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Not f o r P u b l i c a t i o n p ^ ^ o L L E D AFTER SIX M N H
OTS
December 11, 1961.
r.%:i3
; jANXl

/CAPITAL MARKET DEVELOPMENTS
IN* THE UNITED STATES

s e c u r i t y f i n a n c i n g t o obtain new c a p i t a l was i n moderately
Heavy volume l a s t week and i s expected t o be even more s u b s t a n t i a l t h i s
week. During t h e week ending December 8 , two c o r p o r a t e o f f e r i n g s t o t a l i n g
$75 m i l l i o n were o f f e r e d and f o u r S t a t e and l o c a l government bond i s s u e s
aggregating $122 million were sold. This week, ending December 15, t h r e e
corporate o f f e r i n g s aggregating $181 m i l l i o n a r e d e f i n i t e l y scheduled and
the $100 m i l l i o n r i g h t s o f f e r i n g of t h e K r a t t e r Corp. may be terminated i f
f u l l y subscribed by the end of the week; t h r e e S t a t e and l o c a l i s s u e s with
par value of $52 m i l l i o n a r e on the calendar.
The Commonwealth Edison Co. i s also planning a $h0 million
o f f e r i n g of ^0-year debentures t o refund p a r t of t h e i r outstanding p r e f e r r e d stock.
Bond y i e l d s , f i e l d s on seasoned Aaa-rated corporate bonds
increased 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 both Aaa- and
Baa-rated S t a t e and l o c a l government bonds increased f u r t h e r , r i s i n g 1
and 2 b a s i s p o i n t s , r e s p e c t i v e l y . Yields on long-term U. S. Government
bonds rose another 1; b a s i s p o i n t s t o near t h e i r high f o r the y e a r ; y i e l d s
on Baa-rated corporate bonds were unchanged.
The average y i e l d on new corporate bonds o f f e r e d l a s t week,
a d j u s t e d to a Aaa b a s i s , was h-29 p e r cent, or 11 b a s i s p o i n t s below the
average f o r the week ending December 1. This was a r e v e r s a l of t h e upward
t r e n d in y i e l d s on new corporate bonds of the p a s t s e v e r a l weeks. At
l a s t week's l e v e l , new o f f e r i n g y i e l d s were 39 b a s i s p o i n t s below t h e high
f o r the year and only 8 b a s i s p o i n t s above t h e low reached on November 3. ,
Short- and intermediate-term i n t e r e s t r a t e s . Yields on 3-month
and 6-nonth Treasury b i l l s increased f o r the f i f t h consecutive week t o
reach new highs f o r the y e a r , increasing 2 and 10 b a s i s p o i n t s , r e s p e c t i v e l y ,
while y i e l d s on 3-5 year U. S. Government o b l i g a t i o n s increased 8 b a s i s
p o i n t s . The average r a t e of i n t e r e s t on d i r e c t l y placed f i n a n c e company)
paper with 90-179 days m a t u r i t y increased 2 b a s i s p o i n t s to 2.83 per cent
a s a l l f i n a n c e companies announced t h a t they were paying 2-7/8 p e r cent on
such paper near the end of the week. Federal funds increased kS b a s i s
p o i n t s from the revised l e v e l of the previous week to average 2.20 p e r
c e n t . Other s h o r t - and intermediate-term i n t e r e s t r a t e s were unchanged.
Housing s t a r t s . Seasonally a d j u s t e d p r i v a t e housing s t a r t s r o s e
b p e r cent f u r t h e r in October and, a t an annual r a t e of 1.1* m i l l i o n , were a
t e n t h below the 1959 peak. Most of the r i s e i n October r e f l e c t e d an
increase in Government aided s t a r t s following a d e c l i n e of such s t a r t s i n
September. In the f i r s t ten months, Government-underwritten s t a r t s ,
however, have been one-fourth l e s s than s t a r t s l a s t y e a r , and t h r e e - t e n t h s
l e s s than i n 1959.




