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Not for Publication DECONTROLLED AFTER SIX MONTHS
H.14

June 7, 1965

^ITAL^MBKEI_PEVELOPMENT S
IN THE UNITED STATES

Corporate and municipal bond markets. The volume of
corporate securities scheduled for public offering this week is
sharply larger than last week's modest total, but municipal
financing will be only slightly greater than last week. A
$250 million offering of the Chase Manhattan Bank will account
for roughly four-fifths of this week's corporate total.
Long-Term Public Security Offerings 1/

Corporate
New capital |Refunding

State & Local Government
New capital ]Refunding

Sold:
52 week avg.
May 28
June 4

94
83 r/
20 r/

2

185

13

294
152

Scheduled:
June 11

320

169

1/ Federal Reserve estimates based on published reports of issues
sold and scheduled for offering; corporate rights offerings are
included as of the date subscription rights expire.
The addition of the Chase Manhattan Bank offering to
the already substantial June corporate calendar made a major impact
on the market last week in the form of sharp price adjustments in
two issues whose syndicate price restrictions were terminated.
Early in the week, underwriters broke the syndicate on the $125
million Pacific Telephone and Telegraph Company issue with about
$100 million in bonds still undistributed; the immediate price
decline in free market trading was sufficient to raise the yield
10 basis points above that at which originally offered. After
termination of the syndicate on the $30 million Hunt Food and
Industries issue (offered in late April), there was an upward
yield adjustment of 17 basis points. In the municipal market,
yields on seasoned, Aaa-rated bonds were unchanged for the fourteenth
consecutive week although only about two-fifths of the moderate
supply of new bonds had been sold by the week's end and dealers'
advertised inventories of unsold securities rose to an all-time
record high of almost $900 million.




H. 14

Yields in Securities Markets

Level latest week
(per cent)

Change from
preceding week
(basis points)

High-Grade
Notes and Bonds
Corporate
New
Seasoned

4.45

+ 1

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

4.15
4.10

+ 1

State and local Govt.
Moody's Aaa
Standard & Poor's high grade

3.09
3.22

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

4.09

- 1

3.86
3.92

-

2

-

2

Corporate Bonds Still in Syndicate
Date
Offered

5/20

6.0

Reoffering
yield

4. 60

A

3/10

Metropolitan Edison Co.
4-3/4's - 90

14.0

5/26

Estimated Proportion Sold

Issue

J n ^ g ^ t a t e ^ o w e r Co.

Amount
(millions of $)

4. 63

A

2/3

Rating

Blue List of Municipal Dealers' Advertised Inventories
(In millions of dollars)
Latest Date
$896 (6/3)

End of Previous Week
$872

Recent High
$896 (6/3)

Stock prices. Closing at 87.11 on June 4, common stock prices
(as measured by Standard and Poor's index of 500 stocks) fell 1-1/2
per cent further during the week. Trading volume averaged 5.5 million
shares a day.
Capital Markets Section,
Division of Research and Statistics.
Board of Governors of the Federal Reserve System.




IKHIill A. Fell I

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

"\ A
•XV

Exhibit A —

Part II

Corporate
Aaa 1/

U. S. Govt,
long-term 2/

4.19 (3/29/63)

4.42
4.12 (
3.85 (12/28/62)

State and
local
government
Aaa 3/

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

(per cent)
High
High
High
Low
1965 - High
Low

Hay
May
May
May

7
14
21
28
4 p/

4.45(6/4)
4.41(3/12)

4.43
4.45
4.43
4.44
4.45

z

series.
 Tor spreads, high


t;;im
4.16(3/12)
4.13(1/29)

4.14
4.14
4.15
4.14
4.15 *

.59
.57
.21
.33
.19
.31
.25

.92
1.04
.80
1.14
1.01
1.22
1.05

3.09
3.09
3.09
3.09

.29
.31

1.05
1.05

.30

1.05

3.09

.30

1.06

2.88(13/8/62)
3.16(3/26)
2.99(1^/31)
3.09(6/3)
2.94(2/11)

.28

1.06

years or more.
refers to widest, and low to narrowest.

