Full text of H.16 Capital Market Developments : April 23, 1962

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Not f o r PublicationTfflCOTOOT.TJTD AFTER SIX MONTHS
April 23, 1962.

H.lii
APR 2 4
FEDERAL

1962 CAR -fAT. MARKET DEVELOPMENTS
THE UNITED STATES

OF RICHMOND

I

^
Public s e c u r i t y f i n a n c i n g t o obtain new c a p i t a l was i n very
s u b s t a n t i a l volume l a s t week but i s expected t o be more moderate t h i s
week. During the week ending April 20, four: l a r g e corporate s e c u r i t y
i s s u e s were sold ( i n c l u d i n g an expiring r i g h t s o f f e r ) t o t a l i n g $235
m i l l i o n and three S t a t e and l o c a l government bond i s s u e s with par
value of $12*3 m i l l i o n were o f f e r e d . In a d d i t i o n the Federal Land Banks
sold $180 m i l l i o n of intermediate-term bonds of which §55 m i l l i o n was
f o r new c a p i t a l . This week, ending April 27, only one corporate i s s u e
f o r $20 m i l l i o n i s d e f i n i t e l y scheduled* although a $15 m i l l i o n
n e g o t i a t e d i s s u e may a l s o be o f f e r e d ; f i v e S t a t e and l o c a l i s s u e s
aggregating &L93 m i l l i o n are on the calendar.
Bond y i e l d s . Y i e l d s on seasoned long-term bonds declined
l a s t week. Y i e l d s on Aaa-rated State and l o c a l government bonds, which
had remained s t a b l e f o r several weeks at about t h e i r lowest l e v e l s i n c e
the l a t e summer of i 9 6 0 , declined 1| b a s i s p o i n t s to 2.97 per c e n t ,
t h e i r lowest l e v e l s i n c e August 1958j y i e l d s on Baa-rated municipals
declined 2 b a s i s p o i n t s to 3 . 5 5 per c e n t . Yields on Aaa-rated corporate
bonds declined f o r t h e f o u r t h consecutive week, decreasing one b a s i s
point t o b.33 per c e n t , while y i e l d s on Baa-rated i s s u e s declined a
s i n g l e basis point to 5 . 0 1 per c e n t . Long-term U. S. Government y i e l d s
d e c l i n e d f o r t h e f i f t h consecutive week, decreasing one basis p o i n t
to 3.88 per c e n t . At these l e v e l s y i e l d s on corporate and Government
bonds were at t h e i r lowest l e v e l s s i n c e l a s t June or May.
The average y i e l d on new corporate bonds, adjusted t o an Aaa
b a s i s , was it.17 per c e n t , somewhat above t h i s y e a r ' s low 01 the previous
week.
Short- and i n t e m e d i a t e - t e r m i n t e r e s t r a t e s . Y i e l d s on
3-month and 6-month Treasury b i l l s d e c l i n e d 2 b a s i s p o i n t s l a s t week
while y i e l d s on 3-5 year U. S. Government o b l i g a t i o n increased 3 basis
p o i n t s . Several finance companies e a r l y l a s t week announced a decrease
from 3 - 1 / 8 to 3 p e r c e n t i n the r a t e t h a t they pay on f i n a n c e company
paper with 90-179 day maturity; as a r e s u l t t h e average y i e l d on such
paper d e c l i n e d 5 b a s i s p o i n t s t o 3.08 per c e n t . The Federal funds r a t e
d e c l i n e d 2 b a s i s p o i n t s to 2.88 per c e n t . Other s h o r t - and intermediateterm i n t e r e s t r a t e s were unchanged.
Housing s t a r t s . Private housing s t a r t s ( f a m and nonfam)
turned up by 23 per cent a f t e r f o u r consecutive months of d e c l i n e and
were a t a s e a s o n a l l y adjusted annual r a t e of I.I4I m i l l i o n . This was
within 2 per cent of the advanced rate reached l a s t October and was 9
per cent above a year e a r l i e r when s t a r t s a l s o advanced s u b s t a n t i a l l y .
For t h e f i r s t ouarter a s a whole, s t a r t s were a t an average r a t e of
1 . 2 8 m i l l i o n , 6 per cent below t h e f o u r t h quarter rate but 7 per cent
above a. year e a r l i e r .




