Full text of H.16 Capital Market Developments : November 10, 1975

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Capital
Market
Developments

November 10,1975
Prepared by the
C A P I T A L MARKETS SECTION
in c o n j u n c t i o n with the
MORTGAGE, A G R I C U L T U R A L , and
CONSUMER F I N A N C E SECTION




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

<\s*

Index

SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each in the United
States and its possessions, and in Bolivia, Canada,
Chile, Columbia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras,
Mexico, Nicarauga, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela; 10 or more of same
issue to one address, $13.50 per year or $.35 each.
Elsewhere, $20.00 per year or $.50 each. Address
requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the
Federal Reserve System in a form collectible at par
in U.S. Currency.




TABLES
1 - 6

S E C U R I T Y VOLUME AND 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

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
WEEK ENDING

1975 - O c t .

3
10
17
24
31

Nov.

RECENTLY
OFFERED
Aaa UTILITY

GROSS 3
OFFERINGS
($ MILLIONS)

9.72
9.60
9.53
9.32
9.22r

9.70
9.56
9.41
9.30
9.33r

398
357
739
432
560

93
98
95
97
96

5
0
17
10
25

9.09p

9.24p

280

94

48

NEW ISSUE 1
Aaa UTILITY

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

MUNICIPAL BOND MARKET
WEEK ENDING

1975 - O c t .

3
10
17
24
31

MOODY'S
NEW ISSUE

BOND BUYER
2Q-BOND
INDEX

GROSS
"
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

6.60

7.67
7.48
7.29
7.17
7.36

451
479
335
495
375

81
76
92
89
74

142
154
86
110
122

6.74

7.52

471

78

194

6.92

6.80
6.60
6.44

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

4

BOND BUYER
2Q- BON D INDEX

5

1 9 7 1 - High
Low

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

8.23
7.17

(1/1)
(12/31)

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

6.51
5.69

(6/18)
(3/23)

6.23
4.97

(6/23)
(10/21)

1972 - High
Low

7.60
6.99

(4/21)
(11/24)

7.49
7.15

(4/21)
(12/1)

7.36
7.05

(4/28)
(2/12)

6.19
5.74

(4/14)
(11/17)

6.54
4.96

(4/13)
(10/21)

1973 - High
Low

8.52
7.29

(8/10)
(1/21)

8.32
7.28

(8/10)
(1/5)

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

7.79
6.42

(8/10)
(1/5)

5.59
4.99

(8/3)
(10/11)

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

10.52
8.13

(10/11)
(1/4)

9.39
7.73

8.68
7.39

(8/30)
(1/4)

7.15
5.16

(12/12)
(2/7)

(5/25)
(2/28)

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

8.63
7.63

(9/19)
(2/21)

7.67
6.27

(10/3)
(2/13)

1974 - High
Low
1975 - High
Low

.

1975 - Oct.. 3
10
17
24
31
Nov.

7

(10/11)
(1/4)

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

9.71
9.06

9.72
9.60
9.53
9.32
9.22r

9.70
9.56
9.41
9.30
9.33r

8.96
8.93
8.86
8.81
8.78

8.59
8.43
8.34
8.26
8.22r

7.67
7.48
7.29
7.17
7.36

9.09p

9.24p

8.76p

8.18p

. 7.52

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 m this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




Table 3

5

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

G R O S S PROCE EDS

1

CORPORATE

PERIOD

1975

1

2

S T A T E A N D LOCAL

1974

1973

1975

1

1974

1

1973

January
February
March

5,376
4,526
5,368

3,328
2,687
3,217

2,327
1,962
3,933

2,361
2,387
2,135

2,255
2,003
2,025

1,977
1,515
2,467

April
May
June

4,439
5,646
5,570

3,060
3,164
2,981

2,497
2,543
3,578

2,406
2,900
3,064

2,397
2,304
2,166

1,826
1,939
2,152

July
August
September

3,248
2,667
1,017

2,631
1,806
1,915

3,563|/
2,7811/
2,0953/

1,459
1,106
1,701

2,028
1,657
1,750

October
November
December

4,609
3,739
3,511

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

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

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

13,150
17,416
24,238

11,876
17,311
23,970

01
02
03
04

15,270
15,655

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

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

1st Half
3 Qtrs.
Year

30,925

18,437
25,969
37,828

16,840
23,192
33,391

6,883
8,370
8,439

-

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

3

Includes Municipal Assistance Corporation bonds.




