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for P u b l i c a t i o n
—ft-.14
' -"j

DECONTROLLED AFTER SIX MONTHS

June 19, 1967.

jCATITAL MARKETS. DEVELOPMENTS
IN THE UNITED STATES
Corporat^and .municipal bond markets. F l o t a t i o n s of new
corporate s e c u r i t i e s t h i s week are expected to aggregate more than 50
per cent above the average weekly volume r e g i s t e r e d over the p a s t y e a r .
Dominating t h i s week's calendar i s the $100 m i l l i o n Corn Products
debenture o f f e r i n g , , The municipal volume t h i s week i s a l s o above average,
with the Pennsylvania State General A u t h o r i t y ' s $75 m i l l i o n revenue i s s u e
accounting f o r about o n e - f o u r t h of the t o t a l d o l l a r volume. Not included
i n the t a b l e below i s the $40 m i l l i o n City of Montreal o f f e r i n g , expected
i n the market t h i s week.
Long-term Public S e c u r i t y Offerings',1/
(In m i l l i o n s of d o l l a r s )
Corporate
S t a t e and l o c a l Government
New C a p i t a l | Refunding New Capital | Refunding
Sold:
52 week avg.
June 9
June 16

259

227

r/512
286

r/415
~ 176

390

280

6

Scheduled:
June 23
1/

Federal Reserve e s t i m a t e s are based upon published reports of
i s s u e s sold and scheduled f o r o f f e r i n g s ; corporate r i g h t s o f f e r i n g s
are included as of date s u b s c r i p t i o n r i g h t s e x p i r e .

Y i e l d s on new and seasoned- corporate bonds advanced l a s t week.
I n v e s t o r s response t o l a s t week's new i s s u e s was mixed, as o n e - h a l f of
the 12 new i s s u e s remain bound by underwriters p r i c e r e s t r i c t i o n s . Underw r i t e r s terminated p r i c e r e s t r i c t i o n s on three o l d e r , slow-moving i s s u e s
and y i e l d s adjusted upward 6 to 7 b a s i s p o i n t s .
Municipal bond y i e l d s a l s o advanced l a s t week. Underwriters
bid a g g r e s s i v e l y f o r new i s s u e s , but were g e n e r a l l y u n s u c c e s s f u l in s e l l i n g
these o f f e r i n g s t o i n v e s t o r s - - l e s s than o n e - h a l f of l a s t week's volume
was spoken for by week-end.
>




H. 14
Y i e l d s i n S e c u r i t y Markets
L e v e l L a t e s t Week High-Grade N o t e s and Bonds

Change from
p r e c e d i n g week

Corporate
New
Seasoned

5.74
5.39 .

+3
+1

U . S . Government
Long-term
3-5 year

4.86
4.96

•
-

-

+10
+22

State and local Govt.
Moody's Aaa
Stdo & P o o r ' s h i g h grade

3„78
3.94

+2
+1

4.03

+13

3.57
3.85

+16
+8

Money Market
, Federal funds
Treasury bills
3-month
6-month

C o r p o r a t e Bonds S t i l l i n S y n d i c a t e
Date
Offered

Amount
( m i l l i o n s o f $)

6/15

6.0

6/14 ,

25.0

6/14

6/13

•

•
6/8

U n i t e d Shoe Mach.,
5 - 3 / 4 ' s - 1992

Rating

Estimated proportion sold

, 6.05

Aa

30%

5.77

Aa

90%

Blackstone Valley Elec.,
6 - 1 / 2 ' s - 1997
6.35

A

45%

15.0

South C a r o l i n a E l e c . & Gas
b ' s - 1997
5.98

A

50%

P u g e t Sound Pwr. & L t .
6 - 5 / 8 ' s - 1997

6.50

Baa

50%

Pennsylvania Electric,
6 - 1 / 4 ' s - 1997.

6.05

Aa

40%

20o 0
-

,

Cambridge E l e c t r i c ,
6 - 1 / 4 ' s - 1997

Reoffering
Yield

7.0
,

6/14 .

Issuer

26.0




-3H.14

r.nrporate

. s t i l l i n Syndicate (Cont'd;!

„

4

Reoffering

o,S«d

i m s i

; _ i u u _

Estimated p r o M a n
A

6/•

»>•«

S S R - . U M

5

6/7

30

L

6.05

6/7

-°

150.0

6/1

6

6/1

15-0

5/9

51.0

'°

T - 1 / 8 ' s -al992

S 0

CaP

^ n

n

6 !l/8's

ne

1 T e l , ,




A

'

55%

Aaa

75%

A

35%

^ ^

A

75%

6.60

=aa

90%

D e a l e r s ' Advertised I n v e n t o r i e s
fnd

of Previous Week

'
536

5 . 8 2

- y !997 EleCtriC 6.00

Wickes^Corporation,

, i . . . T i . h o£
L a t e s t Week

2 ^

507.

