Full text of H.16 Capital Market Developments : May 27, 1975

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xxe

X

Capital
Market
Developments

May 27,1975
Prepared by the
CAPITAL MARKETS SECTION
In conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




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

Index

TABLES

SYMBOLS

1-6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY CREDIT

9-16

MORTGAGE MARKET




e
ESTIMATE
P
PRELIMINARY
r
REVISED
n.a. NOT AVAILABLE
—

DATA DO NOT EXIST

Table 1

3

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
WEEK ENDING

YIELDS
NEW ISSUE 1
Aaa UTILITY

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

2

GROSS
3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

1975 - Mar.

7
14
21
28

8.91
9.27
9.60
9.60

9.17
9.31
9.41
9.62

850
821
1,130
714

92
78
79
96

266
290
464
208

Apr.

4
11
18
25

9.80
9.65
9.51
9.66

9.70
9.60
9.55
9.71.

576
687
821
647

97
98
98
93

47
13
26
55

May

2
9
16
23

9.809.65
9.54
9.61p

9.69
9.60
9.61r
9.63p

340
1,210
1,024
825

95
93
95
93

10
80
55
144

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

VOLUME

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
20-80ND
INDEX

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

1975 - Mar.

7
14
21
28

6.10
6.20
6.35
6.45

6.54
6.65
6.80
6.95

613
478
379
373

88
78
66
91

117
168
389
107

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
23

6.40
6.35
6.35
6.50

6.95
6.86
6.88
7.09

451
613
626
641

87
84
80
76

130
190
256

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 ISSUE
Aaa UTILITY

DATE

1971

1972

1973

1974

-

-

-

-

1975

-

-

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

4

B O N D BUYER
2Q-BOND INDEX

High

8.26

(7/30)

8.23

(1/1)

7.71

(8/21)

6.51

(6/18)

6.23

(6/23)

Low

7.02

(2/5)

7.17

(12/31)

7.06

(2/12)

. 5.69

(3/23)

4.97

(10/21)

High

7.60

(4/21)

7.49

(4/21)

7.36

(4/28)

6.19

(4/14)

5.54

(4/13)

Low

6.99

(11/24)

7.15

(12/1)

7.05

(2/12)

5.74

(11/17)

4.96

(10/21)

High

8.52

(8/10)

8.32

(8/10)

7.77

(8/24)

7.79

(8/10)

5.59

(8/3)

Low

7.29

(1/21)

7.28

(1/5)

7.11

(1/5)

6.42

(1/5)

4.99

(10/11)

10.61

(10/4)

10.52

(10/11)

9.39

(10/11)

8.68

(8/30)

7.15

(12/12)

8.05

(2/15)

8.13

(1/4)

7.73

(1/4)

7.39

(1/4)

5.16

(2/7)

High

x

Low
1975

1

High

9.80

(5/2)

9.71

(4/25)

9.01

(5/2)

8.41

(5/2)

7.09

(5/22)

Low

8.89

(2/7)

9.06

(2/28)

8.57

(2/28)

7.63

(2/21)

6.27

(2/13)

Apr.

May

4

9.80

9.70

11

9.65

9.60

8.94

8.36

7.03

18

9.51

9.55

8.95

8.31

6.86

25

9.66

9.71

8.97

8.38

6.97

8.87

8.32

6.93

2

9.80

9.69

9.01

8.41

9

9.65
9.54

8.96
8.88r

8.25

16

9.60
9.61r

8.18r

6.88

23

9.61p

9.63p

8.84p

8.14p

7.09

6.95
6.86

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

Table 3

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

GROSS PROCEEDS

l

1

CORPORATE

PERIOD

1975

3,328
2,687
3,217

2,327
1,962
3,933

2,289
2,309
1,966

3,066
3,164
2,981

July
August
September
October
November
December

1

1974

I

2

STATE AND LOCAL

1973

1975

1

1974

|

1973

2,255
2,003
2,025

1,977
1,515
2,467

2,497
2,543
3,578

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

4,625
3,762
3,483

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

Q1
02
03
04

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

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

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

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

1st Half
3 Qtrs.
Year

18,443
26,000
37,870

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

January
February
March
April
May
June

5,074

'

