Full text of H.16 Capital Market Developments : November 28, 1977

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Capital
Market
Developments
\

o, t

x A\
November 28, 1977
Prepared by the
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
- F I N A N C E SECTION



DIVISION OF R E S E A R C H AND STATISTICS
BOARD OF 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
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

SECURITY VOLUME AND YIELDS

7, 8

S T O C K MARKET A N D S E C U R I T Y
CREDIT

9 — 1 6 M O R T G A G E MARKET

SYMBOLS
e
ESTIMATE
P
PRELIMINARY
r
REVISED
n.a. NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1977 - September

NEW ISSUE 1
Aaa UTILITY

VOLUME

RECENTLY 2
OFFERED
Aaa UTILITY

GROSS 3
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

2
9
16
23
30

7.97
8.02
8.08
8.08
8.14

8.02
8.03
8.07
8.09
8.12

493
168
491
654
346

90
87
78
85
82

69
96
190
126
163

October

7
14
21
28

8.15
8.20
8.22
8.28

8.14
8.23
8.21
8.24

415
528
566
570

95
92
86
86

54
63
108
108

November

4
11
18
25

8.35
8.29
8.24
8.23p

8.32
8.26
8.24r
8.21p

306
699
409
390

100
97
95
96

0
40
21
48

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

1977 - September

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-BQND
INDEX

3

GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

2
9
16
23
30

5.27
5.24
5.28
5.27
5.27

5.54
5.48
5.51
5.50
5.51

1,188
261
1,590
562
1,097

91
73
86
73
82

182
183
204
259
321

October

7
14
21
28

5.30
5.35
5.34
5.25

5.60
5.70
5.67
5.59

1,300
789
674
810

88
85
89
96

263
200
166
116

November

4
11
18
25

5.20
5.20
5.15
5.05

5.55
5.51
5.45
5.45

530
554
1,197
702

87
86
74
93

124
140
306
271

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
to make coverage of this series consistent with the gross offerings series.
Digitized fornecessary
FRASER


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
2 0 - 8 0 N D INDEX

1973 - High
Low

8.52 (8/10)
7.29 (1/21)

8 . 3 2 (8/10)
7.28 ( 1 / 5 )

7.77 (8/24)
7.11 (1/5)

7.79 (8/10)
6.42 ( 1 / 5 )

5.59 ( 8 / 3 )
4.99 (10/11)

1974 - High
Low

10.61 (10/4)
8 . 0 5 (2/15)

10.52 (10/11)
8.13 (1/4)

9.39 (10/11)
7.73 (1/4)

8.68 (8/30)
7.39 ( 1 / 4 )

7.15 (12/12)
5.15 ( 2 / 7 )

1975 - High
Low

9.80 (5/2)
8 . 8 9 (2/7)

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

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

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

7.67 ( 1 0 / 3 )
6.27 (2/13)

1976 - High
Low

8.95 (5/28)
7.93 (12/10)

9.10 ( 1 / 2 )
7.84 (12/31)

8.66 (5/28)
7.91 (12/31)

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

7.29 ( 1 / 2 )
5.95 (12/16)

1977 - High
Low

8.35 (11/4)
7.90 (1/7)

8.33 ( 5 / 6 )
7.95 (1/7)

8.12 (3/11)
7.88 (1/7)

7.81 (11/4)
7.26 (1/7)

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

Oct.

7
14
21
28

8.15
8.20
8.22
8.28

8.14
8.23
8.21
8.24

7.99
8.04
8.05
8.06

7.63
7.72
7.73
7.74

5.60
5.70
5.67
5.59

Nov.

4
11
18
25

8.35
8.29
8.24
8.23p

8.32
8.26
8.24r
8.21p

8.08
8.10
8.07r
8.08p

7.81
7.80
7.74
7.73p

5.55
5.51
5.45
5.45

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

e

1977

#

e
v

#

3

1976 1

1975

1

1977

3

1

1976

2

1975

February
March

3,989
2,708
5,495

3,381
3,863
6,632

5,367
4,528
5,378

3,555
3,448
4,138

2,451
2,885
3,365

2,361
2,387
2,135

April
May
June

3,639
3,735
5,321

3,507
4,186
6,439

4,294
5,798
5,596

3,580
4,304
5,740

2,218
3,575
3,115

2,406
2,900
3,064

July
August
September

4,070
3,400e
3,300e

3,216
3,357
4,817

4,327
2,405
2,836

3,200e
4,000e
3,800e

2,734
2,821
2,814

3,580
2,783
2,159

October
November
December

4,lOOe

4,431
3,047
6,480

4,705
4,076
4,307

3,800e

3,524
3,336
2,342

2,323
2,381
2,052

January

e

STATE AND LOCAL

CORPORATE

PERIOD

01
02
03
04

12,192
12.695
10,770

13,876
14,132
11,390
13,958

15,273
15*688
9,568
13,088

11,141
13,624
ll,000e

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

6,883
8,370
8,522
6,756

1st Half
3 Qtrs.
Year

24,887
35,657

28,008
39,398
53,356

30,961
40,529
53,617

24,765
35,765e

17,609
25,978
35,180

15,253
23,775
30,531

e

e

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

3

Securities Industry Association estimates of principal amounts.

Estimated by Federal Reserve on the b a s i s of a v a i l a b l e data.




