Full text of H.16 Capital Market Developments : June 21, 1976

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Cap®
Marl<et
Developments

June 2 1 , 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

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 S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE MARKET

SYMBOLS
e

ESTIMATE

p
r

PRELIMINARY
REVISED

li.a.

NOT AVAILABLE

—

DATA DO NOT EXIST

3
Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1976 - Apr.

NEW ISSUE
Aaa UTILITY

VOLUME

RECENTLY 2 '
OFFERED
Aaa UTILITY

|
1

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

8.42
8.38
8.58

8.54
8.50
8.44
8.54
8.57

345
252
390
1,157
387

96
98
96
89
85

46
10
41
98
151

7
14
21
28

8.68
8.82
8.82
8.95

8.62
8.78
8.83
8.84

401
147
910
636

89
92
90
87

110
65
70
135

4
11
18

8.83
8.7lr
8.69p

8.80
8.76r
8.72p

325
728
472

98
96
92

2
9
16
23
30

May

June

8.60

3
GROSS
OFFERINGS
($ MILLIONS)

——

10
30
§0p

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1976 - Apr.

NOTES:

MOODY'S
NEW ISSUE

BOND BUYER
2D-BOND
INDEX

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

2
9
16
23
30

5.77
5.74
5.63
5.63
5.63

6.69
6.65
6.54
6.55
6.55

490
502
514
543
523

82
78
93
85
84

134
158
97
139
136

May

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

5.90
5.85
5.83

6.89
6.86
6.85

590
773
752

87
82
87

199
223
201

'

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 A a a

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 - B 0 N D INDEX

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 / 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)

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)

8.63 (9/19)
7.63 (2/21)

7.67 (10/3)
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 (5/28)
8.36 (4/23)

8.17 (5/28)
7.80 (4/23)

7.29 (1/2)
6.54 (4/16)

7
14
21
28

8.68
8.82
8.82
8.95

8.62
8.78
8.83
8.84

8.48
8.56
8.62
8.66

8.03
8.15
8.16
8.17

6.71
6.83
6.91
7.03

4

8.83
8.71r
8.69p

8.80
8.76r
8.72p

8.63
8.63
8.62p

8.08
,8.04r
8.02p

6.89
6.86

1976 - May

June

11

18

6.85

NOTES:
1

Federal Reserve eerie* of implied yield on newly issued, Aaa-""ed utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on oompe.. .ively 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.

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

G R O S S PROCEEDS
|

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
June

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

01
02
03

;

°<

*

1st Half
3 Qtrs.
Year

.

1975

|

2

1976

3,297
3,764

|

STATE AND LOCAL

1974

January
February
March

1

1

CORPORATE

f
t

i

l
i

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities industry Association estimates of principal amounts.




8,344

1

1975

1

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
PERIOD

1975 -

1976

1976

-

-

I
II
III
IV

1

BONDS
TOTAL

PUBLICLY
OFFERED

MEMO
COMMON
MANUFACAND
ISSUES INCLUDED
PRIVATELY
PREFERRED
TURING
PLACED
FOREIGN [CONVERTIBLE
STOCK
2,350
1,255
1
2,091
6,077
1,595
1,035
656
6,699
3,602
1,225
463
2,076
2,450
2,054
3,131
1,902
215
3,468
4,136

OTHER
ISSUERS

PUBLIC
UTILITY

COMMUNICATIONS

4,735
4,407
3,324
3,421

1,382
1,190
679
1,215

3,099
3,412

15,290
15,707
9,559
13,082

10,849
10,510
5,428
5,816

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
June

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
Aug.
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

102
825
975

61

1,748

1,547
787
797

154

952
1,103
1,414

1,247
1,272
902

928
55
232

1,581
1,640
1,758

Jan.

3,297
3,764

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

Feb.