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




i

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

GROSS PROCEEDS BY TYPE OF ISSUE
PERlOb

PUBLICLY
OFFERED

GROSS PROCEEDS BY TYPE OF ISSUER
COMMON
AND
MANUFACPUBLIC
COMMUNIOTHER
ISSUES INCLUDED
PRIVATELY
TURING
UTILITY
CATIONS
ISSUERS
PLACED PREFERRED
FOREIGN CONVERTIBLE
STOCK

1974 - I
II
III
IV

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

5,818
5,883
5,025
8,611

1,638
1,794
1,237
1,561

1,776
1,534
1,297
1,698

88
115
373
374

58
39
310
76

1,927
2,542
1,887
4,075

3,569
3,190
2,376
3,697

874
1,313
1,008
743

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

1974 - Jan.
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

1,441
829
1,299

146
397
331

850
1,072
947

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

1,202
478

1,131
912
1,147

294
663
356

,442
730
1,000

July
Aug.
Sept.

3,260
2,668
1,629

2,086
2,042
897

620
299
318

555
327
415

223
150

205
104
1

1,094
605
188

618
1,079
680

295
364
349

1,254
620
413

Oct.
Nov.
Dec.

4,625
3,762
3,483

3,423
3,016
2,172

370
336
855

832
410
456

175
199

76

743
1,698
1,634

2,109
963
625

475
93
175

1975 - Jan.

1,298
1,011
1,049

5,074

3,665

833

576

309

1

1,752

1,198

925

1,197

—

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




862

""

-

•

'

e s

-

x

"---

1-

•*

, '

—

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
*

ISSUER

May 5, thru May 23, 1975

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

San Diego Gas & Electric
Economic Laboratory
Texaco Inc.
Cont. Tele. Corp.
Cincinnati Gas & Electric Co.
Norton Co.
San Diego Gas Electric
Caterpillar Tractor Co.
Iowa Pub. Ser. Co.
Union Pacific RR Co.
Asarco Inc.
Asarco Inc.
Northern Natural Gas
Sybron Corp.
Georgia Pacific Corp.
Pennzoil Co.
Utah Power & Light Co.
VEPCO
Florida Power & Light Co.
NCR Corp.
NCR Corp.
Aluminum Co. of America

Com stk
Com stk
Debt
Notes
1st mtge
SF debt
1st mtge
Conv debt
1st mtge
Equip tr
SF debt
Notes
1st mtge
Notes
Conv debt
Debt
Pfd stk
Com stk
Com stk
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
100.0
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
—
——

—

—

—

—

—

• —

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

—

2000
1985
2000

—

9.75
9.00
9.45

NOTES:
•
Rights offering.
1

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




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

Aaa
Baa/Bbb
Aa
A
Baa/A
A
A/ Aa
Aaa
. A
A
A/A+
A
Baa/Bbb
Baa/Bbb
A
"

T-

—

9.86
9.10
9.45

A
A
A

'

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 5, thru May 23, 1975
AMOUNT
(MILLIONS
OF
DOLLARS)

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Chesapeake & Potomac Tele. Co. of
W. Va.
Atchison Topeka & Santa Fe RR
Tenneco Inc.
Carboundum Co.
Florida Power & Light
Shell Oil Co.
N. American Car Corp.
Scott & Fetzer Co.
Occidental Petroleum Corp.
Pacific Gas & Electric
Indianapolis Power & Light Co.
Consumer Pwr.
W.W. Grainges, Inc.
El Paso
Indianapolis Power & Light Co.
Columbia Gas System
Quaker Oats Co.
Gardner-Denver
Appalachian Power Co.
Pennsylvania Power & Light
Revlon Inc.
Dresser Industries Inc.
Dresser Industries Inc.
Burlington Northern RR
Wal-Mart Stores Inc.




50.0
Debt
15.0
Equip tr
125.0
Debt
40.0
Debt
100.0
1st mtge
250.0
Debt
25.0
Equip tr
30.0
Notes
75.0
Notes
Com stk (rts) 153.3
20.0
Pfd stk
30.0
Pfd stk
32.2
Com stk
47.5
Com stk
30.6
Com stk
50.0
Pfd stk
50.0
Pfd stk
21.6
Com stk
50.0
1st mtg
125.0
1st mtg
100.0
Notes
100.0
S.F. debt
50.0
Notes
15.0
Equip tr
15.0
Conv debt

