Full text of H.16 Capital Market Developments : May 19, 1975

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Capital
Market
Defrdopments

May 19, 1 9 7 5
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




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

T

>

Index

TABLES
1-6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY CREDIT

9 — 16

MORTGAGE MARKET




SYMBOLS
e

ESTIMATE

p

PRELIMINARY

r

REVISED

n.3.

NOT AVAILABLE

—

DATA DO NOT EXIST

Table 1

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

1975 - Mar.

A r

*

May

NEW ISSUE
Aaa UTILITY

1

VOLUME

RECENTLY <
OFFERED
Aaa UTILITY

GROSS 3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

850
821
1.,130
714

92
78
79
96

266
290
464
208

9.70
9.60
9.55
9.71r

576
687
821
647

97
98
98
93

47
13
26
55

9.69
9.60r
9.58p

340
1 ;,210
1,,024

95
93
95

7
14
21
28

8 .91
9 27
9 60
9,.60

9.17
9.31
9.41
9.62

4
11
18
25

9.,80
9..65
9,.51
9..66

2
9
16

9..80
9.. 65r
9. 54p

•

10
80
55

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

VOLUME

GROSS 3
OFFERINGS
($ MILLIONS)
613
478
379
373

PER CENT
SOLD BY END
OF WEEK
88
78
66
91

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)
117
168
389
107

1975 - Mar.

7
14
21
28

6.10
6.20
6.35
6.45

BOND BUYER
20-BOND
INDEX
6.54
6.65
6.80
6.95

Apr.

4
11
18
25

6.45
6.55
6.40
6.45

6.93
7.03
6.86
6.97

450
403
455
605

76
87
90
84

154
92
91
122

May

2
9
16

6.40
6.35
6.35

6.95
6.86
6.88

451
613
626

87
84
80

130
190

MOODY'S
NEW ISSUE

109

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 O F F E R E D
A a a UTILITY

1971 - High
Low

8.26 (7/30)
7.02 ( 2 / 5 )

8.23 (1/1)
7.17 (12/31)

1972 - High
Low

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

1973 - High
Low \

2

MOODY'S SEASONED
CORPORATE Aaa

.

3

U.S. GOVT. 20-YEAR
C O N S T A N T MATURITY

4

BOND BUYER
2 0 - 8 0 N D INDEX

7.71 (8/21)
7.06 (2/12)

6.51 (6/18)
5.69 ( 3 / 2 3 )

6.23 (6/23)
4 . 9 7 (10/21)

7.49 ( 4 / 2 1 )
7.15 (12/1)

7.36 (4/28)
7.05 ( 2 / 1 2 )

6.19 ( 4 / 1 4 )
5 . 7 4 (11/17)

5.54 (4/13)
4 . 9 6 (10/21)

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

8.32 (8/10)
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 / 1 5 )

1 0 . 5 2 (10/11)
8.13 (1/4)

9.39 (10/11)
7.73 (1/4)

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

7.15 (12/12)
5.16 (2/7)

1975 - High
Low

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

9.71 (4/25)
9.06 (2/28)

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

8 . 4 1 (5/2)
7.63 (2/21)

7.08 (1/2)
6.27 (2/13)

%

1975 - Apr.

4
11
18
25

9.80
9.65
9.51
9.66

9.70
9.60
9.55
9.71

8.87
8.94
8.95
8.97

8.32
8.36
9.31
8.38

6.93
7.03
6.86
6.97

May

2
9
16

9.80r
9.65r
9.54p

9.69
9*60r
9.58p

9.01
8.96r
8.89p

8.41
8.25r
8.21p

6.95
6.86
6.88

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-reted 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 release-i 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 bends used in this index falls midway between the four ton groups as classified by Moody's Investors Service. Weekly Bond Buyer date.




5

LONG-TERM C O R P O R A T E AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS O F DOLLARS

G R O S S PROCEEDS

1975

3,328
2,687
3,217

2,327
1,962
3,933

2,289
2,309
1,966

April
May
June

3,066
3,164
2,981

July
August
September

January j
February
March

K

October :
November
December

SI

Q1
02
03
04

|

\

%
ft-

K

19K

1

1973

2,397
2,304
2,166

1,826
1,939
2,152

3,260
2,668
1,629

2,631
1,806
1,915

1,459
1,106
1,701

2,028
1,657
1,750

,4,6^5
- 3,762
3,483

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

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

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

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

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

18,443
26,000
37,870

'

f

v:

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




|

2,497
2,543
3,578

v
C:

1974

1,977
1,515
2,467

9,232
9,211
7,557
11,870t
.

