Full text of H.16 Capital Market Developments : March 15, 1956

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Not f o r P u b l i c a t i o n

DECONTROLLED AFTER SIX MONTHS

H.llt

. , March 15, 1956
CAPITAL MARKET. DEVELOPMENTS

Large p u b l i c c o r p o r a t e i s s u e s f o r new c a p i t a l t o t a l e d
5103 m i l l i o n , and S t a t e and l o c a l f i n a n c i n g t h r o u g h l a r g e s e c u r i t y o f f e r i n g s amounted t o
m i l l i o n d u r i n g t h e week ending
March 9- Large i s s u e s expected t h i s week a r e by S t a t e and l o c a l
governments o n l y and t o t a l b u t $UO m i l l i o n .
- A f t e r d e c l i n i n g from y e a r end t h r o u g h . midF e b r u a r y , bond y i e l d s have i n c r e a s e d o r s t a b i l i z e d i n r e c e n t weeks.
Y i e l d s on U. S . Government l o n g - t e r m o b l i g a t i o n s ( o l d and new s e r i e s )
r o s e m o d e r a t e l y l a s t week, w h i l e c o r p o r a t e Aaa and S t a t e and l o c a l
revenue bond y i e l d s i n c r e a s e d s l i g h t l y . Other y i e l d s remained s t a b l e .
D a i l y f i g u r e s show f u r t h e r i n c r e a s e s so f a r t h i s week f o r T r e a s u i y
bond y i e l d s .
S t o c k p r i c e s - The SEC i n d e x of 26$ common s t o c k s r o s e
li.9 p o i n t s t o a new h i g h of 279 • U d u r i n g t h e week ending March 9*
According t o d a i l y i n d e x e s , p r i c e s i n c r e a s e d m o d e r a t e l y on b a l a n c e
t h r o u g h Wednesday of t h i s week.
C o r p o r a t e S e c u r i t y O f f e r i n g s i n 1955
Net p r o c e e d s of c o r p o r a t e o f f e r i n g s f o r new c a p i t a l
C o r p o r a t i o n s f l o a t e d 0 9 . 0 b i l l i o n of s e c u r i t y i s s u e s f o r
new c a p i t a l i n 1955, as shown i n Table 1 , 20 p e r c e n t more t h a n i n
t h e y e a r e a r l i e r and 3 p e r c e n t above t h e p r e v i o u s peak volume of
1952. .
F i n a n c i a l and r e a l e s t a t e companies, as a g r o u p , showed
t h e g r e a t e s t growth i n f i n a n c i n g from 195k, w i t h t o t a l o f f e r i n g s
of $ 1 . 8 b i l l i o n l a s t y e a r compared t o about $800 m i l l i o n
i n t h e p r e c e d i n g p e r i o d . Consumer f i n a n c e company o f f e r i n g s
a c c o u n t e d f o r most of t h e r i s e i n o f f e r i n g s . T h e i r f l o t a t i o n s
t o t a l e d $ l o 3 b i l l i o n , a l m o s t f o u r t i m e s as much as i n 195U and
a l m o s t as l a r g e as t h e volume i n t h e r e c o r d y e a r of 1953.
M a n u f a c t u r i n g companies were t h e most i m p o r t a n t m a j o r
group of i s s u e r s i n 1955, o f f e r i n g s e c u r i t i e s w i t h p r o c e e d s of
$ 2 . 6 b i l l i o n compared t o $ 2 . 0 b i l l i o n t h e p r e v i o u s y e a r . T h i s
was c o n s i d e r a b l y l e s s t h a n t h e r e c o r d $3*7 b i l l i o n volume of 1952
however. Much of t h e i n c r e a s e o c c u r r e d i n motor v e h i c l e company
o f f e r i n g s , r e f l e c t i n g l a r g e l y t h e $329 m i l l i o n common s t o c k i s s u e




