Full text of H.16 Capital Market Developments : August 28, 1961

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Not f o r P u b l i c a t i o n DECONTROLLED AMR SIX t M H S
H.lli

August 28, 1961.
CAPITAL MARKET DEVELOPMENTS
IN M
UNITED STATES

P u b l i c s e c u r i t y f i n a n c i n g t o o b t a i n new c a p i t a l was l i g h t l a s t
i s expected t o be i n moderate volume t h i s week. L a s t week,
ending August 25, one l a r g e c o r p o r a t e s e c u r i t y i s s u e f o r #20 m i l l i o n was
o f f e r e d w h i l e a S t a t e and l o c a l government bond i s s u e of *25 m i l l i o n was
s o l d . This week, ending S e p t a a b e r 1 , no l a r g e c o r p o r a t e bond i s s u e s a r e ^ ^
scheduled and only a s i n g l e S t a t e and l o c a l o f f e r i n g with a p a r v a l u e
of $20 m i l l i o n i s on t h e c a l e n d a r . The Federal N a t i o n a l Mortgage A s s o c i a t i o n i s a l s o p l a n n i n g t o o f f e r $100 m i l l i o n i n d e b e n t u r e s f o r new c a p i t a l
t h i s week a s p a r t of a $250 m i l l i o n debenture i s s u e ; t h e remaining $L50
m i l l i o n i s f o r refunding„
Bond y i e l d s . Y i e l d s on c o r p o r a t e bonds d e c l i n e d a s i n g l e
b a s i s p o i n t l a s t week while y i e l d s on o t h e r l o n g - t e r m bonds remained
stableo
S h o r t - and i n t e r 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 T r e a s u r y
b i l l s d e c l i n e d 7 b a s i s p o i n t s and y i e l d s on 3-5 y e a r U. S. Government
o b l i g a t i o n s d e c l i n e d 6 b a s i s p o i n t s l a s t week. The average e f f e c t i v e
r a t e f o r F e d e r a l f u n d s d e c l i n e d 120 b a s i s p o i n t s from t h e r e v i s e d r a t e
of t h e p r e v i o u s week. Other s h o r t - and i n t e r m e d i a t e - t e i m i n t e r e s t r a t e s
were unchanged. .
FNMft secondary market o p e r a t i o n s . Secondary market mortgage
p u r c h a s e s by t h e F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n changed l i t t l e
i n J u l y f o l l o w i n g a moderate advance i n June; o f f e r i n g s of mortgages
expanded s h a r p l y f u r t h e r , however, t o t h e h i g h e s t p o i n t s i n c e l a s t
October. S a l e s d e c l i n e d f u r t h e r t o t h e l o w e s t l e v e l s i n c e l a s t f a l l .
Stock market. Common stock p r i c e s , a s measured by Standard
and P o o r ' s composite index of 500 s t o c k s , d e c l i n e d on b a l a n c e l a s t week,
c l o s i n g on F r i d a y a t 67.67= T h i s was a d e c l i n e of one p e r c e n t , b u t
i t s t i l l l e a v e s common stock p r i c e s about 5 p e r c e n t above t h e i r midJ u l y low. Trading volume a v e r a g e d 3.it m i l l i o n s h a r e s a d a y ; a d e c r e a s e
of 0 . 2 m i l l i o n over t h e p r e v i o u s week.
More d e t a i l e d i n f o r m a t i o n concerning r e c e n t c a p i t a l market
developments i s p r e s e n t e d i n t h e a t t a c h e d e x h i b i t s .

C a p i t a l Markets S e c t i o n ,
D i v i s i o n of Besearch and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l Reserve System,




'V

EXHIBIT^
LONG-TERM

BOND

YIELDS

HIGH-GRADE




Vvi V\

/ ""'--"X-x.
STATE AND IQCAl
GOVUNMEHT B«o

-3-

E x h i b i t B - Tables f o r E x h i b i t A
Long-teim Bond Y i e l d s
High-grade

Date

Corporate
Aaa 1 /

V

(per cent)
1951* - Low
1957 - High
1958 - Low
1959-60 - High
1960 - Low
1961 - High
Low
July
Aug.
Aug.
Aug.
J Aug.