1

2,255
2,003
2,025

5,074

1st Half
3 Qtrs.
Year

A;

"V "

2

S T A T E AND LOCAL

1973

1975

4

1

CORPORATE

PERIOD

Table 4

\

NEW CORPORATE SECURITY I S S U E S
BY TVPE O F I S S U E AND ISSUER
IN MILLIONS O F DOLLARS

\

/

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

TOTAL

G R O S S P R O C E E D S BY TYPE O F ISSUER

BONDS
COMMON
MEMO
AND
MANUFAC- PUBLIC
PUBLICLY PRIVATELY
ISSUES INCLUDED
Tl IDIMfS
PREFERRED
OFFERED
PLACED
FOREIGN (CONVERTIBLE
STOCK
5,818
1 ,638
1,776
88
58
1,,927
3,569
5,883
1 ,794
1,534
115
39
2,,542
3,190
5,025
1 ,237
1,297
373
310
i , ,887
2,376
8,611
1 ,561
1,698
374
76
3,697
A,,075

1974 - I
II
III
IV

9,232
9,211
7,557
11,870

1974 - J a n .
Feb.
Mar.

3,328
2,687
3,217

2,115
1,683
2,020

783
418
437

430
586
760

56
11
21

2
4
52

896
390
641

Apr.
MayJune

3,066
3,164
2,981

1,594
2,350
1,939

671
607
516

801
207
526

63
42
10

12
15
12

July
Aug.
Sept.

3,260
2,668
1,629

2,086
2,042
897

620
299
318

555
327
415

223

Oct.
Nov.
Dec.

4,625
3,762
3,483

3,423
3,016
2,172

370
336
855

1975 - J a n .

5,074

3,665

833

OTHER
ISSUERS

874
1,,313
1,,008
743

2,869
2,172
2,289
3,358

1,,441
829
1:,299

146
397
331

850
1,072
947

1 ;,202
862
478

1 :, 1 3 1
912
1,,147

294
663
356

442
730
1,000

150

205
104
1

1 ,094
605
188

618
1 ,079
680

295
364
349

1,254
620
413

832
4.10
456

175
199

76

743
1.,698
1;,634

2,,109
963
625

475
93
175

1,298
1,011
1,049

576

309

1

1,,752

1, ,198

925

1,197

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




COMMUNIr ATinMct

1

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER "HAN U.S. TREASURY
llay

ISSUER

5,

TYPE

thru

May

16,

AMOUNT
(MILLIONS
OF
DOLLARS)

1

1975

MATURITY

COUPON RATE

MOODY'S
RATING

OFFERING
YIELD

CORPORATE

San Diego Gas & E l e c t r i c
Economic L a b o r a t o r y
Texaco I n c .
Cont. T e l e . Corp.
C i n c i n n a t i Gas & E l e c t r i c Co.
N o r t o n Co.
San Diego Gas E l e c t r i c
C a t e r p i l l a r T r a c t o r Co.
Iowa Pub. S e r . Co.
Union P a c i f i c RR Co.
Asarco I n c .
Asarco I n c .
N o r t h e r n N a t u r a l Gas
Sybron C o r p .
Georgia P a c i f i c Corp.
P e n n z o i l Co.
Utah Power & L i g h t Co.
VEPCO
F l o r i d a Power & L i g h t Co.
NCR C o r p .
NCR C o r p .
Aluminum Co. of America

Com s t k
Com s t k
Debt
Notes
1 s t mtge
SF d e b t
1 s t mtge
Conv d a b t
1st ntge
Equip t r
SF d e b t
Notes
1 s t mtge
Not 28
Conv d e b t
Debt
Pfd s t k
Com s t k
Com s t k
Debt
Notes
Debt

16.5
27.4
300.0
75.0
60.0
40.0
40.0
200.0
20.0
15.0
100.0
50.0
100 u0
35.0
100.0
75.0
41.9
60.0
65.6
75.0
75.0
150.0

—

2005
1983
2005
2000
1982
2000
1995
1990
2000
1983
1985
1985
2000
1983
—
—
——

2000
1985
2000

NOTES:
•

Rights offering.

1

Includes only corporate and other security offerings of $16 million end over; excludes options, exchanges, and secondary offerings.




•

. —

—

—

8.88
10.50
9.85
9.88
10.70
5.50
10.75
8.50
9.75
8.80
9.00
9.13
6.25
10.63
10.70
11.60

8.95
10.55
9.85
9.95
10.70
5.50
10.75
6.25-8.85
9.83
8.80
9.08
9.13
6.25
10.72
10.70
11.60

—

9.75
9.00
9.45

•

—
—

Aaa
Baa/Bbb
Aa
A
Baa/A
A
A/Aa
Aaa
A
A
A/A+
A
Baa/Bbb
Baa/Bbb
A
—
—

- -

9.86
9.10
9.45

*

A
A
A

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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 5 , t h r u May 1 6 , 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Chesapeake & Potomac T e l e . Co. of
W. Va.
A t c h i s o n Topeka & S a n t a Fe RR
Tenneco I n c .
Carboundum Co.
F l o r i d a Power & L i g h t
S h e l l O i l Co.
N. American Car Corp.
S c o t t & F e t z e r Co#
O c c i d e n t a l Petroleum Corp.

