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1yVvCapital
Marl<et
Developments

June 2 3 , 1 9 7 5
Prepared by t h e
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

Index

TABLES

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

1 - 6

SECURITY VOLUME AND Y I E L D S

7, 8

STOCK MARKET AND SECURITY CREDIT

9 — 16

MORTGAGE MARKET




Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1975 - Apr.

May

June

NEW ISSUE 1
Aaa UTILITY

VOLUME

RECENTLY 2
OFFERED
Aaa UTILITY

GROSS

OFFERINGS
($ MILLIONS)

3

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

4
11
18
25

9.80
9.65
9.51
9.66

9.70
9.60
9.55
9.71

576
687
821
647

97
98
98
93

47
13
26
55

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

95
93
95
93
90

10
80
55
144
85

6
13
20

9.41
8.95r
9.05p

9.53
9.22r
9.25p

1,,002
946
1 , 237

98

4
13
143

825

415

98

93

MUNICIPAL BOND MARKET
VOLUME

YIELDS

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

GROSS 3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

4
11
18
25

6.45
6.55
6.40
6.45

6.93
7.03
6.86
6.97

450
403
455
605

76
87
90
84

154
92
91
122

2
9
16
23
30

6.40
6.35
6.35
6.50
6.50

6.95
6.86
6.88
7.09
7.09

451
613
626
641
378

87
84
80
76
89

109
130
190
256
166

6

6.35
6.15
6.30

7.05
6.80
6.93

680
623
671

81

91
85

175
77r
121

WEEK ENDING

1975 - Apr.

May

June

13
20

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

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
Aaa UTILITY

DATE

1

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

, 6.51 (6/18)
5.69 (3/23)

4

BOND BUYER
20-BOND INDEX

6.23 (6/23)
4.97 (10/21)

1971 - High
Low

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

8.23 (1/1)
7.17 ( 1 2 / 3 1 )

7.71 (8/21)
7.06 (2/12)

1972 - High
Low

7.60 (4/21)
6.99 ( 1 1 / 2 4 )

7.49 ( 4 / 2 1 )
7.15 (12/1)

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

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

5.54 (4/13)
4.96 (10/21)

1973 - High
Low

8/52 ( 8 / 1 0 )
7.29 ( 1 / 2 1 )

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)

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

9.01
8.96
8.88
8.85
8.90

8.41
8.25
8.18
8.16
8.24

6.95
6.86
6.88
7.09
7.09

6
13
20

9.41
8.95r
9.05p

9.53
9.22r
9.25p

8.85
8.76r
8 . 72p

8.21r
7.95r
7.95p

7.05
6.08

1975 - May

June

1

6.93

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
5

Weekly average of daily figures. U S. Treasury data.
Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




5

Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

GROSS PROCEEDS

I

CORPORATE

PERIOD

2

STATE AND LOCAL

1975

3,328
2,687
3,217

2,327
1,962
3,933

2,357
2,322
2,082

2,255
2,003
2,025

1,977
1,515
2,467

April
May
June

3,059
3,164
2,981

2,497
2,543
3,578

2,331

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

4,625
3,762
3,471

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

9,232
9,204
7,548
11,858

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

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

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

18,436
25,984
37,842

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

January
February
March

5,275
4,519

Q1

02
03
04
1st Half

3 Qtrs.
Year

1

1974

|

%

6,761

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




I

1

1974

|

1973

1973

1975

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

G R O S S PROCEEDS BY TYPE OF ISSUE
PUBLICLY
OFFERED

1974 - I
IX
III
IV

G R O S S PROCEEDS BY TYPE OF ISSUER

COMMON
MANUFACAND
ISSUES INCLUDED
PRIVATELY
PREFERRED
TURING
PLACED
FOREIGN CONVERTIBLE
STOCK

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

9,232
9,204
7,548
11,858

5,818
5,883
5,025
8,611

1,638
1,788
1,227
1,552

1,776
1,533
1,295
1,695

78
115
373
374

58
39
310
76

1,927
2,542
1,887
4,075

3,569
3,190
2,376
3,697

874
1,313
1,008
743

2,869
2,172
2,289
3,358

1974 - Feb.
Mar.

2,687
3,217

1,683
2,020

418
437

586
760

21

4
52

390
641

829
1,299

397
331

1,072
947

Apr.
May
June

3,059
3,164
2,981

1,594
2,350
1,939

665
607
516

800
207
526

63
42
10

12
15
12

1,202
478

1,131
912
1,147

288
663
356

1,000

July
Aug.
Sept.

