Full text of H.16 Capital Market Developments : July 28, 1961

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Not f o r P u b l i c a t i o n DECONTROLLED AFTER SIX MONTHS
J u l y 28, 1961,

H.lJ
:TAL MARKET DEVELOPMENTS
I N THE UNITED STATES

The volume of new s e c u r i t y f i n a n c i n g was moderate l a s t week
and i s expected t o c o n t i n u e so t h i s week. L a s t week, ending J u l y 28,
two l a r g e c o r p o r a t e i s s u e s f o r new c a p i t a l w i t h p r o c e e d s of $65 m i l l i o n
were p u b l i c l y s o l d while t h r e e S t a t e and l o c a l government bond i s s u e s
f o r $66 m i l l i o n were o f f e r e d . T h i s week t h r e e c o r p o r a t e i s s u e s f o r
$75 m i l l i o n a r e scheduled f o r s a l e and t h r e e S t a t e and l o c a l bond
i s s u e s w i t h p a r v a l u e of $8? m i l l i o n a r e on t h e c a l e n d a r .
Bond y i e l d s . Yields on c o r p o r a t e and U. S. Government l o n g term bonds r o s e one b a s i s p o i n t l a s t week; y i e l d s on A a a - r a t e d S t a t e
and l o c a l government bonds d e c l i n e d and t h o s e on B a a - r a t e d m u n i c i p a l
bonds were unchanged.
S h o r t - and i n t e r m e d i a t e - t e r n i n t e r e s t r a t e s . Y i e l d s on
Treasury b i l l s and 3 - 5 y e a r Government o b l i g a t i o n s r o s e l a s t week.
The i n c r e a s e in 6-month b i l l y i e l d s was 7 b a s i s p o i n t s w h i l e y i e l d s
on 3-month b i l l s i n c r e a s e d 3 b a s i s p o i n t s and t h o s e on i n t e r m e d i a t e t e r n o b l i g a t i o n s r o s e 2 b a s i s p o i n t s . The average e f f e c t i v e r a t e f o r
F e d e r a l f h n d s was 1 p e r c e n t , 30 b a s i s p o i n t s l e s s t h a n a week e a r l i e r .
Other s h o r t - and i n t e r m e d i a t e - t e r m i n t e r e s t r a t e s were unchanged.
Housing s t a r t s . S e a s o n a l l y a d j u s t e d p r i v a t e s t a r t s — f a r m
and nonfarm—increased m o d e r a t e l y f u r t h e r i n June t o an a n n u a l r a t e
of about l . i i m i l l i o n u n i t s . While s t i l l s u b s t a n t i a l l y below e a r l i e r
p e a k s , t h i s was t h e h i g h e s t rate t h i s y e a r and h i g h e r than i n any
month of i 9 6 0 . I n t h e second q u a r t e r a s a "whole, s t a r t s were about
5 p e r cent h i g h e r than i n t h e f i r s t q u a r t e r .
August s e c u r i t y volume. S e c u r i t y i s s u e s by c o r p o r a t i o n s
a r e e x p e c t e d t o be i n s h a r p l y s m a l l e r volume i n August t h a n i n o t h e r
r e c e n t months while S t a t e and l o c a l government f i n a n c i n g i s expected
t o b e i n s u b s t a n t i a l volume. Corporate f i n a n c i n g i n August i s expected
t o t o t a l $ 0 . 6 b i l l i o n , o n e - t h i r d l e s s than i n J u l y and i n August l a s t
y e a r . Only $170 m i l l i o n of l a r g e i s s u e s a r e scheduled f o r p u b l i c
o f f e r i n g . S t a t e and l o c a l government bond s a l e s i n August are) e s t i m a t ed
a t $750 m i l l i o n , t w o - t h i r d s l a r g e r t h a n t h e r e v i s e d e s t i m a t e f o r J u l y
and o n e - f o u r t h more t h a n in August l a s t y e a r . Accounting f o r a l a r g e
p a r t of t h e e s t i m a t e d August volume i s a $225 m i l l i o n o f f e r i n g of t h e
S t a t e of C a l i f o r n i a scheduled f o r s a l e a t midmonth.