Debt
Equip t r
Debt
Debt
1 s t mtge
Debt
Equip t r
Notes
Notes

50.0
15.0
125.0
40.0
100.0
250.0
25.0
30.0
75.0

2015
1990
2000
2000
1984
2005
1983
1985
1982

9.00
. 8.38
9.88
9.25
9.13
8.75
11.00
9.00
11.00

9.00
8.75
9.88
9.28
8.96
8.82
11.00
9.15
11.00

Aaa
Aaa
A
A/Aa
A
Aaa
Baa/Bbb
A
Baa/Bbb

Other
Newfoundland
Quebec

SF d e b t
Debt

50.0
100.0

2000
2000

10.88
9.88

10.96
9.88

Baa-l/A
Aa




Table 5P

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
May 5 , t h r u May 1 6 , 1975
AMOUNT
(MILLIONS OF
DOLLARS)

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

M i n n e a p o l i s , Minn.
M i n n e a p o l i s , Minn.
G l o u c e s t e r Co. I n d u s t r i a l P o l l u t i o n
Fin. Auth., N.J.
Onondaga C o . , N.Y.
Onondaga C o . , N.Y.
K e n t u c k y S t a t e P r o p e r t y & B u i l d i n g Coram
San J o s e , C a l i f .
Las Vegas V a l l e y Water D i s t . , Nev.
P e n n s y l v a n i a S t a t e P u b . S c h . B l d g . Auth,
Los A n g e l e s A i r p o r t s I m p r o v . C o r p .
Los A n g e l e s v A i r p o r t s I m p r o v . C o r p .
Phoenix, Arizona
Jersey City, N.J.
A l a s k a , S t a t e of
M i c h i g a n , S t a t e of
I l l i n o i s H o u s i n g Development A u t h .
O h i o , S t a t e of
Tampa S p o r t s A u t h . , F l a .
Tampa S p o r t s A u t h . , F l a .
P o r t o f P o r t l a n d , Oregon
P o r t of P o r t l a n d , Oregon
T e x a s , S t a t e of

G.O.
G.O.

14.0
1. 0

1976-1983
1976-1995

5 . 20
6 . 15

4. 00-5.40
4. 0 0 - 6 . 4 0

Aaa
Aaa

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

25.6
4. 6
11.,7
31, 0
10. 0
10. 0
10. 6
5. 2
6. 4
14. 0
15. 0
4 2 . ,0
100. 0
44. 8
50; 0
3.,7
10.,0
4. n
, 11- 0
11. ,0

2000
1976-1995
1976-2005
1978-1999
1976-2000
1978-1995
1977-2007
1976-1986
1993
1987-1989
1977-2001
1979-1999
1978-1987
1978
1976-1995
1977-1993
2006
1977-1991
2006
1976-1998

5 . 60
5 . 99
7 . 09
7.64
7 . 14
6 . 72
8 . 99
8 . 99
6 . 89
8 . 69
6 . 53
5 . 62
7 . 00
5 . 84
8 . 06.
8 . 06
7 . 86
7 . 86
5. 81

4.
4.
4.
6.
5.
4.
5.

6.50
00-6.20
00-6.30
75-7.50
20-7.45
25-7.30
75-7.00
90-8.50
9.00
6. 7 0 - 6 . 9 0
6. 0 0 - 8 . 8 5
5. 0 0 - 7 . 1 0
4. 50-5.85
6.50
3. 9 0 - 6 . 3 5
5. 0 0 - 7 . 6 3
8.00
5. 5 0 - 7 . 4 0
7.88
3. 6 0 - 6 . 2 5

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

1

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

2

In case of State *»nd local govemmsnt securities. G O denotes perioral obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-CU-Ut., revenue bonds secured only by income from qnasi-vtilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev .-Rent., revenue bonds secured solely by lease payments.
Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.

3




/
Table 5 8 Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 5, t h r u May 16, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREsV
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Weirton H o s p i t a l Bldg. Comm, W. Va.
Weirton H o s p i t a l Bldg. Comm, W. Va.
New York S t a t e Power Auth.
New York S t a t e Power Auth.
I l l i n o i s E d u c a t i o n a l Fac. Auth.
I l l i n o i s E d u c a t i o n a l Fac. Auth.
I l l i n o i s E d u c a t i o n a l F a c . Auth.
M i s s o u r i S t a t e Environmental Auth.
M i s s o u r i S t a t e Environmental Auth.
Maryland, S t a t e of
F l o r i d a S t a t e Board of Education
Ohio Air Q u a l i t y Dev. Auth.
Ohio Air Q u a l i t y Dev. Auth.
Ohio Air Q u a l i t y Dev. Auth.
P o r t of Houston Auth, Texas
H a r r i s Co. Flood C o n t r o l D i s t . , Texas
H a r r i s Co., Texas
Tucson, Arizona
S p r i n g f i e l d , Oregon
S p r i n g f i e l d , Oregon