-3-

Stock p r i c e s . Common stock p r i c e s , as measured by Standard
and P o o r ' s composite index of 500 stocks, increased s l i g h t l y l a s t week,
reaching a new high on December 8 of 72.OU. Trading volume was heavy,
averaging 1|,2 m i l l i o n shares a day, but was 0 . 3 m i l l i o n shares l e s s than
the previous week.
More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented i n the attached exhibits.

Capital Markets Section,
Division oxf Research and S t a t i s t i c s ,
Board of Governors of the Federal Reserve System.




A
EXHIBIT A
LONG-TERM

BOND

YIELDS

HIGH-GRADE

LOWER-GRADE




'

Exhibit B - Tables f o r Exhibit A

-5-

Long-teim Bond Yields
High-grade
Date

Corporate
Aaa y

U. S. Govt.
long-term 2 /
(per cent)

1951* - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low
Nov.
Nov.
Nov.
Dec.
Dec.

10
17
2k
1
8 2/

2.lt5 (0/6)
3.76 (10/18)

State and
local
government
Aaa 3 /

Spread between
U. S. Govt and
Corporate State and
Aaa
l o c a l Aaa
z

1.90 (9/2)

1U6 (9A5)
it. 21 ( 3 / 1 7 )

3.75 (a/s)
it. 06 (9/15)
3.70 (5/12)

2.99 (9/1)
3.37 ( 7 / 6 )
3.12 (2/23)

.30
.60
.22
• 59
.19
.57
• 3it

It. 39
it. 39
it. 39
it. 38
it. 3 9 ^

3:96
it. C
O
3.98
it. 01
it. 05

3.2it
3.26
3.29
3.31
3.32

. it3
.39
:.iti
.37
.3it

2 . 8 5 (4/23)
It. l i t (9/27)

3.55 (5/2)
it. 6 1 (1/29/60)
k . 2 3 (9/9)

3 . 0 7 (4/25)
it. 1 2 (1/8/60)

3.15

(8/29)

3.65

(9/24/59)

2.6U (sA)

.30
.50
.3U
.92
.53
.76 .
.it6
.72
, '.7it
.69
.70
.73

Lower-grade

Date

Corporate
Baa 1 /

State and
l o c a l govt.
Baa y

Spread between
Aaa and Baa
State and
Corporate
l o c a l f.ovt.

(per cent)
195U - Low
1957 - High
1953 - Low
1959-60 - High
i960 - Low
1961 - High
Low
Nov.
Nov.
Nov.
Dec.
Xec.

10
17
2k
1
8 2/

3.itli (12/31)
5c 1 0 (11/20)
it. 5 1 (7/11)
5 . 3 6 (2/12/60)
it. 98 (9/9)

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

3.614 (5/1)
lt.lt6 (1/7/60)
3 . 9 8 (12/291

5.13 (10/27)
5 . 0 0 (it/21)

it.16 (3/23)
3.93 (11/9)

5.11
5.11
5.10
5.io /
5.io /

3.93
3.95
3.96
it. 01
it.03

.52
1.27
.77
,81t
.71
.81
.66

.96
1.21
.93
1.08

.72
.72
.71
.72
.71

.69
.69
.67
.70
.71

g / Preliminary.
1J Weekly average of dally figures* Average term of bonds Included i s 23 "20 years.
2/ Weekly average of dally figures. The aeries lnoludee bonds due or callable In 10 yearr or mors.
3/ Thursday figures. Only general obligation bonds are Included; average tern i s 20 years.
Note.—Hlgha and lows are for Individual series and may be on different dates for different series,
for spreads, high refers t o widest, and low to narrowest.