3,260
2,668
1,620

2,086
2,042
897

620
299
308

555
327
415

223
150

205
104
1

1,094
605
188

618
1,079
680

295
364
349

1,254
620
404

Oct.
Nov.
Dec.

4,625
3,762
3,471

3,423
3,016
2,172

370
336
846

832
410
453

175
199

76

743
1,698
1,618

2,109
963
625

475
93
175

1,298
1,053

1975 - J a n .
Feb.

5,275
4,519

3,657
3,201

1,028
708

590
610

309
483

1,848
1,720

1,269
1,931

932
107

1,226
761

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




1

862

442
730

1,011

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
June 2, t h r u June 2 0, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Kansas C i t y Power & L i g h t
Central I l l i n o i s Public Service
UGI Corp.
Arizona P u b l i c S e r v i c e
New England T e l . & T e l .
General Motors Acceptance Corp.
UGI Corp.
I n t e r n a t i o n a l T e l . & T e l . Corp.
I n t e r n a t i o n a l T e l . & T e l . Corp.
I n t e r n a t i o n a l T e l . & T e l . Corp.
CIT F i n a n c i a l Corp.
Union O i l Co. of C a l i f .
Arizona P u b l i c S e r v i c e
Moore McCormack L e a s i n g I n c .
Moore McCormack L e a s i n g I n c .
Southern C a l i f o r n i a Edison
Texas E a s t e r n T r a n s m i s s i o n
Texas E l e c t r i c S e r v i c e
Northeast U t i l i t i e s
Dayton Power & L i g h t
Data General Corp.
G. D. S e a r l e & Co.
Texas E l e c t r i c S e r v i c e

Pfd s t k
Com s t k
Pfd s t k
Com s t k
Debt
Sr sub n o t e s
1 s t mtge
Conv d e b t
Notes
Debt
Debt
Debt
1 s t mtge
Gtr s h i p f i n
Gtr s h i p f i n
Pfd s t k
Pfd s t k
Pfd s t k
Com s t k
Com s t k
Com s t k
Notes
1 s t mtge

20.0
27.0
15.0
30.5
175.0
100.0
25.0 •
100.0
75.0
75.0
150.0
150.0
75.0
8.2
68.6
48.6
40.0
30.0
45.6
24.0
30.8
150.0
50.0

——

10.70

A

11.00

11.00

Baa

—

2010
1983
1990
2000
1983
2000
1995
1985
1980
1983
2001
—
—
—
—
—
—

1981
2005

NOTES:
«
Rights offering.
1
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.




10.70

——

9.50
8.70
11.00
8.63
9.13
10.00
9.50
8.38
9.80
7.10-8.15
8.88
9.20
. 11.50
9.36
—
—

9.48
8.70
11.00
8.63'
9.13
10.07
9.57
8.45
9.80
7.10-8.15
8.88
9.20
11.50
9.36

Aaa/AaAa/A
A/ABaa/Bbb
A
A
Aa
Aa
Baa/AAaa
Aaa
Aa
—

Aa

—
—

—

8.00
8.88

8.05
8.92

Aa
Aaa

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
J u n e 2, t h r u June 20, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

OFFERING
YIELD

MOODY'S
RATING

9.50
8.00
10.00
8.38
9.25
9.88
8.75
8.63
7.88
10.24

9.50
8.00
10.00
8.47
9.25
9.88
8.75
8.63
7.88
10.24

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

11.00
9.05

11.00
9.05
8.65
9.45
6.75-8.10
8.00
8.55
8.96
9.25
8.79

Baa
Aaa/Aa
Aaa
A
A
Aa
Aa
A/A-h
A
A/A+

COUPON RATE

CORPORATE

L a c l e d e Gas Co.
Squibb Corp.
Texas E a s t e r n T r a n s m i s s i o n
Standard O i l Co. of I n d i a n a
Long I s l a n d L i g h t i n g Co.
P o r t l a n d General E l e c t r i c
P u b l i c S e r v i c e of Oklahoma
Zapata O f f - s h o r e Co.
Zapata O f f - s h o r e Co.
Southern Union Gas Co.
Southern Co.
J e r s e y C e n t r a l Pwr. & L g t .
ICI North America I n c .
N o r t h w e s t e r n B e l l T e l e . Co. (Omaha)
Pullman T r a n s p o r t L e a s i n g Co.
Pullman T r a n s p o r t L e a s i n g Co.
Monsanto Co.
Monsanto Co.
A s s o c i a t e d Dry Goods C r e d i t Corp.
Ideal Basic I n d u s t r i e s I n c .
C a l i f o r n i a Water S e r v i c e




