Full text of H.16 Capital Market Developments : April 4, 1977

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Capital
Market
Developments
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April 4 , 1 9 7 7
P r e p a r e d by the
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION



DIVISION O F R E S E A R C H AND STATISTICS
BOARD O F 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

S E C U R I T Y VOLUME AND Y I E L D S

7,8

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

9 - 1 6

MORTGAGE MARKET

SYMBOLS
e

ESTIMATE

P

PRELIMINARY

r

REVISED

n.a.

NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
C O R P O R A T E B O N D MARKET
YIELDS
WEEK ENDING

1977 - February

March

April

NEW ISSUE 1
A a a UTILITY

4
11
18
25

VOLUME

RECENTLY
OFFERED
A a a UTILITY

8.15

2

3
GROSS
OFFERINGS
($ MILLIONS)

PER C E N T
SOLD BY END
OF WEEK

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

8.14
8.12
8.17
8.26

——

8.18
8.28

303
213
217
306

90
95
98
84

70
55
17
147

4
11
18
25

8.30
8.23
8.22r

8.27
8.32
8.27
8.28r

25
544
698
812

96
89
81
95

63
111
163

1

8.20p

8.26p

448

88

125

mm mm

51

MUNICIPAL B O N D MARKET
YIELDS
WEEK E N D I N G

1977 - February

MOODY'S
N E W ISSUE
Aaa

VOLUME

BOND BUYER
20-BGND
INDEX

3
GROSS
OFFERINGS
($ MILLIONS)

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

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

4
11
18
25

5.17
5.17
5.15
5.20

5.93
5.86
5.83
5.92

427
860
971
706

86
87
86
74

139
204
228
333

March

4
11
18
25

5.20
5.23
5.20
5.20

5.92
5.92
5.90
5.88

648
770
776
680

93
91
88
86

155
137
163
180

April

1

5.20

5.85

1,103

85

175

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 I S S U E
A a a UTILITY

DATE

RECENTLY O F F E R E D
A a a UTILITY

MOODY'S S E A S O N E D
CORPORATE A a a

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

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

7.77 ( 8 / 2 4 )
7.11 ( 1 / 5 )

7.79 ( 8 / 1 0 )
6.42 (1/5)

5.59 ( 8 / 3 )
4 . 9 9 (10/11)

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 ( 1 2 / 1 2 )
5.16 (2/7)

9 .80 ( 5 / 2 )
8.89 ( 2 / 7 )

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

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

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

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

8 .95 (5/28)
7 .93 (12/10)

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

8.66 ( 5 / 2 8 )
7.91 (12/31)

8.17 ( 5 / 2 8 )
7.27 ( 1 2 / 3 1 )

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

8 .30 (3/11)
7 .90 ( 1 / 7 )

8.32 (3/18)
7.95 ( 1 / 7 )

8.12 (3/11)
7.88 ( 1 / 7 )

7.76 (3/25)
7.26 ( 1 / 7 )

5.93 (2/4)
5.78 (1/7)

8.15

8.03

8.18
8.28

8.14
8.12
8.17
8.26

7.63
7.60
7.61
7.71

5.93
5.86
5.83
5.92

8.10

25

8.30
8.23
8.22r

8.27
8.32
8.27
8.28r

8.09
8.09

7.75
7.76
7.72
7.71r

5.92
5.92
5.90
5.88

i

8.20p

8.26p

8.10p

7.75p

5.85

8,.52 (8/10)
7,.29 ( 1 / 2 1 )

Low

1974 - High
Low

1975 - High
Low

1976 - High
Low

1977 - High
Low

1977 - Feb.

4
11

18
25
Mar.

8.32 (8/10)
7.28 ( 1 / 5 )

10 .61 (10/4)
8 .05 (2/15)

1973 - High

4
11
18

Apr.

8.01
8.04
8.08

8.12

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 durmg the last 4
weeks.

3

Weekly average of daily closing figures.

4
5

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.


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Table 3

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

G R O S S PROCEEDS

1

CORPORATE

PERIOD

2

S T A T E A N D LOCAL

1976

February
March
April
May
June
July
August
September
October
November
December
01
02
03
04
1st Half
3 Qtrs.
Year

1974

1976

1975

1974

3,381
3,863
6,635

5,367
4,528
5,378

3,328
2,687
3,217

2,451
2,885
3,365

2,361
2,387
2,135

2,255
2,003
2,025

3,507
4,186
6,404

4,294
5,798
5,596

3,060
3,164
2,981

2,463
3,575
3,115

2,406
2,900
3,064

2,397
2,304
2,166

3,216
3,365
4,832

4,327
2,405
2,836

3,248
2,667
1,617

2,734
2,821
2,814

3,580
2,783
2,159

1,459
1,106
1,701

4,427
3,458
6,334

4,705
4,076
4,307

4,609
3,739
3,511

3,524
3,336
2,298

2,323
2,381
2,052

2,860
2,483
1,479

13,879
14,097
11,413
14,219

January

1975

15,273
15,688
9,568
13,088

9,232
9,205
7,532
11,859

8,701
9,153
8,369
9,158

6,883
8,370
8,522
6,756

6,283
6,867
4,266
6,822

7,976
39,389
53,608

30,961
40,529
53,617

18,437
25,969
37,828

17,854
26,223
35,381

15,253
23,775
30,531

13,150
17,416
24,238

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




Table 4

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

G R O S S P R O C E E D S BY TYPE OF ISSUER

G R O S S PROCEEDS BY TYPE OF I S S U E
PERIOD

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

BONDS
TOTAL

PUBLICLY
OFFERED

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1975 - III
IV

9,568
13,088

5,428
5,816

2,085
4,158

2,054
3,116

1,225
1,902

463
215

2,420
3,480

3,327
3,424

679
1,215

3,142
4,974

1976

13,879
14,097
11,413

7,569
7,427
4,904

2,757
3,549
4,648

3,553
3,121
1,861

1,340
1,843
1,267

257
478
433

4,500
3,723
2,999

4,044
3,140
3,317

765
1,879
394

4,569
5,358
4,705

1975 - Oct.
Nov.
Dec.

