Full text of H.16 Capital Market Developments : December 11, 1978

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Capital

X

Market
Developments

December 1 1 , 1 9 7 8

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




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L RESERVE SYSTEM
Washington, D C. 20551

Index

TABLES

SUBSCRIPTION RATES:
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in the U n i t e d
States, its possessions, Canada, and M e x i c o ;

10 or

m o r e of t h e same issue t o one address, $ 1 3 . 5 0 per

1 -6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT

9-16

MORTGAGE MARKET

year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0
each. Address requests t o P u b l i c a t i o n s Services, Division of A d m i n i s t r a t i v e Services, and make p a y m e n t
remittance

payable

to

the

order of

t h e Board of

Governors of the Federal Reserve System in a f o r m
c o l l e c t i b l e at par in U.S. C u r r e n c y .




SYMBOLS
e

ESTIMATE

P

PRELIMINARY

r

REVISED

n.a.

NOT A V A I L A B L E
D A T A DO NOT E X I S T

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

NEW ISSUE
A a a UTILITY

1978 - Oct.

6
13
20
27

1

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

9.04
9.19
9.23

2

GROSS
OFFERINGS
($ MILLIONS)

3

PER C E N T
SOLD BY END
OF WEEK

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

9.04
9.03
9.15
9.24

340
294
585
250

90
98
96
100

35
5
24
0

Nov.

3
10
17
24

9.25
9.30
9.25

9.28
9.30
9.24
9.25

272
400
439
260

99
100
98
72

3
0
10
73

Dec.

1
8

9.27r
9.26p

9.28r
9.32p

388
455

92
86

30
64

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-BOND
INDEX

GROSS
OFFERINGS
($ MILLIONS)

1978 - Oct.

6
13
20
27

5.50
5.50
5.50
5.60

6.07
6.10
6.14
6.21

614
795
819
514

Nov.

3
10
17
24

5.70
5.65
5.50
5.55

6.22
6.17
6.11
6.16

Dec.

1
8

5.55
5.70

6.29
6.29

3

PER C E N T
SOLD BY END
OF WEEK

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

86
87
84
90

126
148
236
113

421
845
1,557
217

89
9095
86

78
107
101
121

753
1,103

81
88

169
239

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.




1
Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
A a a UTILITY

DATE

1
RECENTLY OFFERED
A a a UTILITY

1974 - High
Low

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

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

1975 - High
Low

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

1976 - High
Low

2

MOODY'S SEASONED
CORPORATE Aaa

3

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

4

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

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

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

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

9 . 7 1 (5/25)
9.06 (2/28)

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

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

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

8.95 (5/28)
7 . 9 3 (12/10)

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

8 . 6 6 (5/28)
7 . 9 1 (12/31)

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

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

1977 - High
Low

8.36 (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 )

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

1978 - High
Low

9.27 ( 1 2 / 1 )
8.60 (3/24)

9 . 3 2 (12/8)
8.48 (1/6)

9.06 (11/10)
8.30 (1/6)

8.80 (11/10)
8.02 (1/6)

6.32 (7/13)
5.58 (3/17)

1978 - August
September
October
November

8.82
8.86
9.17
9.27r

8.91
8.86
9.13
9.27

8.69
8.69
8.89
9,03

8.45
8.47
8.69
8.75

6.12
6.09
6.13
6.19

1978 - Nov.

9.25
9.30
9.25

9.28
9.30
9.24
9.25

9.04
9.06
9.02
9.00

8.80
8.80
8.72
8.72

6.22
6.17
6.11
6.16

9.28r
9.32p

9.04r
9.05p

8.78r
8.78p

6.29
6.29

Dec.

3
10
17
24
1
8

—

9.27r
9.26p

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.




5

5
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

STATE AND LOCAL

1978

1977

1976

1978

1977

1976

January
February
March

3,013
2,657
4,442

4,362
2,792
5,578

3,381
3,863
6,632

3,300
2,748
4,828

3,402
3,442
4,063

2,451
2,885
3,365

April
May
June

3,285
4,035
5,215

3,998
3,797
5,660

3,507
4,186
6,439

3,824.
5,495
4,355

3,409
4,566
5,786

2,218
3,575
3,115

July
August
September

4,226
3,311
3,500e

4,289
3,469
4,177

3,216
3,357
4,817

3,906
6,383
2,273

3,113
4,118
4,013

2,734
2,821
2,814

October
November
December

3,750e
3,200e

4,221
5,331
6,531

4,511
3,074
6,503

3,087
4,100e

3,807
3,332
3,646

3,524
3,336
2,342

10,112
12,535
11,037e

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

13,876
14,132
11,390
14,088

10,876
13,674
12,562

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

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

22,647
33,684#

26,187
38,122
54,205

28,008
39,398
53,488

24,550
37,112

24,668
35,912
46,697

17,609
25,978
35,180

Q1
02
03
04
1st Half
3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2 P u b l i c S e c u r i t i e s A s s o c i a t i o n e s t i m a t e s of p r i n c i p a l amounts.
e E s t i m a t e d by F e d e r a l Reserve Board on t h e b a s i s of a v a i l a b l e d a t a .



