Full text of H.16 Capital Market Developments : December 14, 1956

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/1./ > ^
- Not f o r P u b l i c a t i o n DECONTROLLED AFTER SIX MOUTHS
H.lli

December lit, 1956
CAPITAL i-IARKET DEVELOPMENTS

The volume of p u b l i c l y sold s e c u r i t y i s s u e s was l a r g e l a s t
week, p a r t i c u l a r l y f o r c o r p o r a t e s e c u r i t i e s , and i s expected t o be
only moderately s m a l l e r t h i s week. During t h e week ending December 7,
l a r g e i s s u e s sold by c o r p o r a t i o n s amounted t o $293 m i l l i o n . Most of
t h e total—$212 m i l l i o n out of t h e $293 m i l l i o n — r e p r e s e n t e d e x p i r a t i o n of s u b s c r i p t i o n r i g h t s . Two S t a t e and l o c a l government i s s u e s ,
t o t a l i n g $20 m i l l i o n , were o f f e r e d . This week, tax-exempt o f f e r i n g s
f o r $181 m i l l i o n a r e scheduled, i n c l u d i n g a $163 million J'lemphis/Tennessee
e l e c t r i c revenue bond i s s u e . Three corporate s e c u r i t y i s s u e s with
proceeds of $76 m i l l i o n and a Canadian o f f e r i n g f o r $22 m i l l i o n a r e
scheduled f o r s a l e . The s a l e of t h e Memphis i s s u e Wednesday, a t
an i n t e r e s t cost of It.75 per c e n t , has r a i s e d t h e December e s t i m a t e
of S t a t e and l o c a l government bond s a l e s by $150 m i l l i o n t o a t o t a l
of $!t00 m i l l i o n f o r t h e month.
Bond yields—Changes i n y i e l d s on o u t s t a n d i n g bonds were
mixed but minor l a s t week. Yields on c o r p o r a t e Baa's and S t a t e and
l o c a l government A a a ' s and Baa's continued t o move upward and those
f o r S t a t e and l o c a l government revenue and U. S. Government (new
s e r i e s ) o b l i g a t i o n s remained s t a b l e while corporate/Aaa and U. S.
Government (old s e r i e s ) y i e l d s d e c l i n e d .
R e o f f e r i n g y i e l d s on new i s s u e s a l s o show l i t t l e change.
F l o r i d a Power and Light Company's A a - r a t e d , 30-year f i r s t mortgage
bond i s s u e f o r $15 m i l l i o n was r e o f f e r e d t h i s week to y i e l d it. 30 per cent—
t h e same a s t h e o f f e r i n g y i e l d on t h e l a s t comparable i s s u e , an
o f f e r i n g made on November 21.
Stock p r i c e s — S t o c k p r i c e s , a s measured t y t h e SEC index
of 265 common s t o c k s , increased s u b s t a n t i a l l y l a s t week, closing a t
279.2 on December 7. Daily f i g u r e s through Thursday of t h i s week
i n d i c a t e a d e c l i n e in p r i c e s f o r the f i r s t t h r e e days of t h e week
with, some recovery on Thursday.
Corporate S e c u r i t y O f f e r i n g s
i n t h e Third Quarter 1956
Net Proceeds f o r New C a p i t a l
Corporations sold $2,6 b i l l i o n of s e c u r i t y i s s u e s t o o b t a i n
new c a p i t a l during t h e t h i r d q u a r t e r of 1956, a s shown i n Table 1 .
This was t h e l a r g e s t volume of o f f e r i n g s i n any r e c e n t t h i r d q u a r t e r ,
exceeding t h e corresponding p e r i o d of 1955 by 35 per c e n t . Host
major i n d u s t r i a l groups showed a sharp r i s e i n volume of i s s u e s as
compared w i t h l a s t y e a r .




