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r

Capital
Market
Developments

March 15,1976

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




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

J

Index

SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
each. Address requests to Publications Services, Division of Administrative Services, and make payment
remittance payable to the order of the Board of
Governors of the Federal Reserve System in a form
collectible at par in U.S. Currency.




TABLES
1 - 6

S E C U R I T Y VOLUME AND Y I E L D S

7, 8

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

9 - 1 6

MORTGAGE MARKET

SYMBOLS
e
p
r
n.a.
—

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

3

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1976 - J a n .

Feb.

Mar.

NEW ISSUE 1
Aaa UTILITY

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

2

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)
__

9.10
8.94
8.68
8.69
8.68

365
413
537
870

100
95
96
96

8.66
8.58r

8.62
8.68
8.67
8.56

50
350
302
1,376

99
100
96
82

27
165

8.72
8.64p

8. 72r
8.66p

440

90
95

73
30

2
9
16
23
30

8.88
8.64
8.62
8.66

6
13
20
27
5
12

8.68
—

978

0

38
34
30
5
0

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2D-BOND
INDEX

3
GROSS
OFFERINGS
($ MILLIONS)

1976 - J a n .

2
9
16
23
30

6.45
6.25
6.25
6.15
6.00

7.29
7.13
7.09
7.01
6.85

6
277
364
383
1,319

Feb.

6
13
20
27

6.00
6.05
6.06
6.06

6.86
6.95
6.97
6.98

625
539
508

5
12

6.10
6.05

7.04
6.98

PER CENT
SOLD BY END
OF WEEK

509
1,064

Mar.

774

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

44
92
65
87
78
.

63
34
132
57
164

87
80
89

159
170
239
154

87
90

155
187

77

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 4
CONSTANT MATURITY

BOND BUYER
2C-BOND INDEX

1972 - High
Low

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

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

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

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

6.54 (4/13)
4.96 (10/21)

1973 - High
Low

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

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

7.77 (8/24)
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)

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

7.67 (10/3)
6.27 (2/13)

1976 - High
Low

8.88 (1/9)
8.58 (2/27)

9.10 (1/2)
8.56 (2/27)

8.66 (1/2)
8.51 (2/27)

8.09 (2/13)
7.96 (2/27)

7.29 (1/2)
6.86 (2/5)

8.68

8.04
8 . 0 9 .....
8.06
7.96r

6.86
6.95
6.97
6.98

8.07r
8.00p

7.04
6.98

1976 - F e b .

Mar.

6
13
20
27

8.64
8.58

8.62
8.68
8.67
8.56

5
12

8.72
8.64p

8.72r
8.66p

——

. 8.56
8.57
8.56
8.51
8.55
8.56p

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

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

GROSS PROCEEDS
PERIOD

1

CORPORATE

1975

1

1974

1

STATE AND LOCAL

1973

1976
2,238

January
February
March

5,365
4,528
5,378

3,328
2,687
3,217

2,327
1,962
3,933

April
May

4,294
5,798
5,618

3,060
3,164
2,981

July .
August
September

4,390
2,396
2,838

October
November
December

1

1975

1

2

1974

2,361
2,387
2,135

2,255
2,003
2,025

2,497
2,543
3,578

2,406
2,900
3,064

2,397
2,304
2,166

3,248
2,667
1 ,bl7

2,631
1,806
1,915

3,580
2,783
2,159

1,459
1,106
1,701

4,619
3,965

4,609
3,739
3,511

3,398
3,563
3,238

2,323
2,381
2,052

2,860
2,483
1,479

Q1
02
03
04

15,271
15,710
9,624

9,232
9,205
7,532
11,859

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

6,883
8,370
8,522
6,756

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

1st Half
3 Qtrs.
Year

30,981
40,605

18,437
» 25,969
37,828

16,840
23,192
33,391

15,253
23,775
30,531

13,150
17,416
24,238

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




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

G R O S S PROCEEDS BY TYPE O F I S S U E
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
STOCK

G R O S S PROCEEDS BY TYPE OF ISSUER

1

MEMO
I S S U E S INCLUDED
FOREIGN [CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1974

-

IV

11 ,859

8 ,611

1 ,571

1 ,677

374

76

4,,079

3,702

743

3,337

1975

-

I

15 ,271
15 710
9 624

10 ,829
10 510
5 428

2 ,350
1 ,595
2 ,140

2 ,092
3 605
2 ,056

1 ,255
1 ,035
1 ,225

1
656
463

6,,058
6 s,699
2,,585

4,735
4,407
3,324

1,382
1,190
679

3,099
3,414
3,036

1974 - Nov.
Dec.

