Full text of H.16 Capital Market Developments : January 15, 1962

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Not for Publication DECONTROLLED AFTER SIX MONTHS
H.1U

I

!W

January 15, 1962.
CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES .

I
' '
'
.
•. '
P u b l i c s e c u r i t y f i n a n c i n g t o obtain new c a p i t a l was in moderately
heavy volume l a s t week b u t i s expected t o be r e l a t i v e l y l i g h t t h i s week.
During t h e week ending January 1 2 , two l a r g e c o r p o r a t e s e c u r i t y i s s u e s
t o t a l i n g # 0 m i l l i o n were o f f e r e 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 a g g r e g a t i n g $83 m i l l i o n were s o l d . This week, ending
January 19, only one l a r g e c o r p o r a t e s e c u r i t y i s s u e f o r $20- m i l l i o n i s
scheduled and t h r e e S t a t e and l o c a l i s s u e s with a p a r v a l u e of $66 m i l l i o n
a r e on the c a l e n d a r .
Bond y i e l d s . Changes i n bond y i e l d s were mixed l a s t week.
Y i e l d s on seasoned 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 f o r A a a - r a t e d
s e c u r i t i e s and 2 b a s i s p o i n t s f o r Baa bonds. A a a - r a t e d S t a t e and l o c a l
government bond y i e l d s d e c l i n e d 1* b a s i s p o i n t s t o 3.22 p e r c e n t , t h e lowest
l e v e l s i n c e l a s t March. Y i e l d s on U. S. Government l o n g - t e r n bonds
i n c r e a s e d 2 b a s i s p o i n t s t o t h e i r h i g h e s t l e v e l s i n c e May i960. Y i e l d s
on B a a - r a t e d S t a t e and l o c a l government bonds were unchanged f o r t h e
f i f t h c o n s e c u t i v e 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 bonds o f f e r e d l a s t , a d j u s t e d
t o a A a a - b a s i s , was k*50 p e r c e n t . At t h i s l e v e l , new o f f e r i n g y i e l d s
were 18 basis, p o i n t s below t h e 1961 high and 29 b a s i s p o i n t s above l a s t
y e a r ' s low.
S h o r t - and i n t e r m e d i a t e - t e n a i n t e r e s t r a t e s . Y i e l d s on 3-month,
and 6-month T r e a s u r y b i l l s continued t o r i s e above t h e i r 1961 h i g h s l a s t
week, i n c r e a s i n g 6 b a s i s p o i n t s each* w h i l e y i e l d s on 3 - 5 y e a r U. S.
Government i s s u e s i n c r e a s e d L b a s i s p o i n t s . The a v e r a g e r a t e of i n t e r e s t
on d i r e c t l y p l a c e d f i n a n c e company p a p e r w i t h 90-179 day m a t u r i t y i n c r e a s e d
by 9 b a s i s p o i n t s t o 3.09 p e r c e n t a s a r e s u l t of an i n c r e a s e of o n e - e i g h t h
of a p e r c e n t a g e p o i n t i n t h e a d v e r t i s e d r a t e announced e a r l y l a s t week.
The r a t e on F e d e r a l f u n d s d e c l i n e d 78 b a s i s p o i n t s t o 1 . 8 5 p e r c e n t . Other
s h o r t - and i n t e r m e d i a t e - t e i m i n t e r e s t r a t e s were unchanged.
Mortgage y i e l d s . Y i e l d s o n ' 5 - 1 A per c e n t FHA home mortgages
sold i n t h e secondary market averaged 5 . 7 1 p e r cent i n December, l i t t l e
changed f r o m the l e v e l of 5 . 7 0 p e r cent r e a c h e d i n J u l y . In December, '
o f f e r i n g y i e l d s 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 a Aaa b a s i s — r o s e 7
b a s i s p o i n t s f u r t h e r , a n d t h e s p r e a d between bond y i e l d s and mortgage
y i e l d s narrowed t o 132 b a s i s p o i n t s . This compared w i t h a spread of
146 b a s i s p o i n t s i n October, when c o r p o r a t e y i e l d s were d e c l i n i n g , and
108 l a s t J u l y .
Stock p r i c e s . Common stock p r i c e s , a s measured by Standard
and P o o r ' s composite index of 500 s t o c k s , changed l i t t l e l a s t week,
c l o s i n g a t 69.61 on January 12. Trading volume was moderately h e a v y ,
a v e r a g i n g 3.7 m i l l i o n s h a r e s a day^




