Full text of H.16 Capital Market Developments : April 8, 1963

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Not for Publication DECONTROLLED AFTER SIX MONTHS
H

14

LIBRARY

APR 1 0 1963
FEDERAL RESERVE BANK

April 8, 1963.
CAPITAL_HASKETJ)EVELOPMENTS
lN~~THE UNITED STATES

OF RICHMOND

Public security financing to obtain new capital was in fairly
substantial volume last week but is expected to be in somswhat more
moderate volume this week except for the Treasury offerirg. During the
week ending Apriljj^ three large corporate security issues totaling $172
million, including an expiring rights offering, and two iJtate and local
government bond issues amounting to $44 million were offered. This
week, ending April 12, four State and local bond issues with par value
of $133 million are on the calendar and the Copenhagen Telephone Company
and the Commonwealth of Australia are expected to of::er bond issues of
$15 million and $30 million, respectively; no large domestic corporate
issues are scheduled for offering. The U. S. Treasury will offer $300
million in 31-year bonds for competitive bidding.
Bond yields. Changes in yields on seasoned, long-term bonds
were mixed but minor last week. Yields on Aaa-rated corporate bonds
rose a basis point to 4.20 per cent, but yields on Baa-rated issues
dropped one basis point to 4.87 per cent, matching their low for the year.
Aaa-rated State and local government bond yields edged up a basis point
to 2.94 per cent, while yields on Baa-rated issues and on U. S.
Government bonds were stable.
The average yield on new corporate bond issues, adjusted to
an Aaa basis, was 4.23 per cent last week, somewhat higher than in
most other recent weeks.
Short- and intermediate-term interest rates. Yields on Treasury
bills and on 3-5 year U. S. Government bonds were stable last week. The
average rate on 90-179 day finance company paper rose two basis points
to 3.25 per cent, reflecting the full effect of the change in rates
announced the previous week. The average effective rate on Federal funds
fell 37 basis points to 2.63 per cent, the lowest average this year.
Other rates were unchanged.
FNMA secondary market operations. Reflecting the general
abundance of mortgage funds which has prevailed through the early months
of 1963, purchases by the Federal National Mortgage Association dipped
slightly further in February to a level of $10.1 million dollars.
Offerings also continued downward from their already reduced level and
amounted to $12.5 million. Sales by FNMA, on the other hand, more than
doubled in February and, "at $107.7 million, were the highest since
April of 1961.
Indications are for a continuing heavy sales volume as
sales reservations have apparently expanded further, even though a
rise of 1/2 point in the price to buyers has been in effect since
February 8.




-2 -

Stock prices. Common stock prices advanced sharply last week
in active trading. Prices, as measured by Standard and Poor's composite
index of 500 stocks, rose about two and one-half per cent to close at
68.28 on April 5. At this level, average prices have recovered close to
four-fifths of their loss from the December 1961 high to last June's
low. Trading volume averaged 4.7 million shares a day, 0.8 million shares
above the average for the previous week and the highest daily average
since late January.
More detailed information concerning recent capital market
developments are presented in the attached exhibits.

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




E X H I B I T A. P a , I I

L O N G - T E R M B O N D YIELDS, H I G H - G R A D E

fOKPOIATf Ail

mo
mi
Exhibit A - Part II

Date

Corporate
Aaa 1/

U. 8. Govt,
long-term If

State and
local
government
^ Aaa 3/

Spread between
P. S. Govt, and
Corporate
State and
Aaa
local Aaa

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

f

8
15
22
29
5 £/

3.55
4.61
4.21
4.46

(5/2)
(3/29/60)
(3/17/61)
(9/15)

4.19 (3/29)

3.07
4.42
3.70
4.07
3.85
3.95
3.87

4.19
4.19
4.19
4.19
4.20 Z

3.92
3.93
3.94
3.95
3.95

(4/25)
(1/8/60)
(5/i?/61)
(12/29)
(12/28)
(4/5)
(1/18)

2*64
3.65
2.99
3.37
2.88
3.02
2.93
3.02
2.98
2.93
2.93
2.94

(5/1)
(9/24/59)
(9/2/60)
(7/6)
(13/8)
(3/7)
(3/28)

.22
.59
.19
.57
• 3Q:
.35
.24
.27
.26
.25
.24
25

.34
.92
.46
.76

.80

1.02
.90
.90
.95
1.01

1.02
1.01

Preliminary.
Weekly average of daily figures. Average term of bonds inolttied 1* 22-24 years.

note.—Iligjis and Iowa are for individual aerie a and may be on different dates for different
series. For spreads, high refers to widest, and loir to imrrowest.