- 2 -

by G e n e r a l Motors. Rubber companies i n c r e a s e d t h e i r f l o t a t i o n s
s i z a b l y from $23 m i l l i o n t o $162 m i l l i o n , w h i l e p e t r o l e u m o f f e r i n g s f e l l from $292 m i l l i o n t o $100 m i l l i o n .
Communication companies i n c r e a s e d t h e i r s e c u r i t y o f f e r i n g s from $651 m i l l i o n i n 195U t o $ 1 . 0 b i l l i o n i n 1955j t h e g r e a t e s t volume on r e c o r d . Well over h a l f t h i s t o t a l i s r e p r e s e n t e d by
t h e AT&T c o n v e r t i b l e d e b e n t u r e o f f e r i n g of $637 m i l l i o n , o f f e r e d .
i n t h e f o u r t h q u a r t e r of 1955*
The volume of e l e c t r i c , gas and w a t e r u t i l i t y i s s u e s was
$ 2 . 3 b i l l i o n l a s t y e a r , t h e s m a l l e s t y e a r l y t o t a l s i n c e 1950, d e s p i t e
a s i z a b l e f o u r t h q u a r t e r volume.
T o t a l g r o s s p r o c e e d s of c o r p o r a t e o f f e r i n g s
Gross p r o c e e d s from a l l c o r p o r a t e o f f e r i n g s , i n c l u d i n g
r e f u n d i n g as w e l l as new c a p i t a l i s s u e s , and a l s o i n c l u d i n g c o s t s
of f l o t a t i o n which a r e n o t r e c o r d e d i n t h e n e t p r o c e e d s s e r i e s d i s c u s s e d above, were a r e c o r d $ 1 0 . 5 b i l l i o n i n 1 9 5 5 '
(See T a b l e 2 . )
T h i s was 10 p e r cent more t h a n t h e c o r r e s p o n d i n g volume i n b o t h
1952 and 195U. R e f u n d i n g i s s u e s dropped from $ 1 . 9 b i l l i o n i n 195k
t o $ 1 . 2 b i l l i o n l a s t y e a r ; i n 1952 t o t a l r e f u n d i n g amounted t o o n l y
$66ii m i l l i o n .
T w o - t h i r d s of a l l o f f e r i n g s — $ 6 . 8 b i l l i o n — w e r e p u b l i c
i s s u e s l a s t y e a r , more t h a n i n any of t h e t h r e e p r e v i o u s y e a r s .
F i v e p u b l i c o f f e r i n g ' s w i t h p r o c e e d s o v e r $100 m i l l i o n accounted
f o r 22 p e r c e n t of a l l p u b l i c f i n a n c i n g .
Debt f i n a n c i n g was r e l a t i v e l y l e s s i m p o r t a n t i n 1955
a l t h o u g h t h e d o l l a r amount o f f e r e d and p l a c e d was h i g h e r t h a n i n
t h e t h r e e e a r l i e r p e r i o d s . Common s t o c k volume r o s e s u b s t a n t i a l l y
from $ 1 . 2 b i l l i o n i n 195k t o $ 2 . 2 b i l l i o n i n 1955? t h e r e b y a c c o u n t i n g f o r a l a r g e r p r o p o r t i o n of t h e c o r p o r a t e t o t a l . P r e f e r r e d
s t o c k i s s u e s were m o d e r a t e l y l e s s i n volume i n 1955 t h a n i n t h e
year e a r l i e r .
I n a d d i t i o n t o t h e AT&T o f f e r i n g mentioned above, a J a r g e
number of c o n v e r t i b l e i s s u e s was f l o a t e d t o t a l i n g $ 1 , 5 b i l l i o n
l a s t y e a r i n c o n t r a s t . t o $21*6 m i l l i o n i n 195U*




H.lU '

-3Table 1
C o r p o r a t e S e c u r i t y O f f e r i n g s f o r New C a p i t a l
by Type of B u s i n e s s of I s s u e r
1952-1955
(Net p r o c e e d s i n m i l l i o n s of d o l l a r s )

:

/

|

1952

1953

1955

195k

All corporate offerings

9,01U

7,190

8,L95

8,716-

Manufacturing
P r i m a r y i r o n - and s t e e l
Primary n o n f e r r o u s m e t a l s
Machinery
Motor v e h i c l e s and equipment
Chemicals
Rubber
• Petroleum
Foods
Paper
Other 1 /

2,561
313
107
363
Ul6
18U
162
100
91
130
695

2,0UU
—55E
• 1U5
325
103
2U8
23
292
101
125
318-

2,128
10H
72
305
322
UU6
32
335
68
1U6
29U

3,712

2,270

2,675

2,905-

2,539

- e l e c t r i c , gas and w a t e r u t i l i t i e s

1,0)40

Communication
Railroad
Other t r a n s p o r t a t i o n

T

-

651

871

7U7

221

213

267

#7

306

288

286

U6l

Commercial and o t h e r

Iil7

363

282

Mining

38U

L68

220

1,813
I72"52
561

788
332
L56

1,536
' OSH
268

F i n a n c i a l and r e a l e s t a t e
Consumer- f i n a n c e companies
Other

306
831
16
829
159
#3
136
150
h77

)
)
)

1 / I n c l u d e s s m a l l volume of f o r e i g n i s s u e s n o t f u r t h e r c l a s s i f i e d i n t h e
manufacturing group.
N o t e . — D e t a i l s may n o t add t o t o t a l s due t o r o u n d i n g .
S o u r c e . — S e c u r i t i e s and Exchange Commission and F e d e r a l R e s e r v e .




