Full text of H.16 Capital Market Developments : December 4, 1978

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V

Market
Developments

December 4, 1978

Prepared by the
C A P I T A L MARKETS SECTION
in c o n j u n c t i o n 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 O F GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D C. 20551

Index

SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
each. Address requests to Publications Services, Division of Administrative Services, and make payment
remittance payable to the order of the Board of
Governors of the Federal Reserve System in a form
collectible at par in U.S. Currency.




TABLES
1 - 6

S E C U R I T Y VOLUME AND YIELDS

7, 8

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

9 — 16 MORTGAGE MARKET
SYMBOLS
e

ESTIMATE

p

PRELIMINARY

r

REVISED

H.a.

NOT A V A I L A B L E
D A T A DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

N E W ISSUE
A a a UTILITY

RECENTLY
OFFERED
Aaa UTILITY

2

3
GROSS
OFFERINGS
($ MILLIONS)

272
400
439
260
388

92

30

9.25
9.30
9.25

9.28
9.30
9.24
9.25r

9.30p

9.29p

Nov.

3
10
17
24

Dec.

1

— —

9.19
9.23

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

35
5
24
0
3
0
10
73

340
294
585
250

9.04

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

90
98
96
100
99
100
98
72

9.04
9.03
9.15
9.24

6
13
20
27

1978 - Oct.

1

4

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
N E W ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
($ MILLIONS)

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

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

86
87
84
90

126
148
236
113

421
845
1,557
217

89
9095
86

78
107
101
121

753

81

169

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

5.55

6.29

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.

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.

4



7
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

BOND BUYER
20-80ND INDEX

1974 - High
Low

10.61 (10/4)
8 . 0 5 (2/15)

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

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

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

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

1975 - High
Low

9.80 ( 5 / 2 )
8 . 8 9 (2/7)

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

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

8 . 6 3 (9/19)
7.63 (2/21)

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

1976 - High
Low

8 . 9 5 (5/28)
7.93 (12/10)

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

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

8.17 (5/28)
7.27 (12/31)

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

1977 - High
Low

8.36 (12/16)
7.90 ( 1 / 7 )

8 . 4 8 (12/30)
7.95 ( 1 / 7 )

8.28 (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

9.30 (12/1)
8.60 (3/24)

9 . 3 0 (11/10)
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
9.28p

8.91
8.86
9.13
9.27p

8.69
8.69
8.89
n.a.

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
9.25r

9.04
9.06
9.02
9.00

8.80
8.80
8.72
8.72r

6.22
6.17
6.11
6.16

9.29p

9.03p

8.79p

6.29

Dec.

3
10
17
24
1

- -

9.30p

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

•

*

*

2

1978

STATE AND LOCAL
1977

1976

3,381
3,863
6,632

3,300
2,748
4,828

3,402
3,442
4,063

2,451
2,885
3,365

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

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

3,750e

4,221
5,331
6,531

4,511
3,074
6,503

3,087

3,807
3,332
3,646

3,524
3,336
2,342

Q1
02
03
04

10,112
12,535
ll,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

1st Half
3 Qtrs.
Year

22,647
33,684e

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

1978

CORPORATE
1977

1976

January
February
March

3,013
2,657
4,442

4,362
2,792
5,578

April
May
June

3,285
4,035
5,215

July
August
September
October
November
December

PERIOD

•

GROSS PROCEEDS
1

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 .



T
Table 4

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

PERIOD

TOTAL

GROSS PROCEEDS BY TYPE OF ISSUE
GROSS PROCEEDS BY TYPE OF ISSUER
BONDS
MEMO
COMMON
PUBLIC
MANUFACCOMMUNIOTHER
AND
ISSUES INCLUDED
PUBLICLY PRIVATELY
TURING
UTILITY
CATIONS
ISSUERS
OFFERED
PLACED PREFERRED
FOREIGN CONVERTIBLE
STOCK

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

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 - January
February
March
April
May
June
July
August

3,013
2,657
4,442
3,285
4,035
5,215
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

1977 - I
II
III
IV

1978 - I
II

-

349
353
552

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 '
November 27 through December 1, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

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 Bell 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.