'—

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




—

3,105
4,979

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
June 1, t h r u June 18, 1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

N a t i o n a l Mine Svc. Co.
P u b l i c S e r v i c e New Mexico
N o r t h e r n S t a t e s Power Co.
Arkansas L o u i s i a n a Gas
P e n n s y l v a n i a E l e c t . Co.
F l o r i d a Power & L i g h t
Browning F e r r i s I n d u s t r i e s
Masco Corp.
P e n n s y l v a n i a P&L
C e n t r a l I l l i n o i s Pub#Svc, Co.
New York T e l e .
General Motors Accept. Corp.
G e n e r a l Motors Accept. Corp.
Kerr-McGee Corp.
Northwest p i p e l i n e Corp.
G e n e r a l T e l e , of Ohio
B e n e f i c i a l Corp.
C h r y s l e r F i n . Corp.
UT C r e d i t Corp.
R o c h e s t e r Gas & E l e c t .
Chesapeake & Ohio Ry
Potomac Edison

Com s t k
Pfd s t k
Com s t k
1 s t mtge
1 s t mtge
1 s t mtge
Notes
Debt
Pfd s t k
Com s t k
1 s t mtge
Debt
Notes
SF d e b t
SF d e b t
1 s t mtge
Debt
Notes
Notes
1 s t mtge
Equip t r
1 s t mtge

15.1
20.0
48.0
25.0
60.0
125.0
40.0
75.0
75.0
31.3
200.0
200.0
100.0
125.0
35.0
40.0
150.0
125.0
50.0
50.0
15.0
25.0

—
—

1996
2006
2006
1996
2001
——
——

2016
2001
1986
2006
2001
2006
2001
1981
1986
2006
1977-1991
2006

NOTES:
*
1

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




9.16

9.16

9.30
9.75
9.38
10.25
8.88
9.24

9.30
9.85
9.22
10.25
8.93
9.24

——

——

8.63
8.75
8.13
8.50
10.25
9.00
8.00
10.00
8.63
9.25
8.25
9.25

m
m «*

8.68
8.78
8.16
8.57
10.25
9.07
8.00
10.00
8.70
9.15
8.25
9.25

A/A+
A/BBB
A
Baa/BBB
A
A/A
Aaa
Aaa/AA
Aaa/AA
Aa
Baa/BBB
A
Aa
Baa/BBB
A
A
Aa
A

T a b l e 5A C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 1, t h r u June 18, 1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

9.63
9.64

9.63
9.50

8.72

8.72

9,50

9.50

MOODY'S
RATING

CORPORATE

ITT F i n a n c i a l Corp.
Potomac Edison
AT&T
L o u i s v i l l e Gas & E l e c t r i c Co.

Debt
Pfd s t k
Com s t k
Pfd s t k

50.0
15.2
658.5
25.0

1936

Other
Quebec, P r o v i n c e of

SF d e b t

100.0

2001




Aa/A

T a b l e 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
June 1, t h r u June 18, 1976
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Texas C i t y , Texas
V i r g i n i a , S t a t e of
P e n n s y l v a n i a , S t a t e of
M a r s h f i e l d , Wise.
M a r s h f i e l d , Wise.
New York S t a t e Dormitory Auth.
New York S t a t e Dormitory Auth.
New York S t a t e Dormitory Auth.
Washington Pub. Power Supply System
Washington Pub. Power Supply System
Washington Pub. Power Supply System
Illinois Health Fac. Auth.
Illinois Health Fac. Auth.
Illinois Health Fac. Auth.
East Chicago, Ind.
East Chicago, Ind.
Ohio, State of
S t . Clair Co., Mich.
S t . Clair Co., Mich.
Maryland, State of
Sheboygan, Wise.
D e t r o i t , Mich.
H a w a i i , State of

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

10.0
19.5
137.0
14.6
17.4
4.8
2.3
11.4
27.8
42.3
49.9
19.0
26.7
8.3
5.0
17.0
12.5
4.8
23.7
175.0
16.0
16.5
75.0

1978-1996
1977-1996
1976-1995
1979-1991
2006
1978-1991
1995
2007
1982-1998
2006
2012
1980-1994
2004
2006
1986
2006
1979-2003
1981-1986
1996
1979-1991
1977-1987
1976-1990
1979-1996