NEW CORPORATE SECURITY I S S U E S
BY TYPE O F ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

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

1974

1975

1974

1975

-

-

-

-

I I I

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

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

ISSUES INCLUDED
F O R E I G N [CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

7,532

5,025

1,222

1,285

373

310

1,887

2,376

1,008

2,263

IV

11,859

8,611

1,571

1,677

374

76

4,079

3,702

743

3,337

I
I I

15,270

10,829

2,333

1

6,055

4,732

1,380

3,105

10,510

1,564

2,108
3,581

1,255

15,655

1,035

656

6,513

4,405

1,338

3,399

2,981

1,939

516

526

10

12

477

1,147

356

992

July

3,248

2,086

616

546

223

205

1,094

618

295

1,242

Aug.

2,667
1,617

2,042

299

104

605

1,078

364

620

897

307

326
413

—

Sept.

150

1

188

680

349

401

Oct.

4,609

3,423

355

831

175

—

728

2,109

475

1,297

Nov.

3,739

3,016

330

76

1,699

964

93

985

3,511

2,172

886

393
453

199

Dec.

1,652

629

175

1,055

589

470

1,901

1,268

938

1,675

1,957

125

1,268
771
1,066

June

Jan.

5,376
4,526

3,657

Feb.

3,201

1,130
730

622

610

Mar.

5,368

3,971

500

897

175

2,479

1,507

317

Apr.

4,439

2,771

422

1,246

135

130

1,731

1,378

563

766

May

5,646

3,796
3,943

520

1,330

1,549

413

1,207

1,005

315
211

2,479

622

475
425

2,303

1,478

362

1,426

5,570

NOTES:
1

1

MEMO

Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission.




1

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
November 3 , t h r u November
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

7 , 1975

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

9.50
9.38
9.38
9.75
9.30
10.45
9.51

A
A
A
A
A
A/AAa/A

CORPORATE

FMC F i n a n c e Corp.
T r a n s a m e r i c a Corp.
C l a r k Equipment C r e d i t Corp.
F l o r i d a Power & L i g h t Co.
P a c i f i c L i g h t i n g S e r . Co.
C e n t r a l Hudson Gas & E l e c t r i c
P a c i f i c Gas & E l e c t r i c Co.
Bemis Co.

Notes
Notes
Notes
1 s t mtge
Debt
1 s t mtge
Pfd s t k
Com s t k ( r t s )

50.0
50.0
75.0
50.0
25.0
20.0
96.3
17.4

1983
1983
1982
2005
1985
2005

Other
European I n v e s t m e n t Bank

Notes

75.0

1982

—

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




—

—

NOTES:
•
1

9.50
9.38
9.38
9.85
9.30
10.63
10.46

9.00

9.00

—

Aaa

Table 5P

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
November 3 t h r u November 7 , 1975
TYPE

ISSUER

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Mirmetonka, Minn.
Sonoma Co. Water Agency, C a l i f .
Sonoma Co. Water Agency, C a l i f .
Los A n g e l e s Dept. of Water & Power
Los A n g e l e s Dept. of Water & Power
Wayne Co, Mich
J e f f e r s o n Co. P r o j . C o r p . , Ky.
Nebraska Pub. Pwr. D i s t .
P e n n s y l v a n i a , S t a t e of
Tampa, FLA.
Tampa, FLA.
Midland County, MICH'
Midland County, MICH.
C o n n e c t i c u t Hsg. F i n . Auth.
C o n n e c t i c u t Hsg. F i n . Auth.
C o n n e c t i c u t Hsg, F i n . Auth.
C o n n e c t i c u t Hsg. F i n . Auth.

