Full text of H.16 Capital Market Developments : May 18, 1959

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j Not f o r P u b l i c a t i o n 1 DECONTROLLED AFTER SIX MONTHS
H.1U

May 18, 1959
CAPITAL MARKET DEVELOPMENTS

The volume of l a r g e p u b l i c s e c u r i t y f i n a n c i n g f o r new c a p i t a l
c o n t i n u e s t o be moderate. L a s t week, c o r p o r a t e i s s u e s with p r o c e e d s of
$31 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 a l i n g $81 m i l l i o n
were s o l d . A l l b i d s r e c e i v e d were r e j e c t e d f o r one S t a t e and l o c a l
government i s s u e — a $50 m i l l i o n New York Thruway A u t h o r i t y bond i s s u e .
P r i m a r i l y a s a r e s u l t of r e c e n t postponements of s a l e s and r e j e c t i o n s
of b i d s , t h e S t a t e and l o c a l government s e c u r i t y volume .estimate f o r
May h a s been lowered t o $575 m i l l i o n .
The new i s s u e c a l e n d a r f o r t h i s week—ending May 22—includes
only one l a r g e c o r p o r a t e o f f e r i n g f o r £L5 m i l l i o n , a l o c a l government
i s s u e f o r $18 m i l l i o n and a f o r e i g n government i s s u e f o r $50 m i l l i o n .
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 w i t h y i e l d s on a l l t y p e s of bonds reaching new
h i g h s f o r t h e y e a r . (High-grade c o r p o r a t e bond y i e l d s a r e a t postwar
record l e v e l s . )
Y i e l d s on new c o r p o r a t e bonds have a l s o i n c r e a s e d s h a r p l y
r e c e n t l y . Two new f i r s t mortgage e l e c t r i c u t i l i t y bond i s s u e s were
o f f e r e d t o i n v e s t o r s l a s t week. An A - r a t e d i s s u e was o f f e r e d t o i n v e s t o r s on Wednesday a t a y i e l d of 5 . 0 6 p e r c e n t — 2 1 b a s i s p o i n t s
above t h e l a s t comparable i s s u e , an o f f e r i n g made i n e a r l y May. An
A a - r a t e d i s s u e was o f f e r e d on Thursday t o y i e l d h . 9 5 p e r cent—2*0 b a s i s
p o i n t s h i g h e r t h a n t h e y i e l d f o r an i s s u e o f f e r e d i n l a t e A p r i l . The
e a r l i e r Aa i s s u e had a 5 - y e a r nonrefunding- r e s t r i c t i o n while t h e recent
one d i d n o t .
Housing s t a r t s - P r i v a t e permanent nonfarm housing s t a r t s i n
A p r i l remained a t a s e a s o n a l l y a d j u s t e d a n n u a l r a t e of 1,390,000 u n i t s ,
according t o p r e l i m i n a r y BLS e s t i m a t e s . This r e f l e c t e d a s e a s o n a l r i s e
i n u n a d j u s t e d monthly s t a r t s — m a r k e d by i n c r e a s e s i n a l l t h r e e (VA, FHA,
and c o n v e n t i o n a l ) components—to 133,200 u n i t s , t h e second h i g h e s t
A p r i l t o t a l on r e c o r d . So f a r t h i s y e a r , p r i v a t e s t a r t s have been k3
p e r c e n t h i g h e r t h a n i n t h e f i r s t f o u r months of 1958. During t h e
J a n u a i y - A p r i l p e r i o d VA s t a r t s were 128 p e r c e n t h i g h e r t h a n during t h e
same p e r i o d of 1958 and FHA s t a r t s were up 62 p e r c e n t . Conventional
s t a r t s , which a r e l e s s v o l a t i l e , were up only 31 p e r c e n t .