' "

RecerOHigh
849 ( 4 / 2 6 / 6 7 )

538

H. 14

P r i v a t e h o u s i n g s t a r t s and p e r m i t s .
Private housing s t a r t s ,
which had changed v e r y l i t t l e i n r e c e n t months, r o s e 12 p e r c e n t i n
May t o the h i g h e s t annual r a t e ( 1 , 3 1 0 t h o u s a n d ) t h i s y e a r . The r i s e
which was g r e a t e r than a n t i c i p a t e d , b r o u g h t t h e a v e r a g e f o r the A p r i l May p e r i o d t o 1 , 2 4 1 t h o u s a n d , s u g g e s t i n g the p o s s i b i l i t y o f a t l e a s t
a 4 p e r c e n t i n c r e a s e i n the second q u a r t e r a s a whole, from t h e
improved f i r s t q u a r t e r a v e r a g e .
A s i g n i f i c a n t f a c t o r i n the May
i n c r e a s e was an e x p a n s i o n of more than t w o - f i f t h s i n the r a t e o f s t a r t s
i n t h e West. A l l o t h e r r e g i o n s shared i n t h e r i s e e x c e p t t h e N o r t h e a s t
s t a t e s , which showed no c h a n g e .
G o v e r n m e n t - u n d e r w r i t t e n s t a r t s r o s e more r a p i d l y than c o n v e n t i o n a l s t a r t s i n May and a c c o u n t e d f o r 15 p e r c e n t of the t o t a l 0
This
compared w i t h 13 p e r , c-nt a y e a r e a r l i e r when a l l t y p e s o f s t a r t s were
a l r e a d y moving s u b s t a n t i a l l y downward c
B u i l d i n g p e r m i t s i n p e r m i t - i s s u i n g a r e a s edged up o n l y
s l i g h t l y f u r t h e r i n May, but a t a s e a s o n a l l y a d j u s t e d annual r a t e of
1 , 0 4 6 t h o u s a n d , were w i t h i n 5 p e r c e n t of the d e c l i n i n g r a t e a y e a r
earlier.
A l l of the i n c r e a s e was i n l - t o - 4 f a m i l y s t r u c t u r e s , which
edged above the y e a r - e a r l i e r l e v e l .
Among the r e g i o n s , p e r m i t movements
were mixed--down i n die N o r t h e a s t and North C e n t r a l s t a t e s b u t up f a i r l y
s h a r p l y i n the South and VJest =
Stock p r i c e s .
Common s t o c k p r i c e s advanced l a s t week i n v e r y
heavy.trading.
Standard and P o o r ' s i n d e x o f 500 s t o c k s c l o s e d F r i d a y
a t 9 2 . 5 4 , a g a i n of 0.V3 p o i n t s f o r the week. Common s t o c k p r i c e s a r e
now a b o u t 2 . 2 p e r c e n t below the r e c e n t h i g h o£ 9 ^ . 5 8 r e g i s t e r e d on
May_8L Trading volume a v e r a g e d 1 0 . 9 m i l l i o n s h i r i s m d a y .
More d e t a i l e d i n f o r m a t i o n c o n c e r n i n g r e c e n t c a p i t a l markets
d e v e l o p m e n t s can be found i n the a t t a c h e d e x h i b i t s .

Capital Markets Section,
Division of Research and Statistics,.
Board of Governors of the Federal Reserve System.




V

EXHIBIT A, Port 1

LONG-TERM BOND YIELDS, H I G H - G R A D E

CORPORATE Aaa

U.S. GOVERNMENT

r
S T A T E AND LOCAL G O V E R N M E N T A a a

1963




1964

1965

1966

1967

1968

E x h i b i t A - - farL i l
j
i Corporate
! Aaa 1/

Date

i
1 9 5 9 - 6 0 - High
1966 - High
1967 - High
- Low
May
June

19
26
2
9
16E./

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
5.39(6/16)
5.00(2/10) i
5.26
5.31
5.36
r£.38y
5.39 /

•
1 S t a t e and
U.S. Govt. j
local
l o n g - t e r m 2 / | government
Aaa 3 /
(per c e n t )

j
|

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

4.42(1/8/60)
4.87(9/2)
4c 4 2 ( 1 / 7 )
4.86(6/16)
4.37(2/3)

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
3.78(6/15)
3.25(2/9)

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44

.92(4/22/60)
1.19(2/11)
.77(9/2)

4.79
4.83
4.74
4.76
4.86/

3.75
3.78
3.78
3.76
3.78 /

.47
.48
.62
.61
.53

1.04
1.05
.96
1.00
1.08

,

1.16
.74

£ / Preliminary,.
V Weekly average of d a i l y f i g u r e s . Average term of bonds i n c l u d e d i s 2 2 - 2 4 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 i n c l u d e s bonds due or c a l l a b l e in 10
y e a r s or more.
3 / 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 i n c l u d e d ; average term i s 20
years.
N o t e - - H i g h s 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 d a t e s f o r
different series.
For s p r e a d s , high r e f e r s to w i d e s t , and low t o narrowest.




EXHIBIT B. Fori I

L O N G - T E R M B O N D YIELDS, t O W i l t

GRADE

CORPORATE B a a

S T A T E AND LOCAL GOVERNMENT B a a

1963




1965

1966

1967

E x h i b i t B - - Part I I

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

Corporate
Baa 1 /

(per cent)
1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low
May

19
26
2
9
16B/

June

Note:

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.15(1/6)
5.81(4/14)
5.96
6.03
6.07
r/6.11 /
6.13V

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.27(6/15)
3.85(4/13)

.84
.31
.81
.31
.69

1.08
.39
.62
.31
.65
.37

4.25
4.27
4.27
4.27
4.27

.70
.72
.71
.73
.74

.50
.49
.49
.51
.49

For f o o t n o t e s s e e E x h i b i t Ac




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

\

.82

EXHIBIT C, Port 1

SHORT-

AND

INTEItMIDIATE-TERM

INTEREST

RATES

GOVERNMENT

6-MONTH BILLS
Market Yieldi

3 - 5 YEAR I S S U E S
F . R . DISCOUNT RATE

3 - M O N T H BILLS
Market Yields

1963




1964

1965

1966

1967

1968

Exhibit C - - Part I I

Discount
rate

Date

—L/
1 9 5 9 - 6 0 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low
May
June

