Full text of H.16 Capital Market Developments : December 12, 1977

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Capital
Market
Developments
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December 1 2 , 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 G O V E R N O R S
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
7, 8

SECURITY VOLUME AND YIELDS
STOCK MARKET AND SECURITY
CREDIT
9 - 1 6 MORTGAGE MARKET
SYMBOLS
e
P
r
n.a.

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

NEW ISSUE 1
A a a UTILITY

1977 - November

4
11
18
25

December

2
9

RECENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
S O L D BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

8.35
8.29
8.24
8.23

8.32
8.26
8.24
8.19

306
699
409
390

100
97
95
96

0
40
21
48

8.26
8.35p

8.23
8.34p

770
224

64
82

295
160

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

GROSS
OFFERINGS
($ MILLIONS)

3

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

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1977 - November

4
11
18
25

5.20
5.20
5.15
5.05

5.55
5.51
5.45
5.45

530
554
1,197
702

87
86
74
93

124
140
306
271

December

2
9

5.05
5.05

5.47
5.54

392
465

81
71

221
281

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

1

RECENTLY OFFERED
A a a UTILITY

1973 - H i g h
Low

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

8.32
7.28

1974 - H i g h
Low

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

10.52
8.13

1975 - H i g h
Low

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

9.71
9.06

1976 - H i g h
Low

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

1977 - H i g h
Low

2

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

3

U . S . GOVT. 2 0 - Y E A R *
C O N S T A N T MATURITY

B O N D BUYER
2Q-BOND INDEX

(8/10)
(1/5)

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

7.79 (6/10)
6.42 (1/5)

5.59
4.99

(10/11)
(1/4)

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

8.68
7.39

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

(5/25)
(2/28)

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

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

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

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

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

8.17
7.27

7.29 (1/2)
5.95 (12/16)

8.35 (12/9)
7.90 (1/7)

8.34 (12/9)
7.95 (1/7)

8.13 (12/9)
7.88 (1/7)

7.81 (12/9)
7.26 (1/7)

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

(8/30)
(1/4)

(5/28)
(12/31)

1977 - Nov.

4
11
18
25

8.35
8.29
8.24
8.23

8.32
8.26
8.24
8.19

8.08
8.10
8.07
8.07

7.81
7.80
7.74
7.73

5.55
5.51
5.45
5.45

Dec.

2
9

8.26:
8.35p

8.23
8.34p

8.08r
8.13p

7.75r
7.81p

5.47
5.54

(8/3)
(10/11)

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.

r
Revised.

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

•

#

e

#

e

#

e

e

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

1977 3
January
February
March
April
May
June
July
August
September
October
November

01
03

1st Half

1977

1976

2

1975

3,381
3,863
6,632

5,367
4,528
5,378

3,555
3,448
4,138

2,451
2,885
3,365

2,361
2,387
2,135

3,639
3,735
5,321

3,507
4,186
6,439

4,294
5,798
5,596

3,580
4,304
5,740

2,218
3,575
3,115

2,406
2,900
3,064

4,074
3,322
3,300e

3,216
3,357
4,817

4,327
2,405
2,836

3,200e
4,000e
3,800e

2,734
2,821
2,814

3,580
2,783
2,159

3,800e
4,800e

4,431
3,047
6,480

4,705
4,076
4,307

3,800e
3,300e

3,524
3,336
2,342

2,323
2,381
2,052

12,192
12.695
10,696

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

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

11,141
13,624
ll,000e

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

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

24,887
35,583

28,008
39,398
53,356

30,961
40,529
53,617

24,765
35,765e

17,609
25,978
35,180

15,253
23,775
30,531

04

3 Qtrs.

1975 1

1976 1

3

3,989
2,708
5,495

December

02

S T A T E A N D LOCAL

CORPORATE

PERIOD

Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

3

E s t i m a t e d by F e d e r a l R e s e r v e on t h e b a s i s of a v a i l a b l e d a t a .




