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56

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Marl<et

Developments

May 14, 1979

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




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

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*1

'

Index '

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




TABLES

1- 6
7, 8

SECURITY VOLUME AND YIELDS
STOCK MARKET AND SECURITY
CREDIT
9 - 1 6 MORTGAGE MARKET
SYMBOLS
e

ESTIMATE

p
>

PRELIMINARY
REVISED

n.a.

NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET WEEK ENDING

1979 - Apr.

May

2
13
20
27
4
11

YIELDS
NEW ISSUE 1
A a a UTILITY

VOLUME

RECENTLY
OFFERED
A a a UTILITY

9.59
9.68
9.66
9.87

9.61
9.68
9.70
9.88

3
GROSS
OFFERINGS
( $ MILLIONS)

PER C E N T
SOLD BY END
O F WEEK

NEW I S S U E S
IN SYNDICATE
( $ MILLIONS)

615
300
727
1,233

98
100
87
90
80
89

4

13
0
91
122

124
274

9.93r
9.94p

——

2

25
30

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

1979 - Apr.

May

VOLUME

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

6
13
20
27

5.85
5.85
5.75
5.75

6.25
6.33
6.30
6.26

657
756
557
653

92
76
88
85

163
279
151
172

4
11

5.80
5.85

6.27
6.30

432
711

77
81

173
174

3
GROSS
OFFERINGS
( $ MILLIONS)

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

NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)

NOTES:
1

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

2

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

3

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

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


4

Table 2

HIGH GRADE BOND YIELDS
1

NEW ISSUE
A a a UTILITY

DATE

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

4

B O N D BUYER
2 0 - 8 0 N D INDEX

1975 - High
Low

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

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

9 . 0 1 (5/2)
8.57 (2/28)

8 . 6 3 (9/19)
7 . 6 3 (2/21)

7.67 ( 1 0 / 3 )
6.27 ( 2 / 1 3 )

1976 - High
Low

8.95 (5/28)
7 . 9 3 (12/10)

9.10 (1/2)
7.84 ( 1 2 / 3 1 )

8.66 (5/28)
7 . 9 1 (12/31)

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

7.29 ( 1 / 2 )
5 . 9 5 (12/16)

1977 - High
Low

8 . 3 6 (12/16)
7.90(1/7)

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

8 . 2 8 (12/30)
7.88 ( 1 / 7 )

7.99 (12/30)
7.26 ( 1 / 7 )

5.93 (2/4)
5.45 (11/17)

1978 - High
Low

9 . 2 9 (12/15)
8.60 (3/24)

9 . 5 4 (12/22)
8.48 (1/6)

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

9 . 0 0 (12/22)
8.02 (1/6)

1979 - High
Low

9.87 (5/4)
9.42 ( 2 / 9 )

9.91 (5/4)
9.40 (2/2)

9.50 (5/4)
9.19 ( 2 / 2 )

9.26 ( 5 / 4 )
8.89 (2/2)

6.67
5.58
6.42
6.22

1979 - F e b r u a r y
March
April

9.53
9.62
9.70

9.56
9.62
9.74

9.26
9.37
9.38

9.03
9.08
9.12

6.31
6.33
6.29

1979 - A p r i l

6
13
20
27

9.59
9.68
9.66
9.87

9.61
9.68
9.70
9.88

9.31
9.37
9.39
9.44

9.05
9.11
9.12
9.20

6.25
6.33
6.30
6.26

4
11

__

9.93r
9,94p

9.51r
9.53p

9,28r
9.31p

5

6.27
6.30

May
7

(12/22)
(3/17)
(3/2)
(2/2)

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.




