Full text of H.16 Capital Market Developments : July 30, 1962

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Wot for Publication DECONTROLLED AFTER SIX MONTHS
H.lL
I

(

LIBRARY

AUG 1

1962

: FEDERAL RESERVE & § &
I

July 30, 1962.
CAPITAL MARKET DEVELOPMENTS
Including Seasonally Adjusted Savings Flows to
lgs and Loan Associations and Mutual Savings Banks In June)

OF RICHMOND

Public security financing to obtain new capital was in substantial
volume l a s t week but i s expected to be in rather moderate volume t h i s week.
During the week ending Ju}.y 27, two large corporate security issues totaling
$50 million were offered, four State and local government bond issues with
par value of $ l 5 l million were sold, and the Kingdom of Norway offered a
#20 million bond issue. In addition a large secondary distribution of
common stock was made when $79 million of General Motors common stock was
sold for the account of selling stockholders. This week, ending August 3,
two corporate issues aggregating $62 million are scheduled for offering
and two State and local issues totaling $25 million are on the calendar.
In addition to the two large corporate new capital offerings, two large
corporate bond issues (one for $25 million and one for $20 million) are
scheduled to be sold to refund outstanding s e c u r i t i e s .
Bond y i e l d s . Changes in yields on seasoned, long-term bonds
were mixed l a s t week. Yields on Aaa-rated corporate bonds increased 2
basis points but those on Baa-rated issues were stable. Yields on Aaarated State and local government bonds increased 2 basis points, while
yields on Baa-rated municipals rose 5 basis points f u r t h e r . Yields on
U. S„ Government bonds declined a single basis point.
Average yields on new corporate bonds, adjusted to an Aaa basis,
were U.33 per cent l a s t week, 7 basis points higher than the average for
the previous week. This increase, however, probably r e f l e c t e d in large
part the special characteristics of l a s t week's only new issue.
Short- and intermediate-term i n t e r e s t rates 0 Most short- and
intermediate-term i n t e r e s t rates declined l a s t week. Yields on 3-month
Treasury b i l l s declined for the second consecutive week, dropping 7 basis
points, while yields on 6-month b i l l s declined li basis points, the f i r s t
drop in a month and one-half; yields on 3-5 year U. S. Government
obligations declined 2 basis points. The major finance companies decreased
the advertised r a t e on their directly-placed paper with 90-179 day
maturity from 3-l/U t o 3-1/8 per cent early l a s t week, resulting in a
reduction of 9 basis points to 3.16 per cent in the average yield on such
paper. The average e f f e c t i v e rate on Federal funds declined 60 basis
points to 2.35 per cent. Other short- and intermediate-term i n t e r e s t
rates were unchanged.
FNMA secondary market operations. Purchases of mortgages in
the secondary market by the Federal National Mortgage Association declined
in June f o r the seventh consecutive month. Offerings also continued to
drop. Sales by FNMA edged off somewhat f u r t h e r from the unusually high
level reached in April, but, a t $56.3 million, were almost double the volume
of purchases. A factor in the lower sales volume in recent months has been
a one-half point r i s e in FNMA sale prices which became e f f e c t i v e on April 12.




—2—

Savings flows to savings and loan associations and mutual savings
banks in June, The net inflow of savings, a f t e r adjustment for seasonal
factors, to mutual savings banks was in record volume in June, The inflow
to savings and loaiTassociations was also large, but less than earlier this
year, as was the case for the increase in time and savings deposits a t
commercial banks,
The seasonally adjusted net increase in share capital a t savings
and loan associations in June was $663 million, as shown in the following
table and chart. This brought the second quarter t o t a l to s l i g h t l y more
than $2.0 b i l l i o n , $300 million less than the record flow of the two
preceding quarters but about the same as in the f i r s t three quarters of
l a s t year.
After adjustment for seasonal variation, the increase in regular
deposits a t mutual savings banks in June was $277 million, For the entire
second quarter inflow totaled $663 million, only slightly less than the
record f i r s t quarter flow and substantially larger than i n any quarter
l a s t year.
Stock priceso Common stock prices increased s l i g h t l y l a s t
week in light trading. Prices, as measured by Standard and Poor's
composite index of 5>0Q stocks, rose less than one per cent on balance
to close a t 57<,20 on July 27. Trading volume averaged 2,8 million shares
a day, the smallest this year.
More detailed information concerning recent capital market
developments i s presented i n the attached exhibits„

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,




-3-

Table 1 - Selected Institutional Savings How
Savings and Loan Associations 1/

Date

1961 • June
JulyAugust
September
October
November
December
1962 January
February
March
April
May r/
June £ /

