Full text of H.16 Capital Market Developments : July 9, 1962

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Mot f o r Publication

DBCONTBOUED AFTER SIX MONTIS

K.llt

July 9, 1962.

IBR.««r
f

JLL •!

CAPITAJJ^BKET DEVELOPMENTS
IN THE UNITED STATES

1962

rtDZr;-. .. •- /-£. jptiM i c s e c u r i t y financing t o obtain new c a p i t a l was l i g h t during
Qftie--we€fcfitndirg July 6, with no l a r g e i s s u e s o f f e r e d by e i t h e r corporations
ui S t a t e and l o c a l governments. This week, ending July 12, s e c u r i t y
financing i s expected t o . b e in moderately s u b s t a n t i a l volume; one l a r g e
corporate i s s u e of $f>0 m i l l i o n i s scheduled, while f i v e S t a t e and l o c a l
government bond i s s u e s with par value of $103 m i l l i o n are on the calendar.
Bond y i e l d s . Yields on seasoned, long-term bonds increased
somewhat l a s t week. Y i e l d s on Aaa-rated corporate bonds increased 3 b a s i s
p o i n t s , while y i e l d on Baa-rated i s s u e s which have advanced f o r f i v e
consecutive weeks, increased one b a s i s point f u r t h e r t o $.Qk per cent.
Y i e l d s on U. S. Government bonds, up I4 b a s i s p o i n t s , are now 3.99 per cent.
Increases on Aaa- and Baa-rated S t a t e and l o c a l government/ oonds were
one and 3 b a s i s p o i n t s , r e s p e c t i v e l y .
Short- and intermediate-term i n t e r e s t r a t e s . Yields on shorfcand intermediate-term U.
Government s e c u r i t i e s increased sharply f u r t h e r
l a s t week. Yields on 3-month Treasury b i l l s reached t h e i r highest l e v e l
s i n c e e a r l y June i 9 6 0 , i n c r e a s i n g 8 b a s i s p o i n t s t o 2.92 per cent; y i e l d s
on 6-month b i l l s and 3 - 5 year U. S. Government obligations^ increased 10
and 6 b a s i s p o i n t s , r e s p e c t i v e l y . The average r a t e of i n t e r e s t on d i r e c t l y placed f i n a n c e company paper with 90-179 day maturity increased 10 b a s i s
points t o 3 . 2 3 per c e n t , t h e h i g h e s t average s i n c e l a t e spring of i 9 6 0 ;
most companies increased t h e i r a d v e r t i s e d rate from 3 - 1 / 8 to 3-1/h per cent
on Tuesday, and l a t e i n the week s e v e r a l companies increased t h e i r r a t e s
1 / 8 of a per cent f u r t h e r t o 3 - 3 / 8 per cent. The average rate on Federal
funds d e c l i n e d s l i g h t l y t o 2.88 p e r cent. Other s h o r t - and intermediate-Germ
i n t e r e s t r a t e s were unchanged.
Mortgage recordings. Nonfarm mortgage recordings of $20,000 or
l e s s dipped s l i g h t l y f u r t h e r i n March, the l a t e s t month a v a i l a b l e on a
three-month moving average b a s i s . The s e a s o n a l l y adjusted monthly rate of
2,670 m i l l i o n was 4 per cent below t h e record volume of l a s t autumn but
11 per cent above a year e a r l i e r .
Government-underwritten mortgages i n April continued t o account""
f o r a s l i g h t l y higher share of the t o t a l d o l l a r volume recorded than was
the case l a s t year. At 80 per cent of the t o t a l , however, t h e proportion
f o r conventional mortgages remained unusually high i n comparison with most
other postwar years.
Stock p r i c e s . Common s t o c k p r i c e s increased somewhat on balance
l a s t week i n moderately a c t i v e trading. P r i c e s , a s measured by Standard
and Poor's composite index of common s t o c k s , rose almost 3 per cent t o c l o s e
a t 56.17 on July 6. Trading volume averaged 3»8 m i l l i o n shares a day,
l . k m i l l i o n shares l e s s thar. the average f o r t h e previous week.




More detailed information concerning recent capital market
developments i s presented in 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.




