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Capital
Market
Developments
4
September 27,1976
Prepared by the
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION
DIVISION OF RESEARCH AND STATISTICS
BOARD O F GOVERNORS
F E D E R A L RESERVE SYSTEM
Washington, D C. 20551
Index
SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
each. Address requests to Publications Services, Division of Administrative Services, and make payment
remittance payable to the order of the Board of
Governors qf 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
STOCK MARKET AND S E C U R I T Y
CREDIT
9 - 1 6
MORTGAGE MARKET
SYMBOLS
e
p
I
n.a
ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST
3
Table 1
YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING
1976 - July
August
Sept.
NEW ISSUE
A a a UTILITY
1
VOLUME
RECENTLY <OFFERED
A a a UTILITY
3
GROSS
OFFERINGS
( $ MILLIONS)
PER CENT
SOLD BY END
OF WEEK
NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)
2
9
16
23
30
8.72
8.58
8.53
8.66
8.72
8.67
8.57
8.55
8.68
8.69
260
248
515
160
158
80
85
87
98
97
213
146
139
13
19
6
13
20
27
8.60
8.49
8.47
8.60
8.49
8.46
8.44
299
677
117
190
96
89
88
92
32
110
124
75
3
10
17
24
8.38
8.28
8.28r
8.20p
8.38
8.35
8.30r
8.29p
225
240
423
314
100
90
99
78
2
73
—
7
247
MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING
1976 - July
MOODY'S
NEW ISSUE
Aaa
VOLUME
BOND BUYER
2Q-BOND
INDEX
3
GROSS
OFFERINGS
( $ MILLIONS)
PER CENT
SOLD BY END
O F WEEK
NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)
2
9
16
23
30
5.81
5.75
5.70
5.67
5.62
6.87
6.78
6.78
6.77
6.73
532
492
677
639
559
74
82
75
91
88
204
228
238
212
175
August
6
13
20
27
5.54
5.50
5.52
5.49
6.65
6.60
6.60
6.58
362
490
511
411
93
88
79
91
107
101
167
89
Sept.
3
10
17
24
5.42
5.40
5.40
5.40
6.52
6.52
6.50
6.52
977
223
89
88
145
107
781
743
89
78
170
220
,
NOTES:
1
Federal Reserve series of implied yield on newly issued. AM-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 BonS Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of t h s series consistent with the gross offerings series.
Table 2
HIGH GRADE BOND YIELDS
NEW ISSUE
Aaa UTILITY
DATE
1
RECENTLY OFFERED
Aaa UTILITY
2
MOODY'S SEASONED
CORPORATE Aaa
3
U.S. GOVT. 20-YEAR 4
CONSTANT MATURITY
BOND BUYER
2 0 - 8 0 N D INDEX
1972 - High
Low
7.60 ( 4 / 2 1 )
6 . 9 9 (11/24)
7.49 ( 4 / 2 1 )
7.15 ( 1 2 / 1 )
7.36 (4/28)
7.05 (2/12)
6 . 1 9 (4/14)
5 . 7 4 (11/17)
6.54 ( 4 / 1 3 )
4.96 (10/21)
1973 - High
8.52 ( 8 / 1 0 )
7.29 ( 1 / 2 1 )
8.32 ( 8 / 1 0 )
7.28 ( 1 / 5 )
7.77 (8/24)
7.11 ( 1 / 5 )
7 . 7 9 (8/10)
6.42 (1/5)
5.59 ( 8 / 3 )
4.99 (10/11)
1974 - High
Low
L0.61 ( 1 0 / 4 )
8.05 (2/15)
10.52 (10/11)
8.13 (1/4)
9.39 (10/11)
7.73 (1/4)
8 . 6 8 (8/30)
7.39 (1/4)
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 . 6 3 (2/21)
7.67 ( 1 0 / 3 )
6.27 ( 2 / 1 3 )
1976 - High
Low
8.95 ( 5 / 2 8 )
8.20 ( 9 / 2 4 )
9.10 (1/2)
8.29 ( 9 / 2 4 )
8.66 ( 5 / 2 8 )
8.36 ('9/24)
8.17 (5/28)
7.72 ( 9 / 2 4 )
7.29 ( 1 / 2 )
6 . 5 0 (.9/16)
6
13
20
27
8.60
8.49
8.60
8.49
8.46
8.44
8.51
8.48
8.42
8.42
7.99
7.93
7.89
7.86
6.65
6.60
6.60
6.58
3
10
17
8.38
8.28
8. 28r
24
8.20p
8.38
8.35
8 . 3 Or
8.29p
8.41
8.38
8.39
8.36
7.82
7.81
7. 79r
7.72p
6.52
6.52
6.50
6.52
1976 - Aug.
Sept.
—
8.47
'
7.15 (12/12)
5.16 ( 2 / 7 )
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
GROSS PROCEEDS
CORPORATE
PERIOD
1976
[
2
STATE AND LOCAL
1975
1974
1976
1
1975
|
1974
January
February
March
3,373
3,827
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
3,382
4,124
4,294
5,798
5,59b
3,060
3,164
2,981
2 ,429
3 ,477
3;,013
2,406
2,900
3,064
2,397
2,304
2,166
August
September
4,327
2,405
2,836
3,248
2,667
1,617
2.,635
2 ,677
3,580
2,783
2,159
1,459
1,106
1,701
October
November
December
4,705
4,068
4,325
4,609
3,739
3,511
2.323
2,381
2,052
2,860
2,483
1,479
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
30,978
40,546
53,644
18,437
25,969
37,828
15,253
23,775
30,531
13,150
17,416
24,238
July
Q1
13,832
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
Table 4
NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS
PERIOD
TOTAL
GROSS PROCEEDS BY TYPE OF ISSUER
G R O S S PROCEEDS BY TYPE OF ISSUE
1
BONDS
MEMO
COMMON
OTHER
PUBLIC
COMMUNIMANUFACAND
PUBLICLY PRIVATELY
I S S U E S INCLUDED
ISSUERS
UTILITY
PREFERRED
TURING
CATIONS
OFFERED
PLACED
FOREIGN (CONVERTIBLE
STOCK
II
III
IV
15 688
9 568
13, 098
10 ,510
5 428
5 ,816
1976
I
1 3 ., 8 3 2
7 ,, 5 5 4
1975
May
5,, 7 9 8
5 ,, 5 9 6
4 ,, 3 2 7
2,, 4 0 5
1 ,356
1975
July
Aug.
