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Capital
Market
Developments

March 2 2 , 1 9 7 6

Prepared by t h e
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, a*d
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

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

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT

9-16

MORTGAGE MARKET

SYMBOLS
e

ESTIMATE

p

PRELIMINARY

r

REVISED

n.a.

NOT AVAILABLE

—

DATA DO NOT EXIST

Table 1

3

YIELDS, VOLUME AND RECEPTION
CORPORATE B O N D MARKET
WEEK ENpING

1976 - J a n .
'

Feb.

Mar.

VOLUME

YIELDS
1

NEW ISSUE
Aaa UTILITY

RECENTLY 2
OFFERED •
Aaa UTILITY

GROSS 3
OFFERINGS
($ MILLIONS)

NEW ISSUES 4
PER CENT
SOLD BY END IN SYNDICATE
($ MILLIONS)
OF WEEK
W
W
——
0
100
38
95
96
34
96
30

9.10
8.94
8.68
8.69
8.68

365
413
537
870

8.64
8.58r

8.62
8.68
8.67
8.56

50
350
302
1,376

99
100
96
82

5
0
27
165

8.72
8.63r
8.61p

8.72
8.64r
8.65p

440
978
920

90
95
99

73
30
6

2
9
16
23
30

8.88
8.64
8.62
8.66

6
13
20
27
5
12
19

8.68

—*

MUNICIPAL B O N D MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

GROSS 3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ 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

44
92
65
87
78

63
34
132
57
164

Feb.

6
13
20
27

6.00
6.05
6.06
6.06

6.86
6.95
6.97
6.98

774
625
539
508

87
80
77
89

159
170
239
154

Mar.

5
12
19

6.10
6.05
6.01

7.04
6.98
6.92

509
1,064
529

87
90
88

155
187
169

NOTES:
1

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

2

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

3

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

4

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




Table 2

HIGH GRADE BOND YIELDS
DATE

NEW I S S U E
A a a UTILITY

\

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 4
C O N S T A N T MATURITY

B O N D BUYER
2 0 - B 0 N D 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 . 1 1 (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 . 7 1 (5/25)
9.06 (2/28)

9 . 0 1 (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 . 5 1 (2/27)

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

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

8.68

1976 - Feb.

Mar.

6
13
20
27

8.64
8.58

8.62
8.68
8.67
8.56

8.56
8.57
8.56
8.51

8.04
8.09
8.06
7.96

6.86
6.95
6.97
6.98

5
12
19

8.72
8.63r ^
8.61p

8.72
8.64r
8.65p

8.55
8.55r
8.54p

8.07
7.99
7.98p

7.04
6.98
6.92

/
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
weeks.

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

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

G R O S S PROCEEDS
PERIOD

i

CORPORATE

1975

1

1974

1

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

2

STATE AND LOCAL

1973

1

1975

1

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
l,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

01
Q2
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 OF ISSUE
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

G R O S S PROCEEDS BY TYPE OF ISSUER
MEMO

ISSUES 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
II
III

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
6,699
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

1,699
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

2,658
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

—

NOTES:
1

Other Issuers ere extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission.




—
—

1

T a b l e 5A

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

1

March 1, t h r u March 19, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

2006
2006
2006
2006
—

8.63
8.88
9.25
8.88
8.88

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Union Oil 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 & Light Co.
Owen-Illinois Inc.
San Diego Gas & E l e c t . Co.
J . P. Morgan & Co.
Duquesne Light
Toledo Edison
Puget Sound Power & Light
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
100.0
150.0
200.0

