Full text of H.16 Capital Market Developments : September 5, 1978

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Capital

Market
Developments,
ft
w

CP

September 5, 1978

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:
Weekly $ 1 5 . 0 0 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue t o one address, $13.50 per

TABLES
1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT

year or $.35 each. Elsewhere, $20.00 per year or $.50
each. Address requests to Publications Services, Divi-

9 - 1 6

MORTGAGE MARKET

sion of A d m i n i s t r a t i v e Services, and make payment
remittance payable to the order of the Board of
Governors of the Federal Reserve System in a f o r m
collectible at par in U.S. Currency.




SYMBOLS
e

ESTIMATE

p

PRELIMINARY

r

REVISED

n.a.

NOT A V A I L A B L E
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

NEW ISSUE 1
Aaa UTILITY

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

2

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1978 - J u l y

7
14
21
28

9.18
9.17
9.12
9.08

9.20
9.22
9.19
9.10

76
710
742
435

41
89
92
95

45
75
63
20

Aug.

4
11
18
25

8.90
8.81
8.80r

8.91
8.89
9.00
8.87r

310
190
43
688

100
93
100
82

0
14
0
123

1

8.78p

8.85p

133

68

33

Sept.

- -

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
20-80ND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1978 - J u l y

7
14
21
28

5.85
5.85
5.75
5.74

6.31
6.32
6.26
6.24

156
1,041
1,027
757

86
91
95
86

156
165
123
191

Aug.

4
11
18
25

5.65
5.55
5.50
5.60

6.12
6.03
6.19
6.11

1,916
1,027
818
1,485

90
92
89
95

184
172
188
179

Sept.

1

5.50

6.16

653

89

156

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 SEASONED
CORPORATE A a a

3

U S . GOVT. 20-YEAR
CONSTANT MATURITY

4

BOND BUYER
2 0 - B 0 N D INDEX

1974 - High
Low

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

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

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

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

7.15 (12/12)
5.15 (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 (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

8.36 (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

9.18 (7/7)
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)

8.68
8.72
8.69
8.67

6.31
6.32
6.26
6.24
6.12
6.03
6.19
6.11

8.85
8.90
. 8.89
8.88

1978 - J u l y

7
14
21
28

9.18
9.17
9.12
9.08

9.20
9.22
9.19
9.10

Aug.

4
11
18
25

8.90
8.81
8.80r

8.91
8.89
9.00
8.87r

8.76
8.66
8.70
8.69r

8.49
8.41
8.52
8.42r

1

8.78p

8.85p

8.66p

8.42p

Sept.

- -

i

6.16

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

#

Table 3

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

GROSS PROCEEDS
PERIOD

1

CORPORATE

1978

1977

1976

1978

1977

1976

January
February
March

3,013
2,657
4,442

4,362
2,792
5,578

3,381
3,863
6,632

3,298
2,746
4,751

3,402
3,442
4,063

2,451
2,885
3,365

April
May
June

3,285
3,677e
5,Q31e

3,998
3,797
5,660

3,507
4,186
6,439

3,800
5,420
4,238

3,409
4,566
5,786

2,218
3,575
3,115

July
August
September

3,300e
2,800e

4,289
3,469
4,177

3,216
3,357
4,817

3,716
6,lOOe

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
ll,993e

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

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

10,795
13,458

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

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

22,105e

26,187
38,122
54,205

28,008
39,398
53,488

24,253

24,668
35,912
46,697

17,609
25,978
35,180

October
November
December

Q1
Q2
Q3
04
1st Half
3 Qtrs.
Year

NOTES:
1

2

STATE AND LOCAL

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.
Digitized for
e FRASER
Estimated by Federal Reserve Board on the b a s i s of a v a i l a b l e d a t a .


Table 4

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

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

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

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

i 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

858
1,810
1,560
1,025

6
108
495
39

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

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

1,415
1,059
644
1,320

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

10,112

4,748

3,383

1,981

1,275

4

2,218

2,367

844

4,684

1977 - March
April
May
June
July
August
September
October
November
December

5,578
3,998
3,797
5,660
4,289
3,469
4,177
4,221
5,331
6.531

2,610
1,961
1,600
2,045
2,360
1,947
1,908
2,114
2,211
1,542

1,773
1,446
949
2,580
972
965
1,569
979
1,200
3,820

1,195
591
1,248
1,035
695
557
700
1,128
1,920
1,169

125
600
350
. 850
935
150
475
300
425
300

0
50
2
56
25
262
208
1
22
16

1,145
1,381
643
1,416
1,349
1,068
833
731
782
2,541

1,588
984
1,670
1,471
903
497
1,501
1,437
1,729
1,080

808
334
309
416
277
45
322
8
1,013
299

2,038
1,298
1,176
2,356
1,761
1,858
1,521
2,045
1,805
2,610

1978 - January
February
March
April

3,013
2,657
4,442
3,285

1,382
1,464
1,902
1,958

998
667
1,718
853

633
526
822
474

325
0
950
550

0
0
4
20

273
716
1,229
549

644
465
1,258
743

519
34
291
35

1,578
1,441
1,665
1,960

1977 - I
II
III
IV
1978 - I

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 a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
July 31 through September 1, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

8 .90
9 .00

--/AAA
A/A+
Aaa/AAA

CORPORATE

Equip, t r .
Com. s t k .
Debt
1 s t mtg.
Debt.
Debt.
1st mtg.

50.0
100.0
150.0
40.0
17.5
23.8
25.0
50.0
60.0
25.0
15.0
15.0
40.4
32.4
38.1
25.0
18.0
81.9
100.0
25.0
27.5

300.0
100.0

1984

8 .88

1998

9 .00
8 .75
7 .50

8 .75
7 .50

1998

11 .38

11 .38

2008

8 .75

8 .75

2003

9 .00

1998
2008

9 .63
9 ,. 1 3
12,. 2 5

8 .90
11 .15
9 ,. 1 3
12,. 2 5

8 .. 8 4

8,, 8 4

11. 00

11. 00

2018

1993

B/B

Aa/AA
A/A
Ba/BB
A/A
B/B
A/A

— •»

1998
1979-1993

8. 50

8.20-

1990

8. 88

2008

8 . 75
10. 50

10. 50

8. 75
8. 88

8. 75
8. 88

1998
2018
2008

NOTES:
*

Rights offering.

