Full text of H.16 Capital Market Developments : July 26, 1965

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.... C 1965
Not fc^r Publication

July 26, 1965.

DECONTROLLED AFTER SIX MONTHS

H. 14
CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES
(Including Savings Flows in June)
Corporate and municipal bond markets.
Public security financing by
corporations this week will be in sharply larger volume than last week, with
a $150 million offering of Montgomery Ward & Company debentures accounting for
three-fifths of the total. Offerings of municipal bonds, on the other hand, will
be appreciably smaller than in other recent weeks and almost one-third less than
the weekly average during the past year.
Long-term Public Security Offerings 1/

New Capital

Corporate
1
Refunding

State and local Government
New Capital
Refunding
1

Sold:
52 week avg

July 16
July 23

100

147r/
120

2

--

190

14

288
319

--

Scheduled:
July 30

1/

225

1

143

Federal Reserve estimates based on published reports of issues sold and
scheduled for offering; corporate rights offering are included as of the
date subscription rights expire.

Underwriters of last week's new corporate offerings priced these
issues to yield slightl.y less than comparable issues offered recently, but
investor interest was only lukewarm. Offering yields adjusted to an Aaa
basis averaged 4.56 per cent, 2 basis points less than iti late June and 4
basis points under the mid-June high. In the municipal market, the quick
sell-out of the reoffered portion of the $175 million package of New York
City bonds apparently sparked demand for the remainder of last week's large
new supply, with the result that around 90 per cent of the new offering total
was sold by the weekend. Underwriters did not reoffer the $64 million portion
of the New York City bonds that are being sold to fund liabilities 6f the
City's pension fund; a taxpayer suit is currently before the courts questioning
the right of the City to sell bonds for such purpose, and these bonds are
being witheld from the public pending the outcome of this litigation.




H. 14
Yields in Securities Markets
Change from
preceding week
(basis points)

Level latest week
(per cent)
High-Grade
Notes and Bonds
Corpora te
New
Seasoned

4.56
4.48

U.S. Govt.
Long-term
3-5 year

4.14
4.11

State and local Govt.
Moody's Aaa
Standard & Poor's high grade

3.16
3.24

Money Market
Federal funds
Treasury bills
3-month
6-month

-1
-1

4.00

-8

3.82
3.89

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

7/15

11.0

7/21

15.0

7/21

12.0

7/22

75.0

Issuer
Mississippi Pwr. Co.
4-3/4 's - 1995
Atlanta Gas Light Co.
4-3/4's - 1990
Metropolitan Edison Co.
4-5/8 's - 1995
Pacific Gas & Elec. Co.
4-5/8's - 1995

Reoffering
Yield

Rating

Estimated Proportion sold

4.66

A

1/3

4.65

A

1/3

4.57

Aa

1/2

4.58

Aa

1/4

Blue List of Municipal Dealers' Advertised Inventories
(in millions of dollars)
Latest Date
$714 (7/23)

End of Previous Week
$710

Recent High
$901 (6/4)

Mortgage yields and conventional interest rates. Yields on FHA-insured
5-1/4 per cent, 30 year mortgages edged off one basis point in June to an average
of 5.44 per cent. Over the period since April 1963, the average for this series
has fluctuated within a range of only 2 basis points. Contract interest rates
for conventional first mortgages on homes held at the average which have
prevailed with minor exception for more than two years. For new home loans, the
average was 5.80 per cent; for loans on existing properties, it was 5.85 per cent,
according to the Federal Housing Administration.




H. 14

Stock market credit. Total customers 1 credit in the stock market changed
little during June. A $15 million decline in customers' debit balances (except
on U.S. Governments) was practically offset by a $14 million increase in bank
loans to others than brokers and dealers.
Borrowing on customers' collateral by member firms of the New York
Stock Exchange also showed little net change in June, but free credit balances
rose $89 million. More detailed information on changes in stock market credit in
recent months is shown on the table on the following page.
Stock prices. Common stock prices (as measured by Standard and Poor's
composite index of 500 stocks) declined almost 2 per cent last week in moderate
trading. At the close on July 23, the index registered 84.07, 3 per cent above
the June 28 low, but still 6.9 per cent below the mid-May high. Trading volume
averaged 3.8 million shares a day.
Savings flows in June.
During the month of June, growth in income-yielding
claims on depositary-type institutions amounted to $3.7 billion, 18 per cent more
than a year earlier. All of this gain took place in time and savings deposits at
commercial banks; net inflows of both savings capital at savings and loan associations
and regular deposits at mutual savings banks were smaller.
During the first six months of this year, the expansion in income-yielding
claims on these three major financial intermediaries combined totaled a record
$16.3 billion, up 8 per cent from the comparable 1964 period and 3 per cent
larger than the previous record first half gain in 1963. As in June, all of this
larger year-over-year gain was attributable to the sharp rise in net inflows of time
and savings deposits to commercial banks following the increase in rates on such
deposits announced by many banks at the start of the year. Inflows of savings to
both savings amd loan associations and mutual savings banks were smaller than in
the corresponding period last year.
After rough allowance for seasonal factors, the June
capital at savings and loan associations was approximately the
for the first five months of the year. This average, however,
the unusually small April Inflow caused by exceptionally large
meet 1964 income tax liabilities.

