Full text of H.16 Capital Market Developments : December 28, 1962

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DECONTROLLED AFTER SIX MONTHS
Not for Publication

December 28, 1962.
DEVELOPMENTS
THE UNITED STATES

financing to obtain new capital was in light
volume durifl#—thtfpast two weeks and is expected to be virtually nil
this WeSTcT During the two weeks ending December 28, one large corporate
security issue of $28 million was offered and three State and local
government bond issues with par value of $58 million were sold. This
week, ending January 4, no large issues for new capital have been
scheduled for public offering by either corporations or State and local
governments; however, the Columbia Gas System has scheduled a $25
million debenture issue to retire outstanding securities.
Bond yields. Changes in yields on seasoned, long-term bonds
were mixed during the p a s : two weeks, Aaa-rated corporate bond yields
fell two points further to 4.23 per cent, one basis point below their
early November low and their lowest level since April 1959, but yields
on Baa-rated issues edged up a basis point to 4.93 per cent. U. S.
Government bond yields dropped three basis points to 3.85 per cent,
matching their early May low. Yields on Aaa™rated State and local
government bonds edged up a basis point to 2.94 per cent, while yields
on Baa-rated issues were stable.
Short- and intermediate-term interest rates. Treasury bill
rates advanced five basis points during the past two weeks, but yields
on 3-5 year U. S. Government bonds declined three basis points to 3.41
per cent, the lowest level since late May 1961=
One major finance
company raised the advertised rate bn its directly-placed paper with
90-179 day maturity by one-eighth of a per cent to 3-1/4 per cent;
this resulted in the average rate on such paper increasing five basis
points to 3.19 per cent. The Federal funds rate rose slightly to 3.00
per cent.
Housing starts. Seasonally adjusted private housing starts,
including farm, changed little in November, following a 3 per cent upward
revision in the advanced October rate. The annual ratefof 1,544 thousand
for November was within 2 per cent of the high reached last May and was
13 per cent above the declining level a year earlier. On a three-month
moving average basis, the rate in the most recent period (ir.eluding the
reduced September rate) was 1,460 thousand, little changed from the
previous period and 4 per cent above a vear earlier. For the first
eleven months as a whole the rate was 1,434 thousand, compared with
1,307 thousand in the same period last tar.
Seasonally adjusted building permits in permit-issuing areas
rose 2 per cent in November from the improved earlier level and were
8 per cent above a year earlier and only 3 per cent below the high of
last February.
, -




Stock market credits
Customer credit in the stock market
increased $120 million in November to $5.3 billion at the month-end.
Since margin requirements were reduced in July, stock market credit has
increased $409 million, cancelling over one-half of the reduction which
occurred during the first seven months of the year incident to the
sharp decline in stock prices. Customer debit balances (excluding those
secured by U. S. Government securities) increased $87 million in November
and bank loans to other than brokers or dealers for purchasing and
carrying securities (except U. S. Government securities) increased
$33 million.
Money borrowed by member firms of the New York Stock Exchange
(except on U. S. Government securities) fell $38 million further in
November, and customers' free credit balances with these firms rose
$25 million further. These and other data on stock market credit in
October and November are shown in the following table.

End of month
Nov.
1 Oct.
Customer credit
Excluding U. S. Government securities - total
Net debit balances
Bank loans to "others"
Net debit balances secured by U. S. Govt, securities
Bank loans to "others" for purchasing or carrying U. S.
Government securities
Broker and dealer credit
^
Money borrowed except on U. S. Government securities
On customer collateral
Money borrowed on U. S. Government securities
Customers 1 net free credit balances
r/

Change

5 ,285
3 ,951
1 ,334
24

5 ,165
3 ,864
1 ,301
25

+120
+87
+33
-1

82

81

+1

2 ,558
2. ,269
28
1 :,151

2, ,596
r/2,271
29
1,,126

-38
-2
-1
+25

Revised.