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

3.7
19.6
40.0
110.0
4.3
6.7
14.5
6.0
16.0
89.0
48.6
10.0
10.0
40.0
10.0
10.0
25.0
10.0
11.0
3.0

1980-1987
2009
1987-1997
2010
1978-1990
1999
2005
1992-1999
2005
1978-1990
1976-2004
1985
1987
2000
1976-1995
1976-1995
1976-1995
1979-1988
1976-1995
1979-2000

Z

9.32
9.32
8.10
8.10
——

——

9.18
9.18
5.57
6.95
—
—
—

5.67
5.73
5.67
6.73
6.92
7.45

7.0U-8.40
9.25
6.90-7.90
8.13
5.75-8.20
8.75
8.75
8.20-8.75
9.00
4.40-5.90
4.25-7.00
6.40
6.70
7.88
5.45-6.55
5.50-6.60
5.45-6.55
5.40-6.85
4.50-7.40
5.50-7.70

—
—

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

T a b l e 6A

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

1

a s of May 16, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Appalachian Power Co.
P a c i f i c Gas & E l e c t r i c
B u r l i n g t o n Northern RR
Stokeley-Van Camp I n c .
Wal-Mart S t o r e s I n c .
*Dresser I n d u s t r i e s I n c .
Dresser I n d u s t r i e s Inc.
Revlon I n c .
P e n n s y l v a n i a Power & L i g h t
I n d i a n a p o l i s Power & L i g h t Co.
Columbia Gas System
N. S t a t e s Power Co.
I n d i a n a p o l i s Power & Light Co.
Consumer Power
J e r s e y C e n t r a l Power & Light
Brooklyn Union Gas Co.
Brooklyn Union Gas Co.
P h e l p s Dodge Corp.
Puget Sound Power & L i g h t Co.
Joy M a n u f a c t u r i n g Co.
Duke Power Co.
Quaker Oats Co.
Becton D i c k i n s o n
W. W. G r a i n g e r , I n c .
Amax I n c .
Gardner-Denver
Tektronix Inc.
Gardner-Denver Co.
P u b l i c S e r v i c e of I n d i a n a
Arkansas Power & Light Co.
IC P r o d u c t s Co.
B a r n e t t Banks of F l a . , I n c .
Avco F i n . S e r . I n c .
McDonalds Corp.
M a n u f a c t u r e r s Hanover T r . Co.
M a n u f a c t u r e r s Hanover Corp.
New England T e l e . & T e l e .
Central I l l i n o i s Public Service

1 s t mtge
Com s t k ( r t s )
Equip t r
SF debt
Conv debt
SF d e b t
Notes
1 s t mtge
Com s t k
Pfd s t k
1 s t mtge
Pfd s t k
Pfd s t k
Pfd s t k
Pfd s t k
1 s t mtge
Notes
Pfd s t k
Com s t k
Com s t k
Pfd s t k
Com s t k
Com s t k
Com s t k
Com s t k
SF debt
SF d e b t
1 s t mtge
1 s t mtge
Debt
Notes
Notes
Notes
Debt
Notes
Debt
Com s t k

50.0
153.3
15.0
30.0
15.0
50.0
100.0
50.0
125.0
30.0
50.0
80.0
20.0
30.0
25.0
15.0
35.0
100.0
15.0
47.7
70.0
50.0
53.6
32.5
95.0
22.2
35.0
50.0
85.0
60.0
50.0
50.0
50.0
80.0
75.0
125.0
175.0
20.0

NOTES:
*

Included in table for first time.

1

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




May 19
May 19
May 20
May 20
May 20
May 20
May 20
May 20
May 20
May 21
May 21
May 21
May 22
May 22
May 22
May 28
May 28
May 29
May 29
May 29
May 29
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
June 3
June 3

12

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 L
a s of May 16, 1975
ISSUER

TYPE

AMOUNT
(IK MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

UGI Corp.
UGI Corp.
Arizona Public Service
C a l i f o r n i a Water S e r v i c e
^ G e n e r a l Motors A c c e p t a n c e Corp.
Arizona P u b l i c S e r v i c e
L a c l e d e Gas Co.
Texas E l e c t r i c S e r v i c e
Northeast U t i l i t i e s
Kansas C i t y Power & L i g h t
Texas E l e c t r i c S e r v i c e
Dayton Power & L i g h t
P u b l i c S e r v i c e E l e c t r i c & Gas
Southern C a l i f o r n i a Edison
P u b l i c S e r v i c e of Oklahoma
Portland General E l e c t r i c
*Long I s l a n d L i g h t i n g Co.
^ S o u t h e r n Co.
*Columbus & S o u t h e r n Ohio E l e c t . Co.
*N. W e s t e r n B e l l T e l e .
* N a t i o n a l F u e l Gas
* G e n e r a l T e l e . Co. of P a .
*Monongahela Power
* J e r s e y C e n t r a l Power & L i g h t
*Union Tank Car
* G e n e r a l E l e c t r i c C r e d i t Corp.
^ G e n e r a l E l e c t r i c C r e d i t Corp.
* L o u s i v i l l e & N a s h v i l l e RR Co.
* I n t e r n a t i o n a l T e l . & T e l . Corp.
P i z z a Hut I n c .
Burlington Industries Inc.
Potomac E d i s o n Co.
American F i n a n c e Co r p .
ERC Corp.
Ashland O i l I n c .
Emerson E l e c t r i c Co.
F i r s t Maryland Bancorp
Other
New Brunswick
*Banque F r a n c o i s e du Commerce
Exterieur
B r i t i s h Columbia Hydro & Power




