Full text of H.16 Capital Market Developments : October 23, 1978

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

Capital
Market
Developments
A

October 23, 1978

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




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L 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

S E C U R I T Y VOLUME AND YIELDS

7, 8

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

9 - 1 6

MORTGAGE MARKET

SYMBOLS
e

ESTIMATE

p

PRELIMINARY

r

REVISED

n.3.

NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

NEW ISSUE
Aaa UTILITY

1

RECENTLY
OFFERED
Aaa UTILITY
8.91
8.89
9.00
8.87

2

3

GROSS
OFFERINGS
($ MILLIONS)
310
190
43
688

PER CENT
SOLD BY END
OF WEEK
100
93
100
82

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)
0
14
0
123

4
11
18
25

8.90
8.81

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

133
437
390
405
130

68
97
77
85
0

33
15
90
59
100

Oct.

6
13
20

9.04

9.04
9.03r
9.17p

340
294
585

90
98
96

35
5
24

1978 - Aug.

—

8.80

— —

9.19p

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1978 - Aug.

4
11
18
25

MOODY'S
NEW ISSUE
Aaa
5.65
5.55
5.50
5.60

BOND BUYER
2Q-BOND
INDEX
6.12
6.03
6.19
6.11

GROSS 3
OFFERINGS
($ MILLIONS)
1,916
1,027
818
1,485

PER CENT
SOLD BY END
OF WEEK
90
92
89
95

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)
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
13
20

5.50
5.50
5.50

6.07
6.10
6.14

614
795
819

86
87
84

126
148
236

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.


I
Table 2

HIGH GRADE BOND YIELDS
1

NEW ISSUE
Aaa UTILITY

DATE

RECENTLY OFFERED
Aaa UTILITY

1974 - High
Low

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

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

1975 - High
Low

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

1976 - High
Low

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

4

BOND BUYER
2Q-BOND INDEX

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

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

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

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

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

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

7.67 (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)

1977 - High
Low

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)

1978 - High
Low

9.19 (10/20)
8.60 (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

8.76
8.66
8.70
8.69

8.49
8.41
8.52
8.42

6.12
6.03
6.19
6.11

1978 - Aug.

Sept.

Oct.

4
11
18
25

8.80

8.91
8.89
9.00
8.87

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

6

9.04

9.04
9.03t
9.17p

8.81
8. 85r
8. 88p

8.64
8.61r
8.66p

6.07
6.10
6.14

13
20

-

-

9.19p

.

NOTES:
1

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

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4
weeks.

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U.S. Treasury data.

5

Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




•

•

•

•

•

•

•

•

•

•

5

Table 3

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

GROSS PROCEEDS
PERIOD

January
February
March
April
May
June
July
August
September

1977

1976

1978

1977

1976

3,013
2,657
4,442

4,362
2,792
5,578

3,381
3,863
6,632

3,298
2,734
4,761

3,402
3,442
4,063

2,451
2,885
3,365

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

4,141e
2,900e
3,500e

4,289
3,469
4,177

3,216
3,357
4,817

3,852
6,143
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

10,112
12,741
10,541e

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

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

10,793
13,499
12,295e

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

24,292
36,587e

24,668
35,912
46,697

17,609
25,978
35,180

November
December
01

04
1st Half
3 Qtrs.
Year

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 R e s e r v e Board on the b a s i s o f a v a i l a b l e d a t a .


2

S T A T E AND LOCAL

1978

October

02
03

1

CORPORATE

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

TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

1

MEMO

BONDS

ISSUES INCLUDED
FOREIGN

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

CONVERTIBLE

1977 - I
II
III
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
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

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
October 2 through October 2 0 , 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

P u b l i c S e r v i c e Co. of New Mexico
Waste Management, I n c .
N o r t h e r n I n d i a n a P u b l i c S e r v i c e 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
C a r o l i n a Power & L i g h t Co.
D e t r o i t Edison Co.
, R e a l t y Refund Trust
Risdon Manufacturing Co.
Toledo Edison Co.
Western Co. of North America
S a v i n Corp.
Enserch Corp.
Nordstrom I n c .
Gulf S t a t e s U t i l s .
Gearhart-Owen I n d u s . I n c .
P a c i f i c Power & L i g h t Co.
Southern C a l i f o r n i a Edison Co.
Household Finance Corp.
Commonwealth E d i s o n Co.

