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Capital
Market
Developments

July 2 1 , 1 9 7 5
Prepared by the
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE, A G R I C U L T U R A L , and
CONSUMER F I N A N C E SECTION




DIVISION OF R E S E A R C H AND STATISTICS
BOARD O F GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D . C . 20551

V

/

Index

TABLES

SYMBOLS

1 - 6

SECURITY VOLUME AND Y I E L D S

7, 8

STOCK MARKET AND SECURITY CREDIT

9 — 16

MORTGAGE MARKET

e
ESTIMATE
P
PRELIMINARY
r
REVISED
n.a. NOT AVAILABLE
— DATA DO NOT EXIST




3

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND M A R K E T
YIELDS
WEEK ENDING

NEW ISSUE 1
A a a UTILITY

VOLUME

RECENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY E N D
O F WEEK

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

1975 - May

2
9
16
23
30

9.80
9.65
9.54
9.61
9.62

9.69
9.60
9.61
9.66
9.70

340
1,210
1,024
825
415

95
93
95
93
90

10
80
55
144
85

June

6
13
20
27

9.41
8.95
9.07
9.37

9.53
9.22
9.14
9.41

1,002
951
1,237
800

98
98
93
93

4
13
143
197

July

4
11
18

9.62
9.38
9.52p

9.30
9.45r
9.61p

220
750
875

95
97
98

58
36
74

M U N I C I P A L BOND MARKET
YIELDS
WEEK E N D I N G

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER C E N T
S O L D BY E N D
O F WEEK

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

1975 - May

2
9
16
23
30

6.40
6.35
6.35
6.50
6.50

6.94
6.86
6.88
7.09
7.09

451
613
626
641
378

87
84
80
76
89

109
130
190
256
166

June

6
13
20
27

6.35
6.15
6.30
6.30

7.05
6.80
6.93
7.00

680
623
671
537

81
91
85
91

175
77
121
99

July

4
11
18

6.30
6.33
6.40

6.96
6.98
7.09

1,705
357
604

97
79
88

108
151
111

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price
restrictions sometime during the last four weeks.

3

Estimated by F.R. on the basis of available data.

4

Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE A a a

3

U.S. G O V T . 20-YEAR
CONSTANT MATURITY

4

B O N D BUYER .
2 0 - B Q N D 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 (3/23)

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)

1975 - June

6
13
20
27

9.41
8.95
9.07
9.37

9.53
9.22
9.14
9.41

8.85
8.76
8.73
8.75

8.16
7.95
7.99
8.07

7.05
6.80
6.93
7.00

July

4
11
18

9.62r
9.38
9.52p

9.30r
9.45r
9.61p

8.82
8.84r
8.82p

8.13
8.18r
8.12p

6.96
6.98
7.09

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
weeks.

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U.S. Treasury data.

6

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 M I L L I O N S OF D O L L A R S

G R O S S PROCEEDS

January
March

May
June
July
August
September
October
November
December

15,149

02
03
04
1st Half
3 Qtrs.
Year

3,328
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

2,497
2,543
3,578

2,370
2,786

2,397
2,304
2,166

1,826
1,939
2,152

2,631
1,806
1,915

1,459
1,106
1,701

2,028
1,657
1,750

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

9,232
9,205
7,54.7
11,867

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

1974

|

8,222

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




6,765

1

1974

|

1973

4,609
3,753
3,505

April

Q1

2

S T A T E A N D LOCAL

1975

3,260
2,668
1,620

5,275
4,531
5,343

1

1973

3,060
3,164
2,981

1975
February

i

CORPORATE

PERIOD

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

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

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

G R O S S P R O C E E D S BY TYPE OF I S S U E R

MEMO
ISSUES INCLUDED
FOREIGN [CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

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
3,702
4,727

1,307
1,008
743
1,351

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

2,020

437

760

21

52

641

1,299

331

947

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

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

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 - Jan.
Feb.
Mar.

5,275
4,531
5,343

3,657
3,201
3,970

1,028
708
476

590
622
897

470
610
175

1,848
1,713
2,472

1,269
1,951
1,507

932
107
312

1,226
761
1,053

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

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

1974 - Mar.

3,217

Apr.
May
June

3,060
3,164
2,981

July
Aug.
Sept.
Oct.