H. ill
Stock m a r k e t c r e d i t - Customer c r e d i t i n t h e s t o c k market
( e x c l u d i n g t h a t on U. S. Government s e c u r i t i e s ) i n c r e a s e d s u b s t a n t i a l l y
i n A p r i l , r e a c h i n g a r e c o r d l e v e l of 54.7 b i l l i o n . At t h e end of t h e
month customer c r e d i t was 5 p e r c e n t h i g h e r t h a n a t t h e c l o s e of 1958
and 10 p e r c e n t h i g h e r t h a n when margin r e q u i r e m e n t s were i n c r e a s e d t o
90 p e r c e n t l a s t O c t o b e r . The A p r i l i n c r e a s e i n t o t a l customer c r e d i t
was l a r g e l y i n n e t d e b i t b a l a n c e s which i n c r e a s e d $94 m i l l i o n ; t h e
r i s e i n bank l o a n s t o " o t h e r s " was $28 m i l l i o n .
Borrowing by member f i r m s of t h e New York Stock Exchange
m a i n t a i n i n g margin a c c o u n t s ( e x c l u d i n g b o r r o w i n g on U. S. Government
s e c u r i t i e s ) i n c r e a s e d s h a r p l y t o $ 2 . 2 b i l l i o n l a s t month, p r i n c i p a l l y
i n borrowing on customer c o l l a t e r a l . C u s t o m e r s ' n e t f r e e c r e d i t b a l a n c e s
d e c l i n e d s u b s t a n t i a l l y t o $ 1 . 2 b i l l i o n a t t h e end of A p r i l .
These and o t h e r d a t a on s t o c k market c r e d i t f o r A p r i l and
March a r e shown i n t h e f o l l o w i n g t a b l e .
End of month
Apr
Mar.
. Customer c r e d i t
E x c l u d i n g U. S. Government s e c u r i t i e s - t o t a l
Net d e b i t b a l a n c e s
Bank l o a n s t o " o t h e r s "
Net d e b i t b a l a n c e s s e c u r e d by U. S. Govt, s e c u r i t i e s
Bank l o a n s t o o t h e r s f o r p u r c h a s i n g o r c a r r y i n g
U. S. Government s e c u r i t i e s
Broker and d e a l e r c r e d i t
Money borrowed e x c e p t on U. S. Government s e c u r i t i e s
On customer c o l l a t e r a l
Money borrowed on U. S. Government s e c u r i t i e s
Customers 1 n e t f r e e c r e d i t b a l a n c e s

Change

( M i l l i o n s of d o l l a r s )
1,719
3,399
1,320
166

4,597
3,305
1,292
153

55

55

2,156
1,852
252

1,977
1,723
218
1/1,257

1,205

+122
+94
+28
+13
——

+179
+129
+34
-52

v j Revised.
Stock p r i c e s - Common s t o c k p r i c e s i n c r e a s e d l a s t week. S t a n d a r d
and P o o r ' s i n d e x of 500 common s t o c k s c l o s e d a t 58<>16 on May 1 5 , .81| h i g h e r
t h a n a week e a r l i e r , b u t below t h e peak of 58.37 r e a c h e d l a s t T h u r s d a y .
The volume of t r a d i n g d e c l i n e d somewhat t o an a v e r a g e of 3 . 6 m i l l i o n s h a r e s
a day.
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 market
developments 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 .
C a p i t a l Markets S e c t i o n ,
D i v i s i o n of Research and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l Reserve System.




:>
HIGH-GRADE

BOND

YIELDS
«.$

LOWER-GRADE

BOND

YIELDS




H.lii

fcxhibit

b
Tallies l'or E x h i b i t A
H i f h - g r a d e bond Yields

Date

U. S. Govt,
long-term 2 /

Corporate
Aaa 1 /

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

S t a t e and
l o c a l govt.
Aaa 3 /

( P e r cent)
1954 - Low
1957 - High
1958 - High
Low
1959 - High
Low

2.85
h.lk
4.13
3.55
4.36
it.09

Apr. 17
Apr. 24
May 1
May 8
May 15 £ /

4.22
4.26
4.30
4 . 33
ii. 36

(V23)
(9/27)
(10/10)
(5/2)
(5/15)
(1/9)

