Full text of H.16 Capital Market Developments : May 28, 1962
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Not for I^K.ica\ioil)ECONTBOLLED AFTER SIX MONTHS
May 28, 1962.
'HAPTTft], MflPVRT DEVELOPMENTS
IN THE UNITED STATES
v c V O-
(j^cluditfg Seasonally Adjusted Savings flows to Savings and Loan
Associations and Mutual Savings Banks in April)
The volume of public security financing to obtain new capital
was substantial l a s t week but i s expected to be_,quite small t h i s
holiday-shortened week. During the week ending May 25, two corporations
sold large security issues amounting to $5>1 million and f i v e State and
local government bond issues with par value of $200 million were offered.
This week, ending June 1, two large corporate issues totaling $32 million
are scheduled while no large State and local issues are on the calendar.
Bond yields. Yields on, seasoned, long-term corporate bonds
declined slightly f u r t h e r l a s t week while yields on government bonds
increased somewhat f u r t h e r . Yields on both Aaa- and Baa-rated corporate
bonds declined one basis point t o lib27 and I1.98 per cent, respectively.
Yields on Aaa- and Baa-rated State and local government bonds increased
6 basis points each to 3=00 and 3=58 per cent, respectively; U, S„
Government bond yields rose 3 basis points to 3«90 per cent.
Average yields on new corporate bonds, adjusted to an Aaa basis,
were U.08 per cent l a s t week, 6 basis points above t h i s y e a r ' s low
reached the previous week.
Short- and intermediate-term i n t e r e s t rates. Yields on 3-month
Treasury b i l l s and on 3-5 year U. S. Government obligations increased
2 basis points each l a s t week, while yields on 6-month Treasury b i l l s
were stable. The average r a t e of i n t e r e s t on directly-placed finance
company paper with 90-179 day maturity declined 8 basis points to a new
low f o r the year of 2.88 per cent, reflecting the f u l l e f f e c t of the
rate reduction announced the middle of the previous week. The Federal
funds r a t e declined 10 basis points to average 2.1i5 per cent. Other
short- and intermediate-term i n t e r e s t rates were unchanged.
Mortgage yields. Secondary market yields on 5-1A per cent
FHA mortgages declined in April f o r the t h i r d consecutive month. At
5.65 per cent, such yields were down 7 basis points from the January
average and 5 basis points below the average f o r mid-1961 when the
5-1/% per cent maximum was reestablished.
Offering yields on new corporate bonds—adjusted to an Aaa
basis—continued to decline more sharply than mortgage yields.
Consequently, the spread between mortgage and bond yields widened
f u r t h e r in April to lli8 basis points. This compared with a low of
108 l a s t July.
Savings flow to savings and loan associations and mutual savings
banks in April. The seasonally adjusted net inflow of funds to both
savings and loan associations and mutual savings banks in April was about
30 per cent l e s s than the record March inflow, as shown in the following
table and charts. The net increase in time and savings deposits a t
commercial banks in April was also sharply smaller than e a r l i e r i n the
year.
The net rise in savings capital a t savings and loan associations
in April was $682 million, a f t e r allowance for seasonal f a c t o r s , 27
per cent l e s s than in March and smaller than in most recent months.
The March increase in savings capital had been unusually sharp, in part
because of an increase in the number of associations crediting dividends
quarterly (and therefore in March). The smaller April inflow reflected
primarily a r i s e in withdrawals which tend to be large following the
crediting of dividends.
Regular deposits at
a f t e r adjustment f o r seasonal
This was one-fourth l e s s than
but larger than in nearly a l l
mutual savings declined as usual in Aprilj
variation, however, they rose *177 million.
the monthly average f o r the f i r s t quarter
months of l a s t year.
(
Stock prices. Common stock prices had t h e i r sharpest weekly
decline in recent years l a s t week in veiy substantial trading volume.
Prices, as measured by Standard and Poor's composite index of 500 stocks,
declined almost 7 per cent to a new low for the year, closing a t 59.^7
on May 25. Trading volume averaged U.6 million shares a day, the highest
weekly average since l a s t November.
More detailed information concerning recent capital market
developments i s presented in the attached exhibits.
