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Capital

Marl<et

\

•y•

Developments

November 20, 1978

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



DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551

Index

TABLES

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

STOCK MARKET AND SECURITY
CREDIT
9 - 1 6 MORTGAGE MARKET

collectible at par in U.S. Currency.

e

ESTIMATE

p
r

PRELIMINARY
REVISED




1-6

SECURITY VOLUME AND YIELDS

7, 8

SYMBOLS

n.a.

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

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1978 - O c t .

Nov.

6
13
20
27
3
10
17

NEW ISSUE
Aaa UTILITY

1

VOLUME

RECENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
($ MILLIONS)

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

NEW ISSUES 4
IN S Y N D I C A T E
($ MILLIONS)

9.19
9.23

9.04
9.03
9.15
9.24

340
294
585
250

90
98
96
100

35
5
24
0

9.25
9.30
9.26p

9.28
9.30r
9.25p

272
400
439

99
100
98

3
0
10

9.04

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
N E W ISSUE
Aaa

BOND BUYER
20-BOND
INDEX

1978 - O c t .

6
13
20
27

5.50
5.50
5.50
5.60

6.07
6.10
6.14
6.21

Nov.

3
10
17

5.70
5.65
5.50

6.22
6.17
6.11

3
GROSS
OFFERINGS
($ MILLIONS)

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

614
795
819
514
421
845r
1,557

NEW ISSUES 4
IN S Y N D I C A T E
($ MILLIONS)

86
87
84
90

126
148
236
113

89
9095

78
107
101

NOTES:
1

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

2

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

3

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

4

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




Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
Aaa UTILITY

DATE
1974

-

High

1976

1977

1978

1978

-

-

-

-

-

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 - B 0 N D INDEX

10.61

(10/4)

10.52

8.05

(2/15)

8.13

High

9.80

(5/2)

9.71

(5/25)

Low

8.89

(2/7)

9.06

(2/28)

High

8.95

(5/28)

9.10

(1/2)

Low

7.93

(12/10)

7.84

(12/31)

High

8.36

(12/16)

8.48

Low

7.90

(1/7)

7.95

High

9.30

(11/10)

Low

8.60

(3/24)

August

8.82

8.91

8.69

8.45

6.12

September

8.86

8.86

8.69

8.47

October

6.09

9.17

9.13

8.89

8.69

6.13

Low
1975

1

Oct.

6

9.04

13

Nov.

(10/11)

9.39

(10/11)

8.68

(8/30)

7.15

(12/12)

(1/4)

7.73

(1/4)

7.39

(1/4)

5.15

(2/7)

9.01

(5/2)

8.63

(9/19)

7.67

(10/3)

8.57

(2/28)

7.63

(2/21)

6.27

(2/13)

8.66

(5/28)

8.17

(5/28)

7.29

(1/2)

7.91

(12/31)

7.27

(12/31)

5.95

(12/16)

(12/30)

8.28

(12/30)

7.99

(12/30)

5.93

(2/4)

(1/7)

7.88

(1/7)

7.26

(1/7)

5.45

(11/17)

9.30

(11/10)

9.06

(11/10)

8.80

(11/10)

6.32

(7/13)

8.48

(1/6)

8.30

(1/6)

8.02

(1/6)

5.58

(3/17)

9.04

8.81

8.64

6.07

9.03

8.85

8.61

6.10

20

9.19

9.15

8.88

8.67

6.14

27

9.23

9.24

8.94

8.73

6.21

3

9.25

9.28

9.04

8.80

6.22

10

9.30

9.30r

9.06

8.80

6.17

17

9.26p

9.25p

9.04p

8.74p

6.11

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

Table 3

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

GROSS PROCEEDS
PERIOD

1

CORPORATE

1977

1976

1978

1977

1976

January
February
March

3,013
2,657
4,442

4,362
2,792
5,578

3,381
3,863
6,632

3,300
2,748
4,828

3,402
3,442
4,063

2,451
2,885
3,365

April
May
June

3,285
4,035
5,215

3,998
3,797
5,660

3,507
4,186
6,439

3,824
5,474
4,339

3,409
4,566
5,786

2,218
3,575
3,115

July
August
September

4,226
2,900e
3,500e

4,289
3,469
4,177

3,216
3,357
4,817

3,899
6,351
2,258

3,113
4,118
4,013

2,734
2,821
2,814

October
November
December

3,75Qe

4,221
5,331
6,531

4,511
3,074
6,503

3,200e

3,807
3,332
3,646

3,524
3,336
2,342

Q1
02
03
04

10,112
12,535
10,626e

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

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

10,876
13,637
12,508

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

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

1st Half
3 Qtrs.
Year

22,647
33,273e

26,187
38,122
54,205

28,008
39,398
53,488

24,513
37,021

24,668
35,912
46,697

17,609
25,978
35,180

NOTES:
1

2
e

2

STATE AND LOCAL

1978

Securities and Exchange Commission estimates of gross proceeds.

