Full text of H.16 Capital Market Developments : June 11, 1962

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!^ation

x t v e c i O N T R O L L E D A F T E R S I X MONTHS

June 11, 1962c
'ITAL MARKET DEVELOPMENTS
THBTUNITED STATES
he volume of public s e c u r i t y f i n a n c i n g t o obtain new c a p i t a l
was f a i r l y s u b s t a n t i a l l a s t week and i s expected t o be moderately l a r g e r
t h i s week. During the week ending June 8, four corporations o f f e r e d l a r g e
s e c u r i t y i s s u e s t o t a l i n g $160 million, and one S t a t e and l o c a l government
bond i s s u e with p a r value of 411 mill ion was sold. This week, ending
June 15, t h r e e l a r g e corporate i s s u e s t o t a l i n g $80 million a r e scheduled
f o r o f f e r i n g and t h r e e S t a t e and l o c a l i s s u e s amounting to $125 million a r e
on t h e calendar. The Boston Edison Co0 i s a l s o scheduled t o s e l l $15
m i l l i o n in bonds to refund outstanding s e c u r i t i e s .
Bond y i e l d s . Changes in y i e l d s on seasoned long-term bonds
continued t o be mixed l a s t week. Yields on Aaa-rated corporate bonds were
s t a b l e while y i e l d s on Baa-rated i s s u e s rose 2 b a s i s p o i n t s t o 5=00 per c e n t .
S t a t e and l o c a l government bond y i e l d s continued t o r i s e with y i e l d s on
Aaa-rated i s s u e s i n c r e a s i n g 1 b a s i s p o i n t to 3.05 p e r cent and t h o s e on
Baa-rated i s s u e s k b a s i s p o i n t s t o 3.6k p e r c e n t . Yields on U. S. Government bonds declined a s i n g l e b a s i s p o i n t .
Average y i e l d s on new corporate bonds, a d j u s t e d to an Aaa b a s i s ,
were k°2h p e r cent l a s t week, 18 b a s i s p o i n t s above t h e average f o r t h e
previous week. A portion of t h i s i n c r e a s e , however, probably r e f l e c t e d
the s p e c i a l c h a r a c t e r i s t i c s of one of l a s t week's new i s s u e s .
Mortgage recordings. Nonfarm mortgage recordings of $20*000
or l e s s changed l i t t l e i n February ( t h e 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 ) from t h e moderately reduced January
r a t e . The seasonally a d j u s t e d monthly r a t e of $2,682 m i l l i o n was within
3 per cent of the record volume of l a s t October and more/than a t e n t h
above a year e a r l i e r .
,
For the f i r s t q u a r t e r as a whole. Government-underwritten loans
accounted f o r 26 per cent of the t o t a l d o l l a r volume recorded. This
compared with'-22 per cent a year e a r l i e r , but was s u b s t a n t i a l l y below
the f i r s t q u a r t e r highs of 1951 and 1955 when VA-lending was unusually
strong and conventional mortgage lending was appreciably l e s s important
than i n recent years.
Short- and intermediate-term i n t e r e s t r a t e s . Yields on Treasury
b i l l s declined to new lows f o r the y e a r l a s t week with y i e l d s on 3-month
and 6-month b i l l s down 3 and 2 b a s i s p o i n t s , r e s p e c t i v e l y , y i e l d s on
3-5 year U. S. Government o b l i g a t i o n s declined 3 b a s i s p o i n t s . The
average r a t e of i n t e r e s t on d i r e c t l y - p l a c e d f i n a n c e company paper with
90-179 day maturity increased 11 b a s i s p o i n t s t o 2.99 p e r cent as a r e s u l t
of an i n c r e a s e in t h e r a t e paid on such paper from 2-7/8 t o 3 per c e n t
announced e a r l y l a s t week by the major f i n a n c e companies. The average
Federal funds r a t e increased 37 b a s i s points t o 2.25 per c e n t . Other
s h o r t - and intermediate-term i n t e r e s t r a t e s were unchanged.