1 s t mtge
Notes
1 s t mtge
Debt
1 s t mtge
1 s t mtge
1 s t mtge
Gtr s h i p f i n
Gtr s h i p f i n
Pfd s t k
Com s t k
Pfd s t k
Gtd SF debt
Debt
Equip t r
Equip t r
Notes
SF d e b t
Notes
Debt
1 s t mtge

20.0
100.0
60.0
300.0
80.0
27.0
50.Q
50.6
41.4
15.0
137.5
25.0
100.0
150.0
22.5
7.5
100.0
175.0
50.0
50.0
26.0

1995
1985
1985
2005
1983
1985
2005
1996
1985
—

1995
2012
1995
1976-1980
1985
2000 '
1983
2000
1983

8.88

9.45
6.75-8.10
8.00
8.50
8.88
9.25
8.75

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 2, t h r u June 20, 1975
TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Columbus & Southern Ohio E l e c t . Co.
General Tele Co. of Penn.
N a t i o n a l Fuel Gas
Merck & Co.
M a n u f a c t u r e r s Hanover Corp.
M a n u f a c t u r e r s Hanover Tr. Co.
Monongahela Power
M i s s i s s i p p i River Corp

1 s t mtge
1 s t mtge i
Debt
Notes
Notes
Debt
1 s t mtge
Conv debt

50.0
30.0
21.0
200.0
125.0
75.-0
30.0
25.0

1982
2005
1984
1985
1982
1985
2005
1995

, 8.00

9.30
9.35
9.00
7.88
8.38
8.54
9.80
8.00

Other
Komatsu LTD
P r o v i n c e of O n t a r i o
P r o v i n c e of O n t a r i o
Commonwealth of A u s t r a l i a
Commonwealth of A u s t r a l i a

Conv SF d e b t
Debt
Notes
Notes
Notes

50.0
150.0
125.0
50.0
50.0

1990
2005
1982
1980
1983

7.25
9.13
8.20
8.45
8.75

7.25
9.17
8.20
8.45
8.75

ISSUER

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE




9.25
9.25
9.00
7.88
8.38

8.50
9.88

A/Bbb
A

A
Aaa
Aaa
Aaa
A
Ba/Bb
Baa/Bbb+
Aaa/Aa
Aaa/Aa
Aaa
Aaa

Table 5 6

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
June 2, t h r u June 20, 1975
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Albany C o . , N.Y.
V i r g i n I s l a n d s Water & Power Auth.
V i r g i n I s l a n d s Water & Power Auth.
Ohio, S t a t e of
E a s t Chicago, I n d i a n a
E a s t Chicago, I n d i a n a
Essex C o . , New J e r s e y
F l o r i d a , S t a t e of
Alaska Housing Finance Corp.
Alaska Housing Finance Corp.
Lower Colorado River A u t h . , Texas
Oakland U n i f i e d S . D . , C a l i f .
C a l i f o r n i a , S t a t e of
Ohio, S t a t e of
A r l i n g t o n C o . , Va.
P e n n s y l v a n i a Hsg. F i n a n c e Agency
P e n n s y l v a n i a Hsp,. F i n a n c e Agency
P e n n s y l v a n i a Hsg. F i n a n c e Agency
West V i r g i n i a , S t a t e of
M e t r o p o l i t a n Water D i s t . of S. C a l i f .
M e t r o p o l i t a n Water D i s t . of S. C a l i f .
S t . C h a r l e s P a r i s h , La.
S t . C h a r l e s P a r i s h , La.

