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Capital
Market

Developments
«r*ZTar<
August 8 , 1 9 7 7
Prepared by the
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
F I N A N C E 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

S E C U R I T Y V O L U M E AND Y I E L D S

7, 8

S T O C K MARKET AND S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE MARKET

SYMBOLS
6
P
r

ESTIMATE
PRELIMINARY
REVISED

n.a. NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

RECENTLY
OFFERED
Aaa UTILITY

2

GROSS
OFFERINGS
($ MILLIONS)

3

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)

8.03
8.12
8.12
8.14
8.14r

•MM

8.14
8.14
8.12
8.17r

5

262
650
822
189
659

68
78
82
84
90

278
192
165
148
67

8.10p

1977 - July 1
8
15
22
29
August

NEW ISSUE
A a a UTILITY

1

303

92

76

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK E N D I N G

1977 - July

August

MOODY'S
N E W ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

GROSS
OFFERINGS
($ MILLIONS)

3

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)

1
8
15
22
29

5.18
5.20
5.20
5.22
5.22

5.56
5.63
5.64
5.62
5.62

1,519
202
734
658
1,265

92
75
86
88
82

259
230
191
145
269

5

5.25

5.63

433

89

229

NOTES:
1

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

2

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

3

Estimated by F.R. on the basis of available data.

4

Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
Aaa UTILITY

DATE

1

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

1973 - High
Low

8.52 (8/10)
7.29 (1/21)

8.32 ( 8 / 1 0 )
7.28 ( 1 / 5 )

7.77 (8/24)
7.11 (1/5)

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

5.59 ( 8 / 3 )
4.99 (10/11)

1974 - High
Low

10.61 (10/4)
8.05 ( 2 / 1 5 )

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

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

8.68 ( 8 . 3 0 )
7.39 ( 1 / 4 )

7.15 (12/12)
5.16 ( 2 / 7 )

1975 - High
Low

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

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

9.01 (5/2)
8.57 (2/28)

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

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

1976 - High
Low

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

9.10 (1/2)
7 . 8 4 (12/31)

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

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

7.29 ( 1 / 2 )
5 . 9 5 (12/16)

1977 - High
Low

8.34 (5/20)
7.90 ( 1 / 7 )

8.33 (5/6)
7 . 9 5 ( 1/7)

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

7.78 ( 5 / 1 3 )
7.26 ( 1 / 7 )

5.93 (2/4)
5.55 (6/16)

8.14
8.14
8.12
8.17r

8.03
8.12
8.12
8.14
8.14r

7.91
7.93
7.94
7.94
7.96r

7.57
7.58
7.60
7.62
7.61r

5.56
5.63
5.64
5.62
5.62

8.10p

8.00p

7.66p

5.63

1977 - July

1
8
15
22
29

Aug.

5

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
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.




5

Table 3

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

GROSS PROCEEDS
STATE AND LOCAL

CORPORATE

PERIOD

1977

1976

1975

1977

1976

1975

January
February
March

3,989
2,708
5,495

3,381
3,863
6,632

5,367
4,528
5,378

3,419
3,142
4,135

2,451
2,885
3,365

2,361
2,387
2,135

April
May
June

3,639
3,350e
4,400e

3,507
4,186
6,439

4,294
5,798
5,596

3,563
4,304
5,700e

2,218
3,575
3,115

2,406
2,900
3,064

July
August
September

2,400e

3,216
3,357
4,817

4,327
2,405
2,836

3,lOOe

2,734
2,821
2,814

3,580
2,783
2,159

4,431
3,047
6,480

4,705
4,076
4,307

3,524
3,336
2,342

2,323
2,381
2,052

12,192
ll,389e

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

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

10,696
13,567e

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

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

23,581e

28,008
39,398
53,356

30,961
40,529
53,617

24,263e

17,609
25,978
35,180

15,253
23,775
30,531

October
November
December
01

02
03
04
1st Half
3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

3

Estimated by Federal Reserve on the b a s i s of a v a i l a b l e data.