1 s t mtge
Pfd s t k
Com s t k
1 s t mtge
Debt
1 s t mtge
1 s t mtge
1 s t mtge
Com s t k
Com s t k
Pfd s t k
Com s t k
Com ( r t s )
Pfd s t k
1 s t mtge
1 s t mtge
1 s t mtge
Com s t k
1 s t mtge
Debt
Debt
1 s t mtge
1 s t mtge
1 s t mtge
Equip t r
Notes
Notes
Equip t r
Notes
€onv d e b t
SF d e b t
1 s t mtge
Debt
Debt
Debt
Notes
Notes
Debt
Notes
Guar SF d e b t

25.0
15.0
28.0
26.0
100.0
50.0
20.0
50.0
45.0
15.0
30.0
20.0
45.0
50.0
45.0
28.0
80.0
110.0
40.0
150.0
21.0
30.0
30.0
35.0
50.0
100.0
100.0
50.0
200.0
25.0
75.0
35.0
30.0
25.0
100.0
50.0
25.0
75.0
75.0
125.0

June 4
June 4
June 4
June 4
June 4
June 5
J u n e 10
J u n e 10
J u n e 10
J u n e 10
J u n e 10
J u n e 10
J u n e 11
J u n e 11
J u n e 12
J u n e 12
J u n e 12
J u n e 17
J u n e 17
J u n e 17
J u n e 18
J u n e 18
J u n e 19
J u n e 19
June
June
June
June
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
May

19

May 29
INDEF

T a b l e 6B

23

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

1

a s of May 16, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Ponca C i t y U t i l i t y A u t h . , Okla.
M i s s i s s i p p i , S t a t e of
M i s s i s s i p p i , c t a t e of
Oregon, S t a t e of
* Englewood-Los Angeles Co. C i v i c
Center Auth.
Antelope V a l l e y - E a s t Kern Water
Agency, C a l i f .
D e t r o i t , Mich.
^ P u e r t o Rico
"Dade C o . , F l a .
Pima Co., Arizona
P o r t of Oakland, C a l i f .
P a l a t i n e Tp. High Sch. D i s t . #211
111.
Vermont Housing Finance Agency
Cleveland C i t y Sch. D i s t . , Ohio
*0hio Air Q u a l i t y Dev. Auth.
*Los Angeles Dept. of Water & Power,
Denver, Colo.
*Ascension & S t . C h a r l e s P a r i s h e s ,
La.
Lower Colorado R i v e r A u t h . , Texas
^ C a l i f o r n i a , S t a t e of
Ohio, S t a t e of
*Essex C o . , New J e r s e y
*S. C a l i f o r n i a Metro, Water D i s t .
-Bay Co., Mich.
*Newark, N . J .
*Bergen Co., N . J .
Postponement
Ascension & S t . C h a r l e s P a r i s h e s ,
La.

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

12 .0
50 . 0
20 .0
125 . 0

May
May
May
May

19
20
20
20

Rev

22 .0

May

20

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

23 .0
10 .9
75,.0
25 .0
15.0
10,.0

May
May
May
May
May
May

20
21
21
21
21
21

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

13..5
15..7
30..0
24,.0
50.,0
15.,0

May
22
May
22
May ^ 2 2 f
May
22
28
May
May
28

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

45.,0
50.,0
100.,0
30. 0
28. 9
85.,0
22. 0
11. 0
10. 6

June
June

2
3
3
3
5
10
17
17
18

Rev

45. 0

May

22

June
June
June
June
June
June

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.