iXHieii t. r«>i 1
LONG-TERM BOND YIELDS, LOWER GRADE

v

w

/•wA

:~
~

J

V-J

v

i i
ii
>>M. 11 I I 1 1 II 1 II 1 i 1 LU- i ii i i iiii n i ii u i i 1111111111 j 111111l1
I 1

Exhibit B -- Part II

Corporate
Baa y

1959-60 - High
Year end - 1961
1962
1963
1964
1965

High
Low

Hay
7
May 14
May 21
May 28
June 4 j /
>

5.36 (2/12/60)
5.10
4.93
4.85
4.80
4.83(6/4)
4.78(3/19)
4.80
4.80
4.81
4.82
4.83

Note* For footnotes see Exhibit A*




State and
local govt.
Baa I f
(per cent)
4.46 (VV60)
4.04
3.57
3.60
3.51
3.51(6/3)
3.40(2/11)
3.51
3.51
- 3.51
3.51
3.51

Spread between
Aaa and Baa
State and
Corporate

.84

.66

1.08

.70
.48
.37

.73
.63
.49
.52

.38
.35

.52
.41

.37
.35
.38
.38
.38

.42
.42
.42
.42
.42

SHORT- AND INTERMEDIATE-TERM INTEREST RATES
GOVERNMENT
Weekly

i
v
j

•MONTH

F

•

DISCOUNT

*

\

3-MONTH

1 1 1 1 1 1 1 1 1 1 1

1

I

4.00
3.00
3.00
3.50
4.00
4.00
4.00

4.59 (V9/60)
2.66
2.89
3.52
3.83
3.99(2/26)
3.80(1/8)

4.00
4.00
4.00
4.00
4.00 -

3.89
3.89
3.90
3.88
3.86/

F

1 1 1

1 I I

1 1 I I

I A X

Part II

Yields
6-month
bills 2/
(per cent)
6

7
14
21
28
4 j>/

1 1 1 1 1 1 I I

3-5 year
issues 2/

I

Hay
May
May
May
June

Y

1 1 1 1 1 1 1 1 1 1 1

Discount
3-month
ra te
bills 2/
1/

High

f

#111*

Exhibit C —

1959-60 - High
Year end - 1961
1962
1963
1964

.

1A11

New Y r
ok

2.90
2.93
3.64
3.93
4.04(2/26)
3.92(6/4)

Spread between yields on 3month bills and vielde on
6-mo. billsl3-5 vr. issues

I

1

g

L ^ ~ \ J

m

1965 -

IIUS

fcU.k.l Y e i
lU

3.81
3.41
4.07
4.07
4.13(3/12)
4.04(1/22)

.13
.05

1.81
1.15
.52
.55
.24
.29
.11

.79
.24
.04
.13
.10

3.95
3.96
3.95
3.94

4.10
4.11
4.11
4.10

.06
,07
.05
.06

.21
.22
.21
.22

3.92 '

4.10

.06

.24

Weekly rata shoim is that in effect at end of period at the Federal Reserve Bank of New Yoxfc*
Market yield) weekly averages computed from daily closing ttd prices. Series of 3-8 year issue*
consists of selected notes and bonds*
^
„
'
,
Notejiighe and loirs are for individual series and'may be en different dates for different series*
Tor spreads, high refers to widest, and low to narrowest.




EXHIBIT D, foil I

SHORT- AND INTERMEDIATE- TERM INTEREST RATES,
BANKS AND OTHER PRIVATE BORROWERS

n
ft.ME

w
|
yp
1 j
--v/

i
FINANCE COWIPANY PAPE*-J*

in

DISCOUNT KATE j
\

'r
A

%
y

A V W V V
|

..'1

j

w

1

FEDE1AL FUNDS

I
IM

r

.
1
!

!

i

11111111111
I960

1961

Prime rate

Dace

1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low

May
May
May
May
J une

7
14
21
28
4£/

.