1974 - I I
III
IV
1975 - I

—

NOTES:
1

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

Source: Securities and Exchange Commission.




i

1

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
June 30, thru July 18, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

OFFERING
YIELD

COUPON RATE

MOODY'S
RATING

CORPORATE

Delmarva Power & Light Co.
Consumer Power
Consumer Power
Equitable Gas Corp.
Burlington Northern Inc.
Delmarva Power & Light Co.
Public Service 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 Credit Co.
Ford Motor Credit Co.
Standard Oil Co. of C a l i f .
Jersey Central Power & Light
USLIFE Corp.
Southern Railway
National Starch & Chemical Corp.
Montana Power
Arkansas Power & Light
Duquesne Light Co.
D e t r o i t Edison Co.
B e l l Tele, of Penna.

Com stk
1 s t mtge
1 s t mtge
1 s t mtge
Equip tr
1 s t mtge
Pfd stk
Com s t k
Com stk
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
Pfd s t k
Com s t k
Pfd s t k
1st 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
20.3
51.4
50.0
100.0

—
—
——

1990
1984
1985
2000
2005
1985
1985
1990
2005
2005
—
—
—
—
—

2015

NOTES:
•

Rights offering.

1

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




—

—

1980
2000
1995
1990
2005

9.75
11.50
10.50
8.75
11.00
• 9.44

9.75
11.50
10.50
7.40-9.00
10.88
9.44

—

—

—

—

8.50
9.38
8.85
9.70
8.75
10.25
9.50
8. 50 5.75
9.60
10.60

.

8.70
9.38
8.85
9.73
8.83
10.25
9.50
8.85
5.75
9.60
10.45
—

11.00
8.75

11.00
8.80

—

Baa/ABaa/AA
Aa
A
Aa
—
—

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

Baa
Aaa

/

CD
Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 30, thru July 18, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

C O U P O N RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Rainier Bancorp
Mountain Fuel Supply Co.
Norfolk & Western RR
Arco P i p e l i n e Co.
Arkansas Power & Light
Citicorp
Hughes Tool Co.
Missouri P a c i f i c R Co.
R

Notes
Debt
Equip t r
Notes
1st mtge
Conv debt,
SF debt
Equip t r

30.0
25.0
15.0
200.0
40.0
350.0
40.0
15.0

1985 •
2000
1990
1983
2005
2000
2000
1990

- Other
World Bank
World Bank
Austria, Republic of
Montreal, City of

Notes
N(!>tes
Notes
Debt

200.0
300.0
50.0
75.0

1985
1980
1982
1985




9. 50
10. 25
8.,50
8.,38
10.,13
5.,75
9,.00
8,.63
8 .60
8.30
9 .00
9.85

9.50
10.25
7.00-8.80
8.46
10.00
5.75
9.05
7.25-9.00
8.60
8.3U
9.00
9.85

A
A
Aa
Aa
A
NR
A
Aa/A+
Aaa
Aaa
Aaa
A

T a b l e SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
June 30, thru July 18, 1975
2
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

S T A T E AND LOCAL

Maryland Dept. of Transportation
Merriam, Kansas
Merriam, Kansas
Merriam, Kansas
xZ^""
Municipal Assistance Corp., N.Y.
Municipal Assistance Corp., N.Y.
Municipal Assistance Corp., N.Y.
Henrico Co., Va.
Henrico Co., Va.
Port of Portland, Oregon
Delaware, State of
Massachusetts, State of
Tucson, Arizona
Forsyth Co., N.C.
Forsyth Co., N.C.
Montgomery Co., Pa.
Anne Arundel Co., Md.
Florida State Board of Education
Montgomery, Ala.
Michigan State Hospital Fin. Auth.
Michigan S t a t e Hospital Fin. Auth.
Michigan S t a t e Hospital Fin. Auth.
Michigan State Hospital Fin. 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
- —

-V

'

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-l
Aaa
Aa
Aa
A
A
A
A
A

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; Rov.-Q.-Ut., revenue bonds secured only by income from quasi-utllities; 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 Agencie*.




