Full text of H.16 Capital Market Developments : March 11, 1963

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/

Not for Publication DECONTROLLED AFTER SIX MONTHS
March 11, 1963.
LIBRARY

M A R 1 3 1963

•

( P.APTTAT. MAftTfET. TYRXIFT•O'PMF.'NTS
— I W THE UNITED STATES

FuDCTtAL RESET.T r.UM
OF

•

j
'he volume of public security.financing to obtain new capital
was fairb substantial last week and is expected to be somewhat larger
this week. During the week ending March 8. two large corporate issues
totaling $55 million and five State and local government bond issues
amounting to $97 million were offered. This week, ending March lju
two corporate issues totaling $35 million and a State of Illinois bond
issue with par value of $150 million are definitely scheduled, and
another $27 million State and local offering may be sold by negotiation.

Bond yields. Yields on most seasoned, long-term bonds were
stable last week. U. S. Government bond yields fell two basis points
to 3.92 per cent, but yields on corporate and State and local government
bonds were stable.
Yields on new corporate bond offerings, adjusted to an Aaa
basis, averaged 4.25 per cent last week, eleven basis points higher
than the previous week; most of this increase, however, was probably
due to the special characteristics of one of last week's offerings.
Short- and intermediate-term interest rates. Yields on
Treasury bill's and on 3-5 year U. S. Government obligations fell one
basis point each last week. The average effective Federal funds rate
continued at 3.00 per cent. Other rates were unchanged.
FNMA secondary market operations. Secondary market purchases
of mortgages by the Federal National Mortgage Association in January,
at $14.3 million, were little changed from the reduced December volume,
the smallest since the autumn of 1958. Offerings to FNMA, also continued relatively limited and were only slightly greater than purchases.
Sales to FNMA, which had begun to revive in November, expanded further
in January to $45.3 million. This was the largest amount for any month
since June.
In an attempt to counter these developments, FNMA raised its
selling prices to private investor's by 1/2 point, in early February.
Soon after it also introduced a 1/2 point increase in its buying price
for certain mortgages offered to it for immediate purchase. Excluded
from this action, however, were 5-3/4 per cent mortgages, prices for
which were already at the legal maximum of 100.
S.tock prices. Common stock prices advanced rather sharply last
week in moderate trading, recovering about one-half of the losses
of the two preceding weeks. Prices, as measured by standard and Poor's
composite index of 500 stocks, rose almost two per cent to close at 65.33
on March 8. Trading volume averaged 3.3 million shares a day, 0.5
million shares less than the average for the previous week and the lowest
weekly average since last October.




6

-2-

More detailed information concerning recent capital market
developments is presented in the attached exhibits.

ye'

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




,$
If
<

3

E X H I B I T A , Poll I

LONG-TERM BOND YIELDS, HIGH-GRADE

U. $. GOVUHMIHT

mi.
Exhibit A - Part II

Date

Corporate
Aaa 1/

U. 8. Govt,
long-term 2/

State and
local
government
Aaa 3/

Spread between
U. S. Govt. and
State and
Corporate
Aaa
local Aaa

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low
Feb.
Feb.
Feb.
Mar.
y Mar.

8
15
22
1
8 £/

3.55
4.61
4. 21
4.46
4.23
4.22
4.19

(5/2)
(1/29/60)
(3/17/61)
(9/15)
(12/28)
(1/4)
(3/8)

4.19
4.19
4.19
4.19
4.19 /

3,07 (4/25)
4.42 (3/8/60)
3. 70 (5/12/61)
4.07 (32/29)
3.85 (12/28)
3.94 (3/1)
3.87 (1/18)

2.64 (5/1)
3.65 (9/24/59)
2.99 (9/3/60)
3.37 (7/6)
2.88 (13/8)
3.02(3/7)
2.94(1/17)

.22
.59
.19
•57
.3Q
.35
.25

.96
.90

3.92
3.91
3.92
3.94
3.92

2.98
2.98
2.98
3.02
3.02 •

.27
.28
.27
.25
.27

.94
,93
.94
.92
.90

.34
.92
.46
.76

.80

Preliminary.
Weekly average of daily figures. Average tero ctf tend# included is 22-24 years.
y
Weekly average of daily figures. The aeries includes bonds due or callable in 10 years or rrore»
3/ Thursday figures. Only general obligation bonis are included# average term is 20 years,
note.—Highs and lows are lor individual series and may be on different dates for different
series. For spreads, high refers to widest, and low to narrowest.

t.