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

CORPORATE A

' V U.S. GOVERNMENT

1959

I

. .I960 .

Exhibit A -/ Part I I

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
l o c a l Aaa
Aaa

(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
June
June
June
June
July
Note:

8
15
22
29
6 2/

U-lU
3.55
U.6i
It. 2 1

(9/27)
(5/2)
(1/29/60)
(3/17/61

it.27 (5/25)
it. 28
it. 28
it. 29
k.%y

3.76
3.07

lt.l|2 (2/8/60)
3.70
U.07

(5/12/61)
(12/29)

it. 12 (2/23)
3.85 (5/11)

3.88
3.87
3.90
3.95
3.99

For footnotes see Exhibit B.




(10/18)
(4/25)

3.15(8/29)
2. 6k ( 5 / 1 )
3 . 6 5 (9/24/59)
2 . 9 9 (9/2/60)

3:176
2.92 ( 5 / 3 )
3.05
,3.06
3.05

3.08

3.09

.60

.22
.59
.19

*U6

.29

1.706S
.80

.ijo
.iti
.39
.3U
.33

.83

.81

.85
.87
.90

LONG-TERM

BOND

YIELDS, LOWER-GRADE

STATE A N D LOCAL G O V E R N M E N T I

1 1 1 1 i-J19 62

1961

-i.n

Exhibit B - Part I I

E&te

Coip o r a t e
Baa 1 /

S t a t e and
local govt.
Baa 3 /

Spread between
Aaa and Baa
S t a t e and
Coiporate
local govt.

(per cent)
1957 - High
1958 - Low
1 9 5 9 - 6 0 - High
1 9 6 0 - 6 1 Low
1961 - High
1962 - High
Low

5 - 1 0 (11/29)
k.5L (7/11)
5 . 3 6 (2/12/60)
It. 98 (9/9/60)
5 . 1 3 (10/27)
5.11 (1/5)
L98(6/i)

2i.5l
3.61
k.hS
3.93
L16
it.oU
3.52

June
June
June
June
July

5.00
5.01
5.02
5.03
5.oli

3.6U
3.65
3.62
3.67
3.70

8
15
22
29
6 2/

(8/29)
(5/1)
(1/7/60)
(11/9/6I)
(3/23)
(1/11)
(5/17)

.66
,81
.7ii
.63

1.21
.93
1.08
.57
.93
.82
.56

.72
.73
.73
.7U
.12

.59
.59
.57
.59
.61

1.27
.77

p7 Preliminary.
y
Weekly average of daily figures. Average term of bonds included in 23-26 years.
2 / 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 tera i s 20 years.
IJote.—Highs and lows are f o r individual series and may be on different dates for different
s e r i e s . For spreads, high refers to widest, and low to narrowest.




E X H I B I T C, P o r t I
SHORT-

AND

INTERMEDIATE-

TERM INTEREST

R'ATES, G O V E R N M E N T

6 - MONTH B I U S

I I I I II II II I I I I I I I LLIJ J J. J '1.1.1 i I I I I. 11 1 ,L L.I. .1.1. 1 I 1 LI l l I I I I l I
I960

1961

Exhibit C - Part I I
Date

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

8
15
22
29
6 d/

Discount
rate
1/
3.50
1.75

Loo

3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00

3-month
b i l l s 2/
3.6k
.58
It. 59
2.11
2.66

(10/I8)
(5/29)
(1/8/60)
(10/28/60)
(12/29)

Spread between 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 | 3 - 5 yr. i s s u e s

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

3-5 year
issues 2 /

3.02
5.07
2.35
2.90

5 . 0 0 (12/24/59)
3 . 1 5 (5/12/61)

k. Ok (10/18)
(12/26)
(1/8/60)
(4/28/61)
(12/29)

2.1k(6/6)

2.92 (7/6)
2.65 ( 6 / 8 )

3,02 ( 1 / 1 2 )
2.7k ( 6 / 8 )

3.86(8/11)
3.8d ( 2 / 2 )
3.U3 (k/6)

2.65
2.69
2.73
2.8k .2.92 y

2.7k
2.76
2.80
2.90
3.00

3.50
3.16
3.50
3.60
3.66

.86
.26

.Ok

- M
z.2k
.06

1.81
.38
1.51
1.19
.71

.09
.07
.07
.06
.08

.85
.77
.77
.76
.7k

.79
.12

2/ Market yield; weekly averages computed : i daily closing bid prices.
consists of selected notes and bonds.
Note.—Highs and lows are for individual series and may be on different dates for different serie;
For spreads, high refers to widest, and low to narrowest.