2

Table 4

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

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

G R O S S PROCEEDS BY TYPE OF ISSUER

1

MEMO
ISSUES INCLUDED
FOREIGN CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

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
II

12,192
12,695

6,504
5,606

3,071
4,215

2,617
2,874

858
1,800

6 •
108

2,774
3,182

3,019
3,852

1,415
1,044

4,986
4,618

1976 - A u g u s t
September
October
November
December

3,357
4,817
4,431
3,047
6,480

1,565
2,100
2,729
1,256
2,568

1,113
2,163
753
1,101
2,992

678
554
949
690
920

367
400
235
1,310
250

7
92
21
31
3

1,031
753
1,349
510
2,385

920
1,465
1,414
1,327
1,156

212
140
155
190
196

1,195
2,459
1,513
1,019
2,744

1977 - J a n u a r y
February
March
April
May
June
July
August

3,989
2,708
5,495
3,639
3,735
5,321
4,074
3,322

2,786
1,102
2,610
1,961
1,600
2,045
2,360
1,947

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

602
820
1,195
591
1,248
1,035
695
557

300
433
125
600
350
850
935
150

0
6
0
50
2
56
21
262

906
743
1,125
1,348
652
1,182
1,309
966

986
435
1,598
774
1,612
1,466
843
497

50
557
808
334
294
416
277
45

2,048
973
1,965
1,182
1,179
2,257
1,646
1,813

1976 - I
II
III

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



Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
November 28 t h r o u g h December 9 ,
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Com. s t k .
Com. s t k .
Equip, t r .
1 s t mtg.
Equip, t r .
Debt.
1st mtg.
Notes
Debt.
Sub. d e b t .
1st mtg.
1st mtg.
Debt.
Com. s t k .
Com. s t k .
Com. s t k .
Pfd. stk.
1 s t mtg.
Equip. t r .
Debt.
1st mtg.
Debt.
Debt.

27.0
177.2
40.0
150.0
19.6
35.0
25.0
100.0
100.0
100.0
25.0
25.0
150.0
48.8
118.2
34.5
49.0
60.0
21.1
40.0
25.0
25.0
40.0

1977

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

K a n s a s Power & L i g h t Co.
P a c i f i c Gas & E l e c . Co.
U n i o n Tank C a r
Commonwealth E d i s o n Co.
N o r f o l k & W e s t e r n R a i l w a y Co.
R e p u b l i c New York C o r p .
Iowa E l e c . L i g h t &#Power Co.
F o r d M o t o r C r e d i t Co.
F o r d M o t o r C r e d i t Co.
F o r d M o t o r C r e d i t Co.
Potomac E d i s o n Co.
M o n o n g a h e l a Power Co.
B e n e f i c i a l Corp.
U t a h Power & L i g h t Co.
Ohio E d i s o n Co.
P u g e t Sound Power & L i g h t Co.
Alabama Power Co.
U n i o n E l e c t r i c Co.
S o u t h e r n R a i l w a y Co.
W e s t e r n U n i o n T e l e g r a p h Co.
West Penn Power Co.
M i s s i o n I n s u r a n c e Group I n c .
R e l i a n c e F i n a n c i a l S e r v i c e s Corp.

——
—

1977
2007
1978-1992
2002
2007
1988
2002
2002
2007
2007
2007

8.35
8.25
7.75
8.75
8.25
7.85
8.38
8.50
8.63
8.63
8.40

8.35
8.30
7.10-8.00
8.82
8.50
7.85
8.39
8.54
8.59
8.59
8.40

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

2007
1978-1992
1997
2007
2002
1997

8.72
8.63
7.88
9.25
8.50
9.00
9.63

8.72
8.68
7.10-8.00
9.25
8.50
9.08
9.70

Ba/BBBA/A
Aa/AA+
Baa/BBB
Aa/AA
—/A—
—/B

NOTES:
*

Rights offering.

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



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
November 28 t h r o u g h December 9 , 1977

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/SAP'S
RATINGS

9.00

9.06

Aaa/AAA

CORPORATE

OTHER
S o c i e t e R a t i o n a l e d e Chemins d e f e r
Francais




Bonds

50.0

1992

#

#

#

#

#

*

#

*

#

#

,

Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
November 28 t h r o u g h December 9 ,
ISSUER

1977

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

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

11.7
50.0
10.0
40.0
37.1

1980-1992
2007
1980-1994
1979-1997
1979-1996

Rev.