—

—

——

—

——

——

——

—

9.75

9.75

—

——

—

——

——

——

— .
—
—

10.72
—

9.26

—

—

—

—

—

2006
1996
1981
1986
1986
1977

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




Aa
Aaa
A
Aa
Aa/AA

—

NOTES:
•
1

8.70
8.75
9.25
8.92
8.60

—

8.38
9.50
8.40
8.88
8.13
7.10

9.75
—

9.26
—
—
—

8.42
9.50
8.40
8.95
8.00
7.10

Baa/BBB+
—
—

Baa/BBB
—

A/A
—
—
—

Aa
Baa/BBB
A
A
Aaa
A/AA

T a b l e 5A C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1, t h r u March 19, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Standard Oil Co. of Ohio
Standard Oil Co. of Ohio
Genesco I n c . .
Metro. Edison Co.
American E l e c t r i c Co.
Harrahs
Baxter L a b o r a t o r i e s
Southwestern B e l l Tele. Co.
Union P a c i f i c Ry
I n t e r n a t i o n a l Harvester C r e d i t Corp.
Southern C a l i f , Edison Co.
Texaco I n c .
Dayton Power & Light Co.
Kansas Gas & Elec. Co.
Texas U t i l i t i e s
Union Camp Corp.
P a c i f i c L i g h t i n g Corp.
I l l ' i n o i s Power Co.

Notes
Notes
Notes
1 s t mtge
Com s t k ( r t s )
Conv debt
Conv debt
Debt
Equip t r
Notes
Debt
Debt
Com s t k
Com s t k
Com s t k
Com s t k
Com s t k
Pfd s t k

50.,0
75.,0
70..0
50..0
196,, 0
20.,0
100..0
300..0
19..5
75.. 0
125..0
300..0
35..3
21..9
90..0
92..0
51..8
51..1

1979
1981
1981
2006

7.,60
8..00
10,.38
9..00

7.60
8.00
10.46
9.10

1996
2001
2016
1977-1991
1984
2001
2006

7..50
4,.75
8..50
8..13
9,.00
8..88
8,.50

7.50
4.75
8.56
6.50-8.20
9.00
8.93
8.57

Other
Norway

Notes

100..0

1981




A/AA A/AA
Baa/BB
A
—

-/BB
Baa/BBB
Aaa
A/BBB
Aa

__

8,.94

8.75

A/AA

8,.25

8.25

Aaa

Table 5 B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY i
March 1, t h r u March 19, 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 i , Neb.
Wisconsin, 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 Antonio, Texas
B a l t i m o r e Co., Md.
Minneapolis Sch. D i s t . #1 Minn.
I l l i n o i s Health Fac. Auth.
I l l i n o i s Health Fac. Auth.
I l l i n o i s Health Fac. Auth.
I l l i n o i s Health Fac. 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. 62
6,.27
5,.59
5,.37
7. 79
7.,79
7.,79
7. 79

4. 75-7.40
7.50
7.75
4. 75-6.75
7.04
7.20
3..30-6.15
3..60-6.60
2,.60-5.75
3,.60-6.50
3..50-6.35
6.50
4..75-6.70
4,.40-5.95
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

Include* 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.,
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.

3

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




A-l
A-l
A-l
Aa
Aa
Aa
Aaa
Aa
Aaa
Aaa
—

Aa
Aa
A
A
Aa
Aa
Aa
Aaa
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 19, 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
Georgia, 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
New Mexico S t a t e Univ.
New Mexico S t a t e Univ.
Albuquerque Man. Sch. D i s t . , N.M.
L i n c o l n , Neb.
L i n c o l n , Neb.
L i n c o l n , Neb.
L i n c o l n , Neb.
North Hempstead, N.Y.
Ocala, F l a .
Waltham, Mass.
C o n n e c t i c u t , S t a t e of
Alabama,. S t a t e of
P e n n s y l v a n i a , S t a t e of
Minnetonka, Minn.
Dade Co., F l a .
Kalamazoo H o s p i t a l F i n . A u t h . , Mich.
Kalamazoo H o s p i t a l Fin. A u t h . , Mich.




