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i Capital Market Developments X * S e p t e m b e r 12, 1 9 7 7 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 Index SUBSCRIPTION RATES: TABLES W e e k l y $ 1 5 . 0 0 per y e a r or $ . 4 0 e a c h in t h e U n i t e d S t a t e s , its p o s s e s s i o n s , C a n a d a , a n d Mexico; 10 or m o r e of t h e s a m e issue t o o n e a d d r e s s , $ 1 3 . 5 0 per 1 - 6 S E C U R I T Y VOLUME AND Y I E L D S 7, 8 STOCK MARKET AND S E C U R I T Y CREDIT y e a r o r $ . 3 5 e a c h . E l s e w h e r e , $ 2 0 . 0 0 per y e a r or $ . 5 0 e a c h . A d d r e s s r e q u e s t s t o P u b l i c a t i o n s Services, Divi- 9 — 16 MORTGAGE MARKET sion of A d m i n i s t r a t i v e Services, a n d m a k e p a y m e n t remittance p a y a b l e t o t h e o r d e r of t h e Board of G o v e r n o r s of t h e Federal Reserve S y s t e m in a f o r m c o l l e c t i b l e a t p a r in U.S. C u r r e n c y . SYMBOLS e ESTIMATE p PRELIMINARY r REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1977 - J u l y 1 8 15 22 29 August September 5 12 19 26 2 9 NEW ISSUE 1 A a a UTILITY VOLUME RECENTLY OFFERED Aaa UTILITY 2 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END OF WEEK NEW I S S U E S 4 IN SYNDICATE ( $ MILLIONS) 8.03 8.12 8.12 8.14 8.14 262 650 822 189 659 68 78 82 84 90 278 192 165 148 67 8.07 8,11 8.01 8.10 8.05 8.04 8.03 303 246 237 695 92 92 95 92 76 78 52 76 7.97 8.02p 8.02 8.01p 493r 168 9Qr 87 69r 96 — 8.14 8.14 8.12 8.17 —— MUNICIPAL BOND MARKET YIELDS WEEK ENDING 1977 - J u l y MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 20-80ND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END OF WEEK NEW I S S U E S 4 IN SYNDICATE ( $ MILLIONS) 1 8 15 22 29 5.18 5.20 5.20 5.22 5.22 5.56 5.63 5.64 5.62 5.62 1,519 202 734 658 1,265 92 75 86 88 82 259 230 191 145 269 August 5 12 19 26 5.25 5.30 5.30 5.27 5.63 5.63 5.63 5.58 433 542 775 992 89 83 91 95 229 202 204 161 September 2 9 5.27 5.24 5.54 5.48 1,188 261 91 73 182 183 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. 20-YEAR C O N S T A N T MATURITY 4 BOND 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 / 2 4 ) 7.11 ( 1 / 5 ) 7.79 ( 8 / 1 0 ) 6.42 ( 1 / 5 ) 5.59 ( 8 / 3 ) 4.99 (10/11) 1974 - High Low 10.61 ( 1 0 / 4 ) 8.05 (2/15) 10.52 ( 1 0 / 1 1 ) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.16 (2/7) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 7.67 ( 1 0 / 3 ) 6.27 (2/13) 1976 - High Low 8.95 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 ( 1 2 / 3 1 ) 8.66 ( 5 / 2 8 ) 7 . 