New savings capital withdrawals of ,
Net new
(including oivioends savings
• savings capital
capital
credited)
lhadjusted Seasonally Unadjusted Seasonally Unadjusted Seasonally
adjusted
adjusted
adjusted
2,758
2,97k
2,008
1,965
2,21*1
1,87k
2,73k
3,9#
1,916
2,305
2,1*08
2,029
3,039

2,335
2,218
2,308
2,31*5
2,1*55
2,512
2,1*1*8

2,1*65

\'ML
2,721
2,51(6
2,558

i:S

1,395
2,866
1,518
1,30k
1,517
1,100

1,610
1,590
1,681*
1,679
1,708

1,226

3,1(58
1,338
1,371
2,023
1,2U7
1,607

1:1
2,021

1,861
1,895

1,363
108
1*90
661
721*
771*
1,508
1*88
578
931*
385
782
1,432

670
668
698
755
771
833
71*0
669
759
938
700
685
663

1/ Nat new savings capital i s derived as the difference between new savings capital and withdrawals. TEe
unadjusted net new savings capital series d i f f e r s tren the net change in savings capital series Aown in Exhibit K
because of s t a t i s t i c a l discrepancies between the flow series from which the former i s derived and the balance sheet
series from which the l a t t e r i s computed. The t o t a l s of the seasonally adjusted and unadjusted data for any 12month period id 11 not necessarily be identical because of the nature of the adjustment procedure.
. Source .—Federal Savings and Loan Insurance Corporation! seasonal adjustment by Federal Reserve,

Mutual Savings Banks 1/'

Date

• June
July
August
September
October
November
December
- January
FebruaryMarch
April
. May
June 2/

New regular deposits Withdrawals of
Net new
(including interest regular deposits
regular deposits
credited)
lly Unadjusted Seasonally Unadjusted Seasonally
Unadjusted Seasons
adjusted
adjusted
a (Ousted j
(In millions of dollars)
1,101
1,053
818
950
1,021
859
1,081
1,356.
71*5
1,111
1,059
961
1,21*9

983
957
965
963
982
1,011*
1,007
1,101
975
1,01*3
1,011
1,085
1,112

822
1,010
71*0
661
1,029
682
61*5
1,203
595
659
1,129
775
838

821
796
827
797
81*7
851
827
879
760
785
853
857
835

279
1*3
78
289
-8
177
1*36
153
150
1*52
-70
186
1*11

162
161
138
166
135
163
180
222
215
258
: 158
228
277

1/ hegular deposits comprise 9 * per oeni at mutual savings banx deposits, but exclude Khrisimas and other o i u d ,
industrial (payroll)* and scteol saving# deposits. Net new deposits are derived as the difference between
the new deposit and withdrawal series, the unadjusted net new deposit ssrlei differs from the net change
In deposit series shorn In Exhibit 0 because of the exclusion of apeolal deposits, the totals of the seasonally
adjusted and w»<Justed feta for any 12.month period will net necessarily be Identical because of the nature
of the adjustment procedure.
for
FRASER Association it Mutual Savings Banks) seasonal adjusts* nt by Federal Reserve,
Soxrce^'NaHoral

Digitized


T
NEW

S A V I N G S CAPITAL AND

SAVINGS AND

LOAN

WITHDRAWALS —

ASSOCIATIONS







MUTUAL

SAVINGS

BANKS

NEW D E P O S I T S

6-MO. MOVING AVERAGE

P
L O N G - T E R M B O N P YIELDS, H I G H - G R A D E

C 0 KPOIAIE Ae
±1

r
1°.

Exhibit A - Part I I
Date

Corporate
Aaa 1 /

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

1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
June
July
July
July
July

29
6
13
20
27 £ /

ii.lii (9/27)
3.55 (5/2)

3 . 7 6 (10/18)
3 . 0 7 (4/25)
U . 6 1 (1/29/60)
ll.i+2 (3/8/60)
14.21 (3/17/61 __ 3 . 7 0 (5/12/61)

U.l|6 (9/15)
U.U3 (2/16)
U-27 ( 5 / 2 5 )

I4.29
li.32
L3U
L33
it.35/

It.07 (12/29)
U.12 (2/23)
3.85 (5/11)

3.95
- 3.99
U.03
1.03
U. 02

Note: For footnotes see Exhibit B.