2.45
3.76
3.81
3.07
it. 09
3.83

1.90
3.45
3.31
2.64
3.30
3.06

(8/6)
(10/18)
(12/26)
(V25)
(5/15)
(1/2)

4.01
4.05
4.05
it. 05
it. 09

(9/2)
(8/29)
(9/11)
(5/1)
(5/lit)
(3/26)

3.09
3.lit
3.18
3.23
3.30

.30
.60
.51
.22
.28
.16

.30
.i*7
.72
-3U
.92
.65

.21
.21
.25
.28
.27

.92
.91
.87
.82
.79

Lower-grade Bond Yields
Corporate
Baa 1 /

Date

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

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

(Per c e n t )
1954 - Low
1957 - High
1958 - High
Low
1959 - High
Low

3.Lit
5.10
it.96
it. 51
it.9it
it.83

Apr. 17
Apr. 2h
May 1 .
May 8
May 15 2/

it. 83
it.88
it. 91
it.93
it. 94

,

(12/31)
(11/29)
(1/3)
(7/11)
(5/15)
(it/17)

. 2.93
4.51
4.3it
3.61
it.19
3.92
3.98
4.06
it. 09
it. 12
4.19

(8/5)
(8/29)
(9/11)
(5/D
(5/lit)
(3/26)

.52
1.27
1.20
.77
.77
.58

.96
1.21
1.11
.93
.98
.86

.61
.62
.61
.60
.58

.89
.92
.91
.89
.89

£/ Preliminary.
1/ Weekly average of d a i l y f i g u r e s . Average t e r n of bonds included i s 25-26 y e a r s .
2 / Weekly average of d a i l y f i g u r e s . The s e r i e s i n c l u d e s bonds due or c a l l a b l e i n
10 y e a r s or more.
y 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 a r e i n c l u d e d ; average term
i s 20 y e a r s .
Note.—liiphs and lows a r e f o r i n d i v i d u a l s e r i e s and gy.y be on d i f f e r e n t d a t e s f o r
i f f eFRASER
rent series.
Digitizeddfor



STOCK

MARKET

PRIVATE

PERMANENT

NONFARM




DWELLING

UNITS

STARTED

Exhibit D - Tables f o r Exhibit C
Stock Market
Stock p r i c e
i n d e x 1/

Date

1953-1958 - H i # i
Low
1959 - High
Low

5ii.ll
22.95
58.16
54.37

March
April
A p r . 2k
May 1
May 8
May 1 5 2 /

56.15
57.10
57.96
57.65
57.32
58.16

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

(12/2L/58)
(9/18/53)
(5/15)
(2/6)

Stock m a r k e t c u s t o m e r c r e d i t
I Customers'
Bank
Total I debit bal- loans to
1 ances k / "others" 5 /
( M i l l i o n s of d o l l a r s )

3.30
6.25
3.20
3.3k

k.9
0.9
k.3
3.0

U,lt92
2,055
It,719
It,527

3,285
1,31k
3,399
3,253

1,317
669
1,332
1,210

3.25
3.25
3.21
3.22
3.25
3.20

3.9
3.U
3.6
3.6
3.8
3.6

It, 597
It,719
n.a.
n.a.
n.a.
n.a.

3,305
3,399

1,292
1,320
1,332
1,320
1,313

n.a.—Not available.
g/ Preliminary.
1 / S t a n d a r d and P o o r ' s " - m p o s i t e i n d e x 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 d a t a
a r e 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 t h a n of F r i d a y s ' o n l y . Highs and lows a r e f o r F r i d a y s ' d a t a o n l y .
2 / S t a n d a r d and P o o r ' s composite s t o c k y i e l d based on Wednesday d a t a c o n v e r t e d 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 a r e f o r d a t e s on which p r i c e index r e a c h e d 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 t h e New York Stock Exchange.
4 / Ehd of month f i g u r e s f o r member f i r m s of t h e New York Stock Exchange which c a r r y 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 s e c u r e d by U. S . Governrient 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 b a n k s . Excludes l o a n s f o r p u r c h a s i n g or c a r r y i n g U, S .
Government s a c u r i t i e s a t banks i n New York and Chicago. Weekly r e p o r t i n g banks a c c o u n t 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 .