1

Table 4

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

G R O S S PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

MEMO

BONDS
TOTAL

PUBLICLY
OFFERED

ISSUES INCLUDED

OTHER
ISSUERS

4,044
3,140
3,317
3,897

765
1,879
378
541

4,569
5,358
4,715
5,276

1,800

108

6

2,774
3,182

3,019
3,852

1,415
1,044

4,986
4,618

629
678
554
949
690
920

500
367
400
235
1,310
250

100
7
92

1,198
1,031
753
1,349
510
2,385

932
920
1.465
1,414
1,327
1,156

26
212
140
155
190
196

1,061
1,195
2,459
1,513
1,019
2,744

602
820
1,195
591
1,248
1,035
695

300
433
125
600
350
850
935

0
6
0
50
2
56

906
743
1,125
1,348
652

986
435
1,598
774

21

1,309

50
557
808
334
294
416
277

2,048
973
1,965
1,182
1,179
2,257
1,646

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

2,754
3,584
4,624
4,846

3,553
3,121
1,861
2,559

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

1977 - I
II

12,192
12,695

6,504
5,606

3,071
4,215

2,617
2,874

858

3,216
3,357
4,817
4,431
3,047
6,480

1,239
1,565
2,100
2,729
1,256
2,568

1,348
1,113
2,163
753
1,101
2,992

3,989
2,708
5,495
3,639
3,735
5,321
4,070

2,786
1,102
2,610
1,961
1,600
2,045
2,360

601
786
1,690
1,087
887
2,241
1,015

1977 - January
February
March
April
May
June
July

COMMUNICATIONS

4,497
3,757
2,982
4,244

13,876
14,132
11,390
13,958

July
August
September
October
November
December

PUBLIC
UTILITY

FOREIGN CONVERTIBLE

1976 - I
II
III
IV

1976-

MANUFACTURING

262

478
199
55

21

31
3

1,182

1,612
1.466
843

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

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

#

*

#

#

e

#

#

•

T a b l e 5A

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

1

October 31 through November 25, 1977

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODYS/S&PS
RATINGS

2007
1978-1992
2007
2002
1987
2007
1984

8.63
7.88
8.70
8.50
8.75
8.60
8.00

8.50
7.20-8.00
8.70
8.50
8.86
8.60
8.03

AA/AAAaa/AAA
A/A
A/A+
-/BB
A/A+

CORPORATE

Oklahoma Gas & Elec. Co.
Union Pacific Railroad
Empire District Electric Co.
Texasgulf Inc.
Smith Transfer Corp.
Central Telephone Co. of Fla.
Broadview Savings & Loan Co.
Detroit Edison Co.
Southern Co.
Bankers Trust New York Corp.
Public Svc. of New Mexico
AT&T
Northern Indiana Pub. Svc. Co.
Bankers Trust NY Corp.
Enserch Corp.
Northern Indiana Pub v. Svc. Co.
S. Central Bell Telephone Co.
Appalachian Power Co.
Deere & Co.
Southern Pacific Transp. Co.
^Standard Oil Co. of Ohio
*Standard Oil Co. of Ohio
^Standard Oil Co. of Ohio
NFC Corp.

1 s t mtg.
Equip, t r .
1st mtg.
Debt.
Sub. debt.
1 s t mtg.
Mtg.-backed
Com. s t k .
Com. s t k .
Pfd. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Debt.
SF debt.
1 s t mtg.
Debt.
1st mtg.
Debt.
Equip, t r .
Gvt. g t r .
Gvt. g t r .
Gvt. g t r .
Conv. debt.

35.0
24.0
15.0
150.0
10.0
32.0
40.0
64.0
188.1
75.0
29.1
718.5
36.0
100.0
60.0
65.0
250.0
26.0
175.0
18.7
30.0
43.8
74.2
15.0

—
—

8.46

2002
2002
2007
2015
2007
2002
1978-1992
1982
1987
2001
1992

NOTES:
*
1

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




-/AAA

—

8.63
8.50
8.50
8.25
9.25
8.00
8.00
7.38
7.70
8.10
8.00

8.50

8.65
8.52
8.50
8.25
9.15
8.10
7.20-8.00
7.38
7.70
8.10
8.00

Aa/AA

Aa/AA
A/A
Aa/AA
Aaa/AAA
Baa/BBBAa/AAAa/AA
Aaa/AAA
Aaa/AAA
Aaa/AAA
—

/

—

00

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
October 31 through November 25 , 1977
TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

I l l i n o i s Power Co.
Kansas City Power & Light Co.
Reserve Oil & Gas Co.
Houston Lighting & Power Co.
Eastern A i r l i n e s Inc.
Kansas Gas & Elec. Co.
Arizona Public Service Co.
Public Service of Colorado
Delmarva Power & Light Co.
Consumers Power Co.
Public Service Co. of Colorado
Trailmobile Finance Co.
ITT Financial Corp.
Home Federal Savings & Loan Assoc,
Home Federal Savings & Loan Assoc,

1st mtg.
1st mtg.
Pfd. s t k .
Pfd. s t k .
Pfd. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
1st mtg.
Notes
Debt.
Mtg.-backed
Mtg.-backed

100.0
30.0
40.0
50.6
50.0
25.4
82.5
36.3
28.0
62.5
50.0
40.0
100.0
100.0
100.0

2007
2007

2007
1987
2002
1985
1983

8.25
8.20
8.50
7.88
7.75

8.34
8.20
8.56
7.94
7.81

Aa/AA
A/A
A/A
--/AAA
—/AAA

OTHER
Sweden
Sweden
Australia
Australia

Notes
Debt.
Bonds
Bonds

100.0
100.0
125.0
100.0

1987
1997
1984
1997

8.50
9.00
8.25
8.88

8.61
9.03
8.25
9.00

Aaa/AAA
Aaa/AAA
Aaa/AAA
Aaa/AAA

ISSUER

CORPORATE




MATURITY

COUPON RATE

8.25
8.50
7.00
8.12
10.76

OFFERING
YIELD

8.34
8.40
7.00
8.12
10.76

MOODY'S/S&P'S
RATINGS

Aa/AA
Aa/AAH—/BB
Aa/AA
B/A
— /—

#

#

#

#

#

#

#

#

#

#
1

T a b l e SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
October 31 through November 25, 1977
TYPE

