Full text of H.16 Capital Market Developments : November 3, 1975

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Capital
Market
Developments

November 3 , 1 9 7 5
Prepared by the
C A P I T A L MARKETS SECTION
in conjunction 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

I

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
~ M n U.S. Currency.




TABLES

1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT

9-16

MORTGAGE MARKET

SYMBOLS
e
P
r
n.a.

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1975 - Aug.

Sept.

Oct.

NEW ISSUE 1
A a a UTILITY

VOLUME

RECENTLY
OFFERED
A a a UTILITY

2

GROSS
3
' OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

9.35
9.51
9.49
9.54
9.50

243
360
244
342
350

80
80
90
95
90

9.64
9.68
9.70

9.41
9.50
9.61
9.70

15
285
520
331

99
95
95
91

9.72
9.60
9.53
9.32
9.21p

9.70
9.56
9.41
9.30
9.28p

398
35 T
739
432r
560

1
8
15
22
29

9.37
9.44
9.43
9.53
9.49

5
12
19
26
3
10
17
24
31

—

-

:

93
98
95
97
96

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

63
96
33
4
0
'

1
33
30
58
5
0
17
10
25

MUNICIPAL B O N D MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE

B O N D BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

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

1
8
15
22
29

6.40
6.40
6.40
6.40
6.40

7.09
7.16
7.17
7.18
7.18

524
664
442
685
450

90
83
69
85
94

138
146
215
207
155

Sept.

5
12
19
26

6.60
6.66
6.76
6.79

7.34
7.40
7.49
7.54

254
286
591
508

69
90
84
84

183
84
113
107

Oct.

3
10
17
24
31

6.92
6.80
6.60
6.44
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

1975 - Aug.

..
NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price
restrictions sometime during the last four weeks.

3

Estimated by F.R. on the basis of available data.

4

Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




^

Table 2

HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY

DATE

.

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S S E A S O N E D
CORPORATE A a a

3

U . S . GOVT. 2 0 - Y E A R
C O N S T A N T MATURITY

4

B O N D BUYER
2 D - B O N D INDEX

1971 - High
Low

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

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

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

6.51 (6/18)
5.69 (3/23)

6.23 (6/23)
4.97 (10/21)

1972 - High
Low

7.60 (4/21)
6.99 (11/24)

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

7.36 (4/28)
7.05 (2/12)

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

6.54 (4/13)
4.96 (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)
4.99 (10/11)

1974 - High
Low

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

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

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

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

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

1975 - High
Low

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

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

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

8.63 (9/19)
7.63 (2/21)

7.-67 ( 1 0 / 3 )
6.27 (2/13)

1975 - S e p t .

Oct.

5
12
19
26

9.64
9,68
9,70

9.41
9.50
9.61
9.70

8.93
8.94
8.98
8.94

8.47
8.61
8.63
8.52

7.34
7.40
7.49
7.54

3
10
17
24
31

9.72
9.60
9,5.3
9.32
9.21p

9.70
9.56
9.41
9.30
9.28p

8.96
8.93
8.86
8.81r
8.78p

8.59
8.43.
8.34 '
8.26r
8.25p

7.67
7.48
7.29

|

7.17
7.36

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

G R O S S PROCEEDS
S T A T E A N D LOCAL

1975

1974

1973

1975

1974

1973

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

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

3,248
2,667
l,bl7

1,806

1,915

3/
3,563-,
3,346^
2,6523/

1,459
1,106
1,701

2,028
1,657
1,750

4,609
3,739
3,511

3,398
3,563
3,238

2,860
2,483
1,479

2,313
2,257
2,089

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

8,222
6,352
10,199

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

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

18,437
25,969
37,828

16,840
23,192
33,391

13,150
17,416
24,238

11,876
17,311
23,970

15,270
15,655

30,925

2,631

8,618

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

3

I n c l u d e s Municipal A s s i s t a n c e C o r p o r a t i o n bonds.




6,883
8,370
9,561

Table 4

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN M I L L I O N S O F D O L L A R S

G R O S S PROCEEDS BY TYPE OF I S S U E
BONDS

PERIOD

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
MEMO

I S S U E S INCLUDED
FOREIGN [CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

\

1974 -

IV

7,532
11,859

5,025
8,611

1,222
1,571

1,285
1,677

373
374

310
76

1,887
4,079

2,376
3,702

1,008
743

2,263
3,337

1975 - I
II

15,270
15,655

10,829
10,510

2,333
1,564

2,108
3,581

1,255
1,035

1
656

6,055
6,513

4,732
4,405

1,380
1,338

3,105
3,399

2,981

1,939

516

526

10

12

477

1,147

356

992

July
Aug.
Sept.

