Full text of H.16 Capital Market Developments : April 17, 1978

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1

Capital
Market

APR

V.

0
I

C

" >

Developments

#

April 1 7 , 1 9 7 8

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



DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL 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 of the Federal Reserve System in a form
collectible at par in U.S. Currency.




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 AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION

WEEK ENDING

1978 - March

3
10
17
24
31

April

7

CORPORATE BOND MARKET
YIELDS
VOLUME
3
NEW ISSUE 1
RECENTLY 2
. GROSS
PER CENT
Aaa UTILITY
OFFERED
SOLD BY END
OFFERINGS
Aaa UTILITY
($ MILLIONS)
OF WEEK
.

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

8.61
8.83

8.70
8.65
8.64
8.64
8.75

126
494
265
441
631

90
85
87
67
85

40
74
70
215
93

8.88r
8,88p

8.32
8.86p

300
558

87
98

23
10

8.70

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-BOND
INDEX

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

1978 - March

3
10
17
24
31

5.15
5.10
5.10
5.10
5.10

5.63
5.58
5.58
. 5.59
5.69

624
786
941
1,115
879

73
88
87
89
75

253
210
244
282
349

April

7
14

5.40
5.40

5.76
5.74

346
785

84
91

189
186

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
DATE

NEW ISSUE
Aaa UTILITY

1

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

4

B O N D BUYER
2Q-BOND INDEX

1974 - High
Low

10.61 ( 1 0 / 4 )
8.05 (2/15)

10.52 ( 1 0 / 1 1 )
8.13 (1/4)

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

8 . 6 8 (8/30)
7.39 ( 1 / 4 )

7.15 ( 1 2 / 1 2 )
5.15 (2/7)

1975 - High
Low

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

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

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

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

7.67 ( 1 0 / 3 )
6.27 (2/13)

1976 - High
Low

8.95 (5/28)
7.93 (12/10)

9.10 (1/2)
7.84 (12/31)

8.66 (5/28)
7.91 (12/31)

8.17 (5/28)
7.27 (12/31)

7.29 ( 1 / 2 )
5.95 (12/16)

1977 - High
Low

8 . 3 6 (12/16)
7.90 ( 1 / 7 )

8.48 (12/30)
7.95 ( 1 / 7 )

8 . 2 8 (12/30)
7.88 ( 1 / 7 )

7.99 (12/30)
7.26 ( 1 / 7 )

5.93 (2/4)
5.45 (11/17)

1978 - High
Low

8.88 (4/14)
8.60 (3/24)

8.86 (4/14)
8.48 (1/6)

8.56 (4/14)
8 . 3 0 (1/6)

8.34 (4/14)
8.02 ( 1 / 6 )

5.76 (4/6)
5.58 (3/17)

8.61
8.83

8.70
8.65
8.64
8.64
8.75

8.49
8.48
8.45
8.45
8.48

8.21
8.21
8.17
8.17
8.27

5.63
5.58
5.58
5.59
5.69

8.88r
8.88p

8.82r
8.86p

8.53r
8.56p

8.31r
8.34p

5.76
5.74

1978 - Mar.

Apr.

3
10
17
24
31
7
14

8.70

NOTES:
1

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

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4
weeks.

3

Weekly average of daily closing figures.

4

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

5

Thursday figures. The 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

1

CORPORATE

PERIOD

1978

3

2,600e
2,550e
3,700e

1977 1

1976

3,989
2,708
5,495

3,381
3,863
6,632

April
May
June

3,639
3,735
5,321

July
August
September
October
November
December

January
February
March

8,850e

01
02
03
04
1st Half
3 Otrs.
Year

1

1978

3

1977

3,283
2,716
4,300e

1976^
2,451
2,885
3,365

3,507
4,186
6,439

3,409
4,566
5,786

2,218
3,575
3,115

4,074
3,322
3,754

3,216
3,357
4,817

3,113
4,118
4,013

2,734
2,821
2,814

3,957r
5,120
5,749

4,431
3,047
6,480

3,807
3,332
3,646

3,524
3,336
2,342

12,192
12,695
11,150r
14,826

13,876
14,132
11,390
13,958

10,907
13,761
11,244
10,785

8,701
8,908
8,369
9,202

24,887
36,037r
50,863

28,008
39,398
53,356

24,668
35,912
46,697

17,609
25,978
35,180

1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

3

2

3,402
3,442
4,063

10,299e

NOTES:

E s t i m a t e d by F e d e r a l Reserve on t h e b a s i s of a v a i l a b l e d a t a .




