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Capital
Market
Developments

November 2 2 , 1 9 7 6

Prepared by t h e
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




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

Index

SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20:00 per year or $.50
each. Address requests to Publications Services, Division of Administrative Services, and make payment
remittance payable to the order of the Board of
Governors of the Federal Reserve System in a form
collectible at par in U.S. Currency.




TABLES
1 - 6

S E C U R I T Y VOLUME AND Y I E L D S

7, 8

S T O C K MARKET AND S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE M A R K E T

SYMBOLS
e
p
r
n.a.
—

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

NEW ISSUE 1
A a a UTILITY

RECENTLY
OFFERED
A a a UTILITY

2

GROSS
OFFERINGS
( $ MILLIONS)

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

PER CENT
SOLD BY END
O F WEEK

8.38
8.28
8.28
8.23

8.38
8.35
8.30
8.29

225
240
453
314

100
90
99
78

2
73
7
247

1
8
15
22
29

8.29
8.26
8.15
8.28
8.29

8.29
8.23
8.20
8.25
8.27

836
285
425
1,033
894

85
97
86
84
90

146
16
137
152
70

November

-

3
10
17
24

October

1976

5
12
19

8.31
8. 25p

8.23
8.28r
8.15p

0
126
430

97
90

65
24
70

September

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE

BOND BUYER
20-60ND
INDEX

v
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
O F WEEK

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

3

5.42
5.40
5.40
5.40

6.52
6.52
6.50
6.52

977
223
781
743

89
88
89
78

145
107
170
220

1
8
15
22
29

5.40
5.31
5.24
5.28
5.31

6.47
6.33
6.25
6.30
6.33

472
668
823
780
1,045

82
88
72
77
86

219
205
305
246
275

November

-

10
17
24

October

1976

5
12
19

5.31
5.36
5.24

6* 39
6.26

729
1,353

83
79
94

253
343
176

September

T restrictions sometime during the last four weeks.
zz, z :

. — - -

: 5 S s = M m « s s s s r - - ' ~ - - - - "



Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
A a a UTILITY

DATE

1

RECENTLY OFFERED *
Aaa UTILITY

MOODY'S SEASONED
CORPORATE A a a

3

U.S. GOVT. 20-YEAR 4
CONSTANT MATURITY

BOND BUYER
2 0 - B 0 N D INDEX

1972 - High
Low

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

7.49 (4/21)
7.15 (12/1)

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

6 . 1 9 (4/14)
5.74 (11/17)

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

1973 - High
Low

8.52 (8/10)
7.29 (1/21)

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

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

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

5.59 (8/3)
4 . 9 9 (10/11)

1974 - High
Low

10.61 ( 1 0 / 4 )
8 . 0 5 (2/15)

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

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

8 . 6 8 (8/30)
7.39 ( 1 / 4 )

7 . 1 5 (12/12) .
5.16 (2/7)

1975 - High
Low

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

9 . 7 1 (5/25)
9.06 (2/28)

9.01 (5/2)
8 . 5 7 (2/28)

8 . 6 3 (9/19)
7 . 6 3 (2/21)

7.67 ( 1 0 / 3 )
6.27 (2/13)

1976 - High
Low

8 . 9 5 (5/28)
8.15 (10/15)

9.10 ( 1 / 2 )
8 . 1 5 (11/19)

8.66 (5/28)
8 . 2 9 (11/19)

8 . 1 7 (5/28)
7.63 (10/15)

7.29 ( 1 / 2 )
6 . 2 5 (10/14)

1976 - Oct.

1
8
15
22
29

8.29
8.29
8.15
8.28
8.29

8.29
8.23
8.20
8.25
8.27

8.37
8.33
8.30
8.31
8.33

7.76
7.69
7.63
7.70
7.74

6.47
6.33
6.25
6.30
6.33

Nov.

5
12
19

8.31
8.25p

8.23
8.28r
8.15p

8.30
8.31
8.29

7.70
7.76
7.69p

6.34
6.39
6.26

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
weeks.

3

Weekly aver ays of daily closing figures.

4
6

Weekly average of dally figures. U.S. Treasury data.
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

5

Table 3

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

GROSS PROCEEDS

l

CORPORATE

PERIOD

1976

|

1975

1974

2

STATE AND LOCAL

1976

1

1975

|

1974

January
February
March

3,381
3,842
6,632

5,384
4,528
5,378

3,328
2,687
3,217

2,347
2,707
3,339

2,361
2,387
2,135

2,255
2,003
2,025

April
May

3,523
4,188
6,269

4,294
5,798
5,596

3,060
3,164
2,981

2,429
3,477
3,013

2,406
2,900
3,064

2,397
2,304
2,166

July
August
September

4,327
2,405
2,836

3,248
2,667
1,617

2,682
2,757
2,689

3,580
2,783
2,159

1,459
1,106
1,701

October
November
December

4,705
4,068
4,325

4,609
3,739
3,511

2,323
2,381
2,052

2,860
2,483
1,479

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

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

15,253
23,775
30,531

13,150
17,416
24,238

Q1
02
03
04

13,855
13,980

15,290
15,688
9,568
13,098

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

1st Half
3 Qtrs.
Year

27,835

30,978
40,546
' 53,644

18,437
25,969
37,828

X

NOTES:
1

Securities and Exchange Commotion w t i n m * of «row proceeds

2

Securities Industry Awociarion estimates of principal amounts.




8,393
8,919
8,128

Table 4

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

CROSS PROCEEDS/BY TYPE OF ISSUE
GROSS PROCEEDS BY TYPE OF ISSUER
Qnunc
'I
COMMON
AND
MANUFACPUBLIC
OTHER
COMMUNIPUBLICLY PRIVATELY
ISSUES INCLUDED
PREFERRED
TURING
ISSUERS
UTILITY
CATIONS
OFFERED
PLACED
FOREIGN CONVERTIBLE
STOCK

1975 - I l l
IV

9,,568
13,,098

5,,428
5,,816

2,,085
4,,166

2,,054
3,,116

1,225
1,902

463
215

2,420
3,480

3,327
3,424

679
1,215

3,142
4,981

1976 - I
II

13,> 855
13,,980

7,

7,,569
,422

2,,733
3,,444

3,,544
3 :,114

1,340
1,843

257
478

4,501
3,687

4,044
3,137

765
1,877

4,544
5,279

1975

5,,596

3,,943

651

1,,002

211

2,318

1,478

362

1,437

July
Aug.
Sept.

