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Capital
Market
Developments

March 10, 1975
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




DIVISION O F RESEARCH AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L RESERVE SYSTEM
Washington, D C. 20551

Index

TABLES
1-6

SECURITY VOLUME AND YIELDS

SYMBOLS

7, 8

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

9 - 1 6

MORTGAGE MARKET




e

ESTIMATE

p

PRELIMINARY

r

REVISED

n.3.

NOT AVAILABLE
DATA DO NOT EXIST

3

Tablet

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1975 - J a n .

NEW ISSUE 1
A a a UTILITY

VOLUME

RECENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
($. M I L L I O N S )

PER CENT
S O L D BY END
O F WEEK

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

3
10
17
24
31

9.62
9.38
9.45
9.00

9.67
9.45
9.55
9.47
9.21

699
1,494
474
890

98
96
92
93

163
14
174
130
6

Feb.

7
14
21
28

8.89
9.02
9.04
8.94r

9.12
9.10
9.08
9.06r

760
438
770
1,156

99
85
82
81

0
59
128 ,
244r

Mar.

7

8.91p

9. l i p

850

92

266

MUNICIPAL B O N D MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE

VOLUME

BOND BUYER
20-60ND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

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

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

1975 - J a n .

3
10
17
24
31

6.70
6.60
6.55
6.10
6.00

7.08
6.99
6.90
6.59
6.54

26
500
410
361
667

66
92
84
84
95

117
75
88
66
48

Feb.

7
14
21
28

5.90
5.85
6.00
6.10

6.34
6.27
6.40
6.55

535
668
334
724

84
81
75
88

105
203
192
165

Mar.

7

6.10

6.54

613

88

117

NOTES:
1

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

2

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

3

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

4

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




Table 2

HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S S E A S O N E D
CORPORATE A a a

3

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

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 . 1 9 (4/l\4)
5.74 (11/^7)

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

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

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

7.77 (8/24)
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 ( 1 0 / 1 1 )
8.13 (1/4)

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

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

1975 - High
Low

9.62 (1/10)
8.89 (2/7)

9.67 (1/3)
9.06 (2/28)

8.93 (1/3)
8.57 (2/28)

1973 - High
Low

.

.

:

7.15 (12/12)
5.16 (2/7)

7.93 (1/3)
7.63 (2/21)

7.08 (1/2)
6.27 (2/13)

1975 - Feb.

7
14
21
28

8.89
9.02
9.04
8.94r

9.12
9.10
9.08
9.06r

8.68
8.63
8.58
8.57

7.75r
7. 74r
7.63r
7.^1r

6.34
6.27
6.40
6.55

Mar.

7

8.91p

9.lip

8.60p

7.75p

6.54

NOTES:
1

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

2

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

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U.S. Treasury data.

5

Thursday 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

5

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

PERIOD

G R O S S PROCEEDS
l
'

CORPORATE

1973

1975

2,327
1,962
3,933

2,064

March

3,341
2,690
3,216

April
May
June

3,067
3,164
2,987

July

1975
January
February

August
September
October
November

1

1974

I

Q1
03

|

1973

2,497
2,543
3,578

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

4,358
3,690

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

9,247
9,218
7,557

8,222
8,6i8
6,352
10,199

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

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

18,465
26,022

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




1974

1,977
1,515
2,467

04
1st Half
3 Qtrs.

1

2,255
2,003
2,025

December

02

2

STATE AND LOCAL

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

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

GROSS PROCEEDS BY TYPE OF ISSUER
MEMO

I S S U E S INCLUDED
FOREIGN (CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1973 -

III
IV

6 , 352
10, 199

2,333
5,026

2, 285
2 059

1 ,735
3 ,114

163
136

50
282

1,160
1,502

2,014
2,917

1 =
,851

2,304
3,930

1974 -

I
II
III

9, 247
9 , 218
7 , 557

5,818
5,883
5,025

1 652
1, 800
1, 235

1 ,776
1 ,534
1 ,297

88

115
373

58
39
310

1,927
2,548
1,887

3,569
3,190
2,377

874
1 ,310
1, ,008

2,880
2,172
2,287

1973 - Dec.

3,,238

1,552

917

769

77

—

504

888

377

1,469

1974 - J a n .
Feb.
Mar.