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

35.0
5.0
20.0
11.5
7.0
20.0
28.8
15.0
5.3
6.7
50.0
20.0
100.0
30.0
20.0
3.3
7.0
13.5
50.0
30.0
55.0
15.0
16.0

1975-1998
1977-1989
1997
1978-2002
1985
2005
1976-2000
1976-1994
• 1976-1995
2005
1980-2001
1976-2000
1976-1995
1977-1990
1977-1994
1977-1997
2010
2021
1976-2000
1977-2000
2015
1985
2005

7.87
9.61
9.61
7.39
6.59
5.81
7.81
7.81
7.28
6.30
5.84
6.53
6.14
8.04
8.04
8.04
5.83
6.80
6.80
—
—

5.00-8.00
6.50-9.00
9.50
5.20-7.70
6.75
8.13
4.25-6.90
4.00-6.60
5.50-6.35
7.75
*5.50-7.60
3.90-6.75
3.60-6.40
4.75-6.90
4.30-6.60
5.50-7.65
7.90
8.00
3.60-6.50
4.10-6.60
6.84
5.88
6.75

A
A
A
A
—
—

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

NOTES:
1
2

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

3

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




Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 2 , t h r u June 20, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Ascension P a r i s h , La.
Chicago, I l l i n o i s
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.
Purdue U n i v e r s i t y , I n d .
Wood Co. B u i l d i n g Comm. W. Va.
Wood Co. B u i l d i n g Coram. W. Va.
Wood Co. B u i l d i n g Comm. W. Va.
C o n n e c t i c u t , S t a t e of
G e o r g i a , S t a t e of
Alpena C o . , Mich.
Alpena C o . , Mich.
Allegheny Co. H o s p i t a l Dev. Auth.
Allegheny Co. H o s p i t a l Dev. Auth.
Allegheny Co. H o s p i t a l Dev. Auth.
I n d u s t r y Urban Dev. Agency, C a l i f .
I n d u s t r y Urban Dev. Agency, C a l i f .
tUBorfc A u t h o r i t y of N.Y and N . J .
I p i I k e s - B a r r e Area Sch. D i s t . , P a .
m t f i l k e s - B a r r e Area Sch. D i s t . , Pa.
T W i l k e s - B a r r e Area Sch. D i s t . , P a .
Bay C o . , Mich.
D a l l a s Co. Community C o l l e g e D i s t .
Texas
M i s s o u r i Housing Dev. Comm.
Washington, S t a t e of
Maryland D e p t . of T r a n s p o r t a t i o n




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

•

6.93

6.75
5.90-6.70
5.50-7.25
8.00
4.25-7.65
6.80-8.70
9.25
8.88
3.50-6.10
3.50-6.30
5.50-6.60
8.00
6.00-7.75
8.25
9.00
3.50-6.60
4.75-7.90
7.03
4.75-6.50
7.50
7.75
4.25-7.30

1976-1993
1976-2018

5.53
7.90

3.40-6.40
4.50-7.84

1976-2000
1977-1990

5.96
6.53

3.50-6.50
4.50-6.80

14.0
32.0
17.5
17.5
10.0
2.0
4.0
7.0
100.0
50.0
2.9
10.7
4.0
4.0
29.7
52.0
32.0
100.0
2.9
2.8
5.0
22.0

2005
1986-1992
1977-1985
1995
1976-2005
1979-1989
1998
2006
1976-1995
1976-2000
1980-1987
2000
1978-1985
1990
2005
1975-1997
1976-2005
1978
1978-1985
1990
1996
1977-2002

30.0
10.0
37.5
45.0

—

6.50
7.90
7.90
7.44
—
—
. —

5.64
5.93
——

9.03
9.03
9.03
7.12
7.12
7.34

Aaa
Aa
A
A
A
—
—
-'-

Aaa
Aaa
A
A
A
A
A
Aaa ,
A
A
——
- -

A-l
Aaa
A

"1
Aa
Aa

M

\
Table SB Continued

>

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 2, t h r u June 20, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Brooke County Comm. W. Va.
Brooke County Comm. W. Va.
M a s s a c h u s e t t s Hsg. Finance Agency
M i n n e a p o l i s - S t . Paul A i r p o r t s Comm.,
Minn.
Lake Co. F o r e s t P r e s e r v e D i s t . , 111.
Brazos River A u t h . , Texas
Brazos RivAr A u t h . , Texas
Bergen C o . , N . J .
D e t r o i t B u i l d i n g A u t h . , Mich.




