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. Capital
Market
' Developments

July 10, 1978

Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL,RESERVE 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
„ g
SECURITY VOLUME AND YIELDS

1

STOCK MARKET AND SECURITY
CREDIT
9 — 16 MORTGAGE MARKET
®

SYMBOLS
@

ESTIMATE

P

PRELIMINARY

r
n.a

REVISED
NOT AVAILABLE

—

DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1978 - May

5
12
19
26

June

2
9
16
23
30

July

7

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)

8.87
8.95
9.02

8.90
8.92
8.98
9.10

128
288
515
647

96
93
94
94

5
21
31
41

9.04
9.03
9.13
9.16

9.05
9.06
8.96
9.10
9.18r

36
655
283
459
305

100
97
80
88
85

0
20
53
56
45

9.18p

9.19p

76

41

45

——

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
20-60ND
INDEX

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

5
12
19
26

5.45
5.55
5.55
5.75

5.98
5.99
5.98
6.16

739
1,213
1,518
1,097

79
87
91
81

281
191
290
294

June

2
9
16
23
30

5.75
5.65
5.65
5.75
5.85

6.19
6.18
6.16
6.26
6.29

134
743
797
666
1,494

92
90
87
83
89

213
174
177
211
163

July

7

5.85

6.31

156

86

156

1978 - May

NOTES:
1

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

2

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

3

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

4

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




Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
A a a UTILITY

DATE

1

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

4

BOND BUYER
2 0 - B 0 N D INDEX

1974 - High
Low

10.61 (10/4)
8.05 (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)
8.89 (2/7)

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

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

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

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

1976 - High
Low

8.95 (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 )

8.48 (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

9.18 (7/7)
8.60 (3/24)

9.19 (7/7)
8.48 (1/6)

8.85 (7/7)
8.30 (1/6)

8.66 (7/7)
8.02 (1/6)

6.31 (7/6)
5.58 (3/17)

2
9 "
16
23
30

9.04
9.03
9.13
9.16

9.05
9.06
8.96
9.10
9.18r

8.79
8.74
8.72
8.76
8.82

8.49
8.47
8.47
8.55
8.63r

6.19
6.18
6.16
6.26
6.29

7

9.18p

9.19p

8.85p

8.66p

6.31

1978 - J u n e

July

NOTES:
1
Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
2
Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4
weeks.
3

Weekly average of daily closing figures.

4
5

Weekly average of daily figures. U.S. Treasury data.
Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




