Full text of H.16 Capital Market Developments : February 26, 1962

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Not f o r P u b l i c a t i o n DECONTROLLED AFTER SIX MONTHS

ZSffi
FEB 28

1

1962

February 26, 1962.
(CAPITAL MARKET. DEVELOPMENTS
IN THE PITTED STATES

FBDERhi RJuenv: BANK
OF
'

p u b l i c s e c u r i t y f i n a n c i n g was f a i r l y h e a v y l a s t week, d e s p i t e
t h e h o l i d a y , and i s e x p e c t e d t o b e h e a v y t h i s w e e k . D u r i n g t h e week
e n d i n g F e b r u a r y 23, one l a r g e c o r p o r a t e bond i s s u e f o r $56 m i l l i o n was
s o l d and t h r e e S t a t e and l o c a l government bond i s s u e s w i t h p a r v a l u e
of $130 m i l l i o n w e r e p u b l i c l y o f f e r e d . T h i s week, e n d i n g March 2 ,
one S25 m i l l i o n c o r p o r a t e s e c u r i t y i s s u e i s s c h e d u l e d a n d 10 l a r g e S t a t e
and l o c a l government bond o f f e r i n g s t o t a l i n g $2li6 m i l l i o n a r e on t h e
calendar.
Bond y i e l d s .
Changes i n bond y i e l d s were mixed l a s t w e e k .
Y i e l d s on s e a s o n e d c o r p o r a t e bonds d e c l i n e d one b a s i s p o i n t , b u t t h o s e
on o t h e r l o n g - t e r m b o n d s i n c r e a s e d . U. S. Government bond y i e l d s r o s e
f o u r b a s i s p o i n t s t o U.12 p e r c e n t , a new h i g h f o r t h e y e a r , r e f l e c t i n g
p r i m a r i l y t h e T r e a s u r y ' s a d v a n c e d r e f u n d i n g o p e r a t i o n . Y i e l d s on A a a and B a a - r a t e d S t a t e and l o c a l government bonds r o s e U and 3 b a s i s p o i n t s ,
r e s p e c t i v e l y , a s d e a l e r s ' i n v e n t o r i e s of u n s o l d s e c u r i t i e s r e a c h e d n e a r r e c o r d l e v e l s . T h i s was t h e f i r s t i n c r e a s e i n m u n i c i p a l y i e l d s s i n c e
mid-December when t h e y f i r s t began t h e s h a r p d e c l i n e t h a t c o n t i n u e d u n t i l
l a s t week.
The a v e r a g e y i e l d on new c o r p o r a t e b o n d s , a d j u s t e d t o an Aaa
b a s i s , was 3 . 5 0 p e r c e n t l a s t w e e k , s l i g h t l y l e s s t h a n a week e a r l i e r .
I n b o t h w e e k s , however, d a t a r e p r e s e n t a s i n g l e l a r g e o f f e r i n g , t h e $300
m i l l i o n AT&T i s s u e two weeks ago w h i c h p r o v i d e d p r o t e c t i o n a g a i n s t e a r l y
c a l l , and a $50 m i l l i o n e l e c t r i c u t i l i t y i s s u e l a s t week w h i c h did n o t
provide s i m i l a r protection.
S h o r t - and i n t e r m e d i a t e - t e r m i n t e r e s t r a t e s . Y i e l d s on s h o r t and i n t e m e d i a t e - t e r m T r e a s u r y s e c u r i t i e s d e c l i n e d l a s t week; b o t h 3 a n d
6 month b i l l y i e l d s d r o p p e d 7 b a s i s p o i n t s w h i l e y i e l d s on 3 - 5 y e a r
Government o b l i g a t i o n s d e c r e a s e d 5 b a s i s p o i n t s .
The i n t e r e s t r a t e on
F e d e r a l f u n d s a v e r a g e d 2 . 1 3 p e r c e n t l a s t week, 31 b a s i s p o i n t s l e s s t h a n
a week e a r l i e r .
O t h e r s h o r t - and i n t e r m e d i a t e - t e r m i n t e r e s t r a t e s d i d
not change.
z"
FNMA s e c o n d a r y m a r k e t o p e r a t i o n s . P u r c h a s e s of m o r t g a g e s i n
t h e s e c o n d a r y market by t h e F e d e r a l N a t i o n a l M o r t g a g e A s s o c i a t i o n t o t a l e d
$105~ m i l l i o n i n J a n u a r y . T h i s was down o n l y s l i g h t l y f r o m t h e somewhat ,
r e d u c e d l e v e l r e a c h e d i n December a n d was s u b s t a n t i a l l y a b o v e a y e a r
e a r l i e r when p u r c h a s e s w e r e c o n t i n u i n g t o d e c l i n e . O f f e r i n g s of m o r t g a g e s ,
which had begun t o d r o p i n November, a l s o edged o f f s l i g h t l y f u r t h e r t o
a t o t a l o f #118 m i l l i o n i n J a n u a r y . S a l e s r e m a i n e d v e r y s m a l l .
'
S t o c k p r i c e s . Common s t o c k p r i c e s , a s m e a s u r e d b y S t a n d a r d
a n d P o o r ' s i n d e x of 500 s t o c k s , d e c l i n e d s l i g h t l y l a s t w e e k , c l o s i n g
F r i d a y a t 7 0 . 1 6 . T r a d i n g volume, somewhat a f f e c t e d b y t h e midweek