Sept.
Oct.
Nov.
Dec.
1976
- Jan.
Feb.
Mar.
Apr.
May
1 ,576
2, 085
4, 166
3 602
2 ,054
3 ,116
1 ,035
1 ,225
1 ,902
656
463
215
6, 699
2 , ,4 2 0
3,, 4 8 0
4,,407
3,, 3 2 7
3,, 4 2 4
257
4,,477
4 , 044
765
4,544
- 3 ,,544
1 ., 3 4 0
3 ,796
3 ., 9 4 3
502
651
1,500
1 ,002
475
425
315
211
2,
,650
,318
1,, 5 4 9
1., 4 7 8
413
362
1,188
1,437
2 ,658
1 .014
486
585
654
563
837
925
425
1 ,120
1,039
38
681
619
1 ,024
1 ,264
270
112
297
. 1,897
588
300
61
952
1., 1 0 3
1 ,425
1 ,247
1 ,275
902
928
55
232
1,579
1,635
1,767
1 ;, 0 6 4
1 ;, 0 9 7
789
2 ,158
16
171
578
1,197
1, , 1 6 8
2 ,, 2 4 5
——
——
2 ,836
4 ,, 7 0 5
2
,389
769
4,068
1 ,547
1 ,666
1 ,761
1,630
1 ;, 7 6 7
772
797
102
825
975
570
927
605
335
2 ,047
400
121
15
121
154
2,
657
3 ,, 3 7 3
3 ,, 8 2 7
6 ,, 6 3 2
2 ,189
2 ,, 1 2 7
3,238
614
773
1 ,347
3 ,, 3 8 2
2 ,, 3 5 0
611
521
428
37
567
641
448
1,827
4 ,, 1 2 4
1,
,959
975
1,190
350
15
1 ,660
1,148
10
1,307
NOTES:
1
3,142
4,981
,734
2,
1 ,414
4 , ,325
3,392
1 ,190
679
1,215
Other Issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Digitized Source:
for FRASER
Securities end Exchange Commission.
1,697.
1,650
Table 5A
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
August 30, thru September 2 4 , 1976
ISSUER
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
^
COUPON RATE
OFFERING
YIELD
MOODY'S
RATING
8. 53
8. 82
7.13-8.13
A/A
A/a
-/AA
CORPORATE
Amco S t e e l Corp.
V i r g i n i a E l e c t r i c & Power
National Rural U t i l . Coop. Fin. Corp.
Wendy'8 I n t e r n e t ' 1 Inc.
Portland General E l e c . Co.
Appalachian Power
Public Service E l e c t r i c & Gas
Montgomery Ward Credit Corp.
Canal E l e c t r i c Co.
General Telephone of Michigan
Public Service Elec. & Gas Co.
Gulf Resources & Chemical Corp.
P a c i f i c Gas & E l e c t r i c
Minnesota Power & Light Co.
Northwest Bancorp.
Consolidated Natural Gas
P.R. Mailory & Co.
Minnesota Power & Light
Columbus & Southern Ohio E l e c t r i c
Private Export Funding Corp.
Midlantic Banks Inc.
Pennsylvania Power Co.
El Paso Co.
Debt
1 s t Mtg.
Coll Tr.
Com. Stk.
Com. Stk.
1 s t Mtg,
1 s t Mtg.
Notes
1 s t Mtg.
Debt
Pfd s t k
Pfd s t k
Com stk
Pfd stk
Notes
1st Mtg.
SF debt
1st Mtg.
1st Mtg.
Notes
Notes
1st Mtg.
Gvt. gtd.
100.,0
100,.0
25..0
20 .2
30,.0
70..0
60..0
50..0
35..0
25,.0
50,.0
25 .0
168,.8
15,.0
75 .0
75,.0
30 .0
35,.0
35 .0
100 .0
20 .0
15 .0
45 .4
2001
2006
1978-1981
- -
2006
2006
1986
2006
2006
1986
1996
1996
2006
2006
1981
1983
2006
2001
NOTES:
•
Rights offering.
1
Includes only corporate end other security offerings of $16 million and over; excludes options, exchanges, end secondary offerings.
8. 50
8. 75
-» —
- -
- -
- -
9..50
8,,45
8..63
8.,85
8..50
8,.70
9..45
8..45
8..72
8..75
8,.50
8..70
8..00
Bas/BBBAa/AA
Baa/BBB
Aa/A
A
Aa/A
Ba/BB
8..90
7..88
8..38
8,.88
8,.70
8..88
7,.25
8..88
8,.75
8,.15
8,.90
7..89
8..38
8,.88
8,.70
8,.85
7..25
8,.88
8..65
8,.15
A/A
Aa/AA
Aa
Baa/BBB
A
A/BBB+
Aaa
A
A
-/AAA
Table 5A Continued
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
August 30, thru September 24, 1976
AMOUNT
(MILLIONS
OF
DOLLARS)
COUPON RATE
OFFERING
YIELD
MOODY'S
RATING
CORPORATE
El Paso
Gvt.gtd.
22.1
1986
7.70
7.70
-/AAA
Other
E l e c t r i c i t e De France
Utah Power & Light
Kansas Gas & E l e c t r i c Co.
F i r s t City Bancorp of Texas
Baltimore Gas & E l e c t r i c Co.
