Full text of H.16 Capital Market Developments : April 24, 1978

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Capital
Market

Developments

%

»

It'll
ft 00

April 24, 1978

Prepared by the
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




DIVISION OF R E S E A R C H AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L R E S E R V E 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 A N D S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE M A R K E T

SYMBOLS
6
p
r
n.a.

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

3
Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND M A R K E T
VOLUME

YIELDS
WEEK E N D I N G

1978 - March

April

3
10
17
24
31
7
14
21

N E W ISSUE
A a a UTILITY

1

RECENTLY '
OFFERED
A a a UTILITY

8.70
8.61
8.83

8.88

8.88
8.91p

GROSS
OFFERINGS
($ MILLIONS)

3

PER C E N T
S O L D BY END
OF WEEK

N E W ISSUES 4
IN SYNDICATE
($ MILLIONS)

8.70
8.65
8.64
8.64
8.75

126
494
265
441
631

90
85
87
67
85

40
74
70
215
93

8.32
8.84r
8.85p

300
558
813

87
98
82

23
10
145p

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK E N D I N G

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

GROSS
OFFERINGS
($ MILLIONS)

d

PER C E N T
S O L D BY E N D
OF WEEK

NEW ISSUES 4
IN S Y N D I C A T E
($ MILLIONS)

1978 - March

3
10
17
24
31

5.15
5.10
5.10
5.10
5.10

5.63
5.58
5.58
5.59
5.69

624
786
941
1,115
879

73
88
87
89
75

253
210
244
282
349

April

7
14
21

5.40
5.40
5.40

5.76
5.74
5.79

346
785
739

84
91
89

189
186
185

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.
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
1

NEW ISSUE
A a a UTILITY

DATE

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

4

B O N D BUYER
2 0 - B 0 N D INDEX

1974 - High
Low

10.61 (10/4)
8 . 0 5 (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 . 1 5 (2/7)

1975 - High
Low

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

9 . 7 1 (5/25)
9 . 0 6 (2/28)

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

8 . 6 3 (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 . 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 )

5 . 9 3 (2/4)
5.45 (11/17)

1978 - High
Low

8 . 9 1 (4/21)
8.60 (3/24)

8 . 8 5 (4/21)
8.48 (1/6)

8.57 (4/21)
8.30 (1/6)

8.33 (4/14)
8.02 (1/6)

5.79 (4/20)
5.58 (3/17)

8.61
8.83

8.70
8.65
8.64
8.64
8.75

8.49
8.48
8.45
8.45
8.48

8.21
8.21
8.17
8.17
8.27

5.63
5.58
5.58
5.59
5.69

8.88
8.88
8.91p

8.82
8.84r
8.85

8.53
8.56
8.57p

8.31
8.33
8.28

5.76
5.74
5.79

1978 - Mar.

Apr.

3
10
17
24
31
7
14
21

— —

8.70

NOTES:
1

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

2

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

3

Weekly average of daily closing figures.

4

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

5

Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.


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Bank of St. Louis

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5
Table 3

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

•

CORPORATE

PERIOD

1978

#

#

1977 1

1976 -L

1976

4,074
3,322
3,754

3,216
3,357
4,817

3,113
4,118
4,013

2,734
2,821
2,814

3,957r
5,120
5,749

4,431
3,047
6,480

3,807
3,332
3,646

3,524
3,336
2,342

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

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

24,668
35,912
46,697

17,609
25,978
35,180

03
04

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

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

1st Half
3 Qtrs.
Year

24,887
36,037
50,863

28,008
39,398
53,356

10,299e

•

•

•
NOTES:
Securities and Exchange Commission estimates of gross proceeds.
1
2

1

2,218
3,575
3,115

October
November
December

Securities Industry Association estimates of principal amounts.

