.04
-.06
.21
.09
.04
May
v
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.
20
T a b l e 11
NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS
PERIOD
TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES
LUnU' 1 t n m
INTEF
TOTAL
E+ILB
FHLMC
FNMA
+530
1973 - J u l y
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 - 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
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
-242
-659
+440
0
-1,568
+330
+236
-398
215
587
152
669
-5
-254
+ 689
+69
-1,279
+600
+300
-700
100
850
200
600
-4
-554
-11
-30
-1,279
0
0
-700
0
+150
0
-1
0
+ 700
+ 100
0
+ 600
+ 300
0
100
700
0
0
200
0
600
1976 -
-197
-1,160
447
131
-946
-101
0
-800
-100
700
-600
-200
0
-1,100
0
0
-600
0
0
200
0
0
0
Jan.
Feb.
Mar.
Apr.
May
June p
.
-4
+992
+1,500
+1,000
+400
+1,700
+1,499
-217
+470
Notes:
Based on d a t a from t h e T r e a s u r y Survey of Ownership.
1 / S a l e s of FHLB d i s c o u n t n o t e s began i n May 1974.
£/ preliminary.
+350
+650
-150
+256
+44
+450
+750
+499
-200
+ 300
0
-1
0
0
0
0
0
0
+1,050
+100
+310
+491
0
0
300
-300
700
0
-200
SHORT-TERM
DISCOUNT
NOTES I . '
-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454
-237
-405
-249
-69
-289
-270
-64
302
115
-263
-48
69
-197
-360
-547
-569
-346
99
21
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 S e a s o n a l l y A d j u s t e d
41,647
57,587
58,372
42,748
42,475
39,259
55,561
55,072
36,526
37,636
9,940
16.800
19,600
11.700
2,900
3,938
5,377
5,642
2,172
2,236
23,919
31,932
25,552
17,560
29,400
1,221
1,452
4,278
5,078
3,100
2,388
2,026
3,300
6,222
4,839
1975 - O c t .
Nov.
Dec.
4,781
3,284
4,413
4,132
2,918
3,754
900
500
600
226
200
272
2,996
2,323
2,774
210
195
508
649
366
658
1976 - J a n .
Feb.
Mar.
Apr.
May
June
2,451
3,534
4,490
4,659
1,802
3,270
5,330
5,088
300
600
900
900
1,100
87
106
123
309
1,378
2,416
4,069
4,171
4,028
37
148
238
-292
410
264
-840
-429
-534
1975 - O c t .
Nov.
Dec.
5,353
4,265
5,189
4,842
3,910
4,454
923
614
877
273
214
200
3,490
2,949
3,360
156
133
17
511
355
735
1976 - J a n .
Feb.
Mar.
Apr.
May
June
3,682
4,748
4,678
4,280
3,196
4,333
5,364
4,535
687
962
987
762
826
184
249
119
301
2,189
2,848
3,844
3,771 .
3,228
145
274
414
-299
486
415
-686
-255
-343
1971
1972
1973
1974
1975
S e a s o n a l l y Ad l u s t e d
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 83 per cent of the net increase estimated for all holders in 1974.
2
Beginning January 1972 data reflect activity in limited amount of conventional mortgages.
