Full text of H.16 Capital Market Developments : July 20, 1964

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Not for Publication DECOMTBOLLED ^

s n

M T H S

LIBRARY

July 20, 1964.

.fITAL MARKET DEVELOPMENTS
:S:RVZ BAT% N THE UNITED STATES
Security financing. Public security financing coming to
mark'et tnis week will be unusually large, totaling more than $500
million. Most of this volume is accounted for by large municipal
issues—including $123 million of New York City and $100 million of
State of California bonds, offer. ' for competitive bidding, and
$71 million of New York State Housing Finance Agency bonds on which
terms will be negotiated. In addition a $60 million negotiated
issue of debentures is being offered by the Marine Midland Corporation
(bank holding company).
Long-Term Public Security Offerings 1/
(In millions of dollars)

Week
Ending

Corporate
New Capital 1 Refunding

State and local govt.
New Capital | Refunding

Sold:
July 10
July 17

191 r/
17 r/

120 r/
223

115

400

- --

Scheduled:
July 24

1/ Federal Reserve estimates based on published reports of issues sold
and scheduled for offering; corporate rights offerings are included
as of the date subscription rights expire, r/ Revised.
Security yields. Changes in yields on high-grade securities
showed mixed changes last week. While some long-term yield series
rose slightly, yields on 3-month Treasury bills and on 3-5 year
Government issues fell to their lowest levels since late last year.
These divergent yield changes apparently reflected the impact of
maturity shifts stemming from the Treasury's advance refunding.
Yields in Securities Markets
Level latest week
(per cent)

Change from
preceding week
(basis points)

High-Grade
Notes and Bonds
Corporate
Seasoned

4.41

Long-term

4.13
3.98

State and local govt.



3.07

+ 1
- 1

H. 14
Yields in Securities Markets (Cont'd)

Level latest week
(per cent)

Change from
preceding w e e k
(basis points)

High-Grade
Notes and Bonds
Money Market
Federal Funds
Treasury bills
3-month
6-month
Finance Company Paper

3.50
3.43
3.55
3.81

- 5
+ 2
- 5

Private housing starts and permits. Private housing starts
which had declined appreciably in the previous two months rose 5 per
cent in June, to a seasonally adjusted annual rate of 1,577 thousand,
including farm. The rate in June about matched the year-earlier
rate and was 15 per cent below the peak last October.
The June advance brought the second quarter average to
1,536 thousand, 8 per cent below the advanced first quarter rate and
4 per cent under the second quarter of 1963.
Government underwritten starts accounted for 16 per cent
of total starts in June. This compared with 18 per cent a year
earlier and 23 per cent as recently as two years ago.
Building permits also rose by 5 per cent in June, but
w e r e still 8 per cent below their recent high in December. Permits
on structures of 5-or-more units, which had declined sharply in
recent months, accounted for most of the gain.
Stock market credit. Total customer credit in the stock
market eased off $45 million further during June to $7.2 billion at
month-end. A $66 million decline in customers' net debit balances
(except on U. S. Government securities) was only partly offset by
a $21 million increase in bank loans to others than brokers or
dealers
for purchasing or catrying securities other than Governments.
Money borrowed by member firms of the New York Stock
Exchange on customers' collateral dropped $102 million in June,
but customers' net free credit balances inched up $8 million. More
detailed information on stock market credit in recent months is shown
in the table on the following page.




H. 14
-3STOCK MARKET CREDIT
(In millions of dollars)

Total,
except on
U.S. Govt,
securities

Outstanding!
1955-56 High
1957-58 Low
1959
1960
1961
1962
1963

-

High
Low
High
Low
High

4,047
(5/56)
3,554
(1/58)
4,764(4)
4,142(5)
5,602(12)
4,876(7)
7,298 (11)

1963 - Dec. 1/| 7,241
7,241
1964 - June
Changes in
Outstanding:
1963 - June
July
Aug.
Sept
Oot.
- •
Nov.1/
Dec.1/
1964 - Jan.l/
Feb.
Mar.
Apr.
Hay

Customer credit
Net debit
balances
with NYSE
member fine
secured
bv
U.S.
Govt. Other
sec. sec.