Stock market c r e d i t . Customer c r e d i t i n t h e stock market
i n c r e a s e d s l i g h t l y i n March a f t e r two s u c c e s s i v e month-to-month d e c l i n e s j
l a s t month's r i s e was $31 m i l l i o n bringing t h e t o t a l a t t h e end of March
t o %>.5> b i l l i o n .
Customer d e b i t balances, except f o r t h o s e secured by
U. S. Government s e c u r i t i e s , i n c r e a s e d #17 m i l l i o n t o $ i i . l b i l l i o n a t
t h e end of t h e month. Bank l o a n s to o t h e r s f o r purchasing o r carrying
s e c u r i t i e s i n c r e a s e d s l i g h t l y f o r t h e f i f t h c o n s e c u t i v e month, r i s i n g
£Lii m i l l i o n .
Money borrowed by NYSE member f i r m s , which had d e c l i n e d the
p a s t two months, increased $100 m i l l i o n j customer's f r e e c r e d i t b a l a n c e s
d e c l i n e d $36 m i l l i o n f u r t h e r t o t h e i r l o w e s t l e v e l s i n c e December i 9 6 0 .
End of month
Feb.
( M i l l i o n s of d o l l a r s )
Customer c r e d i t
Excluding U. S. Government s e c u r i t i e s - t o t a l
Wet d e b i t balances
Bank loans t o "others"
Net d e b i t balances secured by U. S. Govt, s e c u r i t i e s
Bank l o a n s t o "others" f o r purchasing or carrying U. S.
Government s e c u r i t i e s

It,083
1,37k
3h

3h

105

133

Broker and d e a l e r c r e d i t
Money borrowed except on U. S. Government s e c u r i t i e s
On customer c o l l a t e r a l
Money borrowed on U. S. Government s e c u r i t i e s
Customers' n e t f r e e c r e d i t b a l a n c e s

2,912
2,5#
52

r/2,812
2,1*80
71
1,190

tJ

5,b57

1,15k

5,k26
U,066
1,360

Revised.
Stock p r i c e s . Common stock p r i c e s , a s measured by Standard
and P o o r ' s composite index of 5>00 s t o c k s , increrncd rnc per cer t I s e t
v ; e e k , c l o s i n g on A p r i l 20 a t 6 6 . 5 9 .
Irudinp. volume wus re l a t i v e l y
l i g h t , averaging: 3 . 1 m i l l i o n =}yi r e s c c? y , s l l r h f c l y belcv: the- e v e rape
f o r t h e previous xvuek. '
ii;ore- detailfc-c. information ccr.cr.rr.irp recent c. • itai. K-ur'ccL
developments is presentee i n the- attached e x h i b i t s .

Capital Markets S e c t i o n ,
D i v i s i o n of Research and S t a t i s t i c s ,
Board of Governors of the Federal Reserve System.




+31
+17
+lli
--

+100
+86
-19
-36

y

EXHIBIT A. P a r t ^
LQMG.TERM

BOND

YIELDS,

HIGH-GRADE

coaroiAii

„„
E x h i b i t A - Part I I

Date

e

Corporate
Aaa y

Ue 3 . Govt.
long-term 2 /
• i

S t a t e and .
local
government
Aaa 3 /

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

(per cent)
1957 - High
1958 - Lo>:
1 9 5 9 - 6 0 - High
1 9 6 0 - 6 1 Low
1 9 6 1 - High
1962 - E i g h
Lew
Mar.
Mar.
Apr.
Apr.
kgv.
Note*

23
30
6
13
20 g /

I
|
I
j
|

it. lit (9/27)
3.55(5/2)
it. 6 1 (1/29/60)
1*. 2 1 (3/17/61
L 4 6 (9/15)
1 U 3 (2/16)
U.33 ( V 2 0 )
it. 39
it. 38
it. 37

3.76 (10/18)

3 . 0 7 (5/25)
it.iiHv8/60)
^ W o (5/12/61)
L.07 (12/29)
it. 12 ( 2 / 2 3 )
3 . 8 6 (it/20)
3.97
3.96
3.90
3.89

3.88

For f o o t n o t e s s e e E x h i b i t B.




3 . b 5 (8/29)
206lt(5/l)
3 , 6 5 (9/24/59)
2 . 9 9 (9/1/60)

.60
.22
.59
.19

i?

2.97 (it/20)

.30

3.00
3.01
3.01
3.01
2.97

.it2
.1*2
.U7
.15
.it5

.50
.31
.92
.it 6
d t
.80
.97
.95
.89
.88
.91

EXHIBIT B, Pa,
LONG-TERM

BOND

YIELDS,

LOWER-GRADE

,

W

A-

v
v

ay

, v

V

X

V

r—VA—

1

I f - 1 S T A T E A t ID 1 0 C A I G O V E E H M EHT l e i •

X

II 1 II II M 1 1
1959

1960

Exhibit B - Part I I
Corporate
Baa 1 /

I
|
I

S t a t e and
local govt.
="5/

Spread between
Aaa and Baa
S t a t e and
Coxporate

(per cent)
1957 - High
1958 - Low
1 9 5 9 - 6 0 - High
1 9 6 0 - 6 1 Low
1961 - High
1962 - High
Low
Mar.
Mar.
Apr.
Apr.
/Apr.