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
PERIOD

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

BONDS
TOTAL

PUBLICLY
OFFERED

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

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

4,569
5,358
4,715
5,276

1977 - I

12,192

6,504

3,071

2,617

858

6

2,774

3,019

1,415

4,986

1976 - April
May
June
July
August
September
October
November
December

3,507
4,186
6,439
3,216
3,357
4,817
4,431
3,047
6,480

2,350
1,937
3,140
1,239
1,565
2,100
2,729
1,256
2,568

629
1,051
1,904
1,348
1,113
2,163
753
1,101
2,992

528
1,198
1,395
629
678
554
949
690
920

428
350
1,005
500
367
400
235
1,310
250

37
15
426
100
7
92
21
31
3

568
1,709
1,480
1,198
1,031
753
1,349
510
2,385

644
1,148
1,348
932
920
1,465
1,414
1,327
1,156

450
20
1,409
26
212
140
155
190
196

1,847
1,309
2,202
1,061
1,195
2,459
1,513
1,019
2,744

1977 - January
February
March
April

3,989
2,708
5,495
3,639

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

601
786
1,690
1,087

602
820
1,195
591

300
433
125
600

0
6
0
50

906
743
1,125
1,348

986
435
1,598
774

50
557
808
334

2,048
973
1,965
1,182

NOTES:
1

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

Source: Securities and Exchange Commission.




1

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
August 1 through August 5, 1977

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

Long Island Lighting Co.
I l l i n o i s Pwr. Co.
Southern P a c i f i c Co.
General E l e c t r i c Credit Corp.
General E l e c t r i c Credit Corp.
F a r r e l l Lines Inc.
F a r r e l l Lines Inc.
F a r r e l l Lines Inc.
Michigan General Corp.

Com. s t k .
(rts.)
Pfd. s t k .
Equip, t r .
Sub. debt.
Notes
Govt. g t r .
Govt. g t r .
Govt. g t r .
Debt.

OTHER
New Brunswick E l e c t . & Pwr. Comm.

Debt.

102.0

•

50.0
15.2
50.0
150.0
37.0
13.9
9.8
25.0

1977-1992
1997
1988
2004
1990
1987
1992

75.0

2007

NOTES:
*

Rights offering.

1

Includes only c o r p o r a t e and o t h e r security offerings of $ 1 5 million and over; excludes options, exchanges, and secondary offerings.




— i
8.00

— —.

8.25
7.63
8.05
7.70
7.40
10.88

7.80
6.30-7.75
8.33
7.68
8.05
7.70
7.40
10.88

Aa/AA
Aa/AA
A/AAa/A-

8.75

8.85

A—/A+

j

/
j——

B/BB

00
Table 5B

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

1

August 1 through August 5, 1977
ISSUER

TYPE

STATE AND LOCAL

La Cygne, Kansas
Massachusetts Bay Trans Auth.
Walker Co. Hosp. D i s t . , Texas
Walker Co. Hosp. D i s t . , Texas
Iowa Hsg. Finance Auth.
Iowa Hsg. Finance Auth.
Portland, Oregon
Portland, Oregon
Portland, Oregon
Erie School D i s t . , Pa.
Erie School D i s t . , Pa.
Oklahoma, State of
Maine State Hsg. Auth.
Maine State Hsg. Auth.
Maine State Hsg. Auth.
La Cygne, Kansas

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

AMOUNT
(MILLIONS OF
DOLLARS)

21.9
75.0
4.8
7.4
25.6
17.0
10.7
20.6
5.0
11.3
8.6
75.8
4.0
6.7
8.6
21.9

NOTES:
1

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

2

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




MATURITY

2007
1978-2017
1981-1997
2008
1979-1994
2007
1980-1994
2007
2009
1979-1991
1997
1978-1996
1980-1997
2010
2020
2007

NET INTEREST
COST

5.94
5.93
6.97
6.97
—
—
5.97
5.97
5.97
5.89
5.89
4.40
6.22
6.22
6.22
5.94

OFFERING
YIELD

5.91
3.40-6.15
4.60-6.40
7.00
3.40-5.30
5.89
4.00-5.80
6.25
5.00
3.75-5.80
6.00
2.75-4.63
4.00-5.75
6.20
6.25
5.91

MOODY'S/S&P'S
RATINGS

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

Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of August 5, 1977

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

^Missouri P a c i f i c Railroad
Chemical New York Bank
Pub. Svc. Co. of New Hampshire
U.S. Home Corp.
Chemical New York Corp.
Northern Indiana Public Service Co.
I n t e r s t a t e Power Co.
Dayton Power & Light Co.
American Hospital Supply Corp.
*Chesapeake & Ohio Railroad
Buttes Gas & Oil Co.
Sierra P a c i f i c Power Co.
Sierra P a c i f i c Power Co.
Manufacturers Hanover Corp.
Niagara Mohawk Power Corp.
Iowa Public Service Co.
Indiana B e l l Telephone Co.
Duke Power Co.
Westvaco Corp.
*Chrysler Financial Corp.
*Chrysler F i n a n c i a l Corp.
World Airways
Manufacturers Hanover Trust
*Duke Power Co.
*Public Service Elec. & Gas Co.
*Westem A i r l i n e s Inc.
^Minnesota Power & Light Co.
*Utah Power & Light Co.
I n t e r n a t i o n a l Tel. & T e l e . Corp.

