Full text of H.16 Capital Market Developments : March 7, 1958

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Not f o r Publication DECONTROLLED AFTER SIX MONTHS
H.lU

March 7 , 1958
CAPITAL MARKET DEVELOPMENTS
( I n c l u d i n g Q u a r t e r l y Review of
Corporate S e c u r i t y Financing)

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 d u r i n g t h e week
ending February 28, t o t a l e d $llt9 m i l l i o n f o r c o r p o r a t i o n s and $175 m i l l i o n
f o r S t a t e and l o c a l governments. A f o r e i g n government i s s u e f o r $15 m i l l i o n
was. a l s o s o l d . This week, c o r p o r a t e o f f e r i n g s a r e expected t o amount t o
$160 m i l l i o n and S t a t e and l o c a l government i s s u e s t o t o t a l $60 m i l l i o n .
The c o r p o r a t e f i n a n c i n g t o t a l i n c l u d e s a $25 m i l l i o n p r e f e r r e d s t o c k i s s u e .
by P u b l i c S e r v i c e E l e c t r i c and Gas o f f e r e d t o t h e p u b l i c on Wednesday, which •
had been o r i g i n a l l y scheduled f o r s a l e l a s t June b u t was postponed.
Bond y i e l d s - Y i e l d s i n c r e a s e d l a s t week f o r a l l c a t e g o r i e s of
o u t s t a n d i n g bonds. The i n c r e a s e was s u b s t a n t i a l f o r lower r a t e d S t a t e and
l o c a l government bonds, b u t s l i g h t f o r o t h e r t y p e s .
A new A - r a t e d f i r s t mortgage e l e c t r i c u t i l i t y b o n d , i s s u e was
o f f e r e d t o t h e p u b l i c on Tuesday, March It t o y i e l d i|.25 p e r cent — 25 b a s i s
p o i n t s above a comparable o f f e r i n g made l a s t week. Two Aa^rated i s s u e s
w i t h s i m i l a r terms were a l s o o f f e r e d t h i s week — one t o y i e l d U.15 p e r cent
and t h e o t h e r t o y i e l d 1&.22 .per cent a s compared t o a y i e l d of U.liO p e r c e n t
f o r a comparably i s a u e o f f e r e d l a s t F r i d a y , February 28.
Stock p r i c e s - The Standard and P o o r ' s index of 500 common s t o c k s
s h o w e d i l i t t l e change l a s t week, c l o s i n g a t 1*0.81t on February 28. Trading
volume continued t o be l i g h t , averaging 1 . 7 m i l l i o n s h a r e s a day. P r i c e s
i n c r e a s e d i n each of t h e f i r s t f o u r days of t h i s week, with t h e c l o s i n g
l e v e l on Thursday (1*2.00) almost 3 p e r c e n t above l a s t week's c l o s e .
Corporate S e c u r i t y O f f e r i n g s i n 1957
Net proceeds f o r new c a p i t a l
C o r p o r a t i o n s s o l d $2.9 b i l l i o n of s e c u r i t y i s s u e s t o o b t a i n new
c a p i t a l i n t h e f o u r t h q u a r t e r of 1957, b r i n g i n g t h e t o t a l f o r t h e y e a r t o
$12.5 b i l l i o n , a s shown i n Table 1 . The volume f o r 1957 was 20 p e r cent
more t h a n t h e p r e v i o u s r e c o r d volume a c h i e v e d i n 1956 and t w o - f i f t h s above
t h e t o t a l f o r 1955.
•
Manufacturing companies remained t h e most important group of i s s u e r s
i n 1957, o f f e r i n g s e c u r i t i e s with p r o c e e d s of ftli.l b i l l i o n and a c c o u n t i n g f o r
o n e - t h i r d of a l l c o r p o r a t e o f f e r i n g s . E l e c t r i c , gas and water u t i l i t i e s ,
however, showed a much l a r g e r growth i n n e t new f i n a n c i n g , w i t h t o t a l o f f e r i n g s of $3-8 b i l l i o n — more t h a n 50 p e r cent above the volume i n 1956 and
more than double t h e r a t e of i n c r e a s e f o r m a n u f a c t u r i n g c o n c e r n s . During