2

STATE AND LOCAL

Table 4

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

PERIOD

1976 - I
II
III

TOTAL

GROSS PROCEEDS BY TYPE OF ISSUE
GROSS PROCEEDS BY TYPE OF ISSUER
BONDS
COMMON
MEMO
AND
MANUFACPUBLIC
COMMUNIOTHER
PUBLICLY PRIVATELY
ISSUES INCLUDED
TURING
UTILITY
CATIONS
ISSUERS
OFFERED
PLACED PREFERRED
FOREIGN CONVERTIBLE
STOCK

13,876
14,132
11,390
13,958

7,569
7,427
4,904
6,553

2,754
3,584
4,624
4,846

3,553
3,121
1,861
2,559

1,340
1,843
1,267
1,795

262
478
199
55

4,497
3,757
2,982
4,244

4,044
3,140
3,317
3,897

765
1,879
378
541

4,596
5,358
4,715
5,276

IV

12,192
12,695
11,150r
14,826

6,498r
5,606
6,215r
5,866

3,077r
4,215
3,057
5,139

2,617
2,874
1,878
3,821

858
1,810
1,560
1,025

6
108
495
39

2,774
3,182
2,826
3,083

3,019
3,852
2,757
3,944

1,415
1,044
644
1,250

4,986
4,618
4,921r
6,549

1977 - J a n u a r y
February
March
April
May
June
July
August
September
October
November
December

3,989
2,708
5,495
3,639
3,735
5,321
4,074
3,322
3,754r
3,957r
5,120
5,749

2,786
1,102
2,610
1,961
1,600
2,045
2,360
1,947
1,908
2,114
2,211
1,541

601
786
1,690
1,087
887
2,241
1,019
818
1,220
909
1,063
3,167

602
820
1,195
591
1,248
1,035
695
557
626
934
1,846
1,041

300
433
125
600
350
850
935
150
475
300
425
300

0
6
0
50
2
56
25
262
208
1
22
16

906
743
1,125
1,348
652
1,182
1,309
699
551
706
744
1,633

986
435
1,598
774
1,612
1,466
843
497
1,417
1,249
1,665
1,030

50
557
808
334
294
416
277
45
322
8
1,010
232

2,048
973
1,965
1,182
1,179
2,257
1,646
1,813
1,463r
l,994r
1,700
2,855

IV

1977 - I
II
III

NOTES:
1

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

Source: Securities and Exchange Commission.




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9

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e

#

e

e

e

e

#

#

Table 5A

,

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
A p r i l 3 through A p r i l 14, 1978
ISSUER
CORPORATE

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Minnesota Power & Light Co.
Long I s l a n d L i g h t i n g Co.
T w e n t i e t h Century-Fox Film Corp.
Minnesota Power & Light Co.
G r e a t N o r t h e r n Nekoosa Corp.
F i r s t N a t i o n a l S t a t e Bancorp.
Talman F e d e r a l S&L Assoc.
Union P a c i f i c R a i l r o a d
Tenneco I n c .
Lachmar
Texas I n t e r n a t i o n a l Air
American Savings & Loan Assoc.
Commonwealth Edison Co.
F e d e r a l Express Corp.
O c c i d e n t a l Petroleum Corp.
I n d i a n a p o l i s Power & L i g h t Co.

Com. s t k .
1st mtg.
Debt.
1 s t mtg.
Debt.
Notes
Mtg.-backed
Equip, t r .
Debt.
Gvt. g t r .
Debt.
Mtg.-backed
Pfd. stk.
Com. s t k .
Pfd. stk.
Com. s t k .

31.5
75.0
50.0
50.0
75.0
30.0
80.0
19.5
200.0
80.0
18.0
200.0
75.0
18.8
75.0
23.4

OTHER
Norges Kommunlbank
Saskatchewan, Canada P r o v i n c e of

Debt.
Debt.

75.0
125.0

MATURITY

COUPON RATE

OFFERING
YIELD

—

MOODY'S/S&P'S
RATINGS

—

2008
1998
2008
2008
1988
1983
1979-1993
2003
2001
1998
1984
——-

9.20
10.25
9.25
8.70
8.88
8.38
8.25
8.88
8.63
10.88
8.50
8.40

9.32
10.34
9.25
8.72
9.01
8.38
7.60-8.50
8.90
8.63
10.88
8.55
8.40

Ba/BB
A/AA/A+
A/A—/AAA
Aaa/AAA
A/A
— j

—

B/B
— /AAA
A/A
Baa/BB

9.20

—

1998
2008

9.13
9.25

9.18
9.25

Aaa/AAA
Aa/AA

NOTES:
*

Rights offering.

1

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




^

Table 5B

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

1

A p r i l 3 through A p r i l 14, 1978
TYPE

ISSUER

AMOUNT
(MILLIONS OF
DOLLARS)

STATE AND LOCAL

D a l l a s - F o r t Worth Reg. A i r p o r t , Tex.
Dover Sewerage A u t h . , N . J .
Dover Sewerage A u t h . , N . J .
Texas Tech U n i v e r s i t y
Beaver Co., Pa.
Beaver Co., Pa.
Beaver Co., Pa.
San F r a n c i s c o , C a l i f .
D a l l a s , Texas
Orange Co., F l a .
Orange Co., F l a .
S h r e v e p o r t , La.
S h r e v e p o r t , La.
Michigan S t a t e Hsg. Dev. Auth.
Michigan S t a t e Hsg. Dev. Auth.
Mesa U n i f i e d Sch. D i s t . #4, A r i z .
P i t t s b u r g h & Allegheny Co. A u d i t .
A u t h . , Pa.
S a l t River Agric. Improv. & Power
D i s t . , Ariz.
S a l t R i v e r A g r i c . Improv. & Power
D i s t . , Ariz.
E a s t o n , Pa.
B a l t i m o r e , Md.