P r i v a t e Permanent Nonfarm D w e l l i n g U n i t s S t a r t e d

Date

1958 - Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1959 - J a n .
Feb.
Mar.
Apr.

Total
Seasonally
adjusted
annual r a t e

983
1,039
1,057
1,17k

1,228

1,255
1,303
1,427
1,1*32
1,36k

3/

Unadjusted
Unadjusted

FHA

VA

Conv,

(Thousands of u n i t s )
9k
101
101
109

115

HI
113
107
90
8k

^ 1 , 3 2 0

p/88

2/1,390
2/1,390

e/117
2/133

23
26
28
30
30
32
35
26
25
20
20
30
3k

5
6
8
11
13
Ik
15
11
9
7
6
10
11

67
69
65
68
71
65
6k
70
55
57
E/62
2/77
2/89

1 / T o t a l s t a r t s a r e BLS e s t i m a t e s . 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' a p a r t m e n t s t r u c t u r e a r e c o n s i d e r e d s t a r t e d a t t h a t t i m e . FHA and VA S t a r t s a r e u n i t ; s t a r t e d
under commitments by t h e s e a g e n c i e s t o i n s u r e o r g u a r a n t e e t h e m o r t g a g e s . As r e p o r t e d 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 t h e 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 e f o r e f o o t i n g s a r e poured i n finite c a s e s b u t n o r n n l l y a f t e r t h e f o u n d a t i o n s have been completed.
Capehert m i l i t a r y housing u n i t s are e x c l u d e d . Conventional s t a r t s are d e r i v e d a s a r e s i d u a l , a l t h o u g h
t o t a l and FHA and VA s t a r t s a r e n o t s t r i c t l y comparable i n concept o r t i m i n g ; t h e y i n c l u d e b o t h u n i t s
f i n a n c e d by c o n v e n t i o n a l mortgages and u n i t s w i t h o u t m o r t g a g e s .




Exhibit E

H.Ik

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

1959
January
February
March
April
May

8U0
7 k5
631
e/800
e/600

July
August
September
October
November
December
1st
2nd
3rd
iith

quarter
quarter
quarter
quarter

2,216

1st half
Three Quarters
Year

New c a p i t a l
Corporate 1 /
S t a t e and l o c a l 2 /
1
195»
1
1958
1
1957
1959
1
1957

ijeb/

1,060
1,065
1,320

i,iiii
600
881

931
765
l,k53

1,102
538
l,lkl,

1,003
92ii
973

806
k03
651

529
581*
U31

173
911

1,090
78 9
1,076

k56
k7k
k35

698
633
698

3,135
2,622
2,781
2,2#

3,kk5
3,lk9
2,899
2,95k

1,860
1,365

IS

1,820
1,70k
i,5kk
2,029

5,757
8,5a
10,791

6,59k
9,k93
12,iik7

k,520
6,380
7,7146

3,52k
5,069
7,099

723

636
855
639

I S

812
953
511;
798
895
551

7k2
572
506

lit
393

Excluding f i n a n c e companies k /
1st
2nd
3rd
iith

quarter
quarter
quarter
quarter

e/2,016

Year

2,89k
2,583
2,753
2,161

3,237
2,889
2,582
2,610

10, 391

11,518

„
2 / Preliminary.
1 / S e c u r i t i e s and Exchange Commission e s t i m a t e s of n e t proceeds.
2 / Investment Bankers A s s o c i a t i o n - o f America e s t i m a t e s of p r i n c i p a l amounts.
3 / Includes $718.3 m i l l i o n AT&T c o n v e r t i b l e debenture i s s u e .
k / T o t a l new c a p i t a l i s s u e s excluding olf
of s a l e s and consumer f i n a n c e
companies.