"3More 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 in 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 Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of t h e Federal Reserve System.




.
EXHIBIT A
LONG-TERM

BOND

YIELDS

HIGH-GRADE

iLOWER-GRADE




GOVERNMENT lie

A

Exhibit B - Tables f o r Exhibit A
Long-term Bond Yields
High-grade
Date

Corporate
Aaa 1 /

1954 - Low
1957 - High
1958 - Low
1959-60 - High
1960 - Low
1961 - High
Low

2 . 6 5 (4/23)

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

Dec.
Dec.
Dec.
Jan.
/Jan.

15
22
29
5
12 g /

It.Ik (9/27)
3.55 (5/2)
l l . 6 l (1/29/60)

it. 23 (9/9)
I1.U6 ( 9 A 5 )
L 2 1 (3/17)

State and
local
government
A.» 3 /

2.1*5 (6/6)

1.90 (9/2)

3.76(io/i8)
3 . 0 7 (4/25)

3.1*5 (e/29)

Ll2
3.75
it.07
3.70

(1/8/60)
(VS)
(12/29)
(5/12),

tig/

Spread between
U. S. Oovt and
Corporate State and
Aaa
l o c a l Aaa
.30
.60
.22
.59
.19
.57
.31

2.64 (BA)

3.65

(9/24/89)

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

It.06
It. 06
It. 07
It. 06
it. 08

k.k2

-5-

•

.30
.50
.31*
.92
.53
.76
.lt6

.36
.38
.36.
.37
.34

3.33
3.3-2

Ife
3.22

.

.73
.7lt
.76
.80
.86

Lower-grade

Date

State and
l o c a l govt.
Baa y

Corporate
Baal/

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

(per cent)
1951t - Low
1957 - High
1958 - Low
1959-60 - High
1960 - Low
1961 - High
Low
15
22
29
5
12 g/

5.10
It. 51
5.36
It. 98
5.13
• 5.00

(11/20)
(7AD
(2/12/60)

It. 5 1 (8/29)

3.61| (6A)

4 . 4 6 (1/7/60)
3 . 9 8 (12/291

(9/9)

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

(10/27)
(4/21)

5.11
5.11

B

:

00000

Dec.
Dec.
Dec.
Jan.
Jan.

2.93 (e/s)

3 . 4 4 (12/31)

.52
1.27

.96
1.21

M
.71
.81
.66

-92
1.08
.86
.93
.57

.69
.67
.66
.68
.67

E/ Preliminary.
1/ • Weekly average of dally figures. Average term of bead* Included 1# 23 *26 year#.
2/ Weekly average of dally figures. The series lnoludes bonds due or callable In 10 years or Mrs.
3/ Thursday figures. Only general obligation bonds are Included; average term I s 20 years*
Note.—Highs and lows are for Individual sarlss and may be on different dates for different series,
tor spreads, high refers to widest, and lew to narrowest.




.71
.72
.

.82

.

SHORT-

AND

INTERMEDIATE- TERM

INTEREST KATES

•GOVERNMENT

I - 1 ' V|4I~ ISSBI3.
* • MONTH

3 . mOWTH l i l t s

banks'

a n d

other'prTvate

b o r r o w e r s '

iw^Tly;




m t u i

fuhps.

