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Capital
\&\
Marl<et
Developments K

October 25, 1977
Prepared by the
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




DIVISION O F R E S E A R C H AND STATISTICS
BOARD O F GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D C. 20551

Index •

SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
each. Address requests to Publications Services, Division of Administrative Services, and make payment
remittance payable to the order of the Board of
Governors of the Federal Reserve System in a form
collectible at par in U.S. Currency.




TABLES
1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT

9-16

MORTGAGE MARKET

g
•

SYMBOLS
e

ESTIMATE

P
r

PRELIMINARY
REVISED

n.a. NOT AVAILABLE
DATA DO NOT EXIST

^

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE B O N D MARKET
VOLUME

YIELDS
WEEK ENDING

1977 - September

October

N E W ISSUE 1
A a a UTILITY

RECENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
($ MILLIONS)

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

N E W ISSUES 4
IN SYNDICATE
($ MILLIONS)

2
9
16
23
30

7.97
8.02
8.08
8.08
8.14

8.02
8.03
8.07
8.09
8.12

493
168
491
654
346

90
87
78
85
82

69
96
190
126
163

7
14
21

8.15
8.20
8.22p

8.14
8.23r
8.21p

415
528
566

95
92
85

54
63
126

MUNICIPAL B O N D MARKET
VOLUME

YIELDS
WEEK ENDING

1977 - September

October

3
GROSS
OFFERINGS
($ MILLIONS)

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

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

MOODY'S
N E W ISSUE
Aaa

B O N D BUYER
20-BOND
INDEX

2
9
16
23
30

5.27
5.24
5.28
5.27
5.27

5.54
5.48
5.51
5.50
5.51

1,188
261
1,590
562
1,097

91
73
86
73
82

182
183
204
259
321

7
14
21

5.30
5.35
5.34

5.60
5.70
5.67

1,300
789
674

88
85
89

263
200
166

NOTES:
1

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

2

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

3

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

4

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




Table 2

HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S S E A S O N E D
CORPORATE A a a

3

U . S . GOVT. 2 0 - Y E A R
C O N S T A N T MATURITY

4

B O N D BUYER
2 0 - B 0 N D INDEX

1973 - High
Low

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

8.32 (8/10)
7.28 ( 1 / 5 )

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

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

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

1974 - High
Low

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

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

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

8 . 6 8 (8/30)
7.39 ( 1 / 4 )

7.15 (12/12)
5.16 (2/7)

1975 - High
Low

9 . 8 0 (5/2)
8.89 ( 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)
7.93 (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

8.34 (5/20)
7.90 (1/7)

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

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

7.78 (5/13)
7.26 ( 1 / 7 )

5.93 (2/4)
5.48 ( 9 / 8 )

2
9
16
23
30

7.97
8.02
8.08
8.08
8.14

8.02
8.03
8.07
8.09
8.12

7.92
7.90
7.89
7.92
7.96

7.52
7.52
7.57
7.59
7.61

5.54
5.48
5.51
5.50
5.51

7
14
21

8.15
8.20
8.22p

8.14
8.23r
8.21p

7.99
8«04r
8.05p

7.63:
7. 72r
7.73p

5.60
5.70
5.67

1977 - S e p t .

Oct.

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
5

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

I

5
Table 3

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

G R O S S PROCEEDS
S T A T E AND LOCAL

CORPORATE

PERIOD

1977 3

1976 1

1975 1

1977

3

1976

2

1975

February
March
April
May
June
July
August
September

3,989
2,708
5,495

3,381
3,863
6,632

5,367
4,528
5,378

3,419
3,142
4,135

2,451
2,885
3,365

2,361
2,387
2,135

3,639
3,735
5,321

3,507
4,186
6,439

4,294
5,798
5,596

3,563
4,304
5,700e

2,218
3,575
3,115

2,406
2,900
3,064

4,000e
3,400e
3,300e

3,216
3,357
4,817

4,327
2,405
2,836

3,200e
4,OOOe
3,800e

2,734
2,821
2,814

3,580
2,783
2,159

4,431
3,047
6,480

4,705
4,076
4,307

3,524
3,336
2,342

2,323
2,381
2,052

12,192
12,695
10,700e

January

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

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

10,696
13,567e
11,OOOe

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

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

24,887
35,587e

28,008
39,398
53,356

30,961
40,529
53,617

24,263e
35,263e

17,609
25,978
35,180

15,253
23,775
30,531

^ October
November
December
Q1
02
03
04
1st Half
3 Qtrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

3

Estimated by F e d e r a l Reserve on t h e b a s i s of a v a i l a b l e d a t a .