28
1*
11
18
25 p /

2.1t5 (8/6)
3.76 (10/18)

lt.03 ( 8 A l )
3.70 ( 5 / 1 2 )

3.37 ( 7 / 6 )
3.12 (2/23)

3.89
3.95
It. 03
It. 01
It. 01

3.33
3.32
3.32
3.33
3.33

.53
.51
.lt2
.1*1*
.1*3

(9/27)

It. 6 l (1/29/60)
k . 2 3 (9/9)

it. 21 ( 3 / 1 7 )
1*.1*2

1*.1*5
1*.1*5
1*.1*5
1*.W* ^

3-1*5 (8/29)

2.61* (5/1)

3 . 07 (4/25)
1*.1*2 (1/8/60)
3 . 7 5 (a/5)

(5/2)

1*.1*5 (8/18)

1.90 (9/2)

.30
.60
.22
.59
.19
.57
.1*0

2 . 8 5 (4/23)

l*.ll*

3.55

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

S t a t e and
local
government
Aaa 3 /

U. S. Govt.
long-term 2 /

3.65
2.99

(9/24/59)
(9/1)

.30
.50
.31*
.92
.53
.76
.1*6

,

.56
.62
.71
.68
: .68

Lower-grade

Date

Corporate
Baa 1 /

S t a t e and
l o c a l govt.
Baa y

Spread between
Aaa and Baa
S t a t e and
Corporate
l o c a l govt.

(per cent)
1951t - Low
1957 - High
1958 - Low
1959-60 - High
1960 - Low
1961 - High
Low
July
Aug.
Aug.
Aug.
/Aug.

28
It
11
18
25 V

3 . U t (12/31)
5 . 1 0 (11/29)
It. 5 1 (7/11)

5.36 (2/12/60)
It. 98 (9/9)

5.12 (8/18)
5.00 ( l t / 2 l )

5.10
5.11
5.11
5.12
5.11/

2.93 (e/5)
It. 5 1 (8/29)

3.61*

It. It6 (1/7/60)
3 . 9 8 (12/29)

It. 16 (3/23)
3.93 ( 8 / 3 )
3.93
3.93
3.97
3.97
3.97

.52
1.27

(5/1)

.71
.81

.66

.68
.66
.66
.67
.67

2/ Preliminary.
1/ Weekly average of dally figures. Average term of bonds Included 1# 23 -26 year#.
2/ Weekly average of dally figures. The series includes bonds due or callable in 10 year: or more.
3/ Thursday figures. Only general obligation bonds are included; average term la 20 years.
Note.—Highs and lows are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.
t




.96
1.21
.93
1.08
.93

•57

.60

.61

.61*

SHORT-

AND

INTERMEDIATE-

TERM

INTEREST

RATES

GOVERNMENT

K,
Mark.,^Y

BILLS
•

ld

'

> V

y

;

J/
a

/

r
R. DISCOUNT BATE
New York
1

!i

1

-

-

V 3 - MONTH 1
"i

I BANKS

AND

OTHER

PRIVATE

RATES

/




BORROWERS

i i i i

3 - 5 YEA* ISSUES

M

"
TO

E x h i b i t D - Tables f o r E x h i b i t C

-5-

S i o r t - and I n t e r m e d i a t e - t e r n I n t e r e s t h a t e s
Government
Date

Discount
rate

1951* - Low
1957 - High
1958 - Low
1959-60 - High
I960 - Low
1961 - High
Low

1.50
3.50
1.75
It.oo
3.00
3.00
3.00

July
Aug.
Aug.
A>ig.
^ug.

