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Not for Publication DECONTROLLED AFTER SIX MONTHS
H. 14

February 11, 1963.
1 r A P T T A T . E f o R K E T DEVELOPMENTS

"iNTHE UNITED STATES .
"The volume of public security financing to obtain new capital
was quite substantial last week but. is expected to be very light this
week. During the week ending February 8, two large corporate security
issues totaling $74 million and two State and local government bond
issues amounting to $100 million were offered for new capital; the
Federal Land Banks also raised $33 million in new capital by the
sale of 15-year bonds. In addition the Washington Toll Bridge
Authority sold $37 million in bonds to refund outstanding securities.
This week, ending February 15, no large corporate issues are scheduled
and only one large State and local issue with par value of $12
million is on the calendar.
Bond yields. Changes in yields on seasoned, long-term bonds
were mixed but: minor again last week. Yields on Aaa-rated corporate
bonds dropped two basis points to 4.19 per cent, their lowest level
since April 1959. Aaa-rated State and local government bond yields
edged up an additional basis point to 2.98 per cent, while U. S.
Government bond yields rose two basis points to 3.92 per cent, their
highest level since last September. Yields on both Baa-rated corporate
and municipal bonds were stable..
Average yields on new corporate bonds, adjusted to an Aaa
basis, rose six basis points last week to 4.27 per cent, the highest
level since the end of October.
Short- and intermediate-term interest rates. Rates on
3-month and 6-month Treasury bills rose two.and one basis points
further to 2.95 and 3.00 per cent, respectively, their highest levels
since last summer; yields on 3-5 year U. S. Government obligations
fell three basis points to 3.47 per cent. The average effective
rate on Federal funds was 3.00 per cent. Other short- and intermediateterm interest rates were unchanged.
Mortgage yields. Secondary market yields on 25-year, 5-1/4
per cent FHA-insured mortgages in December held at the 5.53 per cent
level reached in November. These yields had declined at a monthly
rate of a basis point or more through most of 1962.
Offering yields on new Aaa corporate bonds, which had moved
irregularly downward through the year, turned up moderately in
December and' the spread between mortgage and bond yields narrowed
to 136 basis points, only 4 basis points from the spread a year
earlier. With bond yields continuing at about the December level,
very little change in the spread was indicated for January.
Conventional mortgage rates, as reported by the Federal
Housing Administration, have been quite firm in recent months.
Through December, the rate of 5.95 per cent for new house loans was




-2-

the same as in August, and the rate of 5.95 per cent for existing
house loans was the same as in October. Based on the Home Loan Bank
Board's survey of large savings and loan associations, interest rates
on conventional loans for construction and the purchase of new and
existing houses showed mixed movements in the first ten days of
January. Rates on loans for existing houses, at 6.17 per cent were
down 5 basis points from their month earlier level, while rates on
new house loans rose about 4 basis points to 6.05 per cent.
Stock prices. Common stock prices, as measured by Standard
and Poor's composite index of 500 stocks, declined slightly last
week to close at 66.17 on February 8. This was the first Friday to
Friday decline since the week ending December 14. Trading volume
averaged 4.0 million shares last weeky 0.3 million less than 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.




HXHIHT A. P r I
ot
I LONG-TERM B O N D YIBLPS, HIOH-OtAPl
IWookly.

/ V B.S. «o»i»immi:
JL /
long-'""

\ /* V \ „ /
*
V
** \j

V *

*vV/'

S A i A IP 10CAI
TT
I
BOVtlHMENT All

Exhibit A - Part II

Cprporate
Aaa 1/

U. 8. Govt,
long-term 2/

State and
local
government
Aaa 3/

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

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - Hiih
Low

3.55
4.61
4.21
4.46
4.23
4.22
4.19

Jan.
Jan.
Jan.
Feb.
Feb.