2

Table 4

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

G R O S S PROCEEDS BY TYPE OF ISSUE

G R O S S PROCEEDS BY TYPE OF ISSUER

BONDS

PERIOD

TOTAL

PUBLICLY
OFFERED

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

1
PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

IV

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

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

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

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

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

262
478
199
55

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

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

765
1,879
378
541

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

1977 - I
II

12,192
12,695

6,504
5,606

3,071
4,215

2,617
2,874

858
1,800

6
108

2,774
3,182

3,019
3,852

1,415
1,044

4,986
4,618

1976 - May
June
July
August
September
October
November
December

4,186
6,439
3,216
3,357
4,817
4,431
3,047
6,480

1,937
3,140
1,239
1,565
2,100
2,729
1,256
2,568

1,051
1,904
1,348
1,113
2,163
753
1,101
2,992

1,198
1,395
629
678
554
949
690
920

350
1,005
500
367
400
235
1,310
250

15
426
100
7
92
21
31
3

1,709
1,480
1,198
1,031
753
1,349
510
2,385

1,148
1,348
932
920
1,465
1,414
1,327
1,156

20
1,409
26
212
140
155
190
196

1,309
2,202
1,061
1,195
2,459
1,513
1,019
2,744

1977 - January
February
March
April
May
June

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

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

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

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

300
433
125
600
350
850

0
6
0
50
2
56

906
743
1,125
1,348
652
1,182

986
435
1,598
774
1,612
1,466

50
557
808
334
294
416

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

#

#

1976 - I
II
III

NOTES:
1

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

Source: Securities and Exchange Commission.




#

#

#

#

#

#

#

#

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
October 3 through October 21, 1977
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

COUPON RATE

OFFERING
YIELD

8.92
8.50

8.70
8.50

Ba/BBB
A/BBB

8.50

8.50

A/AH-

2007
2002
1982
2007
2007
1997
1989
2007
2007
1978-1992
1997

8.50
8.38
7.50
8.63
8.13
8.50
7.80
8.50
8.13
8.00
10.88
8.75

8.47
8.38
7.53
8.70
8.25
8.47
7.83
8.57
8.17
7.10-8.00
10.88
8.75

A/A
A/A
—/AAA
Baa/A
Aa/AA
A/A
Aaa/AAA
A/A
Aaa/AAA
Aa/AA
B/B
Baa/BBB

1989
2007
1987
2007
2009
1978-1992

7.80
9.25
8.63
8.00
8.50

7.80
9.25
8.70
8.03
8.50
7.30-8.00

— /AAA
Baa/BBBBaa/BBBAa/AA
A/A+
Aa/AA

MATURITY

MOODY'S/S&P'S
RATINGS

CORPORATE

Consumers Power Co.
Union E l e c t r i c Co.
P h i l a d e l p h i a Elec. Co.
Republic New York Corp.
Cordis Corp.
Carolina Power & Light Co.
Montgomery Ward C r e d i t Corp.
Coast F e d e r a l S&L A s s o c i a t i o n
Consumers Power Co.
Public Service Co. of Indiana
Southern C a l i f o r n i a Gas Co.
P r i v a t e Export Funding Corp.
Dayton Power & Light Co.
Aetna L i f e & Casualty Co.
B u r l i n g t o n Northern R a i l r o a d
Gulf Resources & Chemical Corp.
J e r s e y C e n t r a l Power & Light Co.
San Diego Gas & E l e c . Co.
Great Western F i n a n c i a l Corp.
Alabama Power Co.
Alabama Power Co.
Motorola I n c .
Tucson Gas & E l e c t . Co.
Chesapeake & Ohio R a i l r o a d

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

50.0
40.0
80.5
50.0
15.0
100.0
75.0
50.0
100.0
85.0
50.0
100.0
60.0
250.0
17.8
50.0
50.0
46.7
100.0
125.0
75.0
100.0
60.0
15.0

NOTES:
*

Rights offering.

1

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




8.00

00

T a b l e 5A C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 3 through October 21, 1977

ISSUER

CORPORATE

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

F i r s t F e d e r a l Savings & Loan Assoc.

Mtg.-backed

100.0

1989

8.75

8.75

OTHER
Venezuela
Venezuela
Oslo, Norway
F i n l a n d , Republic of

Notes
Notes
Bonds
Bonds

100.0
50.0
50.0
50.0

1984
1992
1997
1992

8.13
8.75
8.75
8.75

8.17
8.81
8.86
8.95




MOODY'S/SAP'S
RATINGS

~

Aaa/AAA
Aaa/AAA
Aaa/AAA
Aa/AAA

Table 5B

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

1

October 3 through October 21, 1977
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