9 1 (12/31) 8.17 ( 5 / 2 8 ) 7.27 ( 1 2 / 3 1 ) 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 / 1 1 ) 7.88 ( 1 / 7 ) 7.78 (5/13) 7.26 (1/7) 5.93 (2/4) 5.48 (9/8) 1977 - Aug. Sept. 5 12 19 26 8.07 8.11 8.01 8.10 8.05 8.04 8.03 8.00 8.00 7.99 7.96 7.66 7.69 7.68 7.58 5.63 5.63 5.63 5.58 2 9 7.97 8.02p 8.02 8.01p 7.92 7.91p 7.52 7.50p 5.54 5.48 — — 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 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 PERIOD CORPORATE 1977 January e February March April May June e July August 2 1975 2,451 2,885 3,365 2,361 2,387 2,135 3,639 3,350e 4,400e 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 2,400e 1,900e 3,216 3,357 4,817 4,327 2,405 2,836 3,200e 4,OOOe 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 ll,389e 13,876 14,132 11,390 13,958 15,273 15,688 9,568 13,088 10,696 13,567e 8,701 8,908 8,369 9,202 6,883 8,370 8,522 6,756 23,581e 28,008 39,398 53,356 30,961 40,529 53,617 24,263e 17,609 25,978 35,180 15,253 23,775 30,531 03 04 1st Half 1976 3,419 3,142 4,135 December e 1977 3 5,367 4,528 5,378 November 01 1975 1 3,381 3,863 6,632 October 02 S T A T E AND LOCAL 1976 1 3,989 2,708 5,495 September # 3 3 Qtrs. Year # e # NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. E s t i m a t e d by Digitized3for FRASER 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 ISSUER G R O S S PROCEEDS BY TYPE OF ISSUE PERIOD MEMO BONDS TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK I S S U E S INCLUDED FOREIGN CONVERTIBLE MANUFACTURING PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 1976 - I II III 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 12,192 6,504 3,071 2,617 858 6 2,774 3,019 1,415 4,986 1976 - A p r i l May June July August September October November December 3,507 4,186 6,439 3,216 3,357 4,817 4,431 3,047 6,480 2,350 1,937 3,140 1,239 1,565 2,100 2,729 1,256 2,568 629 1,051 1,904 1,348 1,113 2,163 753 1,101 2,992 528 1,198 1,395 629 678 554 949 690 920 428 350 1,005 500 367 400 235 1,310 250 37 15 426 100 7 92 21 31 3 568 1,709 1,480 1,198 1,031 753 1,349 510 2,385 644 1,148 1,348 932 920 1,465 1,414 1,327 1,156 450 20 1,409 26 212 140 155 190 196 1,847 1,309 2,202 1,061 1,195 2,459 1,513 1,019 2,744 1977 - J a n u a r y February March April 3,989 2,708 5,495 3,639 2,786 1,102 2,610 1,961 601 786 1,690 1,087 602 820 1,195 591 300 433 125 600 0 6 0 50 906 743 1,125 1,348 986 435 1,598 774 50 557 808 334 2,048 973 1,965 1,182 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. 1 # # t # # e # f # COUPON RATE OFFERING YIELD # T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 September 6 through September 9, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY MOODY'S/S&P'S RATINGS CORPORATE Duke Power Co. P u b l i c S e r v i c e E l e c . & Gas Co. American Export Lines I n c . American Export Lines I n c . Western Co. of North America Data G e n e r a l Corp. Fremont General Corp. P u b l i c S e r v i c e E l e c . & Gas Co. Pfd. stk. Pfd. stk. Gvt. g t r . Gvt. g t r . Sub. d e b t . Debt. SF d e b t . 