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

10.8
4.6
6.8
31.8
33.2
19.0

1978-1992
1981-1991
2005
1980-1999
2015
1977-1995

6.57
7.22
7.22
7.11
7.15
7.83

14.4
20.0
100.0

1976-1995
1978-2005
1977-1995

6.87
7.52
6.72

19.0
30.0
12.4
27.6
16.3
3.5
2.7
12.5

1976-1996
1977-2000
1980-1997
'2005
1977-1989
1992
1995
2007

7.82
7.91
7.44
7.44
7.63
7.63
7.63
7.63

/

1

4.75-6.90
5.20-6.90
7.20
5.00-7.00
7.20
5.00-7.85

A
A
A
Aa
Aa
A

4.15-7.25
5.00-7.75
4.35-7.35

Aa
A
A-l

4.75-7.75
5.00-7.85
5.00-7.25
7.50
4.75-7.40
7.50
7.60
7.80

A-l
A
Aa
Aa
Aa
Aa
Aa
Aa

NOTES:
1

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

2

In case of State and local government securities, G O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income 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 6A

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

1

a s o f November 7 , 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Chesapeake & Ohio Ry Co.
C e n t r a l L o u i s i a n a E l e c t r i c Co.
Arizona Public S e r v i c e
A r k a n s a s Power & L i g h t Co.
Columbus & S o u t h e r n Ohio E l e c t r i c
Madison Gas & E l e c t r i c
V i r g i n i a E l e c t r i c & Power Co.
G e n e r a l Motors A c c e p t a n c e Corp.
P h i l l i p s P e t r o l e u m Co.
Commonwealth E d i s o n Co.
S o u t h e r n R a i l w a y Co.
Iowa P u b l i c S e r v i c e Co.
El Paso E l e c t r i c
Penn. Power & L i g h t
P r i v a t e E x p o r t Funding Corp.
Utah Power & L i g h t
Utah Power & L i g h t
Columbia Gas
S t a n l e y Works
Diamond Shamrock Corp.
*Long I s l a n d L i g h t i n g Co.
W i s c o n s i n Gas Co.
W i s c o n s i n E l e c t r i c Power Co.
Arizona Public S e r v i c e
G e o r g i a Power
Gulf Power
P u b l i c S e r v i c e E l e c t r i c Co.
Super Valu S t o r e s
American Communication
Weyerhaeuser Co.
Idaho Power Co.
Sambo's R e s t a u r a n t s I n c .
Consumers Power
S o u t h w e s t Gas Co.
Kentucky U t i l i t i e s
American F i n a n c i a l Corp.
S o u t h l a n d F i n . Corp.
V i r g i n i a E l e c t r i c & Power Co.

Equip t r
Com s t k
Pfd s t k
Pfd s t k
1 s t mtge
1 s t mtge
1 s t mtge
Notes
Debt
1 s t mtge
Equip t r
Com s t k
1 s t mtge
1 s t mtge
Notes
Com s t k
1 s t mtge
1 s t mtge
SF d e b t
SF d e b t
Pfd s t k
1 s t mtge
1 s t mtge
1 s t mtge
1 s t mtge
Pfd s t k
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
Pfd_stk
Com s t k
Debt
Notes
Com s t k

15.0
17.0
30.0
40.0
60.0
25.0
100.0
100.0
250.0
125.0
17.4
16.0
15.0
100.0
100.0
20.0
60.0
75.0
50.0
100.0
50.0
20.0
. 60.0
75.0
100.0
15.0
40.0
16.5
15.0
200.0
28.0
20.0
55.0
40.0
15.0
50.0
35.0
47.5

NOTES:
*

Included in table for first time.

1

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




November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November

12
12
12
12
13
13
13
13
13
17
18
18
18
18
19
19
19
19
19
19
19
19
20
20
24
25
25

Table 6A Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
a s o f November 7 , 1975
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Central I l l i n o i s Light
Central I l l i n o i s Light
A p p a l a c h i a n Power Co.
Iowa Pub. S e r v i c e
Panhandle E a s t e r n P i p e l i n e
General Telephone & E l e c t r o n i c s
Panhandle E a s t e r n P i p e l i n e
N o r t h w e s t N a t u r a l Gas Co.
^Northwest N a t u r a l Gas Co.
Kansas C i t y Power & L i g h t
Union E l e c t r i c Co.
Chesapeake & Potomac T e l . Co.
^General T e l e . Co. of t h e S o u t h w e s t
I n d i a n a & M i c h i g a n Power Co.
P o r t l a n d G e n e r a l E l e c t r i c Co.
*Alabama Power Co.
*Alabama Power Co.
* C i t y Home Corp.
Shenandoah O i l Corp.
C o n s o l E d i s o n Co. of New York
Armco S t e e l Corp.
Pan American B a n c s h a r e s
Texas Gas T r a n s m i s s i o n Co.
A l l i e d F i n a n c e Co.