1

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




B/B

—

8 . 97
8. 90

B/B
o

Mtg. -backed
1 s t . mtg.
Debt,
p f d . stk.(conv)
Com. s t k .
Com. s t k .
Debt.
1 s t . mtg.
1 s t . mtg.
Debt.
1 s t . mtg.
Debt,
pfd. stk.
Com. s t k .
Com. s t k .
Debt.

00

Houston F i r s t Savings Assoc.
Texas Oil & Gas Corp.
P a c i f i c Northwest Bell T e l . Co.
Allegheny A i r l i n e I n c .
Nevada Pwr. Co.
Continental Telephone Co.
Essex Chemical Corp.
Southwestern E l e c t r i c Power Co.
Idaho Power Co.
Pneumo Corp.
Empire D i s t r i c t E l e c t r i c Co.
Telemed Corp.
Duke Power Co.
Idaho Power Co.
Memorex Corp.
Norin Corp.
Atchison, Topeka & Santa Fe Railroad
Co.
D e t r o i t Edison Co.
Ford Motor Credit Co.
Iowa P u b l i c Service Co.
Kenai Corp.
Southwestern B e l l Telephone Co.
I l l i n o i s Power Co.

Aaa/AAA
Aa/AAa/AA
B/B
Aaa/AAA
Aa/AA

T a b l e 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S. TREASURY
J u l y 31 through September 1, 1978

ISSUER

CORPORATE

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Beatrice Foods Co.
Wang Labs. Inc.
Central Louisana Energy Corp.
F l o r i d a Pwr. & Light Co.
Mountain Fuel Supply Co.
Equimark Corp.
Telex Corp.
Houston Lighting & Power Co.

100.0
Debt
Com. s t k .
15.1
27.3
Com. s t k .
Pfd. stk.
50.0
25.0
Com. s t k .
Pfd. stk.(conv.)15.0
35.0.
Debt.
125.0
1 s t mtg.

OTHER
Canada Export Development Corp.

Notes




125.0

MATURITY

2008

COUPON RATE

8.50
—
—

——

8.84

OFFERING
YIELD

8.50

MOODY'S / S A P ' S
RATINGS

Aaa/AAA

—
—

8. 75

—

—

1996
2008

9.24
11.75
8.88

9.24
11.75
8.88

1983

8.60

8.60

A/A+
B/B
Aa/AA
Aaa/AAA

Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
July 31 through September 1, 1978

TYPE

ISSUER
STATE AND LOCAL

Texas Muni. Power Agy.
Texas Muni. Power Agy.
Texas Muni. Power Agy.
Maryland T r a n s p o r t a t i o n Auth.
Maryland T r a n s p o r t a t i o n Auth.
Maryland T r a n s p o r t a t i o n Auth.
Owensboro, Ky.
Owensboro, Ky.
Owensboro, Ky.
Muscatine, Iowa
Muscatine, Iowa
P o r t l a n d , Oregon
Anchorage, Alaska
Anchorage, Alaska
Fort P i e r c e U t i l i t i e s Auth., F l a .
Fort P i e r c e U t i l i t i e s Auth., F l a .
Bellevue Sch. D i s t . # 405, Wash.
Bay Co., Mich.
Brownsville, Texas
Brownsville, Texas
H a t t i e s b u r g , Miss.
H a t t i e s b u r g , Miss.
C i n c i n n a t i , Ohio
Houston, Texas

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

AMOUNT
(MILLIONS OF
DOLLARS)

72.5
45.4
132.1
27.2
18.6
76.2
24.1
22.5
31.3
16.4
13.6
14.0
5.3
20.7
37.0
30.4
18.4
28.0
9.1
24.2
4.7
10.3
11.5
40.0

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.




MATURITY

1984-1997
2002
2011
1979-1997
2003
2016
1991-1998
2003
2008
1979-1997
2013
2010
1979-1991
1979-1996
1978-2003
1979-2003
1979-1991
1982-2008
1984-1997
2010
1981-1995
2008
1979-2003
1979-1998

NET INTEREST
COST

6.92
6.92
6.92
6.78
6.78
6.78
6.77
6.77
6.77
6.32
6.32
8.05
5.77
6.04
6.23
5.25
—

6.21
7.39
7.39
—
—

5.35
5.18

OFFERING
YIELD

5.35-6.60
6.88
7.00
4.50-6.20
6.63
6.86
5.90-6.55
6.75
6.85
4.70-5.90
6.70
7.87
4.50-5.90
4.50-6.30
4.40-6.60
4.30-5.75
4.70-5.50
4.80-6.70
5.70-6.90
7.38
5.50-7.50
8.00
4.50-6.00
4.50-5.65

MOODY'S/S&P'S
RATINGS

A/A+
A/A+
A/A+
A-l/A
A-l/A
A-l/A
A-l/AA
A-l/AA
A-l/AA
A/A
A/A
— — /

— —

A/A
A/A
A/A
Aaa/AAA
— — / — —

A-1/A+
Baa-1/—
Baa-1/—
Baa/ABaa/AAa/AA
Aaa/AAA

o

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
J u l y 31 through September 1, 1978

TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

1979-1993
1979-1998
1979-2000
1981-1996
1980-2003
1980-1998
2011
1982-1998
1980-1998
2009
1979-1989
1993
2000

5.36
5.68
5.78
5.57
5.97
6.64
6.64
5.83
6.35
6.35
6.42
6.42
6.42

4.50-5.50
4.60-6.15
4.60-6.20
4.80-5.95
4.70-6.50
4.90-6.20
6.79
5.00-6.05
4.90-6.25
6.70
4.75-6.00
6.20
6.59

