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%

1

%

m

Capital
Market
Developments

July 16, 1979

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 $ 1 5 . 0 0 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue t o one address, $13.50 per

TABLES
1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT

9-16

MORTGAGE MARKET

year or $.35 each. Elsewhere, $20.00 per year or $.50
each. Address requests to Publications Services, Division of A d m i n i s t r a t i v e Services, and make payment
remittance payable to

the order of the Board of

Governors of the Federal Reserve System in a f o r m
collectible at par in U.S. Currency.




SYMBOLS
e

ESTIMATE

P

PRELIMINARY

r

REVISED

n.3.

NOT A V A I L A B L E
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1979 - May

June

July

4
11
18
25
1
8
15
22
29
6
13

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)

9.93
9.93
9.85
9.74

9.57
9.51
——

9.43

80
89
84
100

25
30
89
0

9.72
9.58
9.46
9.48
9.39

9.85
9.80

124
274
570
859
250
1,128
933
764
992

96
94
92
91
92

10
63
70
65
80

175
440

77
70

40
133

9.41r
9.49p

——

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
20-BOND
INDEX

GROSS
OFFERINGS
( $ MILLIONS)

3

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1979 - May

4
11
18
25

5.80
5,85
5.90
5.75

6.27
6,30
6,30
6.21

432
711
685
642

77
81
79
90

173
214
248
142

June

1
8
15
22
29

5.75
5.75
5.40
5.50
5.50

6.16
6,09
6.11
6.18
6.12

293
833
1,254
1,058
869

78
95
81
84
79

151
91
284
440
292

July

6
13

5.50
5.60

6.08
6.11

465
836

83
90

278
299

NOTES:
1
2

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
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
4

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.




Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
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

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)

8.84 (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

9.29 (12/15)
8.60 (3/24)

9.54 (12/22)
8.84 (1/6)

9.27 (12/29)
8.30 (1/6)

9.00 (12/22)
8.02 (1/6)

6.67 (12/22)
5.58 (3/17)

1979 - High
Low

9.87 (4/27)
9.43 (7/6)

9.93 (5/11)
9.39 (6/29)

9.52 (5/11)
9.16 (7/6)

9.30 (5/11)
8.79 (7/13)

6.42 (3/2)
6.08 (7/6)

19 79 — March
April
May
June

9.62
9.70
9.83
9.50

9.62
9.74
9.83r
9.50

9.37
9.38
9.50
9.29

9.08
9.12
9.21
8.91

6.33
6.29
6.25
6.13

9.48
9.41
9.25
9.23
9.23

9.06
8.98
8.89
8.93
8.82

6.16
6.09
6.11
6.18
6.12

9.16r
9.17p

8.79r
8.87p

6.08
6.11

1979 - J u n e

1
8

15
22
29
July

•

9.57
9.51
—

9.43

6
13

mmmmm

9.72
9.58
, 9.46
9.48
9.39
9.41r
9.49p

NOTES:
1

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

2

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

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U S. Treasury data.

5

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




5

5
Table 3

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

G R O S S PROCEEDS
1

A

w

CORPORATE

PERIOD

2

STATE AND LOCAL

1979

•

s

1977r

1979

1978

1977

January
February
March

3,668
3,165
3,600e

3,326
2,770
4,569

4,358
2,790
5,578

2,810
2,512
4,477

3,306
2,753
4,844

3,402
3,442
4,063

April
May
June

•

1978r

4,lOOe
3,200e
6,lOOe

3,397
4,227
5,539

3,928
3,733
5,632

3,056
3,087
4,400e

3,824
5,525
4,369

3,409
4,566
5,786

July
August
September

4,414
3,379
4,236

4,251
3,458
4,178

3,920
6,407
2,323

3,113
4,118
4,013

October
November
December

3,799
3,207
4,401

4,025
5,341
6,518

3,231
4,320
3,690

3,807
3,332
3,646

10,665
13,163
12,029
11,407

12,726
13,295
11,887
15,884

9,799
10,543e

10,903
13,718
12,650
11,241

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

23,828
35,857
47,264

26,021
37,908
53,792

20,342e

24,621
37,271
48,512

24,668
35,912
46,697

10,433e

Q1
Q2

13,400e

03
04

•

1st Half
3 Qtrs.
Year

23,833e

•

•

#
NOTES:
1
Securities and Exchange Commission estimates of gross proceeds.
2

Securities Industry Association estimates of principal amounts.




