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"11

Capital
Market
Developments

(

October 10, 1978

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




DIVISION O F RESEARCH AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L RESERVE 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
7, 8

SECURITY VOLUME AND YIELDS
STOCK MARKET AND SECURITY
CREDIT
9 — 16 MORTGAGE MARKET
SYMBOLS
e

ESTIMATE

P

PRELIMINARY

r

REVISED

n.3.

NOT A V A I L A B L E
D A T A DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1978 - Aug.

Sept.

Oct.

NEW ISSUE
A a a UTILITY

RECENTLY
OFFERED
A a a UTILITY

2

GROSS
OFFERINGS
( $ MILLIONS)

3

PER CENT
SOLD BY END
O F WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

8.80

8.91
8.89
9.00
8.87

310
190
43
688

100
93
100
82

0
14
0
123

8.80
8.77
8.74
8.90
9.06

8.85
8.79
8.73
8.92
9.00r

133
437
390
405
130

68
97
77
85
0

33
15
90
59
100

9.04p

9.05p

340

90

35

4
11
18
25

8.90
8.81

1
8
15
22
29
6

1

mm mm

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
20-60ND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
O F 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

Sept.

1
8
15
22
29

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

5.50

6.07

614

86

126

1978 - Aug.

NOTES:
1

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

2

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

3

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

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


4

Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
Aaa UTILITY

DATE

1

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

1974 - High
Low

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

10.52 (10/11)
8 . 1 3 (1/4)

9.39 (10/11)
7 . 7 3 (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 . 7 1 (5/25)
9.06 (2/28)

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

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

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

1976 - High
Low

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

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

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

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

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

1977 - High
Low

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

8 . 4 8 (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)

1978 - High
Low

9.18 ( 7 / 7 )
8 . 6 0 (3/24)

9.22 (7/14)
8.48 (1/6)

8.90 (7/14)
8.30 (1/6)

8.72 (7/14)
8.02 ( 1 / 6 )

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

8.90
8.81
8.80

8.91
8.89
9.00
8.87

8.76
8.66
8.70
8.69

8.49
8.41
8.52
8.42

6.12
6.03
6.19
6.11

8.80
8.77
8.74
8.90
9.06

8.85
8.79
8.73
8.92
9.00r

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

9.04p

9.05p

8.79p

8.65p

6.07

1978 - Aug.

Sept.

4
11
18
25
1

8
15
22
29
Oct.

6

— —

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 Bayer data.



5

5
Table 3

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

w

PERIOD
1978

#

•

$

•

CORPORATE
1977

GROSS PROCEEDS
1
1976

1978

STATE AND LOCAL
1977

2

1976

January
February
March

3,013
2,657
4,442

4,362
2,792
5,578

3,381
3,863
6,632

3,298
2,742
4,761

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

3,796
5,441
4,262

3,409
4,566
5,786

2,218
3,575
3,115

July
August
September

3,400e
2,900e
3,500e

4,289
3,469
4,177

3,216
3,357
4,817

3,860
6,161
2,300e

3,113
4,118
4,013

2,734
2,821
2,814

4,221
5,331
6,531

4,511
3,074
6,503

3,807
3,332
3,646

3,524
3,336
2,342

October
November
December
Q1
Q2
Q3
Q4

10,112
12,741
9,800e

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

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

10,801
13,499
12,321e

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

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

1st Half
3 Qtrs.
Year

22,853
32,653e

26,187
38,122
54,205

28,008
39,398
53,488

24,300
36,621e

24,668
35,912
46,697

17,609
25,978
35,180

•

#

#
NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2 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 amounts.
e
E s t i m a t e d by F e d e r a l Reserve Board on t h e 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

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD
1977 - I
II
III
IV

1978 - I
II

BONDS
TOTAL

PUBLICLY
OFFERED

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

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

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

6,498
5,606
6.215
5,867

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

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

268
346
272
275

6
108
495
39

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

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

1,415
1,059
644
1,320

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

10,112
12,535

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
JulyAugust
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:
1

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

Source:
Securities and Exchange Commission.



- -

349

1

Table SA

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
October

ISSUER

TYPE

2 through

October

AMOUNT
(MILLIONS
OF
DOLLARS)

6,

1978

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

P u b l i c Service Co. of New Mexico
Waste Management, I n c .
Northern I n d i a n a P u b l i c Svc. Co.
Arkansas L o u i s i a n a Gas Co.
Avco F i n a n c i a l S e r v i c e s I n c .
Bangor Punta Corp.
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.
Chesapeake & Potomac T e l . Co. of
Maryland

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

41.0
29.0
35.0
50.0
100.0
40.0
25.0

1998
1998
1998
2008

9.10
9.38
11.25
9.13

9.10
9.40
11.25
9.28

Debt.