V
Table 4

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

GROSS PROCEEDS BY TYPE OF I SUE

G R O S S PROCEEDS BY TYPE OF ISSUER

BONDS

PERIOD

TOTAL

PUBLICLY
OFFERED

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

PUBLIC
UTILITY

COMMUNICATIONS

1977 - I
II
III
IV

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

6,498
5,606
6.215
5,867

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

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

268
346
272
275

6
108
495
39

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

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

1,415
1,059
644
1,320

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

1978 - I
II

10,112
12,535

4,748
5,421

3,383
4,196

1,981
2,918

233
260

4
158

2,218
2,898

2,367
3,672

844
384

4,684
5,581

1977 - June
July
August
September
October
November
December

5,660
4,289
3,469
4,177
4,221
5,331
6,531

2,045
2,360
1,947
1,908
2,114
2,211
1,542

2,580
972
965
1,569
979
1,200
3,820

1,035
695
557
700
1,128
1,920
1,169

332
90
160
22
10
89
176

56
25
262
208
1
22
16

1,416
1,349
1,068
833
731
782
2,541

1,471
903
497
1,501
1,437
1,729
1,080

416
277
45
322
8
1,013
299

2,356
1,761
1,858
1,521
2,045
1,805
2,610

1978 - J a n u a r y
February
March
April
May
June
July
August

3,013
2,657
4,442
3,285
4,035
5,21 5
4,226
3,311

1,382
1,464
1,902
1,958
1,719
1,744
2,177
1,497

998
667
1,718
853
1,277
2,066
1,541
1,032

633
526
822
474
1,039
1,405
508
782

233
0
0
12
106
142
80
40

0
0
4
20
2
136
16
6

273
716
1,229
549
878
1,471
842
721

644
465
1,258
743
1,685
1,244
799
875

519
34
291
35

1,578
1,441
1,665
1,960
1,470
2,151
2,231
1,162

— —

349
353
552

1

OTHER
ISSUERS

NOTES:
1

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

Source: Securities and Exchange Commission.




#

#

I

#

#

#

#

#

#

#

#

#

#

#

#

•

#

T a b l e 5A

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

1

November 27 through December 8 , 1978
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Debt.
Debt.
Bonds
Equip, t r .
Debt.
Debt.
Com. s t k .
Com. s t k .
P f d . (conv.)
Pfd. stk.
Pfd. stk.
1 s t . mtg.
Units
Notes
Debt.
Debt.
Debt.
Debt.

100.0
100.0
50.0
23.1
60.0
75.0
30.0
22.1
28.0
60.0
60.0
100.0
20.0
125.0
100.0
35.0
25.0
15.0

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

9.80
9.16
9.25
10.00-9.20
11.50
10.50

Baa/BBB
Aaa/AAA
Aaa/AAA
Aa/AA
Ba/BBBaa/BBB

CORPORATE

Walter Kidde & Co.
Michigan B e l l T e l e . Co.
Bank of North Dakota
Southern P a c i f i c Transp. Co.
Sun Chemical Corp.
I t e l Corp.
San Diego Gas & E l e c t r i c Co.
C e n t r a l I l l i n o i s P u b l i c Service Co,
MCI Communication Corp.
Wisconsin E l e c t r i c Power Co.
D e t r o i t Edison Co.
Houston L i g h t i n g & Power Co.
Early C a l i f o r n i a I n d u s t r i e s Inc.
American Can Co.
American General I n s u r a n c e Co.
UNC Resources I n c .
CCI Corp.
Champion P a r t s R e b u i l d e r s I n c .

2003
2018
1993
1979-1993
1996
1998

2008
1993
1984
2008
1998
1998
1993

NOTES:
*

Rights offering.