NET INTEREST
COST

MATURITY

6.13
4.00-5.80
6.00
3.75-5.90
3.80-5.30
4.20-4.70
6.10
3.90-5.70
3.90-5.60
6.00-6.35

2007
1979-1999
2017
1978-2004
1978-1990
1980-1993
2013
1979-1998
1979-1998
1988-2010
2007
1986-1998
1999
1980-2004
2010
1986-1993

Rev.

14.0

1988-2007

Rev.

39.0

1981-2003

6.14

4.40-5.90

Aa/A+

Rev.
Rev.
Rev.

86.0
10.7
11.9

2018
1979-2003
1979-2010

6.14

6.20
4.25-6.50
4.25-6.40

Aa/A+
—/A
—/A

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

2

For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations.

*

#

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

30.0
8.8
23.5
13.9
3.5
4.3
4.3
14.0
32.5
25.4
8.5
12.1
6.4
22.6
7.4
38.2

1

#

MOODY'S/S&P'S
RATINGS

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

5.53

5.10
5.01
—
— —

4.75-5.85
5.88
4.40-6.30
6.32
5.00-5.40

5.72
5.72
5.97
5.97
5.38

5.50-6.50

—
——

NOTES:




OFFERING
YIELD

#

#

#

#

#

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
A p r i l 3 through A p r i l 14, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

2.9
4.8
9.6
7.4
12.5
10.0
14.5
150.0
60.0
11.1
11.3
10.9
10.2
9.5
30.5
4.7
14.5
5.0
11.0

1993
1998
2006
2008
1981-2003
1980-1995
1982-2002
1984-1998
1981-1996
1981-2007
1982-2002
1980-1999
1981-1994
1986-1993
2008
1991-1997
2007
1989-2001
2007

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Wood Co. B u i l d i n g Comm., W. Va.
Wood Co. B u i l d i n g Comm., W. Va.
Wood Co. B u i l d i n g Comm., W. Va.
Wood Co. B u i l d i n g Comm., W. Va.
L a f o u r c h e P a r . Sch. D i s t . , La.
T u a l a t i n H i l l s P a r k & Rec. D i s t . , Ore,
Oakland Co., Mich.
Oregon, S t a t e of
North C a r o l i n a , S t a t e of
Sunnyvale Redev. Agy., C a l i f .
Roswell, N.M.
Toms River Sch. D i s t . , N . J .
N a p e r v i l l e , 111.
I r w i n d a l e Comm. Redev. Agy., Cal.
I r w i n d a l e Comm. Redev. Agy., Cal.
North Penn Sch. D i s t . A u t h . , Pa.
North Penn Sch. D i s t . A u t h . , Pa.
J e f f e r s o n Co., A l a .
J e f f e r s o n Co., A l a .




Rev.
Rev.
Rev.
Rev.
G.O.
G. 0.
G.O.
G.O.
G.O.
Rev.
Rev.
G.O.
G.O.
G.O.
G.O.
Rev.
Rev.
G.O.
G.O.

6.69
6.69
6.69
6.69
5.37
5.24
5.70
5.15
4.84
6.61
5.95
5.61
5.22
7.50
7.50

— —

6.38
6.50
6.63
6.88
4 . 5 0 - 5 . 70
4 . 2 5 - 5 . 40
4 . 5 0 - 6 . 20
4 . 5 5 - 5 . 40
4 . 0 0 - 5 . 00
5 . 0 0 - 6 . 70
4 . 6 0 - 6 . 25
4 . 2 0 - 5 . 70
4 . 3 5 - 5 . 35
6 . 2 5 - 7 . 00
7.40
5 . 5 0 - 6 . 00
6.20
5 . 0 0 - 5 . 75
6.10

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

10
Table 6A

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

1

As of A p r i l 14, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

I t e l Corp.
N o r f o l k & Western R a i l r o a d Co.
Pennsylvania Power Co.
Oklahoma Gas & E l e c t r i c Co.
U.S. Bancorp
San Diego Gas & E l e c t r i c Co.
San Diego Gas & E l e c t r i c Co.
C i n c i n n a t i Gas & E l e c t r i c Co.
H a r t f o r d Elec. L i g h t & Power Co.
General Motors Acceptance Corp.
*Ford Motor C r e d i t Co.
*Ford Motor C r e d i t Co.
* P u b l i c S e r v i c e s Co. of New Mexico
C a r o l i n a T e l . & T e l e . Co.
*Inforex Inc.
*Moran Bros.
C o n t i n e n t a l I l l i n o i s Corp.
Oak I n d u s t r i e s I n c .
American S&L Assoc. of Utah
Texas I n t e r n a t i o n a l Co.
Interpool Ltd.
*Documation I n c .
P o s t a l Finance Co.
* P o r t l a n d General E l e c t r i c Co.
^ I l l i n o i s Power Co.
*Southern Railway I n c .
Delmarva Power & L i g h t Co.
*Wisconsin E l e c t r i c Power Co.
Ohio Edison Co.
Toledo Edison Co.
Georgia Power Co.
*Utah Power & Light Co.
Kansas Power & L i g h t Co.
*Utah Power & Light Co.
*Kansas City Power & Light Co.
P a c i f i c Gas & E l e c t r i c Co.
*Athlone I n d u s t r i e s I n c .
*Realty Refund T r u s t
^Systems En g i neer ing L a b s . , I n c .