125.0

2018

9.00

8.97

- -

- -

NOTES:
*
1

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




-

- -

-

- -

-

Aa/AA' A/A
B/B
Aa/AA
Aaa/AAA

Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
October 2 through October 6, 1978
AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

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

15.0
2.3
5.7
5.3
6.4
2.9
1.1

2008
1997
1982-1994
1979-1996
1981-1996
1979-1998
1979-1983

Rev.

19.0

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

TYPE

ISSUER

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

5.17
5.29
5.14
4.76

7.75
7.25
5.80-7.10
4.40-5.40
4.55-5.40
4.40-5.40
4.40-4.65

Baa/BBBf
Baa/BBB+
Baa/BBBf
Aaa/AAA
Aaa/AAA
Aaa/AAA
Aaa/AAA

1981-1998

6.38

4.75-5.70

Aa/A+

25.3

2008

6.38

6.30

48.6
77.3
26.6
13.4
5.5
2.7
13.0
1.8
136.7
113.3
2.3
1.7

2018
1979-2003
2018
1983-2003
1981-1994
1998
2009
2010
2008
1980-1998
1982-1993
1998

6.38
5.04
6.02
6.02

6.50
4.40-5.60
6.10
4.70-5.90
5.50-7.00
7.13
7.50
7.50
6.63
4.80-6.20
5.60-7.25
7.50

NET INTEREST
COST

STATE AND LOCAL

J a s p e r Medical C l i n i c Bd., A l a .
J a s p e r Medical C l i n i c Bd., A l a .
J a s p e r Medical C l i n i c Bd., A l a .
Minneapolis, Minn.
Minneapolis, Minn.
M i n n e a p o l i s , Minn.
Minneapolis, Minn.
S a l t River A g r i c . Improv. & Pwr.
D i s t . , Ariz.
S a l t River A g r i c . Improv. & Pwr.
D i s t . , Ariz.
S a l t River A g r i c . Improv. & Pwr.
D i s t . , AriZi
Wisconsin, S t a t e of
Sacramento Muni. U t i l . D i s t . , C a l i f .
Sacramento Muni. U t i l . D i s t . , C a l i f .
Cuyahoga Co., Ohio
Cuyahoga Co., Ohio
Cuyahoga Co., Ohio
Cuyahoga Co., Ohio
Kentucky Turnpike Auth.
Kentucky Turnpike Auth.
Bucks Co. I n d u s t r i a l Dev. A u t h . , Pa.
Bucks Co. I n d u s t r i a l Dev. A u t h . , Pa.

— —

— -

— —

-

-

— —

——
— —

- ~ -

Aa/A+

NOTES:
1
2

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.
For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations.


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

e

#

#

#

#

#

#

#

Aa/A+
Aaa/AAA
Aa/AA
Aa/AA
--/A--/A--/A--/AA1/A+
A1/A+
——y——
--/—

•

•

•

•

•

•

•

e

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 2 through October 6, 1978

ISSUER
STATE AND LOCAL

Bucks Co. I n d u s t r i a l Dev. A u t h . , Pa.
Toledo-Lucas Co. P o r t A u t h . , Ohio
Toledo-Lucas Co. P o r t A u t h , , Ohio




TYPE

Rev.
Rev.
Rev.

AMOUNT
(MILLIONS
OF
DOLLARS)

6.0
4.8
12.5

MATURITY

2008
1982-1988
1998

NET INTEREST
COST

OFFERING
YIELD

7.75
5.60-6.50
7.00

MOODY'S/S&P'S
RATINGS

10
Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
As of October 6, 1978

ISSUER

Carolina Power & Light Co.
D e t r o i t Edison Co.
Montgomery Ward C r e d i t Corp.
Toledo Edison Co.
*Western Co. of North America
*Western Co. of North America
•Western Co. of North America
New Orleans P u b l i c S e r v i c e Co.
Southern C a l i f o r n i a Edison Co.
Long I s l a n d L i g h t i n g Co.
Commonwealth Edison Co.
•Household Finance Corp.
•Household Finance Corp.
P a c i f i c Power & Light Co.
Georgia Power Co.
Gulf S t a t e s U t i l s .
MFC Oil Corp.
Ohio B e l l Telephone Co.
Southern C a l i f o r n i a Gas Co.
•Tandy Corp:
Southern C a l i f o r n i a Edison Co.
New York S t a t e E l e c t r i c & Gas Co.
Lachmar
Lachmar
El Paso E l e c t r i c Co.
Integon Corp.
Golden Nugget I n c .
Risdon Manufacturing Co.
Savin Corp.
• C a r t e r Hawley Hale S t o r e s I n c .
• P a c i f i c Tel. & T e l e . Co.
•Kansas Gas & E l e c t r i c Co.
• P u b l i c Service of New Hampshire
• O t t e r T a i l Power Co.
• P u b l i c Service E l e c t r i c & Gas Co.
•Wisconsin Power & L i g h t Co.
OTHER
Canada
Canada