23
30
6
13
20 g /

5*10
4.5L
5.36
U.98

(11/29)
(7/11)
(2/12/60)
(9/9/60)

fcS'ftg'

5.01 (a/20)
5.02
5.02
5.03

5.02

5.oil/

l|.5l
3.64
Lit6
3.93
Ll6
Loli
3.55
3.61
3.6o
3.57
3.57
3.55

(8/29)
OA)
(2/7/60)
(11/9/61)
(3/23)
(1/11)
(V20)

1.27
.77
.81*
.66
.81
.68
.63

1.21
.93
1.08
.57
.93
.82
.56

.63
.61*
.66
.68
.68

.61
.59
.56
.56
.58

Preliminary.
^
Weekly average of daily f i g u r e s . Average term of bonds included in 23-26 years.
2 / Weekly average of d a i l y f i g u r e s . The s e r i e s includes bonds due or callable in 10 years or more.
3/ for
Thursday
f i g u r e s . Only general obligation bonds are included) average term i s 20 years.
DigitizedNote,—Highs
FRASER
and loirs are f o r individual s e r i e s and may be on d i f f e r e n t dateu f o r d i f f e r e n t
s e r i e s , f o r spreads, high refers t o widest, and low to narrowest.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

EXHIBIT C, Fori I
j j 3 K O R f ~ A N D INTERMEDIATE-

TERM INTEREST R A T E S , G O V E R N M E N T

I *••>!»_•

Exhibit G

Bate

1957 - High
1958 - Low
1959-60 - H
1 9 6 0 - 6 1 Low
1961 - High
1962 - High
Low
Mar.
Mar.
Apr.
Apr.
/Apr.

23
.30
6
13
20 2 / .

'Disaounti
rats
v
.

3-month
b i l l s 2/

v,

3.00
3.00

—
3.02
5.07
2.35
2.90
3.02
2.82

3.00
3.00
3.00
3.00
3.00

2.70
2.73
2.72
2.7k
2.72 y

2.8k
2.86
2.82
2.8k
2.82

3.00
3.00

Part I I
J S p r e a d between y i e l d s on 3 ~ 3 - 5 y e a r "1; month b i l l s and vy i e l d s on
issues 2/
|6-mo. b i l l s 13-5 y r . i s s u e s

(per cent)

3 . 6 k (10/18)
. 5 8 (5/29)
k.59(1/8/60)
2 . 1 1 (10/28/60 )
2c66 (12/29 )
2.81 (2/16)
2.6? (1/26)

1.75
2i,00

T

Yields
6-month

y
2/

(12/26 )
(1/8/60)
(4/28/61)
(12/29 )
(1/12)
(V20)

1*.0I4 (10/I8)
2,11+(6/6)
5"00 (12/24/59)
3 . 1 5 (5/12/61)
3,36(8/11)
3.88 (2/2)
3 « W ih/6)

—
.26
.79
.12
.kk
.2k
.10

3.k9
3.50
3.k3
3.k7
3.1*8

.Ik
.13
.10
.10
.10

-

.86
.Ok
1.81
.38
1.51
1.19
.71
.79
.77
.71
.73
.76

Weekly r a t e shown i s t h a t in e f f e c t a t end of period a t the Federal Reserve Bank of New York.
Market yield} weekly averages computed from daily olosing bid p r i c e s . Series of 3-5 year issues
consists of selected notes and bonds.
Note.—Highs and lows are f o r individual eeries and may be on d i f f e r e n t dates f o r d i f f e r e n t s e r i e s .
For spreads, high r e f e r s to widest, and low t o narrowest.




EXHIBIT 0, Port I
S H O R T - A N D I N T E R M E D I A T E - TERM INTEREST RATES,
B A N K S A N D OTHER P R I V A T E B O R R O W E R S

STOCK EXCHANGE
CAU 10ANS

FINANCE COMPANY PAPE
Directly Placed

PRIME RATE

NY.DISCOUNT

R

i 11 i

Li 1 1 1 i i - L i ; J_L I LLIJ_L-LiJ

i i i i i M

I960
Exhibit

Stock Exchange
call loan 1/

Date

Prime
rate 1 /

i 1 J J J 11 i J . I - L J

1961

D - Part

II

f i n a n c e company
paper 2/

Federal
funds 3/

Spread between
3-mo. b i l l s ' and
f i n a n c e Co. p a p e r

(per cent)
1957 - High
1 9 5 8 - Low
1959-60 - High
1 9 6 0 - 6 1 Low
1961 - High
1962 - High
Low

U.50
3.50
5.50
U.50
lie 5 0
U.50
U.50

Mar.
Mar.
Apr.
Apr.
Apr.

it. 5 0
U.50
U.50
U.50
U.50

23-^
30
6
13
20 2 /

'

3 . 8 8 (11/15)

3.50(11/8)

5.00

1.13 (8/8)
5.13 (1/22/60)

U.50

2 . 5 0 (8/5/61)

.13(5/29)
U.00 (5/13/60)
.U3 (1/27/61)

