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Capital
Market
Developments

V

May 30, 1978

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.&

NOT A V A I L A B L E

—

D A T A DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1978 - A p r i l

May

7
14
21
28
5
12
19
26

NEW ISSUE 1
A a a UTILITY

•

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

8.88
8.88
8.93
8.92
-*• —

8.87
8.95
9.01p

2

GROSS
OFFERINGS
( $ MILLIONS)

3

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

8.82
8.84
8.84
8.91

300
558
813
192

87
98
82
96

23
10
145
8

8.90
8.92
8.98r
9,02p

128
288
515
647

96
93
94
94

5
21
31
41

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1978 - A p r i l

7
14
21
28

5.40
5.40
5.40
5.45

5.76
5.74
5.79
5.89

346
785
739
1,264

84
91
89
88

189
186
185
248

May

5
12
19
26

5.45
5.55
5.55
5.75

5.98
5.99
5.98
6.16

1,213

739

79
87
91
81

281
191
290
294

1,518
1,097

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.

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.


4

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. 20-YEAR
C O N S T A N T MATURITY

4

BOND BUYER
2 0 - B 0 N D INDEX

1974 - High
Low

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

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

9 . 3 9 (10/11)
7.73 (1/4)

8.68 (8/30)
7.39 ( 1 / 4 )

7.15 (12/12)
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 (10/3)
6.27 ( 2 / 1 3 )

1976 - High
Low

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

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

8 . 6 6 (5/28)
7 . 9 1 (12/31)

8.17 (5/28)
7 . 2 7 (12/31)

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

1977 - High
Low

8.36 (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

9 . 0 1 (5/26)
8.60 (3/24)

9.02 (5/26)
8.48 (1/6)

8 . 7 4 (5/26)
8.30 (1/6)

8.46 (5/26)
8.02 (1/6)

6.16 (5/25)
5.58 (3/17)

8.88
8.88
8.93
8.92

8.82
8.84
8.84
8.91

8.53
8.56
8.57
8.59

8.31
8.33
8.35
8.36

5.76
5.74
5.79
5.89

8.87
8.95
9.01p

8.90
8.92
8.98r
9.02p

8.62
8.65
8.69r
8.74p

8.40
8.44
8.44r
8.46p

5.98
5.99
5.98
6.16

1978 - Apr.

May

7
14
21
28
5
12
19
26

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

5
Table 3

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

G R O S S PROCEEDS

1

CORPORATE

PERIOD

1978

3

1977

1

1976

1

S T A T E AND LOCAL

1978

J

1977

2

2

1976^

March

3,0X3
2,550e
3 , 7 OOe

4,362
2,792
5,578

3,381
3,863
6,632

3,288
2,728
4,538

3,402
3,442
4,063

2,451
2,885
3,365

April

3,300e

3,998
3,797
5,660

3,507
4,186
6,439

3,500e

3,409
4,566
5,786

2,218
3,575
3,115

4,289
3,469
4,177

3,216
3,357
4,817

3,113
4,118
4,013

2,734
2,821
2,814

4,221
5,331
6,531

4,511
3,074
6,503

3,807
3,332
3,646

3,524
3,336
2,342

12,732
13,455
11,935
16,083

13,876
14,132
11,390
14,088

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

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

26,187
38,122
54,205

28,008
39,398
53,488

24,668
35,912
46,697

17,609
25,978
35,180

January
February

May
June
July
August
September
October
November
December

9,263e

01
02
03
04
1st Half
3 Qtrs.
Year

10,554

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

3 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 .

Table 4

NEW CORPORATE SECURITY I S S U E S
BY TYPE OF ISSUE AND ISSUER

o\

IN MILLIONS OF DOLLARS

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE

1

BONDS

PERIOD

TOTAL

PUBLICLY
OFFERED

MEMO
COMMON
MANUFACAND
ISSUES INCLUDED
PRIVATELY
TURING
PREFERRED
PLACED
FOREIGN CONVERTIBLE
STOCK

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

13,876
14,132
11,390
14,088

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

2,754
3,584
4,624
4,962

3,553
3,121
1,861
2,573

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

262
478
199
55

4,497
3,757
2,982
4,259

4,044
3,140
3,317
3,917

765
1,879
378
541

4,596
5,358
4,715
5,369

IV

12,732
13,455
11,935
16,083

6,498
5,606
6,215
5,867

3,527
4,975
3,506
5,999

2,707
2,874
2,214
4,217

858
1,810
1,560
1,025

6
108
495
39

3,031
3,440
3,250
4,054

3,047
4,125
2,901
4,246

1,415
1,059
644
1,320

5,238
4,830
5,140
6,460

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

4,362
2,792
5,578
3,998
3,797
5,660
4,289
3,469
4,177
4,221
5,331
6,531

2,786
1,102
2,610
1,961
1,600
2,045
2,360
1,947
1,908
2,114
2,211
1,542

974
780
1,773
1,446
949
2,580
972
965
1,569
979
1,200
3,820

602
910
1,195
591
1,248
1,035
695
557
700
1,128
1,920
1,169

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

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

1,129
757
1,145
1,381
643
1,416
1,349
1,068
633
731
782
2,541

989
470
1,588
984
1,670
1,471
903
497
1,501
1,437
1,729
1,080

50
557
808
334
309
41b
277
45
322
8
1,013
299

2,194
1,006
2,038
1,298
1,176
2,356
1,761
1,858
1,521
2,045
1,805
2,610

1978 - J a n u a r y

3,013

1,382

998

633

325

0

273

644

519

1,578

1976 - I
II
III
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.