Stock prices„ Common stock p r i c e s moved i r r e g u l a r l y lower again
l a s t week i n f a i r l y a c t i v e t r a d i n g . P r i c e s , as measured by Standard and
P o o r ' s composite index of 500 stocks, declined almost 2 per cent on balance,
closing on June 8 a t 58„U5. Trading volume averaged k*2 m i l l i o n shares a
day, l e s s than half of the near-record volume of the previous week but
l a r g e r than i n most other recent weeks„
More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented in t h e a t t a c h e d e x h i b i t s .

C a p i t a l Markets Section,
Division of Research and S t a t i s t i c s ,
Division of Research and S t a t i s t i c s .




5

LONG-TERM

BOND

YIELDS,

HIGH-GRADE

C ORPOIATE A

, M - \ -

f U.S. GOVIEHMIN!

h

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

lull* (9/27)
3.55 (5/2)
4 . 6 l (1/29/60)
4 . 2 1 (3/17/61
4 . 4 6 (9/15)

May 11
May 18
May 25
June 1 •
uJune 8 2 /

1.29
4.28
4.27
4.28

Note:

4.43 (2/16)
4.27 (5/25)

4.28"'

.
•

3.76 (10/16)

3 . 0 7 (4/25)

4.42 (2/8/60)
3 . 7 0 (5/12/61)

i . M " '
3.85 (5/11)
3.85
3.87
3.90
3.89
3.88

For footnotes see Exhibit B.




State and
local
government
Aaa
3/

Spread between
U» S. Govt, and
Corporate
State and
Aaa
l o c a l Aaa

3 . 4 5 (6/29)
2.64(5/1)
3 . 6 5 (9/24/59)
2 . 9 9 (9/1/60)
3.37 (7/6)

3 . 2 6 (1/4)
2.92(5/3)

.60
.22
.59
.19
.57
.47
.29

.50
.34
.92
.46
.76
1.08
.80

2.93
2.94
3.00
3.04
3.05

.44
.41
.37
.39
.40

.92
' .93
.90
.85
.83

LONG-TERM

BOND

YIELDS,

LOWER-GRADE

Weekly

/ V i / >

STATE A N D 1 0 C A I G O V t S N M E N

1961

1962

Exhibit B - Part I I

Date

Corporate
Baa 1 /

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

Spread between
Aaa a n d Baa
S t a t e and
Corporate
local govt.

(per cent)
1957 - High
1 9 5 8 - Low
1 9 5 9 - 6 0 - High
1 9 6 0 - 6 1 Low
1961 - High
1962 - H i g h
Low

5.10
it. 51
•5.36
U.98
5.13
5.11
L9&

May 1 1
May 1 8
May 25

5.00
U.99'
U.98
U.98
5.00v

June 8 2 /

(11/29)
(7/11)
(2/12/60)
(9/9/60)
(10/27)
(1/5)
W l )

U.51
3.6U
U.U6
3.93
It. 1 6
I1.0U
3.52
3.52
3.52
3.58
3.60
3.61t

(8/29)
(5/1)
(3/7/60)
(11/9/61)
(3/23)
(1/11)
(5/17)

1.27
.77
.Bit
.66
.81
.72
.63

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

.71
.71
.71
.70
.72

.59
.58
.58
.56
.59

p7 P r e l i m i n a r y .
V Weekly average of d a i l y f i g u r e s . Average term of bonds included in 23-26 y e a r s .
2 / Weekly average of d a i l y f i g u r e s . The s e r i e s includes bonds due or c a l l a b l e in 10 years or more.
3 / for
Thursday
f i g u r e s . Only g e n e r a l o b l i g a t i o n bonds are included; average tenn i s 20 y e a r s .
Digitized
FRASER
Tfote.—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 widest, and low t o narrowest.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