Kansas Gas & E l e c t r i c Co.
New Jersey B e l l T e l e .
Texas Gas Transmission Co.
Utah Power & Light
Notes
Com. stk
Pfd. stk
Com. s t k .
1st mtg.
1st mtg.
Debt
1st mtg.
1st mtg.
100.0
36.5
30.0
27.9
75.0
25.0
100.0
50.0
40.0
1986
8.90
8.90
Aaa
- -
8.66
8.66
A/A
—-
—
2006
2006
2016
1986
2006
8.38
8.38
8.00
7.88
8.38
8.35
8.38
8.00
7.97
8.35
Aa
Aa
Aaa
A
A/AA
Other
*Hydro Quebec
Debt
250.0
2006
8.60
8.60
Aa
—
Table 5 6
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
August 30, thru September 24 , 1976
ISSUER
STATE AND LOCAL
Hawaii, State of
Central Washington Hlth Serv. Assoc.
Central Washington Hlth. Serv. Assoc.
Central Washington Hlth. Serv. Assoc.
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.
P h i l a d e l p h i a , Pa.
Marshall Co., W. Va.
I l l i n o i s , State of
Washington Public Pwr. Supply Sys.
Washington Public Pwr. Supply Sys.
Washington Public Pwr. Supply Sys.
A t l a n t a , Ga.
New Jersey Hsg. Finance Agy.
New Jersey Hsg. Finance Agy.
New Jersey Hsg. Finance Agy.
Tennessee, State of
Washington, State of
St. Paul Port Auth. Minn.
S t . Paul Port Auth. Minn.
St. Paul Port Auth. Minn.
St. Paul Port Auth. Minn.
West V i r g i n i a Hsg. Dev. Fund
Wayne Co. Comm. College D i s t . , Mich.
TYPE
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
2
AMOUNT
(MILLIONS OF
DOLLARS)
26.4
4.4
1.9
6.0
27.9
34.8
12.3
50.0
125.0
41.8
67.0
71.2
18.9
7.5
5.1
53.4
111.0
59.8
15.8
11.2
28.8
, 10.3
10.5
29.0
MATURITY
1977-2011
1980-1989
1993
2006
1979-1991
1999
2001
2006
1977-2001
1981-1998
2010
2017
1977-2001
1979-1990
1995
2015
1977-1996
1977-2002
1980-1991
1996
2004
2006
1977-1986
1981-1992
NET INTEREST
COST
6.14
7.35
7.35
7.35
7.69
7.69
7.69
8.34
5.23
6.37
6.37
6.37
5.71
7.41
7.41
7.41
4.98
5.54
7.57
7.57
7.57
7.57
5.73
6.88
OFFERING
YIELD
3.25-6.40
5.00-6.80
7.00
7.50
5.00-7.40
7.63
7.64
8.25
2.90-6.10
4.15-5.90
6.50
6.60
3.20-6.10
4.50-6.40
7.00
7.41
3.00-5.70
3.10-5.95
4.75-7.00
7.25
7.75
7.78
3.50-5.75
5.00-7.00
MOODY
RATINC
Aa
A
A
A
A
A
A
Aaa
Aaa
Aaa
Aaa
Aa
A-l
A-l
A-l
Aaa
Aa
- - - - -
A-l
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 Internatidnal Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.
O
Table 5B Continued
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
August 30 through September 24, 1976
ISSUER
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
NET INTEREST
COST
OFFERING
YIELD
MOODY'S
RATING
STATE AND LOCAL
New Hampshire Hsg. Finance Agy.
New Hampshire Hsg. Finance Agy.
South Dakota Hlth & Educ. Fac. Auth.
South Dakota Hlth & Educ. Fac. Auth.
Connecticut Resources Rec. Auth.
Connecticut Resources Rec. Auth.
Wichita, 'Kansas
Burlington Co., N. J.
J e f f e r s o n Parish, La.
J e f f e r s o n P a r i s h , La.
New York S t a t e Hsg. Fin. Agy.
New York State Hsg. Fin. Agy.
Colorado Hsg. Finance Auth.
Sacramento Mun. U t i l i t y D i s t . , Cal.
Massachusetts Hsg. Fin. Agy.
Massachusetts Hsg. Fin. Agy.
I l l i n o i s Health Fac. Auth.
I l l i n o i s Health Fac. Auth.
Nekoosa, Wise.
Nekoosa, Wise.
Montgomery Co., Ohio
Montgomery Co., Ohio
Montgomery Co., Phio
Wisconsin Hsg. Finance Auth.
Wisconsin Hsg. Finance Auth.
Wisconsin Hsg. Finance Auth.
Carolina, S t a t e of
Digitized forSouth
FRASER
Rev
Rev
Rev
Rev
Rev
Rev
Rev
G.O.
G.O.
G.O.
Rev
Rev
Rev
G.O.
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
G.O.
25.9
13.2
4.9
16.8
23.0
30.0
32.4
11.0
8.0
2.1
18.3
130.8
18.9
25.0
4.3
36.7
3.8
9.9
1.0
14.5
8.8
6.2
22.0
6.4
6.1
20.4
70.0
1977-1996
2008
1979-1992
2007
1979-1991
1999
1977-1993
1977-1991
1978-2000
1978-2000
1977-1986
2006
1977-1985
1978-1981
1978-1991
2017
1979-1992
2006
1991
2006
1980-1991
1996
2006
1978-1996
2005
2019
1977-1991
6.17
6.17
7.72
7.72
6.60
6.60
5.18
5.62
5.84
8.45
8.45
5.40
4.08
7.80
7.80
7.49
7.49
—
—
—
6 . 9Y
6,99
yo.99
L4.64
3.50-6.50
6.88
4.50-6.90
7.75
4.10-6.35
6.75
3.50-6.20
3.25-5.50
3.75-6.35
4.00—6.60
5.50-7.50
8.50
3.40-5.50
3.40-4.15
4.75-7.20
7.75
4.50-7.00
7.50
6.00
6.75
4.75-7.00
7.38
7.75
4.00—6.60
6.84
7.06
3.00-5.05
A-l
A-l
A
A
A-l
A-l
A
Aa
A
Baa-1
A
A
A-l
Aa
A-l
A-l
A
A
A
A
A-l
A-l
A-l
A-l
A-l
A-l
Aaa
Table SB Continued
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
August 30 through September 24, 1976
ISSUER
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
NET INTEREST
COST
OFFERING
YIELD
MOODY'S
RATING
STATE AND LOCAL
Sacramento Reg. Co. S a n i t a t i o n D i s t . ,
Cal.