#

#

#

#

#

#

#

#

#

#

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY'
May 1 through May 26, 1978

ISSUER

CORPORATE

Mo r a n Bros.
C o n t i n e n t a l I l l i n o i s Corp.
F i r s t American C o r p o r a t i o n
P o r t l a n d G e n e r a l E l e c t r i c Co.
Tucson Gas & E l e c . Co.
I l l i n o i s Power Co.
P u b l i c S e r v i c e Co. of New Hampshire
P a c i f i c Power & L i g h t Co.
San Diego Gas & E l e c . Co.
Southern Railway I n c .
Documation I n c .
F i r s t F e d e r a l S&L Assoc.
G e n e r a l American T r a n s p . Corp.
G e n e r a l American T r a n s p . Corp.
Wisconsin E l e c t r i c Power Co.
San Diego Gas & E l e c t . Co.
Inforex Inc.
Toledo Edison Co.
Kansas Power & L i g h t Co.
B e n e f i c i a l Corp.
C o n t i n e n t a l Group I n c .
T r a i l T r a i n Co.
Ohio Edison Co.
Georgia Power Co.
Utah Power & L i g h t Co.

TYPE

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

AMOUNT
(MILLIONS
OF
DOLLARS)

15.0
100.0
36.3
65.6
40.3
60.6
24.7
40,0
37.5
22,6
15.0
40.0
45.0
15.0
80.0
50.0
20.0
45.0
35.1
150.0
75.0
20.3
120.0
100.0
50.0

MATURITY

1998
1985

11.63
8.55

MOODY'S/S&P'S
RATINGS

B/B
Aaa/AAA

—

—
—
—
—
—

1979-1993
1998
1986
1998
1979-1983
2008
2008
1998

—

9.16
—

8. 75
11.50
8.70
9.00
—

8.88
9.75
10.63

—

9.16

Baa/BBB

—

8.00-8.75
11.50
8.70
9.03
8.10-8.70
8.90
9.75
10.63

Aa/AA+
B/B
—/AAA
A/A
A/A
Aa/AA
Baa/BBB
B/B

8.43
8.86
8.10-9.15
9.45
9.73
9.13

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

• —

—

2008
2008
1979-1993
2008
2008
2008

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




11.50
8.50

OFFERING
YIELD

—

NOTES:
*
1

COUPON RATE

8.40
8.85
—

9.50
9.63
9.13

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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 1 through May 26, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY S / S & P ' S
RATINGS

CORPORATE

P a c i f i c Gas & E l e c . Co.
Utah Power & L i g h t Co.
Four-Phase Systems I n c .
Cleveland E l e c . I l i u m . Co.
Northwest P i p e l i n e Corp.
Household Finance Corp.
Northwest P i p e l i n e Corp.
Kansas City Power & L i g h t Co.
F i r s t F e d e r a l S&L Assoc. of Wise.
Monsanto Co.
Wisconsin Power & L i g h t Co.
Oak I n d u s t r i e s I n c .
R e a l t y Refund Trust
World Airways I n c .
South C a r o l i n a E l e c t . & Gas Co.

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

137.5
39.0
16.0
58.1
35.0
100.0
70.0
25.0
35.0
200.0
35.0
30.0
15.0
67.9
40.0

1983
1998
2008
1983
2008
2008
1998
1998
1994
1981

9.44
8.50
9.50
9.25
8.75
8.75
9.13
11.88
12.00
11.25
8.45

9.44
8.56
9.59
9.25
8.75
8.81
9.05
11.88
12.00
11.25
8.45

Baa/BBB
Aa/AA
Baa/BBB
Aa/A+
—/AAA
Aa/AA
Aa/AA
B/B

OTHER
O n t a r i o , Province of
A u s t r a l i a , Commonwealth of
A u s t r a l i a , Commonwealth of
Sweden, Kingdom of
Nova S c o t i a Power Corp.

Debt.
Notes
Bonds
Debt.
Debt.

200.0
175.0
75.0
125.0
75.0

2008
1983
1993
1998
2008

9.38
8.45
9.13
9.25
9.63

9.38
8.45
9.17
9.36
9.73

Aaa/AAA
Aaa/AAA
Aaa/AAA
Aaa/AAA
A1/A+




__
——

10.28

9.37

A/A

—— —

—/BB

B/BB
A/A

Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
May 1 through May 26, 1978
T
ISSUER

TYPE

STATE AND LOCAL

A u s t i n , Texas
Wisconsin, S t a t e of
Rhode I s l a n d H l t h . & Educ. Bldg. Corp,
Rhode I s l a n d H l t h . & Educ. Bldg. Corp,
F a i r f a x Co., Va.
Washington, S t a t e of
Washington, S t a t e of
Washington, S t a t e of
I l l i n o i s Hsg. Dev. Auth.
I l l i n o i s Hsg. Dev. Auth.
I l l i n o i s Hsg. Dev. Auth.
Chicago Sch. D i s t . , 111.
F l o r i d a S t a t e Bd. of Educ.
Arkansas Hsg. Dev. Agy.
Arkansas Hsg. Dev. Agy.
Milwaukee, Wise.
Maryland Comm. Dev. Adm.
San Luis C o a s t a l Sch. D i s t . F a c .
Corp., Cal.
Macon Co. I n d u s t . B u i l d . A u t h . , Ga.
Macon Co. I n d u s t . B u i l d . A u t h . , Ga.
Mesa U n i f i e d Sch. D i s t . #4, Arizona

AMOUNT
I (MILLIONS OF
DOLLARS)

NET INTEREST
COST

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

78.0
94.5
8.2
9.9
17.1
15.6
7.0
10.0
12.9
6.7
31.5
60.0
70.0
9.5
5.5
19.6
20.1

1997-2005
1979-2003
1978-1998
1998-2005
1979-1998
1979-2003
1979-2003
1979-2003
1980-1998
2003
2016
1980-1994
1979-2008
1979-1999
2009
1979-1993
1981-2020

6.27
5.10

Rev.
Rev.
Rev.
G.O.