2015
1990
2000
2000
1984
2005
1983
1985
1982

9.00
8.75
9.88
9.28
8.96
8.82
11.00
9.15
11.00

10.40
11.00

10.40
11.00

Aa

10.96
9.56

10. 70
9.56

A
A

11.00
9.75
8.45
9.38
8.65
8.50
6.50

11.0
9.80
8.45
9.43
8.65
6.50-8.65
6.50

-——
--—
-—
—

1982
2005
1985
2000
1985
1990
1995

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

9.00
8.38
9.88
9.25
9.13
8.75
11.00
9.00
11.00

-—

Baa/Bbb
Aa/A+
A/A+
A
A
Aa
B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 5, thru May 23, 1975

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

1st mtg
Notes
S.F. debt •
Notes
S.F. debt
S.F. debt

80.0
125.0
50.0
50.0
30.0
35.0

2005
1985
2005
1982
2005
1983

9.50
8.50
9.25
10.50
10.25
8.88

9.55
8.54
9.30
10.60
10.25
9.00

S.F. debt
Debt
Debt
Guar. SF debt

50.0
100.0
75.0
150.0

2000
2000
2000
2005

10.88
9.88
10.00
9.63

10.96
9.88
10.11
. 9.65

TYPE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

N..States Power Co.
Phelps Dodge Corp.
Gardner-Denver Co.
Avco Fin. Ser. Inc.
Stokely-Van Camp Inc.
Tektronix Inc.

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

Other
Newfoundland
Quebec
New Brunswick
British Columbia Hydro & Power

' \




Baa-l/A
Aa
A
Aa

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1

ISSUER

May 5, thru May 23, 1975
2
AMOUNT

TYPE

(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Minneapolis, Minn.
Minneapolis, Minn.
Gloucester Co. Industrial Pollution
Fin. Auth., N.J.
Onondaga Co., N.Y.
Onondaga Co., N.Y.
Kentucky State Property & Building Comm
San Jose, Calif.
Las Vegas Valley Water Dist., Nev.
Pennsylvania State Pub. Sch. Bldg. Auth.
Los Angeles Airports Improv. Corp.
Los Angeles Airports Improv. Corp.
Phoenix, Arizona
Jersey City, N.J.
Alaska, State of
Michigan, State of
Illinois Housing Development Auth.
Ohio, State of
Tampa Sports Auth., Fla.
Tampa Sports Auth., Fla.
Port of Portland, Oregon
Port of Portland, Oregon
Texas, State of

G.O.
G.O.
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.

14.0
1.0

1976-1983
1976-1995

5.20
6.15

4.00-5.40
4.00-6.40

Aaa
Aaa

25.6
4.6
11.7
31.0
10.0
10.0
10.6
5.2
6.4
14.0
15.0
42.0
100.0
44.8
50.0
3.7
10.0
4.0
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

6.50
4.00-6.20
4.00-6.30
4.75-7.50
6.20-7.45
5.25-7.30
4.75-7.00
5.90-8.50
9.00
6.70-6.90
6.00-8.85
5.00-7.10
4.50-5.85
6.50
3.90-6.35
5.00-7.63
8.00
5.50-7.40
7.88
3.60-6.25

Aaa
Aaa
Aaa
A
—

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




^

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 5, thru May 23, 1975
AMOUNT
(MILLIONS
OF
DOLLARS)

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Weirton Hospital Bldg. Coram, W. Va.
Weirton Hospital Bldg. Coram, W. Va.
Few York State Power Auth.
New York State Power Auth.
Illinois Educational Fac. Auth.
Illinois Educational Fac. Auth.
Illinois Educational Fac. Auth.
Missouri State Environmental Auth.
Missouri State Environmental Auth.
Maryland, State of
Florida State Board of Education
Ohio Air Quality Dev. Auth.
Ohio Air Quality Dev. Auth.
Ohio Air Quality Dev. Auth.
Port of Houston Auth, Texas
Harris Co. Flood Control Dist., Tex*
Harris Co., Texas
Tucson, Arizona
Springfield, Oregon
Springfield, Oregon
Albuquerque, N. Mexico
Puerto Rico
Puerto Rico
Palatine Tp. High Sch. Dist. #211

111.




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

3.7
19.6
40.0
110.0
4.3
6.7
14.5

60.0

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
1976-1986
1981-1989
1998

G.O.