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

Debt.
Com. s t k .
1 s t mtg.
Debt.
Debt.
1 s t mtg.
Govt, g t d .
Debt.
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Notes
1 s t mtg.

125.0
80.1
70.0
20.0
20.0
65.0
58.5
60.0
60.0
19.4
65.0
16.9
52.5
152.3
150.0
250.0

— —

— —

—• —

— —

— —

— —

— —

— —

—» —

— ~

1998
1998
1998
2008

9.10
9.38
11.25
9.13

9.10
9.40
11.25
9.28

2018

9.00

8.97

2008
1998
1998
2008
2000
1998

9.80
11.38
11.75
9.63
9.00
11.38

— —
——

1
~

9.80
11.38
11.82
9.63
9.00
11.44

Aa/AAA/A
B/B

Aa/AA
Aaa/AAA
— —

B aa/BBB
— /BBB
B/B
Baa/AB/B

—

——

"1

——

——

—

—• —

——

——

— —«•

——

— —

——

——

— —

— —

— —

— —

— —

9.00
9.20

Aa/AA
Aaa/AA

1985
2008

NOTES:
*

Rights offering.

1

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




— —

——

— —

9.00
9.13

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 2 through October 2 0 , 1978
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

New Orleans P u b l i c S e r v i c e Co.
G e o r g i a Power Co.
C a r t e r Hawley Hale S t o r e s I n c .

1 s t mtg.
1 s t mtg.
Debt.

15.0
100.0
60.0

2008
2008
2008

9.50
9.75
9.13

9.50
9.80
9.17

A/A
Baa/BBB
A/A

OTHER
Canada
Canada

Notes
Bonds

400.0
350.0

1983
1998

9.00
9.25

9.00
9.25

Aaa/AAA
Aaa/AAA




Table SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
October 2 through October 2 0 , 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.

25.3

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

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

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/BB&tBaa/BB&f
Baa/BB&f
Aaa/AAA
Aaa/AAA
Aaa/AAA
Aaa/AAA

1981-1998

6.38

4.75-5.70

Aa/A+

2008

6.38

6.30

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 M e d i c a l C l i n i c Bd. , A l a .
J a s p e r M e d i c a l C l i n i c Bd. , A l a .
Jasper Medical C l i n i c Bd., Ala.
M i n n e a p o l i s , Minn.
M i n n e a p o l i s , Minn.
M i n n e a p o l i s , Minn.
M i n n e a p o l i s , Minn.
S a l t R i v e r A g r i c . Improv. & Pwr.
D i s t . , Ariz.
S a l t R i v e r A g r i c . Improv. & Pwr.
D i s t . , Ariz.
S a l t R i v e r A g r i c . Improv. & Pwr.
D i s t . , Ariz.
W i s c o n s i n , 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 C o . , Ohio
Cuyahoga C o . , Ohio
Cuyahoga C o . , Ohio
Cuyahoga C o . , 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.

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

— —
— —
— —

— —
-

-

— —
— —
— — -

-

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

—

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.




vO

I

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 2 through October 20, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

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

6.0
4.8
12.5
19.0
13.0
5.5
5.5
19.0
45.2
43.0
81.8
58.1
82.2
18.7
13,3
77.8
200.0
50.0
11.6
5.2
22.7
11.0
1.4
1.2
39 1
37.0

2008
1982-1988
1998
1979-1998
1979-1998
1980-1998
2003
2011
1989-2003
2010
2018
1979-2002
2018
2021
1980-2003
1981-2005
1981-1998
1980-1989
1980-2003
2008
2021
1983-2001
1983-2003
1980-1999
1980-2009
1987-2003

