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DECONTROLLED AFTER SI7 M O N T H S

H. 14
for Publication

August 3, 1964.

SARY
r.APTTAT. MARKET DEVELOPMENTS
IN THE UNITED STATES

F, 1954

i
((Including RevievT of Capital Markets^ in July and
Table (on Security Financing by Manufacturing Corporations
the First Quarter
Security financing. The total amount of public security
financing coming to market this w e e k will be only about three-fifths as
large as last week's moderate volume, with State and local government
offerings accounting for the entire decline.
Long-Term Public Security Offerings 1J
(In millions of dollars)
Week
Ending

Corporate
New Capital
| Refunding

State and local govt.
New Capital| Refunding

Sold:
July 24
July 31

288r/
216

121 r/
30

20

Scheduled:
Aug.
If

7

113

40

Federal Reserve estimates based on published reports of issues sold
and scheduled for offering; corporate rights offerings are included
as of the data subscription rights expire,
r/ Revised.

Security yields. Yields on high-grade bonds changed little
last week, but money market rates showed mixed changes.
Yields in Securities Markets
Level latest week
(per cent)
High-Grade
Notes and Bonds
Corporate
Seasoned
U. S. Gov 'c •
Long-term
3-5 year

4.37
4.40
4.14
3.99

State and local govt.
Money Market
Federal Funds
Treasury bills
3-month
6-month
Finance Company Paper




3.50
3.46
3.57
3.75

Change from
preceding w e e k
(basis points)

H. 14

-2-

Stock prices. Common stock prices, as measured by Standard
and Poor's composite index of 500 stock prices, eased- slightly further
on balance last week, closing at 83.18 on July 31. Trading volume
averaged 4.2 million shares a day, off 0.3 million shares from the
average for the previous week.
Capital markets in July. Corporate security financing for new
capital probably aggregated $0.8 billion in July. This total is about
three-tenths greater than the July average in recent years, but is down
two-fifths from the seasonal peak in June with public offerings amounting
to only about one-half of the June volume. Large public offerings
included $113 million in stocks and only $178 million in non convertible
bonds.
About half of the bond total was accounted for by 2 large
negotiated issues; these issues were quickly distributed at attractive
yields. With a small supply of issues available for competition bidding,
however, and a light calendar in prospect through Labor Day, dealers
bid aggressively for the remaining issues and average yields on new bond
offerings (adjusted to an Aaa basis) dropped four basis points further
early in July to 4.37 per cent. This level, still prevailing at month's
enc% is 16 basis points below the May peak and only seven points above
the February low. Initial retail reception for these issues was quite
poor, but the lack of upward pressure on yields improved demand for older
issues still in syndicate.
Thus, the month-end inventory still bound
by price restrictions totaled only about $50 million--little changed
from the end of June level.
Sales of State and local government bonds for nev; capital amounted to$06
billion in July, up one-eights from the previous month and two-fifths
from the average for July of the two previous years. During most of
the month underwriters experienced little difficulty in distributing
new issues; late in the month, however, $123 million in bonds of New
j
York City and the $100 million State of California issue received only
fair retail reception and a number of small issues moved slowly.
)
Dealers advertised inventories of unsold securities, which had declined
moderately early in the month, rose to around $670 million at the end of
s'
x
the month, $125 million above the mid-month low and about $70 million
1
greater than at the end of June. Yields on seasoned, Aaa-rated municipals
(Moody's), however, ended the month at 3.09 per cent, still two basis
points under their end of June level.
Common stock prices, as measured by Standard and Poor's
composite index of 500 stocks, rose almost three per cent during early
July to a new record of 84.01 on July 17. Prices eased somewhat during
the remainder of the month, but closed at 83.18 on July 31, only one
per cent under the mid-month high. Trading volume averaged 4.7 million
shares a day, slightly above the June average and 1.2 million shares
more than the July 1963 average.