TYPE

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

Com. s t k .
1 s t . mtg.
Debt.
1 s t . mtg.
Govt. g t r .
Govt. g t r .
Govt. g t r .
1 s t . mtg.
Com. s t k .
Com. s t k . ( r t s )
1 s t . mtg.
Debt.
Debt.
Com. s t k .
1 s t . mtg.
Com. s t k .
Conv. d e b t .
Debt.
1 s t . mtg.
Conv. d e b t .
1 s t . mtg.
Com. s t k .
Govt. g t r .
Govt. g t r .
1 s t . mtg.
Conv. d e b t .
Debt.
Debt.
Debt.
Debt.
Debt.
Com. s t k .
Com. s t k .
1 s t . mtg.
1 s t . mtg.
Com. s t k .

76.0
70.0
50.0
65.0
19.5
19.5
19.5
15.0
165.0
120.0
250.0
50.0
100.0
52.0
100.0
56.0
25.0
150.0
50.0
100.0
200.0
37.0
25.0
15.0
30.0
25.0
45.0
20.0
50.0
60.0
300.0
30.0
30.0
20.0
100.0
20.0

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

Bonds
Notes

350.0
400.0

Oct. 18
Oct. 18

NOTES:
*
1

Included in table for first time.
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




APPROXIMATE
DATE OF OFFERING

11
11
12
12
12
12
12
17
17
17
17
17
17
18
18
19
23
24
25
26
31
31

8
9
14
14
15
15

Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
As of October 6, 1978

ISSUER

TYPE

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Oregon, S t a t e of
*Albany, N.Y.
New J e r s e y Hsg. Finance Agy.
Washington Pub. Power Supply Sys.
Michigan S t a t e Hsg. Dev. Auth.
East China Tp. Sch. D i s t . , #3,
Mich.
A u s t i n , Texas
A u s t i n , Texas
*Mass. Hsg. F i n . Agy.
*Arvada, Colorado
Marquette, Mich.
Martin Co. S c h l . D i s t . , F l a .
*West V i r g i n i a Hsg. Dev. Fund
C a l i f o r n i a Hsg. Finance Agy.
* S a l t Lake C i t y , Utah
New York, S t a t e of
Connecticut Hsg. Finance Auth.
Houston, Texas
Los Angeles Dept. of Water & Pwr.,
Calif.
Columbus, Ohio
North C a r o l i n a , S t a t e of
^ F a i r f a x Co., V i r g i n i a
Oakland Co., Mich.
* B u f f a l o , N.Y.
C a l i f o r n i a , S t a t e of
New York S t a t e Mtg. Agy.
Nebraska P u b l i c Pwr. D i s t .
I l l i n o i s Indust. Poll. Cntl. Fin.
Auth.
Municipal A s s t . C o r p . , N.Y.C.
G a r f i e l d H e i g h t s , Ohio
Eugene, Ore.
*Nebraska P u b l i c Pwr. D i s t .
*North C a r o l i n a Mun. Power Agy. #1

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

200.0
19.0
160.0
170.0
30.0

Oct.
Oct.
Oct.
Oct.
Oct.

10
11
11
12
12

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

13.0
77.8
13.3
39.5
21.2
51.0
12.5
57.9
50.0
37.0
60.0
120.0
45.0

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

12
12
12
13
16
16
16
17
17
17
17
18
18

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

40.0
40.3
50.0
35.0
12.4
21.0
100.0
110.0
175.0

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

18
18
18
18
19
24
24
26
26

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

13.0
125.0
27.4
18.5
300.0
400.0

Oct.
Oct.
Oct.
Nov. 1
Nov. 9
Nov. 16

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

AMEX

4

2

TRADING VOLUME

NASDAQ

NYSE

AMEX

NASDAQ

1974-High
Low

53.37 ( 3 / 1 3 )
32.89 (10/3)

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

102.01 (3/14)
58.26 ( 1 2 / 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)

4 4 . 5 (2/20)
10.3 ( 1 / 2 )

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

1 1 . 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 / 1 2 )

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 / 1 1 )

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

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

8 . 2 (9/13)
1 . 3 (1/20)

18.8 ( 5 / 1 8 )
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
58.54
8
60.24
15 . 58.81
22
57.37
29
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

880.02

170.23

134.00

23.5

3.3

9.5

Oct.