STATE AND LOCAL

L a f a y e t t e P u b l i c Power A u t h . , La.
L a f a y e t t e P u b l i c Power A u t h . , La.
Knox Co. & Knoxville B u i l d . A u t h . ,
Tenn.
Knox Co. & Knoxville B u i l d . A u t h . ,
Tenn.
Knox Co. & Knoxville B u i l d . A u t h . ,
Tenn.
Petoskey Hosp. F i n . A u t h . , Mich.
Petoskey Hosp. F i n . A u t h . , Mich.
Petoskey Hosp. F i n . A u t h . , Mich.
Minneapolis, Minn.
Minneapolis, Minn.
Oregon Housing Finance Agy.
Oregon Housing Finance Agy.
New York S t a t e Hsg. Finance Agy.
New York S t a t e Hsg. Finance Agy.
New York S t a t e Hsg. Finance Agy.
V i r g i n i a P u b l i c School Auth.
Missouri S t a t e E n v i r . Improv. Auth.
Maryland Health & Educ. Fac. Auth.
Maryland Health & Educ. Fac. Auth.
Tennessee, S t a t e of
Oregon, S t a t e of

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

Rev.
Rev.

26.6
73.4

1985-1997
2012

6.10
6.10

4.70-5.75
6.13

Baa-l/A
Baa-l/A

Rev.

23.8

1989-1999

5.69

4.90-5.60

Aa/A+

Rev.

21.9

2000

5.69

5.65

Aa/A+

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

14.8
7.1
3.8
15.3
5.1
50.0
26.7
17.1
55.3
71.1
110.0
16.2
26.9
3.0
10.2
107.4
150.0

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.




NET INTEREST
COST

1978-1985
1981-1993
1997
2007
1978-1997
1984-2002
1979-1993
2009
1978-1997
2007
2017
1979-1998
2005
1981-1991
2007
1978-1997
1983-1997

4.33
6.69
6.69
6.69
4.79
5.26
5.62
5.62
6.99
6.99
6.99
5.02
5.87
6.60
6.60
4.67
4.87

3.20-4.25
4.60-6.30
6.50
6.70
3.20-5.20
4.20-5.35
3.70-5.30
5.84
4.00-6.60
6.88
7.00
3.70-5.30
5.80
4.25-6.00
6.60
3.10-5.10
4.10-5.15

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

o

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 3 through October 21, 1977
AMOUNT
(MILLIONS
OF
DOLLARS)

TYPE

ISSUER

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Grand Rapids P u b l i c School D i s t . ,
Mich.
Mesa, A r i z .
I l l i n o i s I n d u s t . P o l l . C t r l . F i n . Auth
Pennsylvania Hsg. Finance Agy.
Pennsylvania Hsg. Finance Agy.
Pennsylvania Hs%. Finance Agy.
Putnam Co., W. Va.
Rochester, Minn.
R o c h e s t e r , Minn.
Homestead, F l a .
Washington Co., Ark.
Washington Co., Ark.
Rhode I s l a n d Hsg. & Mtg. F i n . Corp.
Rhode I s l a n d Hsg. & Mtg. F i n . Corp.
Stony Brook Reg. Sewer A u t h . , N.J.
Stony Brook Reg. Sewer A u t h . , N.J.
Bensalem Tp. School D i s t . , Pa.
Council B l u f f s , Iowa
P h i l a d e l p h i a , Pa.
P h i l a d e l p h i a , Pa.
H a r r i s Co. Flood C t r l . D i s t . , Texas
Cuyahoga Co., Ohio
Cuyahoga Co., Ohio
Massachusetts Hsg. Finance Agy.
Massachusetts Hsg. Finance Agy.
Oliver Co., N.D.




#

#

#

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

1982-1997
1978-1991
2007
1980-1996
2004
2020
2007
1981-1996
2007
1988-1999
1979-1995
2000
1979-1997
2008
1982-1997
2012
1978-2007
2007
1980-1992
2002
1978-1997
1980-1998
2009
1980-1997
2019
1978-1985

10.0
11.7
60.0
4.1
3.8
16.4
40.0
30.1
20.7
18.0
10.1
5.5
18.0
12.7
5.7
12.3
10.2
12.7
29.4
45.6
15.0
10.8
15.2
5.5
24.8
6.4

#

e

e

4.00-5.15
3.20-5.10
5.85
4.25-6.00
6.25
6.38
6.79
4.00-5.40
5.75
5.00-5.65
4.00-6.00
6.50
4.00-6.00
6.25
4.20-5.50
5.95
3.50-5.90
5.85
4.75-6.50
6.75
3.50-5.20
4.30-6.50
6.75
4.50-6.50
6.80
3.75-5.40

5.02
4.99
5.90
6.38
6.38
6.38
5.57
5.57

6.13
6.13
—

6.17

4.88
6.71
6.71
6.82
6.82
6.38

•

•

Aaa/AA
A-1/A+
A/A
A-1/A+
A-1/A+
A-1/A+
— ! —

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

•

?

