Full text of H.16 Capital Market Developments : December 9, 1955

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Not f o r P u b l i c a t i o n W o

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r a o u @ W E B S n ! W H s

H.li;

December 9, 1955
CAPITAL MARKET -DEVELOPMENTS

Large corporate s e c u r i t y i s s u e s o f f e r e d f o r new c a p i t a l
purposes t o t a l e d 6? m i l l i o n d o l l a r s f o r the week ending December 2.
S t a t e and l o c a l govemmaits f l o a t e d 27 m i l l i o n d o l l a r s of l a r g e
i s s u e s and t h e Union of South A f r i c a o f f e r e d a bond i s s u e f o r 25 m i l lion.
The volume of proceeds from l a r g e o f f e r i n g s expected f o r the
week ended December 9 i s 190 m i l l i o n d o l l a r s f o r corporations—including 100 m i l l i o n d o l l a r s of RCA c o n v e r t i b l e debentures, s u b s c r i p t i o n
r i g h t s f o r which expired December 5—and 10U m i l l i o n d o l l a r s f o r
S t a t e a n d - l o c a l governments.
•
.
Dealers' i n v e n t o r i e s of S t a t e and l o c a l government bonds
were a t a record l e v e l on November 25, t o t a l i n g 359 m i l l i o n d o l l a r s .
-This week they declined moderately but are s t i l l above the high l e v e l
reached l a s t summer. Some new i s s u e s o f f e r e d r e c e n t l y appeared t o
be moving slowly. A 100 m i l l i o n d o l l a r Connecticut Turnpike i s s u e
scheduled f o r s a l e December 13 was postponed i n d e f i n i t e l y . The
New York Thruway i s s u e was sold on December 7 at a n e t i n t e r e s t
cost of 2.7U per c e n t . In October a s i m i l a r i s s u e was awarded a t
an i n t e r e s t cost of 2.51 per c e n t .
December estimates - The estimate f o r corporate s e c u r i t y
o f f e r i n g s f o r new c a p i t a l i n December i s 925 m i l l i o n d o l l a r s , more
than 50 per cent g r e a t e r than the volume in December 195U* Fourth
quarter o f f e r i n g s are expected to t o t a l 2,775 m i l l i o n d o l l a r s , which
would be the l a r g e s t quarter on r e c o r d .
The volume f o r the year as
a whole would be 9,030 million d o l l a r s , a t o t a l s l i g h t l y l a r g e r than
i n the previous peak y e a r ' o f 1952.
S t a t e and l o c a l government i s s u e s f o r December are curr e n t l y estimated a t ^00 m i l l i o n d o l l a r s , l e s s than one-half the
unusually l a r g e volume f o r t h a t month a y e a r ago. (The t o t a l f o r
l a s t December included proceeds from the 335 m i l l i o n d o l l a r New York
Power Authority o f f e r i n g . ) No veiy. l a r g e i s s u e s are expected t o be
o f f e r e d t h i s December? however, the volume of small-* and medium-sized
i s s u e s continues to be heavy as i n r e c e n t months.
„Despite t h e lower outlook f o r December, o f f e r i n g s f o r t h e
whole f o u r t h q u a r t e r are expected t o t o t a l 1,925 m i l l i o n d o l l a r s ,
and a t t h a t volume, would r e p r e s e n t t h e ' l a r g e s t q u a r t e r since the
second period of 195b« The t o t a l f o r the y e a r , however, i s l i k e l y
to be about 15 per cent below t h a t of l a s t y e a r .
,
Bond y i e l d s - S t a t e and l o c a l government bond y i e l d s
jumped sharply during the week ending December 2 but are s t i l l
below t h e September highs. Aaa bond y i e l d s rose s i x b a s i s p o i n t s ,
and y i e l d s on Baa and revenue bonds increased f o u r b a s i s p o i n t s .