1

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




/

9.75
9.13
9.25
9.13
11.50
10.50
10.56
8.80
9.72
9.25
12.50
9.25
9.38
12.00
12.75
13.25

10.56
8.80
9.72
9.30
12.50
9.28
9.45
12.00
12.80
13.40

--/B
Aa/AA
Baa/BBB
Aa/AA
B/B
A/A
A/AA
Ba/BB
B/B
B/B

«

Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S TREASURY '
November 27 through December 8, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS O F
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

S T A T E AND LOCAL

Lomod Bunker H i l l Hsg. Dev. Corn.
Calif.
Lomod Bunker H i l l Hsg. Dev. Corn.
Calif.
Lomod Bunker H i l l Hsg. Dev. Corp.,
Calif.
Mesa County, Colo.
Mesa County, Colo.
New York S t a t e Hsg. F i n . Agcy.
New York S t a t e Hsg. F i n . Agcy.
New York S t a t e Hsg. F i n . Agcy.
Maine Municipal Bond Bank
Maine Municipal Bond Bank
Oakland County, Mich.
Minneapolis Hsg. & Redev. A u t h . , Minn.
Minneapolis Hsg. & Redev. A u t h . , Minn.
Heard Co., Ga.
Appling Co., Ga.
Rhode I s l a n d Hsg. & Mtge. Fin. Corp.
Rhode I s l a n d Hsg. & Mtge. F i n . Corp.
Rhode I s l a n d Hsg. & Mtge. F i n . Corp.
Katy Ind. Sch. D i s t . , Texas
D e t r o i t , Mich.
D e t r o i t , Mich.

Rev.

18.8

Rev.

5.8

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

23.5
5.5
9.5
18.5
6.7
81.1
3.8
9.9
14.9
17.8
37.5
18.5
10.5
32.0
24.6
5.0
22.8
27.4
15.5

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.




1981-1999

7.55

5.60-7.30

A/A+

2002

7.55

7.50

A/A+

2010
1979-1999
2010
1979-1991
1994
2009
1979-1993
1979-1998
1980-2001
1980-1998
2010
1982-2009
1982-2009
1981-1998
2005
2006
1980-1996
1979-1989
1993

7.55

7.60
5.50-7.00
7.30
6.00-7.00
7.00
7.75
5.20-5.80
5.25-6.25
5.50-6.75
5.40-6.75
7.10
5.25-6.84
5.25-6.84
5.80-7.10
7.50

A/A+

7.79
7.79
7.79
5.71
6.02
6.56
6.69
6.69
7.40
7.40
7.40
5.38
8.33
8.33

5.10-5.50
6.00-7.90
8.00

A/AA
A/AA
A/AA
Aa/AA
Aa/AA
A—1/A+
Aa/AA
Aa/AA
A/A+
A/A+
A-l/A
A-l/A
A-l/A
A-l/A
Baa/BBBBaa/BBB-

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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 27 t h r o u g h December 8, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

6.36
6.92
6.96
5.68

5.20-6.50
5.50-7.10
5.60-7.10
5.20-5.90
5.30-7.45
5.20-5.35
5.20-5.95
6.56
5.25-6.25
5.88
6.70
5.50-6.50
7.25
7.71
5.85-6.90
7.17
7.29
5.80-7.00
7.30
7.60
7.70
5.40-6.80
7.50
7.60
5.40-6.90
7.40
5.05-5.95

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Troy S c h o o l D i s t r i c t , Mich.
Wayne County, Mich.
Wayne County, Mich.
Beavertown S c h l . D i s t . , Oregon
W a r r e n , Ohio
Chicago Comm. C o l l e g e D i s t . #508, 111.
H o u s t o n , Texas
H o u s t o n , Texas
South C a r o l i n a S t a t e Hsg. A u t h .
South C a r o l i n a S t a t e Hsg. A u t h .
South C a r o l i n a S t a t e Hsg. A u t h .
N o r t h C a r o l i n a Medical Care Comm.
N o r t h C a r o l i n a Medical Care Comm.
N o r t h C a r o l i n a M e d i c a l Care Comm.
D a l l a s F o r t Worth Reg. A i r p o r t , Texas
D a l l a s F o r t Worth Reg. A i r p o r t , Texas
D a l l a s F o r t Worth Reg. A i r p o r t , Texas
P h i l a d e l p h i a , Pa.
P h i l a d e l p h i a , Pa.
P h i l a d e l p h i a , Pa.
P h i l a d e l p h i a , Pa.
I l l i n o i s Housing Dev. A u t h . , 111.
I l l i n o i s Housing Dev. A u t h . , 111.
I l l i n o i s Housing Dev. A u t h . , 111.
W i s c o n s i n Housing F i n . A u t h .
W i s c o n s i n Housing F i n . A u t h .
Indianapolis Sanitary D i s t r i c t , Ind.