H. 14

Estimated security financing in August. Flotations of both
corporate and State and local government securities are expected to
drop off sharply in August.
Corporate security financing to obtain new capital is expected
to total $550 million, down almost two-fifths from the previous month
and one-eight less than in August 1963.
Bond offerings for new capital by State and local governments
will probably amount to $500 million, over two-fifths below the unseasonally
large July total and three-tenths less than a year earlier. Not included in
this estimate, however, is the Columbia Storage Power Exchange's $330
million offering. Originally expected sometime in the fall, this negotiated
issue may be offered before Labor 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.




tXfflBIT A. Port II

LONG-TERM BOND YIELDS, HIOH-OBAPI

U.S. 60VHmiIlli|
Lo n g -t • r

SUIi AND. lout 60VIIMMIH! *••!

I I I I I j M U X
Exhibit A - Part II

J
Corporate
Aaa y

U . S . Govt,
long-term 2/

State and
local
government
Aaa 3/

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

(per cent)
1959-60 - High
1961 - High
, Low
1962 - High
Low
1963 - High
Low
1964 - High
Low
July
July
July
July
iX^uly

3
10
17
24
31 £/

4.42 (1/8/60)

4.41(7/17)
4.35(2/28)

4.l6 (12/27)
3.87 (1/18)
4.20(4/17)
4.11(7/3)

3.65 (9/24/59)
3.37 (7/6)
3.12 (3/23)
3.26 (1/4)
2.88 (ll/B)
3.18 (11/21)
2.93 (3/28)
3.16(3/26)
3.07(7/16)

4.40
4.40
4.41
4.40
4.40 /

4.11
4.12
4.13
4.14
4.14

3.10
3.07
3.07
3.09'
3.09

U. 61(1/29/60)

4.46(9/15)
4.21(3/17)

4.43(2/16)
4.23(13/2*
4.37(13/27)
4.19(3/29)

4.07 (12/29)
3.70(5/12)
4.12(2/23)

3.85(12/28)

.59
.57
$
'.35
.21

'.76
.46
1.04

.80

1.05

.88

1.09

.29
.19

1.01

.29

1,01

.28
.28
.26
.26

1.05

1.06
1.05
1; 05

p7 P ro iindimry .
*y Weekly average of daily figure a. Average tern of bonds Included is 22-24 years*
TJ Weekly average of daily figures. The aeries includes bonds due or callable in 10 years or more.
3/ Thursday figures. Only general obligation bonds are included; average term is 20 years.
Note*—gighs and lews are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and loir to narrowest*
for FRASER

Digitized


1

EXHIBIT m >..! I j

I LONG-TERM BOND YIELDS, LOWER-GRADE |

£ .

IE
711

—

Ml

Tol
1 me !

Mill

" M4I |

lit! I

MM)

Exhibit B - Part II"

Date

Corporate
Baa 1/

State and
local govt.
Baa 2 /

Spread between
Aaffi and Baa
State and
Corporate
local govt.

(per cent)
1959.-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
- Low
1964 - High
Low

$.34(2/13/60)
5.13(10/27)
5.00(4/21)
5.11(3/3):
4.92(12/21)
4.93(3/4)
4.83(11/35)
4.87(6/26)
4.82(7/31).

July
July
July
July
July

4.86
4.84
4.83
4.82
4.82

Hotel

3
10
17
24
31 £/

Tor footnotes see I x h i b i t A#




4.46(3/7/60)
4.16(3/23)
3.93(11/9)
4.04(1/11)
3.52(3/17)
3.63(6/27)
3.52(5/23)
3.58(3/26)
3.51(4/16)
3.55
3.55
• — - 3.53
3.53
3.53

.84
.81
.66
.74
.63
.71
.48
.48
.42

*1.08
.93
.57
' .82
.56
.63
.44
.49
.36

. 46
.44
.42
.42
.42

.45
.48
.46
.44
.44

EXHIBIT C, fort I

i SHORT- AND INTERMEDIATE-TERM INTEREST RATES, GOVERNMENT

i-MOWTH IIU$
Mork.l Yield

3-$ V U I ISSUIS

F.I. DISCOUNT BATE

WW.A

A
1
A^/a

V

V

f

2 l * 0 N T H 1111$

' I I I III I I I I
I M I I r I I IIII II I II I I I I

111)11

I I I I II II I I

Exhibit C - Part II

Date

Discount
rate
v

1959-60 - High
2561 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
July
July
July
July
v/july

3
10
17
24
31 £/

3-month
bills 2/

t

Yields z
6-month
bills 2/
(per cent)

