View original document

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

Capital
Market
Developments

July 7, 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 OF GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D C. 20551

I

Index

SYMBOLS

TABLES
1 - 6

S E C U R I T Y VOLUME AND Y I E L D S

7, 8

STOCK MARKET AND S E C U R I T Y C R E D I T

9 - 1 6

MORTGAGE MARKET

e
p
r

ESTIMATE
PRELIMINARY
REVISED

n.a.




NOT AVAILABLE

—

DATA DO NOT EXIST

Table 1

3

YIELDS, VOLUME AND RECEPTION
CORPORATE B O N D MARKET
YIELDS
WEEK ENDING

NEW I S S U E 1
A a a UTILITY

VOLUME

RECENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
( $ MILLIONS)

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

NEW I S S U E S 4
IN SYNDICATE
( $ 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
9.41r

1,002
951
1,237
800

98
98
93
93

4
13
143
197

July

4

9.67p

9.45p

220

95

58

MUNICIPAL B O N D MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

B O N D BUYER
20-60ND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

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

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

6.30

6.96

1,705

97

108

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 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 Aaa

3

U . S . GOVT. 2 0 - Y E A R
C O N S T A N T MATURITY

4

B O N D BUYER
2 0 - 8 0 N D INDEX

1971 - High
Low

8.26 (7/30)
7.02 (2/5)

8.23 (1/1)
7 . 1 7 (12/31)

7.71 (8/21)
7,06 ( 2 / 1 2 )

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)

8.52 (8/10)
7.29 (1/21)

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

7.77 ( 8 / 2 4 )
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)

1 0 . 5 2 (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)

9.41
8.95
9.07
9.37

9.53
9.22
9.14
9.41r

8.85
8.76
8.73
8.75r

8.16
7.95
7.99
8.07r

7.05
6.80r
6.93
7.00

9.67p

9.45p

8.81p

8.12p

6.96

\

1973 - High
Low

'

1975 - June

6
13
20
27

July

4

7

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 fiyires. 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

1974

1973

1975

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

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

1975
January
February
March

Q1
Q2
Q3
Q4

I

5,275
4,531
5,343

15,149

1st Half
3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




6,765

1

1974

13,150
17,416
24,238

|

.

^

. 1973

11,876
17,311
23,970

Table 4

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

G R O S S PROCEEDS BY TYPE OF ISSUE

G R O S S PROCEEDS BY TYPE OF ISSUER

BONDS
PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

ISSUES INCLUDED
FOREIGN

CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

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

1,307
1,008
743
1,351

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

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

205
104

1,094
605
188

618
1,079
680

295
364
349

1,254
620
404

4,609
3,753
3,505

3,423
3,016
2,172

355
337
880

831
400
453

175
199

728
1,699
1,652

2,109
964
629

475
93
175

1,297

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

1974 - I I
III
IV
1975 - I

Oct.
Nov.
Dec.
1975

Jan.
Feb.
Mar.

150

NOTES:
1

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

Source: Securities and Exchange Commission.




1

76
1

&

1,000
1,049

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
June 30, thru J u l y
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

4, 1975
MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Delmarva Power & Light Co.
Consumer Power
Consumer Power
Equitable Gas Corp.
Burlington Northern I n c .
Delmarva Power & Light Co.

Com s t k
1 s t mtge
1 s t mtge
1 s t mtge
Equip t r
1 s t mtge

25.3
75.0
75.0
25.0
15.0
30.0

——

—

—

1980
2000
1995
1990
2005

9.75
11.50
10.50
8.75
11.00

9.75
11.50
10.50
7.40-9.00
10.88

NOTES:
•
1

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




——

Baa/ABaa/AA
Aa
A

T a b l e SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
June 30, J u l y
ISSUER

TYPE

2

4, 1975

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Maryland Dept. of Transportation
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 C o . , Va.
Henrico C o . , 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 C o . , N.C.
Forsyth C o . , N.C.
Montgomery Co., Pa.
Anne Arundel Co., Md.