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Bucks Co. I n d u s t r i a l Dev. A u t h . , Pa.
Toledo-Lucas Co. Port A u t h . , Ohio
Toledo-Lucas Co. P o r t A u t h , , Ohio
Albany, N.Y.
E a s t China Tp, Sch. D i s t . #3, , Mich.
Michigan S t a t e Hsg. Dev. Auth.
Michigan S t a t e Hsg. Dev. Auth.
Michigan S t a t e Hsg. Dev. Auth.
Washington Pub. Power Supply S y s .
Washington Pub. Power Supply S y s .
Washington Pub. Power Supply S y s .
New J e r s e y Hsg. Finance Agy.
New J e r s e y Hsg. Finance Agy.
New J e r s e y Hsg. Finance Agy.
Aus t i n , Texas
Aus t i n , Texas
Oregon, S t a t e of
North C a r o l i n a , S t a t e of
M a s s a c h u s e t t s Hsg. F i n . Agy.
M a s s a c h u s e t t s Hsg. F i n . Agy.
M a s s a c h u s e t t s Hsg. F i n . Agy.
Oakland C o . , Mich.
Oakland Co., Mich.
Columbus, Ohio
Columbus. Ohio

S a l t Lake C i t y , Utah




— —
——

——

6.52
5.66
6.35
6.35
6.35
6.81
6.81
6.81

5.23
6.02
5.40
— -

6.44
6.44
6.44
6.23
6.25
5.75
5.75
5.96

7.75
5.60-6.50
7.00
5.00-7.00
5.00-7.00
4.70-6.30
6.60
6.80
5.40-6.50
6.75
7.00
5.00-6.75
7.00
6.90
4.50-5.75
4.60-6.20
4.75-5.75
4.50-5.35
4.50-6.10
6.35
6.55
5.10-6.40
5.10-6.60
4.75-6.00
4.70-6.25
5.25-6.50

/__
—/
Baa-l/AAa/AA
A-1/A+
A— 1 / A+
A-1/A+
A-1/A+
A-1/A+
A-1/A+
A-l/AA
A-l/AA
A-l/AA
Aaa/AA+
A-1/A+
Aaa/AA
Aaa/AAA
Aa/AA
Aa/AA
Aa/AA
A-1/A+
A-1/A+
Aa/AA
Aa/AA
A/A

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 2 through October 20, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

6.43
6.33
6.33

A/AA
A/A
A/A
Aa/AA
Aa/AA
Aaa/AAA
A-1/A+
A-1/A+

STATE AND LOCAL

New York, S t a t e of
Houston, Texas
Houston, Texas
C o n n e c t i c u t Hsg. F i n a n c e Auth.
C o n n e c t i c u t Hsg. F i n a n c e Auth.
Fairfax Co., V i r g i n i a
Oregon Housing F i n . Agy.
Oregon Housing F i n . Agy.
Los A n g e l e s D e p t . o f Water & Pwr.,
Calif.
Los A n g e l e s D e p t . of Water & P w r . ,
Calif.
C a l i f o r n i a Hsg. F i n a n c e Agy.
C a l i f o r n i a Hsg. F i n a n c e Agy.
West V i r g i n i a Hsg. Dev. Fund
West V i r g i n i a Hsg. Dev. Fund
West V i r g i n i a Hsg. Dev. Fund
Arvada, Colorado
Arvada, Colorado
M a r q u e t t e , Mich.
Martin County School D i s t . , F l a .




/

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

41.0
14.0
31.0
76.0
44.0
35.0
34.8
13.2

1979-2028
1982-1998
2012
1980-1998
2010
1979-1998
1980-1998
2009

5.27
6.29
6.29

4.60-6.70
4.90-6.00
6.50
4.75-6.00
6.60
4.50-5.50
4.70-6.25
6.63

Rev.