1979-1995
2003
1979-1993
2006
1979-2009
1979-2005
1982-2005
1981-2008
1981-2008
1980-1994
1979-1994
2008
1979-1998
1985-1998

——

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Olathe Unified Sch. D i s t . , Kan.
University of Texas a t Austin
University of Texas a t Austin
University of Texas System
San Antonio, Texas
Kentucky Housing Corp.
Kentucky Housing Corp.
Las Vegas Valley Water D i s t . , Nev.
Wyoming Development Auth.
Wyoming Development Auth.
Massachusetts, S t a t e of
Massachusetts, S t a t e of
Massachusetts, S t a t e of
Knox Co. Hlth. & Educ. Fac. Bd., Tenn.
Knox Co. Hlth. & Educ. Fac. Bd. , Tenn.
Eastern I l l i n o i s Univ.
Eastern I l l i n o i s Univ.
Western I l l i n o i s Univ.
Oregon, S t a t e of
Oregon, S t a t e of
Oregon, S t a t e of
Oregon, S t a t e of
Oakland Co. Comm. College D i s t . , Mich.
New Jersey Hlth. Fac. Fin. Auth.
New Jersey Hlth. Fac. F i n . Auth.
Hamilton Co., Tenn.
New Jersey Highway Auth.



G•0

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

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

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

Rev.
Rev.
G.O.

Rev.

13.7
6.4
16.9
33.0
75.0
47.0
78.0
21.0 •
38.5
15.1
238.0
133.4
261.4
15.5
15.5
5.5
12.8
34.4
13.5
13.2
2.5
3.2
21.5
4.2
10.8
16.0
26.4

5.37
5.43
5.65
5.67
5.92
7.06
7.06
5.21
6.59

4.80-6.60
7.25
5.00-6.75
7.20
5.00-7.25
4.25-5.80
4.60-5.80
4.60-5.80
4.60-5.80
4.75-6.10
4.75-6.70
7.06
4.40-5.50
5.30-6.40

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

A/A
A/A
A/AAaa/AA
Aaa/AA
Aaa/AA
Aaa/AA
A-1/A+

A/A
A/A
Aa/AA
A/A-

•

•

e

#

#

e

e

e

e

e

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
July 31 through September 1, 1978

ISSUER
STATE AND LOCAL

New Jersey Highway Auth.
Largo, F l a .
Largo, F l a .
Largo, F l a .
West Palm Beach, F l a .
Scranton Hlth. & Welfare Auth.. , Pa.
Gary, Indiana
Douglas Co. Schl. D i s t . , Nev.
Allegheny Co. Sanitary Auth., Pa.
Allegheny Co. S a n i t a r y Auth., Pa.
Allegheny Co. S a n i t a r y A u t h . , Pa.
Orlando, F l a .
D e t r o i t School D i s t r i c t , Mich,
P l e a s a n t s Co., W. Va.
P l e a s a n t s Co., W. Va.
Bergen Co. U t i l i t i e s A u t h . , N,. J .
Bergen Co. U t i l i t i e s A u t h . , N.. J .
Bergen Co. U t i l i t i e s A u t h . , N,• J .
S a l t Lake C i t y , Utah
S a l t Lake C i t y , Utah
Underwood, N.D.
Underwood, N.D.
Underwood, N.D.
Underwood, N.D.
Savannah, Ga.
Johnson Co. Water D i s t . , Kan.
Health Central I n c . , Minn.




TYPE

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

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

56.2
3.2
4.7
9.4
15.0
10.8
50.0
11.9
19.0
6.0
13.1
22.0
30.5
11.5
20.0
107.8
36.3
53.9
4.0
7.0
16.5
23.0
21.0
29.3
22.2
20.5
26.7

2011
1979-1993
2003
2013
1979-1996
1981-2008
2008
1979-1998
1979-1996
1999
2003
1984-2007
1979-1993
2003
2008
1978-2009
1990-2000
2009
1980-1997
2009
1980-1999
2008
1980-1999
2008
1991-2007
1979-1992
1979-2008

NET INTEREST
COST

6.59
7.11
7.11
7.11

5.93

6.27
6.04
7.05
7.05
5.52
6.35
6.35
7.32
7.32
6.93
6.93
6.93
6.93

OFFERING
YIELD

6.60
4.75-6.50
7.00
7.13
4.50-6.20
5.75-7.50
6.77
5.00-6.15
4.90-6.65
6.75
6.88
5.00-6.50
4.75-6.10
6.95
7.04
4.30-5.80
5.40-6.15
6.40
5.00-7.00
7.35
5.00-6.75
7.00
5.00-6.75
7.00
5.40-6.35
4.60-5.50
5.00-7.63

MOODY S / S & P ' S
RATINGS

A/ABaa-1/BBB+
Baa-1/BBB+
Baa-1/BBB+
A/A
Baa-1/—
Aa/AAA/A
— /AA
—/AA
—/AA
A/A+
A/AA
A/ —
A/--

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

/ —
- -

T a b l e SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
J u l y 31 through September 1, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

19.8
9.1
13.0
12.6
16.4
12.9
4.2
7.8
16.7
23.8
17.0
11.0
31.8
8.2
7.7
9.6
19.0
15.3
23.8
8.4
21.6
14.6
35.0
100.0
47.4
30.5
8.4

1978-2012
1979-2012
1980-2012
1981-1998
2008
1979-1988
1979-1996
2008
1979-1995
2005
1981-1996
2010
1979-2008
1979-1998
2006
1979-1993
2005
1982-1998
2009
1980-1996
2012
1981-1986
1980-2008
1979-2003
1979-2002
2007
2011

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S & P ' S
RATINGS

STATE AND LOCAL

Largo, F l a .
Middletown Tp., Pa.
Middletown Tp., Pa.
Northglenn, Colo.
Northglenn, Colo.
Allegheny Co. Sant. Auth., Pa.
Colorado Health Fac. Auth.
Colorado Health Fac. Auth.
Shelby Co. Health F a c . , Tenn.
Shelby Co. Health F a c . , Tenn.
Missouri Hsg. Dev. Comm.
Missouri Hsg. Dev. Comm.
Allegheny Co., Pa.
West Knox U t i l i t i e s D i s t . , Tenn.
West Knox U t i l i t i e s D i s t . , Tenn.
Northern I l l i n o i s Univ.
Northern I l l i n o i s Univ.
Franklin Co., Ohio
Franklin Co., Ohio
Jackson, Tenn.
Jackson, Tenn.
Oklahoma City, Okla.
Palm Beach Co., F l a .
C a l i f o r n i a , S t a t e of
Washington, S t a t e of
Vero Beach, F l a .
Vero Beach, F l a .



