Full text of H.16 Capital Market Developments : January 29, 1962

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Not f o r P u b l i c a t i o n DECONTROLLED AFTER SIX MONTHS
January 29, 1962

innr
1

10-9

( CAPITAL MA
jDKVET, QPMF.toT s
"DTTHE UNITED STATES

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 o b t a i n new c a p i t a l was in v e r y
s u b s t a n t i a l volume l a s t week but i s expected t o be q u i t e l i g h t t h i s week.
During t h e week ending J a n u a r y 26, t h r e e 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 $85 m i l l i o n were o f f e r e d and f o u r S t a t e and l o c a l government
u n i t s s o l d bonds a g g r e g a t i n g $314 m i l l i o n , i n c l u d i n g $180 m i l l i o n sold via
n e g o t i a t i o n by the Massachusetts Turnpike A u t h o r i t y f o r which f u l l d e t a i l s
a r e not a v a i l a b l e . The Tennessee Valley A u t h o r i t y and t h e 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 a l s o s o l d bonds f o r $l£ m i l l i o n and
$100 m i l l i o n , r e s p e c t i v e l y . This > e e k , ending 'February 2 , no 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 a r e scheduled and only two S t a t e and l o c a l i s s u e s w i t h par
v a l u e of $32 m i l l i o n a r e on t h e c a l e n d a r .
The F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n and the Government of
A u s t r a l i a a l s o s o l d $200 m i l l i o n and $30 m i l l i o n , r e s p e c t i v e l y , in bonds
t o r e f u n d o u t s t a n d i n g l o n g - t e r m s e c u r i t i e s l a s t week.
Bond y i e l d s . Y i e l d s on A a a - r a t e d S t a t e and l o c a l government bonds
continued t h e i r d e c l i n e l a s t week, d e c r e a s i n g 2 more b a s i s p o i n t s t o 3.17
p e r c e n t , l l ; b a s i s p o i n t s below t h e i r l e v e l a t t h e end of 1961, and y i e l d s
on Baa-rat 3d i s s u e s d e c l i n e d 4 b a s i s p o i n t s to 3 . 9 6 p e r c e n t , 8 b a s i s
p o i n t s below t h e i r l e v e l a t t h e end of l a s t y e a r . Y i e l d s on A a a - r a t e d
c o r p o r a t e bonds d e c l i n e d a s i n g l e b a s i s p o i n t w h i l e t h o s e on l o n g - t e r m
U. S. Government bonds and B a a - r a t e d c o r p o r a t e bonds were unchanged.
The average 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 week,
a d j u s t e d to an Aaa b a s i s , was luitf) p e r c e n t , or 10 b a s i s p o i n t s below ;
t h e average f o r t h e week ending January 12, the most r e c e n t week any such
bonds were o f f e r e d . 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 28 b a s i s p o i n t s
below t h e 1961 high and 19 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 intermedia t e - t e r m i n t e r e s t r a t e s . Yields on 3-month
and 6-month Treasury b i l l s d e c l i n e d f o r t h e second c o n s e c u t i v e week,
d e c r e a s i n g 6 and one b a s i s p o i n t s , r e s p e c t i v e l y , w h i l e y i e l d s on i n t e r m e d i a t e term U. S. Government o b l i g a t i o n s d e c l i n e d 2 b a s i s p o i n t s . The average
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 d e c l i n e d 8 b a s i s p o i n t s from t h e r e v i s e d average of t h e p r e v i o u s
weekj one company lowered i t s r a t e from 3 - 1 / 8 t o 3 p e r c e n t on t h i s m a t u r i t y
January 19 and by the middle of l a s t week a l l f i n a n c e companies were quoting
t h i s r a t e . The Federal f u n d s r a t e d e c l i n e d 130 b a s i s p o i n t s t o 1 . 2 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 r m i n t e r e s t r a t e s were unchanged.
FNMA secondary market o p e r a t i o n s . Purchases of mortgages i n t h e
secondary market by the f e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n t o t a l e d $107
m i l l i o n i n December. While down somewhat from t h e advanced November l e v e l ,
t h i s was more than t w i c e a s high a s t h e l e v e l a y e a r e a r l i e r when p u r c h a s e s