SHORT- AND I N T E RM ED I ATE-TERM INTEREST RATES,
BANKS AND OTHER PRIVATE BORROWERS

FINANCE COMPANY PAP!

Exhibit D - Part I I

Date

Stock Exchange
c a l l loan 1 /

Prime
rate 1 /

Finfance companypaper 2 /

Federal
funds 3 /

Spread between
3 - m o . b i l l s and
f i n a n c e Co. o a o e r

(per cent)
1957 - High
1 9 5 8 - Low
1 9 5 9 - 6 0 - High
1 9 6 0 - 6 1 Low
1 9 6 1 - High
1962 - High
Low

U.50
3.50
5.50
U.50
U.50
U.5o
U.5o

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

June 8
June.15
June 2 2
June 29
July 6 2 /

U.5o
U.5o
a. 50
U.5o
U.5o

U.5o
U.50
U.5o
U.50
U.5o

2/

3.88(11/15)
1 . 1 3 (e/8)
5 . 1 3 (1/22/60)
2 . 5 0 (8/5/61)
3 . 0 0 (12/29)
3.23 (7/6)
2.88 (6/1)
2.99
3.00
1/3.03
3.11
3.23

3.50(11/8)
.13(5/29)
. U . 0 0 (5/13/60)
.U3 ( 1 / 2 7 / 6 1 )
2 . 8 8 (12/29)
2.95 (6/29)
1.30 (1/26)
2.15
2.75
2.95
1/2,95
2.88

.63
-.35
1.02
.11
.56
.Ui
.19
• 3U
.31
.28
.27
.31

Weekly r a t e shown i s t h a t i n e f f e c t a t end of period. Stock Exchange c a l l loan rate i s going rate
on c a l l loans secured by customers 1 stock exchange c o l l a t e r a l a t New York City hanks. Prime rate
i s t h a t charged by large banks on short-term loans to business borrowers of the h i g h e s t c r e d i t

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
i n the 90-179 day range,
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 h e a v i e s t volume of purchase and
s a l efor
t r aFRASER
n s a c t i o n s as reported t o the Federal Reserve Bank of Hew York.
Digitized
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 t o w i d e s t , and low to narrowest.
http://fraser.stlouisfed.org/
3/

Federal Reserve Bank of St. Louis

7
E X H I B I T E, P a
STOCK

MARKET
41-43

J
M i l l i o i s of

Dollars

S * "
/

5700
CK MARKET CRED

r

\

Av u r a a e = 10

\
—-V

C H A N G E IN S E R I E S

x
'

"

VOLUME

YIELDS

E x h i b i t ft - P a r t I I
Stock p r i c e
i n d e x 1/

1 9 6 0 - 6 1 - High
Low
1962 - High
Low

72.0U
53.32
70.91*
52.68

May
June
June 22
June 29
July 6 2 /

62.99
55.63
52.68
5L75
56.17

(12/8/61)
(10/23/60)
(3/16)
(6/22)

T* - i g
Common
VOi,
3/
stock
yields 2/ (millions
( p e r c e n t ) of Glares)

Stock market customer t:rcdib
Customers 1
Bank
Total debit b a l - loans to
ances 4 / "other?;" 5 /
(In m i l l i o n s of dollariT)

2.82
3.62
2.93
3.96

5.8
2.2
10.1
3.0

5 , 6 0 2 (12/61)1,259
L 1^2 (5/60) 3 , 0 0 4
5,1*91. U )
4,111
(5) 4,000

3.32
3.78
3.96
3.81
3.71

5.0
4.6
4.2
• 5.2
3.8

5,408

4,000

(12/61)
(7/60)
(l)
(5)

1 , 3 7 7 (e/30/61)
1 , 1 2 1 (5/25/60)
1,1*10 ( 5 / s )
1,333 (6/27)
l,liOti
1,333
1,339
1,333
n.a.