.93
.57

EXHIBIT C
SHORT- AND

I N T E R M E D I A T E - TERM INTEREST RATES

GOVERNMENT

S - 5 vi*r I S E
SU
6 - MOUTH'litis
Market Yield#

Aw

F. ». D C U T UTL
I ON
S

: • MONTH I I U S
Market Yield:

BANKS

AND

OTHER

PRIVATE

BORROWERS

Weekly

HOIK lXCHAN6|
CAll 10ANS
Going Rale

FINANCE COMPANY f A M I
Directly P l a t e d
3 - 6 Months




TiO I I Al FUNDS

Exhibit D - Tables i'or Exhibit C
Qiort- and Intermediate-tern I n t e r e s t hates
Government
Date

Discount
rate

3-month
b i l l s 2/

V

I95ii - Low
1957 - High
1958 - Low
1959-60 - High
I960
1961 - High
Low
Nov. 10
Nov. 17
Nov. 2h
1
/'.en. 8 2/

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

Spread between y i e l d s on.
3-month b i l l s and y i e l d s or
6-mo. b i l l s 1 3 - 5 yr. issues

3-5 year
issues 2/
1.66 (4/30)

1.50
3.50
1.75
Loo
3.00
3.00
3.00

.61 (6/11)
3.61* (lo/ia)
.58 ( 5/29)
U.59 (1/8/60)
2.11 (10/28)
2.58(12/8)
2.17 ( 1 / 2 7 )

3 . 02
5.07
2.38
2.88
2.35

3.00
3.00
3.00
3.00
3.00

2.1*0
2.53
2.51
2.56,
2.58

2.61
2.7U
2.73
2.78
2.88

(12/26)
(1/8/60)
(12/30)
(12/8)
(1/28)

li.Olt ( i o A « )
2.1k C 6 /6)

5.00
3.140
3.86
3.15

.66
.86

.26

(12/24/69)
(12/30)
(8/11)
(5A2)

.ok

1.81

.79

.16
.kh
.12

.38

1.51'
.92

.21
.21
.19
.22
.30

3-63
3.69
3.69
3.74
3.82

.1.23
1.16
1.15
1.18
.l.2k

Banks an#,Other,Private Borrowers
Date

Stock Exchange
c a l l loan 1/

Prime
rate 1/

Finance company
paper 3 /

Federal
funds k/

Spread between
3-mo. b i l l s and
finance co. paper

(per cent)
1 9 - Low
l«;57 - High
1958 - Low
1959-60 - High,
i960 - Low
.1961 - High
Low

3.00
ll, 50
3.50
5.50
If. 50
1.50
It. 50

3.00
U.50
3.50
5.00
24.50
1.50
li.50

Nov.
Nov.
Nov.
Dec.
Dec.

U.5o
It. 5o
lt.5o
L50
li.5o

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

10
17
2l|
1
8 2/

1.25(18/31)
3 . 8 8 (11/15)

1'.13 (B/B)
5'. 1 3 (1/22/60)
2 . 8 0 (12/30)

n.a. ^
3.50

(11/8)
(V2»)

.13
It.00 (5/13/60)
.95

•

(12/2)

2.88 ( 3 / 1 0 )
2.50 (7/28)

2.88 (11/10)
.lt3 ( 1 / 2 7 )

2.69
2.73
2.78
2.81
2.83

2.81
2.90
2.75 .
1.75
2.20

.29
.20
.2lt
.25
.23
. fi, 1.

2/
3/

0
.63
-.35
1.02
.22
.56
.11

tl.i. Va.li

1
w
Dili O wtorumgo g**s iwm r«
K
" "—"
—
"
*
e
York City banks. Prime rate Id t h a t oharged
large beaks en Jhort-tere loans t o business borrowere
t h e hlpjieut credit standing.
.
. . .
. .
Market y i e l d ; weekly average• computed from d a l l y olenitis bid price*. Serlea of 3-5 year teause eonelete
selooted notes and bonds*
'
•
AvorQKe of d a l l y r a t e s published by finance coapanlee for d i r e c t l y p i t i e d paper for varying m a t i r l t l e e In

4/

of
of

'

the

Weekly aCerlge^uf dully e f f e c t i v e r a t e , which l a the rate for the heaviest vol wee e f purchase and aide t r a n s i t i o n s
as reported t o the Federal Reserve Bank of How York.
:<oU.~Hitiha and Iowa are for Individual eerie a and s,ay V. on d i f f e r e n t dates for d i f f e r e n t date* fer d i f f e r e n t , r l e . .
h>r s p r e a d s , high r e f e r s to widest, and low t o narrowest.