Capital Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of the/Federal Reserve System.
Talrlv. 1 - Selected I n s t i t u t i o n a l Savings J low
-3-
ixtvinps find Loan Ausociations 1/
Date
1961 - April
May
June
• July
August
•September
October
November
December
1962 - Janua iy
iebruray
1'ia rch r /
April
Nuw savings canitul
withdrawals of
wet new
(inducting uiv iu und s savings capital
savinps c a p i t a l
credited)
Unadjusted Seasonally Unadjusted Seasonally Unadjusted Seasonally
adjusted
adjusted
adjusted
(In millions of dollars)
1,978
1,877
2,758
2,971
2,008
1,965
2,2lll
1,87k
2,73b
3,9 U6
1,916
2,305
2,367
1,562
2,235
2,358
2,335
1,075
1,395
2.3U5
2,455
1,518
1,30k
1,517
2,kk8
2,1)65 "
2,337
2,56k
2,675
3,k58
1,338
1,371
1,995
2,218
2,308
2,512
2,866
1,100
1,226
1,570
1,609
1,665
1,550
1,610
: 1,590
1,68k
1,679
1,708
1,796
1,578
1,626
1,993
1*16
802
1,363
108
190
661
721*
Ilk
1,508
1,88
578
931*
372
665
71*9
670
668
.
698
755
771
833
7L0
669
759
938
682
1/ Net new savings capital Is derived as the difference between new savings capital and withdrawals. TTTe ~
unadjusted net new savings capital series dlfferu (Von the net change in savings capital series shown in Exhibit N
because of s t a t i s t leal di screrancles between the flow series from which the farmer Is derived and the balance sheet
series from which the l a t t e r i s computed. The t o t a l s of the seasonally adjuuted and unadjusted data for any 12- month period will not necessarily be identical because of the nature of the adjustment procedure.
Source .—Federal Savings and Loan Insu-ance Corporation; seasonal adjustment by Federal Reserve,
Mutual Savings Banks 1/
Date
- April
May
June
July
August
September
October
November
December
- January
February
March
April
New regular deposit*
Withdrawals of
Net new
(including i n t e r e s t regular deposits
regular deposits
credited)
Unadjusted Seasonally Unadjusted Seasonally Unadjusted Seasonally
adjusted
adjusted
adjusted
(In millions of dollars)
950
995
1,011*
898
1,101
"
983
1,053
957
818
965
950
9#
1,021
• 982
1,011*
859
1,081 •
1,007
1,101
1,356
7U5
975
1,111
1,01*3
1,078
1,030
1,083
793
822.
1,010
71*0
661
1,029
682
61*5
1,203
595
659
1,129
821*
881
821
796
827
797
81*7
851
827
879
760
785
853
-88
105
279
1*3
78
289
-8
177
1*36
153
150
1*52
-51
126
133
162
161
138
166"
135
163
180
222
215
258
177
Regular deposits eomfriae 99 per oent of mutual, savings bank deposits, but exclude Christmas and other olub,
Industrial (payroll), and school savings deposits. Net new deposits are derived as the difference between
the new deposit and withdrawal series. The unadjusted net new deposit series d i f f e r s from the net change
In deposit series shown in Exhibit 0 because of the exclusion of f e c i a l deposits. The t o t a l s of the seasonally
adjustsd and unadjusted data for any 12-month period will not necessarily be identical because of the nature
of -the adjustmsnt procedure.
Sowoe,«-Hattowl
for
FRASER Association of Mutual Savings Banks; seasonal adjustment by Federal Reserve,
1f
Digitized
6
DEPOSITS AND WITHDRAWALS
—
MUTUAL S A V I N G S BANK*
l i d a l i i litarait Crtdlltd
Jj\
L O N G - T E R M B O N D YIELDS, H I G H - G R A D E
Weekly
V U.S. COVEINMfHI
E x h i b i t A - Part I I
Date
Corporate
Aaa y
U« S. Govt.
long-term 2 /
S t a t e and .
local
government
Aaa 3 /
Spread between
U. S. Govt, and
Corporate
S t a t e and
Aaa
l o c a l Aaa
(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
Apr. 27
May l*
May 11
May 18
v May 25 £/
k . l k (9/27)
3.55 (5/2)
l i . 6 l (3/29/60)
4 . 2 1 (3/17/61
It. 1*6 (9/15)
3 . 7 6 (10/lfl)
3 . 0 7 (4/25)
it.it2 (1/8/60)
3 . 7 0 (5/12/61)
4.43 (2/16)
it. 27 (5/25)
it.O? (12/29)
it. 12 (2/23)
3.85 (5/11)
It. 31
it. 30
it. 29
it. 28
it. 27 „
3.90
3.87
3.85
3.87
3.90
Note: For footnotes see Exhibit B.