Estimated by
Digitized for 3
FRASER


2

3,409
4,566
5,786

July
August
September

8,850e

3,283
2,716
4,300e

1977

3,507
4,186
6,439

3,639
3,735
5,321

March

J

2

2,451
2,885
3,365

April
May
June

February

2,600e
2,550e
3,7 OOe

1978

2

STATE AND LOCAL

3,402
3,442
4,063

3,381
3,863
6,632

01
02

•

J

3,989
2,708
5,495

January

#

GROSS PROCEEDS
1

F e d e r a l Reserve on the b a s i s of a v a i l a b l e d a t a .

Table 4

^

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

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

MEMO

BONDS

PERIOD

TOTAL

PUBLICLY
OFFERED

PUBLIC
UTILITY

MANUFACTURING

ISSUES INCLUDED

COMMUNICATIONS

OTHER
ISSUERS

FOREIGN CONVERTIBLE

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
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

1977 - I
II
III
IV

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

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

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

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

858
1,810
1,560
1,025

6
108
495
39

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

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

1,415
1,044
644
1,250

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

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

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

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

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

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

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

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

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

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

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

1977 - January
February
March
April
May
June
July
August
September
October
November
December

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



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Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
A p r i l 3 through A p r i l 21, 1978
ISSUER

CORPORATE

Minnesota Power & Light Co.
Long I s l a n d L i g h t i n g Co.
Twentieth Century-Fox Film Corp.
Minnesota Power & Light Co.
Great Northern Nekoosa Corp.
F i r s t N a t i o n a l S t a t e Bancorp.
Talman F e d e r a l S&L Assoc.
Union P a c i f i c R a i l r o a d
Tenneco I n c .
Lachmar
Texas I n t e r n a t i o n a l Air
American Savings & Loan Assoc.
Commonwealth Edison Co.
F e d e r a l Express Corp.
O c c i d e n t a l Petroleum Corp.
I n d i a n a p o l i s Power & L i g h t Co.
I t e l Corp.
N o r f o l k & Western R a i l r o a d Co.
U.S. Bancorp.
P e n n s y l v a n i a Power Co.
Ford Motor C r e d i t Co.
Ford Motor C r e d i t Co.
General Motors Acceptance Corp.
C i n c i n n a t i Gas & E l e c t . Co.

TYPE

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

AMOUNT
(MILLIONS
OF
DOLLARS)

31.5
75.0
50.0
50.0
75.0
30.0
80.0
19.5
200.0
80.0
18.0
200.0
75.0
18.8
75.0
23.4
100.0
16.5
50.0
25.0
150.0
150.0
200.0
75.0

MATURITY

COUPON RATE

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

9.20
10.25
9.25
8.70
8.88
8.38
8.25
3.88
8.63
10.88
8.50
8.40

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

—

——

—

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

NOTES:
*
Rights offering.
1
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.



9.63
8.38
8.60
9.50
8.38
8.50
8.63
9.13

——/ —

B/B
— /AAA
A/A
—

Baa/BB

9.20
1998
1979-1993
1988
2008
1984
1988
1988
2008

Ba/BB
A/AA/A+
A/A—/AAA
Aaa/AAA
A/A

9.63
7.55-8.55
8.60
9.42
8.44
8.56
8.63
9.00

—/BB—
Aa/AA+
Aa/AA+
Baa/A
Aaa/AA
Aaa/AA
Aa/A
Aa/AA

00

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
A p r i l 3 through A p r i l 21, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

40.0
35.0

2008

9.38
8.56

9.35
8.56

A/AAa/AA-

75.0
125.0

1998
2008

9.13
9.25

9.18
9.25

Aaa/AAA
Aa/AA

CORPORATE

H a r t f o r d E l e c t r i c L i g h t & Power Co.
Oklahoma Gas & E l e c t r i c Co.

1 s t mtg.
Pfd. stk.

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

Debt.
Debt.




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•

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#

#

#

#

NET INTEREST
COST

OFFERING
YIELD

•

i

T a b l e SB

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 21, 1978
ISSUER

AMOUNT
( M I L L I O N S OF
DOLLARS)

MATURITY

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

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

Rev.

14.0

1988-2007

Rev.

39.0

1981-2003

Rev.
Rev.
Rev.

