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Capital
Market
Developments

June 9 , 1 9 7 5
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551

«s/

Index

TABLES
1-6

STOCK MARKET AND SECURITY CREDIT

e

ESTIMATE

P
7, 8

SECURITY VOLUME AND YIELDS

SYMBOLS

PRELIMINARY

9 — 16

MORTGAGE MARKET




R

REVISED

li.a.

NOT A V A I L A B L E

—

DATA D O NOT E X I S T

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1975 - Apr.

May

June

NEW ISSUE 1
A a a UTILITY

VOLUME

RECENTLY
OFFERED
A a a UTILITY

4
11
18
25

9.80
9.65
9.51
9.66

9.70
9.60
9.55
9.71

2
9
16
23
30

9.80
9.65
9.54
9.61
9.62r

6

9.63p

2

3
GROSS
OFFERINGS
( $ MILLIONS)

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

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

576
687
821
647

97
98
98
93

47
13
26
55

9.69
9.60
9.61
9.66
9.70r

340
1,210
1,024
825
415

95
93
95
93
90

10
80
55
144
85

9.65p

1,002

98

4

.

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

1975 - Apr.

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

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

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

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

6.35

May

4
11
18
25

7.05

680

81

175

NOTES:
1

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

2

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

3

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

4

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




/
Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
C O N S T A N T MATURITY

4

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

1971 - High
Low

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

8.23 (1/1)
7.17 (12/31)

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

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

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

1972 - High
Low

7.60 (4/21)
6.99 (11/24)

7.49 (4/21)
7.15 (12/1)

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

6.19 (4/14)
5.74 (1%/17)

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

1973 - High
Low

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

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

7.77 (8/24)
7.11 (1/5)

7.79 (8/10)
6.42 (1/5)

5.59 (8/3)
4.99 (10/11)

1974 - High
Low

10.61 (10/4)
8.05 (2/15)

10.52 (10/11)
8.13 (1/4)

9.39 (10/11)
7.73 (1/4)

8.68 (8/30)
7.39 (1/4)

4 . 1 5 (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
9.62r

9.69
9.60
9.61
9.66
9.70r

9.01
8.96
8.88
8.85
8.90r

8.41
8.25
8.18
8.16
8.24r

6.95
6.86
6.88
7.09
7.09

6

9.55p

9.57p

8.87p

8.19p

7.05

1975 - M a y

June

NOTES:
1

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

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4

3

Weekly average of daily closing figures.

4

Weekly avenge 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

Table 3

£

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN M I L L I O N S O F D O L L A R S

1975
January
February

GROSS PROCEEDS
l

CORPORATE

PERIOD

5,275
4,534

March
April
May

July
August
September
October
November
December
Q1
02
03
04
1st Half
3 Qtrs.
Year

1

1973

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

3,066
3,164
2,981

2,497
2,543
3,578

2,331

2,397
2,304
2,166

1,826
1,939
2,152

3,260
2,668
1,629

2,631
1,806
1,915

1,459
1,106
1,701

2,028
1,657
1,750

4,625
3,762
3,483

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

9,232
9,211
7,557
11,870

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

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

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

18,443
26,000
37,870

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

I

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




2

S T A T E AND LOCAL

1973

1974

6,761

1

1974

|

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

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

G R O S S P R O C E E D S BY TYPE OF ISSUER

BONDS
PUBLICLY
OFFERED

1974 - I
II
III
IV

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

I S S U E S INCLUDED

MANUFACTURING

F O R E I G N [CONVERTIBLE

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

9,232
9,211
7,557
11,870

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

1,638
1,794
1,237
1,561

1,776
1,534
1,297
1,698

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

11
21

4
52

390
641

829
1,299

397
331

1,072
947

Apr.
May
June

3,066
3,164
2,981

1,594
2,350
1,939

671
607
516

801
207
526

63
42
10

12
15
12

1,202
862
478

1,131
912
1,147

. 294
663
356

442
730
1,000

July
Aug.
Sept.