13.5

1976-1987

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
43.5
15.0

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 ,

6.08

6.18

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
4.60-6.25
7.00-8.00
9.00

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

4.30-6.35

. Aa

A

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

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 5, thru May 23, 1975
ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

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

18.8
30. 0
125.0
12.,5
50. 0
20.,0
18.,0
15.,0
11.,0
5.,4
11..8
9.,7
6,,0

1980-1986
1976-1995
1982-1992
1977
19,80-1995
1978-1995
1976-1997
1979-1987
1976-1990
1979-1988
2008
1977-1990
2001

G.O.

23,.0

Rev
i<.ev

22,.0
12,.0

TYPE

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Mesa High Sch. Dist. #207, Ariz.
Cleveland City Sch. Dist., Ohio
Oregon, State of
Carsdn Redevelopment Agency, Calif.
Mississippi, State of
Mississippi, State of
Port of Oakland, Calif
Pima Co., Arizona
Detroit, Mich.
Massachusetts Health & Educ. Fac. Auth.
Massachusetts Health & Educ. Fac. Auth.
Vermont Housing Finance Agency
Vermont Housing Finance Agency
Antelope Valley-East Kern Water Agency,
Calif.
Inglewood-Los Angeles Co. Civic Center
Auth.
Ponca City Utility Auth., Okla.




7.43
7.43

5.60-6.40
5.00-8.00
5.30-6.20
7.25
5. 15-6.75
5.30-6.75
4.,65-7.50
5.,50-6.60
6,.00-8.75
6, ,00-7.50
8,,00-8.50
5,.00-7.00
7.75

1979-1993

7.56

5,.75-7.65

A

1979-2000
1977-1994

7.34
6.91

5 .25-7.40
4 .50-7.10

Aa
A

7.74
6.02
7.50
6.32
6.32
7.50
6.60
8.86

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

T a b l e 6A

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

1

as of May 23, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXW
DATE OF OFI

CORPORATE

McDonalds Corp.
Union Tank Car
Becton Dickinson
Brooklyn Union Gas Co.
Brooklyn Union Gas Co.
IC Products Co.
Manufacturers Hanover Tr. Co.
Manufacturers Hanover Corp.
Puget Sound Power & Light Co.
Joy Manufacturing Co.
Duke Power Co.
General Electric Credit Corp.
General Electric Credit Corp.
Public Service of Indiana
Arkansas Power & Light Co.
Barnett Banks of Fla., Inc.
Amax Inc.
New England Tel. & Tel.
Central Illinois Public Service
UGI Corp.
UGI Corp.
Arizona Public Service
General Motors Acceptance Corp.
*Moore McCormack Leasing Inc.
Arizona Public Service
Kansas City Power & Light
Laclede Gas Co.
Texas Electric Service
Northeast Utilities
Dayton Power & Light
*G. D. Searle & Co.
Texas Electric Service
Public Service Electric & Gas
Southern California Edison
*Data General Corp.
*Squibb Corp.
*International Tel. & Tel. Corp.
*International Tel. & Tel. Corp.
*International Tel. & Tel. Corp.

Notes
Equip tr
Com stk
Pfd stk
1st mtge
Debt
Debt
Notes
Pfd stk
Com stk
Com stk
Notes
Notes
1st mtge
1st mtge
Notes
Com stk
Debt
Com stk
1st mtge
Pfd stk
Com stk
Debt
Gts ship fin
1st mtge
Com stk
1st mtge
1st mtge
Com stk
Com stk
Notes
Pfd stk
Com (rts)
Pfd stk
Com stk
Notes
Conv debt
Debt
| Notes

80.0
50.0
53.6
15.0
35.0
50.0
75.0
125.0
15.0
47.7
70.0
100.0
100.0
85.0
60.0
50.0
95.0
175.0
20.0
25.0
15.0
28.0
100.0
76.8
75.0
20.0
20.0
50.0
45.0
20.0
150.0
30.0
45.0
50.0
30.5
100.0
100.0
75.0
75.0

NOTES:
*

Included in table for first time.

