Full text of H.16 Capital Market Developments : September 8, 1975
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Capital
Market
Developments
September 8 , 1 9 7 5
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
V
Index
TABLES
1-6
SECURITY VOLUME AND YIELDS
7, 8
STOCK MARKET AND SECURITY CREDIT
9-16
MORTGAGE MARKET
SYMBOLS
e
ESTIMATE
p
PRELIMINARY
r
REVISED
n.a
NOT A V A I L A B L E
—
DATA DO NOT EXIST
f
Table 1
3
YIELDS, VOLUME AND RECEPTION.
CORPORATE B O N D MARKET
YIELDS
WEEK ENDING
NEW I S S U E
A a a UTILITY
1
VOLUME
RECENTLY «=!
OFFERED
A a a UTILITY
GROSS
3
OFFERINGS
( $ MILLIONS)
PER CENT
SOLD BY END
OF WEEK
NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)
1975 - July
4
11
18
25
9.62
9.38
9.53
9.25
9.30
9.45
9.57
9.33
220
750
875
520
95
97
98
91
58
36
74
72
Aug.
1
8
15
22
29
9.37
9.44
9.43
9.53
9.49r
9.35
9.51
9.49
9.54
9.50r
243
360
244r
342
350
80
80
90
95
90
63
96
33
4
0
Sept.
5
9.42p
15
99
1
MUNICIPAL B O N D MARKET
VOLUME
YIELDS
WEEK ENDING
MOODY'S
NEW ISSUE
Aaa
I B O N D BUYER
2Q-BOND
INDEX
I
3
GROSS
OFFERINGS
( $ MILLIONS)
PER CENT
S O L D BY END
O F WEEK
NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)
1975 - July
4
11
18
25
6.30
6.33
6.40
6.50
6.96
6.98
7.09
7.22
1,705
357
604
669
97
79
88
84
108
151
111
170
Aug.
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
6.60
7.34
254
69
183
NOTES:
1
Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
2
Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price
restrictions sometime during the last four weeks.
3
Estimated by F.R. on the basis of available data.
4
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.
Table 2
HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY
DATE
1
RECENTLY OFFERED
A a a UTILITY
2
MOODY'S S E A S O N E D
CORPORATE A a a
3
U . S . GOVT. 2 0 - Y E A R
C O N S T A N T MATURITY
4
BOND BUYER
2 0 - B 0 N D INDEX
1971 - High
Low
8.26 (7/30)
7.02 (2/5)
8.23 (1/1)
7.17 (12/31)
7.71 (8/21)
7.06 (2/12)
6.51 (6/18)
5.69 (3/23)
6.23 (6/23)
4.97 (10/21)
1972 - High
Low
7.60 (4/21)
6.99 (11/24)
7.49 (4/21)
7.15 (12/1)
7.36 (4/28)
7.05 (2/12)
6.19 (4/14)
5.74 (11/17)
6.54 (4/13)
4.96 (10/21)
1973 - High
Low
8.52 (8/10)
7.29 (1/21)
8.32 (8/10)
7.28 (1/5)
7.77 (8/24)
7.11 (1/5)
7.79 (8/10)
6.42 (1/5)
5.59 (8/3)
4.99 (10/11)
1974 - High
Low
10.61 (10/4)
8.05 (2/15)
10.52 (10/11)
8.13 (1/4)
9.39 (10/11)
7.73 (1/4)
8.68 (8/30)
7.39 (1/4)
7.15 (12/12)
5.16 (2/7)
1975 - High
Low
9.80 (5/2)
8.89 (2/7)
9.71 (5/25)
1 9.06 (2/28)
9.01 (5/2)
8.57 (2/28)
8.53 (8/22)
7.63 (2/21)
7.34 (9/4)
6.27 (2/13)
9.35
9.51
9.49
9.54
9.50r
8.86
8.93
8.95
8.96
8.96
8.27
8.49
8.50
8.53
8.48r
7.09
7.16
7.17
7.18
7.18
9.42p
8.93p
8.44
7.34
1975 - Aug.