Debt.
Equip, t r .
1 s t mtg.
Pfd. stk.
Notes
Com. s t k .
1st mtg.
1 s t mtg.
1st mtg.
Notes
Notes
Notes
1 s t mtg.
Debt.
Debt.
Debt.
Notes
Debt
Mtg.-backed
Pfd. stk.
Pfd. stk.
Debt.
Notes
Com. s t k .
Com. s t k .
Equip, t r .
1 s t mtg.
1 s t mtg.
1 s t mtg.
Com. s t k .
1 s t mtg.
1st mtg.
Com. s t k .
Com. s t k .
1 s t mtg.
Pfd. stk.
Debt.
Debt.
Debt.

75,.0
24 .0
25,.0
35,.0
50 .0
40,.0
50,.0
75,.0
40,.0
200,.0
150,.0
150,.0
65,.0
35..0
15.,0
15.,0
100,.0
30,.0
50,.0
15..0
26..0
15. 0
20,.0
60,.0
63..0
22.,6
50..0
80..0
120.,0
50.,0
100.,0
50. 0
37.,5
40. 0
50. 0
125. 0
20. 5
20. 0
15. 0

NOTES:
*

Included in table for first time.

1

Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May

18
18
19
19
19
19
20
20
20
20
20
20
25
27

2
9
9
9
11
16
16
17
18
17
18
23
24

11
Table 6A Continued

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

1

As of A p r i l 14, 1978

•

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

T r a i l T r a i n Co.
United I l l u m i n a t i n g Co.

Equip, t r .
Com. s t k .

22.0
21.0

May
Indef.

e
OTHER
*Great B r i t i a n
*Great B r i t i a n
#

POSTPONEMENT
Norin Corp.
P a c i f i c T e l . & T e l e . Co.




Notes
Notes

200.0
150.0

May
May

Debt.
Debt.

25.0
300.0

Indef.
Indef.

12
Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of A p r i l 14, 1978
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*Carson Redev. Agy., C a l .
*Mobile, Ala.
Anchorage, Alaska
Hawkins Co., Tenn.
*Tennessee Housing Dev. Agy.
E a s t Quachita P a r . Sch. D i s t . , La.
Georgia R e s i d e n t i a l F i n . Auth.
*Maine S t a t e Housing Auth.
* L o u i s v i l l e , Ky.
*Tempe Sch. D i s t . #3, A r i z .
* P l e a s a n t P r a i r i e , Wise.
Texas, S t a t e of
* C a l i f o r n i a Educ. Fac. Auth.
*Phoenix, A r i z .
S. Washington Co. I n d . Sch. D i s t . ,
Minn.
B a l t i m o r e , Md.
C o n n e c t i c u t Housing F i n . Auth.
^Massachusetts H l t h . & Educ. Fac.
Auth.
*Nassau Co., N.Y.
Stamford, Conn.
New York S t a t e Power Auth.
*Altoona Area Sch. D i s t . A u t h . , Pa.
*Albuquerque, N.M.
*Denver Housing C o r p . , Colo.
Ohio Water Dev. Auth.
Montgomery Co., Ohio
*Macon Co. I n d u s t . B u i l d . A u t h . ,
Ga»
San F r a n c i s c o A i r p o r t s Comm., Cal.
Milwaukee, Wise.
Chula V i s t a Redev. Agy, C a l .
I l l i n o i s Hsg. Dev. Auth.
^Wisconsin, S t a t e of
*Austin Texas
Rosemount I n d . Sch. D i s t . #196,
Minn.
C a l i f o r n i a , S t a t e of

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

14.,0
68..0
10. 0
15. 0
70..0
15.,0
50.,0
55.,0
100.,0
19.,8
25.,0
25.,0
14.,4
24..6

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

G.O.
G.O.
Rev.

11.,8
35.,0
180..0

Apr. 25
Apr. 25
Apr. 25

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

14,.8
53,.3
15,.7
350,.0
26.,0
11,.0
13.,4
46..0
52..5

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

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

19..3
90,.0
19,.6
54,.3
50,.0
94,.5
78,.0

May
May
May
May
May
May
May

1
2
2
2
3
4
4

G.O.
G.O.

18..7
90 .9

May
May

8
9

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.




17
18
18
18
18
18
18
20
20
24
24
24
25
25

26
26
26
27

13
Table 6B Continued

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

1

As of A p r i l 14, 1978
1

TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Baltimore Co., Md.
* E v e r e t t Sch. D i s t . #2, Wash.
*Ohio, S t a t e of
^ L i t t l e t o n Sch. D i s t . #6, Colo.
*Spokane Sch. D i s t . #81, Wash.
POSTPONEMENT
Washington, S t a t e of




G. 0.
G.O.
Rev.
G.O.
G.O.

30.0
17.0
38.0
17.3
40.5

May
May
May
May
May

9
10
16
16
16

G.O.