512
hh&
25:
183

.

H.lU

-ItTable 2
T o t a l C o r p o r a t e S e c u r i t y O f f e r i n g s by Type of I s s u e
1952-1955
( G r o s s p r o c e e d s i n m i l l i o n s of d o l l a r s )

Type of i s s u e
Total corporate offerings

Type o f s e c u r i t y
Bonds and n o t e s
Public
Private
Preferred stock
Common s t o c k

195k

1953

1952

io,U5U

9,516

8,898

9,53k

5,580
3,318

5,533
It,002

7,083
3,856
,3,228

7,601
3,61t5
3,957

18

|

Type of o f f e r i n g
Public
Private

1955

7,637
It,175
3,1(62

7,1.88
1,003
3,1(81#

638

616

2,178

1,213

.

1(89
1,326

5<51t
1,369

N o t e . — D e t a i l s may n o t add t o t o t a l s due t o r o u n d i n g .
S o u r c e . — S e c u r i t i e s and E x c h a n g e Commission.

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 m a r k e t d e v e l opments i s p r e s e n t e d i n t h e a t t a c h e d e x h i b i t s .

B u s i n e s s F i n a n c e and C a p i t a l M a r k e t s S e c t i o n ,
D i v i s i o n o f R e s e a r c h and S t a t i s t i c s ,
Board o f G o v e r n o r s of t h e F e d e r a l R e s e r v e S y s t e m .




H I G H - G R A D E BOND YIELDS

-Weekly

CORPORATE

GOVERNMENT:

STATE AND LOCAL
GOVERNMENT A a a

»54

=

U. s . Govt., long-term 2/
Corporate
Aaa 1 /

Old s e r i e s

New s e r i e s

Spread between
S t a t e and
U. S. Govt,
l o c a l govt. (old s e r i e s ) and
Corporate|State and
Aaa 3 /
Aaa
1local Aaa

(Per cent)
1953 - High
195U - High
1955 - High
1956 - High
Low
February 10
February 17
February 2k
March 9
~

3-U2
2.99
3.09
2.85
3-17
2.91
3-lit
3.07

(6/19)
(1/9)
(1/8)
(ii/23)
(12/23)
(1/7)
(1/6)
(3/2)

3.08
3.07
3.07
3-07
3-08

3.15
2.78
2.7U
2.kk
2.9U
2.62
2.90
2.80

(6/6)
(12/26)
(1/9)
(8/7)
(8/5)
(1/7)
(1/6)
(2/17)

2.81
2.80
2.83
2.8U
2.86

1/ Weekly average of d a i l y f i g u r e s .

3.03
2.89
2.96
2.92
2.93
2.93
2.9k
2.9k
2.96

(8/5)
(6/10)
(3/9)
(2/3)

2.73
1.98
2.21
1.90
2.3U
2.05
2.29
2.17

(6/25)
(1/8)
(6/10)
(9/2)
(9/8)
(5/26)
(1/5)
(2/23)

2.18
2.17
2.17
2.18 2.18

'

.

• 38
.19
• U3
.32
-3k
• 13
.28
.22

.8U
• 30
.61
.29
• 70
•51
.68
• 56

.27
.27
.2k
• 23
.22

.63
.63
.66
.66
.68

Average term of bonds included i s 25-26

2/ Weekly averages of d a i l y f i g u r e s . The old s e r i e s includes f u l l y taxable,
marketable 2 1/2 per cent bonds due or f i r s t c a l l a b l e a f t e r 12 years through
September 1955, and those due or c a l l a b l e i n 10-12 years t h e r e a f t e r ; the average
term to f i r s t c a l l of the bonds included declined from lit years in early 1953 to
11 1/2 years in early 1956. The new s e r i e s i s comprised of the 3 per cent bond
of 1995 and the 3 l/U per cent bond of 1978-83.
3/ Thursday f i g u r e s . Only general obligation bonds are included; average
term i s 20 y e a r s .
Note.—Highs and lows are f o r individual s e r i e s and may be on d i f f e r e n t dates
for d i f f e r e n t s e r i e s .