Equip, t r .
Pfd. s t k .
Pfd. s t k .
Notes
Debt.
1 s t mtg.
Com. s t k .
Com. s t k .
Notes
Equip, t r .
Debt.
1st mtg.
Com. s t k .
Debt.
1 s t mtg.
Bonds
Debt.
1st mtg.
Notes
Notes
Notes
Equip, t r .
Com. s t k .
Pfd. s t k .
Pfd. s t k .
Pfd. s t k .
1st mtg.
Pfd. s t k .
Med-term notes

OTHER
*New Foundland, Province of

Debt.

15.0
100.0
17.0
50.0
100.0
50.0
15.0
40.0
100.0
15.0
40.0
35.0
15.0
150.0
75.0
25.0
100.0
125.0
50.0
50.0
50.0
65.0
105.0
50.0
30.0
30.0
45.0
30.0
50.0

Aug. 9
Aug. 10
Aug. 10
Aug. 10
Aug. 10
Aug. 11
Aug. 12
Aug. 16
Aug. 16
Aug. 16
Aug. 16
Aug. 18
Aug. 18
Aug. 22
Aug. 23
Aug. 24
Aug. 24
Aug. 25
Aug. 31
Aug.
Aug.
Aug.
Aug.
Sep. 7
Sep. 8
Sep. 12
Sep. 15
Sep. 15
Indef.

50.0

Aug. 31

NOTES:
*

Included in table for first time.

1

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




10
Table 6B

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

1

As of August 5, 1977
TYPE

ISSUER
STATE & LOCAL

*Grand Island, Neb.
Calcasieu Par. Indust. Dev. Bd.,
La.
*Adams & Arapahoe Cos. J t . Sch.
D i s t . , Colo.
Tennessee Hsg. Dev. Agy.
Blout Co., Tenn.
Hawaii, S t a t e of
C a l i f o r n i a , S t a t e of
Oklahoma City, Okla.
*Poughkeepsie, N.Y.
* F a i r f i e l d Indust. Dev. Bd., Ala.
Puerto Rico Highway Auth.
Allegheny Hospital Dev. Auth., Pa.
*Sioux City, Iowa
*St. John the Baptist Par., La.
Mayfield Heights, Ohio
^Lexington Center Corp., Ky.
*Chicago, 111.
Salt River Agric. Improv. & Power
D i s t . , Ariz.
Texas, State of
^Holland Comm. Hosp. Auth., Mich.
*South Carolina, S t a t e of
Mich. State Hsg. Dev. Auth.
South Bay I r r i g a t i o n D i s t . , Cal.
Hopkins Co., Ky.
South Carolina Pub. Svc. Auth.
Ohio, S t a t e of
Lafayette Public Pwr. Auth., La.
East Baton Rouge, La.
Maine Municipal Bond Bank
Harristown Dev. Corp., Pa.
POSTPONEMENT
*San Juan, Puerto Rico

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

Rev.

40.0

Aug.

8

Rev.

22.0

Aug.

8

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

17.0
49.5
11.5
75.0
30.0
26.3
13.0
16.3
75.0
31.0
22.0
11.0
14.5
41.5
62.5

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

9
9
9
9
9
9
10
10
10
10
11
11
15
16
16

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

160.0
25.0
14.6
63.9
65.0
22.5
25.0
100.0
50.0
100.0
20.0
42.5
125.0

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

18
22
23
23
23
23
24
29
30
30

G.O.

20.6

Aug. 16

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.