H.1U

-2-

Corporate Aaa bond y i e l d s increased s l i g h t l y while y i e l d s
on corporate Baa bonds and Treasury o b l i g a t i o n s remained s t a b l e .
L i t t l e change has occurred i n these s e r i e s so f a r t h i s week.
As shown i n Exhibit G, y i e l d s on newly-offered 30-year
e l e c t r i c power bonds with Aa-ratings a r e seven b a s i s p o i n t s above
y i e l d s on s i m i l a r l y r a t e d outstanding bonds w i t h . s l i g h t l y s h o r t e r
m a t u r i t y , the same spread as f o r bonds o f f e r e d i n mid-October.
Stock p r i c e s - The SEC index of 265 common stocks decreased
3.3 points i n t h e week ending December 2 to a l e v e l of 265*0. P r i c e s
have continued t o f l u c t u a t e i n a r e l a t i v e l y narrow range t h i s week
but rose s l i g h t l y from the previous week's ending.
Corporate S e c u r i t y O f f e r i n g s
i n the F i r s t Nine Months, 1952-1955
Net proceeds of corporate o f f e r i n g s f o r new c a p i t a l
Corporate s e c u r i t y i s s u e s f o r new c a p i t a l during the f i r s t
nine months of 1955 t o t a l e d 6 . 3 b i l l i o n d o l l a r s , as shown in Table 1 ,
almost 12 per cent more than the corresponding volume i n 195b but
s l i g h t l y l e s s than the t o t a l of such i s s u e s o f f e r e d in t h e comparable
period of the record y e a r of 1952. The.volume of such corporate f i n a n c ing i n the t h i r d q u a r t e r t h i s year was 1.9 b i l l i o n d o l l a r s .
Manufacturing corporations were the most important i s s u e r s
of s e c u r i t i e s during the f i r s t nine months of t h i s y e a r , as i n 1952.
This was a major s h i f t from the i n d u s t r i a l p a t t e r n in t h e previous
two y e a r s , when e l e c t r i c , gas and water u t i l i t i e s were the l a r g e s t
issuers.
So f a r t h i s y e a r , manufacturing companies have f l o a t e d
2.0 b i l l i o n d o l l a r s of i s s u e s , about 1*00 m i l l i o n more than i n the
corresponding p e r i o d s of e i t h e r 1953 or 195k, but 700 m i l l i o n l e s s
than the record 1952 -volume. E l e c t r i c , gas and water company o f f e r ings t o t a l e d only 1.6 b i l l i o n d o l l a r s f o r the f i r s t t h r e e q u a r t e r s
t h i s year i n c o n t r a s t with 2 . 1 and 2 . 3 b i l l i o n in 1953 and 195U
r e s p e c t i v e l y . As usual in the t h i r d q u a r t e r , u t i l i t y f i n a n c i n g
dropped off from the f i r s t half l e v e l .
Real e s t a t e and f i n a n c e companies have i s s u e d 1 . 5 b i l l i o n d o l l a r s so f a r in 1955, a new high f o r t h e f i r s t nine months of any
y e a r . For the f i r s t q u a r t e r since the s e r i e s began (1934), t h i s
group was the l a r g e s t i s s u e r in t h e July-September period t h i s y e a r .
Financing try r e a l e s t a t e and finance companies was small i n 1952
and 195kj but almost as g r e a t in 1953 as t h i s y e a r . Sales f i n a n c e
and personal loan company i s s u e s accounted f o r most of the f l u c t u a t i o n s i n the f i n a n c i n g volume.
Consumer f i n a n c e companies sold 1 . 1 b i l l i o n d o l l a r s of
S e c u r i t i e s during the f i r s t nine months of t h i s y e a r , only s l i g h t l y