increase in
same as the
was lowered
withdrawals

savings
average
by
to

Net Increase in Savings Capital at Savings and
Loan Associations
(In millions of dollars)
Unadjusted data
Current year
1965 - Mar.
Apr.
May
June
6 - month total




1,055
-93
790
1,597
4,172

Change from
previous year
- 50
-414
-198
-168
-1,216

Percentage
change
- 5
-129
-?0
-10
-23

H. 14
-4STOCK MARKET CREDIT
(In millions of dollars)

Months

Total

Broker & Dealer Credit
Customer Credit
Customers
Bank loans to others Money
Net debit
borrowed
net free
than brokers and
balances with
credit
dealers for purchas- Cusb Other
I NYSE member
ooll.
coll.
balances
ing & carrying secur.
i firms

Outstanding:
1955-56 High

4,047(5/56)

2,823(12/56)

1,255(4/56)

1,873

430

1,069(1/55)

1957-58 Low

3,554(1/58)

2,482(12/57)

1,060(11/57)

1,344

188

807(4/57)

1959
1960
1961
1962
1963

4,764(4)
4,142(5)
5,602(12)
4,876(7)
7,298(11)

3,401(4)
3,004(7)
4,259(12)
3,562(7)
5,586(11)

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

2,044
1,801
2,572
1,856
3,892

318 1,257(3)
940(4)
237
385 '1,508(4)
235 1,091(9)
597 1,211(11)

7,242
7,053
7,084

5,515
5,079
5,114

1,727
1,974
1,970

3,852
3,393
3,396

397
517
815

1,210
1,169
1,297

-48
-69
-64
46
-41
7
-55
-113

-69

-81

21
12
38
12
-5
32
25

-93
21
48
11
63
-15

-89
21<
49
21
14

-102
-94
-54
-50
-40
-59
-76
-76
-58
44
23
71
-1

-15
-52
15
82
-29
~43
35
-71
43
102
-64
106
182

-32
-37
68
10
-24
32
38
A7
10
-57
1
89

-

High
Low
High
Low
High

1963 - Dec.
1964 - Dec.
1965 - June
Changes in
Outstanding!
1964 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May
June

-68

69
60
84
-1

-81

-102
34
-36
-25

-20

Note:—With the exception of bank loan data, figures are reported to the New York Stock
Exchange by member firms carrying margin accounts. Bank loan# 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. All figures exclude credits on, or to carry, U.S. Govt, securities.
y November 1963 data on customers1 net debit balances do not include accounts carried by
a large former member firm in liquidation; most of these accounts have been tranaferred 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

Net Increase in Savings Capital at Savings and
Loan Associations
(In millions of dollars)
(Cont r d)

Seasonally adjusted data
Current year
1965 - Mar.
Apr.
May
June

Previous year

741
424
780
650

821
788
983
903

On a seasonally adjusted basis, the gain in regular deposits at mutual
savings banks in June was the smallest monthly inflow since February.

Net Change in Regular Deposits at Mutual Savings Banks
(In millions of dollars)
Unadjusted data

Current year
1965 - Mar.
Apr.
May
June
6 - month total

Change from
previous year

521
-2
189
425
1,673

+17
-109
-81
-53
-300

Percentage
change
+ 4
-125
-30
- 11
- 15

Seasonally adjusted data
Current year
1965 - Mar.
Apr.
May
June

372
324
238
224

Previ#us year
292
404
316
294

Time and savings deposits at commercial banks increased $1,9 billion in
June, 88 per cent more than a year earlier. For the first six months, these deposits
rose a record $10.5 billion, 52 per cent more than in the similar period last year
and one-tenth more than the previous half record set in 1962.