IV
EXHIBIT 6, f o r i I

L O N G - T E R M B O N D YIELDS, L O W E R - G R A D E

-

:oiroiAit is*

uy-

. /vv
V
A V/ .

Tdy'T

1 UJ> 1 1 1 1 1 II 1
7ijT

X

M l l l i i i II
ii 1i 1 II 1 1 III
11 1 1 1 1 1 1111111
II II 1 L-LX

1151

11*0

1141

11*1

11*1

Exhibit B - Part II

Corporate
Baa 1/

State and
local govt.
Baa 3/
(per cent)

1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low

4.51
5.36
4.98
•5.13
4.92
4.93
4.87

Mar.
Mar.
Mar.
Mar.
Apr.

4.88
4.88
4.87
4.88
4.87z

Note*

8
15
22
29
5 j>/

(
( 'l2/6<
( r9/60]
(
(
'
i

Tor footnotes aee Exhibit A*




3.64
4.46
3> 33
4-16
3.52
3.57
3.55
3.57
3.57
3.55
3.55
3.55

(5/1)
(3/7/60)
(13/9/61)
(3/23)
(5/17)
(3/14)
(4/4)

Spread between
Aaa and Baa
State and
Corporate
local govt.

.77
.84
.66
.81
.63
.71
.67

.93
1.08
.57
.93
.56
.63
.55

.69
.69
.68
.69
.67

.55
.59
.62
.62
.61

E X H I B I T C, P o r t I

SHORT- A N D INTERMEDIATE- T E R M INTEREST RATES, G O V E R N M E N T

— v .

iiu
Exhibit C - Part II

Date

1958 - Low
1959-60 High
1960-61 Low
1961-62 High
1962.- Low
1963 - High
Low
Mar.
Mar.
Mar.
Mar.
Jpr.

8
15
22
29
5 £/

Discount
rate

V

3-month
bills 2/

1.75
4.00 •
3.00
3.00
3.00
3.00
3.00

•58
4.59
2.11
2.97
2.65
2.95
2.88

3.00
3.00
3.00
3.00
3.00

2.89
2.88
2.90
2.91
2.91/

(5/29)
( 3/8/60)
(10/28/60)
(7/13/62)
(6/8)
(2/8)
(3/15)

Yields
6-month
bills 21
(per cent)

3-5 year
issues 2/

Spread between yields on 3month bills and yields on
6-mo. bills13-5 vr. issues

3.02 (13/26) 2.14 (6/6)
5 . 07 ( 3/8/60 ) 5.00 (12/24/59)
2.35 (4/28/61)3.15 (5/l2/6l)
3.13 (7/20/62)3.88 (2/2/62)
2.74(6/8)
3.41 (12/28)
3.00 (2/8) 3.53 (4/5)
2.93 (3/8) 3.44 (1/18)
2.93
2.94
2.96
2.98
2.98

3.49
3.49
3.51
3.53
3.53

.04
1.81
.38
1.51
.52
.62
.52

• 26
.79
.12
.44
.02
.07
.04
.04
.06
.06
.07
.07

*

.60
.61
.61
.62
.62

3/ Weekly rate ah own is that in effect at end of period at the Federal Reserve Bank of Hew York*
2j Maricet yield) weekly averages oonputed from daily olosing bid prices• Series of 3-5 year issues
consists of selected notes snd bonds.
i i o t e . — H i g h s and lows are for individual series and may be on different dates for different series.
For spreads, high refers to widest, end lew to narrowest*




u
E X H I B I T D, P a r i I
SHORT- AND
BANKS AND
Weekly

INTERMEDIATE- TERM INTEREST RATES,
OTHER

PRIVATE B O R R O W E R S
"f.

t-TK

Date

Stock Exchange
call loan If

Prime
rate 1/

Finance company
paper 2/

Federal
funds 3/

Spread between
3-mo. bills and
finance co. pacer

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961-62 - High
1962 - Low
1963 - High
Low

3.50
5.50
4.50
4.50
4.50
4-50'
4.50

3.50
5.00
4.50
4.50
4.50
4.50
4.50

1.13 (8/8)
5.13 (3/23/60)
2.50 (8/5/61)
3 . 25 (7/20/62)
2.88 (6/1)
3.25 (4/5)
3.13 (3/22)

.13
4.00
.43
3-00
1.30
3.00
2.63

Mar.
Mar.
Mar.
Mar.
Apr.