P u b l i c S e c u r i t i e s A s s o c i a t i o n e s t i m a t e s of p r i n c i p a l a m o u n t s .
E s t i m a t e d b y F e d e r a l R e s e r v e B o a r d on t h e b a s i s o f a v a i l a b l e d a t a .




Table 4

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

PERIOD

1977

- I
II
III
IV

1978 - I
II
1977

- June
July
August
September
October
November
December

1978 - J a n u a r y
February
March
April
May
June
July

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

GROSS PROCEEDS BY TYPE OF ISSUE
GROSS PROCEEDS BY TYPE OF ISSUER
1
BONDS
MEMO
COMMON
PUBLIC
MANUFACCOMMUNIOTHER
AND
ISSUES INCLUDED
PUBLICLY PRIVATELY
ISSUERS
UTILITY
CATIONS
TURING
OFFERED
PLACED PREFERRED
FOREIGN CONVERTIBLE
STOCK
6,498
3,527
2,707
6
268
3,031
3,047
1,415
5,238
346
5,606
4,975
2,874
108
4,125
3,440
1,059
4,830
272
6.215
3,506
2,214
495
3,250
2,901
644
5,140
275
5,867
5,999
4,217
4,246
39
4,054
1,320
6,460

10,112
12,535

4,748
5,421

3,383
4,196

1,981
2,918

233
260

4
158

2,218
2,898

2,367
3,672

844
384

4,684
5,581

5,660
4,289
3,469
4,177
4,221
5,331
6,531

2,045
2,360
1,947
1,908
2,114
2,211
1,542

2,580
972
965
1,569
979
1,200
3,820

1,035
695
557
700
1,128
1,920
1,169

332
90
160
22
10
89
176

56
25
262
208
1
22
16

1,416
1,349
1,068
833
731
782
2,541

1,471
903
497
1,501
1,437
1,729
1,080

416
277
45
322
8
1,013
299

2,356
1,761
1,858
1,521
2,045
1,805
2,610

3,013
2,657
4,442
3,285
4,035
5.21 5
4,226

1,382
1,464
1,902
1,958
1,719
1,744
2,177

998
667
1,718
853
1,277
2,066
1,541

633
526
822
474
1,039
1,405
508

233
0
0
12
106
142
80

0
0
4
20
2
136
16

273
716
1,229
549
878
1,471
842

644
465
1,258
743
1,685
1,244
799

519
34
291
35

1,578
1,441
1,665
1,960
1,470
2,151
2,231

NOTES:
1

Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission.




— —

349
353

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
O c t o b e r 30 t h r o u g h November 1 7 ,

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

1978

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

New Y o r k S t a t e E l e c t r i c & Gas Co.
P u b l i c S e r v i c e of C o l o r a d o
S o u t h e r n C a l i f o r n i a E d i s o n Co.
Hughes T o o l C o r p .
Studebacker-Worthington Inc.
P a c i f i c T e l . & T e l e . Co.
A m e r i c a n E l e c t r i c Power Co.
D e l m a r v a Power & L i g h t Co.
K a n s a s Gas & E l e c t r i c Co.
P u g e t Sound Power & L i g h t Co.
General E l e c t r i c C r e d i t Corp.
N o r f o l k & W e s t e r n R a i l r o a d Co.
O t t e r T a i l Power Co.
M o n t g o m e r y Ward C r e d i t C o r p .
P u b l i c S e r v i c e E l e c t r i c & Gas Co.
Dana C o r p .

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

34.0
48.0
200.0
60.0
100.0
300.0
126.0
20.2
28.8
31.5
150.0
18.7
20.0
50.0
100.0
100.0

OTHER
O n t a r i o , P r o v i n c e of

Bonds

250.0

___

2003
2008
2003
2014

mmmm

9.63
9.00
9.35
9.63

9.70
9.10
9.35
9.63

Aa/AA
A/A+
A/A
Aa/A+

9.00

8.90

A/A

w* • *
mm* mmm
— m
mm —•

1984
1978-1993
2008
1984
2008
2008

2008

NOTES:
*

Rights offering.

1

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




.

——

__
mm w

9.13
9.13
9.63
9.38
9.38
8.88

9.18
10.00-9.15
9.63
9.43
9.30
8.92

Aa/AAAa/AA+
A/A
A/A
Aa/AA
Aa/AA

9.38

9.48

Aaa/AAA

Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
O c t o b e r 30 t h r o u g h November 1 7 ,
TYPE