Other
Kingdom o f Norway
Province of Ontario
P r o v i n c e of Ontario
* A s i a D e v e l o p m e n t Bank
M a t s u s h i t a E l e c t . I n d u s t . Co. L t d .
Hydro Quebec
Hudson Bay M i n i n g & S m e l t i n g Co.
Ltd.
B r a z i l , Govt, of




Com s t k
1 s t mtge
1 s t mtge
1 s t mtge
Debt
Pfd s t k
Com s t k
Com s t k
1 s t mtge
1 s t mtge
Com s t k
Debt
Debt
1 s t mtge
1 s t mtge
Pfd s t k
1 s t mtge
Pfd s t k
Conv d e b t
1 s t mtge
Notes
Notes
Debt
Notes

Notes
Notes
Debt
Notes
Conv d e b t
Debt
SF d e b t
SF d e b t

15.0
25.0

60.0
25.0
40.0

100.0
45.0
43.6

20.0
20.0
50.0

100.0
45.0
75.0
45.0
25.0
65.0
50.0

20.0
80.0
21.0
20.0
40.0

20.0

100.0
100.0

December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

250.0

November
November
November
November
November
November

50.0
50.0

November
December

200.0
75.0

100.0

10
11
11
17
17

12
13
13
18
19
20

11

Table 6B

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

1

a s o f November 7 , 1975
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

* W e s t C h e s t e r C o . , N.Y.
*Half H o l l o w H i l l s Cen. S . D . , N.Y.
*Mobile, Ala.
P u e r t o R i c o Water A u t h .
I n d i a n a p o l i s Apt. A u t h . , Ind.
M i d d l e s e x Co. S e r v . A u t h . , N . J .
M i s s i s s i p p i , S t a t e of
P h i l a d e l p h i a , Penn.
Maryland D e p t . o f T r a n s p .
*Alabama Pub. S c h . & C o l l e g e Auth.
^ M i c h i g a n , S t a t e of
R a l e i g h , N.C.
*Washington, S t a t e of
Richmond, Va.

Postponement
Shoreham Wading R i v e r C . S . D . , N.Y.

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

37.4
10.9
10.0
50.0
10.0
10.0
11.7
25.0
65.0
30.0
55.0
10.0
32.5
25.0

November
November
November
November
November
November
November
November
November
November
November
November
December
December

G.O.

15.4

November

G.O.

G. 0.

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.




12
13
13
13
13
14
18
18
18
20
20
25
2
10

\
Table 7

STOCK PRICES AND VOLUME
TRADING VOLUME

STOCK PRICES

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

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

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

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

11.3 (1/11)
3.5 (8/27)

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

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

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)

24.9
7.5

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

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

96.86 (7/15)

88.00 (7/15)
60.70 (1/2)

35.2 (2/13)
.7 ( 9 / 1 5 )

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

8.1 (2/13)
2.5 (9/15)

47.10
45.92
46.02
44.85
46.29

826.50
817.74
825.64
804.76
835.34

89.23
85.86

15.6
13.7
12.4
14.8
12.7

1.8

83.58
86.64

81.92
79.55
78.58
76.45
79.01

1.3

4.9
4.6
4.4
4.7
4.6

45.56
44.26
45.53
45.70

835.97
809.29
829.79
818.60

85.45
83.48
84.56
84.78

77.78
74,72
76.39
76.14

12.1

1.3
1.3
1.7
1.5

4.3
4.2
4.4
5.6

45.49
46.67
47.06
47.57
47.06

813.21
832.91
332.13
840.52
836.04

83.21
84.13
33.38
83.07
82.79

75.50
76.96
7 7 . £3
78.62
76.99

13.6
15.3

6.2

1.5
1.5
1.5

17.2
15.3

1.6
1.5

4.4
4.6
5,2
5.0
4.6

83.34

77.21

12.2

1.4

4.5

47.24

835.80

62.20 (1/2)

86.16

NOTES:
1

Figures other than high: 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

12/31/66 = 60

4

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




13.1
13.8
14.3

(1/3)
(7/5)

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

1.6
1.4

1.6

Table 8

11

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 O F P E R I O D

BROKERS ON 1 BROKERS ON 2
MARGIN
CONVERTIBLE
STOCK
BONDS

BANKS

31

U N R E G U L A T E D NONMARGIN
STOCK CREDIT
AT B A N K S

OUTSTANDING

1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

4,840

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

3,950

July
Aug.
Sept.