H. 14

-6

More detailed information concerning recent capital market developments
is present*^ in the attached exhibits.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




1

W.efcl,

XV

Exhibit A —

Corporate
Aaa 1/

Part II

U. S. Govt,
long-term 2/

State and
local
government
Aaa 3/

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

(per cent)
High
High
Low
High
Low
1965 - High
Low

1959-60
1961-62
1962-63
1964

-

June 25
July 2
July 9
July 16
July 23 £/

t W i l

x

i

m

h

4.19(3/29/63)

3.85 (12/28/62)

S

»

'

4.48 (7/23)
4.41 (3/12)

4.16 (3/12)
4.13 (6/25)

2.88(13/8/62)
3.16(3/26)
2.99(W3l)
3.17 (7/8)
2.94 (2/11)

4.47
4.46
4.47
4.48
4.48-

4.13
4.14
4.14
4.15
4.14

3.17
3.17
3.17
3.16
3.16 .




y

:S

.92
1.04

.21
.33
.19
.34
.25

1.14
1.01
1.22
.96

.34
.32
.33
.33
.34

.96
.97
.97
.99
.98

.80

I X H I S I T B. P a r i I

I O N O - T I R M B O N D YIIIDS, I O W I R G R A D I
Weefclf

X
«**•

VA.
M i i i i i i n Mi
1**1

11111

ii

ii

.

1 1 1 1 1 1 1 1 1 1 1

1**1

1**1

Exhibit B —

11 i i

111 ii

11

r

1 1 1 1 1 1 1 1

1**4

•**»

Pert II

Spread between

Corporate
Baa 1/

State and
local govt.
Baa 2 /

5.36 (tfU/60)
5.10
4.93
4.85
4.80

4.46 (1/7/60)
4.04
3.57
3.60
3.51

.84
.66
.70
.48
*37

1.08
.73
.63
.49
.52

4.88 ( 7/23)
4.78 (3/19)

3.57 (7/8)
3.40 (2/11)

.40
.35

.52
.38

4.86
4.87
4.87
4.87
4.88

3.57
3.57
3.57
3.55
3.55

.39
.40
.40
.39
.40

.40
.40
.40
.39
.39

Date

__ ,
Corporate

.
|

^

(per cent)
1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
June 25
July 2
July 9
July 16
July 23£/

Met* i for footnotes see exhibit A,




.

I X N I S I T C, t a i l

I

OOVKtNMENT
W..H,

k1
l
1 '

m

n

•MAI

I I I I I I I

1*40

1
\l
*

F. t . DISCOUNT I ATI
N.w Y.,1
^

cr

1959-60 - High
Year end - 1961
1962
1963
1964
1965 High
Low
June 25
July 2
July 9
July 16
July 23£/

y

^
^

1
1

Mark*) fields

i ,i J 1 1 1 u

111.

1 1 1 1 1 1 1 1 1 1] M
1 1 1 1 1 1 1 1 1

1**1

1**3
Exhibit C —

Date

• M'ONTN B I l l S
M.rk« t l . l *

Discount
3-month
ra te
bills 2/
1/

4.00
3.00
3.00
3.50
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00 v

F

I 1 1 I I I 1 1 1 1 11 1 1 1 1 1 1 I A - K

1*43

1*44

Part II

Yields
6-month
bills 2/
(per cent)

3-5 year
issues 2/

Spread between yields on 3 month bills and Yields on
6-mo. bills 13-5 vr. i s s u e s

4.59(1/8/60) 5.07 (3/9/60) 5 . 0 0 ( 1 2 / 2 ^ 9 )
3.81
2.66
2.90
3.41
2.93
2.89
4.07
3.64
3.52
4.07
3.93
3.83
3.99 (2/26) 4.04 (2/26) 4.13 (3/12)
3.78 (6/25) 3.82 (6/25) 4.04 (1/22)
3.78
3.81
3.86
3.86
3.82 ^

3.82
3.85
3.89
3.92
3.89 v

1*41

4.07
4.08
4.09
4.10
4.11

.79
.24
.04
.13
.10

1.81
1.15
.52
.55
.24

.13
.03

.30
.11

.04
.04
,03
.06
.07

.29
.27
.23
.24
.29

Weekly rate eboim is that in effect at end of period st the federal Reserve Bank of Hew Yoxfc*
Market yield! weekly average* computed from daily olosing U d prices. Series of 3-8 year issues
consists of selected notes and bonds.
Hote«—Highs and lows are for individual series and may be on different dates for different series,
for sprsads, high refers to widest', and loir to narrowest*




0

I X N i e i i 0. Part 1

W.ekl,

1

i
i
r"
1
I1t|r!
ijg r
,ew M

A

A

j ' T

A"Ar*

|

n 'y"

Effective l«M

1 1 1 1 II 1 1 -JLt-U-i
1 1 I 1 1 1 1 1 1

1 1 1 1. L I . L I J 1 1

!•••

1**1

1*11
Exhibit D —

Da te

1959-60 - High
Year and - 1961
1962
1963
1964
1965 - High
Low
June 25
July 2
July 9
July 16
July 23 £ /

Prime rate

.