3 ,341
2 ,690
3 ,216

2,115
1,683
2,020

794
421
437

430
586
760

56
11
21

2
4
52

896
393
641

1,441
829
1,299

146
397
331

861
1,075
947

Apr.
May
June

3 ,067
3 ,164
2 ,987

1,594
2,350
1,939

671
607
522

801
207
526

63
42
10

12
15
12

1,202
862
484

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

619
299
317

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.

4 ,538
3 ,690

3,423
3,016

262
259

853
415

175
199

76

693
1,669

2,086
963

471
86

1,288
975

—

NOTES:
1

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

Source: Securities and Exchange Commission.




871

1

T a b l e SA

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

1

March 3, t h r u March 7 , 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

S i e r r a P a c i f i c Power Co.
A r i z o n a P u b l i c S e r v i c e Co.
O t i s E l e v a t o r Co.
Union P a c i f i c RR
S e a r s Roebuck & Co.
P r o c t e r & Gamble Co.
J e r s e y C e n t . Pwr. & L i g h t Co.
Brockway G l a s s Co.
S o u t h e r n C a l i f o r n i a Edison Co.
^ N o r f o l k & Western Ry Co.

Other
C a i s s e N a t i o n a l des Telecommunications

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

Guar n o t e s

15.0
28.0
50.0
15.0
250.0
300.0
35.0
35.0
150.0
15.0

75.0

10.64

10.64

2000
1990
1985
2005
1983
1985
2000
1990

9.00
8.00
7.75
8.25
10.25
8.75
8.88
8.00

9.05
6.35-8.25
7.75
8.33
10.00
8.75
8.95
6.50-8.30

1980

9.13

—

9.25

Baa
A
Aaa
Aaa
Aaa
Baa/Bbb
A
Aa
Aa

Aaa

NOTES:
•
1

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




-O

/

T a b l e 5B

|

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
March 3 , t h r u March 7, 1975
TYPE

ISSUER

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Washington P u b l i c Power Supply
Washington P u b l i c Power Supply
Washington P u b l i c Power Supply
S t . Joseph H o s p i t a l of J a c k s o n
S t . J o s e p h H o s p i t a l of J a c k s o n
Vermont, S t a t e of
T e n n e s s e e , S t a t e of
Milwaukee, Wise.
P r i n c e W i l l i a m C o . , Va.
G e o r g i a , S t a t e of
*Maine M u n i c i p a l Bond Bank
M i n n e a p o l i s , Minn.
M i n n e a p o l i s , Minn.

System
System
System
C o . , Mo.
C o . , Mo..

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

32.0
15.0
78.0
4.0
29.0
24.0
100.0
25.4
16.0
38.4
13.7
3.0
7.8

1982-1994
1999
2012
1979-1990
1999-2010
1976-1994
1976-1995
1976-1990
1976-1995
1976-2000
1976-1995
1978-1988
1983-1993

6.70
6.70
6.70
—
\

5.10-6.30
6.60
6.90-8.50
9.00-9.25
3.90-6.30
3.70-6.25
3.85-6.40
4.00-6.85
3.60-6.35
4.40-6.64
4.30-5.65
5.10-6.10

—

5.61
5.55
5.54
5.99
5.92
—

5.40
5.88

6.88

Aaa
Aaa
Aaa
—
—

Aa
Aaa
Aaa
A—1
Aaa
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.-0.-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.




9
T a b l e 6A

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

1

a s of March 7, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

N i a g a r a Mohawk Power Corp.
N i a g a r a Mohawk Power Corp.
* A t c h i s o n , Topeka & Santa Fe RR
I n t e r n a t ' l . H a r v e s t e r C r e d i t Corp.
New York T e l e . Corp.
New York T e l e . Corp.
N i a g a r a Mohawk Power Corp.
P u b l i c S e r v i c e of New Mexico
Duquesne L i g h t
Upjohn Co.
C a r o l i n e Power & L i g h t Co.
F l o r i d a Power & L i g h t
A l l i e d Chemical Corp.
A l l i e d Chemical Corp.
*Crown Z e l l e r b a c h Corp.
*Walter E. H e l l e r Corp.
»
P u b l i c Svc. Colorado
A t l a n t i c C i t y E l e c t . Co.
R o c h e s t e r T e l e . Corp.
N o r f o l k & Western RR Co.
N a r r a g a n s e t t E l e c t . Co.
General P u b l i c U t i l i t i e s Co.
Boston Edison
Union E l e c t . Co.
United T e l e , of Ohio
*General Motors Corp.
*General Motors Corp.
Commonwealth Edison Co.
I n d i a n a p o l i s Power & L i g h t Co.
I n d i a n a p o l i s Power & L i g h t Co.
New England Power Co.
Texas Power & L i g h t Corp.
Dow Corning Corp.
P e n n s y l v a n i a E l e c t . Co.
Diamond S t a t e T e l e . Co.
*Dominion Bankshares Corp.
Texas Power & L i g h t Co.
American E l e c t . Power

