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Not for Publication DECONTROLLED AFTER SIX MONTHS
H. 14

August 22, 1966

T
] CAPITAL MARKET* DEVELOPMENTS
CAPITA
THE UNITED STATES

Corporate and municipal bond markets. Both the corporate and
municipal markets will receive a below-average amount of new security
issues this week. Southern California Edisor, Co pany's $80 million debt
offering accounts for nearly one-half of the new corporate volume.
Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital I Refunding

State and local Government
New Capital 1 Refunding

Sold:
52 week avg.
Aug. 12
Aug. 19

187

2

207

258r /
270

194r/
205

175

4
19r/

150

Scheduled:
Aug. 26

1/ Federal Reserve estimates based upon published reports of issues sold
and scheduled for offering; corporate rights offerings are included as
of the date subscription rights expire.
Corporate bond yields advanced sharply to again register new
postwar highs. The majority of new corporate debt offerings last week
were moderately well received at higher yields. Pittsburgh Plate Glass
Company's $ 125 million debenture issue--Aa-rated and carrying 10 year
call protection--was estimated to be 90 per cent sold at its reoffering
yield of 5-5/87=.
Yields on investment grade municipal bonds rose 6 to 7 basis
points last week. Most new issues were reoffered to investors at
yields 20 to 25 basis points higher than the previous week.
Private housing starts and permits. Seasonally adjusted
private housing starts continued downward in July. The decline,
which amounted to 16 per cent brought the annual rate to 1,064
thousand. This was down two-fifths from the unusually high rate reached
in December of 1965 and the lowest since December of 1960. On a threemonth moving average, the rate in the May-July period reached 1,218
thousand, compared with 1,518 thousand in the first quarter of this
year. Then, partly because of the still high backlog of commitments made
earlier, underlying mortgage conditions were relatively much more favorable
than has been the case in recent months.




H. 14

-2-

Yields in Security Markets
Change from
preceding week

Level Latest Week
High-Grade
Notes and Bonds
Corporate
5.68
5.35

+10

4.81
5.61

+21

3.94
4.20

+6

Federal funds
Treasury Bills

5.13

+60

3-month
6-month

5.06
5.37

+19
+24

New
Seasoned
U.S. Government
Long-term
3-5'year
State and loc. govt.
Moody's Aaa
Std. & Poor's high grade

+7

Money Market

Corporate Bonds Still in Syndicate
(In millions of dollars)

Date
Offered

Amount
(millions of $)

Issuer

8/17

20.0

Northern 111. Gas Co.
1st mtg. bds., 6's, 1991

8/18

12 5.0

Pittsburgh Plate Glass Co.
S.F. debs., 5-5/8's, 1991

Reoffering
Yield
5.85

Rating

Estimated proportion sold

Aa

4/5

9/10

5.625

Blue List of Municipal Dealer's Advertised Inventories
Latest Date
412

(8/16)




(In millions of dollars)
End of Previous week
410

Recent High
636

(2/17)

H. 14

-3-

All regions shared in the further decline in July by amounts
ranging from 6 per cent in the Northeast states to 22 per cent in the
West. Nationally, Government-underwritten starts accounted for 17 per
cent of the recuded July total, about the same as in July of 1965.
Seasonally adjusted building permits also declined further
in July--by 5 per cent, and at an annual rate of 902 thousand were
below the lows reached in I960, So far this year, the sharpest reductions
have been in permits for multi-family structures, but the cut-backs in
single-family structures has also been substantial.
Stock market credit. Customers' net debit balances carried
by New York Stock Exchange member firms declined $.1 billion in July,
to an end-of-month total of S5.7 billion. Money borrowed by brokers
and dealers on customers' collateral advances $150 million to $3,1
billion while customer's net free credit balances declined $64 million
in July to about $1.6 billion.
More information on stock market credit can be found on the
following page.
Stock prices. Common stock prices declined significantly
last week in moderate trading. Standard and Poor's index of 500
stocks dropped 3.55 points, to end the week at 79.62. Common stock
prices now stand approximately 15 per cent below the 1966 high of
94.06 registered on February 9. Trading volume averaged 6.5 million
shares a day.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.