were s t i l l d e c l i n i n g . O f f e r i n g s of m o r t g a g e s , which had t u r n e d down i n
November, dropped f u r t h e r — t o $120 m i l l i o n — i n December. S a l e s c o n t i n u e d
low.
Stock p r i c e s . Common stock p r i c e s , a s measured by S t a n d a r d
and P o o r ' s composite i n d e x of $00 s t o c k s , c o n t i n u e d t h e i r moderate
d e c l i n e of t h e p a s t s e v e r a l weeks, d e c r e a s i n g one p e r c e n t t o c l o s e a t
6 8 . 1 3 on J a n u a r y 26. T r a d i n g volume was m o d e r a t e l y heavy, a v e r a g i n g
3 . 6 m i l l i o n s h a r e s a d a y , unchanged from t h e p r e v i o u s week.
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 Research 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.




iX
EimilT A
LONG-TERM

BOND

YIELDS

Weekly
HIGH-GRADE

r\* \

I
"Vx/




Exhibit B - Tables f o r Exhibit A

-5-

Long-ten* Bond Yields
High-grade
Date

Corporate
Aaa \ f

1951* - Low
1957 - High
1958 - Low
1959-60 - High
I960 - Low
1961 - High
Low

2 . 8 5 (4/23)
4.11* (9/27)

3.55 (5/2)
L 6 l (1/29/60)
U. 23 (9/9)
U.I16 (9/15)
It. 21 (3/17)

Dec.
Jan.
Jan.
Jan.
^Jan .

It.ltZf
it.l*2 v
i*. l a . /

State and
local
government
Aaa 3/

0. S. Govt.
long-tem 2 /
(per cent)

29
5
12
19
26 g /

ii.a

2.1*5 (e/6)
3.76 (IVIB)

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

1.90 (9/2)

1*.1*2 (l/fl/60)
3.75 (Vs)
It.07 (12/29)
3.70 (5/12)

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

.30
.50
.22
.59
.19
.57
.31*

It.07
U.06
U.08
L08
U.08

3.31
3.26
3.22
3.19
3.17

.36
.37
.31*
.-3lt
.33

3.1*5 (4/29)

2.61* (BA)

3 . 0 7 (4/25)

3.65

(9/24/89)

.30
.50
.31*
.92
.53
.76
.1*6
.76
.80
.86
.89
.91

Lower-grade
Date

Corporate
Baa 1/

State and
local govt.
Baa y

Spread between
Aaa' and Baa
State and
Corporate
local govt.

(per cent)
195U - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
. 1961 - High
Low
Dec.
Jan.
Jan.
Jan.
/Jan.

29
5
12
19
26 2 /

e/ Prelislwry.
V Weekly nvsrags ef
1 / Weekly average ef
2 / Thursday f i g u r e s .
Note.—Highs and lows

3.1*1* (Xt/Ji)
5.10 (n/2»)
L51 (7/li)
5.36 (t/it/m)
h.98 (9/9)
5.13 (10/27) •
5.00 CV21)
5.10

sS
k%y

2.93 (tfr)
It. 51 (4/29)
3.61* (BA)

1*.1*6 (1/7/60)
3 . 9 8 (1^29)

.52
1.27
.7 7
,81

.71

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

.81

It.Olt
luOJi.

.66
.68

t S

3.96

-

•93

X

:SI

.66

:S"
.67

daily figures* Iverage t e r e ef beeda iwluded i s -29*26 yenre.
dally figure*. The aerie* lnoludee bends due or callable i n 10 year* ef mere.
Only generel obitj e t t o n bends are Ineludedj average tens i s 20 yeare.
are far Individual series and nay be en differs** dates for d i f f e r e n t s e r i e s ,
|h refer* t e widsst, and lsw t o m r r e m s t *




.96

1.21

1.81.