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Table 3

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

GROSS PROCEEDS

1

CORPORATE

PERIOD

2

STATE AND LOCAL

1979

1978

1977

1979

1978

1977

January
February
March

3,668
2,800e
3,600e

3,013
2,657
4,442

4,362
2,792
5,578

2,802
2,585
4,487

3,306
2,753
4,844

3,402
3,442
4,063

April
May
June

4,150e

3,285
4,035
5,215

3,998
3,797
5,660

3,000e

3,824
5,525
4,369

3,409
4,566
5,786

July
August
September

4,226
3,311
3,832

4,289
3,469
4,177

3,920
6,407
2,323

3,113
4,118
4,013

October
November
December

3,685
3,207
4,401

4,221
5,331
6,531

3,231
4,320

3,807
3,332

3,690

3,646

10,112
12,535

12,732
13,455

11,369

11,293

11,935
16,083

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

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

22,647
34,016
45,309

26,187
38,122
54,205

24,621
37,271
48,512

24,668
35,-912
46,697

Q1
02
03
04
1st Half
3 Qtrs.
Year

10,068e

9,874

•

NOTES:
1 Securities and Exchange Commission estimates of gross proceeds.
2 Securities Industry Association estimates of principal amounts.



Table 4

O
N

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

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

1977-1

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

GROSS PROCEEDS BY TYPE OF ISSUER

1

MEMO
I S S U E S INCLUDED
FOREIGN

CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

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

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

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

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

268
346
272
275

6
108
495
39

3,031
3,440
3,250
4,054

3,047
4,125
2,901
4,246

1,415
1,059
644
1,320

5,238
4,830
5,140
6,460

10,112
12,535
11,369
11,293

4,748
5,421
5,284
4,486

3,383
4,196
3,868
3,792

1,981
2,918
2,217
3,015

233
260
120
189

4
158
115
129

2,218
2,898
2,534
2,408

2,367
3,672
3,012
3,034

844
384
1,120
1,207

4,684
5,581
4,701
4,641

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

3,013
2,657
4,442
3,285
4,935
5,215
4,226
3,311
3,832
3,685
3,207
4,401

1,382
1,464
1,902
1,958
1,719
1,744
2,177
1,497
1,610
1,651
1,608
1,227

998
667
1,718
853
1,277
2,066
1,541
1,032
1,295
865
873
2,054

633
526
822
474
1,039
1,405
508
782
927
1,169
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

273
716
1,229
549
878
1,471
842
721
971
495
840
1,073

644
465
1,258
743
1,685
1,244
799
875
1,338
1,619
761
654

519
34
291
35
349
353
552
215
290
457
460

1,578
1,441
1,665
1,960
1,470
2,151
2,231
1,162
1,308
1,279
1,148
2,214

1979-January

3,668

1,282

1,722

664

n. a.

n.a.

907

890

259

1,612

II
III
IV

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.




•

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Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
A p r i l 30 through May 11, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

1

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

Allegheny A i r l i n e s , I n c .
Transamerica Corp.
S t . Louis Southwestern Ry.
T r u n k l i n e Gas Co.
Documation I n c .
J o h n s - M a n v i l l e Corp.
P u b l i c S e r v i c e Co. of I n d i a n a
T r a i l e r T r a i n Co.
Kansas C i t y Power & Light Co.
Brae Corp.

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

20.0
100.0
24.0
75.0
25.0
100.0
50.0
24.0
40.8
19.0

2004
1980-1994
1991
1999
1985
1985
1980-1994

NOTES:
*
1

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




10.63
9.75
10.63
12.00
9.70
9.50
10.38

10.70
10.50-9.75
10.65
12.00
9.70
9.55
10.38-10.00

Baa/BBB
Aaa/AAA
Baa/BBB+
B/B
A/AA
Aa/AA
A/A

00
Table 5B

INTERMEDIATE AND LONG-TERM *
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
A p r i l 30 through May 11, 1979
TYPE

ISSUER

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

G.0.
Rev.
G • 0.
Rev.
Rev.
Rev.
Rev.
Rev.
G.0.
G.0.
G.0.
G.0.
Rev.
Rev.
G.0.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.0.
G.0.
G.0.

