View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

'< \
:
;1
Capital
Market
Developments

November 30, 1976

Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




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

/V

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 MARKET

SYMBOLS
e
p
r
n.a.
—

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

3
Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
WEEK ENDING

1976 - September

NEW ISSUE
Aaa UTILITY

RECENTLY
OFFERED
Aaa UTILITY

GROSS
31
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

3
10
17
24

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

October

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

5
12
19
26

8.31
8.24r
8.07p

8.23
8.28
8.15
8.04p

0
127r
431r
275

97
90
84

65
24
70
156

—

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1976 - September

MOODY'S
NEW ISSUE

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

3
10
17
24

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

October

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

5
12
19
26

5.31
5.36
5.24
5.16

6.34
6.39
6.26
6.16

537
729
1,353
379

83
79
94
90

253
343
176
97

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-fated 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
4

Estimated by F.R. on the basis of available data.
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 4
C O N S T A N T MATURITY

B O N D BUYER
2 0 - 8 0 N D INDEX

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 (10/3)
6.27 (2/13)

1976 - High
Low

8.95 (5/28)
8.07 (11/26)

9.10 (1/2)
8.04 (11/26)

8.66 (5/28)
8.17 (11/26)

8.17 (5/28)
7.63 (10/15)

7.29 (1/2)
6.16 (11/24)

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

8.23
8.28
8.15
8.04d

8.30
8.31
8.27r
8.17

7.70
7.76
7.69
7.54o

6.34
6.39
6.26
6.16

1976 - Oct.

1
8
15
22
29

8.29
8.29
8.15
8.28
8.29

Nov.

5
12
19
26

8.31
8.24r
8.07

—

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 average of daily closing figures.

4

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

5

Thursday figures. The overage rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




5

Table 3

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

GROSS PROCEEDS
I

CORPORATE

PERIOD

1976

I

1975

1974

1976

2

STATE AND LOCAL

1

1975

|

1974

January
February
March

3,381
3,838
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
June

3,522
4,188
6,364

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

2,860

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

4,705
4,068
4,325

4,609
3,739
3,511

2,323
2,381
2,052

2,860
2,483
1,479

13,851
14,074

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

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

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

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

27,925

30,978
40,546
53,644

18,437
25,969
37,828

15,253
23,775
30,531

13,150
17,416
24,238

October
November
December
Q1
02
03
04
1st Half
3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association 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

GROSS PROCEEDS BY TYPE OF ISSUER
GROSS PROCEEDS BY TYPE OF ISSUE
BONDS
COMMON
OTHER
COMMUNIPUBLIC
MANUFACAND
ISSUES INCLUDED
PUBLICLY PRIVATELY
ISSUERS
CATIONS
UTILITY
TURING
OFFERED
PLACED PREFERRED
FOREIGN CONVERTIBLE
STOCK

1975 - I I I
IV

9,568
13,088

5,428
5,816

2,085
4,158

2,054
3,116

1,225
1,902

463
215

2,420
3,480

3,327
3,424

679
1,215

3,142
4,974

1976 - I
II

13,851
14,074

7,569
7,427

2,729
3,532

3,544
3,115

1,340
1,843

257
478

4,497
3,703

4,044
3,140

765
1,877

5,354

1975 - J u l y
Aug.
Sept.

4,327
2,405
2,836

2,658
1,356
1,414

1,014
486
585

654
563
837

925

425

1,120
681
619

1,039
1,024
1,264

270
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

825
975

952
1,103
1,425

1,247
1,275
902

928
55
232

1,579
1,635
1,767

3,381
3,838
6,632
3,522
4,188
6,364
2,860

2,189
2,142
3.238
2,350
1,937
3,140
1.239

613
769
1,347
644
1,059
1,829
993

579
927
2,047
528
1,192
1,395
628

605
335
400
428
350
1,005
500

1,073
1,179
2,245
584
1,709
1,410
890

1,097
789
2,158
644
1,148
1,348
905

171
578
450
20
,407
26

16

1,197
1,697
1,650
1,842
1,311
2,201
1,041

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

300
102

NOTES:
1
Other issuers we extractive, railroad and other transportation, reel estate end finance, and commercial and other.
Source: Securities end Exchange Commission.