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

15.2
10.6
5.3
11.8
10,4
11.1
10.0
30.0
47.9
2.0
34.9
4.8
6.8
23.5
41.5
37.4
68.1
24.8
16.7
23.9
34.6
9.4
16.5
28.0
23.6
34.6
35.0

1980-2004
1980-2003
1981-2008
1979-1998
1980-2009
1979-1983
1983-1998
2008
1980-1998
1999
2010
1982-1989
1996
2008
1988-1999
2005
2012
1981-1993
1998
2003
2008
1980-1997
2009
2019
1980-1999
2010
1980-2004

5.65
6.44
6.44
— —
— —
-

—

7.67
7.67
7.67
— —
— -

7.66
7.66
7.66
7.66
7.61
7.61
7.61
7.26
7.26
5.71

A-l/AA
A/AA/AA— 1 / —
A-l/—
Aa/AA
A-l/A
A-l/A
Aa/AA
Aa/AA
Aa/AA
A/A
A/A
A/A
Baa/BBB
Baa/BBB
Baa/BBB
A/A
A/A
A/A
A/A
A-l/AA
A-l/AA
A-l/AA
A-l/AA
A-l/AA
Aaa/-vo

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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 27 t h r o u g h December 8 , 1978
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Minneapolis St. Paul Metro Airports
Comm., Minn.
Jordan School Dist., Utah
Lower Colorado River Auth., Texas
Lower Colorado River Auth., Texas
Pekin, Illinois
Pekin, Illinois
Detroit School Dist., Mich.
Washington Public Power Supply Sys.
Washington Public Power Supply Sys.
Washington Public Power Supply Sys.
Washington Public Power Supply Sys.
Pennsylvania Housing Fin. Agency
Pennsylvania Housing Fin. Agency
Pennsylvania Housing Fin. Agency
Ohio, State of
Danville, Illinois
Danville, Illinois
Paradise Valley Sch. Dist. # 6 9 , Ariz,
Garland Ind. Sch. Dist., Texas
Washington, State of




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

15.0
22.0
10.0
38.0
7.2
7.8
41.7
38.3
22.3
38.2
81.2
16.8
22.6
21.1
40.0
5.3
10.1
11.0
10.0
36.7

1981-2000
1986-1994
1985-1995
2007
1980-2000
2008
1980-1994
1984-1998
2003
2009
2017
1982-2000
2010
2022
1979-2003
1980-1998
2010
1984-1992
1992-1998
1979-2001

5.60
5.36
6.37
6.37
— —
— —

6.84
6.61
6.61
6.61
6.61
7.53
7.53
7.53
6.11
— —
— —

5.54
5.31
5.69

5.10-5.90
5.15-5.45
5.20-5.80
6.50
5.50-7.05
7.40
5.50-6.80
5.20-6.00
6.35
6.60
6.83
5.80-7.10
7.50
7.60
5.20-6.50
5.60-7.00
7.40
5.25-5.60
5.20-5.50
5.10-5.90

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

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

T a b l e 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of December 8, 1978
ISSUER
CORPORATE

Mountain S t a t e s T e l . & T e l e . Co.
Ford Motor C r e d i t Co.
Ford Motor C r e d i t Co.
South C a r o l i n a E l e c t r i c & Gas Co.
V i r g i n i a E l e c t r i c & Power Co.
Southland Corp.
Utah Power & L i g h t Co.
Belding Heminway Co. I n c .
Cris-Craft Industries Inc.
Aristar Inc.
Golden Nugget I n c .
Chesapeake & Ohio Railway Co.
Middle South U t i l s .
L o u i s v i l l e Gas & E l e c t r i c Co.
*Bell T e l e . Co. of Penna.
^Indiana & Michigan E l e c t . Co.
*El Paso E l e c . Co.
*Texas U t i l s . Co.
^Arkansas Pwr. & L g t . Co.
^Arkansas Pwr. & L g t . Co.
^ A t l a n t i c C i t y E l e c . Co.

TYPE

Debt.
Notes
Notes
Pfd. stk.
Com. s t k .
Debt.
Com. s t k .
Debt.
Debt.
Notes
Units
Equip, t r .
Com. s t k .
Com. s t k .
Debt.
1 s t . mtg.
Com. s t k .
Com. s t k .
Pfd. stk.
1 s t . mtg.
Com. s t k .

AMOUNT
(IN MILLIONS
OF DOLLARS)

150.0
100.0
250.0
20.0
80.0
50.0
30.0
20.0
20.0
25.0
45.0
15.3
131.0
20.0
150.0
100.0
15.0
95.0
60.0
60.0
25.0