16.6
12.4
14.0
15.3
3.7
12.5
12.0
33.0
26.5
10.4
11.3
45.0
6.2
6.2
13.0
9.6
20.8
4.6
27.2
12.9
109.9
22.0
18.5
10.0

1980-2009
1981-1999
1981-2001
1981-1999
2002
1980-1993
1999
2009
1982
1982
1980-1999
1980-1999
1981-1999
2002
1980-1999
1982-1987
1994
1997
1986-2000
2004
2020
1980-1999
1980-2009
1980-1989

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Nassau Co., N.Y.
C a r t e r County, Ky.
Clayton Co. School D i s t . , Ga.
Pike County, Ky.
Pike County, Ky.
D e t r o i t , Mich.
D e t r o i t , Mich.
D e t r o i t , Mich.
Oakland Co., Mich.
Genessee C t y . , Mich.
New York Job Dev. Auth.
Montgomery County, Md.
Lewis County, Ky.
Lewis County, Ky.
Delta Cty. Sch. D i s t . #50, Colo.
V i r g i n i a Educ. Loan Auth.
V i r g i n i a Educ. Loan Auth.
V i r g i n i a Educ. Loan Auth.
N. C a r o l i n a Mun. Power Agcy. No.1
N. C a r o l i n a Mun. Power Agcy. No.1
N. C a r o l i n a Mun. Power Agcy. No.1
New Hampshire
New Hampshire
Minneapolis, Minn.

|

6.60
6.93
5.80
6.89
6.89
7.08
7.08
7.08
5.73
5.76
6.15
5.56
7.12
7.12
——

5.73
5.73
5.48

5.40-6.75
5.50-7.10
5.20-6.10
5.50-7.10
7.20
5.50-6.50
6.90
7.10
——

5.50
5.25-6.50
5.10-5.90
5.70-7.25
7.38
5.30-6.20
5.50-5.90
6.43
6.63
5.75-6.90
7.10
7.38
5.15-6.10
5.15-5.80
5.20-5.40

A—1/—
—/ A —
A
A-1/A+
~/AA—/AA—
A/AA/AA/AMIG1/—
MIG1/—
A/AA
Aaa/AAA
—/A
—/A

—/—

—/A
—/A
—/A
Con.A/A+
Con.A/A+
Con.A/A+
Aaa/—
Aaa/—
Aaa/AAA

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.

*

G r e a t e r than 12 months.


http://fraser.stlouisfed.org/
Federal s
Reserve Bankeof St. Louis

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Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
A p r i l 30 through May 11, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

STATE AND LOCAL

Minneapolis, Minn.
King County, Wash.
Anchorage, Alaska
Long Beach Redev. Agcy. C a l .
Long Beach Redev. Agcy, C a l .
N. J e r s e y Health Care Fac. F i n . Auth.
N. J e r s e y Health Care F a c . F i n . Auth.
Allegheny Co. I n d u s t . Dev. A u t h , , Pa,
Gary, I n d i a n a
I l l i n o i s Hsg. Dev. Auth.
I l l i n o i s Hsg. Dev. Auth.
I l l i n o i s Hsg. Dev. Auth.
Macomb C t y . , Mich.
Michigan S t a t e B u i l d i n g Auth.




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

5.6
38.8
11.4
6,8
4,9
11.6
11.6
24.0
60.0
14.5
21.9
12.6
15.0
89.5

1980-1999
1981-2019
1981-1998
1982-2006
2008
1982-1996
2011
2009
2009
1980-2004
2016
2021
1980-1982
1982-1999

OFFERING
YIELD

5.70
6.41
6.28
6.48
6.96

5.20-5.90
5.30-6.50
5.40-6.40
5.50-6.70
7.00
5.60—6.75
7.00
6.75
6.85
5.20-7.00
7.16
7.10

6.37

5.50-6.50

—

MOODY'S/S&P'S
RATINGS

Aaa/AAA
Aa/AA
A/A
A-l/A
Baa / —
Con.A/Prov
Con.A/Prov
Aa/AAAa/AAA-l/AA
A-l/AA
A-l/AA
MIG1/—
Con.A/prov

Table 6A

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

1

As of May 11, 1979
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

West Texas U t i l i t i e s Co.
Smith.International Inc.
Appalachian Pwr. Co.
Appalachian Pwr. Co.
P u b l i c S e r v i c e of New Mexico
P u b l i c Service of New Hampshire
I t e l Corp.
Columbia Gas System I n c .
Montana Dakota U t i l i t i e s Co.
General T e l . Co. of C a l .
Carolina Pwr. & L g t . Co.
Delmarva Pwr. & L g t . Co.
I n t e g r a t e d Resources I n c .
F o r e s t O i l Corp.
*Fi%st Bank System
Montgomery Ward C r e d i t Corp.
Humana I n c .
Utah Pwr. & L g t . Co.
Commercial C r e d i t Co.
Allis-Chalmus C r e d i t Corp.
O r i o l e Homes Corp.
Beef and Bison Breeders I n c .
P a c i f i c Gas & E l e c . Co.
P u b l i c S e r v i c e of Oklahoma
*Duke Power Co.
*Duke Power Co.
*South C a r o l i n a E l e c . & Gas Co.
*Public S e r v i c e E l e c . & Gas Co.
^Arkansas Pwr. & L g t . Co.
C&P T e l . Co. of W. V i r g i n i a