State and .
local
government
Aaa 3/
3.1*5 (8/29)

2.64(5/1)

3 . 6 5 (9/24/59)
2 . 9 9 (9/1/60)
3.37 (7/6)
3.26 ( 1 A )
2 . 9 2 (5/3)

3.08
3.09
3.09
3.09
3.11

Spread between
U. S, Govt, and
Corporate State and
Aaa
local Aaa
.60
.22

.50
.31

.59
.19
.57
.U7

.29

•?5
.1*6
.76
1.08
.80

,3k
.33
.31
.30
. .33

.87
.90
.9U
.9U
.91

/

LONG-TERM

BOND

YIELDS,

LOWER-GRADE

C O S P 0 RATE I

I i*\ J J
V

If

I

STA11 AND 1 0 C A I G O V f l N M f N I I

H5»

I960

Exhibit B - Part I I

Date

Corpoi-ate
tiaa 1/

State and
local govt.
Baa 3/
(per cent)

1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
June
July
July
July
July

29
6
13
20
21 2/

5.10
luil
5.36
U.98
5.13

(11/20)
17/11)
(2/12/60)
(9/9/60)
(10/27)

5.11 (1/5)
L98 (6/1)
5.03
,5.ok
' 5.05
5.oU

5.ok.

Spread between
Aaa and Baa
State and
Corporate
local govt. •:
1.21
.93
1.08

3.52 (5/17)

1.27
.77
.Qh
.66
.81
.7U
.63

.82
.56

j
§

3.67
3.70
3.70
3.72
3.77

.7U
.72
.71
.71
.69

.59
.61
.61

i

4 . 5 1 (8/29)

3.6k (5/1)
k.L6
3.93
ii.16
U.ou

(1/7/60)
(11/9/61)
(3/23)
(1/11)

.57
.93

.63
.66

2 / Weekly average of daily f i g u r e s . Average term of bonrls included in 23-26 years.
2 / Weekly average of daily f i g u r e s . The s e r i e s includes bonds due or callable in 10 years or more.
3 / Thursday f i g u r e s . Only general obligation bonds are included; average term i s 20 years.
for
FRASER
Note.—Highs
and lows are f o r individual s e r i e s and may bo on d i f f e r e n t dates f o r d i f f e r e n t
s e r i e s . For spreads, high refers t o widest, and low to narrowest.

Digitized


v.

4

:

r
EXHIBIT C ^ P o r l
SHORT-

AND

INTERMEDIATE-

TERM INTEREST

I

RATES, G O V E R N M E N T

MONTH SILLS

3 - S YEA* ISSUES

DISCOUNT BATE
OHIH l l l l S

i n . ] - ! I I l_.Lli.l-Lj LJ.L1 I. L.L..1. 1 11 I 1 LLLLLi 1.1 1. i-l„l i I i LLLLLl l . U l.l l. l 1 1 i l .
195#

19S9

1960

Exhibit C - Part I I
Date

Discount
rate
1/

3-month
b i l l s 2/

Yields
6-month
b i l l s 2/
(per cent)

1957 - High
1958 - Low
1959-60 - H
1960-61 Low
1961 - High
1962 - High
Low

3.00
3.00
3.00
3.00

2.97 (7/13)
2.65 (6/8)

3.13 (7/20)
2.7k (6/8)

June
July
July
July
July

3.00
3.00
3.00
3.00
.3.00

12.81*
2.92
:2.97
2.95
;2.88/

2.90
3.00
3.09
3.13
3.09

29
6
13
20
27 p /

3.50
1.75
l*.oo

3.61* (Wis)
. 5 8 (5/29)

h.59 (l/e/60)

3-5 year
issues 2/

Spread between yields on 3month b i l l s and yields on
6-mo. bills(3-5 yr. issues

3.88 (2/2)
3.1*3 U/6)

.79
.12
.w*

.21*
.06

.86
.01*
1.61
.38
1.51
1.19
.71

3.60
3.66
3.71
3.73
3.71

.06
.08
.12
.18
.21

.76
.Ik
.71*
.78
.83

It. Oil (10/18)
3.02 (12/26) 2.11* (6/6)
5.07 (1/8/60) 5 . 0 0 ( 1 2 / 2 4 / 5 9 )

2 . 1 1 (10/28/60) 2 . 3 5 (4/28/61) 3 . 1 5 (5/12/61)
2 . 6 6 (12/29)
2.90 (12/29) 3.86(8/11)

.26

2 / Market y i e l d } weekly averages computed from-daily o l o s i n g bid p r i o e s . Series of 3 - 5 year i s s u e s
c o n s i s t s of s e l e c t e d notes and bonds.
Note*—Highs and lows are f o r i n d i v i d u a l 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 s e r i e s .
For spreads, high r e f e r s to w i d e s t , and low t o narrowest.




to
SHORTBANKS

AND
AND

I N T E R M E D I A T E - TERM
OTHER

PRIVATE

INTEREST

RATES,

BORROWERS

FINANCE COMPANY PAPER
PRIME

KATE

ill
kxhibit D - Part I I
Date

1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
June
July
July
July
July

29
6_
13
20
27 £ /

Stock Exchange
c a l l loan 1/

Prime
Finance company Federal
rate 1/
paper 2/
funds 3/
(per cent)

U.50
3.50
5.50
It. 50
U.50
U.50
u.50
U.50
U.5o

U.5o
U.5o

U.5o

1/

U.50
3.50
5.00
U.50
U.50
U.50
U.50
U.5o

•

U.5o

U.5o
U.5o
U.5o

3 . 8 8 (11/15)

.

