Full text of H.16 Capital Market Developments : May 17, 1976

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Capital
Market

Developments

May 1 7 , 1 9 7 6

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




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

Index

SUBSCRIPTION RATES:
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in the United
States, its possessions. Canada, and Mexico; 10 or
more of the same issue to one address, $ 1 3 . 5 0 per
year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 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 S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE MARKET

SYMBOLS
e

ESTIMATE

p
r

PRELIMINARY
REVISED

n.a

NOT AVAILABLE

—

DATA DO NOT EXIST

3
Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
W E E K ENDING

1976 - Mar.

Apr.

May

NEW ISSUE 1
A a a UTILITY

5
12
19
26

8.72
8.63
8.61
8.53

2
9
16
23
30

8.60

8.72
8.64

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

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

8.50

440
998
920
410

90
95
99
92

73
30
6
63

8.54
8.50
8.44
8.54
8.57

345
252
390
1,157
387

96
98
96
89
85

46
10
41
98
151

8.68r

8.62

8.82p

8,78p

401
147

89
92

110
65

8.42r
8.38r
8.58

7
14

RECENTLY
OFFERED
A a a UTILITY

8.60

MUNICIPAL BOND MARKET
WEEK E N D I N G

MOODY'S
NEW ISSUE
Aaa

B O N D BUYER
2D-BOND
INDEX

GROSS
'
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

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

1976 - Mar.

5
12
19
26

6.10
6.05
6.01
5.81

7.04
6.98
6.92
6.72

509
1,064
529
534

87
90
88
92

155
187
169
93

Apr.

2
9
16
23
30

5.77
5.74
5.63
5.63
5.63

6.69
6.65
6.54
6.55
6.55

490
502
514
543
523

82
78
93
85
84

134
158
97
139
136

May

7
14

5.75
5.85

6.71
6.83

390
1,050

73
80

137
236

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 I S S U E
A a a UTILITY

DATE

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
2Q-BOND INDEX

1972 - High
Low

7.60 ( 4 / 2 1 )
6.99 (11/24 )

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

7.36 ( 4 / 2 8 )
7.05 (2/12)

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

6.54 ( 4 / 1 3 )
4.96 (10/21)

1973 - PLgh
Low

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

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

7.77 (8/24 )
7.11 (1/5)

7.79 (8/10)
6.42 ( 1 / 5 )

5.59 ( 8 / 3 )
4.99 (10/11)

1974 - High
Low

10.61 (10/4)
8.05 (2/15 )

10.52 (10/11)
8.13 (1/4)

9.39 ( 1 0 / 1 1 )
7.73 (1/4)

8.68 (8/30)
7.39 (1/4)

7.15 (12/12)
5.16 ( / 7 )

1975 - High
Low

9.80 (5/2)
8.89 (2/7)

9.71 (5/25)
9.06 (2/28)

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

8.63 ( 9 / 1 9 )
7.63 ( 2 / 2 1 )

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

1976 - High
Low

8.88 ( 1 / 9 )
8.38 (4/23 )

9.10 ( 1 / 2 )
8.44 ( 4 / 1 6 )

8.66 ( 1 / 2 )
8.36 (4/23)

8.15 (5/14)
7.80 (4/23)

7.29 ( 1 / 2 )
6.54 (4/16)

8.42
8.38
8.58

8.54
8.50
8.44
8.54
8.57

8.46
8.42
8.36
8.36
8.41

7.90
7.84
7.80
7.84
7.94

6.69
6.65
6.54
6.55
6.55

8.68r
8.82p

8.62
8.78p

8.48r
8.54p

8.03r
8.15p

6.71
6.83

1976 - Apr.

May

2
9
16
23
30
7
14

, 8.60
—

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. IWeekly Bond Buyer data.