-3h o l i d a y , a v e r a g e d 3 . 3 m i l l i o n s h a r e s p e r day, s l i g h t l y l e s s t h a n a
week e a r l i e r .
More d e t a i l e d i n f o r m a t i o n c o n c e r n i n g r e c e n t c a p i t a l market
developments i s p r e s e n t e d i n t h e a t t a c h e d e x h i b i t s .

C a p i t a l Markets S e c t i o n ,
D i v i s i o n of R e s e a r c h and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l R e s e r v e System.




0\

LONG-TERM

BOND

YIELDS

W..kly

HJGH-GRAPe

^ /V

LOWER-GRADE

\f

>

STATE AND 10CAI 60VEINBEHT




Exhibit B - Tables f o r Exhibit A

-5-

Long-terra Bond Y i e l d s
High-grade

Date

Corporate
Aaa 1 /

S t a t e and'
local
government

U. S . G o v t ,
long-term 2/

Aaa

(per cent)
195? - High
1 9 5 8 - Low
1959-60 - High
1 9 6 0 - 6 1 Low
1961 - High
1962 - High
Low
Jan. 26
Feb. 2
Feb. 9
Feb. 16
^ f e b . 23 E /

4.14

(9/27)

3.76

(lo/ie)

l'.6l

(i/M/eo)

I'M

< W « )

3.45
2.64
3.65

Spread between
U. S . G o v t , a n d
Corporate
S t a t e and
l o c a l Aaa

V

(8/29)
(5A)
(9/24/69)

4.43 (2/16)
4.41 (1/26)

4.12 (2/23)
4.06 (1/5)

h i ? , } W® " 1
3.26 (1/4)
3.04 (2/15)

4.41
4.42
4.42
.
4.43
4 . 4 2 -

4.08
4.10
4.09
4.08
4.12

3.17
3.12
3.09
3.04
3.08

.60
.22
.59

.92

f i
.37
.30

i.o4

.33
.32
.33
.35
.30

1.00

.80
.91
.98

1.04
1.04

Lower grade

Date

Corporate
Baa 1 /

State and
local govt.
Baa y

Spread between
Aaa a n d Baa
S t a t e and
.
Corporate
local povt.

(per cent)
1957 - High
1 9 5 8 - Low
1959-60 - High
1 9 6 0 - 6 1 1 Low
1961 - High
1962 - High
Low
J a n . 26
Feb. 2
Feb. 9
Feb. 16
' F e b . 23

2/

5.10
4.51
5.36
4.98
. 5.13
5.11
5.07

(11/29)
(7/11)
(2/12/60)
(9/9/60)
(10/27)
(1/5)
(2/23)

5.08
5.07
5.08
5.08
5.07/

4.51
(8/29)
3.64
(8/1)
4.46
(1/7/60)
3.93
(11/9/*)
4.16(3/23)
4.04 (1/11)
3.78 (2/15)
3.96
3.88
3.83
3.78
3.81

.

.

1.27
.77
.84
.66
.81
.68
.65

1.21
•93
1.08

.67
.65
.66
.65
.65

.79,
• 76
.74
.74
.73

1 / Wekly aver*** of ' a t l y f l s u r e e . A v e r s e t e m ef bends lneluded l e 23-26 y e a r s .
Kf Weekly a v e r s e of d a l l y f i g u r e a . The s e r i e s Includes bends fee as* c a l l a b l e i n 10 years e r mere.
V ftaure-ky f i g u r e s . Only general o b l i g a t i o n beads ere lneludedi average t e m l e 20 y e a r s .
Sete.—Blgha and lews a r e for l n d l r l d i a l e e r l e s and M y be en d i f f e r e n t i a t e s f w d i f f e r e n t s e r i e s .
V^r spreads, high a f e r e t o w i d e s t , and l e n t o narrowest.