1.13 (8/8)

5 . 1 3 (1/22/60)
2 . 5 0 (8/5/61)
3 . 0 0 (12/29)

3.25 (7/20)
(6/1)

3 . 5 0 (11/8)
.13(5/29)
U.00 (5/13/60)
,U3 (1/27/61)
2 . 8 8 (12/29)

2.88

2.95 (7/20)
1.30 (1/26)

3.11
3.17
3.25
3.25
3.16

2.95
2.81
2.70
2.95
2.35

Spread between
3-mo. b i l l s and
finance Co. oaoer
.63
-.35
1.02
.11
.56
.Ui
.19
.27

.31
.28
.30
.28

Weekly r a t e shown i s t h a t in e f f e c1t a t end of period. Stock Exchange c a l l loan rate i s going rata
on c a l l loans secured by customers stock exchange c o l l a t e r a l a t New York City banks. Prime rate
i s t h a t charged by large banks on short-term loans to business borrowers of the highest credit
standing.
2 / Average of d a i l y r a t e s published by finance companies f o r d i r e c t l y placed paper f o r varying maturities
in the 90-179 day range.
3 / Weekly
average of d a i l y e f f e c t i v e r a t e , which i s the rate f o r the heaviest volume of purchase and
Digitized
FRASER
s a l efor
transactions
as reported to the Federal Reserve Bank of New York.
Note.—Highs and lows are f o r individual s e r i e s and may be on d i f f e r e n t dates for d i f f e r e n t s e r i e s .
http://fraser.stlouisfed.org/
For spreads, high r e f e r s t o widest, and low to narrowest.

Federal Reserve Bank of St. Louis

STOCK

n 1 ol

MARKET

D o 11 a r i

y

St 00.
.—
CK M A R I U T ( R E D

—

NGE

IN

SERIES

Exhibit ti - Part I I

Date

1960-61 - High
Low
1962 - High
Low
May
July 13
July 20
July 27 2/

Stock p r i c e
index 1/

Common •
stock
y i e l d s 2/
(per cent)

Trading
volume 3/
(millions
of shares)

53.32 (10/21/60)
70.9L (3/16)
$2.68 (6/22)

2.82
3.62
2.93
3.96

5.8
2.2
10.1
2.8

62.99
55.63
57.83
56.81
57.20

3.32
3.78
3.61
3.67
3.65

5.0
ii.8
k.6
3.2
2.6

72.Ob (12/8/61)

Stock market customer credit
Customers 1
Bank
debit bal- loans t o
ances k/ "others" 5 /
(In millions of d o l l a r s )

Total

5 , 6 0 2 ( 1 2 / 6 # , 2 5 9 (12/61) 1 . 3 7 7 (8/30/61)
L 1 I 2 (5/60) 3 , 0 0 b (7/60) 1 , 1 2 1 (5/25/60)

5,1*91(It)
4,938 (6)

1,111 (1)
3,605 (6)

1 , W (5/9)
1,311 (7/11)

5,Uo8
1,938
n.a.
n.a.
n.a.

1,000
3,605

1,1*08
1,333
1,311
1,319
n.a.

n.a.

n.a .—-Not a v a i l a b l e .
Preliminary,
Standard and Poor's composite index of 500 common stocks, weekly closing priooa, 1941-43=10.
Monthly data are averages of daily f i g u r e s r a t h e r than of Friday's only. Highs and lows are f o r
Friday's data only.
7 j Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are f o r dates on which price index reached i t s high
or low.
3/ Averages of daily trading volume on the New York Stock Exchange.
4/ End of month f i g u r e s f o r member firms of the New York Stock Exchange which carry margin accounts),
excludes balances secured by U. S. Government o b l i g a t i o n s .
5/ Wednesday f i g u r e s f o r weekly reporting member banks. Excludes loans f o r purchasing o r carrying
U. S, Government s e c u r i t i e s . P r i o r t o July 1, 1959, such loans are excluded only a t banks i n
New York and Chicago. Weekly reporting banks account f o r about 70 per cent of loans to others.
For f u r t h e r d e t a i l see B u l l e t i n .




%•
EXHIBIT f . Pom I
FEDERAL

NATIONAL

SECONDA

R Y

MORTGAGE

MARKET

ASSOCIATION V

OPERATIONS

Million i ,ol dollon
" .?<?

-

OFFERINGS

1
L

1

JJ
•JJ

J 1

1 955

if
1 957

T

.... v %
V "

. H

M

1 956

F

HV

1 951

1959

19 60

v v .

r

1 961

.0
11 62

Exhibit F - Part I I
Date

1961 - June
July
Aug.
Sept.
Oct.
Nov.