#

5

5
Table 3

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

G R O S S PROCEEDS

1

CORPORATE

PERIOD

19783

19771

19761

2

STATE AND LOCAL

19783

1977^

19762

March

3,013
2,657
4,500e

4,362
2,792
5,578

3,381
3,863
6,632

3,295
2,743
4,744

3,402
3,442
4,063

2,451
2,885
3,365

April
May
June

3,300e
3,200e
4,200e

3,998
3,797
5,660

3,507
4,186
6,439

3,773
5,300
4,100e

3,409
4,566
5,786

2,218
3,575
3,115

July
August
September

4,289
3,469
4,177

3,216
3,357
4,817

3,113
4,118
4,013

2,734
2,821
2,814

October
November
December

4,221
5,331
6,531

4,511
3,074
6,503

3,807
3,332
3,646

3,524
3,336
2,342

January
February

01
02
Q3
04

10,170e
10,700e

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

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

10,782
13,173e

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

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

1st Half
3 Qtrs.
Year

20,870e

26,187
38,122
54,205

28,008
39,398
53,488

23,955e

24,668
35,912
46,697

17,609
25,978
35,180

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




Table 4

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

G R O S S PROCEEDS BY TYPE OF ISSUE
PERIOD

1976 - I

GROSS PROCEEDS BY TYPE OF ISSUER

1

BONDS
TOTAL

PUBLICLY
OFFERED

MEMO
COMMON
AND
MANUFACISSUES INCLUDED
PRIVATELY
PREFERRED
TURING
PLACED
FOREIGN CONVERTIBLE
STOCK

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

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

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

2,754
3,584
4,624
4,962

3,553
3,121
1,861
2,573

1,340
1,843
1,267
1,795

262
478
199
55

4,497
3,757
2,982
4,259

4,044
3,140
3,317
3,917

765
1,879
378
541

4,596
5,358
4,715
5,369

IV

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

6,498
5,606
6,215
5,867

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

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

858
1,810
1,560
1,025

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

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

4,362
2,792
5,578
3,998
3,797
5,660
4,289
3,469
4,177
4,221
5,331
6,531

2,786
1,102
2,610
1,961
1,600
2,045
2,360
1,947
1,908
2,114
2,211
1,542

974
780
1,773
1,446
949
2,580
972
965
1,569
979
1,200
3,820

602
910
1,195
591
1,248
1,035
695
557
700
1,128
1,920
1,169

300
433
125
600
350
850
935
150
475
300
425
300

0
6
0
50
2
56
25
262
208
1
22
16

1,129
757
1,145
1,381
643
1,416
1,349
1,068
633
731
782
2,541

989
470
1,588
984
1,670
1,471
903
497
1,501
1,437
1,729
1,080

50
557
808
334
309
41b
277
45
322
8
1,013
299

2,194
1,006
2,038
1,298
1,176
2,356
1,761
1,858
1,521
2,045
1,805
2,610

1978 - J a n u a r y
February

3,013
2,657

1,382
1,464

998
667

633
526

325
0

0
0

273
716

644
465

519
34

1,578
1,441

I I

III
IV

1977 - I
I I

III

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




#

#

#

#

#

#

*

e

#

#

*

Table 5A

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

1

J u l y 3 t h r o u g h J u l y 7, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

H.H. Robertson Co.
P a r k e r D r i l l i n g Co.
Diamond S t a t e Telephone Co.
G e n e r a l Telephone Co. of Northwest

Conv. d e b t .
Com. s t k .
Debt.
1 s t mtg.

16.0

26.5
10.0
50.0

1998

8.25

8.25

Ba/BB

2018
2008

9.00
9.38

9.10
9.38

Aaa/AAA
A/A+

NOTES:
•
1

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




T a b l e SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
J u l y 3 t h r o u g h J u l y 7, 1978

ISSUER
STATE AND LOCAL

Manatee Co.-Wide Sch. D i s t . , F l a .
Albuquerque, New Mexico
Albuquerque, New Mexico
F l o r i d a S t a t e Bd. of Educ.

TYPE

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

AMOUNT
(MILLIONS OF
DOLLARS)

11.6
6.7
3.6
16.6

NOTES:
1
2

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.
For State and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.




MATURITY

1981-1998
1979-1998
2003
1979-1999

NET INTEREST
COST

6.18
—
—
5.76

OFFERING
YIELD

4.70-6.20
4.50-7.10
7.38
4.30-6.05

MOODY'S/S&P'S
RATINGS

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

Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of J u l y 7, 1978

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

P a c i f i c T e l . & T e l e . Co.
General Motors Acceptance Corp.
Puget Sound Power & L i g h t Co.
L o u i s i a n a Power & L i g h t Co.
Filmways I n c .
Houston F i r s t Savings A s s o c i a t i o n
Hydro-Quebec
^ V i r g i n i a E l e c t r i c & Power Co.
Arkansas Power & L i g h t
^United I l l u m i n a t i n g Co.
Global Marine I n c .
New England Power Co.
Duke Power Co.
P h i l i p Morris Inc.
Texas I n t e r n a t i o n a l Co.
P h i l i p Morris Inc.
P e t r o Lewis Corp.
Budget C a p i t a l Corp.
Anglo Co.
^Citicorp
*Transamerica Corp.
V a l l e y N a t i o n a l Bank of Arizona
Duke Power Co.
Idaho Power Co.
Idaho Power Co.
Allegheny A i r l i n e s I n c .
OTHER
C a i s s e C e n t r a l e de C o o p e r a t i v e
Economique

Debt.
Notes
1 s t mtg.
1 s t mtg.
Notes
Mtg.-backed
1 s t mtg.
1 s t mtg.
1 s t mtg.
Com. s t k .
Debt.
1 s t mtg.
1 s t mtg.
Debt.
Debt.
Com. s t k .
Debt.
Debt.
Debt.
Notes
Notes
Com. s t k .
Pfd. s t k .
1 s t mtg.
Com. s t k .
Pfd. s t k . (conv.)

