Full text of H.16 Capital Market Developments : March 8, 1976

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JO

Capital
Market
Developments

March 8 , 1 9 7 6

Prepared by the
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE, A G R I C U L T U R A L , and
CONSUMER F I N A N C E SECTION




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

.yj

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
C O R P O R A T E BOND M A R K E T
YIELDS
WEEK ENDING

1976 - J a n .

Feb.

Mar.

2
9
16
23
30
6
13
20
27
5

NEW ISSUE
Aaa UTILITY

1

VOLUME

RECENTLY
OFFERED
A a a UTILITY

9.10
8.94
8.68
8.69
8.68

8.88
8.64
8.62
8.66
8.68

21

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

365
413
537
870

NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)

100
95
96
96

0
38
34
30

8.64
8.58r

8.62
8.68
8.67
8.56

50
350r
302
1,376

99
100
96
82

5
0
27
165

8.72p

8.71p

440

90

73

—

MUNICIPAL B O N D M A R K E T
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
20-60ND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
OF WEEK

NEW I S S U E S 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

6.10

7.04

509

87

155

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
A a a UTILITY

DATE

1

RECENTLY O F F E R E D
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

u . s . G O V T . 20-YEAR 4
C O N S T A N T MATURITY

B O N D BUYER
2Q-BOND INDEX

1972 - High
Low

7 . 6 0 (4/2.1)
6.99 (11/24)

7.49 (4/21)
7.15 ( 1 2 / 1 )

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

6 . 19 ( 4 / 1 4 )
5. 74 (11/17)

6.54 (4/13)
4 . 9 6 (10/21)

1973 - High
Low

8.52 ( 8 / 1 0 )
7.29 ( 1 / 2 1 )

8.32 ( 8 / 1 0 )
7.28 ( 1 / 5 )

7.77 ( 8 / 2 4 )
7.11 (1/5)

7. 79 ( 8 / 1 0 )
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 . 3 9 (10/11)
7.73 (1/4)

8.,68 ( 8 / 3 0 )
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 / 2 8 )

9.01 (5/2)
8.57 (2/28)

8 63 ( 9 / 1 9 )

7. 63 ( 2 / 2 1 )

7.67 ( 1 0 / 3 )
6.27 ( 2 / 1 3 )

1976 - High
Low

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

9.10 ( 1 / 2 )
8.56 ( 2 / 2 7 )

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

8,,09 ( 2 / 1 3 )
7,,96 ( 2 / 2 7 )

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

8.68
8.64
8.58r

8.62
8.68
8.67
8.56

8.56
8.57
8.56
8.51r

8,,04
8,,09
8,,06
7,,96r

6.86
6.95
6.97
6.98

8.72p

8.71p

8.55p

8,08p

7.04

1976 - F e b .

Mar.

6
13
20
27
5

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

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS O F D O L L A R S

G R O S S PROCEEDS
S T A T E AND LOCAL

CORPORATE
1

1973

1975

1Q76

I

1973

5,, 3 6 4

3, 328

2,327

2,361

2,255

I,977

4 ,, 5 2 8
5., 3 7 8

2, 687
3, 217

1,962

2,387

2,003

1,515

3,933

2,135

2,025

2,467

April

4 j, 2 9 3

3,,060

2,497

2,406

2,397

1,826

May

3,,164
2,,981

2,543

2,900

2,304

1,939

5 j, 6 2 8
5,, 6 1 8

3,578

3,064

2,166

2,152

4,, 3 8 8
2,, 3 9 9

3,580

1,459

2,028

1,806

2,/83

1,106

1,657

September

1,915

2,159

1,701

1,750

2 ,830

3., 2 4 8
2,, 6 6 7
1,, b l 7

2,631

August

2,313

January
February
March

June
July

4., 6 0 9

3,398

2,323

2,860

November

3 ,739

3,563

2,381

2,483

2,257

December

3 ,511

3,238

2,052

1,479

2,089

9 ,232
9,, 2 0 5

8,222

6,883

6,283

5,959

8,618

6,867

5,917

7 ,532

6,352

4,370
8,522

4,266

5,435

11 ,859

10,199

6,756

6,822

6,659

18,. 4 3 7

16,840

II,876

23,192

15,253
23,775

13,150

25 ,969
37 , 8 2 8

17,416

17,311

33,391

30,531

24,238

23,970

October

Q1

4 ,573

15 ,270
15 ,539
9 ,617

02
03
04
1st Half
3 Otrs.