Stock p r i c e s . Common stock p r i c e s , as measured by Standard
and P o o r ' s index of 500 stocks, rose sharply l a s t week, c l o s i n g a t
66.71 on Friday. Most of t h e 3 p e r cent i n c r e a s e in p r i c e s l a s t week
occurred i n the two t r a d i n g s e s s i o n s immediately following President
Kennedy1 s defense message when t r a d i n g volume was over li.O m i l l i o n
s h a r e s . At F r i d a y ' s c l o s e , p r i c e s were within 1 p e r cent of t h e i r midMay high.
More d e t a i l e d information concerning r e c e n t c a p i t a l market
developments i s p r e s e n t e d in t h e a t t a c h e d e x h i b i t s .

Capital Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of the Federal Reserve System.




X

A

EXHIBIT A
LONG-TERM

BOND

YIELDS

HIGH-GRADE

pat onnum
LOWER-GRADE




v

| vv

STATE AND I Q C A l

Exhibit B - Tables f o r Exhibit A

-5-

Long-tezm Bond Yields
High-grade
Date

Corporate
Aaa 1/

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

19Sh - Low
1 9 # - High
1958 - Low
1959-60 - High
I960 - Low
1961 - High
Low
June
July
July
July
July

30
7
II4
21
28 2/

2.145

2 . 8 5 (4/23)

State and
local
government
Aaa 3/
1.90 (9/2)
3.1*5 (8/29)
2.6k (5/1)
3 . 6 5 ( 9/24/59)
2.99 (9/1)

h.U2 (7/28)
1.21 (3/17)

(8/6)
3 . 7 6 (10/18)
3 . 07 ( 4/25)
14. 142 (1/8/60)
3.75 (8/5)

3.93 (6/30)
3.70 (3/12)

3.-37 (7/6)
3.12 (2/23)

ii.36
it. 39
I4.I4I
it.ia
I4.L2 /

3.93
3.92
3.92
3.88
3.89

3.37
3.37
3.36
3.314
3.33

U.II4 (9/27)
3.55 (5/2)
I4.6I (1/29/60)
it. 2 3 (9/9)

Spread between
U. S. Govt, and
Corporate S t a t e and
Aaa
l o c a l Aaa

^

.30
.60
.22
.59
.19
.57
.I40

.30
.50
.314
.92
.53
.76
.1:6

• lt3
.147
.149
. -53.
.53

.56
.55
.56
.514
.56

Lower-grade
Date

Corporate
Baa 1 /

State and
l o c a l govt*
Baa y

Spread between
Aaa and Baa
S t a t e and
Corporate
l o c a l govt.

(per cent)
3.I4I4 (12/31)

2.93 (8/5)
14.51 (8/29)

19514 - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - Hirh
Low

5.12 (1/27)
5.00 (h/21)

I4.I6 (3/23)
3.93 (7/27)

June
July
July
July
July

5.05
5.07
5.08
5.09 ,
5.10 V

3.914
3.9I4
3.95
3.93
3.93

30
7
lit
21
28 p /

5 . 1 0 (11/29)
14.51 (7/11)
5 . 3 6 (2/12/60)
14.98 (9/9)

3.6iL| (5/1)
I4.I46 (1/7/60)
3 . 9 8 (12/29)

.52
1.27
.77
.8I4
.71
.81
.67
.69
.68
.67
.68
.68"

g / Preliminary.
1 / Weekly average cf dally f i g u r e s . Average terra of bonds Included i s 23 "26 y e a r s .
2/ Weekly average of dally f i g u r e s . The aeries Includes bonds due or c a l l a b l e In 10 yenre or more.
3/ Thursday f i g u r e s . Only general obligation bonds are Inoluded; average term i s 20 y e a r s .
Note.--Illgha aiul lows are for individual s e r i e s and may be on d i f f e r e n t dates f o r d i f f e r e n t e o r l e s ,
For spreads, high r e f e r s t o widest, and low to narrowest.
,




.96
1.21
.93
1.08
.96
.93
.57
.57
.57
.59
.59
.60

EXHIBIT C
SHORT-

A ND

IN TE RM EPI ATE-

TERM

INTEREST RATES

GOVERNMENT
Weekly

mis

fiY/f

xA
A

1

f

v

VV 3 - S Y E A R I S S U E !