-3l e s s than t h e volume of the corresponding period of 195>3• In the
t h i r d p e r i o d , s e c u r i t y s a l e s \sy consumer f i n a n c e companies t o t a l e d
h77 m i l l i o n d o l l a r s , a q u a r t e r l y volume second only t o the April-June
period of 1953 • Two very l a r g e debenture i s s u e s — t h e 200 m i l l i o n
d o l l a r GMAC and the 100 m i l l i o n GIT Financial issues—-accounted f o r
more than one-half the t o t a l f o r • s u c h o f f e r i n g s i n the t h i r d q u a r t e r .
Motor v e h i c l e companies as a group f l o a t e d the l a r g e s t
volume of i s s u e s within manufacturing in t h e f i r s t t h r e e q u a r t e r s
t h i s y e a r , with o f f e r i n g s of 1*05 m i l l i o n d o l l a r s . Second in importance was the iron and s t e e l group, with 275 m i l l i o n d o l l a r s of
i s s u e s . Last year the iron and s t e e l group was f i r s t and the machinery group the second l a r g e s t , and motor v e h i c l e companies were seventh on the l i s t .
Single l a r g e i s s u e s accounted f o r a major p o r t i o n of manu f a c t u r i n g s e c u r i t y o f f e r i n g s i n the f i r s t nine months of 1955' In
the motor v e h i c l e group, the General Motors common stock i s s u e amounted
to 325 m i l l i o n d o l l a r s of the t o t a l of U05 m i l l i o n . In t h e i r o n and
s t e e l group, the Bethlehem S t e e l debenture o f f e r i n g of 192 m i l l i o n
d o l l a r s represented 70 per cent of the t o t a l .
There were no very l a r g e ' s i n g l e manufacturing i s s u e s in
the t h i r d q u a r t e r of 1955 > but i n s e v e r a l i n d u s t r i e s — n o n f e r r o u s
metal, rubber and paper—there was more financing than in the whole
f i r s t half.
Total gross proceeds of corporate o f f e r i n g s
Gross proceeds from a l l corporate issues—as d i s t i n g u i s h e d
from the n e t proceeds of o f f e r i n g s f o r new c a p i t a l described a b o v e t o t a l e d 7«U b i l l i o n d o l l a r s in the f i r s t nine months of 1955 (see
Table 2 ) . This t o t a l was from f o u r to 11 per cent more than in the
corresponding periods of t h e t h r e e previous y e a r s . Refunding i s s u e s t h i s year were more than twice as l a r g e
as i n 1952. The volume of refunding a c c o u n t s ' f o r t h e increase in
t o t a l s e c u r i t y o f f e r i n g s , i n c o n t r a s t to the s l i g h t decrease i n
o f f e r i n g s f o r new c a p i t a l shown in Table 1 .
Public i s s u e s t o t a l e d U.9 b i l l i o n d o l l a r s f o r the nine
months of 1955* Representing t wo - t h i r d s of t o t a l s e c u r i t y o f f e r i n g s , these public i s s u e s were a s l i g h t l y g r e a t e r proportion of
t o t a l s e c u r i t y f i n a n c i n g than i n e a r l i e r y e a r s . In p a r t , the i n c r e a s e of public i s s u e s r e f l e c t s the extremely heavy volume of com- •
mon stock f i n a n c i n g so f a r i n 1955—1*7 b i l l i o n d o l l a r s out of the
t o t a l of 7*U b i l l i o n of gross proceeds. P r e f e r r e d stock f i n a n c i n g
t o t a l e d U71 m i l l i o n d o l l a r s so f a r i n 1955, about 30 per cent l e s s
than the unusually l a r g e volume l a s t y e a r .
Total debt o f f e r i n g s were 5*2 b i l l i o n d o l l a r s in t h e f i r s t
t h r e e q u a r t e r s , somewhat l e s s r e l a t i v e to t o t a l i s s u e s than e a r l i e r .
Convertible s e c u r i t y issues—mostly bonds—have been s i z e a b l e i n
1955, 563 million d o l l a r s compared to 190 m i l l i o n l a s t y e a r .




H «l4

~U—
:

.
Table 1

:

I

Corporate Security Offerings f o r Few C a p i t a l
by Type of Business of Issuer
F i r s t Nine Months, 1 9 # - 1 9 5 5
(Net proceeds in m i l l i o n s of d o l l a r s )
Type of business

F i r s t nine months
1955

1.