28

2,823
(12/56)
2,482
(12/57)
3,401(4)
3,004(7)
4,259(12)
3,562(7)
5,586 (11)

Broker and Dealer credit
Bank loans
to others•than
brokers and
dealers for
purchasing
and carrying
U.S.
Other
sec.
48

21

1,255
(4/56)

1,060

U.S.
Other sec
Govt. Cust. Other
sec. coll. I coll.
113

1,873

430

42

1,344

188

2,044

318
237
385
235

140

(11/57)
1,373(5)
1,121(5)
1,377(8)
1,269(9)
1,727 (12)

26 -5,514

140

1,727

32

1,859

30
94

168
95
77
23
41

169
133
132

7,232

18

5,373

94

191
91
149
311
209
118
-56
8
-130
21
173
-37
-45

8
-7
-2
18
-12
5
-8
-4
-1

161
-3
139
282
179
91
-71
9
-140
-18
144
-71
-66

29
-23
6
-1
-3
7
50
-32
-11

-2
-1

4
-5
-2

/

1 0

29
30
27
15
-1
10
39
29
34
21

Custoeee
net
free
.credit
balances

Money
borrowed

252
139
101

28

1,801
2,572
1,856
3,892

1,069
(V55)
807
(4/57)
1,257(3)
940(4)
1,508(4)
1,091(9)

597

1,211(11)

347

3,852
3,766

597
318

I .210
1,,146

11
-15
-6
46
-36
-5
4
9
-8
-15
-1
96
234

183
26
108
125
121
179
-40
-57
-57
-92
270
-48
-102

71
-99
-11
42
-3
60
32
-182
5
72
3
-1
-176

-17
-23
-33
87
-4
35
-1
52
-63
32
-66
-27
8

69

Note: With the exception of bank loan data, figures are reported to the New York Stock Exchange by member firms carrying margin accounts. Bank loans to others than brokers and
dealers for purchasing and carrying securities are for weekly reporting member banks. Net
debit balances and customer free credit balances are as of the end of the month; bank loans
and money borrowed are reported for the last Wednesday of the month. Numbers in parenthesis
denote month of year.
1./ November 1963 data on customers' net debit balances do not include accounts carried by
a large former member firm in liquidation; most of these accounts have been transferred to
other member firms and are reported in their debit figures from the month received (some in
December, more in January 1964). Debit balance totals for the period from October 1963
through January 1964, therefore, are not completely comparable.




H.14

Stock prices. Common stock prices, as measured by Standard
and Poor's composite index of 500 stocks, advanced almost one per
cent further last week to close at a new high of 84.01 on July 17.
Trading volume averaged 4.7 million shares a day, down 0.4 million
shares from the average for 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.




6
LONG-TERM BOND YIELDS, H l O H - O R A D l

4.$

id'

I.I'
f\j

v

\

I HI
Exhibit A - Part II

Date

Corporate
Aaa y

U# S. Govt#
long-term 2 /

State and
local
government

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

|

(per cent)

June
June
July
July
July

19
26
3
10
17 £/

Illllllll

1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low

4.41
4.41
4.40
4.40
4.41/

f

h.k2 (1/9/60)
U.07 (12/29)
3.70(3/12)
ll«12 (2/23)
3.85(12/28)
11.16(12/27)
3.87 (a/18)
4.20(4/17)
4.11(7/3)

3.65
3.37
3.12
3.26
2.88
3.18

(9/24/59)
(7/6)

3!l6(33/26|
3.07(t/16)

4.13
4.12
4.11
4.12
4.13

3.11
3.11
3.10
3.07
3.07

(V21)

(1/4)
(11/e)
(ll/«)

1s

1.0k
.80
1.05

. 19

1:09
1.01

:S
.28
.29
.29
.28
.28

1.02
1.01
1.01
^t.05
1.06

rrwtimja»xy#
Weekly * n n g i of daily Agar##* i m m g e t e m of toads Included Is 22-24 years#
Weekly average of dally figures. The series Includes toads due or callable la 10 years <
__ Thursday figures. Only general obligation hoods are Included; average t e m Is 20 years#
Bote.—fllghs and lews are for individual series and may he on different dates for different
series. For spreads, high refers to widest^ and lew to narrowest#




EXHIBIT B. Pari 1
L O N G - T E R M B O N O YIELDS, L O W E R - G R A D E

STATE AMD 10(AI 6 0 Y H W U T

To!

Exhibit B - Part II

Corporate
Baa 1 /

State and
local govt.
Baa 3/

Spread between
A a a and.Baa
State and
Corporate
local govt.