38
61

154
121

15
121

37
15
426

112

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
November 1 through November 26,1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

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 City Power & Light Co.
Columbus & Southern Ohio Elec. Co.
Idaho Power Co.
P u b l i c Service of New Mexico
Columbus & Southern Ohio Elec. Co.
Dayton Power & Light Co.
Burlington 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.
Long I s l a n d L i g h t i n g Co.
Toledo Edison Co.
Kentucky U t i l s .
Minnesota Power & Light Co.
General Telephone of F l o r i d a

20.0
SF d e b t .
100.0
Debt.
Com. s t k .
43.9
64.1
Com. s t k .
18.1
Com. s t k .
Pfd. stk.
22.0
27.4
Pfd. stk.
Com. s t k .
29.1
25.4
Com. s t k .
25.8
Com. s t k .
1st mtg.
50.0
15.0
Equip, t r .
30.0
1st mtg.
1st mtg.
55.0
1st mtg.
80.0
Notes
100.0
50.0
Debt.
Conv. debt . 20.0
50.0
1st mtg.
Pfd. s t k .
38.5
Pfd. s t k .
25.0
Com. s t k .
22.0
Com. s t k .
18.5
Debt.
50.0

1986
2016
—

—

—

—

—

—

MOODY S / S & P ' S
RATINGS

Baa/BB+
Aaa/AAA

—
—
—

—

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
9.72
8.82

—
—

8.68
5.70-8.00
9.10
8.45
9.10
8.15
8.85
5.75
8.37
9.72
8.82

—
. ™

2006

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




9.38
8.30

9.32
9.68

—

NOTES:
•
1

9.38
8.25

OFFERING
YIELD

8.25

—
—

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

8.25

A/A

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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 1 through November 26, 1976
ISSUER

CORPORATE

Long I s l a n d L i g h t i n g Co.
Cleveland E l e c t r i c I l l u m i n a t i n g Co.
Harrah 1 s

TYPE

1 s t mtg.
1st mtg.
1st mtg.

AMOUNT
(MILLIONS
OF
DOLLARS)

50.0
125.0
50.0

MATURITY

2006
2011
1996

COUPON RATE

8.63
8.38
9.50

OFFERING
YIELD

8.50
8.25
9.50

MOODY'S/SAP'S
RATINGS

A/AAa/AA
—/A

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
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
B r i t i s h Columbia Hydro & Power Auth.




Notes
Bonds
Notes
Bonds
Bonds
Notes
• Bonds
Bonds
Bonds

75.0
75.0
125.0
75.0
250.0
250.0
125.0
27.0
8.0

Bonds
Notes
Bonds

1996
1984
1983
1996
1986
2001
2006
1996
1977-1986

8.88
8.13
8.13
9.00
7.80
8.38
8.70
8.88
8.00

8.98
8.20
8.15
9.05
7.83
8.42
8.70
8.88
6.25-8.35

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

50.0

1996

9.30

9.30

Aaa/AAA

75.0
175.0

1981
2006

7.90
8.63

7.90
8.63

Aaa/AAA
Aa/AA

T a b l e SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
November 1 through November 26, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/SAP'S
RATINGS

5.64
6.30
5.06
7.25
7.25
5.47.
6.45

3.20-6.00
4.00-6.50
3.00-5.75
6.90
7.20
3.00-6.20
6.38
3.00-5.90
2.80-6.60
2,80-6.60
2.80-6.60
4.50-7.10
7.40
7.64
10.25
3.40-6.00
6.40
3.30-6.00
6.30
2.95-6.00
6.15-6.85
3.75-5.80
3.10-6.00

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

STATE AND LOCAL

Alabama P u b l i c Sch. & College Auth.
Lapeer Co., Michigan
H a r r i s Co., 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 Co., 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
Pennsylvania, S t a t e of
Monroeville H o s p i t a l Auth., Pa.
Monroeville H o s p i t a l Auth., Pa.
Monroeville H o s p i t a l Auth., Pa.
New York City Mun. Asst. Corp.
Connecticut Hsg. Finance Auth.
Connecticut Hsg. Finance Auth.
Georgia R e s i d e n t i a l Fin. Auth.
Georgia R e s i d e n t i a l Fin. Auth.
Washington, S t a t e of
Manatee Co. Port Auth., F l a .
East Bay Mun. U t i l i t y D i s t . , Cal.
Syracuse, N.Y.

