Full text of H.16 Capital Market Developments : July 3, 1978

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Developments

July 3, 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

Index

SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each in the United

TABLES
1 - 6

SECURITY VOLUME AND YIELDS

7, 8

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

each. Address requests to Publications Services, Divi-

9-16

MORTGAGE MARKET

sion 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.

SYMBOLS

States, its possessions, Canada, and Mexico; 10 or
more of the same issue t o one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50




6

ESTIMATE

P
r

PRELIMINARY
REVISED

n.8.

NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

NEW ISSUE 1
A a a UTILITY

RECENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
($ MILLIONS)

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

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

1978 - A p r i l

7
14
21
28

8.88
8.88
8.93
8.92

8.82
8.84
8.84
8.91

300
558
813
192

87
98
82
96

23
10
145
8

May

5
12
19
26

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

2
9
16
23
30

9.04
9.03
9.13r
9.16p

9.05
9.06
8.96
9 . 1 Or
9.14p

36
655r
283r
459
305

100
97
80
88
85

0
20
53
56
45

June

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

B O N D BUYER
2D-BOND
INDEX

GROSS
OFFERINGS
( $ MILLIONS)

3

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

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1978 - A p r i l

7
14
21
28

5.40
5.40
5.40
5.45

5.76
5.74
5.79
5.89

346
785
739
1,264

84
91
89
88

189
186
185
248

May

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
6v26
6.29

134
743
797
666
1,494

92
90
87
83
89

213
174
177
211
163

NOTES:
1

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

2

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

3

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

4
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary
to make coverage of this series consistent with the gross offerings series.



Table 2

HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

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

3

U . S . GOVT. 20-YEAR
C O N S T A N T MATURITY

4

BOND BUYER
2Q-BOND INDEX

1974 - High
Low

10.61
8.05

(10/4)
(2/15)

10.52
8.13

(10/11)
(1/4)

9.39
7.73

(10/11)
(1/4)

8.68
7.39

(8/30)
(1/4)

7.15
5.15

(12/12)
(2/7)

1975 - High
Low

9.80
8.89

(5/2)
(2/7)

9.71
9,06

(5/25)
(2/28)

9.01
8.57

(5/2)
(2/28)

8.63
7.63

(9/19)
(2/21)

7.67
6.27

(10/3)
(2/13)

1976 - High
Low

8.95
7.93

(5/28)
(12/10)

9.10
7.84

(1/2)
(12/31)

8.66
7.91

(5/28)
(12/31)

8.17
7.27

(5/28)
(12/31)

7.29
5.95

(1/2)
(12/16)

1977 - High
Low

8.36
7.90

(12/16)
(1/7)

8.48
7.95

(12/30)
(1/7)

8.28
7.88

(12/30)
(1/7)

7.99
7.26

(12/30)
(1/7)

5.93
5.45

(2/4)
(11/17)

1978 - High
Low

9.16
8.60

(6/30)
(3/24)

9.14
8.48

(6/30)
(1/6)

8.82
8.30

(6/30)
(1/6)

8.62
8.02

(6/30)
(1/6)

6.29
5.58

(6/30)
(3/17)

1978 - May

5
12
19
26

June

2
9
16
23
30

8.87
8.95
9.02

8.90
8.92
8.98
9.10

8.62
8.65
8.69
8.76

8.40
8.44
8.44
8.47

5.98
5.99
5.98
6.16

9.04
9.03
9,13r
9.16p

9.05
9.06
8.96
9. lOr
9.14p

8.79
8.74
8.72
8.76r
8.82p

8.49
8.47
8.47
8.55r
8.62p

6.19
6.18
6.16
6.26
6.29

NOTES:
1

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

2

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


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

#

#

#

#

#

#

#

#

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

1978 3
January
February
March
April
May

19771

19761

2

S T A T E A N D LOCAL

19783

1977

2

19762

3,013
2,657
4,500e

4,362
2,792
5,578

3,381
3,863
6,632

3,293
2,733
4,648

3,402
3,442
4,063

2,451
2,885
3,365

3,300e
3,200e

3,998
3,797
5,660

3,507
4,186
6,439

3,711
5,lOOe

3,409
4,566
5,786

2,218
3,575
3,115

4,289
3,469
4,177

3,216
3,357
4,817

3,113
4,118
4,013

2,734
2,821
2,814

4,221
5,331
6,531

4,511
3,074
6,503

3,807
3,332
3,646

3,524
3,336
2,342

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

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

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

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

26,187
38,122
54,205

28,008
39,398
53,488

24,668
35,912
46,697

17,609
25,978
35,180

June
July
August
September
October
November
December

9,370e

Q1

1

CORPORATE

PERIOD

Q2
Q3
04
1st Half
3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




10,674

Table 4

o\

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

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

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

BONDS
TOTAL

PUBLICLY
OFFERED

COMMUNICATIONS

OTHER
ISSUERS

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

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

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

1,382
1,464

998
667

633
526

325
0

0
0

273
716

644
465

519
34

1,578
1,441

1976 - I
II
III
IV

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

1977 - I
II
III
IV

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

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

1977 - January
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

1978 - January
February

3,013
2,657

1,600

1,861

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



PUBLIC
UTILITY

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 30 through June 30, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

