Full text of H.16 Capital Market Developments : April 9, 1979

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Capital
Market
Developments

April 9 , 1 9 7 9

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 $ 1 5 . 0 0 per year or $ . 4 0 each in t h e United
States, its possessions, Canada, and Mexico; 10 or
m o r e of t h e same issue t o o n e address, $ 1 3 . 5 0 per
year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0
each. Address requests to Publications Services, Division of Administrative Services, and m a k e p a y m e n t
r e m i t t a n c e payable t o t h e order of t h e Board of
Governors of t h e Federal Reserve System in a f o r m
collectible at par in U.S. Currency.




TABLES
1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND S E C U R I T Y
CREDIT

9-16

MORTGAGE MARKET

SYMBOLS
e

ESTIMATE

P
r

PRELIMINARY
REVISED

ii.a.

NOT A V A I L A B L E
DATA DO NOT EXIST

3

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1979-Feb.

Mar.

Apr.

2
9
16
23
2
9
16
23
30
6

NEW ISSUE 1
Aaa UTILITY
9.42
9.59

RECENTLY 2
OFFERED
Aaa UTILITY
9.40
9.51
9.55
9.63

9.64
9.61

GROSS 3
OFFERINGS
($ MILLIONS)
663
454
20
290

VOLUME

PER CENT
SOLD BY END
OF WEEK
100
97
100
70

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)
0
15
0
86

9.64
9.60

9.67
9.60
9.65
9.63
9.59r

325
120
123
1,064
425

99
100
100
97
100

4
0
0
35
0

9.59p

9.59p

615

98

13

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa
5.70
5.60
5.60
5.75

VOLUME

BOND BUYER
20-BOND
INDEX
6.22
6.31
6.33
6.38

GROSS 3
OFFERINGS
($ MILLIONS)
393
265
596
745

PER CENT
SOLD BY END
OF WEEK
81
80
77
79

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

1979-Feb.

2
9
16
23

Mar.

1
9
16
23
30

5.80
5.80
5.80
5.80
5.90

6.42
6.34
6.30
6.29
6.28

981
828
1,376
759
913

91
89
94
80
88

138
122
178
226
197

Apr.

6

5.85

6.25

657

92

163

115
53
156
264

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 ISSUE
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE A a a

3

U S . GOVT. 20-YEAR
CONSTANT MATURITY

4

BOND BUYER
2Q-BONO INDEX

1975 - High
Low

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

9.71 (5/25)
9 . 0 6 (2/28)

9.01 (5/2)
8.57 ( 2 / 2 8 )

8.63 (9/19)
7.63 ( 2 / 2 1 )

1976 - High
Low

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

8 . 9 5 (5/28)
7 . 9 3 (12/10)

9.10 (1/2)
7.84 ( 1 2 / 3 1 )

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

8.17 ( 5 / 2 8 )
7.27 (12/31)

1977 - High
Low

7.29 ( 1 / 2 )
5.95 ( 1 2 / 1 6 )

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

8 . 4 8 (12/30)
7.95 ( 1 / 7 )

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

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

1978 - High
Low

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

9 . 2 9 (12/15)
8 . 6 0 (3/24)

9 . 5 4 (12/22)
8.48 (1/6)

9.27 (12/29)
8.30 (1/6)

9.00 (12/22)
8.02 ( 1 / 6 )

1979 - High
Low

6.67 ( 1 2 / 2 2 )
5.58 ( 3 / 1 7 )

9 . 6 4 (3/23)
9.42 ( 2 / 9 )

9.67 ( 3 / 2 )
9.40 (2/2)

9.38 ( 3 / 2 3 )
9.19 ( 2 / 2 )

9.12 ( 3 / 2 )
8.89 (2/2)

1979 - January
February
March

6.42 ( 3 / 2 )
6.22 (2/2)

9.54
9.53
9.62

9.51
9.56
9.62

9.25
9.26
9.37

8.98
9.03
9.08

1979 - Mar.

6.47
6.31
6.33

9.64
9.61

9.36
9.35
9.38
9.38
9.35r

9.12
9.08
9.07
9.08
9.05

6.42
6.35
6.30
6.29
6.28

9.31p

9.06p

6.25

Apr.

