Full text of H.16 Capital Market Developments : November 6, 1978

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Capital
Developments

November 6, 1978
Prepared by the

DIVISION OF RESEARCH AND STATISTICS

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

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551




Index '
i

*

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

S E C U R I T Y V O L U M E AND Y I E L D S

7, 8

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

9 - 1 6

MORTGAGE MARKET

SYMBOLS
6
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

1978 - Aug.

Sept.

Nov.

RECENTLY
OFFERED
Aaa UTILITY

2

3
GROSS
OFFERINGS
( $ MILLIONS)

310
190
43
688

VOLUME
PER CENT
SOLD BY END
OF WEEK

100
93
100
82

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

4
11
18
25

8.90
8.81
8.80

8.91
8.89
9.00
8.87

1

8.80
8.77
8.74
8.90
9.06

8.85
8.79
8.73
8.92
9.00

133
437
390
405
130

68
97
77
85
0

33
15
90
59
100

9.04

340
294
585
250

90
98
96
100

35
5
24
0

272

100

0

8
15
22
29
Oct.

NEW ISSUE 1
Aaa UTILITY

— —

6
13
20
27

9.19
9.23r

9.04
9.03
9.15
9.24r

3

9.20p

9.22p

— —

0
14
0
123

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-80ND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

4
11
18
25

5.65
5.55
5.50
5.60

6.12
6.03
6.19
6.11

1,916
1,027
818
1,485

90
92
89
95

184
172
188
179

8
15
22
29

1

5.50
5.50
5.40
5.60
5.60

6.16
6.13
6.02
6.12
6.09

653
280
500
748
419

89
85
96
87
94

156
139
57
117
67

Oct.

6
13
20
27

5.50
5.50
5.50
5.60

6.07
6.10
6.14
6.21

614
795
819
514

86
87
84
90

126
148
236
113

Nov.

3

5.70

6.22

421

89

78

1978 - Aug.

Sept.

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
DATE

1974 - High
Low

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

4

BOND BUYER
2 0 - B 0 N D INDEX

10.61 (10/4)
8.05 (2/15)

10.52 (10/11)
8 . 1 3 (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)

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

9 . 7 1 (5/25)
9.06 (2/28)

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

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

7.67 (10/3)
6.27 (2/13)

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)

8.36 (12/16)
7.90 (1/7)

8.48 (12/30)
7.95 (1/7)

8.28 (12/30)
7.88 (1/7)

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

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

9.23 (10/27)
8.60 (3/24)

9.24 (10/27)
8.48 (1/6)

9.05 (11/3)
8.30 (1/6)

8.83 ( H / 3 )
8.02 (1/6)

6.32 (7/13)
5.58 (3/17)

1975 - High
Low

1976 - High
Low

1977 - High
Low

1978 - High
Low

1978

1

NEW ISSUE
Aaa UTILITY

- Sept.

1
8
15
22
29

8.80
8.77
8.74
8.90
9.06

8.85
8.79
8.73
8.92
9.00

8.67
8.67
8.63
8.70
8.77

8.43
8.39
8.36
8.49
8.61

6.16
6.13
6.02
6.12
6.09

Oct.

6
13
20
27

9.04
9.19
9.23r

9.04
9.03
9.15
9.24r

8.81
8.85
8.88
8.94 r

8.64
8.61
8.67
8.73r

6.07
6.10
6.14
6.21

9.20p

9.22p

9.05p

8.83p

6.22

3

Nov.

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.



e

e

*

e

•

•

#

e

t*

5

5
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

1978

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
5,421

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

4,141e
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

3,750e

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

10,112
12,741
. 10,541e

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

22,853
- 33,394e

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

Q1
02
03
04
1st Half
3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2 Public 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 amounts.
e Estimated by Federal Reserve Board on the b a s i s of 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

TOTAL

GROSS PROCEEDS BY TYPE OF ISSUER
GROSS PROCEEDS BY TYPE OF ISSUE
BONDS
MEMO
COMMON
OTHER
PUBLIC
COMMUNIMANUFACAND
ISSUES INCLUDED
PUBLICLY PRIVATELY
ISSUERS
CATIONS
UTILITY
TURING
PREFERRED
OFFERED
PLACED
FOREIGN CONVERTIBLE
STOCK