1954

1

1953

1952

1

A l l corporate o f f e r i n g s

6,25k

5,593

6,050

6,526

Manufacturing
Primary i r o n and s t e e l
Primary nonferrous metals
. Machinery
Motor v e h i c l e s and equipment
Chemicals
Rubber
Petroleum
Paper
Other 1 /

1^61
275
103
178
405
132
- l6o
91
86
531

h&l
357
142
211
86
117
23 *
176
100
331

M72
100
51
228
15
#6
32
330 •
107
298

2,679
ITS
275
577
12
657
131
252
110
489

E l e c t r i c , gas and water u t i l i t i e s

1,564

2,263

2,134

2,002

273

489

244

641

Communication
Railroad

149

Other t r a n s p o r t a t i o n

179

Commercial and other

• 297

178

2#

297

319

128

1,534
1,111
423

392
2^
164

1,369

Mining
F i n a n c i a l and r e a l e s t a t e
Consumer f i n a n c e companies
Other

•

149

193

227

259

208

378
)
)
)

200

1/ Includes small volume of f o r e i g n i s s u e s not f u r t h e r c l a s s i f i e d in t h e
manufacturing group.
Mote.—Details may not add t o t o t a l s due t o rounding.
Source;,—Securities and Exchange Commission and F e d e r a l Reserve.




314
285
lb?
118

"5"

• H.lli

Table 2
Total

Corporate Security Offerings by Type of Issue
F i r s t Nine Months, 1952-1955
(Gross proceeds i n m i l l i o n s of d o l l a r s )
F i r s t n i n e months
19#

1 1954

1953

1 1952

Total corporate o f f e r i n g s

7,435

6,916

6,358

7,133

Type of o f f e r i n g
Public
Private

4,903
2,531

4,443
2,502

3,886
2,471

4,457
2,676

Type of s e c u r i t y
Bonds and notes
Public
Private

5,219
2,831
2, l a s

5,500
3,130
2,370

SSI

Type of issue

5,624
2,979
2,645

471

665

391

480

1,715

781

996

1,030

P r e f e r r e d stock
Common stock

1

Note,— D e t a i l s may n o t add to t o t a l s due to rounding.
S o u r c e . — S e c u r i t i e s and Exchange Commission.

More d e t a i l e d information' concerning r e c e n t market developments i s presented in t h e attached e x h i b i t s .

Business Finance and Capital Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of the Federal Reserve System.




H I G H - G R A D E BOND YIELDS
Weekly

CORPORATE A a a

U. S. GOVERNMENT

STATE AND LOCAL
GOVERNMENT A a a

1953

Corporate
Aaa 1 /

U . S . Govt.
' long-term 2 /

State and l o c a l
g o v t . , Aaa 3 /

Spread between
U . S . Govt, and
Corporate S t a t e and
l o c a l Aaa

(Per cent)
1952 - Midi
Lor
1953 - High
Low
1951 - High
Low
1955 - High
Low
November
November
November
November
December

It
11
18
25
2

3 . 0 3 (1/li)
2.91 (2/15)
3.1*2 ( 6 / 1 9 )
2.99 (1/9)
3.09(1/8)
2 . 8 5 (ii/23)
3.1k (9/9)
2.91 (1/7)
3.10
3.08
3.08
3.11
.3*12

2.79
2.56
3.15
2.78
2.71
2.kk
2.9k
2.62
2.79
2.83
2.86
2.88
2.88

(12/27)
(5/17)
(6/6)
(12/26)
(1/9)
(8/7)
(8/5)
(1/7)

2.00
1.65
2.73
1.98
2.21
1.90
2.3k
2.05
2.19
2.19
2.19
2.21
2.27

(10/23)
(5/1)
( 6/25)
(1/8)
(6/10)
(9/2)
(9/8)
(5/26)

.37
.19
.38
.19
.k3
.32
.3k
.13

1.02
.71
.8L
.30
.61
.29
.70

.31
.25
.22
.23
.2k

.60
.6k
.67
.67
.61

3 / Weekly average of d a i l y f i g u r e s . Average term of bonds included i s 25-26
years.
2 / Weekly average of d a i l y f i g u r e s ; old s e r i e s . Average term t o f i r s t c a l l
of bonds included i s 11-lk y e a r s .
3 / Thursday f i g u r e s . Only general o b l i g a t i o n bands are included; average
term I s 20 y e a r s .
Note.—Highs and lows are f o r individu&l s e r i e s and may be cn d i f f e r e n t dates
for different series.