2
9
16
23
30

9.64
9.60

9.67
9.60
9.65
9.63
9.59r

6

9.59p

9.59p

NOTES:
1

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

2

S T '

Re$erVe $eri6S

°f

impli8d ,ree-market

Vield 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. UJS. 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

PERIOD

G R O S S PROCEEDS
1

CORPORATE

2

STATE AND LOCAL

1979

1978

1977

1979

1978

1977

2,675e
2,800e
3,600e

3,013
2,657
4,442

4,362
2,792
5,578

2,778
2,571
4,400e

3,306
2,753
4,844

3,402
3,442
4,063

April
May
June

3,285
4,035
5,215

3,998
3,797
5,660

3,824
5,525
4,369

3,409
4,566
5,786

July

4,226
3,311
3,832

4,289
3,469
4,177

3,920
6,407
2,323

3,113
4,118
4,013

3,685
J,207
4,150e

4,221
5,331
6,531

3,231
4,320
3,690

3,807
3,332
3,646

10,903
13,718
12,650
11,241

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

24,621
37,271
48,512

24,668
35,912
46,697

January
February
March

August
September
October
November
December
01
02
03
04
1st Half
3 Qtrs.
Year

9,075e

10,112
12,535
11,369
ll,042e

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

22,647
34,016
45,058e

26,187
38,122
54,205

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




9,749e

Table 4

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

PERIOD

TOTAL

PUBLICLY
OFFERED

I
II
III
IV

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

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

II
III

10,112
12,535
11,369

1977 - October
November
December
1978 — January
February
March
April
May
June
July
August
September
October r /
November

1978

GROSS PROCEEDS BY TYPE OF ISSUER
COMMON
MEMO
AND
MANUFACPUBLIC
COMMUNIPRIVATELY
OTHER
ISSUES INCLUDED
PREFERRED
TURING
UTILITY
PLACED
CATIONS
ISSUERS
STOCK
FOREIGN CONVERTIBLE

BONDS

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

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

268
346
272
275

6
108
495
39

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

4,748
5,421
5,284

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

3,383
4,196
3,868

1,415
1,059
644
1,320

1,981
2,918
2,217

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

233
260
120

4
158
115

2,218
2,898
2,534

2,367
3,672
3,012

844
384
1,120

4,684
5,581
4,701

4,221
5,331
6,531

2,114
2,211
1,542

979
1,200
3,820

1,128
1,920
1,169

10
89
176

1
22
16

731
782
2,541

1,437
1,729
1,080

8
1,013
299

2,045
1,805
2,610

3,013
2,657
4,442
3,285
4,935
5,215
4,226
3,311
3,832
3,685
3,207

1,382
1,464
1,902
1,958
1,719
1,744
2,177
1,497
1,610
1,651
1,608

998
667
1,718
853
1,277
2,066
1,541
1,032
1,295
865
873

633
526
822
474
1,039
1,405
508
782
927
1,169
726

233
0
0
12
106
142
80
40
0
10
30

0
0
4
20
2
136
16
6
93
101
22

273
716
1,229
549
878
1,471
842
721
971
495
840

644
465
1,258
743
1,685
1,244
799
875
1,338
1,619
761

519
34
291
35

1,578
1,441
1,665
1,960
1,470
2,151
2,231
1,162
1,308
1,279
1,148

349
353
552
215
290
457

NOTES:
1
Other issuers are extractive, railroad and other transportation, reel estate and finance, and commercial and other.
Source: Securities and Exchange Commission.


http://fraser.stlouisfed.org/
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Bank of St. Louis

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T a b l e 5A

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

1

April 2 through April 6, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

Philadelphia E l e c . Co.
Continental Oil Co.
Tennessee Natural Gas Line Co.
Iowa Public Service
Public Service Co. of Indiana
V i r g i n i a E l e c t r i c & Power Co.
Avco Financial S e r v i c e s Inc.
Gulf S t a t e s U t i l i t i e s
Chemical New York Corp.