14.8
4.0
15.3
15.0

1981-2000
1998
2008
1989-1994

6.47

NOTES:
1

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

2

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




MATURITY

5.25
5.50
5.51
5.51
6.68
6.68
6.68
6.05
5.71
—
——

5.02
—

5.60

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

5.75-6.30
3.90-5.60
4.00-5.10
6.50-6.70
4.00-5.50
4.00-5.75
4.00-5.75
4.00-5.75
4.50-6.40
6.60
6.75
4.50-6.25
4.00-5.90
4.00-5.80
6.25
4.00-5.20
4.50-6.60

A-1/A+
Aaa/AAA
Aaa/AAA
Aaa/AAA
Aaa/AA+
Aa/AA+
Aa/AA+
Aa/AA+
A-l/AA
A-l/AA
A-l/AA
A/AAa/AA
Aa/AA
Aa/AA
Aaa/AAA

5.00-6.50
5.45
5.66
5.25-5.60

A-l/—
Aaa/AAA
Aaa/AAA
A-l/Af

Table 5 8 Continued

o

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 1 through May 26, 1978
AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

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

18.0
22.5
21.7
8.4
12.1
8.6
14.2
39.0
16.9
12.1

1993
2008
1980-2006
1978-1997
2007
1979-1993
1993
1979-1998
2009
1983-1993

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

15.4
90.9
11.0
6.1
17.0
52.0
12.4
12.8
16.3
30.0
6.1
17.1
11.1
10.0
20.0
8.1

1994-2007
1979-1998
1991-2002
2007
1980-1998
2008
1979-1998
1979-1988
1992-2007
1980-2008
1993-1998
2007
2014
1978-2003
1989-2007
2007

TYPE

ISSUER

NET INTEREST
COST

OFFERING
YIELD

5.87

"5.75
6.24
4.70-7.00
3.85-5.65
6.70
4.20-5.80
5.88
4.25-6.50
6.70
4.90-5.75

MOODY S / S & P ' S
RATINGS

STATE AND LOCAL

Montgomery, Ala.
Valdez, Alaska
N.E. Pennsylvania Hosp. Auth.
Baldwin-Whitehall Sch. Auth.
Baldwin-Whitehall Sch. Auth.
Lehigh Co. A u t h . , Pa.
Lehigh Co. Auth*, Pa.
Oregon Housing Finance Agy.
Oregon Housing Finance Agy.
Kansas City P u b l i c Bldg. Comm.
Moan Schools Union Sch. D i s t . A u t h . ,
Pa.
C a l i f o r n i a , S t a t e of
Alachua Co., F l a .
Alachua Co., F l a .
E v e r e t t Sch. D i s t . #2, Wash.
East Chicago, I n d .
Mc Allen I n d . Sch. D i s t . , Texas
M i n n e a p o l i s , Minn.
Bowling Green, Ky.
Baltimore Co., Md.
Bensalem Tp. A u t h . , Fa.
Bensalem Tp. A u t h . , Pa.
Bensalem Tp. A u t h . , Pa.
Upper S t . C l a i r Tp. Sch. A u t h . , Pa.
Upper S t . C l a i r Tp. Sch. A u t h . , Pa.
Cassellberry, Fla.

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

e

e

•

#

#

——

6.93

—

6.43
6.43

6.15-6.50
3.90-5.50
6.20-6.75
6.75
4.30-5.85
6.50
4.15-5.90
4.10-5.00
5.90-6.75
4.20-5.80
6.30-6.60
6.65
6.75
3.75-5.70
5.75-6.30
6.20

——

5.23
5.61
5.71
4.91
6.69
5.45

•

•

Aa/—
Aa / —
A-1/A+
/

—

— J

—
—

A-1/A+
A-1/A+
—

/

—

— — / — —

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

/

—

—

/

—

Aaa/AAA
Baa-l/A+

•

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 1 through May 2 6 , 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Cassellberry, Fla.
Rosemount I n d . Sch. D i s t . #196, Minn.
P i a n o , Texas
Maryland Dept. of T r a n s p o r t a t i o n
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
Oakland Co., Mich.
Hawaii, S t a t e of
Clark Co. Sch. D i s t . , Nev.
Oklahoma I n d u s t r i e s Auth.
Oklahoma Indus t r i e s Auth.
Kent Sch. D i s t . #415, Wash.
Tampa, F l a .
Tampa, F l a .
Orlando U t i l i t i e s Comm. , F l a .
Orlando U t i l i t i e s Comm., F l a .
Orlando U t i l i t i e s Comm., F l a .
North C a r o l i n a Medical Care Comm.
North C a r o l i n a Medical Care Comm.
Broward Co., F l a .
Broward Co., F l a .
Broward Co., F l a .
J e f f e r s o n Co. Cap. P r o j e c t s C o r p . , Ky.
J e f f e r s o n Co. Cap. P r o j e c t s Corp., Ky.
Middletown Tp. Sch. A u t h . , Pa.
Hawaii Co., Hawaii
Brea Redev. Agy., Cal.



