Full text of H.16 Capital Market Developments : July 27, 1964

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Not for PublicationDECONTROT.TYFD AFTER SIX MONTHS
H. 14

July 27, 1964.
CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES
eluding Review of Sources and Uses of Funds
[of Financial Intermediaries During May)

L

29

security financing. The volume of public security financing
market this week will be somewhat smaller than last week's
• s u b s t a n t i a l total, with the mix of offerings more heavily
feed in State and local government issues. A substantial
portion of this week's municipal volume will consist of $100 million
of State of California bonds, on which bids received last week were
rejected for purely technical reasons.
c

Long-Term Public Security Offerings 1/
(In millions of dollars)
Week
Ending

Corporate
New Capital | Refunding

State and local govt.
New Capital |
Refunding

Sold:
July 17
July 24

36 r/
115

217 r/
284

12

Scheduled:
July 31

30

216

. --

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. Bond yields showed mixed changes last week,
but on balance remained generally steady. Rates on Treasury bills
showed some net advance. Early in the week they rose in response to
the announcement of a $1 billion Treasury bill strip and to some concern
about the possibility of an increase in the discount rate at the Bank
of England. When the lal. r increase did not occur and the bill strip
was well received, rates turned down again. The average effective
Federal funds rate dropped to its lowest level since late July 1963.
Yields in Securities Markets
Level latest week
(per cent)

Change from
preceding week
(basis points)

High-Grade
Notes and Bonds
Corporate
New
Seasoned
U. S. Govt.
Long-term
3-5 year
State and local govt.



4.14
4.00
3.09

+ 1
+ 2

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

Level latest week
(per cent)

Change from
preceding week
(basis points)

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

3.00
3.46
3.61
'3.78

-

50

+ 3
+ 6
3

FNMA secondary market operations. Sales in the secondary mortgage
market by the Federal National Mortgage Association edged off further
in June, to $9.5 million. The June total exceeded the reduced average
in the first-three months of this year. But it was less than a sixth
of the volume in June of last year even though at that time, sales
were already moving sharply downward from earlier highs.
Purchases by FNMA in June dropped to $3.8 million, the
lowest since May, 1955. Purchasing volume earlier this year had
reflected mainly exchanges with the Federal Housing Administration for
FNMA-held FHA-debentures. Offerings in June also declined—to $9.3
million.
Stock prices. Common stock prices, as measured by Standard
and Poor's composite index of 500 stocks, eased one-half of a per
cent last week to close at 83.46 on July 24. Trading volume averaged
4.5 million shares a day, down 0.2 million shares from the average
/'"for the previous week.
Institutional investors. Net inflows of savings during May
at life insurance companies, savings and loan associations and mutual
savings banks totaled $1.9 billion, a May record and 7 per cent greater
than a year earlier. Assets of life insurance companies and deposits
at mutual savings banks posted substantially larger gains this May than
a year before. Growth in savings capital at savings and loan associations while only slightly greater than last year, reversed the pattern
of year-over-year short-falls evident in earlier months this year.
(Time and savings deposits at commercial banks rose $1.3 billion in May,
7 per cent less than in May 1963.)
Assets of life insurance companies, excluding valuation changes,
grew $0.6 billion in May, 15 per cent more than a year earlier. Net
mortgage acquisitions, at $0.3 billion, were in the largest May volume
since 1956 and one-fourth more than a year earlier. Moreover, holdings
of U. S. Government securities rose moderately in contrast to a $0.2
billion reduction during May 1963, and the cutback in municipal holdings
was moderately smaller. Net acquisition of business securities, on the
other hand, totaled $0.2 billion, one-fifth less than last year. In




H. 14

addition, acquisitions of foreign business securities (included in other
assets) were only about one-third as large as in May 1963 when they
amounted to $0.1 billion.
Shareholders added $1.0 billion to their savings share accounts
at savings and loan associations during May, a record by a small margin
for that month. Mortgage activity continued in large volume, but net
acquisitions, at $1.0 billion, were one-fifth less than a year earlier.
Association borrowings (primarily from the Federal Home Loan Banks)
declined moderately, and holdings of cash and Governments rose slightly.
Growth in deposits at mutual savings banks amounted to $0.3
billion in May, one-sixth more than a year earlier. While net
mortgage acquisitons, at $0.3 billion, were somewhat smaller, than in
May 1963, holdings of Governments were reduced less than in the preceding
year and business and miscellaneous security holdings rose moderately.
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.