Rev
Rev
Rev

1.0
10.2
25.0

1985
2005
1977-2016

9.31
9.31
7.99

7.25
9.25
5.25-8.00

Baa
Baa
A-l

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

10.0
10.0
6.0
24.0
10.6
30.0

1978-2005
1978-1991
1980-1989
2004
1976-1995
1979-1994

6.31
6.01
7.10
7.10
5.82

4.25-6.60
4.50-6.70
5.20-6.40
7.20
3.75-6.40
8.25-9.50

Aa
A-l
Aa
... Aa
Aaa
Baa

S

9.82

13

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

1

As of June 20, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

P i z z a Hut I n c .
AMF I n c .
C o n s o l i d a t e d N a t u r a l Gas Co.
P r i v a t e Export Funding Corp.
Iowa I l l i n o i s G & E
Washington Gas L i g h t Co.
Washingon Gas L i g h t Co.
United I l l u m i n a t i n g Co.
Gas S e r v i c e Co.
*United I l l u m i n a t i n g
Lucky S t o r e s I n c .
U. S. Bancorp
VEPCO
N.L. I n d u s t r i e s I n c .
Geo. A Hormel & Co.
I o w a - I l l i n o i s Gas & E l e c t Co.
I n t e r n a t i o n a l Harvester Credit
Corp.
Kansas Gas & E l e c t r i c Co.
B e l l Telephone Co. of Penn.
North American P h i l i p s Corp.
Reading & B a t e s O f f s h o r e D r i l l i n g
Co.
North American P h i l i p s Corp.
Kerr-McGee Corp.
Burlington Northern Inc.
Delmarva Power & L i g h t
E q u i t a b l e Gas Corp.
Consumer Power
Delmarva Power & L i g h t Co.
Montana Power
Montana Power
Southern Railway
J e r s e y C e n t r a l Pwr. & L i g h t
P u b l i c S e r v i c e of I n d i a n a
P u b l i c S e r v i c e of I n d i a n a
S. C a r o l i n a E l e c t . & Gas Co.
L o u i s v i l l e & N a s h v i l l e RR Co.

Conv d e b t
Notes
SF d e b t
Notes
Com s t k
1 s t mtge
Pfd s t k
Debt
1 s t mtge
1 s t mtge
Conv d e b t
Con d e b t
Com s t k
Debt
Notes
1 s t Mtge

25.0
60.0
100.0
100.0
15.0
40.0
10.0
30.0
25.0
30.0
40.0
20.0
45.0
125.0
25.0
20.0

June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June

23
23
23
24
24
24
24
24
24
24
24
24
25
25
25
25

Notes
1 s t mtge
Com s t k
Debt

75.0
40.0
65.0
75.0

June
June
June
June

26
26
30
30

24.6
26.0
75.0
15.0
22.0
25.0
150.0
30.0
30.0
35.0
15.0
35.0
30.0
80.0
20.0
50.0

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

1
1'
1
1
2
8
8
8
9
9
9
10
10

Com s t k
Com s t k ( r t s )
Notes
Equip t r
Com s t k
1 s t mtge
1 s t mtge
1 s t mtge
Com s t k
1 s t mtge
Equip t r
1 s t mtge
Pfd s t k
1 s t mtge
1 s t mtge
Coll t r

NOTES:
•
Included in table for first time.
1
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




14

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

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

1

As of June 20, 19 75
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

South C a r o l i n a E l e c t r i c & Gas
Union P a c i f i c RR Co.
B e l l Tele of Perm
Duquesne L i g h t
D e t r o i t Edison Co.
Norfolk & Western RR
Arkansas Power & L i g h t
Arkansas Power & L i g h t
I n t e r s t a t e Power
*Georgia Power Co.
*Texas Gas Transmission Co.
* General T e l e . Co. of I l l i n o i s
*USLIFE Corp.
Houston L i g h t i n g & Power
A.E. S t a l e y M a n u f a c t u r i n g
B a r n e t t Banks of F l a . , I n c .
Georgia Power Co.
*Schlumberger L t d .
Potomac Edison Co.
American Finance Corp.
ERC Corp.
Ashland Oil I n c .
Emerson E l e c t . Co.
F i r s t Maryland Bancorp




Com s t k
Equip t r
1 s t mtge
Com s t k
Pfd s t k
Equip t r
1 s t mtge
Pfd s t k
Com s t k
1 s t mtge
Debt
1 s t mtge
Notes
Com s t k
Com s t k
Notes
Pfd. s t k
Com s t k
1 s t mtge
Debt
Debt
Debt
Notes
Notes

15.0
15.0
150.0
50.0
50.0
15.0
40.0
20.0
15.0
100.0
40.0
40.0
50.0
40.0
47.6
50.0
60.0
171.0
35.0
30.0
24.0
100.0
50.0
25.0

