Full text of H.16 Capital Market Developments : January 9, 1978

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I

•i

Capital
Market

. Developments
V
a

X
7

January 9, 1978

•

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




DIVISION O F R E S E A R C H AND STATISTICS
BOARD O F GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D C. 20551

t

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 - 1 6

MORTGAGE MARKET

SYMBOLS
e
p
r

ESTIMATE
PRELIMINARY
REVISED

n.a.

NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

NEW ISSUE 1
Aaa UTILITY

RECENTLY
OFFERED
Aaa UTILITY

2

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1977 - November

4
11
18
25

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

December

2
9
16
23
30

8.26
8.35
8.36

8.23
8.34
8.38
8.41
8.48

770
224
581
74
13

64
82
69
86
86

295
160
283
121
116

1978 - January

6

8.47p

0

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2D-BOND
INDEX

GROSS
OFFERINGS
( $ MILLIONS)

3

PER CENT
SOLD BY END
OF 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
16
23
30

5.05
5.05
5.00
5.10
5.15

5.47
5.54
5.55
5.62
5.66

392
465
1,709
810
127

81
71
87
70
81

221
281
420
487
428

1978 - J a n u a r y

6

5.15

5.64

145

87

316

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 I S S U E
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE A a a

3

U . S . GOVT. 20-YEAR
CONSTANT MATURITY

4

BOND BUYER
2 0 - B 0 N D INDEX

1973 - High
Low

8.52 (8/10)
7.29 ( 1 / 2 1 )

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

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

7.79 ( 6 / 1 0 )
6.42 (1/5)

5.59 (8/3)
4.99 ( 1 0 / 1 1 )

1974 - High
Low

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

10.52 ( 1 0 / 1 1 )
8.13 (1/4)

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

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

7.15 ( 1 2 / 1 2 )
5.15 (2/7)

1975 - High
Low

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

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

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

8.63 (9/19)
7,63 (2/21)

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

1976 - High
Low

8.95 ( 5 / 2 8 )
7.93 (12/10)

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

8.66 ( 5 / 2 8 )
7 . 9 1 (12/31)

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

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

1977 - High
Low

8.36 ( 1 2 / 1 6 )
7.90 ( 1 / 7 )

8.48 (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)

8.26
8.35
8.36

8.23
8.34
8.38
8.41
8.48r

8.08
8.13
8.18
8.23
8.28

7.75
7.81
7.84r
7.89
7.99

5.47
5.54
5.55
5.62
5.66

8.47p

8.29p

8.00

5.64

1977 - Dec.

1978 - J a n .

2
9
16
23
30

——

6

5

NOTES:
1

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

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4
weeks.

3

Weekly average of daily closing figures.

4

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
p

Revised.
Preliminary.


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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
CORPORATE