35.6

Apr. 19

Table 7

STOCK PRICES AND VOLUME
1

S T O C K PRICES

DATE
3

N Y S E INDEX

BJ INDUSTRIALS

AMEX

4

AMEX

NYSE

NASDAQ

2

TRADING VOLUME
NASDAQ

1974-High
Low

53.37 ( 3 / 1 3 )
32.89 (10/3)

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

102.01 ( 3 / 1 4 )
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 / 2 6 )

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

1975-High
Low

51.24 ( 7 / 1 5 )
37.16 ( 1 / 8 )

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

96.86 ( 7 / 1 5 )
62.20 ( 1 / 2 )

8 8 . 0 0 (7/15)
60.70 ( 1 / 2 )

35.2 ( 2 / 1 3 )
8.7 (9/15)

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

8.1 (2/13)
2 . 5 (9/15)

1976-High
Low

57.51 (9/21)
48.04 (1/2)

1014.79 ( 9 / 2 1 )
858.71 (1/2)

107.05 ( 7 / 1 2 )
84.31 (1/2)

92.52 (7/15)
78.06 ( 1 / 2 )

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

8 . 6 (2/20)
1.1 (1/2)

11.1 ( 2 / 2 0 )
3.5 (1/2)

1977-High
Low

57.69 ( 1 / 3 )
49.78 (11/2)

999.75 ( 1 / 3 )
800.85 (11/2)

127.89 (12/30) 105.05 (12/30)
93.66 ( 4 / 5 )
109.61 ( 1 / 1 2 )

35.3 (11/11)
10.6 (10/10)

4 . 2 (1/13)
1.4 ( 9 / 2 2 )

11.2 ( 1 1 / 1 0 )
5.1 (5/27)

1978-High
Low

51.93 (4/14).
48.37 (3/6)

817.74 ( 1 / 3 )
742.12 (2/28)

134.69 ( 4 / 1 4 )
119.73 ( 1 / 1 1 )

111.29 (4/14)
99.09 ( 1 / 1 1 )

52.0 (4/14)
7.6 ( 1 / 2 0 )

4.1 (4/13)
1 . 3 (1/20)

12.6 ( 4 / 1 3 )
2.8 (1/20)

Mar.

3
10
17
24
31

48.67
49.48
50.25
49.86
49.85

747.31
758.58
768.71
756.50
757.36

123.09
125.35
127.33
128.01
128.94

101.95
103.42
104.94
105.39
106.20

20.2
21.6
25.1
24.0
21.3

2.5
2.9
3.1
2.8
3.1

Apr.

7
14

50.41
51.93

769.58
795.13

131.81
134.69

108.23
111.29

24.0
31.9p

3.4
3.8p

8.0
8.9
9.1
9.2
9.0
10.1
11.IP

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

12/31/65 = 50

4

Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.


http://fraser.stlouisfed.org/
Federal #
Reserve Bank of St. #
Louis

#

e

#

#

*

#

e

#

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

OUTSTANDING

BROKERS ON
MARGIN
STOCK

1

BROKERS O N 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

1977 - F e b r u a r y
March
April
May
June
July
August
September
October
November
December

8,480
8,690
8,880
9*070
9,230
9,460
9,560
9,590
9,560
9,610
9,740

197
199
196
196
198
204
200
196
191,,
246—
250

844
810
807
801
873
875
885
881
882
872
873

2,319
2,312
2,350
2,345
2,551
2,568
2,587
2,581
2,579
2,604
2,568

1978 - J a n u a r y
February

9,590
9,780

246
242

851
877

2,565
2,544

210
210
190
190
160
230
100
30
-30
50
130

1
2
-3

-55
4

12
-34
-3
-6
72
-2
10
-4
1
—10
1

7
-7
38
-5
206
17
19
-6
-2
25
-36

-150
-190

-4
-4

-22
26

—3
-21

CHANGE IN OUTSTANDING

1977 — F e b r u a r y
March
April
May
June
July
August
September
October
November
December
1978 - J a n u a r y
February

2
6
-4
-4
-

5c /

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
value.


5 Data p r i o r t o


November n o t s t r i c t l y comparable due t o changes i n r e p o r t i n g .

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

REGULAR DEPOSITS
DATE
NET
FLOW

1974
1975
1976
1977

2,165
11,070
12,670
10,647

1

ANNUAL 3
GROWTH
RATE

2.3
11.3
11.6
8.8

NET
NEW
MONEY

282
1,200
683
406
1,289

-12
-137
296
99
-131

1978-Jan.
Feb. .
Mar. E-'

628
480
1,750

-59
171
350

1978-Jan.

1,187
1,131
1,257
515
519

11.1
10.5
11.6
4.7
4.7

723
374
487

6.5
3.4
4.4

2

-2,822
4,757
5,275
2,811

1977-Aug.
Sept.
Oct.
Nov.
Dec.

1977-Aug.
Sept.
Oct.
Nov.
Dec.

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

5.6
15.8
15.9
13.5

NET
NEW
MONEY

18,171
53,839
62,839
61,610
3,144
7,161
3,079
2,135
6,831

2,619
1,529
2,566
1,615
752

2,877
2,068
n.a.

3,379
2,768
n.a.

2,818
2,239
n.a.

2,751
2,288
n.a.