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
- Low
1961* - High
Low
June
July
July
July
Hotel

19
26
3
10
17

e/

L92(13/21)
lt.93(3/4)
1.83(11/35)
4.87(6/26)
4.82(2/7)

U.U6(l/7/60)
U.16(3/23)
3.93(11/9)
U.Qb(a/u)
3.52(3/17)
3.63(6/27)
3.52(5/sa)
3.58(3.26)
3.51(4/16)

•7U
.63
.71
.U8
.48
.42

4.86
4.87
4.86
4.84
4.83-

3.54
3.55
3.55
3.55
3.53

.45
.46
.46
.44
.42

5.3$(?/H/60)
5.13(10/27)
5.00(4/21)

5.11(3/5):

F o r f o o t n o t e s see E x h i b i t it




.8U
.81

.66

1.08
.93
•57
.82
.56

.63
•UU
.49
.36
.43
.44
.45
.48
.46

7

E X H I B I T C, Pari 1

SHORT- AND INTERMEDIATE-TERM INTEREST RATES, GOVERNMENT

Exhibit C - Part II
Discount
rate

y

1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
1961 - High
Low
June
June
July
July
./July

19
26
3
10
17

£/

3-month
bills 2/

Yields
6-month
> bills 2/
(per cent)

3-5 year
issues 2/

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

li.OO
3.00
3.00
3.00
3.00
3.50
3.00
3.50
3.50

U. 59 (1/8/60)
07 (1/8/60) 5.00(12/24/39)
3*86(8/11)
2 .66 f 12/29) 2.90(V2»)
2.17(V27)
3.15(5/12)
2*35(4^8)
2.97(7/13) 3.13(7/20) 3.88(^2)
2.65(6/8)
2.7U(6/8)
3.1il(lV28)
3.55(11/15) 3.68(12/6) U.07(l?/27)
3.UU(Vis)
2.88(3/15) 2.93(3/8)
3»74(3/6)
4.23(3/27)
3.56(3/6)
3.43(7/17) 3.52(7/3)
3.98(7/17)

.79
.Ut
.12
.2U
.02
.17
.Olt
.21
.04

1.81
1.51
.92
1.19
.52
.70
.U2

3.50
3.50
3.50
3.50
3.50

3.49
3.47
3.48
3.48
3.43 y

.09
.06
.04
.05
.12

.55
.55
.52
.51
.55

%

3.58
3.53
3.52
3.53
3.55

4.04
4.02
4.00
3.99
3.98

.71
.48

Weekly rate shown i» that in effect at end of period at the Federal Reserve Beak of Msw Tort*
Market yield* weekly average* oonputed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes and bonds*
Note*—Sighs and lows are for individual seri.es and my be on different dates for different series*
Tor spxeads, high refers to widest, and lew to narrowest*




\

t X H I » » D. fort 1

SHORT- AND INTERMEDJATE- TERM INTEREST RATES,
BANKS AND OTHER PRIVATE BORROWERS
' W . •fcI y

>«i f t

flWAWCI COMfAllt urn I
Pir.tUy floted,
A-

Exhibit D - Part II

Date

Spread between
3-ao. bills and
finance co. paper

Stock exchaiige I Prime
call loan ]/
(rate 1/
(per cent)
4.00 (5/13/60)
2.90 (13/27)
.U3 (V27)

1.02

1959-60High
1961 - High
Low
1962 - High
Low
1963 - High
Low
1964 - High
Low

5.50
4.5o
4.5o
4.50
4.5o
4.50
4.50
4.50
4,50

5.00
4.50
4.50
4.50
4.50
4-50
4.50
4,50
4,50

$.13(1/2^60)
3.00(12/30)
2.50(8/1$)
3.25(7/21)

3.00 (12/28)

3.88(1^/27)
3.13(3/31)
3,93(4/3)
3,75(5/22)

1.30 (3/26)
3.50 (12/27)
2.45(7/26)
3,50(7/17)
3,20(3/6)

.41
#22

June
June
July
July
July

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3.88
3.88
3.88
3.86
3.81

3.50
3.50
3.50
3.50
3.50

.39
.41
.40
.38
.38

19
26
3
10
17 £/

V

2.88(6A)

.56

.11
.45-

.15
.39

.12

Weekly rate shown it that in effect at end of periqd. Stook Bcohange oall -loan rate la going rate
on oall lpans secured by oust oners* stook exchange collateral at Hew York 01 ty banks. F n a rate
is that charged by large hanks on short-term loans to business borrowers of the highest credit
standing.
y
Average of daily rates published by finance companies for directly placed paper for varying maturities
in the 90-179 day range.
3/ Weekly average of daily effective rate, which is the rate for the heaviest vole* of pnrehase and
sale transactions as reported to the federal Reserve Bank of lew T o * .
and lows are for individual series and may be em different dates for dlffereatseties.
DigitizedHotel—Highs
for FRASER
Tor spreads, high refers to widest, and lor to narrowest*



ii

i
I
|
9

P

T

EXHIBIT t. P a n I

STOCK MARKET
1

r\
1 ' z1
/
STOCK HAIKU CKfDII
IN $1111$
si ih.