1

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




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

27
27
28
28
28
29
29
29
29
29
29
29
29

3
3
4
4
4
4
5
5
5
10
10
10
10
10
10
11
11
11
11
12
12
12

Table 6A Continued

ill

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

1

as of May 23, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Long Island Lighting Co.
Public Service of Oklahoma
Portland General Electric
Southern Co.
N. Western Bell Tele.
*Norfolk & Western RR
California Water Service
National Fuel Gas
Columbus & Southern Ohio Elect. Co.
General Tele. Co. of Penna.
Monongahela Power
Jersey Central Power & Light
*Consolidated Natural Gas Co.
*Washington Gas Light Co.
Washington Gas Light Co.
*Iowa Illinois Gas & Electric Co.
*Iowa-Illinois Gas & Electric Co.
*Kansas Gas & Electric Co.
*Houston Lighting & Power
*Bell Telephone Co. of Penna.
*Texas Eastern Transmission
Jos. Schlitz Brewing Co.
*A. E. Staley Manufacturing
*North American Philips Corp.
Louisville & Nashville RR Co.
*CIT Financial Corp.
*Union Oil Co. of Calif.
* Associated Dry Goods Credit Corp.
*Gas Service Co.
Pizza Hut Inc.
Burlington Industries Inc.
Potomac Edison Co.
American Finance Corp.
ERC Corp.
*Lucky Stores Inc.
Ashland Oil Inc.
Emerson Electric Co. ^
First Maryland Bancorp

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

Other
Banque Francoise du Commerce
Exterieur
*Komatsu Ltd.

Notes
Conv SF debt




80.0
50.0
27.0
110.0
150.0
15.0
26.0
21.0
40.0
30.0
30.0
35.0
100.0
40.0
15.0
15.0
20.0
40.0
40.0
65.0
• 40.0
75.0
47.6
26.0
50.0
150.0
150.0
50.0
25.0
25.0
75.0
35.0
30.0
25.0
40.0
100.0
50.0
25.0

75.0
50.0

June
June
June
June
June
June
June
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
INDEF

May
June

12
12
12
17
17
17
18
18
18
18
19
19
23
24
24
24
25
26
30
30

29
17

15
T a b l e 6B

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

1

as of May 23, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE O F OFFERING

STATE 4 LOCAL

* Anoka-Hennepin I.S.D. //II Minn.
*Texas Water Development Board
Los Angeles Dept. of Water & Power
Denver, Colo.
Ascension & St. Charles Parishes, La
Lower Colorado River Auth., Texas
^Oakland Unified S.D., Calif.
*Virgin Islands Water & Power Auth.
*Alabama Pub. Sch. & College Auth.
Ohio, State of
California, State of
*Florida, State of
*0hio, State of
Essex Co., New Jersey
*Philadelphia, Pa.
*Georgia, State of
*Purdue University, Ind.
S. California Metro. Water Dist.
Bay Co., Mich.
Newark, N.J.
Bergen Co., N.J.
*Utah, State of
Postponement
Dade Co., Fla.
New York State Hsg. Finance Agency

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

12.6
15.0
50.0
15.0
45.0
50.0
20.0
25.0
30.0
30.0
100.0
15.0
11.5
28.9
35.0
50.0
10.0
85.0
22.0
11.0
10.6
70.0

G.O.
Rev

25.0
13.5

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

27
28
28
28
2
3
3
3
3
3
3
5
5
5
10
10
10
10
17
17
18
24

May
May

21
23

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction
issuer of Federally sponsored agencies; excludes secondary offerings.

e

Incluuec >r. thetttolofor the first time.




Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE

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

3

1051. 50 (1/11)
788.31 (12/5)

4

2

TRADING VOLUME

NYSE

130.47 (1/11)
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)

AMEX

|

|

AMEX

|

NASDAQ

NASDAQ

QJ INDUSTRIALS |

1974 - High 53.37 (3/13)
Low 32.89 (10/3)

891. 66 (3/13)
577. 60 (12/6)

102.01 (3/14)
59.13 (12/6)

96.,53 (3/15)
54.,87 (10/3)

24. 9 (1/3)
7. 5 (7/5)

4.4 (1/3)
.9 (9/26)

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

1975 - High 48.83 (5/14)
Low 37.16 (1/8)

858. 73 (5/14)
632. 04 (1/2)

87.83 (5/14)
62.20 (1/2)

82. 91 (5/14)
60..70 (1/2)

35.,2 (2/13)
13.,4 (1/20)

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

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
23

47.18
47.94
47.96
48.05

848,.48
850.,13
837..61
831 .90

84.91
87.39
87.11
87.73

80 .25
82,.82
82 .44
82 .62

19,.9.
24 .3r
24 .lr
14 .3

2.3
2.8r
2.5r
1.6

5.6
7. Or
6. lr
4.6

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 dally figures (millions of shares).