.79

^0

SHORT-

AND

INTERMEDIATE-

TERM

INTEREST RATES

GOVERNMENT

3 5 m> lss ul:
mis
M a r k e

J ' l

A

x

\/r*

•

_

/
y\i

f. *. DISCOUNT e*TL

| L V y

M

/r

V 3 - MONTH B
Market Yie

1
BANKS

AND

OTHER

PRIVATE

BORROWERS

Weekly

c m IOAW$
I.*-' Going Rate

iietlly .Placed
3 - 6 . M«n<h




FiDEIAl FUNDS

Exhibit D - Tables f o r Exhibit C
S h o r t - and Intermediate-Sena I n t e r e s t Kates
.
Discount
rate

Date

- 1 L
1 9 5 4 - Low
1957 - High
^ 1 9 5 9 - Low
| 1959-60 - High
* i 9 6 0 - Low
j 1961 - High
Low
Dec.
• Jan.
iJan.
y.-m.
Jan.

29
5
12
19
26 2 /

3-month
b i l l s 2/

l.*>
3.50
1.75
Loo
3.00
3.00
3.00

.61
3.61*
.58
4.59
2,11
2.66
2.17

3.00
3.00
3.00
3.00
3.00

2.66
2.72
2.78
2.73
2.67/

(6/11)
(10/I8)
( 5/29)
(1/8/60)
(10/28)
(12/29)
(1/27)

Government

Yields
6-month
b i l l s 2/

mm mm

3.02
5.07
2.38
•2.90
2.35

(12/26)
d/»/6o)
(12/30)
(12/29)
(4/28)

2.90
2.96
3.02
2.90
2.89

y

S p r e a d b e t w e e n y i e l d s on
3-month b i l l s a n d y i e l d s on
6-mo. b i l l s I 3 - 5 y r . i s s u e s

3-5 year
issues 2/

1 . 6 6 (4/30)
4 . 0 4 (10/I8)
2 . 1 k (6/6)
5 . 0 0 (12/24/89)
3 . 4 0 (12/30)
3.86(8/11)
3.15 (5/12)
3.81
3.79
3.83
3.87
3.85

.26
.79
.16
.44
.12

.66
.86
,04
1.81
.38
1.51
.92

i .24
.2h
.24
.17
.22

1.20
•1.071.05
1.14
1.18

Banks an#, Other, P r i v a t e Borrowers
Stock Exchange
c a l l loan 1/

Il a t e

;

Prime
r a t e 1/

F i n a n c e company
paper ] /

Federal
funds 4/

Spread between
3-roo. b i l l s a n d
finance co. paper

(per cent)

i 1 9 5 4 - Low
11957 = High
U 9 5 8 - Low
i 1 9 5 9 - 5 0 - High.
- I 9 6 0 - Low
1961 - High .
Low
L

3.00
tl,50
3.50
5.5o
4.50
4.50
4.5b

3.00
4.50
3.50
5.00
4.50
4.50
4.50

1.25
3.88
1M3
5:. 1 3
2. 88
3.00
2.50

' D e c . 29
Jan. 5
J a n . 12
J a n . 19
i J a n . 26

4.5b
4.5o
4.5b
4.50
4.50

4.50
4.5b
4.50
4.50
4.50

3.00
3.00
3.09
r/3.11
3.03.

JD/

1

.

(12/31)
(11/15)
(e/a)
(1/22/60)
(12/30)
(12/29)
(7/28)
.

r.,a.
3.50
.13
4.00
.95
2.88
.43
2.88
2.63
1.85
2.55
1.25

(11/8)
(5/29)
(5/13/60)
X12/2)
(12/29)
(1/27)

0
.63
-.35
1.02
.22
.56 •
.11
.34
.28
.31
1/.38
.36

' •

1/ Weekly rat* show* liitllat In e f f e c t at end of period,Dleoouat rate l a for Inderal Re*#rve Baric of New York.
Stook Kxehortge call l6atvf»te l i going rate on eell loans secured by eustemsrs' •took exchange t r i l a t e r a l a t
Neif York City banks, hrlae rate 1# that oharged by large bank# on Aort-term loans .to business borrowers of
the hlgheui oredlt frtaedlng.
V Market yloldj weekly averages eomputed from dally oloalng bid prices. Series of 3-5 year lssuss eoaslsts of
selected notea and bonds,
1
y Average of dally rates published by finance eon ponies for dlreotly planed paper for varying n a t i r l t l e o In the
90-179 day rapge.
i/ Weekly average of dally effective r a t e , which I s ths rate for the heaviest volume of purchase and sale transactions
as reported to the Federal Reserve Batik of New York.
'
,
Mot*•••Highs and lows are f o r Individual osrles and may bo on different dates for different dates for different surlee.
Iter spreads, high r e f e r s to widest, and le# to narrowest.