ISSUER

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

STATE AND LOCAL

Salt Lake Co., Utah
Washington, State of
Boston? Mass.
Forsyth Co., N.C.
Garland Ind. Sch. D i s t . , Texas
Jersey City, N.J.
Farmington, N.M.
Industry Civic-Recreational Indust.
Auth., Cal.
Industry Civic-Recreational Indust.
Auth., Cal.
Trenton, N.J.
Fort Smith, Ark.
Calcasieu Par. Sch. D i s t . #22, La.
Los Angeles Co. Flood C t r l . D i s t . ,
Cal.
Prince William Co., Va.
Minnesota Housing Fin. Agy.
Minnesota Housing Fin. Agy.
Minnesota Housing Fin. Agy.
Sullivan, Ind.
Anchorage, Alaska
D e t r o i t City Sch. D i s t . , Mich.
Washington Public Pwr. Supply System

5.98

4.25-6.00

A/BBB

2006
1978-1997
1978-2007
1978-1997

5.98
5.46
5.93
5.35

6.25
3.75-5.60
3.80-5.85
3.60-5.80

A/BBB
A/A—/AAA
A/——

1978-2007
1978-1997
1979-1997
2008
2020
2006
1979-1996
1979-1993
1984-2002

5.05
4.94
6.32
6.32
6.32

3.40-5.30
3.65-5.25
4.00-5.90
6.28
6.38
6.88
4.25-5.85
4.00-5.70
4.20-5.30

Aaa/ —
Aa/AAA-l/AA
A-l/AA
A-l/AA

2007
1978-2002
1978-1997
1978-2000
1980-1998
1979-2001
2007

5.13
6.45
4.83
4.88
5.78

Rev.

20.0

1980-2000

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

5.0
10.6
17.9
11.5

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

14.0
14.2
22.5
19.8
41.2
20.0
12.0
20.4
68.0

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.




A/A
Aa/AA+
Baa/A-

70.0
59.1
40.0
11.0
11.0
15.7
32.5

1

MOODY'S/S&P'S
RATINGS

6.50
3.50-5.35
4.50-6.60
3.40-5.25
3.70-5.05
4.20-5.90
6.10

Rev.
G• 0•
G.O.
G.O.
G.O.
G.O.
Rev.

NOTES:

OFFERING
YIELD

—

—

5.88
5.40
5.50

—

/

—

Aa/A+
A/A
A/A+

/

Baa-l/A
A/AA
Aaa/AAA

•

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
October 31 through November 25, 1977

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

STATE AND LOCAL

Washington Public Power Supply System
Washington Public Power Supply System
Bismarck, N.D.
Bismarck, N.D.
Hastings, Neb.
Hastings, Neb.
Lawrenceburg, Ind.
Illinois Health Fac. Auth.
Illinois Health Fac. Auth.
Illinois Health Fac. Auth.
California, State of
California, State of
Wauwatosa, Wise.
Wauwatosa, Wise.
Wauwatosa, Wise.
Hawaii, State of
Hawaii, State of
Houston, Texas
Houston, Texas
New Mexico, State of
Minneapolis-St. Paul Airports Comm.
Allegheny Co. Hosp. Dev. Auth., Pa.
Allegheny Co. Hosp. Dev. Auth., Pa.
Allegheny Co. Hosp. Dev. Auth., Pa.
Allegheny Co. Hosp. Dev. Auth., Pa.
Weirton Mun. Hosp. Bldg. Comm., W.Va.
Weirton Mun. Hosp. Bldg. Comm., W.Va.
Michigan Educ. Student Loan Auth.




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

50.0
62.0
7.4
3.4
9.8
25.2
12.0
7.4
10.9
1.5
50.0
10.0
10.9
6.4
16.0
7.5
12.5
16.0
19.0
36.3
10.0
6.7
3.4
20.2
19.3
8.6
8.8
15.0

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

2010
2017
1979-1992
1997
1984-1998
2013
2006
1978-1995
2006
2007
1978-1997
1987-1997
1981-1997
2002
2010
1979-1992
2003
1983-1997
2004

5.50
5.50

5.60
5.70
4.50-6.25
6.50
4.70-5.80
6.13
6.88
4.00-6.50
7.00
7.00
3.30-4.90
4.35-4.90
4.75-7.00
7.15
7.25
4.00-5.30
5.85
4.20-5.25
5.60

Aaa/AAA
Aaa/AAA
— /A
-/A
A/A
A/A

1979-1983
1980-2002
1980-1992
1996
2009
1978-1987
1979-1989
1996
1982-1988

4.19
5.02

3.60-4.10
3.90-5.35
4.50-6.40
6.60
6.95
3.50-4.75
4.70-6.75
7.00
4.50-5.25

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

MATURITY

6.10
6.10
—

6.91
6.91
6.91
4.60
4.77
7.22
7.22
7.22
5.67
5.67
5.42
5.42

——

5.24

— / —

A/A
A/A
A/A
Aaa/AAA
Aaa/AAA
A/BBB+
A/BBB+
A/BBB+
A/AA-l/A

A-l/A

9

#

m

#

#

m

e

e

#

%

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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 31 through November

ISSUER

STATE AND LOCAL

Weirton Mun. Hosp. Bldg. Comm., W.Va.
Weirton Mun. Hosp. Bldg. Comm., W.Va.
Puerto Rico Port Auth.
Puerto Rico Port Auth.
Puerto Rico Port Auth.
Salt River Agric. Improv. & Power
D i s t . , Ariz.
Salt River Agric. Improv. & Power
D i s t . , Ariz.
Waukesha, Wise.
Waukesha, Wise.
Los Angeles Hsg. Auth., Cal.
Los Angeles Hsg. Auth., Cal.
Garfield Co. Indust. Auth., Okla.
Bergen Co., N.J.
Warren Co., Ky.
Warren Co., Ky.
Charlotte, N.C.
Oregon, State of
Florida, State of
Ohio, State of
F l i n t Hospital Build. Auth., Mich.
F l i n t Hospital Build. Auth., Mich.




TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

25, 1977

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

Baa-l/AA
Aaa/AAA
A/A
A/A
A/A

Rev.
Rev.
Rev.
Rev.
Rev.

11.4
15.0
4.8
5.6
19.1

2004
1978-1986
1979-1988
1995
2007

7.33
7.33
7.33

6.70
3.40-4.55
4.90-6.75
7.13
7.30

Rev.

43.0

1980-2003

5.77

3.80-5.60

Aa/AH-

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

72.0
8.5
2.8
2.4
8.5
47.0
17.5
9.9
•14.1
15.0
15.9
31.0
50.0
21.6
13.1

2017
1978-1987
1982
1980-1992
2009
2007
1978-1997
1981-1996
2002
1979-1998
1980-2007
1978-2006
1979-2002
1979-2003
1980-2006

5.77
4.39
4.22
6.03
6.03

5.85
3.50-4.50
4.05
4.20-5.70
6.00
5.88
3.50-5.10
4.90-7.00
7.25
3.60-5.30
3.75-5.20
3.40-5.35
3.80-5.50
4.25-6.90
4.10-5.70

Aa/A+
Aa/—
Aa/—
A/A
A/A
Aa/AA
Aaa/—
Baa-l/ABaa-l/AAaa/AAA
Aaa/AA
Aa/AA
Aa/AA
A-l/A
A-l/AA

4.73
4.74
5.08
5.08
5.24
6.77
5.58

ND
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
October 31 through November 25, 1977

TYPE

ISSUER

STATE AND LOCAL

Henrico Co., Va.
Michigan State Hospital Fin. Auth.
Michigan State Hospital Fin. Auth.
Tarrant Co. Water C t r l . Improv. D i s t . ,
Tex.
Maryland Health & Educ. Fac. Auth.
Maryland Health & Educ. Fac. Auth.
Colo.
Moffat Co
Colo.
Moffat Co
Colo.
Moffat Co
Tennessee State Sch. Bond Auth.
Tennessee State Sch. Bond Auth.
Tennessee State Sch. Bond Auth.
Connecticut Hsg. Finance Auth.
Connecticut Hsg. Finance Auth.
New York State Project Fin. Agy
New York State Project Fin. Agy.
New York State Project Fin. Agy.
I l l i n o i s Health Fac. Auth.
I l l i n o i s Health Fac. Auth.
I l l i n o i s Health Fac. Auth.
Indianapolis Metro. Thoroughfare
D i s t . , Ind.
Colorado Hsg. Finance Auth.




AMOUNT
(MILLIONS
OF
DOLLARS)

»

MATURITY

NET INTEREST
COST

Aa/AA
Aa/AA

4.70
6.95
6.95
6.06
6.06
6.06
5.66
5.66
5.66
5.49
5.49
7.21
7.21
7.21
6.69
6.69
6.69

3.30-5.10
4.25-6.25
6.94
4.50-5.80
6.00
6.13
3.50-5.40
5.75
5.80
3.90-5.35
5.80
4.50-6.40
7.00
7.25
4.25-6.40
6.50
6.83

Aa/AA
A/A
A/A
A/BBB+
A/BBB+
A/BBB+
A-l/AA
A-l/AA
A-l/AA
Aa/AA
Aa/AA
Aa/A
Aa/A
Aa/A
A-l/A
A-l/A
A-l/A

4.94
4.94

3.60-5.10
3.75-4.80

Aaa/—
A-l/AA

12.9
49.0
24.3

1978-2000
1980-1998
2003

5.42

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

49.2
8.1
25.3
18.6
7.8
21.6
24.4
28.9
4.3
78.4
35.6
42.0
74.0
128.0
17.5
2.5
21.0

1978-2001
1979-1991
2007
1981-1996
2000
2007
1978-1997
2006
2011
1979-1996
2009
1978-1988
1998
2007
1979-1995
1997
2008

G.O.
Rev.

11.7
32.7

1979-2003
1978-1987

#

e

MOODY'S/S&P'S
RATINGS

3.75-5.60
4.10-6.00
6.20

Rev.
Rev.
Rev.

<i

OFFERING
YIELD

—
—

#

•

Table 6A

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

1

As of November 25, 1977
TYPE

ISSUER
CORPORATE

P a c i f i c Gas & E l e c t r i c Co.
Union Tank Car
Commonwealth Edison Co.
Norfolk & Western Railway Co.
Republic New York Corp.
Iowa Elec. Light & Power Co.
Texas International Co.
Tiger International Inc.
Ford Motor Credit Co.
Ford Motor Credit Co.
Ford Motro Credit Co.
Potomac Edison Co.
Monongahela Power Co.
Crocker National Corp.
B e n e f i c i a l Corp.
Kansas Power & Light Co.
Duquesne Light Co.
Ohio Edison Co.
Puget Sound Power & Light Co.
*Alabama Power Co.
Southern Railway Co.
Union E l e c t r i c Co.
West Penn Power Co.
*American Savings & Loan Assoc.
*VEPCO
Missouri P a c i f i c Railroad
Pennsylvania Power & Light Co.
World Savings & Loan Assoc.
Arkansas Power & Light Co.
*Allegheny Power System
Sea Containers A t l a n t i c Ltd.
St. Louis & S. Western Railroad
*Central Telephone U t i l Corp.
Utah Power & Light Co.
Iowa Southern U t i l i t i e s Co.
Western Union Telegraph Co.
Mission Insurance Group
*Comdisco Inc.
*Caesar's World Inc.