16.6

1984-1996

6.15

5.00-5.70

Aa/AA

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

23.4
33.8
16.2
17.0
8.0
33.0
10.5
10.7
51.0
12.5

2018
1980-1998
2013
1981-2002
2008
2020
1987-2000
1979-2003
1984-2008
1979-1998

6.15
6.32
6.32

6.20
4.70-6.25
6.60
4.60^-6.10
6.42
6.63
5.05-6.00
4.60-6.00
5.00-6.70
4.50-6.00

Aa/AA
A-1/A+
A-1/A+
Aa/AA
Aa/AA
Aa/AA
A-1/A+
A-1/A+
A/A
Baal/AAA

— —

-

-

-

-

-

-

5.67
5.75
6.33
5.96

12
Table 6A

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

1

As of October 2 0 , 1978

ISSUER

Ohio B e l l Telephone
Southern C a l i f o r n i a Gas Co.
Golden Nugget I n c .
MGF O i l Corp.
Tandy Corp.
Southern C a l i f o r n i a Edison Co.
I n t e g o n Corp.
New York S t a t e E l e c t r i c & Gas Co.
^ A t l a n t i c C i t y E l e c t r i c Co.
*MCI Communications Corp.
Lachmar
Lachmar
Montgomery Ward Credit Corp.
P u b l i c S e r v i c e of Colorado
P a c i f i c T e l . & T e l e . Co.
American E l e c t r i c Power Co.
*Hughes Tool Corp.
'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.
Puget Sound Power & L i g h t Co.
P u b l i c S e r v i c e of New Hampshire
O t t e r T a i l Power Co.
P u b l i c S e r v i c e E l e c t r i c & Gas Co.
W i s c o n s i n Power & L i g h t Co.
Delmarva Power & L i g h t Co.
Minnesota Power & L i g h t Co.
C i n c i n n a t i Gas & E l e c t r i c Co.
Arizona P u b l i c S e r v i c e Co.
^Michigan B e l l T e l e . Co.
*Roblin I n d u s t r i e s I n c .
*Early C a l i f o r n i a I n d u s t r i e s I n c .
*Sun Chemical Corp.
*UNC R e s o u r c e s I n c .

TYPE

Debt.
1 s t mtg.
Units
Conv. d e b t .
Conv. d e b t .
1 s t mtg.
Conv. d e b t .
Com. s t k .
Com. s t k .
Pfd. stk.
Govt. g t d .
Govt. g t d .
Debt.
Com. s t k .
Debt.
Com. s t k .
Debt.
Notes
Com. s t k .
Com. s t k .
Com. s t k .
1 s t mtg.
1 s t mtg.
Com. s t k .
Pfd. stk.
Com. s t k .
Com. s t k .
Com. s t k .
Debt.
Conv. d e b t .
Units
Debt.
Debt.

AMOUNT
(IN MILLIONS
OF DOLLARS)

150.0
50.0
45.0
25.0
100.0
200.0
25.0
37.0
22.0
28.0
25.0
15.0
50.0
50.0
300.0
100.0
60.0
150.0
30.0
36.0
30.0
20.0
100.0
20.0
20.0
25.0
60.0
60.0
100.0
25.0
25.0
60.0
50.0

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

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

24
25
26
26
26
31
31
31

1
8
8
9
9
9
13
14
14
15
15
16
16
20
21
28

13
Table 6B

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

1

As of October 2 0 , 1978
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

ISSUER

TYPE

Onondaga C o . , N.Y.
Colorado S p r i n g s , Colo.
C a l i f o r n i a , S t a t e of
F l o r i d a , S t a t e of
^Virginia
B u f f a l o , N.Y.
Macomb Co. Comm. C o l l e g e D i s t . ,
Mich.
New York S t a t e Mtg. Agcy.
Wayne Co. Comm. Col. D i s t . , Mich.
I l l i n o i s I n d u s t . P o l l . C n t l . Fin.
Auth.
G a r f i e l d H e i g h t s , Ohio
Municipal A s s t . C o r p . , N.Y.C.
Maine, S t a t e of
Eugene, Ore.
I n d i a n a p o l i s , Ind.
* Alabama S t a t e Docks Department
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
*New Mexico, S t a t e of
^ I l l i n o i s , S t a t e of
*New O r l e a n s , La.
North C a r o l i n a Mun. Power Agcy. #1
* Alaska Housing Finance Corp.

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

10.0
55.0
100.0
28.0
14.4
21.0

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

24
24
24
25
25
26

G.O.
Rev.
G.O.

25.6
110.0
24.0

Oct.
Oct.
Oct.

26
26
31

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

13.0
27.4
125.0
14.9
20.6
90.0
20.0
300.0
25.0
30.9
140.0
24.0
400.0
44.0

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

1
1
2
8
9
9
14
14
15
16
21

STATE & LOCAL

NOTES:
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

B J INDUSTRIALS

AMEX

4

NASDAQ

2

TRADING VOLUME
NYSE

AMEX

NASDAQ

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

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

1974-High
Low

53. 37 ( 3 / 1 3 )
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)

1975-High
Low

51 24 ( 7 / 1 5 )
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 / 2 1 )
48 04 ( V 2 )

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

107.05 (7/12)
84.31 ( V 2 )

92.52 (7/15)
78.06 ( V 2 )