July
July
July
July
July
July
July
July
July
July
July
July
July
Indef
Indef
Indef
Indef
Indef
Indef
Indef
Indef
Indef
Indef
Indef

10
10
15
15
15
15
16
16
16
23
23
24

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

1

As of June 20, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

P r i n c e G e o r g e ' s Co., Md.
Clark Co. P u b l i c U t i l i t y D i s t . #1
Wash.
S p r i n g f i e l d , Mo.
Utah, S t a t e of
Racine, Wise.
' H a w a i i , S t a t e of
Omaha P u b l i c Power D i s t . , Neb.
G a l v e s t o n , Texas
M a s s a c h u s e t t s , S t a t e of
Henrico Co., Va.
Montgomery Co., Pa.
Anne Arundel C o . , Md.
;
Maryland Dept. of T r a n s p o r t a t i o n
F l o r i d a S t a t e Board of Education
San Diego U.S. D. Pub. Sch. Bldg.
Corp., C a l i f .
Ohio, S t a t e of
Sabine River A u t h . , Texas
B r a i n t r e e , Mass.
Hampton, Va.
Michigan S t a t e Hsg. Dev. Auth.
Maryland, S t a t e of
T r i n i t y River Auth. of Texas
Sandwich, Mass.
Postponements
Newark, N . J .
P e n n s y l v a n i s Higher Ed. Fac. Auth.

27.0

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

14.0
22.9
70.0
19.5
20.0
110.0
26.0
450.0
12.0
12.0
20.0
34.0
37.9

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

24
24
24
25
26
26
26
30
1
1
1
1
8

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

35.0
34.0
40.0
20.0
12.7
25.0
155.7
17.4
11.0

July
July
July
July
July
July
July
July
June

9
9
15
16
17
17
23
23
18

G.O.
Rev

11.0
15.0

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.




June 24

G.O.

June 17
June 18

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

TE
NYSE INDEX

High 6 5 . 4 8 ( 1 / 1 1 )
Low 49.12 ( 1 2 / 1 3 )

3

]

PJ INDUSTRIALS

1051.50 (1/11)
788.31 (12/5)

|

AMEX

4

|

2

TRADING VOLUME

NASDAQ

NYSE

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

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

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

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

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

]

AMEX

|

NASDAQ

High 5 3 . 3 7 ( 3 / 1 3 )
Low 3 2 . 8 9 ( 1 0 / 3 )

891.66 ( 3 / 1 3 )
577.60 (12/6)

102.01 (3/14)
59.13 (12/6)

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

24.9 ( 1 / 3 )
7.5 (7/5)

4.4 (1/3)
.9 ( 9 / 2 6 )

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

High 4 9 . 3 9 ( 6 / 2 0 )
Low 3 7 . 1 6 ( 1 / 8 )

858.73 (5/14)
632.04 ( 1 / 2 )

91.08 (6/20)
62.20 (1/2)

85.24 (6/20)
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)

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

4
11
18
25

42.98
44.61
45.75
45.95

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

6
13
20

49.19
48.20
49.39

839.64
816.96
.855.44

90.69
89.43
91.08

84.77
83.43
85.24

24.7
19.0
18.3

3.4
2.4
2.1

7.2
6.2
6.0

0

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
4

12/31/65 - 60
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




Table 8

17

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1
MARGIN
STOCK

BROKERS ON 2
CONVERTIBLE
BONDS

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
*
AT BANKS

3

OUTSTANDING

Nov.
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

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

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

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

134
136
134
138

848
830
845r
n.a.

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

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

-3
-1
-7
-14
-3
-7
-3
-6
-2

-31
1
11
17
-14
-70
-29
—8
-25
-35

110
180
130
180

-3
2
-2
4

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

CHANGE IN OUTSTANDING

1974 - Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - J a n .
Feb.
Mar.
Apr.

—

-8
-18
15

....