L O W E R - G R A D E BOND YIELDS

Per cent p e r <

Weekly

t • I

CORPORATE B a a

STATE AND LOCAL GOVT. B a a

STATE AND LOCAL GOVT. REVENUE

S t a t e and
Ideal govt.
Baa 2 /

Corporate
Baa 1 /

Date

S t a t e and
l o c a l govt,
rev. d/

(Per cent)

1951 - High
Low
1955 - High
Loir

3.63
348
3.89
3.50
3.7h
3. a
3.59
345

October 28
November 1*
November 11
November 18
November 25
December 2

3.58
3.59
3.58
3.58
3.59
3.59

1952 - High
1953 - High

SJ

iiaon-Lj c» a .

3.25 (9/22).
3.02 ( 1 / 6 )

2.69
2.27
3.27
2.71
3.00
2.72
2.95
2.76

3.19
3.19
3.20
3.2U

2.87
2.86
2.86
2.86
2.88
2.92

2.98
248
3.79
2.96

(lA)
(5/16)
(9/18)
(1/2)
(1/8)
(12/31)
(12/2)
(1M)

(10/23)
(V17)
(6/25)
(1/8)

I f , is®

*

f 4 cr rm OQ .

(12/19)
(V25)
(6/26)
(1/2)
(1/1)
(8/13)
<9/2)
(1/7)

pre
of bonds
A VA
7*Aterm
|
"

included i s 25-26 y e a r s .
2 / Thursday f i g u r e s . Only general o b l i g a t i o n bonds are
included; average term i s 20 y e a r s .
.
V Friday f i g u r e s . Average r a t i n g of bonds included i s
between Baa and Aj average term i s 20 y e a r s .

Note.—Highs and lows are f o r i n d i v i d u a l s e r i e s and may
for different series.

be on d i f f e r e n t dates



Stock price
index 1/

Cannon
Trading
volume 2/
(millions yields
of shares) (per cent)

Stock market customer credit
Customers'
Total debit bal- loans to .
"others" 2J
(Millions of dollars)

165.3
151.7
167.1
1W.0
221
156.5

(12/26)
(10/2U)
(1/2)
(9/18)
(12/31)
(1/6)

2.0

1.5

265)0
H i

267.2
268.3
265.0

•

5.77

1,986
1,801!

0 1
8
0.9
2.5
0.9

2.0
2.3
1.9
2.3
2.5
2.2
2.5

ii.20
4.22
3.78

4.12

4.09

656

t s
3

£
664

3,537

1,653
2,805
2,517

1,018

3,9^

2,71*9

1*195

1,217

1)215

1,217
1,217
1,217

n.a.—Not available.
1/ SEC index of 265 common stocks, weekly closing prices, 1939-100j converted
to 1957-49-100 by Federal Reserve. The conversion factor i s 123.91.
2/ Averages of daily trading volume on the New York Stock Exchange.
~t/ Moody's 200 common stocks; end of month figures.
4 / End of month figures for member firms of the New York Stock Exchange which
carry margin accounts; excludes balances secured by D. S. Government obligations.
£ / Wednesday figures for weekly reporting member banks. Excludes a l l loans
for purchasing or carrying U. S. Governments for 1952; since 1953 only these loans
at bante in New York and Chicago are excluded. Weekly reporting banks account f o r
about 72 per cent of loans to others.
Note.—Higfas and lows are for individual series and may be on different dates
for different series.