3,260
2,668
1,629

2,086
2,042
897

620
299
318

555
327
415

223
150

205
104
1

1,094
605
188

618
1,079
680

295
364
349

1,254
620
413

Oct.
Nov.
Dec.

4,625
3,762
3,483

3,423
3,016
2,172

370
336
855

832
410
456

175
199

76

743
1,698
1,634

2,109
963
625

475
93
175

1,298

1975 - J a n .
Feb.

5,275
4,534

3,657
3,216

1,028
708

590
610

309
483

1,848
1,720

1,269
1,931

932
107

1,226
776

NOTES:
1

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

Source: Securities and Exchange Commission.




1

1,011

1,049

T a b l e 5A

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

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

1

6 , 1975

MATURITY

C O U P O N RA T E

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 .

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 debt
Notes
Debt
Debt
Debt
1 s t mtge
Gtr s h i p f i n
Gtr s h i p f i n

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

—
—
—
—
—
—
—

2010
1983
1990
2000
1983
2000
1995
1985
1980
1983
2001

NOTES:
*

Rights offering.

1

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




10.70
—

11.00
9.50
8.70
11.00
8.63
9.13
10.00
9.50
8.38
9.80
7.10-8.15
8.88

10.70
—

11.00
9.48
8.70
11.00
8.63
9.13
10.07
9.57
8.45
9.80
7.10-8.15
8.88

A
——

Baa
—
—

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

Table 5 6

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

TYPE

2

AMOUNT
(MILLIONS O F
DOLLARS)

6, 1975
MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

S T A T E A N D 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
East 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 Hsg. F i n a n c e Agency
P e n n s y l v a n i a Hsg. Finance Agency

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

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

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

5.00-8.00
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

A
A
A
A
—
—
—
—

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

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.




FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of June 6 , 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
O F DOLLARS)

APPROXIMATE
DATE O F OFFERING

CORPORATE

Dayton Power & L i g h t
Zapata Off Shore Co.
Laclede Gas Co.
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
Texas E l e c t r i c S e r v i c e
G. D. S e a r l e & Co.
Squibb Corp.
Texas E a s t e r n T r a n s m i s s i o n
Data G e n e r a l Corp.
P u b l i c S e r v i c e E l e c t r i c & Gas
Texas E a s t e r n T r a n s m i s s i o n
S o u t h e r n C a l i f o r n i a Edison
Long I s l a n d L i g h t i n g Co.
Standard Oil Co., Indiana
P u b l i c S e r v i c e of Oklahoma
Portland General E l e c t r i c
*Ohio E l e c t r i c Co.
S o u t h e r n Co.
N o r t h w e s t e r n B i l l T e l . C o . , Omaha
Monsanto Co„
Monsanto Co.
N. Western B e l l Tel*
N o r f o l k & Western RR
Lucky S t o r e s I n c .
Merck & Co.
M i s s i s s i p p i R i v e r Corp.
A s s o c i a t e d Dry Goods C r e d i t Corp.
Columbus & S o u t h e r n Ohio E l e c t . Co.
C a l i f o r n i a Water S e r v i c e
N a t i o n a l F u e l Gas
G e n e r a l T e l . Co. of Penna.
S o u t h e r n Union Gas Co.
Monongahela Power
J e r s e y C e n t r a l Fwr & L i g h t
*Pullman T r a n s p o r t Leasing Co.
P i z z a Hut I n c .