1
8
15
22
29
9.37
9.44
9.43
9.53
9.49r
Sept. 5
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
1l
STATE AND LOCAL
1
1974
1
2
CORPORATE
1974
1
1973
1975
March
5,379
4,526
5,368
3,328
2,687
3,217
2,327
1,962
3,933
2,361
2,322
2,124
2,255
2,003
2,025
1,977
1,515
2,467
April
4,407
3,060
3,164
2,981
2,497
2,543
3,578
2,384
2,858
3,020
2,397
2,304
2,166
1,826
1,939
2,152
3,257
2,666
1,617
2,631
1,806
1,915
3,497
1,459
1,106
1,701
2,028
1,657
1,750
4,609
3,746
3,505
3,398
3,563
3,238
2,860
2,483
1,479
2,313
2,257
2,089
9,232
9,205
7,540
11,860
8,222
8,618
6,352
10,199
6,283
6,867
4,266
6,822
5,959
5,917
5,435
6,659
18,437
25,977
37,837
16,840
23,192
33,391
PERIOD
1975
January
February
May
July
August
September
October
November
December
Q1
15,274
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.
6,807
8,262
13,150
17,416
24,238
1973
11,876
17,311
23,970 -
Table 4
NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS
G R O S S PROCEEDS BY TYPE O F I S S U E
PERIOD
BONDS
COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK
G R O S S P R O C E E D S BY TYPE OF ISSUER
MEMO
PUBLIC
UTILITY
COMMUNICATIONS
OTHER
ISSUERS
PUBLICLY
OFFERED
1974 - I I
III
IV
9,205
7,540
11,860
5,883
5,025
8,611
1,789
1,222
1,565
1,533
1,293
1,-684
115
373
374
39
310
76
2,541
1,887
4,079
3,189
2,376
3,702
1,307
1,008
743
2,164
2,272
3,339
1975 - I
15,274
10,829
2,336
2,109
1,255
1
6,055
4,736
1,380
3,104
3,060
3,164
2,981
1,594
2,350
1,939
666
607
516
800
207
526
63
42
10
12
15
12
1,203
862
477
1,130
912
1,147
288
663
356
442
730
992
July
Aug.
Sept.
3,257
2,668
1,617
2,086
2,042
897
616
299
307
555
325
413
223
—
150 .
205
104
1
1,094
605
188
618
1,078
680
295
364
349
1,251
620
401
Oct.
Nov.
Dec.
4,609
3,746
3,505
3,423
3,016
2,172
355
330
880
831
400
453
175
199
76
728
1,699
1,652
2,109
964
629
475
93
175
1,297
993
1,049
1975 - J a n .
Feb.
Mar.
5,379
4,526
5,368
3,657
3,201
3,971
1,133
703
500
589
622
897
470
610
175
1
1,901
1,675
2,479
1,272
1,957
1,507
938
125
317
1,267
771
1,066
Apr.
4,407
2,771
360
1,276
135
130
1,706
1,408
561
732
1974 - Apr.
May
June
I S S U E S INCLUDED
F O R E I G N [CONVERTIBLE
—
NOTES:
1
MANUFACTURING
TOTAL
Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission.
1
Table 5A
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
September 2, t h r u September
ISSUER
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
5, 1975
MATURITY
COUPON RATE
OFFERING
YIELD
MOODY'S
RATING
CORPORATE
New England Power
P a c i f i c Power & Light
Atchison, Topeka & Santa Fe Railway
Pfd s t k
Com s t k
Equip t r
25.3
55.9
15.0
1990
8.75
7.00-9.00
Other
Nova S c o t i a Power Corp.
Debt
50.0
2000
10.50
10.50
11.04
11.04
A
Aaa
NOTES:
•
Rights offering.
1
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, end secondary offerings.
\
Table SB
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
September 2, thru September
TYPE
ISSUER
2
AMOUNT
(MILLIONS OF
DOLLARS)
1
5, 1975
MATURITY
NET INTEREST
COST
OFFERING
YIELD
MOODY'S
RATING
S T A T E AND LOCAL
L o u i s i a n a , S t a t e of
Connecticut, S t a t e of
Aurora, Colo.
J a y , Maine
Jay, Maine
J a y , Maine
Coweta Co. Dev. Auth., Ga.
Beaver Co. I n d u s t . Dev. A u t h . ,
Beaver Co. I n d u s t . Dev. A u t h . ,
Beaver Co. I n d u s t . Dev. A u t h . ,
Beaver Co. I n d u s t . Dev. Auth.,
Pa.
Pa.
Pa.
Pa.
G.O.
G.O.
G.O.
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
.