Manufacturing companies were the most important group of
i s s u e r s , o f f e r i n g s e c u r i t i e s with proceeds of $752 million—52 per
c e n t g r e a t e r t h a n the t h i r d q u a r t e r l a s t y e a r . Nearly a l l i n d u s t r i e s
sold a markedly g r e a t e r volume of s e c u r i t i e s than l a s t year with t h e
lumber and wood products and t h e n o n e l e c t r i c a l machinery groups showing t h e biggest increases percentagewise. Nonferrous metal and rubber manufacturers were subgroups r e g i s t e r i n g a s i g n i f i c a n t d e c l i n e
from 1955 i n t h e volume of s e c u r i t i e s s o l d .
New c a p i t a l o f f e r i n g s by e l e c t r i c , gas and water u t i l i t i e s
t o t a l e d $637 m i l l i o n i n t h e t h i r d q u a r t e r - - 6 l per c e n t g r e a t e r t h a n
the volume of l a s t y e a r .
Finance and r e a l e s t a t e companies with t o t a l / n e t proceeds
of $1*23 m i l l i o n ranked t h i r d in importance. However, t h i s t o t a l was
26 p e r cent below t h e volume a year e a r l i e r , with smaller volume of
i s s u e s by consumer and s a l e s f i n a n c e companies accounting f o r t h e
bulk of t h e d e c l i n e . I t should be noted t h a t t h e volume i n t h e
t h i r d q u a r t e r of l a s t year included the GMA.C debenture i s s u e f o r
$200 m i l l i o n j t h e r e was no s i n g l e i s s u e of t h i s magnitude sold i n
the t h i r d q u a r t e r 1956. Several f a i r l y l a r g e i s s u e s scheduled f o r
s a l e e a r l y i n t h e q u a r t e r were postponed, but most were sold b e f o r e
the q u a r t e r closed.
The increased s e c u r i t y f i n a n c i n g of the communication companies i s l a r g e l y accounted f o r 'by t h e $255 m i l l i o n AT&T debenture i s s u e
o f f e r e d i n July t h i s y e a r ; l a s t y e a r , AT&T's f i n a n c i n g was done in
October, There were i n c r e a s e s in t h e volume of o f f e r i n g s by r a i l r o a d s , mining and commercial and o t h e r corporations5 however, o f f e r ings by o t h e r t r a n s p o r t a t i o n companies showed a moderate d e c l i n e .
Total Gross Proceeds
Gross proceeds from c o r p o r a t e o f f e r i n g s , which include
refunding and cost of f l o t a t i o n , were $2.7 b i l l i o n during t h e t h i r d
q u a r t e r of 1956, 15 per cent g r e a t e r than l a s t year as shown in
Table 2. Refunding i s s u e s t h i s year, were only about $100 m i l l i o n
as compared t o over $1*00 m i l l i o n i n 1955 and over $650 million in 1954.
The volume of r e f u n d i n g l a r g e l y accounts f o r t h e smaller i n c r e a s e
i n t o t a l s e c u r i t y o f f e r i n g s 5 o f f e r i n g s f o r new c a p i t a l increased
by over o n e - t h i r d .
Public issues,which t o t a l e d $1,9 b i l l i o n d o l l a r s during
the t h i r d q u a r t e r , were almost o n e - t h i r d g r e a t e r t h a n l a s t y e a r ,
while p r i v a t e placements declined 11 per c e n t . Representing twot h i r d s of t o t a l s e c u r i t y o f f e r i n g s , p u b l i c i s s u e s were a s l i g h t l y
g r e a t e r proportion of t o t a l s e c u r i t y f i n a n c i n g than i n recent y e a r s .




- 3 Table 1
Corporate S e c u r i t y O f f e r i n g s f o r New C a p i t a l
by Type of Business of I s s u e r
Third Quarter
(Net proceeds in m i l l i o n s of d o l l a r s )
1956

1955

1951

1953

1952

A l l corporate o f f e r i n g s

2,571

1,911

Manufacturing.
Chemicals
Motor v e h i c l e s and equipment
N o n e l e c t r i c a l machinery
Primary i r o n and s t e e l
Lumber and wood products
E l e c t r i c a l machinery
Paper
Primary nonferrous metals
f a b r i c a t e d metal products
T e x t i l e s and apparel
Foods
Petroleum
Rubber
Other 3 /

752
m
126
106
72
. 52
51
50
.30
25
.17
9
6
1
79

1,991

1,561

1,918

195
63
62
2h
32
6
21
U6
71
23
11
5
b
82 •
hS

735
. 32
77
26
327
. 2
17
U2

292
31
10
13
65
n.a.
8
k9
25
n.a.
2
k
15
2
68

565
W
5
105
U6
n.a.
31
52
6
n.a.
1k
35
5U
26
k2

7
k
26
70
7
98

•

E l e c t r i c , gas and water u t i l i t i e s

637

395 .