5

O
N

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 ISSUER

G R O S S PROCEEDS BY TYPE OF ISSUE
PERIOD

TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

1

MEMO

BONDS

ISSUES INCLUDED
FOREIGN

CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

10,665
13,163
12,029
11,407

4,748
5,422
5,159
4,486

3,886
4,788
4,526
3,891

2,031
2,953
2,344
3,030

233
260
120
189

4
158
115
129

2,555
3,148
2,699
2,411

2,433
3,728
3,049
3,041

854
424
1,143
1,219

4,822
5,863
5,142
4,737

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

3,326
2,770
4,569
3,397
4,227
5,539
4,414
3,379
4,236
3,799
3,207
4,401

1,382
1,464
1,902
1,959
1,719
1,744
2,052
1,497
1,610
1,651
1,608
1,227

1,311
730
1,845
931
1,469
2,388
1,734
1,100
1,692
964
873
2,054

633
576
822
507
1,039
1,407
628
782
934
1,184
726
1,120

233
0
0
12
106
142
80
40
0
10
30
149

0
0
4
20
2
136
16
6
93
101
22
6

465
755
1,335
606
958
1,854
843
740
1,116
498
840
1,073

644
531
1,258
743
1,713
1,272
793
877
1,379
1,626
761
654

529
34
291
75
349
376
552
215
302
457
460

1,689
1,450
1,683
1,973
1,557
2,333
2,404
1,211
1,527
1,372
1,150
2,215

1979-January
February

3,668
3,165

1,282
1,336

1,722
916

664
913

16
10

3
5

907
471

890
1,186

259
558

1,612
949

1978-1
II
III
IV

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



- -

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
J u l y 2 t h r o u g h J u l y 13, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

C i t i z e n s S a v i n g s & Loan
G l e n d a l e F e d e r a l S a v i n g s & Loan A s s o c .
R o c h e s t e r Gas & E l e c t r i c Co.
L o u i s i a n a Power & L i g h t Co.
C o n t i n e n t a l Telephone Corp.
P u b l i c Svc Co. of New H a m p s h i r e
C a e s a r s World, I n c .
Missouri Pacific Railroad
General Motors Acceptance Corp.
G e n e r a l Motors Acceptance Corp.

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

75.0
100.0
25.0
60.0
33.5
39.0
21.1
20.3
250.0
150.0

1980-1994
2004
1989

9.00
9.40
9.25

9.40-9.20
9.40
9.33

OTHER
Canadian N a t i o n a l Railway

Debt.

150.0

2004

9.70

9.73

1989
1989

Aaa/AAA
Aaa/AAA
A/A
Ba/BB

——

——

——

mmm •—

——

——

— —

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




9.54
9.35
8.60
10.72

«-* —
— —

NOTES:
*
1

9.50
9.35
8.60
10.72

——

Aa/AA
Aaa/AAA
Aa/AA
Aa/AA

00

T a b l e 5B

INTERMEDIATE AND LONG-TERM *
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
J u l y 2 t h r o u g h J u l y 1 3 , 1979
ISSUER
STATE AND LOCAL

Paramount Redev. A g c y . , C a l i f .
Paramount Redev. A g c y . , C a l i f .
Dade C o . , F l a .
Dade Co.,, F l a .
A u s t i n , Texas
A u s t i n , Texas
A u s t i n , Texas
A u s t i n , Texas
G a r f i e l d H e i g h t s , Ohio
G a r f i e l d H e i g h t s , Ohio
Tulsa I n d u s t . Auth., Okla.
Tulsa I n d u s t . Auth., Okla.
B l u e f i e l d Mun. B l d g . Comm. W. Va.
B l u e f i e l d Mun. B l d g . Comm. W. Va.
Lyon County S c h . D i s t . , Nev.
Purdue U n i v e r s i t y , Ind.
O r e g o n , S t a t e of
M a s s a c h u s e t t s , S t a t e of
P o r t of S e a t t l e , Wash.
Chula V i s t a R e d e v . A g c y . , C a l i f .
Aurora, Colo.
Aurora, Colo.
Aurora, Colo.
Conway, A r k .
Conway, A r k .