SHORT-

AND

INTERMEDIATE-

TERM

INTEREST

RATES,

GOVERNMENT

3 - 5 YEAR I S S U E S

8. DISCOUNT KATE
3 - MONTH l l l l S

1 II 11 I I I I I

I I I I IJ

IIIIIIII II I

I I II II I I II t

Exhibit C - Part I I
Date

I

1957 - H i g h
1 9 5 8 - Low
1959-60 - H
1 9 6 0 - 6 1 Low
1961 - High
1962 - H i g h
Low
May 1 1
May 1 8

/June 8 g/

Discount
rate

v

3-month
b i l l s 2/

3.00
3.00
3.00
3.00

3.6U
.58
It.59
2.11
2.66
2.81
" 2.65

3.00
3.00
3.00
3.00
3.00

2.67
2.67
2.69
2.68
2.65/

3.50
1.75

Loo

(10/18)
(5/29)
(1/8/60 )
(10/28/60)
(12/29)

(2/16)
(6/8)

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
bills|3-5 yr. issues

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

3-3 year
issues 2/

—
3.02
5.07
2.35
2.90
3.02
2.7U

k.Ok (10/18)
2 . l l | (6/6)
5 . 0 0 (12/24/59)
3 . 1 5 (5/12/61)
3.86(8/11)
3.88 (2/2)
3.U3 ( ¥ 6 )

%
08

3.U8
3.55
3.57
3.53
3.50

10
10
08
08
09

2.77
2.77
2.77
2.76
2.7k

(12/26)
(1/8/60 )
(4/28/61)
(12/29)
(1/12)
(6/8)

.86
26
79
12

.OU

1.81
.38
1.51
1.19
.71

.81
.85
.85

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 a t the Federal Reserve Bank of New York.
Market y i e l d j weekly averages computed from d a i l y closing bid p r i c e s . Series of 3-5 year issues
c o n s i s t s of selected 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 ,
f o r spreads, high r e f e r s to widest, and low
narrowest.
2/




SHORTBANKS

Weekly

AND
AND

INTERMEDIATE-TERM
OTHER

PRIVATE

INTEREST

RATES^

BORROWERS

P . r our

E x h i b i t JJ - P a r t I I
Date

Stock Exchange
c a l l loan 1 /

Prime
rate 1/

Finance company
paper 2 /

Federal
funds 3 /

(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
May 11
May 18
May 25
June 1
June 8 2 / '

it.50
3.50
5.50
it. 50
• it.50
it.50
it.50

•It. 50
3.50

it.50
it.50
it.50
if.50
it. 50

it. 50
it.5o
it.5o
it.5o
it.5o

y

Weekly rate shown is that in effect

^

in e Se 8 90^179 i day r range! , U b l i S h e d ^

2 /

5.00

L5o
L5o
it.5o
it. 5o

f i n a n 0 e com

3.88
1.13
5.13
2.56
3.00
3.13

(11/15)
(8/8)
(1/22/60)
(8/5/61)
(12/29)
(ij/13)

2.88 (6/1)

3.50 (11/8)
.13(5/29)
it-00 (5/13/60)
.1+3 (1/27/61)
2.88 (12/29)
2.95 ( 3 / 2 3 )
1.30 (1/26)

3.00
2.96
2.88
2.88
2.99

2.60
2.55
2.50
1.88
2.25

Spread between
3-mo. b i l l s and
f i n a n c e Co. paper
.63
-.35
1.02
.11
.56
.ill
.19
.33
.29
.19
.20
.3k

Fanie8 for directly placed paper for varying maturities

a d
, "KetilSfLnl
"

Note.—Highs
and lows are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.



STOCK

MARKET

JO.

