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1

Capital
Market
Devdopments

-4

I
March 3,1975
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




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

Index

TABLES

SYMBOLS
e
p
r
n.a.

1- 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY CREDIT

9-16

MORTGAGE MARKET




ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

Table 1

^

3

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

N E W ISSUE
A a a UTILITY

|
|

1974 - Dec.

1975 - Jan.

Feb.

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

2

'

3
GROSS
OFFERINGS
($ MILLIONS)

PER C E N T
S O L D BY END
OF WEEK

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

676
925
605

—

9.39
9.57
9.59
9.64

3
10
17
24
31

__

9.62
9.38
9.45
9.00

9.67
9.45
9.55
9.47:
9.21r

699
1,494
474
890

98
96
92
93

163
14
174
130
6

7
14
21
28

8.89
9.02
9.04r
8.78p

9.12,
9.10
9.08r
8.90p

760
438
770
1,156

99
85
82
81

4

0
59
128
... 235

6
13
20
27

9.50
9.59
9.52

93
85
92

—

—

171
175
178
177

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
N E W ISSUE
Aaa

VOLUME

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER C E N T
S O L D BY END
OF WEEK

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

1974 - Dec.

6
13
20
27

6.40
6.80
6.70
6.70

6.89
7.15
7.08
7.08

569
441
290
27

90
80
89
91

167
167
140
122

1975 - Jan.

3
10
17
24
31

6.70
6.60
6.55
6.10
6.00

7.08
6.99
6.90
6.59
6.54

26
500
410
361
667

66
92
84
84
95

117
75
88
66
48

Feb.

7
14
21
28

5.90
5.85
6.00
6.10

6.34
6.27
6.40
6.55

535
668
334
724

84
81
75
88

105
203
192
165

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
CONSTANT MATURITY

4

B O N D BUYER
2Q-BOND INDEX

1974

-

-

9.20

(6/26)

8.60

(7/3)

7.55

(5/29)

7.12

(5/28)

(12/11)

8.16

(12/18)

7.48

(12/21)

6.17

(12/18)

5.33

(12/10)

High

8.26

(7/30)

8.23

(1/1)

7.71

(8/21)

6.51

(6/18)

6.23

(6/23)

(2/5)

7.17

(12/31)

7.06

(2/12)

5.69

(3/23)

4.97

(10/21)

High

7.60

(4/21)

7.49

(4/21)

7.36

(4/28)

6.19

(4/14)

5.54

(4/13)

6.99

(11/24)

7.15

(12/1)

7.05

(2/12)

5.74

(11/17)

4.96

(10/21)

High

8.52

(8/10)

8.32

(8/10)

7.77

(8/24)

7.79

(8/10)

5.59

(8/3)

7.29

1973

-

(6/19)

7.72

Low

1972

-

9.43

7.02

1971

-

High
Low

1970

(1/21)

7.28

(1/5)

7.11

(1/5)

6.42

(1/5)

4.99

(10/11)

10.61

(10/4)

10.52

(10/11)

9.39

(10/11)

8.68

(8/30)

7.15

(12/12)

8.05

(2/15)

8.13

(1/4)

7.73

(1/4)

7.39

(1/4)

5.16

(2/7)

High
Low

1975

-

Jan.

9.67

3

8.93

7.93

7.08
6.99

10

9.45

8.91

7.83

9.38

9.55

8.84

7.81

6.90

24

9.45

9.47

8.78

7.83

6.59

31

9.00

9.21

8.74

7.81

6.54

7

8.89

9.12

8.68

7.68

6.34

14

9, 0 2

9.10

8.63

7.68

6.27

21
28

Feb.

9.62

17

9.04r

9.08r

8.58r

7.67

6.40

8. 7 8 p

8.90p

8.57p

7 .67p

6.55

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

5

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

GROSS PROCEEDS

1

CORPORATE

PERIOD

1974

|

1973

|

2

STATE AND LOCAL

1972

1974

|

1973

I

1972

January
February

3,341
2,690
3,216

2,327
1,962
3,933

3,205
3,369
3,229

2.,255
2,,003
2,,025

1,977
1,515
2,467

1,776
2,005
2,239

April
May
June

3,067
3,164
2,982

2,497
2,543
3,578

3,275
3,598
4,341

2.,397
2,,304
2,,166

1,826
1,939
2,152

1,989
2,017
2,270

July
August
September

3,253
2,643
1,617

2,631
1,806
1,915

3,582
2,893
2,720

. 1,,458
1,,103
1,,690

2,028
1,657
1,750

1,805
1,966
1,726

October
November
December

4,492
3,690

3,398
3,563
3,238

3,791
3,377
3,396

2,,483
2,,336
1,,407

2,313
2,257
2,089

2,200
1,862
1,797

01
02

9,247
9,213
7,513

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

9,803
11,214
9,195
10,564

6,,283
6,,367
4 3,251
6,,226

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

6,020
6,276
5,497
5,859

18,446
25,973

16,840
23,192
33,391

21,017
30,212
40,776

13j,150
17, 416
24, 238

11,876
17,311
23,970

12,296
17,793
23,652

03
04
1st Half
3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




Table 4

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

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
BONDS
PUBLICLY
OFFERED

COMMON
MANUFACAND
ISSUES INCLUDED
PRIVATELY
TURING
PREFERRED
PLACED
FOREIGN [CONVERTIBLE"
STOCK

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1973 - III
IV

6,352
10,199

2,333
5,026

2,285
2,059

1,735
3,114

163
136

50
282

,160
1,
,502
1.