3 ,739
3 ,511

3,,016
2 ,172

330
886

393
453

199

76

t . ,699
1.,652

964
629

93
175

985
1,055

1975 - J a n .
Feb.
Mar.

5.,365
4,,528
5 ,378

3,,657
3,,201
3.,971

1,,135
705
510

573
622
897

470
610
175

1

1,,904
1 ,675
2 ,479

1,271
1,957
1,507

938
127
317

1,252
771
1,076

Apr.
May
June

4, ,294
5.,798
5 ,618

2,,771
3 ;,796
3,,943

423
502
670

1 ,100
1,,500
1.,005

135
475
425

130
315
211

1 ,731
2,,650
2 ,318

1,380
1,549
1,478

415
413"
362

767
1,188
1,459

July
Aug.
Sept.

4, ,390
2,,396
2,,838

,658
2j
1.,356
1,,414

1,,075
477
588

657
563
836

925

425

300

38

1 ,180
708
697

1,039
1,024
1,261

270
112
297

1,901
551
584

Oct.
Nov.

4,,619
3, ,965

2,,389
1, ,666

683
1,,516

1 ,547
783

102
825

61

901
1, ,102

1,238
1,268

928
50

1,553
1,546

II
III

NOTES:
1

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

Source: Securities and Exchange Commission.




Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
March 1, t h r u March 1 2 , 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

OFFERING
YIELD

MOODY'S
RATING

MATURITY

COUPON RATE

2006
2006
2006
2006

8.63
8.88
9.25
8.88
8.88

8.70
8.75
9.25
8.92
8.60

Aa

9.75

9.75

Baa/BBB+

CORPORATE

Union O i l of C a l i f .
Texas E l e c t r i c S e r v i c e
V i r g i n i a E l e c t r i c & Power Co.
Southwestern P u b l i c S e r v i c e Co.
Southwestern P u b l i c S e r v i c e Co.
P u b l i c S e r v i c e E l e c t r i c & Gas
Northeast U t i l i t i e s
V i r g i n i a E l e c t r i c & Power Co.
F l o r i d a Power & L i g h t Co.
Owen-Illinois Inc.
San Diego Gas & E l e c t . Co.
J . P. Morgan & Co.
Duquesne Light
Toledo Edison
Puget Sound Power & L i g h t
Duke Power
American Cyanamid Co.
Jim Walter Corp.
Commercial C r e d i t Co.
Commercial C r e d i t Co.
J . P. Morgan & Co. I n c .
Standard O i l Co. of Ohio

SF debt
1 s t mtge
1 s t mtge
1 s t mtge
Pfd s t k
Com s t k
Com s t k
Pfd s t k
Com s t k
Com s t k
Pfd s t k
Com s t k
Pfd s t k
Com s t k
Com s t k
Com s t k
SF debt
SF debt
Notes
Notes
Notes
Notes

200.0
100.0
100.0
40.0
15.5
36.3
60.9
60.0
75.8
80.5
27.5
108.0
30.0
46.0
25.7
88.1
100.0
125.0
50.0
100J0
150.0
200.0

—
—
——
'

—

10.72

•
1

—

9.75
—

—

9.26

9.26

——

Baa/BBB
—

A/A
——-

—
——

2006
1996
1981
1986
1986
1977

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




A
Aa
Aa/AA

8.38
9.50
8.40
8.88
8.13
7.10

8.42
9.50
8.40
8.95
8.00
7.10

Aa
Baa/BBB
A
A
Aaa
A/AA

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1, t h r u March 12, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

S t a n d a r d O i l Co. of Ohio
Standard O i l Co. of Ohio
Genesco I n c .
Metro. Edison Co.
American E l e c t r i c Co.