Effactiy* Rot*

[W

Exhibit D - Tables for Exhibit C
Qiort- and Intermediate-tern Interest hates
Government
Date

Discount
rate

1.50

.61 (4/10
3,61* (10/18)

I.'ts

. 5 8 (5/29)

l?5k - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low 1
; 1961 - High
Low

Loo
3.00
3.00
3.00

U.59
2.11
2.66
2.17

. Dec.Dec.
Dec.
Jan.
/Jan.

3.00
3.00
3.00
3.00
3.00

2.66

15
22
29
5
12 2 /

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

3-month
b i l l s 2/

(1/8/60)
(10/28)
(12/29)
(1/27)

»•
3.02
5.07
2.38
2.90
2.35

(12/26)
U/e/60)
(U/30)
(12/29)
(V28)

2.89
2.86
2.90
2.96
3.02

2.59

2.61

2.72

2.78/

3-5 year
issues 2 /
1.66
li.Olt
2.1k
5.00
3.M
3.86
3-15

Spread between yields on
3-month b i l l s and yields on
6-rao. bills13-5 yr. issues

(4/30)
(16/16)
(6/6)
(11/24/58)
(12/30)
(8/11)
(5A2)

3.8k
3.81
3.81
3.79
3.83

""
"»
.26
.79
.16
.a
.12

.66
,86
.oil
1.81
.38
1.51
.92

.30
.25
.2k
.2k
• .2k

1.25
1.20
1.20
1.07
1.05

Banks antf.Otft&xv Private Borrowers
Date

Stock Exchange
c a l l loan 1 /

Prime
r a t e 1/

r 19 Bh Low
1957 - High
1958 - Low
1959-60 - High.
I960 - Low
•1961 - High
Low

3.00
11,50
3.50
5.50
1/.50
4.50
ii.5o

3.00
It. 50
3.^0
5.00
L50
k.5o
J4.50

Dec.
Dec.
Dec.
Jan.
Jan.

ii.5o
L50
ii.5o
k.So
k.So

ii.50
ii.50
U.50
k.$0
it. 50

Finance company
paper j /

Spread between
Federal
3-no. b i l l s and
funds k/ • finance
co. paper

(per cent)

15
22
29
5
12 2 /

3.00 (12/29) .
2.50 (7/28)

2.88 (12/29)
.13 (1/27)

0
.63
-.35
1.02
.22
.56
•11

2J3
3.00
3.00
3.00
3.09

1.60
2.55
2.88
2.63
1.85

-3U
•39
.3U
.28 .
,31

^ 1 . 2 5 (ia/3i)
3 , 8 8 (11/15)

r.13 (»/»)

5!. 1 3 (1/22/60)
2 . 8 8 (12/30)

3 . 5 0 (11/8)

.13 (5/»)
lt.00 (5/13/60)
. 9 5 (12/2)

•

Stock Exchang# call l t e h . f a t e I s going rat# en eall loans ssourod by customers' atook exchange collateral at
Nai« York City banks, Prime rata lo that charged by large banks on A n r t - t i r * leans to business borrowers of
the highest credit standing.
2/ Market yield; weekly averages computed from dally closing bid p r i s e s . . Series of 3-9 year Issues consists of
selected notes and bonds.
•
3 / Average of dally rates published by finance companies for directly pitied paper for varylag maturities In the
90-179 day ragye.
<
'
4/ Weekly average gf daily effective rate, which i s the rate for the heaviest vol w e of purohass and sole translations
as reported to the Federal Reserve flank of Mew York.
'
Mote.-Hltjhs and lows are for Individual series and may be on different dates for different dates for different sorles.
h>r spreads, high refers to widest, and low to narrowest.