86.0
10.7
11.9

2018
1979-2003
1979-2010

TYPE

MOODY'S/S&P'S
RATINGS

S T A T E AND LOCAL

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




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—1/BBB
A/A+
A/A+
A-1/ A+
A-1/A+
A-l/A+

5.50-6.50

—

6.14

4.40-5.90

Aa/A+

6.14

6.20
4.25-6.50
4.25-6.40

Aa/A+

5.53

5.10
5.01

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
—

5.72
5.72
5.97
5.97
5.38

—
—

/

—

—/A
— / A

o

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
A p r i l 3 through A p r i l 21, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

2.9
4.8
9.6
7.4
12.5
10.0
14.5
150.0
60.0
11.1
11.3
10.9
10.2
9.5
30.5
4.7
14.5
5.0
11.0
78.3
26.2
15.1
24.8
10.8
13.4
15.0
23.0

1993
1998
2006
2008
1981-2003
1980-1995
1982-2002
1984-1998
1981-1996
1981-2007
1982-2002
1980-1999
1981-1994
1986-1993
2008
1991-1997
2007
1989-2001
2007
1990-2007
2013
1981-1995
2006
1978-2007
1980-2019
1980-1998
2008

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&PS
RATINGS

STATE AND LOCAL

Wood Co. B u i l d i n g Comm., W. Va.
Wood Co. B u i l d i n g Comm., W. Va.
Wood Co. B u i l d i n g Comm., W. Va.
Wood Co. B u i l d i n g Comm., W. Va.
Lafourche P a r . Sch. D i s t . , La.
T u a l a t i n H i l l s Park & Rec. D i s t . , Ore,
Oakland Co., Mich.
Oregon, S t a t e of
North C a r o l i n a , S t a t e of
Sunnyvale Redev. Agy., C a l i f .
Roswell, N.M.
Toms River Sch. D i s t . , N . J .
N a p e r v i l l e , 111.
I r w i n d a l e Comm. Redev. Agy., C a l .
I r w i n d a l e Comm. Redev. Agy., Cal.
North Penn Sch. D i s t . A u t h . , Pa.
North Penn Sch. D i s t . A u t h . , Pa.
J e f f e r s o n Co., Ala.
J e f f e r s o n Co., A l a .
L o u i s v i l l e , Ky.
L o u i s v i l l e , Ky.
Montgomery Co., Ohio
Montgomery Co., Ohio
Blackhawk Sch. A u t h . , P a .
Denver Housing Corp. , Colo.
East Ouachita P a r . Sch. D i s t . , La .
Mount Vernon, Ind.

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

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

•

•

e

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

6.01
6.01

——

5.51
6.08

•

6.38
6.50
6.63
6.88
4.50-5.70
4.25-5.40
4.50-6.20
4.55-5.40
4.00-5.00
5.00-6.70
4.60-6.25
4.20-5.70
4.35-5.35
6.25-7.00
7.40
5.50-6.00
6.20
5.00-5.75
6.10
5.10-6.00
6.13
4.75-6.50
6.88
3.90-6.38
4.50-6.75
4.20-5.90
6.05

~/AA
~/AA
—/AA
—/A
A/AA—1/—
A-1/A+
Aaa/AA
Aaa/AAA
A-l/A
Baa-l/A
A-l/AAA
A/—
Aa/—
Aa/~
—/AA
—/AA
A/A
A/A
Aa/AA
Aa/AA
— / A+
—/A4—- — /

— —

A/ —
Baa—1/BBB+
Aa/-—

#

Table 58 Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
A p r i l 3 through A p r i l 21, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

STATE AND LOCAL

Anchorage, Alaska
Hawkins Co., Tenn. .
Georgia R e s i d e n t i a l F i n . Auth.
Georgia R e s i d e n t i a l Fiti. Auth.
Mobile, Ala.
Mobile, Ala.
Tennessee Hsg. Dev. Agy.
Tennessee Hsg. Dev. Agy.
Tennessee Hsg. Dev. Agy.
P e n n s y l v a n i a Hsg. F i n . Auth.
P e n n s y l v a n i a Hsg. F i n . Auth.
P e n n s y l v a n i a Hsg. F i n . Auth.
Albuquerque, N.M.
Mt. Lebanon High Sch. A u t h . , Pa.
Mt. Lebanon High Sch. A u t h . , Pa.
Plantation, Fla.
Plantation, Fla.
Plantation, Fla.
South Dakota Bldg. Auth.
South Dakota Bldg. Auth.
Maine S t a t e Housing Auth.
Maine S t a t e Heysijig Auth.
Maine S t a t e Housing Auth.
Carson Redev. Agy., C a l .