Dec.
1962 - Jan.
Feb.

Mar.
Apr,
May
June

Estimated offerings to FNMA
Purchases
Immediate Standby
by
Total
purchase commitment
FNMA.
(In mil]Lions of do!Liars)
U7.9
75.7
111.2
122.9151,2
1U1.U
120,0
118,3
82,5
68,6
51.1 .
U0.3
33.0

46.9
73.9
108.0
119.3
150.9
138.5
117.7
116.6
80.6
66.3
5o.o
38.8
31.7

1.0
1.7
'3.2
3.6
3.3
2.9
2.3
1.7
1.7
2.3
1.1
1,5
1.3

25, h
2h.k
52,7
60.U
92.U
112.3
107.2
10li. 7
89.0
81.6
51.5
1*2.0
29,0

Sales
by
FNMA

17.2
5.6
2.It
10,5
1.8
2.7
2.U
l.U
7.3
75.9
105.7
6U.0
56.3

•—Less than $50,000,
1 / Data r e p r e s e n t unpaid p r i n c i p a l b a l a n c e s of t h e mortgages i n v o l v e d , e x c l u s i v e of
premiums, d i s c o u n t s , o r o t h e r c h a r g e s . O f f e r i n g s a r e amounts of a p p l i c a t i o n s r e c e i v e d
d u r i n g t h e p e r i o d from s e l l e r s proposing t h a t FNMA e x e c u t e p u r c h a s i n g c o n t r a c t s . An
. immediate p u r c h a s e c o n t r a c t covers e x i s t i n g mortgages which the s e l l e r must d e l i v e r t o
\
FNMA w i t h i n 45 d a y s , A standby commitment c o n t r a c t r e l a t e s t o proposed mortgages on
housing not y e t under c o n s t r u c t i o n which the s e l l e r must u s u a l l y d e l i v e r w i t h i n one
e a r . P u r c h a s e s i n c l u d e t h o s e under b o t h immediate purchases and s t a n d b y commitment
Digitized forcyFRASER
o n t r a c t s . Data exclude FNMA a c t i v i t y u n d e r S p e c i a l A s s i s t a n c e and Management and
L i q u i d a t i n g Programs,
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

Exhibit 0

H.14

&

Yields on New Corporate Bond Issues Adjusted to an Aaa Basis
Number
of issues
included
Monthly averages
1962 - January
February
March
April
Hay
June
July
August
September
October
November
December
Weekly averages;
1962 - January 5
12
19
26
February 2
9
16
23
March 2
9
16
23.
- 30
April 6
13
20
27
May 4
11
18
25
June 1
8

Amount
of issues Average
yield
included
(per
(millions
of dollars) cent)

3

70.0

2
1
1
1
1
1
2
2
2
2
2

19.5
300.0
50.0
25.0
30.0
65.0
60.0
85.0
98.0
26.0
100.0

June 15
22
29
July 6
13
20
27
August 3
10
17
24
31
September 7
14
21
28
4.5o
October 5
12
Ll*o
19
26
l*.l*o
4.52* November 2
4.5o
9
16
4.37
23
4.29
30
4.23
4.21 December 7
14
4.22
21
4.21
28
4.12
4.17*

2
2
2
2
1
3

115.0
28.0
4l.O
39.0
17.0
115.0

4.14
4.21*
4.02
4.07
4.06
4.24*

4
5
6
7
7
12

130.0
39U.5
21*0.0
299.0
11*8.0
368.0

1

60.0

14.1*5
l*.5o
4.23
U -17
4.09
4.15

Number
of issues
included

Amount
of issues Average
yield
included
(per
(millions
of dollars) cent)

4
3
1

67.0
145.0
24.0

4.12
4.11
4.19

1
3
1

50.0
46.0
20,0

4.45*
4.26
4.33*

and A by Moody's Investors Service (except s e r i a l , equipment trust and convertible issues,
offerings of natural gas pipeline and foreign companies, and issues guaranteed by the
Federal Government) weighted by size of issues. Yields on Aa- and A-rated bonds are
f i r s t adjusted to an Aaa basis, using the comparable spreads in yields on seasoned „b"onds
(Moody's averages). Averages r e f l e c t changes in industrial composition, type, maturity,
and c a l l previsions of new offerings. Weekly averages considered unusually unreliable '
as indicators of interest rates on new issues because of the small number or special
characteristics of offerings included etc. are marked with an asterisk. Source*

weekly
data, Federal Reserve; monthly data, First National City Bank of liew.Yortc.