22.8

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

TYPE

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

R i c h a r d s o n I n d . Sch. D i s t . , Texas
M a r s h a l l C o . , West V i r g i n i a
F e e F e e T r u n k Sewer D i s t . , Mo.
G t r . Chicago M e t r o . S a n t . D i s t . , 111.
C o l o r a d o R i v e r Mun. Water D i s t . , T e x .
Los A n g e l e s D e p t . of W a t e r & P o w e r ,
Cal.
Los A n g e l e s D e p t . of W a t e r & P o w e r ,
Cal.
M a s s a c h u s e t t s Mun. W h o l e s a l e E l e c . Co.
M a s s a c h u s e t t s Mun. W h o l e s a l e E l e c . Co.
Kanawha C o . , W. Va.
V i r g i n i a B e a c h , Va.
C e r r i t o s Redev. Agy., C a l .
Industry Civic-Rec. Indust. Auth.,
Cal.
I l l i n o i s Health Fac. Auth.
I l l i n o i s Health Fac. Auth.
C a l i f o r n i a Hsg. F i n a n c e Agy.
C a l i f o r n i a Hsg. F i n a n c e Agy.
Racine, Wise.
R a c i n e , Wise.
J e f f e r s o n Co., Ala.

Aa/A+

5.67
4.98
5.13

3.80-4.70
6.95
4.20-5.60
3.65-5.25
3.80-5.30

1982-2000

5.45

4.20-5.30

Aa/AA

27.2
15.9
67.6
16.3
15.9
15.0

2017
1988-1998
2017
2007
1979-1997
1981-2001

5.45
6.13
6.13

5.53
5.10-5.80
6.13
6.00
3.80-5.25
4.50-6.10

Aa/AA
A-l/AA
A-l/AA
A/A
Aa/A+
A/A-

17.0
4.3
7.3
16.2
8.8
4.7
12.1
10.0

2000-2006
1978-1995
2007
1980-1997
2012
1981-1993
2007
1978-2003

6.35
6.98
6.98

6.10-6.20
4.00-6.70
7.00
4.10-5.45
5.70
5.00-6.40
6.95
3.70-5.60

A/BBB
A/A
A/A
A-1/A+
A-1/A+
A/A
A/A
A/A

4.73

——

4.95
5.90

6.29
6.29
5.44

—/—

Baa-1/—
Aa/AA
A/A

NOTES:
1

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

2

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




vo

I

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 28 t h r o u g h December 9 ,

TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

1977

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

C o u r t l a n d I n d u s t . Dev. B d . , A l a .
M o n t e r e y P a r k Comm. R e d e v . A g y . ,
New O r l e a n s , L a .




Cal.

Rev.
G.O#
G.O.

24.5
13.9
25.0

2007
2002
1979-2002

6.10
6.49
5.31

6 . 54
3.90-5.70

A/
Baa/—
A/A+

T a b l e 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S. TREASURY
As of December 9,
TYPE

ISSUER

1

1977
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Vepco
Missouri Pacific Railroad
A l l e g h e n y Power System
*LNG A r i e s
P e n n s y l v a n i a Power & L i g h t Co.
World S a v i n g s & Loan A s s o c .
D i a l F i n a n c i a l Corp.
W a l t e r K i d d e & Co.
C e n t r a l Telephone Corp.
* D e t r o i t E d i s o n Co.
A r k a n s a s Power & L i g h t Co.
Sea C o n t a i n e r s A t l a n t i c L t d .
C a e s a r ' s World I n c .
S t . L o u i s & S. W e s t e r n R a i l r o a d
Comdisco I n c .
Crocker N a t i o n a l Corp.
Gamble-Skogmo I n c .
Iowa S o u t h e r n U t i l i t i e s Co.
Middle South U t i l s . I n c .
*Iowa S o u t h e r n U t i l i t i e s Co.
* F l o r i d a Power & L i g h t Co.
* P a c i f i c T e l . & T e l e . Co.
*Iowa P u b l i c S e r v i c e Co.
Tiger I n t e r n a t i o n a l Inc.

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

75.0
15.0
75.0
97.0
100.0
50.0
50.0
50.0
35.0
50.0
75.0
30.0
15.0
19.1
15.0
75.0
30.0
15.0
150.0
15.0
75.0
300.0
22.0
50.0

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Indef

OTHER
Ontario
* B e l l Canada

Debt.
Bonds

250.0
200.0

Dec.
Jan.

15

POSTPONED
American S a v i n g s & Loan A s s o c .

Mtg.-backed

150.0

Dec.

8

CANCELLED
S o c i e t e N a t i o n a l e d e s Chemins d e
fer Francais

Bonds

40.0

Dec.

8

NOTES:
*

Included in table for first time.