LONG-TERM B O N D YIELDS, H I G H - G R A D E

r\J

m i l m e ioui covuhmjhi

_Ll_L-U-l-l-Li-AA

J JJ

Exhibit A - Part II

Date

Corporate
Aaa 1/

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)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
I96I4 - High
Low
June
July
July
July
, July

26
3
10
17
24 j>/

3.65
3.37
3.12
3.26

(9/24/59)
(7/6)
(2/23)
(1/4)

.59
.57.

14.61(1/29/60)
a. 16(9/15)
k.21(3/17)
i4.U3(2/!6)
1,. 23(12/2$
u.37(12/27)
u. 19(3/29)
4.41(7/17)
4.35(2/28)

14.1*2 (1/8/60)
U.07 (12/29)
3.70(5/12)
U.12 (2/23)
3.85 (12/28)
In 16 (12/27)
3.87(1/18)
4.20(4/17)
4.11(7/3)

2.88 (11/8)

.31:
.1+7
.30

3.18 (11/21)
2.93 (3/28)
3.16(3/26)
3.07(7/16)

.35
.21
.29
.19

.k6
1.01*
.80
1.05
.88
1.09
1.01

4.41
4.40
4.40 •
4.41
4.40/

4.12
4.11
4.12
4.13
4.14//

3.11
3.10
3.07
3.07
3.09^

.29
.29
.28
.28
.26

1.01
1.01
1.05
1.06
1.05

.92

.76

2 / Weekly average of daily figures* Average term of bonds included ie 22-24 years®
Weekly average of daily figures. The series includes bonds due or callable in 10 years or more,
3/ Thursday figures. Only general obligation bonds are included; average term is 20 years.
Note*—Highs and Iowa are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and low to narrowest#




EXHfeiT e. fon 2.
L O N G - T E R M B O N D YIELDS, L O W E R - G R A D E

Til

Date

Corporate
Baa 1/

State and
local govt.
Baa 3/

Spread between
Aaac and Baa
State and
Corporate
local govt.

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

26
3
10
17
24 £/

5.3$(2Z«/60)
5.13(10/27)
5.00(4/21)
5.11(1/3):
u. 92 (12/21)
U.93(1/4)
U.83(13/15)
4.87(6/26)
4.82(2/24)

U.U6 (1/7/60)
U.l6(3/23)
3.93(IV»)
U.OU(Vn)
3.52(5/17)
3.63(6/27)
3.52(5/23)
3.58(3/26)
3.51(4/16)

.81*
.81
.66
•71*
.63
.71
.1*8
.48
.42

1.08
.93
.57
.82
.56
.63
.1*1*
.49
.36

4.87
4.86
4.84
4.83
4.82 ,

3.55
3.55
3.55
3.53
3.53

. 46
.46
.44
.42
.42

.44
.45
.48
. 46
.44

Tor footnotes see Exhibit i*




EXHIBIT C. f o r t I
SHORT- A N D

V
i\A

I N T E R M E D I A T E - T E R M INTEREST RATES/ G O V I R N M I N T

t-MONIH III
M o r k . l Yl.l

I p L ^ v

f ^ y L n . Piscoum:

R

IHI
-

. ,

A

'

JMIOHTH IIUS'
Mork.l Vl.ldi

w

1 M

1 M

M

M

1 M

M

I M

I M

I I II M

11 M

IT

Exhibit C - Part II
Discount
rate
y

1959-60 - High U.00
3.00
1961 - High
3.00
Low
3.00
' 1962 - High
3.00
Low
3.50
1963 - High
Low
3.00
3.50
196U - High
Low
3.50
July
July
July
July

26
3
10
17
24 £/

3.50
3.50
3.50
3.50
3.50

3-month
bills 2/

Yields
6-month
, bills 2/

3-5 year
Issues 2/

Spread between yields cm >
month bills and yields on
6-mo* bills|3-5 yr* issues

U. 5 9 ( W 6 0 ) 5*07(1/8/60) 5.00(12/24/39)
2*90(1/29) 3*86(8/11)
2*35(4/28) 3.15(5/12)
2.97(7/13) 3.13(7/20) 3.88(2/2)
2.65(6/8)
2.7U 6/8)
3.J|l(l?/28)
3.55(1Vis) 3.68(1^6) 14.07(12/27)
2.88(3/15) 2.93(3/8)
3.UU(i/ifl)
3.56(3/6)
3.74(3/6)
4.23(3/27)
3.43(7/17) 3.52(7/3)
3.98(7/17)