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

10.0
15.0
27.5
22.5
30.3
37.7
36.7
27.2
6.1

16.0

25.0
42.0
11.0
4.0
14.1
9.7
0.4
8.4
8.9
17.8
34.5
11.3
9.3
14.0

1979-1998
1979-2003
1979-1998
2009
1992-2002
2007
1979-1996
2009
2017
1981-1999
2011
2021
1983-2000
1978-1982
2000
1994-2003
2006
2007
1991-1999
2000
1979-1997
2008
2020
2008

5.95
5.92
5.68
5.68
6.12
6.12

7.66

4.25-6.15
4.10-6.00
4.00-5.60
6.00
5.50-6.00
6.20
4.00-5.90
6.38
6.40
4.50-6.30
6.64
6.78
5.. 6 0 - 7 . 2 5
3.. 8 5 - 4 . 5 5
6.40
5.70-6.05
6.05
6.10
5.40-6.00
6.13
4.25-6.10
6.54

6.60
7.50

MOODY'S/S&P'S
RATINGS

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

12
Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of A p r i l 21, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

P u b l i c S e r v i c e s Co. of New Mexico
American S&L Assoc. of Utah
C a r o l i n a T e l . & T e l e . Co.
C o n t i n e n t a l I l l i n o i s Corp.
Texas I n t e r n a t i o n a l Co.
I n t e r p o o l Ltd.
P o s t a l Finance Co.
P o r t l a n d General E l e c t r i c Co.
I l l i n o i s Power Co.
Southern Railway Co.
Delmarva Power & Light Co.
Wisconsin E l e c . Power Co.
Ohio Edison Co.
T r a i l T r a i n Co.
* P u b l i c Svc. Co. of New Hampshire
Toledo Edison Co,
Kansas Power & L i g h t Co.
Georgia Power Co.
Utah Power & Light Co.
Utah Power & Light Co.
Kansas City Power & Light Co.
P a c i f i c Gas & E l e c . Co.
Athlone I n d u s t r i e s I n c .
R e a l t y Refund T r u s t
Systems Engineering Labs. I n c .
*Tucson Gas & E l e c . Co.
Documation I n c .
C o n t i n e n t a l Group I n c .
*General American Transp. Corp.
Moran Bros.
Inforex Inc.
Oak I n d u s t r i e s I n c .
United I l l u m i n a t i n g Co.

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

65.0
50.0
35.0
100.0
15.0
26.0
20.0
60.0
63.0
22.6
50.0
80.0
120.0
22.0
26.2
48.0
37.5
100.0
50.0
40.0
50.0
125.0
20.5
20.0
15.0
40.0
15.0
125.0
60.0
15.0
15.0
30.0
21.0

Apr. 25
Apr. 26
Apr. 27
Apr.
Apr.
Apr.
Apr.
May
2
May
9
May
9
May
9
May 11
May 16
May 16
May 16
May 16
May 17
May 17
May 18
May 18
May 23
May 24
May
May
May
May
May
May
May
May
May
May
Indef.

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

Notes
Notes

200.0
150.0

May
May

NOTES:
•

Included in table for first time.

1

Includes only corporate and other security issues of $16 million and over; excludes exchanges, options




13
Table 6A Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of A p r i l 21, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

POSTPONED
San Diego Gas & Elec. Co.
San Diego Gas & E l e c . Co.




Com. s t k .
1 s t mtg.