1

MATURITY

COUPON RATE

OFFERING
YIELD

8.75

8.75

MOODY'S/S&P'S
RATINGS

CORPORATE

Crocker N a t i o n a l Corp.
P u b l i c S e r v i c e of New Mexico
Tyler Corp.
F i n l a n d , R e p u b l i c of
New J e r s e y T e l e . Co.
D e t r o i t Edison Co.
P a c i f i c Gas & E l e c t r i c Co.
H.H. Robertson Co.
John Deere C r e d i t Co.
S e c u r i t y P a c i f i c Corp.
R a i n i e r Bancorp.
Arizona P u b l i c S e r v i c e Co.
Niagara Mohawk Power Corp.
L a n i e r Business P r o d u c t s I n c .
S e a f i r s t Corp.
P e n n s y l v a n i a E l e c t r i c Co.
Arrow E l e c t r o n i c s I n c .
C r y s t a l Oil Co.
C a r o l i n a Power & L i g h t Co.
T r a n s c o n t i n e n t a l O i l Co.
Ticor
Houston O i l and M i n e r a l Corp.
C e n t r a l I l l i n o i s P u b l i c Svc.
Tiger I n t e r n a t i o n a l I n c .

Com. s t k .
Com. s t k .
Debt.
Bonds
Debt.
1 s t mtg.
1 s t mtg.
Conv. deb t .
Debt.
Notes
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
1 s t mtg.
Debt.
Debt.
1 s t . mtg.
Debt.
Debt.
P f d . (conv.)
Com. s t k .
Com. s t k .

50.0
31.2
30.0
100.0
100.0
70.0
200.0
15.0
75.0
100.0
30.3
49.4
50.0
15.1
39.0
60.0
17.0
30.0
100.0
20.0
50.0
75.0
23.2
38.0

—

2008
1983
2018
2008
2011
1998
2003
1985
—

— •

—

—

—
—
—

2008
1998
1990
2008
1998
2008

—
—
—

NOTES:
*
1

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




10.50
8.75
8.75
9.88
9.38
8.25
9.35
8.80

10.50
8.90
8.85
10.00
9.42
8.25
9.35
8.80

A/ —
Ba/BB+
Aa/AAA
Aaa/AAA
Baa/BBB
Aa/AA-

—/—

A/A
Aa/AA

——

—
™—

—

9 .50
12.00
12.63
9.25
12.88
9.50
6.76
—
—

9.55
12.00
12.63
9.27
13.45
9.50
6.76

A/BBB
B/B
B/B
A/A
B/B
— /A

— /—

T a b l e 5A C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S . TREASURY
May 30 through June 30 9 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

CORPORATE

P.R. Mallory & Co.
Columbus & Southern Ohio E l e c . Co.
I t e l Corp.
P u b l i c S e r v i c e E l e c . Gas Co.
C h r y s l e r Corp.
P.R. Mallory & Co.
Prime Computer I n c .
New York T e l e . Co.
Delmarva Power & L i g h t Co.
ITT F i n a n c i a l Corp.
LNG Capricorn
LNG Capricorn
LNG Capricorn
Storage Technology Corp.
C o n t i n e n t a l I l l i n o i s Corp.
L o u i s v i l l e Gas & E l e c . Co.
Consumer Power Co.
Northwest Bancorp.
Baltimore Gas & E l e c t r i c Co.
Bangor Punta Co.
Missouri P a c i f i c R a i l r o a d Co.
McDonalds Corp.

Notes
20.0
Pfd. stk.
40.0
25.5
Com. s t k .
68.3
Com. s t k .
Pfd. s t k .
250.0
Com. s t k .
16.9
Conv, d e b t .
20.0
150.0
Debt.
1 s t mtg.
50.0
Debt,
125.0
Gtd. s h i p f i n . 78.6
Gtd. s h i p f i n . 1 0 . 3
Gtd. s h i p f i n . 6 . 8
20.0
Com. s t k .
Com. s t k .
99.8
25.0
Pfd. s t k .
Pfd. s t k .
50.0
50.0
Conv, d e b t .
1 s t mtg.
75.0
Debt.
50.0
Equip, t r .
15.9
Notes
100.0

OTHER
Norway, Kingdom of
Ito-Yakado Co.
Ito-Yakado Co.