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

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

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

' 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

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

A

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

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.-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 Sank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.




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

1

as of July 4 , 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Montgomery Ward & Co., Inc.
Montana Power
Montana Power
Ford Motor Credit Co.
Ford Motor Credit Co.
Southern Railway
Public S e r v i c e of Indiana
J e r s e y Central Pwr. & Light
USLIFE Corp.
South Carolina E l e c t r i c & Gas
Standard Oil Co. of C a l i f .
National Starch & Chemical Corp.
South Carolina E l e c t r i c & Gas
Union P a c i f i c RR Co.
*Texas Commerce Bancshares Inc.
D e t r o i t Edison Co.
Duquesne Light Co.
B e l l T e l e , of Penna.
Mountain Fuel Supply Co.
C i t i e s S e r v i c e Co.
Norfolk & Western RR
Arkansas Power & Light
I n t e r s t a t e Power
Arkansas Power & Light
Missouri P a c i f i c RR Co.
*Citicorp
* F i r s t Bank System I n c .
* F i r s t Bank System I n c .
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
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 & N a s h v i l l e RR Co.
General T e l e . 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.

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

75.0
40.0
35.0
100.0
125.0
15.0
30.0
35.0
50.0
15.0
300.0
25.0
25.0
15.0
50.0
40.0
50.0
150.0
25.0
150.0
15.0
20.0
15.0
40.0
15.0
300.0
50.0
40.0
100.0
30.0
20.0
40.0
75.0
40.0
50.0
40.0
60.0
75.0

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
July
July
July
July
July
July

7
8
8
8
8
8
9
9
9
10
10
10
10
10
14
15
15
15
15
15
15
16
16
16
17
22
22
22
23
23
23
23
23
23
24
24
29
29

10

T a b l e 6A Continued

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

1

as of July 4, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Minnesota Power & Light Co.
*Big Three Ind. I n c .
Arco P i p e l i n e Co.
Hughes Tool Co.
*Armco S t e e l Corp.
*Rainier Bancorp
*Tucson Gas & E l e c t r i c
*New Jersey B e l l T e l e .
^Philadelphia E l e c t r i c
*Louisiana Power & Light
^Public S e r v i c e of Indiana
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
Barnett Banks of F l a . , Inc.
Ashland Oil Inc.
Emerson E l e c t r i c Co.
F i r s t Maryland Bancorp

1 s t mtge
Com s t k
Notes.
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

35.0
50.0
200.0
40.0
100.0
30.0
30.0
175.0
80.0
50.0
80.0
65.0

July
July
July
July
July
July
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

Other
World Bank
World Bank
*Montreal
*Austria
*Norway

Notes
Notes
Debt
Notes
Notes

200.0
300.0
75.0
50.0
100.0

July
July
July
July
July




31

5
5
6
6
7

9
9
10
17
23

Table 6B

n

11

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
as of July
ISSUER

4, 1975
TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Pennsylvania I n d u s t r i a l Dev. Auth.
Marshall Co., Ky.
Montgomery, Ala.
Nueces Co. Navigation D i s t . , Texas
Ohio, S t a t e of
Beaver Co. I n d u s t r i a l Dev. A u t h . , Pa
Skowhegan, Maine
Florida S t a t e Board of Education
Houston, Texas
San Diego U.S.D. Pub. Sch. Bldg.
Corp., C a l i f .
Ohio, S t a t e of
Gulf Coast Waste D i s p o s a l Auth.,
Texas
Sabine River Auth., Texas
P h i l a d e l p h i a Mun. Hosp. Auth., Pa.
B r a i n t r e e , Mass.
Hampton, Va.
^Washington Public Power Supply
System
Michigan S t a t e Hsq. Dev. Auth.
*Puerto Rico Highway Auth.
* P h i l a d e l p h i a , Pa.
*Detroit City Sch. D i s t . , Mich.
Oregon, S t a t e of
Maryland, S t a t e of
T r i n i t y River Auth., Texas
*University of Texas System

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

35.0
15.0
17.0
18.9
11.5
13.5
24.0
37.9
25.0

July
July
July
July
July
July
July
July
July

7
7
8
8
8
8
8
8
9

Rev
G.O.