— 2 —
H.ll*

Table 1
Corporate Security O f f e r i n g s f o r New Capital
by Type of Business of i s s u e r
1953 - 1957
(Net proceeds i n millions of d o l l a r s )

A l l corporate o f f e r i n g s
Manufacturing
Petroleum and r e f i n i n g
N o n e l e c t r i c a l machinery
Primary nonferrous metals
Motor v e h i c l e s and equipment
Primaiy i r o n and s t e e l
Chemicals
Stone, clay and glass
E l e c t r i c a l machineiy
Paper
' Fabricated metal products
T e x t i l e s and apparel
Foods
Lumber and wood products
Other t r a n s p o r t a t i o n equipment
Other 1 /

1957.

1956

12,1*73

10,38a

it,097

876
689

517
3U8
313
2l*l*
169
129
111
10660
51
1*9
1*8
387

8,821
2^397

3,336

.

1951*

1955 .

7,1*90

. 2,0l*l*

100

1*13

292

252
il*5
102

168

362

136

107
1*16
313

265

198
23h

163
60

180
1*19

195

119
93
82
91
21*

298
68

130
113
- 157
9k
269

•

361*

21*7
66
72
125.
35
h9

95
368

101
6
30
158

1953
8,1*95
2,128
33I*

192
71
322
109
1*1*5
ill*
11*6
22
68
1*3
260

E l e c t r i c , gas & water u t i l i t i e s

3,801

2,1*71*

2,251

2,675

Communication

1,1*1*3'

1,384

1,0 1*5

,651

871

365

221

213

267

323

288

286

- 382

363

282

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

326

' 1*93

329

.

2,905

Commercial and o t h e r

3U8

Mining

261;

398

387

1*68

220

15-701

•1*815

1,812

788

1^536

1,125
690

1,227

332
1*57

1,269

F i n a n c i a l and r e a l e s t a t e
Sales and consumer f i n a n c e cos.
Other

93h
767

281

585

268

n.a.—Not s e p a r a t e l y a v a i l able.
1 / Includes small volume of f o r e i g n i s s u e s not f u r t h e r c l a s s i f i e d i n the
manufacturing group.
Note.—Details may not add t o t o t a l s due to rounding.
S o u r c e . — S e c u r i t i e s and Exchange Commission and Federal Reserve.




*

H.lU
the second and t h i r d q u a r t e r s of 1957 these u t i l i t i e s exceeded the new i s s u e
volume of manufacturing'companies. This p a t t e r n , c o n t r a s t s sharply with
1956, when proceeds of i s s u e s f l o a t e d by t h e manufacturing group r o s e about
t w o - f i f t h s , compared with only a 10 per cent i n c r e a s e i n p u b l i c u t i l i t y
financing.
The 1957 increase i n manufacturing n e t new f i n a n c i n g was accounted
f o r l a r g e l y by o i l , nonferrous metals and i n d u s t r i a l machinery companies.
New i s s u e volume by e l e c t r i c a l machineiy, paper and lumber and wood products
i n d u s t r i e s which had been unusually l a r g e i n 1956, was considerably smaller
l a s t year.
j1
New f i n a n c i n g by f i n a n c i a l and r e a l e s t a t e companies t o t a l e d
$1.7 b i l l i o n , down 5 per cent from t h e previous y e a r . Offerings by s a l e s
and consumer finance companies were about $200 m i l l i o n l e s s than i n t h e
y e a r s 1956, 1955, and 1953» but $600 m i l l i o n more than i n 195U. .
Transportation companies o t h e r than r a i l r o a d s , communications
and commercial and other i n d u s t r i e s increased t h e i r new. i s s u e volume,
while i s s u e s of r a i l r o a d s and mining companies d e c l i n e d .
Total gross proceeds - Gross proceeds from c o r p o r a t e o f f e r i n g s ,
which include refunding i s s u e s and c o s t s of f l o t a t i o n , were $12.9 b i l l i o n
i n 1957 compared with $10.9 b i l l i o n a year e a r l i e r . The volume of refunding
i s s u e s continued to be small, t o t a l i n g only about $250 m i l l i o n in 1957 and
$350 m i l l i o n i n 1956.
P u b l i c l y - o f f e r e d i s s u e s t o t a l e d $8.9 b i l l i o n l a s t y e a r . Representing 69 p e r cent of t o t a l s e c u r i t y o f f e r i n g s , t h e s e public i s s u e s were a
l a r g e r proportion than i n other r e c e n t y e a r s . P r i v a t e placements, however,
became a more important source of funds as t h e year progressed; t h i s i s i n
c o n t r a s t t o t h e p a t t e r n of 1956 when p r i v a t e l y - p l a c e d i s s u e s declined i n
importance a f t e r the f i r s t q u a r t e r of t h e y e a r .
Debt f i n a n c i n g was i n record volume l a s t year and accounted f o r
about 78 p e r cent of t o t a l o f f e r i n g s . (This represented a l a r g e r share of
the t o t a l than i n 1956 and 1955, but was s l i g h t l y below t h e proportion
p r e v a i l i n g i n 195b and 19530 The volume of c o n v e r t i b l e i s s u e s a l s o i n creased and represented 10 per cent of a l l bond i s s u e s .
Common stock financing increased i n d o l l a r volume l a s t y e a r , but
accounted f o r a smaller proportion of t o t a l corporate s e c u r i t y f i n a n c i n g
than a y e a r e a r l i e r . The r e l a t i v e importance.of common stock i s s u e s was
g r e a t e r i n t h e f i r s t half of 1957 than the corresponding period of 1956,
contracted sharply i n t h e t h i r d q u a r t e r , then increased somewhat i n the
f o u r t h q u a r t e r of 1957. (Sixty p e r cent of a l l common stock i s s u e s were
o f f e r e d i n t h e f i r s t h a l f of t h e y e a r . )
P r e f e r r e d stock f i n a n c i n g continued to be very small and was s i g n i f i c a n t l y l e s s important throughout 1957 than i n 1956 or 1955.