30 ,809
40 ,426

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 O F D O L L A R S

G R O S S P R O C E E D S BY TYPE O F I S S U E R
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

MEMO
I S S U E S INCLUDED
FOREIGN [CONVERTIBLE

MANUFACTURING

1
PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1974

-

IV

11 ,859

8 ,611

1

571

1 ,677

374

76

4,, 0 7 9

3,, 7 0 2

743

3,337

1975

-

I

15 ,270

10 ,829

2

333

2 ,108

II

1,255

15

10 ,510

1

6,, 0 5 5

4,,732

1,, 3 8 0

3,105

6,, 5 1 3

4,, 4 0 5

1,, 3 3 8

3,423

2 ., 5 8 0

3,, 3 2 2

679

3,036

728

2,, 1 0 9

475

1,297

1974

-

588

3 ,581

III

1,035

9 ,617

1
656

5

428

2 ,133

2 ,056

1,225

463

Oct.

4., 6 0 9

355

831

175

3,, 7 3 9

3 ,423
3 ,016

330

393

3,, 5 1 1

199

2 ,172

886

453

Nov.
Dec.
1975

539

76

1,, 6 9 9

964

93

985

1,, 6 5 2

629

175

1,055
1,252

5., 3 6 4

3 ,657

1,, 1 3 4

573

470

4,,528

3 ,201

705

1,, 9 0 4

622

610

1,, 2 7 1

938

5,, 3 7 8

3 ,971

1,, 6 7 5

510

897

1,, 9 5 7

175

127

771

2,, 4 7 9

1,, 5 0 7

317

1,076

4,,293

2 ,771

422

1 ,100

135

5,,628

130

3 ,796

502

1,, 7 3 1

1 ,330

1,, 3 8 0

475

415

315

766

5,,618

3 ,943

670

2,, 4 8 0

1 ,005

425

1,, 5 4 9

413

211

1,188

2, , 3 1 8

1,, 4 7 8

362

1,459

July
Aug.

4,,388

2,, 6 5 8

1,, 0 7 3

657

2,,399

925

1,, 3 5 6

425

270

1,901

2,,830

1,, 4 1 4

580

563
836

1,, 0 3 7

Sept.

480

1,, 1 8 0

300

711
689

1., 0 2 4

112

38

551

1,, 2 6 1

297

584

4,,573

2,389

637

1 ,547

102

61

873

1,, 2 2 6

926

1,548

Feb.

Mar.
Apr.
May

Oct.

NOTES:
1
Other issuer* are 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'
March 1, t h r u March
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

5, 1976
OFFERING
YIELD

MOODY'S
RATING

MATURITY

C O U P O N 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
Aaa
A
Aa
Aa/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 & Light Co.
Owen-Illinois Inc.

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

200.0
100.0
100.0
40.0
15.5
36.3
60.9
60.0
75.8
80.5

—
——
—
—

NOTES:
•

Rights offering.

1

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




^

Table 5ft

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
March 1, t h r u March
TYPE

AMOUNT
(MILLIONS O F
DOLLARS)

5, 1976
MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

S T A T E 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.
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. Auth.
Upper S t . C l a i r Tp. Sch. Auth.
Memphis, Tenn.
Phoenix, Ariz.

Pa.
Pa.

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

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

1978-1995
1999
2018
1982-1999
2006
2016
1977-2001
1977-1996
1976-1991
1977-2006
1977-1990
1993
1983-2001
1980-1990

7.86
7.86
7.86
7.12
7.12
7.12
5.48
5.88
5.40
6.04
—
—

6.41
5.50

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

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

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 * o m quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev. Rent., revenue bonds secured solely by lease payments.

3

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




9
T a b l e 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
as of March 5, 1976
AMOUNT
(IN MILLIONS
O F DOLLARS)
CORPORATE

Browning Ferris Industries
Toledo Edison
J. P. Morgan & Co. Inc.
Central Illinois Public Service Co,
Duquesne Light
Duke Power
*Nalco Chemical Co.
Boston Edison
Puget Sound Power & Light
J. P. Morgan & Co. Inc.
Union Electric Co.
Standard Oil Co. of Ohio
Standard Oil Co. of Ohio
Standard Oil Co. of Ohio
Commercial Credit Co.
Commercial Credit Co.
Dayton Power & Light Co.
Metro. Edison Co.
•Baxter Labs.
Harrah's
CIT Financial
CIT Financial
Union Camp Corp.
Southwestern Bell Tele. Co.
Union Pacific Ry
Texas Utilities
Kansas Gas & Elec. Co.
International Harvester Credit
Corp.
Southern Calif. Edison Co.
Pacific Lighting Corp.
Illinois Power Co.
*Smith International Inc.
Iowa Illinois Gas & Electric Co.
Southern Ry
Alabama Power Co.
Iowa Illinois Gas & Elect.
Portland General Electric