TOCK"MTR KEl

^

CHAN Gt IN SERIES

JO

j
19 5 8

1957

1959

19 6 0

1961

1962

Exhibit E - Part I I
Stock p r i c e
i n d e x 1/

1 9 6 0 - 6 1 - High
Low
1 9 6 2 - High
Low

12.0k
53.32
70.9k
58.#

April
MayMay 25
June 1
June 8 p /

68.05
62.99

(12/8/61)
(10/21/60)
(3/16)
(6/8)

59-hi

59.38
58.15

Common
Trading
stock
volume 3 /
yields 2/
(millions
( p e r c e n t ) of s h a r e s )

Stock market customer c r e d i t
Customers
Bank
Total debit balloans to
ances 4 /
"others" 5/
( I n m i l l i o n s of d o l l a r s )

2.82
3.62
2.93
3.57

5.8
2.2
10.1
3.0

5 , 6 0 2 (12/61)14,259
4 , l 4 2 (5/60) 3 , 0 0 4
5,1*91 ( 4 ) 4 , i l l
5,429 (2)
4,066

3.05
3.32
3.18
3.49
3.57

3.5
5.0
4.6
10.1
4.2

5,491
n.a.
n.a.

4,079

(12/61)
(7/60)
(1)
(2)

1 , 3 7 7 (e/3o/6l)
1 , 1 2 1 (5/25/60)
1,1*18 ( 5 / 9 )
1,348 (1/24)

1,412
c/1,408
1,398
1,408

n.a,—-Not a v a i l a b l e .
jy Preliminary.
Standard and P o o r ' s composite index of 500 common stocks, weekly closing p r i o o s , 1941-43»10.
Monthly data are averages of d a i l y f i g u r e s r a t h e r than of F r i d a y ' s only. Highs and lows are f o r
F r i d a y ' s data only.
2 j Standard and P o o r ' s composite stock yield based on Wednesday data converted to weekly closing
p r i c e s by Federal Reserve. Yields shown are f o r dates on which p r i c e index reached i t s high
4/
Sj

Averages of d a i l y t r a d i n g volume on the New York Stock Exchange.
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. Goveramsnt o b l i g a t i o n s .
Wednesday f i g u r e s f o r weekly r e p o r t i n g 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 o t h e r s .
For f u r t h e r d e t a i l see B u l l e t i n .




1

M

L

/

Exhibit F _ Part I I
Seasonally
adjusted 2/

Unadjusted

FHA

VA

Conv.

(Millions of d o l l a r s )
1961 - Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Ceci
1962 - Jan.
J eb.
Kar.

2,398
2,k?6
2,#1
2,501
2,(62
2,6$2
2,723
2,775
2,7752,763
2,696
2,6c2

2,hhl
2,35%
2,700
2,(53
3,00;,
2,777
2,961
2,75ii
2,57C
2,Ji#
L_2:8
2,627

310
31« '
3lO
306
386
/163
h22
^i32
127
U:o
3S-8
Ulb

125
109
123
137
lUi
182
1th.
201
206
3 97
227
175
205

1,97^
1,931
2,22%
2,333
: ,359
2,1HL
2,oeL
1,957
J,752
1,665
2,0CL

n.a.—Not available.
~y
T o t a l r e c o r d i n g s d a t a are e s t i m a t e s b a s e d on r e p o r t s f r o m a b o u t 4 5 0 a r e a s and
i n c l u d e m o r t g a g e s o f $ 2 0 , 0 0 0 o r l e s s s e c u r e d by nonfarra r e a l e s t a t e , p r i m a r i l y
residential properties.
F H A - i n s u r e d l o a n s r e p r e s e n t g r o s s amount o f i n s u r a n c e
w r i t t e n , a n d V A - g u a r a n t e e d l o a n s t h e g r o s s amount o f l o a n s c l o s e d , on 1 - 4 f a m i l y
houses.
C o n v e n t i o n a l data are d e r i v e d as a r e s i d u a l , a l t h o u g h t o t a l r e c o r d i n g s
an<
. &&& VA
* F A l o a n s a r e not s t r i c t l y c o m p a r a b l e i n c o n c e p t or t i m i n g .
2/
T h r e e - m o n t h m o v i n g a v e r a g e , s e a s o n a l l y a d j u s t e d by K c l m l R e s e r v e .
Source:
F e d e r a l Home Loan Bank B o a r d , F e d e r a l H o u s i n g A d m i n i s t r a t i o n and V e t e r a n s
Administration.