-* C A G
HNE

PRIVATE H O U S I N G

STARTS
Thouiondi

Monthly




ol
—

V /

C M E TO A
O VHI H l
;
:

Units.
140"

Exhibit K - Tables l'or Exhibit L
Stock Market

Date

1957-60 - High
Low
1961 - High
Low
October
November
Nov. 2l*
Dec. 1
Dec. 8 jo/

Stock p r i c e
index 1 /

Common

Trading
volume y
yields 2/ (millions
( p e r c e n t ) of shares)

39.1*8 (12/20/57)
72.01* (12/8)

58.1*8 (1/6)
68.00
71.07
71.81;
71.78
72.Ob

3.08
it. 72
2.80
3.32

J*.-9
l.l»
5.8
2.7

2.90
2.82

6 0 . 5 1 (7/31/59)

I I

2.81

2.83
2.82

Stock market customer c r e d i t
Customers 1
Hank
Total
debit balloans to
ancca L/
"otliers11
( I n m i l l i o n s of d o l l a y s )
U,76U

(4/59) 3,1<01 (4/C9)

1 , 3 7 3 (3/59)

3,551i (1/68) 2,^02 (12/57) 1,060 (11/67)
5 : 3 8 6 ( 5 / 6 1 ) 1*,060(5/61) 1 , 3 7 7 ( 8 / 3 0 )
l*,l*2l*(l/6l) 3,253(1/61) 1 , 1 6 1 ( 3 / 8 )
l,30l*
1,319
1,330
1,319

1,029

5,333

v t ' s

1*.2

n.*.»~Not available.
£/ Pr«Il«.li;ary.
1 / Standard and Poor's composite index of 500 ocamon stocks, weekly eloetiy prlee», 1941-43=10. Monthly data or#
average* of dally ft euro o rather than of M t l e y ' s only. Hlfchn and lone are for Mdaye* data only,
2 / Standard and Poor's ocmpo&lts stock y i e l d based on Wednesday data converted to weekly eioslny prleee by Federal
Reserve, Yields shotm are for dates on which price Index reached I t s high or low.
Averages o f dally trading volvae on the New York Stock Exchange,
End of month figures for member firms of the M w York Stock Bcchange whloh carry margin accounts# exelmtew balances
a
secured by U, S. Govonnent obligations,
- Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying 0, S, Government
s e c u r i t i e s . Prior to July 1, 1959, such loans are excluded only at banlto i n Now York and Chicago. Weekly reporting
banks account for about 70 per oont of loans, to others. For further detail see Bulletin.

P r i v a t e Housing S t a r t s 1 /
Date

- Oct.
Nov.
Dec.
- Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. p /
Oct. jo/
1/

Total
Sea so r a l l y a d j u s t e d Unadjusted
annual r a t e
1,273
1,220
996
1,127
1,169
1,296
1,166
1,291
1,381
1,3U3
i/l,326
1,380
1,1*1*2

110
93
61*
70
76
105
111
127
132
125
i/l27
123
125

Unadjusted
FHA
23
20
11*
Ik
13
20
20
21*
22
21
26
21
23

V
A
6 .
5
5
5
5
6
6
8
8
7
8
7
9

Conventional
82
67
1*6
51
58
78
85
95
103
97
93
9li
92

Total s t a r t s are Census estimates, which are not s t r i c t l y comparable with old nonfarm s e r i e s developed by BLS. A
dwelling unit I s s t a r t e d when excavation beginst a l l u n i t s i n an apartment structure are considered s t a r t e d a t t h a t
time. F A and V s t a r t s are u n i t s s t a r t e d under commitments by these agencies to Insure or guarantee the mortgages.
H
A
As reported by F A and VA, a unit I s s t a r t e d when a f i e l d o f f i c e receives the f i r s t compliance inspection r e p o r t ,
H
which i s made before footings are poured i n some cases but normally a f t e r the foundations have been completed.
Capehart military housing u n i t s are excluded. Conventional s t a r t s are derived as a r e s i d u a l , although t o t a l and
F A and V s t a r t s are not s t r i c t l y comparable i n concept or timing; they include both u n i t s financed by conventional
H
A
mortgages and u n i t s without mortgages.