<
EXHIBIT e, POM I
[LONG-TERM BONO YIELDS, LOWER-GRADE

all

•0!

eimm
f Mo»dy'»

h

V

An
uy r v

X

t\f

^

-

x

.. 1
SUTl 4NB 10Ca GojmtiiN! lei
Me ody't

V v

Ml

J-Uvl 1 1 1 1 1111
1 1ii 111111 1 1,1 1 1 1 II 1 1
II 11 1 II II II
1 11 II 1 II 1 11 11M 1 1 1 1 W A
ilTi
Exhibit B - Part II

Corporate
. Baa 1/

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
State and
Corporate
local govt.

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low
Feb..
Feb.
Feb.
Mar.
^Mar.

8
15
22
1
8 j>/

Note: Tor footnote*.

4.51
5.36
4.98
•5.13
4. 92
4.93
4.88

(7/11)
(2/12/60)
(9/9/60)
(10/27)
(1^21).
(1/4)
(3/8)

4.90
4.90
4.88
4.88
4.88 >
Exhibit A,




3.64
4.46
3*93
4.16

(5/1)
(1/7/60)
(12/9/61)
(3/23)

.77
.84

1.08

!:S m

3.55 (1/24)

,81
.63
.71
.69

.57
.93
.56
.63
.55

3.57
3.57
3.57
3.57
3.57

.71
.71
.69
.69
.69

.59
.59
.59
.55
.55

.66

.93

SHORT- AND INTERMEDIATE- TERM INTEREST RATES, GOVERNMENT

2|

$ t i l l ISSUES

MONTH IIUS
Market Yield

i n 1111 n i M i niiit it 1111 n111i11111 i i 1 1 1 n i n 1 1 h 1 1 1 i n i n I n 1 1 1 1 n 1 1 ii
19$ I
MS*
mo
Ittl
1M1
11*3,
Exhibit C m Part II
Discount
rate

1958 - tow
1959-60 High
1960-61 Low
1961-62 High
1962 * Low
1963 - High
Low
Feb.
Feb.
Feb.
War.
Mar.

8
15
22
1
8 g/

t

z

s

n

3-5 year
issues 2/

Spread between yields on 3
month bill# and vielda SSL.
6-mo. bill»13-5 vr. Issues

1.75
4.00
3.00
3.00
3.00
3.00
3.00

• 58 (5/29)
4.59 (1/8/60)
2.11 (10/28/60)
2.97 (7/13/62)
2.65 (Ve)
'2.95 (2/8)
2.89 (3/8)

3.02 (1^26) 2.14 (6/6)
5.07 (3/6/60)5.00 (13/24/59)
2.35 (4/20/61%. 15 (S/1%/61)
3.13 (7/20/62)3.88 [Z/Z/6Z)
2.74(6/8)
3.41 (1^28)
3.00 (2/8) 3.50 (3/1)
2,93 (3/8) 3.44 (1/18)

3.00
3.00
3.00
3.00
3.00

2.95
2.93
2.90
2.90
2.89 J

3.00.
2,99
2.96
2.94
2.93

1/ Weekly rate
y

Yields
6-month
bills 2/
(per cent)

3-month
bill. 2/

V,

3.47
3.46
3.46
3.50
3.49

• 26
.79
.12
.44

.02

. 06 „

.04

1.81
.38
1.51
.52

.60

.04

.52

.05

.52
.53
.56

.06

.06

.60
.60

.04
.04

it that in affect at end of period at the red*ml Raaarv, Bank of N e 7 * o r £ T —
&

x

i

g

s

z




.