Bonds

300.0
250.0
65.0
60.0
35.0
50.0
100.0
150.0
75.0
20.0
20.0
50.0
125.0
150.0
30.0
143.0
35.0
25.0
15.0
250.0
60.0
19.8
40.0
60.0
30.0
25.0

75.0

NOTES:
*

Included in table for first time.

1

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




July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.

Indef

11
11
11
12
12
13
18
20
20
24
25
26
26

8
9
9

10
Table 6B

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

1

As of J u l y 7, 1978

TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*0hio A i r Q u a l i t y Dev. Auth.
*Bass Brook, Minn.
Oregon, S t a t e of
Rockford A u d i t . B u i l d . A u t h . , 111.
T o l e d o , Ohio
Washington P u b l i c Power Supply Sys,
*Texas T u r n p i k e Auth.
^Oregon Hsg. Finance Agy.
S a l t R i v e r A g r i c . Improv. & Pwr.
D i s t . , Ariz.
^Wisconsin, S t a t e of
Hopkins C o . , Ky.
Palm Beach Co. H l t h . Fac. A u t h . ,
Fla.
New York, S t a t e of
*New Hampshire Hsg. F i n . Agy.
A u r o r a , Colo.
Ohio P u b l i c Fac. Comm.
Michigan S t a t e Hosp. F i n . Auth.
Vermont, S t a t e of
Grand R i v e r Dam A u t h . , Okla.
^ M i n n e a p o l i s , Minn.
M i s s o u r i Housing Dev. Comm.
*Rhode I s l a n d Hsg. & Mtge. F i n .
Corp.
* G t r . Chicago Metro. S a n t . D i s t . ,
111.
M i s s o u l a Co. High Sch. D i s t . , Mont,
^Meridian J t . Sch. D i s t . #2, I d .
^Minnesota Educ. Coord. Bd.
P i c k e n s Co. & Richland C o . , S.C.
Industry, Cal.
A p p l e t o n , Wise.
*South Dakota H l t h . & Educ. F a c .
Auth.
Bergen Co. U t i l i t i e s A u t h . , N . J .
C i n c i n n a t i , Ohio
*0regon, S t a t e of
^ C l e v e l a n d , Ohio

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

38.7
112.0
150.0
15.3
12.0
180.0
104.0
25.9

July
July
July
July
July
July
July
July

Rev.
Rev.
Rev.

100.0
75.0
24.5

J u l y 13
J u l y 13
J u l y 13

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

17.0
104.0
80.8
19.5
100.0
16.9
34.5
421.0
35.7
45.0

July
July
July
July
July
July
July
July
July
July

Rev.

45.0

J u l y 20

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

60.0
11.5
12.0
38.2
11.6
50.0
24.0

July
July
July
July
July
July
July

20
20
24
24
25
25
26

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

16.0
170.0
11.5
48.7
23.0

July
July
Aug.
Aug.
Aug.

2
8
8

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
11
11
11
11
12
12

13
13
14
17
18
18
18
19
19
19

11
Table 6B Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of J u l y 7, 1978

TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

POSTPONEMENT
P o r t l a n d , Oregon




Rev.

14.0

J u l y 27

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE

NYSE INDEX

3

AMEX

BJ INDUSTRIALS

4

2

TRADING VOLUME

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 / 2 6 )

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

1975-High
Low

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

881.81 (7/15)
632.04 (1/2)

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

88.00 (7/15)
60.70 (1/2)

35.2 (2/13)
8.7 (9/15)

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

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

1976-High
Low

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

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

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

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

44.5 (2/20)
10.3 (1/2)

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

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

1977-High
Low

57.69 (1/3)
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)

35.3 (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

56.20 (6/8)
48.37 (3/6)

866.51 (6/6)
742.12 (2/28)

151.32 (6/14)
119.73 (1/11)

124.51 (6/14)
99.09 (1/11)

63.5 (4/17)
7.6 (1/20)

6.2 (4/17)
1.3 (1/20)