75.0
100.0
12.0
2.5
2.5
7.0
10.0
2.0
4.3
4.0
4.0
1976-2000
1976-1995
1975-2003
1985
1990
2000
2005
1985
1987
2005
2010
6.47
6.16
7.71
7.63
7.63
7.63
9.10
—
——
——
4.20-7.00
4.20-6.75
4.20-7.70
6.50
7.00
7.80
9.00
6.75
7.00
8.38
8.44
Aa
Aaa
A-l
——
——
Baa
A
A
A
A
NOTES:
1
Includes only state and local security offerings of $10 million and over; excludes secondary offerings.
2
In case of State and local government securities, G O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev. Rent., revenue bonds secured solely by lease payments.
3
Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.
9
Table 6 *
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
As of September 5, 1975
AMOUNT
(IK MILLIONS
OF DOLLARS)
Whirlpool Corp.
Standard Oil Co. (Ohio)
General Telephone Co. of Kentucky
Union P a c i f i c Railroad Co.
Union P a c i f i c Railroad Co.
F l o r i d a Power & Light Co.
General P u b l i c U t i l i t i e s
Toledo Edison
Louisiana Power & Light
Connecticut Light & Power
Connecticut Light & Power
I n d i a n a p o l i s Power & Light
Reading & Bates Offshore D r i l l i n g
Co.
Southern Ry Co.
Tucson Gas & E l e c t r i c
Archer Daniels Midland Co.
*Kellogg Co.
Philadelphia Electric
Mountain S t a t e T&T Co.
Mountain S t a t e T&T Co.
Washington N a t u r a l Gas Co.
F l o r i d a Power
Indiana & Michigan E l e c t r i c
Long I s l a n d Lighting Co.
Indiana & Michigan E l e c t r i c Co.
I l l i n o i s Power
Kentucky U t i l i t i e s
Massachusetts E l e c t r i c Co.
*E1 Paso Co.
Shenandoah Oil Corp.
Alabama Power Co.
Houston Lighting & Power
Houston Lighting & Power
Potomac Edison Co.
Metropolitan Edison Co.
Michigan Wisconsin P i p e l i n e
H a r t f o r d E l e c t r i c Light & Power Co.
SF debt
Com s t k
Pfd s t k
Equip t r
Equip t r
1 s t mtge
Com s t k ( r t s )
Pfd s t k
1 s t mtge
Pfd s t k
1 s t mtge
1 s t mtge
Com s t k
Equip t r
Pfd s t k
Com s t k
Notes
Com s t k ( r t s )
Notes.
Debt
1 s t mtge
Com s t k
Pfd s t k
1 s t mtge
1 s t mtge
Com s t k
Pfd s t k
1 s t mtge
Govt backed *
Conv debt
1 s t mtge
Pfd s t k
Com s t k
1 s t mtge
1 s t mtge
Pfd s t k
1 s t mtge
75.0
69.0
15.0
40.0
20.0
75.0
80.0
30.0
50.0
20.0
50.0
60.0
24.6
15.0
25.0
63.0
75.0
80.0
75.0
125.0
20.0
30.0
30.0
90.0
60.0
40.0
20.0
40.0
65.0
20.0
35.0
40.0
40.0
30.0
45.0
50.0
30.0
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 O F OFFERING
September
September
September
September
September
September
September
September
SeptemberSeptember
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
8
9
9
9
9
9
10
10
10
11
11
11
15
16
16
16
17
17
17
17
17
18
18
18
18
23
23
23
23
23
23
24
24
24
25
30
30
10
Table 6A Continued
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
As of September 5, 1975
ISSUER
TYPE
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
CORPORATE
*Jerrico Inc.
*United Telecommunication
*Bankers Trust NY Corp.
Alza Corp.
South Carolina E l e c t r i c & Gas
Raychem Corp.
F i r s t Maryland Bancorp
Macy Credit Corp.
P a c i f i c Gas & E l e c t r i c
Mead Corp.
Armco S t e e l Corp.
Pan American Bancshares
C i t i e s Service Co.
*Transamerica Corp.
A l l i e d Finance Co.
Kewanee I n d u s t r i e s I n c .
Wisconsin Gas Co.
United Telecommunication Co.
J . P. Morgan & Co.
*Brockton Edison Co.
American T e l e . & T e l e .
Central I l l i n o i s Light
*Northwest Natural Gas Co.
*Union P a c i f i c Ry Co.
*United Nuclear Corp.
Consol. Edison Co. of New York
Wisconsin E l e c t r i c Power Co.
