Full text of H.16 Capital Market Developments : October 20, 1975
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s Capital Marl<et Developments October 20,1975 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE, AGRICULTURAL, and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D.C. 20551 Index TABLES SYMBOLS 1 - 6 SECURITY VOLUME AND Y I E L D S e p 7,8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET r REVISED H.a. NOT AVAILABLE — DATA DO NOT EXIST ESTIMATE PRELIMINARY Table 1 YIELDS, VOLUME AND RECEPTION 3 CORPORATE BOND MARKET YIELDS WEEK ENDING NEW ISSUE A a a UTILITY | RECENTLY OFFERED Aaa UTILITY | 2! 3 GROSS OFFERINGS ( $ MILLIONS) VOLUME PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 1 8 15 22 29 9.37 9.44 9.43 9.53 9.49 9.35 9.51 9.49 9.54 9.50 243 360 244 342 350 80 80 90 95 90 63 96 33 4 0 Sept. 5 12 19 26 9.64 9.68 9.70 9.41 9.50 9.61 9.70 15 285 520 331 99 95 95 91 1 33 30 58 Oct. 3 10 17 9.72 9.60 9.53p 9.70 9.56 9.51p 398 357 739 93 98 95 5 0 17 1975 - Aug. MUNICIPAL BOND MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 2Q-BOND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 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 6.92 6.80 6.60 7.67 7.48 7.29 451 479 335 81 76 92 142 154 86 1975 - Aug. I NOTES: j 1 1 1 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. 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. Table 2 HIGH GRADE BOND YIELDS NEW ISSUE A a a UTILITY DATE 1 RECENTLY OFFERED A a a UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR C O N S T A N T MATURITY 4 BOND BUYER 2 Q - 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 . 7 1 (8/21) 7.06 (2/12) 6 . 5 1 (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) Xx 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 . 7 1 (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) 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 9.72 9.60 9»53p 9.70 9.56 9.51p 8.96 8.93r 8,87p 8.59 8.43r S.3Cp 7.67 7.48 7.29 — 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 5 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS PERIOD 1 CORPORATE 1975 1 1974 1 2 STATE AND LOCAL 1973 1975 1 1974 1973 1 January February March 5,376 4,526 5,368 3,328 2,687 3,217 2,327 1,962 3,933 2,361 2,322 2,124 i 2,255 \ 2,003 ) \> f 1,977 1,515 2,467 April May June 4,439 5,646 5,570 3,060 3,164 2,981 2,497 2,543 3,578 2,393 2,875 3,020 Z7397 2,304 2,166 1,826 1,939 2,152 July August September 3,248 2,667 l,bl7 2,631 1,806 1,915 3,536 3,302 1,459 1,106 1,701 2,028 1,657 1,750 October November December 4,609 3,739 3,511 3,398 3,563 . 3,238 2,860 2,483 1,479 2,313 2,257 2,089 6,283 6,867 4,266 6,822 5,959 5,917 5,435 6,659 13,150 17,416 24,238 11,876 17,311 23,970 Q1 02 03 04 15,270 15,655 9,232 9,205 7,532 11,859 8,222 8,618 6,352 10,199 1st Half 3 Qtrs. Year 30,925 18,437 25,969 37,828 16,840 23,192 33,391 6,807 8,288 2 02 NOTES: 1 2 3 Securities and Exchange Commission estimates of gross proceeds. Securities Industry Association estimates of principal amounts. August t o t a l i n c l u d e s $565 m i l l i o n of p r i v a t e l y - p l a c e d municipal a s s i s t a n c e c o r p o r a t i o n bonds. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS G R O S S PROCEEDS BY TYPE OF ISSUE PERIOD 1974 - BONDS TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK G R O S S PROCEEDS BY TYPE OF ISSUER MEMO ISSUES INCLUDED FOREIGN (CONVERTIBLE MANUFACTURING PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 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 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 June 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 IV 1975 - I II 1974 - June — NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. 