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

7.3
18.7
17.8
155.7
140.0
303.2
25.8
75.0
15.0
18.5
8.8
13.7
51.5
42.4
48.6
61.7
94.7
10.8
20.7
14.3
9.5
25.7
4.3
10.1
14.5
37.5
14.3

1994-2008
1981-1997
1980-2002
1993
1991-1997
2008
1983-2003
1981-1998
1979-1998
2003
2008
1980-1993
1994-2002
2008
1994-2006
2008
1978-2005
1981-1993
2005
1989-1998
2007
2008
1993-2001
2007
1993
1983-2007
1981-2005

—

.5.63
5.59
5.74
6.13
5.46
5.20
—
—

5.35
—
—
—

—
—
—
—
—
—
—

6.32
6.32
—

6.84

5.90-6.25
4.60-5.50
4.15-6.40
5.60
5.30-5.60
6.20
4.80-6.25
4.50-5.90
4.20-5.25
7.00
6.88
4.40-5.55
6.00-6.50
6.60
5.80-6.35
6.38
3.90-5.85
4.50-6.00
6.50
6.00-6.60
6.75
6.88
5.70-6.25
6.38
6.00
5.00-6.50
5.20-6.75

—

/

—

A/ —
A/A
Aa/AA
Aa/AAAa/AAA-1/A+
Aa/AA
A/A
A/A+
A/A+
A/—
A/AHA/A+
—

/ —

—
—

/ —
/

—

A/A+
A/At
Baa-l/ABaa-l/ABaa-l/AAa/—
Aa/—
—

/

—

A/A
A/BBB+

T a b l e 5 8 Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 1 through May 26, 1978

TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

U n i v e r s i t y of I l l i n o i s
U n i v e r s i t y of I l l i n o i s
Allentown, Pa.
Allentown, Pa.
Cumberland V a l . J t . Sch. A u t h . , Pa.
Cumberland Val. J t . Sch. A u t h . , Pa.
L i t t l e t o n Sch. D i s t . #6, Colo.
Hempstead, N.Y.
Spokane Sch. D i s t . #81, Wash.
Manatee Co., F l a .
Manatee Co., F l a .
Manatee Co., F l a .
Manatee Co., F l a .
Manatee Co., F l a .
Council Rock Sch. A u t h . , Pa.
Cobb Co. Hosp. Auth., Ga.
Reading School A u t h . , Pa.
Reading School A u t h . , Pa.
Upper Dublin Sch. A u t h . , Pa.
E r i e Co. H o s p i t a l A u t h . , Pa.
Lake Worth U t i l i t y A u t h . , F l a .
Tallahassee, Fla.
Tallahassee, Fla.
Tallahassee, Fla.
Tallahassee, Fla.
Des Moines, Iowa
Houston Co. H o s p i t a l Bd., Ala.




#

#

e

8.8
35.0
6.7
11.1
10.8
5.7
17.3
17.5
40.5
20.3
64.7
30.4
22.0
20.5
12.6
14.4
18.2
2.6
12.9
14.4
26.8
5.7
5.5
17.6
22.5
21.6
28.4

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

#

•

2006
2008
1990-1999
2000
2001-2007
1978-1996
1982-1991
1979-2003
1980-1998
1978-2002
1978-2008
1993-2003
2008
2009
2001
1991-2002
1989-2007
1978-1989
2005
1993-2011
1994-2007
1993-1999
2002
2007
1978-1999
1999-2007
1992-2007

#

—
——

5.16
6.13
5.36
—

6.81

——

•

6.75
6.75
5.50-5.90
6.13
6.40-6.50
3.90-5.15
4.50-5.25
4.50-6.40
4.30-6.00
3.80-5.80
3.80-5.80
6.35-6.90
6.40
6.88
6.63
6.05-6.50
5.60-6.65
3.90-5.20
6.75
6.00-6.75
5.90-6.40
5.80-6.35
6.46
6.46
3.80-5.75
6.80-7.00
6.10-7.00

•

A-l/AA
A-l/AA

—/—
—j—

—/—

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

— /—
— /—
— / A+

—/—
— /—
—/—
A-l/A
A-l/A
A-l/A
Aaa/AAA
A-1/A+
A-1/A+

#

T a b l e 5 8 Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 1 through May 26> 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Melbourne, F l a .
Melbourne, F l a .
Manheim Tp. Sch. A u t h . , Pa.
Manheim Tp. Sch. A u t h . , Pa.
S t . L o u i s , Mo.
St. Petersburg, Fla.
St. Petersburg, Fla.
Santa M a r g a r i t a Water D i s t . , Cal.
Birmingham-Jefferson Civic C t r . Auth.,
Ala.
Birmingham-Jefferson Civic C t r . Auth..
Ala.
Ohio P u b l i c F a c i l i t i e s Comm.
Madison, I n d .
Cleveland Reg. Sewer D i s t . , Ohio
Cleveland Reg. Sewer D i s t . , Ohio
Cleveland Reg. Sewer D i s t . , Ohio
H a r r i s Co., Texas
Knox Co. H l t h . & Educ. Fac. Bd., Tenn
Knox Co. H l t h . & Educ. Fac. Bd., Tenn
M a r s h a l l Co., W. Va.
New J e r s e y Hsg. Finance Agy.
New J e r s e y Hsg. Finance Agy.
New J e r s e y Hsg. Finance Agy.
D e t r o i t , Mich.
H i l l s b o r o J o i n t Sch. D i s t . , Ore.
B u r l i n g t o n , Iowa




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

13.6
4.4
8.5
13.5
23.7
18.4
26.9
13.0

1993-2014
2007
1979-1995
1994-2007
1997
1978-2001
1993-2007
1980-2004

Rev.