Debt.
Debt.
Bonds
Equip, t r ,
Debt.
Debt.
Com. s t k .

100.0
100.0
50.0
23.1
60.0
75.0
30.0

2003
2018
1993
1979-1993
1996
1998

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

\

00

Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY <
November 27 through December 1, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&PS
RATINGS

S T A T E AND LOCAL

Lomod Bunker H i l l Hsg. Dev. Corp.
Calif.
Lomod Bunker H i l l Hsg. Dev. Corp. ,
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. Fin. 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. Fin. 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.

5.8

2002

7.55

7.50

A/A+

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

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+

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.




A/A+

18.8

1981-1999

7.55

5 .60—7..30

Rev.

——

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

—/—
- — J —

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-

Table 5B Continued

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

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

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Troy School 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
Warren, Ohio




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

15.2
10.6
5.3
11.8
10.4

1980-2004
1980-2003
1981-2008
1979-1998
1980-2009

A-l/AA
A/AA/AA—1/—
A—1/—

vo

10
Table 6A

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

1

As of December 1, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

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 I n c .
C e n t r a l I l l i n o i s P u b l i c Service
Co.
*American Can Co.
Belding Heminway Co. I n c .
* D e t r o i t Edison Co.
Wisconsin E l e c t r i c Power Co.
Mountain S t a t e s T e l . & T e l e . Co.
*Ford Motor Co.
*Ford Motor Co.
*Southland Corp.
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.
Utah Power & L i g h t Co.
*Cris-Craft Industries Inc.
American General I n s u r a n c e Co.
Aristar Inc.
Champion P a r t s R e b u i l d e r s I n c .
CCI Corp.
Golden Nugget I n c .
UNC Resources I n c .
Kay Corp.
^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.
POSTPONEMENTS
P a c i f i c Gas & E l e c t r i c Co.
Ohio Edison Co.
Caesars World I n c .

1 s t . mtg.
Units

100.0
25.0

Dec. 6
Dec. 6

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

24.0
100.0
20.0
60.0
60.0
150.0
100.0
250.0
50.0
20.0
80.0
30.0
20.0
100.0
25.0
15.0
25.0
45.0
50.0
15.0
15.3
131.0
20.0

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

Com. s t k .
Com. s t k .
Debt.

150.0
108.0
25.0

Nov. 28
Dec. 7
Dec.

NOTES:
*

Included in table for first time.

1

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




6
7
7
7
7
12
12
12
12
12
12
13

9
9
11

11
Table 68

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

1

As of December 1, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

North Carolina Medical Care
Commission
^'Pennsylvania Housing Finance Agcy
Wisconsin Housing F i n . Auth.
*Danville, I l l i n o i s
*Pekin, I l l i n o i s
P a r a d i s e Valley Sch. D i s t . #69,
Ariz.
Garland Ind. Sch. D i s t . , Texas
Washington, S t a t e of
D e t r o i t School D i s t . , Mich.
Chicago Comm. College D i s t . #508,
111.
Jordan School D i s t . , Utah
Ohio, S t a t e of
Washington P u b l i c Power Supply Sys.
*South Carolina S t a t e Hsg. Auth.
^Indianapolis Sanitary D i s t r i c t ,
Ind.
^Houston, Texas
Madison Voc. Tech. Educ. D i s t . #4,
Wise.
Minneapolis S t . Paul Metro A i r p o r t s
Comm., Minn.
Lower Colorado River A u t h . , Texas
Dallas Fort Worth Reg. A i r p o r t ,
Texas
^ 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.
South Carolina S t a t e Hsg. Auth.
*Anchorage, Alaska
^Alaska, S t a t e of
S t . Paul, Minn.
C a l i f o r n i a , S t a t e of
I r v i n e Ranch Wtr. D i s t . , C a l i f .
^Massachusetts, S t a t e of
Washoe Co. A i r p o r t A u t h . , Nev.
*Pontiac Building A u t h . , Mich.
*Gtr. Chicago Metro. S a n i t a r y D i s t . ,
111.