PERIOD

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

Q1
02
03
04
1st Half
3 Qtrs.
Year

S T A T E AND LOCAL

1976 1

1975 1

1977

3

1976

2

1975

3,989
2,708
5,495

3,381
3,863
6,632

5,367
4,528
5,378

3,556
3,435
4,137

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

3,456
4,571
5,787

2,218
3,575
3,115

2,406
2,900
3,064

4,074
3,322
3,905

3,216
3,357
4,817

4,327
2,405
2,836

3,185
4,080
3,891

2,734
2,821
2,814

3,580
2,783
2,159

3,800e
4,800e
4,lOOe

4,431
3,047
6,480

4,705
4,076
4,307

3,800e
3,300e
3,400e

3,524
3,336
2,342

2,323
2,381
2,052

12,192
12,695
11,301
12,700e

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

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

11,128
13,814
11,156
10,500e

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

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

24,887
36,188
48,888e

28,008
39,398
53,356

30,961
40,529
53,617

24,942
36,098
46,598e

17,609
25,978
35,180

15,253
23,775
30,531

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

1976 - I
II
III
IV

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

7,569
7,427
4,904
6,553

2,754
3,584
4,624
4,846

2,559

1977 - I
II
III
IV

12,192
12,695
11,301

6,504
5,606
6,366

1976 - September
October
November
December

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

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

1977 - J a n u a r y
February
March
April
May
June
July
Augus t
September

3,989
2,708
5,495
3,639
3,735
5.321
4,074
3.322
3,905

2,786
1,102
2,610
1,961
1,600
2,045
2,360
1,947
2,059

3,553
3,121

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1,861

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

3,071
4,215
3,057

2,617
2,874
1,878

1,800

858

1,560

6
108
495

2,774
3,182
2,826

3,019
3,852
2,757

1,415
1,044
644

4,986
4,618
5,072

2,163
753
1,101
2,992

554
949
690
920

400
235
1,310
250

92
21
31
3

753
1,349
510
2,385

1.465
1,414
1,327
1,156

140
155
190
196

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

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

602
820
1,195
591
1,248
1,035
695
557
626

300
433
125
600
350
850
935
150
475

0
6
0
50
2
56
25
262
208

906
743
1,125
1,348
652

986
435
1,598
774

50
557
808
334
294
416
277
45
322

2,048
973
1,965

1,220

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



GROSS PROCEEDS BY TYPE OF ISSUER

1,182

1,309
966
551

1,612

1.466
843
497
1,417

1,182
1,179
2,257
1,646
1,813
1,614

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
January 3 t h r o u g h J a n u a r y 6, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

9.00

Aa/AA

CORPORATE

OTHER
B e l l Canada

Bonds

200.0

2008

NOTES:
*
1

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




9.00

00

Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
January 3 through J a n u a r y 6, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

7.38
5.25
5.25

4.40-5.90
5.00-7.25
4.50-5.35
5.50

A/A+
Baa/AA-1/A+
A-1/A+

STATE AND LOCAL

McPherson, Kansas
P h i l a d e l p h i a , Pa.
S p r i n g f i e l d , Ore.
S p r i n g f i e l d , Ore.

Rev.
G. 0 .
Rev.
Rev.

19.7
78.6
9.5
3.1

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.




1982-2007
1979-2003
1985-1995
1999

T a b l e 6A

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

1

As of January 6, 1978

ISSUER
CORPORATE

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

Middle South U t i l s . I n c .
Iowa Southern U t i l i t i e s Co.
F l o r i d a Power & L i g h t Co.
Iowa P u b l i c S e r v i c e Co.
Iowa P u b l i c S e r v i c e Co.
P a c i f i c T e l . & T e l e . Co.
*Petro-Lewis Corp.
*UT C r e d i t Corp.
L o u i s i a n a Power & L i g h t Co.
^Houston N a t u r a l Gas Corp.
^Northwest N a t u r a l Gas Co.
^Commonwealth Edison Co.
J e r s e y C e n t r a l Power & Light Co.
*E1 Paso E l e c t r i c Co.
Alabama Power Co.
*Southern Railway Co.
*Duquesne L i g h t Co.
*Southern P a c i f i c Tr ans p.
*Texas E l e c . S e r v . Co.
*Texas U t i l s . Co.
*ICI North America I n c .
Montgomery Ward C r e d i t Corp.
*South C a r o l i n a E l e c t r i c & Gas Co.
Gamble C r e d i t Corp.
American Savings & Loan Assoc.

Com. s t k .
1 s t mtg.
1 s t mtg.
Com. s t k .
Pfd. stk.
Debt.
Debt.
Debt.
1 s t mtg.
Debt.
Pfd. stk.
Com. s t k .
1 s t mtg.
Com. s t k .
1 s t mtg.
Equip. t r .
Com. s t k .
Equip. t r .
Pfd. s t k .
Pfd. stk.
Debt.
Med-term n o t e s
1 s t mtg.
Notes
Mtg.-backed

150.0
15.0
75.0
22.0
15.0
300.0
25.0
100.0
75.0
50.0
15.0
150.0
50.0
24.0
100.0
22.1
50.0
18.8
30.0
30.0
150.0
100.0
30.0
30.0
150.0

J a n . 10
J a n . 10
J a n . 10
J a n . 11
J a n . 11
J a n . 11
J a n . 11
J a n . 17
J a n . 18
J a n . 18
J a n . 19
J a n . 24
J a n . 24
J a n . 25
J a n . 25
J a n . 25
J a n . 26
J a n . 31
J a n . 31
Jan.
Jan.
Jan.
Feb. 1
Indef.
Indef.