i

#

#

#

i a b l e 5B C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 3 through October 21, 1977

ISSUER

STATE AND LOCAL

Oliver Co., N.D.
Mercer Co., N.J.
Gulf Coast Waste Disp. A u t h . , Texas
Missouri S t a t e Environmental Impr.
Auth.
Connecticut, S t a t e of
H a r r i s b u r g h , Pa.
H a r r i s b u r g h , Pa.
S. Oklahoma City Hosp. T r u s t , Okla.
S. Oklahoma City Hosp. T r u s t , Okla.
Lexington Center Corp., Ky.
Lexington Center Corp., Ky.
V i r g i n i a Housing Dev. Auth.
V i r g i n i a Housing Dev. Auth.
V i r g i n i a Housing Dev. Auth.
I l l i n o i s , S t a t e of
Maryland Comm. Development Adm.
Maryland Comm. Development Adm.
Maryland Comm. Development Adm.
Lee Co., Miss.
Lee Co., Miss.
Grand River Dam A u t h . , Okla.
Grand River Dam A u t h . , Okla,
F a i r f a x Co., Va.
Alabama Highway Auth.
Nassau Co., N.Y.
Nassau Co., N.Y.




TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

Rev.
G.O.
Rev.

39.7
16.5
36.5

2005
1978-1992
2007

6.38
5.02
5.54

6.30
3.40-5.25
5.50

Baa/BBB
Aa/AA
Aaa/AAA

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

20.0
150.0
19.2
1.4
7.1
7.7
17.7
23.9
6.6
12.3
23.3
150.0
33.8
39.1
22.3
9.9
13.1
32.6
44.7
34.0
40.0
20.0
44.1

2007
1978-1997
1979-1999
1978-1979
1978-1995
2005
1978-1996
2006
1980-1995
2008
2020
1978-2002
1979-2003
2018
2019
1981-1997
2007
1978-1994
2008
1978-1997
1978-1990
1978-2006
1978-2006

5.93
5.15

5.88
3.50-5.50
3.75-5.75
3.00-3.60
3.60-6.25
6.60
3.75-6.00
6.24
4.25-6.00
6.30
6.40
3.50-5.50
3.75-6.05
6.20
6.20
4.50-6.60
6.84
3.80-5.90
6.25
3.50-5.25
3.70-5.20
3.50-5.60
3.90-6.20

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

—
—

6.46
6.46
6.14
6.14
6.45
6.45
6.45
5.10
—
—
—

6.71
6.71
—
—

4.92
5.11
5.58
5.92

A/BBB

A/BBB
Aaa/AA+
A/AA
A-l/AAA
A-l/—

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 3 through October 21, 1977

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

6.65
6.65
6.65
6.15
6.05

4 . 5 0 - 6 . 00
6.60
6.75
4 . 0 0 - 6 . 20
6.00

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Pueblo Co., Colo.
Pueblo Co., Colo.
Pueblo Co., Colo.
San Diego Redevelopment Agy., Cal.
Guadalupe-Blanco River A u t h . , Texas




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

5.3
5.0
7.3
11.0
37.6

1979-1994
2001
2008
1978-2002
2007

A-1/A+
A-1/A+
A-1/A+
Baa-l/BBB
A/A

T a b l e 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of October 21, 1977
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

C i n c i n n a t i Gas & E l e c . Co.
C r e d i t h r i f t F i n a n c i a l Corp.
C r e d i t h r i f t F i n a n c i a l Corp.
P a c i f i c Power & Light Co.
Louisiana Power & Light Co.
Long I s l a n d Lighting Co.
Polychrome Corp.
New Ybrk S t a t e E l e c t . & Gas Co.
Valley F e d e r a l S&L
Texas I n t e r n a t i o n a l Co.
C e n t r a l I l l i n o i s P u b l i c Service Co
NFC Corp.
San Diego F e d e r a l S&L Assoc.
Tiger I n t e r n a t i o n a l I n c .
Texas I n t e r n a t i o n a l Co.
Southern Co.
Union P a c i f i c R a i l r o a d
Oklahoma Gas & E l e c t . Co.
^General Motors Acceptance Corp.
^General Motors Acceptance Corp.
Texasgulf I n c .
Empire D i s t r i c t E l e c t r i c Co.,
*Bankers T r u s t N.Y. Corp.
Northern Indiana P u b l i c Service Co
*Appalachian Power Co.
S. C e n t r a l B e l l Telephone Co.
*AT&T
^Southern P a c i f i c R a i l r o a d Co.
^Public Service of New Mexico
Southern Indiana Gas & E l e c t r i c Co.
^Houston L i g h t i n g & Power Co.
^Arizona P u b l i c S e r v i c e Co.
* I l l i n o i s Power Co.
*Kansas City Power & Light Co.
*Kansas Gas & E l e c . Co.
*Public Service Co. of Colorado
'Michigan Consolidated Gas
^ P a c i f i c Gas & E l e c . Co.
Duquesne Light Co.