Arkansas Louisiana Gas Co.
Texas Gas Transmission Co.
Chesapeake & Ohio RR
Van Dyk Research Corp.
C a l i f o r n i a Federal S&L
Com s t k
Com s t k
Pfd s t k
Com s t k ( r t s )
Pfd s t k
Com s t k
Notes
Debt
1 s t mtge
SF debt
Notes
Notes
SF debt
Notes
Notes
SF debt
1 s t mtge
Com s t k
Notes
1 s t mtge
Com s t k
Pfd s t k
1 s t mtge
Equip t r
Com s t k
1 s t mtge
1 s t mtge
1st ctge
Debt
Equip t r
SF debt
1 s t mtge
Other
New Brunswick E l e c t r i c Power
Commission
*Montreal Urban Community
Mitsui & Co. Ltd.
Debt
Debt
Conv debt
31.1
32.2
75.0
20.0
15.0
32.0
25.0
50.0
175.0
100.0
21.0
20.0
150.0
50.0
.20.0
45.0
20.0
32.2
150.0
20.0
552.0
25.0
15.0
15.0
15.0
80.0
60.0
60.0
40.0
15.0
10.0
50.0
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
October
October
October
October
October
October
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
75.0
60.0
50.0
September
September
September
1
1
1
2
2
15
25
11
Table 6B
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
As of September 5, 1975
ISSUER
AMOUNT
(IN MILLIONS
OF DOLLARS)
TYPE
APPROXIMATE
DATE O F OFFERING
S T A T E & LOCAL
Ector Co., Texas
Port of S e a t t l e , Wash.
Minneapolis, Minn.
J e f f e r s o n Co., Ky.
Oklahoma C i t y , Okla.
M i s s i s s i p p i , S t a t e of
M i s s i s s i p p i , S t a t e of
Massachusetts Hsg. Finance Agency
Ohio, S t a t e of
Albuquerque, New Mexico
*Newark, N . J .
* C h e s t e r f i e l d Co., Va.
J e f f e r s o n P a r . Hosp. D i s t . , La.
*Ramsey Co., Minn.
*Jersey C i t y , N . J .
Orlando U t i l i t i e s Comm., F l a .
I l l i n o i s Health Fac. Auth.
G.O.
G.O.
G.O.
Rev
G.O.
G.O.
G.O.
Rev i
Rev
G.O.
,
G.O.
G.O.
Rev
G.O.
G.O.
Rev
Rev
15 .4
16 .0
13 .5
35 .0
25,.9
50 .0
10,.0
78,.7
32,.5
10..0
15..9
19..4
18.,0
11. 4
15. 8
20. 0
22. 5
September
8
September
9
September
9
September
9
September
9
September
9
September
9
September 10
September 11
September 15
September 16
September 16
September 16
September 17
September 18
September 23
October
1
NOTES:
1
Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction
issues of Federally sppnsored agencies; excludes secondary offerings.
*
Included in the table for the first time.
I
Table 7
STOCK PRICES ANti VOLUME
STOCK PRICES
TRADING VOLUME
NASDAQ
GJ INDUSTRIALS
1973 - High
Low
65.48 ( 1 / 1 1 )
49.12 (12/13)
1051.50 (1/11)
788.31 (12/5)
130.47 (1/11)
85.26 (12/20)
1974 - High
Low
53.37 (3/13)
32.89 (10/3)
891.66 (3/13)
577.60 (12/6)
102.01 (3/14)
58.29 ( 1 2 / 9 )
96.53 (3/15)
54.87 (10/3)
1975 - High
Low
51.24 (7/15)
37.16 (1/8)
8 8 1 . 8 1 (7/15)
632.04 (1/2)
96.86 (7/15)
62.20 ( 1 / 2 )
6
13
20
27
49.19
48.20
49.39
50.66
839.64
816.96
855.44
873.12
4
11
18
25
50.45
50.71
50.07
47.87
15
22
29
136.84 (1/11) 26.0 ( 9 / 2 0 )
89.12 (12/13) 9 . 0 (8/20)
5 . 5 (1/12)
1 . 4 (8/20)
11.3 (1/11)
3.5 (8/27)
24.9 (1/3)
7.5 (7/5)
4.4 (1/3)
.9 ( 9 / 2 6 )
7.5 (1.3)
2.8 ( 7 / 5 )
88.00 (7/15)
60.70 ( 1 / 2 )
3 5 . 2 (2/13)
1 0 . 6 (8/15)
4.2 (2/21)
1 . 2 (8/29)
8 . 1 (2/13)
3.6 (1/20)
90.69
89.43
91.08
92.94
84.77
83.43
85.24
86.50
24.7
19.0
19.9
22.5
3.4
2.4
2.1
3.1
7.2
6.2
6.0
6.3
871.79
871.09
862.41
834.09
92.60
95.27
95.67
91.14
86.20
87.20
87.02
83.60
19.3
22.5
22.8
18.6
2.6
3.4
3.3
2.4
6.0
6.2
6.5
5.8
47.10
45.92
46.02
44.85
46.29
826.50
817.74
825.64
804.76
835.34
89.23
85.86
83.58
86.64
81.92
79.55
78.58
76.45
79.01
15.6
13.7
12.4
14.8
12.7r
1.8
1.6
1.4
1.6
1.3r
4.9
4.6
4.4
4.7
4.6r
45.56
835.97
85.45
77.78
12.2
1.3
4.4
86.16
NOTES:
1
Figures other than highs and 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
12/31/66 - 50
4
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.