Stock prices. Common stock prices advanced slightly in fairly
active trading during the past two weeks. Prices, as measured by Standard
and Poor's composite index of 500 stocks, rose less than one per cent to
close at 62.58 on December 28. Trading volume averaged 4.1 million
shares a day last week.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.

Capital Markets Section,
Division of Research and Statistics,
the Federal Reserve System.

Board of Governors of



ItXHIBIT A. Port I
LONG-TERM BOND YIELDS# HIGH-GRADE
|W..kly

COirOKAIi Aee

Exhibit A - Part II

Date

Corporate
Aaa 1 /

0. S. Govt,
long-term 2/

State and
local
government
Aaa 3/

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

30
7
14
21
28 £/

4.14 (9/27)
3.55 (5/2)
4.6l (1/29/60)
it. 21 (3/17/61
4.46 (9/15)
4.43 (2/16)
4.23 (12/28)

3.76
3.07
4.2t2
3.70
4.07
4.12
3.85

4.25
4.26
4.25
4.24-"
4.23^

3.88
3.89
3.88
3.86
3.85

For footnotes see Exhibit B.




(10/16)
(4/25)
(1/8/60)
(5/12/61)
(12/29)
(2/23)
(12/28)

3.45 (e/29)
2.64(5/1)
3.65 (9/24/59)
2.99 (9/3/60)
3.37(7/6)
3.26 (1/4)

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

.60
.22
.59
.19
.57

.50
.34
.92
.46
.76

2.88 (11/8)

.47
.29

1.08
.80

2.89
2.92
2.93
2.94
2.94

.37
.37
.37
.38
.38

.99
.97
.95
.92
.91

LONG-TERM BOND YIELDS, LOWER-GRADE

COKPOtATE I

STATE AMD 1 0 C A I GOVERNMENT B

Exhibit B - Part II

Corporate
Baa 1/

1957 . High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
Nov.
Dec.
Dec.
^Dec.
vDec.

30
7
14
21
2 8 j>/

5-10
luSL
5.36
il.96
5.13
5.11
4.92

(11/29)
(7/11)
(2/12/60)
(9/9/60)
(10/27)
(1/5)
(12/21)

4.94
4.93
4.92
4.92 4.93.

?

State and
local govt.
Baa 3/

4.51
3.61i
lt.U6
3.93
it.16
4.04
3.52
3.54
3.57
3.57
3.57
3.57

(8/29)
(5/1)
(3/7/60)
(11/9/61)
(3/23)
(1/11)
(5/17) •

Spread between
Aaa and Baa
State and
Corporate
local govt.

1.27
.77

1.21
.93

.81*

1.08

.81

.57
.93

.66

.74
.63
.69
.67
.67
.68
.70

.82

.56
.65
.65
.64
.63
.63

~7 Preliminary.
_J Weekly average of daily figures, Average terra 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.
Thursday figures
- - general
Only
obligation bonds are included; average tenia is 20 years.

•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 C, Part I
SHORT- AND INTERMEDIATE- TERM INTEREST RATES, GOVERNMENT

6MONTH IlltS
Market Yield
s - $ m i issues!

r. I

DISCOUNT IATE
1,-_«0_MIH»IHS
Market Yield

I II I I M I I

I I I I I I I I I II I I I I I I I I I I I t I I I I I I I I I I I I I II

Exhibit C - Part II
Discount
rate

V

3-month
bills 2/

Yields
6-month
bills 2/

3-5 year
issues 2/

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

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

3.6U (lo/ie)
.58 (5/29)
it. 59 (1/8/60)
2.11 (10/28/60
2.66 (12/29)
2.97 (7/13)
2.65 (6/8)

—
It. Oil (10/18)
3.02 (12/26) 2 . 1 M 6 / 6 )
5.00
(12/24/59)
5,07 (1/8/60)
2.35 (4/28/61) 3.15 ( 5/12/61)
2.90 (12/29) 3.86(8/11)
3.13 (7/20) 3.88 (2/2)
2.74 (6/8)
3.41 (12/28)

.24
.02

.86
.Oil
1.81
.38
1.51
1.19
.52

Nov.
Dec.
Dec.
Dec.
Dec.