EXHIBIT B .

L O W E R - G R A D E B O N D YIELDS
Weekly

Per cent per onnum

CORPORATE B a a

STATE AND LOCAL GOVT. B a a

|

T

1

z

1

STATE AND LOCAL GOVT. REVENUE

M

J

S

D

1953

Corporate
Baa 1 /

Date

S t a t e and
l o c a l govt.
Baa 2 /

S t a t e and
l o c a l govt,
rev. J /

(Per cent)
1953 - H i g h
Low
195k - High
1955 - High
1956 - High
February 10
February 17
February 2k
March 2
March 9

3.89
3.50
3.71
3-Wi
3.63
3.1*5
3.62
3.58
3-58
3-58
3.58
3.58
3-58

(9/18)
(1/2)
(1/8)
(12/31)
(12/30)
(1/11*)
(1/6)
(3/9)

. 3.79
2.96
3-32
2.93
3.26
3.02
3.26
3.20
3.22
3-20
3-20
3-20
3.20

(6/25)
(1/8)
(1/7)
(8/5)
(12/29)
(1/6)
(1/5)
(3/8) -

3.27
2.71
3.00
2.72
2.99
2.76
2.9k
2.89

(6/26)
(1/2)
(1/1)
(8/13)
(12/30)
(1/7)
(1/6)
(2/2U)

2.89
2.89
2.89
2.90
2.91

1/ V.eekly average of d a i l y f i g u r e s . Average term of bonds
included i s 25-26 y e a r s .
2 / Thursday f i g u r e s . Only general o b l i g a t i o n bonds are
included; average term i s 2 0 . y e a r s .
- .
3/ Friday f i g u r e s . Average r a t i n g of bonds included i s
between Baa and A; average term i s 20 y e a r s .
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 .




STOCK MARKET

Date

Stock p r i c e
index 1/

Trading
Common
volume 2 /
(millions y i e l d s _y
of shares) (per cent)

Stock market customer c r e d i t
Customers•
d e b i t b a l - loans to
ances h/ "others" 5 /
(Millions of d o l l a r s )

.1956 - High
Low

167-1
uuii.0
221.lt
156.5
270.7
217.lt
279.lt
257.lt

January
February
February 2lt
March 2
March 9

262.8
266.3
271-2
27U.5
279.lt

1953 - High
195U - High
1955 - High

(1/2)
(9/18)
(12/31)
(1/6)
(12/30)
(1/1U)
(3/9)
(1/20)

2-5
0.9
3-7
1-1*
lt.6
1-5
2.8
2.0

5-75
5-15
5-33
U-20
lt-22
3-78 .
It.08
3-93

2,hh5
2,055
3,136
2,lt05
It,030
3,537

1,665
1,311
2,388
1,653
2,805
2,517

2.2
2.3
2.6
2.8
2.8

lt.08
3-93

n.a.

n.a.

It,0lt0

2,786

n.a.

n.a.

n.a.

780
66U
l,0lt8
7lt6
1,2U1
1,018
1,267
• 1,2U1
l,25U
1,251
l,21t9
1,251
n.a.

. available.
1 / SEC index of 265 common stocks, weekly closing p r i c e s , 1939=100; converted
to 19H7-U9=100 by Federal Reserve. The conversion f a c t o r i s 123.91.
2/ Averages of d a i l y trading volume on the New York Stock Exchange.
3/ Moody's 200 common stocks; end of month f i g u r e s .
]*/ End of month f i g u r e s f o r member firms of t h e New York Stock Exchange which
carry margin accounts; excludes balances secured by U. S. Government o b l i g a t i o n s .
5 / Wednesday f i g u r e s f o r weekly reporting member banks. Excludes loans f o r
purchasing or carrying U. S. Government s e c u r i t i e s a t banks i n New York and Chicago
Weekly reporting banks account f o r about 72 per cent of loans t o ' o t h e r s .
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
for different series.




H.lli

.