26.4

1989-2007

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

7.0
38.0
45.0
23.5
80.0
15.0
20.0
15.3
1.6
35.0
7.6
9.5
44.6
18.1
12.8
11.9

2007
1979-2003
1992
1993-2002
2007
2008
1979-1985
1978-1998
1978-1985
2008
1979-1998
2008
2028
1979-1993
1979-1998
2006

— —
——

—

——

6.61

6.49

5.86
——
——

— —

5.26
— —

6.99
6.99
6.99
7.43
5.71
—

6.40-6.75
6.40
4.00-5.20
6.20-6.63
6.41
3.95-5.80
5.50-6.30
5.00-6.50

A/ —
A/—
— /AA
—/AA
A/A+
Aaa/AAA
A—1/A+

5.40-6.75

A-l/A

6.63
4.20-6.10
5.50
6.00-6.70
6.75
6.75
4.00-4.70
4.25-6.60
3.85-5.00
7.25
4.50-6.30
6.70
7.00
5.50-7.10
4.25-6.00
7.00

A-l/A
Aa/AA
Aaa/—

—

j —

— /—
—/—
—/ —

Aaa/AAA
A-1/A+
Aaa/AAA
j

A/AA
A/AA
A/AA
Baa/BBB.
A/ —

A/A

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 1 through May 26, 1978

ISSUER

STATE AND LOCAL

B u r l i n g t o n , Iowa
Dade Co., F l a .
Otay Mun. Water Dis t . , Cal.
Otay Mun. Water D l s t . , Cal.
Brevard Co., F l a .
Lake Worth U t i l i t i e s A u t h . , F l a .
M o f f a t Co. , Colo.
M o f f a t Co., Colo.
B i l l i n g s , Mont.
B i l l i n g s , Mont.
Chicago Park Dis t . , 111.
S h r e v e p o r t , La.
Montgomery Co., Md.
Washington P u b l i c Power Supply Sys.
Washington P u b l i c Power Supply Sys.
Washington P u b l i c Power Supply Sys.
S u l l i v a n Co., Tenn.
Wichita, Kansas
Burbank Redev. Agy., Cal.
Burbank Redev. Agy., Cal.
Muskegon Co., Mich.
Muskegon C o . , Mich.
Muskegon Co., Mich.




TYPE

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

AMOUNT
(MILLIONS
OF
DOLLARS)

8.5
50.0
4.0
7.0
17.7
18.0
24.0
35.0
7.4
12.5
15.0
30.0
40.0
37.8
33.0
79.2

10.0

10.7
5.4
13.6

2.1
9.5
8.9

MATURITY

2007
1979-2003
1982-1998
1982-1998
1979-2012
1978-2001
1981-1998
2008
1981-1996
2008
1979-1993
1981-1998
1979-1998
1989-2003
2010
2018
1979-1992
1979-1993
2005
2008
19X0-2000
1982-2002
1980-1994

NET INTEREST
COST

6.58
6.97
7.42

5.41
5.70
5.29
6.86
6.86
6.86
5.23
5.02
7.85
7.64
5.92
6.02
5.60

OFFERING
YIELD

6.90
4.40-6.70
5.25-7.00
5.75-7.50
4.15-6.00
4.00-5.80
5.00-6.70
6.91
5.00-6.80
7.13
4.30-5.60
4.40-5.90
4.10-5.75
5.70-6.60
6.80
6.90
4.20-5.40
4.20-5.25
7.65
7.54
4.40-6.50
4.70-6.50
4.40-5.90

MOODY'S/S&P'S
RATINGS

A/A
A-1/A+
Baa/—

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

15
T a b l e 6A

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

1

As of May 26, 1978

ISSUER

P u b l i c S e r v i c e Co. of Colorado
Crocker N a t i o n a l Corp.
*John Deere C r e d i t Co.
Tyler Corp.
P u b l i c S e r v i c e of New Mexico
*H.H. Robertson Co.
D e t r o i t Edison Co.
Niagara Mohawk Power
New J e r s e y T e l e , Co.
American T e l . & T e l e . Co.
P a c i f i c Gas & E l e c t r i c Co.
Arizona P u b l i c S e r v i c e Co.
Pennsylvania E l e c t r i c Co.
C a r o l i n a Power & L i g h t Co.
Central I l l i n o i s Public Service
*Chrysler Corp.
New York S t a t e E l e c t . & Gas Co.
P u b l i c S e r v i c e E l e c t r i c & Gas Co.
New York T e l e . Co.
*Delmarva Power & L i g h t Co.
Baltimore Gas & E l e c t r i c Co.
Consumer Power Co.
L o u i s v i l l e Gas & E l e c . Go.
^Missouri P a c i f i c R a i l r o a d Co.
*Security P a c i f i c Corp.
*Tiger I n t e r n a t i o n a l I n c .
T r a n s c o n t i n e n t a l Oil Co.
C r y s t a l Oil Co.
Arrow E l e c t r o n i c s I n c .
Bango Punta Co.
Ticor
Anglo Co.
Prime Computer I n c .
United I l l u m i n a t i n g Co.
I n t e r p o o l Ltd.
Texas I n t e r n a t i o n a l Co.
OTHER
Finland Republic of