Rev.
Rev.
Rev.
G.O.
G»0,
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
G.O.
G.O.
Rev.
Rev.

6.24
6.24
6.47

6.96
6.96
4.89
6.06
5.43
5.30

4.25-6.10
4.50-6.70
4.80-6.20
4.90-6.25
6.80
4.50-5.40
4.80-6.70
7.13
4.80-6.70
7.25
4.70-6.00
6.75
4.70-6.90
5.30-6.40
7.25
4.75-6.50
7.00
5.30-6.80
7.00
5.00-6.60
7.20
4.40-4.65
4.60-6.40
4.25-5.70
4.40-5.80
6.50
6.50

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

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
July 31 through September 1, 1978

ISSUER

STATE AND LOCAL

S p r i n g f i e l d , Mo.
S p r i n g f i e l d , Mo.
San Jose, Cal.
Delaware, S t a t e of
Marin Co. Redev. Agy., Cal.
Marin Co. Redev. Agy., Cal.
S e a t t l e School D i s t . #1, Wash.
S e a t t l e School D i s t . #1, Wash.
Harris Co. Flood Control D i s t . , Texas
Kelberg Co., Texas
Kelberg Co., Texas
Coral Springs, F l a .
Coral Springs, F l a .
Louisiana Offshore Terminal Auth.
Louisiana Offshore Terminal Auth.
Louisiana Offshore Terminal Auth.
King Co., Wash.
New Castle Co., Del.
Albany Co., N.Y.
Massachusetts P o r t Auth.
Massachusetts P o r t Auth.
Utah, S t a t e of
Utah, S t a t e of
S u f f o l k Co. , N.Y.
Cook Co., 111.
Bolingbrook, 111.
Bolingbrook, 111.




TYPE

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

AMOUNT
(MILLIONS
OF
DOLLARS)

16.0
7.8
11.0
50.0
5.8
9.9
20.9
1.6
20.0
4.3
5.6
8.7
10.3
159.9
61.6
228.5
162.9
13.2
35.0
76.1
166.4
25.1
25.0
60.8
69.0
4.0
13.0

MATURITY

1979-2002
2007
1980-2003
1979-1998
1981-1998
2010
1978-1987
1979-1988
1979-1998
1982-1999
2008
1979-1998
2008
1982-1993
1998
2008
1980-2016
1979-2003
1979-2000
1979-1997
2012
1983-1989
1981-1989
1979-1997
1980-1997
1982-1993
2008

NET INTEREST
COST

6.16
6.16
6.09
5.97
——

5.19

——

6.37
6.37
6.37
6.26
6.00
6.40
7.11
7.11
4.87
4.87
6.51
5.74
—
—

OFFERING
YIELD

5.60-6.25
6.46
4.70-6.20
4.75-6.25
5.25-6.88
7.00
3.90-5.15
4.55-5.20
4.40-5.70
6.00-7.75
8.00
4.60-6.40
6.60
5.10-5.80
6.10
6.50
4.70-6.50
4.70-6.25
4.90-6.85
5.00-6.90
7.13
4.60-4.88
4.45-4.88
4.75-6.60
4.75-6.10
5.75-6.90
7.25

MOODY'S/S&P'S
RATINGS

A/A
A/A
A/A
A/A+
—— / —
—

/ —

—

/ —

Aaa/AAA
—

/ —

—

/ —

—

J—

—

j —

Aa/AAAa/AAAa/AAAa/AA
Aa/AA
A/A
A/A
A/A
Aaa/AAA
Aaa/AAA
A/A
Aa/—
—/ A4—/A+

T a b l e 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
J u l y 31 through September 1, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Pleasants Co. , W.Va.
Gloucester Co. U t i l . A u t h . , N.J.
Gloucester Co. U t i l . Auth. , N . J .
Minnesota Hsg. Fin. Agy.
Minnesota Hsg. F i n . Agy.
Minnesota Hsg. Fin. Agy.
Wichita Unified Sch. D i s t . #259, Kan.
New Smyrna Beach U t i l . Comm. , F l a .
New Smyrna Beach U t i l . Comm. , F l a .
New Smyrna Beach U t i l . Comm., F l a .
New Smyrna Beach U t i l . Comm., F l a .
Sebring U t i l i t i e s Comm., F l a .
Sebring U t i l i t i e s Comm., F l a .
Petersburg, Ind.
Vermont Hsg. Fin. Agy.
Vermont Hsg. F i n . Agy.
Vermont Hsg. Fin. Agy.
Gtr. Orlando Aviation Auth., F l a .
Gtr. Orlando Aviation Auth., F l a .
Gtr. Orlando Aviation Auth., F l a .
Minneapolis, Minn.
Minneapolis, Minn.
Anaheim Stadium, I n c . , Cal.
Anaheim Stadium, I n c . , Cal.
Anaheim Stadium, I n c . , Cal.
New York S t a t e Dora. Auth.