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

8.6 (2/20)
1.1 (1/2)

11.1 (2/20)
3.5 (1/2)

1977-High
Low

57 .69 ( 1 / 2 )
49 .78 ( H / 2 )

999.75 ( V 3 )
800.85 ( H / 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 / 1 2 )
48 .37 ( 3 / 6 )

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

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

139.25 ( 9 / 1 3 )
99.09 ( 1 / H )

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

8.2 (9/13)
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
60
58
57
57

.54
.24
.81
.37
.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

58..33
58.93
54.76

880.02
897.09
838.01

170.23
170.79
152.39

134.00
135.58
123.82

24.3
23.8
31.8

3.3
3.2
4.2

9.7
10.7
12.8

NOTES:
1

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

2

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

3

12/31/65 = 50

4

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




15
Table 8

SECURITY CREDIT
4

REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON
CONVERTIBLE
BONDS

3

2

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1977 - June
July
August
September
October
November
December

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

1978 - 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

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

198
204
200
196
191 ,
246=:'
250

873
875
885
881
882
872
873

246
242
246
248
245
242
n . a.
n . a.
n.a.

2,565
851
2,544
877
2,544
855
2,560
914
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
September

-150
190
140
340
400
430
100
550
660

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

72
-2
10
-4
1
-10
1

206
17
19
-6
-2
25
-36

-22
26
-22
-59

-3
-21
16
series discontinued

NOTES:
1

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

2

New York Stock Exchange data.

3

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

4

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

5

Data p r i o r t o November not s t r i c t l y comparable due t o changes i n r e p o r t i n g .




Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

REGULAR DEPOSITS
DATE

1974
1975
1976
1977
1978-March
April
May
June
July
August
,
September-^

NET
FLOW
2,165
11,070
12,670
10,647
1,712
-264
436
1,277
341
261
1,425

1

ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.9

——

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS

NET
NEW
MONEY

2

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

SHARE CAPITAL

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

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

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
6,657
1,744
3,075
2,812
2,351
2,110

8,865
294
2,816
7,934
3,416
2,612

7.1
17.6
17.6
15.2

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

——

2

NET
NEW
MONEY
1,846
34,033
39,644
34,783
2,930
-152
2,242
1,647
2,850
2,035

SEASONALLY ADJUSTED
1978-March
April
May
June
July
August
,
September^

448
341
543
487
963
1,223
1,340

4.0
3.0
4.8
4.3
8.5
10.7
11.8

——
—

— —

'

•

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

8.7
6.5
9.1
10.3
15.4
16.0

—

——

— —i

3,294
2,474
3,552
3,941
6,156
6,740

7.5
5.6
8.0
8.8
13.7
14.8

NOTES:
1

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

2

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

3

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

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



H.16

17
T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY A D JU STED

NET CHANGE

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

TOTAL

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

TOTAL

MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
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

1976

27.8

25 .0

2.8

7.46

6.80

.66

1977 - Jan.
Feb.
Mar.
Apr.
May'
June
July
Aug.
Sept.
OctNovDec •

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.
AprMay
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

-

.25

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




H.16

18

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 M I L L I O N S OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND L O N G - T E R M I S S U E S

TOTAL

FHLB

FHLMC

FNMA

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

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

+236
-398
215
587
152
669

+300
-700
100
850
200
600

0
-700
0
+150
0
0

0
0
0
0
200
0

+300
0
100
700
0
600

-64
302
115
-263
-48
69

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

-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

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

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

Oct.

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

Nov.
Dec.
1978 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

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



19

T a b l e 12

NET CHANGE IN MORTGAGE H O L D I N G S
IN M I L L I O N S O F DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

2

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

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

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

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

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

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

INSURANCE FNMA-GNMA
COMPANIES

2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184

4,910
2,388
2,026
3,300
6,222
4,839
-2,120
890

3,019
3,409
4,835
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

Not S e a s o n a l l y Ad l u s t e d
1978 - Jan.
Feb .
Mar .
Apr.
May
JuneJuly
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
636

Seasonally Adiusted
1978 - Jan.
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
585

NOTES:

'i i l E I I S l l F i t *


http://fraser.stlouisfed.org/
2
Beginning January 1972 data reflect activity in limited amount of conventional mortgages.
Federal Reserve Bank of St. Louis