4.00
4.50
4.50
4.50
4.50
4.50
4.00

19
26
2
9
I62./

1/ weekly rate s h L

4.00
4.00
4.00
4.00
4.00/

3-month
hills V

4.59(1/8/60)
4.47
4c 80
5=52(9/23)
4.39(6/24)
4.81(1/13)
3.41(6/9)
3.59
3.50
3.43
3.41
3.57

J

Yields
6-month
b i l l s 1/
(per cent)
5c 0 7 ( 1 / 8 / 6 0 )
4.66
4.92
5.92(9/23)
4.53(6/24)
4.88(1/6)
3.74(6/2)
3.78
3.74
3.74
3.77
3.85 /

3-5 year
issues U

Spread b e t w e e n y i e l d s on
3-mo. b i l l s and y i e l d s on
6-mo. b i l l s l 3 - 5 y r . i s s u e s

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)
4.96(6/16)
4.36(4/7)
4.69
4.76
4.66
4.74
4.96

1.81
.43
.06
.78
.01

.36
.01

1.39
.02

.19
.24
.31
.36
.28

1.10
1.26
1.23
1.33
1.39

I s t h a t i n e t t e c t a t end of p e r i o d a t the F e d e r a l Keserve » a n k of

2 / M a r k e t ^ y i e l d ; w e e k l y a v e r a g e s computed f r o . d a i l y c l o s i n g b i d p r i c e s .




.79
.19
«12
.52
,09

S e r i e s of 3-5

EXHIBIT D. Port 1

S H O R T - A N D I N . T E R M E D I A T I - T E R M INTEREST RATES
B A N K S A N D OTHER P R I V A T E B O R R O W E R S

PRIME RATE

FINANCE COMPANY PAPER
Directly ploced

DISCOUNT RATE

FEDERAL FUNDS

1963




1964

1965

1966

1961

E x h i b i t D — Part I I

Prime r a t e 1/

Finance
company
paper 2/

Spread between
3-mo. b i l l s and
F e d e r a l fuilds 3 / f i n a n c e c o . pap6r

(per c e n t )
1959-60 - H i g h
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
May
June

19
26
2
9
16R/

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(6/16)

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(6/16)

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.75(5/12)

5.50
5.50
5.50
5.50
5.50

4.38
4.38
4.38
4.38
4.38

4.03
3.90
3.97
3.90
4.03

z

1.02
.23
.28.
1.08
•20
.97
.52
.79
.88
.95
.97
.81

1/ Weekly r a t e shown i s t h a t i n e f f e c t a t end of p e r i o d .
Prime r a t e i s t h a t
~ charged by l a r g e banks on s h o r t - t e r m loans t o b u s i n e s s borrowers of the h i g h e s t
credit standing.
2/ Average of d a i l y r a t e s p u b l i s h e d by f i n a n c e companies f o r d i r e c t l y p l a c e d paper
~ f o r v a r y i n g m a t u r i t i e s i n 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 r a t e f o r the h e a v i e s t
volume of purchase and s a l e t r a n s a c t i o n s as reported t o the F e d e r a l Reserve
N o t e . - H i g h s 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 d a t e s f o r
different series.
For s p r e a d s , h i g h r e f e r s t o w i d e s t , and low t o n a r r o w e s t .




EXHIBIT E. Pari I

100

PRICES

„

STOCK MARKET CREDIT
* CHANGE IN S E R I E S

VOLUME

YIELDS

i i i i i i i i i i i
1963




1964

i i i ii
^

ii

<1965

ii

ir li

ii

it

ii

1966

it

i'i

i II

II

i i II-II

1967

i i ' i

rii
1968

ii

i i

,1

E x h i b i t E — Part I I

Stock price
index 1/

Date

1961-62 - High
Low
1966 - High
Low
1967 - H i g h
Low
Apr.
May
June

2
9
16g/

Common
stock
y i e l d s 2/
(per c e n t )

S t o c k market customer c r e d i t
Trading
Customers'
Bank
volume 3/
debit balloans to
Total
(millions
"others"5/
ances 4 /
of s h a r e s )
( I n m i l l i o n s of d o l l a r s )

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
94.44(5/5)
82.18(1/6)

2.82
3.96
3.01
3.97
3.10
3.58

10.1
2.4
10.7
5.0
11.3
6.9

5,602(12/61)
4,424(1/61)
7,997
7,302
7,969
7,345

90.96
92.59
89.79
91.56
92.54

3.22
3.16
3.25
3.20
3.16

9.4
9.9
8.1
9.7
10.9

7,969
n.a.
n.a.
n.a.

4,259(12/61) 1,418(5/9/62)
3,253(1/61)
1,161(3/8/61)
5,835
2,241(7/6)
2,097(12/14)
5„ 169
2,204(6/7)
5,819
5,290
2,055(2/1)
5,819
n.a.
n.a.
n.a.
n.a.

2,150
2,159
2,159
2,204
n.a.

n . a . Not A v a i l a b l e . ja/ P r e l i m i n a r y .
1 / Standard and P o o r ' s composite index of 500 common s t o c k s , weekly c l o s i n g p r i c e s , 1941-43=10.
Monthly data are a v e r a g e s 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 o n l y .
Highs and lows are
f o r F r i d a y ' s data o n l y .
2/ Standard and P o o r ' s composite s t o c k y i e l d based on Wednesday d a t a converted t o weekly c l o s i n g
p r i c e s by F e d e r a l R e s e r v e . Y i e l d s shown are f o r d a t e s on which p r i c e index reached i t s h i g h
or low.
3 / Averages of d a i l y t r a d i n g volume on the New York Stock Exchange. Year-end f i g u r e s are averages
of d a i l y f i g u r e s f o r the y e a r .
4 / End of month f i g u r e s f o r member f i r m s of the New York Stock Exchange which carry margin a c c o u n t s ;
e x c l u d e s b a l a n c e s 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 r e p o r t i n g member banks. Excludes loans f o r purchasing or c a r r y i n g
U.S. Government s e c u r i t i e s . Weekly r e p o r t i n g banks account f o r about 70 per c e n t of l o a n s t o
others.
For f u r t h e r d e t a i l s e e B u l l e t i n .