5.98
5.25
6.28
—
•» —

6.66
6.66
6.66
6.64
6.64
6.64
7.40
7.40
7.40
8.47
8.47
6.74
8.13
8.13
5.48
5.26
9.78
5.95

4.00-6.40
3.25-5.70
3.40-7.10
5.00-7.25
8.00
4.00-6.00
6.25
6.75
4.70-6.25
6.68
6.75
5.00-7.25
7.50
7.59
7.00
8.50
5.00-6.90
5.50-6.75
8.13
4.25-6.00
3.75-5.50
6.75-9.50
4.40-6.60

A-l
Aaa
A-l
A
A
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aa
Aa
Aa
Baa
Baa
A
Baa
Baa
Aaa
Aa
Baa
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 Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.




T a b l e 5 B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 1 , t h r u June 18, 1976
AMOUNT
(MILLIONS
OF
DOLLARS)

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

P o r t of S e a t t l e , Wash.
Rockland C o . , N.Y.
Anaheim, C a l .
V e n t u r a Co. Pub. Fac. Corp. , Cal
W i s c o n s i n , S t a t e of
Mount Lebanon Hosp. A u t h . , P a .
Mount Lebanon Hosp. A u t h . , Pa.
Mount Lebanon Hosp. A u t h . , Pa.
Converse C o . , Wyo.
Middletown, Ohio
Middletown, Ohio
Middletown, Ohio
New J e r s e y H e a l t h Care Fac. F i n . Auth.
New J e r s e y H e a l t h Care Fac. F i n . Auth.
New J e r s e y H e a l t h Care Fac. F i n . Auth.
Columbus, Ohio
V i r g i n i a Hsg. Dev. Auth.
V i r g i n i a Hsg. Dev. Auth.
Elizabeth, N.J.
I n d i a n a Co. Hosp. A u t h . , Pa
I n d i a n a Co. Hosp. A u t h . , Pa
I n d i a n a Co. Hosp. A u t h . , Pa
Middlesex C o . , N . J .
Jackson C o . , Mo.
A u s t i n , Texas
A u s t i n , Texas




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

10.3
12.0
12.5
31.0
120.0
6.4
4.6
16.8
30.0
6.2
5.4
5.4
3.7
4.9
9.5
17.4
13.3
6.7
13.0
2.7
1.1
7.0
15.2
64.0
40.0
15.6

1978-1996
1977-1994
1977-1980
1979-2002
1977-2006
1980-1991
1996
2006
2006
1984-1992
1999
2006
1979-1992
2000
2008
1978-2002
1977-1996
2007
1977-1996
1980-1992
1995
2006
1977-1991
1977-1991
1982-2001
1977-2000

6.01
7.48
4.83
6.83
5.26
8.01
8.01
8.01
7.84
7.91
7.91
7.91
8.01
8.01
8.01
6.08
7.19
7.19
7.46
—

5.49
5.86
6.31
5.46

4. 00-6.40
5. 00-7.60
4. 00-4.90
4 . ,75-7.00
3. 2 0 - 6 . 0 0
5., 2 5 - 7 . 5 0
7.82
8.13
7.75
6., 3 0 - 7 . 2 5
7.85
8.00
5.25-7.30
7.63
8.19
4,. 0 0 - 6 . 6 0
4,. 6 0 - 7 . 2 0
7.40
5,. 0 0 - 7 . 5 0
5,. 5 0 - 7 . 7 5
7.88
8.00
3 .80-5.90
3 .70-6.10
4 .70-6.75
3 .25-6.20

Aa
A-l
A-l
A-l
Aaa
A
A
A
Baa
A
A
A
—

Aa
A-l
A—1
A
——

Aa
Aa
Aa
Aaa

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 1, t h r u June 18, 1976
AMOUNT
(MILLIONS
OF
DOLLARS)

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

P h i l a d e l p h i a , Pa.
P h i l a d e l p h i a , Pa.
Petersburg, Ind.
Ohio, S t a t e of
Omaha P u b l i c Power D i s t . , , Neb.
Omaha P u b l i c Power D i s t . . , Neb.
Omaha P u b l i c Power D i s t . . , Neb.