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

21.0
6.7
9.6
18.2
12.6
73.3
25.6
5.4 '
9.1
11.3
21.3
8.4
5.5
22.2
3.0
2.6
5.1
33.5
11.5
80.0
4.7
12.1
6.5
5.3
13.2
4.5

2008
1989-2003
2018
1981-1998
2004
2021
1979-1992
1982-1993
2003
2010
1979-2005
1979-2000
1978-1997
2008
1980-1997
2004
2020
1982-1995
2000
2008
1979-1993
2008
1979-1993
2001
1979-2001
1980-1998

7.36
—

——

7.10
7.10
7.10
5.30

6.61
5.32
6.70
- ——
——

7.00
7.00
7.00
- ——
——
——

6.85

7.30
5.50-6.50
6.63
5.00-6.75
6.94
7.10
4.60-5.40
5.35-6.40
7 .00
7.13
4.50-6.00
4.75-6.80
4.20-5.90
6.60
5.00-6.75
7.00
7.13
5.50-6.70
6.88
7.00
4.80-6.40
7.00
5.00-6.70
7.00
4.50-5.90
5.25-6.75

Baa/—
— j —
— j —

A-l/AA
A-l/AA
A-l/AA
Aa/AA
A/BBB+
A/BBB+
A/BBB+
—— j — —

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

A/AAaa/AAA
A/A

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
J u l y 31 through September 1, 1978

ISSUER
STATE AND LOCAL

New York S t a t e Dorm. Auth.
New York S t a t e Dorm. Auth.
Louisiana Pub. Fac. Auth.
Louisiana Pub. Fac. Auth.
Riverside, C a l i f .
Riverside, C a l i f .
Pueblo, Colo.
Pueblo, Colo.
Denver, Colo.
Denver, Colo.
Dallas Ind. Sch. D i s t . , Texas
Mobile, Ala.
Rosemont, 111.
Rosemont, 111.
Pensacola, F l a .
Pensacola, F l a .
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.
Michigan S t a t e Hsg. Dev. Auth.
Kansas Higher Educ.
Savannah Hosp. Auth., Ga.
Savannah Hosp. Auth., Ga.
Savannah Hosp. Auth., Ga.




TYPE

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

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

AMOUNT
(MILLIONS
OF
DOLLARS)
2.4
3.4
4.6
8.4
3.3
7.2
7.6
12.4
19.0
31.0
50.0
14.5
9.0
10.0
24.7
38.1
9.2
3.3
8.6
29.9
15.0
12.9
20.0
6.1

MATURITY

2003
2008
1979-1992
2003
1979-1993
2004
1980-1999
2010
1980-1999
2010
1981-2000
1992-2003
1984-2000
2008
1979-1998
1978-1998
1981-1998
2002
2009
2022
1982
1982-1996
2006
2008

NET INTEREST
COST

6.85
6.85
——
——
- - - -

——

- -

5.19
6.31
— —
— —
——

—
—
—
—
— —

—
—
—
—

OFFERING
YIELD

6.80
6.91
4.90-6.60
7.25
5.50-7.40
7.77
4.90-6.80
7.00
4.90-6.80
7.00
4.50-5.90
5.70-6.40
6.00-7.10
7.50
4.50-6.00
4.75-6.50
5.00-6.75
6.95
7.04
7.16
5.20
5.80-7.25
7.63
7.62

MOODY'S/S&P'S
RATINGS

A/A
A/A
- A/AA/A—

* —j w—

Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aaa/AA
A/A+
A/ - A/-——j ——

Baa-l/AAA
A-1/A+
A-1/A+
A-1/A+
A-1/A+
— — /

— —

Baa-l/ABaa-l/ABaa-l/A-

16
T a b l e 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
As of September 1, 1978
TYPE

ISSUER
CORPORATE

P h i l i p Morris I n c .
Central Power & Light Co.
Anheuser-Busch I n c .
Ramada Inns I n c .
Southern Bell T e l e . & Tel. Co
Oklahoma Gas & E l e c t r i c Co.
I o w a - I l l i n o i s Gas & E l e c t r i c Co.
Consumers Power Co.
Consumers Power Co.
Gulf Power Co.
*Union E l e c t r i c Co.
• N a t u r a l Rural U t i l i t i e s Coop. F i n .
Corp.
Ohio Edison Co.
Metro Edison Co.
Rochester Gas & E l e c t r i c Co.
Montana-Dakota U t i l i t i e s Co.
Washington Water Power Co.
Dayton Pwr. & Light Co.
T r a i l e r Train Co.
United Telephone Co. of Ohio
Public Service of Colorado
Texas Transmission Corp.
Wainoco Oil Corp.
Bally Manufacturing Co.
Consolidated Oil & Gas Co.
Shearson-Haydon Stone Co.
*Sea Containers I n c .
• I n d i a n a p o l i s Power & Light Co ,
Dravo Corp.
National CCS I n c .
General Cable Corp.
•Chesapeake & Potomac T e l . Co. of
Maryland
• S i e r r a P a c i f i c Power Co.
•El Paso E l e c . Co.
•Ca ro lin a Power & Light Co.
OTHER
•Finland, Republic of

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

200.0
75.0
100.0
75.0
150.0
54.0
20.0
90.0
75.0
25.0
60.0

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

6
7
7
12
12
13
13
13
14
19
19

50.0
45.0
50.0
20.0
20.0
20.0
42.5
24.0
35.0
50.0
45.0
25.0
30.0
24.0
25.0
25.0
22.0
22.0
18.0
53.0

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

19
19
20
20
21
21
21
21
21
26
27

Debt.
Com. s t k .
Pfd. stk.
Com. s t k .

125.0
15.0
20.0
76.0

Oct.
Oct.
Oct.
Oct.

Debt.

100.0

Sept.

Notes
1 s t . mtg.
Debt.
Debt.
Debt.
Com. s t k .
1 s t . mtg.
Com. s t k .
1 s t . mtg.
1 s t . mtg.
Com. s t k .
Bonds
Pfd. stk.
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Com. s t k .
Com. s t k .
Equip, t r .
Debt.
1 s t . mtg.
Com. s t k .
Conv. d e b t .
Conv. d e b t .
Debt.
Debt.
Debt.
1 s t . mtg.
Com. s t k .
Conv. d e b t .
P f d . s t k . (conv.)