\o

Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 30, thru July 18, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Pennsylvania Industrial Dev. Auth.
Pennsylvania Industrial Dev. Auth.
Beaver Co. Industrial Dev. Auth., Pa.
Beaver Co. Industrial Dev. Auth., Pa.
San Diego Pub. Sch. Bldg. Corp.
San Diego Pub. Sch. Bldg. Corp.
Skowhegan, Maine
Jackson Park Hospital Foundation, 111.
Jickson Park Hospital Foundation, 111.
Jackson Park Hospital Foundation, 111.
Jackson Park Hospital Foundation, 111.
Ohio, State of
Ohio, State of
Houston, Texas
Ohio, State of
Santa Fe, New Mexico
Santa Fe, New Mexico
Santa Fe, New Mexico
Fort Smith, Ark.
New York State Power Auth.
New York S t a t e Power Auth.
Hampton, Va.
Sabine River Auth., Texas
Maricopa Co., Ariz.




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

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
2.3
6.5
2.8
12.2
150.0
50.0
12.7
40.0
11.6

1977-1986
1990
1985
2005
1977-1986
2000
2000
1976-2005
1976-1980
1996
2005
1985
2005
1976-2008
1976-1995
1995
2003
1979-1990
1976-1994
1978
1980
1976-1991
1980-2004
1977-1990

7.66
7.66
w*7.23
7.23
—
——
—

——
——
——

7.20
5.98
9.36
9.36
9.36
7.10
7.61
7.61
6.40
7.12
9.15

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
9.00
9.50
6.50-8.30
4.50-7.25
7.25
7.50
4.30-6.70
5.00-7.45
6.00-8.50

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

A-l/A
Aa
A-1/A+

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, thru July 18, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Maricopa Co., Ariz.
Maricopa Co., Ariz.
Braintree, Mass.
Nueces County Navigation D i s t . #1,
Texas
Tenn. Hsg. Dev. Agency
Tenn. Hsg. Dev. Agency
Puerto Rico Highway Auth.
Puerto Rico Highway Auth.
Puerto Rico Highway Auth.




Rev
Rev
- G.O.

18.5
6.5
17.0

2001
1994
1978-1994

9.15
9.15
6.49

9.25
8.75
4.85-6.90

A-1/A+
A-1/A+
Aa

Rev
Rev
. Rev
Rev
Rev
Rev

18.9
15.3
9.6
2.0
7.6
40.4

2005
1976-1995
2006
1977-1985
1995
2005

7.46
7.69
7.69
9,41
9.41
9.41

7.38
4.75-7.80
7.90
6.50-8.25
9.00
9.40

A/Aa
A-1/A+
A-1/A+
A
A
A

' a o l e 6A

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

1

as of July 18, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE
Texas Commerce Bancshares Inc.
First Bank System Inc.
First Bank System Inc.
Columbus & Southern Ohio Electric
Columbus & Southern Ohio Electric
Northern Illinois Pub. Ser. Co.
American Broadcasting Co.
Cities Service Co.
Northern Indiana Pub. Ser. Co.
Texas Gas Transmission Co.
Louisville & Nashville RR Co.
General Tele. Co. of Illinois
Baltimore Gas & Electric
Ohio Electric Co.
North American Philips Corp.
Georgia Power Co.
Minnesota Power & Light Co.
Big Three Inc. Inc.
Armco Steel Corp.
Interstate Power
Montgomery Ward & Co., Inc.
^Commonwealth Edison Co
Tucson Gas & Electro New Jersey Bell T u_e.
^Southern Nature- Gas Co.
Philadelphia/-.lectric
" Louisiana T;,wer & Light
Kansas C:-'uy Power & Light
Public Service of Indiana
Southwestern Electric Power Co.
Consol. Edison Co. of New York
Wisconsin Electric Power Co.
Northern States Power
Pennsylvania Electric Co.
*Gulf Power Co.
*Dayton Power & Light
^Central Maine Power
Portland General Electric

SF debt
Notes
Conv debt
Com stk
Pfd stk
1st mtge
SF debt
SF debt
1st mtge
Debt
Coll tr
1st mtge
1st mtge
1st mtge
Debt
1st mtge
I 1st mtge
J Com stk
SF debt
Com stk
SF debt
1st mtge
Com stk
Debt
SF debt
1st mtge
1st mtge
Com stk
1st mtge
1st mtge
1st mtge
1st mtge
Com stk
1st mtge
1st mtge
1st mtge
1st mtge
Com stk