4,,327
2,,405
2,,836

2,,658
1,,356
1,,414

1,,014
486
585

654
563
837

925

425
38

1,039
1,024
1,264

270

300

1,120
681
619

297

1,897
588
657

Oct.
Nov.
Dec.

4,,705
4,,068
4,,325

2,,389
1 ,666
=
1,,761

769
1,,630
1,,767

1,,547
772
797

102
825
975

61
154

952
1,103
1,425

1,247
1,275
902

928
55
232

1,579
1,635
1,767

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

3,,381
3,,842
6,,632
3,,523
4,,188
6,,269

2,,189
2,,142
3,,238
2,,350
1,,937
3,,135

613
773
1,,347
645
1,,059
1,,740

579
927
2,,047
528
1,,192
1,,394

605
335
400
428
350
1,005

121
15
121
37
15
426

1,073
1,183
2,245
584
1,709
1,394

1,097
789
2,158
644
1,148
1,345

16
171
578
450
20
1,407

1,197
1,697
1,650
1,842
1,311
2,126

NOTES:
1

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

Source: Securities
 and Exchange Commission.


112

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
November 1 through November % 1976
%

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

1
MATURITY

COUPON RATE

OFFERING
YIELD

MOOD Y'S/S&P 'S
RATINGS

CORPORATE

A-T-0 I n c .
Wisconsin Telephone Co.
Tucson Gas & E l e c t r i c Co.
Consumers Power Co.
Southern Union Co.
Kansas C i t y Power & Light Co.
Columbus & Southern Ohio E l e c . Co.
Idaho Power Co.
P u b l i c S e r v i c e of New Mexico
Columbus & Southern Ohio Elec. Co.
Dayton Power & Light Co.
B u r l i n g t o n Northern Ry.
Western Mass. E l e c t r i c Co.
C e n t r a l I l l i n o i s Pub; Svc. Co.
Ohio Power Co.
Warner Communications I n c .
Macmillan I n c .
ERC Corp.
Idaho Power Co.

SF d e b t .
20.,0
Debt.
100,.0
Com. s t k .
43..9
Com. s t k .
64,.1
Com. s t k .
18 .1
Pfd. stk.
22. 0
Pfd. s t k .
27. 4
Com. s t k .
29.,1
Com. s t k .
25..4
Com. s t k .
25..8
1st mtg.
50..0
Equip, t r .
15..0
1st mtg.
30..0
1st mtg.
55,.0
1st mtg.
80..0
Notes
100,.0
Debt.
50 .0
Conv. debt, . 20 .0
1st mtg.
50 .0

OTHER
European Coal & S t e e l Community
European Coal & S t e e l Community
Government of A u s t r a l i a

Notes
Bonds
Notes

75 .0
75 .0
125 .0

1986
2016

—
—

9.38
8.30

Baa/BB+
Aaa/AAA

9.32
9.68

8.47
8.84

A/AAA/BBB

2006
1977-1991
2006
2006
2006
1986
2001
1996
2006

8.75
8.00
9.25
8.45
9.25
8.13
8.85
5.75
8.50

8.68
5.70-8.00
9.10
8.45
9.10
8.15
8.85
5.75
8.37

A/A
Aa/AA
Baa/BBB
Aa/AA
Baa/BBB
A
Baa/A—/BBB
Aa/A

1996
1984
1983

8.88
8.13
8.13

8.98
8.20
8.15

Aaa/AAA
Aaa/AAA
Aaa/AAA

NOTES:
•

Rights offering.

1

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




9.38
8.25

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 1 through November 19,1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY S / S & P S
RATINGS

CORPORATE

Government of A u s t r a l i a
World Bank
World Bank
Saskatchewan, Province of
Regional M u n i c i p a l i t y of P e e l , Ont.
Regional M u n i c i p a l i t y of P e e l , Ont.
Caisse N a t i o n a l e des Telecommunications
Caisse N a t i o n a l e des Telecommunications




Bonds
Bonds
Notes
Bonds
Bonds
Bonds

75.0
250.0
250.0
125.0
27.0
8.0

1996
1986
2001
2006
1996
1977-1986

9.00
7.80
8.38
8.70
8.88
8.00

9.05
7.83
8.42
8.70
8.88
6.25-8.35

Aaa/AAA
Aaa/AAA
Aaa/AAA
Aa/AA
Aa/AA
Aa/AA

Bonds

50.0

1996

9.30

9.30

Aaa/AAA

Notes

75.0

1981

7.90

7.90

Aaa/AAA

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
November 1 through November 19, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S & P S
RATINGS

STATE AND LOCAL

Alabama P u b l i c Sch. & College Auth.
Lapeer Co., Michigan
H a r r i s C o . , Texas
Pasadena Redevelopment Agy., Cal.
Pasadena Redevelopment Agy,, Cal.
West V i r g i n i a , S t a t e of
Emery C o . , Utah
South Bend Sch. Bldg. Corp., Ind.
P e n n s y l v a n i a , S t a t e of
P e n n s y l v a n i a , S t a t e of
P e n n s y l v a n i a , S t a t e of
M o n r o e v i l l e H o s p i t a l Auth., Pa.
M o n r o e v i l l e H o s p i t a l Auth., Pa.
M o n r o e v i l l e H o s p i t a l A u t h . , Pa.
New York City Mun. A s s t . Corp.
C o n n e c t i c u t Hsg. Finance Auth.
C o n n e c t i c u t Hsg. Finance Auth.
Georgia R e s i d e n t i a l F i n . Auth.
Georgia R e s i d e n t i a l F i n . Auth.
Washington, S t a t e of
Manatee Co. P o r t A u t h . , F l a .
East Bay Mun. U t i l i t y D i s t . , Cal.
Syracuse, NY.