1 T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 October 1, t h r u October 17, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING » CORPORATE AT&T Standard Oil Co. (Ohio) C i t i e s S e r v i c e Co. H a r t f o r d E l e c t . Light & 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 Products 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. Rochester Gas & E l e c t r i c Rochester Gas & E l e c t r i c United Nuclear C e n t r a l I l l i n o i s Light Iowa P u b l i c S e r v i c e Sundstrand Corp. Pennsylvania 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 debt 1 s t mtge 1 s t mtge Equip t r 1 s t mtge Debt SF debt 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 Com 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 9.75 11.50 9.50 8.75 12.00 9.60 9.63 10.75 12.50 — — — —— — — — 11.00 11.00 A — — — - - 10.50 10.50 A - - - - - - — — - - 1985 2005 NOTES: * Rights offering. 1 Includes only corporate and pther security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. — —— 10.88 - - 9.35 9.25 9.80 11.50 9.58 7.50-9.00 11.73 9.60 9.73 10.75 12.50 - - 10.88 — 9.35 9.25 A A/BBB Aa/AAAaa Baa/A Aaa A Baa/BBB Ba/BB — — Baa/BBB — A/ Af Aa ^ INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY October 1, t h r u October 17, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY 15.0 25,0 100.0 45.0 300.0 150.0 8.1 10.9 1985 1985 1985 2000 2000 1980 2000 2000 COUPON RATE OFFERING YIELD MOODY'S RATING 10.75 9.88 9.13 9.88 8.90 8.05 8.80 9.30 Baa/BBB A . A/AA A Aaa Aaa NR NR E CORPORATE P u b l i c S e r v i c e Corp. of New Hampshire Pennsylvania Power N a t 1 1 Rural U t i l . 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 Shipyard, I n c . Avondale Shiipyard, Irlc. b 1 s t mtg 1 s t mtg Coll t r . SF debt Debt Notes SF debt SF debt 10.75 9.88 9.13 9.88 8.88 8.05 8.80 9.30 1 I fi 1 Table SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 October 1, t h r u October 17, 1975 2 AMOUNT TYPE ISSUER (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 Health F a c i l i t i e s Auth. I l l i n o i s Health F a c i l i t i e s Auth. Tallahassee, Fla. Monroe Co., Mich. San Antonio, 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. Massachusetts Hsg. Finance Agy. Massachusetts Hsg. Finance 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 . Racine, Wise. Phoenix, A r i z . 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. Bd., 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. I 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 •«. --—— — 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—1 Aa Aa Aa Aa A-l A-l MIG 2 MIG 2 MIG 2 A-l Aa A-l Aa Aa A A A NOTES: 1 2 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. In case of State and local government securities, G O denotes general obligation; Rev. Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments. 3 Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY October 1, t h r u October 17, 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. Georgia, S t a t e of Rev Rev Rev G« 0 . 