3,248
2,667
1,617

2,086
2,042
897

616
299
307

546
326
413

223
150

205
104
1

1,094
605
188

618
1,078
680

295
364
349

1,242
620
401

Oct.
Nov.
Dec.

4,609
3,739
3,511

3,423
3,016
2,172

355
330
886

831
393
453

175
199

76

728
1,699
1,652

2,109
964
629

475
93
175

1,297
985
1,055

1975 - J a n .
Feb.
Mar.

5,376
4,526
5,368

3,657
3,201
3,971

1,130
730
500

589
622
897

470
610
175

1
—

1,901
1,675
2,479

1,268
1,957
1,507

938
125
317

1,268
771
1,066

Apr.
May

4,439
5,646
5,570

2,771
3,796
3,943

422
520
622

1,246
1,330
1,005

135
475
425

130
315
211

1,731
2,479
2,303

1,378
1,549
1,478

563
413
362

766
1,207
1,426

III

1974 - J u n e

—

NOTES:
1

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

Source: Securities and Exchange Commission.




1

Table 5A

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

1

October 1, t h r u October 3 1 , 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

AT&T
S t a n d a r d O i l Co. (Ohio)
C i t i e s S e r v i c e Go.
H a r t f o r d E l e c t . L i g h t & Power Co.
P a c i f i c Gas & E l e c t r i c
Union P a c i f i c Ry Co.
Brockton Edison Co.
Michigan B e l l T e l e . Co.
Morton-Norwich P r o d u c t s I n c .
Mack Trucks I n c .
Savannah E l e c t . & Power Co.
Jerrico Inc.
L o u i s v i l l e Gas & E l e c t r i c Co.
R o c h e s t e r Gas & E l e c t r i c
R o c h e s t e r Gas & E l e c t r i c
United Nuclear
Central I l l i n o i s Light
Iowa P u b l i c S e r v i c e
S u n d s t r e n d Corp.
P e n n s y l v a n i a E l e c t r i c Co.
P u b l i c S e r v i c e C o r p . , New Hampshire
Toledo Edison Co.
Gen. T e l . of I n d i a n a

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

552.0
64.9
150.0
30.0
175.0
15.0
20.0
200.0
60.0
60.0
20.0
31.6
15.6
25.0
15.4
15.3
15.0
16.8
17.1
32.0
15.0
50.0
35.0

—

2000
2005
1985
1990
1985
2008
2000
1985
1981
——

11.00

11.00

A

10.50

10.50

A

- - ——

1985
2005

*

Rights offering.

1

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

——

A
A/BBB
Aa/AAAaa
Baa/A
Aaa
A,
Baa/BBB
Ba/BB
—

—
—

—-

- —

——

9.80
11.50
9.58
7.50-9.00
11.73
9.60
9.73
10.75
12.50
——

——

NOTES:




——

9.75
11.50
9.50
8.75
12.00
9.60
9.63
10.75
12.50

——

- -

---

—

10.88
11.00
9.35
9.25

10.88
11.00
9.35

r

--

Baa/BBB
Ba
A/A+
Aa

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

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

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

OFFERING
YIELD

MOODY'S
RATING

10.75
9.88
9.13
9.88
8,90
8.05

9.30

Baa/BBB
A .
A/AA
A
Aaa
Aaa
NR
NR

9.52

9.52

Aa/AA-

10.25
9.70
10.50
9.38
10.50
9.38
9.25
10.75
8.75

10.25
9.70
10.56
9.38
10.50
9.45
9.25
10.75
7.25-8.75

COUPON RATE

CORPORATE

P u b l i c S e r v i c e Corp. of New Hampshire
P e n n s y l v a n i a Power
N a t ' l R u r a l . U t 1 1 , Coop, F i n , Corp.
Kewanee I n d u s t r i e s , I n c .
Exxon P i p e l i n e Co,
Exxon P i p e l i n e Co.
Avondale S h i p y a r d , I n c .
Avondale S h i p y a r d , I n c .
New York S t a t e E l e c t . & Gas
P u b l i c S e r v i c e of Colorado
Northern Indiana Public Service
S u n d s t r a n d Corp.
Kerr G l a s s Manuf. Co.
Houston L i g h t & Power
Houston L i g h t & Power
I n t e r s t a t e Power Co.
ITT F i n a n c i a l Corp.
I t t F i n a n c i a l Corp.
P u b l i c S e r v i c e of Colorado
W a l t e r Kidde & Co.
Airco I n c .
Macy C r e d i t Corp.
H o s p i t a l Corp. of America
M i s s o u r i P a c i f i c RR Co.