3.00
3.00
3.00
3.00
3.00

2.86
2.85
2.84
2.88^
2.89 ^

2.94
2.91
2.88
2.90
2.93

.08
.06
.04
.02
.04

.62
.63
.60
.53
.52

30
7
14
21
28 2/

3.48
3.48
3.44
3.41
3.41

.26
.79
.12

y
weekly rate shown
2/ Market yield; weekly averages computed from daily olosing bid prices. Series of 3-5 year issues
consists of selected notes and bondse
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, Pari I

SHORT- AND INTERMEDIATE-TERM INTEREST RATES,
BANKS A N D OTHER PRIVATE BORROWERS
W«.My

Exhibit D - Part II

Date

Stock Exchange
call loan 1/

Finance company
paper 2/

Prime
rate 1 /

Federal
funds 3/

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

(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low'

U.50
3.50
5.50
Ji.50
it. 50
4.50
4.50

k.50
3.50
5.00
It. 50
L5o
4.50
4.50

3.88
1.13
5.13
2.50
3.00
3.25
2.88

Nov.
Dec.
Dec.
Dec.
Dec.

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3.13
3.13
r/3.14
'3.19
3.19

30
.7
14
21
28 2/

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

3.50 (11/8)
.13 (5/29)
it.00 (5/13/60)
.43 (1/27/61)
2.88 (12/29)
3.00 (12/28)
1.30 (1/26)
2.85
2.73
r/2.90
3.00
3.00

.63
-.35
1.02
.11
.56
. 45
.19
.27
. 28
r/.30
.31
.30

Weekly rate shown is that in effect at end of period,Stock Exchange call loan rate is going rate
oh call loans secured by customers * stock exchange collateral at New York City banks* Prime rate
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 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
FRASERas 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/
3/

Federal Reserve Bank of St. Louis

EXHIBIT E. Par. I

STOCK MARKET

J

t0

IMIIIIoi

°?

_U!L
• •

V v —

TO

yxr< 1

-LH i ' i n i 1i II
i M M M II M M M l II 1 11 II II II II II

l-U.L LLI

Exhibit E - Part II

Hate

October
November
Dec. 14
Dec. 21
Dec. 28 j>/

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

72.0b (12/6/61)
53.32
70.94 (3/16)
52.68 (6/22)

2.82
3.62
2.93
3.96

5.8
2.2
10.1
2.4

56.17
60.04
62.57
62.64
62.98

3.71
3.50
3.40
3.41
3.39

3.4
4.8
c/3.7
3.8
4.1

I
1

1960-61 - High
Low
1962 - High
Low

Stock price
index 1/

Stock market customer credit
Customers 1
Bank
debit balloans to
"others"
JtL
si
(In millions of dollars)

Total

5,602 (12/61)^,259 (12/61) 1,377 (8/30/61)
5,491 (4)
4,876 (7)

4,111 (1)
3,562 (7)

1,418 (5/9)
1,269 (9/26)

5,165
5,285

3,864
3,951

1,301
1,334
1,348
1,358

n.a.—Not available.
Preliminary#
•
y
Standard and Poor's oompoaite 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 ani lows are for .
* riaay s d&tft only#
y
Standard and Poor's oonposite stock yield based on Wednesday data converted to weekly closing
r 4eral
or lor
®
Reserve. Yields shown are for dates on which price index reached its high
3/ Averages of daily trading volume on the New York StQok Exchange.
$1
month figures for member firms of the New York Stock Exchange which carry margin accounts!
excludes balances secured by U« S. Government obligations.
y
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.
Tor further detail see Bulletin.