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




H. 14
-4-

STOCK MARKET CREDIT
(In millions of dollars)

Months
Total

Customer
Net Debit
balances with
NYSE member
firms

Credit
Broker & Dealer Credit
Bank lovns to others
Money
Customers 1
than brokers and
Borrowed
net free
dealers for purchas- Cust. Other credit
ing & carrvintr secur. coll. coll. balances

Outstanding:
1955-56 High

4,047 (5/56) 2,823 (12/56)

1,255 (4/56)

1,873

430

1957-58 Low

3,554 (1/58) 2,482 (12/57)

1,060 (11/57)

1,344

188

1959
1960
1961
1962
1963
1965

High
Low
High
Low
High
Low

4,764
4,142
5,602
4,876
7,298
6,833

1,373
1,121
1,377
1,269
1,727
1,865

2,044
1,801
2,572
1,856
3,892
2,882

318
237
385
235
597
446

1,257
940
1,508
1,091
1,211
1,192

1964 - Dec.
1965 - Dec.
1966 - July

7,053
7,705
7,871

5,079
5,521
5,668

3,393
2,889
3,127

517
687
604

1,169
1,666
1,597

-251
41
162
81
187
401
21
224
-127
168
-86
7
92
-41
- 12jb

-251
23
108
79
136
312
30
202
-108
190
-67
-2
-2
-98
-98

-

Change in
outstanding:
1965 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1966 - Jan.
Feb.
Mar.
Apr.
May
June
*June
July
*July

(4)
(5)
(12)
(7)
(11)
(7)

3,401
3,004
4,259
3,562
5,586
4,863

(4)
(7)
(12)
(7)
(11)
(7)

1,974
2,184
2,203

—

18
54
2
51
89
-9
22
-19
-22
-19
9
* 94
57
*-28

(5)
(5)
(8)
(9)
(12)
(2)

-297 -320
9
23
-130
26
-96 -23
48
76
-41
90
59 -92
11
-2
-104
47
128
42
-48 -29
42
53r/
42
53r/
150 •
-102
150 -102

1,069 (1/55)
807 (4/57)'
(3)
(4)
(4)
(9)
(11)
(8)

-64
-40
176
106
4
187
64
35
57
-78
95
-178
-178
-64
-64

Note: With the exception of bank loan data, figures are reported to the New York Stock
Exchange by member firms carrying margin accounts. Bank loans to others than brokers and
dealers for purchasing and carrying securities are for weekly reporting member banks. Net
debit balances and customer free credit balances are as of the end of the month; bank loans
and money borrowed are reported for the last Wednesday of the month. Numbers in parenthesis
denote month of year. All figures exclude credits on, or to carry, U.S. Govt, securities.
* — N e w Series.




/
LOUG-TEIZM

BOND

YIELDS,

HIGH-GRADE

5.5

CORPORATE Aaa

4.5

4.0

U.S. GOVERNMENT "

_/
3.0
STATE AND LOCAL GOVERNMENT Aaa

2.5
1961

1962

1963

Exhibit A —

State and
local
government
Aaa 3/

Corporate
Aaa 1/

1959-60 - High
1962-63 - Low
1965 - Low
1966 - High
- Low

4.61 (1/29/60)
4.19 (3/29/63)
4.41 (3/12)
5.35(8/19)
4.73(1/7)

4.42 (1/8/60) 3.65 (9/24/59)
3.85 (1^/26/62) 2.88 (13/8/62)
4.13 (6/25)
2.94 (2/11)
3.94(8/18)
4.81(8/19)
3.39(1/13)
4.42(1/21)

5.17
5.22
5.24
5.25
5.35

4.75
4.72
4.73
4.73
4.81

3.77
3.78
3.79
3.87
3.94

1965

Part II

Date

July 22
29
Aug. 5
12
19£/

U.S. Govt.
long-term 2/

1964

1966

Spread between
U. S. Govt, and
Corporate
State and
local Aaa
.59 (8/5/60)
.21 (12/27/63)
.22
.54
.14
.42
.50
.51
.52
.54

.92 (4/22/60)
.80 (2/5/62)
.94
1.19
.86
.98
.94
.94
.86
.87

•a/ Preliminary,
J/ Weekly average of daily figure*. Average term of bonds included is 22-24 years,
Z/ Weekly average of daily figures. The series includes bonds due or callable in 10 years or more*
Thursday figures. Only general obligation bonds are included; average term is 20 year*,
Mote.—Highs and Iowa are for individual series and may be on different dates for different
series* For spreads, high refers to widest, and low to narrowest.