r

iAJol M

—

II II

X

T

^

v
fa.

n

i i i i i i

,

\Ka[\

i ) i i. i i M

M

Exhibit E - Part II

Stock price
index 1 /

Date

Trading
Common
volume 3 /
stock
(millions
yields 2 /
(per c e n t ) of shares)

Stock mairket customsi credit
Customers'
Bank
debit balloans to
"others" 5 /
ances k /

Total

(In millions o f dollars)
1961-62 - High
Low
1963 - High
1961* - High
Low
May
July 3
July 10
July 17 £/

7U.Wi?/2^
84.01(7/17)
75.50(1/3)

2.80
3.96
3.01
2.93 :
3.10 '

80.72
80.24
82.60
83.36
84.01

3.01
3.05
2.97
2.94
2.93

72.01(12/8/61)
52.68(6/22/62)

10.1
2.1
6.5
6.1
4.0
5.0
4.4
4.8
5.1
4.7

5,602(l2/6ljli,2$9(12/61) 1,U18( 5/9/62)
U,U2U(1/61) 3,253(1/61) 1,161(3/8/61)
7,298(11/63)5,586(11/63) 1,738(1^/23)
7,314(4)
7,120(2)

5,524(1)
5,366(3)

1,867(7/8)
1,720(1/22)

7,277
7,232

5,439
5,373

1,838
1,859
1,865
1,867

2/ Standard and Poor^a composite a took yield based on Wednesday data converted to iraekly closing
prices by Federal Reserve. Yields shown are for dates an * i c h price index jeaohed its high
3/
A/

Averages of daily trading volume on the Hew York Stock Exchange.
End of month figures for number firms of the New York Stock Exchange which carry margin accounts;
excludes balances secured by U. S. Government obligations.
, .
, .
others,

for further detail see Bulletin.




!

PRIVATE H O U S I N G STARTS AND PERMITS
SEASONALLY ADJUSTED DATA

A .
.
,
IIUIICIM6 m i n i s '

PER CENT OF UNADJUSTED TOTAL STARTS
J
-L
I. *Uii!

COYflHMfMI UHPUWIHIE*

Exhibit F - Part II
Starts
Date

Unadlusted
Type of financing Tvpe o
Seasonally adjustUnadjusted
ed annual rate
FHA

1,571
1,588
1,455
1,732
1,847
1,564
1,564
1,718
1,657
1,663
r/ 1,531
r/ 1,500
1,577

153
150
144
145
163
119
95
100
100
130
r/ 149
155
155

Other

1-2
family

c unitts)

(Thousai
1963 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1964 - Jan.
Feb.
Mar.
Apr.
May
June

VA

Building
permits
housing (seasonally
adjusted
Multiannual
family
rate) 2/ .

20
21
19
19
21
17
16
11
12
16
18
23
19

7
8
7
6
6
5
5
4
4
5
5
5
6

126
121
119
120
136
97
74
84
84
109
123
r/126
130

104.7
48.7
103.0
47.1
100.5
43.8
97.5
47.8
107.8
55.3
75.8
43.5
53.6
41.4
58.5
41.0
68.5
31.9
r/ 87.0 r/43.1

n.a.

n.a.

1,363
1,308
1,262
1,372
1,412
1,369
1,426
1,314
1,405
1,384
1,256
1,246
1,306

y Total starts are Census estimates including farm for both permit-issuing and non-issuing anas. _
dwelling unit is started when excavation begins| all units in an apartment structure are considered
started at that tins* FHJL and VI starts are units started under oonnitmenks by these agencies to insure
or guarantee the mortgages. As reported by iHA and 71, a unit is started when a field office receive#
the first compliance inspection report, which is made before footings are poured in some cases but
normally after the foundations have been completed* Capehart military housing unite are excluded.
Other starts are derived as a residual, although total and IHA and VA starts are not strictly comparable
in concept or timing; other starts include both units financed by conventional mortgages and units
without mortgages.
2/ Building permits before January 1963 are Census estimates fer about 10,000 areas identified ae
having a leoal Wilding permit system in 1959, Estinates beginning January 1963, are foe approximately
12,000, or all known, permit-issuing places. Unlike starts, seasonally adjusted building peraits
reflect direct adjustment fer differences in the nunfcer ef working days per moat, as well as other
d i r r e r e n o e a I n t i m i n g aril coverage*




!