New J e r s e y , S t a t e of
Beaver Co. Indust. Dev. Auth., Pa.
Beaver Co. Indust. Dev. Auth., Pa.
S u f f o l k Co. Water Auth., N.Y.
Shelby Co., Tenn.
San Francisco, Ca.
New York State Power Auth.
New York State Power Auth.
Pima Co., Ariz.
Vermont Hsg. Finance Agy.
Michigan State Hosp. Finance Auth.
Michigan State Hosp. Finance Auth.
Michigan State Hosp. Finance Auth.
York Co. Indust. Dev. Auth., Pa.
Pennsylvania Hsg. Finance Agy.
Pennsylvania Hsg. Finance Agy.
Pennsylvania Hsg. Finance Agy.
Pennsylvania Hsg. Finance Agy.
Tompkins Co., N.Y.
Ohio, State of
Vermont Hsg. Finance Agy.
Vermont Hsg. Finance Agy.
Boston, Mass.
Boston, Mass.
Albany, N.Y.
G. 0.
G.O.
Rev .
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
G.O.
G.O.
G.O.
25.0
75. 0
11.0
4.0
12,,5
27.,0
60,,0
20.,0
130.,0
15..0
12.,1
10.,7
13,.7
6,.9
14..3
13.,7
11,.5
53,.7
6,.0
24,.0
70,.0
8,.1
3,.7
18,.0
17,.0
17,.7
1981-2005
1978-1996
2006
2011
1978-2008
1977-1996
1978-1998
1987-1994
2010
1986-1989
1977-1986
1981-1996
2005
2008
2006
1978-1996
2003
2018
2019
1977-2000
1978-2002
1977-1990
2002
1977-1985
1995
1976-1995
5. 59
5. 35
6. 98
6. 98
6.,33
5.,23
5.,42
7.,26
7.,26
5,.25
5..55
7,.31
7,.31
7,.31
7,.55
7,.55
7,.55
7,.55
5,.60
5,.88
6,.45
6,.45
7,.86
7 .86
--
4. 10-5.80
3. 50-5.80
6.90
6.90
3.,50-6.35
3.,00-5.90
3.,30-6.10
6,.00-6.90
7.25
5,.00-5.30
3,.25-6.00
5,.00-7.25
7.50
7.51
6.30
4,.50-6.90
7.30
7.60
7.60
3 .25-6.00
3,.50-6.20
3 .25-6.00
6.70
5 .50-7.40
7.75
3 .50-7.00
Aa
Aa
A
A-l
Aa
Aaa
A
A
A-l
A-l
__
Aa
A-l
A-l
A-1
A-l
Aa
Aa
A-l
A-l
Baa
Baa
A
Table 6A
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
As of September 24, 1976
TYPE
ISSUER
CORPORATE
*Southem P a c i f i c Transp. Co.
Gould Inc.
I n t e r s t a t e Pwr. Co.
I n t e r s t a t e Power
A t l a n t i c City E l e c . Co.
Arco Pipe Line Co.
Arco Pipe Line Co.
Household Finance Corp.
Household Finance Corp.
Montana Dakota U t i l i t i e s
Pan American World Airways
Flying Tiger Lines, Inc.
Enserch Corp.
National Can Corp.
Barnett Banks of Florida Inc.
Consumers Power Co.
BankAmerica
Chesapeake & Ohio Ry
Philadelphia Elec. Co.
Houston Lighting & Power Co.
Carolina Pwr. Co.
Duke Power Co.
Central I l l i n o i s Public Service Co.
*General Motors Acceptance Corp.
Florida Pwr. & Lgt.
Florida Power Corp.
New York Telephone Co.
I l l i n o i s Power Co.
*Northern Indiana Public Service Co.
^Cincinnati Gas & E l e c t .
*Union P a c i f i c Ry.
Public Svc. New Hampshire
*Kentucky Power Co.
* L o u i s v i l l e Gas & E l e c . Co.
* L o u i s v i l l e Gas & E l e c t .
*Washington Water Power Co.
*Southwestem Investment Co.
Applied D i g i t a l Data Syst.
Enserch Corp.
Equip, t r .
Com. s t k .
Com. s t k .
1st mtg.
Com. s t k .
notes
notes
debt
debt
1st mtg.
Conv. debt
debt
S.F. debt
Pfd. s t k .
1st mtg.
Com. s t k .
Equip, t r .
Com. s t k .
1st mtg.
Com. s t k .
1st mtg.
1st mtg.
debt
Pfd. s t k .
1st mtg.
debt
Com. s t k .
1st mtg.
1st mtg.
Equip, t r .
Com. s t k .
1st mtg.
Com. s t k .
1 s t mtg.
1st mtg.
notes
Com. s t k .
Com. s t k . ( r t s )
AMOUNT
(IN MILLIONS
OF DOLLARS)
15.7
20.0
20.0
25.0
20.0
150.0
150.0
75.0
100.0
20.0
50.0
60.0
50.0
15.0
15.0
60.0
327.0
15.0
60.0
125.0
60.0
100.0
50.0
250.0
75.0
80.0
150.0
50.0
60.0
75.0
15.0
20.0
30.0
20.0
25.0
30.0
20.0
18.0
36.0
NO i c S :
•
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
Sept., 28
Sept,, 28
Sept., 28
Sept. 28
Sept. 29
Sept. 29
Sept. 29
Sept. 29
Sept. 29
Sept. 30
Sept. 30
Sept. 30
Sept.