G.O.
G.O.
Rev
Rev
Ge Oe
G.O.
Rev
Rev.
G.O.
Rev
Rev
Rev
Rev
G.O.
Rev
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev
Rev

16.0
100.0
9.8
15.2
27.3
535.0
7.5
17.6
10.8
5.7
11.9
9.7
20.9
16.4
10.0
11.5
100.0
15.0
110.0
10.9
46.0
4.3
7.4

1978-2002 .
1977-2001
1981-1996
2006
1977-1996
2001
1986
• 1977-1997
1977-1981
1978-1998
1978-1998
2011
2011
1977-2007
1979-2005
1977-1990
1977-1996
1977-1991
1976-1995
1978-1990
1977-2001
1977-1987
1996

6.11
6.90
6.70
6.70
5.55
9.05
——

——

7.33
7.33
7.33
7.33
5.66
6.89
5.58
6.24
5.09
6.32
6.15
6.63

•

4.00-6.50
3.75-7.25
4.80-6.40
6.90
3.25-6.15
9.00
4.20-6.20
4.50-7.00
3.70-4.60
4.25-6.90
4.30-7.00
7.38
7.50
3.30-6.25
4.50-7.00
3.90-6.20
3.80-6.75
3.25-5.60
3.25-7.05
4.25-6.30
3.70-7.10
5.00-7.00
7.70

Aa
Aa
Aa
Aa
Aaa
A-l
<—

•

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

11

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

1

as of March 19, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Browning F e r r i s I n d u s t r i e s
Smith I n t e r n a t i o n a l Inc.
Iowa I l l i n o i s Gas & E l e c t r i c Co.
El Paso Co.
Williams Cos.
Southern Ry
Alabama Power Co.
Iowa I l l i n o i s Gas & E l e c t .
Portland General E l e c t r i c
Portland General E l e c t r i c
Greyhound Leasing^ & Financial Corp.
Southern Co.
J
Houston Li^trtitig & Power
HoneywellKFinarice Inc.
Hawaiian Tele. Co.
Atchison & Topeka Santa Fe Ry
Pennsylvania Power & Light Co.
Inland S t e e l Co.
P a c i f i c Gas & E l e c t r i c Co.
Big Three I n d u s t r i e s
D. H. Baldwin
Texas Eastern Transmission Corp.
*Appalachian Power Co.
Ohio Edison
Chesapeake & Ohio Ry
*General Motors Accept. Corp.
Southwestern E l e c t r i c Pwr.
Minnesota Power & Light
Boston Edison
Pennsylvania E l e c t . Co.
Northern Indiana Public Svc.
Capital F i n a n c i a l Services Inc.
*Central I l l i n o i s Light
•Southern B e l l Tele.
• P h i l a d e l p h i a E l e c t r i c Co.
•Northern S t a t e s Power Co.
Arvin I n d u s t r i e s
Bucyrus E r i e Co.

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

40.0
30.5
15.0
40.0
100.0
17.4
50.0
20.0
60.0
25.0
50.0
150.0
40.0
75.0
35.0
15.0
75.0
75.0
100.0
58.8
15.0
40.0
60.0
71.0
15.0
150.0
45.0
15.0
35.0
60.0
40.0
25.0
40.0
450.0
50.0
60.0
21.3
50.0

NOTES:
*
Included in table for first time.
Includes only corporate end other security issues of $16 million end over; excludes exchanges, options
1




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

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

2
6
6
7
9
13
13
13
14
15
20
20
22
27

12
T a b l e 6A Continued

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

1

as of March 19, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

H o s p i t a l Corp. of America
*Borg Warner Acceptance
*American Hoist
Hertz Corp.
P u b l i c Service E l e c t r i c & Gas Co.
CIT F i n a n c i a l
CIT F i n a n c i a l
Reliance Group I n c .