Com. s t k .
Debt.
Debt.
Com. s t k .
Pfd. s t k .
1 s t . mtg.
Notes
1 s t . mtg.
Notes**

65.6
200.0
15.0
21.5
35.0
100.0
125.0
75.0
100.0

2009
1989

9.38
10.25

9.40
10.25

Aa/AA
- -/B

2009
1987
2009
2004

8.96
10.25
9.88
10.13
10.90

8.96
10.30
9.97
10.13
10.90

Aa/AA
A/A
A/A
A/A+
Aaa/-

NOTES:
*

Rights offering.

1

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

F l o a t i n g rate
Digitized for**
FRASER


notes.

«

Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U . S . TREASURY 1

April 2 through April 6, 1979
ISSUER

AMOUNT
(MILLIONS OF
DOLLARS)

TYPE

NET INTEREST
COST

MATURITY

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Hinds County, Miss.
Memphis, Tenn.
Kansas C i t y , Kansas
Kansas C i t y , Kansas
Wichita, Kansas
D a l l a s , Texas
Nueces River Auth., Tex.
Florida S t a t e Board of Education
Hempstead, N.Y.
Kenosha County, Wise.
Penn H i l l s School D i s t . , Pa.
Penn H i l l s School D i s t . , Pa.
Floyd C t y . , Ky.
Floyd C t y . , Ky.
Heartland Consumers Power D i s t . ,
Heartland Consumers Power D i s t . ,
Puerto Rico Public Bldg. Auth.
Puerto Rico Public Bldg. Auth.
C a b e l l , Putnam & Wayne Counties,
C a b e l l , Putnam & Wayne Counties,
C a b e l l , Putnam & Wayne Counties,
Delaware State Hsg. Auth.
Delaware S t a t e Hsg. Auth.

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

S.D.
S.D.
W.Va,
W.Va,
W.Va,

10.0
25.0
16.9
18.1
30.0
37.0
13.0
33.0
14.4
10.0
5.5
5.3
15.3
3.7
37.2
77.9
25.8
99.2
17.5
26.2
6.2
30.7
18.5

1980-1994
1981-1999
1980-1999
2009
1980-2009
1980-1999
1981-2009
1980-2000
1980-1993
1981-1998
1981-1994
1998
1981-1999
2002
1984-2002
2016
1980-1991
2004
1981-1999
2010
2011
1980-1997
2011

5.15-5.50
5.20-6.90
5.50-7.10
7.30
5.60-7.20
5.10-5.85
5.25-6.45
5.15-6.00
5.10-5.65
5.20-5.90
5.30-6.10
6.25
5.70-7.25
7.38
5.50-6.80
7.00
5.90-7.40
7.88
5.60-7.10
7.38
7.38
5.30-6.70
7.00

5.72

5.49
6.03
5.72
5.57

7.24
7.24
7.90
7.90

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

NOTES:
1

Includes only state and local security offerings of $10 million and over; excludes secondary offerings
Greater* ' i h a T l T Z o n t h s ' ' ^


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Bank of St. Louis

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denotes

avenue obligations.

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Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
As o f April 6 ,

1979

TYPE

ISSUER
CORPORATE

1 s t . mtg.
P a c i f i c Power & Light Co.
Debt.
Chesapeake & Potomac T e l . Co. of VA
Debt.
Continental Oil Co.
1 s t . mtg.
Georgia Power Co.
Com. stk.
South Carolina Elec. & Gas Co.
1 s t . mtg.
S. Carolina E l e c . & Gas Co.
Com. s t k .
I l l i n o i s Power Co.
Pfd. stk.
Utah Power & Light Co.
1 s t . mtg.
Utah Power & Light Co.
1 s t . mtg.
Consumers' Power Co.
Notes
C o n t i n e n t a l I l l i n o i s Corp.
1 s t . mtg.
Gulf Power Co.
Equip, t r .
Southern Railway Co.
1 s t . mtg. •
Louisiana Power & Light Co.
Debt.
*General Motors Accept. Corp.
Notes
*General Motors Accept. Corp.
Com. stk.
*Flexi-Van Corp.
Equip, t r .
Emons I n d u s t r i e s Inc.
Debt.
Mapco Inc.
Equip, t r .
*Trailer Train Co.
Pfd. s t k .
Public Service of New Hampshire
Com. s t k .
Wisconsin Power & Light Co.
Com. s t k .
Delmarva Power & Light Co.
Notes
* C r e d i t h r i f t Financial Corp.
Notes
* C r e d i t h r i f t Financial Corp.
1 s t . mtg.
West Texas U t i l i t i e s Co.
1 s t . mtg.
Public Service Co. of Indiana
1 s t . mtg.
*Appalachian Power Co.
Debt.
*Columbia Gas System Inc.
1 s t . mtg.
^Montana Dakota U t i l i t i e s Co.
Com. stk.
Brae Corp.
Pfd. s t k .
*Kansas City Power & Light Co.
OTHER
Sweden, Kingdom of