,

r

a

m

^

^

u.».

EXHIBIT D, fort I
S l l O R T - AND INTERMEDIATE- TERM INTEREST RATES,
BANKS A N D OTHER PRIVATE BORROWERS

STOCK EXCHANGE
CAU 10ANS
d o i n g * o l «

t

. I ^ B I S C q U N T
New
York

I A T I

PIIAl fUN»S

E f f e t l l v e

R a t

LLLLLL I I I I I I I I H I I I I I II II IIIIII
I I I I I I I I I I I I I I I I I I I I I I I II I
1**1 i
lit! |
:m»]
! 1*5*
-I
Exhibit D - Part II
Stock Exchange
call loan 1/

Prime
rate 1/

Finance company
paper 2/

Federal
funds 3/

Spread between "2$
3-mo. bills and X
finance co. paper

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961-62 - High
1962 - Low
1963 - High
Low
Feb . 8
Feb. 15
Feb.. 22
Mar. 1
Mar. 8 ]>/
""

3.50
5.50
4.5»
. 4.50 <
4.504.50'
4.50
4.50
4.50
4.50
4.50
4.50

3.50
5.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
. 4.50
4.50
4.50

1.13 (6/6) .
5.13 (3/22/60):
2.50 (8/5/61)
3.25 (7/20/62)
2.88(6/1)
3.25 (1/11)
3.13 (3/8)

.13
4.00
.43
3.00
1.30
3.00
2.70

3.13
3.13
3.13
3.13
3.13

3.00
3.00
3.00
3.00
3.00

(5/29)
(5/13/60)
(3/27/61)
(13/28/62)
(3/26);
(3/8)
(1/11V-)

-.35
1.02
.11
.56
.19
.36 *
.18

I

.18
.20
.23
.23
.24

Weekly rate sham is that In effect at end of period. Stock Exchange call loan rate ia go*ag"%&te > J:;
on call loans secured by oust oners' stock exchange collate ral at New York City banks.. Prla*-¥%te
-*Y.
is that changed by large banks on short-term loans to hit&nass borrowers of the highest oredW*
•:

2/ Average^of daily rates published by finance companies for directly placed pqaer f or varyingtirturitieVdf
in the 90-179 day range,
V •
3/ Weekly average of daily effective rate, which is the rate far the heaviest tolvune of
v
'
sale transactions' as reported to the Federal Reserve Bank of New York.
Note .—Highs and 'XwS-i.re for individual series and may be on different dates for different
ForFRASER
sproads, big! refers to widest, and low to narrowest* .
Digitized for



7

EXHIBIT E. Port I

STOCK MARKET

STOCK HAIKU CREDIT
* . CHANCE IN SERIES

|H58

m*

mo

mi

ma

ma i

Exhibit B - Part II

Date

1961-62 - High
Low
1963 - High
Low
January
February
Feb. 22
Mar. 1
Mar. 8 j>/

Stock price
index JL/

Stock m.arket customer credit
Common . . Trading
Bank
Customers 1
volume 3/
stock
Total debit bal- loans to
yields 2/ (millions
ances 4/ "others" 5/
(ver cent) of shares)
(In millions of dollars)

72.04(12/8/61)
52.68 (6/22/62)
66.41 (2/15)
64.10 (3/1)

2.82
3.96
3.23
3.36

10.1
2.4
4.8
3.3

65.06
65.92
65.92
64.10
65.33

3.31
3.26
3.26
3.36
3.31

4.6
4.2
4.2
3.8
3.3

5,602(12/61) 4,259 (12/61) 1,377(8/30/61)
4,876(7/62) 3,562 ( 7/62) 1,269(9/26/62)
n.a.
n.a.
1,413 (1/2)
n.a.
n.a.
1,378 (2/23)
5,595