3-5 year
issues 2/

3.50
3.50

ll. 59(1/8/60)5.07(3/8/60) 5.00(12/24/39)
2.66(12/29) 2*90(l/29) 3.86(8/11)
2.17 (V27)
3.15(3/12)
2.35(4/28)
3.88(2/2)
2.97(7/13) 3.13(7/20)
2.65(6/8) 2.7U(6/8)
3.bl(i%/28)
3.55(13/13) 3.68(13/6) 1^.07(1^/27)
2.93(3/8)
3.UU(Via)
2.88(3/15)
4,23(3/27)
3.74(3/6)
3.56(3/6)
3,98(7/17)
3.43(7/17) 3.52(7/3)

3.50
3.50
3.50
3.50
3.50

3.48
3.48
3.43
3.46
3.46/

lt.OO
3.00
3.00
3.00
3.00

3.50
3.00

3.52
3.53
3.55
3.61
3.57

4.00
3.99
3.98
4.00
3.99

Spread between yields on 3month bills and yields on
6-mo. bills|3-5 yr. issues

.79
.a

.12

• 2U
.02

.17
.OU

1.81
1.51
.92
1.19
.52
•70
.1*2

.21
.04

.71

.04
.05
.12
.15
.11

.52
.51
.55
.54
.53

.48

3/ Weekly rate shown la that in effect at end of period at the Federal Reserve Bank of Mew York#
j j Market yield) -weekly averages computed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes, and bonds*
Hote,—Highs and lows are for individual series and nay be on different dates for different series*
for spreads, high refers to widest, and low to narrowest*




EXHIBIT p. Pa,, 1
SHORT- AND INTERMEDIATE- TERM INTEREST RATES,
BANKS AND OTHER PRIVATE BORROWERS,

HMAHCI COMPANY P A f f l 1
f . « . DISCOUNT t f t l T

A—4
Ai/'vy^VV

1

f

~n-

Exhibit D -

Date

Stock exchange
call loan l/

19f>9-60High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U'- High
Low

5.5o
U.5o
U.5o
U.So
U.5o
U.50
a. so
4.50
4.50

July
July
July
July
July

4.50
4.50
4.50
4.50
4.50

Part II

Finance company
paper 2/

Federal
funds 3/

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

4.50
4.50

5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)
2.88(6/1)
3.88(12/27)
3.13(5/31)
3.93(4/3)
3.75(7/31)
.

U.00 (5/13/60)
2.90(11/17)
•U3 (V27)
3.00 (12/28)
1.30 (3/26)
3.50 (12/27)
2.U5 (7/26)
3.50(7/31)
3,00(7/24)

1.02
.56
.11
.US
.15
.39
.12
• 41
•22

4.50
4.50
4.50
4.50
4.50

3.88
3.86
3.81 •
3. /ti
3.75

3.50
3.50
3.50
3.00
3.50

Prime
rate 1/
('per cent)

3
10
17
24
31 £/.

5.00
U.50
U.50
u.50
U.50

u.50
u.50

.40
.38
.38
.32
.29

2/. Weekly rate shown i s that I n effect at end of periqd. Stock Exchange call loan rate I s going 'rate
on call lq&ns secured by easterners* stock exchange collateral at New York City banks. Prime rat# •
is that charged by large banks on short-term loans to business borrowers of the highest credit
standing.
2/ Average of daily rates published by finance companies f o r directly placed paper f o r varying maturities
in the 90-179 day rangee
y
Weekly average of daily effective rate, which is the rate for the heaviest volume of purchase ant
sale
transactions as reported to the federal Reserve Bank of Hew York*
,

Note i—Sighs and lows are for individual series and may be on different dates for different'Settee#
Tor spreads, high refers to widest, and low to narrowest*
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

1

STOCK MARKET

V

STOCK HAIKU CREDIT
(HANOI IN $1111$

WillionI ol »h

Exhibit E - Part II

Date

Stock price
index 1/

Trading
Common
volume 3/
stock
yields 2/ (millions
(per cent) of shares)

Stock market castome: credit
Customers'
Bank
debit balloans to
"others" 5/
ances k/

Total

(In millions of dollars)
1961-62 - High
Low
1963 - High
196U - High
Low
June
July
July
July
July

17
24
31 £/

72.0W 12/8/61)
52.68(6/22/62)
7U.UU(l2/27;
84.01(7/17)
75.50(1/3)