Notes
Com stk
Com stk
Com stk
Pfd stk
Com stk
Com stk
Pfd stk
Com stk
Notes
Pfd stk
Notes
Notes
Notes
Notes
Notes
Com stk
1 s t mtge
Conv debt
Conv debt
Debt
Debt
Com stk
Debt
Equip tr
Com stk
Com stk

40.0
50.0
116.0
30.0
30.0
75.0
32.0
35.0
25.0
150.0
35.0
75.0
150.0
50.0
50.0
100.0
36.0
50.0
100.0
20.0
75.0
100.0
95.0
300.0
19.5
110.0
20.0

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

Notes
Debt
Com stk
Pfd stk
Com stk
Pfd stk
Equip tr
1 s t mtge
1 s t mtge
1 s t mtge

75.0
125.0
55.0
50.0
30.5
15.0
17.4
50.0
20.0
60.0

March
March
March
March
March
March
March
March
March
March

NOTES:
•
Included In table for first time.
1
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




APPROXIMATE
DATE O F OFFERING

8
8
9
9
9
9
10
10
10
10
10
11
11
11
11
11
11
11
15
15
15
15
15
16
16
16
16
17
17
17 *
18
22
23
24
24
24
25

10
T a b l e 6A C o n t i n u e d

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
a s of March 5", 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
O F DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Greyhound Leasing & F i n a n c i a l Corp.
Southern Co.
Houston L i g h t i n g & Power
*Texas 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.
P a c i f i c Gas & 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 . & Gas Co.
Genesco I n c .
Jim Walter Corp.
D. H. Baldwin
*Bucyrus E r i e Co.
American Cyanamid Co.
*0hio Edison
*Chesapeake & Ohio Ry
*Southwestern E l e c t r i c Power
*Hertz Corp.
R e l i a n c e Group I n c .

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

50.0
150.0
40.0
300.0
75.0
35.0
15.0
75.0
100.0
40.0
71.0
60.0
70.0
75.0
15.0
50.0
100.0
71.0
15.0
45.0
50.0
50.0

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

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

Notes
Debt
Notes

100.0
175.0
100.0

March
March
March




?

25
25
25
25
25
30
30
30
31

6
6
9

10
24

11

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S. TREASURY '
as of March 5, 1976
AMOUNT
(IN MILLIONS
O F DOLLARS)
STATE & LOCAL

Georgia, S t a t e of
Ohio, S t a t e of
Baltimore Co., Md.
Kansas C i t y , Kansas
Minneapolis Sch. D i s t . #1 Minn.
Columbus, Ohio
San Antonio, Texas
*Dade C o . , F l a .
*Alabama, S t a t e of
*Minnetonka, Minn.
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.
*Ocala, F l a .
L i n c o l n , Neb.
*North Hempstead, N.Y.
Farmington, IT.M.
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
*Texas, S t a t e of
*South C a r o l i n a Pub. Service Auth.
*Deer Park Ind. Sch. D i s t . , Texas
*Oregon, S t a t e of

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

NOTES:
1
Includes stats end local government issues of $10 million end oyer, foreign
ies; excludes secondary offerings.
•

Included in the table for the first time.




27.3
100.0
30.0
25.0
14.5
16.0
60.0
46.0
15.0
10.9
110.0
100.0
70.0
10.0
48.0
16.4
25.0
125.0
19.3
13.6
100.0
35.0
100.0
13.5
125.0

APPROXIMATE
DATE O F OFFERING

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

9
9
9
9
9
10
11
16
16
16
16
17
18
18
18
18
23
25
29
29
30
5
6
12
13

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE

NYSE INDEX

3

| BJ INDUSTRIALS 1

AMEX

4

J

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 )

994.57 (2/25)
8 5 8 . n (1/2)

105.25 (2/25)
84.31 d / 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

Feb.

6
13
20
27

52.97
53.27
54.61
53.35

Mar.

5

53.05

1976
Jan.

NYSE

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

I

AMEX

|

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 d / 2 )

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

8 . 6 (2/20)
1.1 d / 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
32.4r

3.7
3.5
6.4
5.7r

8 .7
7 .2
9 .2
8 .9

972.92

103.65

89.47

24.4

4.0

7.3

NOTES:
1

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

2

Volume figures are weekly average* of daily figures (millions of shares).