TYPE

Rev.
Rev.
Rev.
G.O,

Rev,
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev
Rev.
G.O,;
Rev.'
G.O.
G.O.
Rev.
Rev.
G.O.
G.O.
G.O.
Rev.
Rev.

AMOUNT
(MILLIONS OF
DOLLARS)

5.6
20.7
9.0
67.5
26.8
25.0
92.8
174.3
7.7
14.3
27.8
17.6
7.1
20.0
10.0
15.5
200.0
55.0
55.0
51.0
4.0
5.7
14.5
14.8
8.9

NOTES:
Includes only state and local security offerings of $10 million arid over; excludes secondary offerings.
2
For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations.
*
G r e a t e r t h a n 12 m o n t h s ,
Digitized*for FRASER
*
Canadian I n t e r e s t C o s t .

1

MATURITY

1981-1994
2011
1981-1999
1980-2004
1982
1984
1990
2001
1981-1993
2004
1980-1996
2002
1984-1995
2008
1981-2001
1994-2009
1990-2004
1980-1999
1980-2009
1994-2007
1980-1994
1989-2008
2014
1985-1999
2004

NET INTEREST
COST

7.43
7.43
6.05**
6.08
——

——

——

—

~

6.58
6.29
5.84**
6.18**
6.21
6.57
5.56
6.37
6.37
——

OFFERING
YIELD

5.75-7.00
7.38
5.20-6.00
5.10-6.30
5.60
5.80
6.10
6,60
5.40-6.70
7.25
5.25-6.70
6.88
6.75-7.75
8.13
5.50-6.70
5.80-6.60
5.35-6.00
5.20-6.40
5.20-6.50
6.05-6.70
5.10-5.60
5.40-6.25
6.40
5.60-6.50
6.70

MOODY'S/S&P'S
RATINGS

—/A
——/A
A-l/AAA
A-1/A+
A/A
A/A
A/A
A/A
A/A
A/A
A-l/—
A—1/—
—/BBB+
—/BBB+
Baa—1/—
A-1/A+
Aaa/AA+
A-l/AA
A-l/AA
Con. A - l / P r o v . A
A-1/A+
A—1/A+
A-1/A+
Con. A/BBB+
Con. A/BBB+

T a b l e SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
J u l y 2 t h r o u g h J u l y 1 3 , 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

Rev.

12.3

2009

—

Rev.

4.4

1979-1998

5.57

5 . 0 0 - 5 . 88

Baa-l/AA-

Rev.
Rev.
Rev.
Rev.
Rev.

6.4
10.0
100.0
16.0
18.6

1979-2018
1985-1999
1981-2004
1982-2002
2012

5.79
5.92
6.05
6.91
6.91

5.
5.
5.
5.

Baa-l/AAA-1/A+
Aa/AA
Con. A-1/A+
Con. A-1/A+

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Conway, A r k .
P e n n s y l v a n i a S t a t e P u b . Sch. B l d g .
Auth.
P e n n s y l v a n i a S t a t e Pub. Sch. Bldg.
Auth.
St. Petersburg, Fla.
San A n t o n i o , T e x a s
Oregon H o u s i n g F i n a n c e Agcy.
Oregon H o u s i n g F i n a n c e Agcy.




