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m *
%
Developments
\

•

Capital
Market

April 10, 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

r

Index

SUBSCRIPTION RATES:

TABLES

Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in the United

1

_

7,.
year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 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.




6

SECURITY VOLUME AND YIELDS

STOCK m a r k e t AND S E C U R E

CREDIT
9 — 16 MORTGAGE MARKET
SYMBOLS
e

p
r
n.a.

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1978 - February

March

April

NEW ISSUE
Aaa UTILITY

3
10
17
24
3
10
17
24
31
7

1

RECENTLY
OFFERED
Aaa UTILITY

2

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

8.60
8.64
8.68
8.70

99
599

99
96

472

86

7
35
0
55

8.61
8,83r

8.70
8.65
8,64
8.64
8.75r

126
494
265
441
631

90
85
87
67
85

40
74
70
215
93

8.87p

8.83p

300

87

23

8.65
8.69
""" —

8.71
8.70

—

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

6

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

GROSS
OFFERINGS
( $ MILLIONS)

3
10
17
24

5.30
5.27
5.20
5.20

5.63
5.59
5.61
5.65

951
461
751
332

87
91
74
79

154
151
251
231

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

5.40

5.76

346

84

189

1978 - February

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
4

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.



Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
A a a UTILITY

DATE

RECENTLY OFFERED
A a a UTILITY

MOODY'S SEASONED
CORPORATE A a a

BOND BUYER
2 0 - B Q N D INDEX

U S . GOVT. 20-YEAR
CONSTANT MATURITY

1974 - High
Low

10.61 (10/4)
8.05 (2/15)

10.52 (10/11)
8.13 (1/4)

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

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

7.15 (12/12)
5.15 (2/7)

1975 - High
Low

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

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

9 . 0 1 (5/2)
8.57 (2/28)

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

7.67 (10/3)
6.27 (2/13)

1976 - High
Low

8 . 9 5 (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

8.36 (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 . 9 3 (2/4)
5.45 (11/17)

1978 - High
Low

8.87 4/7)
8.60 (3/24)

8.83 (4/7)
8.48 (1/6)

8.52 (4/7)
8.30 (1/6)

8.30 (4/7)
8.02 (1/6)

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

8.61
8.83r

8.70
8.65
8.64
8.64
8.75r

8.49
8.48
8.45
8.45
8.48r

8.21
8.21
8.17
8.17
8.27r

5.63
5.58
5.58
5.59
5.69

8.87p

8.83p

8.52p

8.30p

5.76

1978 - Mar.

Apr.

3
10
17
24
31
7

8.70

NOTES:
Federal Reserve serie, of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
1
2
Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4
3
4
5

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


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

#

#

#

#

*

#

#

4

t

5
Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS

R

IN MILLIONS OF DOLLARS

•
CORPORATE

PERIOD

1

GROSS PROCEEDS
1

3

1977

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

3,989
2,708
5,495

3,381
3,863
6,632

May
June

3,639
3,735
5,321

July
August
September
October
November
December

1

1978

1976

1978

2

STATE AND LOCAL

1Q77

J

2

1

1976

z

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
1,336
2,342

03
Q4

12,192
12,695
ll,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

1st Half
3 Qtrs.
Year

•

3,402
3,442
4,063

24,887
36,037r
50,863

28,008
39,398
53,356

24,668
35,912
46,697

17,609
25,978
35,180

January
February
March
April

•

s

Q1
02

•

8,850e

3,200e
2,800e
4,300e

10,300e

e

#

e
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

IT-

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

PERIOD

TOTAL

GROSS PROCEEDS BY TYPE OF ISSUER
GROSS PROCEEDS BY TYPE OF ISSUE
MEMO
COMMON
BONDS
OTHER
COMMUNIPUBLIC
MANUFACAND
ISSUES INCLUDED
ISSUERS
CATIONS
PRIVATELY
UTILITY
PUBLICLY
TURING
PREFERRED
PLACED
OFFERED
FOREIGN {CONVERTIBLE
STOCK

1976 - I
II
III
IV

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

1977 - I
II
III
IV

12,192
12,695
ll,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

2,786
1,102
2,610
1,961

601
786
1,690
1,087
887
2,241
1,019
818

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

1977 - January
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

1,600

2,045
2,360
1,947
1,908
2,114
2,211
1,541

1,220

909
1,063
3,167

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

858

2,774

1,810

6
108
495
39

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

1,415
1,044
644
1,250

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

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

1,560
1,025

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




3,182

2,826
3,083

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
l,463r
l,994r
1,700
2,855

T a b l e 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 7, 1978
ISSUER

CORPORATE

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

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.
Great 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.