Exhibit

G

Yields on New Corporate Bond Issues Adjusted tp an Aaa Basis
Amount
Average
Number
of i s s u e s
yield
of i s s u e s included
(per
included ( m i l l i o n s
ceit)
of d o l l a r s )
Monthly averages:
1961 - January
February
March
^
April
May
June
July,
August
September
October
November
December
Weekly averages:
1961 - January 6
13
20
27
February 3
10
17
2ii
March 3
10
17
2k
31
April 7
lit
21
28
May 5
12
19
26 '

3
6
h
12
15
18
k
h
2
7
9

29.0
97.8
108.0
563.0
151.0
701.5
273.0
115.0
78.8
200.0
229.0

1
1
1
1
2
3

10.0
7.0
12.0
6.8
W.o
1*3.0

h

108.0

3
3
2
k
3
1
6
5

90.0
82.0
312.0
79.0
165.0
30.0
91.0
165.0

1.35 June 2
It. 31
9
16
4.26
U.U2
23
It. 51
30
li.65 July 7
1.62
lit
21
lt.59
28
li.38
U. 26 August U
lt.32
11
18
25
September 1
8
It.It5
15
It.ltO
22
14.27
29
It. 61* October 6
ii. 32
13
20
It. 27
27
November 3
10
17
4.26
2lt
December 1
8
It. 28
It.ltO
15
22
lt.l|2 •
29
it.5it
lt.lt9 1962
It. It7 January 5
12
Lit?
It. 55
?6

Amount
Aveingu
Number of i s s u e s
yield
of i s s u e s Included
(per
Included ( m i l l i o n s
cent)
of dollars)
3
It
6
3
2

60.0
307.0
137.0
130.0
67.5

I4..66
lt.68
lt.68
It. 56
It. 58

1
1
2
2
1
1

8.0
200.0
65.0
55.0
20.0
ItO.O

It.60
lt.6li
lt.li6
lt.51t
lt.73*
It. 60

--

—

1

18.0

lt.lt6

1
2

60.8
U5.o

lt.36
It. 25

2
3
3

60.0
95.0
1*5.0

It. 21
It. 28
lt.21

1
1
1
2

9lt.0
60.0
30.0
75.0

It. 29
It.35
It.ltO
It. 29

--

and A by Moody's Investors Service (except s e r i a l , equipment t r u s t and convertible i s s u e s ,
o f f e r i n g s of natural gas p i p e l i n e and foreign companies, and i s s u e s guaranteed by the
Federal Government) weighted by s i z e of i s s u e s . Yields on Aa- and A-rated bonds are f i r s t
adjusted to an Aaa b a s i s , using the comparable spreads in y i e l d s on seasoned bonds (Moody's
averages). Averages r e f l e c t changes in i n d u s t r i a l composition, type, maturity, and c a l l
provisions of new o f f e r i n g s . Weekly averages considered unusually unreliable as
in di c a t ors of i n t e r e s t r a t e s on new i s s u e s because of the small number or s p e c i a l
c h a r a c t e r i s t i c s of o f f e r i n g s included e t c . are marked with an a s t e r i s k .