3

12/31/65 - 50

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



Table 8

17

SECURITY CREDIT
REGULATED MARGIN CREDIT E X T E N D E D BY
END O F PERIOD

BROKERS ON 1
MARGIN
STOCK

BROKERS ON %
CONVERTIBLE
BONDS

BANKS

51

*UNREGULATED
m n r n n ATCH U
t iA
AR
DG
^ iI iNi
NA
OiNi fM
STOCK CREDIT
AT BANKS

OUTSTANDING

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

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
4,260r
4,440

134
136
134
n.a.

848
830
869

1,919
1,897
1,895
n.a.

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

-3
-1
-7

-31
1
11
17
-14
-70
-29
—8
-25
-35

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

—8
-18
-39

-145
-22
-2

1

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

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

110
180
130
180

——

-14
-3
-7
-3
-6
-2
-3
2
-2
n.a.

....

....

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




Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

DATE

NET

FLOW

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

1971
1972
1973
1974
1973 - December
1974 - January
February
1974 - December
1975 - January r/
February r/
March jj/

-

1,057
257
521
1,053
471
909
2,052

1

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0

—
—

--—

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

NET
NEW
MONEY

2

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0

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

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

-42
46
341

2,914
2,177
1,824

--

-37
250
708
1,029

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

—«.

-—

—
—

NET
NEW
MONEY

2

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8

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

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

406
2,018
1,697

3,971
2,434
2,345

—

571
3,094
3,114
3,689

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

—

—

--—

NET
NEW
MONEY

26,331
29,335
10,062
1,847
364
2,064
2,038
534
3,344
3,822
4,718

SEASONALLY ADJUSTED
1974 - September
October
November
December
1975 - January
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 deposit* at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.
2

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

3

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

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




-—

--

2

19

T a b l e 10

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

NET C H A N G E

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

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

TOTAL

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

1971 - Dec.

17.7

14.0

3.7

.49

.30

.19

1972 - Dec.

25.1

20.2

4.9

.56

. .55

.01

1973 - Jan.
Feb .
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

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

1974 - Jan.
Feb.
Mar.
Apr.
May

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 a

July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - Jan.
Feb.
Mar.

1.8
2.0

-.04
.05
.72

.06
.30
.61

-.10
-.25
. 11

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-ol-peiiod outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add tr totals because of rounding.

Series revised due to reestimation of seasonal factors.




*

Table 11

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

PERIOD

1973 - July
Aug.
Sept.
Oct.

Nov.
Dec.

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

Nov.
Dec.
1975 - Jan.
Feb.
Mar. p
Apr. p

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES

FNMA & FHLB

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

--

——

-150

-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

-800
-657

——

--

——

——

+450

-4
+992
+1,500
+1,000
+400
+1,700
+1,499
-217
4470

——

——

——

——

——

+750
+499

-242
-659
+452
-79

-5
-254
700
0

-4
-554
0
0

--

Notes;

Based on data from the Treasury Survey of Ownership.
1/ Sales of FHLB discount notes began in May 1974.
]>/ Preliminary.




FHLMC

__

FNMA

+530

——

——

——

+350
+650

—

——•

+256
+44

--

-200
——
——
——

300
——

SHORT-TERM
DISCOUNT
NOTES!/

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

+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

——

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS

21

IN M I L L I O N S O F DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & Ls

INSURANCE F N M A - G N M A
COMPANIES

Not Seasonally Ad lusted
1970
1971
1972
1973
1974

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

2,462
16,827
39,259 , 9,940
16,800
55,561
19,600
55,072
11,700
36,526

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

4,909
2,388
2,026
3,300
6,222

500
400
500

45
79
- 22

565
522
595

545
475
729

764
516
453

66
428
100
-200
100
1,111
0
70
1,616
Seasonally Adlusted

268
403

451
74
351

1974 - Oct.
Nov.
Dec.

2,419
1,992
2,255

1,655
1,476
1,082

1975 - Jan.
Feb.
Mar.

1,313
1,488

862
1,414

1974 - Oct.
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 - Jan.
Feb.
Mar.

2,614
2,729

2,108
2,530

447
84
53

170
242
47

1,156
1,648
1,413

335
556

506
199
525

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.