Table 13
NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES4
3
RESIDENTIAL
QUARTER
TOTAL
T0TAL
[
FAMILY
MULTIFAMILY
COMMERCIAL
MULTFAMLY
&
COMMERCIAL
FARM
1969 - I
II
III
IV
31.7
28.9
25.7
25.4
23.3
21.3
18.7
18.0
18.9
16.7
14.0
12.2
4.4
4.7
4.7
5.7
6.2
5.3
5.3
6.0
10.6
10.0
10.0
11.7
2.2
2.2
1.8
1.4
1970 - I
II
III
IV
20.7
22.7
28.4
32.5
15.7
16.7
21.2
23.4
11.1
11.5
14.9
17.1
4.6
5.2
6.3
6.3
3.5
4.5
5.1
7.0
8.1
9.7
11.4
13.2
1.5
1.5
2.1
2.2
1971 - I
II
III
IV
37.2
46.7
52.1
56.3
27.4
34.9
38.1
43.1
18.7
25.6
28.4
33.6
8.7
9.4
9.7
9.5
7.6
9.4
11.6
10.8
16.3
18.7
21.4
20.4
2.2
2.4
2.3
2 4
1972 - I
II
III
IV
62.8
61.7
63.9
72.1
47.7
45.5
46.2
51.5
38.0
35.8
37.4
42.6
9.7
9.7
8.8
8.9
12.4
13.7
15.1
18.2
22.1
23.3
23.9
27.1
2.6
2.6
2.7
2.4
f
:
(
|
1973 - I
II
III
IV
83.4
72.4
70.6
61.4
59.7
50.4
48.9
39.5
51.1
39.6
40.1
32.6
8.7
10.8
8.8
6.9
19.7
18.0
18.1
18.0
28.3
28.8
26.9
24.9
4.1
3.9
3.7
3.9
f
%
%
18.9
18.6
14.3
11.3
27.2
25.0
20.0
15.6
3.6
4.8
i
5
-9
5.7
i
,
9.1
9.7
13.9
14. 8
10.8
10.6
15.3
14.8
5.1
4.3
4.4
!
k
I
>
f
i
i
1974 - I
II
III
IV
60.2
62.3
52.0
43.0
37.7
38.9
31.8
25.9
29.4
32.4
26.1
21.6
8.3
6.5
5.7
4.3
1975 - I
II
III
IV
35.4
45.7
58.2
69.8
21.1
31.7
39.9
49.9
19.4
30.9
38.6
49.9
1.7
0.9
1.4
*—
1976 - I
71.5
54.0
49.9
4.1
- -
12.0
'
5.4
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.
Digitized for
4 FRASER
D a t a r e v i s e d A p r i l 12
* Less t h a n . 0 5 .
!
j
|
|
due t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s .
|
{•
:*
*
j:
S
i
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 O F 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
PERIOD
TOTAL
1—FAMILY
COMPLETIONS
STARTS
2 - O R MORE
FAMILY
TOTAL
1 —FAMILY
2 - O R MORE
FAMILY
1969
1970
1971
1972
1973
1974
1975
1,324
1,352
1,925
2,219
1,820
1,074
924
626
647
906
1,033
882
644
668
698
705
1,018
1,186
937
431
257
1,467
1,434
2,052
2,357
2,045
1,388
1,161
811
813
1,151
1,309
1,132
888
893
656
621
901
1,048
914
450
269
1975 - J a n .
Feb.
Mar.
Apr.
May
689
701
677
837
912
949
1,042
995
1,095
1,079
1,085
1,028
508
515
503
603
658
679
711
732
779
769
787
766
182
186
173
234
254
270
331
263
316
310
298
262
1,005
953
986
982
1,085
1,080
1,207
1,264
1,304
1,431
1,381
1,283
748
722
763
774
853
874
916
979
966
1,093
1,048
962
257
231
223
208
232
206
291
285
338
338
333
321
1,120
1,134
1,134
1,095
1,158
828
850
827
813
821
292
284
307
282
337
1,236
1,547
1,417
1,381
1,415
957
1,295
1,110
1,063
1,057
279
252
307
318
358
July
Aug.
Sept.
Oct.
Nov.
Dec.
1976 - J a n .
Feb.
Mar.
Apr.
May
i
!
TOTAL
|
!