1.02
.11

fc?o

3

1.30 (1/26)

•M
.19

U.50
3.50

-

u.50

U.50
U.50
U.50
U.50
U.50

3
3.00

3.00
3.09
3.13
3.13

3.08

(3/23)

2.95
2.90
2.65
2.90
2.88

.63
-.35

.30
.36
.Ui
.39
.36

Weekly r a t e shown i s t h a t i n e f f e c t a t end of p e r i o d . S t o c k Exchange c a l l l o a n r a t e i s g o i n g r a t e
on c a l l l o a n s s e c u r e d by c u s t o m e r s ' s t o c k exchange c o l l a t e r a l a t New York C i t y b a n k s . Prime r a t e
i s t h a t c h a r g e d by l a r g e banks on s h o r t - t e r m l o a n s t o b u s i n e s s borrowers of t h e h i g h e s t c r e d i t
standing.
2/^. Average o f d a i l y r a t e s p u b l i s h e d by f i n a n c e companies f o r d i r e c t l y p l a c e d p a p e r f o r v a r y i n g m a t u r i t i e s
i n t h e 9 0 - 1 7 9 day ran,je.
3 / 'Weekly a v e r a g e of d a i l y e f f e c t i v e r a t e , w h i c h i s t h e r a t e f o r t h e h e a v i e s t volume of purchase and
s a l e t r a n s a c t i o n s as- r e p o r t e d t o t h e F e d e r a l Reserve Bank of New York.
_
i . H i g h s and lows a r e f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s f o r d i f f e : e n t s e r i e s .
For s p r e a d s , h i g h r e f e r s t o w i d e s t , and l o w t o n a r r o w e s t .




"J!*.
"'J.
['' A

jG' 1

7
EXHIBIT E. Pa,
STOCK MARKET

n• of D o l l a r s

1
y
T( CK MA«KET C U D

1
CHANGE IN SERIES
. -1
rvT
M l l l l e n i of Ska

V.
YIELDS

,

-LW 1 1 1 1 1 1 1 1

11111111 i~\y

E x h i b i t E - Part I I

2fete

Stock p r i c e
index 1 /

1 9 6 0 - 6 1 - High
Low
1962 - High
Low

72.0b (12/8/61)
53.32 (10/21/60)

Februaiy
March
Apr. 6
Apr. 13
Apr. 20 £ /

Trading
Common
volume y
stock
(
millions
yields 2/
(per cent) of shares)

70.914 ( 3 / 1 6 )
67.90 (1/13)

2.82
3.62
2.93
3.06

5.8
2.2
. 3.9
3.0

70.22
70.29
68.8U
67.90
68.59

2.9U
2.95
3.01
3.06
3.0U

3.5
3.1
3.1
3.2
3.1

Stock market cusi bomer c r e d i t
Bank
Customers 1
debit b a l - loans t o
a n c e s h / "others" 5 /
( I n mdL l l i o n s of d o l l a r s ;

Total

fiSio fcSS 3 SSI
n.a.
n.a.
n.a.

k,066

1,360

1,083
n.a.
n.a.
n.a.

1,37k
1,383
1,396
n.a.

Monthly date, are average e <

3/
4/
.

J

Averages of d a i l y t r a d i n g volume on the New York Stook Exchange,
l a d of month f i g u r e s f o r member firms of the New York Stock Exol
excludes balances secured by U. 3. Goveramnt o b l i g a t i o n s . _

Tor f u r t h e r d e t a i l see B u l l e t i n .



nurBhaaimf

o r carrying

EXHIBIT F, Part I

PRIVATE

HOUSING

STARTS ^

I

t - \ /-

Exhibit F - Part I I
Date

1961 - Feb.
Mar.

Apr.

Total
Seasonally adjustUnadjusted
FHA
ed annual r a t e
(Thousands of u n i t s )
1,169
1,296
1,166
1,291
1,381
1,3U3

76
105
111.
127
132
125
127
122

13
20
20

Unadjusted

VA

Conventional

58
78
85
95
103
97
93
9U
91
72
59

May2k
June
22
July
21
Aug.
26
1,326
Sept.
21
1,383
Oct.
12U
1,U3U
23
Nov,
1,351
103
23
Dec.
82
17
1,297
18
r / 81
1962 - Jan.
Feb.jo/
15
21
Mar.p/
l.ii09
j7 Total s t a r t s are Census estimates, which are not s t r i c t l y comparable with old nonfarm series
developed "by BLS. A dwelling unit i s s t a r t e d when excavation begins; a l l u n i t s in an apartment
structure are considered s t a r t e d at t h a t time. FHA and VA s t a r t s are units started under commitments
by these agencies to insure or guarantee the mortgages. As reported by FHA and VA, a unit i s started
when a f i e l d o f f i c e receives the f i r s t oonplianoe inspection r e p o r t , which is made before footings
are poured i n some oases but normally a f t e r the foundations have been completed. Capehart m i l i t a r y
housing u n i t s are excluded. Conventional s t a r t s are derived as a r e s i d u a l , although t o t a l and *HA
and VA s t a r t s are not strictly^comparable in concept or timing; they include both units financed
by conventional mortgagee and u n i t s without mortgages.