IV

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

1978 - I
II

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

1977 - June
July
August
September
October
November
December

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

1978 - January
February
March
April
May
June

3,013
2,657
4,442
3,285
4,035
5,215

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

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

633
526
822
474
1,039
1,405

233
0
0
12
106
142

0
0
4
20
2
136

273
716
1,229
549
878
1,471

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

519
34
291
35

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

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/
•
#
#
e
e
#
Federal Reserve
Bank of St. Louis

#

- —

349

1

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
October 30 through November 3, 1978
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

2003
2008

9.63
9.00

9.70
9.10

MOODY'S/S&PS
RATINGS

CORPORATE

New York S t a t e E l e c t r i c & Gas Co.
P u b l i c Service of Colorado
Southern C a l i f o r n i a Edison Co.
Hughes Tool Corp.

Com. s t k .
Com, s t k .
1 s t mtg.
Debt.

34.0
48.0
200.0
60.0

NOTES:
*

Rights offering.

1

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




Aa/AA
A/A+

Table SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
October 30 through November 3, 1978
TYPE

ISSUER
STATE AND LOCAL

Wayne Co. Comm. C o l l . D i s t . , Mich.
B e l l e v i l l e , 111.
B e l l e v i l l e , 111.
Davenport, Iowa
Davenport, Iowa
Richmond I n d u s t . A u t h . , Va.
Richmond I n d u s t . A u t h . , Va.
Grand Rapids Pub. Sch. D i s t . , Mich.
Eugene, Ore.
Indianapolis, Ind.
Indianapolis, Ind.
Maine, S t a t e of

AMOUNT
(MILLIONS OF
DOLLARS)

24.0
9.2
15.8
12.7
18.3
2.3
7.9
14.0
18.5
43.4
46.7
14.9

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

MATURITY

1979-1995
1980-1998
2009
1982-1998
2008
1981-1991
2005
1982-1998
1981-1996
1982-1999
2008
1979-1988

NET INTEREST
COST

6.92

5.68
5.61
6.87
6.87
5.27

OFFERING
YIELD

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

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.



s

•

e

e

#

#

e

e

r

MOODY S/S&P S
RATINGS

A/A
—/AA
—/AA
A/AA/A—/BBS
—/BBB
Aaa/AA
Aa/AA
A/A+
A/A+
Aa/AAA

Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
A s of N o v e m b e r 3 ,

ISSUER
CORPORATE

American E l e c t r i c Power Co.
Sun Chemical Corp.
P a c i f i c T e l . & T e l e . Co.
Studebacker-Worthington I n c .
General E l e c t r i c C r e d i t Corp.
Kansas Gas & E l e c t r i c Co.
Delmarva Power & Light Co.
Puget Sound Power & Light Co.
Public Service of New Hampshire
^Norfolk & Western R a i l r o a d Co.
Otter T a i l Power Co.
Public Service E l e c t r i c & Gas Co.
Early C a l i f o r n i a I n d u s t r i e s I n c .
Wisconsin Power & Light Co.
*Georgia Power Co.
Minnesota Power & Light Co
C i n c i n n a t i Gas & E l e c t r i c Co.
Arizona Public Service Co.
San Diego 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.
Michigan Bell T e l e . Co
Robbin I n d u s t r i e s I n c .
Kay Corp.
*Associates F i r s t C a p i t a l Corp.
Integon Corp.
*American General Insurance Co.
*Caesars World I n c .
Integon Corp.
Montgomery Ward C r e d i t Corp.
Golden Nugget I n c .
GDV I n c .
UNC Resources I n c .
*Houston L i g h t i n g & Power Co.
*Central I l l i n o i s P u b l i c Service Co.
^Wisconsin E l e c t r i c Power Co.
^Mountain S t a t e s T e l . & T e l e . Co.
*South Carolina 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.
*Utah Power & Light Co.