5

Table 3

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

G R O S S PROCEEDS
i

CORPORATE

PERIOD

1974

1976

5,384
4,528
5,378

3,328
2,687
3,217

2,331
2,655
3,232

April
May
June

4,294
5,798
5,618

July
August
September
October
November
December

1976
3,216

January
February
March

01
02
03
04
1st Half
3 Qtrs.
Year

,

I

1975

1

1

1975

1

1974

2,361
2,387
2,135

2,255
2,003
2,025

3,060
3,164
2,981

2,406
2,900
3,064

2,397
2,304
2,166

4,390
2,398
2,844

3,248
2,667
1,617

3,580
2,783
2,159

1,459
1,106
1,701

4,707
4,070
4,305

4,609
3,739
3,511

2,323
2,381
2,052

2,860
2,483
1,479

15,290
15,710
9,632
13,082

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

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

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

31,000
40,632
53,714

18,437
25,969
37,828

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.




2

STATE AND LOCAL

8,218

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

G R O S S PROCEEDS BY TYPE OF ISSUER

G R O S S PROCEEDS BY TYPE OF ISSUE
PERIOD

BONDS
TOTAL

MEMO

COMMON
AND

ISSUES INCLUDED

STOCK

FOREIGN (CONVERTIBLE

PUBLIC
UTILITY

COMMUNICATIONS

6,077
6,699
2,524
3,468

4,735
4,407
3,324
3,421

1,382
1,190
679
1,215

3,099
3,414
3,105
4,979

1
—

1,923
1,675
2,479

1,271
1,957
1,507

938
127
317

1,252
771
1,076

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

925

425

300

38

1,180
711
633

1,039
1,024
1,261

270
112
297

1,901
551
653

102
825
975

61
154

952
1,103
1,413

1,247
1,272
902

928
55
232

1,581
1,640
1,758

605

121

1,007

1,084

15

1,110

PUBLICLY
OFFERED

PRIVATELY
PLACED

PREFERRED

15,290
15,710
9,632
13,082

10,849
10,510
5,428
5,816

2,350
1,595
2,147
4,135

2,091
3,605
2,057
3,131

1,255
1,035
1,225
1,902

1
656
463
215

1975 - J a n .
Feb.
Mar.

5,384
4,528
5,378

3,677
3,201
3,971

1,135
705
510

572
622
897

470
610
175

Apr.
May
June

4,294
5,798
5,618

2,771
3,796
3,943

423
502
670

1,100
1,500
1,005

July
Aug.
Sept.

4,390
2,398
2,844

2,658
1,356
1,414

1,075
479
593

657
563
837

Oct.
Nov.
Dec.

4,707
4,070
4,305

2,389
1,666
1,761

771
1,617
1,747

1,547
787
797

1976 - J a n .

3,216

2,189

457

570

1975 - I
II
III
IV

NOTES:
1

Other Issuers are extractive, railroad and other transportation, reel estate end finance, and commercial and other.

Source: Securities and Exchange Commission.




MANUFACTURING

OTHER
ISSUERS

Table 5A

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

1

Hay 3 , thru May 14, 1976

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

P h i l a d e l p h i a E l e c t r i c Co.
Boston Edison
A l l i e d S t o r e s Corp.
P a r k e r - H a n n i f i n Corp.
S o u t h e r n N a t u r a l Gas
Kansas C i t y Pwr. & L i g h t Co.
Iowa P u b l i c S e r v i c e Co.
F a r r e l l Lines
F a r r e l l Lines
C e n t r a l I l l i n o i s L i g h t Co.
BankAmerica Corp.
Cleveland E l e c t r i c I l l u m i n a t i n g
Champion I n t e r n a t ' l Corp.
Ohio Power Co.
S o u t h e r n Ry
S o u t h e r n C a l i f . Gas

Pfd s t k
Pfd s t k
Com s t k
Com s t k
Debt
1 s t mtge
1 s t mtge
Gvt g t r
Gvt g t r
1 s t mtge
Debt
Com s t k
Com s t k
1 s t mtge
Equip t r
1 s t mtge

50.0
35.0
50.8
15.0
60.0
40.0
25.0
6.0
16.0
45.0
200.0
67.2
94.5
80.0
16.8
50.0

Other
New Brunswick Pwr. Comm.
Brazil

Debt
Debt

100.0
50.0

ISSUER

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE
——
——

9.52
5.89
— **

em —

—-

1986
2006
2006
1986
2002
2006
2001
—
——

2006
1977-1991
1996

2001
1986

NOTES:
•

Rights offering.