Com. s t k .
Deb t .
Notes
1 s t mtg.
Pfd. stk.
1 s t mtg.
Debt.
1 s t mtg.
Mtg .-backed
Pfd. stk.
1 s t mtg.
Conv. d e b t .
Notes
Debt.
Conv. Debt.
Com. s t k .
Equip. t r .
1 s t mtg.
Debt.
Notes
Debt.
1 s t mtg.
Debt.
1 s t mtg.
1 s t mtg.
Debt.
Com. s t k .
Equip, t r .
Com. s t k .
Com. s t k .
Pfd. stk.
Com. s t k .
1 s t mtg.
1 s t mtg.
Com. s t k .
1st mtg.
1st mtg.
Com. s t k .
Com. s t k .

60.0
15.0
35.0
100.0
30.0
70.0
20.0
60.0
40.0
15.0
60.0
15.0
45.0
50.0
15.0
175.0
24.0
35.0
200.0
100.0
150.0
15.0
10.0
80.0
26.0
250.0
700.0
18.8
30.0
15.0
50.0
75.0
75.0
30.0
25.0
50.0
30.0
17.6
55.0

NOTES:
*

Included in table for first time.

1

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




Oct. 25
Oct. 25
Oct. 25
Oct. 25
Oct. 26
Oct. 26
Oct. 26
Oct. 27
Oct. 27
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov. 1
Nov. 1
Nov. 1
Nov. 1
Nov. 1
Nov. 2
Nov. 3
Nov. 3
Nov. 8
Nov. 9
Nov. 9
Nov. 9
Nov. 10
Nov. 10
Nov. 15
Nov. 15
Nov. 15
Nov. 15
Nov. 16
Nov. 17
Nov. 22
Nov. 22
Nov. 29
Indef.

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

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of October 21, 1977
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

OTHER
Banco N a t i o n a l , Mexico
Finland, Republic of




Notes
Notes

50.0
50.0

Oct.
Oct. 19

15
Table 6 B

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

1

As of October 21, 1977
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

* Irwin dale Redevelopment Agy., Cal.
^Houston, Texas
M i s s i s s i p p i , S t a t e of
Delaware, S t a t e of
*Wichita, Kansas
* I l l i n o i s Health Fac. Auth.
Maryland, S t a t e of
Cleveland, Ohio
Orange Co., F l a .
Denver Reg. Transp. D i s t . , Colo.
Portsmouth, Va.
P l e a s a n t s Co., W. Va.
* S a l t Lake Co., Utah
Warren Co., Ky.
I l l i n o i s Health Fac. Auth.
*Boston, Mass.
*Prince William Co., Va.
Los Angeles Co. F i d . C t r l . D i s t . ,
Cal.
Calcasieu Par. Sch. D i s t . #22, La.
*Trenton, N.J.
Washington, S t a t e of
*Minnesota Housing F i n . Agy.
J e r s e y City, N.J.
Weirton Mun. Hosp. Bldg. Comm.,
W. Va.
Hastings, Neb.
Ohio, S t a t e of
Michigan S t a t e Hosp. F i n . Auth.
C a l i f o r n i a , S t a t e of
C h a r l o t t e , N.C.
Oregon, S t a t e of
G a r f i e l d Co., Okla.

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

27.0
35.0
75.4
60.0
35.0
71.0
139.3
80.0
16.0
45.1
10.0
70.0
120.0
24.0
15.5
40.0
14.2

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

24
25
25
25
25
26
26
27
27
27
27
28
31

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

14.0
11.5
10.6
59.1
85.0
15.7

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

1
1
2
2
3
3

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

33.8
35.0
50.0
73.0
60.0
15.0
18.9
55.0

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

10
14
15
15
15
15
18

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.




1
1

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

B J INDUSTRIALS

AMEX

4

NASDAQ

5

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

2

TRADING VOLUME
NYSE

AMEX

NASDAQ

2 6 . 0 (9/20)
9.0 (8/20)

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

11.3 (1/11)
3 . 5 (8/27)

1973 - High
Low

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

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

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 (1/3)
50.65 (10/19)

999.75 (1/3)
808.30 (10/21)

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

103.10 (7/22)
93.66 (4/5)

31.9 (7/19)
10.6 (10/10)

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

10.5 (1/19)
5 . 1 (5/27)

Sept.