1 s t mtg.
Debt.
Com. s t k .
1 s t mtg.
Com. s t k .
Com. s t k .
Com. s t k .
Debt.
1 s t mtg.
Debt.
1 s t mtg.
Com. s t k .
Debt.
Debt.
Floating-rate notes
Med-term n o t e s
Com. s t k .
Com, s t k .
Notes
Debt.
Debt.
Com. s t k . / w . w a r r a n t s
1 s t mtg.
1 s t mtg.
Pfd. stk.
1 s t mtg.
1 s t mtg.
1 s t mtg.
Pfd. stk.
Debt.

25.0
75.0
40.0
70.0
55.0
25.0
38.0
75.0
25.0
75.0
125.0
25.8
20.0
60.0
100.0
50.0
40.0
40.0
100.0
50.0
17.0
45.0
200.0
75.0
50.0
150.0
50.0
100.0
40.0
50.0

May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
June
June
June
June
June
June
June
June

14
15
15
15
15
16
16
16
17
17
22
23
24
24
24

OTHER
*European Investment Bank
*European Investment Bank

Notes
Bonds

150.0
100.0

May
May

23
23

NOTES:
*

Included in table for first time.

1

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




6
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12
12
13
19
21
26

11
Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S. TREASURY '
A.- of May 11, 1979
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*Desha Cty. R e s i d , Hsg. Fac. Bd,Ark
Washington, S t a t e of
Klein Ind. Sch. D i s t . , Tex,
Wichita, Kansas
Phoenix, A r i z .
Phoenix, A r i z .
J e f f e r s o n Co. Sch. D i s t . , Colo.
F a i r f i e l d Redev. Agy., Cal.
Garland, Tex.
Garland, Tex.
Davis Co. Sch. D i s t . , Utah
V i r g i n i a Hsg. Dev. Auth.
F t . Lauderdale, F l a .
West V i r g i n i a , S t a t e of
^Missouri Hsg. Dev. Comm.
Valdez, Alaska
P o r t l a n d , Ore.
F r a n k l i n County, Ohio
^ F a i r f a x County, Va.
New York S t a t e Energy Research &
Dev. Auth.
Albuquerque, N.M.
M i s s i s s i p p i , S t a t e of
North East I n d . Sch. D i s t . , Tex.
F l o r i d a S t a t e Board of Education
Essex C t y . , N . J .
Municipal A s s i s t a n c e Corp., N.Y.C.
H a s t i n g s , Neb.
Y s l e t a I n d . Sch. D i s t . , Tex.
D a l l a s , Texas
New J e r s e y Health Care F i n . Auth.
Ohio P u b l i c Fac. Comm.
^ I l l i n o i s , S t a t e of
C a l i f o r n i a , S t a t e of
*New J e r s e y
Puerto Rico Telephone Auth.
*Norman, Okla.
L o u i s i a n a , S t a t e of
Milwaukee, Wise.
NOTES:
1

Includes state and local government issues of $10 million and over

*

Included in the table for the first time.




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

10.0
43.6
17.0
10.5
10.0
10.0
13.0
14.5
4.2
9.2
12.0
93.0
26.0
100.0
66.8
48.0
38.0
38.5
10.0

May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May

14
14
14
15
15
15
15
15
15
15
15
15
15
15
16
16
16
21
21

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

14.5
12.8
10.0
15.0
125.0
16.1
125.0
35.0
10.0
40.0
43.0
65.0
100.0
60.0
100.0
110.0
12.0
116.5
21.7

May
May
May
May
May
May
May
May
May
May
May
June
June
June
June
June
June
June
June

21
21
22
22
22
24
24
25
29
30
5
5
5
6
7
12
12
12

Table 6B Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of May 11, 1979

ISSUER
STATE 4 LOCAL

*Nebraska P u b l i c Power D i s t .
North C a r o l i n a , S t a t e of
Denham S p r i n g s - L i v i n g s t o n Hsg. &
Mtg. F i n . A u t h . , La.
F o r t Worth, Tex.
F o r t Worth, Tex.




TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

Rev.
G.O.

61.0
60.0

June
June

12
12

Rev.
G.O.
Rev.

35.0
39.0
6.5

June
June
June

12
13
13

APPROXIMATE
DATE OF OFFERING

Table 7

STOCK PRICES AND VOLUME
TRADING VOLUME

STOCK PRICES

DATE
NYSE INDEX

AMEX

B J INDUSTRIALS

NYSE

NASDAQ

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
62.20

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

35.2 (2/13)
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
84.31

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 ( H / 2 )

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

127.89
109.61

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

3 5 . 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
119.73

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

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

11.0 (10/30)
1.3 (1/20)

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

1979-High
Low

58.18 (4/10)
53.88 ( 2 / 2 7 )

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

184.25
152.03

134.78 (4/25)
117.84 (1/2)

41.9 ( 4 / 4 )
18.3 (1/2)

7.8 (5/1)
2 . 2 (1/22)

18.3 (4/4)
7.2 ( 1 / 2 )

6
13
20
27

58.04
57.53
57.09
57.40

875.69
869.89
856.98
856.64

181.74
180.32
180.82
183.65

133.75
133.54
133.67
134.37

34.7
29.7
29.4
31.0

4.5
4.0
3.8
4.1

16.5
15.2
13.5
14.1

4
11

56.76
55.48

847.54
830.56

182.55
176.41

133.72
129.69

29.7
29.0

5.4
3.6

13.4
13.0

1979
Apr.

May

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

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

3
4

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




14
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

B R O K E R S ON
MARGIN
STOCK

1

B R O K E R S ON 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1978 - F e b r u a r y
March

November
December

9.780
9,920
10,260
10,660
11,090
11,190
11,740
12,400
12,090
11,000
10,830

242
246
248
245
242
247
243
225
216
209
205

1979 - J a n u a r y
February
March

10,750
10,790
10,870

204
195
185

190
140
340
400
430
100
550
660
-310
-1,090
-170

-4
4
2
-3
-3
5
-4
-18
-9
-7
-4

-80
40
80

-1
9
-13

April

May
June
July
August
September
October

.

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

CHANGE IN OUTSTANDING

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

26
-21
-22
-59
16
series discontinued

NOTES:
1
2

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




#

#

e

#

e

#

»

#

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

M U T U A L SAVINGS BANKS
DATE

1974
1975
1976
1977

REGULAR DEPOSITS

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

1978-August
September
October
November
December

266
667
2,000

ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.9

1978-August
September
October
November
December
1978-January
February
Marctv^-

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

SHARE CAPITAL

NET
NEW
MONEY

TOTAL

2

DEPOSITS

-

-

1,054
1,116
1,096
353
456

9.2
9.7
9.4
3.0
3.9

452
696
757

3.8
5.9
6.4

ANNUAL 3
GROWTH
RATE
7.1
4,668
17.6
29,276
17.6
34,369
15.2
32,004

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

-75
-41
48
-59
-391

260
1,378
510
275
1,236

1979-January
February
March^-

1

NOT SEASONALLY ADJUSTED
2,312
2,069
6,433
1,606
2,645
2,534
2,157
1,897
5,802
710

2,572
7,811
3,155
2,432
7,038

-121
338
500

4,743
2,881
8,322

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

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

— —

— —
-

-

-

-

— —

— -

4,377
2,580
3,118

-

—

— —
- -

*

•

«•»

:

5,016
4,112
4,564

10.5
8.5
9.4

12.7
9.4
10.4

— —
— —
-

-

4,256
2,918
3,618

— —

4,564
3,416
3,807

— —

1,994
1,565
2,582
1,838
298

— —
*

12.3
14.9
9.9
10.1
8.8

2

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

—

5,632
6,873
4,606
4,752
4,166

— —

-

5,009
3,548
10,322

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

4/
SEASONALLY ADJUSTED4,578
13.4
5,757
16.7
3,510
10.0
4,399
12.4
3,710
10.4

— —

-

NET
FLOW

NET
NEW
MONEY

—i mm
mm —
^

— —
mm mm

— —

NOTES:
1

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

2

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources.