Table 7

STOCK PRICES AND VOLUME
nATP

1

STOCK PRICES
NYSE INDEX

3

B J INDUSTRIALS

AMEX

4

NASDAQ

136.84 (1/11)
130.47 (1/11)
85.26 (12/20) 89.12 (12/13)

2

TRADING VOLUME
AMEX

NASDAQ

26.0 (9/20)
9.0 (8/20)

5 . 5 (1/12)
1.4 (8/20)

11.3 ( 1 / 1 1 )
3.5 ( 8 / 2 7 )

NYSE

1973 - High
Low

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

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

1974 - High
Low

53.37 (3/13)
32.89 (10/3)

891.66 (3/13)
577.60 (12/6)

102.01 ( 3 / 1 4 )
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 / 1 3 )
8.7 (9/15)

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

8.1 (2/13)
2.5 (9/15)

1976 - High
Low

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

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

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

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

44.5 ( 2 / 2 0 )
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 )
52.56 (5/31)

999.75 ( 1 / 3 )
888.17 ( 8 / 4 )

124.21 (7/19) '
109.61 (1/12) i

103.10 (7/22)
93.66 ( 4 / 5 )

31.5 ( 1 / 5 )
13.6 ( 5 / 2 7 )

4 . 2 (1/13)
1.9 (5/23)

10.5 ( 1 / 1 9 )
5.1 (5/27)

June

3
10
17
24

53.36
53.80
54.64
55.42

912.23
910.79
920.45
929.70

113.28
114.55
116.95
120.19

96.19
97.07
98.61
99.66

18.4
19.0
22,4
21.8

2.3
2.6
2.5
3.2

5.9
6.0
7.2
7.3

July

1
8
15
22
29

54.92
54.81
54.99
55.71
54.12

912.65
907.99
905.95
923.42
890.07

120.58
121.60
123.18
123.76
120.15

99.90
100.81
101.41
103.10
100.65

19.0
18.8
17.4
21.3
19.8

2.8
2.9
3,1
3.1
2.7

7.4
7.4
8.7
8.8
7.4r

Aug.

5

54.04

888.69

120.53

100.86

17.4

2.1

6.1

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.




12
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS O N
MARGIN
STOCK

OUTSTANDING

1

BROKERS O N
CONVERTIBLE
BONDS

3

2

BANKS

1,057
1,077
1,007
880
876
881
1,081
1,068
864
845

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

2,355
2,325
2,357
2,825
2,576
2,807
2,651
2,774
2,866
2,817

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

6,410
6,690
6,940
7,080
7,340
7,450
7,530
7,530
7,610
7,960

162
163
161
166
172
167
174
169
178
204

1977 - January
February
March
April
May
June

8,270
8,480
8,690
8,880
9,070
9,230

196
197
199
196
196
198

832
844
801
809
801
n.a.

2,844
2,850
3,399
2,878
2,886
n.a.

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

460
280
250
140
260
110
80

9
1
-2
5
6
-5
7
-5
9
26

19
20
-70
-127
-4
5
200
-13
-204
- 19

22
-30
32
468
-249
231
-156
123
92
—49

1977 - January
February
March
April
May
June

310
210
210
190
190
160

CHANGE IN OUTSTANDING

——

80
350

-8
1
2
-3
2

-13
12
-43
8
-8
n.a.

27
6
549
-521
8
n.a.

NOTES:
1

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

2

New York Stock Exchange data.

3

June data for banks are universe totals; all other datp for banks represent estimates for all commercial banks based on reports by a reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.

4

Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no
value.




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

M U T U A L SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET

FLOW
10,067
4,815
2,909
11,070
11,546

1972
1973
1974
1975
19 76
1976 - O c t .
Nov.

Dec.
1977 - J a n .
Feb.
Mar.
Apr.
^

a y

P
June^- /

1976 - O c t .
Nov.