STOCK

MARKET

FEDERAL 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
SECONDARY
Monthly

MARKET O P E R A T I O N S




Million, ol dollars

VT

Exhibit F - Tables f o r Exhibit £

-9-

Stock Market
Trading
Common
volume
stock
yields 2/ (millions
( p e r c e n t ) of shares)

Stock p r i c e
index 1 /

Date

1957-60 - High
Low
1961 - High
Low

60.51
39.U8
72.0it
58.W

November
December
J a n . 12
J a n . 19 J a n . 26 5 /

71.07
71.7k
69.61
68.75
68.13

(7/31/59)
(12/2Q/57)
(12/8)
(1/6)
«

2.82
2.8it
2.9U
2.98
3.01

l t , 7 6 U (4/58) 3 , l X ) l (4/69) 1 , 3 7 3 (5/59)
3,55*1 (1/58) 2 ; 1 8 2 <312/57) 1 , 0 6 0 (11/5?)
5,
tf0(iy6l)it,
lia(ll/6l)ls377(8/30)
it,it2it(l/6l) 3,253(1/61) 1,161(3/8)

it.9
l.it
5.8
2.7

3.08
it. 72
2.82
3.32

.

Stock market customer c r e d i t
Customers1
Bank
debit balloans to
ances it/
"others" 5 /
( I n m i l l i o n s of d o l l a r s )

Total

5,1+60

it.it
it.l
3.7
3.6
3.6

lt,l&
i t , 259
n.a.
n.a.
n.a.

5,602
n.a.
n.a.
n.a.

1,319
1,343

ys

n.a.

n.a.—Not available.
JJ/ P w l J r i i n r y ,
1 / Standard and Poor's composite Index of 500 oesaaon steeds, weekly slostng prices, 1941-43»10. Monthly date arc
averages of dally figures rather than of ftidcy's only. Highii and lone arai for M d a y s 6 data only.
2/ Standard and Poor's oeapoelte stock *leld based on Wednesday data oomertid t o weekly closing prions by federal
Reserve. Yields shorn are for dates on which prloc itndex reached It6. high cr low.
3 / Averages of . dally trading voltoe on .the New York Stock Bcchange.
4 / End of month figures f o r member ?iiw* of the New York Stock Bcehange which oasvy margin accounts! exclude* b»lenees
secured by V. S. Oovtrroent obligations.
6f Wednesday figures f o r weekly reporting nember banks. Excludes loans for purchasing or carry!eg 0 o S. 0overmen*
s e c u r i t i e s . Prior to July l t 1959, such loses are excluded only a t banks i n Mow York and Chicago. Weekly reporting
banks account for about 70 per oont of leans to others. For ftirtfcer detail see Bulletin.
F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n Secondary Market Operations 3 /
E s t i m a t e d O f f e r i n g s t o FNMA
Immediate I Standby
Total
p u r c h a s e {commitment
( I n m i l l i o n s o f do:
1960 - Dec.
1961 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

53.3
50.1
36.3
33,7

26.it

35.0
it7.9
75.7

111.2

122.9
15.U.2
litl.it

120.0

51.b
ItB.l
33.7

29.6

2lt.O
32.2
it6.9
73.9

108.0
119.3
150.9
138.5
117.7

1.9

2.1
2.6

ft

2.8
1.0
1.7

J:S
3.3
2.9
2.3

Purchases
by
m\k
ars)
it5.5
ill.2
33.7
31-6

21.8

S:l

2it.it
52.7
60.it
92.it
112.3
106.7

'

Sales
by
FNMA .
23.3
26.2
70.7
U5.it

165.6
101.it

I I
10.5:

1.8

1:1

• » U s s than $50,000,

V

• u s t usually deliver within one year. Purchases Include those under both immediate purchases and
standby oowdtment contraets. Data exclude N t t activity under Special Assistance and Management


and VlquldiUag Programs.