•

\i

•
EXHIBIT F, Tort I

PRIVATE H O U S I N G
Monthly, annual roles

STARTS A N D

PERMITS
Million! of units
2.4

SEASONALLY

ADJUSTED

DATA

2.0

H O U S I N G STARTS

^ v v v V V ^ '

PER C E N T

OF U N A D J U S T E D

1/V7XB U I L D I N G PERMITS

TOTAL STARTS

MULTI-FAMILY

GOVERNMENT UNDERWRITTEN
1959

1960

1961




1962

1963

1964

1965

1966

1
Exhibit F - Part II
Building
permits
Unadlusted
Type of financing Tvoe of housing (seasonally
adjusted
Seasonally a d j u s t Multi1-2
Unadjusted
annual
FHA VA Other family family
ed annual r a t e
rate) 2 / __
Starts

Total

Date

1966 - May
June
July
Aug.
Sep to
Oct.
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May

1,318
1,285
1,088
1,107
1,075
848
1,012
1,089
1,297
1,163
r / 1,167
r / 1,173
1,310

(Thousaiids oJE u n i t s )
135
14
4
92.5
118
128
15
4
108
87.9
104
13
4
87
74.3
105
14
4
87
74.5
92
3
10
79
65.0
80
3
9
68
57.5
75
10
3
62
53.4
64
3
10
51
42.4
65
3
53
9
42.5
64
3
8
53
42.6
r/96
11
5
r/80 r/68.5
r/115
11
5
99 r / 8 0 . 5
135
15
5
115
95.9

42.9
39.7
29.7
30.9
27.4
22 . 7
21.9
21.3
22.6
21.5
r/26.9
r/34.1
39.1

1,098
954
921
844
733
714
715
759
942
894
928
r/1,028
1,046

1/ Total s t a r t s are Census e s t i m a t e s including farm f o r both p e r m i t - i s s u i n g and
"" n o n - i s s u i n g areas. 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 an apartment s t r u c t u r e are considered s t a r t e d at that time. FHA and VA
s t a r t s are u n i t s s t a r t e d under commitments by these agencies to insure or guarantee the mortgages. As reported 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 the f i r s t compliance i n s p e c t i o n r e p o r t , which i s made b efore
f o o t i n g s are poured i n some c a s e s but normally a f t e r the foundations have been
completed. Capehart m i l i t a r y housing u n i t s are excluded. Other s t a r t s are
derived as a r e s i d u a l , although t o t a l and FHA and VA s t a r t s are not s t r i c t l y
comparable i n concept or timing; other s t a r t s i c l u d e both u n i t s financed by conv e n t i o n a l mortgages and u n i t s without mortgages.
2 / Building permits before January 1963 are Census e s t i m a t e s f o r about 10,000 areas
"" i d e n t i f i e d as having a l o c a l building permit system i n 1959. Estimates beginning
January 1963, are f o r approximately 12,000, or a l l known, p e r m i t - i s s u i n g p l a c e s .
Unlike s t a r t s , s e a s o n a l l y adjusted b u i l d i n g permits r e f l e c t d i r e c t adjustment
f o r d i f f e r e n c e s in the number of working days per month, as w e l l as o t h e r d i f f erences i n timing and coverage.




YIELDS O N N E W AMD S E A S O N E D C O R P O R A T E B O N O S

NEW I S S U E S

w
-

SEASONED A a a

•

..

-

-

e

.

1 1 1 1 II I I 1 1 II . i i i i i i i i i f i .
1964




1965

.

1966

1967

1968

Exhibit G - II
Y5elds on New Corporate Bond I s s u e s Adjusted t o an Aaa b a s i s

Number
of

Number |Am't. of i s s u e s Average
of
included ( m i l l .
yield
(per cent)
i s s u e s I of d o l l a r s )

Am't. of i s s u e s Average
included ( m i l l .
yield
(per c e n t )
of d o l l a r s )

Monthly a v e r a g e s :
Jan.
Feb.
Mar.
Apr.
May

6
7
20
20
15

496.0
481.0
1073.0
916.0
570.0

5.38
5.20
5.31
5.39
.5.66

May

5
12
19
26
2
9
16

3
3
3
6
3
6
7

70.0
118.0
77.0
305.0
51.0
294.0
168.0

5.58

5. 61
5.70
5.71
5.73
5.71
.
5.74 /

Weekly a v e r a g e s :
5. 74 (6/L&)
High
5.11(2/10)
Low
Note: 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 p u b l i c l y o f f e r e d c o r p o r a t e bonds r a t e d Aaa,
Aa, and A by Moody's I n v e s t o r s S e r v i c e ( e x c e p t s e r i a l 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 bonds guaranteed by the Federal Government) weighted by
s i z e of o f f e r i n g . B e f o r e a v e r a g i n g , new o f f e r i n g s a r e a d j u s t e d to a composite Aaa b a s i s by
d e d u c t i n g from the a c t u a l r e o f f e r i n g y i e l d the e x c e s s of the weekly average y i e l d f o r seasoned
bonds of t h e a p p r o p r i a t e i n d u s t r y - q u a l i t y group over the composite average f o r seasoned Aaar a t e d bonds (Moody's). Averages c o n s i d e r e d u n r e p r e s e n t a t i v e because of s p e c i a l c h a r a c t e r i s t i c s
of the o f f e r i n g s i n c l u d e d are denoted by an a s t e r i s k .