Com. s t k .
1 s t mtg.
Debt.
1 s t mtg.
Deb t .
Notes

31.5
75.0
50.0
50.0
75.0
30.0

2008
1998
2008
2008
1988

9.20
10.25
9.25
8.70
8.88

9.32
10.34
9.25
8.72
9.01

OTHER
Norges Kommunalbank

Debt.

75.0

1998

9.13

9.18

NOTES:

*

Rights offering.

Digitized 1 FRASER only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.
for Includes


MOODY'S/S&P'S
RATINGS

A/ABa/BB
A/AA/A+
A/AAaa/AAA

T a b l e 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
A p r i l 3 through A p r i l 7, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

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

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

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

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., P a .
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 .

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

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

——

V—
*

5.53
——

—T

5.10
5.01
——

—
—

5.72
5.72
5.97
5.97
5.38

4.75-5.85
5.88
4.40-6.30
6.32
5.00-5.40

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+

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.

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

•

•

•

•

9
Table 6A

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

1

As of A p r i l 7, 1978

ISSUER
CORPORATE

Norin Corp.
Interpool Ltd.
A c c i d e n t a l Petroleum Corp.
Commonwealth Edison Co.
Union P a c i f i c R a i l r o a d
Tenneco I n c .
*Lachmar
American Savings & Loan Assoc.
Texas I n t e r n a t i o n a l Corp.
I t e l Corp.
N o r f o l k & Western R a i l r o a d Co.
P e n n s y l v a n i a Power Co.
Oklahoma Gas & E l e c t r i c Co.
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 l d E l e c t r i c Light & Power Co
^General Motors Acceptance Corp.
T r a i l T r a i n Co.
*American S&L Assoc. of Utah
*U.S. Bancorp.
P o s t a l Finance Co.
Oak I n d u s t r i e s I n c .
* C a r o l i n a T e l . & T e l e . Co.
P a c i f i c T e l . & T e l e . Co.
Delmarva Power & Light Co.
*Ohio Edison Co.
*Toledo Edison Co.
*Georgia Power Co.
*Kansas Power & Light Co.
* P a c i f i c Gas & E l e c t r i c Co.
I n d i a n a p o l i s Power & Light Co.
United I l l u m i n a t i n g Co.
OTHER
Saskatchewan, Canada Province of
European Atomic Energy Community

TYPE

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

AMOUNT
(IN MILLIONS
OF DOLLARS)

25. 0
26. 0
75. 0
75. 0
19. 5
200. 0
80. 0
200. 0
15. 0
75. 0
24. 0
25. 0
35..0
40.,0
50,.0
75.,0
40..0
200,.0
22,.0
50,.0
50,.0
20,.0
30 .0
35,.0
300 .0
50 .0
120 .0
50 .0
100 .0
37 .5
75 . 0
24 .0
21 .0

Apr. 10
Apr. 10
Apr. 10
Apr. 11
Apr. 11
Apr. 12
Apr. 12
Apr. 13
Apr. 13
Apr. 18
Apr. 18
Apr. 19
Apr. 19
Apr. 19
Apr. 20
Apr. 20
Apr. 20
Apr. 20
Apr. 25
Apr.
Apr.
Apr.
Apr.
Apr.
May
9
May
9
May 16
May 16
May 17
May 17
May 24
Indef.
Indef.

125 .0
75 .0

Apr. 13
Indef.

NOTES:
*
1

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




APPROXIMATE
DATE OF OFFERING

10
Table 6B

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

1

As of A p r i l 7, 1978
TYPE

ISSUER

N a p e r v i l l e , . 111.
Oregon, S t a t e of
B a l t i m o r e , Md.
Roswell, N.M.
Sunnyvale Redev. Agy., C a l i f .
* I r w i n d a l e Comm. Redev. Agy., Cal.
Toms River Sch. D i s t . , N . J .
Lafourche P a r . Sch. D i s t . , La.
Oakland Co., Mich.
North C a r o l i n a , S t a t e of
S a l t River A g r i c . Improv. & Power
D i s t . , Ariz.
T u a l a t i n H i l l s Park & Rec- D i s t . ,
Ore.
*Vigo Co. Hosp. A u t h . , I n d .
^Pennsylvania Hsg. F i n . Agy.
*Anchorage, Alaska
Hawkins Co., Tenn.
East Ouachita 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.
*Washington, S t a t e of
*Texas, S t a t e of
*S. Washington Co. I n d . Sch. D i s t . ,
Minn.
B a l t i m o r e , Md.
Connecticut Hoiising F i n . Auth.
Stamford, Conn.
New York S t a t e Power Auth.
*Plantation, Fla.
Ohio Water Dev. Auth.
Montgomery Co., Ohio
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. Agency, C a l i f .
* I l l i n o i s Hsg. Dev. Auth.
Rosemount Ind. Sch. D i s t . #196,
Minn.
* C a l i f o r n i a , S t a t e of
*Baltimore Co., Md.