1*66

5k5

502

Communication

iiOO

155

353

136

530

U2

67

Railroad

87

59

37

Other t r a n s p o r t a t i o n

hi

65

109

51

Commercial and other

68

65

6k

59

Mining

161

10l*

102

30

F i n a n c i a l and r e a l e s t a t e
Consumer f i n a n c e companies
Banks
Other

123
305
28
87

573
Wf
30
76

123
To
19
2k

UoU
33B
15
51

•

manufacturing group.
Note.—Details may n o t add t o t o t a l s due t o rounding.
S o u r c e . — S e c u r i t i e s and Exchange Commission and Federal Reserve.
n.a.—Not s e p a r a t e l y a v a i l a b l e .




80
;)
)
:)

96
78
m
6
31

Table 2
Total Corporate S e c u r i t y O f f e r i n g s by Type of Issue
Third Quarter
(Gross proceeds in m i l l i o n s of d o l l a r s )
Type, of i s s u e

1956

1955

195U

1953

1952

T o t a l corporate o f f e r i n g s

2,717

2,358

2,685

1,62k

2,179

Type of o f f e r i n g
Public
Private

1,890
827

1,127
931

1,767
918

935
689

1,120
759

Type of securityBonds and notes
Public
Private

2,158
1,351
806

-1,803
928
875

2,323
1,460
862

1,346
665
681

1,827
1,070
757

P r e f e r r e d stock
Common stock

98

i5o

180

82

100

161

ho 5

182

196

252

N o t e . — r e t a i l s may not add t o t o t a l s due t o rounding.
S o u r c e . — S e c u r i t i e s and Exchange Commission.

Debt financing was somewhat l a r g e r in volume t h i s - y e a r than
l a s t . Common stock f i n a n c i n g a l s o increased somewhat, but p r e f e r r e d
stock f i n a n c i n g declined. The p r o p o r t i o n a l d i s t r i b u t i o n by type of
s e c u r i t y did not change s i g n i f i c a n t l y , however. The volume of f i n a n c i n g
through c o n v e r t i b l e issues—predominantly bonds—increased, amounting
to over $?,00 m i l l i o n as compared t o about UiO m i l l i o n f o r the c o r r e sponding period l a s t y e a r .
More d e t a i l e d information concerning r e c e n t c a p i t a l market
developments i s presented i n the attached e x h i b i t s .

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




EXHIBIT A

H I G H - G R A D E BOND YIELDS
Weekly

Per cent per annum

V

1953

V

1954

1955

1956

U. S. Govt., long-term 2 /
Corporate
Aaa 1/

Old series

Spread between
State and
U. S. Govt.
local govt. (old series) and
Aaa ] /
CorporatelState a n d
Aaa
{local Aaa

New series
(Per cent)

1953 - High
Low

19$h - High
Low

1955 - High
Low

1956 - High
November
November
November
November
December

9
16
23
30
7

3.1t2
2.99
3.09
2.85
3.17
2.91
3.73
3.07

(6/19)
(1/9)
(1/8)
(li/23)
(12/23)
(1/7)
(11/30)
(3/2)

!:S?
3.71

3.73
3.72

3.15 (6/6)
n.a.
2.78 (12/26)
n.a.
2.7k (1/9)
n.a.
2.kh (8/7)
n.a.
2.9k (8/5)
3.03 (8/5)
2.62 (1/7)
2.89 (6/10)
3.36 (11/30) 3.33 (12/7)
2.80 (2/17)
2.52 (2/3)

s
!!