.57
•93
,Q2
.73

.

Xs
SHORT-

AND

INTERMEDIATE-

T » M

INTI1IST

RATES

±

GOVERNMENT

6 .

rk^JYUId^ p*7

p

#

U
1

LA

p

I

x/

:

MOUTH I I U S

/
1. DISCOUNT RATI

±

- 3 - $ T i l l ISSUES

MUALV ^

w

*3»

torktl Yield:

"

"

J.

v

i i i i i i i i i i i

BANKS

AND

1 1 1 1 1 1 1 1 I 1 1 11111

OTHER

PRIVATE

D i r « c t l y PI o c « d




1 1 1 11

BORROWERS

II 1 1 1 1 1 1 11 11 11

1 1 1 1 1 II 1

Exhibit
S a o r t - and

D -

Tables f o r

Exhibit

Intermediate-term

C

Interest

1

-7-

hates

Goverament

Date

Discount
rate
1/

1957 - High
1 9 5 8 - Low
1959-60 - H

3.50
1.75
U.00

I960 -6ULosr
1961 - High
1962 - High
Low

3.00
3.00

Jan.
Feb.
Feb.
Feb.

26
2
9
16

Feb.

23 £ /

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

3-month
bills 2/

3.6U
.58

(10/18)
(5/29)

U.59
2.11
2.66

5.07
(1/8/60)
(10/28/60) 2 . 3 5
2.90
(12/29)

3 . 02

3.00
3.00

2.81 (2/16)
2.67 (1/26)

3.02
2.89

3.00
3.00
3.00
3.00
3.00

2.67
2.69
2.70
:2 . 8 1

2.89
2.92
2.90
3.00
2.93

2.7UX

(12/26)

(1/12)
(1/26)

V1957
1 9 5 8
. 1 9 5 9 -

- High
- Low
6 0
- High

1 9 6 0 - 6 1 Low
1961 - High
1962 - High
Low
Jan.
Feb.
Feb.
Feb.
Feb.

26
2

9
1 6
23

JE/

U. 5 0
3.50
5.50

3-88 (2/2)
3.73 (2/23)

.79
.12
.UU
"

.oU
1.81

.2U
.17

1.19

.22

1.18
1.19
1.13

>.23
.20
.19
.19

-

.38
1.51
.97

.97
.99.

Borrowers

F i n a n c e compary
paper 3 /

Federal
f u n d s U/

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

cent)

U.50
3.50

5.00

fcg

•

U.50
U.50

U.50
U.50

14.50
U.50
U.50
it. 5 0
U.50

U.5o
U.50
U.50
U.50
U.50

1/

.26

3.85
3.88
3.83
3.78
3.73

Pzime
late 1/
(per

.86

U.OU (10/18)
2 . 1 U (6/6)

( 1 / 8 / 6 0 ) 5 . 0 0 (12/24/59)
( 4 / 2 8 / 6 1 ) 3 . 1 5 (5/12/61)
3 . 8 6 (8/11)
(12/29)

Banks and O t h e r P r i v a t e
Stock Exchange
c a l l l o a n 1/

Spread between y i e l d s on 3 month b i l l s and y i e l d s on
b-mo. b i l l s 13-5 y r . i s s u e s

3-5 year
issues 2/

3.88

(n/15)

3.50

(n/8)

1.13

(a/a)

5.13

(1/22/60)

.13
U.00

(5/29)
(5/13/60)

d l

w

2.50
3.00
3.11
3.00
3.03

3.00

3.00
3.00
3.00

(8/5/61)
(12/29)
(1/19)
(2/23)

2.66 (2/9)
1.30 (1/26)

.63
-.35
1.02 /

S

. 3 8
.19

1.30
1.85

. 3 6

2.UU
2.13

.19

2.66

. 3 1
. 3 0

•26.