13
Table 8
SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD
BROKERS ON 1
MARGIN
STOCK
BROKERS ON 2
CONVERTIBLE
BONDS
BANKS
31
UNREGULATED NONMARGIN
STOCK CREDIT
AT B A N K S
OUTSTANDING
1974 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
4 ,840
4,590
4,090
4,000
4,040
3,910
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
4,030
4,200
4,260
4,440
4,780
5,010
5,320
134
136
134
138
140'
146
144
848
830
844
824
819
n.a.
n.a.-
1,919
1,897
1,882
1,885
1,883
n.a.
-320
-250
-500
-90
40
-130
-14
-3
-7
-3
-6
-2
-14
-70
-29
-8
-25
-35
19
28
-59
-36
29
11
120
170
60
180
340
230
310
-3
2
-2
. 4
2
6
-8
-18
14
-20
-5
n.a.
-145
-22
-15
-3
-2
1
' • ' ( f
CHANGE IN OUTSTANDING
1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - Jan.
Feb.
Mar.
Apr.
May
June
July
—2
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
Table 9
SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS
S A V I N G S & LOAN A S S O C I A T I O N S
MUTUAL S A V I N G S B A N K S
REGULAR D E P O S I T S
NET
FLOW
1971
1972
1973
1974
. 1974 - May
June
July
9,621
10,067
4,815
2,909
6
769
-521
1
ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0
—
—
—
1975 - May
June r j
July £/
1,143
1,827
505
—
• 1975 - January
February
March
April
May
June r /
July £/
369
715
1,489
867
1,352
1,486
953
4.5
8.7
18.0
10.3
15.9
17.3
10.9
—
—
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
16,053r
-182
-370
-733
536r
2,691r
-481r
930
716
270
—
—
—
—
—
.—
ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0
——
—
NET
NEW
MONEY
2
TOTAL
DEPOSITS
NET
FLOW
37,414
42,634
25,052
18,952?
17.2
16.7
8.4
5.8
26,331
29,335
10,062
1,847
420
16
-581
542r
3,460r
-l,002r
——
238
-354
-1,314
3,895
3,690
—
6,226
3,089
—
3,062
2,867
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
4,151
18.6
—
5,038
8,053
3,567
——
2,824
3,772
6,331
4,509
5,683
6,51*7
5,104
9.9
13.1
21.7
15.2
19.0
21.4
16.5
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
Annual growth rata for monthly data is the annualized monthly percentage increase in deposits.
NET
NEW
MONEY
20,653
23,884
10,507
4,669
NOTES:
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.
ANNUAL 3
GROWTH
RATE
——
4,620
3,805
3,137
2
15
Table 10
MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D
OUTSTANDING COMMITMENTS
PERIOD
TOTAL
1971 - Dec.
17.7
1972 - Dec.
1973 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
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
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
14.4
14.4
15.2
16.2
16.9
17.1
18.2
ALL S A V I N G S
MUTUAL
S A V I N G S BK£>
& LOAN
ASSOCIATIONS (N Y. STATE)
14.0
3.7
25.1
20.2
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
f •
NET CHANGE
TOTAL
ALL S A V I N G S
MUTUAL
& LOAN
SAVINGS BKS
ASSOCIATIONS (N Y. STATE)
.49
.30
.19
4.9
.56
.55
.01
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
. -.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
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
12.3
12.6
13.2
14.3
14.9
15.1
16.1
2.1
1.8
2.0
2.0
2.1
2.1
2.1
-.04
.05
• 71
1.13
.73
.27
.94
.06
.30
.60
1.07
.62
.27
.97
1
1
-.89
-.10 r
-.25
. 11
.06
.11
.07
-.03
NOTES:
Band 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
1973 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1974 - Jan.