3

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.

4 S e a s o n a l l y a d j u s t e d s e r i e s have been r e v i s e d due t o r e c a l c u l a t i o n of s e a s o n a l f a c t o r s .
Source: N a t i o n a l A s s o c i a t i o n of Mutual Savings Banks and F e d e r a l Home Loan B$nk Board.



H.16

—
| t
Ln

16
Table 10

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

OUTSTANDING C O M M I T M E N T S
PERIOD
TOTAL

ALL S A V I N G S
MUTUAL
& LOAN
SAVINGS B K S
ASSOCIATIONS (N Y. S T A T E )

NET CHANGE
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKS
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 an.
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.

37.5
36. 6
36.0

32.6
31. 8
31.4

4.8
4.8
4.6

—. 88
- . 93
-.59

—. 81
-.83
-.39

-.04
-.07
-.20

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

17

Table 11

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

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

19 7 7 - 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.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

399
1,712
887
848
3,091
1,492
1,605
1,811
1,683
1,680
1,108
3,023 :
534
1,933
1,478
1,050

1979-Jan.
Feb.
Mar.
Apr

,

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


INTERMEDIATE AND LONG-TERM ISSUES
FNMA

FNMA &FHLB
SHORT-TERM
DISCOUNT
NOTES 1

TOTAL

FHLB

FHLMC

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

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
1,325
1,479
1,000

0
837
0
0

-116
488
-21
0

0
0
1,500
1,000

650
608
-1
50

-

18
Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977
1978

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS
TOTAL

21,930
17,020
41,406
39,018
57,587
55,561
58,372
55,072
42,739
36,517
43,497
38,658
62,783 . 64,903
96,814
95,924
109,736
101,040

COMMERCIAL
BANKS

2,462
9,940
16,800
19,600
11,700
4,200
13,900
27,900
33,800

MSB's

S & L's

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

INSURANCE FNMA-GNMA
COMPANIES

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 - J u l
Aug
Sep
Oct
Nov
Dec

9,356
11,261
9,591
9,644
9,508
8,918

8,628
10,263
8,607
8,761
9,023
8,216

3,400
3,900
3,000
3,200
3,300
2,500

681
636
550
500
594
452

3,991
4,721
4,294
4,265
4,184
3,438

556
1,006
763
796
945
1,826

728
998
984
883
485
702

1979 - Jan
Feb
Mar.

6,642
5,931

5,844
5,060

2,400
1,600
2,100

377
275

2,602
2,445
3,442

465
740

798
871
1,000

Seasonally Adjusted
1978 - J u l
Aug
Sep
Oct
Nov
Dec

8,786
10,395
9,190
9,933
10,240
8,714

8,248
9,480
8,382
9,035
9,636
8,060

3,290
3,618
2,955
3,299
3,278
2,769

604
552
531
464
632
317

3,647
4,214
4,188
4,450
4,762
3,818

707
1,096
708
822
964
1,156

538
915
808
898
604
654

1979 - Jan
Feb
Mar

8,679
7,801

7,859
6,955

2,799
2,133
2,044

544
493

3,925
3,451

591
878

820
846
1,125

NOTES:

1

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



T a b l e 13

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

2
QUARTER

TOTAL

3

RESIDENTIAL
TOTAL

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMILY
&
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

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

19.3
21.7
28.1
21.1

28.5
30.9
39.2
31.9

9.0
9.6
11.8
11.0

'

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.

Residential
Digitized3for FRASER mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debt.


Table 14

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

PERMITS 1
PERIOD

TOTAL

1—FAMILY

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

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

1—FAMILY

2 - O R MORE
FAMILY

MOBILE
HOME
SHIPMENTS

2 - O R MORE
FAMILY

TOTAL

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—FAMILY

1,324
1,352
1,925
2,219
1,820
1,074
939
1,297
1,677
1,658

1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1978 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

1979 - J a n .
Feb.
Mar.