(5/2)
(1/29/60)
(3/17/61)
(9/15)
(12/28)
(1/4)
(2/8)

4.21

11
18
25
1
8 £/

4.20
4.21

4.21
4.19/

EEiEsSKSSS::



3.07 (4/23)
4.42 (3/8/60)
3.70 (S/1%/61)
4.07 (12/29)
3.85 (12/28)
3.92 (2/8)
'3.87 (1/18)
3.87
3.87
3.91
3.90
3.?2

2.64 (5/1)
3.65 (9/24/59)
2.99 (9/3/60)
3.37 (7/6)
2.88 (13/8).
2.98 (2/7)
2.94 (1/17)

.22
.59
.19
.57
.39:
,35
.27

.34
.92
.46
.76

2.94
2.94
2.95
2.97
2.98,

.34
.33
.30
.31
:27

.93
.93
.96
.93
.94

.80
.96
.93

ss." - -

i far different

E X H I B I T B, P o r t I
LONG-TERM

BOND

YIELDS, LOWER-GRADE

CORPORATE I

1A
V.'

i r

I

J

'siMi'Iir. I o c a

GOVERNMENT l i e

Part II
Corporate
Baa 1/

State and
local govt.
Baa 3/

4 . 5 1 (7/11)

3.64

(5/1)

5.36 (2/12/60)

4.46

(3/7/60)

3,93

(11/9/61)

Spread between
Aaa and Baa
State and
Corporate

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
]962 - Low
I 963 - High
Low
Jan.
Jen.
J mi.
F'eb.
NyKeb.
Ilote:

11
18
25
1
8 j>/

5 . 1 3 (10/27)

4 . 1 6 (3/23)

4.92 (12/21)
4.93 (1/4)
4.90 (2/8)

3 . 5 2 (5/17)

3.57 (2/7)
3.55 (1/24)

.77
.84
.66
.81
.63
.71
.69

4.92
4.91
4.91
4.90
4.90

3.57
3.55
3.55
3.57
3.57

.71
.71
.70
.69
.71

4 . 9 8 (9/9/60)

z

F o r footnotes see Exhibit A .




.93
1.08
.57
.93
.56
.63
.59
.63
.61
.60
.60
.59

E X H I B I T C, P a r t I
SHORT*

A N D

INTERMEDIATE-

TERM

INTEREST

RATES,

G O V E R N M E N T

W..kly

3 - MONTH IIUS

L J 1 - L L I I I J .1 J .1. I..LI I I L L U J J
1959

LL_LI_L.l J-.LL I I UJJ-11J_1J_U
.

1960
Exhibit C - Part It

Date

Discount
rate
V

1958 - Low
1959-60 High
1960-61 Low
1961-62 High
1962 - Low
1963 - High
Low
Jan.
Jan.
Jan.
Feb.
• Feb.

11
18
25
1
8 £/

3-month
bills 2/

1.75
4.00
3.00
3.00
3.00
3.00
3.00

.58
4.59
2.11
2.97
2.65
2.95
2.89

3.00
3.00
3.00
3.00
3.00

2.90
2.90
2.93
2.93
2.95 y

(5/29)
(3/8/60)
(10/28/60]
(7/13/62)
(6/8)
(2/8)
(1/4)

Yields
6-month
bills 2/
(per cent)
3.02
5.07
2.35
3.13
2.74
3.00
2.94
2.95
2.95
2.99
2.99
3.00

3-5 year
issues 2/

Spread between yields on 3month bills and yields on
6-mo. bills13-5 vr. issues

(12/26) 2.14 (6/6)
.26
( 3/8/60) 5.00 (12/24/59) .79
(4/28/61)3.15 (5/12/61)
.12
(7/20/62)3.88 (2/2/62)
.44
(6/8)
3.41 (12/28)
.02
(2/8) 3.50 (2/1)
.06
(1/4) 3.44 (1/18)
.05
3.45
3.44
3.50
3.50
3.47

.05
.05
.06
.06
.05

.04
1.81
.38
1.51
.52
.57
.52

'

-

.55
.54
.57
.57
.52

1/ Weekly rate shown ia that in effect at end of period at the Federal Reserve Bank of New York.
2/ Market yield; weekly averages oonpnted from daily olosing bid prices. Series of 3-5 w a r issues
consists of selected notes and bands.
Note.—Highs and lows are for individual series and may be on different dates for different series.
Tor spreads, high refers to widest, and low to narrowest.