Rev.
G. 0 .
G. 6.
G .0.
G. 0.
G .0.
Rev.
Rev.
G.0.
G.0.
G.0.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.,
G.0.
Rev.
G.0.
G.0.

25 .0
14,.0
20 .0
10,.0
22..0
50,.0
50,.0
20..0
22.,0
107..0
18..0
6.,4
, 4,.3
19.,9
256.,0
6..2
29.,9
32,.0
18,.0
84..5
11.,2
25..0
14..5

1

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

2

For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations.




1977-1996
1979-2006
1977-1996
1992
2005
1977-2001
2006
1977-1995
1977-1996
1978-1996
1978-1996
1979-1991
1996
2008
1993
1978-1995
2019
1978-1996
2007
1977-2001
1987-2001
1980-1996
1977-1991

5 .64
6 .30
5 .06
7 .25
7 .25
5 .47
6.,45
—

5..82
5,.82
5.,82
7..63
7..63
7,.63
—

6..47
6,.47
6..02
6..02
5,.62
5,.15
5 .22

3 . 2 0 - 6 .00
4.00-6, .50
3.00-5, .75
6.90
7.20
3.00-6, .20
6.38
3 . 0 0 - 5 . 90
2 . 8 0 - 6 . 60
2 , 8 0 - 6 . ,60
2 . 8 0 - 6 . 60
4 . 5 0 - 7 . 10
7.40
7.64
10.25
3 . 4 0 - 6 . 00
6.40
3 . 3 0 - 6 . .00
6.30
2 . 9 5 - 6 . .00
6 . 1 5 - 6 , .85
3.75-5, .80
3 . 1 0 - 6 . .00

Aa/—
A/A
Aaa/AAA
Baa-l/BBB
Baa-l/BBB
A-1/AA+
A/AA
A-l/AA
A-l/AA
A-l/AA
A/A
A/A
A/A
—/A+
Aa/AA
Aa/AA
Aa/AA
Aa/AA
r
Aa/AAf
Baa-l/BBB
Aaa/AA
Aa/—

T a b l e SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 1 through November 19, 1976
TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S & P S
RATINGS

STATE AND LOCAL

S. V e r m i l l i o n High Sch. Bldg. Corp.,
Rev.
Ind.
Salem Co. I n d u s t . P o l l . C t r . Fin.
Rev.
Auth., N.J.
G.O.
Bethlehem, N.Y.
G.O.
Bethlehem, N.Y.
Rev.
Ohio, S t a t e of
Rev.
G u l f p o r t , Miss.
Rev.
G u l f p o r t , Miss.
Rev.
A u s t i n , Texas
Rev.
New York S t a t e Dormitory Auth.
Rev.
New York S t a t e Dormitory Auth.
G.O.
Montgomery, Ala.
New York S t a t e Energy Research &
Rev.
Dev. Auth.
Rev.
Washington P u b l i c Power Supply Sys.
Rev.
Washington P u b l i c Power Supply Sys.
Rev.
Washington P u b l i c Power Supply Sys.
Rev.
Houston, Texas
Gulf Coast Waste D i s p o s a l Auth, Tex. Rev.
Rev.
I l l i n o i s Housing Dev. Auth.
Rev.
I l l i n o i s Housing Dev. Auth.
G.O.
Cumberland Reg. Sch. D i s t . , N . J .
Rev.
Chicago P u b l i c Bldg. Comm., 111.
Rev.
Mass. Housing F i n . Agy.
Rev.
Mass. Housing F i n . Agy.
Digitized for S u f f o l k Co., N.Y.
FRASER
G.O.



10.7
21.0
2.7
8.9
50.0
4.3
6.8
44.0
27.1
47.9
12.6

2006
1977-2002
1977-2007
1978-2001
1978-1996
2009
1982-2001
1978-1991
2001
1977-1997

25.7
94.2
44.8
61.0
35.0
55.0
2.7
13.9
10.0
25.0
4.7
40.5
30.0

2006
1982-2002
2007
2012
1977-2009
2006
1980-1996
2019
1978-1987
1978-1996
1979-1992
2018
1977-2001

4.00-6.25

1978-1996
6.65
6.83
6.02
6.41
6.41
5.81
8.49
8.49
5.86
5.87
5.87
5.87
5.86
5.84
7.10
7.10
—

5.60
7.79
7.79
7.10

Baa-l/A

5.70
3.75-7.00
3.75-7.00
3.30-6.30
3.90-6.20
6.45
4.30-6.20
5.50-8.00
8.55
5.70-6.10

Aaa/AAA
A-l/—
A-l/—
Aa/AA
Baa / —
Baa/ —
Aa/AA
A/A
A/A

6.88
4.00-5.88
6.00
6.03
3.00-6.10
5.84
4.25-6.40
7.00
4.25-6.40
3.00-6.50
4.75-7.00
7.75
3.50-7.10

A/ —
Aaa/AAA
Aaa/AAA
Aaa/AAA
Aa/AA
Aaa/AAA
A-l/AA
A-l/AA
Baa-l/BBB
Aa/AA
A-l/AA
A-l/AA
A

T a b l e 5 8 Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 1 through November 19, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MOODY'S/S&P'S
RATINGS