28
It
11
18
25 £ /

V

3.00
3 00
3.00
3.00
3.00

Yields
6-month
b i l l s 2/
(per cent)

3-month
b i l l s 2/
. 6 1 (6/\l)
3.6U
.58
U. 59
2.11

3-5 year
issues 2/

Spread between y i e l d s on
3-month b i l l s and y i e l d s on
6-mo. b i l l s 13-5 y r . i s s u e s

1 . 6 6 (4/30)

li.Olt (10/18)
2.1U (6A)

(10/16)
(5/29)
(1/6/60)
(10/28)

3 . 0 2 (12/26)
5 . 0 7 (1/8/60)
- 2 . 3 8 (12/30)

2.56 (3/3)
2.17 ( 1 / 2 7 )

2.78 ( 8 / 1 8 )
2.35 ( V 2 8 )

3.86 (8AD

3.15 (5A2)

.28
.12

2.22
2.28
2.38
2.50

2.1t6.
2.51
2.61;
2.78
2.71

3.68
3.7U
3.86
3.83
3.77

.2k
.23
.26
.28
.28

2.1*3/

.26
.79
.16

5 . 0 0 (12/24/69)
3.140 (12/30)

...

'

.66
.86
.Ok
1.81
.38
1.148

.92

I.I16
I.J46
I.I48

1.33
1.3U

Banks an^l, Oth'en P r i v a t e Borrowers
Date

Stock Exchange
c a l l loan 1 /

Prime
r a t e 1/

Finance company
paper 3 /

F e d e ra l
funds y

Spread between
3-mo. b i l l s and
f i n a n c e co. paper

(per cent)
195L - Low
1957. - High
1958 - Low
1959-60 - High,
I960 - Low
1961 - High
Low

3.00
ll>50
3.50
5.50
U.50
It. 50
lt.5o

3.00
It. 50
3.50
5.00
lt.50
It. 50
lt.50

July
Aug.
Aug.
Aug.
Aug.

U.50
1+.50
U.50
It. 50
It. 50

It. 50
lt.5o
It. 50
It. 5o
It. 50

28
It
11
18
25 2 /
1/

1 . 2 5 (12/at)
3 . 8 8 (li/15)

1'.13 (ti/B)
5 . 1 3 (1/22/60)
2 . 8 8 (12/30)

n.a.
3.50 (11/a)
.13 (V29)
It.00 (5/13/60)
. 9 5 (12/2)

2.88 ( 3 / 1 0 )
2.50 ( 7 / 2 8 )

2 . 8 5 (2/17)
.lt3 ( 1 / 2 7 )

2.50
2.50
2.60
2.69
2.69

.85
2.05
2.70
2.55
1.35

0
.63
-.35
1.02
.22
.56
.11
.28
.22
.22
.19
.26

Weekly rata show*
in effect at end of period. Dleoount rate la for Federal Reserve Bark of Hew York.
St.)ok Exchange call loah rat* Is going rate on oall loams secured by customers' stock exchange collateral at
Ho if York City banks* Prtme rate lo that charged by large banks on 3hort-ter* loans to business borrowers of
the hicheat credit standing.
2/ MurU*t yield; weekly averages computed from daily closing bid prices. Series of 3-5 year Issues consists of
selected notes and bonds,
«
3/ Average of dally rates published by finance companies for directly planed paper for varyleg maturities In the
90-17V day ragye.
4/ Weekly average of dully effective rate, which 1» the rate for the heaviest vol use of purchase and sale transaotlono
as reported to the Federal Reserve Bank of New York.
'
Not-*.—Hitjhs
and lows are for Individual series and may be on different dates for different dates for different series,

tor spreads, high refers to widest, and low to narrowest.



STOCK

MARKET
41-43 Averoge»lO

.

Dollar.

..

./

STOCK MARKET CREDIT
•XrCH ANGE IN SERIES

FEDERAL N A T I O N A L
SECONDARY

MORTGAGE ASSOCIATION

MARKET O P E R A T I O N S

Monthly




Millions ol d o l l a n

Exhibit F - Tables f o r Exhibit E

-7-

Stock Market
Stock p r i c e
index 1 /

Date

1957-60 - High
Low
1961 - High
Low
June
July
Aug. 11
Aug. 18
Aug. 25

JD/

Common
Trading
stock
volume 3/
y i e l d s 2/ ( m i l l i o n s
(per cent) of shares)

68.29 (8/18)
58.1:8 ( 1 / 6 )

3.08
14.72
2.88
3.32

5.8
2.7

65.62
65.38
68.06
68.29
67.67

2.99
2.98
2.89
2.88
2.91

3.3
3-0
3.6
3.6
3.1*

6 0 . 5 1

(7/31/59)

3 9 . 1 8 (12/20/57)

.