Rev
Rev
Rev
Rev
Rev
Rev
Rev

12. 5
27. 5
20.,0
10.,0
25..3
21..2
8 3 .5

1978-1986
1996
2006
1986
1982-1999
2006
2016

8. 04
8. 04
—

8..15
6..98
6,.98
6 .98

5. 5 0 - 7 . 4 0
8.00
6.90
7.75
4,. 7 5 - 6 . 7 0
6.88
7.08

A
A
Aa
Baa
Aa
Aa
Aa

12
Table 6A

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

1

as of June 18, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Metro-Goldwyn-Mayer
Metro-Goldwyn-Mayer
J e r s e y C e n t r a l Pwr. & Light
United S t a t e s S t e e l Corp.
Duquesne L i g h t Co.
Pub. Svc. of Oklahoma
Utah Pwr. & L i g h t
Gulf L i f e Holding Co.
TransAmerica Corp.
General Finance Corp.
Southwest Bancshares I n c .
Tampa E l e c t r i c Co.
Brooklyn Union Gas
Toledo Edison
Walter E. H e l l e r & Co.
Walter E. H e l l e r & Co.
Republic of Texas Corp.
P a c i f i c Tel. & Tele.
Western Union T e l e . Co.
Western Union T e l e . Co.
Anchor Hocking Corp.
C r e d i t h r i f t F i n . Corp.
Georgia Power
Idaho Power Co.
Georgia Power
American Quasar Petroleum Co.
Fruehauf Corp.
United I l l u m i n a t i n g
Ohio A-T-0 I n c .
Arizona Pub. Svc. Co.
United I l l u m i n a t i n g
Consumer Power Co.
Wisconsin E l e c t . & Pwr. Co.
Northern I l l i n o i s Gas
I l l i n o i s Power Co.
*Niagara Mohawk Pwr. Corp.
^Oklahoma Gas & E l e c t r i c

Notes
SF d e b t
1 s t mtge
Conv d e b t
1 s t mtge
Pfd s t k
Com s t k
Notes
Notes
Notes
SF debt
Pfd s t k
1 s t mtge
1 s t mtge
Notes
Debt
SF debt
Debt
Pfd s t k
SF debt
SF debt
Notes
Pfd s t k
Pfd s t k
1 s t mtge
Conv d e b t
Debt
Pfd s t k
5F d e b t
]om s t k
Pfd s t k
1st mtge
1st mtge
1st mtge
1st mtge
:om s t k
>fd s t k

40.0
50.0
35.0
400.0
80.0
25.0
34.0
60.0
50.0
30.0
40.0
17.5
35.0
50.0
20.0
25.0
75.0
300.0
50.0
25.0
45.0
25.0
50.0
25.0
50.0
17.5
50.0
15.0
20.0
40.0
15.0
60.0
60.0
50.0
100.0
51.5
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




June
June

June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
July
July
July
July
July
July

21
21
21
22
22
22
23
23
23
23
23
23
23
24
24
24
24
24
29
29
30
30
30
30
30

13
T a b l e 6A Continued

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

1

a s of June 18, 1976
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

San Diego Gas & E l e c t . Co.
*Ohio Edison Co.
New York S t a t e E l e c t r i c & Gas
^Brooklyn Union Gas Co.
*Gambler C r e d i t Corp
* B r a n i f f Airways
*American S t o r e s Co.
F i r s t N a t i o n a l Bank i n A t l a n t a
A. E. S t a l e y Manuf. Co.
Southern Union Co.
Union E l e c t r i c
Eaton Corp.
Eaton C r e d i t Corp.
S h e l l O i l Co.
Advent1st P r o p e r t i e s Mtge. T r u s t
Applied D i g i t a l Data System
R e l i a n c e Group I n c .
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.
Other
Manitoba Hydro E l e c t . Bd.
* I n t e r n l . Bank f o r R e c o n s t r u c t i o n
& Development
* I n t e r n l . Bank f o r R e c o n s t r u c t i o n
& Development
* I n t e r n l . Bank f o r R e c o n s t r u c t i o n
& Development
Toronto
Toronto
I n t e r - A m e r i c a n Dev. Bank