2
9
16
23
30

53.32
52.74
52.79
52.07
52.70

872.31
857.07
856.81
839.14
843.90

118.86
118.34
118.33
117.13
118.88

100.83
100.91
100.74
99.57
100.85

17.4,
17.6
17.5
18.7
19.5

2.2
2.2
1.9
2.0
2-2

6.8
7.5
6.8
7.7
7,3

Oct.

7
14
21

52.59
51.24
50.61

840.35
821.64
808.30

118.85
115.59
114.09

101.62
99.05
98.54

18.7
19.Or
20.0

2.1
2.0
2.2

7.5
7.7
8.4

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

8/31/73=100
2/5/71=100

5




17
Table 8

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

BROKERS ON
MARGIN
STOCK

1

BROKERS O N
CONVERTIBLE
BONDS

3

2

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1976 - J u l y
August
September
October
November
December

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

172
167
174
169
178
204

875
878
1,079
1,067
864
845

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

1977 - January
February
March
April
May
Jyne
July
August

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

196
197
199
196
196
198
204
200

832
844
810
807
801
823
823
829

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

260
110
80

6
-5
7
-5
9
26

—5
3:
201:
-12
-203
-19

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

—
8
i
2
-3

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

29
7
-7
-38.
-5
58
16
19

CHANGE IN OUTSTANDING

1976 - J u l y
August
September
October
November
December

80
350

1977 - January
February
March
April
May
June
July
August

310
210
210
190
190
160
230
100

2
6
-4

6

NOTES:
1

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

2

New York Stock Exchange data.

3

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

4

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




4

oo

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

DATE

ANNUAL 3
GROWTH
RATE
12.4
5.4
2.2
11.3
11.6

NET
FLOW

1972
1973
1974
1975
1976

1

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

1977-January
February
March
April
May
June
July
Aug.
Sept.jV

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

11

1977-January
February
March
April
May
June
July
AugSept. 2 /

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

9.5
5.7
6.7
5.1
8.9
7.6
13.2
12.4
11.9

NET
NEW
MONEY

2

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL

NET
FLOW

5,451
-442
-2,822
4,757
5,275

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

645
585
623
-168
577
38
396
-12
-100

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE
18.6
23,884
9.9
10,507
7.0
4,668
17.3
29,276
17.7
34,369

5,218
4,944
3,406
3,186
7,578
3,604
2,124
1,924
3,647
3,419
6,384
2,048
4,164
3,913
2,867
2,634
n.a.
n.a.
SEASONALLY ADJUSTED
4,285
15.2
2,932
10.3
3,608
12.5
3,397
11.7
3,947
13.4
3,738
12.6
6,180
20.6
6,220
20.4
5,762
18.6
— —

——

—

——

—
—

——

—
—

——

—

—
—

—

TOTAL

2

DEPOSITS

ANNUAL 3
GROWTH
RATE
16.6
8.5
5.5
15.8
16.0

NET
FLOW
42,634
25,052
18,915
53,839
61,833
6,131
4,253
9,481
2,231
4,503
7,868
4,841
3,149
n.a.

2

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

——
——
——

——

—

5,250
3,521
4,304
3,924
4,874
4,534
7,574
7,546
7,043

NET
NEW
MONEY

__

13.7
9.1
11.0
9.9
12.2
11.3
18.7
18.3
16.8

—• —

ii

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




#

#

#

#

#

#

+

#

#

#

19
Table 10

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

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

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

TOTAL

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

1972

25.2

20.3

4.9

7.48

6.28

1.20

1973

19.9

16.4

3.5

-5.31

-3.92

-1.39

1974

14.7

12.5

2.2

-5.20

-3.91

-1.29

1975

20.6

18.6

2.0

5.81

6.06

- .25

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

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

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

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

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

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

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

1977 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug. (p)

27.9
28.4
29.6
30.2
30.3
31.4
32.1
34.1

25.1
25.4
26.4
27.0
27.0
27.6
28.4
30.0

2.8
3.0
3.2
3.2
3.3
3.8
3.7
4.1

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

-.45
.30
1.04
.59
.02
.58
.83
1.64

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

—

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




20

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 A N D LONG-TERM I S S U E S

TOTAL

FHLB

FHLMC

+1,050
+100
+310
+491

+18
+66
-182
-454

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

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

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

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

0
-200
0

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

-1
1
-350
752
—8
200
600
0
-300

-176
-270
643
-402
235
402
-22
46
515

1974 - S e p t .
Oct.
Nov.
Dec.

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

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

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

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

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

-5
-254
+689
+69
11-1,279
+600
+300
-700
100
850
200
600

-4
-554
-11
-30
-1,279
0
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.

12
-862.
289
344
532
605
531
347
224

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

May

June
July
Aug.
Sept.

NOTES:
Based on data from Treasury Survey of Ownership.