STOCK MARKET

M O R T G A G E A N D B O N D YIELDS

New luues (




Exhibit F - Tables f o r Exhibit E

-9-

Stock Market

Date

1957-60 - High
Low
1961 - High
Low
November
December
Dec. 29
Jan. 5
Jan. 12 j0/

Trading
Common
volume 3/
stock
yields 2/ (millions
( p e r cent) of shares)

Stock p r i c e
index 1 /

60 . 51 (7/31/59)
72.Ol| ( 1 2 / 8 )
58.U8 ( 1 / 6 )

3.08
ii.72
2.82
3.32

k.9
l.h
. 5.8
2.7

71.07
71.7k
71.55
69.66
69.61

2.82
2.8I4
2.86
2.9k
2.91

k.k
k.l
• U.3
3.9
.3.7

3 9 . 1 8 (12/20/57)

Stock m a r k e t ' c u s t o n c r c r e d i t
Customers 1
Bank
debit balloans t o
ances h /
"others" 5 /
( I n m i l l i o n s of d o l l a r s )

Total

li,761i (4/59) 3 , W 1 (4/59) 1,373 (V59)
3,55k (1/50) 2,182 (12/57) 1,060 (11/57)
5,460( 11/61) U, 1141(11/61)1,377(8/30)
U,lt2U(l/61) 3,253(1/61) 1,161(3/8)
5,4#
n.a.
n.a.
n.a.

k,m
n.a.
n.a.
n.a.

1,319 1,3U3
1,3U3
1,353
n.a.

£ / Prolle-ltary.
n.a.—Not a v a i l a b l e .
y
Standard and P o o r ' s ccmpoelte Index of 500 ocrsraon s t o c k s , weekly c l o s i n g p r l e e t , 1941-43*10. hontlily data a r e
a v e r a g e s of d a l l y f i g u r e s r a t h e r t h a n of M d c y ' e o n l y . Hlghii and lows nre f o r M d a y f i ' data o n l y .
V Standard and P o o r ' s o c o p o t l t o stock y i e l d based on Wednesday data converted t o weekly c l o s i n g p r i c e s by f e d e r a l
Roccrve. Yicldo shown n r e f o r dateo on which p r i c e Index reached I t a high or low.
Averages of d a l l y t r a d i n g volvae on t h e Nov York Stock Exchange.
End of month f i g u r e s f o r member f l i r . e of t h e Hew York Stock Exchange which c a r r y margin account»i excludeo balances
% oocured by U. S . Government o b l i g a t i o n s .
„
.
Wednesday f i g u r e s f o r weekly r e p o r t i n g member banks. Excludes l o a n s f o r p u r c h a s e s or e a r n i n g U. S. Ooveriment
5/
r o c u r l t l e c . P r i o r t o J u l y 1 , 1959, such losnn are excluded only a t banlco I n Mew York and Chicago. Weekly r e p o r t i n g
banks account f o r about 70 per cent of l e a n s t o o t h e r s . For f u r t l . t r d e t a i l see B u l l e t i n .

Mortgage and Bond Yields 3 /
Spread between now
Aaa c o r p o r a t e
c o r p o r a t e bonds and
bonds 1 /
New 3/ |Seasoned V F11A mortf.'aros | Sfcasotmd bonds
1953-58 - High
Low
1959-60 - High
Low

5.63
JU.56
6.2k
5.57

1 9 6 K - August
September
October
November
December

5.71
5.72
5.72
5.72
5.71

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

a

L59

L38
li.26

m

L12
2.81
li.6l
li.12
k.h5
k.kB
k.h2
14.39
li.&

(9/57)
(V5W
(I/to)
(V#)

1.96
.514
1.76
.83

.90
-.12
.77
-.16

1.12
1.3k
I.I46
1.U0
1.32

.lk
-.07
-.16
-.07
-.02

••Pi




ii.32
li.39

_10_

Exhibit G
Yields' on New Corporate Bond Issues Adjusted t o an Aaa Basis
Amount
Average
Number
of i s s u e s
yield
of i s s u e s included
(per
included ( m i l l i o n s
cent)
of d o l l a r s )