1*.9
1.1*

Stock market customer c r e d i t
Customers 1
Bank
debit b a l loans t o
ances k /
"others" 5 /
( I n m i l l i o n s of d o l l a r s )

Total

3,1*01 ( 4 / 5 9 ) 1,37 3 ( 5 / 5 9 )
3,55k ( 1 / 5 8 ) 2,1*82 ( 1 2 / 5 7 ) 1 , 0 6 0 ( 1 1 / 5 7 )
5,386(5/61) k, 060(5/61) 1,376(8/23)
li,li2U(l/6l) 3,253(1/61) 1,161(3/8)
It, 761* (4/59)

5,367
5,355
n.a.

If, 021*
3,991
n.a.
n.a.
n.a.

1,31*3
1,361*
1,367
1,376

n.a.»».Not available.
g / Pmile-Li;ary.
1 / Standard and Poor's composite lndix of 500 oczmon stocks, waekly olootiy prices, 1941-43=10. Monthly data ure
averages of dally figures rather than of M U c y ' s only. Hlgh:i and lows are for Frldayt 1 data only,
2 / Standard and Poor's composite otook yield based on Wednesday data converted to weekly closing prices by Federal
Recerve. Yields shown are for dates on which price Index rcaohod I t s high or low.
3 / Averages of dally trading volt.-.ie on the Mew York Stock Exchange.
4 / End of month figures for member fliir.a of the Man York Stock Exchange which carry margin accounts) excludeu balances
secured by U. S. Government obligations.
5 / Wednesday figure o for weekly reporting member banks. Excludes loans for purchasing or earning U. S. Goverrent
rocuritiee. Prior to July 1, 1959, such loin.'i are excluded only at banks In Ho?.1 York and Chi ergo. Weekly reporting
banks account for about 70 per cent of loans to othero. For Airtl.er detail see Bulletin.

Federal National Mortgage Association Secondary Market Operations 1/
Date

i960 - July
Aug.
Sept.
Oct.
Nov.
Dec.
I 9 6 I — Jan.
Feb.
Mar.
Apr.
May
June
July

Purchases
Estimated O f f e r i n g s to FNMA
by
Standby
Immediate
Total
PUMA
purehase commitment
(In mill Lions of d o l l a r s )
88.0
lOli.O
73.1
83.2
61.7
53.3
50.1
36.3
33.7
26.1*
35.0
1*7.9
75.7

82.9
89.1
69.8
68.6
56.9
51.1*
1*8.1
33.7
29.8
2l*.0
32.2
1*6.9
73.9

5.1
U1.8
3.3
11*. 6
1*.8
1.9
2.1
2.6
3.9
2.1*
2.8
1.0
1.7

93.7
75.6
63.0
58.8
51.2
1*5.5
1*1.2
33.7
31.6
21.8
21.3
25.1*
21*. 1*

Sales
by
FNMA
3.2
.1
.8
1.1
8.9
23.3
26.2
70.7
115.1*
165.6
101.1*
17.2
5.6

•—•Less than $50,000.
.
,,
1 / Data represent unpaid principal balances of the mortgagee Involved, exclusive of prenims, dlecounts, or other charges. Offering" are amounts of applications received during the period from
s e l l e r s propositi th*t FNMA execute purchasing contracts. An immediate purchase contract covers
existing mortgages which the s e l l e r must deliver to FNMA within 45 days. A standby commitment
contract relates to proposed mortgages, on housing not yet under construction, which the s e l l e r
must usually deliver within one year. Puroh&s## include thowe under both immediate purchase# and
ntandby commitment contracts. Data exclude FNMA a c t i v i t y under Special Assistance and Management
and Liquidating Programs.




Exhibit 0
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of d o l l a r s )

1961
January
February
March
April
Hay
July
August
September

580
667
^62
2,118
1,259
1,318
e/1,000
e/600

October
November
December
1st
2nd
3rd
kth

quarter
quarter
quarter
quarter

1st half
Three q u a r t e r s
Year

Corporate 1/
1 I960
|

6,50k

State and l o c a l 2/
1961
1 I960
! 1959

821
738
6I46

715
681
758

761
577
- 1 , 0 bh .