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

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

12
12
12
12
12
13
13

9
9
11
16
23
23
23
24
24
24

12
Table 6B

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

1

As of December 8, 1978
ISSUER

TYPE

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

APPROXIMATE
DATE O F OFFERING

STATE & LOCAL

New J e r s e y S p o r t s & Expos. Auth.
New J e r s e y S p o r t s & Expos. Auth.
*Maryland Comm. Dev. Adm.
Anchorage, Alaska
A l a s k a , S t a t e of
S t . P a u l , Minn.
C a l i f o r n i a , S t a t e of
*New York City Hsg. Auth.
I r v i n e Ranch Wtr. D i s t . , C a l i f .
M a s s a c h u s e t t s , S t a t e of
Washoe Co. A i r p o r t A u t h . , Nev.
P o n t i a c Building A u t h . , Mich.
Gtr, Chicago Metro. S a n i t a r y D i s t .
111.
P e n n s y l v a n i a , S t a t e of
Rhode I s l a n d , S t a t e of
*Albuquerque, N. Mexico
*Fort Wayne, Ind.
S t . M a r y ' s , Kansas
Shelby Co., Tenn.
East Bay Mun. U t i l i t y D i s t . , C a l i f
* S i l v e r Bay, Minn.
Michigan S t a t e H o s p i t a l Auth.
^Missouri Housing Development
Commission
* J e f f e r s o n Co. H e a l t h Fac. Bd., Ark
* J e f f e r s o n Co. H e a l t h Fac. Bd., Ark
*Wilmington, Del.
G a r f i e l d H e i g h t s , Ohio
Evanston, 111.
*Georgia Municipal E l e c t r i c Auth.
*Conroe Ind. Sch. D i s t . , Tex.
*0regon, S t a t e of
*New Mexico Mtge. F i n . Auth.
^ F l o r i d a , S t a t e of
*Redwood C i t y , C a l i f .

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

73.3
303.6
32.3
17.6
40.0
13.8
150.0
27.1
13.8
124.0
44.5
25.0

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

11
11
11
12
12
12
12
13
13
13
13
14

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

40.0
83.0
21.3
28.2
18.0
45.0
35.0
20.0
105.0
16.6

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

14
14
14
18
19
19
19
19
19
19

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

28.1
16.5
48.3
17.9
27.4
25.0
100.0
15.6
150.0
75.0
117.5
12.5

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

20

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.




5
9
9
11
17
19

#

#

#

#

t

•

#

•

•

•

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

BJ INDUSTRIALS

AMEX

4

NASDAQ

2

TRADING VOLUME
NYSE

AMEX

NASDAQ

1974-High
Low

53 .37 (3/13)
32 .89 (10/3)

891 .66 (3/13)
577 .60 (12/6)

102.01 (3/14)
58.26 (12/9)

96 .53 (3/15)
54 .87 (10/3)

24. 9 ( 1 / 3 )
7. 5 ( 7 / 5 )

4.4 (1/3)
.9 (9/26)

7.5 (1/3)
2.8 (7/5)

1975-High
Low

51 .24 (7/15)
37 .16 (1/8)

881 .81 (7/15)
632 .04 (1/2)

96.86 (7/15)
62.20 (1/2)

88 .00 (7/15)
60 .70 ( 1 / 2 )

35. 2 (2/13)
8. 7 (9/15)

4.2 (2/21)
1 . 1 (9/15)

8 . 1 (2/13)
2.5 (9/15)

1976-High
Low

57 .51 (9/21)
48 .04 ( 1 / 2 )

1014 .79 (9/21)
858 .71 ( 1 / 2 )

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

92 .52 (7/15)
78 .06 (1/2)

44. 5 (2/20)
10. 3 ( 1 / 2 )

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

11.1 (2/20)
3.5 (1/2)

1977-High
Low

57 .69 ( 1 / 2 )
49 .78 ( H / 2 )

999 .75 ( 1 / 3 )
800 .85 (11/2)

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

105 .05 (12/30)
93 . 66 ( 4 / 5 )

35. 3 ( H / 1 1 )
10. 6 (10/10)

4.2 (1/13)
1 . 4 (9/22)

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

1978-High
Low

60 .38 (9/12)
48 .37 (3/6)

907..74 (9/8)
742..12 (2/28)

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

139 .25 (9/13)
99 .09 (1/11)

66. 4 ( 8 / 3 )
7. 6 (1/20)

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

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

Oct

6
13
20
27

58 .34
58..93
54..76
52.,52

880.,02
897..07
838. 01
806. 05

170.23
170.79
152.39
141.31

134,.00
135 .58
123,.82
115,.25

24. 3
23. 8
34. 2
33. 8

3.3
3.2
4.8
5.1

9.7
10.7
13.2
12.5

Nov.

3
10
17
24

53.,49
52..72
52 .54
53..44

823. 11
807..09
797,.73
810..12

145.32
143.39
143.38
148.59

115,.49
114,.84
113 .69
116,.17

43. 9
21. 9
24. 9
19, 9

6.8
2.7
3.5
2,6

14.5
8.3
8.6
7.1

Dec.

1
8

53. 77
54. 06

811. 50
811. 85

150.28
151.16

116.,19
118..77

22. 1
24. 6

2.9
3.1

7.9
8.9

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.