4,208

1,387
1.384
1.385

n.a.—Not available, jg/ Preliminary.
V
Standard and Poor's composite index of 500 oonmon stooko, weekly doe ing prices, 1941-43»10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are for
Friday's data only.
Standard and Poor's composite stook yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are for dates on which price index reached its hig&
or low.
Averages of daily trading volume on the New York' Stock Exchange#
End of month figiires for member fiana of the New York Stook Exchange itiioh carry nnrgLn accounts;
excludes balances secured by U. 3. Government obligations.
Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U. S, Government securities. Prior to July 1, 1959, such loam are excluded only at banks in
and Chicago. Weekly reporting banks account £>r about 70 per cent of loans to others.
Digitized New
for York
FRASER
For
further
detail see Bulletin.



Ft.LERAL N A T I O N A L M O R T G A G E A S S O C I A T I O N 1/
SECONDARY MARKET OPERATIONS

Exhibit F - Part II

Date

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

Estimated offerings to FNMA.
Purchases
Immediate | Standby
by
Total
purchase 1 commitment
FNMA.
dollars)
118.3
82.5
68.6
51.1
40.3
33.0
29.0
40.8
35.9
43.5
25.7
19.7
16.8

116.6
80.8
66.3
50.0
38.8
31.7
27.9
39.2
35.2
42.7
24.6
19.3
16.5

1.7
1.7
2.3
1.1
1.5
1.3
1.1
1.0
.7
.8
1.2
.4
.2

104.7
89.0
81.6
51.5
42.0
29.0
21.9
29.6
25.0 '
33.1
26.6
13.5
14.3

Sales
by
FNMA.

1.4
7.3
75.9
105.7
64.0
56.3
38.5
6.3
8.4
4.5
8.1
14.4
45.3

•—Legs than $50,000*
1/ Data represetrtTunpald principal balances of the mortgages involved, exclusive of
premiums, discounts, or other charges. Offerings are amounts of applications received
during the period from sellers proposing that FNMA execute purchasing contracts. An
inmediate purchase contract covers existing mortgages which the seller must deliver to
FNMA -within 45 days. A standby oomnitment contract relates to proposed mortgages on
housing not yet under construction which the seller most usually deliver within one
year. Purchases include those under both inmediate purchases and standby commitment
contracts. Data exclude FNMA activity under Special Assistance and Management and
FRASER Programs,
Liquidating

Digitized for


EXHIBIT O. Port 1

YIELDS O N NEW AND SEASONED CORPORATE BONDS

NEW ISSUES

Exhibit 6 - Part II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Number Aa't of issues
of
included (mil.
issues of dollars)
Weekly averages:
1962 - Sept. 7
14
21
38
Oct. 5
- 12
19
26
Nov. 2
9
16
23
30

Average
yield

1
1

12.0
50.0

4.23
4.22

1
1

4.9
75.0

4.16
4.22

2
3 '
2
2
2

, 275.0
85.0
37.0
19.8
72.5

4.29
4.14
4.13
4.00*
4.17

Number Aa't of issues Average
of
included (mil,
yield
issues of dollars)
(per cent)
Dec. 7
14
21
28
Jan. 4
11
18
. 25
Feb. 1
8 .
15
22
Mar. 1

1
1
.1

2
1
2
4
1
2

87.0
45.0

4.24
4.25

25.0
70.0
35.0
75.0
25.0
64.0

4.19
4.23
4.13
4.22
4.21
4.27*

100.0

12.0

55.0

4.19
4.14
4.25*

Kotet Ire rage s of offering yields on ml), new issues of publicly offered oorp orate bonds rated Aaa. Aa and
. A by Moody's Investors Servioe (except serial and convertible issues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the federal Government) weighted by oise of offering. 1
l Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the aotual
reoffezlng yield the excess of the weekly average yield for seasoned bonds of the appropriate industryquality group over the composite average for seasoned Aaa-rated bonds (Moody's)# Averages considered
unrepresentative became of special characteristics of tbd offerings included are denoted by an asterisk^