ISSUER
STATE AND LOCAL

Wayne Co. Comm. C o l l . D l s t . , M i c h .
B e l l e v i l l e , 111.
B e l l e v i l l e , 111.
D a v e n p o r t , Iowa
D a v e n p o r t , Iowa
Richmond I n d u s t . A u t h . , V a .
Richmond I n d u s t . A u t h . , Va.
Grand R a p i d s Pub. Sch. D i s t . , Mich.
Eugene, Ore.
Indianapolis, Ind.
Indianapolis, Ind.
Maine, S t a t e of
North Slope Borough, Alaska
Miami, F l a .
M i s s i s s i p p i , S t a t e of
M i s s i s s i p p i , S t a t e of
C o u t l a n d I n d . Dev. B o a r d , A l a .
O a k l a n d Co. Comm. C o l l . D i s t . , M i c h .
New Y o r k S t a t e Dorm. A u t h .
New Y o r k S t a t e Dorm. A u t h .
Rock I s l a n d , I l l i n o i s
Rock I s l a n d , I l l i n o i s
W a s h i n g t o n S u b . S a n i t a r y D i s t . , Md.
W a s h i n g t o n S u b . S a n i t a r y D i s t . , Md.

AMOUNT
(MILLIONS OF
DOLLARS)

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

1978
NET INTEREST
COST

MATURITY

5.10-6.90
5.10-6.80
7.25
5.60-7.20
7.75
6.50-7.60
8.50
5.10-5.80
5.10-5.80
5.40-6.60
7.00
5.00-5.30
5.00-6.75
5.20-6.70
4.90-5.60
5.00-5.70
7.00
5.35-6.50
6.20
6.50
5.25-7.00
7.40
5.00-6.10
5.10-6.35

6.92

1979-1995
1980-1998
2009
1982-1998
2008
1981-1991
2005
1982-1998
1981-1996
1982-1999
2008
1979-1988
1979-1991
1980-1998
1980-1998
1979-1998
2008
1980-1994
1998
2010
1979-1999
2008
1981-2003
1981-2013

24.0
9.2
15.8
12.7
18.3
2.3
7.9
14.0
18.5
43.4
46.7
14.9
74.2
18.2
15.0
10.0
30.0
17.5
5.9
13.7
8.5
11.6
8.5
87.3

OFFERING
YIELD

—
—

—

5.68
5.61
6.87
6.87
5.27
5.96
5.40
5.43
— —

6.46
6.45
6.45
— —

5.74
6.09

MOODY'S/S&P'S
RATINGS

A/A
~/AA
—/AA
A/AA/A——/BBB
—/BBB
Aaa/AA
Aa/AA
A/A+
A/A+
Aa/AAA
A/A
A-1/A+
Aa/AAAa/AAA/BBB+
A-1/A+
Aaa/AAA
Aaa/AAA
—/AA
—/AA
Aa/AA
Aa/AA

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.




#

#

#

#

#

#

#

#

#

<

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
O c t o b e r 30 t h r o u g h November 1 7 , 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

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

21.5
57.4
6.9
72.7
23.0
75.3
129.0
73.0
5.7
2.8
20.0
77.9
25.9
55.9
240.3
5.7
11.1
38.0
37.0
17.0
13.0
17.0
65.0
18.0
11.7
27.3
4.0
10.2
12.4

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

M a r i c o p a Co. I n d u s t . Dev. A u t h . , A r i z .
M a r i c o p a Co. I n d u s t , Dev. A u t h . , A r i z .
M a r i c o p a Co. I n d u s t . Dev. A u t h . , A r i z ,
N e b r a s k a P u b l i c Pwr. D i s t .
Nebraska P u b l i c Pwr. Dis t .
N e b r a s k a P u b l i c Pwr, D i s t .
N e b r a s k a P u b l i c Pwr. D i s t .
Triborough Bridge & T u n n e l A u t h . N.Y.
Triborough Bridge & Tunnel Auth. N.Y.
Triborough Bridge & Tunnel Auth. N.Y.
Harris Co., Texas
North Carolina Mun. Power Agcy. # 1
North Carolina Mun. Power Agcy. # 1
North Carolina Mun. Power Agcy. # 1
North Carolina Mun. Power Agcy. # 1
Quincy, 111.
Quincy, 1 1 1 .
Bartow Co. Dev. Auth., Ga.
Putnam Co. Dev. Auth., Ga.
Bucks Co. Indust. Dev. Auth., Pa.
Fairfield Indust. Dev. Bd., Ala.
Puerto Rico
Puerto Rico
Puerto Rico
Massachusetts Hsg. Fin. Agcy.
Massachusetts Hsg. Fin. Agcy.
Massachusetts Hsg. Fin. Agcy.
Massachusetts Hsg. Fin. Agcy.
New Jersey Hlth. Care Fac. Fin. Auth.