2.80
3.96
3.01
2.93
3.10

10.1
2.U
6.5
6.1
4.0

80.24
83.22
84.01
83.46
83.18

3.05
2.96
2.93
2.94
2.95

4.4
4.7
4.7
4.5
4.2

5,602(12/61) U, 259(12/61) 1, Ul8 (3/9/62)
U,1^U(1/61) 3,253(3/61) 1,161(3/8/61)
7,298(11/63)5,586(11/63) l,738(i?/25)
7,314(4)
5,524(1)
1,875(7/22)
5,366(3)
7,120(2)
1,720(1/22)
7,232

5,373
1,862
1,875

n.a.—Not available.
Preliminary.
1/ Standard and Poor's composite index of 500 common stocks, weekly closing prices, 1941-43"10,
Monthly data are averages of dally figures rather than of Friday's only. Highs and lows are for
Friday's data only*
2/if Standard and Poor's composite stock yield hased on Wednesday data converted to weekly closls#
prices by Federal Reserve. Yields shown are for dates on thioh price index reached its high
3/ Averages of daily trading volume on the New Yoric Stock Exchange,
End of month figures for camber firms of the New Ybrk Stock Exchange which carry margin accounts $
excludes balances secured by U. S. Government obligations,
Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
5/ TJ. S. Government securities. Weekly reporting banks account for abort 70 per cent of loans to

others. Tor further detail see Bulletin,



Exhibit F

FHA

Conven-

mortgages 2/

Date

25-vear 30-vear
1956 1957 1958 1959-601961-64-

Low
High
Low
High
High
Low

1964 - March
April
June

4.68
5.63
5.35
6.24
5.72
5.43
5.44
5.44
5.44
5.44

gages
3/

Part II

Aaa Corporate
Spread between yields
on conv. &
Seasoned-''
New^
25-year FHA
mortgages

Spread between
yields on new corporate DO IUB ana
Seasoned
25-year
FHA mtgs.

5.70
5.45

5.20
6.00
5.55
6.30
5.95
5.80

.47
.47
.15
.23
.38
.23

3.08
4.94
3.65
5.25
4.72
4.12

3.08
4.12
3.57
4.61
4.45
4.22

.76
1.58
.88
1.69
1.50
.94

1.03
.05
.73
.39
-. 16

5.45
5.45
5.45
5.45

5.80
5.80
5.80
5.80

.36
.36
.36
.36

4.43
4.48
4.46
4.43

4.38
4.40
4.41
4.41

1.01
.96.
.98
1.01

.05
.08
.05
.02

Neither mortgage nor bond yields take Into account servicing costs which are much higher for mortgages
than bonds. Generally, bonds pay interest semi-annually; mortgsgas, monthly. Mortgage yields, if odeputed as equivalent to a semi-annual interest investment, would be slightly higher than given in the
Based on T&A-field-cffioe opinions about average bid prices in the private secondary market for newborns mortgages for immediate delivery* Separate data available for 25-year and—begin!ng July 1961—
30-year mortgages with minimum downpaymsnts, 'weighted by probable volume of txansaotions . Yields computed by fHA, assuming prepayment period of 12 years for 25-year mortgagee and 15 years for 30-year
mortgages. Over the period for ifcioh they can be compared, the movement of the two mortgage yield
series has been similar. Dashed lines indicate periods of adjustment to changes in contractual interest
Based on FHA field office opinion on typical interest rates (rounded) on conventional first mortgagee
prevailing in the market areas of insuring office cities. Beginning with April 1960, rate relates only
to new-home mortgages; prior to that date, rate related to both new as we 11 as existing-home mortgages.
Dashed line indicates this change in the series.
See note for Exhibit G.
Moody's Investor Service, Monthly averages of daily data. See Exhibit A,


5/


%

w
EXHIBIT O. Pa,I I
1 YIELDS O N NEW AND SEASONED CORPORATE BONDS I

/AdluHsd to Aae Bo.Ill
' MEW ISSUES

X i

r^U.1 II I I I I II I
Exhibit G - 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)
of dollars)

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

Monthly averages;
1964 - Jan.'
Feb.
Mar.
Apr.
May
June

.