ii-S




1

Exhibit G

K.14

Yields on New Corporate Bond Issues Adjusted t o an Aaa Basis
Number
of i s s u e s
included

Monthly averages:
1961 - July
August
September
October
November
December
1962 - January
February
March
April
May
June

Number
of i s s u e s
included

1

8.0
200.0
65.0
55.0
20.0
1*0.0

1

18.0

December 15
22
4.62
29
4.59
4.38 '
4.26 1961 - h i g h
Low
4.32
4.39
4.45 1962
4.5b January 5
12
4.23
19
26
Febi-uary 2
9
16
23
4 . 6 0 March 2
4.64
9
16
4.46
23
4.54
30
4.73*
4.60 April 6
13
20
27
4.46 hay 4

1

2

60.8
45.0

4.36
4.25

:

2
3
3

60.0
95.0
1*5.0

4.21
4.28
4.21

,
i
;

4
1
1
2

94.0
60.0
30.0
75.0

4.29
4.35
4.40
4.29

4
4
2
7
9
3
4
5
6

•Weekly averages:
1961 - July 7
14
21
28
August 4

1
1
2
2
. 1

11

18
25
September 1
8
15
22
29.
October 6
13
20
27
November 3
10
17
24
December!
8

Amount
Average
of i s s u e s
yield
included
(per
(millions
cent)
of d o l l a r s )

273.0
115.0
78.8
200.0
229.0
115.0
130.0
391*. 5
22*0.0

1

Amount
Average
of i s s u e s
yield
included
(per
(millions
cent)
of d o l l a r s )
• 40.0

4.55*

4.68 ( 6 / 1 6 ) .
4.21 ( 1 1 / 3 )

1

60.0

4.50

3

70.0

4.40

2
1
1
1
1
1
2
2
2
2
2

19.5
300.0
50.0
25.0
30.0
65.0
60.0
85.0
98.0
26.0
100.0

4.4o
4.52*
4.50
4.37
4.29
4.23
4.21
4.22
4.21
4.12
4 17

11

18
25
June 1
8
15
22
29

and A by Moody's Investors Service (except s e r i a l , equipment t r u s t and c o n v e r t i b l e i s s u e s ,
o f f e r i n g s of natural gas p i p e l i n e and f o r e i g n companies, and i s s u e s guaranteed by the
Federal Government) weighted by s i z e of i s s u e s . Yields on Aa- ana A-rated bonds, are
f i r s t adjusted to an Aaa b a s i s , using the comparable spreads i n y i e l d s on seasoned bonds
(Moody's averages). Averages r e f l e c t changes in i n d u s t r i a l composition, t y p e , maturity,
and c a l l provisions of new o f f e r i n g s , vteekly averages considered unusually u n r e l i a b l e
a s i n d i c a t o r s of i n t e r e s t r a t e s on new i s s u e s because of the small number or s p e c i a l
c h a r a c t e r i s t i c s of o f f e r i n g s included e t c . are marked with an a s t e r i s k . Source: weekly
Digitized
d a t afor
, FFRASER
e d e r a l Reserve;monthly d a t a . F i r s t Nations' 1 , "it;/ Bank of New York.



Ext lib i t H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In m i l l i o n s of dollars)

,
1962

New c a p i t a l
State and l o c a l 2 /
Corporate 1 /
1 1961
1962
1 1961
1 I960
1 I960
580
667
562

570
715
860

e/850
eTlOOO
e/625

713
689
761*

700
611
560

2,118
1,259
1,318

761
577
l,ol*l*

e/800

723
61*1
1,081*

991

July
August
September

1,028
762
61*7

736
9 67
726

October
November
December

1>090
948
1,000

890
956
852

1,809
4,695
2,437
3,038

2,11*5
2,382
2,1*28
2,698

6,50k
8,9la
11,979

4,527
6,955
9,653

January
February
March
April
May

quarter
quarter
quarter
quarter

e/tiOO

e/1,200

e/2,323

1 s t half
Three quarters
Year

SI

1*85

1*92
606
683

60k

728

e/2,l*75

ill

1st
2nd
3rd
4th

'

g/863

340
501
491

2,166
2,1*1*7
e/1,817
e/1,921*

1,880
2,256
1,780
1,340

4,613
2/6,1*30
e/8,354

4,136
5,916
7,257

Excluding finance companies 3 /
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

5/2,223

Year
__
1/
2/
2/

bIS

2,337
2,807-

1,716
2,165
2,018
2,317

11,253

8,21*6

Preliminary.
S e c u r i t i e s and Exchange Commission estimates of net proceeds.
Investment Banker# Association of America estimates of principal amounts.
Total new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and consumer finance
companies.