3

12/31/66 - 60

4

Based on a w a g e 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 )

13

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END O F PERIOD

BROKERS ON 1 BROKERS ON 2
MARGIN
CONVERTIBLE
BONDS
STOCK

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT B A N K S

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

3

OUTSTANDING

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

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

1976 - J a n .

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

30

-1

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

1975 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1976 - Jan.

8

i

1
I
1
i

NOTES:
sonvertible bonds.

2

New York Stock Exchange dlata.

3

June data for banks are uniwarse totals; all other data for banks repreiwnt estimates for all commercial banks be* id on reports by a reporting
sample, which accounted for 60 per cent of security credit outstand*ig at banks on June 30.

4

Nonmargin stocks are those inot listed on a national securities exchanjft end not included on the Board of Govert Mrs of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or a wry non margin stocks are unregulated; at fanrokers, such stocks have no
value.




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS O F D O L L A R S

S A V I N G S & LOAN A S S O C I A T I O N S

MUTUAL S A V I N G S B A N K S
REGULAR D E P O S I T S

NET
FLOW
1971
1972
1973
1974
1975p

1

ANNUAL 3
GROWTH
RATE

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

13.5
12.4
5.3
3.0
.11.2

1974 - September
October
November
December

319
-74
449
1,053

1975 - September
October
November
December ja/

785
348
765
1,284

——
—*

1975 - J a n u a r y
February
March
April
May
June
July

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

4.9
8.7
13.8
11.4
15.3
16.0
13.7

• —

—-

NET
NEW
MONEY

SHARE CAPITAL

NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

2

TOTAL
DEPOSITS

NET
FLOW

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

1J44
364
1,675
4,446

—

-1,757
52
1,327
534

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

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

——

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

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

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

19.0
18.7
9.8
7.0
17.7

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

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

-689
-260
236
-37

1,425
438
1,226
3,393

——

-1,068
312
1,091
571

-338
131
549
111

——
——
——
——
——

-— «•

11.5
14.6
18.6
17.6
19.8
20.2
21.5

——
- ——
——
M
M
M
M

"
NOTES:
1

Regular deposits at mutual swings 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 p o w t h rate for monthly data is the annualized monthly peuentege increase in deposits.

Source: National Association of Mutual Savings Banks and



Federal Home Loan Bank Board.

NET
NEW
MONEY

17.2
16.7
8.4
5.8
15.8

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

——

ANNUAL 3
GROWTH
RATE

—
-—
- -

-—
--

293
2,217
2,621
1,057
--—
----

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

NET
FLOW

1975 - August
September
October
November
December

1,044
802
731
772
523

1

ANNUAL 3
GROWTH
RATE
11.9
9.0
8.2
8.6
5.8

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVMGS BANKS
REGULAR DEPOSITS

NET

NEW
MONEY

——
mwm

SHARE CAPITAL

NET
FLOW

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

ANNUAL 3
GROWTH
RATE
17.4
16.1
14.4
13.3
12.3

NET

NEW
MONEY

- - -

DEPOSITS
NET
FLOW

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

NOTES:
1
Repilar deposits at mutual savings banks exclude hems such as Christmas dub and certain escrow accounts, which represent a very small part of total deposits.
2
New 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.
3
Annuel yowth rate for monthly data is the annualized monthly percentage bcreese in deposits.
for
FRASER
Source: National Aseociation of Mutual Savings Banks and Federal Home Loan Bank Board.

Digitized


ANNUAL 3
GROWTH
RATE
15.9
14.1
12.6
12.0
10.5

NET
NEW
MONEY
__
—
—
—

16

T a b l e 10

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

1971 - Dec.
1972 - Dec.

17.7
1

ALL S A V I N G S
MUTUAL
& LOAN
SAVINGS BKSS
ASSOCIATIONS (N Y. S T A T E ]

14.0

3.7

NET CHANGE
TOTAL

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

.49

.30

.19

.55

.01

25.1

20.2

4.9

.56

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

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

1975 - J a n .
Feb.
Mar.
Apr.
May

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

. July
Aug.
Sept.
Oct.
Nov.
Dec.

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

- . 66

-.39
-1.05
-.42
* .25
.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 end-of-period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




T a b l e 11

17

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
v+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

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
July
Aug.
Sept.
Oct.

Nov.
Dec.

FHLMC
—

FNMA

+530

——

—

——

+350
+650

——

—

-150

——

—

—

+256

-800
-657

—

——

—

—

+450

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

—

Notes:
Based on d a t a from t h e T r e a s u r y Survey o f Ownership.
V S a l e s of FHLB d i s c o u n t n o t e s began i n Hay 1974.
]>/ P r e l i m i n a r y .