LONG-TERM BO

ND

YIELDS.

LOWER

GRADE

C O R P O R A T E Baa

4.3

4.0
S T A T E A N D LOCAL G O V E R N M E N T Baa
3.5

3.0
1961

1962

1963

1964

1965

1966

Exhibit B -- Part II

Date

Corporate
Baa 1/

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

1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
July 22
29
Aug. 5
12
19£/

Metes

Spread between
Aaa and Baa
State and
Corpora te
local govt.

5.36 (2/12/60)
4.93
4.80
5.04
5.85(8/19)
5.05(1/14)

4.46 (3/7/60)
3.57
3.51
3.79
4.50(8/18)
3.78(1/20)

.84
.70
.37
.31
.54
.31

1.08
.63
.52
.39
.62 *
.38

5.69
5.72
5.75
5.78
5.85

4.30
4.33
4.34
4.46
4.50

.52
.50
.51
.53
.50

.53
.55
.55
.59
.56

For footnotes eoe Exhibit A.




7
•TERM

INTEREST

RATES

3-5 YEAR ISSUES
6- MONTH BILLS

F. R. DISCOUNT RATE

ZV
3-MONTH BILLS

Exhibit C -- Part II

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
July 22
29
Aug. 5
12

19£/

Discount
ra te
3-month
bills 2/
1/

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

2.89
3.52
3.83
4.47

4.50
4.50
4.50
4.50
4.50

Yields
6-month
bills 2/
(per cent)

3-5.ypar
issues, 2/

Spread between yields on 3month bills and vields on
6-mo. bills 13-5 vr. issues ,

§
1

Date

5.06(8/19)
4.39(0/24)

5.07(3/8/60)
2.90
2.93
3.64
3.93
4.66
5.37(8/19)
4.53(6/24)

3.81
3.41
4.07
4.07
4.90 .
5.61(8/19)
4.80(4/8)

.79
.24
.04
.13
.10
.19
.31
.09

4.89
4.73
4.81
4.87
5.06

4.99
4.89
4.99
5.13
5.37

5.22
5.25
5.32
5.40
5.61,

.10
.16
.18
.26
.31

4.59(Ve/60)

2.66

¥

1.81
1.15
.52
.55
.24
.43
.64
.21
.33
.52
.51.
.53
.55

Weekly rate shown l a that in effect at end of period at the Federal Reserve Bank of Mew Yoric,
Market yields weekly averages computed from daily closing bid prices. Series of 3-8 year issues
consists of selected notes and bonds.
Note.—Highs and lows are for individual series and may be on different dates for diffennt s e r i e s ,
for spreads, high refers to widest, and low to narrowest.




Vllu;;TBANKS

AiJD
AND

INTEK/.UBIATE-TERM
OTHER

PRIVATE

INTEREST

RATES,

BORROWERS

PRIME RATE

FINANCE COMPANY PAPER

F.R. DISCOUNT RATE
FEDERAL FUNDS

Da te

1959-60 - High
Y e a r end - 1961
1962
1963
1964
1965
1966 - High
Low
July 22
29
5
12
19 £ /

Aug.

1963
1964
Exhibit D -- Part II

1962

1961

Prime rate

.

1/

1965

Finance
company
Federal funds 3/
paper
2/
(per cent)

5.00
4.50
4.50
4.50
4.50
5.00

5.13 (1/2^/60)
3.00
3.19
3.88
4.06
4.75

4.00 (5/13/60)
2.88
3.00
3.50
4.00
4.63

6 . 0 0 (8/19)
5.00 (3/4)

5.63 (8/19)
4.75(1/7)

5.73(8/12)
3.55(1/21)

5.75
5.75
5.75
5.75
6.00

5.50
5.58
5.63
5.63
5.63

4.40
5.65
5.60
r/ 5.73
5.13

1966

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

1.02
.34
.30
.36
.23
.28
.99
.20
.61
.85
.82
.76
.57
1

3/ Weekly rate shown la that In effect at end of period. Prime rate ia that charged by large banks
on short-term loans to business borrowers of the highest credit standing.
y 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, which is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York.
Notes—-flighs and lours are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.