EXHIBIT 0. F o r i I
SHORT- AND
BANKS AND

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

PRIVATE B O R R O W F P 5

.fi!M M I L

L96
1S

Date

Stock Exchange
call loan JL/

Prime
rate 1/

Finance company
paper 2J

Federal
funds 3/

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961-62 - High
1962 - Low
1963 - High
Low
Jan 11
Jan. 18
Jan. 25
Feb- 1
Feb. 8 j>/

3.50
5.50
4.50
4.50
4.50
4.50'
4.50

.3.50,
5.00
4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

.13 (5/29)
4.00 (5/33/60)
.43 (1/27/61)
2 . 5 0 (8/5/61)
3 . 2 5 (7/20/62) 3-00 (12/28/62)
1.30 (1/26)
2.88 (6/1)
3.25 (1/11) 3.00 (2/8)
3.13 (2/8) . 2.70 (1/11)
1.13

(8/8)

5 . 1 3 (1/22/60)

3.25
3.15
3.13
3.13
3.13

2.70
2.98
3.00
2.98
3.00

Spread between
3-mo. bills and
finance co. paper
-.35
1.02
.11
.56
.19
.36
.18

.

.35
.25
.20
.20
.18

l 7 W e e k l y rata shorn is that in effect at end of p e r i o d . S t o c k Exchange c a l l loan rate is going rate
on oall loans scoured by customers' stock exchange collateral at N e w York City banks.. Prime rate
is that charged by large banks on short-term loans to business borrowers of the highest credit
standing.
. '*
-1
2 / Average of d a i l y rates published by finance companies for directly placed paper f o r vaxying n»turitia|,' V
in the 90-179 day range.
,- v
3 / Weekly average of daily effective r a t e , w h i c h is the rate for the heaviest -volume of purchase and
sale transactions as reported to the Federal Reserve Bank of N e w Y o r k .
Note.—-Highs a n d lows a r e for individual series and m a y be on different dates f o r different series.
Jor spreads, high refers to widest, and low to narrowest,




1

7

EXHIBIT E, P o m 1
STOCK

MARKET

1941-43 Avion

Exhibit E - Part II

Date

Stock price
index J./

Stock market customer credit
Common .
Trading
Customers1
volume 3/
stock
Total debit bal- loans to
yields 2/ (millions
ances 4/ "others" 5/
fner cent) of shares)
(In millions of dollars)^

1961-62 - High

72.04(12/8/61)

1963 - High
Low

52.68 ( 6/22/62)
66.31 (2/1)
64.13 (1/4)

.82
2.
,96
3.
3 .23
3 .34

10.1
2.4
4.8
4.0

December
J anuary
Jan. 25
Feb. 1
^eb. 8 £/

62.64
65.06
65.92
66.31
66.17

.40
3,
.31
3.
,25
3.
3. 23
3. 25

4.0
4.6
4.7
4.3
4.0

,377(8/30/61)
5,602(12/61)4,259 (12/61) 13
,269(9/26/62)
4,876(7/62) 3,562 (7/62) 1,

n.a.

n.a.

5,494

4,125

n.a.

n.a.

1 ,413 (1/2)
1 ,378 (1/23)

1 ,369
1 ,387
1;
,378
1.
,387
,a.
n.

A.a.-—Not available, JD/ Preliminary.
\J . Standard and Poor's composite index of 500 common stooka, weekly closing prioea, 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.
p/ Standard aid Poor1 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 hi#i
3/
Aj
5/

Averages of daily trading volume on the New York Stock Exchange,
End of month figures for member firms of ihe New York Stock Exchange viiich carry rm-rgin accounts;
excludes balances secured by U. S. Governmsnb obligations.
Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U, S. Governmsnt securities. Prior to July 1, 1959, such loans are excluded only at banks in
New York and Chicago. Weetcly reporting banks account £br a lout 70 per cent of loans to others.
For further detail see Bulletin.