3.29
3.29
3.29
3.33
3-33

2.73
1.98
2.21
1.90
2.3k
2.05
3.02
2.17
2.79
2.85
2.98
3.01
3.02

(6/25)
(1/8)
(6/10)
(9/2)
(9/8)
(5/26)
(12/6)
(2/23)

.38

:8
'.3k

.81*

:S
.29

.13

.w

.13

.32

:S
.14

.1*8

.37
.37

.la

:!l
.33

1/ Weekly average of daily figures. Average term of bonds included i s 25-26
2/ Weekly averages of daily figures. The old series includes f u l l y taxable,
marketable 2 1/2 per cent bonds due or f i r s t callable a f t e r 12 years through
September 1955, and those due or callable in 10-12 years thereafter; the average
term to f i r s t call of the bonds included declined from lit years in early 1953 to
11 1/2 years in early 1956. The new series i s comprised of the 3 per cent bond
of 1995 and the 3 l/L per cent bond of 1978-83.
3/ Thursday figures. Only general obligation bonds are included; average
term i s 20 years.
Note.—Highs and lows are for individual series and may be on different dates
f o r different series.




EXHIBIT

B

L O W E R - G R A D E BOND YIELDS

1953

1954

1955

Corporate
Baa X/

State and
l o c a l govt.
Baa 2/

3.89 (9/18)
3 . 5 0 (1/2)
3.71* (1/8)
3.Wi (12/31)
3.63 (12/30)
3.1*5 (1/11*)
1*.32 (12/7)
3.58 (3/9)

3.79 (6/25)
2.96 (1/8)
3.32 (1/7)
2.93 (8/5)
3.26 (12/29)
3.02 (1/6)
U.15 (12/6)
3.20(3/8)

1*.21

3 . 89
3.99
U.09

Date

1956

State and
local govt,
rev. 3 /

(Per cent)
1953 - High
Low

195k - High
Low

1955 - High
Low

1956 - High
Low

November
November
November
November
December

9
16
23
30
7

It. 22

1*.26
1*.30
U.32

U.12
U.15

3.27
2.71
3.00
2.72
2.99
2.76
3.9U
2.89

(6/26)
(1/2)
(1/1)
(8/13)
(12/30).
(1/7)
(12/7)
(2/2U)

3.80
3.87
3.91
3.9U
3.9U

1/ Weekly average of daily f i g u r e s . Average term of bonds
included i s 25-26 years.
2/ Thursday f i g u r e s . Only general obligation bonds are i n cluded; average tenn i s 20 years.
3/ Friday f i g u r e s . Average r a t i n g of bonds included i s
between Baa and A; average term i s 20 years.
Note.—Highs and lows are f o r individual s e r i e s and may
be on d i f f e r e n t dates f o r d i f f e r e n t s e r i e s .




STOCK MARKET

Stock p r i c e
index 1 /

Trading
Common
Stock market customer c r e d i t
volume 2/
Customers1
debit bal- loans t o
(millions yields j /
of shares) (per cent)
ances V "others" j /
(Millions of dollars)

1953 - High
Low

195k - High
Low

1955 - High
1956 - High
October
November
November 2 3
November 30
December 7

167.1
1UU.0
221.li
156.5
270.7
217.k
295.5
257.k

(1/2)
(9/18)
(12/31)
(1/6)
(12/30)
(1/Hi)
(8/3)
(1/20)

275.7
273.1
269.9
269.3
279.2

2.5
0.9
3.7

ii

1.5

2.2
2.3
2.3
2.U

1:11
. t u
li.22
3.78

U.23
li.25

It,030
3,537
U,0li7
3,911

1,665
1,311*
2,388
1,653
2,805
2,517
2,810
2,7U0

3,911

2,7U8

2,Ut5

IS
2,105

780
66U

1,21a
1,018
1,267

1,158

1,166
1,162
1,158

1,162

n.a.—Not available.
1 / SEC index of 265 common stocks, weekly closing p r i c e s , 1939*100; converted
to 1957-U9"100 by Federal Reserve. The conversion f a c t o r i s 123.91
2/ Averages of daily trading volume on the New York Stock Exchange.
3 / Moody's 200 common stocksj end of month f i g u r e s .
5 / End of month f i g u r e s f o r member firms of the New York Stock Exchange which
carry margin accounts; excludes balances secured by U. S. Government obligations.
j>/ Wednesday f i g u r e s f o r weekly reporting member banks. Excludes loans f o r
purchasing or carrying U. S. Government s e c u r i t i e s a t banks in New York and Chicago.
Weekly reporting banks account f o r about 72 per cent of loans to others.
Note.—Highs and lows are f o r individual s e r i e s and may be on d i f f e r e n t dates
for different series.
FRASER