..

Com. stk.
Equip, t r .
1st mtg.
Equip. t r .
Debt.
1st mtg.
Pfd. stk.
Debt.
Notes
Debt.
Debt.
1st mtg.
1st mtg.
Debt.
Debt.
Com. stk.
Com. s t k .
Com. s t k .
Com. s t k .
Pfd. stk.
Equip, t r .
1st mtg.
1st mtg.
Mtg.-backed
Com. stk.
Equip, t r .
1st mtg.
Mtg.-backed
1st mtg.
Com. stk.
Pfd. s t k .
Equip. t r .
1st mtg.
Com. s t k .
1st mtg.
Debt.
Debt.
Debt.
Notes

AMOUNT
(IN MILLIONS
OF DOLLARS)

176. 0
40. 0
150. 0
19. 5
35. 0
25. 0
15. 0
50. 0
100. 0
100.,0
100. 0
25. 0
25. 0
75.,0
150.,0
27..0
55.,0
100.,0
35.,0
40.,0
21.. 1
90.,0
45.,0
150.,0
75.,0
15..0
100.,0
50.,0
75.,0
75.. 0
30,.0
17,.9
35,.0
45,.0
15,.0
60 .0
25,.0
15,.0
15,.0

NOTES:
*

Included in table for first time.

1

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




APPROXIMATE
DATE OF OFFERING

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

29
29
29
29
30
30
1
1
1
1
1
1
1
1
5
6
6
6
6
6
8
8
12
13
13
13
15
15
15
20

T a b l e 6A C o n t i n u e d

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

1

As of November 25, 1977
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

CORPORATE

*Gamble-Skogmo Inc.
OTHER
Societe
De Fer
Societe
De Fer

Rationale des Chemins
Francais
Rationale des Chemins
Francais




APPROXIMATE
DATE OF OFFERING

Notes

30.0

Dec.

Bonds

40.0

Dec.

Bonds

40.0

Dec.

8

15
Table 6B

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

1

As of November 25, 1977
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Richardson Ind. Sch. D i s t . , Texas
Marshall Co., W. Va.
Dallas-Fort Worth Reg. Airport,
Tex.
*Springfield, Mo.
Sweetwater Co., Wyo.
Metro. St. Louis Sewer D i s t . , Mo.
I l l i n o i s Health Fac. Auth.
*Colorado River Mun. Water D i s t . ,
Tex.
Gtr. Chicago Metro. Sant. D i s t . ,
111.
*Monterey Park Comm. Redev. Agy.,
Cal.
New Orleans, La.
J e f f e r s o n Co., Ala.
*Cerritos Redev. Agy., Cal.
*Courtland Indust. Dev. Bd., Ala.
Massachusetts Mun. E l e c t r i c Co.
Los Angeles Dept. of Water &
Power, Cal.
*Miami, Fla.
*S. California Rapid Transit D i s t .
*Virginia, State of
Camden Co., N.J.
New York, State of
Anne Arundel Co., Md.
*Josephine Co., Sch. D i s t . , Ore.
^Minnesota, State of
Pasadena Redev. Agy., C a l i f .
*Honolulu, Hawaii
Sayre Borough Hosp. Auth., Pa.
Lower Colorado River Auth., Tex.
Dallas, Texas
*Norfolk Industrial Dev. Auth., Va.

G.O.
Rev.

11.7
50.0

Nov. 28
Nov. 29

Rev.
Rev.
Rev.
Rev.
Rev.

47.0
84.6
51.0
10.0
15.5

Nov.
Nov.
Nov.
Nov.
Nov.

30
30
30
30

Rev.

37.0

Dec.

1

G.O.

40.0

Dec.

1

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

13.9
25.0
10.0
15.0
24.5
83.5

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

6
6
6
7
7
7

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

100.0
14.0
15.2
125.0
15.5
104.0
25.0
11.5
134.0
26.0
15.0
37.9
40.0
60.0
21.5

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

7
8
12
13
13
13
13
14
14
14
15
15
15
21

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
1

STOCK PRICES

DATE
NYSE INDEX

3

BJ INDUSTRIALS

1051.50 (1/11)
788.31 (12/5)

AMEX

4

NASDAQ

2

TRADING VOLUME

5

NYSE

AMEX

NASDAQ

130.47 (1/11) 136.84 (1/11)
85.26 (12/20) 89.12 (12/13)

26.0 (9/20)
9 . 0 (8/20)

5 . 5 (1/12)
1.4 (8/20)

11.3 (1/11)
3.5 (8/27)

1973-High
Low

65.58 (1/11)
49.12 (12/13)

1974-High
Low

53.37 (3/13)
32.89 ( 1 0 / 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 (9/26)

7.5 (1/3)
2 . 8 (7/5)

1975-High
Low .

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

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

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

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

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

4 . 2 (2/21)
1.1 (9/15)

8 . 1 (2/13)
2 . 5 (9/15)

1976-High
Low

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

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

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

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

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

8 . 6 (2/20)
1.1 (1/2)

11.1 (2/20)
3 . 5 (1/2)

1977-High
Low

57.69 (1/3)
49.78 (11/2)

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

124.21 (7/19)
109.61 (1/12)

103.10 (7/22)
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)

Oct.

7
14
21
28

52.5951.24
50.61
50.77

840.35
821.64
808.30
822.68

118.85
115.59
114.09
112.86

101.62
99.05
98.54
97.49

18.7
19.0
20-.0
21.5

2.1
2.0
2.2
2. 1

7.5
7.7
8.4
7.9

Nov.