.12
• 2U
.02
.17
.ou
.21
.04

1.81
1.51
.92
1.19
.52
.70
.12
.71
.48

3.47
3.48
3.48
3.43
3.46^

.06
.04
.05
.12
.15

.55
.52
.51
.55
.54

\ ' X

3.53
3.52
3.53
3.55
3.61/

4.02
4.00
3.99
3.98
4.00

.79
.a

JZ 5®* 1 ?
Show ii that in effect at end of period at the M e t a l Reserve Bank of Be* York.
&
mrket yield) weekly averages ocmputed from daily closing bid prices. Series of 3-6 year issue*
consists of selected notes and bonds*
Note.—flighs and lam are for Individual series and nay be on different dates for different series*
Tor spreads, high refers to widest, and low to narrowest*




EXHIBIT D. Port I
SHORT- A N D
BANKS AND

INTERMEDIATE- T E R M INTEREST RATES,
OTHER

PRIVATE B O R R O W E R S

/

Exhibit D

Stock exchange
call loan l /

Prime
rate l /

v

—4

- Part II

Finance company
paper 2/

Federal
funds 3/

Spread between
3-mcu

bills and

finance co. paper

(per cent)
1959-6CHigh
1961 - High
Low
1962 - High
Low
1963 - High

5.5o
U.5o
U.50

It. 5 0

U.50

U.5o

U.50
U.50

U.So

U.50

L.5o

5.00

5.13(1/22/60)

U.00 (5/13/60)

li.50

3.00(12/30)
2.50(8/5)

2.90 (11/17)
,U3 ( V 2 7 )

3.25(7/21)
2.88(6/1)
3.88(12/27)

3.00 (12/28)
1.30 (1/26)
3.50 (12/27)

1.02

.56

.11

.li5
.19
.39
.12
.41
.22

4.50

U.50
4,50

3.13(5/31)
3,93(4/3)

2.U5 ( 7 / 2 f \
3.50(7/17)

4.50

4,50

3,75(5/22)

3.00(7/24)

June ^ 2 6

4.50

4.50

3.88

3.50

.41

July

3

4.50

4.50

3.88

3.50

.40

July

10

4.50

4.50

3.86

196U - High
Low

3.50

.38

July

17

4.50

4.50

3.81

3.50

.38

July

24 2/

4.50

4.50

3 . 78

3.00

.32

2/

Weekly rate shown is that in effect at end of periqd. Stook Exchange call loan rate is going rat*
on call leans secured b y customers* stock exchange collateral at N e w York City banks. Prima rate
is that charged by large banks on short-term loans to business borrowers of the highest credit
standing.
2/
Average of daily rates published b y 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 volume of purchase and
sale transactions as reported to the Federal Reserve Bank of Hew York.
N o t e t — H i g h s and lows are for individual series and may be on different dates for different.series. '
T o r spreads, high refers to widest, and low to narrowest.




STOCK M A R K E T

on* of do II on

A
V v # x y N / V / V

f
I

/

^

r"
$10(1 HAIKU CkiDIT
^CHANGI IN $1111$
„ MUJisni.9i.jh_

v

J

w y

i

I I I I I I I I I I I I 1 I t 1 I I I I I I t I I I I I
1112

Mil

Exhibit E - Part II

May
June
July
July
July

10
17
24 £/

2.80
3.96

3.01

10.1
2.U

7U.W12/27)
84.01(7/17)
75.50(1/3)

2.93
3.10

6.3
6.1
4.0

80.72
80.24
83.36
84.01
83.46

3.01
3.05
2.94
2.93
2.94

5.0
4.4
5.1
4.7
4.5

credit
Customers'
Bank
debit balloans to
"others" 5/
ances h/
(In millions of dollars)

Stock ma]

3

1961-62 - High
Lew
1963 - High
196k - High
Low

Trading
Common
volume 3/
stock
yields 2/ (millions
(per cent) of shares)

I
I

Stock price
index 3/

Total

5 , 602(12/61) U, 259 (12/61) 1 , Ul8 ( 5/9/62)
U,i|2U(l/6l) 3,253(3/61) 1,161(3/8/61)
7,298(11/63)5,586(11/63) 1,738(1^25)
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
1,867
1,862

2/1
|/

E^"Ev2EE*.E"iitE

others, ior further detail tee Bulletin.


York'atook'rShtoe. lAloh oiriy nmrjlk .ooountli

FEDERAL N A T I O N A L M O R T G A G E

ASSOCIATION-^

S E C O N D A R Y MARKET O P E R A T I O N S
Million! el dell
I I I I I T T T T T T I 140

PURCHASES

\

Exhibit F
Estimated
Total

offerings
Immediate
purchase

- Part

II

to F N M A
S tandby
commitment!