18.8 (5/18)
2.8 (1/20)

May

5
12
19
26

53.97
54.85
54.95
54.14

829.09
840.70
846.85
831.69

139.89
142.57
144.66
144.30

117.27
119.40
121.57
119.86

39.2
36.4
40.8
28.6

5.3
5.2
5.5
4.1

14.6
13.7
16.6
12.5

June

2
9
16
23
30

55.03
56.08
54.80
53.90
53.66

847.54
859.23
836.97
823.02
818.95

145.61
149.35
150.16
147.27
145.55

121.03
124.41
123.69
120.74
120.30

27.7
39.3
30.9
27.6
24.3

3.5
5.0
4.7
3.7
3.7

11.0
13.5
12.3
11.2
9.3

July

7

53.34

812.46

146.30

119.16

20.1

2.5

7.5

NOTES:
1

Figures other then hitfis end lows ere 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 - 60
Based on everege price change until September 4, 1973 thereafter, based on market value of shares listed.




13
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1977 - A p r i l
May
June
July
August
September
October
November
December
1978 - J a n u a r y
February
March
April
May

196
196
198
204
200
196
191 ,
246250

807
801
873
875
885
881
882
872
873

2,350
2,345
2,551
2,568
2,587
2,581
2,579
2,604
2,568

9,590
9,780
9,920
10,260
10,660

246
242
250
248
245

851
877
855
914

2,565
2,544
2,544
2,560

190
190
160
230
100
30
-30
50
130

-3

-3
—6
72

38
-5

8,880
9,070
9,230
9,460
9,560
9,590
9,560
9,610
9,740

CHANGE IN OUTSTANDING

1977 - A p r i l
May
June
July
August
September
October
November
December
1978 - J a n u a r y
February
March
April
May

-150
190
140
340
400

2
6
-4
-4
-5>

-2

10
-4
1
-10
1

206

17
19
—6

-2

25
—36

-4
-4
8

-22

-3

26

-21

-2

-59

-3

-22

16

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.

5

Data p r i o r t o November n o t s t r i c t l y comparable due t o changes i n r e p o r t i n g .




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

1974
1975
1976
1977

REGULAR DEPOSITS

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

1

ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.9

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

-2,822
4,757
5,275
2,874

SHARE CAPITAL

ANNUAL 3
GROWTH
RATE

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

7.1
17.6
17.6
15.2

NET
NEW
MONEY
4,668
29,276
34,369
32,004

TOTAL

2

DEPOSITS

NET
FLOW
18,171
53,839
62,839
61,610

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

NET
NEW
MONEY

2

1,846
34,033
39,644
34,783

NOT SEASONALLY ADJUSTED
1977 - September
October
November
December

1,200
683
406
1,425

1978 - J a n u a r y
February
March
April
May £ '

626
476
1,712.
-264
245

——

—
—

- -

-137
296
99
-115

5,961
2,396
1,729
5,542

-59
170
338
-553
100

2,745
2,297
7,153
558
2,386

——

—

— *—

—
——
——

--

1,666
2,270
1,516
883

7,161
3,079
2,135
6,967

2,877
2,073
2,592
401
2,151

—

1,529
2,566
1,615
768

3,371
2,773
8,865
294
2,631

—

2,818
2,243
2,930
-152
2,251

6,787
5,089
4,226
4,065

16.2
12.0
9.9
9.4

—

2,733
2,596
3,294
2,474
3,367

6.3
5.9
7.5
5.6
7.6

SEASONALLY ADJUSTED
1977 - September
uctober
November
December
1978 - J a n u a r y
February
March
April
May £./

1,131
1,257
515
655

10.5
11.6
4.7
5.9

721
370
448
341
352

6.5
3.3
4.0
3.0
3.1

—-

——

—

—

--

5,656
3,832
3,711
3,410

18.2
12.2
11.7
10.6

2,012
2,226
2,846
2,133
3,015

6.2
6.8
8.7
6.5
9.1

——

- -

• —

NOTES:
1

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2
3

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources.
Annual yowth rate for monthly data is the annualized monthly percentage increase in deposits.