Exhibit I

H.ll*

New Corporate Security I s s u e s , Type of I s s u e and I s s u e r
( I n m i l l i o n s of d o l l a r s )

Quarter
or
month

1960 - I
II
III
IV

Gross proceeds f o r new
Net proceeds f o r
new c a p i t a l 1 / 2 /
c a p i t a l and refunding 1 /
Bonds
Common
Public Communi- Other
Total P u b l i c l y P r i v a t e l y and
Mfg.
pfd.
u t i l i t y cations issuers
offered
offered
stock
2,265
2,537
2,520
2,832

931*
1,07k
1,336
1,1*62

795
770
751*
955

3,236

IS

662
2,303
772
967

880
1,275
1,139
1,1*21*

1962 - I e /
. II
III
IV

2,L3S

1,150

1961 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

601
695
696
2,231
1,31*2
1,779
1,075
813
678
1,155
987
1,091*

178
273
211
713
666
921*
1*21*
225
123
336
1*11*
217

291*
255
331
31*8
355
572
392
1*11
336
509
31*8
567

720
689
830

273
H°?
380

308

1961 - I
n

i n
IV

1962 • Jan. g /
Feb. 2 /
Mar. e /
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

298
511
562
625

598
808
652
696

189
11*9
317
381

1,059
913
896
997

1*1*9
515
1,771* 1,1*66
651*
935
81*5
792

381
1,081
595
836

81
1,095
101*
11*7

832
1,052
803
1,263

536
692
1*29
1*16

l*o

1*2;

300

129
167
151*
1,170
320
283
259
177
218
310
225
310

169
99
21*8
571*
1*1*7
1*1*6
1*28
255
252
271
215
306

137
160
81*
251*
1*39
389
369
215
111
306
362
168

21
1*1
19
991*
85
16
16
13
75
25
80
1*2

253
368
211
297
289
1*67
315
279
209
1*87
291
1*85

11*0
13-b
150

21*6

69

300

220

73
359
50

253
20.:
230

Preliminary!
e / Estimated. .
1 / Gross proceeds exceed n e t proceeds
By t h e c o s t of f l o t a t i o n .
2 / For t o t a l s e e Exhibit Hj other i s s u e r * are
e x t r a c t i v e , r a i l r o a d and other t r a n s p o r t a t i o n , real e s t a t e and f i n a n c e and
commercial and other.
Source. — S e c u r i t i e s and Exchange Commission.




E x h i b i t J titilt
Other S e c u r i t y O f f e r i n g s
( I n m i l l i o n s of d o l l a r s )
Gross long-term l /
Foreign government 2/
Federal agency 3 /
1962
1962
1 1961
1 I960
1 1961
1 I960
January
February
March
April
May
June
July
August
September
October
November
December

11*2
10

143
3k

Tear
Jan,-Feb.

6
29
20
2
66
29
5
2

152

21*6
156

2
175
70
hO

252
100
ll*9
278

25
1
36

250
193

3U

72.

182
150
150
11*8
3Sli

-

19.9
160
11*9
181

3k

2

—

la

2#

533

35

177

225

L

—

1,1*1*8
1*02 *

1,672

4'

33:-

-

Net short ;-term 1*/
S t a t e and Local government 5 /
Federal agency 3 /
January
February
March
April
May
June
July
August
September
October
November
December

18
&/308

SU

-116

Year
Jan,-Febs
1/
2/
J/
k/
5/

160
195
-8
-103
-1*2
-155
109
518
-86
-6

n/326

58
ll*0
-80
70
-1U6
-157
1*8
1415
-175
-16
50
-189

520

18

355

198

21*7

.

-156

1

91

-1U*
-162
-171*
-79
-87
207
22
193
108
98
56
-111*

-196
-202
-59
-277
170
320
95
23
-201
-23
-33
-250

-76

-633

-306

-396

Preliminary.
These data d i f f e r from those i n E x h i b i t A i n t h a t refunding i s s u e s , as w e l l as new
c a p i t a l i s s u e s , are included. Long-term s e c u r i t i e s are d e f i n e d as t h o s e maturing in
more than one y e a r .
Includes s e c u r i t i e s o f f e r e d in the United S t a t e s by f o r e i g n governments and t h e i r
i n t e r n a t i o n a l o r g a n i z a t i o n s . Source: S e c u r i t i e s and Exchange Commission.
I s s u e s not guaranteed by t h e U. S. Government. Source: long-term, S e c u r i t i e s and
Exchange Commission; short-term, Treasury Department and Federal Reserve.
These data d i f f e r from t h o s e i n Exhibit H and above i n t h a t they represent new
o f f e r i n g s l e s s r e t i r e m e n t s , whether from the proceeds of refunding i s s u e s or from
o t h e r funds. Data include only i s s u e s w i t h o r i g i n a l maturity of one year or l e s s .
P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , warrants or c e r t i f i c a t e s and Public
Housing
Authority n o t e s . In some i n s t a n c e s PHA n o t e s included may have a somewhat
for
FRASER
l o n g e r than one y e a r . Source: Bond Buxex and Federal Reserve.