TYPE

Com. s t k .
Debt.
Debt.
Debt.
Notes
Com. s t k .
Pfd. stk.
Com. s t k .
Com. s t k .
Equip, t r .
1 s t . mtg.
1 s t . mtg.
Units
Com. s t k .
1 s t . mtg.
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Debt.
Conv. d e b t .
Debt.
Notes
Conv. d e b t .
Debt.
Debt.
Conv. d e b t .
Debt.
Units
Units
Debt.
1 s t . mtg.
Com. s t k .
Pfd. stk.
Debt.
Pfd. stk.
Com. s t k .
Com. s t k .

1

1978
AMOUNT
(IN MILLIONS
OF DOLLARS)

138.0
60.0
300.0
100.0
150.0
30.0
20.0
36.0
30.0
18.7
20.0
100.0
25.0
20.0
80.0
25.0
60.0
60.0
35.0
150.0
100.0
25.0
15.0
75.0
25.0
100.0
25.0
25.0
50.0
45.0
75.0
50.0
100.0
24.0
60.0
150.0
20.0
80.0
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




APPROXIMATE
DATE OF OFFERING

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Noy.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

6
8
8
9
9
9
9
13
14
14
14
15
15
15
16
16
20
21
28
28
28

6
6
7
12
12
12
13

10
Table 6A Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of November 3, 1978

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

*Belding Hemingway Co.

Debt.

20.0

OTHER
*Ontario, Province of

Debt.

200.0




Dec.
Nov. 15

11
Table 6B

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

1

As of November 3, 1978
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

ISSUER

TYPE

*New York S t a t e Dorm. Auth.
* D e t r o i t , Mich.
*Courtland Ind. Dev. Board, Ala.
Maricopa Co. I n d u s t . Dev. A u t h . ,
Ariz.
Oakland Co. Comm. C o l l . D i s t . , Mict ..
West Palm Beach, F l a .
Washington Sub. S a n i t a r y D i s t . ,
Md.
Miami, F l a .
Nebraska P u b l i c Pwr. D i s t .
M i s s i s s i p p i , S t a t e of
*Triborough Bridge & Tunnel A u t h . ,
N.Y.
*Mass. Housing Finance Agency
Municipal A s s t . Corp., N.Y.C.
*Phoenix, A r i z .
New Mexico, S t a t e of
I l l i n o i s , S t a t e of
Alabama S t a t e Docks Department
V i r g i n i a Beach, V i r g i n i a
New Orleans, La.
*Puerto Rico
*Putnam Co. Dev. Auth., Ga.
*Bartow Co. Dev. A u t h . , Ga.
H a r r i s Co., Texas
North Carolina Mun. Power Agency
//I
*Richardson I n d . Sch. D i s t . , Texas
Santa Monica Redev. Agy., C a l i f .
Beavertown Schl. D i s t . , Oregon
*Port of Oakland, C a l i f .
Alaska Housing Finance Corp.
*Katy Ind. Sch. D i s t . , Texas
*Troy Sch. D i s t . , Mich.
*Pueblo, Colo.

Rev.
G,0.
Rev.

19.9
42.9
30,0

Nov.
Nov.
Nov.

6
6
6

Rev.
G .0.
G.O.

85.7
17.5
12.1

Nov.
Nov.
Nov.

6
6
8

G. 0 •
G.O.
Rev.
G.O.

95.8
18.2
300.0
25.0

Nov,
Nov.
Nov.
Nov.

8
9
9
9

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

82.2
53.1
125.0
33.8
30.9
140.0
20.0
36.3
24.0
100.0
37.0
38.0
20.0

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

10
10
14
14
14
14
15
15
15
16
16
16
16

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

400.0
11.3
14.5
11.8
20.0
44.0
22.8
15.1
29.1

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

16
20
20
21
21
21
27
28

STATE & LOCAL

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
3

NYSE INDEX

BJ INDUSTRIALS

AMEX

4

NYSE

NASDAQ

2

TRADING VOLUME
AMEX

NASDAQ

1974-High
Low

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 (9/26)

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 (1/2)
49.78 (11/2)

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

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

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

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

4 . 2 (1/13)
1.4 (9/22)

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

1978-High
Low

60.38 (9/12)
48.37 (3/6)

907.74 (9/8)
742.12 (2/28)

176.87 (9/15)
119.73 (1/11)

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

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

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

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

Aug.