Exhibit D
Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
(In m i l l i o n s of d o l l a r s )

1955
January
February
March

1

Corporate
1954
1

Mew c a p i t a l
1953
623
623
666

390
360
426

779
.675
1,123

427
350
641

734
748
853

329
649
434

483
325
753

470
249
4o6

279
261
649

519
259
475

e/900
e/625
e/400

594
423
877

453
408
774

1,912
1,385
1,418
2,578
1,561 2 /
1,124
2,444 y e / l , 9 2 5
e/5,850
8,495

1,372
2,334
1,188
1,894
6,789

1,176
1,412
1,253
1,636
5,477

April
May
June

m
903
697

497
656
812

July
'
August
September-

583
65 4
680

909
335
747

e/1,200
~ e/650
e/925

1,003
290
604

577
# 9 2/
1,438 ^

2,243
2,09k
1,917
e/2,775
e/9,030

1,608
1,995
1,991
1,896
7,490

October
- November
December
1 s t quarter
2nd q u a r t e r
3rd q u a r t e r
4th q u a r t e r
Year . .

1953

396
411
5#

547
Ii26
635

;

S t a t e and l o c a l
1 1954
1

535
312
#8

546
436
1,261

.

1955
.

.

Excluding f i n a n c e companies 3 /

•

1st quarter
2nd q u a r t e r
3rd q u a r t e r
4th quarter
Year

1,791
1,912
1,441
e/2,575
e/7,719

1,527
1,927
1,911
1,792
7,158

1,669
1,991
- 1,223 •
.2,344
7,227

e / Estimated.
'
1 / Includes 637*2 m i l l i o n d o l l a r AT&T c o n v e r t i b l e debenture i s s u e .
2 / Includes 602.5 m i l l i o n d o l l a r AT&T c o n v e r t i b l e debenture i s s u e .
3 / T o t a l new c a p i t a l i s s u e s excluding o f f e r i n g s o f . s a l e s and personal f i n a n c e
companies.
Note.—Details may n o t add t o t o t a l s due t o rounding.




Iti

H.llt

Exhibit E
Large Public S e c u r i t y I s s u e s f o r New C a p i t a l
(Other than U. S . Treasury) 1/
Proceeds of Large Issues Offered
(Llillions of "dollars)
Corporate

Month

S t a t e and
l o c a l government

to

195k - October
November
December
1955 - January
February
March
April
May
June
July
August
September
October
^
November

388
268
689
• 3hl
107
337
238
152
k03
278
65
-23k
716
396

0
121
mi
63
750
173
183
175
101
ho$
328
805
269

Other 2 /

„
30
35
15
——
• —•

25

Large I n d i v i d u a l Issues Offered during November
Issuer

Type 3 /

Coupon
Amount
r a t e o r . Offering Rating
p i l l i o n s Maturity
yield
net i n t e r of
e s t cost
dollars)

CORPORATE
United Gas
Nevr England T e l . & T e l .
National Tea Co. '
Pacific lighting
Michigan Consolidated Gas
Commonwealth Edison
Southern Co.
Kimberly-Clark Corp.
San Die go Gas & E l e c .
. Baltimore Gas & Elec.
Wheeling S t e e l

1st & coll. bds.,
Deb.
Conv. SF deb.
P f d . stock
1st mtg. bds.
Common s t k .
Common s t k .
Common s t k .
1st mtg. bds.
lst&ref.bds.
Conv. deb.




20.0
30.0
15.0
20.0
30.0
bl.6
26,k
18.6
18.0
30.0
19.1

3 3/8
3 1/4
3 1/2

3.25
3.20
3.38

1980

3 1/2

3.35

A

3 1A
3 1/4
3 3A

3.27
3.22
3.75

Aa •
Aaa
Baa

.1985
1990
1975

.

'

A
Aa
Baa

1975
1991
1980

H «ll; -

E-2

Large Individual Issues Offered during November (Cont'd)
Issuer

Type 3/

Amount
Coupon
(millions Maturity r a t e or
Offering Rating
yield
of
net i n t e r dollars)
e s t cost

STATE & LOCAL GOVERNIiENT
Florida S t a t e Board of
Education
S t a t e of C a l i f o r n i a
T e r r i t o r y of Hawaii
Port of New Orleans, La.
Hamilton County, Ohio
S t a t e of Oklahoma
Dallas, Texas
S t . Louis Bd. of Educat i o n , Missouri
Md. State Roads Commission
Commonwealth of Mass.
Sonoma Co. Flood Control
& TTater Conservation
Dist,, Calif.
Ga«, Rural Roads Auth.
Orlando, Florida
' New York, New York
Port of New York Auth.
Oakdale I r r i g a t i o n
Dist., Calif.
South San Joaquin I r r i gation D i s t . , C a l i f .