4,705
4,076
4,307

2,389
1,666
1,761

769
1,640
1,749

1,547
772
797

102
825
975

61

952
1,103
1,425

1,247
1,275
902

928
55
232

1,579
1,645
1,750

1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

3,381
3,863
6,635
3,507
4,186
6,404
3,216
3,365
4,832
4,427

2,189
2,142
3.238
2,350
1,937
3,140
1.239
1,565
2,100
2,729

613
794
1,350
629
1,051
1,869
1,348
1,122
2,178
750

579
927
2,047
528
1,198
1,395
629
678
554
948

605
335
400
428
350
1,005
500
367
400
235

1,073
1,179
2,248
568
1,709
1,446
1,198
1,031
770
1,348

1,097
789
2,158
644
1,148
1,348
932
920
1,465
1,414

16

1,197
1,722
1,650
1,847
1,309
2,202
1,061
1,195
2,449
1,511

I
II
III

NOTES:
1

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

Source: Securities and Exchange Commission.




154
123
15
124
37
15
426
100
7
92
21

171
578
450
20
1,409
26
221

147
155

Table 5A

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

1

February 28 through April 1, 1977
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

Reeves Brothers, Inc.
P a c i f i c Gas & E l e c . Co.
Kansas Gas & Elec. Co.
Potomac Elec. & Power Co.
Southwestern Public Service Co.
Harbor Tug & Barge Co.
Harbor Tug & Barge Co.
Kansas Gas & Elec. Co.
Philadelphia E l e c t r i c Co.
Gulf Power Co.
South Central B e l l Tele. Co.
General T e l e . Co. of Kentucky
Union P a c i f i c Railroad Co.
Zapata Corp.
Standard Oil Co. (Ohio)
Northwestern B e l l Tele. Co.
San Diego Gas & E l e c t r i c Co.
Virginia E l e c t r i c & Power Co.
Fuqua I n d u s t r i e s Inc.
Natomas Co.
American A i r l i n e s , Inc.
Central Maine Power Co.
Mich. Consolidated Gas Co.
Natomas Co.

SF debt.
Pfd. s t k .
Com. s t k .
Com. s t k .
1st mtg.
Gtd. bds.
Gtd. bds.
1st mtg.
1st mtg.
1st mtg.
Debt.
1st mtg.
Equip, t r .
Debt.
Debt.
Debt.
1st mtg.
1st mtg.
Notes
Debt.
Pfd. s t k .
Com. s t k .
Pfd. s t k .
Pfd. s t k .

25.0
110.0
30.1
46.5
30.0
20.2
17.6
25.0
75.0
35.0
210.0
40.0
16.5
75.0
250.0
130.0
50.0
150.0
50.0
50.0
100.0
25.6
30.0
62.5

1997

8.63
9.30

8.73
8.45

——

— —

— —•

——

——

—

2007
2001
1977-1987
2007
2007
2007
2014
2007
1977-1992
1997
2007
2017
2007
2007
1997
1997
—

.

NOTES:
*

Rights offering.

1

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




8.38
8.15

Baa/BBB
A/A

—* —

8.50
8.63
8.38
8.25
8.38
7.75
10.25
8.38
8.13
8.75
8.63
9.88
8.88
8.75

8.38
8.15
5.25-7.88
8.42
8.63
8.47
8.30
8.40
5.50-7.75
10.25
8.45
8.20
8.85
8.70
9.88
8.95
8.75

8.20
6.40

8.20
6.40

— —

x

Aa/AA
— j —
— j —

Aa/AAA/AA/AA
Aaa/AAA
A/A
Aaa/AAA
B/ —
A/AAAaa/AAA
Baa/BBB
A/A
B/B
Baa/BB+
Ba/B
— —

-/A
Ba/BB+

00

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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
February 28 through April 1, 1977

ISSUER

CORPORATE

Ohio Edison Co.
Commonwealth Edison Co.
Tenneco Inc.
Chrysler Finance Corp.
Utah Power & Light Co.
Citicorp
P r i v i t e Export Funding Corp.
Public S e r v i c e of New Mexico
Iowa Power & Light Co.
Union Elec. Co.
Utah Power & Light Co.
Duke Power Co.
Montana Power Co.
Pennsylvania Power & Light Co.
Southwestern Public Service
Southwestern B e l l Telephone Co.
Southern Railroad Co.
General Tel. Co. of C a l i f .
Pan American World Airways
OTHER
Caisse Nationale des Autoroutes
European Coal & S t e e l Community




TYPE

Com. s t k .
Pfd. s t k .
Debt.
Notes
1st mtg.
Notes
Gtd. Bds.
Pfd. s t k .
Pfd. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Pfd. s t k .
Com. s t k .
Com. s t k . ( r t s )
Debt.
Equip, t r .
1st mtg.
Equip, t r .
Gtd. Bds.
Bonds

AMOUNT
(MILLIONS
OF
DOLLARS)

100.0
74.4
150.0
125.0
55.0
350.0
100.0
20.0
15.0
77.5
45.4
116.9
30.0
68.8
20.6
250.0
19.7
125.0
53.0
50.0
75.0

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY S / S & P ' S
RATINGS

8.45
8.40
8.88
8.45
8.48
7.74
8.48
8.50

A/A
A/A
Baa/BBB
A/AA
Aaa/AAA
Aaa/AAA
A/A
A/A

8.60

2002
1982
2007
2007
1987

8.38
8.38
8.88
8.50
8.45
7.70
8.48
8.50

8.60

A/A

2017
1978-1992
2007
1997

8.25
7.75
8.50
11.50

8.33
5.65-7.90
8.45
11.50

Aaa/AAA
Aa/AA+
A/A+
B/B

1997
1997

9.13
9.13

9.15
9.13

Aaa/AAA
Aaa/AAA

Table 5B

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

1

February 28 through A p r i l 1, 1977
ISSUER

TYPE

STATE AND LOCAL

Pennsylvania Hsg. Finance Agy.
Pennsylvania Hsg. Finance Agy.
Pennsylvania Hsg. Finance Agy.
Pennsylvania Hsg. Finance Agy.
Alexandria, Va.
Texas, State of
Terrebonne Parish, La.
New York, State of
Omaha Public Power Dist., Neb.
Omaha Public Power Dist., Neb.
Connecticut Development Auth
Connecticut Development Auth
Fort Wayne Hosp. Auth., Ind.
Fort Wayne Hosp. Auth., Ind.
Mifflin Co. Sch. Dist,, Pa.
Mifflin Co. Sch. Dist. , Pa.
Mifflin Co. Sch. Dist. , Pa.
Mifflin Co. Sch. Dist., Pa.
Santa Clara Redev. Agy., Calif,
Amarillo Hosp. Dist., Texas
Norfolk, Va.
Baltimore Co., Md.
West Virginia, State of
Mifflin Co. Sch. Dist., Pa.