Monthly averages:
1961 - January
February
March
April
May

3
6
4
12
15
18
a
4
2
7
9
3

29.0
97.8
108.0
563.0
161.0
701.5
273.0
115.0
78.8
200.0
229.0
115.0

1
1
1
1
2
3

10.0
7.0
12.0
6.8
- it8.0
U3.0

-4

108.0

3
3
. 2
it
3
1
6
5

90.0
82.0
312.0
79.0
165.0
30.0
91.0
165.0

July
August
September
October
•November
December
Weekly averages:
1961 - January 6
13
20
27
February 3
10
^
17
24
March 3
10
17
2k
31
April 7
.
lit
21
28 \
May 5
. 12
19
26

•
,

It. 35 June 2
it. 31
9
it. 26
16
lt.lt2
23
it.5l
, 30
it. 65 July 7
lt.62
lit
21
it. 59
28
It. 38
it. 26 August it
it.32
11
it. 39
18
25
September 1
8
it.45
15
it.itO
22
it. 27.
29
it. 61* October 6
it.32
13
20
it. 27
27
November 3
10
17
it. 26
2 it
December 1
it. 28
8
it.itO
15
it. 42
22
29
4.54
it.it9 1962
January
5
it.it?
12
it.47
19
it. 55 1
26

Amount . Average
Number
of i s s u e s
yield
of i s s u e s included
(per
included ( m i l l i o n s
cent)
of d o l l a r s )

.

3
it
6
3
2

60.0
307.0
137.0
130.0
67:5

it. 66
it. 68
it. 68
4.56
4.58

1
1
2
2
1
1

8.0
200.0
65.0
55.0
20.0
itO.O

it. 60
4.61t
4.46
4.54
4.73*
it.60

1

18.0

it. 46

1
2

60.8
45.0

4.36
4.25

2
3
3

60.0
95.o
45.0

4.21
it. 28
4.21

~4
1
1
2
1

94.0
60.0
30.0
75.0
itO.O

4.29
4.35
4.40
4.29
4.55*

1

60.0

it. 50

-Note: Averages of o f f e r i n g y i e l d s on a l l new i s s u e s of public 1;y sold bonds rated Aaa, Aa
andsA. by Moody's Investors Service (except s e r i a l , equipment t r u s t and convertible i s s u e s ,
o f f e r i n g s of n a t u r a l gas p i p e l i n e and f o r e i g n companies, and i s s u e s guaranteed by the
Federal Government) weighted by s i z e of i s s u e s . Yields on Aa- and A-rated bonds 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 in y i e l d s on seasoned bonds (Hoocty's
averages). Averages r e f l e c t changes in i n d u s t r i a l composition, type, maturity, and c a l l
provisions of new o f f e r i n g s . Weekly averages considered unusually u n r e l i a b l e as
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 issues because of the small number or s p e c i a l
Digitized
c h a r a for
c t e rFRASER
i s t i c s of o f f e r i n g s included 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 l o c a l 2/
| 1961
1 I960
1962
1 1961
1 I960

e/600

1st
2nd
3rd
lith

quarter
quarter
quarter
quarter

1 s t half
Three quarters
Year

2,118
1,259
1,318
1,028
762
647

700
611
568

761
577
1,044

720
641
1,085

s?
991

736
967
726

E/476
2/601
fi/701

492
606
683

890
956
852

e/600
e/800
e/550

348
501
lt?i

1,809

2,145

2,437
S/2,%2

2*428
2,698

2,168
2,446
fi/1,777
e/1,950

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

6,504
8,911
e/11,733

4,527
6,955
9,653

4,613
fi/6,391
e/8,34l

4,136
5,916
7,257

• July
, August
•f September
October
i November
December

570
715
/ 860

715
689
763

April
> May
1
June

1

580
66?
562

E/1,033
jg/88Zi
e/875

S/700

Excluding finance companies 3 /
lat
2nd
3rd
f lith

quarter
quarter
quarter
quarter

Year
V
2/
y

a2,018
2 / 2 ^

2,347

e/11,235

8,22*6

S ecu rities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and consumer finance
companies.