Exhibit G
Y i e l d s on New Corporate Bond I s s u e s A d j u s t e d 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 (millions
cent)
of d o l l a r s )
Monthly a v e r a g e s :
1961 - January
February
March •
April
May
June
July
August
September
October
November
December
Weekly a v e r a g e s :
1961 - January 6
13
20
27
February 3
10
17
2h
March 3
10
17
2k
31
April 7
111
21
28
May 5
12
19 .
26 ~

3
6
M
12
15
18
1*
1*
2
7
9
3

1
1 .
' 1
1
2
3

•

29.0
97.8
108.0
563.0
1*51.0
701,5
273.0
115.0
78.8
200.0
229.0
115.0

10.0
7.0
12.0
6.8
i'S.O
1*3.0

1*

108.0

3
3
2
1*
3
1
6
5

90.0
82.0
312.0
79.0
165.0
30.0
91.0
165.0

.

It. 35 June 2
1*. 31
9
16
I4.26
U.U2
23
It. 51
30
It. 65 J u l y 7
It. 62
lit
21
It. 59
28
lt.36
It. 26 August 1*
lt.32
11
It. 39
18
25
September 1
8
U.bB
15
22
It. 1*0
It. 27
29
It. 61* October 6
lt.32
13
20
It. 27
27
November 3
10
17
It. 26
21*
December 1
It. 28
8
It.ltO
15
1*.1*2
22
li.51i
29
It. 1*9 1962
l*.lt7 January $
12
it. 1*7
It. 55'
S

Amount
Average
( Number
of i s s u e s
yield
iof i s s u e s i n c l u d e d
(per
included ( m i l l i o n s
cent)
Iof d o l l a r s )
3
It
6
3
2

60.0
307.0
137.0
130.0
67.5

L66
1*.68
1*.68
lt.56
1*.58

1
1
2
2
1
1

8,0
200.0
65.0
55.0
20.0
1*0.0

1*.60 :
L61* |
1*.1*6
lj.51* /
4.73* :*
L60 f

—

——

1

18.0

Cl*6 ;

1
2

60.8
lt5.o

i*.36;

2
3
3

60.0
95.0
lt5.o

~i
1
1
2
1

9lt.O
60.0
30.0
75.0
, 1*0.0

1

60.0

3

70.0

i 2 5
l*.2i V
1*. 28 ,
1*.21
1*.29
tto [
it. 29
ti.55*?'
L
V
it.so ;•
— ' t
it.ito ;

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 , 1
o f f e r i n g s of n a t u r a l g a s 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 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 ' o n Aa- and A - r a t e d bonds a r e f i r s t
a d j u s t e d t o an Aaa b a s i s , u s i n g the comparable spreads i n y i e l d s on seasoned bonds (Moocfor1 .
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 c o n s i d e r e d u n u s u a l l y 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 the small, number or s p e c i a l
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 included e t c . a r e marked with an a s t e r i s k .




Exhibit H
Long-term C o r p o r a t e and 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 and Placements
( I n m i l l i o n s of d o l l a r s )

January
February
March

New c a p i t a l

Corporate 1 /
1 1961
1

1962
e/600

S

580
66?
562

860

700
611
568

720
61*1
1,085

719
51*5
991

2/1*76
2/601
2/701

1*92
606
683

e/600
e/800
a/55o

348
503.
1*91

2,115
2,382
2,1*28
2,698

2,168
2,1*1*6
2/1,777
e/1,950

1,880
2,256
1,780
1,3U0

U,527

1*,613

1,318

761
577
i,ou*

July
August
September

1,028
762
617

736
967
726

e/1,033

890
956
852

•

1st
2nd
3rd
lith

0 $

quarter
quarter
quarter
quarter
6,501*
, 8,91*1
E/U*735

1 s t half
Three q u a r t e r s
Year
-

1st
2nd
3rd
l*th
Year
e/
1/
2/
J/

9

6

;«3

Excluding f i n a n c e companies 3 /

quarter
quarter
quarter
quarter

e/650

715
689
763

April
May
June

October
November
December

S t a t e and l o c a l 2 /
1962
1 1961
1 I960

I960

-

$:S

»
7,257

-

1,716
2,165
2,018
2,3U7
£/ll,235

8,21*

Estimated.
S e c u r i t i e s and Exchange Commission e s t i m a t e s of n e t p r o c e e d s ,
Investment Bankers A s s o c i a t i o n of America e s t i m a t e s of p r i n c i p a l amounts..
T o t a l new c a p i t a l i s s u e s e x c l u d i n g o f f e r i n g s of s a l e s and consumer f i n a n c e
companies.