Con. A/BBB+

6.85

00-6.
25-5.
10-6.
30-6.
6.92

00
95
30
75

T a b l e 6A

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

1

As of J u l y 1 3 , 1979

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Bonds
Com. s t k .
Floating-rate notes
Com. s t k .
Notes
Units
Conv. d e b t .
Pfd. stk.
1 s t mtg.
Debt.
Mtg.-backed
Equip, t r .
Com. s t k .
Pfd. stk.
Pfd. stk.
Debt.
Conv. d e b t .
Debt.
Com. s t k .
Debt.
Pfd. stk.
Com. s t k .
Com. s t k .
1 s t mtg.
1 s t mtg.
Com. s t k .
Com. s t k .
Debt.
Debt.
Com. s t k . / w . w a r r a n t s

100.0
50.0
15.0
90.0
125.0
15.0
30.0
50.0
20.0
350.0
50.0
24.6
45.0
35.0
25.0
25.0
15.0
60.0
75.0
40.0
35.0
24.0
16.5
50.0
35.0
34.0
37.5
300.0
18.0
45.0

J u l y 17
J u l y 17
J u l y 18
J u l y 18
J u l y 18
J u l y 18
J u l y 23
J u l y 23
J u l y 25
J u l y 26
J u l y 26
J u l y 31
J u l y 31
J u l y 31
July
July
July
July
Aug.
1
Aug.
1
2
Aug.
2
Aug.
Aug.
7
8
Aug.
Aug.
9
Aug. 14
Aug. 15
Aug. 21
J u l y - Aug.
Indef

OTHER
E u r o p e a n C o a l & S t e e l Community

Debts.

125.0

July

POSTPONED
Storage Technology Corp.

Conv. d e b t .

50.0

July

P u b l i c S e r v i c e E l e c t . & Gas Co.
San D i e g o Gas & E l e c t . Co.
Imperial Bancorp.
D e t r o i t E d i s o n Co.
*Avco F i n a n c i a l S e r v i c e s I n c .
*Lionel Corp.
*PSA I n c .
C e n t r a l Power & L i g h t Co.
* L a c l a d e Gas Co.
*Ford Motor Co.
* F i r s t F e d e r a l S&L of Miami
* S t . L o u i s S o u t h w e s t e r n Ry.
B o s t o n E d i s o n Co.
Potomac E l e c t . Power Co.
Petro-Lewis Corp.
*Paine-Webber I n c .
*Argo P e t r o l e u m C o r p .
*Wickes C o r p .
C l e v e l a n d E l e c t . I l l u m i n a t i n g Co.
* N a t i o n a l F u e l Gas Co.
Gulf S t a t e s U t i l s . Co.
Kansas Gas & E l e c t . Co.
E l P a s o E l e c t . Co.
*Kentucfey U t i l i t i e s Co.
* A p p a l a c h i a n Power Co.
Oklahoma Gas & E l e c t . Co.
I d a h o Power Co.
* N o r t h w e s t e r n B e l l T e l . Co.
*Gerber S c i e n t i f i c I n c .
Beef and B i s o n B r e e d e r s I n c .

NOTES:
*
1

Included in table for first time.
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




•

26

Table 6B

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

1

As of J u l y 1 3 , 1979

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE 4 LOCAL

Brandon S c h . D i s t . , M i c h .
N a s h v i l l e & Davidson Metro. G o v t . ,
Tenn.
Alexandria Health Care T r u s t Auth.
La.
O r l a n d o U t i l i t i e s Comm., F l a .
Oklahoma S t u d e n t Loan A u t h .
I n d e p e n d e n c e , Mo.
New Hampshire E d u c . & H e a l t h A u t h .
Osseo I n d e p . S c h . D i s t . # 2 7 9 , Minn.
M a r y l a n d H e a l t h & Hgr. E d u c . Loan
Auth.
South C a r o l i n a , S t a t e of
Montgomery C o u n t y , T e n n .
* U n i v e r s i t y of Texas System
*Texas A & M U n i v e r s i t y
*Philadelphia, Pa.
*Santa Barbara, C a l i f .
* I d a h o Housing Agency
New J e r s e y Economic Dev. A u t h .
Vermont Housing Agency
^ M u n i c i p a l A s s t . C o r p . , N.Y.C.
* C a l i f o r n i a , S t a t e of
^ M i n n e s o t a Hgr. E d u c . C o o r d . Bd.
C h i c a g o P u b l i c B l d g . Comm., 1 1 1 .
POSTPONEMENT
New J e r s e y T u r n p i k e A u t h .

NOTES:
1

Includes state and local government issues of $10 million and over.
Included in the table for the first time.




G. 0 .

13.1

July

16

Rev.