NOTES:
*
1

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




APPROXIMATE
DATE OF OFFERING

3
4
5
11

17
Table 6B

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

1

As of September 1, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

STATE & LOCAL

^ I n d u s t r y , Cal.
F l o r i d a S t a t e Board of Education
^Washington P u b l i c Power Supply
Sys.
Fargo, N.D.
^Massachusetts Mun. Wholesale E l e c t .
Co.
*Baytown Area Water Auth.,
*Columbus, Ohio
*Louisiana, S t a t e of
San Fran. A i r p o r t s Comm., C a l i f .
Tulsa A i r p o r t s Improve. T r u s t ,
Okla.
^Houston, Texas
Wayne Co., Mich.
D a l l a s , Texas
Alabama Pub. Sch. & College Auth.
Vermilion P a r . Sch. D i s t . , La.
*Shreveport, La.
Kansas C i t y , Kansas
Chula V i s t a Redev. Agncy., C a l i f .
I l l i n o i s Indust. Poll. Ctr. Fin.
Auth.
Jasper Medical C l i n i c Bd., Ala.
Kentucky Turnpike Auth.
^Municipal A s s t . Corp. N.Y.C.

APPROXIMATE
DATE OF OFFERING

Rev.
G. 0.

50.0
125.0

Sept. 6
Sept. 7

Rev.
G. 0.

200.0
13.1

Sept. 12
Sept. 13

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

75.0
11.9
40.3
83.7
90.0

Sept.
Sept.
Sept.
Sept.
Sept.

14
14
18
19
19

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

47.0
45.0
14.4
25.0
60.0
10.0
22.0
30.0
48.8

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

19
20
20
20
20
2J
26
26
26

Rev.
Rev.
Rev.
G.O.

13.0
23.0
250.0
125.0

Sept. 27
Sept.
Sept.
Sept.

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.
Included in the table for the first time.




Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
3

4

2

TRADING VOLUME
NYSE

AMEX

NASDAQ

1974-High
Low

53 .37 (3/13)
32 89 (10/3)

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

102.01 (3/14)
58.26 (12/9)

96.53 (3/15)
54.87 (10/3)

24.9 (1/3)
7.5 (7/5)

4 . 4 (1/3)
.9 (9/26)

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

1975-High
Low

51 24 (7/15)
37 .16 (1/8)

881.81 (7/15)
632.04 (1/2)

96.86 (7/15)
62.20 (1/2)

88.00 (7/15)
60.70 (1/2)

35.2 (2/13)
8.7 (9/15)

4 . 2 (2/21)
1 . 1 (9/15)

8 . 1 (2/13)
2.5 (9/15)

1976-High
Low

57 51 (9/21)
48 04 (1/2)

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

107.05 (7/12)
84.31 (1/2)

92.52 (7/15)
78.06 (1/2)

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

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

11.1 (2/20)
3 . 5 (1/2)

1977-High
Low

57 69 (1/3)
49 78 (11/2)

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

127.89 (12/30) 105.05 (12/30)
109.61 (1/12)
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

59,,26 (8/24)
48.,37 (3/6)

900.12 (8/17)
742.12 (2/28)

170.70 (9/1)
119.73 ( 1 / H )

135.84 (8/25)
99.09 ( 1 / H )

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

7.5 (8/30)
1.3 (1/20)

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

NYSE INDEX

B J INDUSTRIALS

AMEX

NASDAQ

July

7
14
21
28

53..34
54.,82
54..91
56..18

812.46
839.83
833.42
856.29

146.30
149.92
151.84
154.15

119.16
121.58
123.60
125.62

20.9
25.7
28.5
30.6

2.7
3.4
3.8
3.8

7.8
9.9
11.3
11.1

Aug.

4
11
18
25

58,,34
58,.53
59,,06
59.,22

888.43
890.94
897.00
895.53

157.93
161.30
164.52
167.89

129.71
132.00
134.71
135.84

44.1
38.0
35.6
34.7r

4.9
4.7
5.5
5.6r

14.2
14.2
15.0
14.3r

1

58.,54

879.33

170.70

135.35

34.3

7.0

14.3

Sept,.

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.




19
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS O N
MARGIN
STOCK

1

BROKERS O N 2
CONVERTIBLE
BONDS

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

2,350
2,345
2,551
2,568
2,587
2,581
2,579
2,604
2,568

3

OUTSTANDING

1977 - A p r i l
May
June
July
August
Sep tember
October
November
December

8,880
9,070
9,230
9,460
9,560
9,590
9,560
9,610
9,740

196
196
198
204
200
196
191 ,
246250

807
801
873
875
885
881
882
872
873.

1978 - January
February
March
April
May
June
July

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

246
242
246r
248
245
242

2,565
851
2,544
877
2,544
855
2,560
914
s e r i e s discontinued

CHANGE IN OUTSTANDING

1977 - A p r i l
May
June
July
Augus t
September
October
November
December

190
190
160
230
100
30
-30
50
130

1978 - January
February
March
April
May
June
July

-150
190
140
340
400
430
100

-3

-3

—6

2
6
-4
-4
~5

5/

n.a.—
4
-4
-4
4r
2
-3
-3

72
-2
10
-4
1
-10
1

38
-5
206
17
19
—6
-2
25
-36

-3
-22
-21
26
-22
16
-59
series discontinued

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

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

4

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

5

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




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW

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

1974
1975
1976
1977

1

ANNUAL 3
GROWTH
RATE

2.3
11.3
11.6
8.9

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

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

SHARE CAPITAL
ANNUAL 3
GROWTH
RATE

NET
FLOW

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

7.1
17.6
17.6
15.2

NET
NEW
MONEY

TOTAL
2

DEPOSITS
NET
FLOW

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

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

ANNUAL 3
GROWTH
RATE

5.6
15.8
15.9
13.5

NET
NEW
MONEY

2

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

NOT SEASONALLY ADJUSTED
1977-November
December

406
1,425

1978-January
February
March
April
May
Jurm ,
July^-

626
476
1,712
-264
436
1,277
350

1977-November
December

515
655

4.7
5.9

1978-January
February
March
April
May
June ,

721
370
448
341
543
487
972

6.5
3.3
4.0
3.0
4.8
4.3
8.6

July*7

—
——

——

99
-115

1,729
5,542

-59
170
338
-553
97
-97
50

2,745
2,297
7,153
558
2,380
6,645
3,031

—
• — »