Exhibit I
New Coiporate 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 )
Gross proceeds f o r new
Net proceeds f o r
c a p i t a l and r e f u n d i n g 1 /
new c a p i t a l 1 / 2 /
Bonds
Common
T o t a l P u b l i c l y P r i v a t e l y and
Mfg. P u b l i c Communi- Other
pfd.
u t i l i t y cations • issuers
offered
offered
stk.

Quarter
or
month

I960 - I
II
HI
IV

,

1961 - I
'
II
IH
z
IV 2 /

2,26$
2,537
2,520
2,832

93ll
1,071
1,336
1,1*62

.

1,992
5,352
2,566
2,981*

662
2,303
772
939

880
1,275
1,139
1,191*

601
695
696
2,231
1,3142
1,779
1,075
813
678
1,101
925
958

178
273
211
713
666
921*
1*21*
225
123
336
1*13
190

291*
255
331
31*8
355
572
392
1*11
336
1*58
281*
1*52

795
770
751*
955

536
692
.1*29
1*16

298
511
562
625

1*1*9
515
1,771* 1,1*66
651*
935
851
607

.

598
808
652
696

189
1149
317
381

1,059
913
896
997

381
1,081
595
781*

• 81
1,095
101*
121

832
1,052
803
1,083

137
160
81*
251*
1*39
389
369
215
111
282
352
150

21
la
19
991*
85
16
16
13
75
25
71
25

253
368
211
297
289
1*67
315
279
209
1*31*
259'
390

"l962 - I
II
III
IV
1961 - Jan. .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep t.
Oct.
Nov. g /
Dec. 2 /

129
167
151*
1,170
320
283
259
177
218
308
228
315

169
99
21*8
571*
1*1*7
1*1*6
1*28
255
252
293
202
312

1962 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
jjjT P r e l i m i n a i y .
e j Estimated.
TJ Gross proceeds exceed n e t proceeds
by t h e c o s t of f l o t a t i o n .
2 / For t o t a l see Exhibit H; o t h e r 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 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
Digitizedcommercial
for FRASER
Source. — S e c u r i t i e s and Exchange Commission.
and o t h e r .



-13-.

Exhibit J
Other Security Offerings
( I n m i l l i o n s of d o l l a r s )
Gross long-term 1/
F e d e r a l agency
Foreign government 2/
1SSL
1961
|
I960
|
19^F"
l950~

6

29

2

20

175
70

2

31*

29

Zo

66
5
2

ie

'25
1

81
60
2

252

s

100
11*9
278

11*8

250

199

58

85
1

36

35

193

3k
2
41

33
30
70

225

533

517

±

W

182
150
150

199
175

351*

98
150

160
11*9
181

86

1,672

707

Net s h o r t - t e r m k /
-s *""""
S t a t e and l o c a l government 5 / 1
Federal agency 3/

-196

160

58

181

-11*1*
-162

-8

11*0
-80

-171*

-59

-103

70

-79
-87
207

-277
170 :