n.a.—Not available.
jj7 PreliminaiyI
1/ Standard and Poor's composite index of 500 coumon stocks, weekly closing prions, 1941-43=10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are for
Friday's data only*
2/ 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 datds on which price index reached i t s high
3/
4/
5/

Averages of daily trading volume on the New York Stock Exchange.
End of month figures for member firms of the New York Stock Exchange which carry margin accounts $
exclude a balances secured by U« S. Government obligations.
Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U. S. Government securities. Prior to July 1, 1959, such loans are excluded only at banks in
Nex York and Chicago. Weekly reporting banks account for about 70 per cent of loans to others.
For further d e t a i l see Bulletin.




MORTGAGE RECORDINGS AND

JVL-Ji'hiy

LOANS V

""

.1

J —

1962 |

E x h i b i t F - Part I I
Date

1961 - Apr.
MayJune
July
Aug.
Sept.
Oct.
Nov.
Dec.
1962 - Jan.
Feb.
Mar.
Apr.

Unadjusted
Total
Seasonally
VA
Unadjusted
FHA
adjusted 2/
( M i l l i o n s of d o l l a r s )
2,476
2,561
2,581
2,652
2,652
2,723
2,775
2,779
2,763
2,696
2,682
2,670
n.a.

2,358
2,700
2,856
2,653
3,001
2,777
2,961
2,75k
2,579
2,459
2,238
2,627
2,701*

318
349
386
#6
163
422
432
ii8U
427
480
398
418
372

109
123
137
144
182
168
201
206
197
227
175
205
182

Conv.

1,931
2,228
2,333
2,122
2,359
2,186
2,328
2,06U
1,957
1,752
1 , 6 65
2,0014
2,151

n.a.—Not aval lab]•e.
. . . .
1/ Total recordings data are estimates based on reports from about 450 areas and
include mortgages of $20,000 or less secured by nonfarm.real estate, primarily
residential properties. FEA-insured loans represent gross amount bf insurance
written, and VA-gua ran teed loans the gross amount of loans closed, on 1-4 family
bouses. Conventional data are derived as a residual, although t o t a l recordings
and VA and
loans are not s t r i c t l y comparable in concept or timing.
2/ Three-month moving average, seasonally adjusted by Federal Reserve.
Source: Federal Home Loan Bank Board, Federal Housing Administration and Veterans
Administration.




Exhibit G

H.lli

Yields on New Corporate Bond Issues Adjusted to an Aaa Basis
Number
of i s s u e s
included
Monthly averages;
1962 - January
February
March.
April
May
June
July
August
September
October
November
December
Weekly averages:
1962 - January5
12
19
26
February 2
9
16
23
March 2
9
16
23
30
April 6
13
20
27
May k
11
18
25
June 1
8

It
5
6
7
7
12

Amount
of i s s u e s Average
yield
included
(per
(millions
of dollars) cent)
130.0
39 U.5
21*0.0
299.0
11*8.0
368.0

1-

60.0

3

70.0

lute
lt.50
L 23
U.17
h.09
•U.15

U.50
lt.ltO

Number
of i s s u e s
included

June 15
22
29
July 6
13
20
27
August 3
10

Amount
of i s s u e s Average
yield
included
(per
(millions
of dollars) cent)
67.0
116.0
2iu0

lu 12
lull
iul9

2
31
September 7
lit
21
28
October 5
12

s

2
1
1
1
1
1
2
2
2
2
2

19.5
300.0
50.0
22.0
30.0
65.0
60.0
85.0
98.0
26.0
100.0

It. 1*0
L 5 2 * November 2
lt.5o
9
16
L37
23
U.29
30
It. 23
December 7
iu 21
lk
It. 22
21
4.21
28
U.12
U.17*