T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN B I L L I O N S O F D O L L A R 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

2
QUARTER

TOTAL

3

RESIDENTIAL
TOTAL

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTIFAMILY
&
COMMERCIAL

FARM

1972 - I
II
III
IV

67.6
74.1
77.6
88.1

49.3
54.1
59.1
63.6

38.0
41.0
48.1
47.9

11.3
13.1
11.0
15.7

14.8
16.5
14.9
21.0

26.1
29.6
25.9
36.6

3.5
3.5
3.6
3.6

1973 - I
II
III
IV

80.6
87.4
80.7
70.4

56.0
59.9
56.2
48.5

47.8
46.9
43.7
40.6

8.2
13.0
12.5
7.9

19.1
21.7
19.4
16.4

27.3
34.7
31.9
24.3

5.6
5.8
5.0
5.5

1974 - I
II
III
IV

69.9
70.9
54.5
46.7

48.7
47.2
35.1
29.7

39.2
40.3
28.4
25.4

9.5
6.9
6.7
4.3

17.5
18.7
13.6
11.2

27.0
25.6
20.3
15.5

3.6
4.9
5.8
5.9

1975 - I
II
III
IV

44.0
55.0
62.3
67.7

29.7
39.8
45.3
50.8

28.9
39.8
44.9
51.9

0.8
0.0
0.4
-1.1

9.0
10.3
12.9
12.8

9.8
10.3
13.3
11.7

5.3
4.9
4.0
4.1

1976 - I
II
III
IV

78.6
77.1
94.0
98.5

59.7
57.8
73.8
78.0

58.3
58.0
70.0
75.5

1.4
-0.1
3.8
2.5

13.7
14.5
13.4
13.0

15.0
14.4
17.2
15.5

5.3
4.8
6.9
7.6

1977 - I
II
III
IV

105.3
136.4
142.1
152.1

82.0
113.1
115.1
116.8

77.9
104.6
108.2
107.2

4.1
8.5
6.9
9.6

14.5
14.0
18.5
26.5

23.3
23.3
27.0
35.3

8.8
9.3
8.5
8.8

1978 - I
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

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 o n l y and i s sum of 1 - t o 4 - f a m i l y and
debt.

Digitized for m
FRASER
u l t i f a m i l y mortgage


#

#

#

#

#

#

#

#

#

Table 14

PRIVATE HOUSING PERMITS, S T A R T S ,
COMPLETIONS, AND MOBILE HOME S H I P M E N T S
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS
PERIOD

1

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

MOBILE
HOME
2 - O R MORE
SHIPMENTS
FAMILY

2 - O R MORE
FAMILY

TOTAL

1—FAMILY

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

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

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

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

656
621
901
1,048
914
450
268
376
375

1,399
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

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

494
577
610
583
539
698
597
543
609

1,548
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

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

TOTAL

1 —FAMILY

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

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

j
!
|

NOTES:

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

i

!

T a b l e 15

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

1

PERIOD

1

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

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

1976 - High
Low

9.05
8.90

91
5

9.10
8.95

95
10

9.06
8.25

59
8

4 .3
2 .0

65
- 4

8.72
8.05

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

98
63

9.11
8.40

73
22

4 .7
1.7

40
4

8.31
8.01

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

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

NOTES:
1

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

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




#

#

H.16

#

#

#

#

#

#

#

23
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

ACCEPTED

OFFERED

ACCEPTED

855 ( 1 2 / 2 7 ) 5 7 0 ( 1 2 / 2 7 ) 8 . 9 8 ( 1 2 / 2 7

383 ( 5 / 2 )

278 ( 5 / 2 )

OFFERED

1977

High
Low

1978 - Jan.

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)

50 ( 9 / 7 )

35 ( 9 / 7 )

AVERAGE
YIELD

9.21 (12/27)

8.46 (1/10

123 ( 7 / 2 5 )

71 ( 9 / 1 9 ) 8 . 8 1 ( 1 / 1 0 )

9.13
9.21

403.6
546.3

192.8
256.8

9.28
9.37

9
23

1011.0
768.8

605.3
356.6

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

2

682 .4
425.4

278.6
176.2

9.91
9.98

395.5
336.1

166.9
148.8

10.10

Feb.

Oct

16

10.18

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