H.lii

Exhibit F
Other Security O f f e r i n g s 1 /
( I n m i l l i o n s of d o l l a r s )
Long-term
F o r e i g n government 2 /
F e d e r a l agency 3J
i g r
"1959"
1958
1957
1957
"1939

JanuaryFebruary
March

77
59
2

April
May

196

April
May

.1*28 •

295
EA97

October
November
December
Year

125

9
5
17

28
7
' 30

161*

1*

220

60

215

60
7U

1

992

507

1*60
273

s

261i

July
August
September

523

1*2

1

190

72

123
1*8

100

326
$
205

S

572

2,321

Short-term
S t a t e and l o c a l government h /
January
February
March

1,163
251

139

July
August
September

Year

199
175

120

198

October
November
December

8U
1*9
30

53

F e d e r a l agency 3 T

359
500
1*89
1*86

371
208
11*1*
209

161

636

1*30
505
336
1*69

329

501

370
512

289
1*23
. 369

272
272
252

1*37
206
330

231
1*15
243

1*59

T

1*51*
Ilk
137

3,910

3,271*

3,098

221*

1,238

255

116
5,51*3

2 / Preliminary.
1 / Data p r e s e n t e d i n t h i s e x h i b i t d i f f e r from t h o s e i n E x h i b i t E i n t h a t r e f u n d i n g i s s u e s , a s w e l l a s new c a p i t a l i s s u e s , a r e i n c l u d e d . Long-term s e c u r i t i e s a r e d e f i n e d a s t h o s e m a t u r i n g i n more t h a n one y e a r .
2 / 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 t h e U n i t e d S t a t e s by f o r e i g n governments and
t h e i r s u b d i v i s i o n s and by 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 . S o u r c e : S e c u r i t i e s and Exchange Commission.
2 / I s s u e s n o t g u a r a n t e e d by t h e U. S. Government. Source: l o n g - t e r m , S e c u r i t i e s
and Exchange Commission; s h o r t - t e r m , F e d e r a l R e s e r v e .
k
P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , w a r r a n t s o r c e r t i f i c a t e s and P u b l i c
Digitized
for /FRASER
Housing A u t h o r i t y n o t e s . I n some i n s t a n c e s PMA n o t e s i n c l u d e d may have a somewhat
http://fraser.stlouisfed.org/
l o n g e r t e r m t h a n one y e a r . S o u r c e : Bond Buyer.

Federal Reserve Bank of St. Louis

Exhibit G

11.11*

Large Long-term P u b l i c S e c u r i t y I s s u e s l o r hew C a p i t a l
( O t h e r than U. S. T r e a s u r y ) 1 /
Proceeds 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

S t a t e and
l o c a l government

725
3#
281
771
209
825
259
227
305
369
3#
215
359

300
505
195
275
109
268
172
259
229
335
551
369
563

1958 - A p r i l
May
June
July
August
September
October
November
December
1959 - J a n u a r y
February
March
April

Other 2 /

653
16U
86
ia
18
209
100
79
nh
35
176
20

Large I n d i v i d u a l I s s u e s O f f e r e d May 1 t h r o u g h 15

Type 3 /

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

Alabama Power Co.
1 s t T»tp. b d s .
Sub. d e b .
Textron, Inc.
Idaho Power Co.
1 s t mtg. b d s .
Southwestern E l e c . Pwr. Co.

20.0
25.5
15.0
16.0

1989
19 81
1989
1989

a 7/8
5
5
5 1/8

LG5
5.00
h.95
5.06

Rating

A
Ba
ka
A

S f A T E AND LOCAL GOVERNMENT
Los Angeles, C a l i f o r n i a
C i n c i n n a t i , Ohio
S t a t e of New J e r s e y
Kin& Co., Washington
OTHER
None




G.O.
G.O.
G.O.
G.O.

