Full text of H.16 Capital Market Developments : December 10, 1962

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H8MR*

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December 10, 1962.
V

I
FEn

A F m

X

CAPITAL MARKET DEVELOPMENTS
— - ^ f i f T H E UNITED STATES

-x
BM K |
Oi- t,.-,., vii-m The volume of public security financing to obtain new capital
—was—rather^ffioderate last week but is expected to be very substantial
this week. During the week ending December 7, no large State and local
government bond issues were sold but two large corporate issues totaling
$75 million were offered. This week, ending December 10, four corporate
issues amounting to $123 million and three State and local issues with
par value of $137 million are on the calendar; the Inter-American
Development Bank is also expected to offer $75 million in bonds.
Bond yields. Most seasoned, long-term bond yields rose somewhat last week. Aaa-rated corporate bond yields rose another basis point,
but yields on Baa-rated issues fell one basis point further to 4.93
per cent, their lowest level since early-May 1959. Yields on both Aaaand Baa-rated State and local government bonds went up 3 basis points
to 2.92 per cent and 3.57 per cent, respectively; U. S. Government bond
yields also edged up one basis point to 3.89 per cent.
Yields on newly offered corporate bonds, adjusted to an Aaa
basis, averaged 4.24 per cent last week, 7 basis points above the
average for the previous week.
Short- and intermediate-term interest rates. Rates on 3-month
and 6-month Treasury bills declined one and three basis points,
respectively, last week, while yields on 3-5 year U- S. Government
obligations were stable. The Federal funds rate declined 22 basis points^
from the revised level of the previous week to 2.73 per cent. Other
short- and intermediate-term interest rates were unchanged.

z

Mortgage recordings. Nonfarm mortgage recordings of $20,000
or less, which had risen'to a new high in July, edged off in August,
the latest month available on a seasonally adjusted three-month moving
average basis. The monthly rate of $2,933 million was a tenth above
the low for the year in March and more than a tenth above a year earlier.
Stock prices. Common stock prices went up moderately further
last week in active trading. Prices, as measured by Standard and Poor's
composite index of 500 stocks, advanced one per cent to close at 63.06
on December 7. At Friday's level, stock prices were 21 per cent above
their late June low but still 12 per cent below their all-time peak of
mid-December 1961. Trading volume averaged 4.8 million shares a day,
0.7 million less than the very substantial average of the previous week.
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.
FRASER

Digitized for


'LONG-TERM BOND YIELDS, HIGH-GRADE
wV.Ti7

COKPORAK Aaa

7v*ii:$. soyiiiiMfHi

,-Vv/

$ T i n AMP iOCAl
60VSBNMKMT Aee

Exhibit A - Part II

Corporate
Aaa 1 /

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)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
Nov.
Nov.
Nov.
Nov.
i/i)ec.

9
16
23
30
7 j>/

Note:

lt.lli (9/27)
3.55 (5/2)
U.6i (1/29/60)
lj.21 (3/17/61
1*.1*6 (9/15)
4.43 (2/16)
4.24 (11/23)

3.07
k.bz
3.70
U.07
4.12
3.85

3.76 (10/16)

3 . # (8/29)
2.64(5/1)
3.65 (9/24/59)
2.99 (9/1/60)
3.37 (7/6)
3.26 (1/4)
2.88 (11/8)

.60
.22
.59
.19
.57
.47
.29

.50
.31
•?2
.16
.76
1.08
.80

4.26
4.25
4.24
4.25 /
4.26/

3.86
3.87
3.88
3.88
3.89

2.88
2.89
2.89
2.89
2.92

.40
.38
.36
.37
.37

.98
.98
.99
.99
.97

For footnotes see Exhibit B.




(4/25)
(1/8/60)
(5/l?/6l)
(12/29)
(2/23)
(5/11)

EXHIBIT B, Poft I

LONG-TERM BOND YIELDS/ LOWER-GRADE
j Weakly

\

W

t!S
/

/'V

i
-

r\ f

\ /A
v.

j i

\

a

^
v

\

i V
1

r

—

Vx

STATE A*ID LOCAL 60VEINM!ENT »«.