W

r . R . D I S C O U N T RATE

-

V 3

- MONTH 1
Market Yie

1

BANKS

AND

OTHER

PRIVATE




BORROWERS
Going Rale

-7K x h i b i t D - T a b l e s i'or E x h i b i t C
Qiort- and I n t e r m e d i a t e - t e r a I n t e r e s t

hates

Government

Date

Discount
rate

Yields
6-month

3-month
b i l l s 2/

S p r e a d b e t w e e n y i e l d s on
3-month b i l l s and y i e l d s on
6-mo, b i l l s 13-5 y r . i s s u e s

3-5 year
issues 2/

(per cent)
195U - Low
1957 - High
1 9 5 8 - Low
1959-60 - High
1 9 6 0 - Low

1.50
•3.50
1.75

.61

(6/n)
(lo/ie)
(5/29)
(1/8/60)
(10/28)
(3/3)
(1/27)

1961 - High
Low

3.00
3.00

3.61*
.58
U.59
2.11
2.56
2.17

June
July
July
July
July

3.00
3.00
3.00
3.00
3.00

2.27
2.31
2.25
2.19
/
2.22^

30
7
ll*
21
28 2 /

Loo
3.00

3 . 0 2 (12/26)
5 . 0 7 (1/8/60)
2 . 3 8 (12/30)
2.75 (3/3)
2.35 ( V 2 8 )
2.15
2.19
2.1*6
2.39
2.1*6

1.66
l*.0l*
2.11*
5.00
3.1|0
3.71*
3.15

.66

(4/30)
(10/18)
(6/6)
(12/24/69)
(12/30)
(6/23)
(5/12) '

.01*
1.81

.26

3

.38
1.1*7
.92

.12

3.71
3.69
3.72

.18
.18
.21

3.68

.21*

3.66

.86

.20

1.1*1*
1.38
1.1*7
1.1*7
1.1*6-'

Banks an^, O t h e r j ' P r i v a t e B o r r o w e r s
Date

Stock Exchange
call loan 1/

Prime
r a t e 1/

F i n a n c e company
paper ] /

Federal
f u n d s U/

Spread between
3-rao. b i l l s and
f i n a n c e co. paper

(per cent)
1951* - Low
1957 - High
1 9 5 8 - Low
1 9 5 9 - 6 0 - High.
i 9 6 0 - Low
1961 - High
Low

3*00
ll,50
3.50
5.5o
L 50
U- 5 o
l*.5o

3.00
l*.5o
3.50
5.00
1*;50
It. 50
U. 50

1.25
3,88
1.13
5'. 1 3
2; 88
2.88
2.50

June
July
July
July
July

l*.5o
l*.5o
l*.5o
l*.5o
l*.5o

l*.5o
14.50
l*.5o
1*.50
It. 50

2.51*
2.50
2.50
2.50
2.50

30
7
ll*
21
28 2 /
1/

(KM)
(li/is)
(8/8)
(1/22/60)
(12/30)
(3/10)
(7/28)

n.a.
3.50
.13
LOO
.95
2.85
.1*3
.85
.85
.85
1.30
1.00

(li/e)
(5/29)
(5/13/60)
(12/2)
(2/17)
(1/27)

0
.63
-.35
1.02
.22
.56
.11
.27
.19
.25
.31
.28

Weekly rate shows t S i t l M 1* e f f e c t at end of period. Discount rate l e for Federal Reserve Bark of New York.
Stuck Exchange e*ll lftaft Pate la going rate on oell loans secured by customers' etook exohange eollateral a t
Hon York City banks. Prtue rate l a that charged by large banks on short-term loans t o business borrowers of
the hlgheut oredit eta»dl*g,
2/ Market yield; weekly atreregee computed from dally eloalny bid prices. Serlea of 3-5 year Issues conslete of
selected notes and bonds.
t
3/ Average of dally r a t e s published by finance eoopanlea for directly plated paper for varying matn-ltlea in the
90-179 day rape*.
4/ Weekly everage of dully effective r a t e , which I s the rate for the heaviest vol use of purchase and sale t r a n s a c t i o n
as reported to the Federal Reserve Bank of Now York.
'
Not*.—Highs and Iowa a r e f o r Individual eerlea and may be on d i f f e r e n t dates for different datea for d i f f e r e n t series.
Por spreads, high r e f e r s to widest, and lew to narrowest.




STOCK

MARKET

PRIVATE H O U S I N G

STARTS

Monthly




-

Thousands

^including lar m J

•Si-

of

U n i I $.