1

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




12
13
13
13
13
13
14
14
14
15
15
15
19
20
20

10
10
10
11
11
•

12
Table 6B

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

1

As of December 9, 1977

TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

S p r i n g f i e l d , Mo.
* J a c k s o n C o . , Mo.
S. C a l i f o r n i a R a p i d T r a n s i t D i s t .
P i a n o I n d . S c h . D i s t . , Tex.
Phoenix, A r i z .
Newark, N . J .
*Nevada, S t a t e of
Anne A r u n d e l C o . , Md.
Cambria Co. I n d u s t . Dev. A u t h . , Pa.
Camden C o . , N . J .
V i r g i n i a , S t a t e of
New Y o r k , S t a t e of
I l l i n o i s Health Fac. Auth.
J o s e p h i n e Co. S c h . D i s t . , O r e .
* P e n n s y l v a n i a S t a t e Pub. Sch. Bldg.
Auth.
* P e n n s y l v a n i a S t a t e Pub. Sch. Bldg.
Auth.
M i n n e s o t a , S t a t e of
D e t r o i t , Mich.
Houston, Texas
Pasadena Redev. Agy., Cal.
S a y r e Borough Hosp. A u t h . , P a .
Honolulu, Hawaii
Lower C o l o r a d o R i v e r A u t h . , T e x .
* V i r g i n i a H o u s i n g Dev. A u t h .
*Rhode I s l a n d , S t a t e of
New J e r s e y , S t a t e of
*Southwest Texas S t a t e Univ.
D a l l a s , Texas
Omaha P u b l i c Power D i s t . , Neb.
* D a l l a s - F o r t Worth R e g . A i r p o r t ,
Tex.
N o r f o l k I n d u s t . Dev. A u t h . , Va.

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

84. . 6
41, . 0
15,. 2
20, . 0
120, . 0
18,. 7
13.. 0
25.. 0
12.. 3
15.. 5
125. ,0
104. . 5
15.. 5
11.. 5

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

12
12
12
13
13
13
13
13
13
13
13
13
14
14

Rev.

24. .0

Dec.

14

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

10.,0
134. ,0
19. ,2
5 0 . .0
2 6 . ,0
3 7 . ,9
3 5 . .0
4 0 . .0
7 5 . ,0
2 0 . ,4
1 2 0 . ,0
12. 0
6 0 . .0
2 3 0 . ,4

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

14
14
14
14
15
15
15
15
20
20
20
21
21

Rev.
Rev.

4 7 . ,0
2 1 . .5

Dec.
Dec.

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
1

STOCK PRICES

DATE
NYSE INDEX

3

B J INDUSTRIALS

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

AMEX

4

NASDAQ

5

2

TRADING VOLUME
NYSE

AMEX

NASDAQ

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

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

11.3 (1/11)
3.5 (8/27)

1973-High
Low

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

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
2.8

1975-High
Low

51.24
37.16

(7/15)
(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 (1/3)
49.78 (11/2)

999.75 (1/3)
800.85 (11/2)

124.61 (12/2)
109.61 (1/12)

104.33 (11/25)
93.66 (4/5) .

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

4.2
1.4

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

Oct.

7
14
21
28

52.59
51.24
50.61
50.77

840.35
821.64
808.30
822.68

118.85
115.59
114.09
112.86

101.62
99.05
98.54
97.49

18.7
19.0
20-. 0
21.5

2.1
2.0
2.2
2.1

7.5
7.7
8.4
7.9

Nov.

4
11
18
25

50.27
52.70
52.51
53.33

809.94
845.89
835.76
844.42

112.88
118.33
119.64
123.42

97.21
100.94
102.22
104.33

19.0
25.8
25.0
24.7

1.9
2.7
2.8
3.0

7.2
9,2
9.5
8.6

Dec.

2
9

52.34
51.72

823.98
815.23

124.61
124.14

104.10
103.57

22.5r
21.1

3.0
2.7

9.3r
9.7

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

136.84 (1/11)
89.12 (12/13)

NOTES:
1

Figures other then highs end lows ere Fridays only. Highs end lows ere for the year and are not necessarily for Frideys.

2

Volume figures ere weekly everages of daily figures (millions of shares).

3

12/31/66 - 60

4 8 / 3 1 / 7 3 = 100.
5 2 / 5 / 7 1 = 100.