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

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

NOTES:
1

Includes only state and local security offerings of $10 million and 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

—

5.82
5.82
5.82
7.63
7.63
7.63
—

6.47
6.47
6.02
6.02
5.62
—

5.15
5.22

A-l/AA
A-l/AA
A-l/AA
A/A
A/A
A/A
—•/A4Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA+
Baa-l/BBB
Aaa/AA
Aa/—

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
November 1 through November 26, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S & P ' S
RATINGS

STATE AND LOCAL

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




4.00-6.25

Rev.

10.7

1978-1996

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

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

6.65
6.83
6.02
6.4i
6.41
5.81
8.49
8.49
5.86

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

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

5.87
5.87
5.87
5.86
5.84
7.10
7.10
6.59
5.60
7.79
7.79
7.10

-T-

....

,

—

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/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 SB C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S. TREASURY
November 1 through November 26, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S A P ' S
RATINGS

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 Angeles Dept. of Water & Power
Phoenix Civic Improv. Corp., Ariz.
Anne Arundel Co., Md.
Milwaukee Co., Wisconsin
Oregon, S t a t e of
New J e r s e y Health Care Fac. Auth.
New J e r s e y Health Care Fac. Auth.
Lewis & Clark Co., Mont.
N a s h v i l l e & Davidson Co. Metro.
Govt., Tenn.
Sabine River Auth. of Texas
Ann i s ton Reg. Medical C t r . Bd. , Ala.
Anniston Reg. Medical Ctr. Bd., Ala.
Anniston
 Reg. Medical C t r . Bd., Ala.



Rev.

34.0

1980-1999

6.39

4.00-6.20

Aa/A+

Rev.

26.3

2006

6.39

6.30

Aa/A+

Rev.
G.O.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
G. 0.
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
6.68
5.84
6.49
6.49
6.55
6.10
6.10
5.86
5.37
5.10
5.35
7.26
7.26

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

Aa/A+
Aaa/—
Aa/ —
A-l/—
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

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

3.10-6.15
6.25
4.50-6.60
7.10
7.38

Aa/ —
Aa/AA
A/A
A/A
A/A

—
—
—

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
November 1 through November 26, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S & P S
RATINGS

STATE AND LOCAL

B l u e f i e l d Mun. Bldg. Comm., W. Va.
B l u e f i e l d Mun. Bldg. Comm., W. Va.
P h i l a d e l p h i a , Pa.
P h i l a d e l p h i a , Pa.
New York S t a t e Energy Research &
Development Auth.
Deer Lodge Co., Mont.
Delaware Bept. of A f f a i r s & Economic
Development
Monroe Co., N.Y.
Minnesota Hsg. Finance Agy.
Minnesota Hsg. Finance Agy.
S p r i n g f i e l d , 111.




Rev.
Rev.
Rev.
Rev.

5.3
15.8
16.1
33.9

1980-1992
2005
1979-1987
1997

8.99
8.99
7.41
7.41

6.75-8.50
9.13
5.00-6.90
7.38

Rev.
Rev.

30.4
31.9

2006
1996

7.58

7.50
6.50

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

32.0
22.4
4.7
22.8
18.0

2001
1977-1995
1979-1996
2019
1979-2002

—

—

5.25
—

7.25
2.90-5.80
4.10-6.40
7.25
3.50-6.50

j

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

13
Tabic e *

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

1

As of November 26, 1976
AMOUNT
(IN MILLIONS
OF DOLLARS)

ISSUER
CORPORATE

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.
Southern Railway Co.
Union Tank Car Co.
Union Tank Car Co.
Wisconsin Elec. & Pwr. Co.
Avco F i n a n c i a l Services Inc.
Avco F i n a n c i a l Services Inc.
Transamerica Corp.
Mountain S t a t e T e l . & Tele.
Chrysler F i n a n c i a l Corp.
*Pub Svc. Co. Colorado
Allegheny Pwr. Co.
Monongahela Pwr. Co.
Standard Oil Company Ohio
Standard Oil Company Ohio
Standard Oil Company Ohio
Copperweld Corp.
West Penn Pwr. Co.
Duquesne Light Co.
V i r g i n i a Elec. & Power Co.
Kansas City Power & Light Co.
General American Transp. Corp*
General American Transp. Corp.
Portland General Elec. Co.
•Missouri P a c i f i c Ry.
Ohio Edison Co.
Southern P a c i f i c Transp. Co.
Ohio Edison Co.
•Diamond Shamrock Corp.
•Union Carbide Corp.
South Carolina Elec. & Gas Co.
P a c i f i c Power & Light Co.
P a c i f i c Power & Light Co.
South Carolina Elec. & Gas Co.
Louisiana Power & Light Co.
Central & South West Corp.
Louisiana Power & Light Co.