1961

1/

11M11111M

1944

LT*5

1963

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

Spread between
3-mo. bills and
finance co. paper

1.02
.34
.30
.36
.23

5.00
4.50
4.50
4.50
4.50
4.50
4.50

5.13 (I/23/6O)
3.00
3.19
3.88
4.06

4.00 (5/13/60)
2.88
3.00
3.50
4.00

4.25(6/4)
4.00(2/12)

4.12(5/7)
3.88(2/26)

.39
.10

4.50
4.50
4.50
4.50
4.50

4.25
4.25
4.25
4.25
4.25

4.12
4.05
4.05
4.10
4.09

.36
.36
.35
.37
.39

}/ Weekly rate shown is that in effect at end of period. Prime rate is that charged by large hank*
on short-term loans to business borrowers of the higiest credit standing,
2/ Average of daily rates published by finance companies for directly placed paper for varying
maturities in the 90—179 day range,
3/ Weekly average of daily effective rate, which Is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York,
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.




'
;

f X HI til I, P. « I
l

STOCK MARKET

Mlllleei el ihei.

II II I II II I I I I
1**1
lt*i
Exhibit B —

1961-62 - High
Year end
1963
1964
1965 - High
Low
Apr.
May
May 21
May 28
June 4

£/

Part II

Trading
volume 2/
(millions
of shares)

Common
Stock price
index If

I I I I I I I II I

yields 2/
per cent)

Stock marlket customer credit
Bank
Cuatomera1
loana to
debit bal"others" 5/
ances 4/
(In millions of dollars)

Total

72.04(14/8/61)
52.68(6/22/62)

2.80
3.96

10.1
2.4

5 , 603(13/61) 4,259 (12/61) 1,418(3/9/62)
1.161(3/^61)
4,424(3/61) 3,253(1/61)

74.44
84.75
90.10(5/14)
85.37(1/8)

3.13
3.02
2.89
3.02

4.7
4.7
6.4'
4.7

7,242
7JD53
7,004
6,872

5,515
5.099
5,069
4,986

1,727
1.974
1,962(1/20)
1,848(3/3)

87.97
89.28
88.75
88.42
87.11

2.95
2.92
2.94
2.96
3.00

5.7
5.5
5.3
5.0
5.5

7,004

5,069

n.a.

n a

1,935
1,956
1,953
1,956

r/

'

**

i,
V Standard and Poor's composite Index of 500 cooson stocks weekly closing prices, 1941*43*10.
Monthly data are averages of daily figures rather than of Txidsy's only* Highs and leers ars 1
o
i
Friday's data only.
2/ Standard and Poor's oonposite stock yield based <m Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shewn are for dates on which pxioe index readied Its high
3/ Averages of daily trading volume on the Mew Y e * Stock Exchange. Yeax^end figures are averages of
daily figures for the yearw
4/ End of month figures for mm&ber fixes of the Mew York Stock Exchange which carry suurgls accounts|
excludes balances secured by U. S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes losns for purchasing or carrying
U. S. Government securities. Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.




iXHiait f Pari I

V
MORTGAGE AND BOND YIELDS

Exhibit F

Conventional
mortgages
25-vear 30-vear 3/
FHA

mortgages

Date

1956 1957 1958 1959-601961-64-

Low
High
Low
High
High

4.68
5.63
5.35
6.24
5.72
5.43

5.70
5.45

5.20
6.00
5.55
6.30
5.95
5.80

Part II

Spread between
Aaa Corporate
Spread beyields on new corBonds
tween yields
oorate DOI
on conv. &
Seasoned
Seasoned-^ 25-year
New^
25-year FHA
FHA mtps. bonds
mortgages
.47
.47
.15
.23
.38
.23