1

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




9.52
5.89

— mm

8.25
8.88
9.00
7.95
8.35
9.25
8.75

8.35
8.88
9.00
7.95
8.35
9.20
8.85

--—

---

10.00
8.25
8.75

10.00
6.40-8.35
9.15

9.38
10.00

9.38
10.00

A/BBB
/BBB
**«*
——

A
Aa
A/AA
Aaa
Aaa
A
WW
—
--

Baa/BBB
Aa/AA+
Aa/A

A-l/A

Table SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
May 3 , t h r u May 14, 1976
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

4.14
6.46
6.46
6.09
5.88
6.57
6.57
5.13
5.13
6.35
5.35
6.83
6.60
7.82
7.82
7.82
5.02
4.50
7.17
6.49
6.49
6.49
5.63

3,70-4.30
5.50
6.50
3.25-6.40
4.20-6.50
4.40-6.00
6.75

MOODY'S
RATING

STATE AND LOCAL

Sacramento Mun. U t i l i t y D i s t . , C a l .
Gulf Coast Waste D i s p o s a l A u t h . , Texas
Gulf Coast Waste D i s p o s a l A u t h . , Texas
I l l i n o i s Educ. F a c i l i t i e s Auth.
H o n o l u l u , Hawaii
Lower Colorado R i v e r A u t h . , Texas
Lower Colorado River A u t h . , Texas
D a l l a s , Texas
D a l l a s , Texas
Pima C o . , A r i z .
Vermont, S t a t e of
I r v i n e Ranch Water D i s t . , C a l .
Tallahassee, Fla.
E r i e Co. H o s p i t a l A u t h . , P a .
E r i e Co. H o s p i t a l A u t h . , P a .
E r i e Co. H o s p i t a l A u t h . , Pa.
E r i e Co. H o s p i t a l A u t h . , Pa.
Macomb C o . , Mich.
P o r t of P o r t l a n d , Oregon
Metro. Water D i s t . of S o u t h e r n , C a l i f .
Metro. Water D i s t . of S o u t h e r n , C a l i f .
Metro. Water D i s t . of S o u t h e r n , C a l i f .
I l l i n o i s , S t a t e of

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

25.0
3.0
12.0
10.0
35.0
15.0
45.0
16.5
5.5
14.9
14.0
10.4
24.0
9.9
7.2
25.3
31.8
11.2
10.4
10.3
10.8
28.9
150.0

1978-1981
1991
2006
1977-2004
1979-1996
1981-1991
2003
1977-1992
1993-1996
1999
1977-1995
1980-2006
1979-2006
1980-1991
1996
2006
1976-1986
1977-1979
1996
1978-1999
2008
2020
1977-2001

5.45-6.10
3.30-5.90
4.75-6.90
4.50-6.70
5.40-7.25
7.50
7.75
3.00-5.25
4.25-4.50
7.00
3.75-6.15
. 6.40
6.50
3.30-6.45

Aa
A
A.

Aa
A-l
A-l
Aaa
Aaa
A-1
Aa
A-l
A-l
A-l
A-l
Aaa
MlGl
Aa
Aa
Aa
Aaa

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.




T a b l e SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 3, t h r u May 14, 1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

M a r t i n Memorial Hosp. A s s o c . , F l a .
M a r t i n Memorial Hosp. A s s o c . , F l a .
M a r t i n Memorial Hosp. A s s o c . , F l a .
P u e r t o Rico Telephone Auth.
P u e r t o Rico Telephone Auth.
New Hampshire, S t a t e of
New Hampshire, S t a t e of
New Hampshire, S t a t e of
Brookhaven, N.Y.
Chicago Pub. B l d g . Comm., 111.
F l o r i d a S t a t e Board of E d u c a t i o n
Milwaukee, Wise.
G e o r g i a , S t a t e of
B a l t i m o r e , Md.
New York, S t a t e of
Minnetonka, Minn.
Chesapeake, Va.
New C a s t l e C o . , D e l .