Exhibit H
Long-term Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
( I n m i l l i o n s of d o l l a r s )

1961
January
February
March

s? s

S t a t e and l o c a l 2 /
I i960
! 1959

61*

715
689
763

2,118

76I

•891*
785
887

720
6I4I
1,085

535

3W

900 '

e/600
e/800
e/550

61|8

1*92

703

1*70
2/581
e/750

July
August
September

1,028
762
6U7

October
November
December

e/800
e/800
e/9 75

1st half
Three quarters
Year

821

19&

860

1,259
1,318

quarter
quarter
quarter
quarter

New c a p i t a l "
1959

#2

April
May
June

1st
2nd
3rd
Lth

Corporate 1 /
I I960
I

1,809
14,695
2,1*37
e/2,575
6,501*
8,91a
j/ll,516

577
.1,016 .

' !
890
' 956
852
2,11*5 '

I:Sb
2,698

738

7W

g:
2)567

2,1*1*6

e/1,801
e/1,950

9,392

1*,613
e/6,115
2/8,365

St
987
Ui3
521

606

683

s
s

1,780
1,3K>

li78

$,U5
2,1|88.
1,133
1,521 .
i,63li
.6,067
7,588

2,503

8,216

719

51*5
991

2,1*12
1,716

2,31*7

638

568

2,168

2*111

11
yy
2,018

700
611

8,630

7,257

Excluding finance companies j /
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

Year

I

e/2,^75
</lO,9l3

1,999

Estimated.
g / Preliminary.
'
S e c u r i t i e s and Exchange Commission estimates of net proceede.
Investment Bankers Association of America estimates of principal 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 s a l e s and consumer finance
companies.




Exhibit I

-12-

New Corporate S e c u r i t y I s s u e s , Type of I s s u e and I s s u e r
( I n m i l l i o n s of d o l l a r s )
Gross proceeds f o r new
c a p i t a l and r e f u n d i n g 1 /
Common
and
Mfg.
Publicly Privately
pfd.
offered
offered
stk.

Quarter
or
month

1959 - I
II
in
IV

2,281
2,665
2,062
2,739

787
960
807
1,001

835
89k
859
i,ol*l*

660
811
396
691

1960 - 1
11
in
IV

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

931:
1,071;
1,336
1,1:62

795
7 Ik
955

536
692
1*29

1961

1,992
5,352
2,566

662
2,303
772

880
1,275
1,139

61*1
735
889
805
608
1,121*
- 777
996
7U7
928
1,009
895

321*
253
357
31*8
186
51*0
l a5
592
329
621
518
323

190
291*
311
232
220
319
#6
2#
289
157
357
1*1*1

202
265
127
175
128
150
131*
131

601
695
696
2,231
1,31*2
1,779,
.1,075
813
678
830

178
273
211
713
666
921*

291*
255
331
31*8
355
572
392
1*11
336
270
280

129
167
151*
1,170
320
283
259
' 177
218
180
166

I
II
HI
IV

1960 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1961 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct. e /
Nov. e /
Dec.

820

1*21*

225
123
380
380

1*16

1*1*9
H i t
126
189
221
226

Net proceeds f o r
new c a p i t a l 1 / 2 /
P u b l i c Communi- Other
u t i l i t y cations issuers

358
750
1(68
36I4

813
979
1*70
927

105
1*3
99
1*60

928
79U
91*2
890

298

598
808
652
696

189
11*9
317
381

1,059
913
896
997

381

81

832
1,052
803

155

319
318

362
126
222
303
203
311*
180

36
85
68
52
36
61
57
165
91*
251*
27
100

137
160
81*
251*
1*39
389
269
215
111
230
280

21
1*1
19
99b
85
16
16
13
75
30
70

562
625
515

^

59
67
172
171
92
21*9
182
220
161
185
21*9
191
169
99
21*8
571*
1*1*7
1*1*6
T28
255
252
21*0

210

^

21*5

198
303
11*1*

1*22

236
301*
373
370
359
168
21*9
366
381
253
368
211
297
289
1*67
315
279
209
300
21*0

2 / P r e l i m i n a r y . e / E s t i m a t e d . y G r o s s proceeds exceed n e t proceeds
by the c o s t of f l o t a t i o n .
2 / For t o t a l see E x h i b i t Hj o t h e r i s s u e r s a r e
e x t r a c t i v e , r a i l r o a d and o t h e r t r a n s p o r t a t i o n , r e a l e s t a t e and f i n a n c e and
commercial and o t h e r .
S o u r c e . — S e c u r i t i e s and Exchange Commission.