- a . Table 2
Total Corporate Security Offerings by Type of Issue
1953 - 1957

Type of i s s u e
Total corporate o f f e r i n g s
Type of o f f e r i n g
- Public
Private
Type of s e c u r i t y
Bonds and notes
Public
Private
P r e f e r r e d stock
Common stock

1957

1956

1955

195k

1953

12,9^

10,939

10,240

9,516

8,898

8,947
3,995

7,053
3,886

6,763
3,477

5,818
3,668

5,580
3,318

Iti

(Gross proceeds i n m i l l i o n s of d o l l a r s )

m

10,035
~S7H3
3,923

•

m

3,777

7*420
ST#
3,301

1*08

636

635

816

489

2,497

2,301

2,185

1,213

1,326

Note.—Details may not add to t o t a l s due to rounding.
Source.—Securities and Exchange Commission.
More d e t a i l e d information concerning recent c a p i t a l market
developments, i s p r e s e n t e d .in the a t t a c h e d e x h i b i t s .

Capital Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of t h e Federal Reserve System.




3,228

H I G H - G R A D E B O N D YIELDS

Corporate
Aaa 1/

U. S. Govt,
long-term 2/

State and
local govt.
Aaa y

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

(Per cent)

1955 - High
Low
1956 - High
Low
1957 - High
Low
1958 - High
Low

3.1*2 (6/19)
2.99 (1/9)
3.09 (1/8)
2.85 (V23)
3.17 (12/23)
2.91 (1/7)
3.79 (12/28)
3.07 (3/2)
b.lh (9/27)
3.66 (U/12)
3.68 (1/3)
3.56 (1/31)

3-19
2.71
2.7k
2.15
2.97
2.61
3.1,5
2.81
3.76
3.18
3.28
3.20

January 31
February 7
February lit
February 21
February 28

3.56
3.59
3.59
3.58
3.60

3.28
3.27
3.2k
3.25
3.27

19*3 - High
1951* - High

(6/5)
(12/31)
(1/8)
(8/6)
(8/5)
(1/7.)
(12/28)
(2/17)
(10/lH)
(2/8)
(1/31)
(1/10)

2.73
1.98
2.21
1.90
2.3U
2.05
3.05
2.17
3.1*5
2.76
2.86
2.65
2.68
2.70
2.70
2.73
2.76

(6/25)
(1/8)
(6/10)
(9/2)
(9/8)
(5/26)
(12/27)
(2/23)
(8/29)
(2/21)
(1/9)
(1/23)