35.0
34.0

July
July

9
9

Rev
Rev
Rev
G.O.
G.O.

15.6
40.0
27.6
20.0
12.7

July
July
July
July
July

10
15
15
16
17

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

100.0
25.0
50.0
60.0
18.5
15.6
155.7
17.4
14.0

July
July
July
July
July
July
July
July
July

17
17
18
22
22
22
23
23
24

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.




Table 7

STOCK PRICES AND VOLUME
STOCK PRICES
NYSE INDEX

1973 - High 65.48 ( 1 / 1 1 )
49.12 (12/13)

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

TRADING VOLUME

BJ INDUSTRIALS

130.47 (1/11)
85.26 (12/20)

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

26.0 ( 9 / 2 0 )
9.0 (8/20)

5 . 5 (1/12)
1 . 4 (8/20)

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

1974 - High 53.37 ( 3 / 1 3 )
Low 32.89 ( 1 0 / 3 )

891.66 (3/13)
577.60 (12/6)

1 0 2 . 0 1 (3/14)
5 9 . 1 3 (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 50.85 ( 6 / 3 0 )
Low 37.16 ( 1 / 8 )

878.99 (6/30)
632.04 ( 1 / 2 )

93.46 ( 6 / 3 0 )
62.20 ( 1 / 2 )

87.02 (6/30)
60.70 (1/2)

35.2 (2/13)
13.4 ( 1 / 2 0 )

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

8.1 (2/13)
3.6 (1/20)

4
11
18
25

42.98
44.61
45.75
45.95

747.26
789.50
808.43
811.80

79.01
81.24
83.41
84.18

74.73
76.31
78,08
78.64

14.9
18.3
26.9
21.9

1.8
2.1
3.0
2.5

4.8
5.0
6.8
6.2

2

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

2.5
2.0
2.7

5.6
7.0
6.4
5.8
6.5

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
19.9r
22.5r

3.4
2.4

2.1

7.2
6.2

3.1

6.3

50.45

871.79

92.60

86.20

19.3

2.6

6.0

9

16
23
30

6
13

20
27

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 are weekly averages of daily figures (millions of shares).

3

12/31/66 - 60

4

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




2.8

6.0

Table 8

SECURITY CREDIT

13

REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON %
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

Dec.

5,330
5,370
5,180
5,080
4,760
4,510
4,020
3,930
3,960
3,840

180
179
172
172
158
156
148
145 ;
139
137

1975 - Jan.
Feb.
Mar.
Apr.

3,950
4,130
4,260
4,440

100
40
-190
-100
-320
-250
-490
-90
-30
-120

-14
-3
-7
-3
—6
-2

110
180
. 130
180

-3
2
-2
4

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

1,008
1,009
1,020
1,037
1,023
953
924
916
891
856

1,869
1,868
1,858
2,072
2,091
2,119
2,060
2,024
2,053
2,064

134
136
134
138

848
830
845
n.a.

1,919
1,897
1,848
n.a.

-3
-1
-7

-31
1
. 11
17
-14
-70
-29
-8
-25
-35

26
-1
-10
214
19
28
-59
-36
+29
+11

CHANGE IN OUTSTANDING

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

—

-8
-18
15

-145
-22
-49

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
value.