EXHIBIT . F i . I f f l . L

M O R T G A G E

A N D

B O N D

YIELDS

^

Monthly

E MORTGAGES! f H A J

A

/

I

CORPORATE foNDS:

r

K\
! ,

i

[j-\
1 s
Jj

HVsf

15
96

15
97

15
98

J959

1960

16
91

1962.

Exhibit F - Part II
Date

FHA
mortgages 2/

Aaa corporate
Spread between new
bonds 1/
corporate bonds and
New 3/ 1Seasoned k/ FHA mortgage:s| Seasoned bonds

1953-58 - High
Low
1959-61 - High
Low
1962
High

5.63
4.56
6.24
5.57
5.72

1962 - October
November
December

5.54
5.53
5.53

4.23
4.05
4.17

1963 - January

n. a.

4.16

"y

2/

(11/57)
(2/55)
(1/60)
(3/59)
(1/62)

4.81
2.74
5.29
4.26
4.50

(6/57)
(3/54)
(9/59)
(10/61)
(2/62)

4.12
2.85
4.61
4.12
4.42

(9/57)
(4/54)
(1/60)
(1/59)
(2/62)

1.96
.54
1.76
.65
1.53

.90
-.12
.77
-.16
.08

4.28
4.25
4.24

1.31
1.48
1.36

-.05
-.20
-.07

4.21

n.a.

-.05

Neither mortgage nor bond yields take into acoount servicing costs which are much higher for
mortgages than bonds. Generally, bonds pay interest semi-annually; mortgages, monthly. Mortgage
yields, if computed as equivalent to a semiannual interest investment, would be slightly higher
than given in the table.
Based on FBA field—office opinions about average bid prices in the private secondary market f o r
new-home mortgages f o r immediate delivery. Since late 1955, data relate only t o 25-year mortgages
w i t h downpayments of 10 per cent or more, weighted by probable volume of transactions. Yields
computed by FRB, assuming 25-year mortgages are paid off in 12 years. Dashed lines indicate
periods of adjustment t o changes in the contractual interest rate.

3/ Data not yet revised tp conform with new series shown in Exhibit G.
4/'Moody's Investors Service. Monthly averages of daily data. See Exhibit B.




EXHIBIT O, P o r t I
YIEIDS

O N

NEW

AND

SEASONED

C O R P O R A T E

B O N D S

W..kly

y

NEW ISSUES
A d i u i t a d lo A o o B

SEASONED *

Exhibit G - Part II
Yields on Hew Corporate Bond Issues Adjusted to an Aaa basis
Number A m r t of issues Average
yield
included (mil.
of
(per cent)
Issues of dollars)
Weekly averages:
1962 - Sept. 7
14
21
38
Oct. 5
- 12
19
26
Nov. 2
9
16
23
•
30

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

19.8
72.5

4.00* •
»
4.17

Number Ain't of issues Average
included (mil.
yield
of
of dollars)
(per cent)
Dec. 7
14
21
28
Jan. 4
11
18
. 25
Feb. 1 .
8
15
22

. 3
1

87.0
45.0

4.24
4.25

1
1
1
2
1
2

25.0
70.0
35.0
75.0
25.0
64.0

4.19
4.23
4.13
4.22
4.21
4.27

Hotel Averages of offering yields on all now issues of publicly offered ooxp orate bonds rated Aaa. ia and
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 by deducting from the actual
reofferlng yield tie excess of the weekly average yield for seasoned bonds of the appropriate industryquality group over the composite average for seasoned Aaa-rated binds (Moody's), Averages considered
unrepresentative because of special characteristics of 1he offerings included are denoted by an asterisk^




J

Exhibit H

H. 14

Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New capital
1963
January
February
March