,014
2,
,917
2,

871
,851
1,

,304
2,
,930
3.

1974 - I
II
III

9,247
9,213
7,513

5,818
5,883
5,025

1,652
1,794
1,192

1,777
1,537
1,296

88
115
373

58
38
306

1 !,927
,542
2,
1 ,883

,569
3,
3 ,190
2 ,377

874
1 ,310
1 ,001

,880
2.
2 ,172
2 ,257

1973 - Dec.

3,238

1,552

917

769

77

377

1,469

1974 - Jan.
Feb.
Mar.

3,341
2,690
3,216

2,115
1,683
2,020

794
421
437

430
586
760

56
11
21

4
52

. 896
393
641

1,441
829
1,299

146
397
331

861
1,075
947

Apr.
May
June

3,067
3,164
2,982

1,594
2,350
1,939

671
607
516

801
207
526

63
42
10

12
15
11

1,202
862
478

1,131
912
1,147

294
663
356

442
730
1,000

July
Aug.
Sept.

3,253
2,643
1,617

2,086
2,042
897

612
274
306

555
327
414

223

205
104

1,094
601
188

618
1,079
680

295
~ 364
342

1,248
600
409

Oct.
Nov.

4,492
3,690

3,423
3,016

217
259

852
415

175
199

661
1,669

2,078
963

471
86

1,282
975




2

150

NOTES:
1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission.

504

76

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
February 3, thru February 28 , 1975

ISSUER

CORPORATE

Florida Power & Light
Central & South West Corp.
PPG Industries Inc.
PPG Industries Inc.
Montgomery Ward Credit Co.
Pepsico Inc.
Conn. Light & Power Co.
S. Pacific Transp. Co.
Dow Chemical Co.
Esmark Inc.
Esmark Inc.
Kansas Power & Light
Mountain Fuel Supply Co.
Washington Water Power Co.
State Street Boston Fin. Corp.
Duke Power Co.
Pacific Lighting Svc. Co.
Dana Corp.
BankAmerica Corp.
Southern Railway Co.
Southwestern Public Service
Kansas Gas & Electric Co.
Indiana Gas Co.
Cleveland Electric Illuminating Co.

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

76.1
Pfd stk
68.8
Com stk
75.0
Debt
50.0
Notes
50.0
Debt SF
100.0
Notes
85.0
1st mtge
15.0
Equip tr
225.0
Notes
75.0
Debt SF
50.0
Notes
35.0
1st mtge
32.0
Com stk
25.0
1st mtge
25.0
Notes
100.0
1st mtge
35.0
1st mtge
75.0
Debt SF
150.0
Debt
15.0
Equip tr
Com stk (rts) 18.8
20.0
Pfd stk
15.1
Pfd stk
60.0
i Com stk

MATURITY

COUPON RATE

10.08

—

A
Aa/A
Aa/A
A
A
A
Aa
Aa/A+
A
A
Aa

8.50
8.00
9.60
8.25
9.00
8.00
8.50
9.25
8.40
8.63

8.60
8.05
9.60
8.25
8.95
6.75-8.25
8.50
9.30
8.40
8.67

2005
1983
2005
1985
2000
2005
1990

9.38
9.00
9.50
9.00
9.00
8.88
8.00

9.25
9.00
9.55
9.00
9.10
8.88
8.30

A
A
A
A
A/A+
Non Rated
Aa

--

9.68
10.00

9.68
10.00

A
A

--

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




9.93

MOODY'S
RATING

2000
1985
1995
1985
1982
1990
2005
2000
1982
2005

NOTES:
•
1

OFFERING
YIELD

""

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
February 3, thru February 28, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Long Island Lighting Co.
Commonwealth Edison Co.
Mobile Alaska Pipeline Co.
Arizona Public SerVice Co.
Southwestern Public Service Co.
Nortrust Corp.
First National Boston Corp.
Gen'1 Tele. Co. of Florida
Indiana Gas Co.
Central Illinois Light Co.
American Natural Gas Co.
Toledo Edison
New York State Electric -& Gas Corp.
Houston Lighting & Power
Bethlehem Steel Corp.
Deere & Co.
Deere & Co.
Natural Gas Pipeline Co.
Louisville Gas & Electric Co.
Cent. Illinois Light Co.
Fruehauf Finance Co.
Dallas Power & Light Co.
American Brands Inc.