j
f
t
I

STOCK

MARKET

10

100
I PKICtS

8
STOCK MARKET CREDIT

6

CHANGE IN SERIES

4

VOLUME

YIELDS

1962

1961

1963

Common
Stock price
index If

Date

yields 2/
(per cent)

1964

Trading
volume 3/
(millions
of shares)

1965

1966

Stock mar ket customer credit
Customers 1
Bank
debit balloans to
ances 4/
"others" 5/

Total

(In millions of dollars)
1961-62 - High
Low
N o v . 1963
J u l y 1965
1966 - H i g h
Low
1966-June
July
Aug.

72.04(12/8/61)
52.68(6/22/62)
72.61
84.91
93.77(2/11)
79.62(8/19)

86.06
85.83
84.00
5
83.17
12
(19.62
19|/

2.82
3.96

10.1
2.4

3.14
3.09
3.02
3.64

5.3
4.1
10.7
5.1

7,298
6,833
7,997
7,726

5,586
4,863
5,835
5,551

1,712
1,970
2,241(7/6)
2,137(5/27)

3.36
3.37
3.45
3.49
3.64

6.4
6.0
6.0

7,997
7,871

5,766
5,668

n.a.

n.a.

2,231
2,203
2,216
2,228
n.a.

b.lr/
6.5

5,60% ig/61) 4,259(12/61)
4,424(1/61) 3,253 (j/61)

1,418(5/9/62)
1,161(3/8/61)

n.a.—Not available, p/ Preliminary.
V Standard and Poor's composite index of 500 ooomon stocks, weekly closing prices. 1941^43-10.
s,
Monthly data are averages of daily figures rather than of Friday's only. Highs i
i and lews are for
Friday's data only.
7j 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 dally trading volume on the Mew York Stock Exchange* Years*nd figures are averages of
daily figures for the year.
4/ Ind of month figures for u m b e r firms of the New York Stock Exchange which carry margin accounts;
excludes balances secured by D# S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U. S. Government securities. Weekly reporting banks account for about 70 per cent of leans to
others. Tor further detail see Bulletin.




P R I V A T E H O U S I N G STARTS AND P E R M I T S
SEASONALLY ADJUSTED DATA

HOUSING STARTS

PER CENT OF U N A D J U S T E D I O ! A t

1959

I960

'961

S IAR 1 <

1i2
t6

n#6 3

|(4
9,

1965

1966

Exhibit F - Part II
Building
Unadjusted
permits
Type of financing Type o f housing (seasonally
Seasonally adjustadjusted
1-2
MultiUnadjusted
ed annual rate
Other
FHA
VA
family
family
rate) 2/
(Thousands o] units)
E
Total

1965 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1 % 6 - Jan.
Feb.
Mar.
Apr.
May
June

1,473
1,422
1,453
1,411
1,547
1,769
1,611
1,374
1,569
1,502
r/ 1,318

141
135
124
134
116
102
85
78
126
147
rA35
r/126

17
18
17
18
16
15
13
12
19
18
14
15

5
5
4
4
4
3
3
2
3
3
4
4

119
98.7
42.5
1,234
112
93.0
41.6
1,217
103
83.9
40.4
1,180
91.0
112
42.6
1,259
96
75.0
41.0
1,282
63.3
84
39.0
1,325
69
50.8
33.8
1,262
64
49.3
28.9
1,191
104
85.4
40.9
1,293
46.8
126
:
100.3
1,165
r/118 r,/92.5
r/42.9
1,098
r/ 107 7/87.4
r/38.9
r/ 954
r/1,273
1.064
85
25.0
76,9
<
July
902
102
11-..- 4
1/ Total starts are Census estimates inoluding farm for both permit-Issuing and non-Issuing areas, 1
dwelling unit !• started when excavation begins | all wait# in an apartment structure are oensldere*
started at that time. IHA and VA starts are unite started under ooamitmenta by these ageaaiee te Insure
or guarantee the mortgagee. As reported by FHA and VA, a unit Is started when a field office receivee
the first oonpllanee inspection report# which is made before footings are poured In some cases but
normally after the foundations have been completed* Capehart rilltary bousing unite are excluded.
Other atarte are derived ae a residual, although total and FHA and VA starts are not etrlotly comparable
in concept or timing; other atarte iaolnde both unite financed by conventional mortgagee and unite
without mortgagee.
2/Building permits before January 1963 are Census estimates fer about 10,000 area* identified ae