2,019
2,256
n.a.

ADJUSTED
18.6
18.2
12.2
11.7
10.6
6.2
6.9
n.a.

6,858
6,787
5,089
4,226
3,929
—

2,742
2,630
n.a.

2

1,846
34,033
39,644
34,783

16,006
7.1
4,668
42,769
17.6
29,276
50,169
17.6
34,369
50,963
15.2
31,972
NOT SEASONALLY ADJUSTED
2,631
2,862
1,666
5,961
2,270
2,396
1,516
1,729
883
5,542

SEASONALLY
5,671
5,656
3,832
3,711
3,410

— —

NET
NEW
MONEY

2

16.6
16.2
12.0
9.9
9.1
6.3
6.0
n.a.

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

Annual growth rate 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

17
T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D

NET C H A N G E

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

•

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

TOTAL

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

1972

25.2

20.3

4.9

7.48

6.28

1.20

1973

19.9

16.4

3.5

-5.31

-3.92

-1.39

1974

14.7

12.5

2.2

-5.20

-3.91

-1.29

1975

20.6

18.6

2.0

5.81

6.06

- .25

1976 - J a n
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

20.6
21.3
21.8
21.8
22.4
22.9
23.2
23.6
24.5
25.7
27.1
27.9

18.6
19.4
19.6
19.6
20.1
20.7
20.9
21.3
21.9
23.1
24.4
25.1

2.0
2.0
2.2
2.2
2.3
2.2
2.3
2.3
2.6
2.6
2.7
2.8

.35
.79
.33
.12
.50
.57
.30
.40
.89
1.21
1.35
.76

.35
.84
.16
.04
.46
.59
.27
.35
.62
1.21
1.24
.70

1977 - J a n
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

28.0
28.6
29.7
30.2
30.6
31.9
32.4
34.0
35.1
37.4
38.8
39.2

25.2
25.6
26.5
27.0
27.3
28.1
28.6
30.0
31.0
32.9
34.1
34.6

2.8
3.0
3.2
3.2
3.3
3.8
3.8
3.9
4.1
4.5
4.7
4.6

.23
.58
1.09
.47
.37
1.32
.54
1.50
1.24
2.20
1.47
.36

.16
.38
.92
.47
.30
.79
.57
1.32
1.07
1.83
1.24
.46

.07
.53
- .03
.18
.17
.37
.23
- .10

1978 - J a n
Feb

38.4
37.6

34.0
33.3

4.4
4.3

- .81
- .73

- .57
- .64

- .24
- .09

NOTES:

- .05
.17
.08
.04
- .02
.03
.05
.27
.11
.06
.07
.20
.17

Data r e v i s e d due t o r e - e s t i m a t i o n of s e a s o n a l f a c t o r s .

Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.
H.16




Table 11

NET NEW MONEY B O R R O W I N G S
BY MAJOR HOUSING A G E N C I E S
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

FHLMC

FNMA

FNMA &FHLB
SHORT-TERM
DISCOUNT
NOTES 1

1975 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

+236
-398
215
587
152
669

+300
-700
100
850
200
600

0
-700
0
+150
0
0

0
0
0
0
200
0

+300
0
100
700
0
600

—64
302
115
-263
—48
69

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

-197
—964
-851
124
-953
-107
-58
787
195
-37
-552
145

0
-604
-304
693
-607
-206
291
+190
190
310
-297
-219

0
-1,100
0
0
—600
0
0
0
0
0
-300
0

0
196
-4
-7
-7
—6
-9
+190
-10
—8
-9
-7

0
300
-300
700
0
-200
300
0
200
318
12
-212

-197
-360
-547
-569
-346
99
-349
597
5
-347
-255
364

1977 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

12
-862
289
344
532
605
531
347
195
247
466
1,078

188
-592
-354
746
297
203
553
301
-291
211
500
0

0
-200
0
-6
105
0
0
304
0
0
300
0

-189
-393
-4
0
200
3
-47
-3
9
11
200
0

-1
1
-350
752
—8
200
600
0
-300
200
0
0

-176
-270
643
-402
235
402
-22
46
486
-36
-34
1,078

1978 - J a n .
Feb.
Mar. e

399
1,712
904

-12
1,388
0

0
1,400
0

-12
-12
0

0
0
0

411
324
904

NOTES:
Based on data from Treasury Survey of Ownership.
of FHLB discount notes began in May 1974.
Digitized1for Sales
FRASER
p
Preliminary


19
T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN M I L L I O N S O F D O L L A R S

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

TOTAL
INCLUDING
FNMA-GNMA

21,930
41,406
57,587
58,372
42,739
43,497
62,783
96,814

2

FINANCIAL INSTITUTIONS
TOTAL

17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924

COMMERCIAL
BANKS

2,462
9,940
16,800
19,600
11,700
4,200
13,900
25,700

MSB's

1,956
3,938
5,377
5,642
2,172
2,236
4,074
6,474

S & L's

10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,566

INSURANCE FNMA-GNMA
COMPANIES

2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184

4,910
2,388
2,026
3,300
6,222
4,839
-2,120
890

252
220
744
614
426
1,655

- 86
-163
167
- 31
96
222

Not S e a s o n a l l y Ad l u s t e d
1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

8,339
9,502
9,127
8,349
7,940

8,425
9,665
8,930
8,380
7,844
9,174

1978 - J a n .
Feb.