Norway




Notes
Notes
Notes
1 s t mtge
Com s t k ( r t s )

50.0
75.0
70.0
50.0
196.0

1979
1981
1981
2006

7.60
8.00
10.38
9.00

7.60
8.00
10.46
9.10

1981

8.25

8.25

A/AA
A/AA
Baa/BB
A

Table 5 »

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
March 1, t h r u March 12, 1976
AMOUNT
(MILLIONS OF
DOLLARS)

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

V i r g i n i a Hsg. Dev. Auth.
V i r g i n i a Hsg. Dev. Auth.
V i r g i n i a Hsg. Dev. Auth.
Omaha Pub. Power D i s t . , Neb.
Omaha Pub. Power D i s t . , Neb.
Omaha Pub. Power D i s t . , Neb.
W i s c o n s i n , S t a t e of
V i r g i n i a Pub. Sch. Auth.
Montgomery Co., Pa.
H a r t f o r d , Conn.
Upper S t . C l a i r Tp. Sch. A u t h . , Pa.
Upper S t . C l a i r Tp. Sch. A u t h . , Pa.
Memphis, Tenn.
Phoenix, A r i z .
Denver, Colo.
Denver, Colo.
Maine Municipal Bond Bank
San A n t o n i o , Texas
B a l t i m o r e C o . , Md.
M i n n e a p o l i s Sch. D i s t . #1 Minn.
I l l i n o i s H e a l t h F a c . Auth.
I l l i n o i s H e a l t h F a c . Auth.
I l l i n o i s H e a l t h F a c . Auth.
I l l i n o i s H e a l t h F a c . Auth.

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

2,,9
1.,3
15..2
19..1
16.,8
44..1
148..0
16..0
12..1
20..0
10.. 1
1..5
25..0
14,.0
1.,9
12.,8
27,,5
60.,0
30,,0
14,,5
10.,2
4.,8
14.,5
4.,9

1978-1995
1999
2018
1982-1999
2006
2016
1977-2001
1977-1996
1976-1991
1977-2006
1977-1990
1993
1983-2001
1980-1990
1979-1986
2000
1977-2001
1977-1999
1978-2006
1977-1991
1979-1988
1992
2004
2008

7..86
7,.86
7,.86
7..12
7..12
7..12
5,.48
5..88
5,.40
6,.04
—
—

6 .41
5 .50
8,.17
8,,17
6,.27
5,.59
5..37

4..75-7.40
7.50
7.75
4.. 7 5 - 6 . 7 5
7.04
7.20
3,. 3 0 - 6 . 1 5
3..60-6.60
2.. 6 0 - 5 . 7 5
3 .60-6.50
3.. 5 0 - 6 . 3 5
6.50
4 .75-6.70
4,. 4 0 - 5 . 9 5
5,.50-7.00
8.00
4..15-7.00
3..60-6.70
4..00-6.70
3..30-5.75
5..40-7.25
7.50
7.88
7.90

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 b
cured 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.

 government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.
3
Includes foreign


A-l
A-l
A—1
Aa
Aa
Aa
Aaa
Aa
Aaa
Aaa
Aa
Aa
A
A
Aa
Aa
Aa
A-l
A-l
A-l
A-l

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1, t h r u March 12, 1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Columbus, Ohio
Ohio, S t a t e of
Kansas C i t y , Kansas
Kansas C i t y , Kansas
G e o r g i a , S t a t e of
M a s s a c h u s e t t s , S t a t e of




G.O.
G.O.
Rev
Rev
G»0.
G.O.