X

PRIVATE H O U S I N G STARTS

1

CONVfHTIONAt:

1955

1956

,1»T

niT

195 9

1962

,960

Exhibit F - Part II

Date

Total
Seasonally adjustUnadjusted
FHA
ed annual rate
(Thousands of units)

Unadjusted
|

VA

Conventional

1961 - Oct.
124
23
1,434
9
91
1,351
103
Nov.
23
7
72
Dec.
1,297
82
17
6
59
1962
81
1,273
18
4
58
1,152
Feb.
76
15
5
56
Mar.
115
1,431
21
6
88
Apr.
1,542
147
25
8
114
154
May
26
1,579
8
120
June
136
1,425
24
105
7
July
136
1,466
25
7
103
1,529
146
28
Aug.
8
110
r/1,289
Sept.
r/114
20
6
87
Oct.
r/1,548
r/133
23
7
r/103
Nov. p/
117
19
1,544
6
92
Total starts are Census estimates, whioh are not striotly comparable with old nonfann series
developed by BLS. A dwelling unit is started when excavation begins; all units in an apart™nt
structure are considered started at that time. FHA and VA starts are units started under commitments
by these agencies to insure or guarantee the mortgages. As reported by FHA and VA, a unit is started
when a field office receives the first compliance inspection report, which is made before footings
are poured in sane cases but normally after the foundations have been completed. Capehart military
housing units are excluded. Conventional starts are derived as a residual, although total and FHA
and VA starts are not strictly comparable in concept or timing; they include both units financed
by
conventional
mortgages and units without mortgages.



EXHIBIT G, Ron 1

YIELDS ON NEW AND ..SEASONED, CORPORATE BONDS

NEW ISSUES

g
SEASONED A

#

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

Weekly averages:
1962
June* 15
22
29
July 6
13
20
27
Aug. 3
10
17
24
31
Sept. 7
14

Number Ain't of issues Average
of
included (mil.
yield
of dollars)
(per cent)
67.0
145.0
24.0

4.22
4.18
4.35

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

Sept. 21
28
1
4.9
4.16
Oct. 5
1
75.0
4.22
12
50.0
4.44
19
46.0
4.29
26
2
275.0
4.29
20.0
4.33
Nov. 2
3
85.0
4.14
107.3
4.33
9
2
37.0
4.13
115.0
4.45
16 •
70.0
4.27
23
2
19.8
4.00*
52.0
4.29
30
2
72.5
4.17
60.0
4.28
Dec. 7
3
87.0
4.24
12.0
4.23
14
1
45.0
4.25
50.0
4.22
21
28
Wote: Ayerages of offering yields on all now issues of publioly offered corporate bonds rated Aaa, &„
"
. A by Moody's Investors Service (except serial and convertible issues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) weighted by size of offering.
. Before averaging, new offerings are adjusted to a composite Aaa basis ty deducting from the actual
reofferlng yield tie excess of the weekly average yield for seasoned tends of the appropriate industxyquality group over the composite average for seasoned Aaa-rated bonds (Moody's), Averages considered
, unrepresentative because of special characteristics of the offerings incited are denoted by an asterisk.




H. 14

Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New capital
1962

J anuary
February
March
April
May
June
July
August
September
October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

Corporate 1/
1
1961
|

State
1960

1962

|

local 2/
1961
|

1960

2/876
2/1,133
2/629

713
689
764

700
611
568

761
577
1,044

2/873
2/914
2/788

723
641
1 ,034

719
545
991

1 ,028
762
647

736
967
726

2/611
2/543
2/422

485
604
734

492
606
683

888
el 650
e/800

1 ,090
948
1 ,000

890
956
852

e/6C v
e/550
e/500

678
789
606

348
501
491

2,258
3,005
1,910
e/2,338

1 ,809
4;,695
2.,437
3 :,038

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

2/2,638
2/2,574
E./1.57:
e/1,650

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

1 :,880
2 ,256
1 ,780
1.,340

5,263
7,173
e/9,511

6.,504
8.,941
11 =,979

4,527
6,955
9,653

2/5,213
2/6,76?
e/8,439

4,563
6, 386
8, 460

4.,136
5.,916
7.,257

592
859
807

580
667
562

570
715
860

1,113
760
1,132

2 ,118
1 ,259
1 ,318

582
749
579

Excluding finance companies' 3/
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