Exhibit F - Tables f o r Exhibit E
Stock Market
Trading
Common
volume 3/
y i e l d s 2/ (millions
(per cent) of shares)

Stock market customer c r e d i t
Customers'
Bank
debit b a l loans to
ancea 4/
"others" 5/
(In millions of dollars)

Date

Stock p r i c e
index \ j

1957-60 - High
Low
1961 - High
Low

67.27 (5/19)
58.1+8 (1/6)

3.08
4.72
2.90
3.32

4,764 (4/59)
3,554 (I/so)
%3%(5/6l)
4,416(1/61)

3 , 4 0 1 (4/69) 1 , 3 7 3 (5/89)
2 , 4 8 2 (12/57) 1 , 0 6 0 (11/(7)

5.8
2.7

66.50
65.62
65.28
64.86
66.71

2.92
2.99
3.00
3.02
2.93

4.6
3.3
3.0
2.7
3.5

5,386
5,358
n.a.
n.a.
n.a.

4,060
4,015

MayJuly 14
July 21
July 28

6 0 . 5 1 (7/31/59)
3 9 . W (12/20/57)

4.9
l.li

Total

4,060(5/61) 1,376(7/19)
3,253(1/61) 1,152(3/8)
1,326
1,31*3
1,367 '
1,376
, n.a.

n.a.
n.a.

,
j
|
1
|

.— Not available. 1
£/ Krnlle.ti.airy,
\
Standard and Poor 6 cciapoeite Index nt 500 ocamon stocks, weekly olontiy prleet, 1941-43"10. Monthly data are
averages of dally figureo rather than of FrlUcy's only. Hlghii and lows are for Friday*' data only.
Standard and Poor's ocmponlts stock yield baoed on Hedneoday d u a converted to weekly closing prleee by federal
Reserve. Yluldo shown are for dateo on which price Index rcaohod I t s high or low.
Averages of dally trading volivue on the New York Stock Be change.
End of month figures f o r member firms of the Half York Stock Exchange whloh carry margin accounts; exclude 11 balances
secured by U, S. Government obligations.
Wednesday flgureo for weekly reporting member banks. Excludes loans for purchasing or earryltS U. S. Government
r o c u r l t l e s . Prior to July 1, 1959, such loann are excluded only at banks In Now York and Chlengo. Weekly reporting
banks account for about 70 per cont of loans, to others. For further detail oeu Bulletin.

P r i v a t e Housing S t a r t s 1 /
Date
I960

1961

June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May 2 /
June 2 /

Unadjusted
Total
Sea so r a l l y a d j u s t e d Unadjusted
VA
FHA
annual r a t e
(Thousand of u n i t s )
8
26
122
1,302
111
24
7
1,182
8
• 26
125
1,292
22
1,066
7
97
6
109
23
1,256
20
1,216
5
94
14
65
5
979
14
70
5
1,127
13
76
5
1,169
6
20
105
1,296
6
• 20
111
1,166
8
24
127
1,298
8
22
131
1,374

Conventional
88
80
90
68
81
69
47
51
59
78
85
95
102

T o t a l s t a r t s a r e C e n s u s e s t i m a t e s , w h i c h a r e n o t s t r i c t l y co m p a ra b l e w i t h o l d nonfarm s e r i e s d e v e l o p e d by BLS. A
d w e l l i n g u n i t I s s t a r t e d when e x c a v a t i o n b e g i n s ; a l l u n i t s i n a n a p a r t m e n t s t r u c t u r e a r e c o n s i d e r e d s t a r t e d a t t h a t
time.
FHA and VA s t a r t s a r e u n i t / ! s t a r t e d u n d e r commitments by t h e s e a g e n c i e s t o I n s u r e or g u a r a n t e e t h e m o r t g a g e s .
As r e p o r t e d by FHA and VA, a u n i t i s s t a r t e d when a f i e l d o f f i c e r e c e i v e s t h e f i r s t c o m p l i a n c e I n s p e c t i o n r e p o r t ,
w h i c h i s made b e f o r e f o o t i n g s a r e p o u r e d i n some c a s e s b u t n o r m a l l y a f t e r t h e f o u n d a t i o n s have b e e n c o m p l e t e d .
Cnpehnrt m i l i t a r y h o u s i n g u n i t s a r e e x c l u d e d .
C o n v e n t i o n a l s t a r t s a r e d e r i v e d a s a r e s i d u a l , a l t h o u g h t o t a l and
I n c o n c e p t or t i m i n g ; t h e y I n c l u d e b o t h u n i t s f i n a n c e d by c o n v e n t i o n a l

and FRASER
VA s t a r t s a r e n o t s t r i c t l y comparable
DigitizedFHAfor
m o r t g a g e a and u n i t s w i t h o u t m o r t g a g e s .