1st mtg. 50.7 30.0 8.2 34.9 32.5 60.0 15.0 60.0 — —— 1994 2006 1997 2002 1992 2007 NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 8.28 8.16 7.75 7.95 10.88 8.38 9.50 8.13 8.28 8.10 7.75 7.95 10.88 8.45 9.50 8.13 A/A A/AAaa/AAA Aaa/AAA B/B Baa/BBB — /BBB Aa/AA 4 00 Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' September 6 through September 9, 1977 TYPE ISSUER AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Kansas, S t a t e of G r e e n v i l l e C o . , S.C. G r a n i t e School D l s t . , Utah Denver Metro. Sewage D i s p . D l s t . #1, Colo. N a s h v i l l e & Davidson Co. Metro. G v t . , Tenn. Rev. G • 0. G.O. 40.0 21.0 18.5 1978-1997 1980-1997 1979-1990 4.87 4.86 4.47 3.25-5.40 3.50-5.00 3.30-4.60 A-l/AA Aa/AA Aa/— Rev. 41.1 1980-2004 5.45 3.60-5.40 — /AAA G.O. 24.0 1978-2002 4.85 3.00-5.15 Aa/AA NOTES: 1 Includes only state and local security offerings of $10 million and dver; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. • « # e # e e * * • i 9 T a b l e 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of September 9, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Alabama Power Co. F l o r i d a Power & L i g h t Co. Missouri P a c i f i c Railroad ^Mountain S t a t e s T e l . & T e l e . Co. Western A i r l i n e s I n c . Minnesota Power & L i g h t Co. Utah Power & L i g h t Co. Utah Power & L i g h t Co. F i r s t United B a n c o r p o r a t i o n L o r a l Corp. B a l t i m o r e Gas & E l e c . Co. Union P a c i f i c R a i l r o a d Iowa Power & L i g h t Co. * I n d i a n a B e l l Telephone Co. * C a l i f o m i a F e d e r a l Savings & Loan Association Iowa Power & L i g h t Co. Gulf S t a t e s U t i l i t i e s Co. R o c h e s t e r Gas & E l e c . Co. R o c h e s t e r Gas & E l e c . Co. A t c h i s o n , Topeka & Santa Fe Railway A t c h i s o n , Topeka & Santa Fe Railway Toledo Edison Co. C e n t r a l 111. L i g h t Co. M i s s i s s i p p i Power Co. M e t r o p o l i t a n Edison Co. Columbus & S o u t h e r n Ohio E l e c . Co. C e n t r a l Power & L i g h t Co. Houston L i g h t i n g & Power Co. *Texas I n t e r n a t i o n a l Co. Kansas Gas & E l e c . Co. *Household F i n a n c e Corp. Oklahoma Gas & E l e c . Co. P e n n s y l v a n i a L i f e Co. Norin Corp. Union E l e c t r i c Co. ^ P h i l a d e l p h i a E l e c . Co. ^Consumers Power Co. P u b l i c Svc. Co. of I n d i a n a Pfd,. s t k . 1 s t mtg. Equip, t r . Debt. P f d ., s t k . 1 s t mtg. P f d .. s t k . 1 s t mtg. Notes SF d e b t . 1 s t mtg. Equip, t r . 1 s t mtg. Debt 50,.0 20..0 15..0 225,.0 30,.0 50,.0 30..0 50..0 25..0 20..0 75..0 24..0 30..0 90..0 Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. 13 13 13 14 14 15 15 15 15 15 19 20 20 21 Mtg-•backed Com.i s t k . Conv. d e b t . Com., s t k . 1 s t mtg. Equip, t r . Equip, t r . P f d .. s t k . P f d .. s t k . 1 s t mtg. 1 s t mtg. Com., s t k . 1 s t mtg. 1 s t mtg. Conv. d e b t . 1 s t mtg. Debt. 1 s t mtg. Debt P f d ., s t k . P f d .. s t k . Com. s t k . P f d .. s t k . 1 s t mtg. 100..0 22..0 50..0 20.,0 50..0 36..0 24..0 38..5 15..0 20..0 35..0 53..5 75..0 125..0 15..0 25..0 100..0 35..0 30..0 15..0 40..0 80..0 50..0 85..0 Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. 