Purchases

Sales

by

by

FNMA

FNMA

(In m i l l i o n s o f d o l l a r s )
1963

- June

21.2

.5

20.7

61.3

15.7

.1

14.9

35.7

18.3

16.9

8.5

Sept.

19.8

.4
.2

Oct.

18.5

18.4

.1

15.3
16.3

1.6
2.2

7.7
10.9

.6
15.8

Nov.
Dec.
1964

20.7

15.8
18.8
20.1

July
Aug.

12.0

11.8

14.1
15.6

14.0

.1

15.5

Mar.

15.1
20.1

15.0
19.9

.1
.1
.3

Apr.

28.5

28.5

.1

May
June

28.9
9.3

28.9
9.2

- Jan.
Feb.

.

.

.1

11.1
13.0

8.8
2.3

16.8

3.8

26.4

12.7

25.8
3.8

10.9
9.5

• — L e s s than $50,000.
1/ Data represent unpaid principal balances of the mortgages involved, exclusive of
premiums, discounts, or other charges. Offerings are amounts of applications received
during the period from sellers proposing that FNMA. execute purchasing contracts. An
Immediate purchase oonfcract covers existing mortgages which the seller must deliver t o
FNMA within 4 5 days. A standby c cmnitment contract relates to proposed mortgages on
housing not yet under construction which the seller must usually deliver within one
year. Purchases include those under both immediate purchases and standby commitment
contracts. Data exclude FNMA activity under Special Assistance and Management and
Liquid ating Pro grams.




YjELPS O N

NEW

A N D SEASONED CORPORATE BONDS ;

NEW ISSUES

Exhibit Q - Part II
Y i e l d s o n N e w C o r p o r a t e B o n d Issues A d j u s t e d to a n A a a b a s i s

1964 - Jan.
Feb.
Mar.
Apr.
May
June
W e e k l y averages
1964 - High
Low
Apr. 3
10
17
24

Number
Average
of
included (mil.
yield
of dollars)
(per c e n t )
issues
May

3
3
6
1
10
8
1 •
1

150.0
125.0
166.0
130.0
278.0
230.0
50.0
50.0

::
2

13.0

1
8
15
22
29
June 5
12
19
26
4.53(5/8)
July 3
4.30(2/21)
10
17
»
24
4.50
4.38
4.43
4.48
4.46
4.43

1
1
3
3
2
2
2
• 2
2
1
-

0

M o n t h l y averages:

1

1

N u m b e r A m ' t o f Issues A v e r a g e
of
included (mil.
yield
of dollars)
(per c e n t )

8.0
50.0
89.0
95.0
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

::

4.4ft

X by Moody's Inroators Service lexcept aerial ana convertible is sues, orreringe or natural gas pipeline,
and foreign companies, and bonds guaranteed by the Federal Government) weighted by fd.se of offering*
'
Before averaging, new offerings are adjoated to a composite iaa bails by deducting from the actual
reofferlng yield the excess of the weekly average yield for seasoned tenia of the appropriate into at tyquallty group over the conmosite average for aeaaoned iaa-rated bonds (Moody's), Averages oonsidered
unrepresentative beoauae of apeelal oharaoteristioa of 1he offerings included are denoted by an asterisk^
H i g h and low r e f e r only to y i e l d s , and n u m b e r s and a m o u n t o f issues a r e t h o s e o n w h i c h
these averages are based.




H. 14
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
Capital
New 1
Corporate 1/
1963

1964
January
February """
March
April
May

July
August
September

613
594
1,144

2,111
1,040
e/ 1,400

930
904
1,013

1,153
771
1,132

800

676
637
795

573
773
557

1,013
819
1,415

819
678
1,064

2,369
4,551

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

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

e/ 6,920

5,198
7,307
10,553

5,284
7,186
9,747

%
&/

e/

October
November
December
1st,quarter
— 2 n d quarter
3rd quarter
4th quarter
1st half
Three quarters
Year

549
860
819

930
685
754

JBf

%

State and Local 2/
1963
1964

1962

'

1962

944
773
812

732
746
976

876
1,133
628 j

£/ 1,180
£/
600
e/
800

869
866
930

873
912
786

e/

680
708
449

612
544
427

S>1

£/
£/

900

1 ,051
729
416

650
578 i
550;

SJ 2,529
e/ 2,580

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

2,637 0
2,571
1,528 :
1,779 I

e/ 5,109

,118
5j
6 ,955
9,,151

5,208 ;
6,790 '
8,568 ?•

Excluding finance companies^/
1st
2nd
. 3rd
4th
Year
e/
2/
1/
2/
3/

quarter
quarter
quarter
quarter

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

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

1,996
ej 4, 101

SJ

.