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3,13
3.13
3.13
3.23
3.25

3.00
3.00
2.90
3.00
2.63

8
15
22
29
5 j>/

(5/29)
(5/13/60)
( 3/27/61)
(12/28/62)
3/26)
(3/29)
(4/5)

-.35
1.02
.11
.56
.19
.36
.18
.24
.25
.23
.32
.34

1/ Weekly rate shown is that in effeot at end of period. Stock Exohange call loan rate is going rate
on ball loans seouied by customers' stock exchange• collateral at New York City banks.. Prime rate
is that charged by large banks on short-*erm loans to business borrowers of the highest credit
standing.
2/ Average of daily rates published by finance companies for directly placed paper for varying maturities
in the 90-179 day range,
3/ Weekly average of daily effective rate, ithioh is the rate for the heaviest -volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New Yorke
Note.—Highs and lows are for individual series and may be on different dates for different series.
spreads, high refers to widest, and low to narrowest*
Digitized forFor
FRASER



9

E X H I B I T E. P o r t I

STOCK MARKET

1941-43 overgg««IO

i l l i o n i ol doll

— STOCK MAIKET CREDIT
C H A N G E IN S E R I E S .

Exhibit B - Part II
Stock price
index JL/

1961-62 - High
Low
1963 - High
Low
February
March
Mar. 22
Mar. 29
Apr. 5 j>/

Common .
Trading
Stock market customer credit
stock
Customers
volume 3/
Bank
yields 2j (millions
debit bal* loans to
(per cent) of shares)
ances 4/ "others" 5/
(In millions of dollars)

72.04(12/8/61)
52.68 (6/22/62)
68.28 (4/5)
64.10 (3/1)

2.82
3.96
3.16
3.36

65.92
65.67
66.19
66.57
68.28

3.27
3.28
3.26
3.25
3.16

10.1
2.4
4.8
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)
5,717(2/63)4,332 (2/63)1,425 (3/20)
5,595(1/63)4,208 (1/63)1,378 (2/23)

4.2
5,717
3.6
3.4
3.9 .
4.7

4,332

1,385
1,423
1,425
1,423

n.a.—-Not available, g/ Preliminary.
1/ Standard and Poor's composite index of 500 oonmon stocks, weekly closing 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 stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are for dates on which price index reached its high
3/ Averages of daily trading volume on the Hew York Stock Exchange.
End of month figures for member films of 1he New York Stock Exchange *ioh oarjy margin accounts;
excludes balances secured by U. S. 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 loans are excluded only at banks in
New York and Chicago. Weekly reporting banks account fbr ahlut 70 per cent of loans to others.
For further detail see Bulletin.




E X H I B I T f. Pari
FEDERAL

NATIONAL

SECONDARY

MORTGAGE

MARKET

I

A S S O C I A T I O N 1/

OPERATIONS

ruiCHASES

1957

1958

1959

1940

Exhibit F - Part II

Date

1962 - Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
.
Dec.
1963 - Jan.
Feb. 2/

Estimated offerings to FNMA.
Purchases
by
Standby
Immediate
FNMA.
purchase commitment
(In mil]Lions of do]Liars)
82.5
68.6
51.1
40.3
33.0
29.0
40.8
35.9
43.5
25.7
19.7
16.8
12.5

80.8
66.3
50.0
38.8
31.7
27.9
39.2
35.2
42.7
24.6
19.3
16.5
12.4

1.7
2.3
1.1
1.5
1.3
1.1
1.0
.7
.8
1.2
.4
.2
.1

89.0
81.6
51.5
42.0
29.0
21.9
. 29.6
25.0
33.1
26.6
13.5
. 14.3
10.1

Sales
by
FNMA.