Digitized


'.V

Exhibit K

H.lli

Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large I s s u e s Offered
( I n m i l l i o n s of d o l l a r s )

Month

Total

1961 - March
April
May
June
July
August
September
October
November
December
1962 - January
February
March

70
1,572
557
532
1*75
185
168
35U
391
255
195
li25
366

Corporate
Bonds
Convertible
(other than
bonds
convertible
Uo

25
560
U80
143 5
285
165
78
205
320
125
170
425
330

15
75
33
67
• 26

State
and
local
government

Stocks

V

67

U05
383
256
616
179
281
135
326
WO
307
561
662
259

5
1,010
62
97
115
20
58
81
h$

130
25
21

15

Other

25
151
100
. 73
250
IbS

61;
30

Large Individual I s s u e s Offered A p r i l 1 through 20

Issuer

Type 3 /

Coupon
Amount
( m i l l i o n s Maturity
rate or Offering
of
net inter- y i e l d
dollars)
est cost

Ratinj

CORPORATE
-xLong Island Lighting Co.
Ohio Oil Co.
General Tel. & Elec. Co.
^Litton I n d u s t r i e s , Inc.
Tennessee Gas Trans. Co.
-^National Cash R e g i s t e r Co.
Northern Indiana Put.
Service Co.
P a c i f i c Power & Light Co.
-^-Consolidated Edison Go.
Appalachian Power Co.
Southern B e l l Tel. & Tel.Co.
Transcontinental Gas Pipe
Line Corp.

Com. s t k .
S.F. deb.
Deb.
Conv.sub.deb.
Deb.
Com.stk.

21.1
90.0
50.0
50.7
75.0
36.7

1 s t mtg.bds.
1 s t mtg.bds.
Conv.pfd.stk.
1 s t mtg.bds.
Deb.

20.0
35.0
9U.6
25.0
75.0

IstrnLg.p.l.bds .iiO.O

1987
1987
1987
1982

lt-3/8
k-3/8
3-1/2
5

L.36
ii.86
3.50
li.92

Aa

1992
1992

li-3/8
1-3/1*

U.29
ii.69

Aa
Baa

1992
2001

k-3/8
lt-3/8

li.32

1982

1-7 A

L.62

2.91
2.79

1.65-3.10
1.65-2.90

h.23

,

Aaa
Baa

STATE AND LOCAL GOVERNMENT
Shelby County, Term.
Cook Co., I l l i n o i s




G.O.
G.O.

12.5
25.0

1963-87
1963-77

Aa
A

K-2

H.lU

Large Individual I s s u e s Offered April 1 through 20 (Cont'd)

Issuer

Type 3 /

Amount
Coupon
(millions
rate or Offering
Maturity
of
net i n t e r - y i e l d
dollars
e s t cost

Rating

STATE AND LOCAL GOVERNMENT
(CONT'D)
Los Angeles County Flood
Control D i s t . , C a l i f .
State of Michigan
City of Philadelphia, Pa.
Penna. State Public Sch.
Bldg. Auth.
Public Housing Auth.
Texas State 'water Level „
Board

0.0.
Rev.-S.T.
G.O.
Rev.-Rent.

25.0
35.0
25.0
26.h
101.1

1963-09
1963-87
1963-92

3.11
3.28
3.Oil

, **
1.65-3.45% A
. 1.60-3.305/ A

1962-2001
1962-2002

3.17
2.96

1.10-3.1*0^ l.iiO-3.30
Aaa

'/>
,V

G.O.

15.0

196U-97

3.06

1.60-3.20

Bonds

55.0

1967

h

3.86

Aaa

•OTHER

Federal Land Banks

-x-—Rights o f f e r i n g
~~
1 / Includes corporate and other s e c u r i t y o f f e r i n g s of $15 m i l l i o n and over; 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 $10 m i l l i o n and over.
2 / Includes f o r e i g n government and International Bank f o r Reconstruction and
Development i s s u e s and' non-guaranteed i s s u e s by Federal a g e n c i e s .
3 / In pie case of State and l o c a l government s e c u r i t i e s , G.Q. denotes general
o b l i g a t i o n s j Kev.-Ut., revenue o b l i g a t i o n s secured only by income from
p u b l i c u t i l i t i e s ; Rev.-Q.Ut., revenue bonds secured only by revenue from
qua s i - u t i l i t i e s ; R e v . - S . T . , revenue bonds secured by revenue from s p e c i f i c
t axes only; Rev.-Rent., revenue bonds seucred s o l e l y by l e a s e payments.
V 1 per cent bonds maturing 198? r e o f f e r e d to y i e l d k.0$ per c e n t .
5 / 1 / 1 0 per cent bonds maturing 1989-92 not r e o f f e r e d .
b j 1 per cent bonds maturing 1995 r e o f f e r e d t o y i e l d b.10 per cent and 1/10
per cent bonds maturing 1996-2001 r e o f f e r e d t o y i e l d k.bO per cent.