1 s t mtg
1 s t .mtg
Coll t r .
SF d e b t
Debt
Notes
SF d e b t
SF d e b t
Com s t k
Com s t k
Com s t k
Com s t k
Com s t k
Pfd s t k
Com s t k
1 s t mtge
Notes
Debt
1 s t mtge
Notes
SF d e b t
Debt
1 s t mtge
Equip t r

15.0
25,0

100.0

45.0
300.0
150.0

8.1

10.9
26.1
30.0
33.5
17.1
15.0
40.0
42.5
10.0
50.0
50.0
50.0
50.0
75.0
60.0
33.0
13.9

1985
1985
1985
2000
2000
1980
2000
2000

2005
1983
1995
2005
1983
2000
1980
1990
1990

10.75
9.88
9.13
9.88

8.88
8.05
8.80
9.30

8.80

A
A
A
Aa
Baa/BBB
A
A
NR/A
A/AA

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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 1 , t h r u October 31, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

OFFERING
YIELD

COUPON RATE

MOODY'S
RATING

CORPORATE

Pay i n Save Corp.
North C a r o l i n a Power & L i g h t
Georgia Power Co.
M i s s i s s i p p i Power
Alza Corp.
Commonwealth Edison
Wisconsin Power & L i g h t
Mallinckrodt Inc.
P a c i f i c Northwest B e l l T e l . Co.
Tucson Gas & E l e c t r i c Co.
Ohio Power Co.
F i r s t Maryland Bancorp
I n t e r n a t i o n a l M i n e r a l s & Chemical
Corp.
GATX
GATX
GATX
GATX
GATX
GATX
*West P o i n t P e p p e r e l l
Mead Corp.
*Montgomery Ward & Co.
Other
M o n t r e a l Urban Community
M u n i c i p a l F i n . Auth. of B r i t i s h
Columbia




Com s t k
21.1
Com s t k
89.4
Pfd s t k
75.0
Pfd s t k
15.0
Com s t k ( r t s )
15.6
Pfd s t k
75.0
Com s t k
23.3
Conv d e b t
30.0
Debt
100.0
1 s t mtge
50.0
1 s t mtge
25.0
Notes
25.0

2000
2012
2005
1983
1983

5.75
9.00
10.50
10.25
9.75

5.75
9.00
10.50
10.20
9.75

SF d e b t
Equip t r
Equip t r
Equip t r
Equip t r
Equip t r
Equip t r
Conv d e b t
SF d e b t
Debt

100.0
45.0
3.0
3.0
3.0
3.0
3.0
25.0
100.0
75.0

2000
1996
1977
1978
1979
1980
1981
2000
2000
2000

9.35
9.50
7.90
8.35
8.50
8.60
8.75
7.75
9.88
9.38

9.35
9.55
7.90
8.35
8.50
8.60
8.75
7.75
9.93
9.38

A
A
A
A
A
A

SF d e b t

65.0

2000

10.88

10.88

A

SF d e b t

37.0

2000

9.88

9.90

A

——

—

——

——

——

11.00
10.20

——

.

—

——
——

11.00
10.20

—

—

9.50

9.50

—

—

^

Ba/BB+
A/A
A/A
——

Baa/BBB
A/ABaa/BBB
A/A+

Baa/BBB+
A/BBB+
A

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

ISSUER

October 1, t h r u October 3 1 , 1975
2
AMOUNT
TYPE

(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Ohio, S t a t e of
Oregon, S t a t e of
Smithtown C e n t r a l Sch. D i s t . , N.Y.
I l l i n o i s H e a l t h F a c i l i t i e s Auth.
I l l i n o i s H e a l t h F a c i l i t i e s Auth.
Tallahassee, Fla.
Monroe Co., Mich.
San A n t o n i o , Texas
P h i l a d e l p h i a H o s p i t a l A u t h . , Pa.
P h i l a d e l p h i a H o s p i t a l A u t h . , Pa.
M a s s a c h u s e t t s Hsg. F i n a n c e Agy.
M a s s a c h u s e t t s Hsg. F i n a n c e Agy.
Nebraska P u b l i c Power D i s t .
Nebraska P u b l i c Power D i s t .
Nebraska P u b l i c Power D i s t .
R a c i n e , Wise.
Phoenix, Ariz.
Beaumont, Texas
F a i r f i e l d I n d u s t . Dev. B d . , A l a .
F a i r f i e l d I n d u s t . Dev. B d . , A l a .
Des P l a i n e s , 111.
Des P l a i n e s , 111.
Des P l a i n e s , 111.