__

.38
.20
.1*3
.30
.27
.11
.1*1
.12
.60
.27
.1*6
-28

.83
.33
.62
.30
.76
.57
.71
.32
.1*7
.15
.62
.31*

.28
.32
.35
• 33
• 33

.60
.57
.51*
.52
.51

\ J Weekly average of dally figures. Average term of bonds included i s 25-26 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in
10 years or more.
2 / Thursday figures. Only general obligation bonds are includedj average term i s
20 years.
, .
Not.—Highs and lows are for individual series and may be on different dates for
different series.




EXHIBIT B

LOWER - GRADE BOND

YIELDS

Corporate
Baa 1 /

Date

Spread between
Aaa and Baa
Corporate 1 State and
(local govt.

State and
local govt.
Baa 2/
(Per cent)

1953-- High
Low
1951* - High

1957 - High
Low
1958 - High
Low

3.89 (9/18)
3.50 (1/2)
3.7U (1/8)
3.1*1* (12/31)
3.63 (12/30)
3.1*5 (1/1U)
1.1*1 (12/28)
3.58 (3/9)
5.10 (11/29)
1*.1*2 (1*/12)
U.96 (1/3)
1*.61* (2/21)

3.79
2.96
3.32
2.93
3.26
3.02
1*.22
3.20
l*.5l
3.90
3.92
3.73

January 31
February 7
February lit
February 21
February 28

U.72
U.68
U.66
1*.61*
U.65

3.76
3.77
3.77
3.78
3.85

1955 - High
1956 - High

(6/25)
(1/8)
(1/7)
(8/5)
(12/29)
(1/6) .
(12/27)
(3/8)
(8/29)
(2/21)
(1/2)
(1/23)

1

.69
.1*2
.68
.52
.51*
.1*5
.63
.1*2
1.27
.61*
1.28
1.05

1.21
.98
1.16
.93
1.03
.87
1.17
.89
1.21
1.01*
1.09
1.02

1.16
1.09
1.07
1.06
1.05

1.08
1.07
1.07
1.05
1.09

1 / Weekly average of daily figures. Average.term of bonds Includes l e
25-26pears.
2 / Thursday figures. Only general obligation bonds are included% average
term i s 20 years.
Note.—Highs and lows are for individual series and may be on different
dates f o r different series.




.

STOCK MARKET

Z

Stock p r i c e

STOCK MARKET CREDIT

Trading
Common
volume 2 /
(millions
yields 2/
of s h a r e s ) ( p e r cent)

Stock market customer c r e d i t
Customers'
Bank
debit bal- loans to
ancea 1*/ " o t h e r s " 5 /

Total

( M i l l i o n s of d o l l a r s )
1953 - High
Low
1951 - High
Low
1955 - High
1956 - High
1957 - High
Low
1958 - High
Low
December
January
February lit
February 21
February 28

26.51*
22.95
35.98
214.93
1*5.69
35.28
1*9.61*
13.22
1*9.08
39.1*8
1*1.73
ltO.37
1<0.33
i a . 12

la.33

ho. 88
1*0.81*

(1/2)
(9/18)
(12/31)
(1/8)
(12/9)
(1M)
(8/3)
(1/20)
(7/12)
(12/20)
(2/7)
(1/10)

2,1*55

2.5
0.9
3.7
1.1*
lt.6
1.5
3.1
1.5
1*.2
1.1*
2.5
1.7

6.25
5.38
5.82
1*.32
14.1*2
3.61*
1*. 35
3.82
1*.72
3.91
U.58
1*.1*2

1,665
2,055
1,311*
3,1*36
2,388 •
2,1*05
1,653
It,030 . 2,805
3,537
2,517
(4,01*7
2,823
3,911*
2,71*0
J*,031
2,887
2,1*82
3,576

2.6
2.3
2.0
1.8
1.7

U.63
1U8
1*. 1*7
lt.52
it-53

3,576
3,551*

n.a.
2,1*82
2,1*87

780
661*
1,01*8
•71*6
1,21*1
1,018
1,267
1,155
1,163
1,051*
1,092
1,051
1,091*
1,067
1,058
1,092