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




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

NET

FLOW
1971
1972
1973
1974

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

1974 - F e b r u a r y
March
April

521
1,240
-441

1975

909
2,052
626

February
March
April r/

1

ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0
- —

—

NET
NEW
MONEY

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

2

SHARE CAPITAL

NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

2

DEPOSITS

NET
FLOW

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

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

19.0
18.7
9.8
7.0

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

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

341
308
-645

1,824
4,165
-218

«- —

1,697
1,751
-340

2,345
5,405
-659

708
1,029
395

3,297
6,493
2,858

3,114
3,690
2,673

, 4,206
8,545
3,484

- -

__
—

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
3,822.
4,719
3,068

SEASONALLY ADJUSTED
1975

January
February
March
April r /

369
715
1,489
867

4.5
8.7
18.0
10.3

- - -

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

12.1
14.9
23.3
17.2

- -

- -

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

NOTES:
1

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

2

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

3

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

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




9.9
13.1
21.7
15.2

- - - -

2

Table 10

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

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

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

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

14.4
14.4
15.2
16.3

12.3
12.6
13.2
14.3

2.1
1.8
2.0
2.0

-.04
.05
• 71
1.16

.06
.30
.60

-.10
-.25
. 11

1.10

.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 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.
S e r i e s r e v i s e d due t o r e e s t i t r a t i o n of s e a s o n a l f a c t o r s .




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

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

PERIOD

1973 - J u l y
Aug.
Sept.
Oct.

Nov.
Dec.

1974 - J a n .
Feb.

Mar.
0
May
Apr

July
Aug.
Sept.
Oct.

Nov.
Dec.

1975 - J a n .
Feb.

Mar.
Apr.

p

May

p

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

FHLMC

FNMA & FHLB

FNMA

+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

-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+507

-756
-657
4450
-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

——

——

- -

——

-242
-659
440
-21
-1,546

-5
-254
689
100
-1,265

-4
-554
-11
0
-1,265

——

- -

- -

+350
+650

——

-150
- -

-

Notes:
Based on d a t a f r o m t h e T r e a s u r y Survey of Ownership.
If
Sales of FHLB d i s c o u n t n o t e s began i n May 1974.
2 / Preliminary.




+530
- -

——

+256
+44

- -

—
- -

——
—

300
0
0
0

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

+1,050
+100
+310
+491

+85
-38
-26
+512
+450
4449
+305
+678
+18
+66
-182
-454

-1
0
700
100
0

-237
-405
-249
-79
-281

— —-

+450
+750
4499

-200

SHORT-TERM
DISCOUNT
NOTESl/

——

21

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE FNMA-GNMA
COMPANIES

Not Seasonally Adlusted

1970
1971
1972
1973
1974
1974 - O c t .
Nov.

Dec.
1975 - J a n .
Feb.

Mar.
Apr.
1974 - O c t .
Nov.
Dec.

1975 - J a n .
Feb.

Mar.
Apr.

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

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

1,313
1,588
2,333

862
1,514
1,946

100 .
-100

66
100
70

428
1,111
1,618

268
403 :
258

451
74
387
190

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

2,614
2,829
2,473

2,108
2,630
1,912

447
184
53
584

170
242
47

1,156
1,648
1,415
2,024

335
556
397

506
199
561
391

cnfl
Seasonally AdiustetT

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.

S e r i e s r e v i s e d 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 .




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

!

QUARTER

2

TOTAL

1968 - I
II
III
IV

28.1
26.4
25.5

1969 - I
II
III
IV

32.0
29.1

1970

TOTAL

19.4
18.2
17.2
20.4

29.6

23.&

21.5

25.8
25.2

18.7

20.7

14.4
16.8
21.3

18.5

16.5
19.4
16.8
14.0
13.1

"