9,434

'

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.




?

H. 14

New Corporate Security Issues, Type of Issuq and Issuer
(In nillions of dollars)r

Quarter
or
Month

Total

Gross proceeds f<K n e w
rnni t-fll anH rufni
Common
Bom is
Publicly' Privately
pfd.
Offered
Offered

Net proiDeeds for
Memo:
Foreign
issues
Mfg. Public Communi- Other
included
Utility cations issuers

1962 - X
II
III
IV

2,37.8
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
769

430
983
375
568

456
231
275
321

717
794
659
986

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
896
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

1964 - I
II e/
III

2,499
4,74 V

978
1,313

1,221
i,r>3b

300
1,850

29

418
5%2

438
863

273
1,64b

1,240
1,462

1962 ~ July
Aug.
Sept.
Oct.
Nov.
Dec.

630
922
632
976
784
1,197

200
477
176
539
286
264

366
363
295
314
446,
808

67
82
161
123
52
125

13
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
2531
451

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

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

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
97
341
222
230
107
100
78
201
131
198

149
123
146
157
175
250

109
155
174
150
442
270

1963 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1964 - Jan.
Feb.
Mar.
Apr. p/
May c/

985
710
805
2,175
1,1%4
1,450

338
279
361
383
470
460

243
289
- 774
452
694
675
431
318
501
481
549
751
526
342
353
429
507
650

121
88
91
1,363
. 147
340

5
16
8
32
•,.36

125
68
43.
. 71
92
58
86
25
"• 39
41
\13
64
157
83
34
1,369
?J

238
191
412
369
373
499
187 '
240
441
531
461
637
515
324
400
435
3V7
630

250
July ~
Aug.
Sept.
£/ Preliminary. e/Estimated by Federal Reserve. 1/Gross Proceeds exceed net proceeds by the
cost of flotation. 2/For total see Exhibit Hj other issuers are extractive, railroad and other
transportation, real estate and finance and commercial and other. Source.--Securities and
Exchange
Commission.




v-i
Other Security Offerings
(In millions of dollars)

Gross long-term 1/

January
February
March
April
May
June
July
August
September

E/
J

e/

1964
4
82
69
27
If.

75

Foreign government 2/
1963
232
133 .
76
57
114
11
63
83

November
December
Jan- - June

2
e/

33 J.

Year

January
February
March
April
May
JuOfc^/
Juiy
August
September

333

Federal agency 3/
1963
1964
148

1962
246
156

186

461

--

P/

--

2 75

459
--

150
175

;

174
200

e/

2 75

--

--

793

863

1.167
1 .188
737
New short-term 4/
Federsi'i agancv 3/
State and local government 5/
247
12
-106
18
75
-156
-189
-459
272
466
226
-482
-186
198
-367
-364
292
97
127
589
82
195
-30
-84
18J
284
228
319
-118
-10
261
414
62
78
227
327
208
339
-157
258
-173
-406
379
123
259
71
-102
55
146
234
551
-80
-339
-161
771

103
236
-407
442
79
£/

Nov-.mbe.r
December
Jan. - June

623

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

n.a.

Year

529

223

692

378

259

29

319

1.600

1 ,004

<
4
,

^/Preliminary. e/Estimated by Federal Reserve, n.a.--Not.available. V T h e s e data differ
from 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 United States by foreign governments and their political subdivisions
and international organizations. Source: Securities and Exchange. Commission. 3/ Issues not
guaranteed by the U. S. Government. Source, long-term Securities and Exchange Commission
short-term, Treasury Department and Federal Reserve. 4/These data differ from chose in
Exhibit H and above in that they represent new offerings less retirementswhether from the
proceeds of refunding issues or from other funds, Data include only issues with original
maturity of one. year or less. 5/Principally tax and bond anticipation notes, warrants or
certificates
and Public Housing. Authority notes. In some instances PHA notes included may

have a somewhat longer maturity than one year. Source. Bond Buyer and Federal Reserve,



'

I

/
h

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)

Corporate
Bonds
(Other than
Convertible
bonds
convertibles)
- J une
. July
Aug.
Se.pt.
Oct.
No 7.
- Jan.
Feb.
Mar.
Apr.
May
June

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

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

State
and
local
governments

---

60
35
51
---

Other 2/

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

460
60
20
174
200

50
20
15
275

Large Individual Issues Offered July 1 through 24
Type 3/

Amount
(millions
of
dollars)

Coupon
Maturity rate or Offernet in- ing
terest cost
yield

Rating

Corporate
Com. stk.
1st ref. mtg. bds.
Deb.
Com. stk.
Pfd. stk.
Deb.
1st mtg. bds.