1983-1996
2010
2011
1981-1999
2002
2009
2017
1983
1979
1980
1979-1998
1986-2000
2003
2008
2020
1980-1998
2010
2008
2008
2008
2008
1980-1988
2002
1993
2008
2019
2021
1980-1999
1989-1999

——

•

——

-

-

-

-

— —

5.25
6.81
6.81
6.81
6.81
7.16
7.16
7.17
7.17
- -

-

7.98
7.98
7.98
7.38
7.38
7.38
7.38
6.04

5 . 8 0 - 7 . 00
7.79
6.20
5 . 2 5 - 6 . 60
6.75
6.96
7.10
5.63
5.00
5.00
5 . 0 0 - 5 . .40
5.20-6.45
6.60
6.70
6.88
5 . 5 0 - 6 .80
7.20
7.10
7.10
6.60
6.60
6 . 0 0 - 7 .25
8.00
7.63
7.30
7.44
7.44
5 . 4 0 - 7 . .00
5 . 2 5 - 6 . .00

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

Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
O c t o b e r 30 t h r o u g h November 1 7 ,

ISSUER

1978

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

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

10.2
30.9
140.0
12.1
18.0
15.8
2.4
7.9
13.8
20.0
36.3
18.0
6.0
11.4
5.9
22.4
250.0

2005
1979-1983
1979-2003
1979-1993
1985-1994
1980-1998
1984-1994
2008
1979-2001
1981-2001
1979-2003
1980-2003
1980-2003
1982-1993
1999
2011
2008

NET INTEREST
COST

OFFERING
YIELD

MOODY S/S&P'S
RATINGS

STATE AND LOCAL

New J e r s e y H l t h . C a r e F a c . F i n . A u t h .
New M e x i c o , S t a t e o f
I l l i n o i s , S t a t e of
W e s t Palm B e a c h , F l o r i d a
Phoenix, Ariz.
Phoenix, Ariz.
Cape C o r a l H l t h . F a c . A u t h . , F l a .
Cape C o r a l H l t h . F a c . A u t h . , F l a .
E r i e C o . , New Y o r k
Alabama S t a t e D o c k s D e p a r t m e n t
V i r g i n i a Beach, V i r g i n i a
New O r l e a n s , L a .
New O r l e a n s , L a .
Duarte Redev. Agcy., C a l i f .
Duarte Redev. Agcy., C a l i f .
Duarte Redev. Agcy., C a l i f .
Municipal A s s t . C o r p . , N.Y.C.




6.04
5.27
5.49
5.60
5.32
5.60
— —

——

6.96
6.85
5.63
6.04
6.01
— —

- — —

6.20
5.20-5.10
5.00-5.80
5.10-5.70
5.10-5.35
5.00-5.90
6.75-7.63
8.13
5.20-7.00
5.50-7.00
5.10-6.00
5.10-6.25
5.25-6.40
5.60-6.80
7.13
7.38
8.38

Aaa/AAA
Aaa/AAA
Aaa/AAA
A1/A+
Aa/AA
Al/AA

——/ ——
—

/—

A/ - Baa/BBB+
Aa/AA
A/A
A/A+
--/A
--/A
--/A

Baa-l/A

Table 6A

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

1

As of November 1 7 , 1978

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

C i n c i n n a t i Gas & E l e c t r i c Co.
General Motors Accept. Corp.
Sun C h e m i c a l C o r p .
Kay C o r p .
GDV I n c .
A r i z o n a P u b l i c S e r v i c e Co.
Early California Industries Inc.
San D i e g o Gas & E l e c t r i c Co.
P a c i f i c Gas & E l e c t r i c Co.
M i c h i g a n B e l l T e l e . Co.
* W a l t e r K i d d e & Co.
Golden Nugget I n c .
UNC R e s o u r c e s I n c .
A s s o c i a t e s F i r s t C a p i t a l Corp.
Bank of N o r t h D a k o t a
B e l d i n g Heminway Co. I n c .
H o u s t o n L i g h t i n g & Power Co.
C e n t r a l I l l i n o i s P u b l i c S e r v i c e Co.
W i s c o n s i n E l e c t r i c Power Co.
O h i o E d i s o n Co.
M o u n t a i n S t a t e s T e l & T e l e . Co.
S o u t h C a r o l i n a E l e c t r i c & Gas Co.
V i r g i n i a E l e c t r i c & Power Co.
U t a h Power & L i g h t Co.
A m e r i c a n G e n e r a l I n s u r a n c e Co.
*Aristar Inc.
* I t e l Corp.
^Champion P a r t s R e b u i l d e r s I n c .
*CCI C o r p .
C a e s a r s World I n c .
POSTPONEMENT
W i s c o n s i n Power & L i g h t Co.
P u b l i c S e r v i c e o f New H a m p s h i r e

Com. s t k .
Notes
Debt.
Debt.
Debt.
Com. s t k .
Units
Com. s t k .
Com. s t k .
Debt.
Debt.
Units
Debt.
Notes
Bonds
Debt.
1 s t . mtg.
Com. s t k .
Pfd. stk.
Com. s t k .
Debt.
Pfd. stk.
Com. s t k .
Com. s t k .
Debt.
Notes
Notes
Debt.
Debt.
Debt.