Weekly r a t e thorn 1* t h a t i n e f f e c t a t end of p e r i o d . Discount r a t e i s f o r Federal Reserve 3«ik of
tfeiTVork,
:
Stock Ex change v,ll l o u t r a t e l a going r a t e on c a l l IOMIF eeoured by customer^ 1 stock exchange e o l l r t e r u l a t
New York City b a n k s . Prime r a t e i s t h a t charged by l a r g e banks on s h o r t - i d r e l o a n s t o b u s i n e s s borrowers o f
the highest credit standing.
2 / Market y i e l d ; weekly averages computed from d a i l y c l o s i n g t l d p r i c e s . S e r i e s of * - 6 y e a r I s s u e s c o n s i s t s o f
s e l e c t e d n o t e s and bonds.
| / Average of d a i l y rfctes p u b l i s h e d by finance companies f o r d i r e c t l y plr.eed paper f o r varying m a t u r i t i e s i l l t h e
00-179 day r a n g e .
4 / Weekly average of d a l l y e f f e c t i v e r a t e , which i s t h e r a t e f o r t h e hwftvlee* volume of purchase end s a l e t r a n s a c t i o n s
a s r e p o r t e d t o t h e Federal Reserve Bank of Hew York.
Mote.—Highs and lows a r e f o r I n d i v i d u a l s e r i e s and Bay be en d i f f e r e n t d a t e s f o r d i f f e r e n t s e r i e s .
f o r s p r e a d s , h i g h r e f e r s t o w i d e s t , and low t o n a r r o w e s t .




\
STOCK

MARKET

#

FEDERAL

NATIONAL

SECONDARY

MORTGAGE

MARKET

CHANGE

ASSOCIATION

OPERATIONS

K

OFf (KINGS

SAliS

\\

iL

/1

J\

\

J * '




f
K
/
.

n

VV j
\v

f

j

HttCH

r

K

.„./rL

IN

STMTS

Exhibit F - Tables for Exhibit E

-9-

Stock Ma licet

5

1960-61 - High
Low
1962 m h i g h

Low

December
January

V
1/
5/

2.82
3.62
2.92
3.01
2.85
2.97
"2.93
2.92
2.96

71.71*
69.07
70.1#
70.59
70.16

Feb. 9
Feb. 16
Feb. 23 y
V

72.01* (la/a/ei)
53.32 .Uo/tVfo)
70.59 (2/16/62)
68.13 (1/26/62)

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

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

1
I
5
I

Stock price
index 1 /

Date

5.8
2.2 1,11*2(5/60) 3,001* (7/60)
n.a.
3.9 n.a.
n.a.
3.3 n.a.
l*.l
3.7
3.8
3.1*
3.3

5,602
5*1*63
n.a.
n.a.
n.a.

1,377(8/30/61)

. 1 , 1 2 1 (5/25/60^

1**259
1*,110
n.a.
n.a.
n.a.

1,362 (2/llt)
1,31*8 (1/21*)

1,31*3
1,353
1,357
1,362
n.a.

2/ Preliminary.
'
"""
!
•
• •
•
S l r v W i and P e e r ' s composite Index of 500 common stocks, weekly closing prloes, 1941-43=10. Monthly data Are
*vsrag#S of daily figure* rather than of M d a y ' s only. Highs and lows are for M d a y s ' data only.
Standard and Poor's oomposlte stock yield based on Wednesday data converted t o weekly oloslng prices by IWderal
Rseerwe, Yields shewn are for dates on which price Index reached i t s high or low.
AvtrtfM ef daily trading volume on the New York Stook exchange.
ef mowlh figures fp.e weekly.reporting member banks. fcoludes loans for pirchasing or carrying U. S. Ooyeriwont
##ewriti#e* Prior to July 1, 1959, such loans are excluded only a t banks In Mew York and Chicago. Weekly reporting
beak# Moount for about 70 per cent of loans to others. Tor further detail: see Bulletin.

Federal National Mortgage Association Secondary Market Operations 1/
Date

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

Estimated offerings to FNMA
Purchases
by
Immediate Standby
Total
purchase commitment
FNMA
(In millions of dollars)
41.2
2.1
1*8.1
$0.1
36.3
33.7
26.lt
35.0
1*7.9
75.7

111,2

122.9
15L2
Il4l.l1

120.0

118.3

33.7

29.8
2lt.O

32.2

• 1*6.9
73.9

108.0

119.3
150.9
138.5
117.7

116.6

Sales
by
FNMA

33.7
31.6

. 26.2
70.7
115.1*

2.8

21.3
25.4

101.1*
17.2

1.7
3.2
3.6
3.3
2.9
2.3
1.7

214.1*

2.6

3.9
2,1*

1.0

21.8

52.7

60.1*
92.14
112.3
106.7
10l*.7

165.6

lit

10.5
1.8

!1

•~L«SS then $50,000.
!
1 / Data represent unpaid principal balancee of the mortgiges Involved, exclusive of premiums,
discounts, or ethsr charges. Offeringe are amounts of applications received during the period tram
s e l l e r s proposing t h a t M U execute purchasing ocntracts. An immediate purchase contract covers
existing mortgages which the s e l l e r must deliver t o MMA within 45 days, k standby commitment

Digitized forandFRASER
liquidating Programs.