&

E x h i b i t H.
Long-term Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
( I n m i l l i o n s of d o l l a r s )
New Catf i t a l
1967
January
February
March
.

April
May
June

1,648
1,399
2,317
B/l,952

V

e/1,600
e/2,400

Corporate
1966

1965

2/1967

S t a t e and l o c a l 2/
1966

1965

1,302
1,237
2,446

795
746
1,197

1,461
1,174
1,425

1,188
858
865

804
872
904

1,553
1,058
2,364

1,152
1,691
1,946

e/1,083
e/1,175
e/1,250

1,194
902
1,141

826
924
972

:

July
August
September

1,039
1,670
1,382

1,290
850
1,392

7m
773
1,074

986
648
966

October
November
December

829
1,096
1,635

924,
1,325
1,496

747
967
940

794
1,021
754

5,363
a/5,952v

4,985
4,974
4,091
3,550

2,738
4,789
3,533
3,745

4,060
e/3,508

2,911
3,237
2,548
2,654

2,580
2,722
2,600
2,569

e/11,315 ^

9,959
14,050
17,601

7,527
11,060
14,805

e/ 7,568

6,148
8,696
11,350

5,302
7,902
10,471

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

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

Excluding f i n a n c e companies 3/
1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

5,207

Year

4,924
4,884
3,969,'
3,492
17,269

2,547
4,348
3,283
3,188
13,366

p/ Prelim in a r y .
1/ S e c u r i t i e s and Exchange Commission e s t i m a t e s of net proceeds.




Exhibit I
New Corporate S e c u r i t y I s s u e s , Type o f I s s u e
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

Total

Gross proceeds f o r new c a p i t a l
and refunding 1/
Bono s
Common Memo:
P u b l i c l y P r i v a t e l y and
Foreign
Offered Placed
issues
pfd.
s t o c k included

Mfg.

Other
P u b l i c CommuniU t i l i t y cations Issuers

2,205
1,558
1,232

. 960
657
984

392
567
417

1,418
1,309
918

390

60

2,442

997

543

1,382

743
' 556
784
535
435
657
256
435
555

210
69
811
110
137
67
137
111
127

86
33
49
69
22
62
66
27
24

692
376
1,137
397
518
643
331
228
673

364
274
322
263
313
81
254
320
409

76
40
276
52
318
198
97
168
152

421
368
629
327
522
460
147
369
401

848
362
601
393
600

' 91
156
143
233
100

35
10
15
11
n.a.

624
563
1,254
1,123
625

220
274
503
395
400

293
105
145
107
60

511
456
415
327
515

5 =,115
4, ,197
3S,669

1,941
2,256
2,047

2,083
1,627
1,247

1,090
314
375

1967 - I
II

5,,464

3,263

1,811

Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,582
1,106
2,427
1,085
1,712
1,400
892
1,115
1,661

628
481
832
440
1,140
676
499
569
980

Jan.
Feb.
Mar.
Apr.
May e j
June

1,684
1,418
2,362
1,994
1,655

745
900
1,618
1,368
955

P r e l i m i n a r y , e / Estimated by Federal Reserve.
Gross proceeds exceed net proceeds by the c o s t of f l o t a t i o n .
For t o t a l s e e E x h i b i t H; o t h e r i s s u e r s are e x t r a c t i v e , r a i l r o a d and o t h e r
t r a n s p o r t a t i o n , r e a l e s t a t e and f i n a n c e , and commercial and o t h e r .
SOURCE: S e c u r i t i e s and Exchange Commission..




2/

168
154 .
117

1966 - I I
III
IV

£/
Y/
2/

Net proceeds
f o r new c a p i t a l 1/

j

-v-

Exhibit J
Other S e c u r i t y 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 )

Gross Long-term 1/
Federal Agency 3/
F o r e i g n Government 2/
1966
1966
1967
1965
1967
1965
January
February
March
April
^
May
J7
June
July
August
September
October
November
December

196
223
26

445.

J a n . ; - Apr.
Year

January
February .
- March
April
May
,
June
July
.
.
August
September
October
November
December
Jan. - Apr.

'

12
40
40
66
69
76
72
7
50
23
74
68

.218

158

329

598

661

- -

38
73

,

1,251
783
750
650

• - -

91
33
74
5
52
75
2
3,434

503
410
392
699
.1,030
1,084
799
400
450
800
239

422

1,286

- —

775
- —

239
150
375
375
179

1,305

639

6,806

2,732

New is h o r t - t e r m 4 /
S t a t e and l o c a l Government 5/
Federal Agency
238
308
103
-179
£ / 179
-24
91
39
-552
£ / 378
450
-458
-319
p/-678
-454
718
647
580
n. a.
£ / 818
204
85
462
284
-82
-334
-590
119
-103
-270
408
270
-161
152
-652
59
-555
-48
274
283
503
219
-366
-570
n.a.
1,452
518
403
£ / 697

Year

129
185
325

-748

3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76
-205

;

801

r

£/
Preliminary,
e j Estimated by Federal Reserve, n . a . - - N o t a v a i l a b l e . _1/ These datai
d i f f e r from those i n E x h i b i t H i n 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 i n c l u d e d .
Long-term s e c u r i t i e s are d e f i n e d as those maturing i n more than one y e a r .
If
I n c l u d e s s e c u r i t i e s o f f e r e d i n the U.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
i
s u b d i v i d i o n s 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 Commissiol
J3/ I s s u e s not guaranteed by U.S. government. Source; 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 Dept. . & Fed. Reserve. 4 / These data d i f f e r from those
i n E x h i b i t H and above i n that 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 the proceeds or refunding i s s u e s or from other funds. Data i n c l u d e only i s s u e s w i t h
o r i g i n a l m a t u r i t y of one year o,r 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 n o t e s ,
warrants, or c e r t i f i c a t e s and Public Housing Auth. n o t e s .
In some i n s t a n c e s PHA n o t e s
included" may have a somewhat longer maturity than 1 y e a r . Source; Bond Buyer & Federal
Reserve.
"