Notes
Notes
Conv, d e b t .




150.0
20.0
50.0

2003
—

1998
2018
2008
2003
2003
1988
1983

COUPON RATE

OFFERING
YIELD

9.13
9.50

9.18
9.50

—

——

——

—

11.00

11.00

—

—

6.75
8.88
9.63
8.88
8.95
8.70
8.55

6.75
8.94
9.60
8.95
8.95
8.70
8.55

MOODY'S/S&P'S
RATINGS

Baa/A
Baa/BBB
Ba/BB
B/B
Aaa/AAA
A/A
A/A
—

/

—

/

—
—

— /

—

—

- -

- -

- -

- -

8.90
10.00
6.75
9.38
11.50
9.00
8.63

8.90
10.00
6.75
9.38
11.50
,8.50-8.90
8.70

Aa/-Ba/BBBA/AA
Aa/AAB/B
Aa/AA
A/A

8.75
9.13
5.75

8.85
9.25
5.75

Aaa/AAA

2003
2008
1998
1979-1993
1988
1983
1983
1993

——

- -

— / A

'—/A

Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
May 30 through June 30, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

STATE AND LOCAL

P o r t l a n d , Ore.
Chelan Co. Pub. U t i l . D i s t . , Wash.
Chelan Co. Pub. Utile D i s t . , Wash.
Ohio Water Dev. Auth.
Omaha, Neb.
West V i r g i n i a , S t a t e of
Worcester, Mass.
Worcester, Mass.
Ohio Water Dev. Auth.
Texas A and M Univ. Sys.
Univ. of Texas System
Wyoming Mun. Power Auth.
Wyoming Mun. Power Auth.
Iowa S t a t e U n i v e r s i t y
M i s s o u r i Bd. of P u b l i c B u i l d i n g s
Hawaii, S t a t e of
Hawaii, S t a t e of
P i t t s b u r g h , Pa.
Cambridge, Mass.
Georgia Mun. E l e c t r i c Auth.
Georgia Mun. E l e c t r i c Auth.
Georgia Mun. E l e c t r i c Auth.
Georgia Mun. E l e c t r i c Auth.
Delaware Co. A u t h . , Pa.

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

15 .0
2.0
8.0
27.0
20.0
50.0
9.2
3.0
17.5
11.0
21.0
4.9
16.6
12.0
13.5
5.0
15.0
14.0
23.1
20.9
22.6
18.3
38.2
3.9

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.




MATURITY

1979-1998
1981-2006
2029
2008
1979-1998
1979-2003
1979-1998
1979-2008
1981-2005
1979-1985
1979-1985
1983-1998
2016
1979-2003
1981-1999
1981-1992
2008
1989-1998
1979-1998
1980-1995
2002
2006
2012
1981-1993

NET INTEREST
COST

6.70
6.77
6.77
5.06
5.66
5.99
6.35
6.28
5.14
5.14
6.98
6.98
6.02
5.77
6.64
6.64
6.49
5.70
6.72
6.72
6.72
6.72
7.25

OFFERING
YIELD

4.75-6.70
4.50-6.50
6.75
5.94
4.10-5.60
4.20-6.00
4.50-6.25
4.50-6.60
4.75-6.60
4.00-4.65
4.00-4.65
5.10-6.60
7.00
4.40-6.20
4.50-5.90
4.90-6.00
6.70
6.10-6.90
4.25-6.00
4.60-6.25
6.67.
6.74
6.80
5.00-6.50

MOODYS/S&P'S
RATINGS

A/—
—/A+
—/A+
Aaa/AAA
Aaa/AAA
A-1/AA+
A—1/—
A—1/—
A/A+
Aaa/AAA
Aaa/AAA
A/—
A/—
Aa/—
Aa/AA
A/A
A/A
Baa-l/AA
Aa/—
A/A+
A/A+
A/A+
A/A+
A-1/A+
vo

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 30 through June 30, 1978

ISSUER

STATE AND LOCAL

Delaware Co. A u t h . , P a .
North C a r o l i n a Educ. A s s t . Auth.
North C a r o l i n a Educ. A s s t . Auth.
Tucson, A r i z .
Tucson, A r i z .
Tucson, A r i z .
Winston-Salem, N.C.
W. Lake S u p e r i o r S a n t . D i s t . , Minn.
Oshkosh, Wis c .
Oshkosh, Wis c .
J e f f e r s o n Co., Ky.
J e f f e r s o n Co., Ky.
P l a t t e Co., Wyo.
P l a t t e Co., Wyo.
P l a t t e Co., Wyo.
West J e f f e r s o n , Ala.
Onondaga Co., N.Y.
F l o r i d a , S t a t e of
F l i n t , Michigan
Tacoma Sch. D i s t . #10, Wash.
Goose Creek I n d . Sch. D i s t . , Tex.
Washtenaw Co., Mich.
I l l i n o i s , S t a t e of
L o u i s i a n a , S t a t e of
Independence, Mo.
Montana Board of Housing
Montana Board of Housing
Montana Board of Housing