Exhibit I
New Corporate Security i s s u e s , Type of Issue and I s s u e r
(In millions of d o l l a r s )
Quarter
or
month

/

Net proceeds f o r
Gross proceeds f o r new
c a p i t a l and refunding 1 /
new c a p i t a l 1 / 2 /
Bonds
Common
Mfg. Public Communi- Other
Total Publicly P r i v a t e l y and
u t i l i t y cations i s s u e r s
offered
offered pfd.
stk.

1959 - I
II
III
IV

2,281
2,662
2,062
2,739

I960 - I
II
in
IV

2,265
93k
2,537 1,07k
2,520 1,336
2,832 1,1*62

1961 - I
II
III
IV

1,992
5,352
2,566

662
2,303
772

1960 - Jan.
Feb.''
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1961 - Jan.
Feb. .
Mar.
Apr.
May
July
Aug.
Sept.
Oct. £>/
Nov. p /
Dec. e /

660
811
396
691

358
750
k68
36k

813
979
k70
927

105
k3
99
k60

928
79k
9k2
890

536
692
129
kl6

298
511
562
625

598
808
652
696

189
lk9
317
381

1,059
913
896
997

880
1,275
1,139

kk9
1,77k
65k

515
l,k66
935

381
1,081
595

81
1,095
10k

832
1,052
803

6kl
32k
253
. 735
889
357
805
3k8
608
186
1,12k
5k0
kl5
- 777
996
592
7k7 . # 9
621
928
1,009
518
895
#3

19.0
29k
311
232
220
319
236
229
289
157
357
kkl

126
189
221
226
202
265
127
175
128
150
13k
131

59
67
172
171
92
2k9
182
220
161
185
2k9
191

155
2k5
198
303
lkk
362
126
222
303
203
31k
180

36
85
68
52
36
61
57
165
9k
25k
27
100

319
318
k22
236
30k
373
370
359
168
2k9
366
381

601
178
695
273
696 - " 2 1 1
2,231
713
666
l,3k2
1,779
9k2k
%
.1,075
225
813
.123
678
1,101
336
kl3
925
190
950

129
29k
167
255
15k
331
1,170
3k8
320
355
572
283
. 259
392
kll .
177
218
336
k58
308
228
28k
310
k50

169
99
2k8
57k
kk7
kk6
428
255
252
293
202
3k0

137
160
8k
25k
k39
38?
2&9
215
111
282
352,
120

21
kl
19
99k
85
16
16
13
75
25
71
*5.

253
368
211
297
289
k67
315
279
209
k3k
259
390

787
960
807
1,00k

835
89k
859
l,0kk
795
770 *
75k
955

57 Preliminary.
e / Estimated.
1 / Gross proceeds exceed n e t proceeds
by the cost of f l o t a t i o n .
2 / For t o t a l see Exhibit hj other i s s u e r s are
e x t r a c t i v e , r a i l r o a d and other 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 finance and
commercial and other.
S o u r c e . - - S e c u r i t i e s and Exchange Commission.




-13-

Exhibit J
Other Security Offerings
( I n millions of d o l l a r s )

Gross long-term l7"
Foreign government 2/
Federal agency 3/~
1961
1961
I960
|
1 I960
|
195?
1959
6
29
20