Exhibit H
Long-term Corporate and S t a t e and Local Government
Security Offerings and Placements
(In millions of d o l l a r s )

1962
January
February
March
April
May
July
August
September

!/'Ǥ

•3f
761*

700
611
568

e/850
e/800
2/700

723
6ia
1,031*

51*5
991

e/600

726

1*85
601*
731*

1*92
606
683

1,090
948
1,000

890
956
852

678
789
606

31*8
501
1*91

2,258
e/2,887

1,809
1,695
2,137
3,038

2,11*5
2,382
2,1*28
2,698

e/2,539
e/2,350

2,166
2,397
1,823
2,073

1,880
2,256
1,780
1,31*0

e/5,lU5

6,5ol*
8,914
11,979

3/4,889

1*,563
6,386
8,1*60

1*,136
5,916
7,257

592
859
807

580
667
562

570
715
860

1,120
p / 767
e/1,000

2,118
1,259
1,318

761

5/6OO

1,028
762
6h7

October
November
December
1st
2nd
3rd
hth

quarter
quarter
quarter
quarter

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

New c a p i t a l
State and l o c a l 2/
Corporate 1/
1 1960
1 1961
1962
1 I960
1 1961

, . K

IS

V

81.3

Excluding finance companies 3 /
1st
2nd
3rd
hth

quarter
quarter
quarter
quarter

2,199
e/2,787

Year
« /

1/
2/
2/

4 « n e 4*

1,551*
k,552
2,337
2,807

1,716
2,145
2,018
2,31*7

11,253

8,21*6

* i1

S e c u r i t i e s and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of p r i n c i p a l amounts.
Total new c a p i t a l issues excluding o f f e r i n g s of s a l e s and consumer finance
companies.




• -H.Ik
New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)
Gross proceeds f o r n<
Net proceeds f o r ^
capital and refundinji V
new capital 1 / 2 /
Bonds
Common
Public Communi- Other
and
Mfg. u t i l i t y cations
Total Publicly Privately pfd.
issuers
offered offered stock

Quarter
or
month

I960 - I
II
HI
IV

2,265
2,537
2,520
2,832

93k
1,07k
1,336
1,1*62

795
770
75k
955

1961 - I
II
III
17

1,992
5,352
2,566
3,236

662
2,303
772
967

880
1,275
1,139
1,1*21*

1962 - I
lie/
HI
IV

2,378
3,081

1,155
1,379

716
1,060

507
61*1

601
695
696
2,231
l,3k2
1,779
1,075
813
678
1,155
987
1,091

178
273
211
713
666
921*
k2k
225
123
336
klk
217

29l*
255
331
3U8
355
572
392
1*11
336
509
31*8
567

129
167
15k
1,170
320
283
259
„ 177
218
310
225_
310

61*7
881*
8U7
1,222
809
1,050

273
1*97
386
652
21*7
1*80

232
232
253
238
1*22
1*00

1961 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1962 - Jan.
Feb.
Mar.
Apr.
May 2 /
June e/
July
Aug.
Sept.
Oct.
Nov.
Dec.

|

536
692
1*29
. 1*16

298
511
562
625

598
808
652
696

189
lk9
317
381

1,059
913
896
997

1*1*9
515
1,771* 1,1*66
651*
595
81*5
836

381
1,081
595
836

81
1,095
10k
lk7

832
1,052
803
1,263

655
991*

k30
959

k56
209

717
736

169
99
21*8
57k
kk7
kk6
k28
255
252
271
215
306

137
160
8k
25k
k39
389
369
215
111
306
362
168

21
kl
19
99k
85
16
16
13
75
25
80
1*2

253
368
211
297
289
k67
315
279
209
k87
291
k85

205
131
318
378
276
330

89
lk8
193
376
203
380

73
362
21
86
63
60

225
218
275
280
226
230

1k3
155
209
332
139
170

__
.
, Gross proceeds
exceed net proceeds by the cost of f l o t a t i o n .
2/ For t o t a l see Exhibit H;
other issuers are extractive, r a i l r o a d and other transportation, r e a l e s t a t e and
finance and commercial and other. Source. —Securities and Exchange Commission.




It

Exhibit J

H.1U

Other Security Offerings
(In millions of dollars)
Gross long-term 1/
Federal agency 3/
Foreign government 2/
1961
|
1962
I960
1961
w
January
February
March
April
May
June
July
August
September
October
November
December

1U2
10
35
10
e/86
e/30

- -

2
175
70
3k
72
ho
25
l
36
3k
2
kl

236

533

152

393

U3"
3k

Year
Jan.-June

6
29
20
2
66
29
5
2

e/313-

2U6
156
U6l
sZ ""
e/ —

W
182
150
150
1U8
35U

252
100
1U9
278

—
—

199

250
193

160
lh9
181

225
—

e/863

I,kk8

1,672

779

98k

Net short-term k/
Federal agency 3/
State and Local government 5/
January
February
March
April
May