T!ljPj..O!LN|W AND SEASONED COSPOSATI BONDS

I II

I I I I I I

-•»*!

I I I I I I I I
IMS
^

I I I I I I I I I I.J,

1 lis1

Kzhibit 0 - Part XI ~
Yields on *ew Corporate Bond Issues Adjusted to en Aaa basis
Number Aai't of issues Averege
of
Included (mil.
yield
Issues of dollars)
fper cent)
Monthly avaragea:
1964 - Jan.
Feb.
Mar.
Apr.
May
June
Weekly averages
1964 - High
Low

3
3
6
1
10
8

150.0
125.0
166.0
130.0
278.0
230.0

1 •
1

50.0
50.0

Ain't of Issues Average
included (mil.
of
yield
l a m s * of
X b u . jobs!
May

1
8
15
22
29
June 5
12
19
26
4.53(5/8)
July 3
4.30(2/21)
10
17
4.50
4.38
4.43
4.48
4.46
4.43

1
1
3
3
2
2
2
' 2
2
1

8.0
50.0
89.0
93.0
36.0
60.0
35.0
55.0
80.0

4.45
4.53
4.45
4.43
4.45
4.45
4.44
4.43
4.41

30.0

4.37

-- .
-Apr. 3
10
17
13.Q
-2JL.
Hotel Avemges of offering yields oo ml^L rum issues^f publioly offered oorp orate tends rated l u . I t and
• by Moody's Investors Serviee (exeept serial aed convertible is sues, offerings of natural gas pipeline
and foreign oonpanlee, and bonds guaranteed by the Federal Ooreneent) nelgbted bytf.eeof effexlng.
Before are raging, new" offering# are adjnsted to a os •posit* iaa basis by deducting from the aetml
iss of the weekly average yield for
of the
reoffeiing yield the ezoess
f seasoned
* tenia
------" appropriate
' ^ intastsy—'
quality gxoup over the ooi iite average for seasoned laa-rated tends (Moody's), Averages considered
unrepresentative because < epselal characteristics of t e offerings included are denoted by am asterisk^
High and low refer only to yields, and numbers and amount of issues are those on which
these averages are based.

r




Hi 14
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

New Capital
Corporate 1/
1963

1964
January
February
March

930
685
754

613
594
1,144

549
860
819

2,111
1,040
e/ 1,400

930
904
1,013

1,153
771
1,132

676
637
795

573
773
557

E/

£/
£/

April
May
June

J/

July ^
August
September

e/

£/

800

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

•

State and Local 2/
1963

1962

944
773
812

732
746
976

876
1,133
628

sJ 1,180
600
fl/
800
S/

869
866
930

873
912
786

e/

680
708
449

612
544
427

1 ,051
729

£/
£/

900

416

650
578
550

£/ 2,369
sJ 4,551

2,351
2,847
2,109
3,246

2,228
3,056
1,902
2,561

sJ 2,529
e/ 2,580

2 ,454
2 ,665
1 ,837
2 ,197

2,637
2,571
1,528
1,779

e/ 6,920

5,198
7,307
10,553

5,284
7,186
9,747

e/ 5,109

5 ,118
6,955
9,,151

5,208
6,790
8,568

1,013
819
1,415

October
November
December
1st
2nd
3rd
4th

1964

1962

819
678
1,064

^

Excluding finance c o m p a n i e s ^
1st
2nd
, 3rd
4th
Year
e/
£/
1/
2/
3/

quarter
quarter
quarter
quarter

£/ 1,996
e/ 4, 101

2,169
2,970
1,767
2,330

2,284
2,529
1,768
2,854
M 1 4

*

9.236

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 C o r p o r a t e S e c u r i t y I s s u e s , T y p e of Issue and Issuer
(In m i l l i o n s o f d o l l a r s )

-

Quarter
or

Total

Month
1962

- I
II
III
IV

1963

- I
II
III
. IV

1964 - I
II e/
III
,1962

1963

- July
Aug.
Sept.
Oct.
Nov.