1 s t mtge
1 s t mtge
Com s t k
Pfd s t k
Notes
Notes
SF d e b t
Notes
SF debt
SF debt
1 s t mtge
Debt
Notes
Com s t k
Bene i n t
Com s t k
Pfd s t k
Com s t k
Debt

50.0
60.0
40.0
20.0
60.0
50.0
50.0
25.0
65.0
25.0
70.0
60.0
40.0
162.0
15.0
15.0
50.0
81.0
175.0

July
July
July
July
July
July
July
July
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

Notes

100.0

June

24

Notes

250.0

June

29

Notes

250.0

June

29

Bonds
Debt
Debt
Debt

250.0
65.0
25.0
100.0

June
June
June
INDEF

29
30
30

15
20
20

14

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

1

a s of June 18, 1976
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*Mesa, A r i z .
King Co., Wash.
*St. P a u l , Minn.
M i s s o u r i Housing Dev. Comm.
Roanoke, Va.
*New Bedford, Mass.
*Washoe Co., Nev.
S o u t h f i e l d Bldg. A u t h . , Mich.
*Alaska, S t a t e of
*Los Angeles Co. C i v i c Rec. I n d u s t .
Auth.
^Cleveland, Ohio
Clark Co., Nev.
* I b e r v i l l e P a r . , La.
* N a s h v i l l e and Davidson Co. Metro.
Govt, Tenn.
^Georgia, S t a t e of
F a i r b a n k s North S t a r B o r o . , Alaska
*San Antonio, Texas
Chicago, 111.
*Texas Water Dev. Board
*San F r a n c i s c o , C a l i f .
Postponement
C a l i f o r n i a T o l l Bridge Auth.
Univ. of Kansas C o l l . of H e a l t h
& Hosp.

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

25 .7
12 .0
25 .9
28,.2
22 .3
11 .0
10 .0
15 .7
40,.0

June
June
June
June
June
June
June
June
June

21
21
22
23
23
24
25
28
29

Rev
G.O.
Rev
Rev

15,.0
25.9
13.,0
25,.0

June
June
June
July

29
29
30
2

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

15,,8
26.,4
15.,5
60. 0
30. 0
40. 0
43. 4

July
July
July
July
July
July
July

6
8
8
15
15
20
20

Rev

49.8

June

16

Rev

22.0

June

29

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

DJ INDUSTRIALS

1

AMEX

TRADING VOLUME
4

1

NASDAQ

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 ( 1 2 / 2 0 )

1974 - High
Low

53.37 (3/13)
32.89 (10/3)

891.66 ( 3 / 1 3 )
577.60 ( 1 2 / 6 )

102 01 ( 3 / 1 4 )
58 26 ( 1 2 / 9 )

96.53 (3/15)
54.87 (10/3)

1975 - High
Low

51.24 (7/15)
37.16 (1/8)

881.81 (7/15)
632.04 ( 1 / 2 )

96 86 ( 7 / 1 5 )
62 20 ( 1 / 2 )

1976 - High
Low

55.15 (3/24)
48.04 (1/2)

1,011.02 (4/21)
858.71 (1/2)

2
9
16
23
30

54.54
54.41
53.55
54.48
54.11

May-

7
14
21
28

June

4
11
18

1976
Apr.

NYSE

1 3 6 . 8 4 ( 1 / 1 1 ) 26 .0 ( 9 / 2 0 )
8 9 . 1 2 ( 1 2 / 1 3 ) 9,.0 ( 8 / 2 0 )

AMEX

1

1

NASDAQ

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 (7/15)
60.70 (1/2)

35,.2 ( 2 / 1 3 )
8,.7 ( 9 / 1 5 )

4.2 (2/21)
1.1 (9/15)