/

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE

NYSE INDEX

3

BJ INDUSTRIALS 1

AMEX

4

1

2

TRADING VOLUME

NASDAQ

NYSE

|

AMEX

|

NASDAQ

1973 - High 65.48 (1/11)
Low 49.12 (12/13)

1051.50 ( 1 / 1 1 )
788.31 ( 1 2 / 5 )

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

136.84 (1/11)
89.12 (12/13)

26.0 (9/20)
9 . 0 (8/20)

5 . 5 (1/12)
1.4 (8/20)

11.3 (1/11)
3 . 5 (8/27)

1974 - High 53.37 ( 3 / 1 3 )
Low 32.89 ( 1 0 / 3 )

891.66 ( 3 / 1 3 )
577.60 (12/6)

102.01 ( 3 / 1 4 )
5 9 . 1 3 (12/6)

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

24.9 ( 1 / 3 )
7.5 (7/5)

4.4 ( 1 / 3 )
.9 ( 9 / 2 6 )

7.5 (1/3)
2.8 (7/5)

1975 - High 4 8 . 8 3 (5/14)
Low 37.16 ( 1 / 8 )

858.73 ( 5 / 1 4 )
632.04 ( 1 / 2 )

8 7 . 8 3 (5/14)
62.20 ( 1 / 2 )

8 2 . 9 1 (5/14)
60.70 ( 1 / 2 )

35.2 (2/13)
13.4 (1/20)

4.2 (2/21)
1.5 ( 1 / 2 1 )

8 . 1 (2/13)
3.6 (1/20)

1975
Mar.

7
14
21
28

44.55
44.74
44.26
44.46

770.10
773.47
763.06
770.26

77.66
80.00
80.47
'80.01

74.40
76.07
75.92
76.18

26.0
24.4
24.4
18.3

2.6
3.0
3.0
2.1

5.9
6.2
6.2
5.2

Apr.

4
11
18
25

42.98
44.61
45.75
45.95

747.26
789.50
808.43
811.80

79.01
81.24
83.41
84.18

74.73
76.31
78.08
78.64

14.9
18.3
26.9
21.9

1.8
2.1
3.0
2.5

4.8
5.0
6.8
6.2

May

2
9
16

47.18
47.94
47.96

848.48
850.13
837.61

84.91
87.39
87.11

80.25
82.82
82.44

19.9
24.3r
20.8

2.3
2. 8r
2.1

5.6
7. Or
5.3

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.




Table 8

15

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1 BROKERS ON 2
MARGIN
CONVERTIBLE
STOCK
BONDS

BANKS

3

•UNHtuULATcD
lUDcn II A TCI\NUNMAHuIN
UAIIIIADAiy
STOCK CREDIT
AT BANKS

OUTSTANDING

I 974 - Mar.
Apr.
May
July
Au%.
Sept.
Oct.
Nov.
Dec.
1975 - J a n .
Feb.
Mar.

5,330
5,370
5,180
5,080
4,760
4,510
4,020
3,930
3,960
3,840

180
179
172
172
158
156
148
145
139
137

1,008
1,009
1,020
1,037
1,023
953
924
916
891
856

1,869
1,868
1,858
2,072
2,091
2,119
2,060
2,024
2,053
2,064

3,950
4,130
4,180

134
136
134

848
830

1,919
1,897

100
40
-190
-100
-320
-250
-490
-90
-30
-120

-3
-1
-7
-14
-3
-7
-3
—6
-2

-31
1
11
17
-14
-70
-29
—8
-25
-35

110
180
50

-3
2
-2

—

—

CHANGE IN OUTSTANDING

1974 - Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - J a n .
Feb.
Mar.

——

-8
-18

26
-1
-10
214
19
28
-59
-36
+29
+11

-

-145
-22

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

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
DATE

1971
1972
1973
1974

REGULAR DEPOSITS

NET
FLOW

ANNUAL 3
GROWTH
RATE

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

1973 - December
1974 - J a n u a r y
February

1,057
257
521

1974 - December
1975 - J a n u a r y rf
February r /
March jg/

1,053
471
909
2,052

1

13.5
12.4
5.3
3.0
—
—
—

- -

NET
NEW
MONEY

2

SHARE CAPITAL

NET
FLOW

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

27,793
32,567
20,237
16,008

-42
46
341

2,914
2,177
1,824

-3 7
250
708
1,029

3,385
3,267
3,297
6,484

ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0

- - -

—- -

NET
NEW
MONEY

TOTAL

2

DEPOSITS

NET
FLOW

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE

20,653
23,884
10,507
4,669

37,414
42,634
25,052
18,917

17.2
16.7
8.4
5.8

26,331
29,335
10,062
1,847

406
2,018
1,697

3,971
2,434
2,345

——

364
2,064
2,038

571
3,094
3,114
3,689

4,438
3,738
4,206
8,536

—
- -

—

—

•

534
3,344
3,822
4,718

SEASONALLY ADJUSTED
1974 - September
October
November
December
1975 - J a n u a r y
February
March £ /

172
260
535
431

2.1
3.2
6.6
5.3

369
715
1,489

4.5
8.7
18.0

——
- -

- —
—

818
1,277
1,752
2,486

4.1
6.4
8.8
12.3

——

2,455
3,057
4,833

12.1
14.9
23.3

——

- -

—

990
1,537
2,287
2,917

3.6
5.5
8.1
10.3

- —

2,824
3,772
6,322

9.9
13.1
21.7

- -

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

Digitized
forNational
FRASER
Source:
Association of Mutual Savings Banks and


Federal Home Loan Bank Board.