7.3
75.9
105.7
64.0
56.3
38.5
6.3
8.4
4.5
8.1
14.4
45.3
107.7

• — L e s s than $50,000.
1/ Data represent unpaid principal balances of the mortgages involved, exclusive of
premiums, d l s o o u n t s 8 o r other charges* Offerings a r e amounts of applications received
during the period from sellers proposing that FNMA. execute purchasing contracts. A n
. ismediate purchase contract covers existing mortgages which the seller must deliver to
F N M A id thin 4 5 days. A standby ccranitment contract relates t o proposed mortgages on
housing not y e t under construction w h i c h the s e l l e r must usually deliver within one
y e a r . Purchases include those under both immediate purchases and standby commitment
contracts. Data exclude FNMA activity u n d e r Special Assistance and Management and
Liquidating Programs,




f

EXHIBIT O. Port 1

YIELDS O N N E W A N D S E A S O N E D C O R P O R A T E B O N D S

uw
14 J I A d j u i t . d . l o A

>dy/.

— 1 —I 1 1 1 1 1 1 1 I I

Exhibit 0 - Part II

Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Number A m r t of Issues Average
of
Included (mil.
yield
(per cent)
issues of dollars)

Number Ain't of Issues Average
of
Included (mil.
yield
(per cent)
issues of dollars)

Weekly averages;
1962 - Nov.- 2
9
16
23
30
. Dec. 7
14
21
28
1963 - Jan. 4
11
£

85.0
37.0

4.14
4.13

19.8
72.5
87.0
45.0

4.00*
4.17
4.24
4.25

25.0
70.0
35.0
75.0

. 4.19
4.23
4.13
4.22

Feb. 1
8
15
22
Mar. 1
8
15
22
29
Apr. 5

25.0
. 64.0

4.21
4.27*

100.0
12.0
55.0
24.4
87.0
222.0
45.0

4.19
4.14
4.25*
4.16
4.16
4.36*
4.23

No tot Averages of offering yield* cu *1% nor issue* of jmblloly offered ooxporato bonds rated JU». ii and
A by Moody's Investors Service (except serial and convertible issues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) weighted by A s e of offering#
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual
reoffezing yield the excess of the weekly average yield for seasoned bonis of the appropriate indastxylomoeite average for seasoned Aaa^rated bonds (Moody's), Averages considered
quality group over the coi
unrepresentative because at special oharacteristies of tte offerings included are denoted by an asterisk^




H. 14

Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
apital
State and local 2/
1 1962
I 1961

1963

Corporate 1/
1 1962
1

January
February
March

2/584
e/700
e/850

592
859
807

580
667
562

£/ 694
e/700
e/950

876
1 ,133
628

711
689
764

April
May
June

e/850

1,113
760
1,132

2,118
1,259
1,318

e/850

873
912
786

722
640
1,034

582
749
579

1,028
762
647

612
544
427

486
604
734

835
703
1,103

1,090
948
1,000

650
578
550

679
789
610

2,258
3,005
1,910
2,641

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

2,,637
2,,571
1.,582
1,,779

2,165
2,396
1,824
2,078

5,264
7,173
9,814

6,504
8,941
11,979

5,,208
6,,790
8,,568

4,561
6,385
8,463

July^
August
September
October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

el 2,134

1st half
Three quarters
Year

1961

1963

e/2,350

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

quarter
quarter
quarter
quarter

e/2,034

Year
ef
If
2/
3/

2,199
2,919
1,775
2,410

1,554
4,552
2,337
2,807

9,303

11,253

Estimated by Federal Reserve.
j>/ Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance
companies.




U
Exhibit I

H. 14

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:
Bom is
and
foreign
Publicly Privately pfd.
offered offered
stock
included

149
317
381

913
896
997

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

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

963

264

n.a.

743

338

275

778

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

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

3
12
54
10
147
100
13

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

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

73
362
21
88
64
79
88
120
67
260
4
57

-225
218
275
264
229
301
159
301
199
282
253
451

94
80
90

18
n. a.
n.a.

133
220 "
390

118
120
100

125
60
90

208
300
270

770
754
955

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

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

):963 - I e/

2,326

1,100

',1961 - Apr.
May

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

713
666
924
424
225
123
336
414
217

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

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

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

681
715
930

350
260
490

238
375
350

^1963 -- Jan.£/
Feb.e/
t
Mar.e/
I-

Other
issuers

808
652
696

1,074
1,336
1,462

July
Aug.
Sept.
Oct.
Nov.
Dec.

Public Communiutility cations

511
562
625

2,537
2,520
2,832

1962 - Jan.
Feb.
Mar.
Apr.
May

Mfg.