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

1 9 6 4 - Jan.
Feb.
Mar.
Apr. p /
May
J
J u n e e/

Gross p r o c e e d s for new
cani tal arid re fundi hp 1/
Common
and
Publicly
Privately
pfd.
Offered
Offered

N e t p r o c e e d s for
new rap-•t-al 1/ 2
Memo:
Foreign
issues
Mfg. Public
CommuniOther
included
issuers
Utility cations

2 ,578
3 ,250
2 ,184
2 ,957

1,155
1,389
853
1,089

716
1,222
1,024
1,568

507
639
307
300

68
257
56
179

655
996
601

2,,700
3,,634
2,,436
3,,466

1,108
1,389
898
1,319

1,306
1,820
1,251
1,780

287
424
287
367

128
434
109
47

2, 499
4,

978
1,313

1,221
l/,8b

300
1,850

29
n.a.

418
552

630
922
632

366
363
295
314
446
808

67
82
161
123
52
125

13

976
784
1 , 197

200
477
176
539
286
264

695
642
1 ,363
1 ,049
1 ,340
1 ,246
810
756
871
1.,116
891
1.,459

350
259
499
380
550
459
279
336
283
511
183
626

243
289
774
452
694
675
, 431
318
501
481
549
751

102
94
91
217
95
113
100
100
87
125
159
83

985
710
805
2, 175
1 .1 2 4

338
279
361
383
470
460

'

526
342
353
429
507

121
88
91
1,363

769

430
983
375
568

456
231
275
321

717
794
659
986

947
591
896
968

326
794
285
530

236
221

842
1,241

150
118

868
1,629

438
862

273
1,646

1,24^
1,462

43
46
34
99

217
218
166
153
271
345

118
110
148
141
175
252

88
120
67
260
4
57

159
301
199
282
253
451

25
43
60
56
182
196
46
21
42
10
10
27

135
220
592
148
216
227
297
272
237
240
214
515

114
115
97341
222
230
107
100
78
201
131
198

125
68
43
71
92
58
86
25
< 39
41
13
64

238
191
412
369
373
499
187
240
441
531
461
637

5
16
8
32
36

149
123
146
157
175

109
155
174
150
W
270

157
83
34
1,369
21

515
324
400
435
yj i

630
650
250
340
250 •
1, 4 5 0
July
Aug.
Sept.
£ / P r e l i m i n a r y . e / E s t i m a t e d b y F e d e r a l R e s e r v e . V G r o s s P r o c e e d s e x c e e d n e t p r o c e e d s b y the
cost of flotation. 2 / F o r total see E x h i b i t H; 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 othe.
t r a n s p o r t a t i o n , real e s t a t e and f i n a n c e and c o m m e r c i a l and other.
S o u r c e . - - S e c u r i t i e s and
Exchange Commission.




H.14
Exhibit J
Other Security Offerings
(In m i l l i o n s of d o l l a r s )

!

G r o s s long- term 1/

January
February
March
April
May
June
July
August
September

£./

1964
4
82
69
27

J
e/

75

F o r e i g n g o v e r n m e n t 2/
1963
232
133
76
57
114
11
63
83

November
December
Jan.

- June

2
e/

331

623

1962
142
10
35
10
86
50
25
8
31
151
88
101

September
October
November
December
Jan.

- June

n.a.

Yea r

--

186

461

;

2 75

459
150
175

:

--

H

"£/

--

174
200

e/

2 75

=;/

local government
18
75
272
466
-186
-367
589
127
-30
-84
-118
-10 '
62
78
208
339
-406
-173
259
71
146
234
-339
-161
529

223

692

378

--

--

793

863

1.167
0

EZ

1962
246
156

737
1

S t a t e and
103
236
-407
442
79

148

--

333

771

January
February
March
April
May
June
July

Federal agency 3/
1963
1964

"

1 . 188

:t-term 4/
Federal
12
-459
198
97
183
228

.

259

a e e n c v 3/
247
-106
-156
-189
226
-482
-364
292
195
82
319
284
261
414
227
327
258
-157
379
123
55
-102
551
-80
29