2
2
2
2
1
3

115.0
28.0
la.o
39.0
17.0
115.0

lull*
lu 21*
lu 02
lu 07
It. 06
It. 24*

Mote: Averages of o f f e r i n g y i e l d s on a l l new i s s u e s of publicly sold bonds rated Aaa, Aa
and A by Moody's Investors Service (except s e r i a l , equipment t r u s t and convertible i s s u e s ,
offerings of natural gas pipeline and f o r e i g n companies, and issues guaranteed by the
Federal Government) weighted by s i z e of i s s u e s . Yields on Aa- and A-rated bonds are
f i r s t adjusted to an Aaa b a s i s , using the comparable spreads in y i e l d s on seasoned bonds
(Moody's averages). Averages r e f l e c t changes in industrial composition, type, maturity,
and c a l l provisions of new o f f e r i n g s . Weekly averages considered unusually unreliable
as indicators of i n t e r e s t rates on new i s s u e s because of the m a l l number or s p e c i a l
characteristics
of o f f e r i n g s included e t c . are marked with an a s t e r i s k . Source:
weekly data, Federal Reserve; monthly data, F i r s t National City Bank of New York.



^ H.lU

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

January
February
March
April
May
June
July
August
September

.

1962

Corporate 1 /
1961
|

592

580

859
807

56 2

1,120

2,118

667

e/700
&%,000

1,259
1,318

e / 600

1,028

762

October
November
December
1st
2nd
3rd
4'th

quarter
quarter'
quarter
quarter

1st-half
Three quarters
Year

1,

577
i,o44
736
967

9W

890
-956
852

1,809

^,078

85
570

726

4,695
2,437
3,038
6,504
8,941
11,979

State and local T f
1961
1962
W

I960

647

1,000
2,256
g/2,620

New capital

V843 :

t

®

i/700
e/500

568

723
641
1,034

545
991

606

.678
789

501

2,l45

2,166

2,698

2,397
1,823
2,073

11

e/h, 8

492

485
6o4
734

606

2,382
2,428

700
611

713
689
764

4,563
6,386

8,460

683
348

491

1,860
2,256
1,780
1,340 •
4,136
5,916
7,257

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

quarter
quarter
quarter
quarter

til

2,199
3/2,720

1,716
2,165

2,018

2,337
2,807

2,347

11,253

8,246

Tj Estimated tgr Federal Reserve.
g/' Preliminary.
1 / Securities apdfcqcofaaegeCommission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
3 / Total new capital issues excluding offerings of sales and consumer finance
companies.




Exhibit I

•-H.il*

New Corporate Security i s s u e s , Type of Issue and Issuer
(In m i l l i o n s of dollars)
Quarter
or
month

Gross proceeds f o r new
Net proceeds f o r
capital and refunding 1 /
new c a p i t a l 1 / 2 /
Bonds
Common
ana
Public CommuniTotal Publicly Privately pfd.
Mfg. u t i l i t y cations
offered offered
stock

I960 - I
II
III
IV

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

93k
1,071*
1,336
1,1*62

795
770
75k
955

1961 - I
II
III
IV

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

662
2,303
772
967

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

1962 - I

2,378
3,012

1,155
1,362

716
988

507
662

601
6 95
1 696
2,231
1,312
1,779
1,075
. 813
678
1,155
987
1,09k

178
273
211
713
666
921*
1*21*
225
123
336
lOl*
217

291*
255
331
31*8
355
572
392
1*11
336
509
3U8
567

1962 - Jan.
61*7
Feb.
881*
Mar.
81*7
Apr.
J:1,222
May d/ j 71*0
1,050
June e /
July
Aug.
Sept.
Oct.
Nov.

273
1*97
386
652
230
1*80

232
232
253
238
350
400

S f /

IV

1961 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

Other
issuers

298
511
562
625

598
808
652
696

-189
11*9
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
101*
11*7

832
1,052
803
1,263

655
908

1*30
986

1*56
186

717
71*0

129
167
151*
1,170
320
283
259
177
218
310
225
310

169
99
21*8
571*
1*1*7
1*1*6
1*28
255
252
271
215
306

137
160
81*
251*
1*39
389
369
215
111 .
306
362
168

-~21
1*1
19
991*
85
16
16
13
75
25
80
1*2

253 .
368
211
297
289
1+C7 . '
315
279
209
,
1*87 i i
!
291
, •
1*85 •

11*3
155

205
131
318
378
200
330

73
362
21
86
10
60

225
218
275
280
230
230

536
692
1*29
1*16

j

200

332
160
170

89
11*8
193
376
•230
380

Dec.