27
38
17

1960 - II
III
IV

July
Aug.
Sept.
Oct.
Nov.
Dec.

692 '
429
416

Net proc<aeds for
new capiltal 1 / 2 /

:

43
46
34
99

•

j,v;£/ 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
5. are extractive, railroad and other transportation, real estate and finance and
commercial and other. Source.—Securities and Exchange Commission.




Other Security Offerings
(In millions of dollars)

Foreign government 2/
1963
I
1962
|
January
February

2/232
e/175
e/.SC

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

142
10
35
10
86
50
25
8
31
151
88
101
737

Gross long-term 1/
Federal agency 3/
1963
I
1962
r
6
29
20
2
66
29
5
2

£/ —
e/148
e/ --

1961

246
156
252
100
149
278

461

250
193

150
175

43
34

225

236
e/148

e/4r

1,188

1,448

402

252

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

18
466
-186
127
-84
-118
78
339
-406
71

Year
Jan- -Ma -.

298

160
195

-283
-118
2./-185

54
-116

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

520

1,004

-76

347

317

-480

-8

-103
-42
-155
109
518
-86
-6

£/-586

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

]V --Preliminary.
0/ Estimated by Federal Reserve.
n.a.--Not available.
1/ 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. Goveripnent. 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.



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 - March
April
May
June
July
August
September
October
. November
December
1963 - January
February
=;
March

366
648
200
472
165
286
191
434
178
198
234
186
394

Corporate
Bonds
Convertible
(ether than
bonds
convertibles)
330
430
170
387
135
226
100
398
178
178
215
125
372

.

15
51

60

State
and
local
government

Stocks

21
167.
30
85
30

- -91
36

20
--

35

19
26
22

Other

259
423
373
266
321
272
153
320
217
193
344
367
570

1/
30
55
88
30
20
194
25
75
48
63

Large Individual Issues Offered April 1 through 5

Type 3/

Issuer

Coupon
Amount
rate or
(millions
Offering
Maturity
of
net inter- yield
dollars)
est cost

Rating

CORPORATE
Commercial Credit Corp.
Ear-ford Elec. Light Co.
•Consolidated Edison Co.

1st mtg. bds.
Com.stk.

50.0
15.0
107.4

1981
1993

4-3/8
4-1/4

4.38
4.30

STATE AND LOCAL GOVERNMENT
, Cleveland, Ohio
-Philadelphia, Pa.

Rev.-Dt.
G.O.

OTHER




12.0
37.2

1968-84
1964-88

2.93
2.95

2.15-3.00 Aa
1.60-3.20-t'A

K-2
Footnotes

H. 14

* — R i g h t s offering.
**—Foreign
issue.
1/ Includes corporate and other security offerings of $15 million and over;
State and local government security offerings of $10 million and over.
2/ 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.tit., 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.
4/ 0.1 per cent bonds due 1987-88 not reoffered.




H. 14
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues

Date of
computation

During month following
date shown
Corporate State and
Other 2/
local govt.

1962 - 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
Mar. 29

628
185
587
120
302
170
363
203
170
269
167
142
376

453
333
184
202
273
61
187
96
194
177
376
458
381

__

95
55
-•—

175

75
25

45

Subsequent to
date shown
State and
Corporate
Other 2/
local govt.
693
598
692
458
477
312
546
328
360
314
412
572
421

539
452
337
377
427
215
387
243
328
311
843
755
763

'

..
95
55
25
175

75
25
33
45

Forthcoming Large Offerings, as of April 5

Type

Amount
(millions
of dollars)

Approximate date
of offering

CORPORATE
Pacific Northwest Bell Tel. Co.
Arkansas Louisiana Gas Co.
Northern Indiana Public Service Corp.
Tennessee Gas Trans. Co.
Consolidated Natural Gas Co.
Tampa Electric Co.
•Victor Comptometer Corp.
•Portland General Elec. Co.
•Virginia Elec. & Pwr. Co.
• Commerce Oil Refining Corp.

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

50.0
45.0
30.0
20.0
35.0
23.2
15.0

20.0
30.0
45.0

April 17
April 17
April 18
April 23
April 24
April 25
April 29
May 1
May 15
Indefinite

STATE AND LOCAL GOVERNMENT
Brevard Co. Special Tax Sch. Dist.
No. 1, Florida
City of Detroit, Mich.
•State of California
Duval Co. Special Tax Sch. Dist., Fla.
Albuquerque, N. M.
; Omaha City Sch. Dist., Neb.
•Alabama State Highway Auth.
State of Louisiana
- Washington Sub. San Dist.