16.0
100.0
9.8
15.2
27.3
535.0

1978-2002
1977-2001
1981-1996
2006
1977-1996
2001

6.11
6.90
6.70
6.70
5.55
9.05

4.00-6.50
3.75-7.25
4.80-6.40
6.90
3.25-6.15
9.00

Aa
Aa
Aa
Aa
Aaa
A-l

11
Table 6A

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

1

as of March 12, 1976
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Union Camp Corp.
Southwestern B e l l T e l e . Co.
Union P a c i f i c Ry
Texas U t i l i t i e s
Kansas Gas & E l e c t r i c Co.
I n t e r n a t i o n a l H a r v e s t e r C r e d i t Corp
B a x t e r Labs
Harrah's
Southern C a l i f . Edison Co.
P a c i f i c L i g h t i n g Corp.
Browning F e r r i s I n d u s t r i e s
I l l i n o i s Power Co.
Smith I n t e r n a t i o n a l I n c .
Iowa I l l i n o i s Gas & E l e c t r i c Co.
*E1 Paso Co.
Southern Ry
Alabama Power Co.
Iowa I l l i n o i s Gas & E l e c t r i c
P o r t l a n d General E l e c t r i c
Greyhound Leasing & F i n a n c i a l Corp.
Southern Co.
Houston L i g h t i n g & Power
Texaco I n c .
Honeywell Finance I n c .
Hawaiian T e l e . Co.
Atchison & Topeka Santa Fe Ry
P e n n s y l v a n i a Power & Light Co.
* I n l a n d S t e e l Co.
P a c i f i c Gas & E l e c t r i c Co.
*Williams Cos.
*Big Three I n d u s t r i e s
Dayto Power & L i g h t Co.
C e n t r a l I l l i n o i s P u b l i c S e r v i c e Co.
Union E l e c t r i c Co.
Texas E a s t e r n Transmission Corp.
Ohio Edison
P u b l i c S e r v i c e E l e c t r i c & Gas Co.
D. H. Baldwin

Com s t k
Debt
Equip t r
Com s t k
Com s t k
Notes
Conv debt
Conv debt
Debt
Com s t k
Notes
Pfd s t k
Com s t k
Pfd s t k
Gvt g t r
Equip t r
1 s t mtge
1 s t mtge
1 s t mtge
Notes
Com s t k
Pfd s t k
Debt
Notes
1 s t mtge
Equip t r
Com s t k
Com s t k
Pfd s t k
SF debt
Com s t k
Com s t k
Com s t k
Pfd s t k
Pfd s t k
Com s t k
1 s t mtge
Notes

95 .0
300 .0
19 .5
110 .0
20 .0
75 .0
100 .0
20 .0
125 .0
55 .0
40 .0
50 .0
30 .5
15 .0
40 .0
17 .4
50,.0
20,.0
60,.0
50,.0
150.,0
40..0
300.,0
75. 0
35. 0 •
15.,0
75. 0
75. 0
100. 0
100. 0
58. 8
36. 0
30. 0
35. 0
40. 0
71. 0
60. 0
15. 0

NOTES:
•
Included in table for first time.
1
Includes only corporate and other security issues of S15 million and over; excludes exchanges, options




*

March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March

15
16
16
16
16
17
17
17
17
17
18

18
22
23
23
24
24
24
25
25
25
25
25
25
30
30
30
31
31

Table 6A Continued

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

1

as of March 12, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Notes
Com s t k
Equip t r
1 s t mtge
Com s t k
Pfd s t k
1 s t mtge
Com s t k
Pfd s t k
Com s t k
Notes
SF debt
Pfd s t k

50.0
. 71.0
15.0
45.0
15.0
35.0
60.0
40.0
21.3
21.3
25.0
50.0
50.0

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

B e l l Canada
S o c i e t e N a t i o n a l e de Chemins

Debt
Notes

175.0
100.0

March
March

24

Postponed CIT F i n a n c i a l
CIT F i n a n c i a l

Debt
Debt

75.0
100.0

March
March

15
15

Bucyrus E r i e Co.
Ohio Edison
Chesapeake & Ohio Ry
Southwestern E l e c t r i c Power
*Minnesota Power & Light
Boston Edison
*Pennsylvania E l e c t r i c Co.
*Northern I n d i a n a P u b l i c Svc.
*Arvin I n d u s t r i e s
^ H o s p i t a l Corp. of America
*Capital Financial Services Inc.
Hertz Corp.
R e l i a n c e Group I n c .