4
11
18
25

50.27
52.70
52.51
53.33

809.94
845.89
835.76
844.42

112.88
118.33
119.64
123.42

97.21
100.94
102.22
104.33

19.0
25.8
25. Or
24.7

1.9
2.7
2.8
3.0

7.2
9,2
9. 5r
-8.6

-

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

12/31/66-50

4 8 / 3 1 / 7 3 = 100.
5 2 / 5 / 7 1 = 100.


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

e

*

»

*

e

e

#

*

17
Table 8

SECURITY CREDIT
(in m i l l i o n s of d o l l a r s )
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON 2
CONVERTIBLE
BONDS

3
BANKS

• 1*1

III

A "VP"

K1

B 1 m m A F%

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1976 - July
August
September
October
November
December

7,340
7,450
7,530
7,530
7,610
7,960

172
167
174
169
178
204

875
878
1,079
1,067
864
845

2.200
2,278
2,154:
2,253
2,312
2,283.

1977 - January
February
March
April
May
Jyne
July
August
September
October

8,270
8,480
8,690
8,880
9,070
9,230
9,460
9,560
9,590
9,560

196
197
199
196
196
198
204
200
196
191

832
844
810
807
801
823
823
829
824

2,312:
2,319.
2,312:
2,350
2,345
2,403.
2,419
2,438
2,434

260
110
80

6
-5
7
-5
9
26

-5
3
201:
-12
-203
-19

-28
78:
-124:
99
59:
-29

—8

-13
12
-34:
-3
-6:
22.

29
7
-7

CHANGE IN OUTSTANDING

1976 - July
August
September
October
November
December

80
350

1977 - January
February
March
April
May
June
July
Augus t
September
October

310
210
210
190
190
160
230
100
30
-30

i

2
-3
—

2
6
-4
-4
-5

6
-5

-5
58
16
19
-4

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.




i

4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW

1972
1973
1974
1975
1976

10,067
4,815
2,909
11,070
11,546

1977-January
February
March
April
May
June
July
Aug.
Sept.j)/

913
847
1,903
107
856
1,484
677
282
1,250

1977-January
February
March
April
May
June
July
AugSept. £_/

965
589
696
527
927
796
1,394
1,326
1,281

1

ANNUAL 3
GROWTH
RATE

12.4
5.4
2.2
11.3
11.6
—

9.5
5.7
6.7
5.1
8.9
7.6
13.2
12.4
11.9

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

5,451
-442
-2,822
4,757
5,275
645
585
623
-168
577
38
396
-12
-100
—

SHARE CAPITAL
ANNUAL 3
GROWTH
RATE

NET
FLOW

32,567
20,237
16,006
42,769
50,287

18.6
9.9
7.0
17.3
17.7

NET
NEW
MONEY

TOTAL
2

DEPOSITS
NET
FLOW

23,884
10,507
4,668
29,276
34,369

42,634
25,052
18,915
53,839
61,833

5,218
4,944
3,406
3,186
7,578
3,604
2,124
1,924
3,647
3,419
6,384
2,048
——
4,164
3,913
2,863
—
2,619
5,944
1,548
SEASONALLY ADJUSTED
4,285
15.2
2,932
10.3
3,608
12.5
——
3,397
11.7
3,947
——
13.4
3,738
12.6
6,180
20.6
6,220
20.4
19.2
5,962

6,131
4,253
9,481
2,231
4,503
7,868
4,841
3,149
7,194

— —

5,250
3,521
4,304
3,924
4,874
4,534
7,574
7,546
7,243

13.7
9.1
11.0
9.9
12.2
11.3
18.7
18.3
17.3

— —

——

——

— —

—

ANNUAL 3
GROWTH
RATE

——

16.6
8.5
5.5
15.8
16.0

— —
——

— —

—

NET
NEW
MONEY

2

29,335
10,062
1,846
34,033
39,644
5,449
3,771
4,227
1,756
3,996
2,086
4,309
2,622
n.a.
—•
—. —

NOTES:
1

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

2
3

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

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

H.16

e

e

#

e

#

#

#

m

m

19
Table 10

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

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

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

NET CHANGE
TOTAL

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

1972

25.2

20.3

4.9

7.48

6.28

1.20

1973

19.9

16.4

3.5

-5.31

-3.92

-1.39

1974

14.7

12.5

2.2

-5.20

-3.91

-1.29

1975

20.6

18.6

2.0

5 .81

6 .06

- .25

1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

20.8
21.3
21.7
21.8
22.3
22.6
23.1
23.7
24.6
26.1
27.3
28.2

18.8
19.3
19.5
19.6
20.0
20.4
20.8
21.3
22.0
23.5
24.6
25.5

2.0
2.0
2.2
2.2
2.3
2.2
2.3
2.4
2.6
2.6
2.7
2.7

.06
.61
.48
.38
.48
.27
.50
.87
1.05
1.20
1.26
.92

.20
.58
.16
.10
.32
.53
.33
.50
.78
1.46
1.09
.92

.02
- .06
.19
.05
.05
.02
.03
.12
.19
.06
.09

1977 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. (p)

27.9
28.4
29.6
30.2
30.3
31.4
32.1
34.1
35.5

25.1
25.4
26.4
27.0
27.0
27.6
28.4
30.1
31.4

2.8
3.0
3.2
3.2
3.3
3.8
3.7
4.1
4.1

-.35
.48
1.24
.56
.12
1.07
.80
1.97
1.31

-.45
.30
1.04
.59
.02
.58
.83
1.66
1.30

.10
.18
.20
-.03
.10
.52
-.03
.33
.01

—

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
leveh as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




H.16

20

T a b l e 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 I S S U E S

TOTAL

FHLB

1974 - Sept.
Oct.
Nov.
Dec.