(1/13)
(9/22)

(1/3)
(7/5)

14
Table 8

SECURITY CREDIT
( i n m i l l i o n s of d o l l a r s )
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS O N
CONVERTIBLE
BONDS

3

2

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1976 - O c t o b e r
November
December

7,530
7,610
7,960

169
178
204

1,067
864
845

2,253
2,312
2,283

1977 - J a n u a r y
February
March
April
May

8,270
8,480
8,690
8,880
9,070
9,230
9,460
9,560
9,590
9,560

196
197
199
196
196
198
204
200
196
191

832
844
810
807
801
823
823
829
824
827

2,312
2,319
2,312
2,350
2,345
2,403
2,419
2,438
2,434
2,431

1976 - O c t o b e r
November
December

80
350

-5
9
26

-12
-203
-19

99
59
-29

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

310
210
210
190
190
160
230
100
30
-30

-8
1
2
-3

-13
12
-34
-3
-6
22

29
7
-7
38
-5
58
16
19
-4
-3

June

July
August
September
October

CHANGE IN OUTSTANDING

2
6
-4
-4
-5

6
-5
3

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 OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

1972
1973
1974
1975
1976
197 7 - A p r i l
May
June
July
Aug.
Sept.
O c t . j>/

REGULAR DEPOSITS

NET
FLOW
10,067
4,815
2,909
11,070
11,546
107
856
1,484
677
282
1,200
590

1

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

SHARE CAPITAL

ANNUAL 3
GROWTH
RATE
12.4
5,451
5.4
-442
2.2
-2,822
11.3
4,757
11.6
5,275

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

-168
577
38
396
-12
-137
300

2,124
3,647
6,384
4,164
2,863
5,962
2,380

——

NET
FLOW

NET
NEW
MONEY

TOTAL

2

DEPOSITS

ANNUAL 3
GROWTH
RATE
18.6
23,884
10,507
9.9
7.0
4,668
17.3
29,276
17.7
34,369

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

1,924
3,419
2,048
3,913
2,619
1,666
2,244

2,231
4,503
7,868
4,841
3,149
7,162
2,970

******

——
——
——
——

NET
FLOW

ANNUAL 3
GROWTH
RATE
16.6
8.5
5.5
15.8
16.0

— —
—-—
— —— —
——

NET
NEW
MONEY

2

29,335
10,062
1,846
34,033
39,644
1,756
3,996
2,086
4,309
2,622
1,529
2,544

SEASONALLY ADJUSTED
1977-April
May
June
July
Aug.
Sept.
O c t . j>/

527
927
796
1,394
1,326
1,231
1,216

5.1
8.9
7.6
13.2
12.4
11.4
11.2

——

——

3,397
3,947
3,738
6,180
6,220
5,980
4,192

11.7
13.4
12.6
20.6
20.4
19.2
13.3

——

——

3,924
4,874
4,534
7,574
7,546
7,211
5,408

9.9
12.2
11.3
18.7
18.3
17.2
12.7

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.
Ln

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



N.16

16
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 CHANGE
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKS
A S S O C I A T I O N S ( N Y. S T A T E )

1972

25.2

20.3

4.9

7.48

6.28

1.20

1973

19.9

16.4

3.5

-5.31

-3.92

-1.39

1974

14.7

12.5

2.2

-5.20

-3.91

-1.29

1975

20.6

18.6

2.0

5.81

6.06

1976 - J a n .
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 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

27.9
28.4
29.6
30.2
30.3
31.4
32.1
34.1
35.5
38.0

25.1
25.4
26.4
27.0
27.0
27.6
28.4
30.1
31.4
33.4

2.8
3.0
3.2
3.2
3.3
3.8
3.7
4.1
4.1
4.6

-.35
.48
1.24
.56
.12
1.07
.80
1.97
1.31
2.48

-.45
.30
1.04
.59
.02
.58
.83
1.66
1.30
2.01

.10
.18
.20
-.03
.10
.52
-.03
.33
.01
.47

-

.25

—

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 f r o m 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

17

T a b l e 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

+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
-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

0
-200
0
-6
105
0
0
304
0
0
300

189
-393
-4
0
200
3
-47
-3
9
11
200

-1
1
-350
752
-8
200
600
0
-300
200
0

-176
-270
643
-402
235
402
-22
46
486
-36
-34

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

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

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

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

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

-197
-964
-851
124
-953
-107
-58
787
195
-37
-552
145

0
-604
-304
693
-607
-206
291
+190
190
310
-297
-219

1977 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. e

12
-862
289
344
532
605
531
347
195
247
466

188
-592
-354
746
297
203
553
301
-291
211
500

Based on data from Treasury Survey of Ownership.

e

Estimated.




FNMA

+1,050
+100
+310
+491

1974 - S e p t .
Oct.
Nov.
Dec.