Exhibit D

C o r p o r a t e and 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 and P l a c e m e n t s
(In m i l l i o n s of d o l l a r s )
New c a p i t a l
Corporate
19514

1956

$h6
. U36
1,261

5U7
U26
6#

e/JiOO
e/650

April
:"Iay
June

903
697

• r uly
..ugust
September

$83
65U
680

1956
J anuary
February
March

rA87
3/725
e/975

October
November
December
N^lst quarter
2nd q u a r t e r
3rd q u a r t e r
Itth q u a r t e r
Year

I

1,207 .631
921
e/2,185

2,213
2,09k
1,917
2,760
9,01U

,

S t a t e and l o c a l
1
1955f

195k

535
312
538

396
111
565

U97
656
8U2

127
350
61:1

73h
7U8
853

909
335
7U7

U70
21*9
U06

279
261
.619

1,003
290
60U

919
658
m

59U
123
877

1,385
1,118
1,121:
1,981
5,911

1,372
2,331
1,188
1,891*
6,789

1,608
1,995
1,991
1,896
7,190

e/1,475

E x c l u d i n g f i n a n c e companies 2 /
1st quarter
2nd q u a r t e r
3rd q u a r t e r
Uth q u a r t e r
Year

e/1,785

1,791
1,912
l,UUl
2,619
7,762

1,527
.1,927
1,911
1,792
7,158

e/ Estimated.
r / R e v i s e d t o e x c l u d e p r i v a t e p l a c e m e n t s now i d e n t i f i e d as s h o r t - t e r m f i n a n 1 / I n c l u d e s $637^2 m i l l i o n AT&T c o n v e r t i b l e d e b e n t u r e i s s u e .
2 / T o t a l new c a p i t a l i s s u e s e x c l u d i n g o f f e r i n g s of s a l e s and p e r s o n a l f i n a n c e
companies.
M o t e . — D e t a i l s may n o t adv_ t o t o t a l s due t o r o u n d i n g .




H.lU

Exhibit E
Large P u b l i c S e c u r i t y I s s u e s f o r New C a p i t a l
( O t h e r t h a n U. S . T r e a s u r y ) 1 /
P r o c e e d s of Large I s s u e s O f f e r e d
( M i l l i o n s of d o l l a r s )

Month

Corporate

1955 - F e b r u a r y
* March
April
. May
June
. July
August
September
October
November
December
1956 - J a n u a r y
February

63
750
173
1*83
175
101
Uo5
328
805
r/221
r/263
"" 9 5
212

S t a t e and
l o c a l government107
337
238
. 152

Other 2 /

15

U03

.

278
65
234
716
396
205
192
k33

25
-50

Large I n d i v i d u a l I s s u e s O f f e r e d March 1 t h r o u g h 9

Issuer

Type 3 /

Amount
Coupon
(millions Maturity r a t e or
Offering
of
net interyield
dollars)
est cost

Rating

CORPORATE
B e l l T e l . of P a .
Houston L i g h t i n g and
Power
Fruehauf T r a i l e r Co.

Deb.

35.0

1996

3 1A

3.20

Aa

1 s t mtg. bds.
Conv. sub. deb..

30.0
37-5

1996
1976

3 1A
h

3.19
U.oo

Aa
Baa

G.O.

5.0

STATE & LOCAL GOVERNMENT
San A n t o n io, Texas
Petin Township School
D i s t r i c t , Pa.
S t . Louis, Missouri
Santa Clara, C a l i f .
D e n v e r , C o l o . , S chool
D i s t r i c t #1 .
Bethlehem A u t h . , P a .
.
None

OTHER




L.L.
G.O.
G.O.
G.O.
Revi

-

5*3
12.2
5-2

1957-86
1962-75
1957-81

28.5
:1957-75
8 . 0 . 1959-96

1.90-2.75

Baa

3.31
2.16
2.29

- 1.95-3-35
1.85-2.25
1.60-2.35

Baa
Aa
Aa

2.27
2.81

1.60-2.30
;2 . 0 0 - 2 . 8 2

2.7U

1957-76

.

Aa
A

H.lli

B-2

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 $ 1 5 m i l l i o n and o v e r ; 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 $ 5 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 g o v e r n m e n t and I n t e r n a t i o n a l ! B a n k f o r R e c o n s t r u c t i o n and D e v e l o p m e n t i s s u e s .
*
3 / I n t h e c a s e 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.
d e n o t e s g e n e r a l o b l i g a t i o n ; Rev., revenue bonds; G.R., g e n e r a l o b l i g a t i o n s a d d i t i o n a l l y s e c u r e d by f a c i l i t i e s r e v e n u e s ; L . L . , l i m i t e d
l i a b i l i t y o b l i g a t i o n s s e c u r e d by p l e d g e o f d e s i g n a t e d r e v e n u e s ,
r / Revised.