YIELDS

ON

NEW

AND

SEASONED

CORPORATE

BONDS

5.0
NEW I S S U E S

4.5
SEASONED Aaa

L i 1 1 -1-LJU 4.0
1963

1964

1965

1966

Exhibit G - Part II
Yields on New Corporate Bond Isauee Adjusted to an Aaa basis
Number A m r t of issues Average
of
included (mil.
yield
issues of dollars)
(per cent)
Monthly averages:
1965 - Oct.
5
6
Nov.
Dec.
4
8
1966 - Jan.
10
Feb.
9
Mar.
13
Apr.
Hay
7
June
11
5
July
Aug.

108.0
267.0
212.0
300.0
304.5
5 13.0
452.3
341.0
596.0
155.0

Weekly averages:
High
Low

5.63 (7/15)
4.82 (1/7)

4.69
4.72
4.85
4.84
4.98
5.13
5.08
5.21
5.38
5.62

Number Am't of issues Average
of
included (oil.
yield
of dollars)
(per cent).
June

July

Aug.

3
10
17
24
1
8
15
22
29
5
12
19

1
2
3
4
1

50.0
46.0
80.0
370.0
50.0

5.36
5.34
5.43
5.32
5.64*

2

90.0

5.63

3
2

65.0
280.0

5.62
5.58

2

145.0

5.68

--

9

i. by Moody'» investors a e m o e \exoept serial ana oonvemoie laiuai. oxiorugs or naxurax gas pipeline
and foreign companies, and bond* guaranteed by the Federal Government) weighted by alio of offering#
Before averaging, new offerings are adjusted to a composite laa baele by deducting from the aotual
reoffering yield tha exoess of the weekly average yield for seasoned tends of the appropriate industryquality group over the composite average for seasoned Aa*-rated bonds (Moody's). Averages considered
unrepresentative because of special characteristics of the 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)

New Caoital
Corporate
1965

1966

State and local 2/
1966
1965 £ /
1964

1964

January
February
March

1,302
1,237
2,446

795
746
1,197

938
700
778

E/1,183
£/ 900
2./ 868

804
872
904

947
776
810

April
May
June

1,553 '
1,058
2,364 •

1,152
1,691
1,946

2,237
1,095
1,405

2/1,186
£/ 918
2/1,094

826
924
972

1,242
667
903

1,290
850
1,392

812
680
1,130

e/
e/

986
648
966

906
780
892

924
1,325
1,496

953
669
1,642

794
1,021
754

801
529
948

2,738
4,789
3,533
3,745

2,416
4,738
2,621
3,264

2/2,952
2317
/,9

2,580
2,722
2,600
2,569

2,533
2,811
2,578
2,278

7,527
11,060
14,805

7,153
9,775
13,038

2/6,148

5,302
7,902
10,471

5,345
7,923
10,201

July
August
September

e/1,245
e/1,600

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

4,985
4,974 v

9,959

1

650
900

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

quarter
quarter
quarter
quarter

Year
e/
g/
1/
2/
3/

2,547
4,348
3.283
3,188

2,043
4,258
2,477
2,997

13,366

11,775

Estimated by Federal Reserve.
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.




1

Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

Quarter
or
Month

Gross proceeds for new capital
and refunding 1/
Total
Bonds
Common Memo:
Pub 1 ic ly Privately
and Foreign
Offered
Placed
pfd. issues
stock included

Net proceeds
for new capital
Mfg.