Sept.
Sept.
6
Oct.
6
Oct.
6
Oct.
6
Oct.
Oct.
7
Oct. 13
Oct. 13
Oct. 14
Oct. 14
Oct. 14
Oct. 19
Oct. 19
Oct. 19
Oct. 19
Oct. 20
Oct. 21
Oct. 21
Oct. 26
Oct. 27
Oct. 27
Oct. 28
Oct.
Oct.
Oct.
13
Table 6A Continued
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
As of September 24, 1976
ISSUER
TYPE
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
CORPORATE
* F i r s t Chicago Corp.
Southern Union Co.
Ohio—A-T-O. Inc.
*Osterreichische Kontrollbank
notes
S.F. debt
S.F. debt
bonds
100.0
25.0
20.0
50.0
Oct.
Indef.
Indef.
Sept. 28
bonds
notes
debt
debt
50.0
100.0
75.0
Sept.
Oct.
7
Oct. 14
Oct.
Other
Mexico
European Economic Community
New Brunswick
* B r i t i s h Columbia Mun. Fin. Auth.
60.0
lb
Table 6B
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
As of September 24, 1976
ISSUER
STATE & LOCAL
TYPE
(
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
27
28
29
29
29
29
29
29
30
30
30
30
30
*Troy Sch. D i s t . , Mich.
^ M i s s i s s i p p i , State of
G.O.
Rev.
G.O.
Rev.
Rev.
Rev.
G.O.
Rev.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
G.O.
Rev.
G.O.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
G.O.
Rev.
G.O.
G.O.
40.0
75.0
10.6
50.0
25.0
25.0
26.0
25.0
83.7
12.8
28.2
11.9
64.0
180.0
50.0
24.0
22.0
116.0
15.8
30.0
12.4
23.2
11.2
40.0
30.0
12.0
37.0
55.0
145.5
11.4
125.0
12.5
14.2
63.0
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1
4
5
5
5
6
6
6
6
6
7
8
12
13
14
14
14
19
26
Postponement
*Council Bluffs, Iowa
G.O.
13.5
Sept.
23
Texas, State of
Florida State Bd. of Educ.
New B r i t a i n , Conn.
*Texas Mun. Power Agency
Houston, Texas
D a l l a s , Texas
Cleveland, Ohio
Putnam Co., W. Va.
*Yonkers, N . Y .
Oyster Bay, N. Y.
^Minnesota Hsg. Finance Agy.
^Northampton Co. Hosp. Auth., Pa.
Kansas, State of
Memphis, Tenn.
Madison, Ind.
*Upper Occoquan Serv. Auth., Va.
*Cook Co., 111.
Massachusetts, State of
Oakland Unified Sch. D i s t . , Cal.
Lower Colorado River Auth., Texas
New Orleans, La.
*Fairfax Co., V a .
F a i r f i e l d , Conn.
Wisconsin, State of
^Missouri Hsg. Dev. Comm.
*Douglas Co. Hosp. Auth #2, Neb.
*Polk Co., Iowa
*Port of S e a t t l e , Wash.
Maryland, State of
Clark Co. Sch. D i s t . , Nev.
C o n n e c t i c u t , State of
Bay. Co., Fla.
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
t
STOCK PRICES AND VOLUME
STOCK PRICES
BJ INDUSTRIALS
I
11.3 (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 (7/15)
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)
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)
90.88
91.48
92.40
91.60
91.29
19.8
20.0
23.9
17.4r
14.6
2.3
2.1
2.5
2. l r
1.6
5.8
6.2
6.9
6.0
5.2
91.64
91.81
90.19
89.14
17.1
15.7
17.3
16.2
1.7
1.6
1.9
1.7
5.3
5.4
5.6
5.1
91.02
16.0
91.19
91.61
92.31
16.5
17.1
L7.4
1.5
1.5
5.6
5.4
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 (12/9)
96.53 (3/15)
54.87 (10/3)
51.24 (7/15)
37.16 (1/8)
881.81 (7/15)
632.04 (1/2)
96.86 (7/15)
62.20 (1/2)
Low
56.61 (7/14)
48.04 (1/2)
1011.21 (7/12)
858.71 (1/2)
107.05 (7/12)
84.31 (1/2)
July
2
9
16
23
30
55.57
56.06
55.94
55.63
55.26
999.84
1003.11
993.21
990.91
984.64
105.17
106.57
106.02
111.10
103.67
August
6
13
20
27
56.46
55.69
54.71
54.23
986.00
990.19
974.07
963.93
103.41
103.80
101.79
101.43
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
Low
1974 - High
Low
1975 - High
Low
1976 - High
NOTES:
1
FifurM Other than highs and lows are Fridays only. Highs end lows are for the year end ere not necessarily for Fridays.
2
Volume figures are weekly averages of daily figures (millions of shares).
3
4
12/31/66 - 50
Baaed on average price change until September 4, 1973 thereafter, based on market value of shares listed.
NASDAQ
5.5 (1/12)
1.4 (8/20)
136.84 (1/11) 26.0 (9/20)
89.12 (12/13) 9 . 0 (8/20)
65.58 (1/11)
49.12 (12/13)
1973 - High
TRADING VOLUME
NASDAQ
U
7:4
Table 8
SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
3
UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS
BROKERS O N 1
MARGIN
STOCK
BROKERS ON %
CONVERTIBLE
BONDS
1975 - Aug.
Sept.
Oct.
Nov.
Dec.