193
108

195

-1*

-155

-157

197
-25
-197

8
-86

1*15
-175

57
392
131

-6

-16

-81

-1*2

2/
1/

-11*6

50
-189

-176
-117

18

362

22

98
56

-82

-202

%

320

368
286

95
23

133

-201' -

362
79

: 8
-250

280
21*0
1*1*

*633

1,969

Preliminary,
These data d i f f e r from those i n Exhibit 0 i n that refunding i s s u e * , a s Well a s new c a p i t a l i s s u e s , are included.
Long-tern s e c u r i t i e s are defined a s these maturing i n wore than one y e a r . .
2 / Includes s s o 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 government# and t h e i r subdivisions and by i n t e r national o r g a n i z a t i o n s . Sourcet S e c u r i t i e s and Bit change Commission.
3 / I s s u e s not guaranteed by the U. S. Government, Source* long-term, S e c u r i t i e s and Exchange Commission; s h o r t term , Treasury Department and federal He s e r v e .
4 / These data d i f f e r from those im Exhibit 0 and above i n t h a t they represent new o f f e r i n g s l e t s r e t i r e m e n t s , whether
from t h e proceeds of refunding i s s u e s or f r e e other funds, frta include only i s s u e s with o r i g i n a l maturity of one
year or l e s s ,
5 / Priweipally t a x and bond a n t i c i p a t i o n n o t e s , warrants or c e r t i f i c a t e s and Public Housing Authority n o t e s , Im
some instances PHA notes included may have a somewhat longer term than one y e a r . Source 1 Bond Buyer and
Federal Reserve.




iixhibit K

-11*-

Large Long-term P u b l i c S e c u r i t y I s s u e s l o r Mew C a p i t a l
(Other than U. S. Treasury) 1 /
Proceeds of Large I s s u e s Offered
(In m i l l i o n s of d o l l a r s )

Month

i960 - December
1961 - January
February
March
April
May
June
July
August
September
October
. November
December.

Total

Corporate
Bonds
" ( o t h e r than C o n v e r t i b l e
bonds
convertibles)

260
1U7
267
70
1,572
557
532
1*75
185
168
351*
391
255

235
106.
230
25
560
1*80
1*35
265'
165
78
205
320
125

__

1*0
15
75
•

33
67
26

State
and
local
government

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

Other 2 / .

222
391
360
1*05
383
256
616
179
281
1*35
326
1*60
307

99
67
25
151
100
73
1*0
250

Large I n d i v i d u a l I s s u e s O f f e r e d January 1 through 26

%'pe

2J

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

CORPORATE
New York Telephone Co.
Ref.mtg.bds.
60.0
2002
Nat. Gas P i p e l i n e Co. of
America
1st m t g . p . l . b d s . 3 0 . 0 1982
G a r r e t t Corp.
Deb.
20. A982
Southern C a l i f . Edison Co
Com. s t k .
25.1*Shamrock O i l & Gas Corp.
S . F . deb.
25.0 1987
W. T. Grant Co.
S.F. deb.
35.0 1987

Rating

4-5/8

l*.5o

l*-5/8
5-1/1*

1*.63
5.25

Aaa
Baa

i*—5/8
l*-3/l*

1*.69
i*.75

A
A

STATE AND LOCAL GOVERNMENT
Commonwealth of Puerto R i o G.O.
P o r t of N.Y. A u t h . , N.Y.
Rev.
Puerto Rico Indus.Develop.
Rev.
E a s t Bay Mun. U t i l . ULst.,
California
G.O.
San J o s e , C a l i f .
G.O.
S t a t e of New York
G.O.
S t a t e of Washington
Rev.-S.T.




25.0
25.0
15.0

1963-81*
1992
1963-82

30.0 1963-97
20.0 1963-82
3 3 . 1 1963-2012
22.6 1962-81

3.15
3.62
n.a.

1.85-4.00 A
3.58 y k
1*.00-1*.1*(T —

3.31

1.70-3.90
1.70-3.30

3.08

3.39
3.18

Aa
A

1.65-3.1^/3,

1.70-3.1j0^A

K-2

—15—

Large I n d i v i d u a l I s s u e s O f f e r e d J a n u a r y 1 t h r o u g h 26 ( C o n t ' d )

Issuer

iype y

Coupon
Amount
r a t e or
Offering
(millions
Maturity
net i n t e r - yield
of
dollars)
est cost 1

Rating

STATE AND LOCAL GOVERNMENT
(Cont'd)
A s c e n s i o n - S t . James Bridge
and F e r r y Auth.
Montgomery Co., Maryland
Mass. Turnpike Auth.
Georgia Rural Rbads Auth.
S t a t e of C a l i f o r n i a
Kansas C i t y , Mo.

Rev.-Ut.
G.O.
Rev.-Ut.
Rev. - U t .
Rev. - S . T .
G.O.
Rev.—Ut.