4,590
4,020.
3,930:
3,960.
3,840

158
156
148
145
139
137

1,023
953
924
916
891
856

134

4,130

136

4,180

134
138
140
146
144

848
830
844
824
819
n.a.
n. a.

4,3604,700:
4,990
5,300.
5,220

2,091
2,119
2,060
2,024
2,053
2,064,
1,919
1,897
1,882
1,885
1,883

5,250:

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

1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

-320
-250
-570
-90
30
-90

-14
-3
-7
-3
-6
-2

-14
-70
-29
-8
-25
-35

19
28
-59
-36
29
11

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

110
180
50
180
340
290
310
-80
30

-3
2
-2
4
2
6
-2

—8
-18
14
-20
-5
n.a.
n.a.

-145
-22
-15
-3
-2
n.a.
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




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW

1971

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

1972
1973
1974
1974

-

May
July
August

1975

-

-

ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

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

SHARE CAPITAL
NET
FLOW
27,793
32,567
20,237
16,053

6

—

769

—

-182
-370

—•
—

-733
-837

536
2,691
-481
-1,147
3,895

-521
-646

ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0
—
—

—

NET
NEW
MONEY
20,653

TOTAL
2

DEPOSITS
NET
FLOW

23,884
10,507
4,669

37 , 4 1 4
42 ,634
25 , 0 5 2
18 , 9 5 2

420
16
-581
-1,218

542
3 ,460
- 1 ,002
-1,,793

3,690

May

1,143

—

930

June
July

1,827

—

716

6,226

—

3,089

509
225

—

264
in

3,055

—

2,865

5 ,038
8 ,053
3 ,564

1,460

—

1,311

1,, 6 8 5

August 2 /
1975

1

January
February
March
April
May
June
July
August p /

369
715
1,489
867
1,352
1,530
937
893

—

17.8

SEASONALLY ADJUSTED
455
12.1
057
14.9
842
23.3
642
17.2
331
20.2
031
23.0

10.1

144
208

4.5
8.7

18.0
10.3
15.9

11.0

18.6
14.2

—

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.
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.

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

29,335
10,062
1,847
238
-354
-1,314
-2.05=1

3,129
—

21.6

3

26,331

3,805

6,561
5,101
4,101

NET
NEW
MONEY

4,620

9.9
13.1
21.7
15.2
19.0

2


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


17.2
16.7
8.4
5.8

2,824
3,772
6,331
4,509
5,683

NOTES:
1

ANNUAL 3
GROWTH
RATE

16.5

13.1

1,323

2

15

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 SAVINGS
MUTUAL
& LOAN
SAVINGS BK55
ASSOCIATIONS (N.Y. STATE]1

NET CHANGE

TOTAL

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

1971 - D e c .

17.7

14.0

3.7

.49

1972 - D e c .

25.1

20.2

4.9

. .56

.55

.01

1973 - D e c .

19.7

16.2

3.5

.15

.35

-.20

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

19.3
19.2
19.5
19.7
18.5
18.0
17.3
16.7
16.2
14.9
14.4
14.4

15.9
16.0
16.3
16.7
15.7
15.1
14.6
13.9
13.5
12.5
12.0
12.3

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

-.33
-.06
.20
.20
-1.08
-.61
-.64
-.56
-.56
. -1.31
- .54
-.03

-.33
.13
.34
.30
-1.07
-.54
-.55
-.55
-.43
-1.01
-.42
.25

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

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

14.4
14.4
15.2
16.2
16.9
17.1
18.2
19.4
20.1

12.3
12.6
13.2
14.3
14.9
15.1
16.1
17.2
17.9

2.1
1.8
2.0
2.0
2.1
2.1
2.1
2.2
2.2

-.04
.04
.71
1.13
.72
.34
.92
1.18
.64

.06
.29
.60
1.07
.61
.27
.95
1.06
.70

-.10
-.25
.11
.06
.11
.07
-.03
+ .12
-.06

'

.30

.19

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.