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

12.0
10.5

100.0
10.0
10.7
25.0
25.0
15.0
14.0

April
April
April
April
April
April
April
April
April

9
9
10
11
16
16
16
17
22

L-2

H.14

Forthcoming Large Offerings, as of April 5 (Cont'd)
Approximate date
of offering
STATE AND LOCAL GOVERNMENT (CONT'D)
Los Angeles Co. Flood Control Dist.,
Cal.
State of Oregon
New York City, New York
*Orlando Utilities Comm., Fla.
^Maryland State Roads Comm.
Washington Public Power Supply System
^Cincinnati, Ohio
*Cleveland, Ohio
Placer County Water Agency, Cal.
Pittsburgh, Fa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., Fla.
Houston, Texas

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

15.0
10.5
108.7
14.0
17.5
120.0
16.1
13.2
115.0
35.0
12.9
46.0
40.0
13.3

April 23
April 23
April 24
April 30
May 1
May 2
May 8
May 21
Spring
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

OTHER
Copenhagen Tel. Co.
Govt, of Australia

S.F.deb.
Bonds

15.0
30.0

April 9
April 11

*--Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State and local
government issues of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal agencies.
Note.—Deletions for reasons other than sale of issue: none.




9
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.
2/26

30.0

3/13

12.5

3/13
*4/2

21.8
5.2

15.0
30.0
10.0

Sold February 1 through April 5

Kingdom of Denmark—5-1/4% bonds, due 1978, reoffered
at 5.377,
Republic of Finland—6% bonds, due 1973, reoffered at
6.177=
Kansai Electric Power Co., Inc.--common stock
Sony Corp.—common stock

B.
4/9
4/11
4/24

Public Offerings

Prospective Offerings

Copenhagen Tel. Co.--sinking iuud debenture
Commonwealth of Austra1ia--bonds
Mitsui & Co., Ltd.—convertible sinking fund bonds




M-2
Part II:
Date
reported

Amou-.it
(millions
of dollars)

2/4

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

3/13

1.0

3/13

30.0

3/13

25.0

3/27

50.0

3/28

3.0

*4/3

10.0

H. 14

Private Placements--Reported February 1 through April 5

Issuer and Description, of Issue

Quebec Hydro-Electric Commission--5% bends, due
1988, placed to yield 5.07%--$100 million to be
taken down in February with the remainder to be
taken down by the end cf 1964
Government of Jamaica--?/' sinking fund debentures-no information available on takedown
Federation Chemicals , Ltd. ---subordinated notes,
due 1977--$5.9 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 tak-.down
Tabor de Acero de Mexico, S. A.--7-1/2% convertible
deb entures , due 1975--no information available on
Quebec Natural Gas Corp.--5-1/2% first mortgage bonds,
due 1 9 8 0 — n c inferma tion available, on takedown
Protestant School Beard cf Greater Montreal--5-1/4%
bonds, due 1982-~:no information available on takedown
Government of Norway--bonds, due 1983--no information
available on takedown
City of Aalborg, Denmark--not.es, due 1978--no information
available on takedown
Bayer Foreign Investments, Ltd.—5-1/2% promissory notes,
maturing 1983--no information available on takedown
Manitoba Hydro-E1 ectrie Board-""4-7/8 sinking fund bonds,
maturing 1988--no information available on takedown
Bell Telephone Cc. of Canada--4-7/8% first mortgage
bonds--no information available on takedown
Pacific Eastani Railway Co. "•'-4-7/8% sinking fund
debenture, du- 1968--no information available on
takedown
Industrial Acceptanvv. Corp. . It i. --5-1/8%. secured
notes» maturing 196?
information available on

*4/4

City of Vancouver --4-3/8 & 5% serial debentures,
maturing 1964-83--no information available on takedown

Note; For retrospective data on aggregate foreign corporate and government
security offerings in the United States se- 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 'xhen reported, frequently with
little or no information concerning timing of takedowns. Full or partial
takedowns may take place berth prior and subsequent to the date a placement
is reported.
*—Included in table for first time.