64.1
30.0
50.0
33/9
15.0

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

13.6
15.0
18.0
14.0
10.0
10.0

Rev.-Ut.

32.5 1968-2003

Pacific Gas & Elec. Co.
Baltimore Gas & Elec. Co.
J. C. Penney Credit Corp.
Nationwide Corp.
Northern State Pwr. Corp.
Marine Midland Corp.
Milwaukee Gas Light Co.

60.0
18.0

1994
1984

4-1/2
4-1/2

4.40
4.57

1989
1989

4-1/2
4-3/4

4.60
4.65

State and Local Government
Oregon State Bd. of Higher Ed
San Juan 3 Puerto Rico
Atlanta Fulton Co. Rec. Auth.
Memphiss Tenn.
Houston Ind. Sch. Dist., Tex.
Alabama Highway Auth.
Met, Denver Sewage Disp. Dist.
#1, Cole.




1967-94
1965-87
1966-93
1965-89
1966-92
1970-84

3.15
3.50
3.28
3.03
3.25
3.48

4/
2.40-3.30"
2.20-3.55
2,35-3.40
2.10-3.15—'
2.35-3.206/
2.90-3.50

3.41 2.50-3.50

Aa
A
Aa
Aa
A
A

V
K-2
Large Individual Issues Offered July 1 through 24 (Cont'd)

Type

3/

Amount
(millions
of
dollars)

Coupon
rate or OfferMaturity net inte • ing
est cost vield

Rating

State and Local Government (Cont'd)
Seattle, Wash.
Merced Irr. Dist., Cal.
Penr.c. State Pub. Sch. Bldg. Auth.
New York State Housing Fin. Agency
New York City, New York

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

45.0
36.0
13.4
75.1
123.2

1968-94
1969-89
1966-2003
1965-95
1966-95

3.48
3.65
3.39
3.64
3.14

Bonds

260.0

1966

4-1/8

2.65-3.70
A
2.70-3.62-, A
2.30-3.SO 17 2.20-3.70
2.30-3.50
A

Other
Federal HomeJLoan Bank

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.
-61 Bonds maturing 1982-92 not publicly reoffered.
2/ 1 per cent bonds.maturing 2003 reoffered to yield 3.95 per cent.




:
:
|
'

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

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

75
20

25
15

Subsequent to
late shown
State and
local govt.
Corporate

Other 2/
75
20

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

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

25
15

Forthcoming Large Offerings as of July 24

Type

Corporate
Northern 111. Gas. Co.
Texas Gas Trans..Corp.
*First Natl. Bank of Atlanta
Northern State Pwr. Co.
Utah Pwr. & Lt. Co.
San Diego Gas & Elec. Co.
Wells Fargo Bank
State and Local Government
^Colorado Springs, Colo.
Florida State Bd. of Ed.
State of California
Nashville & Davidson Co. Met. Govt.
Tenn.
Sacramento Mun. Util. Dist., Cal.
San Francisco, Calif.




Amount
(millions
of
dollars)

20.0
25.0
16.9
15.0
15.0
20.0

Approximate date
of offering

July
Aug.
Aug.
Aug.
Aug.
Aug.

30
5
11 (rts. ex.)
12
19
26

1st mtgc bds.
Deb.
Conv. cap. notes
1st mtg. bds.
1st mtg. bds.
S. F. deb.
Conv. cap. note
& com. stk.

100.0

Sept.

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

13.5
25.0
100.0

July
July
July

28
28
30

12.0
12.0
15.8

Aug.
Aug.
Aug.

4
6
10

G.O.
Rev.-Ut.
G • 0.

(rts. ex.)

Forth Coming Large Offerings as of July 24 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date
of offering

State and Local Government (Cont'd)
*Los Angeles Dept. of Wtr. & Pwr., Cal.
Va. State Highway Auth.
Mass, Turnpike Auth.
^Dallas, Tex.
Pittsburgh, Pa.
Dade County, Fla.
Forth Worth, Tex.

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

24.0
31.0
35.0
12.5
35,0
46.0
14.1

Aug. 26
Aug.
Aug.
Sept. 14
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.




1

HV14
Exhibit M
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

15.0




Sold May 1 through July 2'.