3.45(8/29)
2.61* (5/1)
3 . 6 5 (9/24/59)
2 . 9 9 (9/3/60)
3.37 (7/6)
3.26 (i/lt)
2.92 (5/3)
.60
.22
.59
.19
.57
.it?
.30
2.93
2.92
2.93
2.94
3.00
•itl
.43
.44
.41
.37
.50
.34
.92
.46
.76
1.04
.80
.
.97
.95
.92
.93
.90
1
EXHIBIT B. Port I
LONG-TERM
BOND
YIELDS, LOWER-GRADE
COIf 0 KATE la«
STATI AND 10CAI COVtlNMfNI I
1958
1959
19*0
Exhibit B - Part I I
Ifete
-
Corporate
Baa 1/
S t a t e and
local govt.
Baa y
Spread b e t w e e n
Aaa and Baa
S t a t e and
Corporate
local govt.
(per cent)
1957 - High
1958 - low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
Apr. 27
Hay h
May 11
May 18
May 25 V
3 . 9 3 (11/9/6I)
5.11 (1/5)
L 9 8 (5/25)
I4..I6 (3/23)
U.Olt (1/11)
3.52 (5/17)
.66
.81
.72
.63
1.21
.93
1.08
.57
.93
.82
.56
5.oi
5.02
5.00
ii.99
L98-
3.52
3.52
3.52
3.52
3.58
.70
.72
.71
.71
.71
.59
.60
.59
.58
.58
5 . 1 0 (11/29)
ii.5L (7/11)
5 . 3 6 (2/12/60)
U . 9 8 (9/9/60)
5 . 1 3 (10/27)
4 . 5 1 (8/29)
3.6k (5/1)
Lll6 (2/7/60)
1.27
' .77
.814
jy Preliminary.
1 / Weekly average of d a i l y f i g u r e s . Average term of bonds included in 23-26 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 includes bonds due o r c a l l a b l e in 10 years or more,
3 / Thursday f i g u r e s * Only g e n e r a l o b l i g a t i o n bonds are included} average term i s 20 y e a r s .
Note.-—Highs
and loirs 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
Digitized
fors eFRASER
r i e s . For spreads, high refers t o widest, and low to narrowest.
SHORT-
AND
INTERMEDIATE-
TERM INTEREST
RATES, G O V E R N M E N T
i - MONTH I I U S
3 - $ YIAI ISSUES
DISCOUNT BATE
1 - MONTH I I U S
I.J 1.1 J I
L L U - L i l - L I LI
I I I I 1 I II I 1111 I 1 I 11. 11I I I I I I I I I I I
1141
Exhibit C - Part I I
1%
Date
1957 - High
1958 - Low
1959-60 - H
1960-61 Low
1961 - High
19 62 - High
Low
Apr
May
May
May
.May
27
k
11
18
25 £ /
Discount
rate
V
3—month
' b i l l s 2/
3.50
1.75
LOO
3.00
3.00
3.00
3.00
3.6k
.58
4.59
2.11
2.66
3.00
3.00
3.00
3.00
3.00
2.73
2.74
2.67
2.67
2.69 -
(10/I8)
(5/29)
(1/8/60)
(10/28/60 )
(12/29)
2.81 (2/16)
2.67 (5/18)
Yields
6-month
b i l l s 2/
(per cent)
3. 02
5.07
2.35
2.90
3.02
(12/26)
(1/8/60)
(4/28/61)
(12/29)
(1/12)
2.77 (5/25)
2.83
2.83
2.77
2.77
2.77
3-5 year
issues 2/
Spread between yields on 3month b i l l s and yields on
6-mo. b i l l s l 3 - 5 yr. issues
U. Oil (10/18)
2.14(6/6)
5 . 0 0 (12/24/59)
3 . 1 5 (5/12/61)
3.86(8/11)
3.88 ( 2 / 2 )
.26
,79
.12
3.13 (4/6)
.44
.24
.08
3.52
3.51
3.48
3.55
3.57
.10
.09
.10
.10
.08
.86
.04
1.81
.38
1.51
1.19
.71
''
.79
.77
.81
.88
.88
2/ Market yield) weekly averages computed from daily closing bid p r i c e s . Series of 3-5 year issues
consists of selected notes and bonds.