6
6
9
13
13
13
14

1

Table 6B

3

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

1

as of March 12, 1976
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Dade C o . , F l a .
Alabama, S t a t e of
Minnetonka, Minn.
*Waltham, Mass.
P e n n s y l v a n i a , S t a t e of
C o n n e c t i c u t , S t a t e of
Albany Co., N.Y.
L i n c o l n , Neb.
Ocala, Fla.
North Hempstead, N.Y.
*Glendale Union High Sch. D i s t . ,
Ariz.
*Dallas Co. Comm. College D i s t . ,
Texas
*Washington, S t a t e of
Farmington, N.M.
*Chicago Park D i s t . , 111.
*St. P e t e r s b u r g , F l a .
Nebraska Pub. Power D i s t .
Albuquerque, N.M.
Valdez, Alaska
C a l i f o r n i a , S t a t e of
*Kansas, S t a t e of
Texas, S t a t e of
South C a r o l i n a Pub. S e r v i c e Auth.
Deer Park Ind. Sch. D i s t . , Texas
Oregon, S t a t e of

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

46.0
15.0
10.9
11.5
110.0
100.0
70.0
48.0
10.0
16.4

March
March
March
March
March
March
March
March
March
March

G.O.

10.0

March

22

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

15.0
57.0
20.0
15.0
20.0
125.0
19.3
13.6
100.0
50.0
35.0
100.0
13.5
125.0

March
March
March
March
March
March
March
March
March
March
April
April
April
April

23
23
23
23
24
25
29
29
30
31
5
6
12
13

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.




16
16
16
16
16
17
18
18
18
18

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

|

QJ INDUSTRIALS

|

AMEX

4

1

1973 - High
Low

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

1974 - High
Low

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

891.66 (3/13)
577,60 (12/6)

102.01 (3/14)
58.26 (12/9)

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

1975 - High
Low

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

881.81 (7/15)
632.04 ( 1 / %

96.86 (7/15)
62.20 (1/2)

1976 - High
Low

54.62 (2/24)
48.04 ( 1 / 2 )

994.57 (2/25)
858.71 d / 2 )

105.25 ( 2 / 2 5 )
84.31 ( 1 / 2 )

2
9
16
23
30

48.04
50.29
51.41
52.59
53.55

858.71
911.05
929.63
953.95
975.28

6
13
20
27

52.97
53.27
54.61
53.35

5

53.05
53.91

1976
Jan.

Feb.

Mar.

12

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

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

NYSE

136.84 (1/11) 26.0 (9/20)
89.12 (12/13) 9 . 0 (8/20)

1

AMEX

1

NASDAQ

5 . 5 (1/12)
1 . 4 (8/20)

11.3 (1/11)
3 . 5 (8/27)

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

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

7.5 (1/3)
2 . 8 (7/5)

88.00 (7/15)
60.70 (1/2)

35.2 (2/13)
8.7 (9/15)

4 . 2 (2/21)
1 . 1 (9/15)

8 . 1 (2/13)
2 . 5 (9/15)

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

4 4 . 5 (2/20)
10.3 ( 1 / 2 )

8 . 6 (2/20)
1.1 (1/2)

84.31
88.82
92.05
94.17
96.84

78.06
82.31
84.30
85.26
87.05

15.1
28.9
31.9
32.3
32.4

2.4
2.7
2.9
3.4
3.7

5.9
6.7
7.5
8.1
7.8

954.90
958.36
987.80
972.61

97.16
99.54
103.91
103.37

87.25
88.96
91.02
90.25

31.5
27.6
34.8
32.4

3.7
3.5
6.4
5.7

8.7
7.2
9.2
8.9

972.92
987.64

103.65
104.48

89.47
90.99

24. l r
27.5

4.0
4.1

7.2r
7.5

NOTES:
1
2

Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.
Volume figures are weekly averages of daily figures (millions of shares).

3
4

12/31/66 - 50
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




TRADING VOLUME

NASDAQ

10.1 (2/4)
3.5 (1/2)

15

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1
MARGIN
STOCK

BROKERS ON %
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1975 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.
• Sept.
Oct.
Nov.
Dec.
1976 - J a n . ,

3,950
4,130
4,180
4,360
4,700
4,990
5,300
5,220
5,250
5,300
5,370
5,390

134
136
134
138
140
146
143
142
145
144
146
147

5,420

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

1,919
1,897
1,882
1,885
1,883
2,434
2,387
2,457

-8
-18
14
-20
-5
25
-24
12

-145
-22
-15
-3
-2
551
-47
70

146

110
180
50
180
340
290
310
-80
30
50
70
20

848
830
844
824
819
844
820
832

CHANGE IN OUTSTANDING

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

30

-1

NOTES:
1

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

2
3

New York Stock Exchange data.
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