21 21 21 21 22 22 22 27 27 27 27 28 28 29 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 4 4 5 5 10 Table 6A Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S . TREASURY ' As of September 9, 1977 ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING 1 s t mtg. 1st mtg. 1st mtg. 1 s t mtg. Debt. Med-term n o t e s 100.0 50.0 50.0 20.0 150.0 50.0 Oct. 5 Oct. 11 Oct. 11 Oct. 12 Indef. Indef. Debt. Notes Bonds Notes 200.0 Sept. Sept. Sept. Sept. TYPE CORPORATE Consumers Power Co. *Southern C a l i f o r n i a Gas Co. * P a c i f i c L i g h t i n g Corp. *Kansas C i t y Power & L i g h t Co. *Texasgulf I n c . I n t e r n a t i o n a l T e l . & T e l e . Corp. OTHER O n t a r i o , P r o v i n c e of New Zealand European I n v e s t m e n t Bank European I n v e s t m e n t Bank 75.0 100.0 75.0 15 20 27 27 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of September 9, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *Anchorage, Alaska Jacksonville, Fla. Manatee Co., F l a . Henrico Co., Va. Lake Co. F o r e s t P r e s e r v e D i s t . , 111. Oak Brook, 111. Oregon, S t a t e of Washington P u b l i c Power Supply Sys tern *Hennepin Co., Minn. New B e d f o r d , Mass. *Mobile, Alabama Maine Municipal Bond Bank L i t t l e Blue V a l . Sewer D i s t . , Mo. S t . C l a i r C o . , Mich. S t . C l a i r C o . , Mich. *Cook Co., I l l i n o i s ^ L o u i s i a n a , S t a t e of San J o s e Redev. Agy., C a l i f . Wisconsin, S t a t e of L a f a y e t t e P u b l i c Power A u t h . , La. Middlesex Co. Sewerage A u t h . , N . J . *New York, S t a t e of Jackson Co., M i s s . *Columbus, Ohio J e f f e r s o n C o . , Ark. A u s t i n , Texas A u s t i n , Texas *Cleveland Reg. Sewer D i s t . , Ohio *Knox Co. H e a l t h & Educ. F a c . Bd., Tenn. B l a i r Co. H o s p i t a l A u t h . , Pa. New J e r s e y Hsg. F i n a n c e Agy. Cleveland, Ohio Petoskey Hosp. F i n . A u t h . , Mich. *North M i s s i s s i p p i Medical C e n t e r , Miss. Roches t e r , Minn. Rev. Rev. Rev. G.O. 42.9 56.1 17.5 28.0 Sept. Sept. Sept. Sept. G.O. G.O. G.O. 18.0 10.3 30.0 S e p t . 13 S e p t . 13 Sept. 13 Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. G.O. G.O. G.O. G.O. Rev. Rev. G.O. Rev. G.O. Rev. G.O. Rev. Rev. 130.0 16.3 10.0 29.7 42.5 55.8 19.2 11.0 43.0 100.0 24.8 39.0 100.0 70.0 108.6 20.0 17.8 47.0 18.0 55.0 50.0 Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Rev. Rev. Rev. Rev. Rev. 17.6 35.4 125.0 72.0 26.2 Sept. Sept. Sept. Sept. Sept. Rev. Rev. 23.0 53.0 Oct. Oct. 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. 12 13 13 13 13 13 14 14 14 14 15 15 19 20 20 20 22 22 27 27 28 29 29 29 1 3 12 Table 6B C o n t i n u e d FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of September 9, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *Grand Rapids P u b l i c School D i s t . , Mich. *Oregon, S t a t e of ^Missouri E n v i r o n m e n t a l Impr. Auth. ^ C o n n e c t i c u t , S t a t e of G • 0. G.O. Rev. G.O. 10.0 150.0 28.0 150.0 Oct. - 3 Oct. 4 Oct. 10 Oct. 12 • • • • • • • • • • Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE N Y S E INDEX 3 B J INDUSTRIALS AMEX 4 NASDAQ 130.47 ( 1 / 1 1 ) 136.84 ( 1 / 1 1 ) 8 5 . 