H.lU
^

Exhibit F

Forthcoming Large P u b l i c S e c u r i t y O f f e r i n g s f o r New C a p i t a l
( O t h e r t h a n TJ. S . T r e a s u r y ) l /
Expected P r o c e e d s from Forthcoming Large I s s u e s
During month f o l l o w i n g
d a t e shown
C o r p o r a t e I S t a t e and JOther 2 /
I l o c a l govt.

Date of
computation.
1 9 # - Feb. 28
Mar. 31
Apr. 29 •
May 31
June 30
J u l y 29
Aug. 31
S e p t . 30.
O c t . 31
. Nov. 30
Dec. 30
1956 - J a n . 31
Feb. 29

710
211
42$
160
67
U07
222
805
202
215
70
176
123

52U
208
116
339
3hh
100
184
843
#0
205
121
327
220

50

Subsequent t o
date shorn

•"

—
—

| Other 2/

b o r a t e

.

- -

1,395
922
1,141
8#
830
1,135
920
909
. 412
. 230
85
376
233

1,978
2,009
1,917
1,861
1,645
2,018
1,971
2,205'
1,650.
756
618
917
785

50
——
——

Forthcoming Large O f f e r i n g s , as of March 9
Issuer

Type

Amount
Approximate d a t e
(millions
of o f f e r i n g
of d o l l a r s )

CORPORATE
- ^ P a c i f i c Gas and E l e c t r i c
Whirlpool-Seeger
T i d e Water A s s o c i a t e d O i l
Westcoast Transmission, Ltd.
New York Telephone
•*Bank of America
S c o t t Paper
•KDuquesne L i g h t
* F l o r i d a Power and L i g h t
S o u t h e r n C a l i f o r n i a Gas
S h e r a t o n C o r p o r a t i o n of America
^Kentucky U t i l i t i e s
^ P e n n s y l v a n i a S a l t Mfg.

1st &ref. mtg.bds.
SF d e b .
SF deb.
Sub. d e b .
R e f . mtg. b d s .
Com. s t o c k
Conv. d e b .
1 s t mtg. b d s .
1 s t mtg. b d s .
Mtg. b d s .
Deb.
1 s t mtg. b d s .
SF d e b .

25.0
30.0
100.0
20.5
55.0
56.0
98.7
20.0
15.0
4o.o
15.0
19.0
15.0

March
March
March
March
March
April
April
April
April
May
1956
1956
. 1956

20
20
20
21
27
2
3
4
4

15.0
19.3
6.0
8.0

March
March
March
March

lit
15
15
20

STATE AND LOCAL GOVERNMENT
S t a t e of Alabama
S t a t e of New Hampshire
San D i e g o , C a l i f o r n i a
Milwaukee, W i s c o n s i n




J

L.L.
G.O. .
• Rev.
G.O.

n-

H.lU

F-2
Forthcoming Large O f f e r i n g s , as of March 9 ( C o n t ' d )
I

Issuer

Type

Amount
Approximate d a t e
(millions
of o f f e r i n g
(of d o l l a r s )

STATE Aim LOCAL GOVERNMENT ( C o n t ' d )
S t a t e of New Mexico
•*Key West, F l o r i d a
D a l l a s , Texas
Washington S t a t e T o l l B r i d g e Auth.
* S t . L o u i s County, M i s s o u r i
- ^ L o u i s v i l l e , Kentucky
Alexandria, Louisiana
Inter-American Center A u t h . , F l a .
•^Louisiana S t a t e B u i l d i n g Auth.
-x-Philadelphia, P e n n s y l v a n i a
Georgia R u r a l Roads A u t h o r i t y
# Chesapeake Bay F e r r y Commission
F l o r i d a S t a t e T u r n p i k e Auth.
Oklahoma Turnpike A u t h o r i t y
P e n n s y l v a n i a Turnpike Commission
Washington S t a t e T o l l B r i d g e Auth.
^ S a l t R i v e r P r o j e c t , Arizona

L* L •
Rev.
Rev.
n. a.
G.0.
Rev.
. Rev.
n.a.
n.a.
Rev.
Rev.
Rev.
Rev.
n.a.

5.0 9.5
8.5
9.3
10.7
6.0
8.3
70.0
12.0
12.0
15.5
20.0
18^.0
65.0
62.0
227.0
11.0

March 20
March 20
March 26
March 27
March 28
March 28
March 29
March
April 5
A p r i l 10
May
Spring
Late spring
1956
1956
1956
1956

OTHER
None
*—Included in t a b l e f o r f i r s t time.
n.a.—Not available.
1 / I n c l u d e s c o r p o r a t e and o t h e r 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 $ 5 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 .

!#