:
n.a.—Not available.
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 , 19l*l-l*3<LO. Monthly d a t a a r e 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 a r e f o r F r i d a y ' s data only.
2 / Averages of d a i l y t r a d i n g volume on t h e New York Stock Exchange.
y Standard and P o o r ' s composite stock y i e l d based on Wednesday d a t a conv e r t e d t o weekly c l o s i n g p r i c e s by Federal Reserve.
U/ 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
c a r r y margin a c c o u n t s ; excludes 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 a t banks in New York and
Chicago. Weekly r e p o r t i n g banks account f o r about 70 p e r cent of l o a n s t o 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 .




Exhibit D

H.lli

Corporate and S t a t e and Local Government
Security Offerings and Placements
( I n millions of d o l l a r s )
Corporate
1958
January
February
March

8/ 800
6/ 875 .
ej 1,5002/

April
May
July
August
September
October
November
December
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

L

e/

3,175

1st h a l f
Three q u a r t e r s
Year

1957

New c a p i t a l
1

1956

1958
810
' 9I4U
e/550

S t a t e and l o c a l 1 /
1
1956
1 1957

1,063
1,071
l,3hU

573
712
817

92U
771
1,U89

818
1,1U6
8Ul

393

U90
735

991
91U
973

1,063

529
58U

U08
206

7U2

572
506
765
5U6

65U

838

U31

1,055
792
1,086

7U5
1,089 3 /
1,088

698
633
698

3,U79.
3,18U
2,878

2,102
2,805
2,556

2,933

2,922

6,662
9,5U0
12,U73

U,907
7,U63

10,381

e/2,30U

1,820
. 1,70k
1,5UU

2,029
3,52U
5,06?

7,099

UoU

696
390
378

357

%
U09

1,U90
1,603

971
1,395
3,093

U,o6U
5,U59

Excluding f i n a n c e companies UJ
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

e / 2,875

-Year

a

2,560

2,788
11,^0:

1,6U7
2,5U1
2,2U6 .
2,826
9,260

1 / Data through June 1956 a r e Bond Buyer data c l a s s i f i e d as new c a p i t a l by
Federal Reserve; l a t e r data a r e from the Investment Bankers Association of America
and a r e somewhat more complete as t o coverage than the e a r l i e r d a t a , p a r t i c u l a r l y
f o r Federal Government l o a n s .
2 / Includes $716.3 million AT&T c o n v e r t i b l e debenture i s s u e .
. V Includes &571.5 m i l l i o n AT&T common stock i s s u e .
k / Total new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and consumer f i n a n c e
companies.
Note.—Details may not add t o t o t a l s due t o rounding.




1

h.lli
Large Public Security i s s u e s f o r New Capital
(Other than U. S. Treasury)
Proceeds of Large Issues Offered
(Millions of d o l l a r s )

Corporate

Month

1957 - January
February
March
April
May

State and
l o c a l government

386
306
19k
1*99
2JU8
176
265
357
185
U35
386
:il39
506

567 '
6?1
788
U77
329
877
525
526
537
57U
1*20.
399
318

July
Augusrt
September
October
November
December
1958 - January

Other 2 /

100
50
125
25
39
25
30
75
215

Large Individual I s s u e s Offered during February

Type 2/

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

CORPORATE
Tennessee Gas Trans Co.
Texas U t i l i t i e s Co.
Royal Dutch Petroleum Co.
Northern Natural Gas Co.
Southern C a l i f . Edison Co.
Indiana & Mich. Elec. Co.
Niagara Mohawk Power Co.
Gen. Motors Accept. Corp.
N.Y. S t a t e Elec. & Gas Co:
Pennsylvania Elec. Co.
Cleveland Elec. Ilium. Co.