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

AMOUNT
(MILLIONS OF
DOLLARS)

6.2
7.5
12.3
6.9
14.7
50.0
10.0
96.0
58.5
141.5
4.7
5.8
5.2
6.6
3.5
4.4
1.0
7.9
17.4
18.0
27.0
30.0
50.0
3.4

MATURITY

1979-1997
2007
2016
2020
1978-1996
1984-1999
1978-1997
1978-2007
1987-1999
2007
1977-1991
2003
1989-1997
2007
1977-1986
1979-1991
1993
2004
1979-2002
1979-2001
1978-1997
1979-2007
1978-2002
1977-1985

NET INTEREST
COST

6.55
6.55
6.55
6.55
4.90
5.09
5.43
6.39
6.01
6.01
5.99
5.99
6.58
6.58
4.59
6.27
6.27
6.27
6.40
5.47
5.19
5.19
5.23
4.52

OFFERING
YIELD

4.00-6.30
6.50
6.60
6.60
3.00-5.85
4.05-5.25
3.25-5.85
3.40-6.65
4.80-5.90
6.05
3.20-5.60
6.10
4.40-6.25
6.63
2.75-4.70
3.85-6.00
6.13
6.30
4.25-6.50
3.30-6.00
3.10-5.60
3.30-5.70
3.00-5.90
2.75-4.60

MOODY'S/S&PS
RATINGS

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

NOTES:
1

Inc udes 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.




XO

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
February 28 through April 1, 1977

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

10.1
1.4
18.3
8.0
4.0
12.5
19.1
11.3
21.1
4.0
3.8
2.7
10.2
11.3
15.0
14.0
110.0
2.9
6.2
7.8
75.0
10.3
20.0
24.4
42.8
20.6

1979-1998
1977-1998
1978-1997
1978-2002
1982
1978-1997
1978-1987
1982-1995
2007
1977-1992
2005
1977-2001
1978-1992
2008
1980-1993
2006
1978-2002
1979-1993
2005
1977-1988
2012
1978-1997
1978-1997
1978-1998
2011
1978-1998

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Arlington, Texas
Arlington^ Texas
Port of S e a t t l e , Wash.
East Bay Mun. U t i l . D i s t . , #1, C a l i f .
East Bay Mun. U t i l . D i s t . , #1, C a l i f .
V i r g i n i a Public Sch. Auth.
Oregon Hsg. Finance Agy.
Pima Co., Arizona
Pima Co., Arizona
McCandless Tp. Sant. Auth., Pa.
McCandless Tp. Sant. Auth., Pa.
McCandless Tp. Sant. Auth., Pa.
Montana Board of Housing
Montana Board of Housing
Sebastian Co. Hlth. Fac. Bd., Ark.
Sebastian Co. Hlth. Fac. Bd., Ark.
I l l i n o i s , State of
Richardson Hosp. Auth., Texas
Richardson Hosp. Auth., Texas
Richardson Hosp. Auth., Texas
Port Auth. of N.Y. and New Jersey
Aurora, 111.
Peoria, 111.
Lincoln, Neb.
Lincoln, Neb.
Lincoln, Neb.



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

5.48
5.23
5.35
5.31
4.16
5.06
5.25
6.43
6.43
——

——

5.73
5.73
6.49
6.49
5.13
7.51
7.51
4.63
6.53
6.25
6.25
6.04
6.04
6,08

3.30-5.90
3.00-5.90
3.10-5.70
2.90-5.65
4.00
3.00-5.50
3.30-5.10
4.75-6.25
6.40
4.00-6.20
6.50
2.75-5.75
3.00-5.30
5.88
4.50-6.20
6.63
3.00-6.00
4.50-7.10
7.50
2.80-4.80
6.50
3.75-6.50
3.75-6.50
3.10-5.90
6.10
3.20-6.00

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

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
February 28 through April 1, 1977
AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

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

32.2
29.2
3.0
1.7
10.5
8.8
64.5
25.5
44.2
64.0
8.5
1.3
7.0

2011
1977-1986
1983-1993
1997
2011
1977-1986
1978-1992
1997
2006
1978-1995
1979-1991
1993
2004

6.08
4.41

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

10.3
73.0
83.7
18.0
19.5
26.8
5.1
22.5
15.0
5.3
15.8
20.1

1978-1990
1977-1998
2009
1980-1997
1977-1987
1978-1991
1978-1995
2018
1978-1992
1979-1999
2019
1977-1986

5.93
5.86
5.86
4.87
5.14
4.56
6.43
6.43
5.05
5.98
5.98
4.57

TYPE

ISSUER

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Lincoln, Neb.
Lincoln, Neb.
Erie Co. Hosp. Auth., Pa.
Erie Co. Hosp. Auth., Pa.
Erie Co. Hosp. Auth., Pa.
Erie Co. Hosp. Auth., Pa.
T a l l a h a s s e e , Fla.
T a l l a h a s s e e , Fla.
T a l l a h a s s e e , Fla.
T a l l a h a s s e e , Fla.
New Hampshire Educ. & Hlth. Fac.
New Hampshire Educ. & Hlth. Fac.
New Hampshire Educ. & Hlth. Fac.
Gtr. New Bedford Voc. Tech. Sch.
Mass.
Eugene, Oregon
Eugene, Oregon
Phoenix, Arizona
West Va. Hsg. Dev. Fund
Eau C l a i r e , Wise.
V i r g i n i a Hsg. Dev. Auth.
V i r g i n i a Hsg. Dev. Auth.
S t . Tammany Par. Sch. Bd., La.
Colorado Housing Finance Auth.
Colorado Housing Finance Auth.
I l l i n o i s Health Fac. Auth.