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

ANNUAL 3
GROWTH
RATE

NET
FLOW

1971
1972
1973
1974

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

1974 - February
March
April
May

521
1,240
-441
6

1975

909
2,052
626
1,140

February
March
April
Mayp/

1

<

13.5
12.4
5.3
3.0

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

__
——
—
—

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0
__
»—

—

——
"* —

NET
NEW
MONEY

2

DEPOSITS
NET
FLOW

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

3,114
3,690
2,673
3,636

4,206
8,545
3,484
5,031

ANNUAL 3
GROWTH
RATE

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
1975 - January
February
March
April
Mayp/

369
715
1,489
867
1,349

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

- —
—
—

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

NOTES:
Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.
1
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

T a b l e 10

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

OUTSTANDING COMMITMENTS
PERIOD

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKS>
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

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
4r.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.
Feb.
Mar.
Apr.
May

14.4
14.4
15.2
16.2

12.3
12.6
13.2
14.2
14.8

2.1
1.8
2.0
2.0

-.04
.05
• 71
1.13

.06
.30
.60

-.10
-.25
. 11

1.07
.62

.06

-

.30

.19

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 dicectly 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.




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

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

FHLB

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 - Jan.
Feb.
Mar.
Apr.
May

-671
-695
4424
+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

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

-242
-659
440
-21
-1,546

-5
-254
689
100
-1,265

-4
-554
-11
0
-1,265

July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - Jan.
Feb.
Mar.
Apr. p
May p

FNMA

+530
- —

—

—~

+350
+650

——

- -

-150

—-

—

—

+256

-800
-657

——

——

Notes:
Based on data from the Treasury Survey of Ownership
1/ Sales of FHLB discount notes be^an in May 1974.
2./ Preliminary.




FHLMC

FNMA & FHLB

+44
——

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

-237
-405
-249
-79
-281

+450
-* —

--

——

——

-200
—
- •»—

300
0
0
0

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

——

——

*• —

SHORT-TERM
DISCOUNT
NOTESj./

+750
+499
—— •

T a b l e 12
17

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS

INSURANCE F N M A - G N M A
COMPANIES

TOTAL

COMMERCIAL
BANKS

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
15,552
17,578

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

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

45
79
22

565
522
595

545
475
729

764
516
453

66
100
70
132

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

268
403
258
451

451
74
387
190
57

MSB's

S & L's

Not S e a s o n a l l y A d j u s t e d
1970
1971
1972
1973
1974

21,736

1974

- Oct.
Nov.
Dec.

2,419
1,992
2,255

1,655
1,476
1,082

500
400
500

1975

- Jan.
Feb.
Mar.
Apr.
May

1,313
1,588
2,333
3,525

862
1,514
1,946
3,468

100
-100
0
600

-

Seasonally Adlusted
1974

1975

- Oct.
Nov.
Dec.

2,847
2,461

-

2,614
2,829
2,473
3,719

Jan.
Feb.
Mar.
Apr.
May

1,986

2,205
1,973
1,456

533
509
734

98
67
-102

1,037
985
629

537
412
195

642
488
530

2,108
2,630

447
184
53
584

170
242
47
166

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

335
556
397
563

506
199
561
391

1,912
3,328

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.




NET INCREASE IN
MORTGAGE DEBT OUTSTANDING 1
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

2
QUARTER

TOTAL

RESIDENTIAL
TOTAL

FAMILY

3
MULTIFAMILY

COMMERCIAL

MULTIFAMILY
&
COMMERCIAL

FARM

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

oo

1968 - I
II
III
IV

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 deb^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 ADJUSTED ANNUAL RATES