-10-

Exhibit G
Long-term Corporate and State and Local Government
Security Offerings and Placements
(3h millions of dollars)
-

1961
January
February
March

580
66?
562

April
May
June

2,115
E/1,223
E/1,149

July
August
September

e/1,000

October
November
December

Corporate 1 /
1 I960
|

New ca p i t a l
1959

State and l o c a l 2/
! 1959
1961
|1 I960

570
g

821
738
6U6

708
661
7 59

577
l,oa .

•89U
785
887

678
e/550
e/l,0$0

535
7U0
703

^50

* 736
967
726
890
'9#
852

879
86U900 *

700
611
568

s

;

6U8 .

719
5U5
991 .

3
987

1*92
606
683

1*1*3
521
1*70

3U8
501
U91

593
U50
U78

quarter
quarter
quarter
quarter

1,809
£A,W

2,lU5
2,382
2,U28
2,698

2,20l|
2,567
1,979
2,6U2

2,128
e/2,278

1,880
2-, 256
I >780
1,3W

2,11*5
2,1,88
1,133
1,521 :

1 s t half
Three quarters
Year

2/6,296

U,527
6,955
9,653

а,771
б,750
9,392

e/h,k06

U,136
5,916
7,257

U,63U
6,067
7,588

1st
2nd
3rd
Uth

Excluding finanee companies
1st
2nd
3rd
Uth

Quarter
quarter
quarter
quarter

2/

337

Year
6/
1/
2/
•y

1,716
2,165
2,016
2,3U7

1,999
2,412
1,716
2,503

8,2U6

8,630

liO U JJilo ICU(
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new c a p i t a l issues excluding offerings of sales and consumer finance
companies.




Exhibit H
Other Security Offerings
(In millions of dollars)
Gross long-term l7~
Foreign government 2/
Federal agency 3/
1961
1961
|
I I960 - I 195?
I960
|
January
February
March

6 .
29
20

1959

2
175
70

81
60
2

34
72
fco

58
50
1*2

July
August
September

25
1
36

85
1
35

199
—

98
150

October
November
December

31*
2
ia •

33
30
70

160
11*9
181

86

1,672

707

April
May
June

Year

252
100

199
175

11*8
351*
—

51*7 •

533

182
150
150

Net short-term U/
Federal agency 3/
State and local government 5/
-1*
181
1*

-11*1*
-162
-171*

-196
-202
-59

-82
176
33

-79
-87

-277
170
320

50
368
286

January
February
March

160
195
368

56
11*0
-80

April
May
June

103

70
-11*6
-157

197
-25
-197

July
August
September

1*8
1*15
-175

57
392
131

95
23
-201

October
November .
December

-16
50
-189

-81
-176
-117

-23
-33
-250

18

362

-633

Year
e/
1/

'

•

362
133
79
280
21*0
1*1*
1,969

Preliminary,
These data d i f f e r f r e e those I n Bthlblt 0 I n that re fundi
laauee, a s well a s new c a p i t a l Issues, are Included.
Long-term s e c u r i t i e s are defined a s these maturing In more than one y e a r .
2 / Iooludee s e c u r i t i e s o f f e r e d In the United S t a t e s by foreign governsents and t h s l r subdivisions and by I n t e r rational organizations. Sourcel Seourltles and Exchange Commission.
3/ Isauee not giyrantwad by the U. S. Oovernoieot, Sourcei long-term, S e c u r i t i e s and Exchange Commission! shortterm , Treaairy Department and federal Reeerva.
4 / These dxta d i f f e r from those l a Bthlblt 0 and above In t h a t they represent new o f f e r i n g s lefts r e t i r e m e n t s , whether
from the proceeds of reftin&ag issues or from other funds, fcta lneluds only lesuee with original maturity of one
ye*r or l e e s ,
5 / P r i n c i p a l l y tax and bond a n t i c i p a t i o n notee, warranto or c e r t i f i c a t e s and Public Housing Authority n o t e s . I n
ooaih instance# PHA notes included may have a somewhat longer term than one y e a r . Sourcei Bond Buyer and
Inderal
fitserve,
'




Exhibit I
Large Long-term Public Security Issues for New Capital
(Other than U. S.Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
Month
i960 - June
July
August
Septembe r
October
November
December
I96I - January
February
March
April
May