4.4 18.0 75.0 48.0 2004 2005 1977 1976-2000 -- 8.55 6.28 9.25 8.45 / 8.00 4.00-6.85 A A M1G1 Aaa FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of October 17, 1975 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE O F OFFERING CORPORATE P u b l i c Service of Colorado I n t e r s t a t e Power Co. P u b l i c S e r v i c e of Colorado ^Missouri P a c i f i c ER Co, Walter Kidde & Co. Airco, I n c . Northern Indiana P u b l i c Service P u b l i c S e r v i c e E l e c t r i c Co. Mallinckrodt, Inc. P a c i f i c Northwest B e l l T e l . Co. Georgia Power Co. Ohio Power Co. Tucson Gas & E l e c t . Co. M i s s i s s i p p i Power Wisconsin Power & Light *General Telephone & E l e c t r o n i c s *GATX *GATX F i r s t Maryland Bancorp Transamerica Corp. ITT F i n a n c i a l Corp. ITT F i n a n c i a l Corp. American F i n a n c i a l Corp. Macy C r e d i t Corp. H o s p i t a l Corp. of America New York S t a t e E l e c t r i c & Gas North Carolina Pwr. & Light C e n t r a l Hudson Gas & E l e c t . *Panhandle E a s t e r n P i p e l i n e Panhandle E a s t e r n P i p e l i n e * P a c i f i c Gas & E l e c t r i c Co. *Baltimore & Ohio RR F l o r i d a Power & Light Co. Chesapeake & Ohio KR Co. Arizona P u b l i c Service *Arizona P u b l i c S e r v i c e ^Arkansas Power & Light Co. Columbus & Southern Ohio E l e c t . 1 s t mtg 1 s t mtg Com s t k Equip t r Notes SF debt Com s t k Pfd s t k Conv debt Debt Pfd s t k 1 s t mtg 1 s t mtg Pfd s t k Com s t k Pfd s t k Equip t r Equip t r Notes Notes Notes Debt Debt Debt 1 s t mtg Com s t k Com s t k 1 s t mtg Com s t k Debt Pfd s t k Equip t r 1 s t mtg Equip t r 1 s t mtg Pfd s t k Pfd s t k 1 s t , mtg 50.0 10.0 20.0 13.9 50.0 75.0 30.0 40.0 30.0 100.0 50.0 25.0 50.0 15.0 25.0 100.0 45.0 15.0 25.0 50.0 50.0 50.0 50.0 50.0 41.0 25.0 60.0 20.0 45.0 40.0 75.0 10.1 50.0 15.0 60.0 30.0 40.0 60.0 NOTES: • Included in table for first time. 1 Include* only corporate and other security issues of $15 million and over; excludes exchanges, options October October October October October October October October October October October October October October October October October October October October October October October October October October October November November November November November November November November November November November 21 20 22 23 23 23 23 23 28 28 28 29 29 29 30 30 5 5 5 6 6 6 12 12 12 12 13 12 T a b l e 6A C o n t i n u e d FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of October 17, 1975 ISSUER TYPE AMOUNT (IN MILLIONS O F DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE V i r g i n i a E l e c t . & Pwr. Co. Madison Gas & E l e c t . El Paso E l e c t r i c Penn, Power & Light Utah Power & Light Columbia Gas Wisconsin Gas Co. Wisconsin E l e c t r i c Power Co. *Clark Equipment C r e d i t Corp. -Brad Ragen, I n c . -Columbia Gas System, I n c . ^Consumers Power -Kentucky U t i l i t i e s FMC Finance Corp. V i r g i n i a E l e c t r i c & Power Co. Shenandoah Oil Corp. Consol Edison Co. of New York Mead Corp. Armco S t e e l Corp. Pan American Bancshares Texas Gas Transmission Co. A l l i e d Finance Co. 1 s t mtg 1st mtg 1 s t mtg 1 s t mtg 1 s t mtg 1st mtg 1 s t mtg 1st mtg Notes Conv. debt Debt Com s t k Com s t k Notes Com s t k Conv. debt 1st mtg SF debt Notes Notes Debt Notes 100.0 25.0 15.0 100.0 60.0 75.0 20.0 60.0 50.0 10.0 75.0 55.0 15.0 50.0 47.5 20.0 80.0 100.0 21.0 20.0 40.0 20.0 November November November November November November November November November November November November November November November INDEF INDEF INDEF INDEF INDEF INDEF INDEF SF debt Conv debt 50.0 100.0 October November 13 13 18 18 19 19 19 20 OTHER Hudson Bay Mining & Smelting Co. L t d . ^Matsushita E l e c t . I n d u s t . Co. L t d . POSTPONEMENT Houston L & P Houston L & P Pref s t k Com s t k 40.0 40.0 October iOctober CANCELLED J . P. Morgan & Co. Notes 150.0 Cancelled 8 16 Table 6B *3 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of