5,220
5,250
5,300
5,370
5,390
142
145
144
146
147
832
852
1,007
1,008
960
2,457
2,520
2,311
2,270
2,281
1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
5,420
5,950
6,410
6,690
6,940
7,080
7,340
7,450
146
153
162
163
161
166
172
1,000
1,037
1,042
1,076
1,007
1,028
n. a.
2,321
2,333
2,355
2,325
2,357
2,368
n. a.
12
20
155
1
-48
70
63
-209
-41
11
40
37
5
34
-69
21
40
12
22
-30
32
11
n, a.
n. a,
END OF PERIOD
OUTSTANDING
BANKS
*
CHANGE IN OUTSTANDING
1975 - Aug.
Sept.
Oct.
Nov.
Dec.
1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
-80
30
50
70
20
30
530
460
280
250
140
260
110
-1
3
-1
2
1
-1
7
9
1
-2
5
6
NOTES:
1
2
Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.
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.
Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no
4
Table 9
SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS
MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
NET
FLOW
1971
1972
1973
1974
1975
1975 - December
February
March
April
May
June
July £ /
1975
1976
SHARE CAPITAL
NET
FLOW
5,378
5,451
-442
-2,822
4,757
27,793
32,567
20,237
16,053
43,118
1,394
114
4,332
1,037
1.017
2,029
586
801
1,195
623
810
787
866
352
561
-55
350
9,621
10,067
4,815
2,909
11,070
1976 - January
ANNUAL 3
GROWTH
RATE
SAVINGS & LOAN ASSOCIATIONS
NET
NEW
MONEY
13.5
12.4
5.3
3.0
11.3
- December
663
7.0
- January
February
March
April
May
June
July £ /
1,0,39
796
1.018
917
1,024
575
1,426
11.4
8.7
11.0
9.8
10.8
6.0
14.9
ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0
17.7
—
5,376
-3,946
-7,070
—
2,797
—
3,049
—
5,042
—
3,517
-SEASONALLY ADJUSTED
2,926
12.3
4,232
3,658
4,078
3,676
3,642
2,861
5,016
17.7
15.0
16.5
14.7
14.4
11.2
19.4
NET
NEW
MONEY
20,653
23,884
10,507
4,668
29,276
NET
FLOW
37,414
42,634
25,052
18,962
54,188
ANNUAL 3
GROWTH
RATE
17.2
16.7
8.4
5.8
15.9
NET
NEW
MONEY
26,331
29,335
10,062
1,846
34,033
968
5,726
1,082
5,108
3,719
3,687
2,583
2,835
1,353
3,282
6,413
4,963
9,099
3,383
3,850
6,237
4,140
5,918
4,497
4,553
3,935
3,396
1,298
3,632
3,559
10.8
5,271
4,454
5,096
4,593
4,666
3,436
6,442
15.9
13.3
15.0
13.4
13.4
9.8
18.2
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.
3
Annuel growth rata for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.
H.16
re
T a b l e 10
MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
NET CHANGE
MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N Y. STATE)
OUTSTANDING COMMITMENTS
MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
TOTAL
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
- -
1975 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1976 - Jan.
Feb.
Mar.
Apr .
May
June
July
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
20.5
21.1
21.5
21.9
22.5
22.6
23.2
18.5
19.2
19.4
19.7
20.2
20.4
20.9
2.0
1.9
2.1
2.2
2.3
2.2
2.3
.06
.61
.48
.38
.48
.27
.50
.09
-.09
.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
.02
.67
.27
.29
.44
.29
.45
.04
-.06
.21
.09
.04
-.02
.05
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.
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
TOTAL
FHLB
FHLMC
1973 - July
Aug.
Sept.
Oct.
Nov.
Dec.
+1,475
+1,693
+1,910
,+1,946
+11
+598
+1,528
+1,349
+1,850
+1,950
-150
+256
+998
+1,349
+1,500
+1,300
——
—
-150
—
—
1974 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+507
-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
+961
-800
-657
——
-4
+992
+1,500
+1,000
+400
+1,700
+1,499
-217
+470
1975 - Jan.
Feb.
Mar.
Apr.
May
June
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
June
July •"
-197
-1,160
447
131
-946
-101
-49
0
-800
-100
700
-600
-200
300
0
-1,100
0
0
-600
0
0
/
—
FNMA
+530
——
+350
+650
+256
+44
SHORT-TERM
DISCOUNT .
NOTES 1 /
&
-53
+344
+60
-4
+161
+342
+1,050
+100
+310
+491
+85
-38
-26
+512
+450
+449
+305
+678
+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
0
200
0
0
0
0
0
300
-300
700
0
-200
300
-197
-360
-547
-569
-346
99
-349
——
+450
Notes:
Based on data from the Treasvry Survey of Ownership.
1/ S a l e s of FHLB discount n o t e s began i n May 1974.
j>/ Preliminary.
FNMA & FHLB
INTERMEDIATE AND LONG-TERM ISSUES
——
+750
+499
-200
——
—
Table 12
20
NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS
FINANCIAL INSTITUTIONS
TOTAL
INCLUDING
FNMA-GNMA
COMMERCIAL
BANKS
INSURANCE
COMPANIES
MSB's
Not Seasonally Adjusted
1971
1972
1973
1974
1975
1975 - Oct.
Nov.
Dec.
1976 - Jan.
Feb .
Mar.
Apr.
May
July
41,647
57,587
58,372
42,748
43,775
39,259
55,561
55,072
36,526
38,936
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
3,100
4,981
3,584
4,906
4,332
3,218
4,248
900
500
600
226
200
366
2,996
2,323
2,774
210
195
508
2,212
3,534
4,691
4,752
4,878
5,883
5,928
1,802
3,270
5,531
5,088
5,412
6,526
5,622
300
600
900
900
1,100
1,100
1,000
87
106
324
309
240
449
322
1,378
2,416
4,069
4,171
4r032
4,815
4,238
37
148
238
-292
40
162
62
Seasonally Adjusted
Nov.