Notes

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

Apr.
Apr.
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

150.0

Apr. 11

Included in table for first time.
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




10
10
10
18
18
18
19
19
19
23
23
24
25
26
26
26

100.0
200.0,
200.0
125.0
20.0
35.0
65.0
20.0
35.0
100.0
100.0
30.0
18.0
45.0
200.0
100.0
30.0
25.0
50.0
24.0
25.0
20.0
26.0
35.0
15.0
25.0
50.0
70.0
75.0
35.0
19.0
40.0

NOTES:
*
1

APPROXIMATE
DATE OF OFFERING

8
10
15
16
17

10
Table 6B

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

1

As o f April 6 , 1979

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

Arkansas Hsg. Dev. Agy.
Massachusetts Bay Transp. Auth.
Alaska, State of
*Lafayette Public Trust Fin. Auth.,

Rev.
Rev.
G.O.

75.0
60.0
60.0

Apr. 9
Apr. 10
Apr. 10

Rev.
G.O.

75.0
150.0

Apr. 10
Apr. 10

Rev.
Rev.

97.0
35.0

Apr. 11
Apr. 11

Rev.
Rev.

52.1
38.0

Apr. 11
Apr. 11

Rev.

110.0
12.8
12.0

Apr. 12
Apr. 16
Apr. 18

Mesa County, Colorado
Vermont Housing Fin. Agy.
New Jersey Health Care Fin. Auth.

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

19
24
24
26

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

15.0
86.8
30.4
55.0
17.6
25.0
25.0
25.0
55.0
30.0
43.0

POSTPONEMENT
La Habra Redev. Agy., Calif.

Rev.

32.6

Apr.

3

STATE & LOCAL

Ld .
O r e g o n , State of

San Francisco Redevelopment Agy.,
Calif.
Houston, Texas
*Little Rock Res. Hsg. Fac. Board,
Ark.
Tacoma, Wash.
*South Carolina Public Service
Auth.
^Albuquerque, N. Mex.
Alief Ind. Sch. Dist., Tex.
^Harris County Flood Control Dist.
Tex.
Wisconsin, State of
Baltimore, Md.
^Boston, Mass.
*Iberia Home Mtge. Auth., La.
Maine State Housing Auth.
Martinsburg, W.Va.

Addison, 111.

NOTES:
1

Includes state and local government issues of $10 million and over,

*

Included in the table for the first time.




G.O.

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

G.O.

APPROXIMATE
DATE OF OFFERING

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Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

BJ INDUSTRIALS

AMEX

4

2

TRADING VOLUME
AMEX

NYSE

NASDAQ

NASDAQ

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 / 1 3 )
8 . 7 (9/15)

4.2 (2/21)
1.1 (9/15)

8.1 (2/13)
2.5 ( 9 / 1 5 )

1976-High
Low

5 7 . 5 1 (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 / 2 0 )
10.3 ( 1 / 2 )

8.6 (2/20)
1.1 (1/2)

1 1 . 1 (2/20)
3.5 ( 1 / 2 )

1977-High
Low

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

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

127.89 (12/30)
109.61 (1/12)

105.05 (12/30)
93.66 ( 4 / 5 )

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

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

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

1978-High
Low

60.38 (9/12)
48.37 ( 3 / 6 )

907.74 (9/8)
742.12 (2/28)

176.87 (9/15)
119.73 (1/11)

139.25 (9/13)
99.09 (1/11)

66.4 ( 8 / 3 )
7 . 6 (1/20)