20.0

July

17

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

22.5
40.0
10.0
11.1
12.7
11.0

July
July
July
July
July
July

17
17
17
17
17
17

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

101.8
50.9
10.0
21.0
10.0
50.0
11.3
51.8
42.0
41.0
130.0
125.0
100.0
29.0

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

23
24
24
25
25
26
31

1
7
14
23

Rev.

591.5

July

11

Table 7

STOCK PRICES AND VOLUME
1

STOCK P R I C E S

DATE
NYSE INDEX

3

B J INDUSTRIALS

AMEX

4

NASDAQ

2

TRADING VOLUME
NYSE

AMEX

NASDAQ

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

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 / 1 3 )
8.7 (9/15)

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

1976-High
Low

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

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

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

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

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

8.6 (2/20)
1 . 1 (1/2)

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

1977-High
Low

57.69 (1/2)
49.78 (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 (1/12)
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 (1/11)

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

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

1979-High
Low

59.32 (7/9)
53.88 (2/27)

878.72 (4/10)
807.00 (2/27)

201.71 (7/9)
152.03 (1/2)

139.15 (7/9)
117.84 (1/2)

45.5 (6/12)
18.3 (1/2)

7.9 (6/7)
2.2 (1/22)

19.7 (7/10)
7.2 ( 1 / 2 )

11.0 (10/30) 18.8 (5/18)
2.8 (1/20)
1.3 (1/20)

1979
June

1
8
15
22
29

56.04
57.42
57.85
58.21
58.38

821.21
835.15
843.30
849.10
841.98

188,00
194.28
197.19
200.25
200.76

131.76
134.96
136.25
137.24
138.13

27.9
34.8
37.0
33.7
35.2

3.9
6.0
6.1
5.0
4.3

13.7
16.7
16.2
15.6
15.5

July

6
13

58.82
58.17

846.25
833.53

200.47
196.09

138.64
138.52

33.1
37.7

3.6
4.4

14.6
17.5

NOTES:
1

Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.

2

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

3
4

12/31/66 - 60
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

B R O K E R S ON
MARGIN
STOCK

1

BROKERS ON %
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1978 - May
June
July
August
.September
October
November
December

10,660
11,090
11,190
11,740
12,400
12,090
11,000
10,830

245
242
247
243
225
216
209
205

1979 - J a n u a r y
February
March
April
May
June

10,750
10,790
10,870
11,220
11,130
11,590

199
195
181
194
183

400
430
100
550
660
-130
-1,090
-170

-3
-3
5
-4
—18
-9
-7
-4

—80
40
80
350

-6
4
14
13
-11

series

discontinued

CHANGE IN OUTSTANDING

1978 - May
June
July
August
Sep t e m b e r
October
November
December
1979 - J a n u a r y
February
March
April
May
June

90

series discontinued

460

NOTES:
Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.
1
2

New York Stock Exchange data.




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS

1

NET
NEW
MONEY

2,165
11,070
12,670
10,783
8,426

ANNUAL 3
GROWTH
RATE
-2,822
2.3
4,757
11.3
5,275
11.6
8,8
2,874
-591
6.3

218
683
1,971
-832
75

-121
338
463
-1,192
-300

NET
FLOW

1974
1975
19 76
1977
1978
1979-January
February
March ,
April—j

May

2'