Auth.
Auth.
Auth.
Dist.

—

——
—

5.86
5.86
5.86
4.59

6.14
2.60-4.60
4.70-6.00
6.13
6.25
2.75-4.70
3.15-5.60
5.80
6.10
3.10-5.20
4.00-6.30
6.50
6.70

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

3.75-6.30
2.75-5.75
5.93
3.60-5.70
3.00-5.20
3.00-5.00
3.50-6.00
6.40
3.25-5.40
3.60-5.75
6.00
2.80-4.70

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

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
February 28 through April 1, 1977

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

STATE AND LOCAL

I l l i n o i s Health Fac. Auth.
I l l i n o i s Health Fac. Auth.
Port of Houston Auth., Texas
Port of Houston Auth., Texas
Wamego, Kansas
New Jersey Hlth. Care Fac. Fin. Auth,
New Jersey Hlth. Care Fac. Fin. Auth,
Madison, Ind.
Maryland, State of
P h i l a d e l phi a , Pa.
S a l t River Agric. Improv. & Power
D i s t . , Ariz.
S a l t River Agric. Improv. & Power
D i s t . , Ariz.
S a l t River Agric. Improv. & Power
D i s t . , Ariz.
Sewickley Val, Hosp. Auth., Pa.
Sewickley Val, Hosp. Auth., Pa.
Sewickley Val, Hosp. Auth., Pa.
Middlesex Co. Indust. P o l l . C t r l .
Fin. Auth., N.J.
Shelby Co. Hlth. & Educ. Fac. Bd.,
Tenn.
Shelby Co. Hlth. & Educ. Fac. Bd.,
Tenn.




NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&PS
RATINGS

5.45
4.77
7.63

4.00—6.40
6.70
3.20-5.70
5.94
5.97
4.40-6.50
6.75
5.35
3.65-5.05
4.50-7.50

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

1980-2001

6.10

3.75-5.90

Aa/A+

2007

6.10

6.03

Aa/A+

6.10

6.1

2017
1977-1985
1978-1991
2001

6.14
2.75-4.60
3.75-6.25
6.50

Aa/A+
Aaa/AAA
A/A+
A/A+

Rev.

26.3

2007

5.68

5.63

Aaa/AAA

Rev.

7.4

1980-1993

6.39

4.10-6.25

A-l/A

Rev.

1.3

1995

6.39

6.30

A-l/A

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

17.9
17.5
11.5
13.5
32.0
3.5
9.4
50.0
127.4

6.63
6.63
5.76
5.76
5.99

60.0

1979-1992
2005
1978-1996
2002
2007
1980-1994
2009
1992
1980-1992
1978-2005

Rev.

38.8

Rev.

23.0

Rev.
Rev.
Rev.
Rev.

63.2
7.0

6.1

#

#

#

#

#

#

#

#

#

#
r

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
February 28 through A p r i l 1, 1977

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Shelby Co. Hlth & Educ. F a c . Bd.,
Tenn.
Shelby Co. Hlth & Educ. Fac. Bd.,
Tenn.
Marin Mun. Water D i s t . , C a l .
M i s s o u r i Housing Dev. Comm.
M i s s o u r i Housing Dev. Comm.
Idaho Health Fac. Auth.
Idaho Health F a c . Auth.
Idaho Health Fac. Auth.
Wyoming West Sch. D i s t . , Pa.
Wyoming West Sch. D i s t . , Pa.
Wyoming West Sch. D i s t . , Pa.
Wyoming West Sch. D i s t . , Pa.
Gtr. Clark Co. Sch. Bldg. Corp., Ind.
Alaska Hsg. Finance Corp.
Alaska Hsg. Finance Corp.
Port of Tacoma, Wash.
Allegheny Co. Hosp. Dev. Auth., Pa.
Allegheny Co. Hosp. Dev. Auth., Pa.
Allegheny Co. Hosp. Dev. Auth., Pa.
Columbia, Mo.
Rochester, N.Y.
Columbus, Ohio
Minnesota Hsg. Finance Agy.
Pennsylvania, State of




Rev.

1.9

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

4.4
19.0
9.0
21.0
5.3
2.5
5.0
3.5
2.2
3.6
3.0
20.0
10.1
24.9
58.5
3.6
7.2
5.8
27.6
45.7
15.7
23.7
53.0

1998
2005
1980-2004
1980-2002
2020
1978-1988
1992
2000
1978-1990
1993
1997
2000
1980-1999
1978-1992
2007
1977-2005
1978-1992
2005
1977-1985
1978-1997
1978-1997
1978-2002
1979-1990
1978-1996

6.39
6.39
5.78
5.95
5.95
- - -

--

- -

5.61
6.63
6.63
6.05
6.77
6.77
6.77
5.25
4.80
5.15
4.83
5.30

6.40
6.50
3.80-5.75
3.75-5.80
6.00
3.75-6.00
6.25
6.50
3.60-6.00
6.13
6.25
6.35
3.75-6.00
3.50-6.20
6.75
3.25-6.24
3.75-6.40
6.75
2.75-4.60
3.10-5.65
3.10-5.30
3.00-5.70
3.50-5.25
3.00-5.70

A-l/A
A-l/A
— /AAA
Aa/AA
Aa/AA
- - / - - - / - - - / - -

- - / - ——/——

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

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
February 28 through A p r i l 1, 1977

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

36.0
8.8
9.7
2.1
120.0
8.6
21.3
7.0
4.9
16.6
18.6

1978-2001
1980-1992
2006
2009
1978-1997
1979-2000
2020
1980-1991
1996
2006
1977-1986

NET INTEREST
COST

OFFERING
YIELD

STATE AND LOCAL

Erie Co., N.Y.
New Jersey Hlth. Fac. Fin. Auth.
New Jersey Hlth. Fac. Fin. Auth.
New Jersey Hlth. Fac. Fin. Auth.
California, State of
Wisconsin Hsg. Finance Auth.
Wisconsin Hsg. Finance Auth.
Mt. Lebanon Hosp. Auth., Pa.
Mt. Lebanon Hosp. Auth., Pa.
Mt. Lebanon Hosp. Auth., Pa.
Mt. Lebanon Hosp. Auth., Pa.