-13Other Security Offerings
( I n m i l l i o n s of d o l l a r s )
Gross long-term 17"
Federal agency 3/
Foreign government 2/
1961 T
I960
|
lEF
1961
1 I960
I

"*"*
1959

January
February
Ma rch

6
29
20

2
175
70

81
60
2

252

April
May
June

2
66
29

3U
72
1*0

58
50
U2

100
11*9
278

11*8

July
August
September

"5
2

25
1
36

85
1
35

250
193

199

3h
2
1*1

33
30
70

160
11*9
181

86

533

51*7

1,672

707

October
November
December
Year

182
150
150

199
175

351*

98
150

Net short-term k/
State and l o c a l government 5/
Federal agency 3/~
January
February
March
April
May
June
July
August
September

l6o
195

58
11*0

-80

-It

181
1
*

-11*1*

-162
-171*

s

-82
176
33

-196
-202
-59

-155

70
-11*6
-157

197
-25
-197

-79
-87
207

-277
170
320

109
518
-86

1*8

1*15
-175

57
392
131

22
193
108

-201 -

-81

98

-103
-1*2

October
November
December
Year

-16

50
-189

-176
-117

18

362

1

95
23

50
' 368
286
362
133
79

-23
-33
-250

280
21*0

-633

1,969

1*1*

2/ Preliminary.
1 / These data differ from those In Exhibit 0 in that rofunding issues, as well as new capital Issues, are Included,
Long-term aeotrltlee are defined as those maturing In more than one year.
2/ Includes securities offered In the United States by foreign governaents and their subdivisions and by international organizations. Sourcet Securities and Exchange Commission.
3/ Issues not gujwantned by the U. S, Government, Sourcet long-term, Securities and Exchange Commissiont shortterm , Treasury Department and Federal Reserve.
4 / These data differ from those in Exhibit 0 and above in that they represent now offerings leBs retirements, whether
from the proceeds of refunding Issues or from other funds. Data Include only issues with original maturity-of one
year or l e s s ,
y Principally tax and bond anticipation notes, warrants or certificates and Public Housing Authority notes. In
oomti instances P A notes included may have a somewhat longer term than one year. Sourcei Bond Buyer and
H
Federal Reserve.




Exhibit K

—lit—

Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(In m i l l i o n s of d o l l a r s )

Month

Total

November
December
January
February
March
April
May
July
August
September
October
November

Corporate
Bonds
( o t h e r than Convertible
bonds
convertibles)

U65
260
Ihl
26?
70
1,572
557
532
hlS
185
168
351
391

1*65
235
106
230
25
56o
ii8o
W5
285
165
78
205
320 .

Stocks

State
and
local
government
166
222
391
360
1405
383
256
616
179
281
1,35
326
I48O

25
lA
37
5
1,010
62
97
115
20
58
81
h$

——
—
—

ko
15
75
33
67
26

Other 2/

150
99
—
—
—

67
.25
151
100
73
ho
250

Large Individual .Issues Offered December 1 through

Borden Co.
Gen. Tel. Co. of C a l i f .

Type y

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

Deb.
mtg. bds.

00

Issuer

1991
1991

U-3/8
4-5/8

h.hS
It. 63

Hating

Aa
A

STATE AND LOCAL GOVERNMENT
Baltimore, Maryland
State of Connecticut
Oakland Co., Twelve Town
Drainage D i s t . , Mich.
Grand River Dam Auth.,Okl£.
OTHER
None




G.O.
G.O.

28.5
25.0

1962-87
1963-82

3.30
3.11

1.60-3.50^3
1.60-3.35 Aaa

G.O,
Rev.

33.7
35.0

1963-92
2002

3.83
n.a.