NOTES:

FHLMC

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES

— —
— —

— —

9
T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976

MAJOR FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

21,930
41,406
57,587
58,372
42,739
43,497
63,245

17,020
39,018
55,561
55,072
36,517
38,658
65,365

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

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

10,254
23,919
31,932
25,552
17,567
29,289
44,977

INSURANCE FNMA-GNMA
COMPANIES

2,348
1,221
1,452
4,278
5,078
2,933
2,414

4,910 *
2,388
2,026
3,300
6,222
4,839 §
-2,120

34
31
140
414
158
496
252
220
744

-326
- 42 g
66
123
687
177
- 86
-163 #
167

Not S e a s o n a l l y Ad l u s t e d
1977 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

3,630
4,175
6,614
8,132
8,780
10,483
8,141
9,204
9,430

3,956
4,217
6,548
8,009
8,093
10,306
8,227
9,367
9,263

800
1,000
1,500
1,900
1,900
2,700
2,100
2,700
2,600
2,100

196
156
291
414
388
976r
649r
719
660

2,926
3,030
4,617
5,281
5,647
6,134
5,226
5,728
5,259
4,856

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

5,417
5,410
6,818
7,557
8,235
9,270
7,265
8,410
9,275

5,684
5,275
6,601
7,263
7,180
8,861
7,701
8,839
9,308

1,225
1,327
1,547
1,761
1,665
2,381
2,086
2,558
2,413
2,082

337
307
280
401
366
816r
559r
696
735

3,980
3,567
4,487
4,648
4,882
5,156
4,743
5,336
5,412
5,225

s
112
74
287
453
267
508
313
249
748

-267
135
217
294
1,055 S
409
-436
-429
- 33

%

A
1

M o n t h l y d a t a f o r c o m m e r c i a l b a n k s b a s e d on F e d e r a l R e s e r v e e s t i m a t e s b e n c h m a r k e d
t o C a l l R e p o r t d a t a on r e a l e s t a t e l o a n s o u t s t a n d i n g a s a v a i l a b l e .
Other d a t a
d e r i v e d f r o m m o r t g a g e d e b t o u t s t a n d i n g a s r e p o r t e d s e p a r a t e l y by N a t i o n a l A s s n .
of M u t u a l S a v i n g s B a n k s , F e d e r a l Home Loan Bank B o a r d , A m e r i c a n C o u n c i l of L i f e
I n s u r a n c e , F e d e r a l N a t i o n a l M o r t g a g e A s s o c i a t i o n , and t h e Government N a t i o n a l
M o r t g a g e A s s o c i a t i o n . A l t o g e t h e r , t h e s e g r o u p s a c c o u n t e d f o r 73 p e r c e n t of t h e

n e t i n c r e a s e e s t i m a t e d f o r a l l h o l d e r s i n 1976.


NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976

MAJOR FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

21,930
41,406
57,587
58,372
42,739
43,497
63,245

17,020
39,018
55,561
55,072
36,517
38,658
65,365

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

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

10,254
23,919
31,932
25,552
17,567
29,289
44,977

INSURANCE FNMA-GNMA
COMPANIES

2,348
1,221
1,452
4,278
5,078
2,933
2,414

4,910
2,388
2,026
3,300
6,222
4,839
-2,120

Not S e a s o n a l l y Ad l u s t e d
1977 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