MATURITY

NET INTEREST
COST

OFFERING
YIELD

1980-1999

6.39

4.00-6.20

Aa/A+

6.39

6.30

Aa/A+

STATE AND LOCAL

S a l t River Agric. Improv. & Power
D i s t . , Arizona
S a l t River Agric. Improv. & Power
D i s t . , Arizona
S a l t River Agric. Improv. & Power
D i s t . , Arizona
North C a r o l i n a , S t a t e of
B a r r i n g t o n , Rhode I s l a n d
Conroe Ind. Sch. D i s t . , Texas
Orchard Park Cen. Sch. D i s t . , N.Y.
Arizona S t a t e U n i v e r s i t y
V i r g i n i a Housing Dev. Auth.
V i r g i n i a Housing Dev. Auth.
Newark, N . J .
Los Angeles Dept. of Water & Power
Los A-igeles Dept. of Water & Power
Phoenix C i v i c Improv. Corp., A r i z .
Anne Arundel Co., Md.
Milwaukee Co., Wisconsin
Oregon, S t a t e of
New J e r s e y H e a l t h Care Fac. Auth.
New J e r s e y H e a l t h Care Fac. Auth.
Lewis & Clark Co., Mont.
N a s h v i l l e & Davidson Co. Metro.
G o v t . , Tenn.
Sabine River Auth. of Texas
Ann i s ton Reg. Medical C t r . Bd. , Ala.
Anniston Reg. Medical C t r . Bd., Ala.
 Reg. Medical C t r . Bd., Ala.
Ann i s ton



Rev.

34.0

Rev.

26.3

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

64.7
75.0
10.0
10.0
11.2
13.7
19.1
8.9
18.9
24.4
25.6
,28.0
25.0
18.0
130.0
4.8
5.6
37.0

2016
1978-1997
1977-2001
1977-1996
1978-1999
1979-1996
1977-1996
2008
1977-1996
1981-2000
2016
1980-1999
1977-2006
1977-1996
1986-1995
1979-1992
2008
2006

6.39
4.96
5.78
5.45

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

18.0
60.0
5.5.
3.8
6.9

1978-2002
2006
1979-1989
1995
2006

5.39
6.31

2006

——

5.84
6.49
6.49
6.55
6.10
6.10
5.86
5.37
5.10
5.35
——
——
——

——

6.45
2.85-5.60
3.00-6.10
3.00-6.15
4.50-7.10
3.70-6.35
3.50-6.40
6.88
4.00-6.75
4.25-6.00
6.20
4.00-6.30
3.00-6.20
2.90-6.00
4.70-5.60
4.50-7.00
7.38
6.79
3.10-6.15
6.25
4.50-6.60
7.10
7.38

Aa/A+
Aaa/—
Aa/ —
A-1 / —
A/—
A-l/AA
A-l/AA
A-l/AA
A/A
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aaa/AAA
Aaa/AA
A/A
A/A
A/A
Aa/ —
Aa/AA
A/A
A/A
A/A

1?

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

1

As of November 19, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Long I s l a n d L i g h t n i n g Co.
Kentucky U t i l s .
Long I s l a n d L i g h t i n g Co.
General Telephone of F l o r i d a
Cleveland E l e c t r i c I l l u m i n a t i n g Co.
Minnesota Power & Light Co.
Toledo Edison Co.
So. C a l i f o r n i a Edison Co.
Houston Natural Gas
P a c i f i c Gas & E l e c t r i c Co.
Avco F i n a n c i a l S e r v i c e s I n c .
Avco F i n a n c i a l S e r v i c e s I n c .
Southern Railway Co.
Union Tank Car Co.
Union Tank Car Co.
General American Transp. Corp.
General American Transp. Corp.
Mountain S t a t e s T e l . & Tele.
*Chrysler F i n a n c i a l Corp.
Arizona P u b l i c S e r v i c e s
P u b l i c S e r v i c e s Co., Colorado
Wisconsin E l e c . & Power Co.
Allegheny Power Co.
Monongahela Power Co.
Copperweld Corp.
West Penn. Power Co.
Duquesne Light Co.
V i r g i n i a Elec. & Power Co.
Kansas City Power & L i g h t Co.
•Standard Oil Company - Ohio
•Standard Oil Company - Ohio
•Standard Oil Company - Ohio
P o r t l a n d General Elec. Co.
Ohio Edison Co.
•Southern P a c i f i c Transp. Co.
Ohio Edison Co.
South C a r o l i n a E l e c . & Gas Co.
P a c i f i c Power & L i g h t Co.

Pfd. s t k .
Com. s t k .
1st mtg.
Debt.
1st mtg.
Com. s t k .
Pfd. stk.
Com. s t k .
1st mtg.
1st mtg.
Notes
Debt.
Equip, t r .
Equip, t r .
Equip, t r .
' Equip, t r .
Equip. t r .
Debt.
Notes
Com. s t k .
Pfd. stk.
Com. s t k .
Pfd. s t k .
Pfd. stk.
SF d e b t .
Pfd. stk.
Com. s t k .
Com. s t k .
1st mtg.
Notes
Notes
Notes
Pfd. s t k .
Pfd. stk.
1st mtg.
1st mtg.
Pfd. stk.
1st mtg.

35.0
25.0
40.0
50.0
125.0
18.0
25.0
108.0
60.0
175.0
75.0
50.0
19.7
7.2
32.8
30.0
30.0
150.0
100.0
35.0
25.0
16.0
35.0
15.0
30.0
20.0
45.0
67.1
30.0
150.0
75.0
75.0
30.0
40.0
100.0
60.0
20.0
50.0

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




Nov.
Nov.

22
22

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

22
22
23
23
23
30
30
30
30
30
30
30
30
1
1
1
1
1
2
2
2
2
6
7
7
7
7
7
7
8
8
8
9
9

13
Table 6A Continued

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

1

As of November 19, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

P a c i f i c Power & Light Co.
South C a r o l i n a E l e c t r i c & Gas Co.
Louisiana Power & Light Co.
C e n t r a l & South West Corp.
L o u i s i a n a Power & Light Co.
Chesapeake & Ohio Ry.
Pennsylvania Power & Light Co.
*Miles L a b o r a t o r i e s Inc.
*Transamerica Corp.
*Braniff Airways
•Republic New York Corp.
City I n v e s t i n g Co.
Gen. T e l e . & E l e c t r o n i c s
Kroger Co.
Maryland N a t i o n a l Corp.