3.08
4.94
3.65
5.25
4.72
4.12

3.08
4.12
3.57
4.61
4.45
4.22

.76
1.58
.88
1.69
1.50
.94

1.03
.05
.73
.39
-.16

1964-December
5.43
5.45
5.80
.37
.96
4.47
4.44
.03
1965-January
5.43
5.80
5.45
.37
4.42
1.01
4.43
-.01
February
5.43
5.45
5.80
.37
1.02
4.41
4.41
March
5.43
5.45
5.80
.37
4.45
4.42
.98
.03
April
5.43
5.80
5.45
.37
4.46
.97
4.43
.03
May
n.a.
n.a.
n.a.
4.51
4.44
n,a,
.07
1/ Neither mortgage nor bond yield# tmke into aooount senrioiqg oosts which are much higher for mortgagee
than bonds. Generally, bonds pay Interest semi-annually* mortgegM, monthly. Mortgage yields, if computed as equivalent to a semi-annual interest investment, would be slightly higher than given in the
table •
•
2/ Based on IHA-field-office opinions about average bid prioes in the private secondary market for newborns mortgages for immediate delivery# Separate data available for 25—year and—begin!ng July 196 !—•
30-year mortgages with minimum downpayments, weighted by probable volume of transactions . Yields oos»puted by 1HA, assuming prepayment period of 12 years for 25-^ear mortgagee and 15 years for 30-year
mortgages. Over the period for *»ioh they can be compared, the movement at the two mortgage yield
series has been similar. Dashed lines indicate periods of adjustment to changes in contractual interest
3/

Based*on FHA field offioe opinion on typical interest rates (rounded) on conventional first mortgagee
prevailing in the maricet areas of insuring office cities. Beginning with April I960, rate relates only
to new-home mortgages; prior to that date, rate related to both new as well as exist!ng-home mortgages.
Dashed line indicates this change in the series,
V
See note for Exhibit G.
 Service, Monthly averages of daily data. See Exhibit A,
!y Moody's Investor



.

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 D S

NIW ISSUIS

1-1 I J

I I I I 1.1 I I I I 1-1

E x h i b i t 6 - P a r t XX
Y i e l d s o n N e w C o r p o r a t e B o n d Issues A d j u s t e d t o a n A s a b a s i s
N u m b e r A a r t o f issues A v e r a g e
of
included (mil.
yield
(per c e n t )
Issues o f d o l l a r s )
Monthly averages:
1 9 6 4 - Oct.
Nov.
Dec.
1965 - J a n .
Feb.
Mar.
Apr.
May

3

70.0

4.46

3
3
3
7
4
8

140.0
94.0
111.0
157.8
115.0
315.0

4.47
4.42
4.41
4,45
4,46
4,51

.

W e e k l y averages
1965 - High
Low

Apr. 2
9
16
23
30
May
7
14
21
28
June 4

N u m b e r A m ' t o f issues A v e r a g e
included (mil.
of
yield
(»er c e n t )
issues o f d o l l a r s )
25.0
1
4.43
60.0
2
4.44
1

30.0

2
2
3
1

70.0
40.0
199.0
6.0

4.47
4.54*
4.51
4.49*
4.55

4.55(5/28)'
4.33(1/29)

tot xre rage a ox orrering yiejLos an taj. new issues ox puo-u-oiy oxxeroa eoipora^o oroa*. n w * » . a*
1 by Moody's Investors Service (except serial and convertible issues, offerings o f n a t u r a l g a s p i p e l i n e
and foreign companies, and bonds guaranteed by the federal Gcvenment) freighted by < e e o f o f f e r i n g *
Before averaging, new offerings are adjusted to a composite laa basis by deducting f r o m t h e a c t u a l
reofferlng yield the excess of the weekly average yield for seasoned bands of the a p p r o p r i a t e i n d u s t x y quality group over the composite average for seasoned Asa-rated bands ( M o o d y ' s ) . A v e r a g e s c o n s i d e r e d
unrepresentative because o e special characteristics o f the offerings included a r e d e n o t e d b y aa a s t e r i s k ^
d




Exhibit H

H. 14

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

New Cap ital
Corporate 1/
1964

State and Local 2/
1QA3
1964

1963

1965

930
685
754

613
594
1,144

fi/800
e/800
e/850

2,178
1,069
1,378

930
904
1,013

e/800
e/900
e/800

July
August
September

780
661
1,109

676
637
795

October
November
December

949'
656
1,419

1,013
819
1,415

2,369
4,625
2,550
3,013

2,3bl
2,847
2,109
3,246

e/2,450
e/2,500

£/
£/
£/
e/

6,994
9,544
12,557

5,198
7,307
10,553

e/4,950

£/ 5,344
£/ 7,922
e/10,272 •

1965
^January
February
March
April
May

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

795
746
1,197
e/925
e/1,550
e/1,750

-2,738
e/4,225

e/6,963

1
r
£
/
s.