6

58.33

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

12/31/66-60

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



13
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

B R O K E R S ON
MARGIN
STOCK

1

B R O K E R S ON 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING
1977

October
November
December

9,230
9,460
9,560
9,590
9,560
9,610
9,740

- January
February
March
April
May
June
July
August

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

-

June
July
August
September

1978

198
204
200
196
24 U '
250
246
242
246r
248
245
242

873
875
885
881
882
872
873

2,551
2,568
2,587
2,581
2,579
2,604
2,568

851
877
855
914

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

series

discontinued

CHANGE IN OUTSTANDING

1977 - June
July
August
September
October
November
December

160
230
100
30
-30
50
130

1978 - January
February
March
April
May
June
July
August

-150
190
140
340
400
430
100
550

2
6
-4
-4
-5
5/
n.a.
4
-4
-4
4r
2
-3
-3

72

206
17
19

-2

10
-4
1

-6
-2

25
-36

-10

1

-3

-22

26

-21

-22

-59

s e r i e s discontinued

16

NOTES:
1

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

2
3

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.

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.

5

Data p r i o r t o November n o t s t r i c t l y comparable due t o changes i n r e p o r t i n g .




4

f

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

DATE

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

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

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

SHARE CAPITAL

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

ANNUAL 3
GROWTH
RATE
7.1
17.6
17.6
15.2

NET
NEW
MONEY
4,668
29,276
34,369
32,004

TOTAL

2

DEPOSITS

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

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

NET
NEW
MONEY

2

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

NOT SEASONALLY ADJUSTED

1978-January
February
March
April
May
June
U l y

f
P/
Augus
t™

626
476
1,712
-264
436
1,277
341
300

—

-59
170
338
-553
97
-97
38
-50

2,745
2,297
7,153
558
2,380
6,645
3,020
2,312

— —
— —

—
——

2,877
2,073
2,592
401
2,145
1,744
2,812
2,110

SEASONALLY ADJUSTED
1978-January
February
March
April
May
June

July

August

p/

721
370
448
341
543
487
963
1,262

6.5
3.3
4.0
3.0
4.8
4.3
8.5
11.1

—
—
—

—
—
—

2,012
2,226
2,846
2,133
3,009
3,454
5,193
5,478

6.2
6.8
8.7
6.5
9.1
10.3
15.4
16.0

—
—

——

3,371
2,773
8,865
294
2,816
7,922
3,361
2,612
2,733
2,596
3,294
2,474
3,552
3,941
6,156
6,740

mmmmm

——

6.3
5.9
7.5
5.6
8.0
8.8
13.7
14.8

2,818
2,243
2,930
-152
2,242
1,647
2,850
2,060

——

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.



H.16

15

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

25.3

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

.76

.70

.06

1977 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
OctNov*
Dec.

28.2
28.6
29.7
30.2
30.6
31.9
32.4
33.9
35 .2
37.3
38.7
39.0

25.4
25.6
26.5
27.0
27.3
28.1
28.7
30.0
31.0
32.8
34.0
34.3

2.8
3.0
3.2
3.2
3.3
3.8
3.8
3.9
4.1
4.5
4.7
4.6

.45
.43
1.07
.49
.37
1.33
.54
1.50
1.24
1.95
1.41
.24

.38
.23
.90
.49
.30
.80
.57
1.32
1.07
1.78
1.18
.34

.07
.20
.17

1978 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

38.6
37 .6
37 .0
36.3
35.8
35.9
35.7
36.2

34.2
33.3
32.8
32.0
31.5
31.3
31.1
31.7

4.4
4.3
4 .2
4.2
4.3
4.6
4.5
4.5

- .35
-1.05
- .45
- .74
- .50
.10
- .19
.54

-

.11
.96
.51
.70
.55
.24
.11
.58

— —

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

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

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
evels 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 BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM I S S U E S
TOTAL

FHLB

+300
0
100
700
0
600

—64
302
115
-263
—48
69

0
-1,100
0
0
—600
0
0
0
0
0
-300
0

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

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

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

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

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

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

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

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

-12
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

+236
-398
215
587
152
669

+300
-700
100
850
200
600

0
-700
0
+150
0
0

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

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

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

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

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

1978 - Jan.
Feb.
Mar.
April
May

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

%

Sept.