60.0
250.0
60.0
15.0
50.0
60.0
25.0
35.0
150.0
100.0
100.0
45.0
50.0
75.0
50.0
20.0
100.0
24.0
60.0
108.0
150.0
20.0
80.0
30.0
100.0
25.0
75.0
15.0
25.0
25.0

Com. s t k .
Com. s t k .

20.0
30.0

NOTES:
*

Included in table for first time.

1

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




Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

20
21
21
21
21
21
28
28
28
28
28

1
6
6
7
7
12
12
12
13

Nov. 15
Nov. 14

12
Table 6B

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

1

As of November 1 7 , 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*Lomod Bunker Hill Hsg. Dev. Corp.
Calif.
R i c h a r d s o n I n d . Sch. D i s t . , Texas
Ottawa Co., Mich.
S a n t a Monica R e d e v . A g c y . , C a l i f .
Beavertown S c h l . D i s t . , Oregon
P o r t of ' O a k l a n d , C a l i f .
Alaska Housing Finance Corp.
* W a r r e n , Ohio
Katy I n d . Sch. D i s t . , Texas
* D e t r o i t , Mich.
Troy Sch. D i s t . , Mich.
*New Y o r k S t a t e H s g . F i n . A g c y .
^Maryland H l t h . & H i g h e r Educ. Fac.
Auth.
^Wisconsin Housing Fin. Auth.
* P a r a d i s e V p l l e y Sch. D i s t . #69,
Ariz.
Garland I n d . Sch. D i s t . , Texas
^ W a s h i n g t o n S t a t e of
^ C h i c a g o Comm. C o l l e g e D i s t . # 5 0 8 ,
111.
*Jordan School D i s t . , Utah
O h i o , S t a t e of
*Madison Voc. Tech. Educ. D i s t . # 4 ,
Wise.
M i n n e a p o l i s S t . Paul Metro. A i r p o r t s
Comm., M i n n .
Lower C o l o r a d o R i v e r A u t h . , T e x a s
* D a l l a s F o r t Worth Reg. A i r p o r t ,
Texas
^ I l l i n o i s H o u s i n g Dev." A u t h . , 1 1 1 .
*South Carolina S t a t e Hsg. Auth.
*Rhode Island
C a l i f o r n i a , S t a t e of
Irvine Ranch Wtr. Dist., Calif.
^Michigan S t a t e H o s p i t a l Finance
Auth.
* W a s h i n g t o n P u b l i c Power S u p p l y S y s .

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

45.8
11.3
11.0
14.5
11.8
20.0
44.0
10.4
22.8
42.9
15.1
106.0

Rev.
Rev.

15.4
57.0

Nov.
Dec. 1

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

11.0
10.0
36.7

Dec. 4
Dec. 4
Dec. 5

G.O.
G.O.
Rev.

11.1
22.0
40.0

Dec. 5
Dec. 5
Dec. 5

G.O.

20.0

Dec. 6

Rev.
Rev.

15.0
48.0

Dec. 6
Dec. 6

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

147.0
55.9
85.0
21.3
150.0
13.8

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

Rev.
Rev.

16.6
180.0

D e c . 19
Dec.

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.




20
20
20
20
21
21
21
27
27
28
28
30

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

7
7
8
12
12
12

13
Table 6B Continued

• .

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of November 1 7 ,

ISSUER

TYPE

1978
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

G a r f i e l d H e i g h t s , Ohio
Evanston, 111.
New J e r s e y S p o r t s & E x p o s . A u t h .
New J e r s e y S p o r t s & E x p o s . A u t h .




Rev.
Rev.
Rev.
Rev.

27.4
25.0
300.0
70.0

Dec.
Dec.
Dec.
Dec.

Table 7

STOCK PRICES AND VOLUME

NYSE INDEX

1974-High
Low

1975-High
Low

1976-High
Low

1977-High
Low

1978-High
Low

1

STOCK PRICES

DATE
3

DJ INDUSTRIALS

AMEX

4

2

TRADING VOLUME

NASDAQ

NYSE

AMEX

NASDAQ

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

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

102.01 (3/14)
58.26 (12/9)

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

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

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

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

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)

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

1014.79 (9/21)
8 5 8 . 7 1 (V2)

107.05 (7/12)
8 4 . 3 1 (V2)

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)

57.69 (V2)
49.78 (11/2)

999.75 (1/3)
800.85 (11/2)

127.89 (12/30)
109.61 (1/12)

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

35.3 (11/11)
10.6 (10/10)

4.2 (1/13)
1.4 (9/22)

11.2 (11/10)
5.1 (5/27)

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)

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

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

Oct.

6
13
20
27

58.34
58.93
54.76
52.52

880.02
897.07
838.01
806.05

170.23
170.79
152.39
141.31

134.00
135.58
123.82
115.25

24.3
23.8
34.2
33.8

3.3
3.2
4.8
5.1

9.7
10.7
13.2
12.5

Nov.