Com. s t k .
30.8 '
Com; s t k .
16.6
Com. s t k . 136.8
Com. s t k . ' 21.8
Pfd. s t k .
25.0
1 s t mtg. bds. 25.0
Pfd. s t k .
25.0
Deb.
150.0
1 s t mtg. bds. .25.0
1 s t jntg. bds. 29.0.
1 s t mtg. bds. 30.0

1988
1979
1988
1988
1993

3 7/8
7/8
7/8

3.80
li.ll
3-80
3.95
3.77

Aa
Aa
Aaa

H.lU
Large Individual Issues Offered during February (Cont'd)
Type y

Coupon
Amount
, r a t e or Offering
(millions
Maturity
Rating
of
net i n t e r - y i e l d
dollars)
e s t cost

CORPORATE (Continued)
Central H I . Pub. Ser. Co. 1st mtg. bds. 15.0
United Gas Corp.
lst&coll.tr.bds30.0
So. New England Tel. Co.
Deb.
30.0
Potomac Elec. Co,
Pfd. s t k .
15.0

1988
1978
1991

h 1/8

k 1/1*
h 1/8

It.00
li.15
It.00

STATE AND LOCAL GOVERNMENT
Swr. rev.
Springfield, H I .
G.O.
Columbus C. S. D., Ohio
Wtr. rev.
D e t r o i t , Michigan
Allegheny Co.San.Auth.,Pa.
Swr. rev.
East Baton Rouge Par. Sch.
Dist. No. 1, La.
G.O.
Memphis, Tennessee
G.O.
Wtr. rev.
Denver, Colorado
Public Housing Auth.
G.R. '
N.Y. State Thruway Auth.
No. Hempstead S.D.No.9,N.Y.
G.O.
G.O.
D e t r o i t , Michigan
New Orleans, La.
G.O.
Wichita S. D. No. 1, Kan.
G.O.
G.O.
State of Minnesota
G.O.
Hartford, Connecticut
Met.Wtr.Dist. of So.Calif,
Rev.
- Guilford Co., N. C.
G.O.
Hempstead U.F.S.D.No.l£,NY
G.O.
Kansas City S. D., Mo.
G.O.
Long Beach, California
G.O.
State of Connecticut
G.R.
State of Alabama
G.O.
State of Rhode Island
G.O.
S t . Louis, Missouri
G.O.
State of Delaware
G.O.
Colorado Springs, Colo.
U t i l . rev.
Cleveland S. D., Ohio
G.O.
S t a t e of Kentucky
G.O.
New York, New York
G.O.
Houston Indep. S. D., Tex.
G.O.
State of Tennessee
G.O.
San Antonio, Texas
G.O.
" /-Washington S. D., Ohio
G.O.
L.A.Met.Transit Auth. jCaMf. , Rev. • .




5.6 1962-97/72 3.53
5.0
:1959-82 2.73
5.0 1962-78/68 3.02
25.0 1961-96/63 3.55

2.30-3.60
1.50-2.90
2.15-3.05
2.20-3.60

A
Aa
Aa

10.0
1959-78 3.19
12.5
1959-88 2.82
20.0 1969-97/68 3.25
67.1 1959-98/67 2.89
50.0 1985-95/65 3.12
7.1*
1958-86 3.72
- 13.7
1959-83 2.98
6.3 1959-87/73 3.25
5.0
1959-78 3.H*
12.0
1961-77 2.14-5
6.9
1959-78 2.1a
18.0
1959-70 2.39
6.0
1961-80 2.70
5.U
1959-87 3.39
7.0 1959-78/73 2.66
10.1 1960-83/73 3.15
77.0 1968-97/66 3.26
21.0 1959-87/63 2.78
18.8
1959-86 3.09
.12.3
1962-77 2.75
21.0
1959-78 2.60
1958-79 3-37
5.5
15.3
1959-83 2.70
35.0 1973-86/68 3.00
a.5
1959-73 2.85
15.0
1960-87 3.30
15.0
1960-72 2.69
5.0
1959-78 3.11
5.0
1959-82 3.36
1*0.0 1961-70,83 5.97

1.80-3.25
1.50-3.70
' 2.65-3.21*
1.1*5-3.10
2.85-3.10
1.60-3.75
1.65-3.15
1.80-3.35
1.80-3.30
1.70-2.60
1.50-2.60
1.50-2.50
1.80-2.85
1.75-3.50
1.1*0-2.80
1.70-3.1*0
2.25-3.25
1.50-3.30
1.50-3.30
1.80-2.90
1.25-2.80
1.50-3.30
1.30-3.00
2.70-3.00
1.25-3.00
1.60-3.50
1.1*0-2.70
1.50-1*. 00
1.80-3.15
3.75-5.75