i
1 —FAMILY
MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS
1,399
1,418
1,706
1,972
2,014
1,692
1,296
808
802
1,014
1,143
1,174
932
866
592
617
692
828
840
760
430
413
401
497
576
567
329
216
1,547
1,350
1,314
1,244
1,269
1,202
1,261
1,267
1,315
1,H5
3,386
1,329
959
793
757
782
827
808
882
880
969
738
992
993
588
557
557
462
442
394
379
387
346
377
394
336
190
221
193
190
209
201
213
225
228
235
230
224
1,213
1,299
1,393
1,262
926
953
1,024
981
287
346
369
281
263
287
244
237
261
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 than half of the units in the structure are ready for use. Private mobi'«
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1
Permit
data for 1969 and 1970 based on 13,000 areas with permit systems
^
T a b l e 15
4>
AVERAGE RATES AND YIELDS ON HOME MORTGAGES
EXISTING H O M E S
NEW H O M E S
1
1
PERIOD
RATE
(IN PER CENT)
SPREAD
(BASIS
POINTS)
RATE
(IN PER CENT)
SPREAD
BETWEEN
NEW A a a
E
T U R N S ON
R
NEW H O M E S
UTILITY
CONVENTIONAL
1
BOND
AND HUD(FHA)
DISCOUNT
YIELD
SPREAD
NEW HOME
(BASIS
(PERCENTAGE M O R T G A G E S (IN PER CENT)
POINTS)
(BASIS
POINTS)
POINTS)
HUD(FHA) INSURED L O A N S
S E C O N D A R Y MARKET
CONVENTIONAL L O A N S
PRIMARY MARKET
SPREAD
(BASIS
POINTS)
YIELD
(IN PER CENT)
1974 - High
Low
9.80
8.55
45
-70
9.80
8.60
50
-70
10.38
8.54
44
-25
6.3
2.3
1
-70
10.46
8.10
1975 - High
Low
9.25
8.90
15
-70
9.30
8.95
20
-65
9.74
8.69
31
-91
6.2
2.4
21
-49
9.70
8.94
1975 - O c t .
Nov.
Dec.
9.25
9.20
9.15
3
n. a.
n.a.
9.30
9.25
9.20
8
n.a.
n.a.
9.53
9.41
9.32
31
n.a.
n.a.
4.0
3.1
2.4
-28
-21
-17
9.22
n.a.
n.a.
1976 - J a n .
Feb.
Mar.
Apr.
May
June
9.05
9.00
8.95
8.90
9.00
9.05
39
42
42
32
5
35
9.10
9.05
9.00
8.95
9.05
9.10
44
47
47
37
10
40
9.06
9.04
n.a.
8.82
9.03
9.05
40
46
n.a.
24
8
35
2.4
2.2
- 1
- 4
2.5
4.1
4.2
8
- 3
0
8.66
8.58
8.53
8 .58
8.95
8.70
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.
25
Table 16
FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT UNDERWRITTEN
AMOUNT
INEX
(IN MILLIONS OF DOLLARS)
DATE O F
AUCTION
OFFERED
|
AVERAGE
YIELD
(IN MILLIONS OF DOLLARS)
rtPFFRED
|
ACCEPTED
ACCEPTED^
100 ( 4 / 7 )
51 ( 4 / 2 1 )
643 ( 8 / 2 5 ) 366 ( 8 / 1 1 ) 9 . 9 5 ( 9 / 2 2 ) 10 (10/20) 9 ( 2 / 1 0 )
25 ( 2 / 1 0 ) 18 (2/10) 8 . 7 8 ( 2 / 1 0 )
1975 - High
Low
AVERAGE
YIELD
10.02 ( 9 / 2 2 )
8.96 (3/10)
1975 - O c t .
6
20
198.5
43.2
143.0
23.2
9.95
9.65
27.5
9.7
23.5
9.2
10.02
9.81
Nov.
3
17
69.8
293.1
41.7
180.6
9.32
9.33
19.6
68.6
15.2
34.6
9.54
9.40
Dec.
1
15
29
255.9
287.1
95.3
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
1976 - J a n .
12
26
58.4
103.9
31.5
57.7
9.13
9.07
42.7
33.4
32.1
24.7
9.28
9.22
Feb.
9
23
252.2
126.9
179.9
81.2
9.07
9.04
57.8
44.0
36.9
23.3
9.17
9.14
Mar.
8
22
299.9
146.3
171.9
121.6
9.06
9.03
75.4
46.2
45.0
33.7
9.15
9.13
Apr.
5
19
106.2
132.1
56.2
60.1
8.94
8.83
56.4
55.3
31.8
33.4
9.05
9.00
May
4
17
483.3
634.3*
222.3
321.4
8.94
9.13
110.7
128.8
60.1
68.9
9.09
9.24
June
1
14
28
349.5
146.6
261.2
224.7
98.8
157.5
9.20
9.14
9.12
131.4
77.3
93.6
90.5
70.3
59.2
9.31
9.30
9.31
July
12
148.3
88.4
9.05
90.7
82.0
9.27
Sa£55=55sSff2«SSSSSE5s=L
offered by bidden relate to total eligible bids received.
@FedFRASER