8.1 (2/13)
2.5 (9/15)

105..30 ( 3 / 1 1 )
84,. 3 1 ( 1 / 2 )

92.09 (2/25)
78.06 (1/2)

44 . 5 ( 2 / 2 0 )
10 . 3 d / 2 )

8.6 (2/20)
1.1 (1/2)

11.1 (2/20)
3.5 (1/2)

991.58
968.28
980.48
1,000.71
996.85

104,.09
102 .08
101,.90
103,.09
102 .57

90.63
88.89
89.17
90.60
90.08

17 . 8
21 .2
16 . 4
21 .7
16 . 3

2.6
2.8
2.1
2.5
1.9:

6.3
7.2
5.8
7.0
6.0

54.26
54.01
53.96
53.31

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

52.78
53.73
55.29

5.8
6.3
5.9
5.7

963.90
978.80
1,001.80

102. ,20
102. 77
104. 89

87.75
87.71
90.05

16.,2
16. 3 r
22. 3

1.9
2.1
2.2

5.1
5.4r
6.7

NOTES:
1
2
3

Figures other than high, and low, are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.
Volume figures are weekly averages of daily figures (millions of shares).
12/31/66 - 50

4

Based on average price change until September 4. 1973 thereafter, based on market value of shares listed.




16
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1
MARGIN
STOCK

BROKERS ON %
CONVERTIBLE
BONDS

BANKS

3

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1975 - Apr.
MayJuly
Aug.
Sept.
Oct.
Nov.
Dec.
1976 - J a n .
Feb.
Mar.
Apr.

4,360
4,700
4,990
5,300
5,220
5,250
5,300
5,370
5,390

138
140
146
143
142
145
144
146
147

824
819
844
820
832
852
1,007
1,008
960

1,885
1,883
2,434
2,387
2,457
2,520
2,311
2,270
2,281

5,420
5,950
6,410
6,690

146
153
162
163

1,000
1,037
n.a.

2,333

180
340
290
310
-80
30
50
70
20

4
2
6
-3
-1
3
-1
2
1

-20
-5
25
-24
12
20
155
1
-48

-3
-2
551
-47
70
63
-209
-41
11

30
530
460
280

-1
7
9
1

40
37
n.a.

40
12

2,321
n.a.

CHANGE IN OUTSTANDING

1975 - Apr.
May
July
Aug.
S ept.
Oct.
Nov.
Dec.
1976 - J a n .
Feb.
Mar.
Apr.

1
2

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

3

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

4

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




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW
9,621
10,067
4,815
2,909
11,070

1971
1972
1973
1974
1975
1974 - September
October
November
December

319
-74
449
1,053

1975 - S e p t e m b e r
October
November
December

785
348
765
1,394

1976 -

January
February
March p

1,037
1,017
2,029

January
February
March
April
May

1975

-

1

ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0
11.3

——
——

——
•» —

—

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

27,793
32,567
20,237
16,053
43,118

-689
-260
236
-37

1,425
438
1,226
3,393

-338
131
549
114

3,698
2,264
2,246
4,332

——

405

4.9

—

713
1,149
955
1,295

8.7
13.8
11.4
15.3

——

NET
FLOW

5,378
5,451
-442
-2,822
4,757

810
787
866

——

SHARE CAPITAL

——

——
- -

—

ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0
17.7

——
— mm
"

__
——

—

5,375
-—
3,946
——
7,072
SEASONAL A B j r n T E D
11.5
2,351
14.6
3,005
18.6
3,864
17.6
3,712
19.8
4,237

NET
NEW
MONEY

TOTAL
DEPOSITS
NET
FLOW

20,653
23,884
10,507
4,668
29,276

37,414
42,634
25,052
18,962
54,188

-1,068
312
1,091
571

1,744
364
1,675
4,446

631
2,086
2,072
968

4,483
2,612
3.011
5,726

5,108

6,412
4,963
9,101

V-tT-

2,756
3,718
5,013
4,667
5,532

9.6
12.9
17.2
15.8
18.5

3,719
3,687
—
-—

-—

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

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

3

Annuel powth rate for monthly data is the annualized monthly percentage increase in deposits.