50.0
50.0
50.0
40.0
20.0
80.0
100.0
150.0
80.0
40.0
50.0
40.0
60.0
75.0
75.0
100.0
35.0
50.0
100.0
15.0
75.0
125.0
30.0
175.0
60.0
80.0
50.0
20.0
80.0
40.0
80.0
60.0
40.0
45.0
15.0
45.0
25.0
30.0

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
August
August
August
August
Augus t
August
August
August
August
August
August
August
August
August
August
August
August

22
22
22
23

23
23
23
23
23
23
24
24
29
29
29
31
31

4
5
5
6
6
6
7
7
12
12
13
14
14
19
19
20
21

Tai -

CorMnued

13

FORTHCOMING INT^mv ED1ATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

as of July 18, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE O F OFFERING

CORPORATE

*Crocker National Corp.
Harnischfeger Corp.
*Pan American Bancshares
B e l l Telephone Co. of Pennsylvania
Reading & Bates Offshore D r i l l i n g
Co.
Schlumberger Ltd.
Georgia Power Co.
Houston Lighting & Power
Barnett Banks of F l a . , Inc.
Emerson E l e c t r i c Co.
Ashland Oil Inc.
Ashland Oil Inc.
First Maryland Bancorp

Com stk
Com stk
Notes
Com stk

38.0
26.3
20.0
65.0

August
August
August
INDEF

Com stk
Com stk
Pfd stk
Com stk
Notes
Notes
Debt
SF debt
Notes

24.6
171.0
60.0
40.0
50.0
50.0
50.0
50.0
25.0

INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

Other
Norway, Kingdom of
Hydro-Quebec
*European Investment Bank
^European Investment Bank

Notes
Debt
Notes
Notes

100.0
200.0
50.0
50.0

July
July
August
August




Ih

Table 6B

-

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

TYPE

ISSUER

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE O F OFFERING

16.0
25.0
60.0
18.5
21.0
10.0
15.6
20.7
155.7
17.4

July
July
July
July
July
July
July
July
July
July

21
22
22
22
22
22
22
22
23
23

31.4
100.0
13.0
17.3
19.6
50.0
75.0
15.0
150.0
27.6
30.0
11.5
11.0
180.0

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

24
24
24
24
29
29
29
29
30
31

10.0
32.0
650.0
350.0

August
August
August
August

12

STATE & LOCAL

^Portage Co., Ohio
Alabama Highway Auth.

Philadelphia, Pa.

Detroit City Sch. Dist., Mich.
Red River Auth. of Texas
New York State Job Dev. Auth.
Oregon, State of
Gainesville, Fla.
Maryland, State of
"Trinity River Auth., Tex.
"Kncx Co., Knoxville Public Bldg
Authc , Tenn.
Washington Pub. Power Supply System
Clark Co. Sch. Dist., Nev.
university of Texas System
-Niagara Indust. Div. Agency, N.Y„
^'Alexandria, Va.
California, State of
Wisconsin, State of
^Suffolk Co. Water Auth., N.Y.
11inois, State of
1: j-ladelphia Mun. Hosp. Auth., Pa.
*Sciugus, Mass.
-'•"L^ncarster Co., Pa.
Me.
Pennsylvania, State of
*Los Angeles Co. Flood Control Dist.,

Calif.

^Philadelphia Mun. • Hosp. Auth.
^Municipal Assistance Corp., N„Y.
^Municipal Assistance Corp., N.Y.

G.O.
Rev

G.O.
G.Oo

Rev

G.O.
G.O.

Rev

G.O.

Rev
Rev
Rev

G.O.
Rev
Rev

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

G.O.
Rev
Rev

G.O.

Rev

G.O.
G.O.

Rev.
Rev.
Rev.

22.0

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.




4
7

Table 7

STOCK PRICES AND VOLUME
OAn
1973 -

1

STOCK PRICES
N Y S E INDEX

3

|

B J INDUSTRIALS

AMEX

4

1

NASDAQ

2

TRADING VOLUME
NYSE

|

AMEX

|

NASDAQ

65. 48 ( 1 / 1 1 )
49 12 (12/13)

1051. 50 ( 1 / 1 1 )
788. 31 (12/5)

130.47 ( 1 / 1 1 )
85.26 (12/20)

136.84 ( 1 / 1 1 )
89.12 (12/13)

26.0 (9/20)
9. 0 ( 8 / 2 0 )