Digitized for


Exhibit D

H.lk

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
(In m i l l i o n s of d o l l a r s )

1956

Corporate
1
1955
1

New c a p i t a l
195k

1956

S t a t e and l o c a l
1
1
1955

195k

January
February
March

579
70k
790

535
I107
1,223

5k7
U26
635

kok
696
390

535
312
538

April
May
June

816
830

k78
886
687

k97
656
812

377
U90
735

li27
350
61*1

73k
7k8
853

1,066
669
836.

597
6a
670

909
335
7k7

376
199
333

kio
2k9
k06

279
261
6k9

, 778 2 /
e/1,050 J
e/1,100

1,162
632
900

1,003
290
60k

e/kOO

658
k08

59k
k23
877

2,073
2,790
1I,863
2,571
7,ii3li
5/2,928
e/to, 362

2,165
2,052
1,217
1,911
6,128
2,695
8,821

1,608
1,995
3,603
1,991
5,59k
1,896
7,190

1,190
1,603
3,093
.908
k,ooi
e/1,360
e/5,361

July
August
September
October
November
^December
1st quarter
2nd q u a r t e r
1st half
3rd q u a r t e r
Three q u a r t e r s
kth q u a r t e r
Year

e/635

1,385
l,kl8
2,803
1,12k
3,927
1,98k '
5,911

•

396
kll
565

1,372
2,33k
3,706
1A88
k,89k
1,89k
6,789

Excluding f i n a n c e companies 3 /
1st quarter
2nd q u a r t e r
3rd q u a r t e r
kth q u a r t e r
Year .

1,617
2,520
2,263
e/2,803
e/9,203

1,727
1,870
l,k3k
2,55k
7,569

1,527
1,927
1,911
1,792
7,158

e / Estimated.
1 / Includes $637.2 m i l l i o n AT&T c o n v e r t i b l e debenture i s s u e .
2 / Includes $571*5 m i l l i o n AT&T common stock i s s u e ,
3 / 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 f i n a n c e
companies.
"
Note.—Details may not add t o t o t a l s due to rounding.




H.lU

Exhibit E
Large Public S e c u r i t y Issues f o r New C a p i t a l
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(Millions of d o l l a r s )
Corporate

Month

S t a t e and
l o c a l government

25
50

1+01
227
192
Wi
163
157
233
i+63
161*
35
. 181+
383
135

221
263
95
212
. 278
395
#3
185
592 ,
217
558
386
.701

1955 - November
December
1956 - January
• February
March
April
May
June
July
August
September
October
November

Other 2 /

50
20
——

37
35

Large I n d i v i d u a l I s s u e s Offered December 1 through 7
Issuer

Type J /

Amount
Coupon
(millions
Offering
r a t e or
Rating
Maturity
of
yield
net i n t e r dollars)
e s t cost

CORPORATE
S i n c l a i r Oil Corp,
Chase Manhattan Bank
Michigan B e l l Tel.
Long Island Lighting Co.
Public Service Elec.
& Gas Co.

Conv. sub. deb.
Cap. s t k .
Deb.
1st mtg. fcds.

1986167.2
hh.k
30.0 . 1991
20.0
1986

it 3/8

U.38

A

It 3/8
h 3/h

It. 25
It. 58

Aaa
Aaa

Common s t k .

31.2

G.O.

5.0

1957-81

It. 28

3.00-it. 25

Baa

G.O.