Com stk (rts)
1st mtge
Guar debt
1st mtge
1st mtge
Notes
Notes
1st mtge
1st mtge
Com stk
Com stk
Pfd stk
Com stk
1st mtge
Notes
Notes
Debt
Debt
1st mtge
1st mtge
Notes
1st mtge
Notes

29.4
125.0
300.0
100.0
45.0
30.0
100.0
50.0
20.0
15.5
72.5
19.0
25.8
125.0
250.0
100.0
100.0
60.0
25.0
25.0
60.0
50.0
150.0

2005
2005
1982
2005
1984
1982
2005
1982

8.75
8.45
9.50
8.80
8.30
8.00
9.38
9.00

8.75
8.45
9.60
8.80
8.30
8.09
9.40
8.95

--

Aaa/Aa
Aaa
Baa/AAa
NR
Aaa
A/AA / Aa

--

~—

*—

——

—

——

10.00

10.00

A

--

2005
2005
1987
2000
1995
2005
2005
1983
2005
1985

--

8.75
8.45
7.90
8.45
9.25
8.88
9.25
9.15
8.88
8.13

--

8.67
8.45
7.90
8.45
9.30
8.75
9.18
9.15
8.78
8.22

—

Aa
Aa
Aa
Aa
A
Aaa/Aa
Aa/A
A
Aaa
Aa/A

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
February 3, thru February 28, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Heublein
New York
Citizens
Citizens

Inc.
State Elect. & Gas Corp.
Utilities Co.
Utilities Co.

Other
Montreal Urban Community
United States of Mexico
European Coal & Steel Comm.
Inter-American Dev. Bank
Province of Ontario




Notes
90.0
1st mtge
75.0
1st mtge-col tr 20.0
1st mtge-col tr 17.5

1985
2005
2005
1985

8.38
9.38
8.88
8.30

8.45
9.38
8.90
8.30

Debt
Notes
Notes
Notes
Debt

2000
1980
1983
1985
2005

10.00
10.00
8.38
8.00
8.88

10.00
10.00
8.46
8.13
8.92

60.0
75.0
150.0
125.0
200.0

A
Aa/A
Aa/A+
Aa/A+

A
NR
Aaa
Aaa
Aaa/Aa

Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
February 3, thru February 28, 1975
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Madison Voc. Tech. Education Dist, Wis.
Commack Union Sch. Dist., N.Y.
Michigan, State of
New York State Housing Finance Agency
Artesian Sch. Bldg. Corp. Ind.
Illinois Educational Facilities Auth.
Illinois Educational Facilities Auth.
Illinois Educational Facilities Auth.
Baltimore, Maryland
Pennsylvania Higher Education Facilities Auth.
San Antonio, Texas
San Antonio, Texas
Nekoosa, Wise.
Nekoosa, Wise.
Garland, Texas
Garland, Texas
Virginia Public School Auth.
Philadelphia, Pa.
Suffolk Co., N.Y.
Illinois^, State of
New York City, N.Y.

G.O.
10.0
G.O.
15.9
G.O.
,0
75.
Rev
103.
,5
Rev
10.
,5
Rev
3.
,1
Rev
4.
,7
Rev
4.
,2
Rev poll cont 17.
.0

1976-1985
1976-2000
1977-1986
1975-2006
1978-2003
1978-1990
1999
2004
1995

4.78
6.49
4.78
7.46
7.12
6.51
6.51
6.51
i

3.80-4.90
4.30-7.00
4.45-5.00
4.
,50-7.60
4.50-7. 20
4.
,25-5.90
6.50
6.80
8.88

Aa
A
Aa
A-l
A
Aaa
Aaa

Rev
14.
.4
G.O.
.0
25,
Rev
10,
.0
Rev poll cont
2,
.0
Rev poll cont 10 .6
Rev
7,
.5
G.O.
4 .0
G.O.
16 .5
G.O.
10 .0
G.O.
36 .9
G.O.
150 .0
G.O.
141 .4

1976-2015
1986-1993
1976-1999
1985
1987
1976-1994
1976-1995
1976-1995
1976-1995
1976-2003
1976-1995
1976-2015

7.18
5.18
5.96
6.84
6.84
5.89
5.24
5.44
6.61
5.72
5.20
7.17

4.
.70-7.
,25
4.
.75-5.
.75
3,
.90-6.
.70
6.40
6.70
4,
.00-6,
.40
3 .60-6,
.40
3.85-6 .50
4 .50-7 .00
4 .65-6 .50
3 .50-6,
.10
6 .50-7 .50

Baa-1
Aa
A-l
A
A
A-l
Aa
Aa
A
A
Aaa
A

Baa

NOTES:
1

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.

2

In case of State and local government securities, G O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev -Rent., revenue bonds secured solely by lease payments.