TYPE

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

AMOUNT
(MILLIONS
OF
DOLLARS)

14.5
8.0
11.0
8.0
4.5
2.9
10.2
16.0
3.9
10.0
7.0
35.0
28.5
36.6
9.9
48.0
15.5
137.3
10.0
14.6
10.5
13.4
150.0
115.8
39.1
8.6
2.3
2.7

MATURITY

2010
1979-1988
1996
1984-1993
1982-1995
1979-1986
1979-2000
1979-1996
1981-1995
2009
1998
2008
1983-1997
2007
2008
2008
1979-2001
1982-2000
1978-2006
1979-1991
1980-1997
1979-2007
1979-2003
1979-1998
1980-1994
1979-1997
2003
2009

NET INTEREST
COST

7.25
5.90
5.90
5.71
5.67
5.37
5.28
5.71
7.33
7.33
6.39
6.39
:

——

5.34
5.65
6.22
——

5.34
6.17
5.51
5.43
5.45
6.23
6.23
6.23

OFFERING
YIELD

7.25
4.25-5.25
6.00
4.60-5.90
5.00-5.75
4.60-5.30
4.00-5.60
4.50-5.90
5.00-6.60
7.38
6.13
6.38
5.10-6.60
7.00
6.90
7.41
4.10-5.70
4.65-6.00
4.00—6.40
4.40-5.70
4.20-5.50
4.20-6.38
4.15-6.10
4.15-5.75
4.40-5.70
4.40-6.10
6.40
6.50

MOODY'S/S&P'S
RATINGS

A-1/A+
A-l/AA
A-l/AA
A-l/A
A-l/AAA-1/A+
Aa/AA+
A-1/A+
—/A
— /A
Aaa/ —
Aaa/—
A/BBB+
A/BBB+
A/BBB+
—

/ —

Aaa/—
Aa/AA
A-l/AA
—

/

—

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

T a b l e 5B C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 30 Through June 30, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&F
RATINGS

STATE AND LOCAL

Albuquerque, N.M.
Shelby Co. Hlth & Educ. Fac. Bd. , Term.
Shelby Co, H l t h . & Educ. Fac. Bd., Tenr
I l l i n o i s H e a l t h Fac. Auth.
I l l i n o i s Health Fac. Auth.
South Dakota Hsg. Dev. Auth.
South Dakota Hsg. Dev. Auth.
Chicago Pub. B u i l d . Comm., 111.
Hibbing, Minn.
Hibbing, Minn.
I l l i n o i s I n d u s t . P o l l . F i n . Auth.
New Mexico
New Mexico
Albuquerque, N.M.
Albuquerque, N.M.
Missoula Co., Mont.
Missoula Co., Mont.
New York S t a t e Dorm. Auth.
New York S t a t e Dorm. Auth.
New York S t a t e Dorm. Auth.
Stuart, Fla.
Stuart, Fla.
Fargo, N.D.
Hollywood Burbank Apt. A u t h . , Cal.
Hollywood Burbank Apt. Auth. Cal.
P e n n s y l v a n i a , S t a t e of
Maryland, S t a t e of



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

22.0
15.0
7.0
17.1
16.5
46.3
13.3
30.0
5.4
7.1
20.0
27.2
5.0
13.5
4.6
31.1
10.7
13.0
7.3
9.7
3.8
11.9
17.2
5.2
15.6
69.0
115.0

1881 - 2008
1980 - 1998
2008
1979 - 1998
2006
1980 - 1997
2009
1980 - 1998
1981 - 1998
2008
2003
1979 - 1983
1979 - 1983
1979 - 1983
1980 - 1985
2008
2003
1979 - 1993
1998
2003
1978 - 1992
2008
1979 - 1996
1982 - 1993
2008
1978 - 6.70
1981 - 1993

——

6.45
6.45
7.20
7.20
6.39
6.39
6.17
7.30
7.30
7.30
4.88
4.80
4.87
5.01
6.95
6.95
5.80
5.80
5.80
——

5.27
6.88
6.88
6.06
5.33

5.40 - 7 . 5 0
4 . 5 0 - 6.50
6.75
5 . 0 0 - 6.80
7.25
4.85 - 6.40
6.75
4 . 7 0 - 1997
5 . 2 0 - 7.00
7.42
7.19
4.15 - 4.75
4 . 1 5 - 4.70
4 . 2 5 - 4.80
4.45 - 4.95
6.95
6.85
4.20 - 5.50
5.75
5.88
4.25 - 7.00
7.50
4 . 2 0 - 5.70
5.25 - 6.50
6.75
4 . 0 0 - 6.40
4 . 7 0 - 5.50