TYPE

1 s t mtg.
Com. s t k .
Debt.
Debt.
Com. s t k .
Notes
1 s t mtg.
Com. s t k .
Debt.
Debt.
1 s t . mtg.
Com. s t k .
1 s t mtg.
1 s t mtg.
, Com. s t k .
Pfd. s t k .
1 s t mtg.
Com. s t k .
Debt.
I s t mtg.
1 s t mtg.
Pfd. stk.
Pfd. stk.
Equip, t r .
Notes
Com. s t k .
Debt.
Debt.
Deb t .
Conv. d e b t .
Deb t .
Debt.
Debt.
Com. s t k .
Pfd. s t k .
Pfd. s t k .
Bonds

AMOUNT
(IN MILLIONS
OF DOLLARS)

50.0
50.0
75.0
30.0
30.4
15.0
70.0
45.0
100.0
100.0
200.0
49.0
60.0
100.0
27.0
150.0
50.0
x 60.0
150.0
50.0
75.0
50.0
25.0
15.9
100.0
25.0
20.0
30.0
17.0
50.0
50.0
20.0
15.0
21.0
26.0
15.0
100.0

NOTES:
*

Included in table for first time.

1

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




APPROXIMATE
DATE OF OFFERING

May 31
May
June 1
June 1
June 1
June 5
June 6
June 6
June 6
June 6
June 7
June 7
June 13
June 14
June 14
June 16
June 20
June 21
June 22
June 22
June 2 7
June 27
June 27
June 29
June
June
June
June
June
June
June
June
Indef.
Indef.
Indef.
Indef.
June

1

16
Table 6A Continued

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

1

As of May 26, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Ito-Yakado Co.
Ito-Yakado Co.
*Caisse C e n t r a l e De Cooperation
Economigne
POSTPONED
P o s t a l Finance Co.
Aetna Business C r e d i t I n c .




Notes
Conv.-debt.

20.0
50.0

June
June

Bonds

75.0

June

Notes
Notes

20.0
30.0

17
Table 6B

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

1

As of May 26, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

L o u i s i a n a Pub. Fac. Auth.
^Nevada Housing D i v i s i o n
P o r t l a n d , Ore.
Bessemer Medical C l i n i c Bd., Ala.
^ I l l i n o i s H e a l t h Fac. Auth.
*Tucson, A r i z .
* Omaha, Neb.
*W. Lake S u p e r i o r Sant. D i s t . , Minn .
* J e f f e r s o n Co., Ky.
*Shelby Co. H e a l t h & Educ. Fac. Bd.
Tenn.
Winston-Salem, N.C.
West V i r g i n i a , S t a t e of
^Georgia Mun. E l e c t r i c Auth.
^ P i t t s b u r g h , Pa.
Cambridge, Mass.
Missouri Bd. of P u b l i c B u i l d i n g s
Iowa S t a t e U n i v e r s i t y
Univ. of Texas System
Texas A and M Univ. System
* F l i n t , Michigan
*Washtenaw Co., Mich.
I l l i n o i s , S t a t e of
Independence, Mo.
*Fond Du Lac, Wise.
*Albuquerque, N.M.
*New Mexico
^Pennsylvania, S t a t e of
Maryland, S t a t e of
P o r t l a n d , Ore.
North C a r o l i n a Medical Care Comm.

,

POSTPONEMENT
Chicopee, Mass.

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

14.4
113.0
15.0
16.1
34.1
15.4
20.0
16.0
42.0

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

22.0
10.2
50.0
100.0
14.0
23.0
13.5
12.0
21.0
11.0
10.0
13.0
150.0
38.8
19.3
18.0
32.2
69.0
115.0
15.0
69.9

Rev.

16.0

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.




May 30
May 31
May 31
May
May
June 5
June 6
June 6
June 6
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June

6
6
6
7
7
7
7
7
8
8
12
13
13
13
14
19
19
20
21
29

May

25

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

B J INDUSTRIALS

4

AMEX

2

TRADING VOLUME
AMEX

NYSE

NASDAQ

NASDAQ

1974-High
Low

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)

24.9 ( 1 / 3 )
7.5 (7/5)

4 . 4 (1/3)
.9 (9/26)

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

1975-High
Low

51.24 (7/15)
37.16 (1/8)

881.81 (7/15)
632.04 ( 1 / 2 )

96.86 (7/15)
62.20 ( 1 / 2 )

88.00 (7/15)
60.70 (1/2)

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

4 . 2 (2/21)
1.1 (9/15)

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

1976-High
Low

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

1014.79 (9/21)
858.71 ( 1 / 2 )

107.05 (7/12)
84.31 (1/2)

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

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

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

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

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)
109.61 ( 1 / 1 2 )
93.66 (4/5)

3 5 . 3 (11/11)
10.6 ( 1 0 / l p )

4 . 2 (1/13)
1.4 (9/22)

11.2 (11/10)
5.1 (5/27)

1978-IIigh
Low

55.68 (5/17)
48.37 ( 3 / 6 )

858.37 (5/17)
742.12 (2/28)

145.85 ( 5 / 2 2 )
119.73 (1/11)

121.93 (5/22)
99.09 (1/11)

63.5 ( 4 / 1 7 )
7.6 (1/20)

6 . 2 (4/17)
1 . 3 (1/20)

18.8 (5/18)
2 . 8 (1/20)

May

53.97
54.85
54.95
54.14

829.09
840.70
846.85
831.69

139.89
142.57
144.86
144.30

117.27
119.40
121.57
119.86

39.2
36.4
40.8
30.4

5.3
5.2
5.5
4.4

14.6
13.7
16.6
13.2

5
12
19
26

MOTES:
1

Figures other then highs end lows ere Frideys only. Highs end lows ere for the yeer end ere not necesserily for Frideys.