1/

Ittt

1»44

'»*•

Part II

Finance
company
Federal funda j/
oaoer
2/
(per cent)

5.00
4.50
4.50
4.50
4.50
4.50
4.50

5.13 (1/22/60)
3.00
3.19
3.88
4.06
4.25 (7/23)
4.00 (2/12)

4.00 (5/13/60)
2.88
3.00
3.50
4.00
4.12 (7/9)
3.68 (6/25)

4.50
4.50
4.50
4.50
4.50

4.25
4.25
4.25
4.25
4.25

3.68
4.12
4.12
4.08
4.00

Spread between
3-eo. billa and
finance co. earner

1.02
.34
.30
.36
.23
.47
.10
.47
.44
.39
.39
.43

V Weekly rate shown is that in effect at end of period* Prime rate is that chaxfed by large banks
on short-term loans to business borrowers of the hi&est credit standing*
ZJ Average of daily rates published by finance companies for directly placed paper for varying
maturities in the 90*379 day range.
3/ weekly average of daily effective xmte, which Is ths rate for the heaviest volume of purchase and
sale transactions as reported to the federal Reserve Bank of *er York*
Hotel—filghs and lews are for individual series and may be an different dates for different series*
for spreads, high refers to widest, and low to narrowest.




i x h i t i i i. r*,i i

STOCK MAIKIT

Exhibit B -- Part II

Date

Stock price
index 1/

Common
stock
yields 2/
(per cent)

Trading
volume £/
(millions
of shares)

Stock mar ket customer credit
Customers 1
Bank
debit balloans to
ances 4/
"others" 5/

Total

(In millions of dollars)
1961-62 - High
Low
Year end
1963
1964
1965 - High
Low

72.04(12/8/61)
52.68(6/22/62)

2.80
3.96

10.1
2.4

74.44
84.75

3.13
3.02

4.7
4.7

7,242
7J353

5,515
5.099

1,727
1.974

90.10 (5/14)
83.06 (6/25)

2.89
3.15

6.8
3.8

7,085
6,872

5,129
4,986

1,974 (6/9)
1,848 (3/3)

5,60% ig/61) 4,259 (lg/61) 1,418(3/9/62)
4,424(3/61) 3,253(3/61)
1,161(3/6/61)

May
89.28
2.92
5.5
7,085
5,129
1,956
June
85.04
3.07
5.8
7 ,084
5,114
1,954
July 9
85.71
3.05
3.9
1,963
July 16
85.69
3.06
3.8
1,962
July 23j>/ 84.07
n.a.
3.11
3.8
n.a.
n.a.
rua.—Not available,3/ Preliminary.
y Standnd
Poor'# composite Index of 500 ooanon stocks, weekly closing prices, 1941M3-10.
Monthly data are averages of dally figures rather than of Friday's only. Highs and lews are for
Friday's data only.
V Sten&ia/L 881 Poor's oompoelte stook yield based 00 Wednesday data converted to weekly 0losing
prices by Federal Reserve* T&elde shewn are for dates on which price Index reaohed lt* high
or loir.
3/ Averages of dally trading volume on the *ew Yeric Stook exchange, Y t i x o l figures are averages at
daily figures for the year*
V tnd of month figures far member firms of the lew Y e * Stock exchange whldh carry margin accounts)
excludes balances secured bytf*S, Government obligations,
5/ Wednesday figures for weekly reporting member banks, excludes loans for purchasing or carrying
U, S. Government securities* Weekly reporting banks account for about 70 per oent of leans to
others. For further detail see Bulletin,




PRIVATE

HOUSING

STARTS

AND

PERMITS

Mlllleei el • alt*

Menlhlr. ennuel ielei
fc A S O N A l l Y

ADJUSTED

DATA

.