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

32.5
125.0
12.6
4.2
15.9
30.0
10.7
50.0
12.1
69.5
1.5
10.9
15.0
15.0
20.0
10.9
15.0
20.0
10.0
7.5
2.1
1.0
4.0

1978-2002
1981-1993
1976-2001
1978-1990
2005
1980-2004
1977-1999
1977-1998
1979-1990
2008
1978-1995
2017
1977
1978
1979
1976-1990
1977-1992
1981-1990
1985
2000
1977-1988
1991
1999

7.91
6.29
7.95
9.37
9.37
7.48
6.67
7.39
9.74
9.74
9.05
9.05
6.56
6.56
6.56
6.30
6.46
6.31
*# mm
mm*

—

5.50-8.00
5.25-6.70
5.20-7.80
6.25-8.75
9.38
5.50-7.85
4.75-7.75
4.50-7.65
6.20-8.50
9.75
6.00-8.50
9.00
5.90
6.00
6.25
4.40-7.00
4.50-6.70
5.00-6.15
6.25
7.63
6.00-8.60
9.00
9.25

A
Aaa
Baa-1
A
A
A-l
Aa
Aa
Aa
Aa
A-l
A-l
MIG 2
MIG 2
MIG 2
A-l
Aa
A-l
Aa
Aa
A
A
A

NO TES:
1

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

2

In case of State and local government securities, G O denotes general obligation; Rev. Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments.

3

Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.




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

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

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Des P l a i n e s , 111.
Beaver Co. I n d u s t . Dev. A u t h . , P a .
P h i l a d e l p h i a , Pa.
G e o r g i a , S t a t e of
V i r g i n i a Housing Dev. A u t h . , Va.
V i r g i n i a Housing Dev. A u t h . , Va.
F a i r f a x C o . , Va.
Monroe C o . , Mich.
Monroe C o . , Mich.
M i n n e a p o l i s - S t . P a u l Metro. Area,
Minn.
I l l i n o i s H e a l t h F a c . Auth.
I l l i n o i s H e a l t h Fac. Auth.
I l l i n o i s H e a l t h F a c . Auth.
Gulf Coast Waste D i s p o s a l A u t h . , Tex.
C o n n e c t i c u t , S t a t e of
C o n n e c t i c u t , S t a t e of
C o n n e c t i c u t , S t a t e of
Maryland, S t a t e of
C a l i f o r n i a Educ. F a c i l i t i e s Auth.
C a l i f o r n i a Educ. F a c i l i t i e s Auth.
El Paso Co. J r . C o l l e g e D i s t . , Tex.
S. V e r m i l l i o n High Sch. Bldg. C o r p . ,
Ind.
Newport News, Va.




9.25
8.45
8.00
4.00-6.85
5.00-7.75
8.63
3.80-6.40
7.00-8.30
9.25

A
A
MlGl
Aaa
A-l
A-l
Aaa
Baa
Baa

7.19
4.86
4.86
4.86
5.28
6.53
6.53
5.88

4.50-6.70
6.40-8.50
9.00
9.38
7.00
4.00
4.50
4.75
4.20-5.70
4.00-5.50
6.50
3.80-6.40

Aa
A
A
A
Aaa
Aa
Aa
Aa
Aaa
Aa
Aa
Aa

7.50
6.13

5.20-7.60
4.25-6.40

Baa-1
A-l

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

4.4
18.0
75.0
48.0
4.0
26.0
10.6
6.4
7.9

2004
2005
1977
1976-2000
1978-1995
2019
1976-1995
1980-1987
1995

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

51.0
8.5
2.8
11.2
24.3
23.7
23.6
23.6
85.8
4.0
14.7
19.7

1977-1991
1979-1988
1991
2003
2005
1976
1977
1978
1978-1990
1976-1985
2000
1976-1995

6.40

Rev
G.O.