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

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

e

#

#

#

tf.16
#

15
T a b l e 10

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

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

NET CHANGE
TOTAL

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

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
Jim
Jul
Aug
Sep
Oct
Nov
Dec

20.6
21.3
21.8
21.8
22.4
22.9
23.2
23.6
24.5
25.7
27.1
27.9

18.6
19.4
19.6
19.6
20.1
20.7
21.0
21.3
21.9
23.1
24.3
25.0

2.0
2.0
2.2
2.2
2.3
2.2
2.3
2.3
2.6
2.6
2.7
2.8

.35
.79
.33
. .12
.50
.57
.30
.40
.89
1.21
1.35
.76

.35
.84
.16
.04
.46
.59
.27
.35
.62
1.21
1.24
.70

1977 - J a n
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

28.0
28.6
29.7
30.2
30.6
31.9
32.4
34.0
35.1
37.4
38.8
39.2

25.4
25.6
26.5
27.0
27.3
28.1
28.7
30.0
31.0
32.8
34.Q
34.3

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
.43
1.07
.49
.37
1.33
.54
1.50
1.24
1.95
1.41
.24

.38
.23
.90
.49
.30
.80
.57
1.32
1.07
1.78
1.18
.34

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

1978 - J a n
Feb
Mar
Apr
May

38.6
37.6
36.9
36.3
35.8

34.2
33.3
32.8
32.0
31.5

4.4
4.3
4.2
4.2
4.3

- .35
-1.05
- .45
- .74
- .49

- .11
- .96
- .51
- .70
- .54

- .24
- .09
— .06
- .04
.05

-

.25

- .05
.17
.08
.04
- .02
.03
.05
.27
——

.11
.06
.07
.20
.17
•" —

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




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

TOTAL

FHLB

ND LONG-TERM I S S U E S
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.
April
May e

399
1,712
887
848
2,600

-12
1,388
-17
600
1,600

0
1,400
0
0
1,600

-12
-12
-17
0
0

0
0
0
600
0

411
324
904
248
1,000

NOTES;
Based on data from Treasury Survey of Ownership.
1

Sales of FHLB discount notes began in May 1974.

p
Preliminary



17

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

TOTAL
INCLUDING
FNMA-GNMA

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

2

FINANCIAL INSTITUTIONS

TOTAL
17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924

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

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

S & L's
10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,566

INSURANCE
COMPANIES

FNMA-GNMA

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

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

Not S e a s o n a l l y Ad-justed
1977 - Oct
Nov
Dec

8,349
7,940
9,096

8,380
7,844
8,874

2,200
2,100
1,700

690
564
771

4,876
4,754
4,748

614
426
1,655

-31
96
222

1978 - J a n
Feb
Mar
Apr
May

5,557
6,155
8,749
9,304

5,237
5,657
8,276
8,696

1,400
1,600
2,400
2,500
2,900

412
344
553
486

3,019
3,409
4,835
4,856
5,023

406
304
488
854

320
498
473
608

Seasonally Adjusted
1977 - Oct
Nov
Dec

8,533
8,822
9,192

8,625
8,729
9,117

2,265
2,284
1,951

675
605
647

5,162
5,437
5,262

523
403
1,257

-92
93
75

1978 - J a n
Feb
Mar
Apr
May

7,588
7,542
8,921
8,495

7,209
6,942
8,361
7,748

1,788
2,009
2,329
2,149
2,693

572
515
587
482

4,305
4,041
4,830
4,300
3,995

544
377
615
817

379
600
560
747

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




18

Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL RATES

2
QUARTER

TOTAL

Ct

RESIDENTIAL
TOTAL

1- to 4 FAMILY

MULTIFAMILY

COMMERCIA1

MULTFAMIA r
&
COMMERCIAI

FARM

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
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

106.4
134.3
140.0
146.1

82.2
104.7
110.7
112.7

78.7
97.8
103.3
103.5

3.5
6.9
7,4
9.2

15.5
20.3
20.4
24.9

19.1
27.2
27.8
34.1

8.6
9.3
8.9
8.5

1978 - I (p)