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

6.75
——

—

4.82
6.34
6.34
——

4.25-6.90
4.50-6.50
6.90
6.90
2.90-5.25
3.60-6.00
6.38
4.60-6.50
6.75
7.00
2.75-4.70

MOODY'S/S&P'S
RATINGS

A-l/—
A/A
A/A
A/A
Aaa/AAA
A-l/AA
A-l/AA
A/A
A/A
A/A
Aaa/AAA

T a b l e 6A

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

1

As of April 1, 1977
ISSUER
CORPORATE

Eastern A i r l i n e s , Inc.
*E1 Paso Co.
Wells Fargo & Co.
Elizabethtown Water Co.
Portland General E l e c t r i c Co.
Ohio Power Co.
*Duquesne Light Co.
P a c i f i c Gas & E l e c t r i c Co.
Missouri P a c i f i c Railroad
El Paso E l e c t r i c Co.
Kentucky U t i l i t i e s Co.
Duquesne Light Co.
Southern B e l l Tel. & Tele. Co.
Long Island Lighting Co.
*Puget Sound Power & Light Co.
R.J. Reynolds I n d u s t r i e s Inc.
* A l l s t a t e F i n a n c i a l Corp.
* A l l s t a t e F i n a n c i a l Corp.
*U.V. I n d u s t r i e s Inc.
*U.V. I n d u s t r i e s Inc.
*AMFAC Mortgage Corp.
Consumer Power Co.
^Central Hudson Gas & Elec. Corp.
*Equitable Gas Co.
Combanks Corp.
Central Louisiana E l e c t r i c Co.
Republic S t e e l Corp.

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

Conv. debt.
Gtd. bds.
Debt.
Debt.
Com. s t k .
1st mtg.
Pfd. s t k .
1st mtg.
Equip, t r .
1st mtg.
1st mtg.
1st mtg.
Debt.
1st mtg.
Pfd. s t k .
Debt.
Notes
Notes
Debt.
Notes
Med-term n o t e s
1st mtg.
Pfd. s t k .
Pfd. s t k .
Notes
Com. s t k .
SF debt.

50.0
38.2
50.0
30.0
45.0
40.0
30.0
200.0
15.0
25.0
30.0
100.0
275.0
65.0
25.0
150.0
25.0
75.0
50.0
50.0
25.0
75.0
15.0
17.5
20.0
28.0
125.0

NOTES:
*

Included in table for first time.

1

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




APPROXIMATE
DATE OF OFFERING

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Indef
Indef
Indef
Indef

5
6
6
6
13
13
19
19
19
20
20
21
26
27
28

.
.
.
.

16
Table 6B

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

1

As of April 1, 1977
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Jackson, Tenn.
Jackson, Tenn.
Nebraska Public Power D i s t .
Nebraska Public Power D i s t .
Hawaii, S t a t e of
Dade Co., Fla.
*Henry Co. Hosp. A s s o c . , Ind.
*Minnesota, S t a t e of
Paramount Redev. Agy., C a l i f .
Maine Hlth. Fac. Auth.
Oregon, S t a t e of
*Los Angeles Dept. of A i r p o r t s , Cal
I l l i n o i s Hlth. Fac. Auth.
Coconino Co. P o l l . C t r l . Corp,Ariz.
Navajo Co. P o l l . C t r l . Corp., Ariz
Waynesboro Indust. Dev. Auth., Va.
J e f f e r s o n Co. Board of Educ., Ala.
Oshkosh, Wise.
^Montgomery Co., Md.
*Chicago Park D i s t . , 111.
Connecticut, S t a t e of
Sunnyvale Redev. Agy., C a l i f .
Sunnyvale Redev. Agy., C a l i f .
Michigan S t a t e Hsg. Dev. Auth.
*Farmers Branch Hosp. Auth., Tex.
D a l l a s , Texas
L i t t l e Rock, Ark.
Los Angeles Dept. of Water &
Power, C a l i f .
Miami, Fla.
Puerto Rico, Commonwealth of
Austin, Texas
Los Angeles Co. Flood C t r l . D i s t . ,
Calif.
I l l i n o i s Hlth. Fac. Auth., (Chicago)
*Santa Margarita Water D i s t . , Cal.
Baltimore, Md.
Salem Sch. D i s t . , #24J., Oregon

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

30.0
7.7
20.0
30.0
75.0
55.8
10.0
112.0
15.0
12.0
54.0
25.9
19.5
13.0
30.0
13.0
25.0
26.9
35.0
15.0
63.1
16.8
11.2
50.0
24.0
32.0
10.0

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.
Apr.
Apr.

5
5
5
5
5
5
5
5
5
5
5
6
6
6
6
6
12
12
12
12
12
12
12
13
13
13
13

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

147.5
28.0
300.0
80.0

Apr.
Apr.
Apr.
Apr.

13
14
14
14

G.O.

13.0

Apr.

19

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

36.0
20.0
35.0
12.0

Apr.
Apr.
Apr.
Apr.

20
21
26
27

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.

*

Included in the table for the first time.




17
Table 6B Continued

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

1

As of April 1, 1977
TYPE

ISSUER
STATE & LOCAL

San Antonio, Texas
Erie Co. Hosp. Auth., Pa.
Louisiana Mun. Power Comm.




G.O.
Rev.
Rev.

AMOUNT
(IN MILLIONS
OF DOLLARS)

26.6
70.0
75.0

APPROXIMATE
DATE OF OFFERING

Apr.
Apr.
Apr.

28
28

Table 7

STOCK PRICES AND VOLUME
TRADING VOLUME

STOCK PRICES

DATE
N Y S E INDEX

B J INDUSTRIALS

AMEX

NYSE

NASDAQ

136.84 (1/11) 26.0 (9/20)
89.12 (12/13) 9 . 0 (8/20)

AMEX

NASDAQ

5.5 (1/12)
1.4 (8/20)

11.3 (1/11)
3.5

1973 - High
Low

65.58 (1/11)
49.12 (12/13)

1051.50 (1/11)
788.31 (12/5)

130.47 (1/11)
85.26 (12/20)

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 ( 1 2 / 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
2.8

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
2.5

1976 - High
Low

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

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

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

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

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

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

11.1
3.5

Jan.