18
k66
-186
127
2/ -216

July
August
September
October
November
December

160
195
-8
-103
-k2
-155
109
518
-86
-6
51*
-116

Year

520

18

Jan. -June

k7

-115

£7
1/

58
iko
—80
70
-1U6
-157
Ii8
kl5
-175
-16
50
-189

-196
-202
-59
-277
170
320
95
23
-201
-23
-33
-250

2k7
-156
226
-36k
82
fi/316

-lkk
-162
-17k
-79
-87
207
22
193
108
98
56
-Ilk
-76

-633

2/351

-U39

-2 kh

Preliminary.
e / Estimated by Federal Reserve.
n.a.—Not a v a i l a b l e .
These data d i f f e r from those in Exhibit H in t h a t refunding i s s u e s , as v e i l as
new c a p i t a l issues, are included. Long-term s e c u r i t i e s a r e defined as those
maturing in more than one y e a r .
2/ Includes s e c u r i t i e s offered in the United States by foreign governments and t h e i r
p o l i t i c a l subdivisions and i n t e r n a t i o n a l organizations. Source: S e c u r i t i e s and
Exchange Commission„
2 / Issues not -guaranteed by the U. S„ Government. Source: long-term, S e c u r i t i e s
and Exchange Commission; short-term, Treasury Department and Federal Reserve.
k / These data d i f f e r from those in Exhibit H and above in t h a t they represent new
o f f e r i n g s l e s s r e t i r e m e n t s , whether from the proceeds of refunding issues or from
, . other funds. Data include only issues with o r i g i n a l maturity of one year or l e s 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 notes, warrants or c e r t i f i c a t e s and Public
Digitized forHousing
FRASER
Authority notes. In some instances PHA notes included may have a somewhat longer than one year. Source: Bond Buyer and Federal Reserve.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

• ' *

Exhibit K fl.lU
Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of d o l l a r s )
Month

Total

I96I - June
JulyAugust
September
October
November
December
1962 - January
February
March
April
May
June

Corporate
Bonds
Convertible
(other than
bonds
convertibles)
1*35
285
165
78
205
320
125
170
125
330
430
170
387

532
475
185
168
354
391
255
195
i|25
366
61*8
200
505

__
75
33
67
26

15
51
——

State
and
local
government

Stocks

616
179
281
-435
326
480
307
561
662
259
423
373
226

97
115
20
58
81
45
130
25
21
167
30
118

Other
i/
151
100
73
4o
250
,

145
64
30
55
88
30

Large Individual Issues Offered July 1 through 27
Issuer

Type 3/

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

CORPORATE
2002
1992
1992

4-1/2

4.45
4.30
4.40

Aaa
Aaa
Aa

2002

4-3/8

4.33

Aaa

23.0
21.0

1963-92
1963-87

3.16
3.24

New England Tel. & Tel. Co.
Deb.
5G.0
lst&ref .mtg.bdf25>«0
Baltimore Gas & Elec. Co.
A t l a n t i c City Elec. Co.
Deb.
15.0
Virginia Elec. & Power Co.
Pfd. s t k .
30.0
20o0
Cincinnati&Sub. Bell Tel. Co Deb.
STATE AND LOCAL GOVERNMENT
Memphiss Tenn.
Los Angeles Sch. D i s t . , Cal.
Greater Peoria Sanitary &
Sewage Disp. D i s t . , 111.
Tarrant Co. Water Control &
Imp. Di s t . No. 1, Texas
Florida Development Comm.
Orlando U t i l i t i e s Comm.,
Florida
State of Michigan
New Jersey Highway Auth,
Milwaukee Co., Wise.

G.O.
G.O.

1.65-3.4CMU
1.65—3.80 Aa

20.0

1967-82

3.06

2.25-3.20^/Aa

G.O.
Rev.-Rent.

13.5
25.0

1964-2001 3.54
1965-90 4.17

1.90-3.6(64
2.50-4.15 —

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

llt.O
25.0 /
40.0^
13.6

1965-92
1963-87
1997
1963-82

2.00-3.50l/Aa
1.75-3.75%
4.25
1.60-3.10 Aaa

G.O.




3.47
3.56
2.84

K-2

H.lii

Large Individual Issues Offered July 1 through 27
Issuer
Dallas s Texas
New York City 9 N, Y.
State of Louisiana
Maryland State Roads Comm.