Public CommuniUtility cations

1/ 2/
Other
Issuers

1964 - I
II
III
IV

2,548
4,965
2,876
3,568

978
1,312
792
531

1,269
1,755
1,590
2,629

300
1,890
494
408

29
105
94
277

429
723
559
1,061

438
856
642
509

273
1,666
59
135

1,275
1,492
1,361
1,559

1965 - I
II
III
IV

3,007
5,043
3,912
4,030

905
1,864
1,575
1,226

1,673
2,259
1,955
2,264

429
920
383
540

243
215
263
300

1,072
1,679
1,119
1,145

541
609
786
610

91
255
323
177

1,034
2,246
1,304
1,815

1966 - I
II
III
1965 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

5,094
5,115

1,774
1,941

2,586
2,083

734
1,090

345
168

1,860
2,205

969
960

602
392

1,553

540
698
441
399
307
414
273
402
470

176
248
184
202
297
287
158
209
243

15
143.
98
102
25
196
92
43
43

422
602
1,223
587
222
495
401
671
741

353
530
977
692
33
376
49
1,137
n.a.
500

388
241
340
364
274
322
230

141
160
301
76
40
276
40

1966 - Jan. 2/
Feb.
Mar.
Apr.
May
June
Julye/
Aug.
Sept.

1,233
1,773
2,038
1,443
930
1,538
986
1,398
1,646

422
694
748
542
369
664
287
613
326

648
630
980
780
468
706
574
529
1,161

162
449
309
122
93
168
124
257
159

33
49
134
27
87
150
99
101
99

1,339
1,273
2,482
1,582
1,10 6
2,427
1,285

460
560
753
628
481
832
460

692
583
1,311
743
556
784
600

187
130
417
210
69
811
125

93
118
133
86

£/
e/
1/
2/

1,418

420
306
827
421
368
629
475

Preliminary.
Estimated by Federal Reserve.
Gross proceeds exceed net proceeds by the cost of flotation.
For total see Exhibit H; other issuers are extractive, railroad and other transportation,
real estate and finance, and commercial and other.
3/ Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
Source: Securities and Exchange Commission.




i

Exhibit J
Other Security Offerings
(In millions of dollars)

1966
January
February
March
April
May
June
July
Augus t
September
October
November
December
Jan.-June

12
40
40
66
69
76

F n r p i cm f t n v p r n m p n f - 2 /
1964
IQfS
21$
-r
36

n

-f-

91
33
74

P

52

7i5

12
303

4
82
69
30
75
26
20
13
7
180
72
58
286

6 $

Year

420

1966

503
410
392
699
1,030

103
39
-319
580
2./ 4 6 2
£/-360

Jan.-June

2/505

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

6;40

375

----

775

275
260
160

308
-24
450
718
85
284

1,821

510

1,414

275

2,732

3,034

636

238
ii
-458
647
204
-82
119
408
152
159
2|74

129
185
325

239
150
375
375
179

New short-term 4 /
State and jlocal Goverment 5 /
January
February
March
April
May
June
July
August
September
October
November
December

Fprlpra 1 A g e n c y 3 /
1965
1964

1,205

--

-»-

Federal Agency 3 /
-137
. -174
117
-11
509
237
132
206
105
-309
202
-76
541

-308
-336
23
97
183
239
-333
167
1
525
113
-3

<

-102

1J286
453
368
Year
801
j)/ Preliminary, e/ 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 securitiesjare defined as those maturing in more than one year.
2/ Includes securities offered in t$e U.S. by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Commission.
3./ Issues not guaranteed by U.S. Government. Source: Long-term, Securities and Exchange
Commission; short-term, Treasury Dept. & Fed. Reserve.
4/ These data differ from those
represent new offerings less retirements, whether
from the proceeds or refunding issues or from other funds. Data include only issues with
original maturity of one year or le$s.
5/ Principally tax and bond anticipation notes,
warrants, or certificates and Publii : Housing Auth. notes. In some instances PHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.




f

)
)
;
;
•

1

H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total

1965 - July
Aug,
Sept.
Oct.
Nov.
Dec.
1966 ~ Jan.
Feb.
Mar.
Apr.
May
June
July

Corporaate
Bonds
Convertible
(other than
bonds
convertibles)
455
211
530
190
559
212
370
391
544
481
351
6 36
170

477
299
530
246
736
262
485
545
890
643
401
1,317
402

Stocks

22
62

8a
75
53
50
20
182

655
312
563
409
538
41.3
787
424
399
720
466
582
3 38

26
16

~-

40
33
50

State
and
local
governments

-"