H.16

I

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

+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

1974 - Jan.
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

-800
-657
-4
+992
+1,500
+1,000
+400
+1,700
+1,499
-217
+470

1975 - Jan.
Feb.
Mar.
Apr.
May
June p
July p

-242
-659
+ 440
0
-1,568
+ 252
+ 165

-5
-254
+ 689
+69
-1,279
+ 600
+ 300

-4
-554
-11
-30
-1,279
0
0

—
—

FNMA
+530
—

—

+350
+650

-150

—

—

+256
+44

——

—

-200
——
—

—

+ 300
0
-1
0
0
0

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

+1,050
+100
+310
+491
-1
0
+ 700
+ 100
0
+ 600
+ 300

-237
-405
-249
-69
-289
-348
-135

+450
—
——

—

FNMA
SHORT-TERM
DISCOUNT
NOTES

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

—
—

Notes:
Based on d a t a from t h e T r e a s v r y Survey o f Ownership.
1 / S a l e s o f FHLB d i s c o u n t n o t e s began i n May 1974.
2./ P r e l i m i n a r y .




FHLMC

+750
+499
—

Table 12

NET CHANGE IN MORTGAGE H O L D I N G S
IN MILLIONS O F D O L L A R S

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
1970
1971
1972
1973
1974
1975 - J a n .
Feb.
Mar.
Apr.
May
July
Aug.
Sept.

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

2,348
1,221
1,452
4,278
5,078

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

1,311
1,586
2,329
3,458
3,966
4,443
4,493
4,435

860
1,512
1,942
3,268
3,909
4,401
3,783
3,937

100
-100
0
400
300
500
200
300

66
100
70
132
181
323
334
213

426
1,109
1,614
2,285
3,184
3,425
3,122
3,259
2,866

268
403
258
451
244
153
127
165

451
74
387
190
57
42
710
498
757

335
556
397
563
356
166
134
152

506
199
561
391
181
65
522
226
551

S e a s o n a l l y Ad l u s t e d
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

2,612
2,827
2,469
3,519
3,488
3,246
3,851
3,412

2,106
2,628
1,908
3,128
3,307
3,181
3,329
3,186

*

447
184
53
384
33
167
175
31

170
242
47
166
149
193
269
167

1,154
1,646
1,411
2,015
2,769
2,655
2,751
2,836
3,052

NOTES:
1

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




18

t

^

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

3

RESIDENTIAL

QUARTER

r

TOTAL

|

1- to 4 FAMILY

MULTIFAMILY

COMMERCIAl

MULTFAMIAr
&
COMMERCIAl

FARM

1968 - I
II
III
IV

28.1
26.4
25.5
29.6

19.4
18.2
17.2
20.4

16.3
15.0
13.6
16.5

3.1
3.2
3.5
3.9

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

1969 - I
II
III
IV

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

19.4
16.8
14.0
13.1

4.4
4.6
4.7
5.4

6.0
5.4
5.3
5.3

10.4
10.1
10.0
10.7

2.2
2.2
1.7
1.4

1970

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

9.4
11.6
15.0
16.2

5.0
5.2
6.3
6.6

4.8
4.6
5.1
6.8

9.8
9.8
11.5
13.4

1.5
1.5
2.1
2.2

1971 - I
II
III
IV .

37.3
47.7
52.3
54.2

27.4
35.5
38.5
41.2

19.4
26.2
28.6
31.3

8.0
9.4
9.9
9.9

7.7
9.8
11.5
10.5

15.7
19.2
21.4
20.4

2.2
2.4
2.3
2.5

1972 - I
II
III
IV

62.8
64.9
65.1
68.3

46.1
47.0
47.1
49.5

37.7
37.4
38.0
40.0

8.4
9.6
9.1
9.5

14.1
15.3
15.3
16.3

22.5
24.9
24.4
25.8

2.6
2.6
2.6
2.5

1973 - I
II
III
IV

83.4
75.6
71.3
57.9

63.1
53.9
51.4
38.3

53.1
44.0
41.8
31.7

10.0
9.9
9.6
6.5

16.3
17.8
16.3
15.0

26.3
27.8
25.9
21.5

4.1
3.8
3.6
4.6

1974 - I
II
-III
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

1975 - I
II

35.2
50.7

25.5
38.9

21.3
36.1

4.3
2.8

4.9
7.8

9.2
10.6

4.8
4.0

I
II
III
IV

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 marnly 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 dcb^cumtimed.




*

r

-

.