Corporate

State and
local
government

1*2
303
581
266
566
1*65
' 260
ll*7
26?
70
1,572
557
532

561
191
298
36?
1*6
186
222
391
360
1405
383
#6
616

-Other 2/
30
75
25
77
150
99
67
25
151

Large Individual Issues Offered July 1 ttirough 28
Issuer

Type 3/

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

CORPORATE
Pacific Gas & Electric Co.
Jim Walters Corp.
General Acceptance Corp.
Northern I l l i n o i s Gas Co.
Hunt Foods & Industries
Harvey Aluminum, Inc.
Automatic Canteen Co.of An,
Shell Oil Co.
Union E l e c t r i c Co.
Northern Natural Gas Co.
STATE AND LOCAL GOVERNMENT
Milwaukee County, Wise.
Dade Co. Port Auth., Fla.
City of Los Angeles, C a l i f .
Memphis, Tennessee
N. Y St. Hous. Fin.Agency
-State of Michigan
State of Alaska
State of North Carolina




Com.stk.
1st sub.deb.
3onv.cap.deb.
Com.stk.
3onv.sub.deb.
Com.stk.
3onv.sub.deb.
Deb.
Lst mtg.bds.
S.F. deb.

63.6
20.0
15.0
22.3
38.8
29.3
20.8
200.0
30.0
35.0

G.O.
Rev.-Rent.
G.O.
G.O.
Rev.
Rev.-S.T.
G.O.
G.O.

11. 1* 1962-81 3.07
1.60-3.30
17.3 1961-91 3-3A-U-3A 3.25-1*.75 —
18.8
1962-81 3.39
1.65-3.60, ,
1962-91 3.28
13.5
1.60-3.55^/ A a
2.20-1*. 00 — —
51.9 19614-2001* 3.97
A
1962-86 3.69
1.70-3.80
35.0
11*.0 1962-91 3.79
Baa
1.70-3.90
1.1*0-3.10
17.2
1962-81 2.98

1981
1981

5-7/8
5

1986

l*-3/8

1*.38

Ea

1981
1986
1991
1981

L-3A
l*-5/8
1-3/1*
1*—7/8

14.75
l*.6i*
1*.65
1*. 80

Baa
Aaa
Aa
A

5.85
5.00

1-2

-13-

Large Individual Issues Offered July 1 through 28 (Cont'd)
Issuer

Type 3 /

Coupon
Amount
Offering
(millions
r a t e or
Rating
Maturity
net i n t e r - y i e l d
of
dollars)
est cost

OTHER
None
Yj
2/
2/

h/

Includes corporate and other security o f f e r i n g s of $15 million and over;
State and local government security o f f e r i n g s of $10 million and over.
Includes foreign government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies.
In the case of State and l o c a l government securities^ G„0. denotes general
obligations ; Rev. -Ut. / revenue obligations secured only by income f rom
public u t i l i t i e s ; Rev.-Q.Ut. s revenue bonds secured only t y revenue from
q u a s i - u t i l i t i e s ; Rev.-S.T., revenue bonds secured by revenue from s p e c i f i c
taxes only; Rev,-Rent,, revenue bonds secured solely by lease payments.
1 per cent bonds of 1989-91 not r e o f f e r e d .




Exhibit J
i'orthcoming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large issues
During month following
date shown

Date of
computation

Gyrate

1960 - June 30
July 29
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 30
1961 - Jan. 31
Feb. 28
Mar. 31
Apr. 28
May 31
June 30

ifoat

237
596
216
576

kho
260
91
110
55
1,580
Sh2

km
521

^

180
275
283
212
258

Subsequent to
date shown
State and
Corporate local govt,

30
77
50

21*2

1J12
181
307
559

15
75

195

155
1,006
731
836
585
335
1,036
1,016
1,125
1,700
687
611
666

Forthcoming Large Offerings, as of
Issuer
CORPORATE
Texas e a s t e r n Transmission Co.
Long I s l a n d Lighting Co.
Kimberly-Clark Corp.
Northern S t a t e Power Co.
Consumers Power Co.
Clark Equipment Credit Corp.
Commerce' Oil Refining Corp.
Realty C o l l a t e r a l Corp.