Rev.
Rev.
Rev.
Rev.
Rev.

35.2
60.2
58.2
15.6
15.0

Dec.
Dec.
Dec.
Dec.
Dec.

4
4
4
4
4

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

11.0
10.0
36.7
41.7

Dec.
Dec.
Dec.
Dec.

4
4
5
5

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

11.1
22.0
40.0
180.0
85.3

Dec.
Dec.
Dec.
Dec.
Dec.

5
5
5
5
6

G.O.
Rev.
G.O.

35.0
40.0
20.0

Dec. 6
Dec. 6
Dec. 6

Rev.
Rev.

15.0
48.0

Dec. 6
Dec. 6

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

147.0
100.0
55.9
85.0
17.6
40.0
13.8
150.0
13.8
124.0
44.5
25.0

G.O.

40.0

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

Dec. 14

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.




7
7
7
8
12
12
12
12
12
13
13
14

12
Table 6B Continued

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

1

As of December 1, 1978

ISSUER
STATE & LOCAL

^Pennsylvania, S t a t e of
Rhode I s l a n d , S t a t e of
^Shelby Co., Tenn.
*East Bay Mun. U t i l i t y D i s t . , C a l i f
Michigan S t a t e H o s p i t a l Auth.
* S t . M a r y ' s , Kansas
G a r f i e l d H e i g h t s , Ohio
Evanston, 111.
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.




TYPE

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

AMOUNT
(IN MILLIONS
OF DOLLARS)

83.0
21.3
35.0
20.0
16.6
45.0
27.4
25.0
300.0
70.0

APPROXIMATE
DATE OF OFFERING

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

14
14
19
19
19

Table 7

STOCK PRICES AND VOLUME
TRADING VOLUME

STOCK PRICES

DATE
N Y S E INDEX

AMEX

B J INDUSTRIALS

NASDAQ

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)

4 4 . 5 (2/20)
10.3 (1/2)

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

1 1 . 1 (2/20)
3.5 (1/2)

1977-High
Low

57.69 (1/2)
49.78 (11/2)

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

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

105.05 (12/30)
93.66 ( 4 / 5 )

3 5 . 3 (11/11)
10.6 (10/10)

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

11.2 (11/10)
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 / H )

139.25 (9/13)
99.09 (1/11)

66.4 ( 8 / 3 )
7.6 (1/20)

11.0 (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

53.77

811.42

150.28

116.19

20.9

2.8

7.7

Dec.

NOTES:
1
Figure* other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.
2

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

3
4

12/31/66 - 50
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




14

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

OUTSTANDING

BROKERS ON 1 BROKERS ON ^
CONVERTIBLE
MARGIN
BONDS
STOCK

- September
October
November
December

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

196

- January
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

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

September
October
November
December

30
-30
50
130

-4

January
February
March
April
May
June
July
August
September
October

-150
190
140
340
400
430
100
550
660
310

CHANGE IN OUTSTANDING

250

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

BANKS

881
882
872
873

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

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

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

-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
3

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

4

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




Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET

FLOW
1974
1975
1976
1977

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
1,3784/
6361'

1978-March
April
May
June
July
August
September
October^

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

1

ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.9

NET

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

4.0
3.0
4.8
4.5
8.5
10.7
11.4
10.9

—

2

SHARE 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
6,433,,
—
1,606
2,45s 5 -'
-2,452
SEASONALLY ADJUSTED
8.7
2,845
6.5
2,133
9.1
3,010
—
10.3
3,452
15.4
5,192
15.9
5,439
17.7
6,112
11.5
4,034

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

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.