947
776
810

,242
667 \
903

£/
£/
£/

906
780>
892

732
746
976
869
866
930
680
708
449

850
550
950

1,051
729
416

2,533
2,811
2,578
2,350

2,454
2,665
1,837
2,197
5,118
6,955
9,151

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

quarter
quarter
quarter
quarter

e/2, 438
e/3,825

Year
e/
£/
1/
2/
3./

1,996
4,170
2 All
2,755

2,284
2,529
1,768
2,854

11,332

9,434

Estimated by Federal Reserve.
Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance companies.




V
H. 14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

1962 - III
IV

Gross proceeds for new
capital and refunding 1/
Common
Bonds
and
pfd.
Total Publicly Privately
Offered Offered
stock
2,167
852
1,006
308
2,875
1,088
1,510
277

1963 - I
II
III
IV

2,700
3,634
2,436
3,466

1,108
1,389
898
1,319

1,306
1,820
1,251
1,780

1964 - I
II
III
IV

2,499
4,851
2,802
3,311 ,

978
1,321
792
531

1965 - I
II

3,007

1963 - Oct.
Nov.
Dec.

Quarter
or
Month

Net proceeds for
new capital 1/
2/
Memo:
Foreign
issues
included

Mfg.

Public
Utility

1

!

Communi- Other
cations issuers

55
135

566
747

376
552

274
317

685
945

287
424
287
367

128
434
109
47

947
591
806
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

1,221
1,640
1,516
2,372

300
1,890
494
408

29
105
85
223

418
723
547
1,045

438
856
642
509

273
1,663
59
128

1,240
1,383
1,303
1,332

905

1,673

429

243

1,072

541

91

1,034

1,116
891
1,459

511
183
626

481
549
751

125
159
83

10
10
27

240
214
515

201
131
198

41
13
64

531
461
637

1964 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

985
710
805
2,234
1,155
1,461
869
728
1,204
1,032
702
1,577

338
279
361
383
470
468
234
183
376
181
30
320

526
342
. 353
480
537
623
411
433
672
638
620
1,114

121
88
91
1,372
148
370
225
112
156
213
52
143

5
16
8
34
36
35
21
21
44
82
27
114

149
123
146
186
206
332
149
164
234
249
188
607

109
155
174
151
441
264
207
138
296
297
40
172

157
83
34
1,377
27
258
23
16
19
81
17
30

515
324
400
463
395
525
401
342
560
321
401
610

1965 - Jan.
Feb.
Mar.
Apr. e/
May e/
June

858
791
1,358
1,030
1,610

161
187
557
420
710

131
155
143
110
400

49
51
143

385
192
494
300
650

97
215
229
150
230

21
44
26
10
140

292
295
448
490
530

565
450
658
500
500

2./ Preliminary. e/Estimated by Federal Reserve.
\J Gross Proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad & other transportation,
real estate & finance, & commercial & other.
Source: Securities & Exchange Commission.




I
j

H. 14
Exhibit J
Other Security Offerings
(In millions of dollars)

1965
January
February
March
April
May
June
July
August
September
October
November
December
Jan. - May

Gross lomg-term 1/
Foreign government 2/
Federal agenev 3/
1QA5
TQG6
1Q61
106A

218

e/356

Year

232
133
76
57
114
11
63
83

260

612

636

38
e/ 60
e/ 40

4
82
69
30
75
26
20
13
7
180
72
58

771

129
185
e/326

--

--

148

--

-»
--

186

275
260
160
509

—

459

174
200

--

2
334

e/640
1,204

1,167

I
1

New ihort-term 4/
State and local government 5/
January
238
February
91
-458
March
p/ 645
April
May
n. a.
June
July
|
Augus t
September
October
November
December
Jan. - May

n.a.