Long-term Corporate and Stat' and Local Givernrr
Security Off^.rir.gs and Placements
(In millions of dollars)

JL963_
e/700
e/700
e/650

-pmp-

1961

592
859
807

580
667
S62

1,113
760
1)132

_Sra^_an|_jccaI 2
JL96L
e/700
e/700
t/900

p/8^6

£/630

713
689
764

2,118
1:259
1,318

g/873
&/913
E/788

723
641
1,034

1 028
762
6.•

E / 612
2/544

485
604
734

835
703
1,103

1,090
968
1,000

2/640
2/577
e/520

678
789
606

2,2:8
3 - 005
1,910
2,64,

1,809
4 695
2.43"
3,0)8

p/2,639
2/2,573
f/1,331
e/l^:',7

2,166
2,397
1,823
2,073

E/5 21
2/6. T9:
f'S,r32

4,563
6,387
8,460

582
749
579

e/2,050

_^_^apical

5.26^
7,173
9.81^

6,504
8,9-1
11 979

t/2 300

£ /1,133

Excluding fir.arc-; compara.-s 3/
-/1,950

2.199
2.919
1 77;.
e/2,241
5/9,13^

a/
\J
2/
3/

1 .55-.
^552
2 33
j&OT
11:53

Estimated by Federal Res 2tvo •
p/ Pi : 1 lmir.arv Securities and Exchange Commissi:n estitna:-.5 c£ re: proceeds.
Investment Bankers Association of America .-srima.:-.s of principal amounts.
Total new capital issues excluding cfferir.gs cf sales and consumer finance
companies.
-




New Corporate Security Issues, Type of Issue and Issuer.
(In millions of dollars)
Quarter
or
month

Total

Gross proceeds for new
capital and refunding 1/
Common Memo:
foreign
Publicly Privately
pfd.
issues
offered offered
stock
included

1Set proceeds for
lew capital 1/ 2/
Mfg.

Public Communiutility cations

Other
issuers

1960 - II
III
IV

2,537
2,520
2,832

1,074
1,336
1,462

770
754
955

692
429
416

27
38
17

511
562
625

808
652
696

149
317
381

913
896
997

1961 - I
II
III
IV

1,992
5,352
2,566
3,236

662
2,303
772
967

880
1,275
1,139
1,424

449
1,774
654
845

76
155
69
62

515
1,466
935
792

381
1,081
595
836

81
1,095
104
147

832
1,052
803
1,263

1962 - I
II
III
IV

2,378
3,250
2,184
2,957

1,155
1,389
853
1,089

716
1,222
1,024
1,568

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

2,231
1,342
1,779
1,075
813
678
1,155
987
1,094

713
666
924
424
225
123
336
414
217

348
355
572
392
411
336
509
348
567

1,170
320
283
259
177
218
310
225
310

71
35
49
52
7
10
25
12
25

574
447
446
428
255
252
271
215
306

254
439
389
269
215
111
306
362
168

994
85
16
16
13
75
25
80
42

297
289
467
315
279
209
487
291
485

1963 - I
Apr.
May
July
Aug.
Sept.
Oct.
Nov.

Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. e/
Feb. e/
Mar.

647
884
847
1,217
801
1,232
630
922
632
976
784
L, 197
800
715

273
497
386
654
247
488
200
477
176
539
286
264

232
232
253
227
420
575
366
363
295
314
446
808

143
155
209
336
134
169
67
82
161
123
52
125

3
12
54
10
147
100
13

340
260

375
375

85
80

43
46
34
99

205
131
318
384
270
342
217
218
166
153
271
345

89
148
193
377
196
410
118
110
148
141
175
252

n.a.
n.a.