Com. s t k .
1st mtg.
Pfd. stk.
Com. s t k .
1st mtg.
Equip, t r .
1st mtg.
SF d e b t .
SF d e b t .
SF d e b t .
Debt.
SF d e b t .
Com. s t k .
SF d e b t .
Notes

20.0
50.0
25.0
100.0
40.0
15.0
150.0
40.0
50.0
50.0
50.0
50.0
146.0
50.0
35.0

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

OTHER
B r i t i s h Columbia Hydro & Power
Auth.
•Finland
•Manitoba Hydro E l e c t r i c Board
Honda Motor Co.
Mexico

Bonds
Notes
Bonds
Com. s t k .
Bonds

150.0
50.0
125.0
52.0
50.0

Nov. 23*
7
Dec.
Dec.
Dec.
Indef.




9
9
14
14
14
14
14
15

lli
Table 6B

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

1

As of November 19, 1976
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

P

STATE & LOCAL

P h i l a d e l p h i a , Pa.
Delaware Dept. of A f f a i r s & Economic Dev.
*Monroe Co., N.Y.
*Deer Lodge Co., Mont.
*0hio Water Dev. Auth.
*Kentucky S t a t e P r o p e r t y & Building
Comm.
* H u n t s v i l l e , Ala.
North P l a t t e Hosp. C o r p . , Neb.
S u f f o l k Co., N.Y.
*Knox Co. Health & Educ. Fac. Bd.,
Tenn.
* S p r i n g f i e l d Metro. Exposition &
Audit. Auth., 111.
*Hawaii, S t a t e of
* Allegheny Co., Pa.
Chelan Co. P u b l i c U t i l i t y D i s t . ,
//I Wash.
• I l l i n o i s , S t a t e of
*Glendale Redevelopment Agy., Cal.
*New York, S t a t e of
• P o r t a g e Tp. Sch. Bldg. Corp., I n d .
Camden Co., N . J .
Nebraska P u b l i c Power D i s t .
• P e t e r s b u r g Hosp. A u t h . , Va.
P h i l a d e l p h i a Hosp. A u t h . , Pa.

Rev.

50.0

Nov.

22

Rev.
G.O.
Rev.
Rev.

34.5
22.4
31.9
46.0

Nov.
Nov.
Nov.
Nov.

23
23
24
24

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

43.0
14.0
16.0
100.0

Nov.
Nov.
Nov.
Nov.

30

Rev.

21.0

Nov.

Rev.
G.O.
G.O.

20.6
75.0
27.6

Dec.
Dec.
Dec.

2
2
2

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

290.0
150.0
13.7
92.0
19.0
15.0
160.0
42.0
163.0

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

2
7
7
8
9
14
15

a
|
'

&
-

|
!
1

\
NOTES:
1

Includes stats and local government issue 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

ATE
NYSE INDEX

3

|

@J INDUSTRIALS

AMEX

4

|

NASDAQ

1973 - High
Low

65 58 ( 1 / 1 1 )
49 12 ( 1 2 / 1 3 )

1051 50 ( 1 / 1 1 )
788. 31 ( 1 2 / 5 )

130. 47 (1/11)
85 26 (12/20)

136. 84 ( 1 / 1 1 )
89. 12 (12/13)

26.0 ( 9 / 2 0 )
9.0 (8/20)

1974

High
Low

53 37 ( 3 / 1 3 )
32 89 ( 1 0 / 3 )

891 66 ( 3 / 1 3 )
577. 60 ( 1 2 / 6 )

102. 01 ( 3 / 1 4 )
58 26 ( 1 2 / 9 )

96. 53 ( 3 / 1 5 )
54. 87 ( 1 0 / 3 )

1975

High
Low

51 24 ( 7 / 1 5 )
37 16 ( 1 / 8 )

881 81 ( 7 / 1 5 )
632 04 ( 1 / 2 )

96 86 ( 7 / 1 5 )
62 20 ( 1 / 2 )

1976

High
Low

57.:51 ( 9 / 2 1 )
48,.04 ( 1 / 2 )

1014.,79 ( 9 / 2 1 )
858,.71 ( 1 / 2 )

Sept.

3
10
17
24

55 .65
55 .86
56 .69
57 .02

Oct.

1
8
15
22
29

Nov.

5
12
19

|

AMEX

|

NASDAQ

5. 5 d / 1 2 )
1. 4 ( 8 / 2 0 )

11. 3 ( 1 / 1 1 )
3. 5 ( 8 / 2 7 )

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

4. 4 ( 1 / 3 )
,9 ( 9 / 2 6 )

7.,5 ( 1 / 3 )
2. 8 ( 7 / 5 )

88.,00 ( 7 / 1 5 )
60..70 ( 1 / 2 )

35.2 ( 2 / 1 3 )
8 . 7 (9/15)

4.2 (2/21)
1..1 ( 9 / 1 5 )

8. 1 ( 2 / 1 3 )
2. 5 ( 9 / 1 5 )

107..05 ( 7 / 1 2 )
84,.31 ( 1 / 2 )

92.,52 (7/15)
78,.06 ( 1 / 2 )

44.5 (2/20)
10.3 ( 1 / 2 )

8..6 ( 2 / 2 0 )
1,.1 ( 1 / 2 )

11..1 (2/-20)
3..5 ( 1 / 2 )

989..11
988..45
995 .10
1009 .31

102,.60
103 .03
103,.38
103 .68

91,.02
91 .19
91 .61
92,.31

16.0
16.5
17.1
17.4

1,.5
1 .5
1 .5
2 .6

5..6
5..4
6,.1
7,.4

55 .70
54 .85
53 .90
53,.42
54,.89

979 .89
952 .38
937..00
938.,75
964,.93

101 .56
99 .96
98,.21
97,.88
98,.88

90 .44
89,.38
89,.06
89..26
90,.35

16.2
16.7
17.4
18.2
17.8

1 .7
1,.5
1 .7
1 .8
1 .8

" 5.4
5,.9
5 .9
6,.0
6,.3

53 .94
53,.10
54..61

943 .07
927,.69
948. 80

99 .72
98 .55
100,.04

89 .47
88 .10
89.