4 Net flows r e f l e c t t h e conversion of an S&L t o an MSB,
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.

DigitizedSource:
for FRASERN a t i o n a l


ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

—

7.5
5.6
8.0
8.9
13.7
14.6
16.1
11.4

NET

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

——

2

16

Table 10

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

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

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

TOTAL

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

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

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

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

.10

- .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.
NOTES:

Based on data f r o m Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




H.16

Table 11

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

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

FHLMC

FNMA

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

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

+236
-398
215
587
152
669

+300
-700
100
850
200
600

0
-700
0
+150
0
0

0
0
0
0
200
0

+300
0
100
700
0
600

-64
302
115
-263
-48
69

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

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

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

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

0
196
-4
-7
-7
-6
-9
+190
-10
-8
-9
-7

0
300
-300
700
0
-200
300
0
200
318
12
-212

-197
-360
-547
-569
-346
99
-349
597
5
-347
-255
364

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

12
-862
289
344
532
605
531
347
195
247
466
1,078

188
-592
-354
746
297
203
553
301
-291
211
500
0

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

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

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

-176
-270
643
-402
235
402
-22
46
486
-36
-34
1,078

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

399
1,712
887
848
3,091
1,492
1,605
1,811
1,683
1,750

-12
1,388
-17
600
1,483
1,276
1,881
1,182
1,131
1,700

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

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

0
0
0
600
0
1000
1200
0
950
1700

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

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




Table 12

18

NET CHANGE IN MORTGAGE H O L D I N G S
IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

2

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

COMMERCIAL
BANKS

MSB's

S & Us

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

2,462
9,940
16,800
19,600
11,700
4,200
13,900
25,400

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-GNMA
COMPANIES

2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184

4,910 *
2,388
2,026
3,300
6,222
4,839
-2,120 1
890

406
304
488
854
373
850
556
1,006

320 |
498
473
608
1,244
773
728 4
998
984

Not S e a s o n a l l y Ad l u s t e d
1978 - J a n .
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
6 42
6 74
636
516

3,019
3,409
4,837
4,856
5,021
5,660
3,991
4,721
4,294
4,122

i

Seasonally Adjusted
1978 - J a n .
Feb •
Mar.
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

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 1
969
444
930
745

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates bench marked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the
Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted for 83 per cent of the net increase estimated for all holders in 1974.


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


t

Table 13

19

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

T

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1- to 4 FAMILY

MULTIFAMILY

COMMERCIAI

MULTFAMIL1f
&
COMMERCIAI

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

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

1978 - I
II

(P)

NOTES:
1

m u m S m n y

Z t l Z




d

d

e

e

b

b

t

t

/n<audeS

"my

and i s

a™

of

1-

to

4 - f a m i l y and

to
o

Table 14

PRIVATE HOUSING PERMITS, STARTS,
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

PERMITS
PERIOD

TOTAL

1 —FAMILY

COMPLETIONS

STARTS

1

TOTAL

2 - O R MORE
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

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

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

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

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—FAMILY

2-OR

MORE

|
|
I

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

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

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

HOME

MORE

FAMILY

FAMILY

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

MOBILE
2-OR

1 —FAMILY

TOTAL

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

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

SHIPMENTS

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/
Federal Reserve
Bank of St. Louis
•
#
#
#

e

#

#

#

#

#

Table 15

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

1

PERIOD

1

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

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 .

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

Feb .

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

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.!6

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

ACCEPTED

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)

OFFERED

855 ( 1 2 / 2 7 ) 570(12/27) 8 .98(12/27] 383 ( 5 / 2 )

1977 - High

50 ( 9 / 7 )

Low

35 ( 9 / 7 )

8.46 ( 1 / 1 0 :

123 ( 7 / 2 5 )

ACCEPTED
278 ( 5 / 2 )

AVERAGE
YIELD

9 . 2 1 (12/27)

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

1978 - Jan.

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

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