Com s t k
Gtr ship f i n
1 s t mtg
1 s t mtg
Com s t k
Pfd s t k
Notes
Notes
Pfd s t k
Com s t k
Com ( r t s )
1 s t mtg
Pfd s t k
1 s t mtg
Debt
1 s t mtg
1 s t mtg
1 s t mtg
Com s t k
Debt
Notes
Notes
Debt
Equip t r
Conv. d e b t
Notes
Conv. d e b t
Notes
1 s t mtg
1 s t mtg
debt
1 s t mtg
Pfd s t k
1 s t mtg
1 s t mtg
Equip t r
Conv d e b t

21.0
92.0
20.0
50.0
45.0
30.0
150.0
100.0
40.0
30.5
45.0
60.0
50.0
80.0
300.0
50.0
27.0
75.0
110.0
150.0
150.0
100.0
150.0
15.0
40.0
200.0
25.0
50.0
40.0
26.0
21.0
30.0
15.0
30.0
35.0
30.0
25.0

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
June
June
June
June
June
June
June
June
June
June

9
10
10
10
10
10
10
11
11
11
11
11
11
12
12
12
12
16
17
17
17
17
17
17
18
18
18
18
18
18
18
18
19
19
19
19
23

10

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 6 , 1975.

TYPE

ISSUER
CORPORATE

C o n s o l i d a t e d N a t u r a l Gas Co.
Washington Gas L i g h t Co.
United I l l u m i n a t i n g Co.
U.So Bancorp
Washington Gas L i g h t Co.
Iowa I l l i n o i s Gas & E l e c t . Co.
I o w a - I l l i n o i s Gas & E l e c t . Co.
*VEPC0
Kansas Gas & E l e c t r i c Co.
Houston L i g h t i n g & Power
B e l l Telephone Co. of P e n n s y l v a n i a
AMAX I n c .
Geo A. Hormel & Co.
* I C I North A m e r i c a I n c .
M a n u f a c t u r e r s Hanover Tr„ Co„
M a n u f a c t u r e r s Hanover Corp.
Reading & Bates O f f s h o r e D r i l l i n g Co.
A.E. S t a l e y M a n u f a c t u r i n g Co.
North American P h i l i p s Corp.
L o u i s v i l l e & N a s h v i l l e RR Co.
Gas S e r v i c e Co,
*N.L. I n d u s t r i e s I n c .
J o s . S c h l i t z Brewing Co.
Delmarva Power & L i g h t
*Burlington Northern Inc.
E q u i t a b l e Gas Corp,
Delmarva Power & L i g h t Co.
*Southern Railway
*Montana Power
* P u b l i c S e r v i c e of I n d i a n a
*South C a r o l i n a E l e c t r i c & Gas
*Duquesne L i g h t
*S. C a r o l i n a E l e c t . & Gas Co.
*Union P a c i f i c RR Co.
* I d e a l Basic I n d u s t r i e s I n c .
B a r n e t t Banks of F l a . , I n c .
Burlington Industries Inc.
Potomac Edison Co.
American Finance Corp.




AMOUNT
(IN MILLIONS
O F DOLLARS)

APPROXIMATE
DATE OF OFFERING

-

S.F. debt
1 s t mtg
Debt
Conv d e b t
Pfd s t k
Com s t k
1 s t mtg
Com s t k
1 s t mtg
Com s t k
Com s t k
Com s t k
Notes
Gtd S . F . d e b t
Debt
Notes
Com s t k
Com s t k
Com s t k ( r t s )
Equip t r
1 s t mtg
Debt
Notes
Com s t k
Equip t r
1 s t mtg
1 s t mtg
Equip t r
Com s t k
Pfd s t k
Com s t k
Com s t k
1 s t mtg
Equip t r
Debt
Notes
S.F. debt
1 s t mtg
Debt

100.0
40.0
30.0
20.0
15.0
15.0
20.0
45.0
40.0
40.0
65.0
95.0
25.0
100.0
75.0
125.0
24.6
47.6
26.0
50.0
25.0
125.0
75.0
22.0
15.0
25.0
30.0
15.0
30.0
30.0
15.0
50.0
20.0
15.0
50.0
50.0
75.0
35.0
30.0

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
July
July
July
July
July
INDEF
INDEF
INDEF
INDEF
INDEF

23
24
24
24
24
24
25
25
26
30
30

1
1
1
2
8
8
9
10
10
10
10

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 6 , 1975

ISSUER

TYPE

AMOUNT
(IN MILLIONS
O F DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

ERG Corp.
Ashland O i l I n c .
Emerson E l e c t . Co.
F i r s t Maryland Bancorp

Debt
Debt
Notes
Notes

25.0
100.0
50.0
25.0

INDEF
INDEF
INDEF
INDEF

Debt
Notes
Notes
Notes
Conv S . F . d e b t

150.0
100.0
50.0
50.0
50.0

June
June
June
June
June

Other
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
Australia
Australia
Komatsu L t d .