Feb.
Mar.
Apr.
May
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
-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
—
—
FNMA
+530
——
-150
—
-800
-657
—
Notes:
Based on d a t a from the Treasury Survey of Ownership.
V Sales of FHLB discount n o t e s began i n May 1974.
2 / Preliminary.
FHLMC
+350
+650
——
+256
+44
—
+450
" •
——
——
——
—
-200
——
——
+300
0
-1
0
0
0
+750
+499
+1,050
+100
+310
+491
-1
0
+ 700
+ 100
0
+ 600
+ 300
FNMA
SHORT-TERM
DISCOUNT
NOTES
-53
+344
+60
-4
+161
+342
+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454
-237
-405
-249
-69
-289
-348
-135
17
Table 12
NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS
TOTAL
INCLUDING
FNMA-GNMJ
2
FINANCIAL INSTITUTIONS
INSURANCE
COMPANIES
TOTAL
COMMERCIAL
BANKS
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
1,311
1,586
2,329
3,458
3,966
4,406
860
1,512
1,942
3,268
3,909
4,364
100
-100
0
. 400
300
500
200
66
100
70
132
181
286
426
1,109
1,614
2,285
3,184
3,425
3,113
,268
403
258
451
244
153
451
74
387
190
57
42
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
2,612
2,827
2,469
3,519
3,488
3,209
2,106
2,628
1,908
3,128
3,307
3,144
447
184
53
384
33
167
175
170
242
47
166
149
156
1,154
1,646
1,411
2,015
2,769
2,655
2,742
335
556
397
563
356
166
506
199
561
391
181
65
PERIOD
MSB's
S & L's
FNMA-GNMA
Not Seasonally Ad lusted
1970
1971
1972
1973
1974
Seasonally Ad lusted
-
NOTES:
1
Monthly data for commercial banks based on Federal Reserve estimates benchmarked t o 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 8 3 per cent of the net increase estimated for all holders in 1974.
2
Beginning January 1 9 7 2 data reflect activity in limited amount of conventional mortgages.
18
Table 13
NET INCREASE IN
MORTGAGE DEBT OUTSTANDING1
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES
2
QUARTER
TOTAL
RESIDENTIAL
TOTAL
FAMILY
3
MULTIFAMILY
COMMERCIAL
MULTFAME.Y
&
COMMERCIAL
FARM
1968 - I
II
III
IV
28.1
26.4
25.5
29.6
19.4
18.2
17.2
20.4
16.3
15.0
13.6
16.5
3.1
3.2
3.5
3.9
6.4
6.0
6.5
7.4
9.5
9.2
10.1
11.3
2.3
2.2
1.8
1.9
1969 - I
II
III
IV
32.0
29.1
25.8
25.2
23.8
21.5
18.7
18.5
19.4
16.8
14.0
13.1
4.4
4.6
4.7
I 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
I
II
III
IV
20.7
22.9
28.5
31.8
14.4
16.8
21.3
22.8
9.4
11.6
15.0
16.2
5.0
5.2
6.3
6.6
4.8
4.6
5.1
6.8
9.8
9.8
11.5
13.4
1.5
1.5
2.1
2.2
1971 - I
II
III
IV
17 .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
58.5
65.3
50.0
38.6
39.5
44.0
35.7
23.7
32.1
37.1
27.5
17.3
7.4
6.8
8.2
6.4
15.4
17.3
9.0
7.6
22.7
24.1
17.2
14.0
3.6
4.0
5.3
7.3
34.9
25.8
21.1
4.7
4.2
8.8
4.7
III
IV
1975 - I p
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 dcbt < combmed.
Table 14
PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S O F U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S
PERMITS 1
PERIOD
1969
1970
1971
1972
1973
1974
TOTAL
1—FAMILY
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
689
701
677
837
912
508
515
503
603
658
June
949
July
1,007
1975 - J a n .
Feb.
Mar.
Apr.