1 1 . 0 (10/30)
1.3 (1/20)

18.8 ( 5 / 1 8 )
2.8 (1/20)

1979-High

58.06 ( 4 / 5 )
53.88 (2/27)

877.60 ( 4 / 5 )
807.00 (2/27)

182.38 (4/Sfr
152.03 (1/2)

133.75 ( 4 / 6 )
117.84 ( 1 / 2 )

41.9 (4/4)
18.3 ( 1 / 2 )

5.4 (4/4)
2 . 2 (1/22)

13.3
7.2

12
19

26

55.41
55.91
55.85
56.99

830.73
836.28
837.49
859.75

157.66
160.33
161.04
162.35

122.05
123.74
124.65
127.04

27.4
27.1
27.4
30.4

3.5
3.2
3.3
2.9

10.6
11.0
10.8
12.1

2
9
16
23

55.79
54.88
55.37
54.88

834.63
822.42
827.01
823.28

159.25
160.08
163.15
162.55

125.82
123.76
125.57
125.04

27.0
25.2
24.0
24.3

2.5
2.8
3.0
3.0

10.4
10.2
10.0
10.3

2

54.37
55.81
56.55
57.08
57.13r

815.75
842.86
852.82
859.75
862.18

162.97
166.66
172.77
176.80
179.70

123.67
127.25
128.55
130.58
131.76

25.2
28.9
28.5
32.2
31.Or

3.2
3.5
4.1
4.7
4.6r

58.04

875.69

181.74

133.75

34.7

4.6

11.0
13.4
12.9
14.4
15.3r
16.3

Low

1979

Jan.

Feb.

Mar.

5

9

16
23
30
Aprl

6

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
4

12/31/66 = 50
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




i

12
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON %
CONVERTIBLE
BONDS

OUTSTANDING

1978 - February
March
April
May
June
July
August
September
October
November
December

9.780
9,920
10,260
10,660
11,090
11,190
11,740
12,400
12,090
11,000
10,830

242
246
248
245
242
247
243
225
216
209
205

1979 - January
February

10,750
10,790

204
n. a.

190
140
340
400
430
100
550
660
-310
-1,090
-170

-4
4
2
-3
-3
5
-4
-18
-9
-7
-4

CHANGE IN OUTSTANDING

1978 - February
March
April
May
June
July
August
September
October
November
December
1979 - January
February

-80
40

BANKS

3

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

2,544
877
2,544
855
2,560
914
series discontinued

-21
26
-22
16
-59
series discontinued

-1
n. a.

NOTES:
1
Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.
2
3

New York Stock Exchange data.
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.




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
DATE

1974
1975
1976
1977
1978-June
July
Augus t
September
October
November
December
1979-January^ .
February^
1978-June
July
August
Sep tember
October
November
December
1979-January
.
February^

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

ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.9

1,304
341
260
1,378
510
275
1,236
266
700

1

- — —

723
668
1,054
1,116
1,096
353
456

6.4
5.9
9.2
9.7
9.4
3.0
3.9

452
729

3.8
6.2

NET
NEW
MONEY
-2,822
4,757
5,275
2,874

2

SHARE CAPITAL

NET .
FLOW

-90
38
-75
-41
48
-59
-391

16,006
42,769
50,169
50,963
NOT
6,656
3,074
2,312
6,433
2,645
2,157
5,802

-121
350

4,743
2,874

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE
4,668
7.1
29,276
17.6
17.6
34,369
32,004
15.2.
SEASONALLY ADJUSTED
1,744
2,812
2,069
1,606
2,534
1,897
710
— —

— —

18,171
53,839
62,839
61,610
7,960
3,415
2,572
7,811
3,155
2,432
7,038

5,016
4,138

10.5
8.6

12.7
9.4

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.

4

Seasonally a d j u s t e d s e r i e s have been r e v i s e d due to r e c a l c u l a t i o n of s e a s o n a l f a c t o r s .
of Mutual Savings Banks and Federal Home Loan Bank Board.