H. i 4
Exhibit K
Large Long-term Public Security Iaauea for New Capital
(Other than U. S. Treaaury) 1/
Proceeds of Large Iaauea Offered
(In milliona of dollara)

Total
1966 - May
June
|
July
[
Aug.
t
Sept.
|
Oct.
1
Nov.
Dec.
1967 - Jan..
Feb.
Mar.
Apr.
May

Corooriite
Bonds
Convertible
(other than
bonda
convertiblea)
351
636
170
862
287
352
363
990
611
709
1,435
956
771

401
1,317
402
1,189
627
523
510
1,177
681
842
1,638
1,311
870

Stocka

50
20
182
257
340
116
97
118
30
40
140
213
55

State
and
local
governmenta

661
50
80

• ——

55
50
68
40
93
63
142
44

466
582
338
410 ^
611
387
464
779
947
675
669
512
496

Other

2/

275
15
50
——

55
60
230
530
1,000
540
391

Large I n d i v i d u a l I s s u e s Offered June 1 through 16
Ieeuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield

Rating

Corporate
- Okonite Company
r Wickes Corporation
''Kerr-McGee Corporation
| United U t i l i t i e s , Inc.
I Northern S t a t e s Pwr. Co.
j Southwestern B e l l T e l . Co.
1 Texas Gas Trans. Corp.
• Lone S t a r Gas Co.
; Broadway-Hale S t o r e s , Inc.
•j Textron, I n c .
; Pennsylvania E l e c . Co.
.'Consolidated E l e c t r o n i c s
a
I n d u s t r i e s Corp.
- S t a t e Loan & Finance Corp.
j T r a i l e r "Train Co.
i Mountain Fuel. Supply
Borden Co.
Puget Sound Pwr. & Lt. Co.
Mid-Continent Tel. Corp.

Conv. sub. deb.
Deb.
Conv. sub. deb.
Com. s t k .
1 s t mtg. bds.
Deb.
S.F. deb.
S.F. deb.
Conv. sub.
S.F. deb.
1 s t mtg. bds.

30.0
15.0
95.2
36.0
30.0
150.0
40.0
30.0
25.0
50.0
26.0

1992
1992
1992

4-3/4
6
3-3/4

4.75
6.08
3.75

A
Ba

1995
2003
1987
1992
1992
1992
1997

6-1/8
5-7/8
6-1/2
6-1/8
4-1/2
5-7/8
6-1/4

6.00
5.82
6.50
6.05
4.50
5.95
6.05

Aa
Aaa
Baa
A
Baa
A
Aa

Conv. sub. deb.
S.F. deb.
Equip, t r . c e r t .
S.F. deb.
S.F. deb.
1 s t mtg. bds.
Conv. sub. deb.

20.4
25.0
36.0
20.0
75.0
20.0
20.0

1992
1987
1982
1992
1997
1997

4
6.80
6-1/2
6-1/4
5-3/4
6-5/8

Ba

1987

4-3/8

4.00
6.84
6.50
6.19
5.75
6.50
4^38




——

A
A .
Aa
Baa
Ba

2

y

K-2
Large I n d i v i d u a l I s s u e s O f f e r e d June 1 through 16 ( C o n t ' d )

'issuer

Type 3 /

Amount
Coupon
Offer
(millions
r a t e or
Maturity
of
net i n t e r ing
dollars)
yield
est cost

Rating

)

Corporate - ( C o n t ' d )
S o u t h C a r o l i n a E l e c . & Gas. Co. 1 s t & r e f .
mtg. bds
U n i t e d Shoe Machinery Corp.
S.F. deb.
Washington Gas L i g h t Company
1 s t mtg. b d s .
S c i e n t i f i c Data Systems
Conv.sub.deb.

15.0
25.0
20.0
25.0

1997
1992
1992
1992

6
5-3/4
6-1/4
5-1/2

5.98
5.77
6.20
3.50

A I
An 1
A
- - 'I

1968-97
1978-2017
1968-2017
1971-2000
1969-99
1968-2008
1970-92
1968-87
1968-87

3.94
4.09
4.74
4.10
4.80
3.75
4.35
3.81
3:74

2: . 7 5 - 4 . ,05=/
31.60-4. ,05
_
31.40-4. • 69
31 . 5 0 - 4 . 4 0 , ,
3 .50-4. 75ni. a .
3 . 4 0 - 4 . 35
2 . 6 0 - 3 . 90
2 . 7 5 - 3 . 75

A .
Aa
Bail
A >

S t a t e and l o c a l Government
H a r r i s County,, Texas
M e t r o . Wtr. D i s t . of So. C a l i f .
New York C i t y , New York
U n i v e r s i t y of Wyoming
New York S t a t e Dorm. Auth.
Housing A s s i s t a n c e Admin.
S o . L o u i s i a n a Port Comm.
Houston, Texas
C o l l e g e s of S t a t e o f Texas
Brookhaven & Smithtowh, C . S . D .
# 1 , New York
Warren C o . , Kentucky

Rev.-S.T.
Rev.-Ut.
G.O.
Rev.-Rent.
Rev.-Rent.
Bonds
Rev.-Q.-Ut
G.O.
Rev.-Rent.

10.0
100.0
28.9
24.8
14.9
116.7
11.0
21.0
24.0

Rev.-Rent.
Rev.-Rent.

11.8
30.0

1968-96
n. a.

n. a.
n.a.