•

O W

j?s«

Date

mo-

>$t:
—-

Corporate
Baa 1 /

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

1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low

5.10
iu5L
5.36
U.98
5.13
5.11
4.93

Nov.
Nov.
Nov.
Nov.
Dec.

4.97
4.96
4.95
4.94
4.93/

9
16
23
30
7 j>/

'M-

""

'

Exhibit B - Part II

(11/29)
(7/11)
(2/12/60)
(9/9/60)
(10/27)
(1/5)
(12/7)

4.51
3.6k
1.1*6
3.93
1|.16
4.04
3.52
3.53
3.53
3.53
3.54
3.57

(8/29)
(5/1)
(1/7/60)
(11/9/6I)
(3/23)
(1/11)
(5/17)

Spread between
Aaa and Baa
State and
Corporate
local govt.

1.27
.77
.81:
.66
.81
.74
.63

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

.71
.71
.71
.69
.67

.65
.64
.64
.65
.65

£/ Weekly
- average
- of daily figures.
- - - Average term of bonds included in 23-26 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in 10 years or more.
3/ Thursday figures. Only general obligation bonds are included; average term is 20 years.
Jfote
Note.—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.




EXHIBIT C, Port I

S H O R T - A N D I N T I R M E D J A F I ~ T E RM INTER!ST RA T ES, G O V E * N M E N T
_
_
P», c . n l V

t - MONTH 1111$

S • S YEAR ISSUES!

R

DISCOUNT RATE

S - M O N T H Bills
Market Yield

111 i 111 i i i i1 1i1 1 1 1 1 1 1 1 1

I l l l l l l I
I l I I l I I II Il Il lI Il i l IllI lI l1.1

m?

w

mo
Exhibit C - Part II

Bate

Discount
rate

V

3-month
bills 2/

1957 - High
1958 - Low
1959-60 - H
1960-61 Low
1961 - High
1962 - High
Low

3.50
1.75
Loo .
3.00
3.00
3.00
3.00

3.6k
.58
h.59
2.11
2.66
2.97
2.65

Nov.
Nov.
Nov.
Nov.
/fee.

3.00
3.00
3.00
3.00
3.00

2.82
2.82
2.84
2.86
2.85 ^

9
16
23
30
7 2/

Yields
6-month
bills 2/
(per cent)

(10/18)
(5/29)
3.02
(Ve/60) 5.07
(10/28/60) 2.35
(12/29)
2.90
(7/13)
3.13
(6/8)
2.74
2.87
2.86
2.90
2.94
2.91

3-5 year
issues 2/

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

Loli (10/18)
(12/26) 2.1k (6/6)
(1/8/60) 5.00 (12/24/59)
(4/28/61) 3.15 ( 5/12/61)
(12/29) 3 . 8 6 ( 8 / 1 1 )
(7/20) 3.88 (2/2)
(6/8)
3.43 (11/9)
3.43
3.46
3.49
3.48
3.48

.24
.04

.86
.01*
1.81
.38
1.51
1.19
.61

.05
.04
.06
.08
.06

.61
.64
.65
.62
.63

.26
.79
.12

.a

2/ Market yield) weekly averages computed from daily olosing bid piioes. Series of 3-5 year issues
consists of selected notes and bonds.
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.




£
EXHIBIT D. Port I
SHORT- AND INTERMEDIATE-TERM INTEREST RATES,
BANKS AND OTHER PRIVATE BORROWERS

F I I U N C I COMPANY M H »

K

-1-1.1.1 J-J-LL-LLl.
t»ii
kxhibit D - Part II

Date

Stock Exchange
call loan 1/

Prime
rate 1 /

Finance company
paper 2/

Federal
l'unds 3/

Spread between
3-mo. bills and
finance Co. oaner

(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
Nov.
Nov..
Nov.
Nov.
Dec.