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

2.5
4.4
7.0
17.0
33.0
17.8
25.0
6.2
12.6
24.0
100.0
12.2
31.9
34.3
59.0
12.0
12.5
17.7

1978-1990
2000
2008
1977-1986
2016
1977-1996
1977-2006
1977-2006
1977-2004
1978-1996
1977-2006
1977-1991
1977-1996
1977-1997
1977-2001
1978-1993
1979-1995
1977-2001

9.00
9.00
5.54
5.96
5.85
5.89
6.30
6.23
5.19
5.44
6.14
7.30
6.04
5.84
6.27

5.25-7.50
7.85
7.93
5.00-7.75
9.09
3.25-6.15
3.50-6.30
3.25-6.30
3.50-6.00
4.20-6.90
3.40-6.65
3.30-5.60
3.25-5.80
4.00-7.00
4.75-7.60
4.00-6.40
4.25-6.65
3.50-6.75

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

10

Table 6A

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

1

As of May 14, 1976
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

•
Seafirst Corp.
Youngstown Sheet & Tube Co.
Idaho Power Co.
*Chase Manhattan Corp.
Public Service Co. of Indiana
DuPont Co.
DuPont Co.
Columbia Gas System
Wisconsin Pwr. & Light Co.
Interstate Power Co.
Columbus & Southern Ohio Electric
SCM Corp.
Eaton Corp.
Eaton Credit Corp.
ITT Financial Corp.
Wisconsin Power & Light Co.
General Telephone & Electronics
National Fuel Gas Co.
John Manville Corp.
Continental Oil
Commonwealth Edison Co.
Continental Oil Co.
Kansas City Power & Light
Union Electric
Long Island Lighting
Indianapolis Pwr. & Light
Kentucky Utilities
Hanes Corp.
Olinkraft Inc.
^Northwest Pipeline Corp.
*TransAmerica Corp.
^American Express Credit Co.
Gelco Corp.
Browning Ferris Industries
Credithrift Fin. Corp.
Arkansas Lousiana Gas
^Florida Pwr. & Light

SF debt
1 s t mtg
Pfd stk
Notes
Com stk
Notes
SF debt
Debt
1 s t mtg
Com stk
Com stk
SF debt
Debt
Notes
Debt
Com stk
Pfd stk
pfd stk
Com stk
Com stk
Com stk
Debt
Com stk
1 s t mtg
1 s t mtg
1 s t mtg
1 s t mtg
Com stk
Com stk
SF debt
Notes
Notes
Conv debt
Notes
Notes
1 s t mtg
1 s t mtg

50.0
50,0
25.0
200.0
80.0
100.0
300.0
75.0
35.0
18.0
46.0
50.0
60.0
40.0
75.0
26.0
110.0
25.0
60.0
300.0
142.5
200.0
20.0
70.0
60.0
25.0
30.0
18.5
30.0
35.0
50.0
50.0
20.0
40.0
25.0
25.0
125.0

NOTES:
•
1

Included in table for first time.
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
June
June

17
18
18
18
18
19
19
19
19
19
19
19
20
20
20
20
20
20
24
24
24
25
25
25
25
26
26

2
3

11
Table 6A Continued

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

1

As of May 14, 1976
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Northern S t a t e s Power Co.
* P u b l i c S e r v i c e New Mexico
*General Motors Accept. Corp.
*General Motors Accept. Corp.
*Southern Union Co.
* C e n t r a l I l l i n o i s Pub Svc Co.
*General T e l . of Ohio
^General T e l . of Oklahoma
*Toledo Edison
^Rochester Gas & E l e c t .
*New York T e l .
*Chesapeake & Ohio Ry
* L o u i s v i l l e Gas & E l e c t .
* L o u i s v i l l e Gas & E l e c t r i c Co.
*Ford Motor C r e d i t Co.
*Ford Motor C r e d i t Co.
*UT C r e d i t Corp.
*A.E. S t a l e y Manuf. Co.
*Fruehauf Corp.
*Masco Corp.
Tampa E l e c t r i c Co.
*United I l l u m i n a t i n g
D.H. Baldwin
New York S t a t e E l e c t r i c & Gas
S h e l l O i l Co.
A d v e n t i s t P r o p e r t i e s Mtg. T r u s t
Applied D i g i t a l Data System
R e l i a n c e Group I n c .
Abbott L a b o r a t o r i e s
I l l i n o i s B e l l T e l . Co.
Other
Canberra, A u s t r a l i a
Canberra, A u s t r a l i a
Canberra, A u s t r a l i a
I n t e r - A m e r i c a n Dev. Bank