Year

75
272
-367
589
-30
-10
62
208
-173
259
146
-339

-137
-174
117
-11
£/ 350

-308
-336
23
97
183
239
-333
167
1
525
113
-3

455

539

£/ 167

-341

-351

453

692

366

1 ,539

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

-332
-255
-161
202
195
319
415
326
258
123
-102
551

those in Exhibit H in that refunding issues, as well as new capital issues, are included.
Long-term securities are defined as those maturing in more than one year, ^/includes securities offered in the U.S. by foreign governments and their political subdivisions and international organizations. Source: Securities & Exchange Commission. 3/Issues not guaranteed by
the U.S. Government. Source: Long-term, Securities & Exchange Commission; short-term, Treasury
Dept. & Federal Reserve. 4/These data differ from those in Exhibit H and above in that they
represent new offerings less retirements, whether from the proceeds or refunding issues or
from other funds. Data include only issues with original maturing of one year or less. 5/
Principally tax and bond anticipation notes, warrants or certificates and Public Housing Auth.
notes.forIn some instances PHA notes included may have a somewhat longer maturing than 1 year.
Digitized
FRASER
Source; Bond Buyer & Federal Reserve.



/!>

H. 14
Exhibit K
Large Long-term Public Security Iaauea for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total
1964 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May

Corooriite
Bonds
Convertible
(other than
bonds
convertibles)

452
650
291
142
376
187

415
390
178
125
269
108

State
and
local
governments

--

17
25

--

81
79

---

30

200
115
131
233
210
560

15
86

--

280
97
53

Other

---

315

2/

15
275
260
104
15
502
15

274
284
544
459
558
419
226
541
419
446
395
411
492

37
210
113

--

--

230
130
217
513
307
928

Stocks

235
130
• 19
260
40

Large Individual Issues Offered June 1 through 4

Issuer

Amount
(millions
i °f
dollars)

Type 1/

Hsturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Cramrite
None.
State & Local Government
47.9
11.0

Other
Federal Home Loan Banks




Bonds

•

1965-87
1969-96

2.99
3.48

2.50-3.10
2.75-3.50

Aaa
A

10.0

G.O.
State of Connecticut
Rev.-Rent
Univ. of Utah
Louisiana State Bond & Bldg
Rev.-Rent.
Comm.

1966-90

3.53

2.30-3.60^

A

1968

4-3/8

250.0

4.41

\4

K-2

Footnotes:
* — R i g h t s offering, n.a.--Not available.
1/ Includes corporate and other security offerings of $15 million and over; State
& local government security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues by Federal agencies.
3/ In the case of State & local govt, securities, G.O. denotes general obligations; Rev.-Ut., revenue obligation secured only by income from public
utilities; Rev.-Q.-Ut., revenue bonds secured only by revenue from quasiutilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes
only; Rev.-Rent., revenue bonds secured solely by lease payments.
4/ Bonds maturing 1990 not publicly reoffered.




H. 14
Exhibit L
Forthcoming Lirge Long-term Public Security Offering for New Capital
(Other than U.S. Treaaury) 1/
Expected Proceed# from Forthcoming Large Iaauea
(In mllllona of dollars)

During month following
date ahown
State and
Corporate
Other U
local govt.
1964- - May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 30
Nov. 30
Dec. 31
1965 - Jan. 29
Feb. 26
Mar. 31
Apr. 30
May 28

600
292
92
402
186
90
105
169
407 .
267
852
765

341
539
120
511
500
254
360
306
242
316
212
411
328

_
_
---

15
--

•

Subsequent to
date ahown
State and
local govt.

Corporate
668
307
167
442
186

--

25
215
—
.

--

60
25
70

130
105
253
504
792
852
923

.

598
716
588
680
626
549
563
435
382
599
373 '
635
474

Other £/

—
--

15

25
215
---

60
25
70

Forthcoming Large Offerings as of June 4

Ieeuer

Type

Amount
(millions
of

Approximate date of
offering

I1

torovmt
Chase Manhattan Bank
Control Data Corp.
Consolidated Edison Co.
Washington Gas Lt. Co.
Twentieth Century Fox Film Co.
Central 111. P. S. Co.
New Jersey Bell Tel. Co.
First Nat'l City Bank of N.Y.
Manufacturers & Traders Tr. Co.
*W. T. Grant Co.
R. H. Macy Co.
New England Tel. & Tel. Co.
Pacific Gas & Elec. Co.
Macy Credit Corp.




Cap. notes
Pfd. s tk.
Pfd. stk.
Pfd. stk.
Conv. sub. deb.
1st mtg. bds.
Deb.
Conv. cap. notes
Cap. notes
Conv. sub. deb.
Conv. sub. deb.
Deb.
1st & ref. mtg. bds.
Deb.