.




11
11
12
12
17

1 2

Table 6B

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

1

As of June 6, 1975

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

^Chicago, I l l i n o i s
M e t r o p o l i t a n Water D i s t . of S. C a l i f .
P h i l a d e l p h i a , Pa.
G e o r g i a , S t a t e of
Purdue U n i v e r s i t y , I n d .
Michigan S t a t e H o s p i t a l F i n . Auth.
C o n n e c t i c u t , S t a t e of
Alpena Co. Mich.
West V i r g i n i a , S t a t e of
Maricopa C o . , A r i z .
^Minneapolis Metro. A i r p o r t s Comm.
*Washington, S t a t e of
* D a l l a s Co. Community C o l l e g e D i s t . ,
Texas
Bay C o . , Mich.
Newark, N . J .
Maryland Dept. of T r a n s p o r t a t i o n
M i s s o u r i Housing Dev. Comm.
* D e t r o i t B u i l d i n g A u t h . , Mich.
* P e n n s y l v a n i a Higher Educ. F a c . Auth.
Bergen C o . , N . J .
*Lake Co. F o r e s t P r e s e r v e D i s t . , 111.
Brazos R i v e r A u t h . , Texas
S t . John The B a p t i s t P a r . , La.
Utah, S t a t e of
* R a c i n e , Wise.
Anne Arundel C o . , Md.
* F l o r i d a S t a t e Board of E d u c a t i o n
*San Diego U.S.D. Pub. Sch. Bldg.
Corp., Calif.
* 0 h i o , S t a t e of

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

32.0
85.0
35.0
50.0
10.0
42.5
100.0
13.6
50.0
38.0
10.0
37.5

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

9
10
10
10
10
10
11
11
12
15
16
16

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

30.0
22.0
11.0
45.0
10.0
30.0
15.0
10.6
10.0
30.0
19.0
70.0
19.5
20.0
37.9

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

17
17
17
17
18
18
18
18
19
19
20
24
25
1
8

G.O.
G.O.

35.0
34.0

July
July

9
9

G.O.

30.0

June

3

POSTPONEMENT
Alabama Pub. Sch. and C o l l e g e Auth.

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
1

STOCK PRICES

DAIFE

NYSE INDEX

3

GJ INDUSTRIALS |

AMEX

4

|

2

TRADING VOLUME

NASDAQ

NYSE

|

AMEX

|

NASDAQ

1973 - High 65.48 (1/11)
Low- 49.12 (12/13)

1051. 50 (1/11)
788. 31 (12/5)

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

136.84 (1/11)
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)

1974 - High 53.37 (3/13)
Low 32.89 (10/3)

891. 66 (3/13)
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 (9/26)

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

1975 - High 49.35 (6/3)
Low 37.16 (1/8)

858. 73 (5/14)
632. 04 (1/2)

90.71 (6/5)
62.20 (1/2)

84.77 (6/6)
60.70 (1/2)

35.2 (2/13)
13.4 (1/20)

4 . 2 (2/21)
1.5 (1/21)

8 . 1 (2/13)
3.6 (1/20)

1975
Mar.

7
14
21
28

44.55
44.74
44.26
44.46

770.,10
773.,47
763..06
770..26

77.66
80.00
80.47
80.01

74.40
76.07
75.92
76.18

26.0
24.4
24.4
18.3

2.6
3.0
3.0
2.1

5.9
6.2
6.2
5.2

Apr.