1979-January
February
March
April .
May S J

2

404
712
728
-74
204

—
——

—

3.4
6,0
6,1
—0,6
1,7

—
—

——

SHARE CAPITAL

NET
FLOW

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE
7.1
17.6
17.6
15.1
11.4

TOTAL

2

DEPOSITS

NET
FLOW

4,668
29,276
34,369
32,004
23,460

18,171
53,839
62,839
61,671
52,554

NOT SEASONALLY ADJUSTEfr4,377
4,743
2,580
——
2,881
3,146
8,348
-1,490
-1,150
1,636
2,046

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5
10.1

4,961
3,564
10,319
-1,982
2,121

16,006
42,769
50,169
50,888
44,209

SEASONALLY ADJUSTED
12.7
4,564
3,416
9.4
10.5
3,833
2.4
890
7.6
2,801

4,968
4,128
4,561
816
3,005

—

—

10.4
8.6
9.4
1.6
6.1

2

NET
NEW
MONEY
1,846
34,033
39,644
34,878
22,869
4,256
2,918
3,609
-2,682
1,336

——

NOTES:
1

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

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

"I#
•

•

t

•

#

,
#

15

T a b l e 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

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

1974

14.5

12.3

2.2

-5.36

-4.03

-1.33

1975

20.0

18.0

2.0

5.47

5.72

-.25

1976

27.3

24.6

2.7

7.30

6.60

.70

1977

38,2

33.7

4.5

10.89

9.08

1.81

1978

38.3

33.4

4.9

.06

-.32

.38

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

38.0
37.3
36.9
36.5
36.2
36.1
36.0
36.4
36.7
38.8
39.1
38.3

33.6
33.0
32.7
32.3
31.9
31.5
31.5
31.9
32.3
33.9
34.0
33.4

4.4
4.3
4.3
4.3
4.3
4.6
4.6
4.6
4.4
4.8
4.9
4.9

—. 32
-.70
-.38
-.39
-.34
.02
-.05
.35
-.34
1.96
.22
-.65

-.08
-.61
-.34
-.42
-.39
-.32
-.03
.36
.42
1.63
.10
— .64

-.24
-.09
-.04
-.03
.05
.34
-.02
-.01
-.08
.33
.12
-.01

1979 - J a n .
Feb.
Mar.
Apr.
May

37.5
36. 6
36.0
36.0
35.4

32.6
31. 8
31.4
31.6
31.3

4.8
4.8
4.6
4.4
4.1

—. 88
-.93
-.52
-.02
-.67

-.81
-.83
-.32
+ ,19
-.35

-.04
-.07
-.20
-.17
-.32

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 endof period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.
H.16



16

T a b l e 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS O F DOLLARS

PERIOD

1977-Jan.
Feb.
Mar.
Apr.
MayJune
July
Aug.

Sept.
Oct.
Nov.
Dec.
1978-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

Sept.
Oct.
Nov.
Dec.
1979- J a n .
Feb.
Mar.

Z'sf

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM I S S U E S
TOTAL

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

399
1,712
887
848
3,091
1,492
1,605
1,811
1,683
1,680
1,108
3,023

-12
1,388
-17
600
1,483
1,276
1,881
1,182
1,131
1,630
885
2,183

534
1,933
1,478
1,029
440

0
1,325
1,479
979
400

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



FHLB

FHLMC

FNMA

FNMA & F H L B
SHORT-TERM
DISCOUNT
NOTES 1

-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

0
1,400
0
0
1,500
0
700
1,200
0
0
900
750

—12
-12
-17
0
-17
276
-19
-18
181
-70
-15
183

0
0
0
600
0
1,000
1,200
0
950
1,700
0
1,250

411
324
904
248
1,608
216
-276
629
552
50
223
840

0
837
0
0
400

-116
488
-21
-21
0

0
0
1,500
1,000
0

650
608
-1
50
40

0
-200
0
—6
105
0
0
304
0
0
300
0

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS O F DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977
1978

TOTAL
INCLUDING
FNMA-GNMA

21,930
41,406
57,587
58,372
42,739
43,497
62,783
96,814
110,936

2

FINANCIAL INSTITUTIONS

TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE
COMPANIES

FNMA-GNMA

17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924
102,240

2,462
9,940
16,800
19,600
11,700
4,200
13,900
27,900
35,000

1,946
3,938
5,377
5,642
2,172
2,236
4,074
6,565
6,378

10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,158
51,695

2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184
9,167

4,910
2,388
2,026
3,300
6,222
4,839
-2,120
890
8,696

Not S e a s o n a l l y A d j u s t e d
1978 - O c t .
Nov.
Dec.

9,644
9,508
8,871

8,761
9,023
8,169

3,200
3,300
2,500

500
594
405

4,265
4,184
3,438

796
945
1,826

883
485
702

1979 - J a n .
Feb.
Mar.
Apr.
May

6,660
5,922
7,983

5,862
5,051
6,983

2,400
1,600
2,100
2,800
2,900

395
266
NA

2,602
2,445
3,515
4,285
5,297

465
740
1,052
820

798
871
1,000
419

Seasonally Adjusted
1978 - O c t .
Nov.
Dec.