1

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

30.0
50.0
15.0
75.0
100.0
100.0
40.0
25.0
50.0
125.0
50.0
125.0
75.0
75.0
50.0
75.0
20.0
35.0
40.0
15.0
15.0
30.0
30.0
70.0
25.0
300.0
300.0
100.0
30.0
20.0
80.0
100.0
60.0
35.0
20.0
25.0
30.0
180.0

NOTES:
*

Included in table for first time.

1

Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




March
11
March
11
March
11
March
11
March
11
March
11
March
11
12
March
March
12
March
13
March
13
March
13
March
18
March
18
March
18
March
18
March
18
March
18
March
18
March
18
March
18
March
19
March
19
March
19
March
19
March
20
March
20
March
20
March
20
March
20
March
20
March
24
March
25
March
25
March
25
March
25
March
25
March
26

10

T a b l e 6A Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of March 7, 1974
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Potomac Edison Co.
Metro. Edison Co.
Avco Corp.
Houston O i l & M i n e r a l s Corp.
P h i l l i p Morris I n c .
- ^ D i g i t a l Equip. Corp.
* B a r n e t t Banks of F l a . , I n c .
* S c o t t & F e t z e r Co.
* J o s . S c h l i t z Brewing Co.
*Minnesota Mining & Mfg. Co.
* Minnesota Mining & Mfg. Co.

1 s t mtge
1 s t mtge
Notes
Conv d e b t
Notes
Debt
Notes
Notes
Notes
Debt
Notes

* R a l s t o n P u r i n a Co.
*Westvaco Corp
*Emerson E l e c t . Co.
ERC Corp..
*Ashland O i l I n c .
*Chemical New York Corp.
^United A i r c r a f t Corp.
*United A i r c r a f t Corp.
S. Cent. B e l l T e l e . Co.
^ P e n n s y l v a n i a Power & L i g h t
Atchison Topeka & Santa Fe RR Co.
^ P o r t l a n d General E l e c t r i c
"*Gulf S t a t e s U t i l i t i e s Co.
Gulf S t a t e s U t i l i t i e s Co.
*New England T e l e . & T e l e .
*Michigan Wise. P i p e l i n e Co.
^Cleveland E l e c t . I l i u m .
*New England E l e c t . System
Cent. I l l i n o i s Pub. Svc. Co.
*San Diego Gas & E l e c t . Co.
*Utah Power & L i g h t
General T e l e , of Ohio
American Finance Corp.

Conv d e b t
Debt
Notes
Debt
Debt
Conv d e b t
Notes
Debt
1 s t mtge
Com s t k
Equip t r
1 s t mtge
Com s t k
1 s t mtge
Com s t k ( r t s ) .
1 s t mtge
1 s t mtge
Com s t k
1 s t mtge
1 s t mtge
Com s t k
Pfd s t k
Debt

Other
Eurofima
Japan Dev. Bank
Boston VLCC
Govt, of I r e l a n d
Hydro-Quebec
Hydro-Quebec

Notes
Notes
Govt g t r
Notes
Debt
Debt




35.0
50.0
50.0
30.0
125.0
75.0
50.0
30.0
75.0
150.0
150.0

March
March
March
March
March
March
March
March
March
March
March

100.0
70.0
50.0
25.0
100.0
100.0
100.0
100.0
300.0
55.0
15.0
40.0
39.0
40.0
28.8
50.0
100.0
30.0
25.0
40.0
30.0
20.0
30.0

March
March
March
March
March
March
March
March
April
April
April
April
April
April
April
April
April
April
April
April
April
INDEF
INDEF