3 . 1 5 - 4 . 25
3 . 9 0 - 4 . 50

Deb.

50.0

1993

6-1/4

6.29

A

50.0
350.0
300.0

1992
1969
1972

6-1/4
5-1/4
5-1/2

6 .25
5 .25
5 .50

A

Aa£'
Ba^'
A
Aad
•f
Bay

Other
Quebec H y d r o - E l e c t r i c Comm.
B r i t i s h Columbia Power & Hydro
Authority
Fed. National Mortgage Assoc.

Bonds
P a r t . Cert
Part. C e r t .

"--Rights offering.
' n . a . —Not a v a i l a b l e .
1 / I n c l u d e s c o r p o r a t e 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 m i l l i o n and o v e r ;
S t a t e and- l o c a l 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 o v e r .
2 / I n c l u d e s 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 R e c o n s t r u c t i o n and
Development i s s u e s and n o n - g u a r a n t e e d i s s u e s by F e d e r a l A g e n c i e s .
3 / In t h e c a s e o f S t a t e and l o c a l Government S e c u r i t i e s , G.O. d e n o t e s g e n e r a l
. o b l i g a t i o n s ; R e v - U t . , r e v e n u e o b l i g a t i o n s s e c u r e d o n l y by income from p u b l i c
u t i l i t i e s ; R e v . - Q . - U t . , r e v e n u e bonds s e c u r e d o n l y , by income from q u a s i - u t i l i t i e s ;
R e v . - S . T . , r e v e n u e bonds s e c u r e d by r e v e n u e from s p e c i f i c t a x e s o n l y ; R e v . - R e n t . ,
r e v e n u e . b o n d s s e c u r e d s o l e l y by l e a s e payments.
4 / Bonds m a t u r i t y 1 9 9 6 - 9 7 n o t p u b l i c l y r e o f f e r e d .
5 / Bonds m a t u r i n g 1 9 9 1 - 2 0 0 0 n o t p u b l i c l y r e o f f e r e d .




§

H.14

Exhibit L
—

-

-

s

=

-

-

" " " '

Ixpected ftoeeede from Forthcoming Urge I»»u«
(In million# of dollars)
During mouth following
dgSS-ltof
State and
Other %)
1966 - May 31
June 30
J u l y 29
;
Aug. 31
|
Sept.30
|
O c t . 31
Nov. 30
Dec. 30
1967 • J a n . 31
F e b . 28
Mar. 31
Apr. 30
May 31

584
337
403
515
300
140
496
939
780
508
227
326
596

,261
317
677
662
687
397
1,098
656
486
1,410
767
963
1,449

40

80
530
250
70
100

Subsequent to
Corporate
1,261
619
697
853
767
457
1,133
811
706
1,534
905
1,262
2,065

State and

Other If

584
353
403
685
390
175
571
1,154
851
528
247
346
616

85
.50
35
90
35
35
65
95
545
265
15
85
115

Forthcoming Large O f f e r i n g s as o f June 16

Type

leaner

jfrraorate
Pet, Incorporated
Great Western F i n a n c i a l
Boston Edison
Corn P r o d u c t s
P u b l i c S e r v i c e E l e c . & Gas
Automatic S p r i n k l e r
Pub. S e r v . G o . o f New Hampshire
Continental Oil
Family Finance
American Tobacco
I l l i n o i s B e l l Telephone
S i e r r a P a c i f i c Power
S . S . Kresge
Teledyne
Commonwealth O i l R e f i n i n g
C.I.T. Financial Corporation
Arizona Public S e r v i c e
Union Tank Car
Digitized
G r o l i efor
r , FRASER
Inc.
N o r t h e r n TlHr-Cxs Cas'
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

Deb.
Conv. d e b .
1 s t mtg. b d s .
Deb.
1 s t mtg. b d s .
Conv. sub. d e b .
1 s t mtg. bds.
Com. s t k .
Deb.
Deb.
1 s t mtg. b d s .
1 s t mtg. bds.
Conv.sub.deb.
Conv. d e b .
Deb.
Deb.
1 s t mtg. bds.
. Equip, t r u s t c e r t .

I

Conv. d e b .
1 s t mtg. bds.

(million#
of
dollara)

25.0
18.0
40.0
100.0
75.0
23.0
15.0
148.8
25.0
100.0
125.0
15.0
40.2
50.0
20.0
75.0
25.0
30.0
30.0
25.0

I Approximate d a t e of
offering

June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
July
July

19
20
20
20
21
21
22
27
27
27
28
29
29
29
29

5
7

(rts.

exp.)

(rts.

exp.)

Forthcoming Large O f f e r i n g s as of June 16 (Cont'd)

'

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of o f f e r i n g

Corporate (Cont'd)
United A i r l i n e s
*Natu%al Gas P i p e l i n e s
^ C i n c i n n a t i Gas & E l e c t r i c
I o w a - I l l i n o i s Gas
^Consolidated Natural Gas
* P u b l i e S e r v i c e of Colorado
; R.C.A.
^Consumers Power
American T e l . & T e l .
Montgomery Ward" Credit Corp.
P h i l a d e l p h i a E l e c . Company
American A i r l i n e s
*Leasco Data P r o c e s s i n g Equipment
*Hart S'chaffner & Marx
*Crowell C o l l i e r & Macmillan

Conv. sub. , deh. . 130.0
1 s t mtg, pJ..bds. 5 0 . 0
1 s t mtg. bds.
30.0
1 s t mtg. bds
22.0
Deb.
. 50.0
1 s t mtg. bds.
35.0
Conv. sub.deb.
156.0
1 s t mtg. bds
80.0
Deb.
250.0
Deb.
50.0
1 s t mtg. bds.
75.0
Conv. deb.
157.0
Senior sx±>. debt
25.0
Conv. sub. deb.
19.0
Conv. sub. deb.
25.0

July 10 ( r t s . e x p . )
July 11
July 11
July 12
July 13
J u l y 18
July 18 ( r t s . e x p . ) ;
July 19
Aug.
1
' :
Indefinite
|
Indefinite
t
Indefinite (rts. exp.#
Indefinite
|*
Indefinite (rts. e x p . ^
Indefinite
|k

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

16.0
75.0
.34.7
10.8

June
June
June
June

20
20
20
21

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

68.4
10.8
20.0
75.0
30.0
70.0

June
June
June
June
June
June

21
21
27
28
28
28

Rev.-Ut.
G.O.