H
(jO

14
Table 8

SECURITY CREDIT
R E G U L A T E D M A R G I N C R E D I T E X T E N D E D BY
END O F PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON 2
CONVERTIBLE
BONDS

BANKS

3

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1977 - September
October
November
December

9,590
9,560
9,610
9,740

1978 - J a n u a r y
February
March
April
May
June
July
August
September
October

9,590
9,780
9,920
10,260
10,660
11,090
11,190
11,740
12,400
12,090

196
191 ,
246250

881
882
872
873

2,581
2,579
2,604
2,568

246
242
246
248
245
242
n. a.
n. a.
n.a.
n.a.

2,565
851
877
2,544
2,544
855
2,560
914
series discontinued

C H A N G E IN O U T S T A N D I N G

1977 - September
October
November
December

30
-30
50
130

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

-150
190
140
340
400
430
100
550
660
-310

-4
5

~ 5/
n.a.—
4
-4
-4
4r
2
-3
-3
n.a.
n.a.
n.a.
n.a.

-4
1
-10
1

-6
-2
25
-36

-22
26
-22
-59

-3
-21
16
series discontinued

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

4

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




4

•

•

•

•

•

•

•

•

•

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS O F DOLLARS

MUTUAL SAVINGS BANKS
REGULAR D E P O S I T S

DATE

NET
FLOW

1974
1975
1976
1977

1

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

1978-March
April
May
June
July
August
September
October^

1,712
-264
436
1,304
341
260

1978-March
April
May
June
July
August
September
October^-

448
341
543
514
963
1,222
1,313
1,272

L

ANNUAL 3
GROWTH
RATE

2.3
11.3
11.6
8.9

S A V I N G S & LOAN A S S O C I A T I O N S

NET
NEW
MONEY

-2,822
4,757
5,275
2,874
338
-553
97
-90
38
-75
-41
50

'63^
4.0
3.0
4,8
4.5
8.5
10.7
11.4
10.9

—

2

S H A R E CAPITAL
NET
FLOW

16,006
42,769
50,169
50,963

ANNUAL 3
GROWTH
RATE

7.1
17.6
17.6
15.2

NET
NEW
MONEY

TOTAL
2

4,668
29,276
34,369
32,004

NOT SEASONALLY ADJUSTED
7,153
2,592
558
401
2,380
2,145
6,656
1,744
3,074
2,812
2,312
2,069
1,606
2,452
SEASONALLY ADJUSTED
8.7
2,845
2,133
6.5
3,010
9.1
10.3
3,452
15.4
5,192
5,439
15.9
17.7
6,112
4,034
11.5

DEPOSITS
NET
FLOW

18,171
53,839
62,839
61,610
8,864
294
2,816
7,960
3,415
2,572
7,811
3,089
3,293
2,474
3,553
3,966
6,155
6,661
7,425
5,306

ANNUAL 3
GROWTH
RATE

5.6
15.8
15.9
13.5

—

NET
NEW
MONEY

2

1,846
34,033
39,644
34,783
2,930
-152
2,242
1,654
2,850
1,994
1,565
2,502

7.5

5.6
8.0
8.9
13.7
14.6
16.1
11.4

—

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
3

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

4 Net flows r e f l e c t t h e c o n v e r s i o n of an S&L t o an MSB.
S o u r c e : N a t i o n a l A s s o c i a t i o n of Mutual Savings Bank and F e d e r a l Home Loan Bank Board.



/

H.16

16
T a b l e 10

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

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

NET CHANGE
TOTAL

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

1972

25.3

20.3

5.0

7.48

6.28

1.20

1973

20.0

16.4

3.5

-5.31

-3.92

-1.39

1974

14.7

12.4

2.3

-5.20

-3.91

-1.29

1975

20.2

18.2

2.2

5.81

6.06

- .25

1976

27.8

25.0

2.8

7.46

6.80

.66

1977 — J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

27.8
28.5
29.7
30.4
30.8
32.1
32.8
34.0
35.0
37.2
38.2
38. 3

25.0
25.5
26.5
27.2
27.5
28.3
29.0
30.1
30.9
32.7
33.5
33.7

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

.45
.66
1.20
.68
.47
1.32
. 60
1.29
.97
2.23
1.05
.06

.38
.46
1.00
.68
.40
.79
.63
1.11
.80
1.86
.82
.16

.07
.20
.17
.07
.53
- .03
.18
.17
.37
.23
- .10

1978 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

38.0
37.3
36.9
36.5
36.2
36.1
36.0
36.4
36.7
38.7

33-6
33.0
32.7
32.3
31.9
31.5
31.5
31.9
32.3
33.8

4.4
4.3
4.2
4.2
4.3
4.6
4.5
4.5
4.4
4.9

-.32
-.70
-.40
—. 46
.62
.03
-.11
.32
.36
1.97

—. 08
-.61
-.34
-.42
-.57
-.31
-.03
.36
.44
1.48

- .24
- .09
— . 06
- .04
.05
.34
- .08
- . 04
— . 08
.49

——

* S&L Data have been r e v i s e d by FHLBB back t o 1977.
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
Digitized
forasFRASER
levels
reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.