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

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

53. 37 ( 3 / 1 3 )
32. 89 ( 1 0 / 3 )

891. 66 ( 3 / 1 3 )
577 60 (12/6)

102.01 ( 3 / 1 4 )
59.13 ( 1 2 / 6 )

96.53 ( 3 / 1 5 )
54.87 ( 1 0 / 3 )

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

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

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

Low

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

878 99 ( 6 / 3 0 )
632.04 ( 1 / 2 )

C5.27 ( 7 / 1 1 )
62.20 ( 1 / 2 )

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

35.,2 ( 2 / 1 3 )
13.,4 ( 1 / 2 0 )

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
18

50,.45
50..71
50,.07

871,.79
871..09
862..41

92.60
95.27
95.67

86.20
87.20
87.02

19 .3
22 .5
24 .2

2.6
3.4
3.6

6.0
6.2r
6.7

High

Low
1974 -

High

Low
1975 1975
May

High

NOTES:
1

Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.

2

Volume figures era weekly averages of daily figures (millions of shares).

3 \ 12/31/66 - 5 0
4

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




16

Table 8

SECURITY CREDIT
R E G U L A T E D MARGIN CREDIT E X T E N D E D BY
END OF PERIOD

BROKERS ON 1 BROKERS ON 2
MARGIN
CONVERTIBLE
BONDS
STOCK

BANKS

3

iiKJDcnni ATcn wnidUAnniM
UNntUULAItU NUNMAnUIn
STOCK CREDIT
AT B A N K S

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

179
172
172
158
156
148
145
139
137

1,009
1,020
1,037
1,023
953
924
916
891
856

1,868
1,858
2,072
2,091
2,119
2,060
2,024
2,053
2,064

1975 - Jan.
Feb.
Mar.
Apr.
May
June

4,030r
4,200r
4,260
4,440
4,780
5,070

134
136
134
138
n. a.
n.a.

848
830
844
824
819
n.a.

1,919
1,897
1,882
1,885
1,883
n.a.

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

-1
-7

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

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

—
8
-18
14
-20
-5

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

C H A N G E IN O U T S T A N D I N G

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

120r
170r
60r
180
340
290

-14
-3
-7
-3
-6
-2
-3
2
-2
4

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 f o r all commercial banks based on reports by a reporting
sample, which accounted f o r 6 0 per cent of security credit outstanding at banks on June 30.

4

Nonmargin stocks are those not listed on a national securities exchange and n o t included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans t o 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

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

1971
1972
1973
1974

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

1974 - February
March
April
May

521
1,240
-441
6

February
March
April
Mayp/

909
2,052
626
1,140

1975 - January
February
March
April
May])/

369
715
1,489
867
1,349

1975

1

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0

——
- —

—

NET
NEW
MONEY

SAVINGS & LOAN ASSOCIATIONS

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

NET
NEW
MONEY

2

TOTAL
DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

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

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

—

1,697
1,751
-340
420

2,345
5,405
-659
517
4,206
8,545
3,484
5,031

__

—

3,114
3,690
2,673
3,686

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

9.9
13.1
21.7
15.2
19.0

19.0
18.7
9.8
7.0
— •*
——

17.2
16.7
8.4
5.8
* —
—

——
——

NET
NEW
MONEY

26,331
29,335
10,062
1,847
2,038
2,059
-985
233

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

SEASONALLY ADJUSTED
4.5
8.7
18.0
10.3
15.9

——

—
- -

—

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

12.1
14.9
23.3
17.2
20.2

- -

—
- - -

NOTES:
1

Regular deposits et mutual savings benks exclude items such es Christmas dub and certain escrow accounts, which represent a very small part of total deposits.

2

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

3

Annuel growth rate for monthly deta Is the annualized monthly percentage increase In deposits.

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




——

—
—
- -

2

T a b l e 10

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

OUTSTANDING COMMITMENTS
PERIOD

NET C H A N G E

A L SAVINGS
L

ALL SAVINGS

MTA
UUL
& LOAN
SAVINGS B J5
K
ASSOCIATIONS (N Y. STATE]

TOTAL

TOTAL

& LOAN
ASSOCIATIONS

MUTUAL
SAVINGS BKS
(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 - Jan.
Feb .
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

25.8
25.8
25.4
24.8
24.0
23.7
23.1
22.2
21.0
20.0
19.6
19.7

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
-.40
-.77
- .15
-.56
-.75
-1.00
-.90
-.26
.35

.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.