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

21.3
50.0
16.5
50.0
60.0
75.0
100.0
50.0

April
April
April
April
INDEF
INDEF
INDEF
INDEF

Other
B e l l Canada
*European Investment Bank
S o c i e t e N a t i o n a l e de Chemins

Debt
Notes
Notes

175.0
100.0
100.0

March
March
INDEF




24
24

13
Table 6B

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

1

as of March 19, 1976
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Glendale Union High Sch. D i s t . ,
Ariz.
Dallas Co. Comm. College D i s t . ,
Texas
Farmington, N.M.
Washington, S t a t e of
Chicago Park D i s t . , 111.
St. Petersburg, Fla.
Albany Co., N.Y.
*Allegheny Co. I n d u s t . Dev. A u t h . ,
Pa.
*0hio Water Dev. Auth.
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 pf
Texas, S t a t e of
*Maine, S t a t e of
South Carolina Pub. Service Auth.
*Wichita U n i f i e d Sch. D i s t . , #529
Kans.
*Wilmington, Del.
Deer Park Ind. Sch. D i s t . , Texas
*Milwaukee Co., Wise.
*0hio, S t a t e of
Oregon, S t a t e of

G.O.

10.0

March

22

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

15.0
25.0
57.0
15.0
20.0
70.0

March
March
March
March
March
March

23
23
23
23
24
25

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

15.5
10.0
125.0
19.3
13.6
100.0
50.0
35.0
19.0
100.0

March
March
March
March
March
March
March
April
April
April

25
25
25
29
29
30
31
5
6
6

G.O.
G. 0.
G. 0.
G.O.
G.O.
G.O.

15.0
12.5
13.5
11.8
45.0
125.0

April
April
April
April
April
April

7
8
12
13
13
13

NOTES:
1

Includes state and local government imiw of $10 million and o m , foreign gowriwnent, I n f r a t h w l Bank for Reconstruction
issue* of Federally sponsored agencies; excludes secondary offerings.

*

Included in the table for the first time.




Table 7

STOCK PRICES AND VOLUME
STOCK PRICES

TRADINQ VOLUME

NYSE

BJ INDUSTRIALS

136.84 (1/11) 26.0 (9/20)
89.12 (12/13) 9.0 (8/20)

1973 - High
Low

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

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

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

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 (1/2)

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

1976 - High
Low

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

1,003.31 (3/11)
858.71 (1/2)

105.30 (3/11)
84.31 (1/2)

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)

44.5 (2/20)
10.3 (1/2)

8.6 (2/20)

11.1 (2/20)
3.5 (1/2)

1.1 (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

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

6
13
20
27

52.97
53.27
54.61
53.35

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

5
12
19

53.05
53.91
53.76

972.92
987.64
979.69

103.65
104.48
103.37

89.47
90.99
89.54

24.1
27.2r
22.2

4.0
4.Or
3.4

7.2
7. 6r
7.1

NOTES:
1
Figures other then highs and tows are Friday* only. Highs and lows are for the year and are not necessarily for Fridays.
2

Volume figures are weekly averages of daily figures (millions of shares).

3
4

12/31/68 - 60
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




15

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1 BROKERS ON %
MARGIN
CONVERTIBLE
BONDS
STOCK

3
BANKS

i IUDC^I ii A renNUNMAKGINI 4
M
UNREGULATED kiAkin A
STOCK CREDIT
AT BANKS

OUTSTANDING

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

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

848
830
844
824
819
844
820
832
852
1 ,007
1 ,008
960

1,919
1,897
1,882
1,885
1,883
2,434
2,387
2,457
2,520
2,311
2,270
2,281

5,420
5, 950

146

1,,000

2,321

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

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

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

-8
-18
14
-20
-5
25
-24
12
20
155
1
-48

1976 - J a n .
Feb.

30
530

-1

40

1975 - J a n .
1
4

Feb.

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

CHANGE IN OUTSTANDING

-145
-22
-15
-3
-2
551
-47
70
63
-209
-41
11 ,
1

40

NOTES:
1

Margin account debt at reported by the New'York Stock Exchange, excluding credit for subscription tames end convertible bonds.

2

New York Stock Exchenge data.