200
220

100
120

73
362
21
88
64
79
88
120
67
260
4
57 .
80
60

ja/ Preliminary.
e/ Estimated by^Federal Reserve.
1/ Gross proceeds exceed
net proceeds by the cost of flotation.
2/ For total see~Exhibit H; other issuers
' are extractive, railroad and other transportation, real estate and finance and
commercial and other. Source.--Securities and Exchange Commission.




225
218
275
264
229
301
159
301
199
282
253
451
320
300

Other Security Offerings
(In millions of dollars)
Gross long-term 1/
Foreign government 2/
Federal agency 3/
1962
|
1963
1962
|
1961
1963
1
January.
February

e/185
e/175

April
May
July
August
September
October
November
December
Year
Jan.-Feb.

e/360

142
10
35
10
86
50
25
8
31
151
88
101

6
29
20
2
66
29
5
2

ef —
e/148

1961

246
156
252
100
149
278

461

250
193

150
175

43
34
--

737

236

152

35

225
-

e/148

--

--

1 ,188

1,448

402

--

Net short-term 4/
State and local government 5/
Federal agency 3/
January
February
March
April
May
June
July
August
September
October
November
December

n.a.

Year
Jan.-Feb.

18
466
-186
127
-84
-118
78
339
-406
71
2/233
2/-168
2/370

n. a.

484

£/
If

160
195
-8
-103
-42
-155
109
518
-86
-6
54
-116

£/-283
B/-118

520
355

£/-401

247
-156
226
-364
82
284
261
227
-157
379
55
-80

-144
" -162
-174
-79
-87
207
22
193
108
98
56
-114

1,004

-76

91

-306

Preliminary.
e/ Estimated by Federal Reserve._
n.a.—Not available.
These data differ from those in Exhibit H in that refunding issues, as well as
new capital issues are included. Long-term securities are defined as those
maturing in more than one year.
2/ Included securities offered in the United States by foreign governments and their
political subdivisions and international organizations. Source: Securities and
Exchange Commission.
3/ Issues not guaranteed by the U. S. Government. Source: Long-term, Securities
and Exchange Commission; short-term, Treasury Department and Federal Reserve.
4/ These data differ from those in Exhibit H and above in that they represent new
offerings less retirements, whether from the proceeds of refunding issues or from
other funds. Data include only issues with original maturity of one year or less.
5/ Principally tax and bond anticipation notes, warrants or certificates and public

Housing
Authority notes. In some instances PHA notes included may have a some^ what longer maturity than one year. Source: Bond Buyer and Federal Reserve.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

Exhibit K

H. 14

Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Month

Total

1962 - February
March
April
May

Corporate
Bonds
Convertible
(other than
bonds
convertibles)

425
366
648
200
472
165
286
191
434
178
198
234
186

July
August
September
October
November
December
1963 - January
February

425
330
430
170
387
135
226
100
398
178
178
215
125

15
51

Stocks

State
and
local
government
662
259
423
373
266
321
272
153
320
217
193
344
367

21
167
30
85
30

60
91
36
20
35

Other
2/

19
26

64
30
55
88
30
20
194
25
75
48
63

Large Individual Issues Offered March 1 through 8

Issuer

Type 3/

Amount
(millions
of
dollars)

Coupon
rate or
Offering
Maturity net inter- yield
est cost

Rating

CORPORATE
Northwestern Bell Tel. Co.
Atlantic City Elec. Co.

Deb.
1st mtg. bds.

40.0
15.0

2003
1993

4-3/8
4-3/8

4.27
4.26

Aaa
Aa

STATE AND LOCAL GOVERNMENT
State of Minnesota
De Kalb Co.Ind. Sch. Dist.
Ga.
Penna. General State Auth.
Louisiana Fiscal Auth.
Boston Metro. Dist., Mass.

G.O.
G.O.
Rev- "Rent.
Rev.-Q.Ut.
G.O.