4
11
18
25

58.34
58.53
59.06
59.22

888.43
890.85
896.83
895.53

157.93
161.30
164.52
167.89

129.71
132.00
134.71
135.84

44.1
38.0
35.6
34.7

4.9
4.7
5.5
5.6

14.2
14.2
15.0
14.3

Sept.

1
8
15
22
29

58.54
60.24
58.81
57.37
57.78

879.33
907.74
878.55
862.44
865.82

170.70
175.13
174.06
167.28
168.81

135.35
138.36
137.36
132.30
132.89

34.4
39.3
38.4
32.8
24.7

6.8
6.7
7.6
5.3
3.5

14.2
14.9
15.4
13.0
10.0

Oct.

6
13
20
27

58.33
58.93
54.76
52.52

880.02
897.09
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

53.49

823.11

145.32

115.49

48.4

7.8

15.9

NOTES:
1

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

2

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

3
4

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




•

•

#

#

e

e

#

e

r

13
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

OUTSTANDING
1977

1978

1

BROKERS ON 2
CONVERTIBLE
BONDS

September
October
November
December

9,590
9,560
9,610
9,740

196

- January
February
March
April
May
June
July
August
September

9,590
9,780
9,920
10,260
10,660
11,090
11,190
11,740
12,400

246
242
246
248
245
242

-

191

5/
246250

1978

- September
October
November
December

30
-30
50
130

- January
February
March
April
May
June
July
August
September

-150
190
140
340
400
430
100
550
660

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

881
882
872
873

2,581
2,579
2,604
2,568

851
877
855
914

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

series d i s c o n t i n u e d

n.a.
n.a.
n.a.

CHANGE IN OUTSTANDING
1977

3

-4
"5 5 /
n.a.—

4

-4
-4
4r
2
-3
-3

-4
1
-10
1

-6
-2
25
-36

-22
• 26
-22
-59

-3
-21
—

16
series d i s c o n t i n u e d

n.a.
n.a.
n.a.

NOTES:
1
Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.
2
3
4

New York Stock Exchange data.
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.
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

H
-F>

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

1974
1975
1976
1977

REGULAR DEPOSITS

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

1978-March
April
May
June
July
August
.
September^

1,712
-264
436
1,277
341
261
1,425

1978-March
April
May
June
July
August
.
September^

448
341
543
487
963
1,223
1,360

1

ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.9
—
—
—
—
—

—•

4.0
3.0
4.8
4.3
8.5
10.7
11.8

NET
NEW
MONEY
-2,822
4,757
5,275
2,874
338
-553
97
-97
38
-75
-75

——-

——

——
——
•

2

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL

ANNUAL 3
GROWTH
RATE

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

7.1
17.6
17.6
15.2

NET
NEW
MONEY

TOTAL

2

DEPOSITS

NET
FLOW

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

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

NOT SEASONALLY ADJUSTED
7,153
2,592
——
558
401
—
2,380
2,145
6,656
——
1,744
3,074
2,812
——
2,312
2,069
6,406
1,576

8,864
294
2,816
7,933
3,415
2,573
7 ,831

SEASONALLY ADJUSTED
8.7
2,845
2,133
6.5
3,010
9.1
10.3
3,452
15.4
5,192
5,439
15.9
6,085
17.6

3,293
2,474
3,553
3,939
6,155
6,662
7,445

—

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

NET
NEW
MONEY

2

1,846
34,033
39,644
34,783
2,930
-152
2,242
1,647
2,850
1,994
1,501

7.5
5.6
8.0
8.8
13.7
14.6
16.2

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.