1 5 . 0 1961-89/69
26.9
1960-89
25.0 1 9 6 M V 7 5
I k . 5 1961-79/69

3.83
3.24?
3.2h

3.66

Aa
2.1*0-3.95
Aaa
2..20-3.70
2 . 5 0 - 3 . 3J?5 ,, y Aaa
A.
2.60-3.75^/ A

ti.lk
Footnotes
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 s e c u r i t y o f f e r i n g s of $ l £ m i l l i o n and ov 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 $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 / 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 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 public 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 revenue 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 . ,
revenue bonds s e c u r e d s o l e l y by l e a s e payments.
h/ l/hs of 1979 n o t r e o f f e r e d .




E x h i b i t li

H.m

F o r t h c o m i n g L a r g e L o n g - t e r m 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 U. S. T r e a s u r y ) 1 /
Expected Proceeds from Forthcoming Large I s s u e s
Date of
computation

- A p r . 30
May 29
J u n e 30
J u l y 31
Aug. 29
S e p t . 30
O c t . 31
Nov. 28
Dec. 31
— J a n . 30
Feb. 27
Mar. 31
A p r . 30

D u r i n g month f o l l o w i n g
Subsequent t o
_____
d a t e shown
— d a t e shown
S t a t e and
Corporate l o c a l govt. Other 2/ Corporate
|other 2/
356
266
768
161
785
113
20U
301
210
270
198
396
2I46

1*93
177
225
55
2ia
295
258
229
261
551
292
550
251

150
36

71
75
1*5
20
50

561
h6h
1,018
381
9ll*
216
326
6oi
370
365
279
1*76
3U6

1*93
208
235
125
1*35
521*
675
683
515
856
181
761
517

150
36

71
75
1*5
20
50

F o r t h c o m i n g L a r g e O f f e r i n g s , a s of May 1 5
Type

G e n e r a l American O i l Co, o f T e x a s
B a l t i m o r e Gas & E l e c t r i c Co.
C o n s o l i d a t e d E d i s o n Co.
Potomac E l e c t r i c Power Co.
N a t i o n a l S t e e l Corp.
S o u t h e r n E l e c t r i c G e n e r a t i n g Co.
P u b l i c S e r v i c e E l e c t r i c & Gas Co.
^ F l o r i d a Power C o r p .
F l o r i d a Power & L i g h t Co.
Duke Power Co.
C o n s o l i d a t e d N a t u r a l Gas Co.

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

Sub. deb.
Conv. d e b .

15.0
19.9

1 s t & r e f . m t g . b d s .. 7 5 . 0
Com. s t k .
30.2
1 s t mtg. bds.
1 s t mtg. b d s .
1 s t & r e f . mtg. b d s .
Com. s t k .
1 s t mtg. b d s .
Pfd. stk.
Cap. s t k .

80.0
25.0
50.0
17.6
25.0
25.0
1*0.0

V i r g i n i a E l e c t r i c & Power Co.

Com. s t k .

20.0

P h i l a d e l p h i a E l e c t r i c Co.

Com. s t k .

30.0

Spiegel, Inc.




Conv. s u b . d e b .

15.1*

May 20
May 25
(rights expire)
May 27
May 27
(rights expire)
May 28
May 29
June 3
June 3
(rights expire)
June h
J u n e 10
June 10
(rights expire)
J u n e 18
( r i g h t s expire)
J u n e 23
( r i g h t s expire)
June
( r i g h t s expire)

H.lli

H-2
Forthcoming Large O f f e r i n g s , a s of May 15 ( C o n t ' d )
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 ) j

CORPORATE ( C o n t ' d )
Commerce O i l R e f i n i n g Corp.
Glickman Corp.

Deb., b d s . & common
Com. s t k .