17.0
16.3
20.8

2 .3
1 .9
2,.5

6 .2
6 .4
7,.1

'97f

NOTES:
2

Figures other then highs en lows ere Fndeys only. Highs end lows ere for the yeer end ere not neoesserily for
of deWy figures (millions of sheres).
Volume figures era weekly

3
4

13/31/66-80
Beeed on ensregs price chenge until Septembei 4,1673 theieeftet, be—d on market velue of xheres listed.

1

2

TRADING VOLUME

NYSE




16
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON %
CONVERTIBLE
BONDS

BANKS

2i

• yn ^i •
UlN n teG U LIAaTvcp n N O N M AA u I N
D ilAklftJ n IkJ
STOCK CREDIT
AT BANKS

OUTSTANDING

1975 - Aug.
Sept.
Oct.
Nov.
Dec.

5,220
5,250
5,300
5,370
5,390

142
145
144
146
147

832
852
1,007
1,008
960

2,457
2,520
2,311
2,270
2,281

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

5,420
5,950
6,410
6,690
6,940
7,080
7,340
7,450
7,530

146
153
162
163
161
166
172
167
173

1,000
1,037
1,042
1,076
1,007
1,028
898
1,061
859

2,321
2,333
2,355
2,325
2,357
2,368
2,317
2,368
2,830

1975 - Aug.
Sept.
Oct.
Nov.
Dec.

-80
30
50
70
20

-1
3
-1
2
1

12
20
155
1
-48

70
63
-209
-41
11

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

30
530
460
280
250
140
260
110
80

-1
7
9
1
-2
5
6
-5
6

40
37
5
34
-69
21
~ 130
163
202

40
12
22
-30
32
11
-51
-51

^

CHANGE IN OUTSTANDING

462

NOTES:
Margin account debt as reported by the New York Stock Exchange, excluding credit for subecription issues and convertible bonds.
1
2
3

New York Stock Exchange data.
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; i t brokers, such stocks have no




4

Table 0

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

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

1971
1972
1973
1974
1975
1976 - J a n u a r y
February
March
April
May
June
July
August £ /

1,037
1,017
2,029
586
801
1,207
910
307

1

ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0
11.3
——

——
——
——
——
——

NET
NEW
MONEY

TOTAL

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL

NET
FLOW

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

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

810
787
866
352
561
-55
675
47

5,375
3,946
7,072
2,798
3,050
5,042
3,184
2,165

ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0
17.7
—
—
——
——
—
——
——

NET
NEW
MONEY

2

DEPOSITS

NET
FLOW

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

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

5,108
3,719
3,687
2,583
2,835
1,353
3,282
1,967

6,412
4,963
9,101
3,384
3,851
6,249
4,094
2,472

——

5,271
4,454
5,096
4,593
4,666
3,507
6,730
6,589

ANNUAL 3
GROWTH
RATE
17.2
16.7
8.4
5.8
15.9
—
—
—
—
—
—
—
—

NET
NEW
MONEY
26,331
29,335
10,062
1,846
34,033
5,918
4,497
4,553
3,935
3,396
1,298
3,957
2,014

SEASONALLY ADJUSTED
1976 - J a n u a r y
February
March
April
May
June
July
A u g u s t E/

1,039
796
1,018
917
1,024
646
1,712
1,248

11.4
8.7
11.0
9.8
10.8
6.8
17.9
12.8

—
—
—
—
——
—
—

4,232
3,658
4,078
3,676
3,642
2,861
5,018
5,341

17.7
15.0
16.5
14.7
14.4
11.2
19.4
20.3

—
—
—
—
—
—
—

NOTES:
1

Regular deposits at mutual savin* banks exduda hams such as Christmas dub and certain escrow accounts, which represent • very small part of total deposits.

2

New deposits net of both'withdreweh and Intsrest. Data for S&L's are for insured essocieWons only, which lepiesent 96 per cent of industry total resources.

3

Annuel growth rata for monthly data is the annualized monthly percentage increese in deposits.

Source: Notional Awdetion of Mutual Saving, Banks and Federal Home Loan Bank Board.




15.9
13.3
15.0
13.4
13.4
10.0
19.0
18.3

—
—
—
—
—
—
—

T a b l e 10

18

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

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

OUTSTANDING COMMITMENTS
TOTAL

1972 - Dec.

25.2

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

20.3

4.9

.43

.02

.04

.21

-.17

- -

.09

-.09

.45

19.9

16.4

3.5

1974 - Dec.

14.6

12.4

2.2

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

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

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

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

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

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

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

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

20.5
21.1
21.5
21.9
22.5
22.6
23.2
24.1
25.1

18.5
19.2
19.4
19.7
20.2
20.4
20.9
21.6
22.5

2.0
1.9
2.1
2.2
2.3
2.2
2.3
2.4
2.6

.06
.61
.48
.38
.48
.27
.50
.90
1.07

.02
.67
.27
.29
.44
.29
.44
.78
.84

.04
-.06
.21
.09
.04
-.02
.05
.12
.23

1973 - Dec.

1976

„

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.




i

I

4:
j
1

1

|
?•

i".

19

T a b l e 11

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

INTERMEDIATE AND LONG-TERM ISSUES

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

1974

1975

FHLMC

Sept.
Oct.
Nov.
Dec.