2
175
70

81
60
2

252

2
66
29

3h
72
1*0

58
50
1*2

100
11*9
278

ll*8
351*

5
2

25
1
36

85
1
35

250
193

199

—

39
28

3h
2
111
533

1

33
30
70

225

182
150
150

199
175

—

98
150

—

__

160
ll*9
181 •

86

1,672

517

State and l o c a l government 5/

707

Federal agency 3/

160
195
-8

58
11*0
-80

-1*
181
I

-103
-1*2
-155

70
-li*6
-157

197
-25
-197

-79
-87
207

-277
170
320

1

. 50
368
286

109
518
-86

1*8
415
-175

57
392
131

22
193
108

95
23
-201 -

362
133
79

-6

-16
50
-189

' -81
-176
-117

98
56

-23
-33
-250 ^

280
21)0
Itl*

18

362

E/
1/

-ll*l*
-162
-171

-196
-202
-59

-633

-82
176
33

1,969

Preliminary.
These data d i f f e r from those In Exhibit 0 i n that refunding i s s u e s , a s well a s new capital Issues, are inoluded.
Long-term s e o v r l t U s are defined a s those maturing In more than one y e a r .
2 / Includes s e c u r i t i e s o f f e r e d In the United Stktes by foreign govorroionts and t h e i r subdivisions and by I n t e r national organizations. Source* S e c u r i t i e s and Exchange Commission.
3/ Issues not gu^rantned by the U. S, Government. Source: long-term, Securities and Exchange Commissi on; shortterm , Treaairy Department and federal Reserve.
"
•
4 / These data d i f f e r f r o e those i n Exhibit 0 and above In t h a t they represent now o f f e r i n g s leas retirements, whether
from the proceeds of reminding issues or from other funds. Data include only issues with original maturity of one
year or l e s s ,
5 / 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 notes. l a
come Instances PHA notes Included may have a somewhat longer term than one year. Sourcei Bond Buyer and
Federal Reserve.
- •^ •




~1^-

inhibit K

Large Long-term Public Security Issues l o r N^w Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(In m i l l i o n s of d o l l a r s )
Month
1960 - December
1961 - January
February
i'larch
April
May

June
July

August
September
October
November
December

Total

Corporate
Bonds
(other than [Convertible
convertibles)| k°nds

260
11*7
267
70
1,572
557
532
hlS
185
168
351
391
255

235
106
230
25
560
1*80
*1*35
285
165
78
205
320
125

S t a t e |
local
Other 2 /
government {

Stocks
25
1*1
37
5
1,010
62
97
115
20
58
81
1*5
130

—

_j^0
15
75
33
67
26
—

222
391
360
1*05
383
256
bl6
179
281
1,35
326
1*80
307

99
67
25
151
100
73
1*0
250
—

Large Individual Issues Offered January 1 through 12
Issuer

CORPORATE
New York Telephone Co.
Natural Gas P i p e l i n e Co.
of America

%ype 2/

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

Ref.mtg.bds.

60.0"

2002

1st mtg.p.l.bds.30.0

It-5/8

1*.50

l*-5/8

1*.63

Aaa

STATE AND LOCAL GOVERNMENT

Commonwealth of Puerto Rico
Port of New York Auth.,N.Y
Puerto Rico Indus. Develop
East Bay Mun. U t i l . D i s t . ,
Calif.
San Jose, C a l i f .
S t a t e of New York
OTHER
None




G.O.

Rev.
Rev.

25.0
25.0
15.0

1963-81*
1992
1963-82

3.1*5
3.62
n.a.

1.85-1*.00 A
3.58 y k
li.OO-h.bO
—

G.O.
G.O.
G.O.

30.0
20.0
3.31

1963-97
1963-82
1963-2012

3.31
3.08
3.39

1.70-3.90
1.70-3.30
1.65-3.1*8

Aa
A
Aaa

K-2

-15-

Footnotes
*—Rights o f f e r i n g .
1 / Includes corporate and other 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 $10 million and over,
2/ Includes foreign government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies.
2 J 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
b b l i g a t i o n s ; Rev,-Ut„, revenue o b l i g a t i o n s secured only by income from
p u b l i c u t i l i t i e s ; Rev.-Q.Ut,, revenue bonds secured only by revenue from
q u a s i - u t i l i t i e s ; Rev.-S„T., revenue bonds secured by revenue from s p e c i f i c
t a x e s only; Rev.-Rent,, revenue bonds secured s o l e l y by l e a s e payments.
h / P r i v a t e l y placed with i n s t i t u t i o n s .
;