Type 3/

Re Vo-Uto
G.0Rev0-S„T0
Rev0-Ute

Coupon
Amount
Offering
(millions Maturity
of
net i n t e r - y i e l d
dollars)
e s t cost
12 oil
103 o 7
20,0
I5o0

1963=82
1963-92
1965-87
1963-77

3.0k
3.03
L27
3.19

1977

5 1/2

1.60-3.25
1.75-3.70
2.75-L.25
1.70—3e16

OTKSR
Kingdom of Norway

Bonds

25.0

5.85

-a—Rights offeringe
^ 1/ Includes corporate and other security o f f e r i n g s of $15 million and overg
S t a t e and l o c a l government o f f e r i n g s of $10 million and over,
2 j Includes foreign government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development issues and non-guaranteed issues by Federal agencies„
3 / In the case nf State and l o c a l government s e c u r i t i e s 3 G.O. denotes general
o b l i g a t i o n s j Rev,-Ut 0 s revenue obligations secured only by income from
public u t i l i t i e s ) Rev.-Q„Uto, revenue bonds secured only by revenue from
q u a s i - u t i l i t i e s 5 Rev0-S„T«9 revenue bonds secured by revenue from s p e c i f i c
taxes only: Rev 0 -Rent 0j , revenue bonds secured s o l e l y by lease payments0
]^J
1/10 per cent bonds maturing 1989-90 not r e o f f e r e d j 1/10 per cent bonds
^
maturing 1991-92 r e o f f e r e d to yield L.50 per cent.
5 / Bonds maturing I96I+-66 not r e o f f e i tid0
Bonds maturing 1996-2001 not r e o f f e r e d .
7/ 2 per cent bonds maturing 1992 not r e o f f e r e d ,
5 / 1 per cent bonds maturing 1987 not r e o f f e r e d .
9 / P r i v a t e l y placed.




Rating
Aa

Exhibit L

H.lUi

Forthcoming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
Date of
computation
1961 - June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Novo 30
Dec. 29
1962 - Jan. 31
Feb. 28
Mar, 30
Apr. 30
May 31
June 29

During month following
date shown
State and
Corporate local
govt. Other 2/
521

170
175
358
3U6
356
161
U80

222

628
185
587
120

195
U06
399
251
597
295
223
U65
153
U53
333
18U
202

73
35

6U

II

Subsequent to
date shown
State and Other 2/
Corporate local
govt.
666
255

291
537
530
U5U
693
U98

2U0

50U
lai
h21

73
35

%

6U

239
g -

31a
693
598
692
U58

95
55
25

337
377

Forthcoming Large Offerings, as of July 27
Type
CORPORATE
Houston Lighting & Power Co.
The Belt Railway'Co. of Chicago
Southwestern Bell Tel. Co.
*Ekco Products Co.
New York State Electric & Gas Corp,
Public Service Elec. & Gas Co.
Massachusetts Electric Co.
Southern Calif. Edison Co.
Air Reduction Co., Inc.
Pacific Northwest Bell Tel. Co.
Commerce Oil Refining Corp.
Columbia Bancorporation

Amount
(millions
of dollars)

1st mtg. bdSo
1st mtg. bds.
Deb.
Deb.
S.F. deb.
1st & r e f . mtg. bds,
1st mtg. bds.
1st & r e f . mtg. bds,
Coav, sub. deb.
Deb.
Deb., bds. & com.
Conv. sub. deb.

25.0
37.3
100.0
15.0

15.0
UO.O

60.0
50.0
3U.5
50.0

1*5.0
30.0

Approximate date
of offering
July 31
Aug. 3
Aug. 8
Aug. 8
Aug. 15
Aug. 22
Aug. 28
Aug. 29
Aug. 29
Sept. 12
Indefinite
Indefinite

STATE AND LOCAL GOVERNMENT
San Diego Unif. Sch. D i s t . , C a l i f .
S t . Louis, Missouri
*Fort Worth, Texas
San Antonio, Texas
Penna. General State Auth.
Oklahoma City, Okla
^Public Housing Auth,




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

Hi. 8
10.0
10.1
20.0
30.0
10.2
106.2

July
Aug.
Aug.
Aug,
Aug.
Aug.
Aug.

31
1
7
8
Ih
Ik
22

L-2

HolU

Forthcoming Large Offerings, as of J u l y 27 (Cont'd)
Type

Amount
(millions
of d o l l a r s )

Approximate date
of o f f e r i n g

STATE AND LOCAL GOVERNMENT (Cont'd)
Los Angeles Dept. of Wtr. and Pwr.,
California
De Kalb Co., Georgia
Pittsburgh, Penna.
J e f f e r s o n County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., F l a .

Revo-Uto

G.Oo

0.0.
G.Oo

G.O.
Rev.-Ut.

33.3
lU.o
35oO

19.2
U6»0
liO.O

Aug. 29
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

i

OTHER
None
£

1/

Includes corporate and other issues of $15 million and over; State and local
government issues of $10 million and over.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues by Federal agencies.
—
Note.—Deletions for reasons other than sale of issue: Nonec