—

—
—
——
——

—
—

——

1,516
883

2,135
6,967

2,877
2,,073
——
2,592
——
401
—
2,145
——
1,744
——
2,818
SEASONALLY ADJUSTED
3,711
11.7
3,410
10.6

3,371
2,773
8,865
294
2,816
7,922
3,381
4,226
4,065

9.9
9.4

2,012
2,226
2,846
2,133
3,009
3,454
5,200

2,733
2,596
3,294
2,474
3,552
3,941
6,172

6.3
5.9
7.5
5.6
8.0
8.8
13.7

—
—

.

——

Mi MM

NOTES:

6.2
6.8
8.7
6.5
9.1
10.3
15.4

——

—
——

'

1

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.



—

m—mm

——
——
—
——
—

1,615
768
2,818
2,243
2,930
-152
2,242
1,647
2,868

—

—

— —
——
mm —*

H.16

21
Table 10

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

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

NET CHANGE

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

TOTAL

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

1972

25.3

20.3

5.0

7.48

6.28

1.20

1973

20.0

16.4

3.5

-5.31

-3.92

-1.39

1974

14.7

12.4

2.3

-5.20

-3.91

-1.29

1975

20.2

18.2

2.2

5.81

6.06

- .25

1976 - Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

20.7
21.4
21.7
21.9
22.4
22.9
23.2
23.6
24.5
25.7
27.0
27.7

18.6
19.4
19.6
19.6
20.1
20.7
21.0
21.3
21.9
23.1
24.3
25.0

2.0
2.0
2.2
2.2
2.3
2.2
2.3
2.3
2.6
2.6
2.7
2.8

.35
.79
.33
.12
.50
.57
.30
.40
.89
1.21
1.35
.76

.35
.84
.16
.04
.46
.59
.27
.35
.62
1.21
1.24
.70

1977 - Jan
Feb
Mar .
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

28.2
28.6
29.7
30.2
30.6
31.9
32.4
33.9
35.2
37.3
38.7
39.0

25.4
25.6
26.5
27.0
27.3
28.1
28.7
30.0
31.0
32.8
34.Q
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

1978 - Jan
Feb
Mar
Apr
May
June
July

38.6
37.6
37.0
36.3
35.8
35 .9

34.2
33.3
32.8
32.0
31.5
31.3
31.2

4.4
4.3
4.2
4.2
4.3
4.6

— .35
-1.05
- .45
- .74
-

JO

.10

-

-

.11

.96
.51
.70
.55
.24
.10

- .05
.17
.08
.04
- .02
.03
.05
.27
——

.11
.06
.07
.20
.17
——

.07
.53
- .03
.18
.17
.37
.23
- .10
- .24
— .09
- .06
- .04
.05
.34

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



H16

22

T a b l e 11

NET NEW MONEY B O R R O W I N G S
BY MAJOR HOUSING A G E N C I E S
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

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

FHLB

+300
0
100
700
0
600

—64
302
115
-263
—48
69

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
—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

0
1,400
0
0
1,500
0
700

-12
-12
-17
0
-17
276
0

0
0
0
600
0
1000
1200

411
324
904
248
1,608
216
-276

+236
-398
215
587
152
669

+300
-700
100
850
200
600

0
-700
0
+150
0
0

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

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

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

0
-1,100
0
0
-600
0
0
0
0
0
-300
0

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

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

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

1978 - Jan.
Feb.
Mar.
April
May
June
July6

399
1,712
887
848
3,091
1,492
1,624

-12
1,388
-17
600
1,483
1,276
1,900

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


FNMA

0
0
0
0
200
0

- July
Aug.
Sept.
Oct.
Nov.
Dec.

NOTES:

FHLMC

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

23
Table 12

NET CHANGE IN MORTGAGE H O L D I N G S
IN MILLIONS OF D O L L A R S

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

TOTAL
INCLUDING
FNMA-GNMA

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

2

FINANCIAL INSTITUTIONS

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

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

MSB's

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

S & L's

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

Not Seasonally Adjusted
1977 - Oct
Nov
Dec
1978 - Jan
Feb
Mar
Apr
MayJune
July

8,449
8,640
9,896

8,480
8,544
9,674

2,300
2,800
2,500

690
564
771

4,876
4,754
4,748

614
426
1,655

-31
96
222

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

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

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

412
344
553
486
569
621

3,019
3,409
4,835
4,856
5,021
5,663
3,999

406
304
488
854
373
850

320
498
473
608
1,244
773

Seasonally Adjusted
1977 - Oct
Nov
Dec

8,633
9,522
9,992

8,725
9,429
9,9 17

2,365
2,984
2,751

675
605
647

5,162
5,437
5,262

523
403
1,257

-92
93
75

1978 - Jan
Feb
Mar
Apr
May
June
July

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

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

1,788
2,009
2,329
2,149
2,893
2,833

572
515
587
482
563
434

4,305
4,041
4,830
4,300
3,993
4,619
3,638

544
377
615
817
509
851

379
600
560
747
1,455
969

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates bench marked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the
Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted for 83 per cent of the net increase estimated for all holders in 1974.
Digitized2 for FRASER
Beginning January 1972 data reflect activity in limited amount of conventional mortgages.