Exhibit G

—10—

Yields on New Corporate Bond I s s u e s A d j u s t e d t o an Aaa Basis
Number
of i s s u e s
included

Amount
Average
of i s s u e s
yield
included
(per
(millions
cent)
of d o l l a r s )

Monthly a v e r a g e s :
1961 - J u l y
August
September
October
November
December
1962 - January
FebruaryMarch
April
May
June
•Weekly a v e r a g e s :
19 61 - J u l y 7
14
21

28
August it
11
18
25
September 1
8
15
23
29.
October 6
13
20
27
November 3
10
•17
2k

December 1

Number
of i s s u e s
included

December 15
22
29

273.0

1.62

78.8
200.0
229.0

*4.59
it. 3 8
h.26 1961 - h i g h
Low
it. 32

115.0
115.0
130.0

8.0

200.0
65.0
55.0
20 0
itO.O

a. 39
k.h$

it. 60

1962
January 5
12
19
26
February 2
9
16
23
March 2

9it.O
60.0
75.0

it. 29

60.8
:u5.o

60.0
95.0
U5.0

30.0

Uo.o

. lt.55*

I1.68 (6/16)
it. 21 ( 1 1 / 3 )

2
1
1

60.0

it. 5o

70.0

it.ito

19.5 / 4.I10

300.0

50.0

lt.52

it. 50

h.6h

16
it.it6
it.5it
23
30
It. 73*
it.6o A p r i l 6
13
20
27
it.it6 May it.
11
18
it. 36
25
it. 25
June 1
8
it. 2 1
it. 2 8
15
it. 2 1
22
29
it. 29
it. 35

18.0

Amount
Average
of i s s u e s
yield
included
(per
(millions
cent)
of d o l l a r s )

h.hO

Note: Averages of o f f e r i n g y i e l d s on a l l new issues, of p u b l i c l y sold bonds r a t e d Aaa, Aa
I
and A by Moody's I n v e s t o r s Service ( e x c e p t s e r i a l , equipment t r u s t and c o n v e r t i b l e i s s u e s , |
o f f e r i n g s of n a t u r a l gas p i p e l i n e and f b r e i g n companies, and i s s u e s guaranteed by t h e
F e d e r a l Government) weighted by s i z e of i s s u e s . Y i e l d s on Aa- ana A - r a t e d bonds, a r e
f i r s t a d j u s t e d to an Aaa b a s i s , using the comparable spreads i n y i e l d s on seasoned bonds
(Moody's a v e r a g e s ) . Averages r e f l e c t changes i n i n d u s t r i a l composition, t y p e , m a t u r i t y ,
and c a l l p r o v i s i o n s of new o f f e r i n g s . Weekly averages considered unusually u n r e l i a b l e
a s i n d i c a t o r s of i n t e r e s t r a t e s on new i s s u e s because of t h e s m a l l number o r s p e c i a l
I
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 i n c l u d e d e t c . a r e marked with an a s t e r i s k .




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

1962
January
February
March

New capital <•
Corporate 1/
State and local 2/
1 I960
1962
1 1961
1 1961
I I960

e/600

580
667
562

570

e/850
e/900

715
689
761*

700
611
568

723 '
61*1
1,081*

5U5
991

2/1*84
JO/601*
£ / 721*

1*92
606
683

£/6l7
e/800
e/550 f-

31*8
501
1*91

April
May
June

2,118
1,259
1,318

its
is
1,014*

July
August
September

1,028
762
61*7

736
967
726

October
November
December

1,090
91*8
1,000

. 890
956
852

1st
2nd
3rd
l*th

1,809
1*,*5
2,1*37
3,038

2,11*5
2,382
2,1*28
2,698

2,168
.2,1*1*7
2/1,812
e/1,967

1,880
2,256
1,780
1,31*0

»:l

L*,6l6
2/6,1*27
e/8,391* ^

It, 136
5,916
7,257

e/950

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

6, Boh

8,91*1
11,979

Excluding finance companies 3 /
1st
2nd
3rd
lith

118
'
2,337

2,938

1,716
2,165
2,018
2,31*7

11,381

8,266

quarter
quarter
quarter
quarter

Year

27 Estimated.
1 / Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
3 / Total new capital issues excluding offerings of sales and consumer finance
companies.