56.79
56.36
56.15
55.49

983.13
972.16
962.43
957.53

109.94
111.18
111.00
111.74

97.53
97.20
97.08
95.72

27.5
24.5
23.0
20.5

3.0
3.3
3.8
3.1

8.1
7.9
9.4
8.6

55.46
54.57
54.68
54.09

947.89
931.52
940.24
933.43

112.95
112.00
112.25
110.58

96.74
96.09
96.38
94.90

20.3
18.8
19.3
19.0

2.9
3.2
2.6
2.6

8.0
8.0
7.1
7.2

25

54.98
54.72
55.36
53.92

953.46
947.72
961.02
928.86

111.47
111.64
112.46
111.98

96.07
96.07
96.44
95.28

17.7
17.1
18.7
18.6

2.3
2.7
2.7
2.9

7.1
7.0
7.6
7.0

1

53.94

927.36

111.97

94.54

17.9

2.3

6.4

7
14
21

28
Feb.

4
11
18

25
Mar.

4
11

18

Apr.

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

12/31/65 - 50
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




19
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS O N 1
MARGIN
STOCK

OUTSTANDING

1976 - January
February
March
April
May
June
July
August
September
October
November
December
January
February

BROKERS O N 2
CONVERTIBLE
BONDS

984
1,038
1,057
1,077
1,007
880
898
1,061
859
1,068
839
829

2,276
2,332
2,355
2,325
2,357
2,368
2,317
2,368
2,830
2,774
3,351
3,684

5,420
5,950
6,410
6,690
6,940
7,080
7,340
7,450
7,530
7,350
7,610
7,960

146
153
162
163

8,270
8,480

196
198

820
n.a.

3,693
n.a.

-1

24
54
19
20
-69
127
-130
163
202
209
229

-5
56
22
-30
32

161

166
172
167
174
169
178
204

CHANGE IN OUTSTANDING

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

30
530
460
280
250
140
260
110
80

January
February

1976

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

310
210

—

80
350

7
9
1
-2

5
6
-5
7
5
9
26
—8

2

-10

—
9
n.a.

11

-51
-51
462
-56
577
333
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.




Table 9

h
O
O

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
DATE

1972
1973
1974
1975
1976
1976 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1977 - Jan.
Feb .£/
1976 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1977 - Jan.
Feb . £ /

NET
FLOW
10,067
4,815
2,909
11,070
11,546
910
308
1,307
836
779
1,749
941
850

1

ANNUAL 3
GROWTH
RATE
12.4
5.4
2.2
11.3
11.6

•

—

«• —
— •»
— mm

- -

— —

1,556
1,244
1,326
1,396
852
999

16.3
12.8
13.5
14.1
8.5
9.9

933
592

9.7
5.8

NET
NEW
MONEY

2

SHARE CAPITAL

NET
FLOW

5,451
-442
-2,822
4,757
5,275

32,567
20,237
16,006
42,769
50,287

333
47
75
582
539
359

3,509
2,154
5,572
3,452
2,581
6,277

ANNUAL 3
GROWTH
RATE
18.6
9.9
7.0
17.3
17.7
— —

- - -

——

- -

5,218
645
3,392
600
~ r—
SEAS01 ALLY ADJUSTED«• •

——
——
——
— mm

- -

mm •

NET
NEW
MONEY

TOTAL

2

DEPOSITS

NET
FLOW

ANNUAL 3
GROWTH
RATE

23,884
10,507
4,668
29,276
34,369

42,634
25,052
18,915
53,839
61,833

16.6
8.5
5.5
15.8
16.0

3,289
1,967
1,944
3,224
2,381
2,279

4,419
2,462
6,879
4,288
3,360
8,026

——

4,944
3,173

6,159
4,242

4,902
4,999
5,525
5,016
4,047
4,423

19.0
19.1
20.8
18.5
14.7
15.9

- -

4,285
2,919

15.2
10.2

—

—
—
—
-—
——

—

- - - - - -

mm*

——

NET
NEW
MONEY

2

29,335
10,062
1,846
34,033
39,644
3,622
2,014
2,019
3,826
2,920
2,638
5,449
3,773

6,458
6,243
6,851
6,412
4,899
5,422

18.3
17.4
18.8
17.3
13.1
14.3

—

5,278
3,511

13.8
9.0

- -

——
——
~ -

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.
Digitized Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.
for FRASER


H.16

21
Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

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

NET C H A N G E
TOTAL

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

1972 - Dec.

25.2

20.3

4.9

.45

.43

.02

1973 - Dec.

19.9

16.4

3.5

.04

.21

-.17

1974 - Dec.

14.6

12.4

2.2

.09

-.09

1975 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

14.6
14.5
15.0
16.2
16.8
16.9
17.8
19.1
19.9
20.1
20.3
20.3

12.5
12.6
13.0
14.2
14.7
14.8
15.8
16.9
17.8
18.0
18.3
18.4

2.1
1.9
2.0
2.0
2.1
2.1
2.1
2.2
2.1
2.1
2.0
2.0

-.03
-.01
.50
1.18
.55
.17
.90
1.29
.84
.08
.25
.03

.08
.14
.39
1.17
.49
.13
.92
1.18
.90
.14
.32
.07

-.11
-.24
.11
.01
.06
.04
-.02
.11
- . 06
-.06
-.07
-.04

1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

20.1
21.0
21.5
21.8
22.4
22.6
23.1
24.0
25.0
26.2
27.4
27.9

18.1
19.1
19.4
19.6
20.1
20.4
20.8
21.5
22.4
23.5
24.7
25.2

2.0
1.9
2.1
2.2
2.3
2.2
2.3
2.4
2.6
2.7
2.7
2.7

-.24
.94
.48
.37
.47
.27
.49
.87
1.05
1.19
1.26
.46

-.28
1.00
.27
.28
.43
.29
.43
.75
.82
1.10
1.23
.50

.04
-.06
.21
.09
.04
-.02
.05
.12
.23
.09
.03
-.04

1977 - Jan.