3
10
17

53.49
52.72
52.54

823.11
807.09
797.73

145.32
143.39
143.38

115.49
114.84
113.69

43.9
21.9
24.8

6.8
2.7
3.6

14.5
8.3
8.8

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

12/31/65 = 50

4

Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




15
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING
1977

1978

-

-

881

2,581

882

2,579

September

9,590

196

October

9,560

191

November

9,610

246-

872

2,604

December

9,740

250

873

2,568

,

January

9,590

246

851

2,565

February

9,780

242

877

2,544

March

9,920

246

855

2,544

April

10,260

248

May

10,660

245

2,560
914
series discontinued

June

11,090

242

July

11,190

n.a.

August

11,740

n. a.

September

12,400

n.a.

October

12,090

n.a.

CHANGE IN OUTSTANDING
1977

-

September
October

1978

-

30

-4

-30

"5

5 /

-4

-6

1

-2

-10

25

1

-36

November

50

December

130

4

-150

-4

-22

-3

190

-4

• 26

-21

January
February

n.a.—

March

140

4r

-22

April

340

2

-59

May

400

-3

June

430

-3

July

100

n.a.

August

550

n.a.

September

660

n.a.

October

310

n.a.

16
series discontinued

NOTES:
1

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

2

New York Stock Exchange data.

3

June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.

4

Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no
value.




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

DATE

REGULAR DEPOSITS
NET
FLOW

1974
1975
1976
1977

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

1

ANNUAL 3
GROWTH
RATE

2.3
11.3
11.6
8.9

NET
NEW
MONEY

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
2

SHARE CAPITAL
NET
FLOW

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

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

338
-553
97
-90
38
-75
-41
50

7,153
558
2,380
6,656
3,074
2,312
6,406

ANNUAL 3
GROWTH
RATE

7.1
17.6
17.6
15.2

NET
NEW
MONEY

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

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
1978-March
April
May
June
July
August
September
October^-

1,712
-264
436
1,304
341
260
1,378
375

1978-March
April
May
June
July
August
September
October^-

448
341
543
514
963
1,222
1,313
1,009

—
—
—
—
—
—
——

2,592
401
2,145
1,744
2,812
2,069
1,576

8,864
294
2,816
7,960
3,415
2,572
7,784

—

2,930
-152
2,242
1,654
2,850
1,994
1,535

SEASONALLY ADJUSTED
4.0
3.0
4.8
4.5
8.5
10.7
11.4
8.7

2,845
2,133
3,010
3,452
5,192
5,439
6,085

8.7
6.5
9.1
10.3
15.4
15.9
17.6

—

3,293
2,474
3,553
3,966
6,155
6,661
7,398

7.5
5.6
8.0
8.9
13.7
14.6
16.0

—

NOTES:
1

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

2

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

3

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

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




H.16

17
T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKS
ASSOCIATIONS (N.Y. S T A T E )

NET CHANGE
TOTAL

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

1972

25.3

20.3

5.0

7.48

6.28

1.20

1973

20.0

16.4

3.5

-5.31

-3.92

-1.39

1974

14.7

12.4

2.3

-5.20

-3.91

-1.29

1975

20.2

18.2

2.2

5.81

6.06

1976

27.8

25.0

2.8

7.46

6.80

.66

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

27.8
28.5
29.7
30.4
30.8
32.1
32.8
34.0
35.0
37.2
38.2
38 . 3

25.0
25.5
26.5
27.2
27.5
28.3
29.0
30.1
30.9
32.7
33.5
33.7

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
.66
1.20
.68
.47
1.32
.60
1.29
.97
2.23
1.05
.06

.38
.46
1.00
.68
.40
.79
.63
1.11
.80
1.86
.82
.16

.07
.20
.17

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

38.0
37.3
36.9
36.5
36.2
36.1
36.0
36.4
36.7

33.6
33.0
32.7
32.3
31.9
31.5
31.5
31.9
32.3

4.4
4.3
4.2
4.2
4.3
4.6
4.5
4.5
4.4

-.32
-.70
-.40
-.46
.62
.03
-.11
.32
.36

-.08
-.61
-.34
-.42
-.57
-.31
-.03
.36
.44

-

-

-

.25

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

—
-

.24
.09
. 06
.04
.05
.34
— . 08
- .04
- .08

* S&L D a t a h a v e b e e n r e v i s e d by FHLBB b a c k t o 1 9 7 7 .
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

18

Table 11

NET NEW MONEY B O R R O W I N G S
BY MAJOR HOUSING A G E N C I E S
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

FHLMC

FNMA

FNMA &FHLB
SHORT-TERM
DISCOUNT
NOTES 1

1975

- July
Aug.
Sept.
Oct.
Nov.
Dec.