Type

380
3214
283
336
391
560
682
360
638
806
579
771
291

30
127
50

15
75

July 28
Amount
Approximate date
(millions
• of o f f e r i n g
of d o l l a r s )

Deb. & p f d . s t k .
1st mtg. bds.
S.P. deb.
1st mtg. bds.
1st mtg. bds.
Deb.
Deb., bds. & com.
Coll. t r . notes

50.0
25.0
35.0
20.0
I4O.O
20.0
15.0
20.0

Aug. 3
Aug. 3
Aug. 8
Aug. 9
Aug. 16
Indefinite
Indefinite
Indefinite

16.9
L0.3
10.0
11:.0

Aug. 2
Aug. 2
Aug. 2

STATE AND LOCAL GOVE 135 iEKT
S tate of Maryland
Public Housing Authority
- Sacramento, C a l i f . Unif. Sch. D i s t .
St. Petersburg, I-Ta.
Pennsylvania General State AutL.
-Washington Sub. Sanitary Dist. , Md.
S t a t e of C a l i f o r n i a ~Cook County, I l l i n o i s
San
Diego, C a l i f . Unif. Sch. Dist.

Orleans Parish S c h o o l - L i s t . , La.
http://fraser.stlouisfed.org/
D- cie County, Florida

Federal Reserve Bank of St. Louis

0,0.
—

G.O.
Rev.-Ut.
Rev. -Pent,.
' G.O.
0.0.
G.O.
0.0.
G.O;

10.0
225.0
2^.0
20.0
10.0 .
iiC.o

£

Aug. 6
Aug. I S
Aug. 1 6
Aug. 22
Aug. 29
Indefinite
Indefinite

I
%

J-2

—15 -

Forthcoming Large O f f e r i n g s , a s of July 28 (Cont'd)
Issuer

Type

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

STATE AND LOCAL GOVERNMENT (Cont'd)
J a c k s o n v i l l e Expressway Auth.
State of Kentucky

Kev.-Ut.
G.O.

1*0.0
35.0

Indefinite
Indefinite

OTHER
None
*—Included in t a b l e f o r f i r s t time.
1 / Includes corporate and o t h e r i s s u e s of $15 m i l l i o n and over; State and l o c a l
government i s s u e s of $10 m i l l i o n and over.
2 / Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies.
Note.—Deletions f o r reason other than s a l e of i s s u e : None.




-16-

Exhibit K
Y i e l d s on New and Outstanding
E l e c t r i c Power Bonds, Bated Aa and A 1 /

Date

1952-1960 - h i g h
Low
1961 - J a n . 12
18
25
Feb. 8
16
16
Mar. 23
2h
Apr. 13
21
26
27
May 17
18
19
23
26
June 8
13
28
J u l y 13
26

~~1/

2/

Aa-rated o f f e r i n g y i e l d s
A-rated o f f e r i n g y i e l d s
Amount above
Amount above
Actual
Actual
seasoned y i e l d s
seasoned y i e l d s
(per cent)
(per cent)
(basis points)
(basis points)
5.30 ( 1 2 / 8 / 5 9 )
2.93(3/3l/5W

87
-8

it. 60
it. 55
h.hh

11
7
-2

a. 37

8

a. 80
a. 67
a . 5 0 2/
a.57

it3
29
13
20

it. 65

27

it. 87

itl

it. 65

lit

5.65 (9/18/59)
3.00 ( 3 / 1 7 / 5 1 )

123
-15

it. 60
it. 65
it.it?
it.50
it.itO
it. 65 2/
it. 80 2 /

-2
5
-13
5
-5
17
32

it.72

19

it.80

27

it.9it
5.12
it.92
it.93

-

itO
55
36
29

Covers only 30-year f i r s t mortgage bonds, a s r e p o r t e d i n Moody's Bond Survey.
Except where i n d i c a t e d , t h e a c t u a l y i e l d f i g u r e and t h e amount above seasoned
y i e l d s a r e averages of o f f e r i n g s d u r i n g t h e i n d i c a t e d p e r i o d and of t h e d i f f e r ences between t h e s e new o f f e r i n g y i e l d s and y i e l d s on seasoned i s s u e s of
s i m i l a r q u a l i t y f o r t h e same day. Average m a t u r i t y f o r t h e seasoned i s s u e s
v a r i e s from 26 t o 28 y e a r s .
P r o v i d e s f o r a 5 - y e a r period d u r i n g which i s s u e may n o t be c a l l e d f o r r e f u n d ing a t a lower coupon r a t e . Monthly averages so marked i n c l u d e one o r more
i s s u e s w i t h such a p r o v i s i o n . O t h e r i s s u e s have no such p r o v i s i o n .