May
COMPLETIONS
STARTS
TOTAL
2-OR MORE
FAMILY
2 - O R MORE
FAMILY
1—FAMILY
1,467
1,434
2,052
2,357
2,0451,338
811
813
1,151
1,309
1,132
888
182
186
173
234
254
999
|! 1,000
j
985
l1
980
; 1,130
739
733
775
762.
887
260
267
210
218
243
679
270
1,088
879
209
691
316
1,238
927
311
1
,
656
621
901
1,048
914
450
TOTAL
1,399
1,418
1,706
1,972
2,005
MOBILE
HOME
1 —FAMILY 2 - O R MORE
FAMILY
SHIPMENTS
808
802
1,014
1,143
1,166
592
617
692
828
838
413
401
497
576
580
1,535
1,320 '
1,305
1,211
1,265
964
770
734
756
823
571
550
571
455
442
185
219
199
194
1,107
735
372
224
210
I
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 t h e case of
apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1
Permit data for 1969 and 1970 based on 13,000 areas with permit systems
H
^
Table 15
AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW H OMES
1
PERIOD
SPREAD
(BASIS
POINTS)
RATE
(IN PER CENT)
1973 - High
Low
8.95
7.70
107
31
8.95
7.75
1974 - High
Low
9.80
8.55
45
-70
1974 - Oct.
Nov.
Dec.
9.70
9.55
9.45
-33
-13
n.a.
1975 - Jan.
Feb .
Mar.
Apr.
May
9.15
9.05
8.90
9.00
9.05
9.00
15
11
-70
-66
-57
-37
1
Gross yield spread is average mort|
Rates on conventional first mortgages (i
of the insuring offices, rounded to the i
payment, prepaid in 15 years, for imm<
1
1
SPREAD
(BASIS
POINTS)
SPREAD
BETWEEN
RETURNS ON
NEW A a a
CONVENTIONAL
UTILITY
1
AND HUD(FHA)
BOND
DISCOUNT
NEW HOME
YIELD
(PERCENTAGE MORTGAGES (IN PER CENT)
POINTS)
(BASIS
POINTS)
NEW HOMES
1
RATE
(IN PER CENT)
NOTES:
HUD(FHA) INSURED LOANS
SECONDARY MARKET
EXISTING HOMES
YIELD
(IN PER CENT)
SPREAD
(BASIS
POINTS)
107
37
9.18
7.55
130
14
9.4
2.2
-23
9.80
8.60
50
-70
10.38
8.54
44
-25
6.3
2.3
-70
10.46
8.10
9.70
9.60
9.45
-33
- 8
n.a.
. 10.13
10
4 .6
-43
9.51
n.a.
3.8
- 6
10.03
9 .68
9.20
9.05
8.95
9.05
9.10
9.05
20
11
-65
-61
-52
-32
8.99
8.84
8.69
- 1
-10
-91
3.8
2.6
5.4
16
21
21
9.16
9.06
-46*
-31
5.0
4.3
-11
- 6
21
1
8.36
7.38
9.00
8.94
9.60
9.66
9.62
9.37
21
Table 16
FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL
GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION
AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED
1974 - High
Low
|
AVERAGE
YIELD
ACCEPTED
AMOUNT
(IN MILLIONS O F D O L L A R S )
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!> 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
Feb.
10
24
24 .6
36 .2
18.1
23.8
8.98
8.87
14.8
20.0
Mar.
10
24
99 2
460 5
60.1
321.4
8.78
8.85
Apr.
7
21
551.,6
470.-9
277.2
247.3
Hay
5
19
525. 5
165.6
June
2
16
30
July
Aug.
|
14.9
10.6
9.50
9.39
9.1
9.1
9.20
9.04
34.4
60.7
22.1
35.8
8.96
9.00
8.98
9.13
99.8
79.2
44.6
64.8
9.13
9.26
280.4
115.0
9.29
9.25
69.8
46.4
43.9
38.4
9.43
9.41
172.5
73..4
358. 7
80.4
38.6
246.9
9.14
9.06
9.07
51.2
28.5
67.5
27.1
15.7
47.3
9.26
9.21
9.18
14
28
333. 2
415. 8
174.9
247.7
9.10
9.17
71.4
56.5
35.8
34.5
9.20
9.26
11
578. 7
365.5
9.32
96.9
48.9
9.38
25
643,.1
223.0
9.50
98.5
31.0
9.55
.
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 bidden relate to total eligible bids received.
@FedFRASER