•89 it
785
887

720
588
e/1,050

" 736
967
7#

535
7L0
703

e/1450
e/600

570
715
860

890
'956
852
1,809
4,695

New c a p i t a l
1959

U92
606
683

1*U3
521
1+70

3li8
501
h9l

593
1450
1470

2,151
e/2,358

1,880
2,256
I >780
1,3^0

2,11,5
2,1,88
1,1.33
1,521

e/4,512

1,136
5,916
7,257

14,6314
6,067
7,588

G6U-

2,567
1,979

1,527
6,955
9,653

1,771
6,750
9,392

6I48 .
859
638
9314

879.

2,2014

:

719
515
991 .

900 '

2,145
2,382
2,128
2,698

700
611
568

2,6142

987

Excluding i'ia-ince companies ^
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

1,551
h,5h5

Year
e/
1/
2/
2/
-

1,716.
2,165
2,018
2,31*7

1,999
2,412
1,716
2,503

8,216

8,630

Estimated.
S e c u r i t i e s and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of p r i n c i p a l 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 sales and consumer finance
companies.




Exhibit ti
Other Security Offerings
( I n millions of d o l l a r s )
Gross long-term l 7 ~
Foreign government 2/
Federal agency 3/
1961
I960
~rm
I960
1BT
1959
January
February
March

6:
29
20

2
175
70

81
60
2

April
May
June

2
63
2k

3h
12
ho

58
50
k2

July
August
September

25
1
36

85
1
35

199
—

98
150

October
November
December

3h
2
ill

33
30
70

160
lk9
181

86

' 5U7

1,672

707

Year

533

'

.

252
100
11*9
278

182
150
150

199
175

lli8
35U
.

—

—

Net shorl--term U/
Federal agency 3/
State and l o c a l government 5/
58
Iho
-80

-L
181
k

-H+ll
-162
-17k

-196
-202
-59

. -82
176
33

70
-iii6
-157

197
-25
-197

-79
-87
207

-277
170 '
320

368
286

July
August
September

k&
415
-175

57
392
131

95
23
-201

362
133
79

October
November
December

-16
50
-189

-81
-176
-117

-23
-33
-250

280
21*0
W*

18

362

-633

January
February
March
April
May

160
195
-8
-103
-b2 .

2/
1/

%

1,969

Preliminary*
These data d i f f e r from those in Exhibit 0 i n thai refunding issues, as well as new capital Issues, are included.
Long-term s e o i r l t l e e are defined as those maturing in more than one year.
2/ Inoludes securities offered in the United States by foreign governsents and their subdivisions and by International organizations. Source* Securities and Exchange Commission.
3/ Issues not guprantned by the U. S, Government, Source 1 long-term, Securities and Exchange Commission; shortterm , Treasury Department and federal Reserve.
4 / These data d i f f e r from those in Exhibit Q and above In that they represent new offerings lebs retirements, whether
from the proceeds of refunding Issues or from other funds, ttita Include only Issues with original maturity of one
*ear gr l e s s ,
5 / Principally tax and bond anticipation notes, warrants or c e r t i f i c a t e s and Public Housing Authority notes, I*
some Instances PHA notes included may have a somewhat longer term than one year. Soureei Bond Buyer and
Federal fleeerve.




—10—

Large Long-term P u b l i c S e c u r i t y I s s u e s f o r New C a p i t a l
(Other than U. S. Treasury) 1 /
Proceeds of Large I s s u e s O f f e r e d
( I n m i l l i o n s of d o l l a r s )
-

Month

S t a t e and
local
government

Corporate

i960 - J u l y
August
September
October
November
December
1961 - January
February
March
April
May

303
581
266
566
165
260
H*7
267
70
1,572
557

July

__

191
298
367
46
186
222
391
360
405
383
256
616
179

ir

-

Other 2 /

75
25
77
150
99
67
25
151

Large I n d i v i d u a l I s s u e s O f f e r e d August 1 through 25

Issuer

•type J /

Amount
Coupon
(millions
r a t e or O f f e r i n g
Maturity
of
net i n t e r - yield.
dollars)
est cost

Rating

CORPORATE
Texas E a s t e r n T r a n s . Co.
Texas E a s t e r n T r a n s . Co.
Long I s l a n d L i r n t i n g Co.
Kimberly-Clark Corp.
n o r t h e r n S t a t e s Pwr. Co.
Consumers Power Co.
Clark bquip. C r e d i t Corp.