- - -

- -

2

T a b l e 10

17

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

OUTSTANDING COMMITMENTS
PERIOD

1971 - Dec.

TOTAL
17.7

ALL SAVINGS MUTUAL
& LOAN SAVINGS BK5i
ASSOCIATIONS (N.Y: STATE]
14.0

3.7

NET CHANGE

TOTAL

ALL SAVINGS MUTUAL
& LOAN SAVINGS BKS
ASSOCIATIONS (N.Y. STATE)
.30

.49

.19

1972 - Dec.

25.1

20.2

4.9

.56

•55

.01

1973 - J a n .
Feb .
Mar.
Apr.
May

25.8
25.8
25.4
24.8
24.0
23.7
23.1
22.2
21.0
20.0
19.6
19.7

20.8
20.9
20.6
20.2
19.5
19.3
18.8
18.0
17.0
16.1
15.9
16.2

5.0
4.9
4.8
4 .6
4.5
4.4
4.3
4.2
4.0
3.9
3.7
3.5

.80
.21
-.43
-.57
-.89
-.21
-.67
-.92
-1.15
-1.06
-.41
.15

.66
.11
-.28
-.40
-.77
-.15
-.56
-.75
-1.00
-.90
-.26
.35

.14
-.10
-.15
-.17
-.12
-.06
-.11
-.17
-.15
-.16
-.15
-.20

19.3
19.4
19.5
19.7
18.5
18.0
17.3
16.7
16.2
14.9
14.4
14.4

15 .9
16.0
16.4
16.7
15.6
15.1
14.5
13.9
13.5
12.5
12.1
12.2

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

-.33
.13
.33
.30
-1.02
-.54
-.60
-.55
-.43
-1.01
-.44
.14

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

14.4
14.4
15.2

12.3
12.6
13.2

2.1
1.8
2.0

-.04
.05
.72

.06
.30
.61

-.10
-.25
. 11

July
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.

.

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.

S e r i e s r e v i s e d 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 .




Table 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

1973 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

+1,475
+1,693
+1,910
+1,946
+11
+598

+1,528
+1,34J9
+1,850
+1,950
-150
+256

1974 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

-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

-242
-659
4452
-79

-5
-254
700
0

-4
-554
0
0

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

+998
+ 1,349
+1,500
+1,360

- -

- -

-150

- .

- -

- -

+256

-800
-657

__

+44

——

- —

- —

Notes:
Based on d a t a from t h e Treasury Survey of Ownership.
If
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.
for£./FRASER
Preliminary.

Digitized


FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTESl/

FHLMC

--

- -

+530
+350
+650

+1,050
+100
+310
+491

+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454

-1
0
700
0

-237
-405
-248
-79

+450

- —
- —
- -

--200
- —
——
——

300

-53
+344
+60
-4
+161
+342

- -

+750
+499

19

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS O F DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS

TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE
COMPANIES

FNMA-GNMA

Not S e a s o n a l l y Ad l u s t e d
21,736
41,647
57,587
58,372
42,748

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

2,462
, 9,940
16,800
19,600
11,700

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

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

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

4,909
2,388
2,02b
3,300
6,222

1974 - O c t .
Nov.
Dec.

2,419
1,992
2,255

1,655
1,476
1,082

500
400
500

45
79
- 22

565
522
595

545
475
729

764
516
453

1975 - J a n .
Feb.
Mar .

1,313
1,488

862
1,414

66
100
428
-200
100
1,111
0
1,616
S e a s o n a l l y Ad l u s t e d

268
403

451
74
351

1974 - O c t .
Nov.
Dec.

2,847
2,461
1,986

2,205
1,973
1,456

533
509
734

98
67
-102

1,037
985
629

537
412
195

642
488
530

1975 - J a n .
Feb.
Mar.

2,614
2,729 :

2,108
2,530

447
84
53

170
242

1,156
1,648
1,413

335
556

506
199
525

1970
1971
1972
1973
1974

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates bench marked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the
Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted for 89 per cent of the net increase estimated for all holders in 1972.

2

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

e r i e s r e v i s e d due to 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 .
Digitized forSFRASER


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

2

/

3

RESIDENTIAL

MULTIFAMILY

&

TOTAL

TOTAL

1 1" t 0
I FAMILY

MULTIFAMILY

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
33.0
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
50.0
38.6

39.5
44.0
35.7
23.7

32.1
37.1
27.5
17.3

7.4
6.8
8.2
6.4

15.4
17.3
9.0
7.6

22.7
24.1
17.2
14.0

3.6
4.0
5.3
7.3

QUARTER

COMMERCIAL

FARM

COMMERCIAL

NOTES:
1

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association,
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.

2

May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.

3

Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debt,combmed.