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

1971
1972
1973
1974
1975p

9,621
10,067
4,815
2,909
10,960

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0
11.2

SHARE CAPITAL

NET
NEW
MONEY

NET
FLOW

5,378
5,451
-442
-2,822
4,754

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

ANNUAL 3
GROWTH
RATE

19.,0
18,,7
9,,8
7,.0
17 .7

NET
NEW
MONEY

NET
FLOW

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

37,414
42,634
25,052
18,962
54,078

ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8
15.8

NET
NEW
MONEY

26,331
29,335
10,062
1,846
34,030

1974 - September
October
November
December
ft
1975 - September
October
November
December p/

319
-74
449
1,053

-689
-260
236
-37

1,425
438
1,226
3,393

-1,068
312
1,091
571

1,744
364
1,675
4,446

-1,757
52
1,327
534

785
348
765
1,284

-338
131
549
111

631
3,698
2,086
2,264
2,072
2,246
946
4,329
SEASONALLY ADJUSTED

4,483
2,612
3,011
5,613

293
2,217
2,621
1,057

1975 - January
February
March
April
May
June
July

405
713
1,149
955
1,295
1,369
1,190

11.5
14.6
18.6
17.6
19.8
20.2
21.5

2,756
3,718
5,013
4,667
5,532
5,764
5,964

4.9
8.7
13.8
11.4
15.3
16.0
13.7

2,,351
3,,005
3 ;,864
3;,712
4 ,237
4 ,395
4 ,774

- -

1
2

Regular deposits «t mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.
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 yowth rate for monthly data is the annualized monthly percentage increase in deposits.

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


9.6
12.9
17.2
15.8
18.5
19.0
19.3

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

NET
FLOW

1975 - August
September
October
November
December

1,044
802
731
772
523

ANNUAL 3
GROWTH
RATE

11.9
9.0
8.2

8.6
5.8

NET
NEW
MONEY

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

3,933
3,682
3,334
3,125
2,923

NOTES:
1
Regular deposits it mutual savings banks exclude items such as Christmas club and certain escrow accounts,
2
New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which
3
Annuel yowth rate for monthly data is the annualized monthly percentage increasi
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




17.4

16.1
14.4
13.3
12.3

NET
NEW
MONEY

NET
FLOW

4,977
4,484
4,065
3,897
3,446

represent a very small part of total deposits.
96 per cent of industry total resources.

ANNUAL 3
GROWTH
RATE

15.9
14.1

12.6
12.0
10.5

NET
NEW
MONEY

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
1

BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

1971 - Dec.

17.7

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

NET CHANGE
TOTAL

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

14.0

3.7

.49

.30

.19

4.9

.56

.55

.01

1972 - Dec.

25.1

20.2

1973 - Dec.

19.7

16.2

3.5

.15

.35

-.20

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

19.3
19.2
19.5
19.7
18.5
18.0
17.3
16.7
16.2
14.9
14.4
14.4

15.9
16.0
16.3
16.7
15.7
15.1
14.6
13.9
13.5
12.5
12.0
12.3

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

-.31
.09
.34
.39
-1.07
- .54
-.55
—. 65
-.39
-1.05
-.42
.25

-.10
-.19
-.13
-,10
-.06
-.06
-.04
-.01
-.13
-.30
-.10
-.11

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

14.4
14.4
15.2
16.2
16.9
17.1
18.2
19.4
20.1
19.9
20.0
20.2

12.3
12.6
13.2
14.3
14.9
15.1
16.1
17.2
17.9
17.8
18.0
18.2

2.1
1.8
2.0
2.0
2.1
2.1
2.1
2.2
2.2
2.1
2.0
2.0

-.04
.04
.71
1.13
.72
.34
.92
1.18
.64
-.14
.05
.31

.06
.29
.60
1.07
.61
.27
.95
1.06
.74
-.05
. 12
.25

-.10
-.25
.11
.06
.11
.07
-.03
+ .12
-.06
-.09
-.07
-.06

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.