Deb.
Conv.pfd.stk.
1 s t mtg. bds.
S.F. deb.
1 s t mtg. b d s .
1 s t mtg. bds.
Deb.

STATE AND LOCAL GOVERNMENT
G.O.
S t a t e or i-ia rylana
P u b l i c Housing A u t h o r i t y
G.O.
Sacramento USD, C a l i f .
Penna. Gen. S t a t e Auth.
l e v . -Bent .•
he v . - U t .
St. Petersburg, Fla.
Washington Sub. S a n i t a r y
G.O.
D i s t . / hd.




1981
30.0
20.0
25.0
1991
1986
30.0
20.0 - 1 9 9 1
I4O.O
1991
20.0 . 1981
16:9 1964-76
60.3 1962-2002
10.0 1963-86
25.0 1964-88
lli.O 1967-91
10.0

1963-92

5-3/8

5.38

ba

5
1,-5/6
1,-7/8
4-5/8

4.90
1,.63
U. 85
4.60
5.35

A
Aa
Aa
Aaa

2.92
3.45
3.39
3.54
4.11

2.00-3.10
1. t P - 3 . 6 3
1.65-3.53=^
2.20-3.70
2.90-1*. 10

Aaa
Aaa
Aa

3.56

2.10I - 3 . 8 5 ^ i

5-lA

—

A

-11-

Large Individual Issues Offered August 1 through 25 (Cont'd)
Issuer

Type y

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

STATE AND LOCAL GOVERNMENT
(Cont'd)
State of California
Cook Countys 111.

G.O.
G.O.

100.0
25„0

1963-87
1962-76

3=75
3<>33

2.00-3.90
1*75-3*50

None
1/

Includes corporate and other s e c u r i t y o f f e r i n g s of $15 million and over;
State 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 million and over.
2/ Includes foreign government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development issues and non-guaranteed issues by Federal agencies..
3 / In the case of State and l o c a l government s e c u r i t i e s , G.O. denotes general
o b l i g a t i o n s ; Rev.-Ut., revalue obligations secured only by income from
public u t i l i t i e s ; Rev.-Q.Ut., revenue bonds secured only by revenue from
q u a s i - u t i l i t i e s ; Rev.-S.T_, revenue bonds secured by revenue from s p e c i f i c
taxes only; Rev.-Rent,, revenue bonds secured"solely by lease payments.
V 1986 maturity not r e o f f e r e d .
5>/ 1.10 p e r cent bonds due 1990-92 were r e o f f e r e d to y i e l d L.75.




Aa
A

Exhibit J
Forthcoming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S. Treasuxy) 1/
Expected Proceeds from Forthcoming Large Issues
Date of
computation
July 29
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 30
Jan. 31
Feb. 28
Mar. 31
Apr. 28
May 31
June 30
July 31

Subsequent to
date shown

During month following
date shown
State and
Co zporate l o c a l govt. Other 2/
596
216
576
WiO
260
91
110
55
1,580
5U2
U87
521
170

275
283
212
258
2h2
kl2
181
307
559
236
431 195
I4O6

11
5o

15
75
—

1,006
731
836
585
335
1,036
1,016
1,125
1,700
687
611
666
255

321
283
336
391
560
682
360
638
806
579
771
291
537 ~

—-

127
50

15
75
——

Forthcoming Large O f f e r i n g s , as of August 25
Type

Mountain Fuel Supply Co.
Armour.& Co.
Western Union Telegraph Co.
P a c i f i c Gas & E l e c t r i c Co.
Rochester Gas & E l e c t r i c Co.
*Keystone Steel & Wire Co.
Commerce Oil Refining Corp.
Realty C o l l a t e r a l Corp.