SOURCE: National A s s o c i a t i o n


NET
NEW
MONEY
1,846
34,033
39,644
34,783
1,654
2,850
1,994
1,565
2,582
1,838
298
4,256
2,921

——
— —

4,564
3,409

5,009
3,574

NOTES:
1

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

12.1
10.0
12.3
14.9
9.9
10.1
8.8

——

-

NET
FLOW

5,398
4,514
5,632
6,873
4,606
4,752
4,166

— —

— —

-

DEPOSITS

4,377
2,571
SEASONALLY ADJUSTED.4/
4,675
14.0
3,846
11.4
4,578
13.4
5,757
16.7
3,510
10.0
4,399
12.4
3,710
10.4
— —

——

— —

TOTAL

2

«•» —

——
——
——

'
——

__

2

14

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

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

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

TOTAL

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

1974

14.5

12.3

2.2

-5.36

-4.03

-1.33

1975

20.0

18.0

2.0

5.47

5.72

-.25

1976

27.3

24.6

2.7

7.30

6.60

.70

1977

38 2

33.7

4.5

10.89

9.08

1.81

1978

38.3

33.4

4.9

- 06

-.32

.38

1978 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

38.0
37.3
36.9
36.5
36.2
36.1
36.0
36.4
36.7
38.8
39.1
38.3

33.6
33.0
32.7
32.3
31.9
31.5
31.5
31.9
32.3
33.9
34.0
33.4

4.4
4.3
4.3
4.3
4.3
4.6
4.6
4.6
4.4
4.8
4.9
4.9

-.32
-.70
-.38
-.39
-.34
.02
-.05
.35
-.34
1.96
.22
-.65

-.08
-.61
-.34
-.42
-.39
-.32
-.03
.36
.42
1.63
.10
—. 64

-.24
-.09
-.04
-.03
.05
.34
-.02
-.01
-.08
.33
.12
-.01

1979 - Jan.
Feb.

37.5
36.5

32.6
31.7

4.8
4.8

-.88
-.79

-.81
—. 86

-.04
-.07

NOTES:
Based on data f r o m 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 f r o m 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

15

T a b l e 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM I S S U E S
TOTAL

FHLB

0

FHLMC

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

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

-12

0
0
0
600
0

19 77-Jan.
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

1978-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

399
1,712
887
848
3,091
1,492
1,605
1,811
1,683
1,680
1,108
3,023

-12
1,388
-17
600
1,483
1,276
1,881
1,182
1,131
1,630
885
2,183

0
1,400
0
0
1,500
0
700
0
0
900
750

181
-70
-15
183

1979-Jan. .
Feb.-

534
1,325

0
837

0
837

-116

NOTES:
Based on data from Treasury Survey of Ownership.


Sales of FHLB discount notes began in May 1974.


-200

0
- 6

105
0
0
304
0
0
300
0

1,200

FNMA

-12

-17
0
-17
276
-19
—18

0

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

-176
-270
643
-402
235
402
-22

46
486
—36
-34
1,078

1,200
0
950
1,700
0
1,250

411
324
904
248
1,608
216
-276
629
552
50
223
840

0
0

650
488

1,000

16

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
F NM A- G NM A

21,930
41,406
57,587
58,372
42,739
43,497
62,783
96,814
109,736

1970
1971
1972
1973
1974
1975
1976
1977
1978

2

FINANCIAL INSTITUTIONS
TOTAL

17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924
101,040

COMMERCIAL
BANKS

2,462
9,940
16,800
19,600
11,700
4,200
13,900
27,900
33,800

MSB's

S & L's

1,946
3,938
5,377
5,642
2,172
2,236
4,074
6,565
6,378

10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,158
51,695

INSURANCE FNMA-GNMA
COMPANIES

2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184
9,167

4,910
2,388
2,026
3,300
6,222
4,839
-2,120
890
8,696

728
998
984
883
485
702

Not Seasonally Adjusted
1978 - J u l .
Aug.
Sept.
Oct.
Nov.
Dec.

9,156
11,061
9,391
9,444
9,408
8,618

8,428
10,063
8,407
8,561
8,923
7,916

3,200
3,700
2,800
3,000
3,200
2,200

1979 - Jan.
Feb.