9
16
23
30
7 j>/

lt.50
3.50
5.50
li.50
4.50
4.50
4.50

li.50
3.50
5.00
Ji.50
L5o
4.50
4.50

3.88
1.13
5.13
2.50
3.00
3.25
2.88

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3.03
3.11
3.13
3.13
3.13

1/

(11/15)
(8/8)
(1/22/60)
(8/5/61)
(12/29)
(7/20)
(6/1)

3.50 (11/8)
.13(5/29)
li.00 (5/13/60)
.ll3 (1/27/61)
2.88 (12/29)
3.00 (11/16)
1.30 (1/26)
3.00
3.00
2.91
r/ 2.85
2.73

.63
-.35
1.02
.11
.56
.45
.19
.21
.29
.29
.27
.28

Weekly rate shown is that in effect at end of period.Stock Exchange call loan rate is going rate
on call loans secured by customers' stock exchange collateral at Near York City banks. Prime rate
is that charged by large banks on short-term loans to business borrowers of the highest oredit
standing.
2j 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
Digitized
fortransactions
FRASER as reported to the Federal Reserve Bank of New-York.
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.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

EXHIBIT t . P a n I

STOCK MARKET

rv

n 1 0 f Dollar!

^vV*v\v

v

'

% T((K M A M U C«1D

/

^ 3 CH#iNOE IN SERIES
1
'xr
M i l l i o n ! o( Sho

VOIUMJ.

t i l l 6$

i 1 1. 1 1 1 1 1 1M1 ! 1M 1 M M 1

-u-l 1 1 I I ! I 1 1

1 1 I 1 I I 1 1 IA>

Exhibit E - Part II

Stock price
index 1/

1960-61 - High
: Low
1962 - High
Low
October
November
Nov. 23
Nov. 30
Dec. 7 2/

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

72.0U (12/8/61)

2.82

5.8

3.62

53.32 (10/21/60)

2.2

70.94 (3/16)
52.68 (6/22)

.

2.93
3.96

10.1

56.17
60.04
61.54
62,26
63.06

3.71
c/3.50
3.45
3.42
3.38

3.4
4.8
4.6
5.5
4.8

2.4

Stock market customer credit
I Customers'
Bank
Total |debit bal- loans to
ances V
"others" 5/
(In millions of dollars)

5 , 6 0 2 (12/61)4,259 (12/61)
lt,lU2 (5/60) 3,004 (7/60)
5,491 (4) 4,111 (1)
4,876 (7) 3,562 (7)

1,377
1,121
1,418
1,269

5,165

1,301
1,334
1,321
1,334

3,864

(e/3o/6i)
(5/25/60)
(5/9)
(9/26)

n.a.—Not available. jg/ Preliminary.
!
1/ Standard and Poor's composite index of 500 common 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.
2j 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 New York Stock Exchange.
4/ End of month figures for member firms of the New York Stock Exchange which carry margin accounts|
excludes balances secured by U. S. Government obligations.
5/ 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 for about 70 per cent of loans to others*
For further detail see Bulletin.




EXHIBIT F, Port I

M O R T G A G E RECORDINGS A N D LOANS V

-

Monthly

.

1955

1956

1957

1951

1959

1960

B i l l i o n i of d e l I o

1961

1962.]

Exhibit F - Part II

Date

1961 - Sept.
Oct.
Nov.
Dec.
1962 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

Unadjusted
Total
Seasonally
Unadjusted
VA
FHA
adjusted 2/
(Millions of dollars)
2,723
2,775
2,779
2,763
2,696
2,682
2,670
2,745
2,836
2,891
2,973
2,933
n.a.

2,777
2,961
2,754
2,579
2,459
2,238
2,627
2,704
2,983
3,075
3,134
3,333
2,861

422
432
484
426
480
398
418
372
403
404
433
465
431

168
201
206
197
227
175
205
182
184
207
219
247
231

Conv.