-16-

Exhibit L
Forthcoming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues

Date' of
computation
I960 - Dec. 30
1961 - Jan. 31
Feb. 28
. Mar. 31
Apr. 28
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 29

During month following
date shorn
State and
Corporate l o c a l govt. Other 2 /
91
110
55
1,580
51*2
1*87
521
170
175
358
31*6
356
161

1*12
181
307
559
236
1*31
195
1*06 .
399
251
597
295
223

Subsequent t o
date shown
State and
Corporate local govt. Other 2i

15
75
73
35
——
—

Forthcoming Large O f f e r i n g s , as of
Type

682
360
638
806
579
771
291
537
530
1*51*
693
1*98
1*15

1,036
1,01*6
1,125
1,700
687
611
666
255
2lt0
501*
1*11
1*21
591

—

15
75
73
35

January 12
Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

CORPORATE
Garrett Corp.
Southern C a l i f . Edison Co.
Grant (Vv. T ) Co.
Shamrock Oil & Gas Cprp.
Stokely-Van Camp Inc.
American Tel. & Tel. Co.
Duke Power Co.
Commerce Oil Refining Corp.
Realty C o l l a t e r a l Corp.

Deb.
Com. stk.
S F . deb.
S.F. deb.
Conv. sub. deb.
• Deb.
1st mtg. bds.
Deb., bds. & com.
Coll. t r . notes

20.0
26.0
35.0
25.0
15.0
300.0
50.0
1*5.0
20.0

Jan. 16
Jan. 22
Jan. 23
Jan. 21*
Feb. 5 .
Feb. 15
Feb. 21
Indefinite
Indefinite

STATE AND LOCAL JjQVhJiNMENT

S tate of Washington
Ascension-St. James Bridge & Ferry
Auth.
Montgomery Co., Maryland
Georgia Rural Roads Auth.
-RState of C a l i f o r n i a
Kansas City, Mo.
Los Angeles, C a l i f o r n i a .




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

Rev.-S.T.
G.O.

Rev. -Ut.
Rev.-Q.Ut.

22.6
30.8
13.2
13.0
100.0
18.5
11*.0

Jan. 15
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

15
16
23
2k
21*
31

Forthcoming Large O f f e r i n g s , a s of January 12 (Cont'd)
Issuer

Type

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

STATE AND LOCAL GOVERNMENT (Cont'd)
*State of Delaware
State of New Jersey
State of Michigan
St. Louis, Mo.
Los Angeles School D i s t , , C a l i f .
City and County of San Francisco,
California
fi-State of Tennessee
Orleans Parish Sch. D i s t . , La,
Dade County, Florida
J a c k s o n v i l l e Expressway Auth., FLa.
Los Angeles Dept. of °Wtr. & Pwr.
Calif.
OTHER
Tennessee Valley Authority

G,,0.
G.0 .
Rev,,-S.T.
G,, 0 .
G.0 .
G,0 .
G.0 .
G.0 .
G.0 .
Rer.-ut.
Rev.-ut.

18.2
U2.0

Jan.
Feb.
Feb.
Feb.
Feb.

27.0
12.3

16.0

Feb. 13
Feb. 28
Indefinite
Indefinite
Indefinite
Indefinite

1*5.0

Jan. 25

25.0
12.7
30.0

10.0

1*6.0
1*0.0

31
6
6 ^
7
13

*—Included i n t a b l e f o r f i r s t time.
1 / Includes co iporate and other i s s u e s of $25 m i l l i o n and overj State and
l o c a l government i s s u e s of $10 m i l l i o n and over.
2 / Includes f o r e i g n government and i n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal a g e n c i e s .
Note.—Deletions f o r reasons other than s a l e of i s s u e : None.