NOTES:
Based on data from Treasury Survey of Ownership.
Sales of FHLB discount notes began in May 1974.
Digitized 1for FRASER


FNMA

0
0
0
0
200
0

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

June

FHLMC

FNMA & FHLB
SHORT-TERM
DISCOUNT.
NOTES 1

-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

17

Table 12

NET CHANGE IN MORTGAGE HOLDINGS

J

IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

2

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

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

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

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

MSB's

S & L's

INSURANCE
COMPANIES

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

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
4,835
4,856
5,021
5,663
3,989
4,793

406
304
488
854
373
850
556

320
498
473
608
1,244
773
728

4,305
4,041
4,830
4,300
3,993
4,619
3,628
4,364

544
377
615
817
509
851
679

379
600
560
747
1,455
969
444

FNMA-GNMA

Not S e a s o n a l l y Adiusted
1978 - J a n .
Feb .
Mar .
Apr.
May
June
July
Aug.

5,557
6,155
8,749
9,304
10,307
11,107
8,854

5,237
5,657
8,276
8,696
9,063
10,334
8,126

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

412
344
553
486
569
621
681

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.

7,588
7,542
8,921
8,495
9,413
9,706
8,251

7,209
6,942
8,361
7,748
7,958
8,737
7,807

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

572
515
587
482
563
434
642

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.

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


Table 13

18

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

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1- to 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMLY
&
COMMERCIAL

FARM

1972 - I
II
III
IV

67.6
74.1
77.6

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

88.1

49.3
54.1
59.1
63.6

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 (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

NOTES:
Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation. Federal Home Loan Bank Board, Institute of Life
1
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 o
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 - f a m i l y and
mortgage d e b t .


multifamily


#

#

#

#

#

#

#

Table 14

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

PERMITS 1
PERIOD

TOTAL

1—FAMILY

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
2,128
2,029

1,156
1,103
1,429
1,492
1,478
1,441
1,453
1,442

392
466
618
673
576
679
675
587

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.

1,526
1,534
1,647
1,740
1,597
1,821
1,632
1,571

1,032
957
1,037
1,157
1,058
1,123
1,035
1,023

494
577
610
583
539
698
597
548

May
June
July
Aug.

2 - O R MORE
FAMILY

TOTAL

1969
1970
1971
1972
1973
1974
1975
1976
1977

Mar.
Apr.

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

i

1—FAMILY

TOTAL

i

1 —FAMILY 2 - O R MORE
FAMILY

MOBILE
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

392
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
1,898
1,924

1,300
1,233
1,363
1,515
1,426
1,342
1,253

459
463
458
428
432
556
671

324
265
285
251
258
263
252

NOTES:
Private building permits (for 1 4 , 0 0 0 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 1 3 , 0 0 0 areas with permit systems
http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
L
:
i

m
o

T a b l e 15

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

EXISTING HOMES

1

1

PERIOD

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

1976 - High
Low

9.05
8.90

91
5

9.10
8.95

95
10

9.06
8.25

59
8

4 .3
2 .0

65
- 4

8.72
8.05

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

98
63

9.11
8.40

73
22

4 .7
1.7

40
4

8.31
8.01

197 8 - J311.

9.15
9.25
9.30
9.40
9.60
9.75
9.80
9.80

NA
54
47
48
58
59
72
100

9.20
9.25
9.30
9.45
9.60
9.75
9.80
9.80

NA
54
47
53
58
59
72
100

9.11
NA
9.29
9.37
9 .67
NA
9.92
9.78

NA
NA
46
45
65
NA
84
98

4.7
NA
4.1
4.7
5 .0
NA
3.1
2.1

4
NA
1
3
- 7
NA
-12
2

NA
8.71
8.83
8.92
9.02
9.16
9.08
8.80

Feb .

Mar.
Apr.
May
June
July

Aug.

NOTES:
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.
1
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.

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

H.16

IT
#

#

•

#

#

e

e

#

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

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

ACCEPTED

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

Low

50 ( 9 / 7 )

35 (9/7)

8.46 ( l / l O ] 123 (7/25)

AVERAGE
YIELD

ACCEPTED

278 ( 5 / 2 )

9.21 (12/27)

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

Jan.

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

J u l y 10
24

503.3
253.4

327.4
144.1

10.02
10.00

169.8
146.2

90.5
88.4

10.17
10.21

Aug.

7
21

130.3
368.8

80.1
197.1

9.82
9.80

74.7
150.0

47.5
81.0

10.15
10.07

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

682.4

278.6

9.91

395 .5

166 .9

10.10

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