Year
e/
1/
2/
3/

2,199
2,919
1,775
e/2,088

1 , 554
4, 552
2, 337
2, 807

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

e/8,981

11, 253

8,246

Estimated by Federal Reserve.
ja/ Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance
companies.




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

Quarter
or
month

1960

Gross proceeds f<
capital and refuiidins 1/
Common Memo:
foreign
Total Publicly Privately
Mfg.
pfd.
issues
offered offered
stock
included ,

Net proceeds for
new capital 1 / 2 /
Public Communiutility cations

Other
issuers

I
II
III
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

598
808
652
696

189
149
317
381

1,059
913
896
997

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

381
1,081
595
836

81
1,095
104
147

832
1,052
^803
1,263

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

655
996
601

430
983
375

456
231
275

717
794
659

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

129
167
154
1 = 170
320
283 .
259
177
218
310
225
310 .

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

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

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

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

647
884
847
1,217
801
1,232
July
630
Aug.
922
Sept.
632
Oct. e/ 1,037
Nov. e/
740
Dec.

178
273
211%
713
666
924
424
225
123
336
414
217
273
497
386
654
247
488
200
477
176
540
290

232
232
253
227
420
575
366
363
295
372
400

143
155
209
336
134
169
67
82
161
128
50

3
12
54
10
147
100
13
43
93.
n. a.

205
131
318
384
270
342
217
218
166
170
220

89
148
193
377
196
410
118.
110
148
141
160

73
362
21
88
64
79
88
120
67
257
-~

225
218
275
264
229
301
159
301
199
320
270

n / Pre! i m4 na>-tr
e/ Estimated by Federal Reserve.
1/ 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.




H. 14,
Other Security Offerings
(In millions of dollars)
Gross long-term 1/
Foreign government 2/
Federal agency 3/
1962
|
1961
1962
| 1961
1 I960
January
February
March
April
May
June
July
August
September
October
November
December

142
10
35
10
86
50
25
8
31

6
29
20
2
66
29
5
2

2
175
70
34
72
40
25
1
36

P./151

43
34

34
2
41

e/100

""

Year

236

Jan.-Nov.

e / 6 4 "i

January
February
March
April
May

18
466
-186
127
-84
-118
78
339
-406
71
2/233

July
August
September
October
November
December

Jan-Nov.

2/

3/
4/

5/

461

252
100
149
278

|1

1960
182
150
150
148
354

150
175

250
193

199

£/--

--

--

160
149
181

1 ,448

1,672

533

225

1,492
e/1,188
1 ,447
short-term 4/
Federal agent-V 3/
State and local government 5/
236

491

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

58
140
-80
70
-146
= 157
48
415
-175

247
-156
226 -364
82
284
261
227
-15?

-144
-162
-174
-79
-87
207
22
193
108

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

-16
50
-189

379
jV54

98
56
-114

-23
-33
-250

520

18

-76

633

634

207

38

-383

Year

£/
' 1/
••

246
156

f/538

2/975

Preliminary.
e/ Estimated by Federal Reserve,
n, a. — N o t a
These data differ from those in Exhibit H in that ref-cnding is sua
ell
new capital issues, are included. Long-term securities are defined as those
maturing in more than one year.
Included securities offered in the united States 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.
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 from
other funds,
Data include only issues with original maturity of one year or less.
Principally tax and bond anticipation n o t e s ; warrants or certificates and Public
Housing Authority notes.
In some instances PHA notes included may have a somewhat longer maturity than one year,
S :rce<. Bond Buyer and Federal Reserve.