Com s t k
Com s t k
Notes
Debt
SF d e b t
Com s t k
1 s t mtg
1 s t mtg
1 s t mtg
1 s t mtg
1 s t mtg
Equip t r
1 s t mtg
Pfd s t k
Debt
Notes
Notes
SF d e b t
Debt
Debt
Pfd s t k
Pfd s t k
Notes
Com s t k
Com s t k
Bene i n t
Com s t k
Pfd s t k
com s t k
Debt

65.0
20.0
100.0
200.0
25.0
30.0
40.0
40.0
55.0
45.0
250.0
15.0
25.0
25.0
125.0
125.0
50.0
65.0
50.0
60.0
15.0
15.0
15.0
40.0
162.0
15.0
15.0
50.0
81.0
175.0

June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

Debt
Notes
Notes
Debt

50.0
75.0
75.0
100.0

May
May
May
May

3
3
9
9
9
10
10
10
15
15
15
15
16
16

19
19
19

12

Table 6B

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

1

As of May 14, 1976
AMOUNT
(IN MILLIONS
OF DOLLARS)

ISSUER
STATE & LOCAL

Washington Co. Hosp. Auth. Pa.
Brazos River Auth., Texas
•Southeastern Mass. Univ. Blag. Aut .
Ohio, State of
Horry Co. Sch. Dist., S.C.
Mississippi, State of
Glendale, Calif.
Columbus City Sch. Dist., Ohio
Springfield City Sch. Dist., Ohio
Louisiana, State of
Maricopa Co., Ariz.
New York State Power Auth.
Indianapolis, Ind.

Seattle, Wash.
San Antonio, Texas
•Nassau Co., N.Y.
Farmington, N. Mexico
Pittsburgh Sch. Dist., Pa.
Tennessee State Sch, Bond Auth.
*West Virginia, State of
Massachusetts, State of
Memphis, Tenn.
*DeKalb Co. Ga.
Elizabeth, N.J.
North Carolina, State of
*Cleveland, Ohio
•Florida, State of
•Chicago Sch. Dist., 111.
•Gainesville, Fla.
Los Angeles Dept. Water & Pwr., Cal.
Nueces River Auth., Texas
•Texas City, Texas
•Washington Pub. Pwr. Supply System
Pennsylvania, State of
Virginia, State of
•Sheboygan, Wise.
•Univ. of Kansas Coll. of Health &
Hosp.

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

NOTES:
1
Includes ,<*» « d l o c i j o w n m e n t to*, of $10 milljoo a n d [ a m . to«i«n ! « « » » • < • "
issues of Federally sponsored agencies; excludes secondary offerings.
Included in the table for the first time.




APPROXIMATE
DATE OF OFFERING

24.2
10.0
18.4
100.0
13.0
40.0
10.0
34.0
12.1
73.0
31.3
80.0
15.0
35.0
20.0
30.1
25.0
22.2
66.0
50.0
125.0
25.0
25.0
13.0
75.0
52.5
12.0
35.0
30.0
20.0
20.0
10.0
120.0
137.0
19.5
16.3

May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
June
June
June
June
June

17
17
18
18
18
18
18
18
18
18
19
19
19
20
20
25
25
25
25
25
25
25
25
25
26
26
26
26
26
26
27
2
3
3
3
7

22.0

June

8

il Bank for Reconstruction

13

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of May 14, 1976

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STJ

*Ventura Co. Pub. F a c . C o r p . , C a l i f .
•Maryland, S t a t e of
* A u s t i n , Texas
• A u s t i n , Texas

Rev
G.O.
Rev
G.O.

36.0
175.3
40.0
15.6

G.O.
Rev

65.8
28.5

June
June
June
June

8
9
10
10

May
May

12
12

POSTPONEMENT
Jackson C o . , Mo.
S t . C l a i r C o . , Mich.