25.0

-.19

NOTES:
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

22

T a b l e 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

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

FHLB

1974 - Sept.
Oct.
Nov.
Dec.

+2,768
+1,665
-89
+507

+2,750
+1,599
+93
+961

-242
-659
+440
0
-1,568
+330
+236
-398
215
587
152
669

-5
-254
+689
+69
-1,279
+600
+300
-700
100
850
200
600

-4
-554
-11
-30
-1,279
0
0
-700
0
+150
0
0

1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

-197
-1,160
447
131
-946
-101
—49
397
257

0
-800
-100
700
-600
-200
300
-200
200

0
-1,1.00
0
0
-600
0
0
0
0

FNMA

+1,050
+100
+310
+491

+18
+66
-182
-454

+300
0
-1
0
0
0
0
0
0
200
0

-1
0
+700
+100
0
+600
+300
0
100
700
0
600

-237
-405
-249
-69
-289
-270
-64
302
115
-263
-48
69

0
200
0
0
0
0
0
-200
0

0
300
-300
700
0
-200
300
0
200

-197
-360
-547
-569
-346
99
-349
597
57

+1,700
+1,499
-217
+470

1975 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

FHLMC

F N M A & FHLB
SHORT-TERM
DISCOUNT 1
NOTES 1

— —

|

|

,

1

'

1

4

4

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

p
Preliminary


23
Table 12

NET CHANGE IN MORTGAGE H O L D I N G S
IN MILLIONS O F D O L L A R S

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL I N S T I T U T I O N S

TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE
COMPANIES

FNMA-GNMA

Not S e a s o n a l l y Adjusted
41,406
57,587
58,372
42,732
43,608
61,041

1971
1972
1973
1974
1975
1976
1976 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.

39,018
55,561
55,072
36,510
38,769
61,417

9,940
16,800
19,600
11,700
4,200
10,400

3,938
5,377
5,642
2,172
2,236
4,063

23,919
31,932
25,552
17,560
29,400
44,540

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

2,388
2,026
3,300
6,222
4,839
-376

5,940
5,962
5,641
5,931
4,983
5,649
6,209

5,940
5,616
5,361
6,071
5,399
5,057
6,200

1,100
1,000
600
1,300
1,000
700
900

517
323
384
364
398
341
670

4,804
4,231
4,239
4,081
3,895
3,531
3,857

162
62
138
326
106
485
773

-643
306
280
-140
-416
592
9

500
800

217

2,926

175
120
165
331
68
412
368

-402
- 35
12
-344
-635
561
- 78

1977 - Jan.
Feb.

S e a s o n a l l y Ad lusted
1976 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1977 - Jan.
Feb.

NOTES:
1

4,724
5,055
4,827
5,773
5,132
6,449
6,183

5,146
5,090
4,815
6,117
5,767
5,888
6,261

782
983
451
1,114
985
842
983

358
234
359
438
444
366
553

3,831
3,753
3,840
4,234
4,270
4,268
4,357

955
1,127

358

3,980

S e a s o n a l l y adjusted data have been 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 bench marked 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.

Digitized forBeginning January 1972 data reflect activity in limited amount of conventional mortgages.
FRASER
2


T a b l e 13

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

2
QUARTER

TOTAL

3

RESIDENTIAL
TOTAL

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMLY
&
COMMERCIAL

FARM

1

1969 - I
II
III
IV

34.1
30.8
28.2
29.6

25.5
23.6
21.4
22.3

21.2
19.0
16.8
16.0

4.4
4.5
4.6
6.3

6.6
5.2
5.2
6 .0

11.0
9.8
9.8
12.3

2.0
2.0
1.7

1970 - I
II
III
IV

23.3
26.9
34.1
37.1

16.7
19.2
24.5
28.1

11.2
13.6
16.2
19.5

5.5
5.5
8.2
8.6

5.6
6.8
8.3
7.6

11.1
12.3
16.5
16.1

0.9
1.0
1.4
1.4

1971 - I
II
III
IV

41.8
51.4
56.6
60.3

32.8
40.0
42.2
46.0

23.3
30.0
33.1
36.3

9.5
10.4
9.1
9.7

6.6
8.9
11.7
11.5

16.1
19.3
20.8
21.2

2.5
2.5
2.7
2.8

*

1972 - I
II
III
IV

70.6
72.9
75.2
89.3

50.6
53.6
56.7
65.7

39.4
40.7
46.0
49.5

11.2
12.9
10.7
16.2

16.6
15.6
14.7
20.4

27.8
28.6
25 .4
36.5

3.4
3.6
3.8
3.3

„
'

1973 - I
II
III
IV

86.4
84.0
80.0
71.4

59.6
58.3
55.2
49.5

51.4
45.3
43.1
41.4

8.2
13.0
12.1
8.2

21.3
20.2
19.5
16.3

29.5
33.2
31.6
24.5

5.6
5.5
5.3
5.6

1974 - I
II
III
IV

71.8
69.0
56.0
46.3

49.3
46.8
35.7
28.9

39.8
39.5
29.5
24.0

9.6
7.3
6.2
4.8

18.9
17.4
14.0
11.6

28.5
24.7
20.2
16.5

3.6
4.8
6.3
5.8

1975 - I
II
III
IV

38.8
54.5
62.9
69.2

26.3
40.3
46.1
51.6

26.3
40.3
46.1
52.1

0.0
0.0
0.1
-0.5

7.2
9.4
12.5
14.1

7.2
9.3
12.5
13.6

5.3
4.8
4.3
3.5

1976 - I
II
III
IV

75.7
71.8
88.6
94.0

58.6
53.8
66.2
71.5

58.2
53.0
64.6
69.2

0.5
0.8
1.6
2.3

11.1
12.4
14.5
13.5

11.6
13.2
16.1
15.8

6.0
5.6
7.9
9.0

1-3

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.