3

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




Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
February 3, thru February 28, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Incline Village General Improv. Dist.,
Nev.
Wisconsin, State of
Middlesex Co. Industrial Pollution Fin.
Auth., N.J.
Chicago Public Building Commission
A1lentown Area Hospital Auth., Pa.
Allentown Area Hospital Auth., Pa.
Oregon, State of
Miami Beach, Fla.
Illinois Industrial Pollution Control
Fin. Auth.
Illinois Industrial Pollution Control
Fin. Auth.
Delaware, State of
Massachusetts, State of
Piano Independent School Dist., Texas
West Virginia, State of
Miami, Florida
Michigan State Housing Dev. Auth
Michigan State Housing Dev. Auth
Puerto Rico Urban Renewal & Hsg. Corp.
Puerto Rico Urban Renewal & Hsg. Corp.
Kansas City, Kansas
Kansas City, Kansas




Rev
G.O.

13.0
75.0

1975-1985
1976-1995

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

28.3
38.0
4.2
9.1
. 100.0
15.0

2000
1976-1994
1979-1996
2009
1980-1991
1976-1995

Rev poll cont

1.0
9.0
40.0
125.0
12.0
50.0
19.0
3.0
22.0
22.3
44.7
2.7
11.3

2000
1976-1995
1976-2025
1977-1997
1976-2000
1977-1995
1976-1992
2000-2017
1977-1991
2001
1978-1989
1997-2004

—
—

5.10
5.89

"
5.32
5.67
5.97
5.98
5.81
—
--

7.83
7.83
--

5.80-6.60
3.70-6.10

Aaa

6.25
4.00-6.30
5.75-7.50
8.00
4.50-5.60
4.10-6.50

Aaa
Aa
Baa-1
Baa-1
Aaa
A-l

5.80-6.00

6.32
5.95

1980-1982

Rev poll cont
G.O.
G.O.
G.O.
G.O.
S. 0.
Rev
Rev
3.0.
G.O.
Rev
Rev

5.33

A

7.38
3.60-6.25
3.60-6.40
3.75-6.85
4.00-6.70
4.40-7.10
4.40-6.80
7.40-7.60
5.25-7.75
8.00
6.50-8.25
8.00-8.63

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

—

—

1

Table 5B Continued.

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
February 3, thru February 28, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Hempstead, N.Y.
Anne Arundel Co., Md.
Ocean Highway & Port Auth., Fla.
Louisiana, State of
Connecticut, State of
Savannah Port Auth., Ga.
Florid^ State Board Higher Education
Maryland, State of
St. Paul, Minn.
St. Paul, Minn.
St. Paul, Minn.




G.O.
G.O.
Rev poll cont
G.O.
G.O.
Rev poll cont
Rev
G.O.
G.O.
G.O.
G.O.

14.4
20.0
23.
,3
50.
,0
100.
,0
21.
,0
46,
,0
,
84. 1
6,
.5
.5
1.
4.
.0

1976-2001
1976-2005
2000
1976-1995
1976-1995
2000
1975-2004
1978-1990
1976-1985
1976-1995
1978-2005 -

6.24
5.99
5.
,97
5.
,75
--

6.
,77
5.
.51
5.
,02
5.
.71
6,
.12

4. 50.7.00
4. 00-6.60
8.50
,00-6.25
4.
3.
,85-6.10
6.80
,00-6.90
4.
.30-5.85
4.
3.
.75-5.25
3,
.75-6.20
.20-6.30
4,

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

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

1

as of February 28, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Commonwealth Edison Co.
Sears Roebuck & Co.
Sierra Pacific Power Co.
Union Pacific RR
Arizona Public Service Co.
Procter & Gamble Co.
Jersey Cent. R?r. & Light Co.
Southern California Edison Co.
^Southwestern Public Service Co.
Otis Elevator Co.
Niagara Mohawk Power Corp
^Niagara Mohawk Power Corp.
Niagara Mohawk Power Corp.
InternaA. Harvester Credit Corp.
St. Louis & Southwestern RR
New York Tele. Corp.
New York Tele. Corp.
Public Service of New Mexico
Duquesne Light
*Upjohn Co.
Carolina Power & Light Co.
Florida Power & Light
*Publie Service of Colorado
Atlantic City Elect. Co.
*Rochester Tele. Corp.
^Norfolk & Western RR Co.
Narragansett Elect. Co.
General Public Utilities Co.
Boston Edison
Union Electric Co.
United Tele, of Ohio
Indianapolis Power & Light Co.
Indianapolis Power & Light Co.
New England Power Co.
Texas Power & Light Corp.
*Pennsylvania Electric Co.
Diamond State Tele. Co.
*Texas Power & Light Co.