10.0
11.7

1979-1993
1976-1989

——

8.55
6.28
7.82
7.82
5.70
——
—

—
——

T a b l e 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 1 , t h r u October 31, 1975

TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

8.43
8.43
9.47
9.47
9.47
7.02
6.66
6.22
5.48
6.48
7.52

5.00-7.30
8.40
9.50
9.00
6.25-8.50
4.50-7.20
4.00-6.90
4.50-6.90
3.50-5.90
4.00-7.15
4.25-7.85

MOODY'S
RATING

STATE AND LOCAL

Wisconsin Hsg. F i n . Auth.
Wisconsin Hsg. F i n . Auth.
Maryland H & E Fac. Auth.
Maryland H & E Fac. Auth
Maryland H & E Fac. Auth.
Los Angeles Co. Courthouse Bldg. Corp.
Jacksonville E l e c t r i c Auth., Fla.
Hawaii, Stfate of
C a l i f o r n i a , S t a t e of
West V i r g i n i a , S t a t e of
Oakland Co., Mich.




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

1.5
9.7
19.9
4.8
3.6
12.0
20.0
50.0
10.0
50.0
11.9

1976-1990
2017
2007
1995
1979-1988
1978-2000
1976-1990
1978-1995
1976-1995
1976-2000
1976-2005

1

A-l
A-l
\X

A

. A
A
Aa
A-l/AA
Aa
AAA
A-l/AA
A-l/A

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

1

a s of October 31, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Transamerica Corp.
C e n t r a l Hudson Gas & E l e c t r i c
F l o r i d a Power & Light Co.
P a c i f i c L i g h t i n g S e r . Co.
P a c i f i c Gas & E l e c t r i c Co.
C l a r k Equipment C r e d i t Corp.
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 P u b l i c S e r v i c e
Arkansas Power & L i g h t Co.
Columbus & Southern Ohio E l e c t r i c
* P h i l l i p s P e t r o l e u m Co.
General Motors Acceptance Corp.
V i r g i n i a E l e c t r i c & Power Co.
Madison Gas 6^-Electric
Southern Railway 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 Export 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
Wisconsin Gas Co.
Wisconsin E l e c t r i c Power Co.
Arizona P u b l i c S e r v i c e
Georgia 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 Value S t o r e s
American Communication
Weyerhaeuser Co.
American F i n a n c i a l Corp.
*Idaho Power Co.
*Sambo's R e s t a u r a n t s I n c .
Consumers Power
Southwest Gas Co.

Notes
1 s t mtge
1 s t mtge
Debt
Pfd s t k
Notes
Equip t r
Com s t k
Pfd s t k
Pfd s t k
1 s t mtge
Debt
Notes
1 s t mtge
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
1 s t mtge
1 s t mtge
1st mtge4
1 s t mtge
Pfd s t k
Pfd s t k
Com s t k
Com s t k
Pfd s t k
Debt
Com s t k
Com s t k
Com s t k
Pfd stk

50.0
20.0
50.0
25.0
75.0
50.0
15.0
17.0
30.0
40.0
60.0
250.0
100.0
100.0
25.0
15.0
16.0
15.0
100.0
100.0
20.0
60.0
75.0
50.0
20.0
60.0
75.0
100.0
15.0
40.0
16.5
15.0
200.0
50.0
28.0
20.0
55.0
40.0

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

4
5
6
6
6
11
12
12
12
12
13
13
13
13
13
18
18
18
18
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

1

as of October 31, 1975
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Kentucky U t i l i t i e s
FMC Finance Corp.
^Diamond Shamrock Corp.
*Southland F i n . Corp.
V i r g i n i a E l e c t r i c & Power Co.
^Central I l l i n o i s Light
*Central I l l i n o i s Light
*Appalachian 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
^Northwest N a t u r a l Gas Co.
*Kansas City Power & L i g h t
*Union E l e c t r i c Co.
*Chesapeake & Potomac T e l . Co.
* I n d i a n a & Michigan Power Co.
^ P o r t l a n d General E l e c t r i c Co.
Shenandoah O i l Corp.
Consol. Edison Co. of New York
Armco S t e e l Corp.
Pan American Bancshares
Texas Gas T r a n s m i s s i o n Co.
A l l i e d Finance Co.
Other
European I n v e s t m e n t Bank
*Kingdom of Norway
^Providence of O n t a r i o
^Providence of O n t a r i o
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 Mining & Smelting Co.
Ltd.
*Brazil