Digitizedpfor FRASER
Preliminary


FNMA

FNMA & F H L B
SHORT-TERM
DISCOUNT
NOTES

-6

105
0
0
304
0

——

21

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

MAJOR

1970
1971
1972
1973
1974
1975
1976

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

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

PERIOD

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

FINANCIAL INSTITUTIONS

COMMERCIAL
BANKS

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

MSB's

S & L's

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

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

INSURANCE FNMA-GNMA
COMPANIES

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

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

34
31
140
414
158
496
252

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

112
74
287
453
267
508
313

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

Not S e a s o n a l l y Ad-justed
1977 - J a n .
Feb.
Mar.
Apr.
May
June
July
/
Aug.
Sept.

3,630
4,175
6,614
8,132
8,780
10,483
8,141

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

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

196
156
291
414
388
976r
64 9r
719

2,926
3,030
4,617
5,281
5,647
6,134
5,226
5,719

Oct.

Nov.
Dec.
S e a s o n a l l y Ad l u s t e d
1977 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

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

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

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

337
307
280
401
366
816r
559r
696

3,980
3,567
4,487
4,648
4,882
5,156
4,743
5,327

Monthly d a t a f o r commercial banks based on F e d e r a l Reserve e s t i m a t e s benchmarked
t o C a l l Report d a t a on r e a l e s t a t e loans o u t s t a n d i n g as a v a i l a b l e . Other d a t a
derived from mortgage debt o u t s t a n d i n g as r e p o r t e d s e p a r a t e l y by N a t i o n a l Assn.
of Mutual Savings Banks, F e d e r a l Home Loan Bank Board, American Council of L i f e
I n s u r a n c e , F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n , and t h e Government N a t i o n a l
o r t g a g e A s s o c i a t i o n . A l t o g e t h e r , t h e s e groups accounted f o r 73 p e r c e n t of t h e
net i n c r e a s e e s t i m a t e d f o r a l l h o l d e r s i n 1976.



22

Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING'
IN BILLIONS OF DOLLARS, 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

21

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1- to 4FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMILY
&
COMMERCIAL

FARM

1970 - I
II
II
IV

25.5
25.3
33.5
35.4

18.7
18.3
23.9
26.8

13.2
12.5
15.5
18.8

5.5
5.8
8.4
8.0

5.7
6.9
8.6
7.4

11.2
12.7
17.0
15.4

1.0
0.0
1.0
1.3

1971 - I
II
III
IV

41.2
51.8
57.8
59.5

32.7
40.3
43.1
44.7

23.2
29.6
33.8
35.7

9.5
10.7
9.3
9.1

6.7
9.3
12.1
11.6

16.2
20.0
21.4
20.7

1.7
2.1
2.6
3.1

1972 - I
II
III
IV

67.6
74.1
77.6
88.1

49.3
54.1
59.1
63.6

38.0
41.0
48.1
47.9

11.3
13.1
11.0
15.7

14.8
16.5
14.9
21.0

26.1
29.6
25.9
36.7

3.5
3.5
3.6
3.6

1973 - I
II
III
IV

80.6
87.4
80.7
70.4

56.0
59.9
56.2
48.5

47.8
46.9
43.7
40.6

8.2
13.0
12.5
7.9

19.1
21.7
19.4
16.4

27.3
34.7
31.9
24.3

5.6
5.8
5.0
5.5

1974 - I
II
II
IV

69.9
70.9
54.5
46.7

48.7
47.2
35.1
29.7

39.2
40.3
28.4
25.4

9.5
6.9
6.7
4.3

17.5
18.7
13.6
11.2

27.0
25.6
20.3
15.5

3.6
4.9
5.8
5.9

1975 - I
II
III
IV

44.0
55.0
62.3
67.7

29.7
39.8
45.3
50.8

28.9
39.8
44.9
51.9

0.8
0.0
0.4
-1.1

9.0
10.3
12.9
12.8

9.8
10.3
13.3
11.7

5.3
4.9
4.0
4.1

1976 - I
II
III
IV

78.6
77.3
94.0
97.4

59.7
58.0
73.8
76.5

58.3
58.1
70.0
75.0

1.4
-0.1
3.8
1.5

13.7
14.5
13.4
13.2

15.1
14.4
17.2
14.7

5.3
4.8
6.9
7.7

102.0
126.9

76.4
95.7

75.4
90.6

1.0
5.1

16.4
24.4

17.4
29.5

9.2
6.9

1977 - I ( r )
I I (P)

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 d e b t 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
m u l t i f a m i l y mortgage d e b t .