3

June data for banks are universe totals; all other data for banks represent estimates for all commercial benki 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 riot listed on a national securities exchange end 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 non margin stocks ere unregulated; at brokers, such stocks have no




Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW

1971
1972
1973
1974
1975p

ANNUAL 3
GROWTH
RATE

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

1974 - September
October
November
December

319
-74
449
1,053

1975 - September
October
November
December j>/

785
348
765
1,284

1975 - January
February
March
April
May
June
July

1

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

13.5
12.4
5.3
3.0
11.2
—
——
—
——
——
- -

--

4.9
8.7
13.8
11.4
15.3
16.0
13.7

NET
NEW
MONEY

2

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL
NET
FLOW

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

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

-689
-260
236
-37

1,425
438
1,226
3,393

-338
131
549
111
——
——
- ——
——
——

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0
17.7

NET
NEW
MONEY

2

TOTAL
DEPOSITS
NET
FLOW

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

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

-1,068
312
1,091
571

1,744
364
1,675
4,446

3,698
631
—
2,264
2,086
——
2,246
2,072
4,329
946
SEASONALLY ADJUSTED
W
W
2,351
11.5
W
W
3,005
14.6
W
W
3,864
18.6
W
W
3,712
17.6
W
W
4,237
19.8
W
W
4,395
20.2
4,774
21.5

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

W
W

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

9.6
12.9
17.2
15.8
18.5
19.0
19.3

—
——
—

"

NOTES:
1

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

2
3

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.
Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.

Digitizedflouroe: National Association of Mutual Savings Banks and
for FRASER


Federal Home Loan Bank Board.

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

17.2
16.7
8.4
5.8
15.8

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

—

-1,757
52
1,327
534
293
2,217
2,621
1,057

—
ww

W
W
—

W
W

Table 0

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

NET
NEW
MONEY

11.9
9.0
8.2

8.6

5.8

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL
NET
FLOW

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

ANNUAL 31
GROWTH
RATE

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

NOTES

1
2
3

at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent e very smell pert of total deposits,
net of both withdrawals and interest. Data for SSL's are for insured associations only, which represent 96 per cent of industry total resources,
rate for monthly data is the annualized monthly percenters increase in deposits.
Association of Mutual Sewings Banks end Federal Home Loan Bank Board.




ANNUAL 3
GROWTH
RATE

15.9
14.1
12.6
12.0
10.5

NET
NEW
MONEY

16

Table 10

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

NET C H A N G E

O U T S T A N D I N G COMMITMENTS
PERIOD

TOTAL

ALL SAVINGS MUTUAL
& LOAN SAVINGS BKS
5
ASSOCIATIONS (N Y. STATE)

TOTAL

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

1971 - Dec.

17.7

14.0

3.7

.49

.30

1972 - Dec.

25.1

20.2

4.9

.56

.55

.01

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
- . 66
-.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

.19

-.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.




i

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

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

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

—
—

FNMA

+530
—
——
——

-150
—

——

+350
+650
——

+256
+44

SHORT-TERM
DISCOUNT
NOTES V

-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

~
——

Notes:
Based on d a t a from the Treasury Survey -of Ownership.
1/ Sales of FHLB discount notes began i n May 1974.
2./ P r e l i m i n a r y .




FNMA & FHLB

INTERMEDIATE AND LONG-TERM ISSUES

+450

——

—

——

—

——

+750
+499

——

-200
——
——

—

Table 12

NET CHANGE IN MORTGAGE HOLDINGS

20-

IN MILLIONS O F D O L L A R S

FINANCIAL INSTITUTIONS
PERIOD

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

TCOMMERC^I

MSB'S

S

&

FNMA-GNMA
L s

COMPANIES

Not Seasonally Adjusted
21,736
41,647
57,587
58,372
42,748

1970
1971
1972
1973
1974
1975 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

16,827
39,259
55,561
55,072
36,526

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

2,462
9,940
16,800
19,600
11,700
0
-200

0
400
200
400
200
300
500
700
200
200

1,845
3,938
5,377
5,642
2,170

10,254
23,919
31,932
25,552
17,578

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

2,348
1,221
1,452
4,278
5,078

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

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

Seasonally Adjusted
1975

Jan.
Feb.
Mar.
Apr.
May
June
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