Note.—Highs and loirs 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 f o r d i f f e r e n t s e r i e s .
For spreads, high r e f e r s to widest,.and low t o narrowest.
EXHIBIT D, Pari I
SHORT-
AND
BANKS AND
W.ekly
INTERMEDIATE-TERM
OTHER
INTEREST RATES,
PRIVATE BORROWERS
HIMI Bill
DISC0UW1
LLJ j I
11111 L u j 11 N 11 I.I ! 11111111111! 11111111111
1
1940
Exhibit D - Part I I
Stock Exchange
c a l l loan 1 /
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
Apr. 27
May h
May 11
May 18
May 25 &/
37
L5o
3.50
5.50
a. 50
L5o
It. 5o
L.5o
a. 50
a. 50
a.50
b. 50
L50
1941
m i
Finance company- Federal
Prime
funds 3/
paper 2/
rate 1 /
(per cent)
li.5o
3.50
. 5.00
L5o
a. 5o
a.5o
a. 50
a.50
a. 50
a.50
a.50
a.50
3 . 8 8 (11/15)
1.13 (8/8)
5 . 1 3 (1/22/60)
2 . 5 0 (8/5/61)
3 . 0 0 (12/29)
3.13 (a/13)
2.88 (5/25)
3.06
3.00
3.00
2.96
'2.88
3.50
.13
a.00
,a3
2,88
Spread between
3-mo. b i l l s and
finance Co. paper
.63
-.35
1.02
.11
.56
.ai
(11/8)
(5/29)
(5/13/60)
(1/27/61)
(12/29)
2.95 (3/23)
1.30 (1/26)
2.85
2.65
2.60
2.55
2.a5
.19
.33
.
.26
.33
.29
.19
Weekly r a t a shown i s t h a t i n e f f e c t a t end of p e r i o d . Stock Exchange c a l l loan r a t e i s going r a t e
on c a l l loans secured by customers 1 stock exchange c o l l a t e r a l a t New York City bank's. Prime r a t e
i s t h a t charged by l a r g e banks on short-term loans to business borrcn/ers of the highest o r e d i t
2/
Average^of d a i l y r a t e s published by finance companies f o r d i r e c t l y placed paper f o r varying m a t u r i t i e s
i n the 90-179 day range,
'
Weekly average of d a i l y e f f e c t i v e r a t e , which i s the rate f o r the heaviest volume"of.purchase and
s a l o t r a n s a c t i o n s as reported to the Federal Reserve Bank of New York.
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 i e n t s e r i e s .
For spreads, high r e f e r s t o w i d e s t , and low to narrowest.
3/
STOCK
MARKET
7«-ctE.$
n s of D o l l a r s
-
. - - 1 /
^ ^ S ! (
y
—
CK MAIIil CI ED
•Xr
Exhibit F - Part I I
FHA
mortgages 2/
1953-58 - High
Low
1959-60 - High
1960-61 - Low
5.63 (11/57)
4.56(2/55)
6.21* (1/60)
5.70 (7/61)
1961 - December
1962 - January
February
March
April
5.71
5.72
5.70
5.68
5.65
l7
3/
4/
c h a NOE IN SERIES
i
zxr
M i l l i o n s ol Sha
'
Spread between new
Aaa corporate
corporate bonds and
bondsMT
New 3/ | Seasoned U/lFHA mortgages I Seasoned bonds
2.74 (3/54)
4.12
2.84
4.61
4.22
It. 39
4.45
4.50
4.23
4.17
4.41
4.4?