Corporate 1/
1
1962
I

1961

592
859
807

580
667
562

1,113
760
1,132

e/700
e/650

State and local 2/
1963
1
1962
1 1961
e/700
e/900

2/876
2/1,133
2/629

713
689
764

2,118
1,259
1,318

2/873
2/914
2/788

723
641
1,034

582
749
579

1,028
762
647

2/611
2/543
2/423

485
604
734

October
November
December

888
2/737
1/1,073

1,090
948
1,000

2/627
e/550
e/500

678
789
606

1st
2nd
3rd
4th

2,258
3,005
1,910
JB/2,698

1,809
4,695
2,437
3,038

2/2,639
2/2,574
2/1,577
e/1,677

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

5,264
7,173
£/9,871

6,504
8,941
11,979

2/5,213
2/6,789
e/8,466

4,563
6,387
8,460

April
May
June
July
Augus t
September

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

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

quarter
quarter
quarter
quarter

Year
—

1/
2/
3/

2,199
2,919
1,775
e/2,298

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

e/9,191

11,253

Estimated by Federal Reserve.
£/ 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

Total

Gross proceeds for new
capital and refunding 1/
Common
and
Publicly Privately pfd,
offered offered
stock

Net proc<=eds for
new capiltal 1/ 2/

Memo:
foreign
issues
included

Mfg.

Public Communiutility cations

Other
issuers

1960 - II
III
IV

2,537
2,520
2,832

1,074
1,336
1,462

770
754
955

692
429
416

27
38
17

511
562
625

808
652
696

149
317
381

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
935
792

381
1,081
595
836

81
1,095
104
147

832
1,052
803
1,263

1962 - I
II
III
IV e/

2,378
3,250
2,184
3,007

1,155
1,389
853
1,113

716
1,222
1,024
1,584

507
639
307
311

68
257
56
n.a.

655
996
601
806

430
983
375
600

456
231
275
310

717
794
659
982

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

713
666
924
424
225
123
336
414
217

348
355
572
392
411
336
509
348
567

1,170
320
283
259
177
218
310
225
310

71
35
49
52
7
10
25
12
25

574
447
446
428
255
252
271
215
306

254
439
389
259
215
111
306
362
168

994
85
16
16
13
75
25
80
42

297
289
467
315
279
209
487
291
485

647
884
847
1,217
801
1,232
630
July
922
Aug.
632
Sept.
Oct.&/ 1,037
824
Nov.2/
Dec = e/ 1,145
800
1963 - Jan.e/
Feb.
Mar-

273
497
,386
654
247
488
200
477
176
540
295
278

232
232
253
227
420
575
366
363
295
372
477
735

143
155
209
336
134
169
67
82
161
125
52
134

3
12
54
10
147
100
13

89
148
193
377
196
410
118
110
148
141
193
266

73
362
21
88
64
79
88
120
67
257
3
50

340

375

85

205 .
131
318
384
270
342
217
218
166
170
266
370
200

100

80

1963 - I
1961 - Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1962 - Jan.
Feb.
Mar »
Apr.
May

43
47
34
n. a.
n. a.

£/ Preliminary.
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 a^d other transportation, real estate and finance and
commercial and other. Source.--Securities and Exchange Commission.




225
218
275
264 .
229
301
159
301
199
320
275
387
320

H.14

Exhibit.J
C - n r Security Offerings
'.e
(In mil1 iocs of dollars)
Federal agency 3/
1963
1
1962
I

Foreig r government 2/
i
1963
I
1962
1
1961
January
February
March
April
May

e/185

July
August
September
October
November
December

142
10
35
10
86
50
25
8
- 31
£/151
2/87
e/75
e/710

Year

6
29
20
2
66
29
5
2

a/-

246
156
461

*

1961

252
100
149
278

--

150
175
2/ —
r/ —
2/-'°

a

-

236

250
193

e/1,188

43
34

1,448

225

Net shoi -term 4/
ct
State and local go^• crnmert 5/
Federal .agency 3/
J anuary
February
March
April
May
July
August
September
October
November
December
Year

-u a.