2,186
2,328
2,064
1,957
1,752
1,665
2,004
2,151
2,397
2,464
2,482
2,621
2,199

n.a.—Not available.
l/ Total recordings data are estimates based on reports from about 450 areas and
include mortgages of $20,000 or less secured by nonfarm real estate, primarily
residential properties. FHA-insured loans represent gross amount Of insurance
written, and VA-gua ran teed loans the gross amount of loans closed, on 1-4 family
houses. Conventional data are derived as a residual, although total recordings
and VA and F^A loans are not strictly comparable in concept or timing.
2/ Three-month moving average, seasonally adjusted by Federal Reserve.
Source: Federal Home Loan Bank Board, Federal Housing Administration %nd Veterans
FRASER
Administration.

Digitized for


EXHIBIT JS, Port I

YIELDS ON NEW AND SEASONED CORPORATE BONDS

HEW ISSUES

VJ
Exhibit 6 - Part II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis

Weekly averages:
1962 - June, 1
15
22
29
July* 6
13
20
27
Aug,
3
10
17
24
31

NumberlAm't of issues Average
of
I included (mil.
yield
issues! of dollars)
(per cent)
1
3
4
3
1
1
3
1
4
2
3
2
1

17.0
115.0
67.0
145.0
24.0
50.0
46.0

20.0
107.3
115.0
70.0
52.0

60.0

Note
A

4.18
4.30
4.22
4.18
4.35
4.44
4.29
4.33
4.33
4.45
4.27
4.29
4.28

Number Ain't of issues ! Average
of
included (mil.
yield
of dollars) |(per cent)
7
14
21
28
Oct.
5
12
19
26
Nov.
2
9
16
23.
30
Dec. 7
Sept.

1
1

12.0
50.0

4.23
4.22

1
1

4.9
75.0

4.16
4.22

2
3
2

275.0
85.0
37.0

4.29
4.14
4.13

2
2
3

19.8
72.5
87.0

4.00*
4.17
4.24

iiE*«»3ier




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

. -1962 . -..L

1961

592
859
807

580
667
562

570
715
860

2/876
£/1,133?
E/629

713
689
764

700
611
568

1,113
760
1,132

2/118
1,259
1,318

761
577
1 ,044

2/873=
2/913
2/784

723
641
1 ,034

719
545
991

582
749
579

1,028
762
647

736
967
726

2/594
e/575
e/400

485
604
734

492
606
683

e/850
; £/650
| e/800

1,090
948
1,000

890
956
852

e/600
e/550
e/500

678
789
606

348
501
491

2,258
3,005
1,910
e/2.300

1,809
4,695
2,43?
3,038

2 ,145
2 ,382'
2 ,428
2 ,698

2/2,639
2/2,569
e/1,50'*"
e/1,650

2 ,166
2 ,397
1.,823
2.,073

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

1st half
Three quarters
Year

5,163
•: 7,17.3
e/9 473

6,504
8,941
11,979

4.,527
6,,955
9,,653

2/5,208
e/6,777
e/8.427

4,,563
6,,386
8, 460

5j,916

1st
2nd
3rd
4th

. 2 5 199
2,919
1.775
e/2 050

January
February
March
April
May
June
July
August
September
October
Novefiaber
- December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

I

I960 ~

1962

1960

4.,136
7 j257

ExcludiAg finance companies
quarter
quarter
quarter
quarter

Year
e/
1/
1/
jt/

g/8.943

1,554
4,552
2,337
2,867

1 3 716
2, 165
2, 018
2,347

11.,253

8, 246

Estimated by Federal Reserve,
Prelimiliary.
2/
Securities atid Exchange Commission estimates of net proceeds.
Investment Bankers Association 6f America estimates of principal amounts.
Total new capital issveis exeii:tidingofferings. <S>£ sales ahd ctinauriier finance
companies,




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

Quarter
month

Gross proceeds for new
capital and refunding 1/
Common Memo;
Is
foreign
Total Publicly Privately and
pfd.
offered offered
Included

Net proc<seds for
new capiltal 1 / 2 /
Mfg.