144
115
70
271
106
661
50

Other

2/

20
50
170
43
95
----

55
60
275
15

Large Individual issues Offered August 1 through 19

Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

6,
,00
5, 58
.
6,
,25
6,
,50
5.
.25
, 50

A
Aaa

Corporate
Jersey Central Pwr.&Lt.Co. 1st mtg. bds.
30.0
American Tel. & Tel.
Deb.
250.0
Household Fin..Co.
Notes
75.0
Northeast Airlines
Conv. deb
22.0
Continental Tel. Co.
Conv. sub, deb. 25.0
Pan Amer. World Airways
Conv,, sub . deb. 175.0
Air Products & Chem, Inc. Pfd„ stk„
20.0
Management Assistance, Inc .ColL tr. cert.
27,0
Northern Illinois Gas Co 0
1st mtg. 1
bds.
20.0
North American Car Corp.
Conv. pfd . stk. 15.0
Pittsburgh Plate Glass Co. S. F. deb.
125.0
Conv, sub, deb. 25.0
,
G. C. Computer Corp.
Com. stk.
10.0




1996
1995
1969
1986
1986
1986

6-1/8
5-5/8
6
6-1/2
5-1/4
4-1/2

1966-70
1991

6

1991
1986

5-5/8
6

7-1/4-8--1/4 7.2 5 - 8 . 25
.
5,
,85
5, 63
n.

«• —

B
B
Ba

Aa
Aa

\V)
Large Individual Issues Ojffered August 1 through 19 (Cont'd)

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
OfferRating
net inter- ing
est cost
Yield

State and local Government
Nashville & Davidson Co.
Metro. Govt., Tenn.
N.Y. State Dorm. Auth.
Dela. City. Ind. Dev. Corp.
Detroit-Wayne Jt. Bldg. Auth.
Orange Co. Civic Center Auth.
Pa. Stgte General Auth.
Ga. State Sch„ Bldg. Auth.
State of California
State of Mississippi
Winchester, Ky,

G.O.
Rev. -Renit.
Rev. -Renit.
Rev. -Ren t.
Rev. -Ren t.
G.O.
Rev. -Rer t.
G.O.
G.O.
Rev. -s.t.
Rev. -Rent.
Rev. -Rent.

15.9
19.8
17.0
14.5
22.2
50.0
32.1
100.0
3.5
7.0
9.1
28.9

1968-97
1970-98
1968-87
1970-96
1969-93
1969-93
1968-89
1967-87
1967-2001
1971-86
1968-76
1991

3.94
4.58
n. a.
4.79
4.78
4.36
4.30
4.32
4.47
4.62
5.61

3.75-3 .90
4.50
4.00-4,
,40
4.60-4,
,70
4.60
4.25
4.00-4. 20
4.00-4. 20
4.35-4. 40
4.40-4. 50
5.00-5. 10
5.50

Aa
--—

Baa
A
Aa
Aa
A
A

Other
None

*--Rights offering.
n.a.--not available
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 doreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies.
3/ In the case ot State and local Government Securities, G. 0. 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.-S.I., revenue bonds
*
secured by revenue from specific t^xes only; Rev.-Rent. , revenue bonds secured solely
by lease payments.




/

/

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) X/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)

During month following
date shown
State and
Corporate
Other 2/
local govt.
1965 - July 30
Aug. 31
Sept .30
Oct. 29
Nov. 30
Dec. 31
196b - Jan. 31
Feb. 28
Mar. 31
Apr, 30
May 31
June 30
July 29

193
312
206
412
29.7
553
530
828
489
248
1,261
317
hll

...

248
404
269
343
398
501
340
366
253
399
584
337
403

-™

15
25
20
20
- -

20
- --

30
15

Corporate
340
636
303
489
344
676
931
1:
,176
606
,034
1;
L ,261
619
697

Forthcoming Large Offerings as of August

Issuer

Type

Subsequent to
date shown
State and
local govt.