Dec.
5,353
4,265
5,283
4,842
3,910
4,548
923
614
877
273
214
294
3,490
2,949
3,360
156
133
17
511
355
735
1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
3,691
4,748
4,879
4,373
4,071
.4,478
5,122
3,205
4,333
5,565
4,535
4,414
5,043
5,075
687
962
987
762
826
699
968
184
249
320
301
195
303
227
2,189
2,848
3,844
3,771
3,232
3,894
3,786
145
274
414
-299
161
147
94
486
415
-686
-162
-343
-565
47
1975 - Oct.
^
NOTES:
Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as avail1
able. 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.
Beginning January 1972 data reflect activity in limited amount of conventional mortgages.
T a b l e 13
21
NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES 4
3
RESIDENTIAL
QUARTER
TOTAL
TOTAL
I
|
1- to 4 FAMILY
I
|
MULTIFAMILY
MULTFAMLY
COMMERCIAL
&
FARM
COMMERCIAL
1969 - I
II
III
; IV
31.7
28.9
25.7
25.4
23.3
21.3
18.7
18.0
18.9
16.7
14.0
12.2
4.4
4.7
4.7
5.7
6.2
5.3
5.3
6.0
10.6
10.0
10.0
11.7
2.2
2.2
1.8
1.4
1970 - I
II
III
IV
20.7
22.7
28.4
32.5
15.7
16.7
21.2
23.4
11.1
11.5
14.9
17.1
4.6
5.2
6.3
6.3
3.5
4.5
5.1
7.0
8.1
9.7
11.4
13.2
1-5
1.5
2.1
2.2
1971 - I
II
III
IV
37.2
46.7
52.1
56.3
27.4
34.9
38.1
43.1
18.7
25.6
28.4
33.6
8.7
9.4
9.7
9.5
7.6
9.4
11.6
10.8
16.3
18.7
21.4
20.4
2.2
2.4
2.3
2.4
1972 - I
II
III
IV
62.8
61.7
63.9
72.1
47.7
45.5
46.2
51.5
38.0
35.8
37.4
42.6
9.7
9.7
8.8
8.9
12.4
13.7
15.1
18.2
22.1
23.3
23.9
27.1
2.6
2.6
2.7
2.4
1973 - I
II
III
IV
83.4
72.4
70.6
61.4
59.7
50.4
48.9
39.5
51.1
39.6
40.1
32.6
8.7
10.8
8.8
6.9
19.7
18.0
18.1
18.0
28.3
28.8
26.9
24.9
4.1
3.9
3.7
3.9
1974 - I
II
III
IV
60.2
62.3
52.0
43.0
37.7
38.9
31.8
25.9
29.4
32.4
26.1
21.6
8.3
6.5
5.7
4.3
18.9
18.6
14.3
11.3
27.2
25.0
20.0
15.6
3.6
4.8
5.9
5.7
1975 - I
II
III
IV
35.4
45.7
58.2
69.8
21.1
31.7
39.9
49.9
19.4
30.9
38.6
49.9
1.7
0.9
1.4
9.1
9.7
13.9
14. 8
10.8
10.6
15.3
14.8
5.1
4.3
4.4
5.1
1976 - 1
71.5
54.0
49.9
4.1
12.0
16.1
5.4
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 nonfatm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Fedeial 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 r e v i s e d April 12 due to r e e s t i m a t i o n of seasonal f a c t o r s .
* Less
.05.
Digitized
forthan
FRASER
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
COMPLETIONS
PERIOD
1969
TOTAL
2 - O R MORE
FAMILY
1,324
626
698
1970
1,352
647
705
1971
1,925
906
1972
2,219
1973
-FAMILY
2 - O R MORE
FAMILY
TOTAL
MOBILE
| 1 —FAMILY I 2 - O R MORE
HOME
|
|
FAMILY
SHIPMENTS
1 ,407
811
656
1,399
413
621
1,418
808
802
592
813
1,018
1 ,434
2 ,052
617
401
1 ., 1 5 1
901
1,033
1,706
1,186
1,014
692
2 ., 3 5 7
497
1 3, 3 0 9
1,820
1,048
882
1,972
937
1,143
828
576
1974
2 ,045
1 ;, 1 3 2
1,074
914
644
2.014
431
1,174
840
567
1975
1 ,388
888
924
450
668
R,692
932
257
760
893
269
1,296
866
329
1 ;, 1 6 1
430
216
1,111
794
317
1 ., 4 3 1
1 ;, 0 9 3
338
814
812
1,115
313
1 ;, 3 8 1
1 ;, 0 4 8
333
279
1 ., 2 8 3
962
1,147
851
296
1 ;, 2 3 6
Oct.
Nov.
Dec.
1976
-
Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1,127
1,091
)
1,165
863
302
1,188
882
306
1,082
803
279
1,158
1,150
807
829
351
1,215
870
321
345
1,298
902
396
i,
•
1
738
377
235
1,386
992
394
230
32L
1,329
993
336
224
957
279
1,213
926
287
263
1 ., 5 4 7
1 ,, 2 9 5
252
1,299
953
346
287
1 ,417
1 ;, 3 6 7
1 ,, 1 1 0
307
1,399
1,032
244
312
1,266
367
1 :, 0 5 5
237
1 ,065
357
1,360
986
934
280 .
1 ,422
1 ,510
426
260
1 :, 1 3 9
371
1,355
1,039
316
233
1 ., 1 3 0
261
1,248
991
1 ;, 1 9 5
257
224
347
1 ,391
1 ,542
L
244
Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of
apartment buildings all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1
Permit data for 1969 and 1971
r>
n
r
wi'h
r
»rmit " ' t"m-
T a b l e 15
AVERAGE RATES AND YIELDS ON HOME MORTGAGES
EXISTING HOMES
RATE
(IN PER CENT)
1974 - High
Low
1975 - High
Low
1
45
-70
9.80
8.60
50
-70
10.38
8.54
44
-25
6.3
2.3
1
-70
10.46
8.10
9.25
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
9.53
9.41
9.32
31
n•3•
n.a.