1960 - I
II .
Ill
IV

2,265
2,537
2,520
2,832

934
1,074
1,336
1,462

795
770
754
955

536
692
429
416

69
27
38
17

298
511
562
625

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

449
1,774
654
845

76
155
69
62

515
1,466
595
836

1962 - I
II
III
IV

2,378
3,250
2,184

1,155
1,389
853

716
1,222
1,024

507
639
307

68
257
56

1961 - Jan.
Feb.
Mar.
Apr.
May

601
695
696
2,231
1,342
1,779
1,075
813
678
1,155
987
1,094

178
273
211
713
666 .
924
424
225
123
336
414
217

294
255
331
348
355
572
392
411
336
509
348
567

129
167
154
.,170
320
283
259
177
218
310
225
310

54
19
3
71
35
49
52
7
10
25
12
25

273
497
386
654
247
488
200
477
176
530
290

232
232
253
227
420
575
366
363
295
350
400

143
155
209
336
134
169
67
82
161
100
50

July
Aug.
Sept.
Oct.
Nov.
Dec.

647
884
847
1,217
801
1,232
630
July
922
Aug.
632
Sept.
980
Oct. e/
740
Nov. e/
Dec.

1962 - Jan.
Feb.
Mar.
Apr.
May

3
12
54
10
147
100
13
43
n.a.
n.a.

Public Communiutility cations

598
808
652
696 •

Other
issuers

189
149
317
381

1,059
913
896
997

381
1,081
595
836

81
1,095
104
147

832
1,052
803
1,263

655
996
601

430
983
375

456
231
275

717
794
659

169
99
248
574
447
446
428
255
252
271
215
306

137
160
84
254
439
389
369
215
111
306
362
168

21
41
19
994
85
16
16
13
75
25
80
42

253
368
211
297
289
467
315
279
209
487
291
485

205
131
318
384
270
342
217
218
166
210
220

89
148
193
377
196
410
118
110
148
140
160

73
362
21
88
64
79
88
120
67
260

225
218
275
264
229
301
159
301
199
240
270

--

2? Preliminary.
e/ Estimated by Federal Reserve.
If
Gross proceeds exceed
net proceeds by the cost of flotation.
2/
For total see Exhibit H; other issuers
are extractive, railroad and other transportation, real estate and finance and
commercial and other. Source.—Securities and Exchange Commission.




fe. H..14
Other Security Offerings
(In millions of dollars)
Gross long-term 1/
Foreign government 2/
Fedefal agency 3/
1962
I
1961
I i960
1962
1961
6
29
20
2
66
29
5
2

142
10
35
10
' 86
50
25

J

31
e/150
e/70

43
34

236

2
175
70
34
72
40
25
1
36
34
2
41

246
156
461

150
175
e/--

533

252
100
149
278
250
193

199

225

160
149
181

1,448

1,672

e/1,188

e/617

1960
182
150
150
148
354

1,4-1

Net short-term 4/
Federal agency 3/
State and local government 5/
18
466
-186
127
-84
-118
78
339
406
&/21

160
195
-8
-103
-42
-155
109
518
-86
-6
54
-116

j?/
1/

58
140
-80
70
-146
-157
48
415
-175
-16
50
-189

247
-156
226
-364
82
284
261
227
-157
379
£/ 54

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

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

520

18

-76

-633

634

207

58

-263

Preliminary.
e/ Estimated by Federal Reserve.
n.a.--Not available.
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/ Includes securities offered in the United States by foreign governments and th<&r
political subdivisions and international organizations. Source: Securities ahd
Exchange Commission.
Z! 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 Exhibit H and above in that they represent new
offerings less retirements, whether from the proceeds of refunding issues or fxsw.
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

Boosing Authority notes. In soma instances PHA notes included may have a somehttp://fraser.stlouisfed.org/
what longer maturity than one year. Source: Bond Buyer and Federal Reserve.