H.16

T a b l e 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN M I L L I O N S O F D O L L A R S

PERIOD

1975 - J u l y
Aug.
Sept.
Oct.

Nov.
Dec.

1976 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

Nov.
Dec.

1977 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1978 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.
0ct
'e/
Nov.-

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

FNMA
&
•
V FHLB
1 elk.W
SHORT-TERM
DISCOUNT
NOTES 1

TOTAL

FHLB

FHLMC

FNMA

+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

-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

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

399
1,712
887
848
3,091
1,492
1,605
1,811
1,683
1,680
1,323

-12
1,388
-17
600
1,483
1,276
1,881
1,182
1,131
1,630
1,100

0
1,400
0
0
1,500
0
700
1,200
0
0
900

-12
-12
-17
0
-17
276
-19
-18
181
-70
200

0
0
0
600
0
1000
1200
0
950
1700
0

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

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




INTERMEDIATE AND L O N G - T E R M I S S U E S

18

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

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

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 ,400

MSB's

S & L's

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

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

INSURANCE FNMA-GNI
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

3;,019
3,,409
4.,837
4,,856
5.,021
5,,66o
3, 991
4 , 721
4.,294
4:,122

406
304
488
854
373
850
556
1,006

320
498
473
608
1,244
773
728
998
984

4 , 319
4 , 384
4 , 736
4, 349
4, 300
4 , 472
3, 647
4 , 214
4, 188
4, 307

544
377
615
817
509
851
679
1,045

379
600
560
747
1,455
969
444
930
745

Not S e a s o n a l l y Ad l u s t e d
1978

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

5 ,557
6 ,155
8 ,751
9 ,304
10;,307
11 ,125
8 ,849
10 ,961

5 ,237
5.,657
8 278
8,,696
9,,063
10,,352
8,,121
9, 963

1.,400
1;,600
2.,400
2.,500
3,,100
3,,200
2,,900
3,,600
2, 700

412
344
553
486
569
642
6 74
636
516

S e a s o n a l l y Adiusited
Jan.
FebMar.
Apr •
May
June
July
Aug.
Sept.
Oct.

7, 602
7, 885
8, 827
8, 544
9, 720
9, 579
8, 263
10,,273

7, 223
7, 285
8, 267
7, 797
8, 265
8, 610
7, 819
9,,343

1, 788
2, 009
2, 329
2, 149
2, 893
2, 833
2, 858
3, 499
2, 540

572
515
587
482
563
454
6 35
585
538

NOTES
1

EMEBIPE?®

Beginning January 1972 data reflect activity in limited amount of conventional mortgages.



Table 13

19

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

MULTFAMLY
&
COMMERCIAL

FARM

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
36.6

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
III
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 '
77.1
94.0
98.5

59.7
57.8
73.8
78.0

58.3
58.0
70.0
75.5

1.4
-0.1
3.8
2.5

13.7
14.5
13.4
13.0

15.0
14.4
17.2
15.5

5.3
4.8
6.9
7.6

1977 - I
II
III
IV

105.3
136.4
142.1
152.1

82.0
113.1
115.1
116.8

77.9
104.6
108.2
107.2

4.1
8.5
6.9
9.6

14.5
14.0
18.5
26.5

23.3
23.3
27.0
35.3

8.8
9.3
8.5
8.8

1978 - I
I I (P)

131.4
136.5

. 99.3
103.3

89.0
93.0

10.3
10.3

22.4
23.4

33.0
33.9

9.7
9.8

NOTES:
1

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

2

R e s i d e n t i a l mortgage d e b t i n c l u d e s nonfarm only and i s sum of 1 - t o 4 - f a m i l y and
m u l t i f a m i l y mortgage d e b t .




N3

T a b l e 14

O

PRIVATE HOUSING PERMITS, S T A R T S ,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S O F U N I T 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

PERIOD

2 - O R MORE
FAMILY

TOTAL

1—FAMILY

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

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

1,407
1,434
2,052
2,357
2,045
1,338
1,160
1,538
1,987

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

1,032
957
1,037
1,157
1,058
1,123
1,035
1,020
1,09 2
1,126

494
577
610
583
539
698
597
543
6 39
555

1,548
1,569
2,047
2,165
2,054
2,124
2,119
2,025
2,081
2,080

1,156
1,103
1,429
1,492
1,478
1,441
1,453
1,440
1,462
1,447

TOTAL

1—FAMILY

1969
1970
1971
1972
1973
1974
1975
1976
1977

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

1978 - J a n .
Feb .
Mar .
Apr.
May
June
July
Aug.
Sept.
Oct.