40.0
50.0

Apr. 20
Apr. 20

14
Table 6B

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

1

As of A p r i l 21, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Tempe Sch. D i s t . #3, A r i z .
P l e a s a n t P r a i r i e , Wisc.
Texas, S t a t e of
Baltimore, Md.
*Jackson Co., Mo.
C a l i f o r n i a Educ. F a c . Auth.
Connecticut Housing F i n . Auth.
Phoenix, A r i z .
S. Washington Co. I n d . Sch. D i s t . ,
Minn.
Massachusetts H l t h . & Educ. Fac.
Auth.
Nassau Co., N.Y.
Stamford, Conn.
* S u f f o l k Co., N.Y.
New York S t a t e Power Auth.
*Oswego City Sch. D i s t . , N.Y.
Vigo Co. Hosp. A u t h , , I n d .
Altoona Area Sch. D i s t . A u t h . , P a .
*Erie P u b l i c School A u t h . , Pa.
*Rhode I s l a n d H e a l t h & Educ. Fac.
Corp.
Ohio Water Dev. Auth.
*Mesa U n i f i e d Sch. D i s t . #4, A r i z .
Macon Co. I n d u s t . B u i l d . A u t h . , Ga
San F r a n c i s c o A i r p o r t s Comm., Cal.
Milwaukee, Wis c .
*San Luis C o a s t a l Sch. D i s t . Fac.
Corp., Cal.
* F l o r i d a S t a t e Bd. of Educ.
I l l i n o i s Hsg. Dev. Auth.
•Chicago Sch. D i s t . , 111.
Washington, S t a t e of
Wisconsin* S t a t e of
A u s t i n , Texas
Rosemount I n d . Sch. D i s t . #196,
Minn.
*Mc Allen Ind. Sch. D i s t . , Texas
*Plano, Texas

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

19.8
25.0
25.0
35.0
59.6
14.4
180.0
24.6

G. 0*

11.8

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

14.8
53.3
15.7
27.4
350.0
10.4
15.6
26.0
29.5

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

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

12.0
47.2
15.0
19.3
90.0
19.6

Apr.
Apr.
May
May
May
May

1
1
2
2

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

14.8
70.0
50.0
60.0
32.6
94.5
78.0

May
May
May
May
May
May
May

2
3
3
3
3
4
4

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

18.7
12.4
19.8

May
May
Mav

8
8
8

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

Apr. 25

MOTES:
1
*

Includes «ato and local government issues of $10 million and over, foreign government. International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offarinp.
Included in the table for the first time.




24
24
24
25
25
25
25
25

26
26
26
27
27
28
28

15
Table 6B Continued

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

1

As of A p r i l 21, 1978

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

C a l i f o r n i a , S t a t e of
Baltimore Co., Md.
E v e r e t t Sch. D i s t . #2, Wash.
Spokane Sch. D i s t . #81, Wash.
Ohio, S t a t e of
L i t t l e t o n Sch. D i s t . #6, Colo.
* B i l l i n g s , Mont.
* S u l l i v a n Co., Tenn.
*Hillsborough Union H . S . D . , Ore.
* P o r t l a n d , Ore.
*N.E. Pennsylvania Hosp. Auth.




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

90.9
30.0
17.0
40.5
38.0
17.3
19.8
10.0
12.8
15.0
22.0

May
May
May
May
May
May
May
May
May
May
May

9
9
10
16
16
16
19
23
23
24

Table 7

STOCK PRICES AND VOLUME

NYSE INDEX

1974--High
Low

1975--High
Low

1976--High
Low

1977--High
Low

1978--High
Low

1

STOCK PRICES

DATE
3

BJ INDUSTRIALS

AMEX

4

NASDAQ

2

TRADING VOLUME
NYSE

AMEX

NASDAQ

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)

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)

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)

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 (1/12)
93.66 (4/5)

35 . 3 (11/11)
10 . 6 (10/10)

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

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

52.73 (4/20)
48.37 (3/6)

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

135.75 (4/17)
119.73 (1/11)

113.32 (4/21)
99.09 (1/11)

63 .5 (4/17)
7 .6 (1/20)

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

14.5 (4/17)
2.8 (1/20)

Mar.