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

10.6

60.0
7.5

10.0

5.6
9.0
10.0

G.O.

6.5

L.L.
G.O.

15.0
159.8

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

5.7
Ht.5
5.1*

Rev.

1957-76
1957-81
1958-75
1960-90
1956-75

2.87
2.17
2.1*1*
2.62

2.06

1.75
2.38

1.90-2.82
1.50-2.30
1,80-2.50
2.00-2.70
1,50-2.10
1,35-1*65
1.50-2.1:5

A Aa
A
A
Aaa
Aa
A .

1957-75

2.07

1.1*0-2.10 , Aa

1956-70
1956-2005

2.1*2
2.31

1,60—2 0I4.5
1.50-2.60

Aa
Aa

1960-9L
1957-71
1956-81
1956-70
1983

2.58
2,70
2,82
2,66
2.96

1,75-2.90
1.75-2.70
1,75-2.85
1,75-2,70
2.90

Aa
A
A
A
A

5.3

2001*

3.01

3.00

—

5.3

2002*

3 . Oh

3.00

—

50.0
16.0

OTHER
Union of South Africa
~

Bds.

25.0

1958-65 3 7/8-1* l A 3.88-1*.1*1*

A

1 / Includes corporate and other s e c u r i t y o f f e r i n g s of 15 million d o l l a r s and
o v e r s t a t e and l o c a l government s e c u r i t y o f f e r i n g s of 5 million and over.
2 / Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s ,
3/ In t h e case of S t a t e and l o c a l government s e c u r i t i e s , G.O. denotes gene r a l obligation; Rev,, revenue bonds; L.L., limited l i a b i l i t y obligations secured
by pledge of designated revenues.
h / 1960-61 m a t u r i t i e s not r e o f f e r e d .




H.lk

Exhibit F

Forthcoming Large Public S e c u r i t y Offerings f o r New C a p i t a l
(Other than U . S . Treasury) 1 /
Expected Proceeds from Forthcoming Large I s s u e s
During month f o l l o w i n g
date shown
S t a t e . a n d Other 2 /
l o c a l govt.

Date of
computation

Corporate

19$k - Nov. 30
Dec. 31
1955 - J a n . 31
Feb. 28
liar. 31
Apr. 29
May 31
June 30
J u l y 29
Aug. 31
Sept. 30
Oct. 31
Nov. 30

.

9h
m
16
710
211
1*25
160
67
U07
222
805
202
215

661
267
682
-

30

208
116
339
3kh
100
13U
81+3
330
30^

———
——

50

Subsequent to
date shram
S t a t e and Other 2/
l o c a l govt.

Corporate
2k6
216
i|22
1,395
922
1,141
850
830
1,135
920
' 909
1*12
230

2,6%
2}lbh
1,961
1,978
2,009
1,917
1,861
1,8#
2,018
1,971
2,205
1,650
756

30
35
—
——

50

Forthcoming Largo O f f e r i n g s , as of December 2
Type

Issuer

Amount
Approximate d a t e
(millions
of o f f e r i n g
of d o l l a r s )

CORPORATE
Radio Corporation of America
Consolidated Edison Co, of New York
Connecticut Light and Power
New Jersey Bel]. Telephone
Sheraton Corporation of America

Conv. deb. .
100.0
1 s t & r e f . b d s . i 70.0
1 s t % r e f . bds.
20.0
Deb.
.25.0
Deb.
15.0

December
December
December
December
1956 .

5
6
8
Ik

December
December
December
December
December
December
December
December
December
December

5
6
6
7
%
13
13
13 .
13
13

" STATE AND LOCAL GOVE'mrCIIT

§

•frpend O r e i l l e Co., Washington
Onondaga Co. uater Authority, N. I .
Los Angelas, C a l i f o r n i a
Cook County, I l l i n o i s
New York Thruway
. C a l i f o r n i a T o l l Bridge A u t h o r i t y
Milwaukee, Wisconsin.
•it-Newark, New J e r s e y
#Long Beach Unified School D i s t r i c t ,
California




'

Rev.
Rev.
G.O.
G.0-.
G.R. •
Rev.
G.O.
G.O.