Dec.
1977 - J a n .
Feb.
Mar.
Apr.
May
»/
.luneL

ANNUAL 3
GROWTH
RATE
12.4
5.4
2.2
11.3
11.6

SAVINGS & LOAN ASSOCIATIONS

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

582
539
367

836
779
1,757
913
847
1,903
107
856
1,475

1

3,452
2,581
6,277

645
585
623
-168
577
75

ANNUAL 3
GROWTH
RATE
18.6
9.9
7.0
17.3
17.7

5,218
3,406
7,578
2,124
3,647
6,367

NET
NEW
MONEY

5,016
4,047
4,423

18.5
14.7
15.9

965
589
696
527
927
787

9.5
5.7
6. 7
5.1
8.9
7.5

4,285
2,932
3,608
3,397
3,947
3,722

15.2
10.3
12,5
11.7
13.4
12.5

NET
NEW
MONEY

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

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

3,224
2,381
2,279

4,288
3,360
8,034

4,944
3,186
3,604
1,924
3,419
2,043

6,131
4,253
9,481
2,231
4,503
7,842

2

3,826
2,920
2,646

SEASONALLY ADJUSTED

14.1
8.5
10. 7

DEPOSITS

ANNUAL 3
GROWTH
RATE
16.6
29,335
8.5
10,062
5.5
1,846
15.8
34,033
16.0
39,644

——

1,396
852
1,086

TOTAL

2

——
— —

——
—

— —

NET
FLOW

——
—
——

6,412
4,899
5,509

17.3
13.1
14.5

5,250
3,521
4,304
3,924
4,874
4,509

13. 7
9.1
11.0
9.9
12.2
11.2

NOTES:
1

——
——

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

——
— —

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

5,449
3,771
4,227
1,756
3,996
2,118

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.

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




H
U
>

14

T a b l e 10

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

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

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

TOTAL

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

14.8
14.6
15 .2
16.1
16.7
17.0
17.9
18.9
19.7
20.1
20.2
20.6

12.7
12.7
13.2
14.1
14.6
14.9
15.8
16.7
17 .6
18.0
18.2
18.6

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
.25
.92
1.21
.90
.01
.35
.04

.18
.06
.41
.95
.53
.29
.84
.98
.86
.37
.22
.35

-.11
-.24
.11
.01
.04
.04
-.03
.09
-.09
.02
-.03
-.02

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

20.8
21.3
21.7
21.8
22.3
22.6
23.1
23.7
24.6
26.1
27.3
28.2

18.8
19.3
19.5
19.6
20.0
20.4
20.8
21.3
22.0
23.5
24.6
25.5

2.0
2.0
2.2
2.2
2.3
2.2
2.3
2.4
2.6
2.6
2.7
2.7

.06
.61
.48
.38
.48
.27
.50
.87
1.05
1.20
1.26
.92

.20
.58
.16
.10
.32
.53
.33
.50
.78
1.46
1.09
.92

.02
-.06
.19
.05
.05
-.02
.03
.12
.19
.06
.09

1977 - Jan.
Feb.
Mar.
Apr.
May
June

27.9
28.4
29.6
30.2
30.3

25.1
25 .4
26.4
27.0
27.0
27.6

2.8
3.0
3.2
3.2
3.3

-.35
.48
1.24
.56
.12

-.45
.30
1.04
.59
.02
.55

.10
.18
.20
-.03
.10

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.




Table 11

15

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

PERIOD

INTERMEDIATE AND LONG-TERM ISSUES

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

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.
Oct.
Nov.
Dec.

-197
™ 64
9
-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

1977 - Jan.
Feb.
Mar.
Apr.
May
June £_/
July jd/

12r
-862r
289
344r
532
538
191

188r
-592r
-354
746r
297
200
600

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

Sales of FHLB discount notes began in May 1974.

p
Preliminary



0
-200
0
-6r
105
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
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

189
-393r
-4
0
200
0
0

-lr
lr
-350
752
—8
200
600

-176
-270
643
-402
235
338
—409

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

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

FHLMC

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

16

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS

TOTAL

COMMERCIAL
BANKS

MSB's

S & Ls

INSURANCE FNMA-GNMA
COMPANIES

Not S e a s o n a l l y Ad lusted
1971
1972
1973
1974
1975
1976

41,406
57,587
58,372
42,739
43,497
62,845

39,018
55,561
55,072
36,517
38,658
64,965

9,940
16,800
19,600
11,700
4,200
13,500

3,938
5,377
5,642
2,172
2,236
4,074

23,919
31,932
25,552
17,567
29,289
44,977

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

2,388
2,026
3,300
6,222
4,839
-2,120

1976 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.

6,140
6,394
6,241
6,331
5,183
5,149
6,313

6,783
6,088
5,961
6,471
5,599
5,457
6,476

1,300
1,200
1,200
1,700
1,200
1,100
1,100

517
314
384
364
398
341
690

4,804
4,512
4,239
4,081
3,895
3,531
3,913

162
62
138
326
106
485
773

-643
306
280
-140
-416
-308
-163

1977 - Jan.
Feb.
Mar.
Apr.
May
June

3,630
4,175
6,614
8,132
8,814

3,956
4,217
6,548
8,009
8,093

800
1,000
1,500
1,900
1,900
2,700

196
156
291
414
388

2,926
3,030
4,617
5,281
5,647
6,146

34
31
14 Or
414
158

-326
- 42
66
123
721

Seasonally Adjusted

1

1976 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.