OTHER
None




29.4

1964-83

2.72

1.60-3.00

Aa

12.0
25.0
20.0
10.9

1966-93
1966-90
1964-83
1964-93

3.20
3.18
3.31
3.08

2.00-3.50
1.90-3.35
1.70-3.55
1.60-3.30

A

Aa

K-2
Footnotes

H.14

* — R i g h t s offering.
JL/ Includes corporate and other security offerings of $15 million and over;
State and local government security offerings of $10 million and over.
2J Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues by Federal agencies.
3/ In the case of State and local government securities, G.O. denotes general
obligations; Rev.-Ut., revenue obligations secured only by income from
public utilities; Rev.-Q.Ut., revenue bonds secured only by revenue from
quasi-utilities; Rev. -Sf.T., revenue bonds secured by revenue from specific
taxes only; Rev.-Rent., revenue bonds secured solely by lease payments.




H. 14
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) If
Expected Proceeds from Forthcoming Large Issues

Date of
computation
1962 - Feb. 28
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept. 28
Oct. 31
Nov. 30
Dec. 28
1963 - Jan. 31
Feb. 28

During month following
date shown
Corporate State and
Other 2!
local govt.
222
628
185.
587
120
302
170
363
203
170
269
167
142

..

153
453
333
184
202
273
61
187
96
194
177
376
458

95
55
——
--

175

75
25

Subsequent to
date shown
Corporate 1 State and Other 2/
1 local govt.
341
693
598
692
458
477
312
546
328
360
314
412
572

__

239
539
452
337
377
427
215
387
243
328
311
843
755

95
55
25
--

175

75
25
33

Forthcoming Large Offerings, as of March 8

Type

• Oklahoma Gas & Elec. Co.
Kansai Elec. & Power Co. (foreign)
Crown Cork & Seal Corp.
•General Tel. & Electronics Corp.
Texas Electric Service Co.
Pacific Northwest Bell Tel. Co.
Consolidated Edison Co.
•Northern Indiana Public Service Corp.
Consolidated Natural Gas Co.
•Socony Mobil Oil Co.
Commerce Oil Refining Corp.

Amount
(millions
of dollars)

1st mtg. bds.
Com.stk.
S.F.deb.
Deb.
1st mtg. bds.
Deb.
Com.stk.

15.0
20.0
30.0
50.0
22.0
50.0
100.0

1st mtg. bds.
S.F.deb.
Deb.
Deb., bds. & com.

30.0
35.0
200.0
45.0

Approximate date
of offering

March 13
March 13
March 19
March 20
March 27
April 2
April 9
(rights expire)
April 10
April 24
April
Indefinite

STATE AND LOCAL GOVERNMENT
State of Illinois
San Francisco, Cal.
Public Housing Auth.
Los Angeles Dept. of Wtr. & Pwr.
Florida Development Comm.
;*Macomb Co., Mich.
.•Commonwealth of Massachusetts
%Columbus, Ohio




G.O.
G.O.
Rev.-Ut.
Rev.-Ut.
G.O.
G.O.
G.O.

150.0
37.2
137.9
21.0
15.0
10.3
41.8
18.2

March
March
March
March
March
March
March
March

12
18
20
20
25
26
26
27

'f

x-l
L-2

H. 14

Forthcoming Large Offerings, as of March 8 (Cont'd)

Type

Amount
(millions
of dollars)

Approximate date
of offering

SJATS AND LOCAL GOVERNMENT (CONT'D)
-State Development Agency
Houston, Texas
4
-'t_-.ilad-5lphia, Pa.
%rc:.;ard Co. Special Tax Sch.
Dist. No. 1, Florida
City c.f Detroit, Mich.
al Co. Special Tax Sch. Dist. ,
Florida
Washington Public Power Supply
System
Ma='t ir.gt--.n Sub. San. Dist.'
s Angeles Co. Flood Control • Dist. ,
Cal.
-'Stat-, cf Cregon
Pittsburgh, Fa.
C -rjf-rscn County, Colorado
Dae.-. County, Florida
Ja :ks:.r.ville Expressway Auth. , Fla.