3,630
4,175
6,614
8,132
8,780
10,483
8,141
9,204
9,430

3,956
4,217
6,548
8,009
8,093
10,306
8,227
9,367
9,263

800
1,000
1,500
1,900
1,900
2,700
2,100
2,700
2,600
2,100

196
156
291
414
388
976r
649r
719
660

2,926
3,030
4,617
5,281
5,647
6,134
5,226
5,728
5,259
4,856

-326
- 42
66
123
687
177
— 86
—163
167

34
31
140
414
158
496
252
220
744

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

1

5,417
5,410
6,818
7,557
8,235
9,270
7,265
8,410
9,275

5,684
5,275
6,601
7,263
7,180
8,861
7,701
8,839
9,308

1,225
1,327
1,547
1,761
1,665
2,381
2,086
2,558
2,413
2,082

337
307
280
401
366
816r
559r
696
735

3,980
3,567
4,487
4,648
4,882
5,156
4,743
5,336
5,412
5,225

112
74
287
453
267
508
313
249
748

-267
135
217
294
1,055
409
-436
-429
- 33

M o n t h l y d a t a f o r c o m m e r c i a l b a n k s b a s e d on F e d e r a l R e s e r v e e s t i m a t e s b e n c h m a r k e d
t o C a l l R e p o r t d a t a on r e a l e s t a t e l o a n s o u t s t a n d i n g a s a v a i l a b l e .
Other d a t a
d e r i v e d f r o m m o r t g a g e d e b t o u t s t a n d i n g a s r e p o r t e d s e p a r a t e l y by N a t i o n a l A s s n .
of M u t u a l S a v i n g s B a n k s , F e d e r a l Home Loan Bank B o a r d , A m e r i c a n C o u n c i l of L i f e
I n s u r a n c e , F e d e r a l N a t i o n a l M o r t g a g e A s s o c i a t i o n , and t h e Government N a t i o n a l
M o r t g a g e A s s o c i a t i o n . A l t o g e t h e r , t h e s e g r o u p s a c c o u n t e d f o r 73 p e r c e n t of t h e

n e t i n c r e a s e e s t i m a t e d f o r a l l h o l d e r s i n 1976.


T a b l e 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

#

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

1974 - S e p t .
Oct.
Nov.
Dec.

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

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

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

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

-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

19 76 — J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

-197
-964
-851
124
-953
-107
-58
787
195
-37
-552
145

0
-604
-304
693
-607
-206
291
+190
190
310
-297
-219

0
-1,100
0
0
-600
0
0
0
0
0
-300
0

1977 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. e

12
-862
289
344
532
605
531
347
195
247
466

188
-592
-354
746
297
203
553
301
-291
211
500

0
-200
0
—6
105
0
0
304
0
0
300

FHLMC

FNMA

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES
%

+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
-393
-4
0
200
3
-47
-3
9
11
200

-1
1
-350
752
—8
200
600
0
-300
200
0

-176
-270
643
-402
235
402
-22
46
486
-36
-34

——

|

|

£

1

|

|

1

NOTES:
Based on data from Treasury Survey of Ownership.

e

Estimated.




%

19

T a b l e 13

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

2

RESIDENTIAL
MULTIFAMILY

COMMERCIAL

MULTFAMILY
&
COMMERCIAL

FARM

TOTAL

1- to 4 FAMILY

25.5
25.3
33.5
35.4

18.7
18.3
23.9
26.8

13.2
12.5
15.5
18.8

5.5
5.8
8.4
8.0

5.7
6.9
8.6
7.4

11.2
12.7
17.0
15.4

1.0
0.0
1.0
1.3

1971 - I
II
III
IV

41.2
51.8
57.8
59.5

32.7
40.3
43.1
44.7

23.2
29.6
33.8
35.7

9.5
10.7
9.3
9.1

6.7
9.3
12.1
11.6

16.2
20.0
21.4
20.7

1.7
2.1
2.6
3.1

1972 - I
II
III
IV

67.6
74.1
77.6
88.1

49.3
54.1
59.1
63.6

38.0
41.0
48.1
47.9

11.3
13.1
11.0
15.7

14.8
16.5
14.9
21.0

26.1
29.6
25.9
36.7

3.5
3.5
3.6
3.6

1973 - I
II
III
IV

80.6
87.4
80.7
70.4

56.0
59.9
56.2
48.5

47.8
46.9
43.7
40.6

8.2
13.0
12.5
7.9

19.1
21.7
19.4
16.4

27.3
34.7
31.9
24.3

5.6
5.8
5.0
5.5

1974 - I
II
II
IV

69.9
70.9
54.5
46.7

48.7
47.2
35.1
29.7

39.2
40.3
28.4
25.4

9.5
6.9
6.7
4.3

17.5
18.7
13.6
11.2

27.0
25.6
20.3
15.5

3.6
4.9
5.8
5.9

1975 - I
II
III
IV

44.0
55.0
62.3
67.7

29.7
39.8
45.3
50.8

28.9
39.8
44.9
51.9

0.8
0.0
0.4
-1.1

9.0
10.3
12.9
12.8

9.8
10.3
13.3
11.7

5.3
4.9
4.0
4.1

1976 - I
II
III
IV

78.6
77.3
94.0
97.4

59.7
58.0
73.8
76.1

58.3
58.1
70.0
74.6

1.4
-0.1
3.8
1.5

13.7
14.5
13.4
13.7

15.1
14.4
17.2
15.2

5.3
4.8
6.9
7.6

104.5
129.9
137.7

79.9
102.4
110.1

76.5
96.2
102.4

3.4
6.2
7.7

15.5
19.0
19.3

18.9
25.2
27.0

9.1
8.5
8.3

QUARTER

TOTAL

1970 - I
II
II
IV

1977 - I ( r )
I I (P)
III(p)

NOTES:
1

Derived from data cm 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 m o r t g a g e d e b t i n c l u d e s n o n f a r m o n l y 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 .


http://fraser.stlouisfed.org/
NOTE:
l l dofaSt.
t aLouis
revised
Federal
ReserveABank

a s of O c t o b e r 1 0 , 1977 due t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s .