Table 14

PRIVATE H O U S I N G P E R M I T S , 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 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

1969
1970
1971
1972
1973
L974

TOTAL

1 —FAMILY

TOTAL

1—FAMILY

1,324
1,352
1,925
2,219
1,820
1,074

626
647
906
1,033
882
644

698
705
1,018
1,186
937
431

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

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

.975 - Jan.
Feb.
Mar.
Apr.
May

689
701
677
- 837
912

508
515
503
603
658

182
186
173
234
254

999
1,000
985
980
1,130

June

949

679

270

1,042
995
1,072

711
732
749

331
263
323

July
Aug.
Sept.

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

MOBILE
2 - O R MORE

HOME

FAMILY

SHIPMENTS

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

739
733
775
762
887

260
267
210
218
243

1,535
1,320
1,305
1,211
1,276

964
770
734
756
8 32

571
550
571
455
444

185
219
199
194
224

1,094

884

210

1,165

785

380

210

1,235
1,268
1,240

935
986
906

300
282
334

1,244
1,190

896
818

348
372

225
235

IOTES:
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 mobile v O
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
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
CONVENTIONAL L O A N S
PRIMARY MARKET
NEW HOMES
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1973 - High
Low

8.95
7.70

107
31

1974 - High
Low

9.80
8.55

1974 - O c t .
Nov.
Dec.

9.70
9.55
9.45

1975 - J a n .
Feb.
Mar.
Apr.
MayJune
July
Aug.
Sept.

EXISTING HOMES

1

PERIOD

9.15
- 9.05
8.90
9.00
9.05
9.00"
9.00
9.15
9.25

SPREAD
BETWEEN
NEW AJI
RETURNS ON
NEW HOMES
UTILITY
CONVENTIONAL
1
BOND
AND HUD(FHA)
YIELD
NEW hOME
DISCOUNT
SPREAD
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
(BASIS
POINTS)
POINTS)
POINTS)

HUD(FHA) INSURED L O A N S
S E C O N D A R Y MARKET

1
SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

8.36
7.38

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

-33
-13
n.a.

9.70
9.60
9.45

-33
- 8

10.13
n.a.
9.51

10
n.a.
n.a.

4.6

-43

10.03
9.68

3.8

- 6

15
11
-70
-66
-57
-37
-25
-34
-45

9.20
9.05
8.95
9.05
9.10
9.05
9.05
9.15r
9.30

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

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

3.8
2.6
5.4
n.a.
5.0
4.3
4.8
6.2
5.5

RATE
(IN PER CENT)

8.99
8.84
8.69
n.a.
9.16
9.06
9.13
9.32r
9.74

16
21
21
-11
- 6
-13
-17
-49

9.00
8.94
9.60
9.66
9.62
9.37
9.25
9.49
9.70

NOTES:
1

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

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




21
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)

OFFERED
1974 - High
Low

ACCEPTED

AVERAGE
YIELD

CONVENTIONAL
AMOUNT
(IN MILLIONS O F DOLLARS)

OFFERED

| ACCEPTED

AVERAGE
YIELD

1155 ( 3 / 2 5 ) 333 ( 3 / 2 5 ) 1 0 . 5 9 ( 9 / 9 : > 164 ( 4 / 1 8 )
63 ( 4 / 8 )
10.71 (9/9)
26 ( 1 1 . 1 8 ) 18 ( 1 1 / 1 8 ) 8 . 4 3 ( 2 / 2 ! > 14 ( 1 0 / 2 1 )
7 (11/18) 8.47 (3/11:

1975 - J a n .

13
27

25.3
41.4

21.2
28.6

9.37
9.12

17.9
11.1

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

9.20
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
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

June

2
16
30

172.5
73 . 4
358.7

80.4
38.6
246.9

9.14
9.06
9.07

51.2
28.5
67.5

27.1
15.7
47.3

9.26
9.21
9.18

July

14
28

333.2
415.8

174.9
247.7

9.10
9.17

71.4
56.5

35.8
34.5

9.20
9.26

Aug.

Sept.

Oct.

Nov.

11

578.7

365.5

9.32

96.9

48.9

9.38

25

643.1

223.0

9.50

98.5

31.0

9.55

8

530.1

197.7

9.70

96.9

43.9

9.75

22

293.6

142.0

9.86

68.8

35.2

9.92

143.0

9.95

27.5

23.5

10.02

6

198.5

20

43.2

23.2

9.65

9.7

9.2

9.81

3

69.8

41.7

9.32

19.6

15.2

9.54

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.