Republic of Finland—6% bonds, maturing
. 1976, offered to yield 6.247, '

B.
None

Prospective Offerings

H. 14
M-2
Part II:

Date
reported

Note:

Private Placement--Reported May 1 through July /

Amount
(millions of
dollars)

Issuer and Description of Issue

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, 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

7/8

45.0

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

" City of Montreal--4-7/8% debentures,
maturing 1966--no information available
on takedown.
International Minerals and Chemicals Corp.
(Canada) Ltd.--notes, maturing 19S2--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 when reported, frequently with little or no information coiicerning::tir/iing df tbkedotinsr Full' or::partial-takddowns may take place both prior and
for
FRASERto the data a placement is reported. ^--Includes in table for first time.
subsequent

Digitized


i

-

'

l\

Exhibit N
Sources and Uses of Funds by
Life Insurance Companies

U. S.
Cash Govt.
Securities
Value, of assets
at end of period:
1960 - Dec.
1961 - Dec.
1962 - Dec.
1963 - Dec.
1964 - M?y
Changes;
1962 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1903 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.

xj

1,329
1,392
1,456
1,442
1,1C0

Uses of Funds 1/
Business
1State and
Securities 2/
local
Mort- Other
Bonds & Short-term Govt, se- gages
Stocks
paper
curities
(In millions of dollars)
48,631
51,362
53,468
55,997
57,043

295
193
348
381
419

3,606
3 3 902
4,037
3,876
3,8:7

223
- 99
65
1
25
156
- 75
135
-76
12
91
44
-24
265
4
- 22
248
-95
132
58
121
206
- 24
-21
42
182
-48
12
28
136
3 6 • 135
35
120 - -224
402

225
43
52
179
-53
» -118
72
31
20
69
-40
-325

29
3
117
-15
-12
12
11
25
12
-21
-17
-9

-134
-17
-75
-13
29
-1
54
-10
87
6
-21
119

6,428
6,135
6,171
5,755
5,731

133
-71
-211
rl9

-IG:
-94
36
-33
14
-43
-42
-32

58
143
233
141
,367
219
156
106
186
& 5
274
391

190
'
50
13
84 .
-50
105
88
-56
64
109
-411

41,815
44,250
46,957
50,543
512, 11-

Total Memo:Total.
sources Excluding
Valuation
Change 3/

17,472
19,582
20,854
22,909
23.9\)

119,576
126,816
133,291
160.903
144.31 i

114,925
121,270
127,796
134,805
137,671

149
114
H3
119
19/
198
139
237
178
296
332
. 605

145
100
60
27
-17
-14
148
149
87
159
290
138

73,7
442:
356
457
360
209
681
603
473
679
771
707

712
• 418
351
542
575
325
634
531
484
717
666
. 571

31
-9
-18
-27

215
139
270
285

360
236
256
178

842
471
468
629

778
418
371
591

-29
-2?
-15
-43
1
-4
-13

256
244
299
269
303
277
730

151
354
260
-54
242
4
-88

46%

454
743
561
551
653
605
704

r

972

631
403
846
597
696

-159
270
27
261
285
296
963
774
-17
2./1964 - Jan.
-15
- 2
23
298
Feb.
131
-68
298
518
665
8
-74
233
-94
440
- 8
315
156
536
Mar.
-108
-42
-26
191
225
526
Apr.
365
609
4
606
.09
c36
-Uu
311
-26
232
42
12
May
June
1/ Uses of funds represent net changes in assets and therefore reflect net,, rather than gross
2/ Includes securities of domestic corporations only. Source.—Institute of Life Insurance.
xj Revised.
3/ Excludes changes in miscellaneous assets (one portion of the "other" in this table) which
includes most, but not all, valuation changes, as well as changes in a few other items.




,

H. 14
Exhibit 0

I;

&
^

Sources and Uses of Funds by
Savings and Loan Associations
Uses of f ands 1/
U. S.
Govt. MortCash
secur- gages
ities
Value of assets
at end of period:
1960 - Dec. .
1961 - Dec.
1962 - Dec.
1963 - Dec.
1964 .
Changes:
1962 - Jan.
Feb. -Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1963 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.