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

: 60.0
15.0
20.0
1*5.0
20.0

Sept. 12
Sept. 12
( r i g h t s expire)
Sept. 25
I r i g h t s expire)
Sept. 27
Sept. 28
Sept.
Indefinite
Indefinite

20.0
itf.O
10.0
100.0
15.0
2L0

Aug. 29
Sept. 12
Sept. 12
Sept. 13
Sept. 15
Sept. 19

Deb.
Conv. sub. deb.

18.0
32.5

Com. s t k .

U5.o

1 s t & ref.mtg.bda.
1 s t mtg. bds.
Conv. sub. deb.
Deb., bds. & com.
Coll. t r . notes

STATE AND LOCAL GOVERNMENT
San Diego Unif. Sch. D i s t . , C a l i f .
Commonwealth of Massachusetts
*Cheyenne,Wyoming
-"•State of C a l i f o r n i a
Los Angeles, C a l i f .
Penna. S t a t e School Bldg. Auth.




G.O.
0.0.
Rev.-Ut.
G.O.
Rev.-Ut.
Rev.-Rent.

J-2

-13-

Forthcoming Large O f f e r i n g s , a s of August 25 (Cont'd)
Issuer

Type

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 (Cont »d)
New York City
Oklahoma Building Bond Comm.
• D e t r o i t , Michigan
•Detroit City School D i s t . , Mich.
• S t a t e of I l l i n o i s
Orleans Parish Sch= D i s t . , La,
Dade County, Florida
Jacksonville Expressway Auth.
State of Kentucky

G.Oe
G.Oo
G.O,
G.O.
G.Oe
G.O.
G.O.
Rev.-Ut.
G.O.

U2.9
35.5
lit. 5
10.0
100.0
10.0
16.0
bOoO
35.0

Sept. 20
Sept. 26
Sept. 26
Sept. 26
Sept. 27
Indefinite
Indefinite
Indefinite
Indefinite

100.0

Aug. 29

OTHER
•Federal National Mortgage Assn.

Deb.

•—Included i n table f o r f i r s t time.
1 / Includes corporate and other issues of $15 million and over; State and
l o c a l government i s s u e s of $3.0 million and over.
2/ Includes foreign 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 issues None,




iiiXhibit H
Yields on New and Outstanding
E l e c t r i c Power Bonds, Rated Aa ahd A 1 /

Date

1952-1960 - h i g h
Low
1961 - Jan. 12
18
25
Feb. 8
16
16
Har. 23
24
Apr. 13
21
26
27
May 17
18
19
23
26
June 8
13
28
July 13
26
Aug. 3 "
9

1/

2/

A-rated o f f e r i n g y i e l d s
Aa-rated o f f e r i n g y i e l d s
Amount - above
Amount abo ve
Actual
Actual
seasoned y i e l d s
(per c e n t ) seasoned y i e l d s ( p t r cent)
(
basis points)
( b a s i s points)
5.30 (12/8/59)
2.93(3/31/54)

87
-8

4.60
4.55
4.44

11
7
-2

4.37

8

MO
1.67
4.50 2/
14.57
4.65

•

5.65 (9/18/59)
3.00 (3/17/51)

123
-15

4.60
4.65
4.47
1.50
4.40
L65 2/
4.80 2 /

-2
5
-13
5
-5
17
32

43
29
13
20
27

4.87

41

4.65

lit

4.85

29

.

4.72 .

19

4.80

27

4.94
5.12
4.92

40
55
36

4.93

29

4.90

20

Covers only 30-year f i r s t mortgage bonds, a s reported i n Moody's Bond Survey.
Except where i n d i c a t e d , t h e actual y i e l d f i g u r e and t h e amount above seasoned
y i e l d s a r e averages of o f f e r i n g s during the i n d i c a t e d p e r i o d and of the d i f f e r ences between t h e s e new o f f e r i n g y i e l d s and y i e l d s on seasoned issues of
s i m i l a r q u a l i t y f o r t h e same day. Average m a t u r i t y f o r the seasoned i s s u e s
v a r i e s from 26 t o 28 y e a r s .
Provides f o r a 5 - y e a r period during which i s s u e may not be c a l l e d f o r refunding a t a lower coupon r a t e . Monthly averages so marked include one or more
i s s u e s with such a p r o v i s i o n . Other issues have no such p r o v i s i o n .