24

T a b l e 13

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

QUARTER
—

TOTAL
— —

—

-- --

RESIDENTIAL
TOTAL

— -- . -

•3

1- to 4 FAMILY

MULTIFAMILY

23.2
29.6
33.8
35.7

9.5
10.7
9.3
9.1

COMMERCIAI

MULTFAMH
>f 1
•wiwiw
I m ^IVIIL
&

1971 - I
II
III
IV

41.2
51.8
57.8
59.5

32.7
40.3
43.1
44.7

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
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

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

1978 - I
II

(p)

6.7
9.3
12.1
11.6

16.2
20.0
21.4
20.7

^

1.7
2.1
2.6
3.1

g

1

NOTES:

p operty, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.
2

FARM

COMMERCIAI

R e s i d e n t i a l m o r t g a g e debt i n c l u d e s n o n f a r m only and is sum of 1 - t o 4-familv ^
multifamily mortgage debt.



9.8

\

|

|

4

«

•

•

•

•

•

•

T a b l e 14

PRIVATE HOUSING PERMITS, S T A R T S ,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S O F U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

PERMITS 1
PERIOD
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977 --

July

Aug.
Stipt.
Oct.
Nov.
Dae.
1978

-

Jan.

Feb.
Mar.

Apr.
Hay
June
July

TOTAL

1 —FAMILY

STARTS
2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

COMPLETIONS
2 - O R MORE
FAMILY

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

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

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

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

1,639
1,772
1,695
1,850
1,893
1,811

1,089
1,156
1,135
1,216
1,257
1,210

550
616
560
634
636
601

2,072
2,038
2,012
1 2,139
2,096
j 2,203

1,453
1,454
1,508
1,532
1,544
1,574

619
584
504
607
552
629

1,526
1,534
1,647
1,740
1,597
1,821
1,616

1,032
95 7
1,037
1,157
1,058
1,123
1,017

494
577
610
583
539
698
599

1,548
1,569
2,047
2,165
2,054
2,124
2,085

1,156
1,103
1,429
1,492
1,478
1,445
1,416

392

466

618
673
576
679
669

TOTAL

I 1 —FAMILY

I

i
1
1

1 2 - OR M O R E
FAMILY

i

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

1,671
1,677
1,875
1,665
1,769
1,641

1,253
1 1,269
1,458
1,249
1,280
1,299

419
409
416
489
342

1,759
1,696
1,821
1,943
1,840
1,893

1,300
1,233
1,363
1,515
1,409
1,338

45S
463
458
428
43}
55.S

417

MOBILE
HOME
SHIPMENTS
413
401
497
576
567
329
216
246
277
251

270
300
319
318
324
322
269
247
252
247
246
252

NOTES:
Private bi dding permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begin In the case of
apartment buildings, all units are considered started at that lime; 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
justed annual rate by Census Bureau.
I

Permit da ta for 1969 and 1970 based on 13,000 areas with permit systems




ro

T a b l e 15

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

EXISTING HOMES

1

PERIOD

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

HUD(FHA) INSURED LOANS
SECONDARY MARKET

1

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

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

1977 - July
Aug.
Sept.
Oct.
Nov.
Dec .

9.00
9.00
9.00
9 .00
9 .05
9.10

83
99
86
72
82
N.A.

9.05
9.05
9.05
9.05
9.05
9.10

88
104
91
77
82
N.A .

8.74
8.74
8.72
8.78
8.78
8.91

57
73
58
50
55
N.A .

1.9
1.9
1.7
2.2
2.2
3.2

26
26
28
22
27
19

8.17
8.01
8.14
8.28
8.23
N.A .

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

9.15
9.25
9.30
9.40
9.60
9.75
9.80

N.A.
54
47
48
58
59
72

9.20
9.25
9.30
9.45
9.60
9.75
9.80

N.A .
54
47
53
58
59
72

9.11
N.A.
9.29
9.37
9.67
N.A.
9.92

N.A .
N.A.
46
45
65
N.A.
84

4.7
N.A.
4.1
4.7
5.0
N.A.
3.1

4
N.A .
1
3
-7
N.A.
12

N.A.
8.71
8.83
8.92
9.02
9.16
9.08

1976 - High
Low

1977 - High
Low

RATE
(IN PER CENT)

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.




#

#

H.1€

#

#

#

#

#

#

#

#

27
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

ACCEPTED

855 (12/27) 570(12/27) 8 . 9 8 ( 1 2 / 2 7 ) 383 ( 5 / 2 )

1977 - High

50 ( 9 / 7 )

Low

35 ( 9 / 7 )

8.46 (1/10) 123 ( 7 / 2 5 )

AVERAGE
YIELD

ACCEPTED

278 ( 5 / 2 )
71 (9/19)

9 . 2 1 (12/27)
8 . 8 t (1/10)

3
17
31

131.3
325.8
156.1

82.2
212.6
105.7

8.77
8.84
8.86

187.3
242.7
328.1

137.2
167.8
224.0

9.07
9.11
9.14

Nov. 14
28

110.6
99.8

69.5
83.2

8.86
8.85

308.6
229.0

202.8
183.5

9.16
9.16

Dec. 13
27

329.1
855.4

224.3
569.7

8.89
8.98

262.2
329.4

168.9
190.5

9.17
9.21

1978 - J a n .

9
23

1011.0
768.8

605.3
356.6

9.13
9.21

403.6
546.3

192.8
256.8

9.28
9.37

Feb.

6
21

640.9
558.2

338.0
285.5

9.27
9.35

633.6
580.5

299.3
266.7

9.45
9.53

Mar,

6
20

358.8
164.9

218.5
116.4

9.36
9.33

444.8
378.7

266.4
246.1

9.59
9.62

Apr.

3
17

625.5
283.8

363.7
165 .5

9.44
9.44

522.8
451.4

295.3
282.8

9.69
9.74

May

1
15
30

655.1
611.4
851.2

349.9
269.9
446.9

9.52
9.63
9.83

645.8
716.9
573.1

305.4
362.5
300.4

9.80
9.89
10.01

June 12
26

522 .0

573.0

285 .2
351.4

9.86
9.96

350.1
224.4

207.0
135.0

10.07
10.13

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

130.3
368 .8

80.

197

9.82
9.80

74.7
150.0

47.5
81.0

10.15
10.07

1977

Oct.

7
21

NOTES:
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage am
offered by bidders relate to total eligible bids received.




^ ^