A/AAa/AA
Aa/AA
A/A+
A/A+
A-l/AA
A-l/AA
Aa/AA
—/A—
—/A—
Baa/BBB
Aaa/AAA
Aa/AA
Aa/AA
Aa/AA
Aa/BBB+
Aa/BBB+
Aaa/AA
Aaa/AA
Aaa/AA
—/A
—/A
Aa/AA
A/BBB
A BBB
A-1/A+
Aaa/AAA

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 30 Through June 30, 1978
ISSUER

STATE AND LOCAL

St. Paul Hsg. & Redev. A u t h . , Minn.
Charleston, W.Va.
Oakland Co., Mich.
Chicopee, Mass.
Vermont Housing F i n . Agy,
Vermont Housing. F i n . Agy.
Vermont Housing F i n . Agy.
New Mexico Mtge. F i n . Auth.
New Mexico Mtge. F i n . Auth.
New Mexico Mtge. F i n . Auth.
Alaska Housing F i n . Corp.
Alaska Housing F i n . Corp.
North Carolina Medical Care Comm.
North Carolina Medical Care Comm.
North Carolina Medical Care Comm.
Northeast Hosp. A u t h . , Tex.
Mason Co., W. Va.
Fond Du Lac, Wise.
Missouri S t a t e Enviro. Improv, Auth,
Maricopa Co., A r i z .
Puerto Rico Tele. Auth.
' Puerto Rico T e l e . Auth,
Puerto Rico T e l e . Auth.
C a l i f o r n i a Hsg. F i n . Agy.
C a l i f o r n i a Hsg. F i n . Agy.
Maryland Health & Educ. Fac. Auth.



TYPE

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

AMOUNT
(MILLIONS
OF
DOLLARS)

14.0
10.0
17.7
16.0
13.7
3.9
9.6
34.7
18.6
7.9
17.2
37.8
38.6
24.8
5.6
12.1
40.0
19.3
31.0
12.3
14.6
15.0
70.4
37.2
12.8
5.5

MATURITY

1981 - 2008
1979 - 2003
1983 - 2003
1990 - 2017
1980 - 1996
2000
2013
1979-1998
2009
2010
1979 - 1995
2008
1981 - 1994
2003
2005
1981 - 2008
2008
1979 - 1995
2008
1981 - 2002
1985 - 1993
1998
2008
1980 - 1998
2012
1980 - 1990

NET INTEREST
COST

5.84
6.52
7.14
—
—

OFFERING
YIELD

4.75 - 6.63
4.00 - 6.10
5.00 - 6.50
6.20 - 7 . 1 3
4 . 7 0 - 6.25
6.50

6.88

4.75 - 6.75
7.20
7.20
5.00 - 7.00
7.50
5.00 - 6.40
6.70
6.75

6.00 - 8.00

5.37
6.98
8.00
8.00
8.00
6.52
6.52

7.75
4 . 3 5 - 5.70
6.88
5.20 - 7 . 1 3
6.25 - 7.50
7.75

8.00

4 . 7 5 - 6.50
6.70
4 . 8 5 - 6.30

MOODY'S/S&P'S
RATINGS

Aa/—
Aa/AA
A-l/AAA
A/A
A-l/A+
A-1/A+
A-1/A+
A-l/A
A-l/A
A-l/A
- - /A
— /A
A-l/AA
A-l/AA
A-l/AA
- - /BBB+
Aa /A+
Aa /A+
A-l/A
A / A
A / A
A / A
A-1/A+
A-1/A+
A-l/A

•

•

•

•

•

•

•

•

•

•

T a b l e 5B C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 30 through June 30, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

6.75
5.00 - 6.60
7.20
5.00 - 7.30
7.50
5.00 - 6.75
4 . 7 5 - 6.00
4.70 - 6.25
6.70
4.00 - 5.75
4 . 9 0 - 6.80
5 . 2 5 - 6.40
6.92
6.80

A-l/A
- - / A+
— / A+
- - /A- - / AA /A
Aaa/AAA
Aa /AA
Aa /AA
A-1/A+
A-1 / - A/A
A/A
A/A

STATE AND LOCAL

Maryland Health & Educ. Fac. Auth.
S t . Louis Park, Minn.
S t . Louis Park, Minn.
Kansas C i t y , Kan.
Kansas C i t y , Kan.
S t . L o u i s , Mo.
New J e r s e y , S t a t e of
Idaho Housing Agy.
Idaho Housing Agy.
V i r g i n i a P o r t . Auth.
Ames, Iowa
P h i l a d e l p h i a , Pa.
P h i l a d e l p h i a , Pa.
P h i l a d e l p h i a , Pa.




Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G. 0*
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

4.5
4.8
9.9
7.4
7.7
30.0
100.0
35.2
16.4
10.3
26.0
23.1
27.3
19.6

1999
1981 - 1993
2005
1979 - 1997
2004
1979 - 1995
1981 - 2003
1980 - 1998
2010
1978 - 1992
1981 - 2008
1980 - 1988
1998
1993

--

-

-

- -

6.62
5.73
6.38
6.38
5.59
6.46
7.02
7.02
7.02

u>

14
T a b l e 6A

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

1

As of June 30, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

General Telephone Co. of Northwest
*H. H. Robertson
P a c i f i c T e l . & T e l e . Co.
General Motors Acceptance Corp.
Puget Sourld Power & L i g h t Co.
Louisiana Power & L i g h t Co.
Arkansas Power & L i g h t
New England Power Co.
Duke Power Co.
*Hydro-Quebe c
P h i l i p Morris I n c .
Houston F i r s t Savings Assoc.
* P h i l i p Morris I n c .
Filmways I n c .
Texas I n t e r n a t i o n a l Co.
P e t r o Lewis Corp.
Budget C a p i t a l Corp.
Angle Co.
Global Marine I n c .
Valley N a t i o n a l Bank of Arizona
*Idaho Power Co.
I n t e r p o o l Ltd.
OTHER
Caisse C e n t r a l e de C o o p e r a t i v e
Economique

1 s t mtg.
Conv. d e b t .
Debt.
Notes
1st mtg.
1 s t mtg.
1 s t mtg.
1 s t mtg.
1 s t mtg.
1 s t mtg.
Debt.
Mtg.-backed
Com. s t k .
Notes
Debt.
Debt.
Debt.
Debt.
Debt.
Com. s t k .
Com. s t k .
Pfd. s t k .

Bonds

50.0
16.0
300.0
250.0
65.0
60.0
75.0
. 50.0
125.0
100.0
150.0
50.0
143.0
35.0
30.0
35.0
25.0
15.0
20.0
19.8
30.0
26.0

July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
J uly
July
July
July
July
Aug.
Indef

•

75.0

Indef

-

NOTES:
*

Included in table for first time.

1

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




6
6
11
11
11
12
20
26
26

1

9

15
Table 6B

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

1

As of June 30, 1978
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

STATE & LOCAL

Albuquerque, N.M.
Manatee Co.-Wide Sch. D i s t . , F l a .
F l o r i d a S t a t e Bd. of Educ.
Washington P u b l i c Power Supply Sys
Oregon, S t a t e of
Rockford Audit. B u i l d . A u t h . , 111.
Toledo, Ohio
New York, S t a t e of
S a l t River A g r i c . Improv. & Pwr.
D i s t . , Ariz.
Hopkins Co., Ky.
Palm Beach Co. H l t h . F a c . A u t h . ,
Fla.
Aurora, Colo.
*Vermont, S t a t e of
Ohio P u b l i c Fac. Comm.
•Missouri Housing Dev. Comm.
Grand River Dam A u t h . , Okla.
Missoula Co. High Sch. D i s t . , Mont
*Ada & Canyon J t . Sch. D i s t . , I d .
Pickens Co. & Richland Co., S.C.
Industry, Cal.
*Appleton, Wise.
Bergen Co. U t i l i t i e s A u t h . , N . J .
POSTPONEMENT
Allegheny Co. Hosp. Dev. Auth. , Pa
• P i t t s b u r g h Urban Redev. A u t h . , Pa.
P o r t l a n d , Ore.
Penn H i l l s Sch. D i s t . , Pa.
Underwood, N.D.
Underwood, N.D.
C i n c i n n a t i , Ohio

APPROXIMATE
DATE OF OFFERING

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

10.3
11.5
16.6
180.0
150.0
15.3
12.0
104.0

July
July
July
July
July
July
July
July

3
5
6
11
11
11
11
13

Rev.
Rev.

100.0
24.5

July
July

13
13

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

17.0
19.5
34.5
100.0
45.0
427.2
11.5
12.0
17.0
50.0
24.0
170.0

July
July
July
July
July
July
July
July
July
July
Ju ly
July

13
17
18
18
19
19
20
24
25
25
26

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

33.5
13.0
14.6
13.0
55.4
39.7
11.5

June
June
June
June
July
July
July

27
28
28
29
3
3
18

Rev.
G.O.

G. 0.

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.

*

Included in the table for the first time.