A
Aa
Aa
Aaa
Aaa
Baa
A
A
A
Aa
Aaa
Aa
Aa
A
Aa
Aa
Aaa
A
A
Aa
Aa
Aa
Aa
A
A
Aa
A

H.XU

E-3
Large I n d i v i d u a l I s s u e s Offered during February (Cont'd)
Coupon
r a t e or
Offering
o ^ n s P t O T i t y net i n t e r - y i e l d
dollars)
e s t cost
Amount 1

Issuer

Type 3 /

: m U

Rating

OTHER
Amsterdam, Netherlands

Ext. bds.

15.0

1973

5 1/h

5.3k

n.a.—Not a v a i l a b l e .
1/ Includes corporate and other 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 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 $5 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 .
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., revenue bonds; G.R., general o b l i g a t i o n s a d d i t i o n a l l y secured by
f a c i l i t i e s revenues; 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 secured t y pledge of d e s i g nated revenues.




A

H.lit

Exhibit F
Forthcoming Large Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large Issues

Date of
computation
Feb. 28
Mar. 29
Apr. 30
May 31
June 28
July 31
Aug. 30
Sept. 30
Oct. 31
Nov. 29
Dec. 31
Jan. 31
Feb. 28

During month following
d a t e shown
S t a t e ana
Corporate l o c a l govt. Other 2/
7lt0
h6l

187
525
370
526
578
576
ii58
383
378
k?8

1,123

.

153
290
179 '
97
172
252
213
370
369
387
#3

25
30
• 30
18
150
—

63.1
862
396
388
It98
51U
139
587
573
589
61U
516
389

795
1*86
258
525

——

-25
25

h29

175

Subsequent to
date shown
S t a t e and
Corporate l o c a l govt.

hlS

811
8U5
617
815
1,193
1,161
1,378
1,208

Other 2 /
—-

25
25
25

.

30
15
lt5
63
165
—

Forthcoming Large O f f e r i n g s , as of February 28
Type

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

Approximate date
of o f f e r i n g

CORPORATE
Baltimore Gas & E l e c t r i c Co.
Ohio Edison Co.
Public Service E l e c t r i c & Gas Co.
Union E l e c t r i c Co.
.Columbia Gas System, Inc.
Sylvania E l e c t r i c Products, Inc.
Sylvania E l e c t r i c Products, Inc.
American Telephone & Telegraph Co.
Chicago,. Rock Island & P a c i f i c R.R.
General Telephone Co. of C a l i f .
M i s s i s s i p p i River Fuel Corp.
Carolina Power and Light Co.




1 s t & r e f . mtg. bds. 30.0
1st mtg. bds.
, hO.O
Pfd. s t k .
25.0
1 s t mtg. bds.
35.0
Deb.
30.0
S.F. deb.
20.0
Conv. sub. deb.
20.0
Conv. deb.
718.3
1 s t mtg. bds.
1 s t mtg. bds.
S.F. deb.
1 s t mtg. bds.

16.0
20.0
30.0
20.0

h a r . It
Mar. 5
Har. 5
har. 6
' Mar. 7
Mar. 11
Mar. 11
Mar. 12
( r i g h t s expire)
Mar. 13
Mar. 13
Mar. 13
Mar. 18

.13

H.Ut

F-2
Forthcoming Large O f f e r i n g s , a s of February 28 ( C o n t ' d )
Issuer

Type

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

Approximate d a t e
of o f f e r i n g

CORPORATE (Continued)
^Tennessee Gas Transmission Co.
-^Tennessee Gas Transmission Co.
-*Texas E a s t e r n Transmission Corp.
Georgia Power Co.
^ F l o r i d a Power S Light Co.
Commerce O i l R e f i n i n g Corp.
N a t u r a l Gas P i p e l i n e Co. of America

Deb.
Pfd. s t k .
1 s t mtg. b d s .
1 s t mtg. b d s .
1 s t mtg. b d s .
Deb.,bds.&common
1 s t mtg. b d s .