W

X

1
^ v y < v -

| 1UIIBINC HIMITS I
•CHANOI IN «««<«

PER

CENT

OF

UNADJUSTED

TOTAL

STARTS

MU ili-r AMIiV
( 3 Of m o r• I
0 0 VI IN MINI UHHIWIITTU

Exhibit P - Part II
Building
permits
ad
(seasonally
f
housing
of
financing
Tvpe
0
Tvpe
adjusted
Seasonally adjustMulti1-2
Unadjusted
annuel
FHA VA Other family family
ed annual rate
IfltS). i Z —
(Thousands of units)

Date

1964 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.
A 9 6 5 - Jen.
Feb.
Mar.
Apr.
j>/ May
£/ June

1,611
1,505
1,430
1,457
1,591
1,455
1,646
1,442
1,482
1,489
1,552
1,516
1,531

f

159
143
142
123
141
111
99
82
85
121
112
158
152

19
20
18
16
19
16
13
13
12
16
17
19
19

6
6

5
5
5
5
4
4
4
4
5
5
5

134
117
119
100
117
90
82
65
70
100
130
134
127

1

Starts

Total

107.2
96.1
94.3
83.1
95.2
73.6
62.9
54.5
54.4
80.5
104.7
107.7
105.9

51.3
46.6
47.3
39.5
45.9
37.8
35.5
26.9
31.1
40.2
47.5
49.7
46.0

1,306
1,242
1,281
1,222
1,220
1,258
1,173
1,280
1,224
1,269
1,187
1,240
1,241

V Total starts are Census estimates Including farm for both permit-Issuing and non-issuing areas, A
dwelling unit Is started when exoavatlon beginsi all unite la an apartment structure are oonsldere4
started at that time. IHA and VA starts are unit s started under eoomltoenfca by these age no lee to laeeie
or guarantee the mortgagee. As reported by TEA and VA, a unit Is started when a field office receives
the first oonpllanee inspection report, whloh Is made before footings are poured In some oases bat
normally after the foundations have been completed* Cape hart ndlltary housing unite are exolnded.
Other starts are derived ae a residual, although total and FHA and VA starts are not strictly comparable
in concept or timing! other starts lnolnde both unit* financed by conventional mortgagee and unite
without mortgagee.
2/ puildlng peraits before January 1963 are Census estimates fer about 10,000 areas Identified as
having a leoal building permit system In 1959, Estimates beginning January 1963, are fer approxlmtely
12.000, or all knewn, peimlt-issuing places. Unlike starts, seasonally adjusted building peralte
reflect direct adjustent fer differences In the nunfcer ef woxiclng days per month, as well as ether
differences
In timing and coverage.
for
FRASER

Digitized


YIIIDS O N N 1 W A N D S I A S O N K O C O K P O R A T I B O N D S
We.Ht

NIW IttUII

' ' I ' ' I

I '

' I I I I I I I I I I I I I I t I » I I

Exhibit 0 - Bart II
Yields on New Corporate Bond tiiuei Adjusted to an Aaa basis
Number Am't of issues
included (mil.
of
l£2SSL of dollars)

Number Am't of issues Average
yield
included (mil.
of
(per cent)
issues of dollars)

1965 - Jan.
, Feb.
Mar.
Apr.
May
June

( m WtX

June

Hon tftly averages:
3
3
7
4
8
4

94.0

iu:o

157.8
115.0
315.0
100.0

Weekly average
1965 - High
Low

quality gionp orsr the
*ar#pM#*mtatlv*




4.42
4.41
4.45
4.46
4.51
4.58

4.60(6/11)
4.33(1/29)

4
11
18
25
July 2
9
16
23

Average
yield

35.0

4.60

65.0

4.58

121.0
102.0

4.67*
4/56

Exhibit H

H. 14

Long-term Corporate and State and Local Government
Security Offerlnga and Placementa
(In milllone of dollars)

1965
January
February
March

Corporate
1964

New Can ftal
1963

795
746
1,197

930
685
754

613
594
1,144

&/800
e/ 800
e/850

April
May
June

1,230
R/ 1,680
e/ 1,700

2,178
1,069
1,378

930
904
1,013

July
August
September

e/ 1,050

780
661
1,109

676
637
795

949
646
1,419

1,013
819
1,415

2,738
e/ 4,630

2,369
4,625
2,550
3,013

2,3sl
2,847
2,109
3,246

e/2,450
e/2,550

2,533
2,811
2,578
2,278

B/ 7,366

6,994
9,544
12,557

5,198
7,307
10,553

e/5,000

5,345
7,923
10,201

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

947
776
810

m
746
976

e/800
e/900
e/850

1,242
667
903

869
866
930

e/900

906
780
892

680
708
449

801
529
948

1,051
729
416

.

2,454
2,665
1,837
2,197
5,118
6,955
9,151

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

quarter
quarter
quarter
quarter

1/

2,547
4,230

Year
e/
£/
1/
2/
3/

1,996
4,170
2,411
2,755

2,284
2,529
1,768
2,854

11,332

9,434

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.