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

15.0
50.0
100.0
35.0
47.5
15.0
25.0
60.0
25.0
40.0
100.0
45.0
43.6
20.0
50.0
100.0
75.0
45.0
20.0
80.0
21.0
20.0
40.0
20.0

November
November
November
November
November
December
December
December
December
December
December
December
December
December
December
December
December
December
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

Notes
Notes
Notes
Debt
Conv d e b t
Debt

50.0
100.0
100.0
200.0
100.0
250.0

November
November
November
November
November
NOvember

50.0
50.0

November
December

SF d e b t
SF d e b t

11
11

6
11
13
13
19
20

Table 6B

15

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

1

a s of October 31, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Minnetonka, Minn.
Sonoma Co. Water Agency, C a l i f .
Wayne Co., Mich.
Los Angeles Dept. of Water & Power
Tampa, F l a .
P e n n s y l v a n i a , S t a t e of
^Connecticut Hsg. F i n . Auth.
^Midland County, Mich.
*Midland County, Mich.
*Shoreham Wading River CSD, N.Y.
* 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 .
*Puerto Rico Water Auth.
* I n d i a n a p o l i s Apt. A u t h . , I n d .
*Middlesex 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 Dept. of T r a n s p .
R a l e i g h , N.C.
Chicago P u b l i c Bldg. Comm., 111.
*Richmond, Va.

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

10.8
11.4
19.2
65.0
49.0
100.0
35.0
27.6
12.4
15.4
14.4
20.0
50.0
10.0
10.1
19.2
25.0
65.0
10.0
36.0
25.0

November
3
November
4
November
5
November
5
November
6
November
6
November
6
November
6
November
6
November
6
November
6
November
6
November 13
November 13
November 14
November 18
November 18
November 18
November 25
November
December 10

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.




STOCK PRICES AND VOLUME
STOCK PRICES
N Y S E INDEX

TRADING VOLUME

BJ INDUSTRIALS

5.5 (1/12)
1 . 4 (8/20)

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

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

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

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

88.00 ( 7 / 1 5 )
60.70 ( 1 / 2 )

35.2 (2/13)
.7 (9/15)

4 . 2 (2/21)
1 . 1 (9/15)

8 . 1 (2/13)
2 . 5 (9/15)

89.23
85.86
86.16
83.58
86.64

81.92
79.55
78.58
76.45
79.01

15.6
13.7
12.4
14.8
12.7

1.8
1.6
1.4

1.3

4.9
4.6
4.4
4.7
4.6

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
13.1
13.8
14.3

1.3
1.3
1.7
1.5

4.3
4.2
4.4
5.6

813.21
832.91
832.13
840.52
836.04

83.21
84.13
33.38
83.07
82.79

75.50
76.96
77.63
78.62
76.99

13.6
15.3
16.2
17.2r
15.3

1.5
1.5
1,5
1.6r
1.5

4.4
4.6
5,2
5.0
4.6

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

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

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

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

53.37 (3/13)
32.89 (10/3)

891.66 (3/13)
577.60 (12/6)

102.01 (3/14)
58.26 ( 1 2 / 9 )

9 6 . 5 3 (3/15)
54.87 ( 1 0 / 3 )

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

881.81 ( 7 / 1 5 )
632.04 ( 1 / 2 )

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

47.10
45.92
46.02
44.85
46.29

826.50
817.74
825.64
804.76
835.34

45.56
44.26
45,53
45.70
45.49
46.67
47.06
47.57
47.06

NOTES:
1

Figure* other than highs and low* are Friday* only. High* and low* are for the year and are not nece**arily for Fridays.

2

Volume figures are weekly average* of daily figure* (million* of ihares).

3

12/31/66 = 50

4
Based on average price change until September 4, 1973 thereafter, bated on market value of



shares listed.

1.6

(

/

17

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

B R O K E R S ON
MARGIN
STOCK

1

BROKERS ON %
CONVERTIBLE
BONDS

BANKS

c>

1UNREGULATED
IfclBEZ*! II ATCnNONMARGIN
UAIIIIAD^IIJ
S T O C K CREDIT
AT B A N K S

OUTSTANDING

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

Nov.
Dec.

1975 - J a n .
Feb.

Mar.
Apr.
MayJune
July
Aug«
Sept.

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

158
156
148
145
139
137

1,023
953
924
916
891
856

2,091
2,119
2,060
2,024
2,053
2,064

3,950
4,130
4,180
4,360
4,700
4,990
5,300
5,220
5,250

134
136
134
138
140
146
144

848
830
844
824
819

1,919
1,897
1,882
1,885
1,883
n.a.
n.a.