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 )

Quarter
* or
month

Net proceeds f o r
Gross proceeds f o r new
new c a p i t a l 1 / 2 /
c a p i t a l and r e f u n d i n g 1 /
Bonds
Common
and
P u b l i c Communi- Other
Total Publicly Privately
Mfg.
pfd.
u t i l i t y cations issuers
offered
offered
stock

I960 - I
II
in
IV

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

934
1,074
1,336
1,462

795
770
754
955

536
692
429
4L6

• 298
511
562
625

598
808
652
696

189
149
317
361

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

515
1,466
935
792

381
1,081
595
836

81
1,095
104
147

832
1,052
803
1,263

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

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

129
294
167 '
255
331 154
1,170
348
320
355
283
572
259
392
411
177
218
336
310
509
225
348
310
567

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

137
160
84
254
439
389
369
215
ill
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

62jO

200

250

220

130

10

240

1962- I
II
III
IV
1961 - Jan.
Feb.
Mar.
Apr
May
June
July
Aug.
Se p t.
Oct.
Nov.
Dec.
1962 - Jan, g /
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec,

190

E s t i m a t e d . 1 / G r o s s proceeds exceed n e t proceeds
g / Preliminary.
_
2f 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
by t h e c o s t of f l o t a t i o n .
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.




Exhibit J

_i3_

Other Security Offerings
(In millions of dollars)

,

Gross long-term 1/
Foreign government 2/
Federal agency 3/
1961 1 I960 1 195?
1961 1 I960 1 1959
January

February
Iw March

$
#

:/? April
rj

V

May
June

July
August
September

Year

2
175
70

81
60
2

252

J.
66
29

31*
72
1*0

58
50
1*2

100
11*9
278

11*8
35U

5
2

25
1
36

85
1
35

250
193

199
—

98
150

33
30
70

225

—

3k
2
1a

160
11*9
181

86

236

533

51*7

1,14*8

1,672

707

—

•4 October
November

December

6
29
20

43
3k
•

•

~

182
150
150

199
175 _

—

Net short-term It/
Federal agency 3/
State and local government 5/
January
February
1 March

-:?

April
%•
;

"S

&

:

ifL\
1
4

160
195
-8

•<•!

58
11*0
-80 .

-1*
181
1*

-11*1*
-162
-171*

-196
-202
-59

-82
176
33
. 50
368
286

-103
-1*2
-1#

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

95
23
-201 -

October
November
December

-6
51*
B/-207

-16
50
-189

-81
-176
-117

98
56
-111*

-23
-33
-250

280
21*0
W

Year

E/h29

18

362

-76

-633

1,969

May
June

July
August
September

E/ Preliminary*
1/

J

.

•

362
133
79

These data d i f f e r f r e e those i n Exhibit 0 i n t h a t refunding I s s u e s , a s well a t new c a p i t a l I s s u e s , are Included,
. Lotg-tera s e o i r l t i e s a r t defined a s these maturing i n more than one y e a r .
Includes s e c u r i t i e s o f f e r e d i n the.United S t a t e s by foreign governments and t h e i r subdivisions and by i n t e r *
national organizations. Souroet Seourities and Exchange Commission.
3 / I s s u e s not guaranteed by the U. S. Government. Souroei long-term, Seourities and Exchange Commissi ont s h o r t term , t r e a s u r y Department and Federal 1Userve.
4 / These data d i f f e r from those l a Exhibit 0 and above i n t h a t they represent new o f f e r i n g s lefts retirements, whether
from t h e proceeds of refunding Issues or from other funds. Data include only Issues with original maturity of one
year or l e s s .
§ / P r i n c i p a l l y tax and bond a n t i c i p a t i o n notes, warrants or c e r t i f i c a t e s and Public Housing Authority n o t e s . I n
soae instanoes PHA notes included may have a somewhat longer term than one y e a r . Sourcei Bond Buyer and
Federal Reserve.
^
2/




-IllLarge- Long,-term Public S e c u r i t y I s s u e s l o r blew Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large I s s u e s O f f e r e d
(In m i l l i o n s of d o l l a r s )

Month

Total

1961 - January
February
March
^ April
May
June
July
August
September
October
November
December
1962 - January

Corporate
Bonds
Convertible
( o t h e r than
bonds
convertibles)
106
230
25
560

lU7
267
70
1,572
557
532
1*75
185
168

1*0

Wo. !