150.0
125.0

166.0
130.0
278.0
230.0

4.50
4.38
4.43
4.48
4.46
4.43

July

26
3
10
17
24
31

80.0

Weekly averages:
1964

High

4.53(5/8)
4.30(2/21)

60.0
4.45
35.0
4.44
6.61
55,0
totes Averages of offering yields on &1JL new issues of publicly offered corporate bonds rated Aaa. ia and
A by Moody's Investors Servioe (except serial and convertible issues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Go varment) weighted by alae of offering.
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual
reoffiring yield the excess of the weekly average yield for seasoned bonis of the appropriate industryquality group over the conoosite average for seasoned Aaar-rated bonds (Moody's), Averages considered
unrepresentative because of special characteristics of the offerings Included are denoted by an asterisk.
5
12




\V
H. 14
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

New Capital
1964
January
February
March
April
May
June
July
August
September

quarter
quarter
quarter
quarter

1st -half
Three quarters
Year

1962

State and Local 2/
1964
1963

1962

944
771
809

732
746
976

876
1,133
628 \

2/1,213
£/ 646
e/ 800

869
866
930

873 ,
912 '
786

e/
e/

680
708
449

612 ' i
544 jj
427

1 ,051
729
416

650 ;
578 550 • >

930
685
754

613
594
1,144

549
860
819

£/ 2,111

930
904
1,013

. 1,153
771
1 ,132

800
550

676
637
795

573
773
557

1,013
819
1,415

819
678
1 ,064

2,369
n/ 4,494

2,351
2,847
2,109
3,246

2 ,228
3 ,056
1 ,902
2,,561

2/2,524
e/2,659

2 ,454
2 ,665
1.,837
2.,197

2,637 •
2,571 N
1,528
1,779'

p/ 6,863

5,198
7,307
10,553

5,,284
7,,186
9,,747

e/5,183

5 :,118
6 S,955
, 151
9j

5,208 6,790
8,568 .

£/

1,040
£/ 1,343
e/
e/

October
November
December
1st
2nd
3rd
4th

Corporate
1963

£,/
£/
£/

900
500

Excluding finance companies—^

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1,996
e/ 4,094

2,284
2,529
1,768
2,854

2, 169
2, 970
1, 767
2, 330

Year
9.434
9, 236
e/ Estimated by Federal Reserve.
£/ Preliminary.
X/ Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
3/ Total new capital issues excluding offerings of sales and consumer finance companies.




H. 14

V?

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

Quarter
!

or

I

Month

Total

Gross proceeds for new
capital and refunding 1/
Common
Bonds
and
Publicly Privately
pfd.
stock
Offered Offered
507
716
1 ,155
1,,222
1 ,389
639
1.,024
853
307
1,,568
/
300
1 ,089

Public Communi- Other
issuers
Mfg. Utility cations
456
231
275
321

717
794
659
986

326
794
285
530

236
221
150
118

842
1,241
868
1,629

418
658

438
862

273
1 ;,646

1,240
1,328

217
218
166
153
271
345

118
110
148
141
175
252

88

159
301
199
282
253
451

135
220
592
148
216
227
297
272
237
240
214
515

114
115
97
341
222
230
107
100
78
201
131
198

125
68
43
71
92
58
25
39
41
13
64

238
191
412
369
373
499
187
187
441
531
461
637

149
123
146
157
175
326

109
155
174
150
44v
270

157
83
34
1,369
27
250

515
324
400
435
397
496

655
996
601
769

430
983
375
568

128
434
109
47

947
591
896
968

29
71

161
123
52
125

43
46
34
99

243
289
774
452
694
675
431
318
501
481
549
751

102
94
91
217
95
113

25
43

526
342
353
429
507
618

121

1962 - I
II
III
;
i
IV

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

i1963 - I
II
III

2,,700
3.,634
2,,436
3.,466

1,,108
1 :,389
898
1 :,319 -

1,,306
1,,820
1,,251
1.,780

287
424
287
367

•1964 - I
|
II £ /

2 j,499
4,,740

978
1,,313

1,,221
1,,554

300
1,873

630
922
632
976
784
1,197

200
477
176
539
286
264

366
363
295
314
446

808

695
642
1,363
1,049
1,340
1,246
810
756
871
1,116
891
1,459

350
259
499
380
550
459
279
336
283
511
183
626

985
710
805
2,175
1,124
1,441

338
279
361
383
470
46:

|

1Wet proceeds for
-tew capital 1/ 2/
Memo:
Foreign
issues
included
-68
257
56
179