OTHER
^Norway, Kingdom o f

Notes

125.0

J a n . 12

NOTES:
*

Included in table for first time.

1

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




10
Table 6B

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

1

As of January 6, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

^Colorado S p r i n g s , Colo.
* A r l i n g t o n Co., Va.
M a r t i n L u t h e r King J r . Gen. Hosp.
Auth., Cal.
*Farmington, N.M.
M a r t i n Co., F l a .
^Wisconsin, S t a t e of
Oregon, S t a t e of
^ C a l i f o r n i a T o l l Bridge Auth.
D a l l a s , Texas
^Hamilton C o . , Ohio
*Anoka-Hennepin I n d . Sch. D i s t . ,
Minn.
S. C a l i f o r n i a Rapid T r a n s i t D i s t . ,
Cal.
Miami, F l a .
^ F l o r i d a S t a t e Board of Educ.
* D a l l a s - F o r t Worth Reg. A i r p o r t . ,
Tex.
*Brazosport I n d . Sch. D i s t . , Texas
*Minnetonka, Minn.
*Tacoma, Wash.
T y l e r , Texas
Kenai P e n i n s u l a Borough, Alk.
C a l i f o r n i a , S t a t e of
*Gwinnett C o . , Ga.
*Gwinnett Co. Water & Sewerage
A u t h . , Ga.
^Missouri Hsg. Dev. Comm.
*Newport News, Va.
^Hawaii, S t a t e of
Georgia Mun. E l e c t r i c Auth.
*Pomerado Hosp. A u t h . , C a l .
^Sacramento Reg. Co• S a n t . D i s t . ,
Cal.
^ P e n n s y l v a n i a , S t a t e of
*Clear Creek I n d . Sch, D i s t . , Tex.
*Alvin I n d . Sch. D i s t . , Texas
*San F r a n c i s c o , C a l .

Rev.
G.O.

88.0
24.5

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

27.5
40.0
19.4
118.0
150.0
20.0
60.0
18.7

G.O.

10.6

J a n . 11

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

15.2
14.0
75.0

J a n . 11
J a n . 11
J a n . 12

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

31.0
12.2
11.0
11.0
16.3
26.0
150.0
16.8

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

13
16
16
17
17
17
17
17

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

16.7
35.0
14.8
75.0
125.0
16.4

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

17
18
18
19
19
23

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

50.0
95.0
18.0
18.1
55.0

Jan.
Jan.
Jan.
Jan.
Jan.

23
24
24
24
25

Jan. 9
J a n . 10
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

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.




10
10
10
10
10
11
11
11

r

11
Table 6B C o n t i n u e d

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

1

As of January 6, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

^Michigan S t a t e Hsg. Dev. Auth.
^Pennsylvania Turnpike Coram.
^Dallas Co., Texas
*Milwaukee Co., Wisc.
^ L o u i s i a n a , S t a t e of
^ I l l i n o i s , S t a t e of
^Hamilton Co., Ohio
Kanawha Co. Bldg. Coram., W. Va.
I l l i n o i s H e a l t h F a c . Auth.
Norfolk I n d u s t r i a l Dev. A u t h . , Va.
POSTPONEMENT
Montgomery Co., Ohio




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

55.0
50.0
27.0
26.5
45.0
105.0
66.0
22.4
15.5
21.5

Rev.