Digitized Souree:
for FRASER
National Association of Mutual Savings Banks and Federal Home Loan Bank Board.


ANNUAL 3
GROWTH
RATE
17.2
16.7
8.4
5.8
15.9

-—
—-

—

——
— im

NET
NEW
MONEY
26,331
29,335
10,062
1,846
34,033
-1,757
52
1,327
534
293
2,217
2.621
1,082
5,918
4,497
4,553

—
—

2

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

19 7 r - June
July
August
September
October
November
December

1,369
1,190
1,044
802
731
772

16.0
13.7
11.9
9.0
8.2
8.6

633

1976 - J a n u a r y
February
March g /

1,039
796
1,018

.

1

NET
NEW
MONEY

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

20.2
21.5
17.4
16.1
14.4
13.3

__

- -

4,395
4,774
3,933
3,682
3,334
3,125

7.0

—

2.926

11.4
8.7
11.0

—

4,232
3,658

__
——

- ——

4,078

TOTAL
2

DEPOSITS
NET
FLOW

- -

5,764
5,964
4,977
4,484
4,065
3,897

19.0
19.3
15.9
14.1
12.6
12.0

12.3

—

3,559

10.8

17.7
15.0
16,5

—

5,271
4,454
5,096

15.9
13.3

——
- - - -

—

NOTES:
1

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

2
3

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

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




ANNUAL 3
GROWTH
RATE

15.0

NET
NEW
MONEY

——
——
——

mm mm

19
Table 10

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

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

NET CHANGE
TOTAL

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

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

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
22.0

18.5
19.2
19.4
19.8

2.0
1.9
2.1
2.2

.06
.61
.48
1.22

.02
.67
.27
.32

.04
-.06
.21
0.9

-.09

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.




T a b l e 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

1973

July
Aug.
Sept.
Oct.
Nov.

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

Dec.

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

—

+530

—

—

+998
+1,349
+1,500
+1,300
—

—

+256

-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

—

+44

—

+450

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

—

—

-200

-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
0
0

1976 - J a n . p

-154

Nov.

FNMA

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

Dec. p

July
Aug.
Sept.
Oct.

FHLMC

gHLB

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

-242
-659
+440
0
-1,568
+330
+236
-398
215
587
152
669

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

FNMA & FHLB

INTERMEDIATE AND LONG-TERM ISSUES

Notes:
Based on d a t a f r o m t h e T r e a s v 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.
£ / for
p r FRASER
eliminary.
Digitized



+350
+650

—
—

-150

—

SHORT-TERM
DISCOUNT
NOTES 1 /

-53
+344
+60
-4
+161
+342
+85
-38
-26

+1,050
+100
+310
+491

+512
+450
+449
+305
+678
+18
+66
-182
-454

+ 300
0
-1
0
0
0
0
0
0
200
0

-1
0
+ 700
+ 100
0
+ 600
+ 300
0
100
700
0
600

-237
-405
-249
-69
-289
-270
-64
302
115
-263
-48
69

0

0

-154

—

+750
+499

—
—

—
—
—
—

21
Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS O F DOLLARS

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE
COMPANIES

Not Seasonally Adjusted
41,647
57,587
58,372
42,748
42,475

39, ,259
55, ,561
55, ,072
36, ,526
37 j,636

9 j,940
16.,800
19 ,600
11,,700
2 ,900

3.,938
5.,377
5,,642
2 ,172
2:,236

23,,919
31, ,932
25 j,552
17,,560
29,,400

1,221
1,452
4,278
5,078
3,100

4,781
3,284
4,413

4.,132
2.,918
3j,754

700
200
200

226
200
272

2,,996
2,,323
2 ,774

210
195
508

1,912
3,134
3,990

1 ,502
2;,870
4j,830

0
200
400
800

87
106
123

1:,378
2 ,416
4,,069
4,,124

37
148
238

Seasonally Adjusted
5,152
3,829
4,793

4,641
3,474
4,058

722
311
481

273
214
200

3,490
2,949
3,360

156
133
17

511
355
735

3,382
4,348
4,178

2,896
3,933
4,864

378
562
487
662

184
249
119

2,189
2,848
3,844
3,724

145
274
414

486
415
-686

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 r o u p s 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.