Com stk (rts)
Debt
Pfd stk
Equip tr
Com stk
Debt
1st mtge
1st mtge
Com stk
Debt
Com stk
Pfd stk
1st mtge
Notes
Equip tr
Notes
Debt
1st mtge
1st mtge
Notes
Pfd stk
1st mtge
Com stk
1st mtge
1st mtge
Equip tr
1st mtge
Com stk
Pfd stk
1st mtge
1st mtge
Com stk
Pfd stk
1st mtge
1st mtge
Pfd stk
Debt
Pfd stk

115.0
250.0
15.0
15.0
28.0
300.0
35.0
150.0
18.0
50.0
32.0
40.0
50.0
75.0
15.0
100.0
100.0
25.0
50.0
125.0
50.0
125.0
20.0
35.0
40.0
15.0
15.0
30.0
30.0
70.0
25.0
30.0
20.0
80.0
100.0
35.0
20.0
30.0

NOTES:
•

Included in table for first time.

1

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




,

March
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

3
4
4
4
4
5
5
6
6
6
11
11
' 11
11
11
11
11
12
12
13
13
13
18
18
18
18
18
19
19
19
19
20
20
20
24
25
25
25

Table 6A Continued

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

1

as of February 28, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Potomac Edison Go.
Metro. Edison Co.
American Electric Power
Brockway Glass Co.
Avco Corp.
*Allied Chemical Corp.
*Allied Chemical Corp.
*Phillip Morris Inc.
*Dow Corning Corp.
*S. Cent. Bell Tele. Co.
*Atchison Topeka & Santa Fe RR Co.
^Pennsylvania Power & Light
*Gulf -Spates Utilities Co.
^Houston Oil & Minerals Corp.
National Security & Register Co.
General Tel. of Ohio
American Finance Corp.
ERC Corp.

1st mtge
1st mtge
Com stk
Notes
Notes
Debt
Notes
Notes
SF debt
1st mtge
Equip tr
1st mtge
1st mtge
Conv. debt
Bene int
Pfd stk
Debt
Debt

35.0
50.0
190.0
35T0
50.0
75.0
75.0
125.0
60.0
300.0
15.0
125.0
' 40.0
30.0
30.0
20.0
30.0
25.0

Other
Caisse National des Telecommunications
Japan Dev. Bank
Eurofima
Govt, of Ireland
Hydro-Quebec
Hydro-Quebec

Guar notes
Notes
Notes
Notes
Debt
Debt

75.0
50.0
50.0
25.0




20.0

100.0

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

March
March
March
INDEF
INDEF
INDEF

26
26

1
2
3
3

Table 6B

15

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

1

as of February 28, 1975
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*Jackson Co., Missouri
Georgia, State of
Milwaukee, Wise.
Prince William Co., Va.
^Vermont, State of
Tennessee, State of
Washington Public Power Supply
System
New Mexico, State of
*Broome Co., N.Y.
*Roanoke, Va.
*Glendale, Calif.
*Phoenix, Ariz.
Memphis, Tenn.
^Atlanta, Ga.
^Chicago School Dist., 111.
*Detroit Building Auth., Mich.
Nassau Co., N.Y.
*San Francisco Bay Area Transit'
Dist., Calif.
*Wichita Unified Sch. Dist., Kans.
*Aurora, Colo.
Ohio, State of
^Fairfax Co., Va.
Los Angeles Dept. Water & Power,
Calif.
Waterbury, Conn.
Baltimore, Maryland
Norfolk Industrial Dev. Auth., Va.
Philadelphia Hospital Auth., Pa.
St. Charles Parish, La.
Postponement
Detroit Building Auth., Mich.
Jackson Co., Missouri

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

33.0
38.4
25.4
16.0
24.0
100.0

March
March
March
March
March
March

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

125.0
13.3
11.8
15.0
21.7
18.5
30.0
20.0
60.0
30.0
34.2

6
March
March
11
March
11
March
11
March . 11
;
March
11
March
11
March
12
March
12
March
12
March
12

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

16.0
15.0
23.0
50.0
30.0

March
March
March
March
March

13
18
18
18
19

Rev
G.O.
G.O.
Rev
Rev
Rev poll cont

32.0
11.5
30.4
21.5
50.0
60.0

March
March
March
March
INDEF
INDEF

19
20
25

Rev
Rev

30.0
33.0

February 24
February 25

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.




3
4
4
4
5
5

Table 7

STOCK PRICES AND VOLUME
TRADING VOLUME

S T O C K PRICES
N Y S E INDEX

3

BJ INDUSTRIALS

]

AMEX

4

1

NASDAQ

NYSE

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)

58.21
59.22
58.67
58.74

13.1
15.1
16.4
13.1

1.9
2.2
2.4r
2.3

4.4
4.8
5.3
4.4

62.86
67.32
67.81
71.05
74.20

61.23
63.69
64.40
65.37
69.78

17.4
18.1
16.9
16.4
29.1

2.8
2.0
1.8
1.9
3.0

5.4
5.5
4.9 .
4.6
7.0

75.08

71.12
73.26
73.79
73.00

25.7
22.2
23.2r
18.8

2.8
2.4
3.Or
2.1

6.4
6.Or
6.Or
5.1

138.35 (4/11)
117.09 (1/3)

135.15 (12/8)
113.65 (1/3)

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)

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

1974 - High
Low

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

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

102.01 (3/14)
59.13 (^2/6)

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

34.45
35.39
35.23
35.36

577.60
592.77
598.48
602.16

59.13
60.11
59.73
59.35

37.35
38.57
37.86
33.84
40.91

634.54
658.79
644.63
666.61
703.69

41.08
43.21
43.70
43.07

711.91
734.20
749.77
739.05

3
10
17
24
31

Feb.