'

State and Local 2/
1965
1<*64
1963
;

1

H. 14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
i

Quarter
or
Month
• 1962 - III
IV

Gross proceeds for new
capital and refunding 1/
Common
Bonds
and
pfd.
Total Publicly Privately
Offered Offered
stock
2,167
852
1,006
308
2,875
1,088
1,510
277

Memo:
Foreign
issues
included

Net proceeds for
new capital 1/
2/
Mfg.

Public
Utility

Communi- Other
ca tions issuers

55
135

566
747

376
552

274
317

685
945

1963 - I
II
III
IV

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

947
591
806
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

1964 - I
II
III
IV

2,499
4,851
2,802
3,311

978
1,321
792
531

1,221
1,640
1,516
2,372

300
1,890
494
408

29
105
85
223

418
723
547
1,045

438
856
642
509

273
1,663
59
128

1,240
1,383
1,303
1,332

1965 - I
lie/

3,00*7
4,884

905
1,836

1,673
2,197

429
851

Z4S

1,072
1,660

541
558

91
254

1.014
2,X57.

1963 - Oct.
Nov.
Dec.

1,116
891
1,459

511
183
626

481
549
751

125
159
83

10
10
27

240
214
515

201
131
198

41
13
64

531
461
637

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

985
710
805
2,234
1,155
1,461
869
728
1,204
1,032
702
1,577

338
279
361
383
470
468
234
183
376
181
30
320

526
342
353
480
537
623
411
433
672
638
620
1,114

121
88
91
1,372
148
370
225
112
156
213
52
143

5
16
8
34
36
35
21
21
44
82
27
114

149
123
146
186
206
332
149
164
234
249
188
607

109
155
174
151
441
264
207
138
296
297
40
172

157
83
34
1,377
27
258
23
16
19
81
17
30

515
324
400
463
395
525
401
342
560
321
401
610

1965 - Jan.
I
Feb.
Mar.
Apr.
May j£/
June #_/

858
791
1,158
1,360
!
L, 764
'1,760

161
187
557
422
694
720

565
450
658
774
623
800

131
155
143
163
448
240

49
51
143
35
49
n.a.

385
192
494
5 70
690
400

97
215
229
164
244
150

21
44
26
12
142
100

292 ,
293
448
504
603
1,050

fc/ Preliminary. e/Estimated by Federal Reserve.
Gross Proceeds exceed net proceeds by the cost of flotation.
For total see Exhibit H; other issuers are extractive, railroad & other, transportation,
real estate & finance, & commercial & other.
•
Source: Securities & Exchange Commission.




H. 14
Exhibit J
Other Security Offerings
(In millions of dollars)

1QAS
January
February
March
April
May
June
July
August
September
October
November
December
Jan. -June

Gross lcmg-term 1/
Foreign government 2/
Federal agenev 3/
1QAA
1QA*
1QAS
1QAA

218
38
72
i>/ -e/100

428

Year

4
82
69
30
75
26
20
13
7
180
72
58

232
133
76
57
114
11
63
83
--

266

623

636

771

Jan. - June

238
91
-458647
204
&/-85

E./ 637

Year

*/ -e/250

—
--

148
--

---

275
260
160
-509
—

186
-459
--

174
200

2

New
State and local government 5/
January
February
March
April
May
June
July
August
September
October
November
December

129
185
2/325

1QM

e/889

275

793

1,204

1,167

ihort-term 4/
Federal aoencv 3/

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

75
272
-367
589
-30
-10
62
208
-173
259
146
-339

-137
-174
117
-11
509
£/ 120

375

529

424

453

m

-308
-336
23
97
183
239
-333
167
1
525
113
-3

-332
-255
-161
202
195
319
415
326
258
123
-102
551

-52h ,

-32

368

1.539

those in Exhibit H in that refunding issues, as well as.new capital issues, are included.
Long-term securities are defined as those maturing in more than one year. 2/Includes securities offered in the U.S. by foreign governments and their political subdivisions and interI
national organizations. Source: Securities & Exchange Commission. 2 / l 8 8 u e s not guaranteed by I
the U.S. Government. Source: Long-term, Securities- & Exchange Commission; short-term, Treasury
Dept. & Federal Reserve. 4/These data differ from those in Exhibit H and above in that they
represent new offerings less retirements, whether from the proceeds or refunding issues or
fr;om other funds. Data include only issues with original maturing of one year or less. £/
Principally tax and bond anticipation notes, warrants or certificates and Public Housing Auth.
notes.forIn
some instances PHA notes included may have a somewhat longer maturing than 1 year.
Digitized
FRASER
Source: Bond Buyer & Federal Reserve.