2

Volume figures are weekly evereges of deily figures (millions of shores).

3

12/31/66 = 50

4

Besed on everege price change until September 4, 1973 thereafter, based on market velue of shores listed.


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

#

#

#

#

#

#

$

#

19

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

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
March
April

BROKERS ON 1
MARGIN
STOCK

8,480
8,690
8,880
9,070
9,230
9,460
9,560
9,590
9,560
9,610
9,740
9,590
9,780
9,920
10,260

1978 - J a n u a r y
Febrnary
March
April

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

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

246
242
250

851
877
824

2,565
2,544
2,544

-554

12
-34
-3
—6
72
-2
10
-4
1
-10
1

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

-4
-4
8

-22
26
-53

_3
-21

-

CHANGE IN OUTSTANDING

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

3

BROKERS O N 2
CONVERTIBLE
BONDS

210
210
190
190
160
230
100
30
-30
50
130
-150
190
140
340

1
2
-3
— —

2
6
-4
-4
-5r,

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 .




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS

N3
O

IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

1974
1975
1976
1977

REGULAR DEPOSITS

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

SAVINGS & LOAN ASSOCIATIONS

1

NET
ANNUAL 3
NEW
GROWTH
MONEY
RATE
2.3
-2,822
11.3
4,757
11.6
5,275
8.8
2,811

2

SHARE CAPITAL

NET
FLOW
16,006
42,769
50,169
50,963

ANNUAL 3
GROWTH
RATE
7.1
17.6
17.6
15.2

NET
NEW
MONEY
4,668
29,276
34,369
31,972

2

TOTAL
DEPOSITS

NET
FLOW
18,171
53,839
62,839
61,610

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

NET
NEW
MONEY

2

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

NOT SEASONALLY ADJUSTED
1977 - September
October
November
December

1,200
683
406
1,289

1978 - J a n u a r y
February
March /
April~

628
480
1,712
-250

—

-137
296
99
-131

5,961
2,396
1,729
5,542

-59
171
338
-550

2,745
2,297
7,153
518

—
——

——

1,666
2,270
1,516
883

7,161
3,079
2,135
6,831

1,529
2,566
1,615
752

2,877
2,073
2,592
364

3,373
2,777
8,865
268

2,818
2,244
2,930
-186

SEASONALLY ADJUSTED
1977 - September
October
November
December
1978 - J a n u a r y
February
March /
April

1,131
1,257
515
655

10.5
11.6
4.7
5.9

721
370
448
301

6.5
3.3
4.0
2.7

——
——

—
'

5,656
3,832
3,711
3,410

18.2
12.2
11.7
10.6

6,787
5,089
4,226
4,065

16.2
12.0
9.9
9.4

—

2,012
2,226
2,846
2,093

6.2
6.8
8.7
6.3

2,733
2,596
3,294
2,394

6.3
5.9
7.5
5.4

—

—

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

21

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

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

NET CHANGE
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
S A V I N G S BKS
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

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

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
21.0
21.3
21.9
23.1
24.3
25.0

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

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

25.4
25.6
26.5
27.0
27.3
28.1
28.7
30.0
31.0
32.8
34.0
34.3

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

.45
.43
1.07
.49
.37
1.33
.54
1.50
1.24
1.95
1.41
.24

.38
.23
.90
.49
.30
.80
.57
1.32
1.07
1.78
1.18
.34

38.6
37.6
36.9

34.2
33.3
32.7
32.1

4.4
4.3
4.2

- .35
-1.05
- .65

Nov

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

Dec
1978 — J a n
Feb
Mar
Apr

NOTES:

-

.11
.96
.59
. 65

-

.25

- .05
.17
.08
.04
- .02
.03
.05
.27
.11
.06
.07
.20
.17
.07
.53
- .03
.18
.17
.37
.23
- .10
- .24
- .09
— , 06

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 outstandinq
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




H.16

22

T a b l e 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 I S S U E S
TOTAL

FHLB

FHLMC

FNMA

FNMA A
rlllvIM
OCPMI
r r i LRD
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 - Jan.
Feb.
Mar.
April
May e

399
1,712
887
848
2,600

-12
1,388
-17
600
1,600

0
1,400
0
0
1,600

-12
-12
-17
0
0

0
0
0
600
0

411
324
904
248
1,000

NOTES:
Based on data from Treasury Survey of Ownership.
1

Sales of FHLB discount notes began in May 1974.

p
Preliminary



23
Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS O F DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

TOTAL
INCLUDING
F NM A- G NM A

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

Not S e a s o n a l l y A d j u s t e d
1977 - Oct
Nov
Dec

8,349
7,940
9,096

8,380
7,844
8,874

2,300
2,100
1,700

690
564
771

4,876
4,754
4,748

614
426
1,655

-31
96
222

1978 - J a n
Feb
Mar
Apr

5,457
5,655

5,137
5,157

1,300
1,100
2,400

412
344
553

3,019
3,409
4,835
4,812

406
304

320
498
473

Seasonally Adjusted
1977 - Oct
Nov
Dec

8,533
8,822
9,192

8,625
8,729
9,117

2,265
2,284
1,951

675
605
647

5,162
5,437
5,262

523
403
1,257

-92
93
75

1978 - J a n
Feb
Mar
Apr

7,488
7,102

7,109
6,502

1,688
1,509
2,329

572
515
587

4,305
4,041
4,830
4,256

544
377

379
600
560

NOTES:
M
d a t
i'
commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as availu r ^
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.