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

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

L0d>
150-0
11.9
11.3
11.1
40.0
10.9
12.5
14.5
60.0

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

Rev.

125.0

Apr. 13

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

10.0
15.6
92.6
10.0
15.0
15.0
50.0
35.6
25.0

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

13
14
14
18
18
18
18
19
24

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

11.8
35.0
180.0
15.7
350.0
18.6
46.0
52.5
90.0
19.6
54.3
50.0

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

25
25
25
26
27

G.O.
G.O.
G.O.

18.7
90.9
30.0

May
May
May

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.



10
11
11
11
11
11
11
12
12
12

2
2
2
3
8
9
9

11
Table 6B C o n t i n u e d

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

1

As of A p r i l 7, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE * LOCAL

POSTPONEMENT
S u f f o l k Co., N.Y.




G.O*

27.5

Apr. 20

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

|

BJ INDUSTRIALS

AMEX

4

NASDAQ

2

TRADING VOLUME
NYSE

AMEX

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)

4 4 . 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 (1/12)

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

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

11.2 (11/10)
5 . 1 (5/27)

1978-High
Low

51.82 ( 1 / 3 )
48.37 £3/6)

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

131.81 ( 4 / 7 )
119.73 (1/11)

108,23 ( 4 / 7 ) ,
99.09 ( 1 / 1 1 )

28.4 (3/17)
7.6 (1/20)

3 . 8 (3/17)
1.3 (1/20)

11.5 ( 4 / 6 )
2 . 8 (1/20)

3
10
17
24

49.72
50.01
48.90
49.19

770.96
775.99
752.69
756.24

122.78
124.64
122.95
123.87

102.22
103.58
102.25
102.70

20.4
17.0
19.5
20.4

2.3
2.2
2.3
2.3

8.2
7.4
8.6
7.7

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
21.3r

2.5
2,9
3.1
2.8
3.1

8.0
8.9
9.1
9.2
9.0

Apr.

7

50.41

769.58

131.81

108.23

23.7

3.3

10.1

1978
Feb.

NOTES:
1
Figures ether than high* 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 - 60
on average price change until September 4, 1973 thereafter, based on market value of shares listed.




13
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

OUTSTANDING

BROKERS ON
MARGIN
STOCK

1

BROKERS ON %
CONVERTIBLE
BONDS

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

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

851

2,565

-8
1
2
-3

-13
12
-34
-3

10

29
7
-7
38
-5
206
17
19

-4
1

-6
-2

1977 - February
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

1978 - J a n u a r y
February

9,590
9,780

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

310
210
210
190
190
160
230
100
30
-30
50
130

-554

-10

1

25
-36

1978 - J a n u a r y
February

-150
-190

-4
-4

-22

-3

CHANGE IK OUTSTANDING

250

—

2
6
-4
-4
~h/

-6

72
-2

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

4

5

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.

~
value.

.

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 .




EE

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

1977-Aug.
Sept.
Oct.
Nov.
Dec.
1978-Jan. ,
Feb.£/
1977-Aug.
Sept.
Oct.
Nov.
Dec.
1978-Jan. /
Feb . R l

282
1,200
683
406
1,289

ANNUAL 3
GROWTH
RATE

2.3
11.3
11.6
8.8

——

723*
343

NET
NEW
MONEY

-2,822
4,757
5,275
2,811
-12
-137
296
99
-131
-59
150

628*
450
1,187
1,131
1,257
515
519

1

11.1
10.5
11.6
4.7
4.7
6.5
3.1

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS

—

2

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

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

2,751
2,288
SEASONALLY
5,671
5,656
3,832
3,711
3,410
2,019
2,256

—
—
ADJUSTED
18.6
18.2
12.2
11.7
10.6
6.2
6.9

2,877
2,068

— -

—

2

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

3.144
7,161
3,079
2,135
6,831

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

3,379
2,738

2,818
2,218

6,858
6,787
5,089
4,226
3,929

16.6
16.2
12.0
9.9
9.1

2,742
2,599

6.3
5.9

—

—

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.