50.0
50.0
34.3
25.0
20.0
100.0

March
March
March
INDEF
INDEF
INDEF

26
26

1
2
2
3
3
3
7
7
8
8
9

13
19

11

Table 6B

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

1

as of March 7, 1975
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Ariz.
New Mexico, S t a t e of
*Beaver Co. I n d u s t . Dev. A u t h . , Pa.
Broome C o . , N.Y.
* H a r t f o r d , Conn.
Roanoke, Va.
Glendale, C a l i f .
Phoenix, Ariz.
N o r f o l k I n d u s t r i a l Dev. A u t h . , Va.
Memphis, Tenn.
A t l a n t a , Ga.
Chicago School D i s t . , 111.
D e t r o i t B u i l d i n g A u t h . , Mich.
Nassau Co., N.Y.
*Allegheny C o . , I n d u s t . Dev. A u t h . ,
Pa.
* R o c h e s t e r , N.Y.
San F r a n c i s c o Bay Area T r a n s i t
Dist., Calif.
*Webster, Texas
*Newark, N . J .
W i c h i t a U n i f i e d Sch. D i s t . , Kans.
A u r o r a , Colo.
* S t o c k t o n - E a s t Water D i s t . , C a l i f .
Ohio, S t a t e of
F a i r f a x C o . , Va.
Los Angeles Dept. Water & Power,
Calif.
W a t e r b u r y , Conn.
B a l t i m o r e , Maryland
*Michigan S t a t e H o s p i t a l Finance
Auth.
*Bryan, Texas
*Houston, Texas
*Washington Suburban S a n i t a r y D i s t . ,
Md.
*San F r a n c i s c o Redevelopment
Agencv.. Calif

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

12 .5
13 .3
34 .0
11 .8
24 .7
15 .0
21 .7
18,.5
21 .5
30,.0
20,.0
60,.0
30,.0
34.2

March
March
March
March
March
March
March
March
. March
March
March
March
March
March

10
11
11
11
11
11
11
11
11
11
12
12
12
12

Rev
G.O.

17..0
31.,0

March
March

13
13

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

16.,0
65..0
22..0
15.,0
23.,0
19. 8
50.,0
30. 0

March
March
March
March
March
March
March
March

13
17
18
18
18
18
18
19

Rev
G.O.
G.O.

32. 0
11. 5
30. 4

March
March
March

19
20
25

Rev
Rev
G.O.

27. 3
12. 5
26. 0

March
April
April

1
2

G.O.

69. 2

April

2

Rev

210. 0

April

2

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 6B C o n t i n u e d

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

1

a s of March 7 , 1975

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*King County, Wash.
P h i l a d e l p h i a H o s p i t a l A u t h . , Pa.
S t . C h a r l e s P a r i s h , La.




G.O.
Rev
Rev p o l l c o n t

22.8
50.0
60.0

April
INDEF
INDEF

7

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DAI re
NYSE INDEX

65.48 (1/11)
49.12 (12/13)

1973 - High
Low

3

1

BJ INDUSTRIALS

|

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

AMEX

4

1

NASDAQ

2

TRADING VOLUME
NYSE

|

AMEX

|

NASDAQ

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

1 3 6 . 84 ( 1 / 1 1 )
8 9 . 12 ( 1 2 / 1 3 )

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

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

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

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

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

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

96. 53 ( 3 / 1 5 )
5 4 . 87 ( 1 0 / 3 )

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

4,4 (1/3)
.9 (9/26)

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

Low

43.70 (2/21)
37.16 (1/8)

749.77 (2/21)
632.04 (1/2)

77.73 (2/21)
62.20 (1/2)

73.79 (2/21)
6 0 . 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)

3
10
17
24
31

37.35
38.57
37.86
38.84
40.91

634.54
658.79
644.63
66*6.61
703.69

62.86
67.32
67.81
71.05
74.20

61,, 2 3
63., 6 9
64,. 4 0
65,. 3 7
69,. 7 8

17.4
18.1
16.9
16.4
29.1

2.8
2.0
1.8
1.9
3.0

5.4
5.5
4.9
4.6
7.0

7
14
21
28

41.08
43.21
43.70
43.07

711.91
734.20
749.77
739.05

75.08
76.79
77.73
77.27

71,. 1 2
73 . 2 6
73 . 7 9
73 . 0 0

25.7
22.2
23.2
18.8

2.8
2.4
3.0
2.1

6.4
6.0
6.0
5.1

44.55

770.10

.77.66

74, .40

26.0

2.8

5.9

1974 - H i g h
Low

1975 - H i g h
1975
Jan.

Feb.

Mar.

7

.

NOTES:
1

Figures other then highs end lows ere Frideys only. Highs end lows ere for the year end ere not necessarily for Fridays.

2

Volume figures ere weekly e m egw of dally figures (millions of shares).