30.0
20.0
25.0 .
2k. 0
20.0
kS.O
40.0

Rev.
G.O.
G.O.
Sewer r e v .
G.O.
G.O.
Wtr. r e v .
U t i l . rev.
' G.O.
Rev.
G.O.
G.O.
G.O.
G.O.
Bldg. r e v .
G.O.
Rev.
Rev.
Bldg. r e v .

20.0
12.7
20.0
7.2
15.0
5.3
10.0

Mar. 19
Mar., 19
Mar. 20
Mar. 21
Mar. 25
Winter
Winter

STATE AND LOCAL GOVERNMENT
S e a t t l e , Washington
Miami, F l o r i d a
S t a t e of M i s s i s s i p p i
. H a r r i s b u r g Sewerage A u t h . , Pa.
Newark, New J e r s e y
Cuyaboga Co., Ohio
Milwaukee, Wisconsin
L a f a y e t t e , Louisiana
* S t . P a u l , Minnesota
"State of Ohio
S t a t e of Louisiana
Providence, Rhode I s l a n d
e s t a t e of Iowa
L a f a y e t t e Sch. O i s t . No. I , La.
Louisiana S t a t e U n i v e r s i t y
* S t a t e of C a l i f o r n i a
Pennsylvania Turnpike Commission
Inter-American Center A u t h o r i t y , F l a .
Met. F a i r & E x p o s i t i o n A u t h . , 111.

8.0

5 oli
32.0
8.1
6.7
2U.7
7.0
7.5
100.0
62.0
20.0
25.0

Mar. k
Mar. 5
Mar. 6
Mar. 6
Mar. 11
Mar. 13
Mar. 18
Mar. 18
Mar. 19
Mar., 20
Mar. 26
Mar. 26
Mar. 27
Apr. 2
Apr. 17
Apr. 23
Winter
Winter
Winter

OTHER
None
*—Included i n t a b l e f o r f i r s t t i m 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 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 .
N o t e . — D e l e t i o n s f o r reasons o t h e r than s a l e of i s s u e : None.




11. lU

Exhibit G
Yields on New and Outstanding
E l e c t r i c Power Bonds, hated Aa and A 1 /

\

Bate

1952 - 1956
High
Low
1957 - January
February
March
. April
May
July
August
• September
October
November 7
8
15
20
21
22
December 6
12
1958 - January 8
9
17
21
• 23 ,
February 5
Hi
20
21
25
26
28

Aa-rated o f f e r i n g y i e l d s : A-rated o f f e r i n g y i e l d s
Amount above
Amount above
Actual
Actual
(per cent) seasoned y i e l d s (per cent) seasoned y i e l d s
( b a s i s points)
(basis points)

h.30(12/12/56)
2.93(3/31/51)

62
-3

It.Wt
U.25
None
*L29
U.hh
a.71
li.66
*5.00
U.83
*1.78
1.97
h.86 2/

50
58
81
57
75
Sh
h5
63
52

it.82
h. 65
It. 65 <
h. 30

53
37
•39
1U

3.60

-8

3.SO
3.80

13
12

3.95
4.00

28
33

57
ill.

l i .5 8 (1 2 / 6 / 5 6 )
3.00(3/17/51)
1.62
None
U. 50
14.55
it.80
*5.10
1.86 2/
None
*5.io
5.08
5.50

70
-15
614
US
5k
79
106
70
51
li6
88

5.05 2 /

13

L.W
It. 07
a.io 2/
3.85
3.80

14
9
13
-3
-8

3.90

-3

3.92

-3

U.UO

35

*—Single observation, not^an average.
1 / Covers only 30-year f i r s t mortgage bonds, as reported i n Moody's Bond
Survey. Except where i n d i c a t e d , the a c t u a l y i e l d f i g u r e and the amount above
seasoned y i e l d s are averages of offerings- during the indicated period and of the
d i f f e r e n c e s between these new o f f e r i n g y i e l d s and y i e l d s on seasoned i s s u e s of
s i m i l a r q u a l i t y f o r the same day. Average maturity f o r the seasoned i s s u e s v a r i e s
"
from 26 t o 28 y e a r s .
—
2 / Both i s s u e s on which July averages i s based and other i s s u e s so marked
provide f o r a 5-year period during which i s s u e may not be c a l l e d f o r refunding a t
a lower coupon r a t e . Other i s s u e s have no such p r o v i s i o n .