52.5

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

26
26
30
31
31
31

J a n . 10

\
Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

B J INDUSTRIALS

4

NASDAQ

5

NYSE

AMEX

NASDAQ

130.47 ( 1 / 1 1 ) 136.84 ( 1 / 1 1 )
8 5 . 2 6 (12/20) 89.12 (12/13)

26.0 ( 9 / 2 0 )
9.0 (8/20)

5.5 (1/12)
1.4 ( 8 / 2 0 )

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

1973--High
Low

65.58 (1/11)
49.12 ( 1 2 / 1 3 )

1974--High
Low

53.37 ( 3 / 1 3 )
32.89 (10/3)

891.66 ( 3 / 1 3 )
577.60 ( 1 2 / 6 )

102.01 ( 3 / 1 4 )
58.26 (12/9)

96.53 (3/15)
54.87 ( 1 0 / 3 )

24.9 (1/3)
7.5 ( 7 / 5 )

4.4 (1/3)
.9 ( 9 / 2 6 )

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

1975--High
Low

51.24 (7/15)
37.16 (1/8)

881.81 ( 7 / 1 5 )
632.04 ( 1 / 2 )

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

88.00 ( 7 / 1 5 )
60.70 ( 1 / 2 )

35.2 ( 2 / 1 3 )
8.7 (9/15)

4.2 (2/21)
1.1 (9/15)

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

1976--High
Low

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

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

1 0 7 . 0 5 (7/12)
84.31 (1/2)

92.52 ( 7 / 1 5 )
78.06 ( 1 / 2 )

44.5 ( 2 / 2 0 )
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 ( 1 1 / 2 )

127.89 (12/30) 105,05 ( 1 2 / 3 0 ) : 35.3 (11/11)
109.61 ( 1 / 1 2 )
93.66 ( 4 / 5 )
10.6 (10/10)

4.2 (1/13)
1.4 ( 9 / 2 2 )

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

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
16
23
30

52.34
51.72
51.61
52.26
52.50

823.98
815.23
815.32
829.87
831.17

124.61
124.14
125.59
126.28
127.89

104.10
103.57
104.05
103.94
105.05

22.5
21.1
20.3
23.4
20.9

3.0
2.7
2.9
3.0
3.3

9.3
9.7
9.1
8.9
8.8

6

50.64

793.49

123.05

101.66

21.8

2.4

9.1

1978
Jan.

1051.50 ( 1 / 1 1 )
788.31 ( 1 2 / 5 )

AMEX

2

TRADING VOLUME

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
3

Volume figures are weekly averages of daily figures (millions of shares).
12/31/65 = 50

4
5

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




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 ON1 BROKERS ON 2
CONVERTIBLE
MARGIN
BONDS
STOCK

OUTSTANDING

BANKS

3

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

1976 - October
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
June
July
August
September
October
November

8,270
8,480
8,690
8,880
9,070
9,230
9,460
9,560
9,590
9,560
9,610

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

-5
9
26

-12
-203
-19

99
59
-29

-8
1
2
-3

-13
12
-34
-3
-6
22

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

CHANGE IN OUTSTANDING

1976 - October
November
December

80
350

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

310
210
210
190
190
160
230
100
30
-30
50

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

t

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

S A V I N G S & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
DATE
NET
FLOW