2 6 ( 1 2 / 2 0 ) 89.12 (12/13) 2 TRADING VOLUME NYSE AMEX NASDAQ 26.0 (9/20) 9.0 (8/20) 5.5 (1/12) 1.4 ( 8 / 2 0 ) 11.3 (1/11) 3.5 (8/27) 1973 - High Low 65.58 ( 1 / 1 1 ) 49.12 ( 1 2 / 1 3 ) 1051.50 (1/11) 788.31 (12/5) 1974 - High Low 53.37 ( 3 / 1 3 ) 32.89 (10/3) 891.66 (3/13) 577.60 ( 1 2 / 6 ) 102.01 ( 3 / 1 4 ) 58.26 ( 1 2 / 9 ) 96.53 ( 3 / 1 5 ) 54.87 ( 1 0 / 3 ) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 ( 9 / 2 6 ) 7.5 (1/3) 2.8 (7/5) 1975 - High Low 51.24 ( 7 / 1 5 ) 37.16 (1/8) 8 8 1 . 8 1 (7/15) 632.04 ( 1 / 2 ) 96.86 ( 7 / 1 5 ) 62.20 ( 1 / 2 ) 88.00 ( 7 / 1 5 ) 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 / 2 1 ) 858.71 (1/2) 107.05 ( 7 / 1 2 ) 84.31 (1/2) 92.52 ( 7 / 1 5 ) 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) 52.56 ( 5 / 3 1 ) 999.75 ( 1 / 3 ) 854.12 (8/25) 124.21 ( 7 / 1 9 ) 109.61 ( 1 / 1 2 ) 103.10 ( 7 / 2 2 ) 93.66 ( 4 / 5 ) . 31.9 (7/19) 15.2 ( 5 / 9 ) 4.2 ( 1 / 1 3 ) 1.9 ( 5 / 2 3 ) 10.5 ( 1 / 1 9 ) 5 . 1 (5/27) July 1 8 15 22 29 54.92 54.81 54.99 55.71 54.12 912.65 907.99 905.95 923.42 890.07 120.58 121.60 123.18 123.76 120.15 99.90 100.81 101.41 103.10 100.65 19.8 20.9 23.6 27.6 23.0 2.8 2.9 3.1 3.1 2.7 7.4 7.4 8.7 8.8 7.4 Aug. 5 12 19 26 54.04 53.61 53.38 52.60 888.69 871.10 863.48 855.42 120.53 120.27 118.68 117.51 100.86 100.76 100.85 99.89 19.2 18.5 19.6 18.8 2.1 2.1 2.3 2.1 6.1 6.7 7.4 7.0 Sept. 2 9 53.32 52.74 872.31 857.07 118.86 118.34 100.83 100.91 17.4r 17.5 2.2 2.2 6.8 7.6 NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/66 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 14 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD B R O K E R S ON MARGIN STOCK 1 BROKERS ON 2 CONVERTIBLE BONDS 3 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 7,960 172 167 174 169 178 204 876 881 1,081 1,068 864 845 2,756 2,807 2,651 2,774 2,866 2,817 1977 - J a n u a r y February March April May Jyne July 8,270 8,480 8,690 8,880 9,070 9,230 9,460 196 197 199 196 196 198 204 832 844 810 809 801 823 n.a. 2,844 2,850 n.a. 2,878 2,886 2,992 n. a. 260 110 80 6 -5 7 -5 9 26 -4 5 200 -13 -204 -19 -69 •51 -156 123 92 -49 —8 -13 12 -34 27 6 n.a. n.a. 8 106 n.a. CHANGE IN OUTSTANDING 1976 - J u l y August September October November December 80 350 1977 - J a n u a r y February March April May June July 310 210 210 190 190 160 230 i 2 -3 2 6 —1 —8 22 n. a. 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 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR DEPOSITS DATE 1972 1973 1974 1975 1976 1977-January February March April May June J u l y j>/ NET FLOW 10,067 4,815 2,909 11,070 11,546 913 847 1,903 107 856 1,368 747 1 ANNUAL 3 GROWTH RATE 12.4 5.4 2.2 11.3 11.6 — — — NET NEW MONEY 2 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 38 400 5,218 3,406 7,578 2,124 3,647 6,384 4,171 NET NEW MONEY