October 17, 1975 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *Monroe Co., Mich. C a l i f o r n i a Educ. F a c i l i t i e s Auth. Newport News, Va. C o n n e c t i c u t , S t a t e of S. Vermillion High Sch. Bldg. Corp., I n d . El Paso Co. J r . College D i s t . , Tex, * F a i r f a x Co., Va. F a i r f a x Co., Va. Maryland, S t a t e of *Los Angeles Co. Courthouse Bldg. Corp. C a l i f o r n i a , S t a t e of Jacksonville E l e c t r i c Auth., Fla. West V i r g i n i a , S t a t e of Chicago P u b l i c Bldg. Comm., 111. *Minnetonka, Minn. *Sonoma Co. Water Agency, C a l i f . Los Angeles Dept. of Water & Power Rev Rev G.O. G.O. Rev G.O. Rev G.O. G.O. 14.0 18.7 11.7 70.8 October October October October 21 21 21 21 10.0 October October October October October 21 21 22 22 22 27 28 28 29 30 3 4 5 14 19.7 16.8 10.6 85.8 12.0 10.0 20.0 Rev G.O. Rev G.O. Rev G.O. Rev Rev 65.0 October October October October October November November November G.O* 51.0 October 50.0 36.0 10.8 11.0 POSTPONEMENT M i n n e a p o l i s - S t . Paul Metro. Area, Minn. 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. Table 7 STOCK PRICES AND VOLUME 4 AMEX 1 9J INDUSTRIALS | (1/11) 130.47 1051.50 (1/11) 85.26 (12/20) 788.31 (12/5) 2 TRADING VOLUME 1 STOCK PRICES 3 NYSE NASDAQ 136.84 (1/11) 26.0 (9/20) 89.12 (12/13) 9.0 (8/20) | AMEX 5 . 5 (1/12) 1.4 (8/20) | NASDAQ 11.3 (1/11) 3 . 5 (8/27) 1973 - High Low NYSE INDEX 65.48 (1/11) 49.12 (12/13) 1974 - High Low 53.37 (3/13) 32.89 (10/3) y 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) 1975 - High Low 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) Aug. 1 8 15 22 29 47.10 45.92 46.02 44.85 46.29 826.50 . 817.74 825.64 804.76 835.34 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 1.6 1.3 4.9 4.6 4.4 4.7 4.6 Sept 5 12 19 26 45.56 44.26 45.53 45.70 835.97 809.29 829.79 818.60 85.45 83.48 84.56 84.78 77.78 74,72 76.39 76.14 12.1 13.1 13.8 14.3 1.3 1.3 1.7 1.5 4.3 4.2 4.4 5.6 Oct. 3 10 17 45.49 46.67 47.06 813.21 832.91 932.18 83.21 84.13 S3.38 75.50 76.96 77.62 13.6 15.3r 16.3 1.5 1.5 1.5 4.4 4.6 5.3 NOTES: 1 Figures other than highs end lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 4 12/31/66-50 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 15 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON 1 BROKERS ON 2 MARGIN CONVERTIBLE STOCK BONDS 3 BANKS UNREGULATED NONMARGIN S T d C K CREDIT AT BANKS 4 OUTSTANDING 1974 - July Aug. Sept. Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May June July Aug* Sept. 4,840 4,590r 4,020r 3,930r 3,960r 3,840r 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 3,950r 4,130r 4,180r 4,360r 4,700r 4,990r 5,300r 5,220r 5,250r 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 -570r -90r 30r -90r -14 -3 -7 -3 -6 -2 -14 -70 -29 -8 -25 -35 19 28 -59 -36 29 11 110 180r 50r 180 340 290r 310 -80 30 -3 2 -2 4 2 6 -2 -8 -18 14 -20 -5 -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 j Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS ) SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR D E P O S I T S NET FLOW 1971 1972 1973 1974 ANNUAL 3 GROWTH RATE 9,621 10,067 4,815 2,909 1974 - May June July August 1975 - May 6 769 -521 -646 July August 2 / 1,143 1,827 509 225 1975 - January February March April May June July August 2J 369 715 1,489 867 1,352 1,530 937 893 1 13.5 12.4 5.3 3.0 — — — — — — — 4.5 8.7 18.0 10.3 15.9 17.8 11.0 10.1 NET NEW MONEY 2 S H A R E CAPITAL NET FLOW 5,378 5,451 -442 -2,822 27,793 32,567 20,237 16,053 -182 -370 -733 -837 536 *,691 -481 -1,147 930 716 264 10 — — — — — — — ANNUAL 3 GROWTH RATE 19.0 18.7 9.8 7.0 NET NEW MONEY 2 TOTAL 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 —— 1,460 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 9.9 13.1 21.7 15.2 19.0 21.6 16.5 13.1 — — — NOTES: 1 Repilar 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. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source:for National Association of Mutual Savings Banks and Digitized FRASER Federal Home Loan Bank Board. ANNUAL 3 GROWTH RATE NET NEW MONEY 17.2 16.7 8.4 5.8 26,331 29,335 10,062 1,847 __ 238 -354 -1,314 -2.055 — — — —— 4,620 3,805 3,129 1,323 2 17 T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED PERIOD OUTSTANDING COMMITMENTS ALL SAVINGS MUTUAL SAVINGS BK£> & LOAN ASSOCIATIONS (N.Y. STATE) TOTAL TOTAL NET CHANGE ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N.Y. STATE) 1971 - Dec. 17.7 14.0 3.7 .49 .30 .19 1972 - Dec. 25.1 20.2 4.9 .56 .55 .01 1973 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 25.8 25.8 25.4 24.8 24.0 23.7 23.1 22.2 21.0 20.0 19.6 19.7 20.8 20.9 20.6 20.2 19.5 19.3 18.8 18.0 17.0 16.1 15.9 16.2 5.0 4.9 4.8 4.6 4.5 4.4 4.3 4.2 4.0 3.9 3.7 3.5 .80 .21 -.43 -.57 -.89 -.21 -.67 -.92 -1.15 -1.06 -.41 .15 .66 .11 -.28 -.40 -.77 -.15 - .56 -.75 -1.00 -.90 -.26 .35 .14 -.10 -.15 -.17 -.12 - .06 -.11 -.17 -.15 -.16 -.15 -.20 1974 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 19.3 19.4 19.5 19.7 18.5 18.0 17.3 16.7 16.2 14.9 14.4 14.4 15.9 16.0 16.3 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 ?- NOTES: LOe B a n k B o a r d Savin9s Banks A " , «o««ion of New York State. Both series include a minor amount of noncomm'tmentt «•» '"elude 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. T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS O F DOLLARS PERIOD 1973 - July 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 ISSUES 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 — —— Notes: Based on d a t a from the Treasvry Survey of Ownership. 1/ Sales of FHLB discount n o t e s began i n May 1974. reliminary. Digitizedjd/for PFRASER FHLMC FNMA +530 —— —— -150 +350 +650 — +256 +44 —— —— -200 —— —— + 300 0 -1 0 0 0 -53 +344 +60 -4 +161 +342 +1,050 +100 +310 +491 +85 -38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -454 -1 0 + 700 + 100 0 + 600 + 300 -237 -405 -249 -69 -289 -348 -135 — +450 — —— —— SHORT-TERM DISCOUNT NOTES +750 +499 — T a b l e 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS O F DOLLARS PERIOD TOTAL INCLUDING FNMA-GNM* 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE FNMA-GNMA COMPANIES Not Seasonally Ad lusted 21,736 41,647 57,587 58,372 42,748 16,827 39,259 55,561 55,072 36,526 2,462 9,940 16,800 19,600 11,700 1,845 3,938 5,377 5,642 2,170 10,254 23,919 31,932 25,552 17,578 2,348 1,221 1,452 4,278 5,078 4,909 2,388 2,026 3,300 6,222 1974 - Oct. Nov. Dec. 2,419 1,992 2,255 1,655 1,476 1,082 500 400 500 45 79 - 22 565 522 595 545 475 729 764 516 453 1975 - J a n . Feb. Mar. Apr. May June July Aug. 1,311 1,586 2,329 3,458 3,966 4,443 4,493 860 1,512 1,942 3,268 3,909 4,401 3,783 66 100 426 -100 100 1,109 70 0 1,614 400 132 2,285 300 181 3,184 500 323 3,425 200 3,122 334 3,260 300 Seasonally Ad lusted 268 403 258 451 244 153 127 451 74 387 190 57 42 710 1974 - Oct. Nov. Dec. 2,847 2,461 1,986 2,205 1,973 1,456 533 509 734 98 67 -102 1,037 985 629 537 412 195 642 488 530 1975 - J a n . Feb. Mar. Apr. May June July Aug. 2,612 2,827 2,469 3,519 3,488 3,246 3,851 2,106 2,628 1,908 3,128 3,307 3,181 3,329 447 184 53 384 33 167 175 31 170 242 47 166 149 193 269 1,154 1,646 1,411 2,015 2,769 2,655 2,751 2,837 335 556 