Th.h
12.6
20.0
6.8
50.0
16.0 .
6.9
5.0

n.a.

10.0

H.ll*

F-2
Forthcoming Large Offerings-, as of December 2 (Cont'd)
Type

Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

STATiZ Aim LOCAL GWEmiEENT (Cont'd)
S t a t e of South Carolina
San "Francisco,. C a l i f o r n i a
Los Angeles, C a l i f o r n i a
•xState of Colorado
*5ah Diego, C a l i f o r n i a
^ S p r i n g f i e l d , Ohio
Inter-American Center Auth., F l a .
Oklahoma Turnpike Authority
Pennsylvania Turnpike Commission
Washington S t a t e T o l l Bridge Auth.
S a l t River P r o j e c t , Arizona
Connecticut Expressway
.
. OTHER
• Quebec Hydro-Electric Commission

. ' G.O.,
n.a.
n.a.
Rev.
n.a.
n.a.
Rev.
Rev. .
Rev.
Rev.
n.a.
Rev.
SF deb.

20.0
13.3
38.0
8.0
. 9.5
5.2
25.0
65.0
62.0
227.0
11.0
100.0
50.0

. December li;
December 19
J anuary 10
January 10
January 17
January 17
1956
1956
1956
1956
1956
. 1956
December 13

—Included in t a b l e f o r f i r s t time.
1 / Includes corporate and other i s s u e s of 15 m i l l i o n d o l l a r s and over; S t a t e
and l o c a l government i s s u e s of 5 million and over.
2 / Includes f o r e i g i government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s .




Exhibit G
Yields on Nev.r and Outstanding
E l e c t r i c Pow'jsr Bonds, Rated Aa and A 1/
A-rated o f f e r i n g y i e l d s
Aa-rated o f f e r i n g y i e l d s
Amount above
Amount above
Actual
Actual
seasoned
y
i
e
l
d
s
(per cent)
(per c e n t ) seasoned y i e l d s
(basis points)
(basis points)

Date
1952 average

3.35

12

16

3.78

26

3

. 3.12

-3

3.19
3.01
*2.93
2.9?
3.00
*3.00
None
None
3.02
3,03
None
None

6
-1
0
5
h
i

*3.35
*3.20
3.05
3.10
3.14
3.14
*3.13
3.11
*3.10
3.10

2
-1
-10
-6
0
-2
-1
-1
-3
-2

*3.15
*3.14
*3.17
None
*3.22
*3.20
None

13
7
8

3.16

13

1953 average

3.46

195k average

3.03

195k - January
February
March
April
May
July
August
September
October
November
December

{

1955 - January
February
March
April
May
July
August 31
September lit
21
October 19 20
27
November 30

3.32 :
3.25
3.27

3
3

-

10
7 .
—

10
7

.

3.11

0

None
*3.23
3.29
3.31
3.35
*3.30
None

9
14
16
14
10

3.57
3*50

30
23

3.25.
3.30

-7
-4

—

7

* Single observation, not an average.
1/ Covers only 30-year f i r s t mortgage bonds, an r e p o r t e d i n Moody's Bond
Survey. Except where i n d i c a t e d , the a c t u a l y i e l d f i g u r e and t h e amount above
seasoned y i e l d s a r e averages of o f f e r i n g s during t h e i n d i c a t e d p e r i o d and of
t h e d i f f e r e n c e s between t h e s e new o f f e r i n g y i e l d s and y i e l d s on seasoned i s s u e s
of s i m i l a r q u a l i t y f o r the same day. The number of new i s s u e s included i n t h e
monthly averages v a r i e s from 2 t o it except f o r October 1954 when 6 i s s u e s were
included. Average maturity f o r the seasoned i s s u e s v a r i e s from 26 t o 28 y e a r s .