Table 11

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

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

PERIOD

TOTAL

FHLB

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

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

p

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

-5
-254
+689
+69
-1,279
+ 600
+ 300
-700
100
850
200
600

-4
-554
-11
-30
-1,279
0
0
-700
0
+150
0
0

1976 - J a n . p

-154

0

0

FHLMC

-800
-657

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

Nov.
Dec.

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

Nov.
Dec.

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

Nov.
Dec.

FNMA

+530
—
—
——

+350
+650

—

-150

—

—

—

+256
+44

SHORT-TERM
DISCOUNT .
NOTES 1 /

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

+1,050
+100
+310
+491

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

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

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

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

0

0

-154

+450

——

Notes:
Based on d a t a from t h e T r e a s u r y Survey of Ownership,
1J 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.
2.1 P r e l i m i n a r y .




FNMA & FHLB

INTERMEDIATE AND LONG-TERM ISSUES

——

+750
+499

-200
—
——

—

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

FINANCIAL INSTITUTIONS

2
INSURANCE FNMA-GNMA
COMPANIES

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

21,736
41,647
57,587
58,372
42,748

PERIOD

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

1,211
1,486
2,329
3,458
3,966
4,343
4,493
4,435
4,377
4,781
3,284
4,423

760
1,412
1,942
3,268
3,909
4,301
3,783
3,937
3,620
4,132
2,918
3,765

0
-200
0
400
200
400
200
300
500
700
200
200

66
100
70
132
181
323
334
213
119
226
200
272

426
1,109
1,614
2,285
3,184
3,425
3,122
3,259
2,883
2,996
2,323
2,785

268
403
258
451
244
153
127
165
118
210
195
508

451
74
387
190
57
42
710
498
757
649
366
658

COMMERCIAL
BANKS

MSB's

S & Ls

Not S e a s o n a l l y Ad l u s t e d
1970
1971
1972
1973
1974
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

S e a s o n a l l y Ad l u s t e d
1975 - J a n .
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.

2,512
2,727
2,469
3,519
3,388
3,146
3,851
3,412
4,281
5,235
3,766
4,164

2,006
2,528
1,908
3,128
3,207
3,081
- 3,329
3,186
3,730
4,706
3,425
3,424

347
84
53
384
- 67
67
175
31
349
736
310
435

170
242
47
166
149
193
269
167
175
281
189
192

1,154
1,646
1,411
2,015
2,769
2,655
2,751
2,836
3,069
3,486
2,798
2,826

335
556
397
563
356
166
134
152
137
203
128
- 29

506
199
561
391
181
65
522
226
551
529
341
740

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 83 per cent of the net increase estimated for all holders in 1974.

 data reflect activity in limited amount of conventional mortgages.
2
Beginning January 1972


Table 13

21

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

21

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1
I

1- to 4FAMILY

I
I

MULTIFAMILY

COMMERCIAL

MULTFAMLY
&
COMMERCIAL

FARM

1969 - I
II
III
IV

32.0
29.1
25.8
25.2

2J.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
52.2
39.0

39.5
44.0
32.2
22.5

32.1
37.1
25.5
16.0

7.4
6.8
6.7
6.5

15.4
17.3
14.2
10.2

22.7
24.1
20.9
16.7

3.6
4.0
5.7
6.3

1975 - I
II
III
IV p

34.3
51.6
56.4
61.3

20.8
36.7
41.5
47.0

18.0
34.3
36.7
40.5

2.8
2.4
4.8
6.5

8.5
11.1
10.5
9.5

11.4
13.5
15.3
16.0

5.0
4.2
4.3
4.8

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.




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

PERMITS 1

COMPLETIONS
2 - O R MORE,
FAMILY
I

1969
1970
1971
1972
1973
1974
1975

1,324
1,352
1,925
2,219
1,820
1,074
927

626
647
906
1,033
882
644
669

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

689
701
677
837
912
949
1,042
995
1,095
1,079
1,085
1,028

508
515
503
603
658
679
711
732
779
769
787
766

182
186
173
234
254
270
331
263
316
310
298
262

Jan.