1

7
14
21
28

76.79

77.73
77.27

NOTES:
1

Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.

2

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

3

12/31/65 = 60

4

Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




NASDAQ

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

1036.27 (12/11)
889.15 (1/26)

1975
Jan.

|

14.4 (12/29)
5.0 (10/9)

65.14 (12/11)
56.23 (1/3)

6
13
20
27

AMEX

10.3 (12/29)
1.8 (9/8)

27.6 (12/29)
8.1 (7/3)

1972 - High
Lpw

1974
Dec.

|

Table 8

17

SECURITY CREDIT
R E G U L A T E D MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS O N 1
MARGIN
STOCK

BROKERS O N %
CONVERTIBLE
BONDS

BANKS

31

IIMDC^tll A T E D ilAyilAB^III
U N R E G U L ATCI% NONMARGIN
S T O C K CREDIT
A T BANKS

OUTSTANDING
5,730

204

1,005

Oct.

5,690

203

1,181

1,878

Nov.

5,460

197

1,103

1,917

Dec.

5,050

189

1,131

1,866
1,845

1973 - Sept.

1,909

Jan.

5,130

182

Feb.

1974 -

1,020

5,230

183

1,039

1,843
1,869

Mar.

5,330

180

1,008

Apr.

5,370

179

1,009

1,868

May

5,180

172

1,020

1,858

June

5,080

172

1,037

2,072

July

4,760

158

1,023

2,091

Aug.

4,510

156

Sept.

4,020

148

Oct.

3,930

145

Nov.

3,960

139

916
n.a.

Dec.

3,840

953
924:

2,119
2,060.
2,024
n.a.

C H A N G E IN O U T S T A N D I N G
-6

-31

-43

Oct.

-40

-1

176

-31

Nov.

-230

-6

-78

39

Dec.

1973 -

-410

—8

28

-51

Sept.

-100

1974 - Jan.

80

-111

-21

Feb.

100

1

19

-2

Mar.

100

-3

-31

Apr.

26

40

1

-1

May

-190

11

-10

17:

214

June

-100

—

July

-320

-14

-14

Aug.

-250

-3

-70

Sept.

-490

-7

-29

-59:

-8

-36

Oct.

-90

-3

Nov.

-30
-120

19
28:

-6

Dec.

NOTES:
1

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

2

New York Stock Exchange data.

3

June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.

4

Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no




4

Table 9

x

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN M I L L I O N S O F D O L L A R S

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

1

ANNUAL 3
GROWTH
RATE

SAVINGS & LOAN ASSOCIATIONS
NET

2

NEW
MONEY

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

TOTAL
2

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

1971

9,621

13.5

5,378

27,793

19.0

20,653

37,414

17.2

26,331

1972

10,067

12.4

5,451

32,567

18.7

23,884

42,634

16.7

29,335

1973

4,815

5.3

-442

20,237

9.8

10,507

25,052

8.4

10,062

2,101

3.0

-2,818

16,014

7.0

4,647

18,115

5.8

1,829

1974 £/
- November

440

265

1,260

December

1973

1,057

——

-42

2,914

——

257

--

46

2,177

—

1974

- January

1974

-

December
1975

- January

236

1,223

990

——

-33

3,391

r/
£/

455

--

225

3,306

--

1,700

406

3,971

——

2,018

2,434

—

—

449

November

1,431

1,166

364
2,064

1,091

1,672

571

4,381

—

1,327
538

3,107

3,761

—

3,332

SEASONALLY ADJUSTED
12

0.1

544

2.8

• —
»

556

2.0

—

September

172

2.1

--

818

4.1

--

990

3.6

--

October

260

3.2

--

1,277

6.4

--

1,537

5.5

—

November

1974

__

535

6.6

--

1,752

8.8

——

2,287

8.1

368

4.5

—

2,480

12.3

—

2,848

10.1

-—

352

4.3

2,493

12.3

2,845

10.0

- August

December
1975

- January

r/
j>/

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

New deposits net of both withdrawals and interest. Data for S&L's are for Insured associations only, which represent 96 per cent of industry total resources.

3

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

Souroe:National Association of Mutual Savings Banks and Federal Home Loan Bhnk Board.




19

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D

OUTSTANDING C O M M I T M E N T S
PERIOD
TOTAL

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

N E T CHANGE
TOTAL

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

1971 - Dec.

17.5

13.8

3.7

.41

1972 - Dec.