Table 7

STOCK PRICES AND VOLUME
STOCK PRICES
BJ INDUSTRIALS

TRADING VOLUME
NASDAQ

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

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

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

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)

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

881.81 (7/15)
632.04 (1/2)

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

55.15 (3/24)
48.04 ( 1 / 2 )

1 , 0 1 1 . 0 2 (4/21)
858.71 ( 1 / 2 )

53.05
53.91
53.76
54.87
54.54
54.41
53.55
54.48
54.11
54.26
54.01

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

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)
.7 (9/15)

4.2 (2/21)
1 . 1 (9/15)

8 . 1 (2/13)
2.5 (9/15)

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

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

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

8.6 -(2/20)

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

972.92
987.64
979.69
1 ,0 0 3 .4 6

103.65
104.48
103.37
104.73

89.47
90.99
89.54
90.89

24.1
27.2
21.4
23.1

4.0
4.0
3.3
3.1

7.2
7.6
7.9
7.0

991.58
968.28
980.48
1,000.71
996.85

104.09

90.63
88.89
89.17
90.60
90.08

17.8
21.2

2.6
2.8

2.1

6.3
7.2
5.8
7.Or

90.02
89.78

16.3r
20.4

2.Or
2.5

5.8r
6.5

996.22
992.60

102.08

101.90
103.09
102.57

102.91
104.81

NOTES:
1

Figures other then highs end lows ere Frideys only. Highs end lows ere for the year end ere not necesserily for Fridey*.

2

Volume figures ere weekly evereges of deily figures (millions of sheres).

3

12/31/66 - 50

4
Based on everege price chenge until September 4,1973 thereafter, based on market velue of sheres listed.



16.4
21.7
16.3r

1.1 d / 2 )

2.5
1.9r

6.0

15
Table 8

SECURITY CREDIT
R E G U L A T E D MARGIN C R E D I T E X T E N D E D BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS O N
CONVERTIBLE
BONDS

3

2

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING
1975

-

1976

-

Jan.

3,950

134

848

Feb.

4,130

136

830

1,897

Mar.

4,180

134

844

1,919
1,882

Apr.

4,360

138

824

1,885

May-

4,700

140

819

1,883

June

4,990

146

844

2,434

July

5,300

143

820

2,387

Aug.

5,220

142

832

145

852

2,457
2,520
2,311

Sept.

5,250

Oct.

5,300

144

1,007

Nov.

5,370

146

1,008

2,270

Dec.

5,390

147

960

2,281

Jan.

5,420

146

1,000

2,321

Feb.
Mar.

5,950

162

1,037

2,333

6,410

-145

C H A N G E IN O U T S T A N D I N G
1975

-

Jan.

110

-3

-8

Feb.

180

2

-18

-22

Mar.

50

-2

14

-15

Apr.

180

4

-20

-3

May

340

2

-5

-2

June

1976

-

290

6

25

551

July

310

-3

-24

-47

Aug.

-80

-1

Sept.

30

3

12
20

70
63

Oct.

50

-1

155

-209

Nov.

70

2

1

-41

Dec.

20

1

-48

11

30

- 1
16

40
37

40
12

Jan.
Feb.

530

Mar.

460

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 0

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW

1971
1972
1973
1974
1975

9,621
10,067
4,815
2,909
11,070

1974 - September
October
November
December

319
-74
449
1,053

1975 - September
October
November
December

785
348
765
1,394

1976 - J a n u a r y j>/
February £ /

!:s;

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

405
713
1,149
955
1,295

1

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0
11.3

-

-

—

4.9
8.7
13.8
11.4
15.3

NET
NEW
MONEY

2

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0
17.7

5,378
5,451
-442
-2,822
4,757

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

-689
-260
236
-37

1,425
438
1,226
3,393

-338
131
549
114

3,698
2,264
2,246
4,332

-

5,375

~~

810
787

-

3

NET
NEW
MONEY

11.5
14.6
18.6
17.6
19.8

TOTAL
DEPOSITS
NET
FLOW

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

37,414
42,634
25,052
18,962
54,188

-1,068
312
1,091
571

1,744
364
1,675
4,446

631
2,086
2,072
968

4,483
2,612
3,011
5,?2u

5,108

6,413
4,951

'ONALLY™ADJUSTED

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

2

3 , 7 1 0

—

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

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 SSL's are for insured associations only, which represent 96 par cent of industry total resources.

3
Annual yowth rate for monthly data is the annualized monthly percentage increase in deposits.

teurae: National Association of Mutual Savings Banks and Federal Home Loan Bank Boerd.


ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8
15.9

-

E

NET
NEW
MONEY

26,331
29,335
10,062
1,846
34,033
-1,757
52
1,327
534
293
2,217
2,621
1,082
5,918
4,497

.

9.6
12.9
17.2
15.8
18.5

W-

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW

1

ANNUAL 3
GROWTH
RATE

1975 - June
July
August
September
October
November
December

1,369
1,190
1,044
802
731
772
633

16.0
13.7
11.9
9.0
8.2
8.6
7.0

1976 - J a n u a r y
February g /

1,039
797

11.4
8.7

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

——
- ——
——
——
- -

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

4,395
4,774
3,933
3,682
3,334
3,125
2.926

20.2
21.5
17.4
16.1
14.4
13.3
12.3

4,232
3,652

17.7
15.0

NET
NEW
MONEY

——
- - «# —
• - -

—

2

TOTAL
DEPOSITS
NET
FLOW

5,764
5,964
4,977
4,484
4,065
3,897
3,559

19.0
19.3
15.9
14.1
12.6
12.0
10.8

5,271
4,449

15.9
13.3

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

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

3

Annual yowth rate for monthly data is the ennualized monthly percentage increese in deposits.

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




ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

—

- ——
- —

- -

18

Table 10

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

ALL S A V I N G S
MUTUAL
& LOAN
S A V I N G S BK53
ASSOCIATIONS (N Y. S T A T E : )

1972 - Dec.

25.2

1973 - Dec.

19.9

1974 - Dec.

14.6

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

14.6
14.5
15.0
16.2
16.8
17.0
17.9
19.1
20.0
20.1
20.4
20.4

12.5
12.6
13.0
14.2
14.7
14.9
15.9
16.9
17.9
18.0
18.4
18.5

2.1
1.9
2.0
2.0
2.1
2.1
2.1
2.2
2.1
2.1
2.0
2.0

1976 - J a n .
Feb.
Mar.

20.5
21.1

18.5
19.2
19.4

2.0
1.9

20.3

NET CHANGE
TOTAL

4.9

.45

16.4

3.5

.04

12.4

2.2

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

.43

.02

.21

-.17

.09

-.09

-.03
-.01
.50
1.18
.55
.25
.92
1.21
.90
.01
.35
.04

.08
.14
.39
1.17
.49
.21
.94
1.10
.96
.07
.42
.08

-.11
-.24
.11
.01
.06
.04
-.02
.11
-.06
-.06
-.07
.04

.06
.61

.02
.67
.27

.04
-.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.




T a b l e 11

19

NET NEW MONEY BORROWINGS
B Y MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
FHLMC

FNMA & FHLB

FNMA

SHORT-TERM
DISCOUNT /
NOTES 1 /

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

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

+ 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

1976 - J a n . p

-154

0

0

0

0

-154

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

.

+530

——

——

+350
+650

—

-150

——

—

—

+256

-800
-657

——

+44
—

+450

—

Notes:
Based on d a t a from t h e T r e a s u r y Survey of Ownership.
1 / S a l e s of FHLB d i s c o u n t n o t e s began i n May 1974.
£/ Preliminary.




——

——
——

——

+750
+499
-200
——
——
——

——

+1,050
+100
+310
+491

-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454

20

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNM/

2

FINANCIAL INSTITUTIONS

TOTAL

COMMERCIAL
BANKS

MSB's

S

& L's

INSURANCE FNMA-GNMA
COMPANIESi

Not S e a s o n a l l y A d j u s t e d
1971
1972
1973
1974
1975

41,647
57,587
58,372
42,748
42,475

39,259
55,561
55,072
36,526
37,636

9,940
16,800
19,600
11,700
2,900

3,938
5,377
5,642
2,172
2,236

23,919
31,932
25,552
17,560
29,400

1,221
1,452
4,278
5,078
3,100

2,388
2,026
3,300
6,222
4,839

1975 - O c t .
Nov.
Dec.