TOTAL 2 DEPOSITS ANNUAL 3 GROWTH RATE 23,884 18.6 10,507 9.9 4,668 7.0 17.3 29,276 17.7 34,369 42,634 25,052 18,915 53,839 61,833 4,944 3,186 3,604 1,924 3,419 2,048 3,918 6,131 4,253 9,481 2,231 4,503 7,752 4,918 — — — NET FLOW ANNUAL 3 GROWTH RATE 16.6 8.5 5.5 15.8 16.0 NET NEW MONEY 2 29,335 10,062 1,846 34,033 39,644 5,449 3,771 4,227 1,756 3,996 2,086 4,318 SEASONALLY ADJUSTED 1977-January February March April May June J u l y 2.1 965 589 696 527 927 681 1,463 9.5 5.7 6.7 5.1 8.9 6.5 13.9 —— — — — — — — — 4,285 2,932 3,608 3,397 3,947 3,738 6,187 15.2 10.3 12.5 11.7 13.4 12.6 20.6 5,250 3,521 4,304 3,924 4,874 4,419 7,650 13.7 9.1 11.0 9.9 12.2 11.0 18.9 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. ui H.16 16 • T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D NET C H A N G E OUTSTANDING COMMITMENTS PERIOD TOTAL ALL S A V I N G S MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N.Y. S T A T E ) TOTAL I ALL S A V I N G S MUTUAL S A V I N G S BKS ; & LOAN 1 ASSOCIATIONS (N.Y. S T A T E ) 1972 - Dec. 25 .2 20.3 4.9 .45 .43 .02 1973 - Dec. 19.9 16.4 3.5 .04 .21 - .17 1974 - Dec. 14.6 12.4 2.2 .09 - .09 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.8 14.6 15 .2 16.1 16 .7 17.0 17 .9 18.9 19.7 20.1 20.2 20.6 12.7 12.7 13.2 14.1 14.6 14.9 15 .8 16.7 17.6 18.0 18.2 18.6 2.1 1.9 2.0 2 .0 2.1 2.1 2.1 2.2 2.1 2.1 2 .0 2.0 -.03 - .01 .50 1.18 .55 .25 .92 1.21 .90 .01 .35 .04 .18 .06 .41 .95 .53 .29 .84 .98 .86 .37 .22 .35 - .11 -.24 .11 .01 .04 .04 - .03 .09 -.09 .02 -.03 -.02 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 J u l y (p) 27.9 28.4 29.6 30.2 30.3 31.4 25 .1 25.4 26.4 27.0 27.0 27.6 28.4 2.8 3.0 3.2 3.2 3.3 3.8 -.35 .48 1.24 .56 .12 1.07 -.45 .30 1.04 .59 .02 .58 .83 .10 .18 .20 -.03 .10 .52 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. T a b l e 11 17 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 1974 - S e p t . Oct. Nov. Dec. +2,768 +1,665 —39 +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 1-1,279 +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. May June 2.1 J u l y p./ 12 -862. 289 344 532 538 191 188 -592 -354 746 297 200 600 NOTES: Based on data from Treasury Survey of Ownership. Digitized FRASER p forPreliminary FHLMC FNMA FNMA & FHLB SHORT-TERM DISCOUNT NOTES +1,050 +100 +310 +491 +18 +66 -182 -454 +300 0 -1 0 0 0 0 0 0 200 0 -1 0 +700 +100 0 +600 +300 0 100 700 0 600 -237 -405 -249 -69 -289 -270 —64 302 115 -263 —48 69 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 0 0 -1 1 -350 752 -8 200 600 -176 -270 643 -402 235 338 -409 —6 105 0 0 — — 18 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF D O L L A R S PERIOD TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE FNMA-GNMA COMPANIES # Not S e a s o n a l l y Ad l u s t e d 41,406 57,587 58,372 42,739 43,497 62,845 39,018 55,561 55,072 36,517 38,658 64,965 9,940 16,800 19,600 11,700 4,200 13,500 3,938 5,377 5,642 2,172 2,236 4,074 23,919 31,932 25,552 17,567 29,289 44,977 1,221 1,452 4,278 