-

67

82

100
100
87
125
159
83

60
56
182
196
46
21
42

10
10
27

88

5
16

91
1,363
147
363

32
36
3

8

'

120
67

260
4
57

86

£ / Preliminary.e/Estimated by Federal R e s e r v e . % Cross Proceeds exceed net proceeds by the cost
of flotation.2/For total see Exhibit H; other issuers are extractive, railroad & other transportation, real estate & finance & commercial & other. Source: Securities & Exchange Commission




Other Security Offerings
(In millions of dollars)

1964
January
February
March
April
May

£/
£/
B/

4
82
69
27
74
50

July
Augus t
September
October
November
December
Jan. - June

Gross long -term If
Foreign government 2/
1963
1962
1964
232
133
76
57
114
•
11
63
- 83

2
2/

306

Year

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

623

333

771

737

148

£/ --

186

461

e/ 275

459

fi/

—

e/ 275

n.a.

223

f

174
200

Jan. - June

529

150
175

July
August
September
October
November
December

April
May

1962
246
156

New shoi:t-term 4/
State and local government 5/
r/ -78
103
75
18
r/-336
466
236
272
r/
23
-407
-186
-367
97
442
589
127
183
-30
-84
79
239
-10
-118
62
78
208
339
-406
-173
259
71
146
234
-339
-161

January
February

Federal agency 3/
1963

r/ 128

793

863

1,167

1,188

Federal agency 3/
-106
-189
-482
292
195
319 "
414
327
258
123
-102
551

284
261
227
-157
379
55
-80

29

319

247
-156
226
-364

;

;

•;

t-' '«

1,600
i,oo4
;
692
378
Year
2./ 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 securities are defined as those maturing in more than one year. 2/lncludes secur i t i e s offered in the U. S. by foreign governments and their political subdivisions and
international organizations. Source: Securities and Exchange Commission, ^/issues not
guaranteed by the U.S. Government. Source: Long-term, Securities and Exchange Commission;
short-term, Treasury Department and Federal Reserve. 4/These data differ from those in Exhibijt
H and above in that they represent new offerings less retirements, whether from the proceeds |-i
of refunding issues or from other funds. Data include only issues with original maturing of |||
one year or less. 5/Principally tax and bond anticipation notes, warrants or certificates
\t
and Public Housing Authority notes.
In some instances PHA notes included may have a someP'
w h a t longer maturity than one year.
Source: Bond Buyer and Federal Reserve.
'




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

Total
1963 - July
Aug.
Sept.
Oct.
Nov.
Dec.
]1964 - Jan.
Feb.
Mar.
Apr.
May
June
July

|

Corpor ate
Bonds
(Other than
Convertible
bonds
convertibles)
180
218
215
380
117
515
225
200
296
235
415
390
178

199
236
237
446
180
547
307
263
335
1,557
452
650
291

--

State
and
Other 2/

Stocks
governments
19
18
22
66
63
32
22
28
38
1,271
37
260
113

60
35
51

279
329
135
734
373
111
577
358
282
698
274
384
544

60
20
174
200

50
20
15
275
260

Large Individual Issues Offered During July

Type 3/

Amount
(millions
of
dollars)

Coupon
rate or
Maturity net inter
est cost

Offering
yield

Rating

Corporate
Pacific Gas & Elec. Co.
Baltimore Gas & Elec. Co.
J. C. Penney Credit Corp.
Nationwide Corp.
Northern State Pwr. Corp.
Marine. Midland Corp.
Milwaukee Gas Light Co.
Northern 111. Gas Co.

Com. stk.
1st ref. mtg. bds.
Deb.
Com. stk.
Pfd. stk.
Deb.
1st mtg. bds.
1st mtg. bds.

64.1
30.0
50.0
33.9
15, 0
60.0
18.0
20.0

6.0.