4.42
4.39
4.33
(9/57)
(4/54)
(I/60)
(3/61)
1.96
.54
1.76
1.08
.90
-.12
.77
-.16
1.32
1.27
1.20 ;
1.45
1.48
-.02
.03
.08
-.16
-.16
N e i t h e r mortgage nor bond y i e l d s t a k e i n t o aooount s e r v i c i n g c o s t s which a r e much h i | h e r f o r
mortgages than bonds. G e n e r a l l y , bonds pay i n t e r e s t semi-annually} mortgages, monthly. Mortgage
y i e l d s , i f computed as e q u i v a l e n t t o a semiannual i n t e r e s t investment, would be s l i g h t l y h i g h e r
p e r i o d s of adjustment t o changes in the c o n t r a c t u a l i n t e r e s t r a t e .
See note f o r E x h i b i t G.
Moody's I n v e s t o r s S e r v i c e . Monthly averages of d a i l y d a t a . See E x h i b i t B.
EX HI HT f . f o r t I
M O R T G A G E A N D B O N D YIELDS -
NOME M0IT6A6ES- FHA
Aee COIrOIATI- I0NDS:
V*
1157
1151
1151
Exhibit E - Part I I
Stock price
index 1/
1960-61 - High
Low
1962 - High
Low
March
April
May 11
May 18
May.25 £ /
72.04 (12/8/61)
5 3 . 3 2 (10/23/60)
70.94 (3/16)
59.47 (5/25)
70.29
68.05
62.65
63.82
59.47
Trading
Common
stock
volume 3/
yields 2/ (millions
(per cent) of shares)
Stock market customer credit
Customers1
Bank
debit b a l - loans t o
ances 4 / "others" 5/
(In millions of d o l l a r s )
Total
2.82
3.62
2.93
3.48
5.8
2.2
4.6
3.0
5 , 6 0 2 (12/61)4,259 (12/61) 1 , 3 7 7 (8/30/61)
L H | 2 (5/60) 3 , 0 0 4 (7/60) 1 , 1 2 1 (5/25/60)
2.95
3.05
3.31
3.25
3.48
3.1
3.5
3.7
5,457
5,491
n.a.
n.a.
n.a.
£2
J,k91 (4) 4,111 (1)
5,429 (2) 4,066 (2)
4,083
4,079
1,418 (5/9)
1,348 (1/24)
1,374
1,412
1,418
1,416
n.a.
n.a.—Not a v a i l a b l e .
2 / Preliminary.
1 / Standard and,Poor's composite index of 500 conmon stocks, weekly closing p r i c e s ,. 1941-43*10.
Monthly data are averages of daily figures r a t h e r than of Friday's only. Highs
"* " and lows are f o r
F r i d a y ' s data only,
2 j Standard and Poor's composite stook yield baaed on Wednesday data converted to weekly closing
p r i c e s by Federal Reserve. Yields shown are f o r dates on which price index reached i t s high
3/
4/
Averages of . d a i l y trading volume on the New York Stock Exchange.
End of month f i g u r e s f o r member firms of the New York Stock Exchange which carry margin accounts 1
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 . P r i o r t o July 1, 1959, such loans are excluded only a t banks in
New York
and Chicago. Weekly reporting banks account f o r about 70 per cent of loans to others.
For f u r t h e r d e t a i l see B u l l e t i n .
Exhibit G
Yields on New Corporate bond Issues Adjusted to an Aaa basis
Number
of issues
included
Monthly averages:
1961 - July
August
September
October
November
December.
1962 - January
February
March
April
May
June
273.0
115.0
78.8
200.0
229.0
115.0
130.0 ,
391*. 5
2
7
9
3
1*
5
6
7
21*0.0
299.0
8.0
1
1
2
2
1
11*
21
28
August it
11
18
200.0
65.0
1
55.0
20.0
1*0.0
1
18.0
1
2
60.8
25
September 1
8
15
22
29.