15

2*35
285
165
78
205
320
125
170

3 5k

391
255
195

75
33
67
26

Stocks

State
and
local
government

111
37
5
1,010
62
97
115
20
58
81
1*5
130

391
360
lt05
383
256
616
179
281
1*35
326
1*80
307
561

25

Other 2 /

67
25
151
100
73
1*0
250

•

115

Large I n d i v i d u a l I s s u e s Offered- February 1 through 23

Issuer

type y

Amount
( m i l l i o n s Maturity
of

dollars)
CORPORATE
Western Union Telegraph Co.
American T e l . & T e l . Co.
Duk£ Power.Co.
STATE AND LOCAL GOVERNMENT

S.'F. deb.
Deb.
1 s t mtg. bds.

New York S t a t e Dormitory
Rev.
S t a t e of New J e r s e y
G.O.
S t a t e of Michigan
Rev. - S . T .
S t . L o u i s , Missouri
G.O.
P u b l i c Housing A u t h o r i t y
G.O.
Los Angeles Sch. D i s t . , C a l i f .
G.O.
City and County of San
Francisco, California
G.O.
Rev.-Ut.
C i t y of P h i l a . Sch. D i s t . , Pa.
G.O.
S t a t e of Oregon
G.O.
New York City * New York
G.O.




50.0

Coupon
rate or Offering
net i n t e r - yield
e s t cost '

1987

5-1/1*
li-5/8
1*-1/2

Hating

5.17
ii.52
1|.50

Baa
Aaa
Aaa

300.0

199k

12..5
1*2.0
25.0
12.7
79.6
30.0

1963-97
1965-92
1961*-81*
1963-82
1962-2002
1963-87

3.68
3.05
3.36
3.H
3.33
3.15

1.90-3.75,.
2.00-3.25-^
2.10-3.50
1.65-3.15
1.50-3.50
1.60-3.1*0

21.0
6.3
12.0
28.9
89.1*

1963-87
1963-82
1961*-87
1965-92
1963-92

2.71*
2.89
3.07
2.93
3.21

1.60-2.90
Aa
1 . 6 0 - 3 . 0 0 . , Aa
1.90-3.25^ A
2.00- 3:552/Aa
1.70-3.50
A

50.0

1992

A

Aaa

A
Aa
Aaa
Aa

-15-

K-2
Large I n d i v i d u a l I s s u e s O f f e r e d February 1 through 23 ( C o n t ' d )

Type 3 /

Coupon |
Amount
r a t e or 1 O f f e r i n g
(millions
Rating
Maturity
net inter-I yield
of
est cost 1
dollars)

STATE AND LOCAL GOVERNMENT
(Cont 'd)
Chicago, I l l i n o i s
Maryland S t a t e Roads Comm.
Delaware S t a t e Highway
Dept.

2.99

1.90-3.08
k* 13

G.O.
Rev.-Ut.

27.5
7U.0

196U-79
2002

ii.18

Rev. - U t .

28.0

2002

ii.18

It. 13

Bonds

6U.0

197 h

h-1/2

LL6

OTHER
F e d e r a l Land Banks

•Rights o f f e r i n g .
I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of $L$ m i l l i o n and o v e r ;
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 fcLO m i l l i o n and o v e r .
I
n c l u d e s 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 R e c o n s t r u c t i o n and
u
Development i s s u e s and non-guaranteed i s s u e s by F e d e r a l a g e n c i e s .
3/ In t h e c a s e 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 g e n e r a l
o b l i g a t i o n s ; Rev. - U t . , revenue o b l i g a t i o n s s e c u r e d only by income from
p u b l i c u t i l i t i e s ; R e v . - Q . U t . , revenue bonds s e c u r e d only by revenue from
q u a s i - u t i l i t i e s ; Ttev.-S.T., revenue bonds secured by revenue from s p e c i f i c
t a x e s o n l y ; Rev. - R e n t . , revenue bonds secured s o l e l y try l e a s e payments.
2 p e r c e n t bonds of 1992 r e o f f e r e d t o y i e l d 3.60 p e r c e n t .
0 . 1 p e r c e n t bonds of 1987 r e o f f e r e d t o y i e l d k»kS p e r c e n t .
1 p e r c e n t bonds of 1992 r e o f f e r e d t o y i e l d lt.00 p e r c e n t .