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

i1961 - 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
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

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

60
91
36

Other
2/

250
145
64
30
55
88
30
20
194
25

Large Individual Issues Offered December 1 through 28

Issuer

Type 3/

Coupon
Amount
Offering
(millions
Maturity net inter- yield
of
dollars)

Rating

CORPORATE
1st mtg. bds
Metropolitan Edison Co.
l s t & ref.mtg.bds.
Consol. Edison Co.
Sen.deb.
Beneficial Finance Co.
Deb.
Southern New Eng. Tel. Co.
Tokyo Shibaura Elec. Co.,
Conv.deb.
Ltd.
U.S.Govt.Ins.Bonds
Grace Lines, Inc.

15.0
60.0
30.0
45.0

1992
1992
1988
2001

4-3/8
4-3/8
4.45
4-3/8

4.26
4.33
4.45
4.32

Aa
Aa
A
Aa .

20.0
28.0

1978
1987

6-3/8
4.20

6.38
4.20

Aaa

STATE AND LOCAL GOVERNMENT
State of New York
Public Housing Auth.
Tampa, Florida
Port of New York Auth.
New York City, N. Y.
Richmond, Virginia

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

30.0
95.0
10.0
25.0
21.8
11.3

1964-83
1963-2003
1964-92
1993
1964-2012
1964-83

2.63
3.11
3.30
3.47
3.48
2.60

1 .50-2.85
1 .50-3.35
1 .70-3.60
3.44
1 .60-3.52
1 .50-2.80

OTHER .
Bonds


Inter-Amer. Devel. Bank

75.0

1982

4-1/4

4,25

Aaa
Aaa
A
A
A

K-2

H. 14

*--Rights offering.
V
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.




K
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U- S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
During month following
date shown
State and
Corporate
Other 2/
local govt.

Date of
computation

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

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

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 eovt.
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 28

Issuer

ft

Amount
(millions
of dollars)

Approximate date
of offering

CORPORATE

Gen. American Trans. Corp.
V' New York Tel. Co.
'-•Illinois Power Co.
Chesapeake & Potomac Tel. Co.
v; Tennessee Gas Trans. Co.
i; Commerce Oil Refining Corp.
fc

Type

35.0
70.0
35.0
25.0
50.0
45.0

Jan. 8
Jan. 8
Jan. 16
Jan. 23
Indefinite
Indefinite

G.O.
G-O.
G.O.
Rev. ~Ut.
G.O. .
Rev.=Ut.

15.3
15.0
15.0
30.8
10.7
15.0

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

Rev.-Ut.
G.O.

12.0
37.0

Jan. 23
Jan. 22

G.O.
G.O.

10.0
35.0

Jan. 21
Indefinite

Equipo tr.cert.
Deb.
1st mtg. bds.
Deb.
1st mtg. bds.
Deb., bds. & com.

STATE AND LOCAL GOVERNMENT

/ ,Oklahoma City, Oklahoma
-• - Philadelphia Sch. Dist. , Pa
& S t a t e of Louisiana
'"'Ipemphis, Tenn.
J t . Louis Sch. Dist. , Mo.
.atropolitan Seattle, Wash.
jOs Angeles Dept. of Wtr. & Pwr. ,
Cal.
i '
g,tate of Oregon
^Cleveland Consolidated Sch. Dist.,
Ohio
Pittsburgh, Pa.




8
8
9
10
16
18

L-2

H.14

Forthcoming Large Offerings, as of December 28 (Cont'd)

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

Bonds

25.0

Jan. 14

OTHER
c

City of Montreal, Canada

^--Included in table for first time; represents two weeks of additions.
1/ 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 of Federal agencies.
Note.--Deletions for reasons other than sale of issue: None.