4

1

4

4

#

•

•

•

#

#

#

#

#

#

Table 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF UNITS, S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

PERMITS
PERIOD

TOTAL

1 —FAMILY

1

1,324
1,352
1,925
2,219
1,820
1,074
939
1,281

626
647
906
1,033
882
644
676
895

698
705
1,018
1,186
937
431
264
386

1976 - Jan.
Feb.
Mar.

Nov.
Dec.

1,147
1,165
1,188
1,082
1,158
1,150
1,215
1,296
1,504
1,492
1,590
1,514

851
863
882
803
807
829
870
874
926
998
1,072
1,053

296
302
306
279
351
321
345
422
578
494
518
461

1977 - Jan.
Feb.

1,307
1,514

927
1,075

380
439

May
June
July
Aug.
Sept.
Oct.

TOTAL

2 - O R MORE
FAMILY

1969
1970
1971
1972
1973
1974
1975
1976

Apr.

COMPLETIONS

STARTS

I
!
!
i
i
!

!

1 —FAMILY

2 - O R MORE
FAMILY

1 —FAMILY

MOBILE
2 - O R MORE

HOME

FAMILY

TOTAL

SHIPMENTS

1,407
1,434
2,052
2,357
2,045
1,388
1,160
1,538

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

656
621
901
1,048
914
450
268
376

1,399
1,418
1,706
1,972
2,014
1,692
! 1,297
1,354

808
802
1,014
1,143
1,174
932
867
1,021

592
617
692
828
840
760
430
333

413
401
497
576
567
329
216
250

1,259
1,476
1,426
1,385
1,435
1,494
1,413
1,530
1,768
1,715
1,706
1,889

973
1,216
1,124
1,071
1,091
1,122
1,129
1,172
1,254
1,269
1,236
1,324

286
260
302
314
344
372
284
358
514
446
470
565

1,213
1,299
1,399
1,266
1,360
1 1,373
1,307
1,401
1,387
1,326
1,399
1,435

926
953
1,032
986
934
1,052
1,038
1,094
1,017
989
1,068
1,074

287
346
367
280
426
321
269
307
370
337
331
361

263
287
244
237
260
233
224
252
255
277
251
251

1,386
1,791

1,010
1,422

376
369

1,373

1,060

313

258
264p

NOTES:
Private b u i l d i n g p e r m i t s ( f o r 1 4 , 0 0 0 areas w i t h p e r m i t systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started w h e n excavation begins. In the case of
a p a r t m e n t b u i l d i n g s , all units are considered started at that time; however, all such units are considered completed w h e n more than half of the units in the structure are ready for use. Private m o b i l e
h o m e shipments are Mobile H o m e Manufacturers Association data converted t o seasonally adjusted annual rate by Census Bureau.

1

Permit d; a f o r 1 9 6 9 and 1 9 7 0 based on 1 3 , 0 0 0 areas w i t h permit systems




T a b l e 15

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O
N

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

EXISTING H O M E S

1

1

PERIOD

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

HUD(FHA) INSURED L O A N S
SECONDARY MARKET

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

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

1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

9.05
9.00
8.95
8.90
9.00
9.05
9.05
9.05
9.00
9.00
8.95
8.90

39
42
42
32
5
35
33
58
77
71
90
n.a.

9.10
9.05
9.00
8.95
9.05
9.10
9.10
9.10
9.05
9.00
9.00
8.95

44
47
47
37
10
40
38
63
82
71
95
n.a.

9.06
9.04
n.a.
8.82
9.03
9.05
8.99
8.93
8.82
8.55
8.45
8.25

40
46
n.a.
24
8
35
27
46
59
26
40
n .a.

2.4
2.2
n.a.
2.5
4.1
4.2
3.8
3.3
2.5
4.3
3.6
2.0

- 1
- 4
n.a.
8
- 3
0
6
12
18
45
50
65

8.66
8.58
8.53
8.58
8.95
8.70
8.72
8.47
8.23
8.29
8.05
n.a.

8.80
8.80

58
52

8.85
8.85

63
57

8.40
8.50

18
22

3.2
3.9

40
30

8.22
8.28

1977 - Jan.
Feb.

NOTES:
1

Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.

Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas
of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used.


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Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)

ACCEPTED

OFFERED

634 (5/17) 321 (5/17)

9.20 ( 6 / 1 ) 171 ( 9 / 7 )

OFFERED

1976 - High

21 (12/27) 19 (12/27) 8 . 3 9 ( 1 2 / 2 7 ) 33 (1/26)

Low
1976 - Sept. 7
20

AVERAGE
YIELD

ACCEPTED

127 (11/15)

9.31 ( 6 / 1 ,
6/28)

23 (2/23)

8.90 (12/27)

121.9
99.1

68.8
49.1

8.92
8.84

170.6
151.1

117.8
107.6

9.13
9.09

Oct.

4
18

124.3
111.2

61.8
45.3

8.80
8.70

153.8
143.7

94.4
121.4

9.07
9.02

Nov.

1
15
30

215.3
218.9
59.9

73.2
114.2
33.7

8.67
8.68
8.63

141.7
140.9
70.7

112.2
126.5
58.2

9.00
9.0.0
8.99

Dec. 13
27

36.0
20.9

22.6
18.9

8.51
8.39

79.7
70.5

68.1
67.3

8.89
8.80

1977 - Jan. 10
24

385.7
361.7

285.8
263.3

8.46
8.49

184.2
142.6

132.5
105.8

8.81
8.83

Feb.

7
24

389.6
478.8

213.6
271.1

8.52
8.58

151.7
148.3

120.2
115.6

8.85
8.87

Mar.

7
21

703.3
434.9

324.9
287.1

8 .66
8.70

206.4
167.5

153.2
114.9

8.90
8.92

NOTES:

Average secondary market y i e l d s are gross before deduction, of the fee of 38 b a s i s points
paid for mortgage s e r v i c i n g . They r e f l e c t the average accepted bid y i e l d for home mortgages assuming a prepayment period of 12 years for 30-year loans, without s p e c i a l a d j u s t ment for Federal National Mortgage A s s o c i a t i o n (FNMA) commitment f e e s and r e l a t e d stock
requirements on 4-month commitments. Mortgage amounts o f f e r e d by bidders r e l a t e to t o t a l
eligib
 l e bids r e c e i v e d .