+236
-398
215
587
152
669

+300
-700
100
850
200
600

0
-700
0
+150
0
0

0
0
0
0
200
0

+300
0
100
700
0
600

-64
302
115
-263
-48
69

1976

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

-197
-964
-851
124
-953
-107
-58
787
195
-37
-552
145

0
-604
-304
693
-607
-206
291
+190
190
310
-297
-219

0
-1,100
0
0
-600
0
0
0
0
0
-300
0

0
196
-4
-7
-7
-6
-9
+190
-10
-8
-9
-7

0
300
-300
700
0
-200
300
0
200
318
12
-212

-197
-360
-547
-569
-346
99
-349
597
5
-347
-255
364

1977

-

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

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

188
-592
-354
746
297
203
553
301
-291
211
500
0

0
-200
0
-6
105
0
0
304
0
0
300
0

-189
-393
-4
0
200
3
-47
-3
9
11
200
0

-1
1
-350
752
-8
200
600
0
-300
200
0
0

-176
-270
643
-402
235
402
-22
46
486
-36
-34
1,078

1978

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

399
1,712
887
848
3,091
1,492
1,605
1,811

-12
1,388
-17
600
1,483
1,276
1,881
1,182

-12
-12
-17
0
-17
276
-19
-18

1,683
1,750

1,131
1,700

0
1,400
0
0
1,500
0
700
1,200
0

0
0
0
600
0
1000
1200
0
950

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

1700

50

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



0

181
0

1

19

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN M I L L I O N S O F DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

2

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

COMMERCIAL
BANKS

MSB's

S & Ls

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

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

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

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

3,019
3,409
4,837
4,856
5,021
5,660
3,991
4,721
4,270

406
304
488
854
373
850
556
1,006

320
498
473
608
1,244
773
728
998

4,319
4 , 384
4 , 736
4,349
4,300
4,472
3,647
4,214
4,164

544
377
615
817
509
851
679
1,045

379
600
560
747
1,455
969
444
930

Not S e a s o n a l l y Ad l u s t e d
1978 - J a n .
Feb .
Mar .
Apr.
May
June
July
Aug.
Sept.

5,557
6,155
8,751
9,304
10,307
11,104
8,856
10 , 9 6 1

5,237
5,657
8,278
8,696
9,063
10,331
8,128
9,963

1,400
1,600
2,400
2,500
3,100
3,200
2,900
3,600
2,700

412
344
553
486
569
621
681
636

S e a s o n a l l y Ad i u s t e d
1978 - J a n .
Feb •
Mar •
Apr •
May
June
July
Aug.
Sept.

7,602
7,885
8,827
8,544
9,720
9,706
8,270
10,273

7,223
7,285
8,267
7,797
8,265
8,590
7,826
9,343

1,788
2,009
2,329
2,149
2,893
2,833
2,858
3,499
2,540

572
515
587
482
563
434
642
585

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 1974.

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


2 0

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

1

RESIDENTIAL — "
QUARTER

TOTAL

TOTAL

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMLY
&
COMMERCIAL

FARM

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
36.6

3.5
3.5
3.6
3.6

1973 - I
II
III
IV

80.6
87.4
80.7
70.4

56.0
59.9
56.2
48.5

47.8
46.9
43.7
40.6

8.2
13.0
12.5
7.9

19.1
21.7
19.4
16.4

27.3
34.7
31.9
24.3

5.6
5.8
5.0
5.5

1974 - I
II
III
IV

69.9
70.9
54.5
46.7

48.7
47.2
35.1
29.7

39.2
40.3
28.4
25.4

9.5
6.9
6.7
4.3

17.5
18.7
13.6
11.2

27.0
25.6
20.3
15.5

3.6
4.9
5.8
5.9

1975 - I
II
III
IV

44.0
55.0
62.3
67.7

29.7
39.8
45.3
50.8

28.9
39.8
44.9
51.9

0.8
0.0
0.4
-1.1

9.0
10.3
12.9
12.8

9.8
10.3
13.3
11.7

5-3
4.9
4.0
4.1

1976 - I
II
III
IV

78.6
77.1
94.0
98.5

59.7
57.8
73.8
78.0

58.3
58.0
70.0
75.5

1.4
-0.1
3.8
2.5

13.7
14.5
13.4
13.0

15.0
14.4
17.2
15.5

5.3
4.8
6.9
7.6

1977 - I
II
III
IV

105.3
136.4
142.1
152.1

82.0
113.1
115.1
116.8

77.9
104.6
108.2
107.2

4.1
8.5
6.9
9.6

14.5
14.0
18.5
26.5

23.3
23.3
27.0
35.3

8.8
9.3
8.5
8.8

1978 - I
II

131.4
136.5

99.3
103.3

89.0
93.0

10.3
10.3

22.4
23.4

33.0
33.9

9.7
9.8

(p)

:

^

^

*

m

•

#

S

s

e
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

R e s i d e n t i a l m o r t g a g e d e b t i n c l u d e s n o n f a r m o n l y a n d i s sum of 1 - t o 4 - f a m i l y a n d
multifamily mortgage debt.