FNMA & FHLB

INTERMEDIATE AND LONG-TERM ISSUES

+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

—

—

+750
+499

—
—

-200
—
——

—

T a b l e 12

• 18

NET CHANGE IN MORTGAGE HOLDINGS
IN M I L L I O N S O F D O L L A R S

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

FINANCIAL INSTITUTIONS
TOTAL

INSURANCE
COMPANIES

COMMERCIAL
BANKS

Not Seasonally Adjusted
1970
1971
1972
1973
1974
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

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

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

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

0

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

x, 134
1,646
1,411
2,015
2,769
2,655
2,751
2,836
3,069
1.486
J , 798
2,826

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

-200

0
400
200
400
200
300
500
700
200
200

Seasonally Adjusted
1975 - J a n .
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

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

Digitized2 forBeginning
FRASER
January 1972 data reflect activity in limited amount of conventional mortgages.


T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN B I L L I O N S 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

2
QUARTER

TOTAL

RESIDENTIAL
TOTAL

1
L

1
" T0 4 "
FAMILY

3
MULTIFAMILY

MULTFAMLY

&

COMMERCIAL

FARM

COMMERCIAL

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
24.3
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 d e b t .




T a b l e 14

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

PERMITS 1

MOBILE:
2 - O R MORE
HOME
FAMILY
SHIPMENTS

-FAMILY

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

698
705
1,018
1,186
937
431
278

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

656
621
901
1,048
914
450
269

1 , ,399

1,161

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

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

1975 - J a n .
Feb.
Mar.
Apr.
May

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

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
093
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

1,138

855

283

1,221

958

263

July
Aug.
Sept.
Oct.
Nov.
Dec.
1976 - J a n .

1

COMPLETIONS

TOTAL

2 - O R MORE
FAMILY

Permit d u a for 1969 and 1970 based on 13,000 areas with permit systems




2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET

NEW H O M E S

1

1

PERIOD

YIELD
(IN PER CENT)

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

8.36
7.38

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

9.70
9.55
9.45

-33
-13
n.a.

9.70
9.60
9.45

-33
- 8

10.13

10

4.6
n.a.
3.8

-43
n.a.
- 6

10.03
9.68

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
11
-70
-66
-57
-37
-25
-34
-45
3

9.20
9.05
8.95
9.05
9.10
9.05
9.05
9.15r
9.30
9.30
9.25
9.20

20
11
-65
-61
-52
-32
-20
-34
-40
8

- 1
-10
-91
n.a.
-46
-31
-12
-17
4
31

3.8
2.6
5.4

16
21
21

5.0
4.3
4.8
6.2
5.5
4.0
3.1
2.4

-11
- 6
-13
-17
-49
-28
-21
-17

9.00
8.94
9.60
9.66
9.62
9.37
9.25
9.49
9.70
9.22

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.
Oct.
Nov.
Dec.

SPREAD
(BASIS
POINTS)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

Sept.

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

S E C O N D A R Y MARKET

EXISTING H O M E S

NEW H O M E S

RATE
(IN PER CENT)

NOTES:
1
Gross yield spread is average mortgage return before deducting servicing costs, minus a

i 15 years, for immediate delivery, are used.




9.51
8.99
8.84
8.69
9.16
9.06
9.13
9.32r
9.74
9.53
9.41
9.32

yield on new issues of high-grade utility bonds with 5-year call protection.

....

T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE O F
AUCTION

AMOUNT
(IN MILLIONS O F D O L L A R S )

AVERAGE
YIELD

AMOUNT
(IN MILLIONS O F D O L L A R S )

AVERAGE
YIELD,

ACCEPTED

1975 - High
Low

643 ( 8 / 2 5 ) 366 (8/11) 9.95 ( 9 / 2 2 ) 100 ( 4 / 7 )
51 ( 4 / 2 1 )
25 ( 2 / 1 0 ) 18 (2/10) 8 . 7 8 ( 2 / 1 0 ) 10 (10/20) 9 ( 2 / 1 0 )

10.02 ( 9 / 2 2 )
8.96 ( 3 / 1 0 )

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.

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.

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

58.4
103.9

31.5
57.7

9.13
9.07

42.7
33.4

32.1
24.7

9.28
9.22

252.2
126.9

179.9
81.2

9.07
9.04

57.8
44.0

36.9
23.3

9.17
9.14

1975 - O c t .

1976 - J a n .
»
Feb.

6
20

12
26

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.