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

108.0
60.0
175.0
19.7
7.2
32.8
16.0
75.0
50.0
50.0
150.0
100.0
25.0
35.0
15.0
150.0
75.0
75.0
30.0
20.0
45.0
67.1
30.0
30.0
30.0
30.0
15.0
40.0
100.0
60.0
125.0
200.0
20.0
50.0
20.0
50.0
25.0
100.0
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




APPROXIMATE
DATE OF OFFERING

Nov. 30
Nov. 30
Nov. 30
Nov. 30
Nov. 30
Nov. 30
Dec.
1
Dec.
1
Dec.
1
Dec.
1
Dec.
1
Dec.
1
Dec.
1
Dec.
2
Dec.
2
Dec.
2
Dec.
2
Dec.
2
Dec.
2
Dec.
2
6
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
8
Dec.
8
Dec.
8
Dec.
Dec.
9
Dec.
9
Dec.
9
Dec.
9
Dec.
9
Dec. 14
Dec. 14
Dec. 14

lb
Table 6A Continued

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

1

As of November 26, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Chesapeake & Ohio Ry.
Pennsylvania Power & Light Co.
Arizona Public Svc.
Miles L a b o r a t o r i e s I n c .
*Harris Corp.
• I n t e r n a t i o n a l Harvester Credit
Corporation
* C r e d i t h r i f t F i n a n c i a l Corp.
B r a n i f f Airways
Republic New York Corp.
City I n v e s t i n g Co.
General 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.

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

15.0
150.0
35.0
40.0
50.0

Dec.
Dec.
Dec.
Dec.
Dec.

Notes
Notes
SF d e b t .
Debt.
SF d e b t .
Com. s t k .
SF d e b t .
Notes

75.0
25.0
50.0
50.0
50.0
146.0
50.0
35.0

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

OTHER
Finland
Honda Motor Co.
Mexico
Manitoba Hydro E l e c t r i c Board

Notes
Com. s t k .
Bonds
Bonds

50.0
52.0
50.0
125.0

Dec.
8
Dec.
Indef.




Dec.

14
14
15
15
15

1

15
Table 6 8

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

1

as of November 26, 1976
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*South Louisiana Port Comm., La.
Kentucky S t a t e Property & Bldg.
*Mobile I n d u s t . Dev. Bd., Ala.
*Alabama, S t a t e of
Hawaii, S t a t e of
Allegheny Co., Pa.
S p r i n g f i e l d Metro. E x p o s i t i o n &
Audit. Auth., 111.
Chelan Co. Public U t i l i t y D i s t . ,
#1 Wash.
*Fairbanks, Alaska
*Pico Rivera Water Dev. C o r p . , Cal
I l l i n o i s , S t a t e of
*BakersfLeld, Cal.
Glendale Redevelopment Agy., Cal.
*Rhode I s l a n d , S t a t e of
New York, S t a t e of
*Oliver Co., N.D.
Portage Tp. Sch. Bldg. C o r p . , Ind.
* C h e s t e r f i e l d Co., Va.
*Dade Co., F l a .
Camden Co., N . J .
Nebraska Public Power D i s t .
*Michigan S t a t e Hosp. F i n . Auth.
P e t e r s b u r g Hosp. Auth., Va.
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.

Rev.

33.0

Nov.

30

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

43.0
10.6
17.0
75.0
27.6

Nov.
Dec.
Dec.
Dec.
Dec.

30
1
2
2
2

Rev.

20.6

Dec.

2

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

290.0
35.2
11.0
150.0
15.5
13.7
25.0
92.0
15.4
19.0
29.9
26.0
15.0
160.0
11.5
42.0
163.0

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

2
6
7
7
7
7
8
8
9
9
14
14
14
15

*

NOTES:
1
Include* stats and local government issues of $10 million and over, foreign government. International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.
Included in the table for the first time.




Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

|

BJ INDUSTRIALS

1973 - High
Low

65 .58 (1/11)
49 .12 (12/13)

1051 .50 (1/11)
788 31 (12/5)

1974 - High
Low

53 .37 (3/13)
32 .89 (10/3)

1975 - High
Low

1

AMEX

4

1

TRADING VOLUME

NASDAQ

AMEX

NASDAQ

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

136 .84 (1/11)
89..12 (12/13)

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

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

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

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 (1/3)
7.5 (7/5)

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

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

51 .24 (7/15)
37 .16 (1/8)

881 .81 (7/15)
632 04 (1/2)

96 .86 (7/15)
62,.20 (1/2)

88 .00 (7/15)
60 .70 (1/2)

35.2 (2/13)
8.7 (9/15)

4.2 (2/21)
1.1 (9/15)

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

1976 - High
Low

57,.51 (9/21)
48 .04 (1/2)

1014..79 (9/21)
858 .71 (1/2)

107..05 (7/12)
84,.31 (1/2)

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

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

8.6 (2/20)
1.1 (1/2)

11.1 (2/20)
3.5 (1/2)

Sept.

3
10
17
24

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

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

Oct.

1
8
15
22
29

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

Nov.

5
12
19
26

53..94
53. 10
54. 61
55. 33

943.,07
927.,69
948. 80
956. 62

99.,72
98.,55
100. 04
100. 52

89.47
88..10
89.97
91. 42

17.0
16.3
20.8
21.9

2.3
1.9
2.5
2.3

6.2
6.4
7.1
7.3

NOTES:
1

Figures other then

2

Volume figures ere

3
4

12/31/66 - 60
Beted

end lows ere Fridays only. Highs end lows ere for the yeer end ere not necesserity for Fridays,
of deily figures (millions of shares).

price change until September 4, 1973 thereafter, based on merket velue of shares listed.




17

Tables

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS O N 2
CONVERTIBLE
BONDS

BANKS

5.

: f

UNREGULATED =NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1975 -

Aug.
Sept.
Oct.
Nov.
Dec.

1976 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.

Sept.

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

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

-80
30
50
70
20

-1
3
-1
2
1

12
20
155
1
-48

70
63
-209
-41
11

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

I:-:
X
"

CHANGE IN OUTSTANDING

1975 -

Aug.

Sept.
Oct.
Nov.
Dec.

1976 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.

:

4%

E

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

Jun* 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:
,

Nor^nargin stocks ^re those riot Gstad on a national securities exchange and not included on the Board of Governors of thi Federal Reserve
6ys6m'» list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no

•

" A

?

:•




4

Table 9

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 - January
February
March
April
May
June
July
August 21
1976 - January
February
March
April
May
June
July
August 2/

1,037
1,017
2,029
586
801
1,207
910
307
1,039
796
1,018
917
1,024
646
1,712
1,248

1

ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0
11.3
—
——

——
——

11.4
8.7
11.0
9.8
10.8
6.8
17.9
12.8

NET
NEW
MONEY

SAVINGS & LOAN ASSOCIATIONS

2

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

ANNUAL 3
GROWTH
RATE

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

—
—
—
——
—
—
—
—

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

19.0
18.7
9.8
7.0
17.7
——
——

.
—

ADJUSTED
17.7
15.0
16.5
14.7
14.4
11.2
19.4
20.3

TOTAL
DEPOSITS

NET
NEW
MONEY

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

—
—
—
•—
—
—
—

NOTES:
1

Regular deposits at mutual savings bank* exclude hems such as Christmas club and certain escrow accounts, which represent e very small part of total deposits.

2

New deposits net of both withdrawals end interest. Data for SSL's are for insured associations only, which represent 86 per cent of industry total resources.

3

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

Source: Nationel Association of Mutual Savings Banks end Federal Home Loen Bank Board.




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

15.9
13.3
15.0
13.4
13.4
10.0
19.0
18.3

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
—
—
—
—
—
—
—

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

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

MUTUAL
ALL SAVINGS
& LOANSAVINGS BKS5
ASSOCIATIONS (N Y. STATE)

TOTAL

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

1972 - Dec.

25.2

20.3

4.9

.45

.43

.02

1973 - Dec.

19.9

16.4

3.5

.04

.21

-.17

1974 - Dec.

14.6

12.4

2.2

- -

.09

-.09

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

1976 - J a n .
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

Aug.

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.




20

T a b l e 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

1974 - Sept.
Oct.
Nov.
Dec.