626
647
906
1,033
882
644
676
894
1,125
1,078

698
705
1,018
1,186
937
431
264
403
552
581

1,632
1,563
1,731
1,727
1,724
1,664

1,035
1,020
1,092
1,135
1,114
1,149

597
543
639
592
610
515

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

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

1,324
1,321
1,579

841
787
978

483
534
601

1,679
1,384
1,793

1,139
B46
1,263

540
438
530

1,805
1,892

1,321
1,367

484
525

311
272
268

;

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 t h a t 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 t o seasonally adjusted annual rate by Census Bureau.
1
Permit data for
 1969 and 1970 based on 13,000 areas with permit systems
http://fraser.stlouisfed.org/
#
#
#
Federal Reserve Bank of St. e
Louis

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•

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING HOMES

NEW HOMES

1

1

PERIOD

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

1976 - High
Low

9.05
8.90

91
5

9.10
8.95

95
10

9.06
8.25

59
8

4 .3
2 .0

65
- 4

8.72
8.05

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

98
63

9.11
8.40

73
22

4 ,7
1.7

40
4

8.31
8.01

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

9.15
9.25
9.30
9.40
9.60
9.75
9.80
9.80
9.80
9.95
10.10
10.30

N
A
54
47
48
58
59
' 72
100
74
72
NA
NA

9.20
9.25
9.30
9.45
9.60
9.75
9.80
9.80
9.85
9.95
10.15
10.30

N
A
54
47
53
58
59
72
100
79
72
NA
NA

9.11
N
A
9.29
9.37
9.67
N
A
9.92
9.78
9.78
9.93
9.99
10.16

N
A
N
A
46
45
65
N
A
84
98
72
55
NA
NA

4.7
N
A
4.1
4.7
5.0
N
A
3.1
2.1
2.1
2.1
3.6
4.8

4
N
A
1
3
- 7
N
A
-12
2
2
2
11
14

N
A
8.71
8.83
8.92
9.02
9.16
9.08
8.80
9.06
9.23
NA
NA

1979 - J a n .
Feb.
Mar.

10.30
10.35
10.35

NA
76
75

10.30
10.35
10.40

NA
76
80

10.17
10.17
10.19

NA
58
59

4.9
4.9
5,0

13
18

NA
9.59
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.
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.




M

*

22

Table 16

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

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

1978 - High

AVERAGE
YIELD

ACCEPTED

CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

ACCEPTED

AVERAGE
YIELD

605(1/9)

Low

130(8/7)

80(8/7)

J u l y 10
24

503.3
253.4

327.4
144.1

10.02
10.00

169.8
146.2

90.5
88.4

10.17
10.21

Aug.

7
21

130.3
368.8

80.1
197.1

9.82
9.80

74.7
150.0

47.5
81.0

10.15
10.07

Sept. 5
18

351.2
366.7

154.7
181.2

9.78
9.79

199.4
285.3

126.3
157.4

10.02
10.01

Oct.

2
16
30

682.4
425.4
857.0

278.6
176.2
377.6

9.91
9.98
10.20

395.5
336.1
425.2

166.9
148.8
179.9

10.10
10.18
10.31

Nov. 13
27

452.8
335.2

182.4
139.4

10.27
10.33

488.2
373.2

199.5
187.3

10.49
10.64

Dec. 11
27

283.4
343.6

144.4
175.2

10.40
10.60

262.2
155.2

141.5
79.4

10.77
10.92

Jan.

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

Apr.

1979

1011(1/9)

2
16
30

260.7
326.9
735.1

139.2
191.5
307.8

10.44
10.51
10.82

167.8
252,9
241.2

98.6
157,7
107.3

1 0 . 6 9 ( 1 2 / 2 7 ) 717(5/15) 363(5/15)
9.13(1/9)

75(8/7)

48(8/7)

10.92(12/27)
9.28(1/9)

10.92
11,01
11.17

NOTES:




Vie

!?

3 , 6 9r0$$ b e f r e d e d U C t i 0 n

°

°f

the fee 0f 3 8

P° ints P aid f o r mortgage servicing. They reflect the average ac-

>

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