Exhibit G

H.lit

Yields on New Corporate Bond I s s u e s Adjusted to an Aaa Basis
Number
of i s s u e s
included
Monthly averages:
1961 - July
August
September
October
November
December
1962 - January
February
March
April
May
June
Weekly averages:
1961 - July 7
111
21
28
August it
11
18
25
September 1
8
15
22
29
October 6
13
20
27
November 3
10
17
2it
December 1
8

Amount
Average
of i s s u e s
yield
included
(per
(millions
cent)
of d o l l a r s )

it
h
2
7
9
3
It
5
6
7
7

1
1
2
2
1
1

273.0
115.0
78.8
200.0
229.0
115.0
130.0
39U.5
2ii0.0
299.0
ll|8.0

,

8.0
200.0
65.0
55.0
20.0
1*0.0
——
——

1

18.0

1
2

60.8
15.0

2
3
3

60.0
95cO
15.0

it
l
1
2

9L.0
60.0
30.0
75.0

December 15
22
L. 62
29
it.59 •
U.38
it. 26 1961 - High
Low
it. 32
It. 39
1962
lt.l*5
January 5
It. 50
12
it. 23
it. 17
19
26
lt.09
February 2
9
16
23
it. 60
March 2
it.6k
it.it6
9
<
16
it.5it
it.73*
23
It.60
30
—
April 6
—
13
20
it.it6
27
May ii
it.36
11
18
it. 25
25
June 1
it. 21
8
it. 28
it. 21
15
22
29
it. 29
I t . 35
UcitO
it. 29

Number
cif i s s u e s
included
1

Amount
Average
of i s s u e s
yield
included
(per
(millions
cent)
of d o l l a r s )
itO.O

it. 55*

it. 68 (6/16)
it. 21 (11/3)

1

60.0

it. 50

3

70.0

it.itO

2
1
1

19.5
300.0
50.0

it.itO
it. 52*
it.50

1
1
1
2
2
2
2
2

25.0
30.0
65.0
60.0
85.0
98.0
26.0
100.0

it.37
it.29
it. 23
it. 21
it.22
it. 21
it. 12
it.17*

2
2
2
2
1
3

115.0
28.0
lti.o
39.0
17.0
115.0

it.lit
it. 21*
it. 02
it.07
it. 06
it.2it*

Note:
.w
_ .
. .
,
and A by Moody's Investors Service (except s e r i a l , equipment t r u s t and c o n v e r t i b l e i s s u e s ,
o f f e r i n g s of n a t u r a l gas p i p e l i n e and f o r e i g n companies, and i s s u e s 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 a r e
f i r s t a d j u s t e d t o an Aaa b a s i s , using t h e comparable spreads in y i e l d s on seasoned bonds
(Moody's averages). Averages r e f l e c t changes i n i n d u s t r i a l composition, t y p e , m a t u r i t y ,
and c a l l provisions of new o f f e r i n g s . Weekly averages considered unusually u n r e l i a b l e
as i n d i c a t o r s of i n t e r e s t r a t e s on new i s s u e s because of t h e small number or s p e c i a l
c h a rfor
a c t eFRASER
r i s t i c s of o f f e r i n g s included e t c . a r e marked with an a s t e r i s k . Source:
Digitized
weekly data, Federal Reservej monthly d a t a , F i r s t National Bank of New York.