13.6
15.0

1994
1984

4-1/2
4-1/2

4.40
4.57

1989
1989
1989

4-1/2
4-3/4
4-1/2

4.60
4.65
4.42

Aaa
--

Baa
Aa

State and Local Government
Oregon State Bd. of Higher Ed.
San Juan, Puerto Rico
Atlanta Fulton Co. Rec. Auth.,Ga
Memphis, Tenn.
Houston Ind. Sch. Dist., Tex.
Alabama Highway Auth.
Met. Denver Sewage Disp. Dist.
#1, Colo.

G.O.
Rev. -Q •Ut.
G.O.
G.O.
Rev.-Q-Ut

10.0
10.0

Rev.-Ut.

32.5




18.0
14.0

1967-94
1965-87
1966-93
1965-89
1966-92
1970-84

3.15
3.50
3.28
3.03
3.25
3.48

1968-2003 3.41

2.40-3.30^
2.20-3.55
2.35-3.405/
2.10-3.152.35-3.20i/
2.90-3.50
2.50-3.50

Aa
A
Aa
Aa
A
A

K-2
Large Individual Issues Offered During July (Cont'd)

Type 3/

Amount
(millions
of
dollars)

Maturity

Couporate or
net inter
est cost

OfferRating
ing
yield

State and Local Government (Cont'd)
Seattle, Wash.
Merced Irr. Dist., Cal.
Penna. State Pub. Sch. Bldg. Auth.
New York State Housing Fin. Agency
New York City, New York
Colorado Springs, Colo.
Florida State Bd. of Ed.
State of California

45.0
Rev.-U t.
36.0
Rev.-Q.-Ut.
Rev.-Rent.
13.4
75.1
Rev -Rent.
123.2
G.O.
Rev.-Ut.
13.5
25.0
Rev.-Rent
100.0
G.O.

1968-94
1969-89
1966-2003
1965-95
1966-95
1964-83
1965-94
1966-90

3.48
3.65
3.39
3.64
3.14
3.10
3.29
3.19

1966

4-1/8

2.65-3.70
2.70-3.62
2.30-3.50%/
2.20-3.70
2.30-3.50
2.00-3.15
2.10-3.408/
2.25-3.309/

A
Aa
Aa
Aa

Other
Federal Home Loan Bank

2r-0.0

4.13

*--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 foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issued by Federal agencies.
3/ In the case of State and local government securities, G.O. denotes general obligations;
Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q,-Ut.,
revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely
by least payments.
4/ 1/10 per cent bonds maturing 1994 not publicly reoffered.
5/ 1/10 per cent bonds maturing 1988-89 not publicly reoffered.
6/ Bonds maturing 1982-92 not publicly reoffered.
,<4
7/ 1 per cent bonds maturing 2003 reoffered to yield 3.95 per cent.
8/ 3 per cent bonds maturing 1994 not publicly reoffered.
9/ 1/20 per cent bonds maturing 1989-90 not publicly reoffered.




I

J

\1
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)

During month following
da :e shown
State and
local govt.
Corporate
; 1963 - July31
221
:
Aug.31
158
Sept. 30
i
240
!
Oct.31
145
?
Nov.29
392
i
Dec.31
305
155
J 1964 - Jan.31
224
1
Feb.28
?
Mar.31 1,587
651
f
Apr.30
|
May.28
600
June30
292
July31
92

329
210
561
255
137
469
316
454
669
345
341
539
120

Other 2/
20

,
'
25
15

Corporate
267
183
240
145.
1,992
1,905
.1,771 '
1,649
1,837
844
668
307
167

Subsequent to
date shown
State and
local govt.
512
468
757
401
349
731
667
646
953
575
598
716
588

Other 2/
20

25
15

Forthcoming Large Offerings as of July 31

Issuer

Type

Amount
(millions
of
dollars)

Approximate date
of offering

25.0
16.9
15.0
15.0
20.0
75.0

Aug.
5
"
Aug. 11 (rts. ex.)
Aug. 12
Aug. 19
Aug. 26
Sept.
(rts. ex.)