n

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

1964

June
July
Aug,
Sept
Oc t.
Nov,
Dec.
Jan.
Feb.
Mar,
Apr.
May
June

Corporate
Bonds
Convertible
(other than
bonds
convertibles)
390
1 /$
2x3
269
108

650
291
142
376
187

---

State
and
local
governments

Stocks

210
113

---

30

200
11 5
131
233
210
560
3^3

230
1 30
217
513
307
928
801

15 1
86

---

280
97
33
3-0

315
138

2/

275
260
104
15
502
15

284
544
459
558
419
226
•541
419
446
395
411
492
377

1'
23

--

Other

235
130
• 19
260
40
340

Larg-: InJi iov.a 1 issu-s Offered July 1 throught 23
Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net inter
est cost

Offering
yield

Rating

Corporate
Ccnv. sub a , b
*R. H. Macy Co.
s
r. j . b
Burlington Industries
New England Tel , & Tel.Cc. . b.
S i. d o.
Lone Star Cement Corp.1st mtg- bds
Atlanta Gas Light Co
Pacific Gas and E1 (c. Cc. 1st < r fmtg. bos
State and Local C'<" vt •
Sacramento Mun. Vti1.
Dist, , Ca1i f.
State of California

R-'-.v -VL.
r'-'L .
G 0.

State of Minnt sot ;•>
Memphis, Tenn,
San. Fran Bay Art a
Trnns. Auth,

v

21.9
30.0
bO.O
30.0
15.0

1990
1990
2005
1990
1990

4'-1/4
4-3/4
4-- 5 / 8
4-- 7 / 8
4--1/4

4.,25
4. 8 0
4. 58
4. S8
4. 65

Baa
Aaa
A
A

73,0

1997

4 -5/8

4..58

Aa

;o.o
:o.o
54,8
25.0

1970-94
2004
1967-91
19bb-83
1967-83
1966-90

3. 31
3 21
3. 10
3. 13

2. 85-3. 40
3. 50
2. 55-3. 40
2. 40-3. 30
2. 50-3. 15
2. 50-3. 2 0 4 /

;o.o

1972-99

3; 38

2. 90-3. 4 5 5 /

1 7. 5

R.-V.

0.

Rev. -Q -!^t




3.

--

An
Aa
Aa
Aa
Aaa
Aa

\\>
H. 14
K-2
Large Individual Issues Offered July 1 through 23 (Cont'd)

Type 3/

Issuer
State and Local Govt.
(Cont'd)

| Amount
Coupon
(millions
rate or
|
of
Maturity net interI dollars
est cost

Offering
Yield

Rating

1
|

Commonwealth cf Penna.
1 G. 0.
Maryland State Roads Comm. Rev.-St.
New York. N.Y.
j a. 0.
Ind. Dev, Fa. o£ Sc ttsbon
Alabama

Rev.-Rent

27.0
20.0
111.1
64.0

1971-85
1966-80
1967-95
1966-70

3.03
3.21
3.44
3.50

2.75-3.10
2.45-3.15
2.80-3.57
6/

31.5
23.5

1987
1968-77

n.a.
n.a.

4.00
31. 00-3.40 1_!

20.0

1985

5-3/4

5 .97

Aa
Aa
Baa
Baa

Other
Commonwealth of New Zealam 1 Bonds

FOOTNOTES
*--Rights offering.
n. a . --Not available.
1/ Includes corporate and other security offerings of $15 million and over;
State & local government security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues by Fsd^ral agencies.
3/ In the case of State & local government securities, G.0. denotes general
obligations; Rev.-Ut revenue obligation secured only by income from
public utilities; Rev.-Q.-Ut., revenue bonds secured only by revenue
from quasi-utilities; Rev.-S.T., revenue, bunds secured by revenue
from specific tax^s only; Rev.-Rarit-, revenue bonds secured solely by
lease payments.
i 4/ 0.1 per cent bonds maturing 1988-90 not publicly reoffered.
5/ 1-1/2 per cent bonds maturing 1999 not publicly reoffered.
6/ Bonds not r c ^ : j
--tcome litigation.
w
J_! Bonds maturing 1973-77 net publicly reoffered.




--

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaeury) 1/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)

During month following
date shown
State and
Corporate
Other 2/
local govt.
1964 - June
July
Aug.
Sept
Oct.
N:v.
Dec• 1965 - J a n .
i
Feb.
Mar.
Apr.
May
l
June

30
31
31
30
30
30
31
29
26
31
30
28
30

I

292
92
402
186

539
120
511
500
254 .
360
306
242
316
212
411
328
397

--

90
105
169
407
267
852
765
363

Corporate

Subsequent to
date shown
State and
local eovt.