681
636
550
500
594
452

3,991
4,721
4,294
4,265
4,184
3,438

556
1,006
763
796
945
1,826

377

2,602
2,464

465

604
552
531
464
632
317

3,647
4,214
4,188
4,450
4,762
3,818

707
1,096
708
822
964
1,156

544

3,925
3,470

591

Seasonally Adjusted
1978 - Jul.
Aug.
Sept.
Oct.
Nov.
Dec.
1979 - Jan.
Feb.

NOTES:
1

8,586
10,195
8,990
9,729
10,140
8,414

8,048
9,280
8,182
8,831
9,536
7,760

3,090
3,418
2,755
3,095
3,178
2,469

538
915
808
898
604
654

Seasonally adjusted 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 .

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.


17

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

QUARTER

TOTAL

3

RESIDENTIAL

2
TOTAL

1- to- 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTIFAMILY
&
COMMERCIAL

FARM

1972 - I
II
III
IV

67,9
73.9
77.2
88.8

49.8
53.9
58.6
64.1

38.5
40.7
47.7
48.4

11,3
13.2
11.0
15,7

14.7
16.5
14,9
21.1

26.0
29.6
25.9
36.8

3.5
3.5
3,7
3.6

1973 - I
II
III
IV

82.0
86.7
79.8
71.1

57.5
59,2
55.4
48.9

49.4
46,1
42.9
41.1

8.1
13,1
12,5
7.9

18,8
21.7
19.4
16.7

27.0
34.8
31.9
24.5

5.6
5,8
5.0
5.5

1974 - I
II
III
IV

71.1
69.6
53.6
47.7

50.4
45.9
34.1
30.4

40.8
39.0
27.4
26.1

9,5
7.0
6,7
4.3

17.2
18,8
13.7
11.4

26.7
25.7
20.3
15.7

3.6
4,0
5.8
5.9

1975 - I
II
III
IV

45.8
53.0
. 61.3
68.7

32.0
38.1
45.1
50.4

31.1
38.7
45.2
50.5

0.9
—0.6
—0.1
-0.1

8.6
10.1
12,1
14.2

9.4
9.4
12.1
14,1

5.3
4.9
4.0
4.1

1976 - I
II
III
IV

80.9
74.5
93.1
99.6

62.5
55.0
72.7
78.9

61.0
55.2
68.9
76.5

1.5
-0.2
3.8
2.4

13.3
14.8
13.5
13.0

14.8
14.5
17.2
15.5

5.2
4.7
6.9
7.7

1977 - I
II
III
IV

108.5
133.8
140.1
153.6

85.9
110.0
113.7
119.4

81.6
101.8
106.2
110.2

4.2
8.3
7.5
9.2

14.0
14.5
17.8
25.6

18.2
22.8
25.3
34.8

8.6
9.2
8.6
8.7

1978 - I
II
I I I (r)
IV (p)

133.7
145.3
152.4
152.6

105.4
114.0
112.5
120.5

96.2
104.8
101.4
109.7

9.2
9.2
11,1
10.8

19.3
21.7
28.1
21.1

28.5
30.9
39.2
31.9

9.0
9.6
11.8
11.0

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 debt.



T a b l e 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS

1 —FAMILY

MOBILE
HOME
2 - O R MORE
SHIPMENTS
FAMILY

2 - O R MORE
FAMILY

TOTAL

1,538
1,987
2,020

811
813
1,151
1,309
1,132
888
892
1,162
1,451
1,433

656
621
901
1,048
914
450
268
376
375
587

1,399
1,418
1,706
1,972
2,014
1,692
1,297
1,362
1,652
1,866

808
802
1,014
1,143
1,174
932
867
1,026
1,254
1,366

592
617
692
828
840
760
430
336
398
499

413
401
497
576
567
329
216
246
277
275

597
543
639
592
610
515

2,104
2,004
2,024
2,054
2,107
2,074

1,455
1.431
1.432
1,436
1,502
1,539

646
573
592
618
605
535

1,928
1,948
1,900
1,883
1,885
1,872

1,320
1,363
1,370
1,414
1,375
1,405

608
584
530
468
510
467

232
283
272
286
280
303

483
546

1,669
1,411

1,148
964

521
447

1,814

1,314

500

311
264

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1969
1970
1971
1972
1973
1974
1975
1976
1977
1978

1,324
1,352
1,925
2,219
1,820
1,074
939
1,297
1,677
1,658

626
647
906
1,033
882
644
676
894
1,125
1,078

698
705
1,018
1,186
937
431
264
403
552
581

1,407
1,434
2,052
2,357
2,045
1,338

1978 - July
Aug.
Sept.
Oct.
Nov.
Dec.