24.7

19.8

4.9

.36

.34

.02

1973 - Jan.
Feb.
Mar.
Apr.
May

25.7
26.2
25.7
25.1
24.2
23.9
23.0
22.1
20.8
19.9
19.4
19.5

20.6
21.3
20.9
20.5
19.7
19.5
18.7
17.9
16.8
16.0
15.7
15.9

5.1
4.9
4.8
4.6
4.5
4.4
4.3
4.2
4.0
3.9
3.7
3.6

.94
.49
- .54
- .57
- .88
- .31
- .85
-1.01
-1.16
-1.04
- .37
- .02

.81
.63
- .37
- .38
- .76
- .25
- .76
- .87
-1.03
- .87
- .21
.15

.13
-.14
-.17
-.19
-.12
-.06
-.09
-.14
-.13
-.17
-.16
-.17

19.3
19.6
19.8
20.0
18.8
18.1
17.2
16.6
16.1
14.7
14.3
14.2

15 .9
16.4
16.7
16.9
15.9
15.3
14.4
13.8
13.4
12.3
12.0
12.0

3.4
3.2
3.1
3.0
2.9
2.8
2.8
2.8
2.7
2.4
2.3
2.2

- .08

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

• 21
.19
.10
- .99
- .78
- ,89
- .66
- .52
-1.36
- .42
- .51

.20

.03
.43
.33
.22
- .95
- .69
- .83
- .67
- .40
-1.06
- .32
- .41

.21

- .11
-.22
-.14
-.12
- .04
-.09
-.06
.01
-.12
-.30
-.10
-.10

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




Table 11

20

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

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

PERIOD

INTERMEDIATE AND LONG-TERM ISSUES
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

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

-800
-657

—

--

--

p

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

1975 - Jan. p

-12

1973 - July
Aug.
Sept.
Oct.

Nov.
Dec.

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

Nov.
Dec.

+93

+1,000

FHLMC

—

+530
+350
+650

—

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

FNMA

——

-150

Notes: "
Based on data from the Treasury Survey of Ownership.
If
Sales of FHLB discount notes began in May 1974.
jd/ Preliminary.




J

FNMA & FHLB

——

+256
+44
—

+450
-——

+750
+499
-200
-~

--

+1,050
+100
+310
+500

SHORT-TERM
DISCOUNT
NOTES]/

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

Table 12

NET CHANGE IN MORTGAGE HOLDINGS

1

21

IN MILLIONS OF DOLLARS

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

INSURANCE
COMPANIES

COMMERCIAL
BANKS

Not Seasonally Adjusted
21,736
41,647
57,637
59,732
1974 - Apr
May
July
Aug
Sept.
Oct.

88?:
1974 - Apr
May
June
July
Aug
Sept.
Oct.
Nov.
Dec.

16,827
39,259
55,611
56,432

2,462
9,940
16,800
19,600

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

10,254
23,919
31,982
26,912

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

5,396
5,502
4,955
4,231
4,869
2,874

4,992
4,802
4.363
3.364
4,026
2,066

1,700
1,600
1,500
900
1,000
700

im

Iffi

285
303
248
260
183
65
45
79

2,509
2,618
2,137
1,735
1,578
911
565

498
281
478
469
422
390
545
475

5,537
5,317
4,095
3,679
3,130
2,580
2,599
2,266

4,977
4,489
3,431
2,889
2,543
1,928
1,945
1,817

I •
S

Seasonally
1,667
1,412
1,281
796
741
458
488
501
798

592
adjusted
"
328
2,389
289
2,429
131
1,499
217
1,382
1,260
135
944
%
828
59
808
480

593
359
520
494
407
412
533
449

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 f o r « 0 j e r cent of the net increase estimated for all holders in 1 9 7 3 .

2

Beginning January 1972 datareflect activity in limited amount of conventional mortgages.




'22-

T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING1
IN BILLIONS O F D O L L A R S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

5l

RESIDENTIAL
1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTIFAMILY
&
COMMERCIAL