June
June
June
June
June
June
June
June
June
June

250.0
24.5
75.0
15.0
18.3
15.0
40.0
267.0
15.0
35.0
23.0
60.0
75.0
25.0

'

8
8
10
15
16
16
23
28
9

(rts. ex.)
(rts. ex.)
(rts. ex.)

(rts. ex.)

July 6 (rts. ex.)
July 14
July 22
Indefinite

L-2
Forthcoming Large Offerings as of June 4 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

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

25.0
67.0
18.0
15.0
33.7
10.6
30.0
20.5
17.1
20.3
16.0
11.0
11.8
30.0
35.0
46.0
33.8
31.0

June 8
June 8
June 8
June 9
June 9
June 10
June 10
June 15
June 16
June 16
June 22
June 23
June 28
July 15
Indefinite
Indefinite
Indefinite
Indefinite

Bonds
Bonds
Bonds

50.0
20.0
20.0

June 15
June 15
June

Approximate date of
offering

State and Local Government
*Port of New York Auth.
State of Utah
Louisville, Ky.
Ala. Trade Sch. & Jr. College Auth.
Texas Turnpike Auth.
Denver, Colo.
Los Angeles Dept. of Airports, Cal.
Ga. Univ. System Bldg. Auth.
Houston, Texas
Penna. Gen. State Auth.
Jacksonville, Fla.
Minneapolis Spec. S.D. #1, Minn.
*State of Mississippi
*Sacramento Mun. Util. Dist. Cal.
Pittsburgh, Pa.
Dade County, Fla.
Florida Dev. Comm.
Va. State Highway Auth.
Other
Quebec Hydro-Elec. Comm.
Kingdom of Denmark
*Metropolis of Tokyo

*--Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State and local Government
issues of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues of Federal agencies.
Note:--Deletions for reasons other than sale of issue: None.




H. 14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

Sale Date

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

Sold April 1 through June 4

4/6

25.0

Govt, of Malaysia--5-1/2% bonds, maturity 1966-70,
reoffered to yield 5.65%.

4/7

20.0

Nippon Tel. & Tel. Public Corp.--5-3/4% bonds,
maturing 1978, reoffered to yield 6.08%.

4/20

15.0

Republic of Venezuela--6-l/4% bonds, maturing
1980, reoffered to yield 6.35%.

5/6

25.0

Govt, of Australia--5-1/2% bonds, maturing 1985,
reoffered to yield 5.63% to residents outside the
U.S. and 4.98% to residents of the U.S.

5/26

15.0

City of Oslo, Norway--5-3/4% bonds, maturing 1985,
reoffered to yield 5.86%.

* 6/
* 6/15
6/15

20.0
20.0

B.

*

50.0

Included in table for first time.




Prospective Offerings

Metropolis of Tokyo - bonds
Kingdom of Denmark - bonds
Quebec Hydro-Elec. Comm.- bonds

M-2
Part II:

Da te
reported

Private Placement--Reported April 1 through June 4

Amount
(millions
of
dollars)

Issuer and Description of Issue

4/6

65.0

Pacific Petroleum Corp.--5-1/4% notes, maturing
1985--no information available on takedown.

4/12

34.0

Labrador & Newfoundland Power Comm.-5-l/4% sinking
fund bonds, maturing 1997--no information
available on takedown.

4/27

15.0

New Brunswick Elec. Pwr. Comm.--5% sinking fund
debenture, maturing 1990--no information available
on takedown.

5/26

25.0

City of Montreal--5% sinking fund debentures,
maturing 1985-90--no information available on
takedown.

5/28

30.0

Trans-Canada Pipe Lines Ltd.--5-1/4% first mortgage
bonds, maturing 1985, placed to yield 5.09%--no
information available on takedown.

Note:

For retrospective data on aggregate foreign corporate and government security offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because the
latter includes privately placed securities in the period in which funds are actually
takendown but only in the amount of takedown, while the placements shown in this exhibit are included when reported, frequently with little or no information concerning
timing of takedowns. Full or partial takedowns may take place both prior and subsequent to
for FRASER the data a placement is reported. ^--Included in table for first time,

Digitized


4

<
^


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102