1,632
1,563
1,731
1,727
1,724
1,664

1,035
1,020
1,092
1,135
1,114
1,149

1979 - Jan.
Feb.

1,324
1,360

841
814

PERIOD

COMPLETIONS

STARTS

1

1 —FAMILY

1,160

NOTES:
1

h o m e 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




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T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

1

PERIOD

NEW Aaa
UTILITY
1
AND HUD(FHA)
BOND
DISCOUNT
NEW HOME
YIELD
(PERCENTAGE MORTGAGES (IN PER CENT)
POINTS)
(BASIS
POINTS)

NEW HOMES

1

SPREAD
BETWEEN
RETURNS ON

^AMilCklTIAM A 1
VUNVfcNTIONAL

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

1978 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

9.15
9.25
9.30
9.40
9.60
9.75
9.80
9.80
9.80
9.95
10.10
10.30

NA
54
47
48
58
59
72
100
74
72
NA
NA

9.20
9.25
9.30
9.45
9.60
9.75
9.80
9.80
9.85
9.95
10.15
10.30

NA
54
47
53
58
59
72
100
79
72
NA
NA

9.11
NA
9.29
9.37
9 .67
NA
9.92
9.78
9.78
9.93
9.99
10.16

NA
NA
46
45
65
NA
84
98
72
55
NA
NA

4.7
NA
4.1
4.7
5 .0
NA
3.1
2.1
2.1
2.1
3.6
4.8

1979 - Jan.
Feb.

10.30
10.35

NA
76

10.30
10.35

NA
76

10.17
10.17

NA
NA

4.9
4.9

4
NA
1
3
- 7
NA
-12
2
2
2
11 '
14
13
18

NA
8.71
8.83
8.92
9.02
9.16
9.08
8.80
9.06
9.23
NA
NA
NA
9.59

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 down
payment, prepaid in 15 years, for immediate delivery, are used.




v£>

20
T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

OFFERED

ACCEPTED

AVERAGE
YIELD

ACCEPTED

1011(1/9)

605(1/9)

Low

130(8/7)

80(8/7)

July 10
24

503.3
253.4

327.4
144.1

10.02
10.00

169.8
146.2

90.5
88.4

10.21

Aug.

7
21

130.3
368.8

80.1
197.1

9.82
9.80

74.7
150.0

47.5
81.0

10.15
10.07

Sept. 5
18

351.2
366.7

154.7

181.2

9.78
9.79

199.4
285.3

126.3
157.4

10.02

Oct.

2
16
30

682.4
425.4
857.0

278.6
176.2
377.6

9.91
9.98
10.20

395.5
336.1
425.2

166.9
148.8
179.9

10.10
10.18
10.31

Nov. 13
27

452.8
335.2

182.4
139.4

10.27
10.33

488.2
373.2

199.5
187.3

10.49
10.64

Dec. 11
27

283.4
343.6

144.4
175.2

10.40
10.60

262.2
155.2

141.5
79.4

10.77
10.92

Jan.
23

211.0
93.9

101.1
54.3

10.67
10.73

71.2
42.3

36.0
22.1

11.02

Feb.

6
20

42.4
168.2

37.9
123.3

10.61
10.47

19.4
43.6

17.9
27.5

11.07
11.02

Mar.

5
19

265.0
243.3

141.8
142.6

10.43
10.42

47.0
97.9

33.8
79.7

10.96
10.92

Apr.

2

260.7

139.2

10.44

167.8

98.6

1978 - High

1979

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)

10.69(12/27) 717(5/15) 363(5/15)
9.13(1/9)

75(8/7)

48(8/7)

10.92(12/27)
9.28(1/9)
10.17

10.01

11.13

10.92

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.