15.0

1958-72

3.60

2.75-3.50

Aa

STATE & LOCAL GOVERNMENT
Prince Georges Co*, Md.
Maryland S t a t e Roads
Commission
OTHER
None




H.lli

E-2

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 t a t e 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 $5
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 Recons t r u c t i o n and Development i s s u e s .
3 / In the case of S t a t e 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 ; Rev., revenue bonds; G.R., general o b l i gations a d d i t i o n a l l y secured by f a c i l i t i e s revenues; L . L . , l i m i t e d
l i a b i l i t y o b l i g a t i o n s secured by pledge of designated revenues.




Exhibit F

H.ik

Forthcoming Large Public Security Offerings f o r New C a p i t a l
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large Issues
During month following
date shown

Date of
computation

Corporate

,

local^ovt.

215

1955 - Nov. 30
Dec. 30
1956 - Jan. 31
Feb. 29
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept. 28
Oct..31
Nov. 30

176
123
380
568
198
ii37
2U7
369
315
683
1+36

205
121
327
220
132
173
332
81
131

Subsequent t o
d a t e shown
S t a t e and ^ e r 2/ /
Corporate
l o c a l govt.
-

50

37

g

1*8

23

230
85
376
233
1,013
818
UU8
567
1,096
1,202
1,009
990
1+81

756
618
917
- 785
811
832
9Ul
690
726
958
979

50

37

23

Forthcoming Large O f f e r i n g s , a s of December 7
Issuer

Type

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

CORPORATE
^General Telephone Corp.
F l o r i d a Power & Light Co.
• Texas Eastern Transmission Co.
Burroughs Corp.
National Cash R e g i s t e r Co.
May Stores Realty Corp.
^ P a c i f i c Power & Light Co.
^Louisiana Power & Light Co.
Michigan Wisconsin Pipe Line Co.
Southern New England Telephone Co.

Common s t k .
1 s t mtg. bds.
Deb.
Deb.

31.1
15.0
30.0
30.2

Conv. sub. deb.

28.2

Gen. mtg. bds.
1 s t mtg. bds.
1 s t mtg. bds.
1 s t mtg. bds.
Common s t k .

25.0
20.0
20.0
25.0
20.1*

December 11
December 12
December 13
December 17
( r i g h t s expire)
December 19
( r i g h t s expire)
December
January 7
January 15
Winter
Winter

STATE AND LOCAL GOVERNMENT
Milwaukee, Wisconsin .
F l o r i d a S t a t e Board of Education
Memphis, Tennessee
Norfolk, V i r g i n i a




G.O.
L.L.
Elec. r e v .
G.O.

8.L
9.3

163.2
5.0

December 11
December 11
December 13
December .18

H.li*

F-2
Forthcoming Large O f f e r i n g s , as of December 7 (Cont'd)
Issuer

Type

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

STATE AND LOCAL GOVERNMENT (Cont'd)
*Fort Worth, Texas
*Los Angeles, C a l i f .
*Caddo P a r i s h , La.
O r a n g e County, C a l i f .
Denver, Colorado
S t a t e of Michigan
Pennsylvania Turnpike Commission
Washington S t a t e T o l l Bridge Auth.•
Inter-American Center Auth., F l a .
New York S t a t e Thruway Authority
J a c k s o n v i l l e Expressway Authority
F l o r i d a S t a t e Turnpike Authority
Oklahoma Turnpike Authority
S t a t e of Connecticut

G.O.
G.O.
G.O.
G.O.
G.O.
L.L.
Rev.
Rev.
Rev.
, G.O.
Rev.
Rev.
Rev.
Expressway r e v .

5.0
18.0
5.0
10.0
20.0
52.0
62.0
227.0
20.0
50.0
1*2.0
185.0
5U;o

January
January
January
January
January
Winter
Winter
Winter
"Winter
Winter
Winter
Winter
Winter
Winter

Deb.

22.5

December 11

65.0

U
8
9
15
18

OTHER
City of Montreal, Canada

*—Included i n t a b l e f o r f i r s t time.
'
1 / Includes corporate and o t h e r i s s u e s of $15 m i l l i o n and over; S t a t e and
l o c a l government i s s u e s of ty5 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 .
Note. —Deletions f o r reasons o t h e r than s a l e of i s s u e : U n i v e r s i t y of
Washington, $>5.0 m i l l i o n i s s u e — b i d r e c e i v e d , but no decision reached.