57Preliminary.
e / Estimated by Federal Reserve.
TJ 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
i s s u e r s are extractive, railroad and other transport!on, real e s t a t e and finance
and commercial and other.
Source. —Securities and exchange Commission.




h.lk

Exhibit. J
Other Security Offerings
(In millions of dollars)
Federal aeencv 3/
1 1961
|
1962

Foreign government 2/
1 1960
1962
1 1961
ikz
10
35
10
e/88
t / 30

6
29
20
2
66
29
5
2

2
3-75
70
3h
72
ko
25
1
36
3k ....
2
kl

1*3
3k

e 315

236

533

152

393

2U6
156
U6i
£/ —

I960

„„

182
150
150
ll*8
35U

252
100
lk9
278

—

. 250
193

199
160
ll*9
181

225
—

e/863

1,1*2*8

1,672

779

981+

Net shori:-term k/
Federal agency 3 /
State and Local government 5/
18
166

-186
P/UO

A/:zi6

160
195
-8
-103
-1*2
-155
109
518
-86

-6
5k

-116

520
Jan. - June

n«a„

UJ

58
iko
-80

-

70
-11*6
-157
kb
10.5
-175
-16
50
-189

-

,

2U7
-156
226
' -36U
82

108

-201

22

-23
-33
-250

98
56
-111*

-76

lb .
-115

193

-196
-202
-59
-277
170
320
95
23

-ll+l*
-162
-171*
-79
-87
207

^/35l

-2*39

-633

-

~2hk

2/Preliminary.
^
1/ These data d i f f e r from those in Exhibit H in. that refunding i s s u e s , as w e l l as new
c a p i t a l i s s u e s , are included. Long-teim s e c u r i t i e s are defined as those maturing
in more than one year.
2 / Includes s e c u r i t i e s o f f e r e d i n the United States by foreign governments and t h e i r
p o l i t i c a l subdivisions and international organizations. Source: S e c u r i t i e s and
Exchange Comission.
3 / I s s u e s 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.
h / These data d i f f e r from t hose i n Exhibit H and above i n that they represent new
o f f e r i n g s l e s s retirements, whether from the proceeds of refunding i s s u e s or from
other funds. Data include only i s s u e s with o r i g i n a l maturity of one year or l e s s .
5 / for
P rFRASER
i n c i p a l l y tax and bond a n t i c i p a t i o n n o t e s , warrants or c e r t i f i c a t e s arid Public
Digitized
Housing Authority notes. In some instances PtiA notes included may have a somehttp://fraser.stlouisfed.org/
what longer than one year. Source: Bond Buyer and federal Reserve.

Federal Reserve Bank of St. Louis

Exhibit K
Large Long-term Public S e c u r i t y I s s u e s f o r New Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(In m i l l i o n s of d o l l a r s )

Month

Total

1961 - June
July
August
September
October
November
December
1962 - January
February
March
April
May
June

Corporate
Bonds
Convertible
( o t h e r than
bonds
convertibles)

532
1*75
185
168
351*
391
2#
195
366
6I48
200
1/505

U35
285
165
78
205
320
125
170
U25
330
lt30
170
387

__
75
33
67
26
—
—w
——

15
51

WW
—

Stocks
97
115
20
58
81
1*5
130
25
21
167
30
,
x/118

State
and
local
government
616
179
281
U35
326
1*80
307
56!
662
259
U23
373
226

Other
i/
151
100
73
liO
250 /
.Ui5
6U
30

#

88
30

Large Individual Issues Offered during week ending June 6

Issuer
CORPORATE
None.
STATE AND LOCAL GOVERNMENT
None.
OTHER
None




Type 3 /

Coupon
Amount
(millions
rate or Offering
Maturityof
net inter- y i e l d
dollars)
e s t cost

Rating

K-2

h.lU

Footnotes
*—Rights offering.
1 / Includes corporate and other security offerings of $15 million and over;
State and l o c a l government security offerings of $10 million and over.
2/ Includes foreign government and International Bank f o r Reconstruction and
Development issues and non-guaranteed issues by Federal agencies.
3 / In the case of State and l o c a l government s e c u r i t i e s , G.O. denotes general
obligations; Rev.-Ut., revenue obligations secured only by income from
public u t i l i t i e s ; Rev.-Q.Ut*, revenue bonds secured onlv by rtvtr.ue from
q u a s i - u t i l i t i e s ; Rev.-S.T. 3 revenue bonds secured by revenue from s p e c i f i c
taxes only; Rev.-Rent., revenue bonds secured s o l e l y by l e a s e payments.