-18
466
-186
127
-84
-118
78
339
™406
71
2/223
2/" 168

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

£/370

520

£/-283

247
-156
226
-364
82
284
261
227
-157
379
55
-80

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

1,004

-76

j>/ Preliminary.
e/ Estimated bv Federal Reserve.
a-a. ••-Not available.
1/ These data differ from those, in Exhibit H in that refunding issues, as well as
new capital issues, are included. Long-term securities are defined as these
maturing in mere than one year.
2/ Included securities offered in the United States by foreign governments and their
political subdivisions a . international organizations- Source: Securities and
rd
Exchange Commission,
3/ 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 from
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
Housing Authority nctes = . IT. some instances PHA notes included may have, a somewhat longer maturity than one year. Source: Bond Buyer and Federal Reserve.




i
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
Corporate
Month

Total

1962 - January
February
March
April
May

195
425
366
648
200
472
165
286
191
434
178
198
234

July
August
September
October
November
December
1963 - January

(other than
convertibles)
170.
425
330
430
170
387
135
226
100
398
178
178
215

State

Convertible
bonds
:

__

Stocks
government

'

15
51

25

561
662
259
423
373
266
321
272
153
320
217
193
344

21
167
30
85
30

60
91
36
20

19

Other
1/
145
64
30
55
88
30
20
194
25
75
.48

Large Individual Issues Offered February 1 through 8

Issuer

Type 3/

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

CORPORATE
Bell Tel. Co. of Pa.
Greatamerica Corp.

Deb.
Com.stk.

50.0
26.4

2003

Rev.-Rent.
G.O.

89.1
11.0

1965-2006
1963-76

4-3/8

4.29

Aaa

STATE AND LOCAL GOVERNMENT
N.Y. State Housing Fin.
Agency
Buffalo, New York

3.59
2.40

1.90-3.70
1.50-2.65 Aa

OTHER
Federal Land Banks

Bonds




33.0

1978

4-1/8

4.13

--

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

During month following
date shown
Corporate State and
Other 2/
local govt.
480
222
628
185
587
120
302
170
363
203
170
269
167

465
153
453
333
184
202
273
61
187
96
194
177
376

64
95
55.
175
75'
25
--

Subsequent to
date shown
State and
Corporate
local govt.
525
341
693
598
692
458
477
312
546
328
360
314
412

567
239
539
452
337
377
427
215
387
243
328
311
943

Other 2J
64
95
55
25
175
75
25
33

Forthcoming Large Offerings, as of February 8
Type

Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE
Potomac Electric Power Co.
Ashland Oil & Refining Corp.
*Northwestern Bell Tel. Co.
*Oklahoma Gas & Elec. Co.
*Kansai Elec. & Power Co.(foreign)
*Pacific Northwest Bell Tel. Co.
Consolidated Natural Gas Co.
Socony Mobil Oil Co.
Commerce Oil Refining Corp.

1st mtg. bds.
Bds. & com. stk.
Deb.
1st mtg. bds.
Com.stk.
Deb.
S.F. deb.
Deb.
Deb., bds. & com.

50.0
67.0
40.0
15.0
20.0
50.0
35.0
200.0
45.0

Feb. 20
Feb. 20
March 6
March 13
March
April 2
April 24
April
Indefinite

12.4
14.8
100.0
58.0
14.0
11.5
12.9
12.8
20.0
150.0

Feb. 14
Feb. 19
Feb. 19
Feb. 19
Feb. 19
Feb. 20
Feb. 20
Feb. 26
March 6
March 12

STATE AND LOCAL GOVERNMENT
Monroe Co., New York
St. Louis, Mo.
Triborough Bridge & Tunnel Auth.
State of New Jersey
City of Los Angeles, Cal.
El Paso Sch. Dist. No. 11, Colo.
*Erie Co., New York
Prince George's Co., Md.
Louisiana Fiscal Auth.
State-of Illinois




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

L-2'

H.14 '

Forthcoming Large Offerings, as of February 8 (Cont'd)
Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

STATE AND LOCAL GOVERNMENT (CONT'D)
City of Detroit, Mich.
Washington Public Power Supply
System
Washington Sub. San. Dist.
Pittsburgh, Pa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., Fla.

G.O.

18.5

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

130.0
14.0
35.0
12.9
46.0
40.0

April 16
April 17
April 22
Indefinite
Indefinite
Indefinite
Indefinite

OTHER
^Kingdom of Denmark

Bonds

20.0

Feb. 28

*--Included in table for first time.
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: No bids were received
for a $15.5 million issue of Lafayette, La. listed for offering last
week in this Exhibit and the issue was cancelled.




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