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

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

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

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

-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
-11
-30
-1,279
0
0
-700
0
+150
0
0

1976 - Jan.
Feb.
Mar.
Apr.
May

-197
-1,160
447
131
-946
-101
-49
397
257

0
-800
-100
700
-600
-200
300
-200
200

0
-1,100
0
0
-600
0
0
0
0

July
Aug.
Sept.

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

Preliminary




FHLMC

FNMA

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

+1,050
+100
+310
+491

+18
+66
-182
-454

+300
0
-1
0
0
0
0
0
0
200
0

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

-237
-405
-249
-69
-289
-270
-64
302
115
-263
-48
69

0
200
0
0
0
0
0
-200
0

0
300
-300
700
0
-200
300
0
200

-197
-360
-547
-569
-346
99
-349
597
57

—
—
—

21
T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS O F DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & L'S

INSURANCE FNMA-GNMA
COMPANIES

Not Seasonally Adjusted
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

1975 - Oct.
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

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
5,953

1,802
3,270
5,531
5,088
5,412
6,594
5,907
5,356
6,093

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
326

1971
1972
1973
1974
1975

364

Seasonally Adjusted

1975

Oct.
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

1976

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

3,682
4,748
4,879
4,697
4,071
4,546
5,407
4,722
5,914

3,196
4,333
5,565
4,535
4,414
5,111
5,360
4,675
6,311

678
9b2
987
762
826
699
968
372
1,129

184
249
320
301
195
371
228
356
445

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
365

NOTES:
1

these youps accounted for 83 per cent of the net increase estimated for all holders in 1974.
Beginning January 1972 data reflect activity in limited amount of conventional mortgages.




Table 13

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

<)

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1- to 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMLN
&
COMMERCIAl

FARM

1

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.o
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
I'*

r
j

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
2.7
2.8

2-5

A
f"
:
•:

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

:
V

'

/,

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.

f
i
f
1

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

:
V
;

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

3 3

i

;
f

<

\
j
t

NOTES:
1

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

2

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

3

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

4

Data revised October 1. Revised h i s t o r i c a l data a v a i l a b l e on request from the
Digitized forMortgage and Consumer Finance Section, Division of Research and S t a t i s t i c s ,
FRASER
Board of Governors, Federal Reserve System, Washington, D.C., 20551.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

T a b l e 14

PRIVATE HOUSING PERMITS, S T A R T S ,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS 1
PERIOD

TOTAL

1—FAMILY

STARTS
2 - O R MORE
FAMILY

COMPLETIONS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

1969
1970
1971
1972
1973
1974
1975

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
1,161

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

656
621
901
1,048
914
450
269

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

1975 - Oct.
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

338
333
321

1,115
1,386
1,329

738
992
993

377
394
336

1976 - J a n .
Feb.

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

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

Mar.

Apr.
May

June
July
Aug.
Sept.
Oct.
Nov.
Dec.

==555=55^^

NOTES:

1
Permit data for 1969
 and 1970 based on 13,000 areas with permit systems



1,110

1,055
1,065
1,139
1,123
1,171
1,289
1,329

a

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES
PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

EXISTING HOMES

1
RATE
(IN PER CENT)

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

SPREAD
(BASIS
POINTS)

1

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 - Oct.
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.a..
n.a.

4.0
3.1
2.4

-28
-21
-17

9.22
n.a.
n.a.

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

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
n.a.
8.82
9.03
9.05
8.99
8.93
8.82
8.55

40
46
n.a.
24
8
35
27
46
59
26

2.4
2.2

- 1
- 4

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

Oct.

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) ere 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.




Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

AVERAGE
YIELD

ACCEPTED

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

1975 - High
Low

366 (8/11) 9.95
18 (2/10) 8.78

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

AVERAGE
YIELD

ACCEPTED

100 (4/7)
51 (4/21)
10 (10/20) 9 (2/10)

10.02 (9/22)
8.96 (3/10)

12
26

9.,13
9.,07

42.7
33.4

32.1
24.7

9.28
9.22

252.,2
126.,9

179.,9
81.,2

9..07
9..04

57.8
44.0

36.9
23.3

9.17
9.14

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

5
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

4
17

483..3
634..3

222,.3
321,.4

8..94
9,.13

110.7
126.8

60.1
68.9

9.09
9.24

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

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

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

. 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

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

1
15

Aug.

31.5
57.,7

9
23

May

58.4
103.9

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:

offered by bidders relate to total eligible bids received.




H

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