22

Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL R A T E S 4

RESIDENTIAL
QUARTER

TOTAL

T 0 T A L

1

FAMILY"

MULTI" R FAMILY

COMMERCIAL

MULTFAMtY
&
COMMERCIAL

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

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

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

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

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

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

18.9
18.6
14.3
11.3

27.2
25.0
20.0
15.6

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
*—

9.1
9.7
13.9
14. 8

10.8
10.6
15.3
14.8

66.2

51.3

47.7

3.6

10.4

14.0

1969

1976

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
FRASER
4 for
Data
r e v i s e d A p r i l 12 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 .
* Less t h a n . 0 5 .


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

TOTAL

1 —FAMILY

MOBILE
2 - O R MORE

HOME

FAMILY

S H I P M E N T S —'

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

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

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

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

1,547
1,350
.1,314
1,269
1,202
1,261
1,267
1,315
1,115
1,386
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
Z35
230
224

1976 - J a n .
Feb.
Mar.
Apr.
May

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
1,451

957
1,295
1,110
1,063
1,057

279
252
307
318
358

1,213
1,299
1,393
1,262

926
953
1,024
981

287
346
369
281

263
287
244
237
261

1,244

401

497
576
567
329
216

NOTES:
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't
h o m e shipments are Mobile Home Manufacturers Association data converted to'seasonally adjusted annual rate by Census Bureau. L a t e s t m o n t h p r e l i m i n a r y .
1

permit data for 1969 and 1970 based on 13,000 areas with permit systems


2 D a t a r e v i s e d due t o s e a s o n a l l y a d j u s t m e n t .


W

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

\

EXISTING HOMES

NEW HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

SPREAD
(BASIS
POINTS)

1
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

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

1976 - J a n .
Feb.
Mar.
Apr.
May

9.05
9.00
8.95
8.90
9.00

39
42
42
32
5

9.10
9.05
9.00
8.95
9.05

44
47
47
37
10

9.06
9.04
n.a.
8.82
9.03

40
46
n.a.
24
8

2.4
2.2
2.5
4.1

- 1
- 4
n.a.
8
- 3

8.66
8.58
8.53
8.58
8.95

NOTES:
Gross yield spreed k ewereg* mortgege return before deducting servicing costs, minus evereg* yield on new Issues of high-grade utility bonds with 6-year cell protection.
1
Rates on conventional first mortgegas (excluding additional fees and charges) ere based on unweighted HUD (PHA) field office opinions on prevailing contract interest rates in the market areas
of the insuring offices, rounded to the neerest 6 besis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepeid In 16 veers, for immediate delivery, are used.




25
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

AVERAGE
YIELD

ACCEPTED

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

51 ( 4 / 2 1 )
643 ( 8 / 2 5 ) 366 ( 8 / 1 1 ) 9 . 9 5 ( 9 / 2 2 ) 100 ( 4 / 7 )
25 ( 2 / 1 0 ) 18 ( 2 / 1 0 ) 8 . 7 8 ( 2 / 1 0 ) 10 ( 1 0 / 2 0 ) 9 ( 2 / 1 0 )

1975 - High
Low

AVERAGE
YIELD

ACCEPTED

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

349.5
146.6

224.7
98.8

9.20
9.14

131.4
77.3

90.5
70.3

9.31
9.30

NOTES:
A « n w acomtary m « k « yMd. ar.

tohx.

deletion of ft. fee of 38 bnh pomt, pud for W W

""kin,.?",

*!

and'^NM/Tstock p u r c h a s e d h o l d i n g ^ i r e m e n t s on 4-month commitments. Mortgage amounts
offered by bidders relate to total eligible bids received.