124.1

93.7

85.6

8.1

20.6

28.7

9.8

NOTES:
1

^ : i

d

' T j

a t a

Ta m 0 r t 9 a 9 e

dc

;rutsta:din9

f r o m F e d e r a l De

P ° $ i t Insurance Corporation. Federal Home Loan Bank Board. Institute of Life

property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve
2

m l " I ' , '




n

°°

£ a m

°°ly

an

"

U

~

°£ ^

*"'-"7 "d

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 RATES

PERIOD

TOTAL

1969
1970

1971
1972
1973
1974
1975

1976
1977

1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
1978 - J a n .
Feb.
Mar.
Apr.
Hay

'

PERMITS 1
1—FAMILY 2-OR MORE
FAMILY

TOTAL

STARTS
1—FAMILY

2-OR MORE
FAMILY

TOTAL

COMPLETIONS
MOBILE
HOME
1 —FAMILY 2-OR MORE
SHIPMENTS
FAMILY

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

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

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

656
621
901
1,048
914
450
268
376
375

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

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

592
617
692
828
840
760
430
336
398

413
401
497
576
567
329
216
246
277

1,639
1,772
1,695
1,850
1,893
1,811

1,089
1,156
1,135
1,216
1,257
1,210

550
616
560
634
636
601

2,072
2,038
2,012
2,139
2,096
2,203

1,453
1,454
1,508
1,532
1,544
1,574

619
584
504
607
552
629

1,671
1,677
1,875
1,665
1,769
1,641

1,253
1,269
1,458
1,249
1,280
1,299

419
409
417
416
489
342

251
270
300
319
318
324

1,526
1,534
1,647
1,740
1,587

1,032
95 7
1,037
1,115
1,057

49
577
610
583
530

1,548
1,569
2,047
2,181
2,075

1,156
1,103
1 , 4 29
1,500
1,488

392
466
618
681
587

1,759
1,696
1,794
1,944

1,300
1 , 2 33
1,368
1,506

459

322
269
284
252
247

463
426
438

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


Table 15

ro
o

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

RATE
(IN PER CENT)

1

1

1

PERIOD

NEW HOMES

EXISTING HOMES

NEW HOMES

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

DISCOUNT
(PERCENTAGE
POINTS)

SPREAD
BETWEEN
RETURNS ON
NEW A a a
CONVENTIONAL
wwnf c n I M w t k
UTILITY
AND HUD(FHA)
BOND
NEW HOME
YIELD
MORTGAGES (IN PER CENT)
(BASIS
POINTS)

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

1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

9.00
9.00
9.00
9.00
9.05
9.10

83
99
86
72
82
N.A.

9.05
9.05
9.05
9.05
9.05
9.10

88
104
91
77
82
N.A.

8.74
8.74
8.72
8.78
8.78
8.91

57
73
58
50
55
N.A.

1.9
• 1.9
1.7
2.2
2.2
3.2

26
26
28
22
27
19

8.17
8.01
8.14
8.28
8.23
N.A.

1978 - J a n .
Feb.
Mar.
Apr.
May

9.15
9.25
9.30
9.40
9.60

N.A.
54
47
48
58

9.20
9.25
9.30
9.45
9.60

N.A.
54
47
53
58

9.11
N.A.
9.29
9.37
9.67

N.A.
N.A.
46
45
65

4
N.A .
1
3
-7

N.A.
8.71
8.83
8.92
9.02

4.7
N.A.
4.1
4.7
5.0

NOTES:
1

Grow yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grede utility bonds with 5-year call protection.

Rates on conventional first mortgages (excluding eddkione! fees end 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, prepeid in 15 veers, for immediate delivery, ere used.


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

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21
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

ACCEPTED

855 (12/27) 570(12/27) 8 . 9 8 ( 1 2 / 2 7 ) 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 )
71 ( 9 / 1 9 )

AVERAGE
YIELD

9 . 2 1 (12/27)
8 . 8 1 (1/10)

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

Dec. 13
27

329.1
855 .4

224.3
569.7

8.89
8.98

262.2
329.4

168.9
190.5

9.17
9.21

1977 - O c t .

1978

AVERAGE
YIELD

Jan.

9
23

1011.0
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

NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the everage 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 fay bidders relate to total eligible bids received.
H.16