12.0
13.4

June
June

G.O.
G.O.

20.0
75.0

July
July

S . F . deb.
Deb.
Deb.
Bonds

40.0
35.0
40.0
15.0

June 22
June 28
June
Indefinite

S t a t e and l o c a l Government
' Allegheny Co., Pa
Pa. General S t a t e A u t h . , Harrisburg
S t a t e of Maryland
Oklahoma I n s t . ' B l d g .
*New York S t a t e Housing Finance
, Agency
S t a t e of Oklahoma
"Dallas I . S . D . , Texas
Chicago., City Sch. D i s t . , 111.
Los Angeles C i t y U . S . D . , C a l i f .
San F r a n c i s c o BARTS, C a l i f o r n i a
Los Angeles Dept. of Water &
Power, C a l i f o r n i a
Madison, Wisconsin
Metro. S t . Louis Sewer D i s t . ,
Missouri
* S t a t e of Ohio

12
20

Other
C i t y of Montreal
Province of Nova S c o t i a
^MapMillan B l o e d e l
Nippon T e l . & T e l . Pub. Corp.




,

'

25
L-3

Footnotes:
* - - Included i n t a b l e f o r f i r s t time.
1/ I n c l u d e s c o r p o r a t e and other i s s u e s of $15 m i l l i o n and o v e r ; 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 / I n c l u d e s 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 R e c o n s t r u c t i o n and Development i s s u e s and non-guaranteed i s s u e s
of Federal A g e n c i e s .
Note: D e l e t i o n s f o r r e a s o n s o t h e r than s a l e of i s s u e : None.




Exhibit M
F o r e i g n Government and Corporate S e c u r i t y O f f e r i n g s
and Placements i n the United S t a t e s
Part I :

Sale

1

Public O f f e r i n g s

Amount
(millions
of
dollars)

Date

I s s u e r and D e s c r i p t i o n of I s s u e

A.

S o l d A p r i l 1 through June 16

4/20

25.0

Government of Mexico — 7% e x t e r n a l s i n k i n g fund bonds ?
maturing 1982, r e o f f e r e d t o y i e l d 7.11%.
<
.

6/1

50.0

Quebec Hydro - E l e c t r i c Commission — 6-1/4% debenture^
maturing 1993, r e o f f e r e d t o y i e l d 6.29%.
- . if

50.0

B r i t i s h Columbia Power & Hydro Authority — 6-1/4%
bonds maturing 1992, r e o f f e r e d t o y i e l d 6.25%.

6/14

-

B.

Prospective Offerings

June 28
35.0
Province of Nova S c o t i a — Debentures.
15.0
Nippon Telegraph and Telephone Public Corp. - - Bonds
Indefinite
40.0
City of Montreal,Canada — S . F . deb.
June
22
40.0
Mac M i l l i a n B l o e d e l - - Debentures
June
* - I n c l u d e d i n t a b l e f o r f i r s t time.
* * - I s s u e s s o l d to i n v e s t o r s o u t s i d e of U.S.
* 4 * - I s s u e s u b j e c t to i n t e r e s t e q u a l i z a t i o n t a x .




M-2
PART I I :

Date Reported

Amount
(millions
of
dollars)

P r i v a t e Placements - Reported A p r i l 1 through June 16

I s s u e r and D e s c r i p t i o n o f I s s u e

Northern and Ce n t r a l Gas Company — 6% debentures
w i t h warrants maturing
—no i n f o r m a t i o n
a v a i l a b l e on takedown.

4/17

15.0

4/17

6.0

R a l s t o n Purina of Canada, Ltd. - - 6-3/4% debentures
maturing 1987 — no i n f o r m a t i o n a v a i l a b l e on takedown.

5/8

25.0

B r i t i s h Columbia School D i s t r i c t s C a p i t a l Financing
A u t h o r i t y — % ( U . S . ) guaranteed debentures
maturing 1987 — no i n f o r m a t i o n a v a i l a b l e on takedown.

5/8

5.1

Sorenco Ltd. — % secured n o t e s maturing 1987 — no
i n f o r m a t i o n a v a i l a b l e on takedown.

Note; For r e t r o s p e c t i v e data on aggregate f o r e i g n c o r p o r a t e and government s e c u r i t y
o f f e r i n g s i n the United S t a t e s s e e E x h i b i t s I and J. There i s no simple r e l a t i o n s h i p
between the data shown i n the E x h i b i t and t h a t shown i n E x h i b i t s I and J because the l a t t e r
" i n c l u d e s p r i v a t e l y placed s e c u r i t i e s i n the period i n which funds are a c t u a l l y taken down
but o n l y i n the amount of takedown w h i l e the placements shown i n t h i s e x h i b i t are i n c l u d e d
when r e p o r t e d , f r e q u e n t l y w i t h l i t t l e or no i n f o r m a t i o n concerning timing of takedown.
F u l l or p a r t i a l takedown may take p l a c e both p r i o r and subsequent t o the d a t e a placement
i s reported.




'