+2,768
+1,665
-89
+507

+2,750
+1,599
+93
+961

-242
-659
+440
0
-1,568
+330
+236
-398
215
587
152
669

-5
-254
+689
+69
-1,279
+600
+300
-700
100
850
200
600

-4
-554

July
Aug.
Sept.
Oct.
Nov.
Dec.
1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

-197
-1,160
447
131
-946
-101

-49
397
257

NOTES:
Based on data from Treasury Survey of Ownership.
Sales of FHLB discount notes began in May 1974.
p

+1,050
+100
+310
+491

+1,700
+1,499
-217
+470

Jan.
Feb.
Mar.
Apr.
May

Preliminary




0
-800

-100
700
-600
-200

300
-200

200

-11

-30
-1,279
0
0
-700
0
+150
0
0
0
-1,L00
0
0

FNMA

+300
0
-1
0
0
0
0
0
0

200
0
0

200

-1
0

+700
+100
0

+600
+300
0

100
700
0

600
0

300
-300
700

-600

0
0
0

0
0
0
0

0

0
-200

0
-200
,
0

200

300
0

FNMA & FHLB
SHORT-TERM
DISCOUNT,
NOTES 1

+18
+66
-182

-454
-237
-405
-249
-69
-289
-270
-64
302
115
-263
-48
69
-197
-360
-547
-569
-346
99
-349
597
57

Table 12

20

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

FINANCIAL INSTITUTIONS
TOTAL

S & L's

COMMERCIAL
BANKS

INSURANCE FNMA-GNMA
COMPANIES

Not S e a s o n a l l y A d j u s t e d
41,406
57,587
58,372
42,732
43,608

39,018
55,561
55,072
36,510
38,769

9,940
16,800
19,600
11,700
4,200

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

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

1,221
1,452
4,278
5,078
2,933

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

1975 - O c t .
Nov.
Dec.

4,921
3,565
4,908

4,272
3,199
4,250

900
500
600

226
200
366

2,996
2,323
2,774

150
176
510

649
366
658

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

2,212
3,534
4,691
5,424
4,878
5,951
6,213
5,636

1,802
3,270
5,531
5,088
5,412
6,594
5,907
5,356

300
600
900
900
1,100
1,100
1,000
600
1,300

87
106
324
309
240
517
323
384

1,378
2,416
4,069
4,171
4,032
4,815
4,522
4,234
4,103

37
148
238
-292
40
162
62
138

410
264
-840
+336
-534
-643
306
280

1975 - O c t .
Nov.
Dec.

5,293
4,246
5,285

4,782
3,891
4,550

923
614
877

273
214
294

3,490
2,949
3,360

96
114
19

511
355
735

3,682
4,748
4,879
4,697
4,071
4,546
5,407
4,722

3,196
4,333
5,565
4,535
4,414
5,111
5,360
4,675

678
962
987
762
826
699
968
372
1,129

184
249
320
301
195
371
228
356

2,189
2,848
3,844
3,771
3,232
3,894
4,070
3,803
4,372

145
274
414
-299
161
147
94
144

486
415
-686
+162
-343
-565
47
47

1971
1972
1973
1974
1975

1976

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

NOTES:
1

ESsHBiFStiE

Digitized for Beginning January 1972 data reflect activity Hi limited amount of conventional mortgages.
FRASER


T a b l e 13

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

C
1

RESIDENTIAL
QUARTER

TOTAL

1
L

1- to 4FAMILY

MULTIFAMILY

COMMERCIAI

MULTFAMLY
&
COMMERCIAI

FARM

1969 - I
II
III
IV

34.1
30.8
28.2
29.6

25.5
23.6
21.4
22.3

21.2
19.0
16.8
16.0

4.4
4.5
4.6
6.3

6.6
5.2
5.2
6.0

11.0
9.8
9.8
12.3

2.0
2.0
1.7
1.3

1970 - I
II
III
IV

23.3
26.9
34.1
37.1

16.7
19.2
24.5
28.1

11.2
13.6
16.2
19.5

5.5
5.5
8.2
8.6

5.6
6.8
8.3
7.6

11.1
12.3
16.5
16.1

0.9
1.0
1.4
1.4

1971 - I
II
III
IV

41.8
51.4
56.6
60.3

32.8
40.0
42.2
46.0

23.3
30.0
33.1
36.3

9.5
10.4
9.1
9.7

6.6
8.9
11.7
11.5

16.1
19.3
20.8
21.2

2.5
2.5
2.7
2.8

1972 - I
II
III
IV

70.6
72.9
75.2
89.3

50.6
53.6
56.7
65.7

39.4
40.7
46.0
49.5

11.2
12.9
10.7
16.2

16.6
15.6
14.7
20.4

27.8
28.6
25.4
36.5

3.4
3.6
3.8
3.3

1973 - I
II
III
IV

86.4
84.0
80.0
71.4

59.6
58.3
55.2
49.5

51.4
45.3
43.1
41.4

8.2
13.0
12.1
8.2,

21.3
20.2
19.5
16.3: ,

29.5
33.2
31.6
24.5

5.6
5.5
5.3
5.6

1974 - I
II
III
IV

71.8
69.0
66.0
46.3

49.3
46.8
35.7
28.9

39.8
39.5
29.5
24.0

9.6
7.3
6.2
4.8

18.9
17.4
14.0
11.6

28.5
24.7
20.2
16.5 •

3.6
4.9
6.3
5.8

1975 - I ( r )
I I (r)
I I I (r)
IV ( r )

39.0
55.3
63.4
69.7

26.1
40.5
46.2
51.7

26.1
40.4
46.1
52.1

0.0
0.1
0.1
-0.4

7.2
9.5
12.6
14.3

7.1
9.6
12.7
13.9

5.7
5.3
4.7
3.7

1976 - I ( r )
I I (r)

71.9
74.8

55.6
56.9

54.6
55.9

1.0
1.0

10.3
12.3

11.3
13.4

6.0
5.5

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, Depertments of Commerce end Agriculture, Federal National Mortgage Association,
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Seperetion of nonferm mortgage debt by type of
property, where not eveileWe, end interpolations and extrapolations, where required, estimated mainly by Federal Reserve.

2

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

3

Residential mortpga debt includes nonferm only end is sum of 1-to 4- femily and multifamily mortgage debt.

4

Data r e v i s e d October 1. Revised h i s t o r i c a l d a t a a v a i l a b l e on r e q u e s t from t h e
Mortgage and Corisumer Finance S e c t i o n , D i v i s i o n of Research and S t a t i s t i c s ,
Board of Governors, F e d e r a l Reserve System, Washington, D.C., 20551.