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

-.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

1975 - Jan.
F eb.
Mar.
Apr .
May

14.4
14.4
15.2
16.2
16.9

12.3
12.6
13.2
14.2
14.8

2.1
1.8
2.0
2.0
2.1

-.04
.05
•71
1.13
.73

.06
.30
.60
1.07
.62

-.10
-.25
. 11
.06
.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.




NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN M I L L I O N S O F D O L L A R S

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE A N D L O N G - T E R M I S S U E S

TOTAL

FHLB

FHLMC

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.
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 - Jan.
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

——




+530
-——
——

-150
—

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

F M & FHLB
N A

FNMA

——

+350
+650
——

+256

+1,050
+100
+310
+491
-1
0
700
100
0
600

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

—

+450

—
—

——

—
—

——

—
—

+750
+499

-200
——
——

300
0
0
0
0

-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454

+44

—
—

SHORT-TERM
DISCOUNT
NOTES]./

—— .

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN M I L L I O N S O F DOLLARS

2

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMl

TOTAL

COMMERCIAL
BANKS

21,736
41,647
57,587
58,372
42,748

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

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

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

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

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

4,909
2,388
2,026
3,300
6,222

1974 - Oct.
Nov.
Dec.

2,419
1,992
2,255

1,655
1,476
1,082

500
400
500

45
79
- 22

565
522
595

545
475
729

764
516
453

1975 - Jan.
Feb.
Mar.
Apr.

1,313
1,588
2,333
3,458

862
1,514
1,946
3,268

100
-100
0
400
300

66
100
70
132
181

428
1,111
1,618
2,285
3,185

268
403
258
451

451
74
387
190
57

1974 - Oct.
Nov.
Dec.

2,847
2,461
1,986

2,205
1,973
1,456

533
509
734

98
67
-102

1,037
985
629

537
412
195

642
488
530

1975 - Jan.
Feb.
Mar.

2,614
2,829
2,473
3,519

2,108
2,630
1,912
3,128

447
184
53
384
33

170
242
47
166
149

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

335
556
397
563

506
199
561
391
181

PERIOD

MSB's

S & Ls

INSURANCE FNMA-GNMA
COMPANIES

Not Seasonally Adjusted
1970
1971
1972
1973
1974
x

May

Seasonally Ad lusted

Apr.

May

NOTES:
1

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




NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED A N N U A L RATES

2
QUARTER

RESIDENTIAL

3

MULTIFAMILY
&
COMMERCIAL

FARM

TOTAL

TOTAL

1968 - I
II
III
IV

28.1
26,4
25.5
29.6

19.4
18.2
17.2
20.4

16.3
15.0
13.6
16.5

3.1
3.2
3.5
3.9

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

1969 - I
II
III
IV

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

19.4
16.8
14.0
13.1

4.4
4.6
4.7
5.4

6.0
5.4
5.3
5.3

10.4
10.1
10.0
10.7

2.2
2.2
1.7
1.4

1970

I
II
III
IV

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

9.4
11.6
15.0
16.2

5 .0
5.2
6,3
6.6

4.8
4.6
5.1
6.8

9.8
9.8
11.5
13.4

1.5
1.5
2.1
2.2

1971 - I
II
III
IV

37.3
47.7
52.3
54.2

27.4
35.5
38.5
41.2

19.4
26.2
28.6
31.3

8.0
9.4
9.9
9.9

7.7
9.8
11.5
10.5

15.7
19.2
21.4
20.4

2.2
2.4
2.3
2.5

1972 - I
II
III
IV

62.8
64.9
65.1
68.3

46.1
47.0
47.1
49.5

37.7
37.4
38.0
40.0

8.4
9.6
9.1
9.5

14.1
15.3
15.3
16.3

22.5
24.9
24.4
25.8

2.6
2.6
2.6
2.5

1973 - I
II
III
IV

83.4
75.6
71.3
57.9

63.1
53.9
51.4
38.3

53.1
44.0
41.8
31.7

10.0
9.9
9.6
6.5

16 .3
17.8
16.3
15.0

26.3 .
27.8
25.9
21.5

4.1
3.8
3.6
4.6

1974 - I
II
III
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

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL

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.