2.3
2.2
1.8
1.9

3.1
3.2
3.5
3.9

6.4
6.0
6.5
7 .4

9.5
9.2
10.1
11.3

4.4
4.6
4.7

6.0
5.4
5 .3
5.3

10.4
10.1
10.0
10.7

4.8

9.8
9.8
11.5
13.4

1.5
1.5
2.1
2.2
2.2
2.4
2.3
2.5
2.6

5.4

2.2
2.2

1.7
1.4

31.3

11.5
10.5

15.7
19.2
21.4
20.4

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
2.5

63.1
53.9
51.4

53.1
44.0
41.8
31.7

10.0
9.9

16.3
17 .8
16.3
15.0

26.3

4.1

27.8
25.9
21.5

3.6
4.6

22.7
24.1
17.2
14.0

4.0
5.3
7.3

9.3

4.6

37.3
47.7
52.3
54.2

27.4
35 .5
38.5
41.2

1972 - I
II
III
IV

62.8

64.9
65.1
68.3

1973 - I
II
III
IV

83.4
75.6
71.3
57.9

1975 - I p

13.6

FARM

8.0
9.4
9.9
9.9

1971 - I
II
III
IV

58.5

16.3
15.0

&

COMMERCIAL

19 .426.2

22.8

1974 - I
II
III
IV

FAMILY

MULTIFAMILY
COMMERCIAL

5.0
5.2
6.3
6 .6

28.5
31.8

,

|

3
MULTIFAMILY

9.4
11.6
15.0
16.2

I
II
III
IV

22.9

RESIDENTIAL
I 1- to 4 -

38.3

28.6

9.6

6.5

4.6

5 .1
6.8

7.7
9.8

32.1

7.4
6.8
8.2

23.7

37.1
27 .5
17.3

6.4

15.4
17 .3
9.0
7.6

26.2

21.1

5.1

4.2

65.3

39.5
44.0

50.0

35.7

38.6
35.0

2.6

3.8

3.6

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 t o 4- family and multifamily mortgage d e b ^ c o m b m e d .




T a b l e 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS
PERIOD

TOTAL

1969
1970
1971
1972
1973
1974

1,324 •
1,352
1,952
2,219
1,820
1,052

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

1—FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

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

1,017
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

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

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

COMPLETIONS
MOBILE
HOME
TOTAL 7 7 - - F A M I L Y 7 2 - o n MORE
FAMIl
Y
SHIPMENTS
!
1

STARTS
2 - O R MORE
FAMILY

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

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

260
267
210
216
240

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

964
770
721
724

571
550
571
449

185
219
199
194

1

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 , and c o m p l e t i o n s a r e Census
B u r e a u 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-Z 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 titod; h o w e v e r , a l l such u n i t s a r e c o n s i d e r e d completed when more t h a n h a l f of 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 a n n u a l r a t e by Census B u r e a u .
1/ P e r m i t d a i a f o r 1969 and 1970 b a s e d on 13,000 a r e a s w i t h p e r m i t s y s t e m s .




T a b Te 1 5

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

HUD(FHA) INSURED LOANS
S E C O N D A R Y MARKET

EXISTING HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

NEW HOMES

1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1
YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

SPREAD
BETWEEN
NEW A a a
R E T U R N S ON
CONVENTIONAL
UTILITY
AND HUD(FHA)
BOND
DISCOUNT
NEW HOME
YIELD
(PERCENTAGE M O R T G A G E S (IN PER C E N T )
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.
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.

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.
n.a.

n a
2.3
3.2
5.1
5.3
5.3
6.3
5.8
6.3
4.6
3.8

-6

1975 - J a n .
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

8.99
8.84
8.69
n.a.

-1
-10
-91
n .a .

3.8
2.6
5 .4

16
21
21

Oct.

|
I

1
-6
-27

-31
-21
-45
-70
-58
-43

8.25
8.10
8.64
8.98
9.09
9.50
10.10
9.99
10.46
10.03
9.68
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

25

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

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

1974

-

-

ACCEPTED

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

|

AVERAGE
YIELD

ACCEPTED

1155 ( 3 / 2 5 ) 333 ( 3 / 2 5 ) 10. 59 ( 9 / 9 ) 164 ( 4 / 1 8 ) 63 ( 4 / 8 )
10.71 (9/9)
26 ( 1 1 . 1 8 ) 18 ( 1 1 / 1 8 ) 8 . 43 ( 2 / 2 5 14 ( 1 0 / 2 1 ) 7 ( 1 1 / 1 8 ) 8 . 4 7 ( 3 / 1 1 )

High

Low
1975

|

AVERAGE
YIELD

Jan.

13
27

25.3
41.4

21.2
28.6

9 .37
9 .12

17.9
11.1

14.9
10.6

9.50
9.39

Feb.

10
24

24.6

36.2

18.1
23.8

8 .98
8 .87

14.8
20.0

9.1
9.1

9.20
9.04

Mar.

10
24

99.2
460.5

60.1
321.4

8 .78
8 .85

34.4
60.7

22.1
35.8

8.96
9.00

Apr.

7
21

551.6
1 470.9

277 .2
247.3

8 .98
9 .13

99.8
79.2

44.6
64.8

9.13
9.26

525.5

280.4
115.0

9.,29
9 .25

69.8
43 4

43.9
38.4

9.43

165.6
172.5
73.4

80.4
38.6

9 .14
9,.06

51.2
28.5

27 .1
15.7

9.26
9.21

5

May

19
June

2
16

i

9.41

NOTES:
Average secondary market yields are gross before deduction of the fee of 3 8 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 t o total eligible bids received.