12; 0
21.0
12.0
15.8
24.0
35.0
12.5
35.0

Aug.
4
Aug.
5
Aug.
6
Aug. 10
Aug. 26
Aug.
Sept 14
Indefinite

Corporate
Texas Gas Trans. Corp.
First Natl. Bank of Atlanta
Northern State Pwr. Co.
Utah Pwr. & Lt. Co.
San Diego Gas & Elec. Co.
Wells Fargo Bank

Deb.
Conv. cap. notes
1st mtg. bds.
1st mtg. bds.
S. F. Deb.
Cap. note

State and Local Government
Nashville & Davidson Co. Met. Govt. Tenn.
^Georgia State Univ. Bldg. Auth.
Sacramento Mun. Ut'il. Dist. , Cal.
San Francisco, Calif.
Los Angeles Dept. of Wtr. & Pwr., Calif.
Mass. Turnpike Auth.
Dallas, Tex.
Pittsburgh, Pa.




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

• H
- J
Forth Coming Large Offerings as of July 31 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date
of offering

State and Local Government(Cont *d)
Dade County, Fla.
Forth Worth, Tex.
Va. State Highway Auth.
^Columbia Storage Pwr. Exchange

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

. 46.0
14.1
31.0
330.0

Indefinite
Indefinite
Indefinite
Fall

Other

*--Included—in Table for first time.
If 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 for Federal agencies.
Note:--Deletions for reasons other than sale of issue: None.




14

H.14
Exhibit H
Foreign Government and Corporate Security Offerings
and Placements in the United States

Part I:

Sale
Date

Amount
(millions of
dollars)

Public Offerings

Issuer and Description of Issue

A.
5/7

15.0




Sold May 1 through July 3 1

Republic of F i n l a n d — 6 % bonds; maturing
1976, offered to yield 6.24% '

B.
None

Prospective Offerings

M-2
Part II:

Date
reoorted

Note:

Private Placement--Reported May 1 through July tjl

Amount
(millions of
dollars)

Issuer and Description of Issue

>

5/8

4.0

5/8

10.0

Pacific Great Eastern Railroad Co.--4-1/%%
sinking fund debentures, maturing 1994-no information available on takedown.
^

5/18.

21.0

Upper Lakes Shipping L t d . — 6 % installment
notes, maturing 1966-79--no information,
available on takedown.

6/2

50.0

Quebec-Hydro-Electric Power Authority-4-1/2% debenture, maturing 1 9 8 4 — n o
information available on takedown,

6/23'

25.0

City of Montreal--4-7/8% debentures,
maturing 1966--no information available •
on takedown.

7/8

45.0

International Minerals and Chemicals Corp.
(Canada) Ltd.--notes, maturing 1982--no
,f
information available on takedown
.

Israel Discount Bank Ltd.—5-1/27. capital
notes, maturing 1979--no information
available on takedown.

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, j
between the data shown in this Exhibit and that shown in Exhibits I and J because the>4;
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 w h e n reported, frequently with little or no information coticernin^:1.timing b£ thkedoWnsr Fulii..enupirtia5Lnt6kddowns mpy take place both prior *md
subsequent to the data a placement is reported. ^--Includes in table for first time,




1)
H. 14
Exhibit N
Security Offerings for New Capital by
Manufacturing Companies
First Quarter 1959-64
(Net proceeds in millions of dollars)

•
'
I
1
1
|
)
:•

All Manufacturing
Nonelectrical machinery
Fabricated metal products
Other transportation equipment
Beverages
Electrical machinery
Printing
Chemicals
Textiles and apparel
Paper
Foods
Motor vehicles and equipment
Primary iron and steel
Primary nonferrous metals
Rubber products
Petroleum and refining
Stone, clay and glass
Lumber, wood products
Tobacco
Other 2/

1964

1963

418
54
51
42
40
37
31
28
26
25
16
14
6
6
5
2
1
1/

947
53
40
40
1
, 74
11
42
26
16
79

34

1962r/

1961r/

1960

482
9
6
5

298
18
25
11

48
4
35
21
36
13
1
31
13
19
64
26
16

92
2
22
21

6
137
2
276
18
3

649
61
9
27
3
87
20
91
56
22
64
4
28
3
7
57
55
5

123

50

135

51

--

12
10
3
1
11
3
13
3

1/ Less than $500,000.
2/ Includes small volume of issues of foreign manufacturers not further classified.
Note.--Details may not add to totals due to rounding.
Source.--Securities and Exchange Commission and Federal Reserve.




1959
358
19
17
7
15
25
3
33
6
38
34
1/
63 55
4
1
1/
2
36