30.8
13.2
100.0
80.0
15.6
100.0
18.5

Bonds
Bonds

100.0
1*5.0

2001
1963-87
2002
2002
1963-bv
1964-88
1963-92

4.52
3.25
3.38
3.18
3.30

4.50
1.75-4.50 A
n.a.
, n.a.
' 1.75-3.50, A
1 . 9 0 - 3 . 4 0 ^ Aa
1.75-3.50 A

OTHER
I n t ' l Bank f o r Reconstruct i o n and Development
Tenn. Valley Auth.

1/
2/
y

4/
5j
6/
7/

1982
1987

4-1/2
4-1/2

4.50
4.50

Aaa
Aaa

Eights 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 $15 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 $10 m i l l i o n and over.
.
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 .
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. d e n o t e s g e n e r a l
o b l i g a t i o n s 5 R e v . - U t . , 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 ; R e v . - Q . U t . , revenue bonds secured only by revenue from
q u a s i - u t i l i t i e s ; R e v . - S . T . , revenue bonds s e c u r e d only by revenue from s p e c i f i c
t a x e s ; R e v . - R e n t . , revenue bonds s e c u r e d s o l e l y by l e a s e payments.
P r i v a t e l y p l a c e d with i n s t i t u t i o n s .
$7.3 m i l l i o n of bonds maturing 1967-61 n o t r e o f f e r e d .
An a d d i t i o n a l $L9 m i l l i o n was s o l d t o r e f u n d p r e f e r r e d s t o c k .
0 . 1 p e r c e n t bonds maturing 1988 r e o f f e r e d t o y i e l d 4.50 p e r c e n t .




-

* "

&

-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
During month following
date shown
State and
Corporate local govt. Other 2/

Date of
computation

91
110
55
1,580
51*2
1*87
521
170
175
358
31*6
356 .
161

I960 - Dec. 30
1961 - Jan. 31
Feb. 28
Mar. 31
Apr. 28
Hay 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 29

1*12
181
307
55?
236
1*31
195
1*06
399
251
597
295
223

15
75
73
35

Subsequent to
date shown
State and
Corporate local govt. Other 2 /
1,036
1,01*6
1,125
1,700
687
611
666
255
2I4O
501*
1*11
1*21
591 .

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

15
75
73
35

Forthcoming Large Offerings, as of January 26
Issuer
CORPORATE
Western Union Telegraph Co.
American Tel. & Tel. Co.
Duke Power Co.
Consolidated Natural Gas Co.
Stokely-Van Camp Inc.
Commerce Oil Refining Corp.

Type

Amount
Approximate date
(millions
of offering
of dollars)

S.F. deb.
Deb.
1st mtg. bds.
S.F. deb.
Conv. sub. deb.
Deb., bds. & com.

50.0
300.0
50.0
25.0
15.0
1*5.0

Feb. 7
Feb. 15
Feb. 21 .
Feb. 28
Feb.
Indefinite.

STATE AND LOCAL GOVERNMENT
Los Angeles, California
State of Delaware
State of New Jersey
State of Michigan
St. Louis, Mo.
"Public Housing Auth.
Los Angeles School D i s t . , C a l i f .
City and County of San Francisco,
California
•Philadelphia School Dist., Pa.
*State of Oregon
*New York City, N. Y.
^Maryland State Roads Commission
Digitized^Delaware
for FRASER
State highway Dept.



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

11*. 0
18.2
lj2.0
25.0
12.7
79.6
30.0

Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.

31
31
6
6
7
7
13

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

27.3
12.0
28.9
89.1*
78.0
26.0

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

13 .
13
H*
15
20
20

L-2

-17-

Forthcoming Large O f f e r i n g s , a s of J a n u a r y 26 ( C o n t ' d )
Issuer

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 )
S t a t e of T e n n e s s e e
O r l e a n s P a r i d i Sch. D i s t . , L a .
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 .
Los Angeles Dept. of Wtr. & P w r . ,
California

G.O.
G.O.
G.O.
Rev. - U t .

12.3
10.0
U6.0
liO.O

Feb. 28
Indefinite
Indefinite
Indefin ite

Rev. - U t .

16.0

Indefinite

OTHER
None
^--Included in t a b l e f o r f i r s t time.
1 / 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 $15 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 : None.