1.600

319

f

1

1., 0 0 4

2./Preliminary. e / E s t i m a t e d b y F e d e r a l R e s e r v e , n . a . - - N o t a v a i l a b l e . JL/These d a t a d i f f e r
i;
from those in E x h i b i t H in that r e f u n d i n g issues., as w e l l as new c a p i t a l i s s u e s , a r e included.^
L o n g - t e r m s e c u r i t i e s are d e f i n e d as t h o s e m a t u r i n g in m o r e t h a n one y e a r . 2 / i n c l u d e s s e c u ^
rities offered in the U n i t e d S t a t e s by f o r e i g n g o v e r n m e n t s and their p o l i t i c a l s u b d i v i s i o n s
and i n t e r n a t i o n a l o r g a n i z a t i o n s .
Source'
S e c u r i t i e s and E x c h a n g e C o m m i s s i o n . 3/ I s s u e s not ,v,
g u a r a n t e e d b y the U. S. G o v e r n m e n t , S o u r c e
l o n g - t e r m . S e c u r i t i e s and E x c h a n g e C o m m i s s i o n ;
s h o r t - t e r m , T r e a s u r y D e p a r t m e n t and F e d e r a l R e s e r v e . 4 / T h e s e data d i f f e r from those in
$
E x h i b i t H and a b o v e in that they r e p r e s e n t new o f f e r i n g s less r e t i r e m e n t s , w h e t h e r from the ||
p r o c e e d s of r e f u n d i n g issues or from other f u n d s .
Data i n c l u d e o n l y i s s u e s w i t h o r i g i n a l
%
m a t u r i t y of one y e a r or less. 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 n o t e s , w a r r a n t s or
f
c e r t i f i c a t e s and P u b l i c H o u s i n g A u t h o r i t y n o t e s .
In some, i n s t a n c e s PHA n o t e s i n c l u d e d m a y
.
h a v e a s o m e w h a t l o n g e r - m a t u r i t y than one year.
Source: Bond B u y e r and F e d e r a l R e s e r v e .
jf




K

H. 14
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)

Total
1

1963 - June
July
, Aug.
Sept.
J
Oct.
Nov.
Dec.
1964 - Jan.
Feb.
Mar.
Apr.
May
June

Corn<Drate
Bonds
(Other than
Convertible
convertibles)
bonds

348
199
236
237
446
180
547
307
263
335
1,557
452
650

348
180
218
215
380
117
515
225
200
296
235
415
390

Stocks

State
and
local
governments

51

460
60
20

372
279
329
135
734
373
111
577
358
282
698
274
384

19
18
22
66
63
32
22
28
38
1 ,271
37
260

60
35

Other 2/

174
200

50
20
15
275

Large Individual Issues Offered July 1 through 17

Issuer

Type

1/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or Offer- Ratnet inter- ing
ing
est cost yield

Corporate
* Pacific Gas & Elec, Co.
Baltimore Gas & Elec. Co.
. J . C. Penney Credit Corp.
Nationwide Corp.

Com. atk.
1st ref. rntg. bds.
Deb.
Com. atk.

64.1
30.0
50.0
33.9

G.O.
G.O.
Rev.-Q.-Ut.
G.O.
G.O.
Rev.-Q,-Ut.

13.6
15.0
lfe.O
14.0
10.0
10.0

Rev.-Ut.

32.5 .1968-2003 3.41. 2,50-3,50 . Aa

1994
1984

4-1/2
4-1/2

4.40
4.57

State and Local Government
Oregon State Bd of Higher Ed.
San Juan, Puerto Rico
Atlanta Fulton Co. Rue. Auth.
Memphis, Tenn.
Houston Ind. Sch. Dist., Tex.
Alabama Highway Auth.
Met. Denver Sewage Disp. Dist.
#1, Colo.




1967-94 3.15
1965-87 3.50
1966-93 3.28
1965-89 3.03
1966-92 3.25
1970-84:3648

4/
2.40-3.30T Aa
2.20-3.55 A
2.35-3.40 Aa
2.10-3.15|;Aa
2.35-3.202'A
2.90-3.50 A

xVi
K-2
Large Individual Issues Offered July 1 through 17 (Cont'd)

Type 3/

Amount
(millims
of
Maturity
dollars)

Coupon
rate or
net interest cost

Offering
yield

Rating.

State and Local Government (Cont *d)
Seattle, Wash.
Merced Irr. Dist., Cal.

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

Federal Home Loan Bank

Bonds

45.0
36.0

1968-94
1969-89

260.0

1966

3.48
3.65

2.65-3.70
2.70-3. 62

4-1/8

4.13

*--Rights offering.
n.a.--Not available.
If 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 issued 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 least payments.
4/ 1/10 per cent bonds maturing 1994 not publicly reoffered.
5/ 1/10 per cent bonds maturing 1988-89 not publicly reoffered.
6/ Bonds maturing 1982--92 not publicly reoffered.