2,300
3,000
2,300
2,300
2,100
2,000

649
719
660
690
564
771

5,224
5,726
5,256
4,876
4,754
4,748

1,300
1,100

412

3,019
3,381

329

S e a s o n a l l y Ad l u s t e d
1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
1978 - J a n .
Feb.

7,726
8,869
8,762
8,533
8,822
9,492

8,094
9,108
8,831
8,625
8,729
9,417

2,263
2,892
2,142
2,265
2,284
2,251

608
669
685
675
605
647

4,855
5,291
5,289
5,162
5,437
5,262

1,688
1,509

572

4,305
4,013

368
256
715
523
403
1,257

-368
-239
- 69
- 92
93
75
388

NOTES: S e a s o n a l l y a d j u s t e d d a t a r e v i s e d due t o r e - e s t i m a t i o n of s e a s o n a l f a c t o r s .
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

20

NET INCREASE IN
MORTGAGE t>EBT OUTSTANDING
M BILLIONS O F DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMILY
&
COMMERCIAL

FARM

1.0

1970 - I
II
II
IV

25.5
25.3
33.5
35.4

18.7
18.3
23.9
26.8

13.2
12.5
15.5
18.8

5.5
5.8
8.4

8.0

5.7
6.9
8.6
7.4

11.2
12.7
17.0
15.4

1971 - I
II
III
IV

41.2
51.8
57.8
59.5

32.7
40.3
43.1
44.7

23.2
29.6
33.8
35.7

9.5
10.7
9.3
9.1

6.7
9.3
12.1
11.6

16.2
20.0
21.4
20.7

1.7
2.1
2.6
3.1

1972 - I
II
III
IV

67.6
74.1
77.6

38.0
41.0
48.1
47.9

11.3
13.1
11.0
15.7

14.8
16.5
14.9

26.1
29.6

88.1

49.3
54.1
59.1
63.6

21.0

25.9
36.7

3.5
3.5
3.6
3.6

I
II
III
IV

80.6
87.4
80.7
70.4

56.0
59.9
56.2
48.5

47.8
46.9
43.7
40.6

8.2
13.0
12.5
7.9

19.1
21.7
19.4
16.4

27.3
34.7
31.9
24.3

5.6
5.8
5.0
5.5

1974 - I
II
II
IV

69.9
70.9
54.5
46.7

48.7
47.2
35.1
29.7

39.2
40.3
28.4
25.4

9.5
6.9
6.7
4.3

17.5
18.7
13.6

27.0
25.6
20.3
15.5

3.6
4.9
5.8
5.9

1975 - I
II
III
IV

44.0
55.0
62.3
67.7

29.7
39.8
45.3
50.8

28.9
39.8
44.9
51.9

0.8
0.0
0.4
-1.1

9.0
10.3
12.9

12.8

9.8
10.3
13.3
11.7

5.3
4.9
4.0
4.1

1976 - I
II
III
IV

78.6
77.3
94.0
98.6

59.7
58.0
73.8
78.0

58.3
58.1
70.0
75.5

1.4
-0.1
3.8
2.5

13.7
14.5
13.4
13 .0

15.1
14.4
17.2
16.9

5.3
4.8
6.9
7.6

108.3
132.2
140.3
140.1

84.2
102.6
106.6
109.2

80.3
96.1
98.9
99.7

3.9
6.5
7.7
9.5

15.5
20.3
24.8
22.9

19.4
26.8
32.532.4

8.6
9.3
8.9
8.0

1973

1977 - I
II
III
IV (p)

11.2

0.0
1.0

1.3

NOUS:
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 mainty by Federal Reserve.

2

R e s i d e n t i a l mortgage d e b t i n c l u d e s nonfarm o n l y and i s sum of 1 - t o 4 - f a m i l y and
m u l t i f a m i l y mortgage d e b t .




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Table 14

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

PERMITS 1
PERIOD

TOTAL

•

1—FAMILY

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

1,324
1,352
1,925
2,219
1,820
1,074
939
1,297
1,677

626
647
906
1,033
882
644
676
894
1,125

698
705
1,018
1,186
937
431
264
403
552

1,407
1,434
2,052
2,357
2,045
1,338
1,160
1,538
1,987

811
813
1,151
1,309
1,132
888
892
1,162
1,451

656
621
901
1,048
914
450
268
376
375

1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

1,639
1,772
1,695
1,850
1,893
1,811

1,089
1,156
1,135
1,216
1,257
1,210

550
616
560
634
636
601

'
'
1
|
;

2,072
2,038
2,012
2,139
2,096
2,203

1,453
1,454
1,508
1,532
1,544
1,574

619
584
504
607
552
629

1978 - J a n .
Feb.

1,496
1,622

1,027
967

469
925

!