3
4

12/31/66 • 60
Besed on ewer*#* price change until September 4 . 1 9 7 3 theieeftei, besed on market value of shares listed.




Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

B R O K E R S ON
MARGIN
STOCK

1

BROKERS O N 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1973 - S e p t .
Oct.
Nov.

Dec.
1974 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
£ apt.
Oct.
I;.JV.

Dec.

5,730
5,690
5,460
5,050

204
203
197
189

1,005
1,181
1,103
1,131

1,909
1,878
1,917
1,866

5,130
5,230
5,330
5,370
5,180
5,080
4,760
4,510
4,020
3,930
3,960
3,840

182
183
180
179
172
172
158
156
148
145
139

1,020
1,039
1,008
1,009
1,020
1,037
1,023
953
924:
916
n.a.

1,845
1,843
1,869
1,868
1,858
2,072
2,091
2,119
2,060.
2,024'

-100
-40
-230
-410

-6
-1
-6
-8

-31
176
-78
28

-43
-31
39
-51

80
100
100
40
-190
-100
-320
-250
-490
-90
-30
-120

-7
1
-3
-1
-7

-111
19
-31
1
11
17:
-14
-70
-2&

-21
-2
26
-1
-10

CHANGE IN OUTSTANDING

1973 - E j p t .
Oct.
Nov.

Dec.
1974 - J a n .
Feb.
Mar.
/
Apr.
May
June
July

Aug.
Sept.
Oct.
Nov.
Dec.

-14
-3
-7
-3
—6

-8

214
19.
28:
-59:
-36

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




V
"

4

Table 0

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

1971
1972
1973
1974 £ /

1974 - November
December r /
1975 - J a n u a r y &/

SHARE CAPITAL
NET
FLOW

5,378
5,451
-442

-2,818

27,793
32,567
20,237
16,014

440
1,057
257

265
-42
46

449
990
455

236
-33
225

ANNUAL 3
GROWTH
RATE

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8

NET
NEW
MONEY

26,331
29,335
10,062
1,829

20,653
23,884
10,507
4,647

37,414
42,634
25,052
18,115

2,018

1,700
3,971
2,434

1,431
364
2,064

.1,091
571
3,107

1,223
3,391
3,306

13.5
12.4
5.3
3.0

NET
NEW
MONEY

1,166
406

19.0
18.7
9.8
7.0

1,260
2,914
2,177

9,621
10,067
4,815
2,101

1973 - November
December
1974 - J a n u a r y

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

1,672
4,381
3,761

1,327
538
3,332

SEASONALLY ADJUSTED
1974 - August
September
October
November
(
December r /

12
172
260
535
368

0.1

1975 - J a n u a r y &/

352

4.5

544
818
1,277
1,752
2,480

2.8
4.1
6.4
8.8
12.3

556
990
1,537
2,287
2,848

2.0
3.6
5.5
8.1
10.1

4.3,

2,493

12.3

2,845

10.0

2.1
3.2

6.6

NOTES:
1

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




——

—
—
—
---

Table 10

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

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

MUTUAL
ALL S A V I N G S
& LOAN
SAVINGS BK55
ASSOCIATIONS (N Y. STATE)

NET CHANGE
TOTAL

ALL SAVINGS
MUTUAL
SAVINGS BKS
& LOAN
ASSOCIATIONS (N Y. STATE)

1971 - Dec.

17.7

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
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 .

14.4

12.3

2.1

-.04

.06

- .10

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.

er es revise
DigitizedSfori FRASER 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 .


T a b l e 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM I S S U E S

TOTAL

FHLB

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

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

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

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

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

-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+595

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
•+1,000

-800
-657

1975 - J a n . p

-12

—

—

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

FNMA
+530

—

———

-150

—

+350
+650
——

+256

—

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.
1/ S a l e s of FHLB d i s c o u n t n o t e s began i n May 1974.
£/ Preliminary.




FHLMC

FNMA & FHLB

M. —

+44

—

——

- —

+450

——
—
"
——

-200
- -

—
—
—
—
—

——
---

+750
+499
—

•

+1,050
+100
+310
+500

SHORT-TERM
DISCOUNT
NOTESj./

-53
+344 „
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-405
-12

T a b l e 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
COMPANIES

FNMA-GNMA

Not S e a s o n a l l y Ad l u s t e d
1970
1971
1972
1973
1974
1974 - O c t .
Nov.
Dec.