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
Hay
June

'

New c a p i t a l
Corporate 1/
State and local 2/
1 1961
1 I960
1962
1 1961
1 19tO

. 592
. 859
807

580
667
. 562

570
715
860

e/ 850
e/1000
e/625

713
689
764

700
611
56V.

e/1,150

2,118
1,259
1,318

761
577
1,044

e/850
e/800
e/o>0

723
641
1,034

719
545
991

736
967
726

485
604
733

492
606
663

677
788
2/584

340
501
491

%

July
August
September

1,028
762
61*7

October
November
December

1,090
948
1,000

890
956
852

• 2,258
e/3 .050

1,809
4,695
2,137
3,038

2,145
2,382
2,428
2,698

e/2,475
e/2,300

2,166
2,397
1,823
B/2,049 v

1,860
2,256
1,700
1,340

e/5,308

6,50k
8,91*1
11,979

4,527
6,955
9,653

e/4,7'5

4,563
6,386
£.78,435

4,136
5,916
7,257

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1 s t half
Three quarters
Year

•

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

quarter
quarter
quarter
quarter

2,199
e/2,950

Year

r

1,554
4,552
2,337
2,807
11,253

•

1,716
2,165
2,018
2,347
8,246

Kotimated.
b7 Preliminary.
Securities 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.




Exhibit I

h lu

New Corporate S e c u r i t y Issues, Type of Issue and I s s u e r
(In m i l l i o n s of d o l l a r s )
Quarter
or
month

Net proceeds f o r
Gross proceeds f o r n<
new c a p i t a l 1 / 2/
c a p i t a l and refunding1 V
Common
Bonds
and
Public Communi- Other
Total P u b l i c l y P r i v a t e l y pfdc
Mfg, u t i l i t y cations i s s u e r s
offered offered
stock
598
808
652
696

189
11*9
317
381

1,059
913
896
997

381
1*14-9 .
515
1,771* - 1,1*66 1,081
651*
595
595
836
836
81*5

81
1,095
101*
11*7

832
1,052
803
1,263

655

1*30

1*56

717

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

169
99
21*8
571*
lib 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
la
19
991*
85
16
16
13
75
25
80
1*2

253
368
211
297
289
1*67
315
279
209
1*87
291
1*85

11*3
155
209
325
160

205
131
318
1*1*0
200

89
11*8
193
380
230

73
362
21
80
1*0

225
218
275
300
230

I960 - I
II
m
IV

2,2#
2,537
2,#0
2,832

. 93lr
1,07k
1,336
1,462

1961 - 1
11

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

662
2,303
772
967

880
1,275
1,139
l,l*2l*

2,378

1,155

716

507

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

601
695
696
2,231
1S3U2
1,779
1,075
813
678
1,155
987
1,09k

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

29I*
255
331
3U8
355
572
392
1*1 1
336
509
3U8
567

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

61*7
88U
817
1,300
?1*0

273
1*97
386
650
230

232
232
253
325
350

h i

17
1962 - 1

536
692
U29
ijl6

795
770
751*.
955

298
511
562
625

III
IV

*

jo/ Preliminary,
' Tf Estimated,
1~J Gross proceeds exceed n e t proceeds
by the cost of f l o t a t i o n .
2 / t o r t o t a l see Exhibit H; other i s s u e r s a r e
e x t r a c t i v e , r a i l r o a d and other t r a n s p o r t a t i o n s r e a l e s t a t e and f i n a n c e and
commercial and other.
S o u r c e . — S e c u r i t i e s and Exchange Commission.




Il

Other Security O f f e r i n g s
(In m i l l i o n s of d o l l a r s )
Foreign government 2/
1962
1961
| I960
January
February
March
April
May

lk2
10
35
e / 10
^ 88

July
August
September
October
November
December

k3
3h

Year
Jan.-May

6
29
20
2
66
29
5
2

e/285

2
175
70
3h
72
ho
25
1
36
3k
2
ill

236

533

123

353

Federal agency 3/
1962
1 1961
|
2)4.6
156
e/i±60
e / ~

I960
182
150
150
1U8
35U

252
100
lii9
278
250
193

199
160
11*9
181

225
—

e/862

l,Wi8

1,672

501

98k

Net short-term hT
Sta te and ...Local government 5 /
Federal agency 3/
18
h66
-2U8
E/hO

2/
1/

160
195
-8
-103
-U2
-155
109
518
-86
-6
Sh
-116

58
Ibo
-80
70 .
-11*6
-157
1*6
1*15
-175
-16
5o
-189

520

16 .