\

H.l4
Forthcoming Large Long-term Public Security O f f e r i n g s f o r New Capital
(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 and
Other 2 /
Corporate
l o c a l govt.

computation
1961 - Mar. 31
Apr. 28
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 29
1962 - Jan. 31
Feb. 28
Mar. 30

1,580
542
1*87
521
170
175
358
346
356'

161

180
222
628

Subsequent to
date shown
State and
Other 2 /
Corporate
l o c a l govt.

__

559
236
431
195
406
399
251
597
295
223
465
153

1,700
687
611
666
255
21+0
504

15
75
73
35

411

1*21

591
525
3U1
693

64

453

—

806
579
771
291
537
530
454
693
1*98
415
567
239
539

15
75
73
35

64
—

Forthcoming Large Offerings, a s of April 20
Issuer

Type

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

CORPORATE
Appalachian Power Co.
Washington Gas Light Co.
P a c i f i c Power & Light Co.
Southern Cal. Edison Co. .
Wisconsin Telephone Co.
Columbus & Southern Ohio Elec. Co.
Milwaukee Gas Light Co.
Florida Power Corp.
Gulf S t a t e U t i l i t i e s Co.
Utah Power & Light Co.
^Alabama Power Co.
^Mountain State Tel. & Tel. Co.
-^Virginia E l e c t r i c & Power Co.
*New England E l e c t r i c System
Commerce Oil Refining Corp.

S.F. deb.
Pfd. s t k .
Com.stk.

20.0
15.0
18.3

1st & ref.mtg.bds. 40.0
Deb.
20.0
1 s t mtg. bds.
16.0
1 s t mtg. bds.
15.0
1 s t mtg. bds.
25.0
1 s t mtg. bds.
17.0
1 s t mtg.bds.&pfd.stk. 34.0
1 s t mtg. bds
17.0
Deb.
50.0
Com. s t k .
40.0
Com. s t k .
20.9
Deb., bds. C com.

45.0

April 25
l a t e A p r i l - e a r l y May
May 1
( r i g h t s expire)
May 2
May 9
May 10
May 16
May 18
May 22
May 23
June 1
June 1
June 6
June
( r i g h t s expire)
Indefinite

STATE AND LOCAL GOVERNMENT
Cleveland, Ohio
New York City, New York
Chicago Board of Education, 111.




G.O.
G.O.
G.O.

18.0
108.5
16.5

A p r i l 24
April 24 .
A p r i l 25

Forthcoming Large O f f e r i n g s , as of April 20 (Cont'd)
?ype

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

STATE AND LOCAL GOVERNMENT (CONT1D)
Georgia State School Bldg. Auth.
Tampa, Florida
Tarrant County, Texas
S t a t e of Hawaii
Tucson, Arizona
Washington Suburban Sanitation
D i s t . , Md.
Cincinnati, Ohio
^Georgia State Sch. Bldg. Auth.
Austin, Texas
Port of New Orleans Board of Comm.
Ea.
* S a l t Lake City, Utah
^Jefferson County, Colorado
Metropolitan S e a t t l e , Wash.
Sacramento Mun. U t i l i t y D i s t . , Cal,
Dade County, Florida
J a c k s o n v i l l e Expressway Auth., Fla.

Rev. -Rent.
Rev.-Ut.
G.O.
G.O.
Rev.-Ut.
G.O.
G.O.
Rev.-Rent.
Rev.-Ut.
G.O.
G.O.
G.O.
Rev.—Ut.
Rev.-Ut.
G.O.
Rev.-Ut.

35.0

15.0

13.5
10.0
20.5

15.0

10.0
26.5

lU.o
25.0

April 25
April 26
May 1
May 2
May 8
May
May
May
May

8
9
9
10

ho.o

May 15
May 15
May 17
May 17
May 17
Indefinite
Indefinite

20.0
25.0
25.0

May 2
May 9
May 9

ii.5

19.2
16.0

10.0

1:6.0

OTHER
*Kingdcm of Denmark
Govt, of New Zealand
^European Coal and S t e e l Community

Bonds
Bonds
Bonds

*—Included i n 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 and over; State and l o c a l
government i s s u e s of $10 m i l l i o n 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 and non-guaranteed i s s u e s by Federal agencies.
Note,—Deletions f o r reasons other than s a l e of i s s u e : None.