Full text of H.16 Capital Market Developments : March 15, 1976
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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 6.98 509 1,064 Mar. 774 PER CENT SOLD BY END OF WEEK . 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 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 2 j,658 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 1 MEMO 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. Digitized for3 FRASER Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. 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 5,420 146 110 180 50 180 340 290 310 -80 30 50 70 20 -3 2 -2 4 2 6 -3 -1 3 -1 2 1 848 830 844 824 819 844 820 832 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 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: Asaociatkm of Mutual Savings Banks and Federal Home Loan Bank Board. Digitized forNational FRASER 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 -800 -657 -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 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. FHLMC 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 PERIOD FINANCIAL INSTITUTIONS 2 INSURANCE FNMA-GNMA COMPANIES TOTAL INCLUDING FNMA-GNMA TOTAL 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 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. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. 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. ¥