Exhibit L

H.lh

Forthcoming Large Long-term Public Security Offerings for 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
Nov. 30
Dec. 29
1962 - Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29

During month following
date shown
State and
Corporate l o c a l govt. Other 2 /
521

170
$
3U6
356

161

1+80

195

1;06
39$r
251
597
295
223

465

222
628
185

&

587

m

120

3

202

73

35
6U

t

Subsequent t o
date shown
State and
Corporate l o c a l govt. Other 2/
666

291

255

537
530
li5U

2k0
50k
I4II
h21

73
35

S i

6U

%
3i a
693
598
692

239
3
337
377

158

I
25

Forthcoming Large Offerings, as of July 6
Type

Amount
(millions
of dollars)

Approximate date
of offering

CORPORATE
New England Tel. & Tel. Co.
Baltimore Gas & Elec. Co.
Atlantic City E l e c t r i c Co.
•^Cincinnati & Suburban Bell Tel. Co.
Houston Lighting & Power Co.
Virginia JcZLectric & Power Co.
The Belt Railway Co. of Chicago
Southwestern B e l l Tel. Co.
*Public Service Elec. & Gas. Co.
^Southern Cal. Edison Co.
P a c i f i c Northwest Bell Tel. Co.
Air Reduction Co., Inc.
Commerce Oil Refining Corp.
Columbia Bancorporation

Deb.
50.0
lst&ref.mtg.bds.
25.0
Deb.
15.0
Deb.
20.0
1st mtg. bds.
30.0
Pfd. stk.
30.0
1st mtg. bds.
38.0
Deb.
100.0
lst&ref.mtg.bds.
1*0.0
lst&ref.mtg.bds.
50.0
Deb.
50.0
Conv.sub.deb.
3U.5
Deb., bds. & com. 1*5.0
Conv.sub.deb.
30.0

July 11
July 18
July 19
July 26
July 31
July-August
tug. j
Aug. 8
Aug. 22
Aug. 29
Sept. 12
Indefinite
Indefinite
Indefinite

STATE AND LOCAL GOVERNMENT
Memphis, Term.
Los Angeles Sch. D i s t . , Cal.
Greater Peoria Sanitary & Sewage
Disposal D i s t . , 111.
Tarrant County, Texas
Florida Development Coram.




G.O.
G.O.

23.0
21.0

July 10
July 10

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

20.0

July 10
July 12
July 12

13.5

25.0

H.'I4

L-2
Forthcoming Large Offerings, as of July 6 (Cont'd)
Issuer

Type

Amount
(millions
of dollars)

Approximate date
of offering

STATE AND LOCAL GOVERNMENT (CONT'D)
Orlando U t i l i t i e s Comm., Fla.
State of Michigan
Milwaukee Co., Wise.
Dallas, Texas
%New York City, New York "
State of Louisiana
San Diego Unif. Sch. D i e t . , Cal.
San Antonio, Texas
De Kalb Co., Georgia
Pittsburgh, Penna.
Jefferson County, Colorado
Dade County Florida
Jacksonville Ejqjressway Auth., Fla.

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

lk.0
25.0
13.6
12.lt
103.0
20.0
111. 8
20.0
iko
35.0
19.2
1+6.0
1*0.0

July 17
July 17
July 18
July 23
July 21;
July 25
July 31
Aug. 8
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

25.0

Indefinite

OTHER
Kingdom of Norway
1/

Bonds

Includes corporate and other i s s u e s of $15 million and over; State and l o c a l
government issues of $10 million and over.
Includes foreign government and International Bank f o r Reconstruction and
Development issues and non-guraranteed i s s u e s by Federal agencies.
Note. —Deletions for reasons other than s a l e of i s s u e : None.
2/