Table 7

STOCK PRICES AND VOLUME

NYSE INDEX

BJ INDUSTRIALS |

4

AMEX

NASDAQ

NYSE

||

AMEX

|

NASDAQ

891.66 (3/13)
577.60 (12/6)

1 0 2 . 0 1 (3/14)
58.26 (12/9)

96.53 (3/15)
54.87 (10/3)

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

4.4 (1/3)
.9 (9/26)

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

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)

5 7 . 5 1 (9/21)
48.04 (1/2)

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

107.05 (7/12)
8 4 . 3 1 (1/2)

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

44.5 (2/20)
1 0 . 3 (1/2)

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

llil

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)

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

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

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

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)

1 8 . 8 (5/18)
2 . 8 (1/20)

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

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
25.9

3.5
5.0
4.7
3.7
4.1

Low

1975-High
Low

1976-High
Low

1977-High
Low

1978-High

June

3

2

TRADING VOLUME

53.37 (3/13)
32.89 (10/3)

19 7 4-High

May

1

STOCK PRICES

DATE

(2/20)
3.5 (1/2)

16.6

12.5
11.0

13.5
12.3
11.2
9.5

NOTES:
1

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

2

Volume figures ere weekly averages of deily figures (millions of shares).

3
4

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


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

#

#

#

#

#

#

#

e

17
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY

BROKERS ON 1
MARGIN
STOCK

END OF PERIOD

*

BROKERS ON %
CONVERTIBLE
BONDS

BANKS

3

UNREGULATED NONMARGIN
STOCK CREDIT
AT B A N K S

OUTSTANDING

197/ - A p r i l
May
June
July
^
August
September
October
November
December

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

851
877
855
914

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

190
190
160
230
100
30
-30
50
130

-3

~55/
-554

-3
—6
72
-2
10
-4
1
-10
1

38
-5
206
17
19
—6
-2
25
—36

-4
-4
8
-2

-22
26
-22
-59

-3
-21

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

@ 1978 - January
February
March
April
May

#
CHANGE IN OUTSTANDING

1977 - A p r i l
May
June
#
July
August
September
October
November
December

•

-150
190
140
340
400

1978 - January
February
March
April
May

2
6
-4
-4

—

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.

prior to
5 forData
Digitized
FRASER


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

S A V I N G S & LOAN ASSOCIATIONS

MUTUAL S A V I N G S B A N K S
REGULAR D E P O S I T S
DATE

1974
1975
1976
1977

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

1

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE
-2,822
2.3
4,757
11.3
5,275
11.6
8.9
2,874

2

S H A R E CAPITAL

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

ANNUAL 3
GROWTH
RATE
7.1
17.6
17.6
15.2

NET
NEW
MONEY
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

2

NET
NEW
MONEY
1,846
34,033
39,644
34,783

NOT SEASONALLY ADJUSTED
1977 - September
October
November
December

1,200
683
406
1,425

1978 - January
February
March
A
*Mor r i l /
May £ '

626
476
1,712.
-264
245

——

—
——
mtm —

- -

-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

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

1,529
2,566
1,615
768

——

- -

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

SEASONALLY ADJUSTED
1977 - September
uctooer
November
December
1978 - January
February
March
April
May fi/

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

—
— '

—
—

—
—

—
—

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

——

——

——

~

. —

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
growth rate for monthly data is the annualized monthly percentage increase in deposits.
Digitized
for Annual
FRASER
Soiree: NationalI Association
and Federal Home Loan Bank Board.
Asso^ti< of Mutual Savjpgs
http://fraser.stlouisfed.org/
ivjigs Banks
l
Federal Reserve Bank of St. Louis

H.16

19
Table 10

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

PERIOD

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

NET CHANGE
TOTAL

MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
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

- .25

1976 - Jan
Feb
Mar
Apr
May
Jun
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

.35
.84

1977 - Jan
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
34.0
34.3

38.6
37.6
36.9
36.3

34.2
33.3
32.8
32.0
31.5

1978 - Jan
Feb
Mar
Apr
May

\

.16

1.35
.76

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

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

4.4
4.3
4.2
4.2

- .35
-1.05
- .45
- .74

.12

.50
.57
.30
.40
.89

1.21

-

.11
.96
.51
.70
.54

.05
.17
.08
.04
.02
.03
.05
.27
.11
.06
.07
.20
.17
.07
.53
.03
.18
.17
.37
.23
.10
.24
.09
.06
.04

NOTES:

levels as reported and after seasonal ad|ustment by Federal Reserve. Subtotals may not add to totals because of rounding.



H.16

T a b l e 11

20

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

TOTAL

—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

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

-12

0
1,400
0
0
1,600

-12
-12
-17
0
0

0
0
0
600
0

411
324
904
248
1,000

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

-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.
Dec.