+2,768
+1,665
-89
+507

+2,750
+1,599
+93
+961

+1,700
+1,499
-217
+470

1975 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

-242
-659
+440
0
-1,568
+330
+236
-398
215
587
152
669

-5
-254
+689
+69
1-1,279
+600
+300
-700
100
850
200
600

-4
-554
-11
-30
-1,279
0
0
-700
0
+150
0
0

1976 - Jan.
Feb.
Mar.
Apr.
May
June

FHLMC

FNMA

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES

+1,050
+100
+310
+491

+18
+66
-182
-454

+300
0
-1
0
0
0
0
0
0
200
0

-1
0
+700
+100
0
+600
+300
0
100
700
0
600

-237
-405
-249
-69
-289
-270
—64
302
115
-263
—48
69

Aug.
Sept.
Oct.
Nov.
Dec.

-197
—9 64
-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
JuneJuly
Aug.
Sept.
Oct.

12
-862.
289
344
532
605
531
347
195
364

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

0
-200
0

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

-1

-176
-270
643
-402
235
402
-22
46
486
153

July

NOTES:
Based on data from Treasury Survey of Ownership.

p
Preliminary


-6

105
0
0
304
0
0

1

-350
752
-8
200
600
0
-300
200

21
Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976

MAJOR

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

21,930
41,406
57,587
58,372
42,739
43,497
63,245

17,020
39,018
55,561
55,072
36,517
38,658
65,365

FINANCIAL INSTITUTIONS

COMMERCIAL
BANKS

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

MSB's

S & L's

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

10,254
23,919
31,932
25,552
17,567
29,289
44,977

INSURANCE FNMA-GNMA
COMPANIES

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

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

34
31
140
414
158
496
252
220
744

-326
- 42
66
123
687
177
- 86
-163
167

112
74
287
453
267
508
313
249
748

-267
135
217
294
1,055
409
-436
-429
- 33

Not Seasonally Adjusted
1977 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

3,630
4,175
6,614
8,132
8,780
10,483
8,3.41
9,204
9,427

3,956
4,217
6,548
8,009
8,093
10,306
8,227
9,367
9,260

800
1,000
1,500
1,900
1,900
2,700
2,100
2,700
2,600

196
156
291
414
388
976r
649r
719
660

2,926
3,030
4,617
5,281
5,647
6,134
5,226
5,728
5,256

Seasonally Ad lusted
1977 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1

5,417
5,410
6,818
7,557
8,235
9,270
7,265
8,410
9,272

5,684
5,275
6,601
7,263
7,180
8,861
7,701
8,839
9,305

1,225
1,327
1,547
1,761
1,665
2,381
2,086
2,558
2,413

337
307
280
401
366
816r
559r
696
735

3,980
3,567
4,487
4,648
4,882
5,156
4,743
5,336
5,409

Monthly data f o r commercial banks based on Federal Reserve estimates benchmarked
t o Call Report data on r e a l e s t a t e loans outstanding as a v a i l a b l e . Other data
derived from mortgage debt outstanding as reported s e p a r a t e l y by National Assn.
of Mutual Savings Banks, Federal Home Loan Bank Board, American Council of L i f e
Insurance, Federal National Mortgage A s s o c i a t i o n , and t h e Government National
ortgage A s s o c i a t i o n . A l t o g e t h e r , t h e s e groups accounted f o r 73 per cent of t h e
net increase estimated f o r a l l holders i n 1976.




22

Table 13

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

2 1i

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1- to 4 FAMILY

MULTIFAMILY

-- •

COMMERCIAL

MULTFAMILY
&
COMMERCIAL

FARM

1970 - I
II
II
IV

25.5
25.3
33.5
35.4

18.7
18.3
23.9
26.8

13.2
12.5
15.5
18.8

5.5
5.8
8.4
8.0

5.7
6.9
8.6
7.4

11.2
12.7
17.0
15.4

1.0
0.0
1.0
1.3

1971 - I
II
III
IV

41.2
51.8
57.8
59.5

32.7
40.3
43.1
44.7

23.2
29.6
33.8
35.7

9.5
10.7
9.3
9.1

6.7
9.3
12.1
11.6

16.2
20.0
21.4
20.7

1.7
2.1
2.6
3.1

1972 - I
II
III
IV

67.6
74.1
77.6
88.1

49.3
54.1
59.1
63.6

38.0
41.0
48.1
47.9

11.3
13.1
11.0
15.7

14.8
16.5
14.9
21.0

26.1
29.6
25.9
36.7

3.5
3.5
3.6
3.6

1973 - I
II
III
IV

80.6
87.4
80.7
70.4

56.0
59.9
56.2
48.5

47.8
46.9
43.7
40.6

8.2
13.0
12.5
7.9

19.1
21.7
19.4
16.4

27.3
34.7
31.9
24.3

5.6
5.8
5.0
5.5

1974 - I
II
II
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
77.3
94.0
97.4

59.7
58.0
73.8
76.1

58.3
58.1
70.0
74.6

1.4
-0.1
3.8
1.5

13.7
14.5
13.4
13.7

15.1
14.4
17.2
15.2

5.3
4.8
6.9
7.6

104.5
129.9
137.7

79.9
102.4
110.1

76.5
96.2
102.4

3.4
6.2
7.7

15.5
19.0
19.3

18.9
25.2
27.0

9.1

1977 - I (r)
I I (p)
III(p)

8.5
8.3

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 Bqnks, 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.

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 - f a m i l y and
multifamily mortgage debt.


http://fraser.stlouisfed.org/
l l ofdata
revised
FederalNOTE:
ReserveA
Bank
St. Louis

as of October 10, 1977 due t o r e e s t i m a t i o n of seasonal f a c t o r s .

1

|

.