1*5.0
31.0

Summer
Summer

STATE AND LOCAL GOVERNMENT
Kanawha Co., W. Va.
P u b l i c Housing A u t h o r i t i e s
Oakland Co., Michigan
Chicago, Illinois
-xLos Angeles Co. Flood C o n t r o l D i s t . ,
California
Memphis, T e n n e s s e e
P e n n s y l v a n i a S t a t e hwy. & B r i d g e Auth,
*New York, New York
S t a t e of C a l i f o r n i a
Oroville-Wyandotte I r r i g a t i o n D i s t . ,
California
C a l i f o r n i a Toll Bridge Authority
Chesapeake Bay F e r r y Commission
Commonwealth of P e n n s y l v a n i a
New York Thruway A u t h o r i t y

G.O.
G. 0.
G.O.
Rev.-Ut.

18.0
lOiu 8
12.7
30.0

May
May
May
May

20
26
26
27

G.O.
G.O.
Rev.-Ut.
G.O.
G.O.

1*0.0
10.0
10.0
27.0
100.0

June
June
June
June
June

2
2
3
U
6

Rev.-Ut.
Rev.-Ut.
Rev.-Ut.
G.O.
Rev.-Ut.

62.0
3h.O
ia.o
120.0
50.0

June 1 1
June 2k
Summer
Summer
Summer

S . F . deb.

50.0

OTHER
A l b e r t a M u n i c i p a l F i n a n c i n g Corp.

May 21

•fr—Included i n t a b l e f o r f i r s t lime.
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 $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 .
N o t e . — D e l e t i o n s f o r r e a s o n s o t h e r t h a n s a l e of i s s u e : None.




H.lU
Y i e l d s on New and O u t s t a n d i n g
E l e c t r i c Power Bonds, Rated Aa and A 1 /
Aa-rated offering yields
A-rated offering yields
Amount above
Amount above
Actual
Actual
seasoned
y
i
e
l
d
s
(per cent)
(per cent) seasoned y i e l d s
(basis points)
(basis points)
1952 - 1957
High
Low
1958 - J a n u a r y
February
March
April
May
June
July 2
9
18
23
Oct. 7
15
28
29
Dec. 17
1959 - J a n . 7
20
28
Feb. 18
Mar. 11
25
26
31
Apr. 3
15
16
29
May 1
a

5.00(9/14/57)
2.93(3/31/51)

87
-3

%
4.08
3.91
3.87
3.87

22
35
18
18
17

it. 00
It. 10
it. 10
it. 57
it. 50

25
28
29
25
22
12
lk
23

-1:&/
4.44

lt.6o
it. 652/
4:4&/
4.43
4.43
it. it 7

3it
itO
it
11
9
9
13

L55&/

22
21
7

4.95

38

it.60

5.50(11/7/57),
3.00(3/17/54)
3.96^
4.07
it. 16
it. 0 1
it.07

123
-15
3
9
-1

3 : ^
4.35^

£-

it.75 j

31

23

it.67

18

it. 85
5.06

17
13

• i t — S i n g l e o b s e r v a t i o n , n o t an a v e r a g e .
1 / Covers o n l y 3 0 - y e a r f i r s t mortgage bonds, a s r e p o r t e d i n Moody's Bond
Survey. Except where i n d i c a t e d , trie a c t u a l y i e l d f i g u r e and t h e amount above
seasoned y i e l d s a r e a v e r a g e s of o f f e r i n g s d u r i n g t h e i n d i c a t e d p e r i o d and of
t h e d i f f e r e n c e s between t h e s e 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 t h e sane day. Average m a t u r i t y f o r t h e seasoned i s s u e s
v a r i e s from 26 t o 28 y e a r s .
2 / P r o v i d e s f o r a 5 - y e a r p e r i o d d u r i n g which i s s u e may n o t be c a l l e d f o r
r e f u n d i n g a t a lower coupon r a t e . Monthly a v e r a g e s so marked i n c l u d e one o r
more i s s u e s w i t h such a p r o v i s i o n . Other i s s u e s have no such p r o v i s i o n .