9,925
10,234
8,660

9,027
9,630
8,006

3,299
3,278
2,769

456
626
263

4,450
4,762
3,818

822
964
1,156

898
604
654

1979 - J a n .
Feb.
Mar.
Apr.
May

8,726
7,833
8,117

7,906
6,987
6,992

2,815
2,172
2,031
2,619
2,746

575
486
395
NA

3,925
3,451
3,414
3,780
4,589

591
878
1,152
730

820
846
1,125
466

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates benchmarked 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

2
Beginning
 January 1972 data reflect activity in limited amount of conventional mortgages.


.8

T a b l e 13

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

2
QUARTER

TOTAL

3

RESIDENTIAL
TOTAL

I
|

"
FAMILY

MULTIFAMILY

COMMERCIAL

10

4

MULTFAME.Y
&
COMMERCIAL

FARM

1972 - I
II
III
IV

67,9
73.9
77.2
88.8

49.8
53.9
58.6
64.1

38.5
40.7
47.7
48.4

11,3
13.2
11.0
15,7

14.7
16.5
14,9
21.1

26.0
29.6
25.9
36.8

3.5
3,5
3,7
3.6

1973 - I
II
III
IV

82.0
86.7
79.8
71.1

57.5
59,2
55.4
48,9

49.4
46.1
42.9
41.1

8.1
13,1
12,5
7.9

18,8
21,7
19,4
16.7

27.0
34,8
31.9
24.5

5.6
5.8
5.0
5.5

1974 - I
II
III
IV

71.1
69.6
53.6
47.7

50.4
45.9
34.1
30.4

40,8
39.0
27,4
26.1

9,5
7.0
6,7
4.3

17.2
18,8
13.7
11,4

26.7
25.7
20.3
15.7

3.6
4,0
5.8
5.9

1975 - I
II
III
IV

45.8
53.0
61.3
68.7

32.0
38,1
45.1
50.4

31.1
38.7
45,2
50,5

0.9
*-0.6
-0.1
*-0.1

8.6
10,1
12,1
14.2

9.4
9,4
12.1
14,1

5.3
4,9
4.0
4,1

1976 - I
II
III
IV

80.9
74.5
93.1
99.6

62.5
55.0
72.7
78.9

61.0
55,2
68,9
76.5

1.5
-0.2
3.8
2.4

13.3
14.8
13.5
13.0

14,8
14,5
17.2
15.5

5,2
4.7
6.9
7.7

1977 - I
II
III
IV

108.5
133.8
140.1
153.6

85.9
110.0
113.7
119.4

81.6
101.8
106,2
110.2

4.2
8.3
7.5
9.2

14,0
14.5
17.8
25.6

18.2
22.8
25.3
34.8

4

8.6
9.2
8.6
8.7

1978 - I
II
I I I (r)
IV ( p )

133.7
145.3
152.4
152.6

105.4
114.0
112.5
120.5

96.2
104.8
101.4
109,7

9.2
9.2
11.1
10.8

|

-

|

|

M

19.3
21,7
28.1
21.1

28.5
30.9
39.2
31.9

9.0
9.6
11.8
11.0

1

i

NOTES:
1

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

2

May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.

3
Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debt.