Amount
(millions
of
dollars)

Other 2/

353
450
331
578
458
582
461
504
334
546
584
353
403

__

15
25
20
20
20
90
55
55
85
50
35

19
Approximate date of
offering

Cornorate
Duke Power Co.
Southern Calif. Edison Co.
Trunk line Gas Co.
Natural Gas Pipeline Co.
Northwestern Bell Tel. Co.
Burlington Industries, Inc.
Boeirg Co.
Iowa EleCo Lt„ & Pwr, Co,
*Cameron Iron Works, Inc.
*Std. Oil Co. (Ind.)
^Aluminum Co. of America
*Cenco Instruments Corp.
^Consolidated Cigar Corp.
LTV Aerospace Corp.




Cum, pfd, stk.
1st mtg„ bds.
1st mtg. bds.
1st mtg. p . L bds.
Deb,
Conv, sub, deb.
Conv0 sub, deb.
1st mtg, bds,
Conv, sub, deb.
Deb,
Conv. deb.
Conv, deb.
S. F, deb.
Sub, deb.

35 0
80.0
40.0
40.0
50,0
40.0
130. 1
15,0
25.0
175.0
125-0
15,0
15.0
50,0

August 23
August 24
August 24
August 31
Sept.
8
Sept. 13
Sept. 14(rts. exp.
Sept. 14
Sept. 15
Sept.
Sept.
Sept.
Indefinite
Indefinite

Forthcoming Large Offerings as of August 19 (Cont'd)

Issuer

T>jpe

Amount
(millions of
dollars)

Approx. date of offering

State and local Government
Wash. Sub. San. Dist., Md.
Cleveland, Ohio
Arizona Board of Regents
Chicago, Illinois
Los Angeles, California
Baltimore, Md.
Colleges of the State of Texas
Austin
^Pittsburgh Pa.
*La. Cap. Const. & Im. Comm.
^Memphis, Tenn.
*PHA
*New Jersey Turnpike Auth.
*Ga. State Hosp. Auth.
*Los Angeles Dept. of Wtr.&Pwr.
Oklahoma Turnpike Auth.

August
August
August
August
August
August

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

10.0
15.0
25.0
25.0
30.0
31.8

23
23
25
25
30
30

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

33.4
13.3
15.0
20.0
119.9
180.0
15.0
30.0
160.0

August
8
Sept.
8
Sept.
Sept. 13
Sept. 14
Sept. 15
Sept. 21
Sept. 21
Indefinite

20.0
15.0

Indefinite
Indefinite

Other
Republic of Ireland
Nippon Tel. & Tel. Pub. Corp.

Bonds
Bonds

*--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.
I
Note: Deletions for reasons other than sale ot issue: Tulsa, Oklahoma, G. 0. $18.2
trillion issue--no bids received, Electric Storage Battery Co., conv. sub. deb.
$21.3 million issue--cancelled.




*

H. 14

Exhibit M

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

Sale Date

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

Sold June 1 through August 1:'

6/2

30.0

City of Montreal, Canada--5-5/8% debentures, maturing
1991, reoffered to yield 5.88%.

6/6

20.0

Industrial Development Bank of Israel--Cum. pref. stk.
International Bank for Reconstruction and Development-5-3/8% bonds, maturing 1991, reoffered to yield 5.39%.

6/28

175.0

6.29

50.0

British Columbia Hydro and Power Auth.--5-5/8% S.F.
bonds, maturing 1991, reoffered to yield 5.78%.

7/7

15.0

Govt, of Mexico--6-7/8% bonds, maturing 1981 reoffered
to yield 7.26%,

B.

Prospective Offerings

Indefinite

20.0

Republic of Ireland--bonds.

Indefinite

15.0

Nippon Telegraph and Telephone Public Corp.--Bonds

Included in table for first time.
**..issue sold to investors outside of"07~S."
***.Issues subject to interest equalization tax.




•

"

'

'

^

M-2
Part II:

Date Reported

I

Private Placements - Reported June I through August 19

Amount
(millions
of
dollars)

Issuer and Description of Issue

6/1

14.0

Govt, of the Bahama Islands—bonds, maturing 1981, no
information available on takedown.

7/6

31.0

Steep Rock Iron Mines, Ltd.--6% 1st mtg. bds., maturing
1987--no information available on takedown.

7/26

50.0

Great Canadian Oil Sands, L t d . —
% notes, maturing 1991no 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
r
the data shown in the 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 takedown
^
Full or partial takedowns may take place both prior and subsequent to the data a placement
is reported.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102