Rev.
G.O.
G.O.
Rev.-S.T.
G.O.
Rev.-S.T.
Rev.-Ut.
G.O.
Rev. -Ut.
G.O.
G.O.
G.O.
G.O.
Rev.-Ut.

26.5
13.3
37.2

March
April 1
April 3

12.0
10.5

April 9
April 9

10.0

April 11

130.0
14.0

April 17
April 22

15.C1
10.5
35. €I
12.9
46.01
40.01

April 23
April 23
Indefinite
Indefinite
Indefinite
Indefinite

GQgE
:N • .
• I v: 1 _d-d in table for first time.
i Z Includes corpora". 3 and other issues of $15 million and over; State and local
gcv^r-jnczit issues of $10 million and over.
2_i
Ir.cludss foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal agencies.
K.: te. —Deletions for reasons other than sale of issue: none.




<7
Exhibit M

H. 14

Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:
Sale
Date

Amount
(millions
of dollars)

Issuer and Description of Issue

A.
1/14

25.0

1/29
1/30

6.7
22.5

2/26

30=0

10.0
20.0
10.0
6.0

Sold January 1 through March 1

City of Montreal, Canada--5% bonds, due 1983 and 1988,
reoffered at 4.90%
Nippon Electric Co., Ltd. •—common stock
Japan Development B a n k — 6 % bonds, due 1975, reoffered
at 6.37%
Kingdom of Denmark--5-1/4% bonds, due 1978, reoffered
at 5.37%

B.
3/11
3/13
4/16
4/

Public Offerings

Prospective Offerings

Republic of Finland--bonds
Kansai Electric Power Co.--common stock
Mitsui & Co.--convertible sinking fund bonds
Sony Corp.--common stock




M-2
Part II:
Date
reported
1/3
1/14

35.0

1/29

20.0

2/4

Private Placements--Reported January 1 through March 1

Amount
(millions
of dollars)
9.0

300.0

2/4

3.0

2/12

9.0

2/18

25.0

2/19

5.0

2/25

2.5

3/4

3.0

3/7

- 12.0

H.14

Issuer and Description of Issue
Republic of Panama--4-1/2% bonds, due 2001--no information
available on takedown
Massey-Ferguson, Ltd.--Senior notes, due 1983--no
information available on takedown
Alberta Government.Telephone Commission--4-7/8%
debentures, due 1988—no information available on
takedown
Quebec Hydro-Electric Commission--5% bonds, due
1988, placed to yield 5.07'/o--$100 million to be
taken down in February with the remainder to be
taken down by the end of 1964
Government of Jamaica--7% sinking fund debentures-no information available on takedown
Federation Chemicals, Ltd=--subordinated notes,
due 1977--S5.9 million to be taken down in February
with the remainder to be taken down by the end
of January 1964
Province of Saskatchwan, Canada--5% bonds, due 1983-no information available on takedown
Tabor de Acero de Mexico, S. A.--7-1/2% convertible
debentures, due 1975--no information available on
takedown
Quebec Natural Gas Corp.--5-1/2% first mortgage bonds,
due 1980--no information available on takedown
Protestant School Board of Greater Montreal—5-1/4%
bonds, due 1982~-no information available on takedown
Government of Norway—bonds, due 1983—no information
available on takedown

Note: For retrospective data on aggregate foreign corporate and government
security offerings in the United States see Exhibits I and J. There is no simple
relationship between the data shown in this Exhibit and that shown in Exhibits I
and J because the latter includes privately placed securities in the period in
which funds are actually takendown but only in the amount of takedown, while the
placements shown in this exhibit are included when reported, frequently with
little or no information concerning timing of takedowns. Full or partial
takedowns may take place both prior and subsequent to the date a placement
*--Included in table for first time.
Digitizedis
forreported.
FRASER