1

g

1

4

1

j

1

Table 14

PRIVATE HOUSING PERMITS, S T A R T S ,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S O F U N I T S , 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

PERIOD

TOTAL

1—FAMILY

COMPLETIONS

STARTS

PERMITS 1
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2-OR

MORE

TOTAL

1—FAMILY

MOBILE
OR M O R E
FAMILY

FAMILY

HOME
SHIPMENTS

1969
1970
1971
1972
1973
1974
1975
1976

1,324
1,352
1,925
2,219
1,820
1,074
939
1,281

626
647
906
1,033
882
644
676
895

698
705
1,018
1,186
937
431
264
386

1,407
1,434
2,052
2,357
2,045
1,388
1,160
1,538

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

656
621
901
1,048
914
450
268
376

1,399
1,418
1.706
1,972
2,014
1,692
1,297
1,362

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

592
617
692
828
840
760
430
336

413
401
497
576
567
329
216
250

1976 - July
Aug.
Sept.
Oct.
Nov.
Dec.

1,229
1,308
1,481
1,481
1,583
1,532

866
876
914
987
1,055
1,049

363
432
567
494
528
483

1,413
1,530
1,768
1,715
1,706
1,889

1,129
1,172
1,254
1,269
1,236
1,324

284
358
514
446
470
565

1,307
1,401
1,387
1,326
1,399
1,435

1,038
1,094
1,017
989
1,068
1,074

269
307
370
337
331
361

221
242
248
263
247
248

1977 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

1,333
1,526
1,687
1,605
1,615
1,678
1,639
1,772
1,695
1,852

930
1,060
1,188
1,051
1,077
1,105
1,089
1,156
1,135
1,119

403
466
499
554
538
573
550
616
560
653

1,384
1,802
2,089
1,880
1,937
1,897
2,083
2,029
2,063
2,179

1,006
1,424
1,503
1,413
1,455
1,389
1,437
1,453
1,518
1,555

378
378
586
467
482
508
646
576
545
624

1,416
1,637
1.707
1,540
1,536
1,647
1,671
1,691
1,679

1,103
1,242
1,236
1,226
1,177
1,209
1,267
1,278
1,252

313
395
471
314
359
438
404
413
427

258
275
275
252
251
264
251
270

300
323

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


Permit data for 1969 and 1970 based on 13,000 areas w i t h permit systems
1


T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
N5

EXISTING HOMES

NEW HOMES
PERIOD

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

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

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

July
Aug.
Sept,
Oct.
Nov.
Dec.

9.05
9.05
9.00
9.00
8.95
8.90

33
58
77
71
90
n.a.

9.10
9.10
9.05
9.00
9.00
8.95

38
63
82
71
95
n .a .

8.99
8.93
8.82
8.55
8.45
8.25

27
46
59

3.8
3.3
2.5
4.3
3 .6

6

2.0

18
45
50
65

8.72
8.47
8.23
8.29
8.05
n.a.

1977 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

8.80
8.80
8.85
8.90
8.95
9.00
9.00
9.00
9.00
9.00

58
52
63
59
n.a,
93
83
99
86
72

8.85
8.85
8.90
8.95
9.00
9.05
9.05
9.05
9.05
9.05

63
57
68
64
n.a,
98
88
1.04
91
.77

8.40
8.50
8.58
8.57
n .a.
8.74
8.74
8.74
8.72
8.78

3.2
3.9
4.6
4.5
n.a.
1.9
1.9
1.9
1.7
2.2

40
30
27
33
n.a,
26
26
26
28
22

8.22
8.28
8.22
8.31
n.a.
8.07
8.17
8.01
8.14
8.28

1976

26

40
n.a.
18
22

36
26

n.a,
67
57
73
58
50

12

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.



25
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

ACCEPTED

OFFERED

634 (5/17) 321 (5/17)

9.20 (6/1) 171 ( 9 / 7 )

OFFERED

1976 - High

AVERAGE
YIELD

21 (12/27) 19 (12/27) 8.39(12/27

Low

AMOUNT
(IN MILLIONS OF DOLLARS)

33 (1/26)

AVERAGE
YIELD

ACCEPTED

127 (11/15) 9.31 (6/1,
6/28)
23 (2/23)

8.90 (12/27)

1977 - Jan.

10
24

385.7
361.7

285.8
263.3

8.46
8.49

184.2
142.6

132.5
105.8

8.81
8.83

Feb.

7
24

389.6
478.8

213.6
271.1

8.52
8.58

151.7
148.3

120.2
115.6

8.85
8.87

Mar.

7

324.9
287.1

8.66

21

702 .3
434.9

8.70

206.4
167.5

153.2
114.9

8.90
8.92

Apr.

4
18

321.5
134.6

201.9
67.9

8.72
8.62

19&.1
152.0

158.3
122.4

8.97
8.97

May

2
16
31

723.1
585 .4
534.3

422.2
285^.5
319.7

8.70
8.74
8.79

383.4
415.9
365.3

255.1
278.0
218.6

9.03
9.08
9.13

June

13
27

188.1
90.8

78.1
49.7

8.77
8.73

210.5
160.6

157.5
105.5

9.13
9.11

July

11
25

130.5
75.9

77.3
54.1

8.72
8.71

163.9
122.9

101.6

82.8

9.08
9.06

Aug.

8
22

195 .0
119.9

143.1
78.3

8.75
8.77

199.8
170.4

144.4
92.3

9.06
9.06

Sept.

7
19

50.3
62.6

35.1
40.3

8.74
8.74

138.9
107.5

113.9
70.5

Oct.

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

9.06
9.05
9.0?
9.11
9.14

Nov.

14

110.6

69.5

8.86

308.6

202.8

9.16

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 to total eligible bids received.
H.16



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