NOTES:
1

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

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


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

(
i

!
I

T a b l e 13

21

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

3

RESIDENTIAL
MULTIFAMILY

MULTFAMLY

a

COMMERCIAL

FARM

TOTAL

TOTAL

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
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

QUARTER

1
|

1

" t o 4"
FAMILY

COMMERCIAL

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 T H O U S A N D S OF U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

PERMITS 1

COMPLETIONS
1 —FAMILY

2 - O R MORE,
FAMILY

1969
1970
1971
1972
1973
1974
1975
1975 - J a n .
Feb.
Mar.
Apr.
. May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1976 - J a n .
Feb.

1, 324
1, 352
1, 925
2, 219
1, 820
1, 074
924
|

626
647
906
1,033
882
644
668

698
705
1 018
1 186
937
431
257

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
3%
263
316
310
298
262

1,,120.
1,,127

828
860

293
267

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

1,005
953
986
982
1,085
1,080
1,207
1,264
1,304
1,431
1,381
1,283

748
722
763
774
853
874
916
979
966
1 ,093
1-,048
962

257
231
223
208
232
206
291
285
338
338
333
321

1,224
1,555

950
1 ,303

274
252

MOBILE

- F A M I L Y T 2 - O R MORE!

2 - O R MORE
FAMILY

FAMILY

|
i
1
;

i
!
1
i

;
!

HOME

! SHIPMENTS

1, 399
1, 418
1,,706
1, 972
2,,014
1,,692
1 ,296
-

808
802
1,014
1,143
1,174
932
866

592
617
692
828
840
760
430

1=
,547
1.,350
1 . ,314
1:,244
1:,269
1,,202
1,,261
1.,267
1,,315
i,,115
1 ,386
1 ,313

959
793
757
782
827
808
882
880
969
738
992
983

588
557
557
462
442
394
379
387
346
377
394
330

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

1 . ,176

903

273

263

I
!
i
!

413
401
497
576
567
329
216

NOTES:
Private building permits (for 14,000 areas with permit systems, excluding farmi, starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of
apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobi'«
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.

 and 1970 based on 13.000 areas with permit systems
Permit data for 1969


^

T a b l e 15

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

NEW HOMES

1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

SPREAD
BETWEEN
RETURNS ON

NEW Aaa
UTILITY
AND HUD(FHA)
BOND
DISCOUNT
YIELD
NEW HOME
(PERCENTAGE MORTGAGES (M PER CENT)
POINTS)
(BASIS
POINTS)

CUNVcNTIONAL

1974 - High
Low

9.80
8.55

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

1975 - Oct.
Nov.
Dec.

9.25
9.20
9.15

3
n. a.
n.a.

9.30
9.25
9.20

8
n.a.
n.a.

9.53
9.41
9.32

31
n • a..
n.a.

4.0
3.1
2.4

-28
-21
-17

9.22
n•3•
n.a.

1976 - J a n .

9.05

39

9.10

44

9.06

40

2.2

- 1

8.66

NOTES:
1

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

Rates on conventional first mortgages (excluding additional fees end 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 6 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpeyment, prepaid in 15 years, for immediate delivery, are used.




H.16

Table 16

?h

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

AMOUNT
(IN MILLIONS OF DOLLARS)

1975 - High
Low

AVERAGE
YIELD

CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

643 (8/25) 366" (8/11) 9.95 (9/22) 100 (4/7)
51 (4/21)
25 (2/10) 18 (2/10) 8.78 (2/10) 10 (10/20) 9 (2/10)

10.02 (9/22)
8.96 (3/10)
10.02
9.81

1975 - Oct.

6
20

198.5
43.2

143.0
23.2

9.95
9.65

27.5
9.7

23.5
9.2

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

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