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

1978 - Jan.
Feb.
Mar.
April
May e

399
1,712
887
848

Based on data from Treasury Survey of Ownership.
1

Sales of FHLB discount notes began in May 1974.

Preliminary
Digitized p
for FRASER


FNMA

+300
0
100
700
0
600

+236
-398
215
587
152
669

NOTES:

FHLMC

0
0
0
0
200
0

+300
-700
100
850
200
600

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

2,600

FHLB

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

0

1,388
-17
600
1,600

0
-700
0
+150
0
0

21
Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS O F DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

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

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

COMMERCIAL
BANKS

2,462
9,940

16,800

19,600
11,700
4,200
13,900
25,700

MSB's

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

S & Ls

10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,566

INSURANCE FNMA-GNMA
COMPANIES

2,348

1,221

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

4,910
2,388

2,026

3,300
6,222
4,839

-2,120

890

Not Seasonally Adjusted
1977 - Oct
Nov
Dec

8,349
7,940
9,096

8,380
7,844
8,874

2,300
2,100
1,700

690
564
771

4,876
4,754
4,748

614
426
1,655

-31
96
222

1978 - Jan
Feb
Mar
Apr

5,457
5,655
8,749

5,137
5,157
8,276

1,300
1,100
2,400
2,600

412
344
553
486

3,019
3,409
4,835
4,812

406
304
488

320
498
473

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 - Jan
Feb
Mar
Apr

7,488
7,102
8,921

7,109
6,502
8,361

1,688
1,509
2,329
2,249

572
515
587
482

4,305
4,041
4,830
4,256

544
377
615

379
600
560

NOTES
.Z
1 Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate F
able. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Sav.ngs Banks ^ I H o ^ 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 compamesmay differ
rived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted for 83 per cent of the net increase estimated for all holders in 1974.
Beginning January 1972 data reflect activity in limited amount of conventional mortgages.




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

RESIDENTIAL

1- to 4-

MULTIFAMILY

COMMERCIAL

MULTFAMLY
ft
COMMERCIAL

FARM

QUARTER

TOTAL

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

2.1

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

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

9.0
10.3
12.9

-1.1

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
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

1973

TOTAL

FAM!LY_

0.4

—0 • 1

1.7

2.6
3.1

NOTES:
1
Derived from data on mortgage de'rt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.

2

R e s i d e n t i a l mortgage debt includes nonfarm only and i s sum of 1 - t o 4-family and
m u l t i f a m i l y mortgage d e b t .




Table 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

STARTS

PERMITS 1
PERIOD

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

OR MORE
FAMILY

TOTAL

MOBILE
COMPLETIONS
HOME
i - F A M I L Y 2 - OR MORE
SHIPMENTS
FAMILY

1,399

1,324
1,018
1,132

1,820

1,362

1,026

1,451

2,012
Nov.

Dec.

1,210

Mar.

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

2,203

1.453
1.454
1,508
1,532
1,544
1,574

1,429

NOTES:
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


1,671
1,458
1,665

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

1,280
1,299

1,368

K>
UJ

ro

Table 15

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

CONVENTIONAL L O A N S
PRIMARY MARKET
NEW HOMES
PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

EXISTING HOMES

1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

NEW HOMES

1

1
SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)
/

/

DISCOUNT
(PERCENTAGE
POINTS)

SPREAD
BETWEEN

DCTIIDklG
Aaa
NCvv ndd
Kfc
1 UMNOHK
VIIM KIPW
UTILITY
1CONVENTIONAL

BOND
AND HUD(FHA)
YIELD
NEW HOME
MORTGAGES (IN PER CENT)
(BASIS
POINTS)

n

59
8

4.3
2.0

65
-4

8.72
8.05

9.11
8.40

73
22

4.7
1.7

40
4

8.31
8.01

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.

N.A.
54
47
53
58

9.11
N.A.
9.29
9.37
9.67

N.A.
N.A.
46
45
65

4.7
N.A.
4.1
4.7
5.0

4
N.A.
1
3
-7

N.A.
8.71
8.83
8.92
9.02

1976 - High
Low

9.05
8.90

91
5

9.10
8.95

95
10

9.06
8.25

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

98
63

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

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

'

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.

payment, prepaid in 15 years, for immediate delivery, are used.



H.16

25
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

1977

High

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

ACCEPTED

855 (12/27) 570(12/27) 8.98(12/27) 383 (5/2)

Low

50 (9/7)

35 (9/7)

AVERAGE
YIELD

ACCEPTED

278 (5/2)

9.21 (12/27)

8.46 (1/

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

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

1977 - Oct.

1978 - J a n .

NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered by bidden relate to total eligible bids received.
H.16