#

#

•

#

e

e

e

e

#

#

T a b l e 14

PRIVATE HOUSING PERMITS, S T A R T S ,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS 1
PERIOD

1969
1970
1971
1972
1973
1974
1975
1976
1977

TOTAL

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

1—FAMILY

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

COMPLETIONS

STARTS

1—FAMILY

2-OR MORE
FAMILY

2-OR MORE
FAMILY

TOTAL

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

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

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

656
621
901
1,048
914
450
268
376
375

1,548
1,569
2,047
2,165
2,054
2,124
2,119
2,044
2,073

1,156
1,103
1,429
1,492
1,478
1,441
1,453
1,454
1,451

392
466
618
673
576
683
666
590
622

I

TOTAL

!

1 —FAMILY

MOBILE

2 - O R MORE
HOME
FAMILY
SHIPMENTS

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

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

592
617
692
828
840
760
430
336
398

413

1,759
1,696
1,821
1,943
1,854
1,890
1,942
1,950

1,300
1,233
1,363
1,515
1,426
1,344
1,286
1,345

459
463
458
428
428
546
656
605

324
265
285
251
258
263

401
497
576
567
329
216
246
277

|

1978 - J a n .
Feb .
Mar .
Apr.
May
June
July
Aug.
Sep t .

1,526
1,534
1,647
1,740
1,597
1,821
1,632
1,563
1,707

1,032
957
1,037
1,157
1,058
1,123
1,035
1,020
1,098

494
577
610
583
539
698
597
543
609

1
|
!

283
293
290

NOTES.
Private bu.iding permits (for 1 4 , 0 0 0 areas with permit systems, excluding farm), starts, and c o m p l e t i o n s are Census Bureau data. A dwelling unit is started w h e n e x c a v a t i o n begins. In t h e case of
apartment buildings, all units are considered started at that time; however, all such units are considered c o m p l e t e d w h e n more than half of t h e units in the structure are ready for use. Private m o b i l e
h o m e shipments are Mobile H o m e Manufacturers Association data converted t o seasonally adjusted annual rate by Census Bureau.
1

Permit data for 1 9 6 9 and 1 9 7 0 based o n 1 3 , 0 0 0 areas with permit systems




Table 15

N>
hO

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING HOMES

NEW HOMES

1

PERIOD

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

1976 - H i g h
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.

9.15
9.25
9.30
9.40
9.60
9.75
9.80
9.80
9.80
9.95

NA
54
47
48
58
59
72
100
74
72

9.20
9.25
9.30
9.45
9.60
9.75
9.80
9.80
9.85
9.95

NA
54
47
53
58
59
72
100
79
72

9.11
NA
9.29
9.37
9.67
NA
9.92
9.78
9.78
9.78

NA
NA
46
45
65
NA
84
98
72
55

4.7
NA
4.1
4.7
5 .0
NA
3.1
2.1
2.1
2.1

4
NA
1
3
- 7
NA
-12
2
2
17

NA
8.71
8.83
8.92
9.02
9.16
9.08
8.80
9.06
9.23

NOTES:
1

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

Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas
of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used.




H.16

23
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

1977

-

High

855

Low
1978

-

50

(9/7)

OFFERED

ACCEPTED

570(12/27)
35

(9/7)

8.98(12/27]

383

(5/2)

8.46

123

(7/25)

(1/10

AVERAGE
YIELD

ACCEPTED

278
71

(5/2)

9.21

(12/27)

(9/19)

8.81

(1/10)

9

1011.0

605.3

9.13

403.6

192.8

9.28

23

768.8

356.6

9.21

546.3

256.8

9.37

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

6

358.8

218.5

9.36

444.8

266.4

9.59

20

164.9

116 .4

9.33

378.7

246.1

9.62

Jan.

Feb.

Mar.

3

625.5

363.7

9.44

522.8

295.3

9.69

17

283.8

165.5

9.44

451.4

282.8

9.74
9.80

Apr.

1

655.1

349.9

9.52

645.8

305.4

15

611.4

269.9

9.63

716.9

362.5

9.89

30

851.2

446.9

9.83

573.1

300.4

10.01

May

June

July

Aug.

Sept.

12

522.0

285.2

9.86

350.1

207.0

10.07

26

573.0

351.4

9.96

224 .4

135.0

10.13

10

503.3

327.4

90.5

10.17

253.4

144.1

10.02
10.00

169.8

24

146.2

88.4

10.21

7

130.3

80.1

9.82

74.7

47.5

10.15

21

368.8

197.1

9.80

150.0

81.0

10.07

5

351.2

154.7

9.78

199.4

126.3

18

366.7

181.2

9.79

285.3

157.4

10.02
10.01

2

682.4

278.6

9.91

395.5

166.9

16

425.4

176.2

9.98

336.1

148.8

30

857.0

377.6

10.20

10.10
10.18

425.2

179.9

10.31

13

452.8

182.4

10.27

488.2

199.5

10.49

Oct

Nov

(12/27)

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF D O L L A R S )

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 bidders relate t o total eligible bids received.
H.16