T a b l e 14

PRIVATE HOUSING PERMITS, S T A R T S ,
C O M P L E T I O N S , AND MOBILE HOME S H I P M E N T S
IN T H O U S A N D S O F UNITS, SEASONALLY A D J U S T E D ANNUAL R A T E S

PERMITS
PERIOD

TOTAL

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

1969
1970
1971
1972
1973
1974
1974. - July
Aug.
Sept.
Oct.

Nov.
Dec,

1975 - Jan.
Feb.

Mar.

1,017
900
823
782
730
822.
682
714
710

1—FAMILY

COMPLETIONS

STARTS

2-OR MORE
FAMILY

TOTAL

1—FAMILY

2-OR MORE
FAMILY

TOTAL

MOBILE

HOME
1—FAMILY 2-OR MORE
FAMILY
SHIPMENTS

626
647
928
1,033
882
726

698
705
1,025
1,186
937
419

1,467
1,434
2,052
2,357
2,0451,338

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

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

632
618
577
533
511
486

385
282
246
249
219
336

1,314
1,156
1,157
1,106
1,017
880

920
826
845
792
802
682

394
330
312.
314
215
198

1,655
1,592
1,562
1,627
1,657
1,606

934
919
899
908
893
852

721
674
663
719
763
754

380
370
316
248
218
216

495
524
517

187
190
193

999
986
980

739
722
757

260
264
223

1,535
1,319
1,246

964
773
708

571
546
543

185
219
199

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 ox apartment buildings, all units
are considered started at that tiffld; however,' all such units are considered-'completed when more than half pf the £5.
units in tjt® structure are ready for use, Private mobile home shipments"'are Mobile Home. Manufacturers Assoc. data
converted to seasonally adjusted annual rate by Census Bureau.

JL/ Permit (fat# for 1969 and 1970 based on 13,000 areas with permit systems.



T a b l e 15

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

CONVENTIONAL LOANS
PRIMARY MARKET
EXISTING HOMES

NEW HOMES
PERIOD

1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

NEW HOMES.

1

1
YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

DISCOUNT
(PERCENTAGE
POINTS)

SPREAD
BETWEEN
NEW A a a
RETURNS ON
UTILITY
CONVENTIONAL
BOND
AND HUD(FHA)
YIELD
NEW HOME
MORTGAGES (IN PER CENT)
(BASIS
POINTS)

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 - High
Low

9.80
8.55

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

1974 - J a n .
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
45
-4
—8
6
-25
-70
-39
-66
-33
-13
n.a.

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

n.a.
8.54
8.66
9.17
9.46
9.46
9.85
10.30
10.38
10.13
n.a.
9.51

n.a.
44
2
19
37
-4
-25
31
-8
10
n.a.
n.a.

n.a.
2.3
3.2
5.1
5.3
5.3
6.3
5.8
6.3
4.6
n.a.
3.8

n.a .
-6
-27
-31
-21
-45
-70
-58
-43
n.a.
-6

8.25
8.10
8.64
8.98
9.09
9.50
10.10
9.99
10.46
10.03
9.68
n.a.

1975 - J a n .
Feb.
Mar.

9.15
9.05
8.90

15
11
-70

9.20
9.05
8.95

20
11
-65

8.99
8.84
8.69

-1
-10
-91

3.8
2.6
5 .4

16
21
21

9.00
8.94
9.60

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) a r e 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 opin^ns on the average bid price for HUD (FHA) loans with minimum down—

payment,
prepaid in 15 years, for immediate delivery, are used.



23

T a b l e 16

FNMA AUCTION R E S U L T S
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS O F DOLLARS)

DATE O F
AUCTION

OFFERED

AVERAGE
YIELD

ACCEPTED

ACCEPTED

1155 ( 3 / 2 5 ) 333 ( 3 / 2 5 ) 1 0 . 59 '
26 ( 1 1 . 1 8 ) 18 ( 1 1 / 1 8 ) 8 . 4 3 '

High
Low

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

AVERAGE
YIELD

164 ( 4 / 1 8 ) 63 ( 4 / 8 )
10.71 (9/9)
14 ( 1 0 / 2 1 ) 7 ( 1 1 / 1 8 ) 8 . 4 7 ( 3 / 1 1 )

Jan.

13
27

25,.3
41..4

21.2
28.6

9 .37
9 .12

17.9

14.9

11.1

10.6

9.50
9.39

Feb.

10
24

24..6
36.,2

18.1
23.8

8 .98
8 .87

14.8
20.0

9.1
9.1

9.20
9.04

Mar.

10
24

99..2
460..5

60.1
321.4

. 8.78
8 .85

34.4
60.7

22.1
35.8

8.96
9.00

Apr.

7
21

551. .6
4 7 0 . .9

277.2
247.3

8 .98
9 .13

99.8
79.2

44.6
64.8

9.13
9.26

May

5

i 525.5

280.4

9,.29

69.8

43.9

9.43

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.