1972
1973
1974
1975
1976

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

197 7 - A p r i l
May
June
July
Aug.
Sept.
Oct. £./
Nov. j>/

107
856
1,484
677
282
1,200
587
390

1977-April
May
June
July
Aug.
Sept.
Oct. j>/
Nov. j>/

527
927
796
1,394
1,326
1,231
1,310
473

1

ANNUAL 3
GROWTH
RATE

12.4
5.4
2.2
11.3
11.6

——
——

—

5.1
8.9
7.6
13.2
12.4
11.9
12.0
4.3

NET
NEW
MONEY

2

5,451
-442
-2,822
4,757
5,275
-168
577
38
396
-12
-137
296
90

——

—

—

SHARE CAPITAL
NET
FLOW

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

ANNUAL 3
GROWTH
RATE

18.6
9.9
7.0
17.3
17.7

NET
NEW
MONEY

TOTAL
2

DEPOSITS
NET
FLOW

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

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

2,124
1,924
3,647
3,419
6,384
2,048
4,164
3,913
2,863
2,631
5,962
1,666
2,380
2,244
1,752
n.a.
SEASONALLY ADJUSTED

2,231
4,503
7,868
4,841
3,149
7.162
2,967
2,142

3,397
3,947
3,738
6,180
6,220
5,980
4,209
3,519

3,924
4,874
4,534
7,574
7,546
7,211
5,502
3,852

— —

— —

11.7
13.4
12.6
20.6
20.4
19.2
13.3
11.0

——

——

——

——

ANNUAL 3
GROWTH
RATE

16.6
8.5
5.5
15.8
16.0
— —

— —

——
— —

9.9
12.2
11.3
18.7
18.3
17.3
13.0
9.3

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
2,540
n.a.

——
——
— —
—» —
—-

~

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.

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

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

H.16

#

e

#

e

4

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY 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

- .25

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.
Nov.

27.9
28.4
29.6
30.2
30.3
31.4
32.1
34.1
35.5
38.0
39.3

25.1
25.4
26.4
27.0
27.0
27.6
28.4
30.1
31.4
33.4
34.6

2.8
3.0
3.2
3.2
3.3
3.8
3.7
4.1
4.1
4.6
4.7

-.35
.48
1.24
.56
.12
1.07
.80
1.97
1.32
2.51
1.38

-.45
.30
1.04
.59
.02
.58
.83
1.66
1.31
2.04
1.20

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

-

-

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 c o m m i t m e n t s also include loans in process. Net changes are derived directly f r o m u n r o u n d e d end of period outstanding
levels as reported and after seasonal a d j u s t m e n t 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 MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE A N D LONG-TERM I S S U E S
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 -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

NOTES:
Based on data from Treasury Survey of Ownership.

e

Estimated.




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
-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

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

-6

105
0
0
304
0
0
300

— —
— —

17

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976

2

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
614

-326
- 42
66
123
687
177
- 86
-163
167
- 31

112
74
287
453
267
508
313
249
748
574

-267
135
217
294
1,055
409
-436
-429
- 33
-258

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

3,930
4,275
7,114
8,532
9,280
10,683
8,341
9,504
9,130
8,352

4,256
4,317
7,048
8,409
8,593
10,506
8,427
9,667
8,963
8,383

1,100
1,100
2,000
2,300
2,400
2,900
2,300
3,000
2,300
2,200
2,100

196
156
291
414
388
976
649
719
660
690

2,926
3,030
4,617
5,281
5,647
6,134
5,226
5,728
5,259
4,879
4,744

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

1

5,717
5,510
7,318
7,957
8,735
9,470
7,465
8,710
8,975
8,481

5,984
5,375
7,101
7,663
7,680
9,061
7,901
9,139
9,008
8,739

1,555
1,427
2,047
2,161
2,165
2,581
2,286
2,858
2,113
2,182
2,247

337
307
280
401
366
816
559
696
735
735

3,980
3,567
4,487
4,648
4,882
5,156
4,743
5,336
5,412
5,248
5,494

Monthly d a t a f o r commercial banks based on F e d e r a l R e s e r v e e s t i m a t e s benchmarked
t o C a l l Report 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 from m o r t g a g e debt 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 Assn.
of Mutual Savings Banks, F e d e r a l Home Loan Bank Board, American Council 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 Mortgage A s s o c i a t i o n , and t h e Government N a t i o n a l
Mortgage 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 groups 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.




18

Table 13

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

2

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMLY
&
COMMERCIAL

FARM

1970 - I
II
II
IV

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

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

:

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.

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 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: A l l d a t a r e v i s e d
Federal Reserve Bank of St. Louis

as of October 10, 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 .

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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 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 1
PERIOD

TOTAL

COMPLETIONS

STARTS

TOTAL

1 —FAMILY 2-OR MORE
FAMILY

1969
1970
1971
1972
1973
1974
1975
1976

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

626
647
906
1,033
882
644
676
895

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

1976 - Oct
Nov.
Dec.