-

,

Table 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
PERIOD

1969
1970
1971
1972
1973
1974
1974

TOTAL

1—FAMILY

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

COMPLETIONS
2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

MOBILE
2-OR

MORE

FAMILY

HOME
SHIPMENTS

1,324
1,352
1,925
2,219
1,820
1,074
-

626
647
906
1,033
882
644

698
705
1,018
1,186
937
431

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

413
401
497
576
580

1,040
928
853
811
770
837

638
626
588
550
534
514

402
302
265
261
236
323

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

340
316
252
217
195
195

508
515
503
603
658

182
186
173
234
254

999
1,000
985
980
1,129

739
733
775
762
886

260
267
210
218
243

. 1,535
1,320
1,305
1,191

964
770
734
744

571
550
571
447

185
219
199
194

May

689
701
677
837
912

June

926

661

265

1,070

862

208

1,220

785

435

224

July
Aug.
Sept.
Oct.

Nov.
Dec .

1975 -

Jan.
Feb.
Mar.
Apr.

NOTES:
Private permits ( f o r 14,000 areas with permit systems, excluding farm), s t a r t s , and completions are Census
Bureau data. A dwelling unit i s started whe«i excavation b e g i n s . In the case o£ apartment b u i l d i n g s , a l l units
are considered started at that timd; however, a l l auch unite are considered completed when more than half of the
u n i t s in the structure are ready for u s e . Private mobile home shipments''are Mobile Home Manufacturers Assoc. data
converted to seasonally adjusted annual rate by Census Bureau.
 for 1969 and 1970 based on 13,000 areas with permit systems.
1/ Permit data



T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

NEW H O M E S

EXISTING HOMES

1

PERIOD
RATE
(IN PER C E N T )

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
BETWEEN
RETURNS ON
NEW Aaa
NEW H O M E S
UTILITY
CONVENTIONAL
1
AND HUD(FHA)
BOND
YIELD
NEW HOME
DISCOUNT
SPREAD
(BASIS
( P E R C E N T A G E M O R T G A G E S (IN PER CENT)
(BASIS
POINTS)
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

SPREAD
(BASIS
POINTS)

1
YIELD
(IN PER C E N T )

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 - Jan.
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.
9.51

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

1
-6
-27
-31
-21
-45
-70
-58
-43
n.a.
—
6

8.25
8.10
8.64
8.98
9.09
9.50
10.10
9.99
10.46
10.03
9.68
n.a.

1975 - Jan.
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
n. a
9.16

-1
-10
-91
n •a
-46'

3.8
3.8
2.6
5 .4
n a
5 !o"

16
21
21
-11

9.00
8.94
9.60
9.66
9.62

NOTES:
1

Gross yield spread is average mortgage returi) 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.




w

T a b l e 16

FNMA AUCTION RESULTS
OME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

D A T E OF
AUCTION

AVERAGE
YIELD

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

AVERAGE
YIELD

ACCEPTED
1974

1155

- High
Low

1975

- Jan.

26
13

27

(3/25)
(11.18)

25.3

333
18

(3/25)
(11/18)

21.2

Mar.

(9/9)

164

8.43

(2/25

14

(4/18)
(10/21)

63
7

(4/8)
(11/18)

10.71
8.47

9.37

17.9

14.9

11.1

10.6

9.39

18.1

8.98

14.8

9.1

9.20

23.8

8.87

20.0

9.1

9.04
8.96

28.6

10

24.6
36.2

10

99.2

60.1

8.78

34.4

22.1

24
Apr^

460.5

321.4

8.85

60.7

35.8

9.00

7

551.6

277.2

8.98

99.8

44.6

9.13

21

June

470.9

247.3

9.13

79.2

64.8

9.26

5

525.5

280.4

9.29

69.8

43.9

9.43

19

May

1 6 5 .6

115.0

9 .25

46

4

38.4

9.41

2

172.5

80.4

16

73.4

38.6

9.06

51.2
28.5

27.1
15.7

9.26
9.21

30
July

(9/9)
(3/11)

9.50

9.12

41.4

24

Feb.

10.59

358.7

246.9

9.07

67.5

47.3

9.18

14

333.2

174.9

9.10

71.4

35.8

9.20

9.14

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 eligible bids received.




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