T a b l e 14

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

M
O
PERMITS 1
PERIOD

TOTAL

1969
1970
1971
1972
1973
1974
1975
1976

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

1 —FAMILY

626
647
906
1,033
882
644
676
895

|

TOTAL

2 - O R MORE
FAMILY

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

I
I
|
i
|

COMPLETIONS

STARTS

1

1 —FAMILY

2 - O R MORE
FAMILY

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

1,413
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
1,937
1,897
2,083
2,029
2,063
2,179

1,006
1,424
1,503
1,413
1,455
1,389
1,437
1,453
1,518
1,555

378
378
586
467
482
508
646
576
545
624

l
1976 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

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

May
June
July
Aug.
Sept.
Oct.

|

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

1,333
1,526
1,687
1,605
1,615
1,678
1,639
1,772
1,695
1,852

930
1,060
1,188
1,051
1,077
1,105
1,089
1,156
1,135
1,119

403
466
499
554
538
573
550
616
560
653

!
:
!
!

1
|
1

!
!
i
!
1

|
!

j
|

MOBILE
HOME
SHIPMENTS

2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

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

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
1,540
1,536
1,647
1,671
1,691
1,679

1,103
1,242
1,236
1,226
1,177
1,209
1,267
1,278
1,252

313
395
471
314
359
438
404
413
427

258
275
275
252
251
264
251
270
300
323

i

413
401
497
576
567
329
216
250

NOTES:
Private building permits (for 14,000 areas w i t h 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.


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


#»

n

#

#

m

m

m

«#

#

m

m

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING HOMES

NEW HOMES

1

1

PERIOD

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

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

CONVENTIONAL LOANS
PRIMARY MARKET

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(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 - J u l y
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 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

8.80
8.80
8.85
8.90
8.95
9.00
9.00
9.00
9.00
9.00

58
52
63
59
n.a.
93
83
99
86
72

8.85
8.85
8.90
8.95
9.00
9.05
9.05
9.05
9.05
9.05

63
57
68
64
n.a.
98
88
1.04
91
.77

8.40
8.50
8.58
8.57
n .a.
8.74
8.74
8.74
8.72
8.78

18
22
36
26
n.a.
67
57
73
58
50

3.2
3.9
4.6
4.5
n.a.
1.9
1.9
1.9
1.7
2.2

40
30
27
33
n.a.
26
26
26
28
22

8.22
8.28
8.22
8.31
n.a.
8.07
8.17
8.01
8.14
8.28

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.




N5

22
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

1976 - High

21 ( 1 2 / 2 7 )

AMOUNT
(IN MILLIONS OF D O L L A R S )
OFFERED

ACCEPTED

634 ( 5 / 1 7 ) 3 2 1 ( 5 / 1 7 )

Low

AVERAGE
YIELD

9.20 (6/1)

19 ( 1 2 / 2 7 ) 8 . 3 9 ( 1 2 / 2 7 ]

171 ( 9 / 7 )
33 ( 1 / 2 6 )

AVERAGE
YIELD

ACCEPTED

127 ( 1 1 / 1 5 )

9.31 (6/1,
6/2

23 ( 2 / 2 3 )

8.90 (12/27

1977 - J a n .

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

702.3
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

July

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

Aug.

8
22

195.0

143.1

8.75

199.8

144.4

9.06

119.9

78.3

8.77

170.4

92.3

9.06

Sept.

7
19

50.3
62.6

35.1
40.3

8.74
8.74

138.9
107.5

113.9
70.5

9.06
9.05

Oct.

3
17
31

131.3
325.8
156.1

82.2
212.6
105.7

8.77
8.84
8.86

187.3
242.7
328.1

137.2
167.8
224.0

9.07
9.11
9.14

Nov.

14
28

110.6
99.8

69.5
83.2

8.86
8.85

308.6
229.0

202.8
183.5

9.16
9.16

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