T a b l e 14

'

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

1—FAMILY

2 - O R MORE
FAMILY

1 —FAMILY

HOME
2 - O R MORE
SHIPMENTS
FAMILY

1,399
1,418
1,706
1,972
2,014
1,692
1,296

808
802
1,014
1,143
1,174
932
866

592
617
692
828
840
760
430

413
401
497
576
567
329
216

338
333
321

1,115
1,386
1,329

738
992
993

377
394
336

235
230
224

279
252
307
312
357
371
259
366
569
463

1,213
1,299
1,399
1,266
1,360
1,373
1,307
1,399
1,362

926
953
1,032
986
934
1,052
1,038
1,092
1,006

287
346
367
280
426
321
269
307
356

263
287
244
237
260
233
224
252
255

1,324
1,352
1,925
2,219
1,820
1,074
924

626
647
906
1,033
882
644
668

698
705
1,018
1,186
937
431
257

1,407
1,434
2,052
2,357
2,045
1,388

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

656
621
901
1,048
914
450
269

1975 - O c t .
Nov.
Dec.

1,111
1,127
1,091

794
814
812

317
313
279

1,431
1,381
1,283

1,093
1,048
962

1,147
1,165
1,188
1,082
1,158
1,150
1,215
1,296
1,504
1,437

851
863
882
803
807
829
870
, 874
926
989

296
302
306
279
351
321
345
422
578
448

1,236
1,547
1,417
1,367
1,422
1,510
1,382
1,537
1,858
1,792

957
1,295
1,110
1,055
1,065
1,139
1,123
1,171
1,289
1,329

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

TOTAL

2 - O R MORE
FAMILY

1969
1970
1971
1972
1973
1974

!

MOBILE

COMPLETIONS

PERMITS 1
1 —FAMILY

1

NOTES:
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
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.


1
Permit data for 1969 and 1970
http://fraser.stlouisfed.org/ based on 13,000 areas with permit systems
Federal Reserve Bank of St. Louis

"""

Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

EXISTING HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1
RATE
(IN PER CENT)

SPREAD
BETWEEN
RETURNS ON
NEW Aaa
NEW HOMES
rnNVFNTKWAl
UTILITY
1
BOND
AND HUD(FHA)
YIELD
NEW HOME
DISCOUNT
YIELD
SPREAD
(IN PER CENT)
(BASIS
(PERCENTAGE MORTGAGES (M PER CENT)
(BASIS
POINTS)
POINTS)
POINTS)
HUD(FHA) INSURED LOANS
SECONDARY MARKET

SPREAD
(BASIS
POINTS)

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

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

1975 - O c t .
Nov.
Dec.

9.25
9.20
9.15

3
n. a.
n.a.

9.30
9.25
9.20

. 8
n.a.
n.a.

9.53
9.41
9.32

31
n • Si •
n.a.

4.0
3.1
2.4

-28
-21
-17

9.22
n • ct •
n.a.

1976 - J a n .

9.05
9.00
8.95
8.90
9.00
9.05
9.05
9.05
9.00
9.00

39
42
42
32
5
35
33
58
77
71

9.10
9.05
9.00
8.95
9.05
9.10
9.10
9.10
9.05
9.00

44
47
47
37
10
40
38
63
82
71

9.06
9.04

40
46

2.4
2.2

- 1
- 4

8.82
9.03
9.05
8.99
8.93
8.82
8.55

24
8
35
27
46
59
26

2.5
4.1
4.2
3.8
3.3
2.5
4.3

8
- 3
0
6
12
18
45

8.66
8.58
8.53
8.58
8.95
8.70
8.72
8.47
8.23
8.29

Feb.
Mar.
Apr.
May
June

July
Aug.
Sept.
Oct.

NOTES:
Grow yield spreed M avenge mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.
1
Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest retes 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.




jy>

,

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

643 (8/25)
25 (2/10)

1975 - High
Low

1976 - J a n . 12
26

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

ACCEPTED

51 (4/21)
366 ( 8 / 1 1 ) 9.95 ( 9 / 2 2 ) 100 ( 4 / 7 )
18 ( 2 / 1 0 ) 8 . 7 8 (2/10) 10 (10/20) 9 ( 2 / 1 0 )

10.02 ( 9 / 2 2 )
8.96 (3/10)

58.4
103.9

31.5
57.7

9.13
9.07

42.7
33.4

32.1
24.7

9.28
9.22

Feb.

9
23

252.2
126.9

179.9
81.2

9.07
9.04

57.8
44.0

36.9
23.3

9.17
9.14

Mar.

8
22

299.9
146.3

171.9
121.6

9.06
9.03

75.4
46.2

45.0
33.7

9.15
9.13

Apr.

3
19

106.2
132.1 .

56.2
60.1

8.94
8.83

56.4
55.3

31.8
33.4

9.05
9.00

May

4
17

483.3
634.3

222.3
321.4

8.94
9.13

110.7
128.8

60.1
68.9

9.09
9.24

June

1
14
28

349.5
146.6
261.2

224.7
98.8
157.5

9.20
9.14
9.12

131.4
77.3
93.6

90.5
70.3
59.2

9.31
9.30
9.31

J u l y 12
26

148.3
311.8

88.4
212.0

9.05
9.04

90.7
130.5

82.0
105.2

9.27
9.23

Aug.

9
23

190.1
171.3

107 .4
107.0

9.01
8.97

136.7
162.1

93.4
115.3

9.17
9.14

Sept. 7
20

121.9
99.1

68.8
49.1

8.92
8.84

170.6
151.1

117.8
107.6

9.13
9.09

Oct.

4
18

124.3
111.2

61.8
45.3

8.80
8.70

153.8
143.7

94.4
121.4

9.07
9.02

Nov.

1
15

215.3
218.9

73.2
114.2

8.67
8.68

141.7
140.9

112.2
126.5

9.00
9.00

NOTES:
before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average acAverage secondary market yields are i
a prepayment period of 12 years for 30-yeer loans, without special adjustment for Federal National
cepted bid yield for home mortgages
fees and FNMA stock purchase and holding requirements on *
Mortgage Association (FNMA)
offered by bidders relate to total eligible





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102