3
10
17
24
31

48.67
49.48
50. 25
49. 86
49.85

747.31
758.58
768.71
756.50
757.36

123.09
125.35
127.33
128.01
128.94

101.95
103.42
104.94
105.39
106.20

20 .2
21 . 6
25 .1
24 .0
21 .3

2.5
2.9
3.1
2.8
3.1

8.0
8.9
9.1
9.2
9.0

Apr.

7
14
21

50.41
51.93
52.64

769.58
795.13
812.80

131.81
134.69
135.43

108.23
111.29
113.32

24 .0
32 . O r
45,.2

3.4
4.2r
4.7

10.1
11.8r
13.0

NOTES:
1

Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.

2

Volume figures are weekly averages of daily figures (millions of shares).

3

12/31/66 = 50

4

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




17
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

OUTSTANDING

BROKERS ON
MARGIN
STOCK

1

BROKERS ON 2
CONVERTIBLE
BONDS

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

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
191
246 5/
250

844
810
807
801
873
875
885
881
882
872
873

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

1978 - January
February
March

9,590
9,780
9,920

246
242

851
877

2,565
2,544

1977 - February
March
April
May
June
July
Augus t
September
October
November
December

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

1
2
-3

12
-34
-3

7
-7
38
-5
206
17
19

4

1

1978 - January
February
March

-150
190r
140

-4
-4

-22

-3

26

-21

CHANGE IN OUTSTANDING

-6

2
6
-4
-4

72
- 2

10
-4
1
-10

-6
- 2

25
-36

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

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




Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS

oo

IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW

1974
1975
1976
1977

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

1

ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.8

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY
-2,822
4,757
5,275
2,811

2

SHARE CAPITAL
ANNUAL 3
GROWTH
RATE

NET
FLOW
16,006

4,668

7.1

42,769
50,169
50,963

NET
NEW
MONEY

17.6
17.6
15.2

282
1,200
683
406

Sept.
Oct.
Nov.
Dec.

1978-Jan.
Feb.
Mar.

,

1,289

-12
-137
296
99
-131

628
480
1,750

-59
171
350

—

— —

2,862
5,961
2,396
1,729

——
—
——
——

5,542

i

2,745
2,294

DEPOSITS
NET
FLOW

53,839

34,369

62,839

31,972

61,610

2,631
1,666
2,270
1,516
883

3,144
7,161
3,079
2,135
6,831

2,877

3,373
2,774

2,068
n.a.

n.a.

ANNUAL 3
GROWTH
RATE

18,171

29,276

NOT SEASONALLY ADJUSTED
1977-Aug.

TOTAL
2

5.6
15.8
15.9
13.5
—
—

—
—
—

— —
— —

n.a.

NET
NEW
MONEY

2

1,846
34,033
39,644
34,783
2,619
1,529
2,566
1,615
752
2,818
2,239
n.a.

SEASONALLY ADJUSTED
1977-Aug.

Sept.
Oct.
Nov.
Dec.
1978-Jan.

Feb. /
Mar

1,187
1,131
1,257
515
519
723
374
487

11.1
10.5
11.6
4.7
4.7

— —

6.5
3.4
4.4

6,858
6,787

16.6
16.2

5,089
4,226
3,929

12.0
9.9
9.1

—

2,735

6.3

—

2,637
n.a.

6.0
n.a.

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

18.6
18.2
12.2
11.7
10.6

—

2,012

6.2

2,263
n.a.

6.9
n.a.

—
—

—

—

—

—
—
—
— —

NOTES:
1

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2
New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources.
3
Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.

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

H.16

#

e

e

#

#

#

e

#

19
Table 10

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

PERIOD

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

NET CHANGE
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

2.0

5.81

6.06

- .25

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

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

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

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

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

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

1977 - Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

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

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

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

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

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

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

1978 - Jan
Feb

38.4
37.6

34.0
33.3

4.4
4.3

- .81
- .73

- .57
- .64

- .24
- .09

NOTES:

D a t a r e v i s e d due

to

r e - e s t i m a t i o n of

seasonal

- .05
.17
.08
.04
- .02
.03
.05
.27
—

.11
.06
.07
.20
.17

factors.