1964 - Jan.
Feb.
Mar.
Apr. 5:/
May
June

2,680
3:, 315
3,926
3,964
3,493
-354
96
128
-77
10
258
-384
-37
82
93
100
696
-333
106
90
-139
-37
237
-449
-48
30
67
32
482
-396
33
12
-1-46
32

4,595
5,211
5,563
6,440
6,700

60,070
68,834
78,770
90,849
94,93/

182
95
35
-43
-8
-64
46
-8
42
35
46
-6

518
592
784
830
962
1,006
880
1,003
829
944
790
798

188
172
177
35
-24
90
70
-38
% 112
74
129
-108
158
64
71
-1C
-17

f

§•

ZSources of [funds
Net
change
savings
capital
(In millions of dollars)

Other
assets

Total
sources

4,131 71,476
4,775 82,135
5,346 93,605
6,178 107,431
6,'/VI U I . v j ;
-105
39
95
93
401
-62
-178
100
83
40
164
-99

Borrowing 21

ST
gK

Other

62,142
70,885
80,236
91,205
94,U20

2,197
2,856
3,629
5,011
4,-5 u j

7,137
8,394
9,740
11,215
12,,

241
822
1,042
803
1,365
1,138
364
1,058
1,036
1,112
1,100
1,389

494
565
918
374
761
1,395
25
635
857
815
857
1,655

-318
-98
-81.
125
98
364
- 89
91
* 96
36
-23
457

128
355
205
304
506
-621
250
332
83
261
266
-723
170
371
190
447
427
-694
356
406
65
349
279
-891

671
696
905/
1,061
1,178
1,244
1,103
1,208
1,097
1,118
806
992

108
46
117
92
394
-29
-150
151
38
82
175
24

418
1,020
1,289
1,049
1,511
1,542
1,574
1,273
1,277
1,341
1,142
1,390

985
844
1,195
478
969
1,642
-36
643
916
795
804
1,734

-737
-195
-96
124
115
594
254
224
296
197 .
59
547

604
710
906
909
959

-189
109
135
123
438

177
916
1,124

464
754
1,102
321
974

-421
-213
-54

134
375
76

-58

:9b

1,412

uses. Savings and loan associations do not hold business securities and data on holdings
of State and local government bonds, presumed to be small, are not available.
2/ Advances from Home Loan Banks and other borrowing. Source--FSLIC. lJ R-visad




'

2 3
Exhibit P
. Sources and Uses of Funds
by Mutual Savings Banks '

Cash
Value of assets
at end of period:
|
I960 - Dec.
1961 - Dec.
1962 - Dec.
1963 - Dec.
1964 - Mpy.
Changes:
1962 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1963 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1964 - Jan.
Feb.
Mar.
Apr:
May
June

U. s.
Govt.
securities

Uses of funds 1/
State and
Business
local govt.
securities 2/
ities
Rages
(In millions of dollars)

SomceaaTotal
Net
sources
change
Other
in
Other
deposit:

874
937
956
912
847

6,243
6,160
6,107
5,863
6,05^

5,076
5,040
5,177
5,074
5,150

672
677
527
440
419

26,702
28,902
32,056
36,007
37,601

1,005
1,115
1,297
1,406
1,541

40,571
42,829
46,121
49,702
51,610

36,343
38,277
41,336
44,606
46,124

4,228
4,552
4,785
5,096
5,486

10
47
12
-79
12
54
-46
-29
44
15
-35
124

94
77
209
-216
16
-38
-11
26
3
-162
-19
-26

17
1
25
-35
2
17
66
14
2
3
27
-4

-7
-18
-18
-26
-20
-5
-5
-9
-5
-15
-6
-15

253
188
230
270
254
302
290
312
243
305
272
236

-118
12
62
-45
68
-22
-10
53
28
-32
36
28

250
307
-519
-131
334
306
285
367
315
114
274
345

83
165
472
-51
184
424
172
215
429
186
147
545

167
142

150
-11S
119
153
-114
-72
127
-200

-137
51
21
-61
22
37
-63
-18
38
-28
-8
101

39
31
260
-241
-25
13
-19
-34
-61
-177
-14
-22

4
-11
-9
-72
-5
19
14
25
43
-22
-75
1

-15
-11
-26
-5
-8
-3
-3
-2
-3
-2
-8

436
320
313
327
357
354
314
300
274
369
321
353

13
-6
49
-58
52
-11
11
71
37
-42
38
-34

330
375
610
-111
392
306
254
344
329
97
259
390

229
215
526
11
232
422
137
174
430
198
118
578

101
160
84
122
160
-119
US
171
-102
101
141
-188

64
32
6
-68
28

88
82
84
-53
-12

15
47
16
-13
12

-13
-3
-1
-4

345
283
298
r/ 334
333

93
5
25
r/ -64
75

477
435
327
135
433

77
400
175
260
495 k -69
90 r/ 47272
161

r/' Revifefed', • 7.
I/ Uses of funds represent net changes in assets and therefore reflect net, rather than
gross uses.
2/ Includes Canadian government and political subdivisions, International Bank for Reconstruction and Development, nonguaranteed Federal agency and other bonds as well as
corporate bonds and stock.
Source.--NAMSB




47
-so