5,078 2,933 2,414 1976 - June July Aug. Sept. Oct. Nov. Dec. 6,140 6,394 6,241 6,331 5,183 5,149 6,313 6,783 6,088 5,961 6,471 5,599 5,457 6,476 1,300 1,200 1,200 1,700 1,200 1,100 1,100 517 314 384 364 398 341 690 4,804 4,512 4,239 4,081 3,895 3,531 3,913 162 62 138 326 106 485 773 -643 306 280 -140 @ -416 -308 -163 1977 - J a n . Feb. Mar. Apr. May June July 3,630 4,175 6,614 8,132 8,780 10,367 3,956 4,217 6,548 8,009 8,093 10,192 800 196 2,926 1,000 156 3,030 1,500 291 4,617 1,900 5,281 414 1,900 388 5,647 2,700 6,134 862 2,100 5,213 Seasonally Adjusted 34 31 140r 414 158 496 -326 - 42 * 66 123 687 175 1971 1972 1973 1974 1975 1976 # 1976 - June July Aug. Sept. Oct. Nov. Dec. 4,924 5,246 5,427 6,173 5,332 5,949 6,289 5,346 5,281 5,415 6,517 5,967 6,288 6,539 982 1,183 1,051 1,514 1,185 1,242 1,173 358 225 359 438 444 366 573 3,831 3,753 3,840 4,234 4,270 4,268 4,425 175 120 165 331 68 412 368 -422 - 35 12 -344 -635 # -339 -250 1977 - J a n . Feb. Mar. Apr. May June July 5,417 5,410 6,818 7,557 8,235 9,154 5,684 5,275 6,601 7,263 7,180 8,747 1,255 1,327 1,547 1,761 1,665 2,381 2,086 337 307 280 401 366 702 3,980 3,567 4,487 4,648 4,882 5,156 4,730 112 74 287 453 267 508 -267 135 217 * 294 1,055 407 NOTES: 1 2,388 2,026 3,300 6,222 4,839 # -2,120 # 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. ^ 2 FRASER Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Digitized for Table 13 19 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 2 QUARTER TOTAL 3 RESIDENTIAL MULTFAMILY TOTAL 1- t o 4 FAMILY MULTIFAMILY COMMERCIAL a FARM COMMERCIAL 1970 - I II III IV 24.0 29.0 37.5 39.5 15.7 19.6 26.3 29.0 9.6 13.7 16.1 19.4 6.1 5.9 10.1 9.6 7.3 8.3 9.9 9.0 13.3 14.3 20.1 18.7 0.9 1.0 1.3 1.4 1971 - I II III IV 41.6 49.2 56.0 61.0 33.2 40.0 42.0 46.1 23.5 29.5 32.9 36.3 9.7 10.4 9.0 9.8 5.9 9.0 11.5 12.0 15.6 19.4 20.5 21.8 2.5 0.3 2.5 2.9 1972 - I II III IV 70.3 72.7 74.5 90.5 51.1 53.1 56.5 66.1 39.7 40.3 45.8 49.8 11.3 12.8 10.7 16.3 15 .9 15.9 14.4 20.9 27.2 28.7 25.1 37.2 3.4 3.7 3.6 3.4 1973 - I II III IV 86.8 83.6 79.2 72.6 60.3 57.4 55.2 50.1 52.2 44.5 43.1 41.7 8.1 13.0 12.1 8.4 21.0 20.6 19.0 16.5 29.1 33.5 31.1 24.9 5.5 5.6 5.0 6.0 1974 - I II III IV 72.7 68.3 55.2 47.6 50.3 45.6 35.6 29.5 40.8 38.4 29.5 24.8 9.5 7.2 6.1 4.7 18.9 17.7 13.7 11.6 28.4 24.9 19.7 16.3 3.4 5.0 5.9 6.4 1975 - I II III IV 40.0 53.3 61.5 70.7 27.4 38.6 45.2 52.6 26.7 38.6 46.1 52.4 0.6 0.0 -0.8 0.2 7.7 9.7 12.2 14.2 8.3 9.7 11.4 14.5 5.0 5.0 4.0 3.8 1976 - I II III IV 83.7 75.0 91.3 101.5 68.9 59.5 71.3 78.4 67.7 57.8 69.9 76.8 1.2 1.6 1.4 1.6 8.7 10.4 12.3 14.9 14.8 15.5 20.0 23.1 6.1 5.2 7.7 8.2 1977 - I (p) 108.3 85.4 81.1 4.3 , 16.8 22.9 6.1 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 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage d e b t . T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS K> O IN T H O U S A N D S O F U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S PERMITS 1 PERIOD 1969 1970 1971 1972 1973 1974 1975 1976 1976 - J u l y Aug. Sept. Oct. Nov. Dec. 1977 - J a n . Feb. Mar. Apr. May June July ! 