202

1*2

217
-156
226
-3U6
2/116

-ia
-162
-17U
-79
-87
207
22
193
108
98
56
-llU

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

-76

=633

87

-61*6

-561

Preliminary0
~e/ Estimated by Federal Reserve.
• —
These data d i f f e r from those i n E x h i b i t H i n t h a t refunding issues,, as w e l l as new
c a p i t a l i s s u e s , a r e included. Long-teim 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 o f f e r e d in t h e United S t a t e s by f o r e i g n 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 o r g a n i z a t i o n s . Source: S e c u r i t i e s and
Exchange Commission.
3 / I s s u e s not guaranteed by t h e U. S. Government„ Sourcez long-term, S e c u r i t i e s and
Exchange Commission; s h o r t - t e r m . Treasury Department and Federal Reserve.
k / These data d i f f e r from t h o s e i n Exhibit H and above i n t h a t they r e p r e s e n t 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 t h e proceeds of refunding i s s u e s or from
o t h e r 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 / P r i n c i p a l l y t a x 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 and Public

Housing
Authority n o t e s . In some instances PtiA notes included may have a somehttp://fraser.stlouisfed.org/
what longer than one y e a r . Source: Bond Buyer and f e d e r a l Reserve.

Federal Reserve Bank of St. Louis

Exhibit K

H.lli

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

Total

Month
,1961 - May
June
July
p/
August
|
September
|
October
^
November
December
2962 - January
}'
February
/
March
£
April
V
May

557
532
U75
185
168
35U
391
255
195
1*25
366
61*8
200

Corporate
Bonds
Convertible
( o t h e r than
bonds
convertibles)
Wo
135
285
165
78
205
320
125
170
L25
330
130
170

Stocks
62
97
115
20
58
81
U5
130
25

15
75
33
67
26

256
616
179
281
U35
326
Wo
307
561
662
259
h23
373

21
167
30

15
5L

State
and
local
government

Other
i/
25
151

-

100
73 '
ko
250
115
61*
30
55
88

i
Large I n d i v i d u a l I s s u e s Offeree June 1 through 8

Type 3 /

Amount
Coupon
(millions
r a t e or Offering
Maturity
of
net i n t e r - yield
dollars)
e s t cost

Rating

CORPORATE
Alabama Power Co.
Mountain S t a t e s Tel.
Co.
United Gas Corp.
Transcontinental Gas
Line Co.
Transcontinental Gas
Line Co.
Columbia Gas System,

& Tel.
Pipe
Pipe
Inc.

1 s t mtg. bds.

17.0 ' 1992

Deb.
50.0
lstmtg&coll.tr.bds^0 o 0

2002
1982

k-3/8

li.39

A

U-l/2
U-5/8

lie 38

Aaa
A

5.10

Baa

S.F. deb.

30.0

1982

Pfd. s t k .
Deb.

15.0
25.0

1987

1-1/2

4.50

A

G.O.

11.2

1963-73

2.72

1.65-2.90

A

5

STATE AND LOCAL GOVERNMENT
Maricopa Co., Arizona
OTHER
None




K-2

Holli

Footnotes
*—Rights o f f e r i n g .
-h#—Foreign corporation.
1 / Includes corporate and o t h e r s e c u r i t y o f f e r i n g s of $15 million and over;
S t a t e and l o c a l government s e c u r i t y o f f e r i n g 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. _
3/ In t h e case of S t a t e and l o c a l government s e c u r i t i e s , G.O. denotes general
o b l i g a t i o n s ; Rev.-Ut., revenue o b l i g a t i o n s secured only by income from
public u t i l i t i e s ; Rev.-Q.Ut., revenue bonds secured only by 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
t a x e s only; Rev.-Rent. 3 revenue bonds secured s o l e l y by l e a s e payments.