October 6
13
20
27
November 3
10
a
December 1
8
Number
of issues
included
December 15
1*
k
Weekly averages:
1961 - July 7
Amount
of issues Average
yield
included
(per
(millions cent)
of dollars)
1*. 62
1*.59
1*.38
14.26
1*.32
1*.39
1*.1*5
l*.5d
1*,23
1*.17
60.0
2
95.0
3
1*5.0
3
1
1
1
2
.
91*.0
60.0
30.0
75.0
• 1*0.0
1
it.55*
22
29
1961 - high
Low
1962
January 5
12
19
26
February 2
9
16
23
I4.60 March 2
U.t>h '
16
1*.1*6
23
It. 51*
30
1*.73*
1*.60 April 6
13
20
4*5.0
Amount
Average
of issues yield
included
(per
(millions cent)
of dollars)
27
. Ll*6 hay L
11
18
1*. 36
25
• 1*.25
June 1
8
i.21
15
2<. 28
22
. 1*. 21
29
U.68 ( 6 / 1 6 ) .
1*.21 ( 1 1 / 3 )
1
60.0
£.50
3
70.0
U*0
2
1
1
1
I
1
2
2
2
2
2
19.5
300.0
50.0
25.0
30.0
65.0
2
2
2
2
60.0
85.0
98.0
26.0
100.0
.
T.h 0
ij.52*
21.50
i». 37
1*.29
U.23
1*.21
1*.22
1*. 21
i*.12
1*> 17*.
.115.0
V.i1*
28.0
1*1 0
39 0
1* 02
h oa
Uc 21-
£.29
1*.35
h.ho
It. 29
Note
and A by Moody's Investors Service (except serial, equipment t r u s t and convertible issues,
offerings of natural gas pipeline and foreign companies, and issues guaranteed by the
Federal Government) weighted by size of issues. Yields on Aa- ana A-rated bonds are
f i r s t adjusted to an Aaa basis, using the comparable spreads in yields on seasoned bonds
(Moody's averages). Averages reflect changes in industrial composition, type, maturity,
and c a l l provisions of new offerings. Weekly averages considered unusually unreliable
as indicators of interest rates on new issues because of the small number or special
characteristics of offerings included etc. are marked with an asterisk. Source: weekly
data, Federal Reserves monthly data, First National City Bank of New York.
H.lli
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
1962
New capital
State and local 2/
Corporate 1/
\ 19 to
1 1961
1962
1 1961
| I960
580
667
562
570
715
860
e/850
eTlOOO
e/625
713
689
76I4
700
611
560
2,118
1,259
1,318
761
577
1,01*1*
e/850
e/750
723
61*1
1,03k
991
July
August
September
1,028
762
61+7
736
9 67
726
1*85
601*
733
1*92
606
663
October
November
December
1,090
9k8
1,000
890
956
852
677
788
j>/58U
3)48
501
1*91
2,166
2,397
1,823
2/2,01*9
1,800
2,256
1,700
l,3li0
k,563
it, 136
5,916
7,257
January
February
March
April
Hay
$92
. 8#
807
'
1st quarter
2nd quarter
3rd quarter
kth quarter
1,809
L,#5
2,1*37
3,038
L 2,258
1 s t half
Three quarters
Year
2,115
2,382
2,1*28
2,698
it, 527
6,955
9,653
6,50k
8,9k!
11,979
e/2,l*75
6,386
f/8,l*35
719
Excluding finance companies 3/
lat
2nd
3rd
l*th
quarter
quarter
quarter
quarter
e/2,156
Year
6/
1/
2/
~y
I'll
2,337
2,807
11,253
'
1,716
2,165
2,018
2,317
8,2#
Estimated.
. .
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 consuner finance
companies.
'5
Exhibit I
H.Ik
New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)
*
Quarter
or
month
Gross proceeds for n<sv
capital and refunding 1 /
Common
Bonds
and
Total Publicly Privately pfd.
Mfg.
offered offered stock
I960 - I
II
HI
IV
2,2#
2,537
2,520
2,832
93k
1,07k
1,336
1,462
795
770
75k
955
1
1961 - I
II
III
IV
1,992
5,3#
2,566
3,236
662
2,303
772
967
880
1,275
1,139
l,k2k
i
1962 - I
2,378
1,155
716
507
655
1961 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug,
Sept.
Oct.
Nov.