4
11
18
25

42.98
44.61
45.75
45.95

747..26
789,.50
808..43
811 .80

79.01
81.24
83.41
84.18

74.73
76.31
78.08
78.64

14.9
18.3
26.9:
21.9

1.8
2.1
3.0
2.5

4.8
5.0
6.8
6.2

May

2
9
16
23
30

47.18
47.94
47.96
48.05
48.46

848.48
850,.13
837 . 6 1
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. Or

2.3
2.8
2.5.
2.0
2,7r

5.6
7.0
6.4
5*8
6.5r

6

49.19

839 .64

90.69

84.77

25.3

3.4

7.2

\

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

3
4

12/31/66 - 60
Based on average price change until September 4 , 1 9 7 3 thereafter, based on market value of shares listed.




H

W

Table 8
Ill

SECURITY CREDIT
R E G U L A T E D MARGIN C R E D I T E X T E N D E D BY
END O F PERIOD

B R O K E R S ON
MARGIN
STOCK

1

BROKERS O N
CONVERTIBLE
BONDS

3

2

BANKS

•
II A TEA UAUIIAD^IU
UNREGULATED NONMAHUIN

4

STOCK CREDIT
AT BANKS

OUTSTANDING

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

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

134
136
134

848
830
869
n.a.

1,919
1,897
1,895
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

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

-3
2
-2

-8
-18
-39

-145
-22
-2
n.a.

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

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

110
180
130
180

—
—

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




:

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
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

February
March r /
April £/

909
2,052
615

1975 - J a n u a r y
February
March r /
April £/

369
715
1,489
856

1

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

2

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

TOTAL
2

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0

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

17.2
16.7
8.4
5.8

——

1,824
4,165
-218

«- —

1,697
1,751
-340

2,345
5,405
-659

——

—

341
308
-645

3,297
6,493
2,855

3,114
3,690
2,671

4,206
8,545
3,470

*, —

—

708
1,029
400

2,824
3,772
6,331
4,495

9.9
13.1
21.7
15.2

—

__
- -

NET
NEW
MONEY

2

26,331
29,335
10,062
1,847

.
—

—

2,038
2,059
-985
3,822
4,719
3,071

SEASONALLY ADJUSTED
4.5
8.7
18.0
10.2

——
—

- -

2,455
3,057
4,842
3,639

12.1
14.9
23.3
17.2

——

- - -

NOTES:
1 Regular deposits it 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 ere for insured associations only, which represent 96 per cent of industry total resources.
3 Annual yowth rate for monthly data is the annueltred monthly percentage increase in deposits.
Source; National Association of Mutual Savings Banks end Federal Home Loen Bank Board.




——
—
—

H
^

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS O F DOLLARS, S E A S O N A L L Y A D J U S T E D

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

1971 - Dec.

17.7

ALL S A V I N G S
MUTUAL
S A V I N G S BK£ 5
& LOAN
ASSOCIATIONS (N Y. S T A T E )

NET CHANGE
TOTAL

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

14.0

3.7

.49

.30

.19

1972 - Dec.

25.1

20.2

4.9

.56

.55

.01

1973 - J a n .
Feb.
Mar.
Apr.
May
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

12.3
12.6
13.2
14.3

2.1
1.8
2.0

-.04
.05
• 71

.06
.30
.60
1.10

-.10
-.25
. 11

NOTES:
Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded endof period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.

Series revised due to r e e s t i m a t i o n of seasonal f a c t o r s .



T a b l e 11

17

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS O F DOLLARS

!
PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

FNMA & FHLB

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

FHLB

FHLMC

FNMA

1973 - July
Aug.
Sept.
Oct.
Nov.
Dec.

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

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

+998
+1,349
+1,500
+1,300
--

--

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

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

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
+961

-800
. -657

--

—

- -

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

+450

—
—

- —

——

+750
+499

-242
-659
+452
-79

-5
-254
700
0

-4
-554
0
0

1975 - Jan.
Feb.
Mar. p
Apr. p

——

Notes:

Based on data from the Treasury Survey of Ownership.
1/ Sales of FHLB discount notes began i n May 1974.
])/ Preliminary.