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

STARTS

COMPLETIONS

TOTAL

1—FAMILY

TOTAL

1 —FAMILY

1,407
1,434
2,052
2,357
2,045
1,338
1,160
1,538
1,987
2,020

811
813
1,151
1,309
1,132
888
892
1,162
1,451
1,433

656
621
901
1,048
914
450
268
376
375
587

1,399
1,418
1,706
1,972
2,014
1,692
1,297
1,362
1,652
1,866

808
802
1,014
1,143
1,174
932
867
1,026
1,254
1,366

592
617
692
828
840
760
430
336
398
499

413
401
497
576
567
329
216
246
277
275

1,928
1,948
1,900
1,883
1,885
1,888

1,320
1,363
1,370
1,414
1,375
1,416

608
584
530
468
510
472

232
283
272
286
280
303

1,815
1,894
1,957
1,997

1,331
1,376
1,412
1,405

484
518
545
592

311
272
270
273

PERMITS V
PERIOD

2 - O R MORE
FAMILY

TOTAL

1—FAMILY

1969
1970
1971
1972
1973
1974
1974
1976
1977
1978

1,324
1,352
1,925
2,219
1,820
1,074
939
1,297
1,677
1,801

626
647
906
1,033
882
644
676
894
1,125
1,183

698
705
1,018
1,186
937
431
264
403
552
618

1978 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

1,765
1,716
1,838
1,835
1,787
1,827

1,140
1,129
1,184
1,209
1,172
1,268

625
587
654
626
617
559

2,104
2,004
2,024
2,054
2,107
2,074

1,455
1,431
1,432
1,436
1,502
1,539

646
573
592
618
605
535

1979 - J a n .
Feb.
Mar.
Apr.
May

1,442
1,425
1,621
1,517
1,591

920
881
1,056
1,040
1,027

522
544
565
477
564

1,679
1,381
1,786
1,735
1,827

1,139
953
1,266
1,273
1,193

540
428
520
462
632

2 - O R MORE
FAMILY

i

I

i

MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS

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

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

B ginnin
Digitized foreFRASER g i n 1978


t o p r e s e n t d a t a i s b a s e d on 1 6 , 0 0 0 a r e a s .

N
>
O
T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

NEW HOMES

EXISTING HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1
RATE
(IN PER CENT)

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

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

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 - High
Low

10.30
9.15

100
47

10.30
9.20

100
47

10.16
9.11

98
45

5.0
4.1

14
-12

9.23
8.71

1978 - J u l y
Aug.

9.80
9.80
9.80
9.95
10.10
10.30

72
100
74
72
NA
NA

9.80
9.80
9.85
9.95
10.15
10.30

72
100
79
72
NA
"NA

9.92
9.78
9.78
9.93
9 i 99
10.16

84
98
72
55
NA
NA

3.1
2.1
2.1
2.1
3.6
4.8

-12
2
2
2
11
14

9.08
8.80
9.06
9.23
NA
NA

10.30
10.35
10.35
10.55
10.80

NA
76
75
68
100

10.30
10.35
10.40
10.55
10.80

NA
76
80
68
100

10.17
10.17
10.19
NA
10.61

NA
58
59
NA
81

4.9
4.9
5.0
NA
4.0

13
18
16
19
NA

NA
9.59
9.60
9.87
9.80

Sept.
Oct.

Nov.
Dec.

1979 - J a n .
Feb.

Mar.
Apr.
May

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.



e

#

e

#

#

#

e

e

e

• *

* •

21
T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

1011(1/9)

1978 - High

AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

ACCEPTED

OFFERED

ACCEPTED

605(1/9) 10.69(12/27)

717(5/15)

363(5/15)

10.92(12/<

75(8/7)

48(8/7)

9.28(1/9)

130(8/7)

Low

AVERAGE
YIELD

80(8/7)

9.13(1/9)

1979 - J a n .

8
23

211.0
93.9

101.1
54.3

10.67
10.73

71.2
42.3

36.0
22.1

11.02
11.13

Feb.

6
20

42.4
168.2

37.9
123.3

10.61
10.47

19.4
43.6

17.9
27.5

11.07
11.02

Mar.

5
19

265.0
243.3

141.8
142.6

10.43
10.42

47.0
97.9

33.8
79.7

10.96
10.92

2

139.2
191.5
307.8

10.44
10.51
10.82

167.8
252.9
241.2

98.6
157.7
107.3

10.92

30

260.7
326.9
735.1

14
29

279.2
147.1

118.6

10.88
10.80

250.3
208.3

102.0

66.4

11.30
11.41

J u n e 11
25

159.7

66.3
33.6

10.79
10.74

237.1
120.4

123.2

72.1

11.60

19.4

10,66

36.0

27.5

11.54

Apr.

16
May

July

9

60.2
36.5

r

112.3

11.01
11.17

11.54

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
aHeied by bidden relate to total eligible bids received.




Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102