•

e

#

#

#

e

e

e

r

e

H.16

15
Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

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

NET CHANGE
TOTAL

ALL S A V I N G S
MUTUAL
& LOAN
SAVINGS BKS
A S S O C I A T I O N S (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

- .25

1976

27.8

25.0

2.8

7.46

6.80

.66

1977 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
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
.07
.53
- .03
.18
.17
.37
.23
- .10

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

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

* S&L Data have been r e v i s e d by FHLBB back t o 1977.
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

16

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

FHLMC

FNMA

FNMA&FHLB
SHORT-TERM
DISCOUNT
NOTES 1

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

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

- 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

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

399
1,712
887
848
3,091
1,492
1,605
1,811
1,502

-12
1,388
-17
600
1,483
1,276
1,881
1,182
950

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

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

0
0
0
600
0
1000
1200
0
950

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

1976

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



17
T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

TOTAL
INCLUDING
FNMA-GNMA

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

2

FINANCIAL INSTITUTIONS

TOTAL

COMMERCIAL
BANKS

MSB's

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

S & L's

INSURANCE
COMPANIES

FNMA-GNMA

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

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 Seasonally Ad lusted
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 ,961

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

Seasonally Ad lusted
1978 - J a n .
FebMar •
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 bench marked 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.



T a b l e 13

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

2
QUARTER

1972 - I
II
III
IV

TOTAL

67.6
74.1
77.6
88.1

3

RESIDENTIAL
TOTAL

1- to 4 FAMILY

MULTIFAMILY

49.3
54.1
59.1
63.6

38.0
41.0
48.1
47.9

11.3
13.1
11.0
15.7

COMMERCIAL

14.8
16.5
14.9
21.0

MULTFAMILY
&
COMMERCIAL

FARM

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
I I (P)

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

,

!

I

(

1

i

,

<

NOTES:
1

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

2

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




e

#

•

s

•

•

•

#

&

#

T a b l e 14

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

PERMITS 1
PERIOD

TOTAL

1 —FAMILY

COMPLETIONS

STARTS
MORE

2 - O R MORE
FAMILY

TOTAL

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

1969
1970
1971
1972
1973
1974
1975
1976
1977

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

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

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

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

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 —FAMILY

2-OR

TOTAL

1 —FAMILY

MORE

FAMILY

FAMILY

i

MOBILE
2-OR

!

HOME
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
401
497
576
567
329
216
246
277

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
283
293
290

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 that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1

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




H

<0

Table 15

N5

O

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

1

PERIOD

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

1

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 .

9.15
9.25
9.30
9.40
9.60
9.75
9.80
9.80
9.80

NA
54
47
48
58
59
72
100
74

9.20
9.25
9.30
9.45
9.60
. 9.75
9.80
9.80
9.85

NA
54
47
53
58
59
72
100
79

9.11
NA
9.29
9.37
9.67
NA
9.92
9.78
9.78

NA
NA
46
45
65
NA
84
98
72

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

4
NA
1
3
- 7
NA
-12
2
2

NA
8.71
8.83
8.92
9.02
9.16
9.08
8.80
9.06

Feb .

Mar.
Apr.
May
June
July
Aug.
Sep.

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



•

•

•

•

•

•

•

#

r

21
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

1977 - High

AVERAGE
YIELD

ACCEPTED

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

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

Low

50 (9/7)

35 (9/7)

8.46 (1/10: 123 (7/25)

AVERAGE
YIELD

ACCEPTED

278 (5/2)

9.21 (12/27

71 (9/19) 8.81 (1/10)

1978 - J a n .

9
23

1011.0
768.8

605.3
356.6

9.13
9.21

403.6
546.3

192.8
256.8

9.28
9.37

Feb.

6
21

640.9
558.2

338.0
285.5

9.27
9.35

633.6
580.5

299.3
266.7

9.45
9.53

Mar.

6
20

358.8
164.9

218.5
116.4

9.36
9.33

444.8
378.7

266.4
246.1

9.59
9.62

Apr.

3
17

625.5
283.8

363.7
165.5

9.44
9.44

522 .8
451.4

295.3
282.8

9.69
9.74

May

1
15
30

655.1
611.4
851.2

349.9
269.9
446.9

9.52
9.63
9.83

645.8
716.9
573.1

305.4
362.5
300.4

9.80
9.89
10.01

June 12
26

522.0
573.0

285.2
351.4

9.86
9.96

350.1
224.4

207.0
135.0

10.07
10.13

July 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

Sep

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

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