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

20

Table

1

1

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES

TOTAL

FHLB

FHLMC

FNMA

• % I w l r* &
U FHLB
1 | IkaU
1FNMA
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. e

399
1,712
904

—12
1,388
0

0
1,400
0

-12
-12
0

0
0
0

411
324
904

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

Sales of FHLB discount notes began in May 1974.


p
Preliminary


21
§ a b l e 12

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

PERIOD

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

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 Seasonally Ad i u s t e d
1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

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

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

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

252
220
744
614
426
1,655

- 86
-163
167
- 31
96
222

1978 - J a n .
Feb.

5,466

5,137

1,300
1,100

412
344

3,019
3,381

406

329

-368
-239
- 69
- 92
93
75

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

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

368
256
715
523
. 403
1,257

1978 - J a n .
Feb.

7,497

7,109

1,688
1,509

572
575

4,305
4,013

544

NOTES:
1

388

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 to r e - e s t i m a t i o n of seasonal 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 8 3 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.


22

Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
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.

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
debt.

mult i f ami ly mortgage



Table 14

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

PERMITS 1
PERIOD

1969
1970
1971
1972
1973
1974
1975
1976
1977
1977

1978

TOTAL

1,324
1,352
1,925
2,219

1,820

-

1 —FAMILY

626
647
906
1,033

882

1,074
939
1,297
1,677

644
676
894
1,125

July
Aug.
Sept.
Oct.
Nov.
Dec.

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

1,089
1,156
1,135

Jan.
Feb.
Mar.

1,496
1,511
1,715

1,811

1,216
1,257

1,210
1,027
954
1,075

STARTS

COMPLETIONS

2 - O R MORE
FAMILY

TOTAL

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

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

811
813
1,151
1,309
1,132

1,160

888

901
1,048
914
450

1,538
1,987

892
1,162
1,451

601

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

469
557
640

1,548
1,574
2,074

1,100

550

616
560
634
636

2 - O R MORE
FAMILY

TOTAL

656

376
375

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

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
1,641

1,156

392
474
635

1,759
1,677

1—FAMILY

1,439

621

268

MOBILE
1 —FAMILY 2 - O R MORE
HOME
FAMILY
SHIPMENTS

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

1,026
1,254
1,253
1,269
1,458
1,249

1,280
1,299
1,296

1,218

592
617
692

828

413
401
497
576
567
329

840
760
430
336
398

246
277

419
409
417
416
489
342

251
270
300
319
318
324

463
459

322
269

216

5=5===:^

NOTES:

1

Permit data for 1969 and 1970 based on 13,000 areas w i t h permit systems




LO

K>

Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING HOMES

NEW HOMES

1

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

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

CONVENTIONAL LOANS
PRIMARY MARKET

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

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.
Mar.

9.15
9.25
9.30

N.A .
54
47

9.20
9.25
9.30

N.A.
54
47

9.11
N.A.
9.29

N.A .
N.A.
46

4.7
N.A.
4.1

4
N.A.
1

N.A.
8.71
8.83

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 downprepaid in 15 years, for immediate delivery, are used.
Digitized payment,
for FRASER



H.ie

•25
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS

•

CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN M I L L I O N S O F D O L L A R S )

DATE O F
AUCTION

OFFERED

AVERAGE
YIELD

ACCEPTED

AMOUNT
(IN M I L L I O N S O F D O L L A R S )
OFFERED

855 ( 1 2 / 2 7 ) 570 (12/27) 8.98(12/21) 383 ( 5 / 2 )

1977 - High
Low

50 ( 9 / 7 )

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.

71 ( 9 / 1 9 )

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
L64.9

218.5
116.4

9.36
9.33

444.8
378.7

266.4
246.1

9.59
9.62

3

525 .5
283.8

363.7
165.5

9.44
9.44

522.8
451.4

295 .3
282 .8

9.69
9.74

Apr.

17

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