QUARTER

TOTAL

TOTAL

FARM

1968 - I
II
III
IV

28.1
26.4
25.5
29.6

19.4
18.2
17.2
20.4

16.3
15.0
13.6
16.5

3.1
3.2
3.5
3.9

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

1969 - I
II
III
IV

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

19.4
16.8
14.0
13.1

4.4
4.6
4.7
5.4

6.0
5.4
5.3
5.3

10.4
10.1
10.0
10.7

2.2
2.2
1.7
1.4

1970

I
II
III
IV

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

9.4
11.6
15.0
16.2

5.0
5.2
6.3
6.6

4.8
4.6
5.1
6.8

9.8
9.8
11.5
13.4

1.5
1.5
2.1
2.2

1971 - I
II
III
IV

37.3
47.7
52.3
54.2

27.4
35.5
38.5
41.2

19.4
26.2
28.6
31.3

8.0
9.4
9.9
9.9

7.7
9.8
11.5
10.5

15.7
19.2
21.4
20.4

2.2
2.4
2.3
2.5

1972 - I
II
III
IV

62.8
64.9
65.1
68.3

46.1
47.0
47.1
49.5

37.7
37.4
38.0
40.0

8.4
9.6
9.1
9.5

14.1
15.3
15.3
16.3

22.5
24.9
24.4
25.8

2.6
2.6
2.6
2.5

1973 - I
II
III
IV

83.4
75.6
71.3
57.9

63.1
53.9
51.4
38.3

53.1
44.0
41.8
31.7

10.0
9.9
9.6
6.5

16.3
17.8
16.3
15.0

26.3
27.8
25.9
21.5

4.1
3.8
3.6
4.6

1974 - I
II
III

58.5
65.3
49.8

39.5
44.0
33.7

32.1
37.1
27.7

7.4
6.8
6.6

15.4
17.3
10.4

22.7
24.1
17.0

3.6
4.0
5.1

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 debywmbmed.




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

PERMITS
PERIOD

MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS

TOTAL

1—FAMILY

656
621
901
1,048
914
450

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

808
802
1,014
1,143
1,166

592
617
692
828
838

413
401
497
576
580

920
826
845
792
802
676

394
329
3.13
314
215
198

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

935
899
882
922
888
836

739
607
624
712
761
746

380
370
316
248
218
216

743

244

1—FAMILY

1—FAMILY

1969
1970
1971
1972
1973
1974

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

626
647
928
1,033
882
726

698
705
1,025
1,186
937
419

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

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

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

1,017
900
823
782
730
822

632
618
577
533
511
486

385
282
246
249
219
336

1,314
1,156
1,157
1,106
1,017
874

661

495

166

987

1975 - Jan.

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

TOTAL

2 - O R MORE
FAMILY

NOTES: Private permits (for 14,000 areas with permit systems, excluding farm), 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 w
units in the structure are ready for use. Private mobile home shipments are Mobil Home Manufacturers Assoc. data
converted to seasonally adjusted annual rate by Census Bureau.
FRASER data for 1969 and 1970 based on 13,000 areas with permit systems.
1/ Permit

Digitized for


T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

EXISTING HOMES

1

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

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

1972 - High
Low

7 .70
\ 7.55

61
15

7 .75
7 .60

66
20

7.57
7 .45

48
05

4.7
3.7

14
06

7 .45
7 .09

1973 - High
Low

8.95
7 .70

107
31

8.95
7.75

107
37

9.18
7 .55

130
14

9.4
2.2

21
-23

8.36
7.38

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

8.65
8.55
8.60
8.90
9.15
9.25
9.40
9.60
9.80
9.70
9.55
9.45

40
45i
- 4
- 8
6
-25
-70
-39
-66
-33
-13

8.65
8.60
8.60
8.90
9.15
9.25
9.40
9.60
9.80
9.70
9.60
9.45

40
50
- 4
- 8
6
-25
-70
-39
-66
-33
- 8

8.54
8.66
9.17
9.46
9.46
9.85
10.30
10.38
10.13

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

2.3
3.2
5.1
5 .3
5 .3
6.3
5.8
6.3
4.6

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

8.25
8.10
8.64
8.98
9.09
9.50
10.10
9.99
10.46
10.03
9.68

--

--

--

9.51

n .a.

--

—-

3.8

NOTES:
1

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

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




Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

1973

-

.551

High

25

Low

|

(9/3)
(10/15,

AVERAGE
YIELD

289

(9/3)

17

AMOUNT
(IN M I L L I O N S O F D O L L A R S )
OFFERED

ACCEPTED

9.37

(10/15)7.69

(9/17)
(1/8)

25

j

AVERAGE
YIELD

ACCEPTED

171

(8/20)

88

(4/16)

9.68

(9/17)

9

(10/1)

7

(10/1)

7.84

(1/2)

11/26)
- Aug.

12

207.9

97.7

10.12

45.8

19.4

10.16

26

1974

309.6

93.0

10.38

59.0

24.9

10.42

176.1

98.6

10.59

46.5

30.9

10.71

57.2

38.2

10.56

22.1

19.0

10.66

7

46.6

29.7

10.32

26.1

23.3

10.46

21

Oct.

9
23

Sept.

34.5

26.0

10.11

14.1

12.2

10.27

Dec.

4

47.8

24.7

9.93

2 0 .4

12.1

10.11

18

Nov.

25.7

17.6

9.81

20.6

6.8

9.92

2

52.5

23.3

9.61

24.0

12.0

9.80

16

49.6

43.3

9.52

20.1

18.5

9.72

30

Feb.

35.7

31.8

9.47

17.2

10.1

9.59

13

25.3

21.2

9.37

17.9

14.9

27

Jan.

41.4

28.6

9.12

11.1

10.6

9.50
9.39

9*1

9 9 .b 2 4°

M

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 . .""^ole bids received.




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