4,924
5,246
5,427
6,173
5,332
5,949
6,289

5,346
5,281
5,415
6,517
5,967
6,288
6,539

982
1,183
1,051
1,514
1,185
1,242
1,173

358
225
359
438
444
366
573

3,831
3,753
3,840
4,234
4,270
4,268
4,425

175
120
165
331
68
412
368

-422
- 35
12
-344
-635
-339
-250

1977 - Jan.
Feb.
Mar.
Apr.
May
June

5,417
5,410
6,818
7,557
8,269

5,684
5,275
6,601
7,263
7,180

1,255
1,327
1,547
1,761
1,665
2,381

337
307
280
401
366

3,980
3,567
4,487
4,648
4,882
5,168

112
74
287
453
267

-267
135
217
294
1,089

NOTES:
1

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.




,
'

'

T a b l e 13

17

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

2

3

RESIDENTIAL

COMMERCIAL

MULTIFAMILY
&
COMMERCIAL

TOTAL

TOTAL

1- t o 4 FAMILY

MULTIFAMILY

1970 - I
II
III
IV

24.0
29.0
37.5
39.5

15 .7
19.6
26.3
29.0

9.6
13.7
16.1
19.4

6.1
5.9
10.1
9.6

7.3
8.3
9.9
9.0

13.3
14.3
20.1
18.7

0.9
1.0
1.3
1.4

1971 - I
II
III
IV

41.6
49.2
56.0
61.0

33.2
40.0
42.0
46.1

23.5
29.5
32.9
36.3

9.7
10.4
9.0
9.8

5.9
9.0
11.5
12.0

15.6
19.4
20.5
21.8

2.5
0.3
2.5
2.9

1972 - I
II
III
IV

70.3
72.7
74.5
90.5

51.1
53.1
56.5
66.1

39.7
40.3
45.8
49.8

11.3
12.8
10.7
16.3

15.9
15.9
14.4
20.9

27.2
28.7
25.1
37.2

3.4
3.7
3.6
3.4

1973 - I
II
III
IV

86.8
83.6
79.2
72.6

60.3
57.4
55.2
50.1

52.2
44.5
43.1
41.7

8.1
13.0
12.1
8.4

21.0
20.6
19.0
16.5

29.1
33.5
31.1
24.9

5.5
5.6
5.0
6.0

1974 - I
II
III
IV

72.7
68.3
55.2
47.6

50.3
45.6
35.6
29.5

40.8
38.4
29.5
24.8

9.5
7.2
6.1
4.7

18.9
17.7
13.7
11.6

28.4
24.9
19.7
16.3

3.4
5.0
5.9
6.4

1975 - I
II
III
IV

40.0
53.3
61.5
70.7

27.4
38.6
45.2
52.6

26.7
38.6
46.1
52.4

0.6
0.0
-0.8
0.2

7.7
9.7
12.2
14.2

8.3
9.7
11.4
14.5

5.0
5.0
4.0
3.8

1976 - I
II r
III r
IV r

83.7
75.0
91.3
101.5

68.9
59.5
71.3
78.4

67.7
57.8
69.9
76.8

1.2
1.6
1.4
1.6

8.7
10.4
12.3
14.9

14.8
15.5
20.0
23.1

6.1
5 .2
7.7
8.2

1977 - I (p)

108.3

85.4

81.1

4.3

16.8

22.9

6.1

QUARTER

FARM

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.




Table 14

oo

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

PERMITS 1
PERIOD

1969
1970
1971
1972
1973
1974
1975
1976

TOTAL

1 —FAMILY

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

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

1976 - July
Aug.
Sept.
Oct.
Nov.
Dec.

1977 - Jan.
Feb.
Mar.
Apr.