+530
——
——
——

-150

+350
+650
--

+256

-200
——
——

——

——

300
——

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

+1,050
+100
+310
+491

+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454

-1
0
700
0

-237
-405
-248
-79

+44

—-

SHORT-TERM
DISCOUNT
NOTES]./

--

•

Table 12

is

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

TOTAL
INCLUDING
FNMA-GNMA

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE
COMPANIES

Not S e a s o n a l l y A d j u s t e d
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

2,419
1,992
2,255

1,655
1,476
1,082

500
400
500

45
79

565
522
595

545
475
729

1,313
1,588
2,333

862
1,514
1,946

66
428
100
100
1,111
-100
0
1,618
70
Seasonally A d j u l t i ^

268
403
258

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

2,614
2^829
2,473

2,108
2,630
1,912

447
184
53

170
242
47

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

335
556
397

-

22

$
a

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the
Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted for 89 per cent of the net increase estimated for all holders in 1972.
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 d u e 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 .




T a b l e 13

1?

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS O F D O L L A R S , S E A S O N A L L Y A D J U S T E D ANNUAL R A T E S

2
QUARTER

2I

RESIDENTIAL
MULTIFAMILY

COMMERCIAL

MULTIFAMILY
&
COMMERCIAL

TOTAL

TOTAL

1968 - I
II
III
IV

28.1
26.4
25.5
29.6

19.4
18.2
17.2
20.4

16.3
15.0
13.6
16.5

3.1
3.2
3.5
3.9

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

1969 - I
II
III
IV

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

19.4
16.8
14.0
13.1

4.4
4.6
4.7
5.4

6.0
5.4
5.3
5.3

10.4
10.1
10.0
10.7

2.2
2.2
1.7
1.4

1970

I
II
III
IV

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

9.4
11.6
15.0
16.2

5.0
5.2
6.3
6.6

4.8
4.6
5.1
6.8

9.8
9.8
11.5
13.4

1.5
1.5
2.1
2.2

1971 - I
II
III
IV

37.3
47.7
52.3
54.2

27.4
35.5
38.5
41.2

19.4
26.2
28.6
31.3

8.0
9.4
9.9

7.7
9.8
11.5
10.5

15.7
19.2
21.4
20.4

2.2
2.4
2.3
2.5

1972 - I
II
III
IV

62.8
64.9
65.1
68.3

46.1
47.0
47.1
49.5

37.7
37.4
38.0
40.0

8.4
9.6
9.1
9.5

14.1
15.3
15.3
16.3

22.5
24.9
24.4
25.8

2.6
2.6
2.6
2.5

1973 - I
II
III
IV

83.4
75.6
71.3
57.9

63.1
53.9
51.4
38.3

53.1
44.0
41.8
31.7

10.0
9.9
9.6
6.5

16.3
17.8
16.3
15.0

26.3
27.8
25 .9
21.5

4.1
3.8
3.6
4.6

1974 - I
II
III
IV

58.5
65.3
50.0
38.6

39.5
44.0
35.7
23.7

32.1
37.1
27.5
17.3

7.4
6:8
8.2
6.4

15.4
17.3
9.0
7.6

22.7
24.1
17.2
14.0

3.6
4.0
5.3
7.3

1975 - I p

35.0

26.2

21.1

5.1

4.2

9.3

4.6

1- t o 4 FAMILY

9:9

,

FARM

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<oombmed.




T a b l e 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF 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 RATES

TOTAL

1—FAMILY

COMPLETIONS

STARTS

PERMITS
PERIOD

2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS

1969
1970
1971
1972
1973
1974

1,324
1,352
1,952
2,219
1,820
1,052

626
647
928
1,033
882
726

698
705
1,025
1,186
937
419

1,467
1,434
2,052
2,357
2,045
1,338

811
813
1,151
1,309
1,132
888

656
621
901
1,048
914
450

1,399
1,418
1,706
1,972
2,005

808
802
1 ,014
1,143
1,166

592
617
692
828
838

413
401
497
576
580

1974 - July
Aug.
Sept.
Oct.
Nov.
Dec .