PERMITS
PERIOD

TOTAL

1—FAMILY

COMPLETIONS

STARTS

2-OR MORE
FAMILY

TOTAL

1—FAMILY

2-OR MORE
FAMILY

TOTAL

MOBILE

1—FAMILY 2-OR MORE
HOME
FAMILY
SHIPMENTS

1969
1970
1971
1972
1973
1974

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

413
401
497
576
580

1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec. 1

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

340
316
252
217
195
195

682
714
677
837
909

495
524
503
603
653

187
190
173
234
256

999
1,000
985
986
1,126

739
733
775
770
886

260
267
210
216
240

1,535

964
770
721
724

571
550
571
449

185
219
199
194

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

1,320
1,292
.1,173

NOTES: P r i v a t e p e r m i t s ( f o r 1 4 , 0 0 0 a r e a s w i t h p e r m i t s y s t e m s , e x c l u d i n g f a r m ) , s t a r t s , arid c o m p l e t i o n s a r e Census
Bureau d a t a . A d w e l l i n g u n i t i s s t a r t e d when e x c a v a t i o n b e g i n s .
I n t h e c a s e o£ a p a r t m e n t b u i l d i n g s , a l l u n i t s
a r e c o n s i d e r e d s t a r t e d a t t h a t titb6; h o w e v e r , ' a l l s u c h u n i t s a r e c o n s i d e r e d - " c o m p l e t e d when more than h a l f o f t h e
u n i t s i n t h e s t r u c t u r e a r e r e a d y f o r u s e . P r i v a t e m o b i l e home s h i p m e n t s ' ' a r e Mobile Home. M a n u f a c t u r e r s A s s o c . d a t a
c o n v e r t e d t o 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 B u r e a u .
1 / P e r m i t da'r.a f o r 1969 and 1970 b a s e d on 1 3 , 0 0 0 a r e a s w i t h p e r m i t s y s t e m s .




Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY M A R K E T
NEW HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

. HUD(FHA) INSURED L O A N S
SECONDARY MARKET

EXISTING H O M E S
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1

SPREAD
BETWEEN
N E W Aaa
RETURNS ON
NEW HOMES
UTILITY
CONVENTIONAL
1
A N D HUD(FHA)
BOND
YIELD
SPREAD
DISCOUNT
YIELD
NEW HOME
(IN PER CENT)
(BASIS
(PERCENTAGE M O R T G A G E S (IN PER CENT)
POINTS)
POINTS)
(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.
44
2
19
37
-4
-25
31
-8
10
n.a.
n.a.

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

3.8

8.25
8.10
8.64
8.98
9.09
9.50
10.10
9.99
10.46
10.03
9.68

-6

1975 - Jan.
Feb.
Mar.
Apr.

9.15
9.05
8.90
9.00

15
11
-70
-66

9.20
9.05
8.95
9.05

20
11
-65
-61

-1
-10
-91

3.8
2.6
5.4
n.a.

16
21
21

n.a.

8.54
8.66
9.17
9.46
9.46
9.85
10.30
10.38
10.13
n.a.
9.51
8.99
8.84
8.69

9.00
8.94
9.60
9.66

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.




Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

ACCEPTED

10.71 (9/9)
1155 ( 3 / 2 5 ) 333 ( 3 / 2 5 ) 1 0 . 5 9 ( 9 / 9 ) 164 ( 4 / 1 8 ) 63 ( 4 / 8 )
26 ( 1 1 . 1 8 ) 18 ( 1 1 / 1 8 ) 8 . 4 3 ( 2 / 2 5 14 ( 1 0 / 2 1 ) 7 ( 1 1 / 1 8 ) 8 . 4 7 ( 3 / 1 1 )

1974 - High
Low

9.37
9.12

14.9

10.6

9.50
9.39

20.0

9.1
9.1

9.20
9.04

34.4
60.7

22.1
35.8

9.00

8.98
9.13

99.8
79.2

44.6

9.13
9.26

280.4
115.0

9.25

69.8
46 4

43.9
38.4

9.43
9.41

80.4
38.6

9.14
9.06

51.2
28.5

27.1
15.7

9.26
9.21

25.3
41.4

21.2
28.6

24.6
36.2

Mar

99.2
460.5

60.1
321.4

8.78

Apr.

551.6
470.9

277.2
247.3

May

525.5
165.6
172.5
73.4

17.9
11.1

18.1

1975 - Jan
Feb.

June

AVERAGE
YIELD

ACCEPTED

10

2

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