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
2,253

1,655
1,476
1,800

500
400
500

45
79
-24

565
522
595

545
475
729

764
516
453

1975 - J a n .

442

451

S e a s o n a l l y Ad i n s t e d
1974 - O c t .
Nov.
Dec-.

2,599
2,266
1,887

1,945
1,817
1,404

488
501
798

96
59
-117

1975 - J a n .

828
808
483
1,075

533
449
240

654
449
483
495

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
per cent of the net increase estimated for all holders in

2

Beginning January 1972 data reflect activity in limited amount of conventional mortgages.




NET INCREASE IN
MORTGAGE DEBT OUTSTANDING'

1?

IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

5i

RESIDENTIAL
QUARTER

TOTAL

TOTAL

FAMILY

MULTIFAMILY

COMMERCIAL

MULTIFAMILY
&
COMMERCIAL

FARM

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
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

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 Comptrollerof 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,combined.




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

1—FAMILY

COMPLETIONS

STARTS
TOTAL

2 - O R MORE
FAMILY

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 - J u l y
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
874

920
826
845
792
802
676

394
329
313
314
215
198

1,674
1,505
1,505
1,633
1,648
1,582

935
899
882
922
888
836

739
607
624
712
761
746

380
370
316
248
218
216

661

495

166

987

743

244

1975 - J a n .

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
Bureau d a t a . A d w e l l i n g u n i t i s s t a r t e d when e x c a v a t i o n b e g i n s . I n t h e c a s e of 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 t i m e ; however, 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 Mobil 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 t 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 l e 15

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

EXISTING HOMES

1

PERIOD

SPREAD
BETWEEN
HfclURNS ON
NEW A a a
NEW HOMES
rtiNVFNTIONAI
UTILITY
1
AND HUD(FHA)
BOND
DISCOUNT
NEW HOME
YIELD
SPREAD
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
(BASIS
POINTS)
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

1

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1972 - High
Low

7.70
7.55

61
15

7.75
7.60

66
20

7.57
7.45

48
05

4.7
3.7

14
06

7.45
7 .09

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 - J a n
Feb
Mar
Apr
May
June
July
Aug
Sept

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
--

8.54
8.66
9.17
9.46
9.46
9.85
10.30
10.38
10.13

44
2
19
37
- 4
-25
31
- 8
10

2.3
3.2
5.1
5.3
5 .3
6.3
5 .8
6.3
4.6

1
- 6
-27
-31
-21
-45
-70
-58
-43

9.15

15

9.20

20

Oct

Nov
Dec.
1975- J a n

YIELD
(IN PER CENT)

- -

—

9.51

n .a.

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
9.a.

8.99

- 1

3.8

16

9.00

- -

- -

NOTES:
1

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

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




Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS

22

CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

551 ( 9 / 3 )

1973 - High
Low
1974 - Aug.

|

AVERAGE
YIELD

ACCEPTED

289 ( 9 / 3 )

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

9 . 3 7 ( 9 / 1 7 ) 171 ( 8 / 2 0 )

25 ( 1 0 / 1 5 , 17 ( 1 0 / 1 5 ) 7 . 6 9 ( 1 / 8 )
11/26)

9 (10/1)

1

AVERAGE
YIELD

ACCEPTED

88 ( 4 / 1 6 )

9.68 (9/17)

7 (10/1)

7.84 ( 1 / 2 )

12
26

207 .9
309.6

97.7
93.0

10.12
10.38

45.8
59.0

19.4
24.9

10.16
10.42

Sept.

9
23

176.1
57.2

98.6
38.2

10.59
10.56

46.5
22.1

30.9
19.0

10.71
10.66

Oct.

7
21

46.6
34.5

29.7
26.0

10.32
10.11

26.1
14.1

23.3
12.2

10.46
10.27

Nov.

4
18

47.8
25.7

24.7
17.6

9.93
9.81

20.4
20.6

12.1
6.8

10.11
9.92

23.3
43.3
31.8

9.61
9.52
9.47

24.0
20.1
17.2

12.0
18.5
10.1

9.80
9.72
9.59

21.2
28.6

9.37
9.12

17.9
11.1

14.9
10.6

9.50
9.39

9.-1
-9.1

9.20
9.04

Dec.

2
16

|
j

30

52.5
49.6
35.7

Jan.

13
27

25.3
41.4

Feb.

m

M

m

14.8
20 ; 0

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 . j l e bids received.




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