4,781
3,284
4,413

4,132
2,918
3,754

700
200
200

226
200
272

2,996
2,323
2,774

210
195
508

649
366
658

1976 - J a n .
Feb.
Mar.
Apr.
May
June

1,912
3,134

1,502
2,870

0
200
400

87
106

1,378
2,416
4,088

37
148

410
264
-840

Seasonally Adjusted
1975 - O c t .
Nov.
Dec.

5,152
3,829
4,793

4,641
3,474
4,058

722
311
481

273
214
200

3,490
2,949
3,360

156
133
17

511
355
735

1976 - J a n .
Feb.
Mar.
Apr.
May
June

3,382
4,348

2,896
3,933

378
562
487

184
249

2,189
2,848
3,863

145
274

486
415
-686

NOTES:
commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as avail?
awe 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 fromregularquarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether
these groups accounted for 83 per cent of the net increase estimated for all holders in 1974.

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



Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, 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 4

RESIDENTIAL

3
COMMERCIAL

MULTFAMLV
&
COMMERCIAL

4.4
4.7
4.7
5.7

6.2
5.3
5.3
6.0

10.6
10.0
10.0
11.7

2.2
2.2
1.8
1.4

11.1
11.5
14.9
17.1

4.6
5.2
6.3
6.3

3.5
4.5
5.1
7.0

8.1
9.7
11.4
13.2

1.5
1.5
2.1
2.2

27.4
34.9
38.1
43.1

18.7
25.6
28.4
33.6

8.7
9.4
9.7
9.5

7.6
9.4
11.6
10.8

16.3
18.7
21.4
20.4

2.2
2.4
2.3
2.4

62.8
61.7
63.9
72.1

47.7
45.5
46.2
51.5

38.0
35.8
37.4
42.6

9.7
9.7
8.8
8.9

12.4
13.7
15.1
18.2

22.1
23.3
23.9
27.1

2.6
2.6
2.7
2.4

1973 - I
II
III
IV

83.4
72.4
70.6
61.4

59.7
50.4
48.9
39.5

51.1
39.6
40.1
32.6

8.7
10.8
8.8
6.9

19.7
18.0
18.1
18.0

28.3
28.8
26.9
24.9

4.1
3.9
3.7
3.9

1974 - I
II
III
IV

60.2
62.3
52.0
43.0

37.7
38.9
31.8
25.9

29.4
32.4
26.1
21.6

8.3
6.5
5.7
4.3

18.9
18.6
14.3
11.3

27.2
25.0
20.0
15.6

3.6
4.8
5.9
5.7

1975 - I
II
III
IV

35.4
45.7
56.3
68.1

21.1
31.7
40.6
51.8

19.4
30.9
37.9
49.0

1.7
0.9
2.7
2.8

9.1
9.7
11.4
11.4

10.8
10.6
14.0
14.1

5.1
4.3
4.4
4.9

1
|

1- t o 4 FAMILY

TOTAL

TOTAL

1969 - I
II
III
IV

31.7
28.9
25.7
25.4

23.3
21.3
18.7
18.0

18.9
16.7
14.0
12.2

1970 - I
II
III
IV

20.7
22.7
28.4
32.5

15.7
16.7
21.2
23.4

1971 - I
II
III
IV

37.2
46.7
52.1
56.3

1972 - I
II
III
IV

QUARTER

MULTIFAMILY

FARM

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 .

4

Data r e v i s e d A p r i l 12 due t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s .




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
PERIOD

TOTAL

1 —FAMILY

1 —FAMILY

2 - O R MORE
FAMILY

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

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

811
813
1,151
1,309

July
Aug.
Sept.
Oct.
Nov.
Dec.

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

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

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

Jan.
Feb.
Mar.

1,120
1,134
1,156

828
850
835

292
284
321

Jan.
Feb.
Mar.
Apr.
May

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

2 - O R MORE
FAMILY

888
893

656
621
901
1,048
914
450
269

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

1,005
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

1,547
1,350
1.314
1,244
1.269
1,202
1,261
1,267
1.315
1,115
1,386
1,329

959
793
757
782
827
808
882
880
969
738
992
993

588
557
557
462
442
394
379
387
346
377
394
336

1,236
1,562
1,444

957
1,297
1,135

279
265
309

1,211
1.270

924
933

287
337

1,132

Private building 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 units in the structure are ready for use. Private mobi'i
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1

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