1—FAMILY 1,324 1,352 1,925 2,219 1,820 1,074 939 1,281 626 647 906 1,033 882 644 676 895 698 705 1,018 1,186 937 431 264 386 1,229 1,308 1,481 1,481 1,583 1,532 866 876 914 987 1,055 1,049 363 432 567 494 528 483 1,333 1,526 1,687 1,605 1,615 1,678 1,630 930 1,060 1,188 1,051 1,077 1,105 1,139 COMPLETIONS STARTS TOTAL 2 - O R MORE FAMILY 403 466 499 554 538 578 491 TOTAL 2 - O R MORE FAMILY TOTAL 1 —FAMILY | 2 - OR M O R E j FAMILY MOBILE HOME SHIPMENTS 1,407 1,434 2,052 2,357 2,045 1,388 1,160 1,538 811 813 1,151 1,309 1,132 888 892 1,162 656 621 901 1,048 914 450 268 376 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 808 802 1,014 1,143 1,174 932 867 1,026 592 617 692 828 840 760 430 336 413 401 497 576 567 329 216 250 1,413 1,530 1,768 1,715 1,706 1,889 1,129 1,172 1,254 1,269 1,236 1,324 284 358 514 446 470 565 1,307 1,401 1,387 1,326 1,399 1,435 1,038 1,094 1,017 989 1,068 1,074 269 307 370 337 331 361 221 242 248 263 247 248 1,384 1,802 2,089 1,880 1,937 1,910 2,064 1,006 1,424 1,503 1,413 1,455 1,400 1,462 378 378 586 467 482 510 602 1,416 1,637 1,707 1,540 1,524 1,620 1,103 1,242 1,236 1,226 1,167 1,177 313 395 471 314 357 443 258 275 275 252 252 264 249p | ! I S 1 —FAMILY | | NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. I Permit data for 1969 arid 1970 based on 13,000 areas with permit systems http://fraser.stlouisfed.org/ # e # # Federal Reserve Bank of St. Louis * # # # # # i Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1976 - High Low AVERAGE YIELD CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) ACCEPTED OFFERED 634 ( 5 / 1 7 ) 321 ( 5 / 1 7 ) 9 . 2 0 ( 6 / 1 ) 171 ( 9 / 7 ) 21 ( 1 2 / 2 7 ) 19 (12/27) 8 . 3 9 ( 1 2 / 2 7 ] 33 ( 1 / 2 6 ) AVERAGE YIELD ACCEPTED 127 ( 1 1 / 1 5 ) 9 . 3 1 ( 6 / 1 , 6/28; 23 ( 2 / 2 3 ) 8.90 (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 11 130.5 75.9 77.3 54.1 8.72 8.71 163.9 122.9 101.6 82.8 9.08 9.06 9.06 9.06 9.06 25 Aug. Sept. 8 22 195.0 143.1 8.75 199.8 119.9 78.3 8.77 170.4 144.4 92.3 7 50.3 35.1 8.74 138.9 113.9 NOTES: Average secondaiy 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 Natfonal Mortgage Assoc.at.on (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 T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES 1 1 PERIOD SPREAD BETWEEN RETURNS ON NEW A a a NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND NEW HOME YIELD DISCOUNT SPREAD (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET SPREAD (BASIS POINTS) YIELD (IN PER CENT) 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 8.80 8.80 8.85 8.90 8.95 9.00 9.00 58 52 63 59 n .a. 93 83 8.85 8.85 8.90 8.95 9.00 9.05 9.05 63 57 68 64 n.a. 98 88 8.40 8.50 8.58 8.57 n .a. 8.74 8.74 18 22 36 26 n.a. 67 57 3.2 3.9 4.6 4.5 n.a. 1.9 1.9 40 30 27 33 n.a. 26 26 8.22 8.28 8.22 8.31 n.a. 8.07 8.17 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. # # # # # # # # # # e
@FedFRASER