1,526
1,534
1,647
1,740
1,597
1,821
1,632
1,563
1 , 7 31
1,681

COMPLETIONS

STARTS

PERMITS 1

j
|
i

!
!

TOTAL

2 - O R MORE
FAMILY

656
621
901
1,048
914
450
268
376
375
392
466
618
673
576
683
666
5 85
619
633

!

1 —FAMILY

MOBILE
HOME
2 - O R MORE
SHIPMENTS
FAMILY

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

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

592
617
692
828
840
760
430
336
398

413
401
497
576
567
329
216
246
277

1,759
1,696
1,821
1,943
1,854
1,890
1,943
1,970
1,929

1,300
1,233
1,363
1,515
1,426
1,344
1,289
1,367
1,405

459
463
458
428
428
546
65 4
603
524

324
265
285
252
258
263
232
283
272
286

NOTES:
Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of
apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1
Permit data for 1969 and 1970 based on 13,000 areas with permit systems

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

e

#

#

#

#

#

«

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING H O M E S

NEW H O M E S

1

1

PERIOD

SPREAD
BETWEEN
R E T U R N S ON
NEW A a a
NEW HOMES
CONVENTIONAL
UTILITY
1
AND HUD(FHA)
BOND
NEW HOME
DISCOUNT
YIELD
SPREAD
(BASIS
(PERCENTAGE M O R T G A G E S (IN PER CENT)
(BASIS
POINTS)
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
S E C O N D A R Y MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

1976 - High
Low

9.05
8.90

91
5

9.10
8.95

95
10

9.06
8.25

59
8

4 .3
2 .0

65
- 4

- 8.72
8.05

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

98
63

9.11
8.40

73
22

4 .7
1.7

40
4

8.31
8.01

1978 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

9.15
9.25
9.30
9.40
9.60
9.75
9.80
9.80
9.80
9.95

NA
54
47
48
58
59
72
100
74
72

9.20
9.25
9.30
9.45
9.60
9.75
9.80
9.80
9.85
9.95

NA
54
47
53
58
59
72
100
79
72

9.11
NA
9.29
9.37
9 .67
NA
9.92
9.78
9.78
9.78

NA
NA
46
45
65
NA
84
98
72
55

4.7
NA
4.1
4 .7
5 .0
NA
3.1
2.1
2.1
2.1

4
NA
1
3
- 7
NA
-12
2
2
17

NA
8.71
8.83
8.92
9.02
9.16
9.08
8.80
9.06
9.23

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.t6

22

T a b l e 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

| ACCEPTED

AVERAGE
YIELD

855 ( 1 2 / 2 7 ) 5 7 0 ( 1 2 / 2 7 ) 8 . 9 8 ( 1 2 / 2 7 ]

1977 - High

50 ( 9 / 7 )

Low

35 ( 9 / 7 )

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

OFFERED

ACCEPTED

383 ( 5 / 2 )

278 ( 5 / 2 )

8.46 (1/10:

123 ( 7 / 2 5 )

AVERAGE
YIELD

9.21 (12/27)

71 ( 9 / 1 9 ) 8 . 8 1 ( 1 / 1 0 )

9
23

]L011.0
768.8

605.3
356.6

9.13
9.21

403.6
546.3

192.8
256.8

9.28
9.37

Feb . 6
21

640.9
558.2

338.0
285 .5

9.27
9.35

633.6
580.5

299 .3
266.7

9.45
9.53

Mar . 6
20

358.8
164.9

218.5
116 .4

9.36
9.33

444.8
378.7

266.4
246.1

9.59
9.62

Apr.

3
17

625.5
283.8

363.7
165 .5

9.44
9.44

522.8
451.4

295.3
282.8

9.69
9.74

May

1
15
30

655.1
611.4
851.2

349.9
269.9
446.9

9.52
9.63
9.83

645.8
716.9
573.1

305.4
362.5
300.4

9.80
9.89
10.01

June 12
26

522.0
573.0

285.2
351.4

9.86
9.96

350.1
224.4

207.0
135.0

10.07
10.13

July 10
24

503.3
253.4

327.4
144.1

10.02
10.00

169.8
146.2

90.5
88.4

10.17
10.21

7
21

130.3
368.8

80.1
197.1

9.82
9.80

74.7
150.0

47.5
81.0

10.15
10.07

Sept. 5
18

351.2
366.7

154.7
181.2

9.78
9.79

199.4
285.3

126.3
157.4

10.02
10.01

Oct

2
16
30

682.4
425.4
857.0

278.6
176.2
377.6

9.91
9.98
10.20

395.5
336.1
425.2

166.9
148.8
179.9

10.10
10.18
10.31

Nov

13
27

452.8
335.2

182.4
139.4

10.27
10.33

488.2
373.2

199.5
187.3

10.49
10.64

1978 - Jan.

Aug.

-

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