1,017
900
823
782
730
822

632
618
577
533
511
486

385
282
246
249
219
336

1,314
1,156
1,157
1,106
1,017
880

920
826
845
792
802
682

394
330
312
314
215
198

1,655
1,592
1,562
1,627
1,657
1,606

934
919
899
908
893
852

721
674
663
719
763
754

340
316
252
217
195
195

682
714
706
897

495
524
523
610

187
190
183
287

999
1,000
974
990

739
733
757
754

260
267
217
236

1,535
1,319
1,246

964
773
708

571
546
543

185
219
199

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

NOTES:
P r i v a t e permits ( f o r 14,000 a r e a s with permit systems, excluding farm), s t a r t s , and completions are Census
Bureau d a t a . A dwelling u n i t is s t a r t e d when excavation b e g i n s . In the case ol apartment b u i l d i n g s , a l l u n i t s
are considered s t a r t e d a t t h a t tith6; however, a l l such u n i t s are considered completed when more than h a l f of the
u n i t s in the s t r u c t u r e are ready f o r u s e . P r i v a t e mobile home shipments"'are Mobile Home Manufacturers Assoc. data
converted to seasonally a d j u s t e d annual r a t e by Census Bureau.
 for 1969 and 1970 based on 13,000 a r e a s with permit systems.
JL/ Permit data



T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW H O M E S

1

PERIOD
RATE
(IN PER C E N T )

SPREAD
(BASIS
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING H O M E S

1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER C E N T )

SPREAD
BETWEEN
RETURNS ON
NEW A a a
NEW HOMES
CONVENTIONAL
UTILITY
1
AND HUD (FHA)
BOND
SPREAD
DISCOUNT
NEW HOME
YIELD
(BASIS
(PERCENTAGE M O R T G A G E S ( M PER CENT)
POINTS)
POINTS)
(BASIS
POINTS)

1973 - High
. Low

8.95
7.70

107
31

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

8.36
7.38

1974 - High
Low

9.80
8.55

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

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

8.65
8.60
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.
44
2
19
37
-4
-25
31
—
8
10

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

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

3.8

—
6

8.25
8.10
8.64
8.98
9.09
9.50
10.10
9.99
10.46
10.03
9.68

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.

3.8
2.6
5.4

16
21
21
n.a.

8.55

9.51
-1
-10
-91
n.a.

9.00
8.94
9.60
9.66

NOTES:
1

Gross yield spread is average mortgage retting before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.

Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas
of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used.




Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS

2?

GOVERNMENT-UNDERWRITTEN
AMOUNT
AVERAGE
(IN MILLIONS OF DOLLARS)
YIELD

DATE OF
AUCTION

OFFERED

1974 - H i g h
Low

|

ACCEPTED

CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

|

AVERAGE
YIELD

ACCEPTED

1155 ( 3 / 2 5 ) 333 ( 3 / 2 5 ) 1 0 . 5 9 ( 9 / 9 ) 164 ( 4 / 1 8 )
63 ( 4 / 8 )
10.71 (9/9)
26 ( 1 1 . 1 8 ) 18 ( 1 1 / 1 8 ) 8 . 4 3 ( 2 / 2 5 14 ( 1 0 / 2 1 )
7 (11/18)
8.47 (3/11:

1975 - J a n .

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
470.9

277.2

8.98

99.8

44.6

9.13

247.3

9.13

79.2

64.8

9.26

| 525.5
165.6

280.4
115.0

9.29
9.25

69.8
46 4

43.9
38.4

9.43
9.41

172.5

80.4

9.14

May

5
19

i

9.26

NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered by bidders relate to total eligible bids received.




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