307
167
442
186

--

15

716
588
680
626
549
563
435
382
599
373
635
474
524

--

25
215
---

60
25
70
20

130
105
253
504
792
852
923 '
410

Other 2/

__

15
——

25
215
--

60
25
70
20

Forthcoming Large Offerings as of July 23

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Coroorate
Northern 111, Gas Co.
Baltimore Gas & Elec. Co.
Moni gomery Ward & Co.
*Beaunit Ccrp.
Southern Counties Co.
Southern Ca1= Edison C:,
*Lone Star Gas Co.
Gen-.ral Mills Inc.
Macy Credit Corp,
Great Western Financial Corp.




1st mtg. feds.
S. F. deb.
S. F. deb.
Conv. sub - deb,
1st mtg. bds.
1st & ref. mtg., bd;5,
S . F« d-.b.
S. F. deb.
Deb,
Deb „

25,0
30.0
150.0
25.0
40.0
37.1
30.0
35.0
25.0
22.0

July 27
July. 28
July 29
Aug. 3
Aug. 4
. Aug. 18
Aug. 25
Aug.
Indefinite
Indefinite

a?
L-2

H.14

Forthcoming Large Offerings as of July 23 (Cont'd)

Issuer

Type

State and local Government
Brevard Co. Spec. Tax Sen.Dist., Fla.
Phila., Pa.
Phoenix, Arizona
Los Angeles Dept. of Airports, Cal.
Ala. Pub. Sch. & College Auth.
/
Pittsburgh, Pa.
Hamilton Co., Ohio
Newark, New Jersey
San Francisco, Cal.
*Public Housing Auth.
*San Antonio, Texas
Cuyahoga Co., Ohio
*E1 Paso, Texas
Dade County, Fla.
Florida Dev. Comm.

Rev.-S.T.
G. 0.
Rev.-Q.-Ut.
Rev.-Rent.
Rev.-Rent.
G. 0.
G. 0.
G. 0.
G. 0.
Bonds
G. 0.
G. 0.
Rev.-Ut.
G. 0.
Rev.-S.T.

Amount
(millions
of
dollars)
20.0
28.0
14.0
30.0
25.0
10.0
30.0
12.0
12.7
132.0
15.0
13.0
10.5
46.0
33.8

Approximate date of
Offering

July 27
July 27
July 27
July 28
Aug. 4
Aug. 4
Aug. 10
Aug. 10
Aug. 16
Aug. 18
Aug. 29
Sept 9
Sept.22
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 of Federal agencies»
Note:--Deletions for reasons other than sale of issue: none.




z\
H. 14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

Sale Date

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

Sold May 1 through July

3

5/6

25.0

Govt, of Australia--5-1/2% bonds, jpg^turing 1985,
reoffered to yield 5.63% to residents outside the
U!S, and 4.98% to residents of the U.S.

5/26

15.0

City of Oslo, Norway--5-3/4% bonds, maturing 1985,
reoffered to yield 5.86%.**

6/15

50.0

Quebec Hydor-Electric Commission--4-5/8% debenture,
maturing 1985, reoffered to yield 4* 75%.

6/17

20.0

Kingdom of Denmark--6% bonds, maturing 1985,
reoffered to yield 6.09%.**

!

6/22

20.0

Metropolis of Tokyo--6% bonds, maturing 1980,
reoffered to yield 6.50%.**

i

7/7

20.0

Commonwealth of New Zealand--5-3/4% bonds, maturing
1985, reoffered to yield 5.97%.**

I

|
i

B.

Prospective Offerings

NONE

*
**

Included in table for first time.
Issue sold is entirely to investors outside U.S.




H. 14
M-2
Part II:

Private Placement--Reported May 1 through July

Date
reported

Amount
(millions
of
dollars)

5/26

25.0

City of Montreal--5% sinking fund debentures,
maturing 1985-90--no information available on
takedown.

5/28

30.0

Trans-Canada Pipe Lines Ltd.--5-1/4% first mortgage
bonds, maturing 1985, placed to yield 5.09%--no
information available on takedown.

*7/21

40.0

Trans- Canada Pipe lines Ltd- - 5 1/8% first mortgage -bonds, maturing 1985-- no information available on
takedown.

ISsuer and Description of Issue

tiote: 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 shdwn in 'thfe'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 when reported, frequently with little or no information concerning
timing of takedowns. Full or partial takedowns may take place both prior and subsequent to the date a placement is reported.
^--Included in table for first time.