1.75-li.OQ A
li.ltO^/ —

r
f
I
I

&
l-ootnotes
•«—Rights o f f e r i n g .
1/ Includes corporate and o t h e r s e c u r i t y o f f e r i n g s of £15 m i l l i o n and over;
S tate 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 m i l l i o n and over.
2/ Includes f o r e i g n 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 i e d e r a l a g e n c i e s .
3 / In the case of Sta te 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., revenue o b l i g a t i o n s secured only by inccr<. 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
t a x e s only; Rev.-Rent., revenue bonds secured s o l e l y by l e a s e payments.
h / 1>66-8? m a t u r i t i e s not r e o f f e r e d .
5/ An a d d i t i o n a l £l£ m i l l i o n in bonds due 1^65-88 were sold to refund o u t standing s e c u r i t i e s .




Exhibit L
Forthcoming Large Long-tera Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large Issues
Date of
computation
i960 - Nov. 30
Dec. 30
1961 — Jan. 31
Feb. 28
Mar. 31
Apr. 28
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30

During month following
date shown
Corporate

l o c a l govt. 1

260
91
110
55
1,580
512
1*87
521
170
175
358
3li6
356

2I42
10-2
181
307
559
236
1*31
195 I4O6
399
251
597
295

Zj

Subsequent to
date shown
State and
Corporate l o c a l govt,
560
682
360
638
806
579
771
291
537
530
USh
693
1*98

335
1,036
1,01*6
1,125
1,700
687
611
666
255
2li0
5oii
lai
1*21

IS
75
73
35

15
75
73
35

Forthcoming Large O f f e r i n g s , dfc of December '
Type

.

Amount
Approximate date
(millions
of o f f e r i n g
dollars)

CORPORATE
Tennessee Gas Transmission Co.
P a c i f i c Lighting Corp.
Bank of America
K r a t t e r Corp.
*New York Telephone Co.
Commerce Oil Refining Corp.
Realty C o l l a t e r a l Corp.

Deb.
Com. s t k .
Com. s t k .

50.0
36.6
9h»h

Sub. deb.

100.0

Mtg. bds.
Deb., bds. & com.
Coll. t r . notes

60.0
1+5.0
20.0

Dec. 12
Dec. llj.
Dec. 15
( r i g h t s expire)
Dec.
( r i g h t s expire)
Jan. 10
Indefinite .
Indefinite

STATE AND LOCAL GOVERNMENT
^Oklahoma City, Okla.
New York City, New York
Penna. S t a t e Public Bldg. Auth.
Florida Turnpike Auth.
Georgia Rural Roads Auth.
Montgomery Co., Maryland
East Bay Mun. U t i l . D i s t . , C a l i f .
San Jose, C a l i f o r n i a
Ascension-St. James Bridge & Ferny

Auth.



G.O.
G.O.
Rev.-Rent.
Rev.
Rev.-S.T.
G.O.
G.O.
G.O.

15.9
53.1
23.0
100.0
13.0
13.2
30.0
20.0

Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.

Rev.-Ut.

30.8

Jan.

12
12
12
1
9
9
10

L-2

-

-17-

Forthcoming L a r g e , O f f e r i n g s , as of December 8 (Cont'd)
Type

Amount
( m i l l i o n s Approximaten d a t e
of o f f e r i g
of d o l l a r s )

STATE AND LOCAL GOVERNMENT (Cont'd)
Orleans P a r i s h Sch. D i s t . , La.
Dade County, Florida
J a c k s o n v i l l e Expressway Auth.
Los Angeles Dept. of Wtr. & Pwr.

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

10.0
U6.0
Uo.o
16.0

Indefinite
Indefinite
Indefinite
Indefinite

. OTHER
None
*—Included i n t a b l e f o r f i r s t t i m e .
1 / Includes corporate and o t h e r issues of $15 m i l l i o n and over; State and
l o c a l government i s s u e s of $10 m i l l i o n and over.
2 / Includes foreign government and D i t e m 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,
tiote.—Deletions
f o r reasons o t h e r than s a l e of i s s u e : None.




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