397 563 356 166 134 506 199 561 391 181 65 522 1970 1971 1972 1973 1974 NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. T a b l e 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES 3 RESIDENTIAL MULTFAMHJ f & COMMERC1AIL ' COMMERCIAI QUARTER TOTAL TOTAL 1968 - I II III IV 28.1 26.4 25.5 29.6 19.4 18.2 17.2 20.4 16.3 15.0 , 13.6 16.5 3.1 3.2 3.5 3.9 6.4 6.0 6.5 7.4 9.5 9.2 10.1 11.3 2.3 2.2 1.8 1.9 1969 - I II III IV 32.0 29.1 25.8 25.2 23.8 21.5 18.7 18.5 19.4 16.8 14.0 13.1 4.4 4.6 4.7 5.4 6.0 5.4 5.3 5.3 10.4 10.1 10.0 10.7 2.2 2.2 1.7 1.4 1970 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 11.5 13.4 9.8 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 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 ' r | I - TO 4FAMILY MULTIFAMILY 8.2 FARM NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Lifo 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^combmed. Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES 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 1,324 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 1975 - J a n . Feb. Mar. Apr. May- 689 701 677 837 912 508 515 503 603 658 182 186 173 234 254 999 I 1,000 . i 985 1 980 | 1,130 739 733 775 762 887 260 267 210 218 243 1,535 1,320 1,305 1,211 1,276 June 949 679 270 1,094 884 210 1,042 995 1,072 711 732 749 331 263 323 1,235 1,268 1,240 935 986 906 300 282 334 July Aug. Sept. 1 —FAMILY 808 802 1,014 1,143 1,166 MOBILE HOME 2 - O R MORE FAMILY SHIPMENTS 592 617 692 828 838 413 401 497 576 580 964 770 734 756 8 32 571 550 571 455 444 185 219 199 194 224 1,165 785 380 210 1,244 1,190 896 818 348 372 225 235 x 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 for Permit data for 1969 and 1970 based on Digitized FRASER 13,000 areas with permit systems T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) 197" - High Low 8.95 7.70 107 31 1974 - High 9.80 8.55 1974 - Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May June July Aug. HUD(FHA) INSURED LOANS SECONDARY MARKET EXISTING HOMES 1 RATE (IN PER CENT) SPREAD BETWEEN RETURNS ON NEW A a a UUNVCNTKJNAL UTILITY 1 AND HUD(FHA) BOND DISCOUNT NEW HOME YIELD (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) (BASIS POINTS) NEW HOMES 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 n«a. 9.51 10 n.a.. n.a. 4.6 n.a. 3.8 -43 n.a. - 6 10.03 9.68 9.15 9.05 8.90 9.00 9.05 9.00 9.00 9.15 15 ii -70 -66 -57 9.20 9.05 8.95 9.05 9.10 9.05 9.05 9.20 20 ii -65 -61 -52 -32 -20 -29 8.99 8.84 8.69 n.a. 9.16 9.06 9-13 9.33 - 1 -10 -91 n.a. -46 -31 -12 -16 3.8 16 21 21 9.00 8.94 9.60 9.66 9.62 9.37 9.25 9.49 -37 -25 -34 SPREAD (BASIS POINTS) 2.6 5.4 n.a. 5.0 4.3 4.8 6.3 -11 - 6 -13 -18 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high^rade 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. , 23 T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1974 - High Low AVERAGE YIELD ACCEPTED CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) OFFERED | AVERAGE YIELD ACCEPTED 1155 (3/25) 333 (3/25) 10.59 (9/9:) 164 (4/18) 63 (4/8) 10.71 (9/9) 26 (11.18) 18 (11/18) 8.43 (2/2!5 14 (10/21) 7 (11/18) 8.47 (3/11: 1975 - 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 June 2 16 30 172.5 73.4 358.7 80.4 38.6 246.9 9.14 9.06 9.07 51.2 28.5 67.5 27.1 15.7 47.3 9.26 9.21 9.18 July 14 28 333.2 415.8 174.9 247.7 9.10 9.17 71.4 56.5 35.8 34.5 9.20 9.26 Aug. Sept. Oct. 11 578.7 365.5 9.32 96.9 48.9 9.38 25 643.1 223.0 9.50 98.5 31.0 9.55 8 530.1 197.7 9.70 96.9 43.9 9.75 22 293.6 142.0 9.86 68.8 35.2 9.92 6 198.5 143.0 9.95 27.5 23.5 10.02 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.