-320
-250
-570.
-90
30
-90

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

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

19
28
-59
-36
29
11

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

CHANGE IN OUTSTANDING

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

Nov.
Dec.

1975 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.

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

SAYINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

DATE

ANNUAL 3
GROWTH
RATE

NET
FLOW

1971
1972
1973
1974

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

1974 - MayJune
July
August
1975 - May
June
July

13.5
12.4
5.3
3.0

6
769
-521
-646

August £ /

1,145
1,827
509
225

1975 - J a n u a r y
February
March
April
May
June
July
August £ /

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

1

—
—
—
—

—
—
—
—

4.5
8.7
18.0
10.3
15.9
17.8
11.0
10.1

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

NET
NEW
MONEY

SHARE CAPITAL
NET
FLOW

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

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

-182
-370
-733
-837

536
2,691
-481
-1,147

930
716
264
in
—
—
—
—
—
—

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0

2

DEPOSITS
NET
FLOW

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

37,414
42,634
25,052
18,952

420
16
-581
-1,218

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

3,895
3,690
—
6,226
3,089
3,055
—
2,865
—
l.,46n
1,313
SEASONALLY ADJUSTED
2,455
12.1
3,057
14.9
4,842
23.3
3,642
17.2
4,331
20.2
—
5,031
23.0
—
18.6
—
4,144
3,208
14.2

5,038
8,053
3,564
1,685

—
——

—

2,824
3,772
6,331
4,509
5,683
6,561
5,101
4,101

NOTES:
1

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2

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

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Digitized for3 FRASER
http://fraser.stlouisfed.org/
•'
"
"
Federal Reserve Bank of St. Louis
v

.

. . .

...

ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8
——
—
—

__
——
—

9.9
13.1
21,7
15.2
19.0
21.6
16.5
13.1

NET
NEW
MONEY

26,331
29,335
10,062
1,847
238
-354
-1,314
-2,055
4,620
3,805
3,129
1,323
——
—
——

2

Table 10

9

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

N E T CHANGE

OUTSTANDING C O M M I T M E N T S
PERIOD
TOTAL

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

TOTAL

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

1971 - Dec.

17.7

14.0

, 3.7

.49

1972 - Dec.

25.1

20.2

4.9

.56

.55

.01

1973 - Dec.

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.

14.4
14.4
15.2
16.2
16.9
17.1
18.2
19.3

12.3
12.6
13.2
14.3
14.9
15.1
16.1
17.1

2.1
1.8
2.0
2.0
2.1
2.1
2.1
2.2

-.04
.05
.71
1.13
.73
.27
.94
13.03

.06
.30
.60
1.07
.62
.27
.97
1.03

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

.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

T a b l e 11

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

PERIOD

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

Nov.
Dec.

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

Nov.
Dec.

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

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM I S S U E S
FHLMC

TOTAL

FHLB

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

+1,528
+1,349
+1,850
+1,950
-150
+256

+998
+1,349
+1,500
+1,300
—

—

-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+507

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
+961

-800
-657

—

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

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

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

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

—




—

+530

——

+350
+650

-150

——

+256
+44

——

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

FNMA

—

+450

—

—

—

—

+750
+499
-200
+1,050
+100
+310
+491
+ 300
0
-1
0
0
0

-1
0
+ 700
+ 100
0
+ 600
+ 300

FNMA
SHORT-TERM
DISCOUNT
NOTES

-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454
-237
-405
-249
-69
-289
-348
-135

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS

21

IN M I L L I O N S O F D O L L A R S

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS
TOTAL

(COMMERCIAL
1
BANKS
Not

MSB's

Seasonally

S & L's

INSURANCE FNMA-GNMA
COMPANIES

Adiusted

1970

21,736

16 , 8 2 7

2,462

1,845

10,254

2,348

4,909

1971

41,647

39 , 2 5 9

9,940

3,938

23,919

1,221

2,388

1972

57,587

55 ,561

16,800

5,377

31,932

1973

58,372

55 ,072

19,600

5,642

25,552

4,278

3,300

11,700

5,078

6,222

1975

-

-

42,748

2,170

Oct.

2,419

1 ,655

500

45

565

545

764

Nov.

1,992

1 ,476

400

79

522

475

516

Dec.

2,255

1 ,082

500

22

595

729

453
451

1,311

860

Feb.