 a t a r e v i s e d
NOTE. A l l d


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

Table 14

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

PERMITS 1
PERIOD

1 —FAMILY 2 - O R MORE
FAMILY

656
621
901
1,048
914
450
268
376

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

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

592
617
692
828
840
760
430
336

413
401
497
576
567
329
216
250

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

284
358
514
446
470
565

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

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

269
307
370
337
331
361

221
242
248
263
247
248

1,006
1,424
1,503
1,413
1,455
1,389
1,437
1,459
1,492

378
378
586
467
482
508
646
575
548

1,416
1,637
1,707
1,540
1,536
1,647
1,678
1,651

1,103
1,242
1,236
1,226
1,177
1,209
1,272
1,230

313
395
471
314
359
438
406
421

258
275
275
252
251
264
251
270
288

1—FAMILY

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

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

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

866
876
914
987
1,055
1,049

363
432
567
494
528
483

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

930
1,060
1,188
1,051
1,077
1,105
1,089
1,156
1,092

403
466
499
554
538
573
550
616
604

1,384
1,802
2,089
1,880
1,937
1,897
2,083
2,034
2,040

1—FAMILY

1969
1970
1971
1972
1973
1974
1975
1976

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

626
647
906
1,033
882
644
676
895

1976 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

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

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

1,333
1,526
1,687
1,605
1,615
1,678
1,639
1,772
1,696

2 - O R MORE
FAMILY

MOBILE
HOME
SHIPMENTS

TOTAL

TOTAL

TOTAL

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

NOTES:
Private building permits (for 1 4 , 0 0 0 areas with permit systems, excluding farm), starts, and c o m p l e t i o n s are Census Bureau data. A dwelling unit is started w h e n excavation begins. In the case of
apartment buildings, all units are considered started at that time; however, all such units are considered c o m p l e t e d when more than half of the units in the structure are ready for use. Private m o b i l e
h o m e shipments are Mobile H o m e Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1
Digitized forPermit data for 1 9 6 9 and 1 9 7 0 based on 1 3 , 0 0 0 areas with permit systems
FRASER


N
?
-P-

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 A a a
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)

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

1976 - High
Low

9.05
8.90

91
5

9.10
8.95

95
10

9.06
8.25

59
8

4.3
2.0

65
- 4

8.72
8.05

1976 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

9.05
9.05
9.00
9.00
8.95
8.90

33
58
77
71
90
n.a.

9.10
9.10
9.05
9.00
9.00
8.95

38
63
82
71
95
n.a.

8.99
8.93
8.82
8.55
8.45
8.25

27
46
59
26
40
n.a.

3.8
3.3
2.5
4.3
3.6
2.0

6
12
18
45
50
65

8.72
8.47
8.23
8.29
8.05
n.a.

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

8.80
8.80
8.85
8.90
8.95
9.00
9.00
9.00
9.00

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

8.85
8.85
8.90
8.95
9.00
9.05
9.05
9.05
9.05

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

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

18
22
36
26
n.a.
67
57
73
58

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

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

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

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

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.




25
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

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

ACCEPTED

OFFERED

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

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

OFFERED

1976 - High
Low

21 (12/27) 19 (12/27) 8 . 3 9 ( 1 2 / 2 7

33 ( 1 / 2 6 )

AVERAGE
YIELD

ACCEPTED

127 (11/15) 9 . 3 1 ( 6 / 1 ,
6/28)
23 ( 2 / 2 3 )

8 . 9 0 (12/27)

1977 - J a n .

10
24

385.7
361.7

285.8
263.3

8.46
8.49

184.2
142.6

132.5
105.8

8.81
8.83

Feb.

7
24

389.6
478.8

213.6
271.1

8.52
8.58

151.7
148.3

120.2
115.6

8.85
8.87

Mar.

7
21

702.3
434.9

324.9
287.1

8 .66
8.70

206.4
167.5

153.2
114.9

8.90
8.92

Apr.

4
18

321.5
134.6

201.9
67.9

8.72
8.62

196.1
152.0

158.3
122.4

8.97
8.97

May

2
16
31

723.1
585 .4
534.3

422.2
285.5
319.7

8.70
8.74
8.79

383.4
415.9
365.3

255.1
278.0
218.6

9.03
9.08
9.13

June

13
27

188.1
90.8

78.1
49.7

8.77
8.73

210.5
160.6

157.5
105.5

9.13
9.11

July

11
25

130.5
75.9

77.3
54.1

8.72
8.71

163.9
122.9

101.6
82.8

9.08
9.06

Aug.

8
22

195.0

143.1

119.9

78.3

8.75
8.77

199.8
170.4

144.4
92.3

9.06
9.06

Sept.

7
19

50.3
62.6

35.1
40.3

8.74
8.74

138.9
107.5

113.9
70.5

9.06
9.05

Oct.

3
17

131.3
325.8

212.6

82.2

8.77
8.84

187.3
242.7

137.2
167.8

9.07
9.11

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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102