1,547
1,580

1,155
1,091

392
489

1969
1970
1971
1972
1973
1974
1975
1976
1977

TOTAL

2 - O R MORE
• FAMILY

| 1 —FAMILY 2 - O R MORE
FAMILY ,

|

MOBILE
HOME
SHfPMENTS
413
401
497
576
567
329
216
246
277

!
i
!
!
j

1,399
1,418
1,706
1,972
2,014
1,692
1,297
1,362
1,652

808
802
1,014
1,143
1,174
932
867
1,026
1,254

592
617
692
828
840
760
430
336
398

!
1
1
i
i
j

1,671
1,677
1,875
1,665
1,769
1,630

1,253
1,269
1,458
1,249
1,280
1,288

419
409
417
416
489
342

251
270
300
319
318
324

1,721

1,261

460

322
269

1
|

NOTES:
Private b u i l d i n g p e r m i t s (for 1 4 , 0 0 0 areas w i t h p e r m i t s y s t e m s , e x c l u d i n g f a r m ) , starts, a n d c o m p l e t i o n s are C e n s u s B u r e a u d a t a . A d w e l l i n g u n i t is s t a r t e d w h e n e x c a v a t i o n begins. In t h e case of
a p a r t m e n t b u i l d i n g s , all units are c o n s i d e r e d s t a r t e d at t h a t t i m e ; h o w e v e r , all such units are c o n s i d e r e d c o m p l e t e d w h e n m o r e t h a n half of t h e u n i t s in t h e s t r u c t u r e are r e a d y f o r use. P r i v a t e m o b i l e
H o m e s h i p m e n t s are Mobile H o m e M a n u f a c t u r e r s A s s o c i a t i o n d a t a c o n v e r t e d t o seasonally a d j u s t e d a n n u a l r a t e by C e n s u s B u r e a u .
i
1

P e r m i t d a t a f o r 1 9 6 9 and 1 9 7 0 based o n 1 3 , 0 0 0 areas w i t h p e r m i t s y s t e m s




^
t—'

T a b l e 15

to

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING HOMES

PERIOD
RATE
(IN PER CENT)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

M

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

1976 - High
Low

9.05
8.90

91
5

9.10
8.95

95
10

9.06
8.25

59
8

4.3
2.0

65
-4

8.72
8 .05

1977

High
Low

9.10
8.80

99
52

9.20
8.85

98
63

9.11
8.40

73
22

4.7
1.7

40
4

8.31
8.01

1977

July
Aug.
Sept,
Oct.
Nov.
Dec .

9.00
9.00
9.00
9.00
9.05
9.10

83
99
86
72
82
N.A,

05
05
9.05
9.05
9.05
9.10

88
104
91
77
82
N.A.

8.74
8.74
8.72
8.78
8.78
8.91

57
73
58
50
55
N.A ,

.9
.9
.7
.2
.2
3.2

26
26
28
27
19

8.17
8.01
8.14
8.28
8.23
N.A.

9.15
9.25

N.A
54

9.20
9.25

N.A.
54

9.11
N.A.

N.A ,
N.A,

4.7
N.A,

4
N.A,

N.A.
8.71

1978 - J a n .
Feb .

22

NOTES:
1
Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.
Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas
of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used.


http://fraser.stlouisfed.org/
e
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Federal Reserve
Bank of St. Louis

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H.16

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

CSJ

CM
r—f

00

00

50 ( 9 / 7 )

383 ( 5 / 2 )

35 ( 9 / 7 )

8 . 4 6 ( 1 / 1 0 ) 123 ( 7 / 2 5 )

AVERAGE
YIELD

ACCEPTED

278 ( 5 / 2 )
71 (9/19)

9 . 2 1 (12/27
8 . 8 1 (1/10)

77 .3
54.1

8.72
8.71

163.9
122.9

101.6
82.8

9.08
9.06

22

195.0
119.9

143.1
78.3

8.75
8.77

199.8
170.4

144.4
92.3

9.06
9.06

Sept. 7
19

50.3
62.6

35.1
40.3

8.74
8.74

138.9
107.5

113.9
70.5

9.06
9.05

3
17
31

131.3
325.8
156.1

82.2
212.6
105.7

8.77
8.84
8.86

187.3
242.7
328.1

137.2
167.8
224.0

9.07
9.11
9.14

Nov. 14
28

110.6
99.8

69.5
83.2

8.86
8.85

308.6
229.0

202.8
183.5

9.16
9.16

Dec. 13
27

329.1
855 .4

224.3
569.7

8.89
8.98

262.2
329.4

168.9
190.5

9.17
9.21

c

>

130.5
75.9

OQ

1977 - J u l y 11
25
00

Low

OFFERED

ACCEPTED

855 (12/27) 570 (12/27)

1977 - High

AMOUNT
(IN MILLIONS OF D O L L A R S )

AVERAGE
YIELD

Oct.

1978 - J a n .

9
23

10 1 1 . 0
768.8

605.3
356.6

9.13
9.21

403.6
546.3

192.8
256.8

9.28
9.37

Feb.

6
21

640.9
558.2

338.0
285.5

9.27
9.35

633.6
580.5

299.3
266.7

9.45
9.53

Mar.

6
20

358.8
L64.9

218.5
116.4

9.36
9.33

444.8
378.7

266.4
246.1

9.59
9.62

Apr.

3

325.5

363.7

9.44

522.8

295.3

9.69

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.




H.16