1,481
1,583
1,532

987
1,055
1,049

494
528
483

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

1,333
1,526
1,687
1,605
1,615
1,678
1,639
1,772
1,695
1,850
1,891

930
1,060
1,188
1,051
1,077
1,105
1,089
1,156
1,135
1,216
1,260

403
466
499
554
538
573
550
616
560
634
631

1—FAMILY 2-OR MORE
FAMILY

TOTAL

MOBILE

1—FAMILY 2-OR MORE
FAMILY

HOME
SHIPMENTS

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

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

656
621
901
1,048
914
450
268
376

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

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

592
617
692
828
840
760
430
336

413
401
497
576
567
329
216
250

|

1,715
1,706
1,889

1,269
1,236
1,324

446
470
565

1,326
1,399
1,435

989
1,068
1,074

337
331
361

263
247
248

1

1,384
1,802
2,089
1,880
1,937
1,897
2,083
2,029
2,065
2,224
2,105

1,006
1,424
1,503
1,413
1,455
1,389
1,437
1,453
1,523
1,581
1,335

378
378
586
467
482
508
646
576
542
643
570

1,416
1,637
1,707
1,540
1,536
1,647
1,671
1,699
1,907
1,612

1,103
1,242
1,236
1,226
1,177
1,209
1,267
1,282
1,493
1,193

313
395
471
314
359
438
404
417
414
419

258
275
275
252
251
264
251
270
300
319
313

|

i

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 t h e case of
a p a r t m e n t buildings, all units are considered started at that time; however, all such units are considered completed when more than half of t h e units in the structure are ready for use. Private mobile
h o m e s h i p m e n t s are Mobile Home Manufacturers Association data converted t o seasonally adjusted annual rate by Census Bureau.
1

Permit data for 1969 and 1970 based on 13,000 areas with permit systems




V£>

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T a b l e 15

°

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING HOMES

NEW HOMES

1

1

PERIOD

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

1976 - High
Low

9.05
8.90

91
5

9.10
8.95

95
10

9.06
8.25

59
8

4.3
2.0

65
-4

8.72
8.05

197

9.00
8.95
8.90

71
90
NA

9.00
9.00
8.95

71
95
NA

8.55
8.45
8.25

26
40
NA

4.3
3.6
2.0

45
50
65

8.29
8.05
NA

8.80
8.80
8.85
8.90
8.95
9.00
9.00
9.00
9.00
9.00
9.05

58
52
63
59
NA
93
83
99
86
72
82

8.85
8.85
8.90
8.95
9.00
9.05
9.05
9.05
9.05
9.05
9.05

63
57
68
64
NA
98
88
1.04
91
.77
82

8.40
8.50
8.58
8.57
NA
8.74
8.74
8.74
8.72
8.78
8.78

18
22
36
26
NA
67
57
73
58
50
55

3.2
3.9
4.6
4.5
NA
1.9
1.9
1.9
1.7
2.2
2.2

. 40
30
27
33
NA
26
26
26
28
22
27

8.22
8.28
8.22
8.31
NA
8.07
8.17
8.01
8.14
8.28
8.23

- Oct.
Nov.
Dec.

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

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.16

21
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

1976 - High
Low

AVERAGE
YIELD

CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)

ACCEPTED

OFFERED

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

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

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

33 ( 1 / 2 6 )

AVERAGE
YIELD

ACCEPTED

127 ( 1 1 / 1 5 ) 9 . 3 1 ( 6 / 1 ,
6/28)
23 ( 2 / 2 3 )

8 . 9 0 (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

119.9

78.3

8.77

199.8
170.4

144.4
92.3

9.06
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
13
27

110.6
99.8
329.1
855.4

69.5
83.2
224.3
569.7

8.86
8.85
8.89
8.98

308.6
229.0
262.2
329.4

202.8
183.5
168.9
190.5

9.16
9.16
9.17
9.21

Dec.

NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average ac
cepted 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