Federal Reserve Bank of St. Louis

I?
Exhibit K

• 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

1961 - November
December
1962 - January
February
March
April
May

391
255
195
425
366
648
200
472
165
286
191
434
178

July
August
September
October
November

Corporate
Bonds
Convertible
(other than
bonds
convertibles)
320
125
170
425
330
430
170
387
135
226
100
398
178

Stocks

26

45
130
25

15
51

21
167
30
. 85
30

60
91
36

State
and
local
government
480
307
561
662
259
423
373
r/266
r/321
272
153
320
217

Other
1/
250
145
64
30
55
88
30
20
194
25
"

"

Large Individual Issues Offered December 1 through 7

Issuer

Type 3/

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

Rating

CORPORATE
Metropolitan Edison Co.
Consol. Edison Co.

1st mtg. bds.
lst& ref.mtg.bds.

STATE AND LOCAL GOVERNMENT
None.
OTHER
None.




15.0
60.0

1992
1992

4-3/8
4-3/8

4,26
4(33

Aa
Aa

ty
K-2

• . . .

H. 14

Footnotes
*—Rights offering.
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.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 lease payments.




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

i;
v

j
*
4
&

4

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

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

356
161
480
222
628
185
587
120
302
170
363
203
170

295
223
465
153
453
333
184
202
273
61
187
96
194

__
64

95
55
*—
-- •

175
75

Subsequent to
date shown
State and
Corporate
local govt.
421
591
525
341
693
598
692
458
477
312
546
328
360

498
415
567
239
539
452
337
377
427
215
387
243
328

Other 2/
...
64

95
55
25
--

•

175
75

Forthcoming Large Offerings, as of December 7

Type

f,

Amount
(millions
. of dollars)_

Approximate date
of offering

CORPORATE

f-

Beneficial Finance Co.
Southern New England Tel. Co.
5 Tokyo Shibaura Electric Co. Ltd.
x *Grace Lines Inc.
New York Tel. Co.
Chesapeake & Potomac Tel. Co.
I Tennessee Gas Trans. Co.
« Commerce Oil Refining Corp.

Sen. deb.
Deb.
Conv
Bonds
Deb.
Deb.
1st mtg . bds.
Deb., bds. & com.

30 .0
45 .0
20 .0
28 .0
70 .0
25,.0
50,.0
. 45.•o

G..0.
G. 0.

30. 0
95. 0
11. 9

Dec. 10
Dec. 12
Dec. 13

G. o.
G. 0.
G. 0.
Rev. -Ut.
G. 0.
Rev. -ut.
G. o.

10. 0
21. 8
11. 3
30. 8
15. 3
15. 0
35. 0

Dec. 17
Dec. 18
Dec. 19
mid-Dec.
Jan. 8
Jan. 18
Indefinite

Dec . 12
Dec . 12
Dec.. 12
Dec., 12
Jan., 9
Jan. 23
Indefinite
Indefinite

STATE AND LOCAL GOVERNMENT
State of New York
if Public Housing Auth.
Tampa, Florida
Cleveland Consolidated Sch. Dist.
6
Ohio
% *New York City, New York
" Richmond, Va.
Memphis, Tenn.
*Oklahoma City, Oklahoma
*Metropolitan Seattle, Wash.
Pittsburgh, Pa.




L-2

H.14

Forthcoming Large Offerings, as of December 7

Issuer

Type

Amount
(millions
of dollars)

Approximate date
of offering

STATE AND LOCAL GOVERNMENT (CONT'D)
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., Fla.

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

12.9
46.0
40.0

Indefinite
Indefinite
Indefinite

75.0

Dec. 11

OTHER
Inter-American Development Bank

Bonds

*—Included in table for first time.
Includes corporate and other issues of $15 million and over; State and local
V
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.