Series revised due to reestimation of seasonal factors.




NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS O F DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL R A T E S

2

3

RESIDENTIAL
1- to 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTIFAMILY
&
COMMERCIAL

FARM

QUARTER

TOTAL

TOTAL

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

14.1
15.3
15.3
16.3

22.5
24.9
24.4
25.8

2.6
2.6
2.6
2.5

16 .3
17.8
16.3
15.0

26.3
27.8
25.9
21.5

4.1
3.8
3.6
4.6

15.4
17 .3
9.0
7 .6

22.7
24.1
17.2
14.0

3.6
4.0
5.3
7.3

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

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

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

•

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




Table 14

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

PERMITS
PERIOD

TOTAL

TOTAL

1—FAMILY

656
621
901
1,048
914
450

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

808
802
1,014
1,143
1,166

920
826
845
792
802
682

394
330
312
314
215
198

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

739
733
757
754

260
.267
217
236

1,535
1,319
1,246

1—FAMILY

1—FAMILY

1969
1970
1971
1972
1973
1974

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

626
647
928
1,033
882
726

698
705
1,025
1,186
937
419

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

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

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

1,017
900
823
782
730
822

632
618
577
533
511
486

385
282
246
249
219
336

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

682
714
706
897

495
524
523
610

187
190
183
287

999
1,000
974
990

1975 - Jan.
Feb.
Mar.
Apr.

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

2 - O R MORE
FAMILY

MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS

592
617
692
828
838

413
401
497
576
580

934
919
899
908
893
852

721
674
663
719
763 .
754

340
316
252
217
195
195

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 o-Z 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 mobile home shipments" are Mobile Home. Manufacturers Assoc. data
converted to seasonally adjusted annual rate by Census Bureau.
Digitized for
V FRASER
Permit data 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

1

1
RATE
(IN PER CENT)

NEW H O M E S

EXISTING HOMES

NEW H O M E S
PERIOD
SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

9.4
2.2

21
-23

8.36
7.38

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

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

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

9.51

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

1
-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.

8.99
8.84
8.69
n.a.

-1
-10
-91
n.a.

3.8
2.6
5.4
n.a.

8.95
7.70

107
31

8.95
7.75

107
37

9.18
7.55

1974 - High
Low

9.80
8.55

45
-70

9.80
8.60

50
-70

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

8.65
8.55
8.60
8.909.15
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

9.15
9.05
8.90
9.00

15
11
-70
-66

9.20
9.05
8.95
9.05

20
11
-65
-61

SPREAD
(BASIS
POINTS)

130 ,
14 \

1973 - High
Low

1975 - Jan.
Feb.
Mar.
Apr.

SPREAD
BETWEEN
D
T IUI D
UPXA/
Aaa
n e w Macs
RC
ET
n INl C
o A
UU
N
UTILITY
CONVENTIONAL
1
B
O
N
D
AND HUD(FHA)
YIELD
NEW H O M E
DISCOUNT
(PERCENTAGE M O R T G A G E S (IN PER CENT)
(BASIS
POINTS)
POINTS)

H U D ( F H A ) INSURED L O A N S
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

3.8

16
21
21
1

9.00
8.94
9.60
9.66

NOTES:
1

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

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




;

T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
( I N M I L L I O N S O F DOLLARS)

DATE O F
AUCTION

OFFERED

AVERAGE
YIELD

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

ACCEPTED

25

AVERAGE
YIELD

ACCEPTED

10.71 (9/9)
1155 (3/25) 333 (3/25) 10.59 (9/9) 164 (4/18) 63 (4/8)
26 (11.18) 18 (11/18) 8.43 (2/25 14 (10/21) 7 (11/18) 8.47 (3/11)

1974 - High
Low
Jan.

13
27

25.3
41.4

21.2
28.6

9.37
9.12

17.9

14.9

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

9.04

Mar.

10
24

99.2
460.5

60.1
321.4

8.78
8.85

34.4
60.7

22.1

8.96

35.8

9.00

Apr.

7
21

551.6
470.9

277.2
247.3

8.98
9.13

99.8
79.2

44.6
64.8

9.13
9.26

May

5
19

525.5
165.6

280.4
115.0

9.29
9.25

69.8
46.4

43.9
38.4

9.43
9.41

11.1

9.20

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.