May
June

626
647
906
1,033
882
644
676
895

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

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

1,229
1,308
1,481
1,481
1,583
1,532

866
876
914
987
1,055
1,049

363
432
567
494
528
483

1,413
1,530
1,768
1,715
1,706
1,889

1,129
1,172
1,254
1,269
1,236
1,324

284
358
514
446
470
565

1,384
1,802
2,089
1,880
1,954
1,833

1,006
1,424
1,503
1,413
1,467
1,383

378
378
586
467
487
450

1,333
1,526
1,687
1,605
1,615
1,602

930
1,060
1,188
1,051
1,077
1,089

403
466
499
554
538
513

|
i

TOTAL

|

|

I 1 —FAMILY 2 - O R MORE
FAMILY
I

MOBILE
HOME
SHIPMENT

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

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

592
617
692
828
840
760
430
336

413
401
497
576
567
329
216
250

1,307
1,401
1,387
1,326
1,399
1,435

1,038
1,094
1,017
989
1,068
1,074

269
307
370
337
331
361

221
242
248
263
247
248

1,416
1,637
1,707
1,532
1,485

1,103
1,242
1,236
1,219
1,137

313
395
471
313
348

258
275
275
252
252
256p

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 s y s t e m s , e x c l u d i n g f a r m ) , starts, and c o m p l e t i o n s are C e n s u s B u r e a u d a t a . A d w e l l i n g u n i t is s t a r t e d w h e n e x c a v a t i o n begins. In t h e case of
a p a r t m e n t buildings, all u n i t s are c o n s i d e r e d s t a r t e d at t h a t t i m e ; h o w e v e r , all such u n i t s are c o n s i d e r e d c o m p l e t e d w h e n m o r e t h a n half of t h e u n i t s in t h e s t r u c t u r e are r e a d y f o r use. P r i v a t e m o b i l e
h o m e s h i p m e n t s are M o b i l e H o m e M a n u f a c t u r e r s A s s o c i a t i o n d a t a c o n v e r t e d t o 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 by C e n s u s B u r e a u .

Digitized P e r m i t d a t a f o r 1 9 6 9 a n d 1 9 7 0 based o n 1 3 , 0 0 0 areas w i t h p e r m i t s y s t e m s
for FRASER
1


Table 15

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

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET
NEW HOMES

1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

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

9.05
9.05
9.00
9.00
8.95
8.90

33
58
77
71
90
n .a.

9.10
9.10
9.05
9.00
9.00
8.95

38
63
82
71
95
n.a.

8.99
8.93
8.82
8.55
8.45
8.25

27
46
59
26
40
n.a.

3.8
3.3
2.5
4.3
3.6
2.0

6
12
18
45
50
65

8.72
8.47
8.23
8.29
8.05
n.a.

1977 - Jan.
Feb.
Mar.
Apr.
May
June

8.80
8.80
8.85
8.90
8.95
9.00

58
52
63
59
n.a.
93

8.85
8.85
8.90
8.95
9.00
9.05

63
57
68
64
n.a.
98

8.40
8.50
8.58
8.57
n .a.
8.74

18
22
36
26
n.a.
67

3.2
3.9
4.6
4.5
n.a.
1.9

40
30
27
33
n.a.
26

8.22
8.28
8.22
8.31
n.a.
8.07

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.




H
vo

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT-UNDERWRITTEN
AMOUNT
AVERAGE
(IN MILLIONS OF DOLLARS)
YIELD
OFFERED
ACCEPTED

DATE OF
AUCTION

1976 - High

634 ( 5 / 1 7 ) 321 (5/17)

Low

CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

9 . 2 0 ( 6 / 1 ) 171 ( 9 / 7 )

21 (12/27) 19 (12/27) 8 . 3 9 ( 1 2 / 2 7 ) 33 ( 1 / 2 6 )

1976 - S e p t . 7
20

AVERAGE
YIELD

ACCEPTED

127 (11/15)

9.31 (6/1,
6/28)

23 ( 2 / 2 3 )

8 . 9 0 (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

Apr.

4
18

321.5
134.6

201.9
67.9

8.72
8.62

196 .1
152.0

158.3
122.4

8.97
8.97

May

2
16
31

723.1
585.4
534.3

422.2
285.5
319.7

8.70
8.74
8.79

383.4
415 .9
365.3

255.1
278.0

218.6

9.03
9.08
9.13

June 13
27

188.1
90.8

78.1
49.7

8.77
8.73

210.5
160.6

157.5
105.5

9.13
9.11

J u l y 11
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

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 f o r 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

e l i g i b l e bid
http://fraser.stlouisfed.org/ s r e c e i v e d .
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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102