2
Beginning January 1972 data reflect activity in limited amount of conventional mortgages.



24

Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D ANNUAL R A T E S

2
QUARTER

TOTAL

3

RESIDENTIAL
TOTAL

1- to 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMILY
&
COMMERCIAL

FARM

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
88.1

49.3
54.1
59.1
63.6

38.0
41.0
48.1
47.9

11.3
13.1
11.0
15.7

14.8
16.5
14.9
21.0

26.1
29.6
25.9
36.7

3.5
3.5
3.6
3.6

1973 - 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
III
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
11.2

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
77.1
94.0
98.5

59.7
57.8
73.8
78.0

58.3
58.0
70.0
75.5

1.4
-0.1
3.8
2.5

13.7
14.5
13.4
13.0

15.0
14.4
17.2
15.5

5.3
4.8
6.9
7.6

1977 - I
II
III
IV

106.4
134.3
140.0
146.1

82.2
104.7
110.7
112.7

78.7
97.8
103.3
103.5

3.5
6.9
7.4
9.2

15.5
20.3
20.4
24.9

19.1
27.2
27.8
34.1

8.6
9.3
8.9
8.5

1978 - I (p)

124.1

93.7

85.6

8.1

20.6

28.7

9.8

NOTES:
1

Derived from data on mortgage de'jt 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

R e s i d e n t i a l mortgage debt i n c l u d e s nonfarm only 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 .




Table 14

PRIVATE HOUSING PERMITS, S T A R T S ,
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

TOTAL

1—FAMILY.

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

1969
1970
1971
1972
1973
1974
1975
1976
1977

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

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.
Mar.
Apr.

1,526
1,534
1,647
1,752

1,032
95 7
1,037
1,160

493
577
610
592

1,548
1,569
2,060
2,189

1,156
1,103
1,444
1,502

392
474
635
687

i

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

MOBILE
HOME
SHIPMENTS

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

413
401
497
576
567
329
216
246
277

1,671
1,677
1,875
1 1,665
1,769
1,641

1,253
1,269
1,458
1,249
1,280
1,299

419
409
417
416
489
342

251
270
300
319
318
324

1,759
1,692
1,815

1,300

459
45 7
434

322
269
276

|
|
|
!

1,235
1,381

ho

Ln
NOTES:
Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of
apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1

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




T a b l e 15
hO

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING HOMES

NEW HOMES

1

1

PERIOD

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

SPREAD
BETWEEN
RETURNS ON
NEW A a a
NEW HOMES
CONVENTIONAL
UTILITY
1
AND HUD(FHA)
BOND
NEW HOME
YIELD
DISCOUNT
SPREAD
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
(BASIS
POINTS)
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

4.3
2.0

65
-4

8.72
8 .05

4.7
1.7

40
4

8.31
8.01

57
73
58
50
55
N.A.

1.9
1.9
1.7
2.2
2.2
3.2

26
26
28
22
27
19

8.17
8.01
8.14
8.28
8.23
N.A.

N.A.
N.A.
46
45

4.7
N.A.
4.1
4.7

4
N.A .
1
3

N.A.
8.71
8.83
8.92

1976 - High
Low

9.05
8.90

91
5

9.10
8.95

95
10

9.06
8.25

59
8

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

98
63

9.11
8.40

73
22

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

9.00
9.00
9.00
9.00
9.05
9.10

83
99
86
72
82
N.A.

9.05
9.05
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

1978 - J a n .
Feb .
Mar.
Apr.

9.15
9.25
9.30
9.40

N.A.
54
47
48

9.20
9.25
9.30
9.45

N.A.
54
47
53

9.11
N.A.
9.29
9.37

"

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/
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Federal Reserve
Bank of St. Louis

H.16

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27
Table 16

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FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN

•

DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

1977 - High

#

50 ( 9 / 7 )

OFFERED

AVERAGE
YIELD

ACCEPTED

278 ( 5 / 2 )

9 . 2 1 (12/27

35 ( 9 / 7 )

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

130.5
75.9

77.3
54.1

8.72
8.71

163.9
122.9

101.6
82.8

9.08
9.06

8
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

1977 - J u l y 11
25
Aug.

Oct.
e

e

ACCEPTED

AMOUNT
(IN MILLIONS OF DOLLARS)

855 (12/27) 570 (12/27) 8 . 9 8 ( 1 2 / 2 ) 383 ( 5 / 2 )

Low

•

AVERAGE
YIELD

71 (9/19)

8 . 8 1 (1/10)

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
17

525 .5
283.8

363.7
165.5

9.44
9.44

522.8
451.4

295.3
282.8

9.69
9.74

May

1
15

655.1
611.4

349.9
269.9

9.52
9.63

645.8
716.9

305.4
362.5

9.80
9.89

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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