1,138

855

283

1976

698
705
1,,018
1;, 186 '
937
431
278

NOTES:

1

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




2 - O R MORE
FAMILY

TOTAL

| 1 —FAMILY

MOBILE
- O R MORE
HOME
FAMILY
SHIPMENTS

!
i
1
1
j
1

1,467
1,434
2,052
2,357
2,045
1,388
1,161

811
813
1 ;,151
1,,309
1,,132
888
893

656
621
901
1,048
914
450
269

1,,399
1,,418
1,,706
1, 972
2, ,014
1,,692

808
802
1,,014
1,,143
1,,174
932

592
617
692
828
840
760

413
401
497
576
567
329

!

1,005
953
986
982
1,085
1,080
1,207
1,264
1,304
1,431
1,381
1,291

748
722
763
774
853
874
916
979
966
1 :,093
1,,048
966

257
231
223
208
232
206
291
285
338
338
333
325

1,,535
1,,320
1,,305
1,,211
1,,276
1,,165
1, ,269
1, ,267
1, ,291
1,,118
1,,445
1,,291

964
770
734
756
832
785
901
881
969
741
1,016
982

571
550
571
455
444
380
368
386
322
377
429
309

185
219
199
194
224
210
225
235
215
229
232
228

1,221

958

263

!

;

Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1973 - High
Low

8.95
7.70

107
31

1974 - High
Low

9.80
8.55

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

RATE
(IN PER CENT)

SPREAD
BETWEEN
RETURNS ON
CONVENTIONAL
AND HUD(FHA)
DISCOUNT
NEW HOME
(PERCENTAGE MORTGAGES
POINTS)
(BASIS
POINTS)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

8.95
7.75

107
37

9.18
7.55

130
14

9.4

21

2.2

-23

45
-70

9.80

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

9.70
9.55
9.45

-33
-13

9.70
9.60
9.45

-33

10.13

10

4.6

9.15
9.05
8.90
9.00
9.05
9.00
9.00
9.15
9.25
9.25
9.20
9.15

15

9 f 20
9.05
8.95
9.05
9.10
9.05
9.05
9.15r
9.30
9.30
9.25
9.20

20

11

-70
-66

-57
-37
-25
-34
-45
3

8.60

SPREAD
(BASIS
POINTS)

9.51
11
-65

8.99
8.84
8.69

3.8
- 1
-10

-91

-61

-52
-32
-20

-34
-40
8

n.a.

9.16
9.06
9.13
9.32r
9.74
9.53
9.41
9.32

-46
-31
-12

-17
4
31

-

3.8
2.6
5.4
5.0
4.3
4.8
6.2

5 .5
4.0
3.1
2.4

6

16
21
21
-11
-

6

-13
-17
-49
-28
-21

-17

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

2h

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

OFFERED

1975 - High
Low

643 ( 8 / 2 5 ) 366 ( 8 / 1 1 ) 9 . 9 5 ( 9 / 2 2 ) 100 ( 4 / 7 )
51 ( 4 / 2 1 )
25 ( 2 / 1 0 ) 18 ( 2 / 1 0 ) 8 . 7 8 ( 2 / 1 0 ) 10 (10/20) 9 ( 2 / 1 0 )

10.02 ( 9 / 2 2 )
8.96 (3/10)

1975 - O c t .

6
20

198.5
43.2

143.0
23.2

9.95
9.65

27.5
9.7

23.5
9.2

10.02
9.81

Nov.

3
17

69.8
293.1

41.7
180.6

9.32
9.33

19.6
68.6

15.2
34.6

9.54
9.40

Dec.

1
15
29

255.9
287.1
95.3

138.5"
158.8
52.7

9.32
9.31
9.29

73.9
69.7
41.8

40.5
31.2
11.8

9.38
9.36
9.35

1976 - J a n .

12
26

58.4
103.9

31.5
57.7

9.13
9.07

42.7
33.4

32.1
24.7

9.28
9.22

Feb.

9
23

252.2
126.9

179.9
81.2

9.07
9.04

57.8
44.0

36.9
23.3

9.17
9.14

299.9

171.9

9.06

75.4

45.0

9.15

Mar.

I

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