y




A

-16-

Exhibit L
Forthcoming Large Long-term P u b l i c 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
• e
( O t h e r t h a n U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large I s s u e s

Date of
computation

During month f o l l o w i n g
d a t e shown

Corporate | ^ 1 govt. l

1961 - J a n . 31

110
55
1,580
512
1*87
521
170
175
358
31*6
. 356
161
180

Feb. 28
Mar. 31
Apr. 28
May 31
June 30
July 31
Aug. 31
S e p t . 29
Oct. 31
Nov. 30
Dec. 29
- J a n . 31

0ther

181
'307
559

Subsequent t o
d a t e shown

g/

Corporate | ^ 1
1,0U6
1,125
1,700
687
611
666
255
-21*0
501*
1*11
1*21
591
525

15
75

195

73
35

|399
|251
597
295
223
1*65

61*

%ovt: l 0 t h e r &
360
638
806
579
771
291
537
530
1*51*
693.
1*98
1*15
567 •

——

15
75
73
35

61*

Forthcoming Large O f f e r i n g s , a s o f F e b r u a r y 23
Type
\

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

CORPORATE

C o n s o l i d a t e d N a t u r a l Gas Co.
Stokely-Van Camp I n c .
West Penn. Power Co.
P a c i f i c Gas & E l e c t r i c Co.
Litton Industries Inc.
South European P i p e l i n e Co.
Long I s l a n d L i g h t i n g Co.

S.F. deb.
Conv. sub. deb.
1 s t mtg. b d s .
1st & ref.mtg.bds.
Conv. s u b . deb.
S.F. deb.
Com. s t k .

iiO.O
23.0
22.0

Potomac E l e c t r i c Power Co.
Commerce O i l R e f i n i n g Corp.

25.0
15.0
30.0
65.0
50.7

Deb., b d s . & com.

1*5.0

Feb. 28
I
Feb.-March
Mar. 6
\
Mar. 1 4
;/
March
( r i g h t s expire)
?
March
/
l a t e March - e a r l y A p r i l
( r i g h t s expire)
. ^
March
!<
(rights expire)
.C
Indefinite
%

STATE AND LOC^L GOVERNMENT
New York S t a t e Thruway Auth.
S t a t e of Maryland
Commonwealth of M a s s a c h u s e t t s
P r i n c e Georges C o . , Maryland
P u e r t o Rico Water Resources Auth.
S t a t e of Tennessee




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

72.0
27.7
1*0.0
11.5
lii.6
12.3

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

27
27
27
27
28
28

-17-

L-2
Forthcoming Large O f f e r i n g s , a s of F e b r u a r y 23 ( C o n t ' d )
Type

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

STATE AND LOCAL GOVERNMENT ( C o n t ' d )
O r l e a n s P a r i s h Sch. D i s t . , La.
-"-Florida S t a t e Board of A d m i n i s t r a t i o n
Columbus, 1 Ohio
Georgia S t a t e highway Auth.
Los Angeles Dept. of w t r . & P w r . ,
California
-x-Dallas, Texas
Penna. Gen. S t a t e A u t h .
Denver, Colorado •
^-Louisiana S t a t e Bond and B u i l d i n g
Authority
D e t r o i t , Michigan
D e t r o i t School D i s t . , Mich.
Dade County, F l o r i d a
J a c k s o n v i l l e Expressway A u t h . , F l a .

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

10.0
11.9
10.9
35.0

Feb.
Feb.
Mar.
Mar.

28
28
1
1

Rev.-Ut.
G.O.
Rev. - R e n t .
G.O.

16.0
10.8
25.0
15.0

Mar.
Mar.
Mar.
Mar.

7
12
13
13

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

15.0
15.0
10.0
1*6.0
iiO.O

Mar. 15
Mar. 27
Mar. 27
Indefinite
Indefinite

OTHER
None
-Included i n table f o r f i r s t time.
I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of $1% m i l l i o n and o v e r ; S t a t e and l o c a l
government i s s u e s of $10 m i l l i o n and o v e r .
2 / I n c l u d e s 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 R e c o n s t r u c t i o n and
Development i s s u e s and n o n - g u a r a n t e e d i s s u e s by F e d e r a l a g e n c i e s .
N o t e . — D e l e t i o n s f o r r e a s o n s o t h e r t h a n s a l e of i s s u e : n o n e .
1/