1,586

1 ,512

Mar.

2,329

1 ,942

Jan.

1975

-

NOTES:

1
*

1

66

426

268

100

1,109

403

74

0

70

1,614

258

387
190

3,458

3 ,268

400

132

2,285

451

3,966

3 ,909

300

181

3,184

244

57

3,425

153

42
710

4,443

4, 401

4,493

3, 783

4,436

3, 938

500

323

200
3,122
334
3,260
213
300
S e a s o n a l l y Ad l u s t e d

127
165

498

Oct.

2,847

2, , 2 0 5

533

98

1,037

537

642

Nov.

2,461

1, , 9 7 3

509

67

985

412

488

Dec.

1,986

1, 456

734

-102

629

195

530
506

2,612

2, 106

447

170

1,154

335

Feb.

2,827

2, 628

184

242

1,646

556

199

Mar.

Jan.

2,469

1, 908

53

47

1,411

397

561

Apr.

3,519

3, 128

384

166

2,015

563

391

May

3,488

3, 307

33

149

2,769

356

181

June

3,246

3, 181

167

193

2,655

166

July

3,851
3,413

3, 329
3 , 187

175

269

2,751

134

65
522

31

167

2,837

152

226

Aug.

1

100
-100
/

May
July

-

-

Apr.

Aug.

1974

2,026

17,578

1974
1974

1,452

36 ,526

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 t h e
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 8 3 per cent of t h e net increase estimated for all holders in 1974.
Beginning January 1972 data reflect activity in limited amount of conventional mortgages.




•

T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING'
IN B I L L I O N S O F D O L L A R 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

:;

RESIDENTIAL
QUARTER

TOTAL

TOTAL

r
|

1- to 4FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMILY
&
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 mainly because of more aggregative type of seasonal adjustment.

3

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




.

Table 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

PERMITS 1
PERIOD

1969
1970
1971
1972
1973
1974

TOTAL

1 —FAMILY

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

MOBILE
2-OR

MORE

FAMILY

HOME
SHIPMENTS

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

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

1975 - J a n .
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

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

June

949

679

270

1,094

884

210

1,165

785

380

210

1,042
995
1,072

711
732
749

331
263
323

1,235
1,268
1,240

935
986
906

300
282
334

1,244
1,190

896
818

348
372

225
235

July
Aug.
Sept.

.

NOTES:
Private building permits (for 14,000 areas with perbiit 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 based on


13,000 areas with permit systems

•

'

J

£

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

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

9.70
9.55
9.45

-33
-13
n.a.

9..70
9,.60
9,.45

-33
- 8
n.a.

10.,13

10
n.a.
n.a.

4.,6
.a
3.,8

-43
- 6

10.03
9.68
n.a.

9.15
9.05
8.90
9.00
9.05
9.00
9.00
9.15
9.25

15
11
- -70

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

3.,8
2.,6
5,.4

-46
-31
-12
-17
4

5.,0
4,.3
4,.8
6 .2
5 .5

16
21
21
n.a.
-11
- 6
-13
-17
-49

9.00
8.94
9.60
9.66
9.62
9.37
9.25
9.49
9.70

-66

-57
-37
-25
-34
-45

RATE
(IN PER CENT)

SPREAD
BETWEEN
R E T U R N S ON
CONVENTIONAL
AND HUD(FHA)
NEW HOME
DISCOUNT
(PERCENTAGE MORTGAGES
(BASIS
POINTS)
POINTS)

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

EXISTING HOMES

9..51
8..99
8.,84
8.,69
,a.
9.,16
9,.06
9.,13
9 .32r
9 .74

SPREAD
(BASIS
POINTS)

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.




22
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED
-

ACCEPTED

AMOUNT
(IN MILLIONS O F DOLLARS)
OFFERED

|

AVERAGE
YIELD

ACCEPTED

1155 (3/25) 333 (3/25) 10.59 (9/9: ) 164 ( 4 / 1 8 ) 63 (4/8)
10. 71 ( 9 / 9 )
26 (11.18) 18 (11/18) 8 . 4 3 (2/2!j 14 (10/21)
7 (11/18) 8 . 47 ( 3 / 1 1 )

High
Low

-

AVERAGE
YIELD

Jan.

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

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

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

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

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

6

198,.5

143.0

S.95

27.5

23.5

10.,02

20

43. .2

23.2

9.65

9.7

9.2

9. ,81

July

Aug.

Sept.

Oct.

8 .

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.