4.0
3.1
2.4
-28
9.22
9.06
9.04
40
46
2.4
2.2
- 1
- 4
8.82
9.03
9.05
8.99
8.93
24
8
35
27
46
2.5
4.1
4.2
3.8
3.3
8
- 3
0
6
12
Dec.
1976 - Jan.
Teb.
Mar.
Apr.
May
June
July
Aug.
9.05
9.00
8.95
8.90
9.00
9.05
9.05
9.05
Nov.
SPREAD
(BASIS
POINTS)
9.80
8.55
9.25
9.20
9.15
1975 - Oct.
SPREAD
(BASIS
POINTS)
RATE
(IN PER CENT)
SPREAD
BETWEEN
NEW Aaa
RETURNS ON
NEW HOMES
UTILITY
CONVENTIONAL
BOND
AND HUD(FHA)
YIELD
NEW HOME
DISCOUNT
SPREAD
YIELD
(M PER CENT)
MORTGAGES
(PERCENTAGE
(BASIS
(IN PER CENT)
(BASIS
POINTS)
POINTS)
POINTS)
HUD(FHA) INSURED LOANS
SECONDARY MARKET
CONVENTIONAL LOANS
PRIMARY MARKET
9.30
9.25
9.20
39
42
42
32
5
35
33
58
9.10
9.05
9.00
8.95
9.05
9.10
9.10
9.10
44
47
47
37
10
40
38
63
-21
-17
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,
Digitized forpayment,
FRASER
prepaid in 15 years, for immediate delivery, are used.
8.66
8.58
8.53
8.58
8.95
8.70
8.72
8.47
Table 16
FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL
GOVERNMENT UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)
DATE OF
CTION
OFFERED
1975 - High^
Low
1975 - Oct.
Nov.
Dec.
1976 - Jan.
Feb.
Mar.
6
20
3
17
1
15
29
12
26
9
23
ACCEPTED
ACCEPTED
643
( 8 / 2 5 )
366
( 8 / 1 1 )
9 . 9 5
( 9 / 2 2 )
25
( 2 / k )
18
( 2 / 1 0 )
8 . 7 8
( 2 / 1 0 )
AVERAGE
YIELD
100 ( 4 / 7 )
10
198.5
1 4 3 . 0
9 . 9 5
2 7 . 5
4 3 . 2
2 3 . 2
9 . 6 5
9 . 7
( 1 0 / 2 0 )
__
51 ( 4 / 2 1 )
9
( 2 / 1 0 )
10.02 (9/22)
8 . 9 6
2 3 . 5
10.02
9 . 2
9 . 8 1
1 9 . 6
1 5 . 2
9 . 5 4
68.6
3 4 . 6
9 . 4 0
9 . 3 2
7 3 . 9
4 0 . 5
9 . 3 8
9 . 3 1
6 9 . 7
3 1 . 2
9 . 3 6
5 2 . 7
9 . 2 9
4 1 . 8
11.8
9 . 3 5
3 1 . 5
9 . 1 3
4 2 . 7
3 2 . 1
9 . 2 8
5 8 . 4
103.9
5 7 . 7
9 . 0 7
3 3 . 4
2 4 . 7
9.22
4 1 . 7
9 . 3 2
2 9 3 . 1
180.6
9 . 3 3
2 5 5 . 9
138.5
2 8 7 . 1
1 5 8 . 8
9 5 . 3
6 9 . 8
2 5 2 . 2
126.9
1 7 9 . 9
9 . 0 7
5 7 . 8
3 6 . 9
9 . 1 7
81.2
9 . 0 4
4 4 . 0
2 3 . 3
9 . 1 4
8
22
1 7 1 . 9
9.06
7 5 . 4
4 5 . 0
9.15
2 9 9 . 9
146.3
121.6
9 . 0 3
4 6 . 2
3 3 . 7
9 . 1 3
5
19
1 3 2 . 1
4
17
6 3 4 . 3
Apr.
May
AVERAGE
YIELD
AMOUNT
(IN MILLIONS OF DOLLARS)
June
July
Aug.
4 8 3 . 3
'
5 6 . 2
8 . 9 4
5 6 . 4
3 1 . 8
9 . 0 5
60.1
8 . 8 3
5 5 . 3
3 3 . 4
9.00
2 2 2 . 3
8 . 9 4
L10.7
60.1
9 . 0 9
3 2 1 . 4
9 . 1 3
128.8
6 8 . 9
9 . 2 4
9.20
1
14
28
* 2 2 4 . 7
1 3 1 . 4
9 0 . 5
9 . 3 1
3 4 9 . 5
9 8 . 8
9 . 1 4
7 7 . 3
7 0 . 3
9 . 3 0
1 4 6 . 6
157.5
9 . 1 2
9 3 . 6
5 9 . 2
9 . 3 1
12
26
1 4 8 . 3
8 8 . 4
9 . 0 5
9 0 . 7
3 1 1 . 8
212.0
9 . 0 4
130.5
1 9 0 . 1
1 0 7 . 4
9 . 0 1
1 3 6 . 7
9 3 . 4
9 . 1 7
171.3
1 0 7 . 0
8 . 9 7
1 6 2 . 1
115.3
9 . 1 4
9
23
Sept. , 7
20
5^^
106.2
261.2
82.0
1 0 5 . 2
9 . 2 7
9 . 2 3
121.9
68.8
8 . 9 2
1 7 0 . 6
1 1 7 . 8
9 . 1 3
9 9 . 1
4 9 . 1
8 . 8 4
1 5 1 . 1
1 0 7 . 6
9 . 0 9
offered by bidders relate to total eligible bids received.
(3/10)
@FedFRASER