H.lU
Forthcoming Large Long-term Public Security O f f e r i n g s f o r New C a p i t a l
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large I s s u e s
Date of
computation

Subsequent t o
During month following
date shown
date shown
S t a t e and
S t a t e and
Corporate l o c a l govt. Other 2 / Corporate l o c a l govt.

1961 - May 31
June 30
J u l y 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 29
- Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31

187
#1
170
175
358
3U6
356
161
U80
222
628
185
587

1*31
195
I1O6
399
251
597
295
223
1*65
153
1*53
333
iQk

611
666
255
2I4O
50U
1*11
1*21
591
525
31*1
693
598
692

75
73
35

6k
95
55

771
291
537
530
1*5U
693
1*98
1*15
567
239
539
452
337

Other 2 /
75
73
35

6k
95
55

Forthcoming Large O f f e r i n g s , as of June

,

Issuer

Type

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

Approximate date
of o f f e r i n g

CORPORATE

>

V

S.F. deb.
Container Corp. of America
Northern S t a t e s Power Co.
1 s t mtg. bds.
Texas Gas Transmission Co.
Deb.
Consolidated Edison Co.
1 s t mtg. bds.
Pet Milk Co.
S.F. deb.
Cincinnati Gas & Elec. Co.
1 s t mtg. bds.
P h i l l i p s , N. V. ( f o r e i g n corporation) Com. s t k .

25.0
15.0
ltO.O
100.0
20.0
25.0
75.0

Columbia Bancorporation
Puget Sound Power & Light Co.
New England E l e c t r i c System

Gonv.sub.deb.
Pfd. s t k .
Com. s t k .

1

Houston Lighting & Power Co.
A i r Reduction Co., Inc.
Commerce Oil Refining Corp.
Virginia E l e c t r i c & Power Co.

1 s t mtg. bds.
Conv.sub.deb
Deb., bds. & com.
Com. s t k .

30.0
31.5
It5.0
. 1*0.0

30.0
15.0
20.9

June 12
June 13
June Ik
June 20
June 20
June 22
June 22
( r i g h t s expire)
June 25
June 27
June 28
( r i g h t s expire)
June
Indefinite
Indefinite
Indefinite

STATE AND LOCAL GOVERNMENT

1

De k a l b Co., Georgia
Monroe Co., N. Y.
State of C a l i f o r n i a
Houston Ind. Sch. D i s t . , Tex.
*Penna.Public School Bldg. Auth.




G.Oe
GeOe
Ge0„
G.O.
Rev.-Rent.

11*. 0
10.8
100.0
12.5
11*. 2

June
June
June
June
June

12
12
lU
26
26

15"

L-2

ho l i t -

Forthcoming Large O f f e r i n g s , as of June 8 (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)
W i s c o n s i n S t a t e Agencies Bldg= Corp.
---Baltimore3 Md.
Georgia State Highway Auth„
Dallas Ind. Sch. D i s t . , Tex.
Texas Univ./Texas A&M, Texas
*Memphis3 Tennc
*Los Angeles Sch. D i s t , , Cal,
P i t t s b u r g h s Penna=
J e f f e r s o n County s Colorado
Tarrant County s Texas
Dade County^ Florida
Jacksonville Expressway Auth„ } f l a 0

Revo-Rent.
GoOo
Rev„-Rent.
GoOo
Rev.-Ren to
GoOo
GoOo
GoOo
GoOo
GoOo
GoOo
ReVo-Uto

iiOoO

June 26
June 2?
June 27
June 27
June 28
J u l y 10
July 10
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

Bonds
Bonds

25.0
30.0

June 20
Indefinite

13.2
18.8
15.0
10.0
10o0
23.0
21.0
35.0
19.2
13.5

16. o

OTHER
Govt, of A u s t r a l i a
Kingdom of Norway

*—Included i n t a b l e f o r f i r s t time.
1/ Includes corporate and other i s s u e s of $15 m i l l i o n and over; S t a t e 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 reasons o t h e r than s a l e of i s s u e : None.

4