*

Merger of commercial bank w i t h mutual s a v i n g s bank and c o n v e r s i o n of S&L t o MSB added $399 b i l l i o n t o MSB
E f f e c t was t o r a i s e growth r a t e f o r month from 3 . 1 per c e n t t o 6 . 5 p e r c e n t .
e
#
•
•
•
•
e
•
•

Digitized for e p o s i t s i n J a n u a r y .
d FRASER
http://fraser.stlouisfed.org/
#
Federal Reserve Bank of St. e
Louis

H.16

15
Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N Y. STATE)

TOTAL

MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N.Y. STATE)

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 J)

5.81

6.06

- .25

1976 - Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

20.6

18.6

2.0

.55
.79
.33

.35
.84

21.8
21.8

19.4
19.6
19.6

22.4
22.9
23.2
23.6
24.5
25.7
27.1
27.9

20.1

2.0
2.2
2.2

20.7
20.9
21.3
21.9
23.1
24.4
25.1

2.2

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

28.0
28.6

25.2
25.6
26.5
27.0
27.3

1978 - J a n
Feb

38.4

NOTES:

21.3

29.7
30.2
30.6
31.9
32.4
34.0
35.1
37.4
38.8
39.2

28.1
28.6
30.0
31.0
32.9
34.1
34.6
34.0
33.3

2.3

2.3
2.3

2.6
2.6

.12

.50
.57
.30
.40
.89

1.21

2.7

1.35
.76

2.8

.23
.58
1.09
.47
.37
1.32
.54
1.50
1.24

2.8
3.0
3.2
3.2
3.3
3.8
3.8
3.9
4.1
4.5
4.7
4.6
4.4

2.20
1.47
.36

- .81

.16
.04
.46
.59
.27
.35

.62

1.21
1.24
.70

.16

.38
.92
.47
.30
.79
.57
1.32
1.07
1.83
1.24
.46
- .57
— . 64

- .05
.17

.08

.04
- .02
.03
.05
.27

.11
.06
.07

.20
.17

.07
.53
- .03

.18

.17
.37
.23
- .10
- .24

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

#

16

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

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 - Jan.
Feb.

399
l,744e

-12
1,440

0
1,400

-12
40

0
0

411
304

NOTES:
Based on data from Treasury Survey of Ownership.
1 Sales of FHLB
 discount notes began in May 1974.
http://fraser.stlouisfed.org/
p
Preliminary
Federal Reserve Bank of St. Louis

17
Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

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

*1970
1971
1972
1973
1974
# 1975
1976
1977

TOTAL

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

COMMERCIAL
BANKS

MSB's

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

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

Not S e a s o n a l l y
^ 1977 - J u l y
Aug.
Sept.
Oct.

Nov.
Dec.

#

S & L's

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

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

1978 - J a n .
Feb.

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

Ad l u s t e d

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

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

2

FINANCIAL INSTITUTIONS

412

252
220
744
614
426
1,655

3,019
3,381

— 86
-163
167
- 31
96
222
329

S e a s o n a l l y Adi us ted

#

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

368
256
715
523
403
1,257

4,305
4,013

-368
-239
- 69
- 92
93
75
388

#

NOTES:
1

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 .

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.


Table 13

18

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING 1
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

2

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1- to 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMILY
&
COMMERCIAL

FARM

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

1.0
0.0
1.0
1.3

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
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
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
77.3
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
32.5
32.4

8.6
9.3
8.9
8.0

1977 - I
II
III
IV (p)
NOTES:
1

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association,
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.

2

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
debt.

 m i ly mortgage
multifa


•

•

•

•

•

•

•

•

•

T a b l e 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERIOD

TOTAL

1978 - J a n .
Feb.

2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

MOBILE
HOME
SHIPMENTS

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

1969
1970
1971
1972
1973
1974
1975
1976
1977
1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

1 —FAMILY

COMPLETIONS

STARTS

PERMITS 1

!

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

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

1,639
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

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

1,496
1,622

1,027
967

469
925

1,547
1,580

1,155
1,091

392
489

1,721

1,261

460

322
269

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


Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

NEW HOMES
PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

EXISTING HOMES

1
RATE
(IN PER CENT)

SPREAD
BETWEEN
NEW Aaa
RETURNS ON
NEW HOMES
UTILITY
CONVENTIONAL
1
AND HUD(FHA)
BOND
YIELD
NEW HOME
SPREAD
YIELD
DISCOUNT
(IN PER CENT)
(BASIS
(PERCENTAGE MORTGAGES (M PER CENT)
(BASIS
POINTS)
POINTS)
POINTS)
HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

SPREAD
(BASIS
POINTS)

1

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 - 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

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.

1978 - J a n .
Feb.

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

NOTES:
1
Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grede 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 erees
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.


H.1@

21
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

ACCEPTED

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

1977 - High

AVERAGE
YIELD

ACCEPTED

278 (5/2)

35 (9/7)

8.46(1/10) 123 (7/25)

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

50 (9/7)

Low
1977 - J u l y 11
25
Aug.

Oct.

71 (9/19)

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

1978 - J a n .

9
23

1011.0
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
164.9

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



Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102