Full text of H.16 Capital Market Developments : June 23, 1975
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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.