A
A

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1J
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)
During month following
d ate shown
State and
Corporate
local govt.
1963 - June
July
Aug.
Sept.
:
:
Oct.
Nov.
Dec.
1964 - Jan.
Feb.
Mar.
^
Apr.
^
May
June

28
31
31
30
31
29
31
31
28
31
30
28
30

142
329
210
561
255
137
469
316
454
669
345
341
539

170
221
158
240
145
392
' 305
155
224
1,587
651
600
292

Subsequent to
date shown
State and
Other 2/ Corporate
local feovt.
75
20

25
15
---

215
267
183
240
145
1,992
1,905
1,771
1,649
1,837
844
668
307

"

287
512
468
757
401
349
731
667
646
953
575
598
716

Other 2/
75
20

:

25
15

Forthcoming Large Offerings as of July 17

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Corporate
Northern State Pwr. Corp.
; Marine Midland Corp.
Milwaukee Gas Light Co.
Northern 111. Gas. Co.
*Te.xas Gas Trans. Corp.
Northern State Pwr. Co.
Utah Pwr. & Lt. Co.
*San Diego Gas & Elec. Co,
Wells Fargo Bank

15 .0
60,,0
18,.0
20,.0
25.,0
15.0
15. 0
20.0

July
July
July
July
Aug.
Aug.
Aug.
Aug.

22
22
22
30
5
12
19
26

Pfd. stk.
Deb.
1st mtg. bds.
1st mtg. bds.
Deb.
1st mtg, bds.
1st mtg. bds.
S. F. deb.
Conv, cap. note
& com. stk.

100. 0

Aug. - Sept.

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

12,7
100.0
70.0
123. 2
25. 0

July
July
July
July
July

State and Local Government
Florida Dev. Comm.
State of California
New York State Housing Fin. Agency
New York City, N. Y.
Florida State Bd. of Ed.




20
21
22
22
28

If

L-2
Forth Coming Large Offerings as of July 17 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date
of offering

'

State and Local Government (Cont'd)
^Nashville & Davidson Co. Met. Govt. Tenn.
^Sacramento Mun. Util. Dist., Cal.
San Francisco, Calif.
Va. State Highway Auth.
Mass. Turnpike Auth.
Pittsburgh, Pa.
Dade County 5 Fla.
Forth Worth a Tex.

G.O.
Rev.-Ut.
G.O.
Rev.-Q.-Ut.
Rev. -Q. ,-Ut.
G.O.
G.O.
G.O.

12.0
12.0
15.8
31.0
35.0
35.0
46.0
14.1

Aug.
4
Aug.
6
Aug.
10
Summer
Summer
Indefinite
Indefinite
Indefinite

Other
None.

•^--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 for Federal agencies.
Note;--Deletions for reasons other than sale of issue: None.




i

Foreign Government and Corporate Security Offerings
and Placements in the United States

Part I:

Sale
Date

Amount
(millions of
dollars)

Public Offerings

Issuer and Description of Issue

A.
5/7




Sold May 1 through July 17

Republic of Finland--6% bonds, maturing
1976, offered to yield 6.24%

B.
None

Prospective Offerings

H.14
M-2
Part II:

Date
reported

Note:

Private Placement--Reported May 1 through July 17

Amount
(millions of
dollars)

Issuer and Description of Issue

Israel Discount Bank Ltd.--5-1/2% capital
notesj maturing 1979--no information
available on takedown.

5/8

4.0

5/8

10.0

Pacific Great Eastern Railroad Co.--4-1/2%
sinking fund debentures, maturing 1994-no information available on takedown.

5/18

21.0

Upper Lakes Shipping Ltd.--6% installment
notes 5 maturing 1966-79--no information
available on takedown.

6/2

50.0

Quebec-Hydro-Electric Power Authority-4-1/2% debenture, maturing 1984--no
information available on takedown.

6/23

25.0

City of Montreal--4-7/8% debentures,
maturing 1966--no information available
on takedown.

7/8

45.0

International Minerals and Chemicals Corp.
(Canada) Ltd.--notes, maturing 1982--no
information available on takedown

'

,

For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J.
There is no simple relationship
between the data shown in this Exhibit and that shown in Exhibits I and J because the
latter includes privately placed securities in the period in which funds are actually
takendown but only in the amount of takedown, while the placements shown in this
\
exhibit are included w h e n reported, frequently with little or no information concern- '
ing;:timing of takedowns: Full or partial takddowns may take place both prior and
subsequent to the data a placement is reported. ^--Includes in table for first time. lf