Dec.
601
695
696
2,231
1,342
1,779
1,075
813
678
1,155
987
1,09k
178
273
211
713
666
92k
k2k
225
123
336
klk
217
29k
255
331
3k8
355
572
392
kll
336
509
3k8
567
129
167
15k
1,170
320
283
259
177
2L8
310
225
310
1962 - Jan.
Feb.
Mar.
Apr. e/
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
6k7
88k
81*7
1,300
273
k97
386
650
232
232
253
325
lk3
155
209
325
*
1
%
1
{
i
1
|
I
1
|
l
!
j
1
I
Net proceeds f o r
new capital 1/ 2/
Public Communi- Other
u t i l i t y cations issuers
598
808
652
696
189
lk9
317
381
1,059
913
896
997
381
515
kk9
1,77k l,k66 1,081
65k
595
595
836
836
8k5
81
1,095
10k
lk7
832
1,052
803
1,263
k30
k56
717
169
99
2k8
57k
kk7
kk6
k28
255
252
271
215
306
137
160
8k
25k
k39
389
369
215
111
306
362
168
21
kl
19
99k
85
16
16
13
75
25
80
k2
253
368
211
297
289
k67
315
279
209
k87
291
k85
205
131
- 318
kko
89
lk8
193
380
73
362
21
80
225
218
275
300
536
692
k29
kl6
298
511
562
625
III
IV
£7 Preliminary,
e/ Estimated.
Gross proceeds exceed net proceeds .
by the cost of f l o t a t i o n .
2/ F 0 r t o t a l see Exhibit Hj other issuers are
extractive, railroad and other transportation, real estate and finance and
commercial and other..
Source. —Securities and Exchange Commission.
H.lU
Exhibit J
Other Security Offerings
(In m i l l i o n s of d o l l a r s )
Gross long-term 1 /
~
Foreign government 2/
[
Federal agency 3/
1962
1962
|
1961
|
l W
1961
I960
Januaiy
FebruaryMarch
Aprils
Tfey
6
29
20
ll*2
10
35
e / 10
2
175
156
2
3U
e/U60
5
1*0
25
1
66
29
July
August
September
October
November
December
72
2
Year
Jan. -April
e/196
2
hi
2.36
533
57
281
252
100
11*9
278
250
193
36
3k
£
182
150
150
11*8
35k
2U6
e/862
199
225
160
11*9
181
1,1*8
1,672
352
630
Net short-term k7~
State and Local government 5 /
Federal agency 3/
January
February
March
April
May
June
July
AugustSeptember
October
November
December
18
1*66
-21*8
£/i*0
Year
160
195
-8
=103
=1*2
=155
109
518
-86
=6
5k
.116
520"
Jan0-April
!
2/276
58
1U0
-80
70
-11*6
-157
1*8
1<15
-175
-16
50
-189
21*7
-156
226
-31*6
-11*1*
-162
-171*
-79
-87
207
22
193
108
98
56
-111*
-76
-633
-1*7
-559
-731*
18
188
j
I
-196
-202
-59
-277
170
320
95
23
-201
-23
-33
-250
]d7 Preliminary =
Estimated by Federal Reserve.
1 / These data d i f f e r from those in Exhibit H in t h a t refunding i s s u e s , as well as new
c a p i t a l i s sue 85, a r e included „ Long-tern s e c u r i t i e s are defined as those maturing
in more than one year.
2 / Includes s e c u r i t i e s o f f e r e d in the United States by foreign governments and t h e i r
i n t e r n a t i o n a l organizations. Source; S e c u r i t i e s and Exchange Commission.
3 / I s s u e s not guaranteed by the U0 S. Government. Sources long-term, S e c u r i t i e s and
Exchange Commission5 short-term, Treasury Department and Federal Reserve.
h / These data d i f f e r from those in Exhibit H and above in t h a t they represent new
o f f e r i n g s l e s s retirements, whether from the proceeds of refunding issues or from
other funds0 Data include only issues with o r i g i n a l maturity of one year or l e s s .
5
/
P
n c i pFRASER
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 , warrants or c e r t i f i c a t e s and Public
Digitizedr ifor
Housing Authority notes. In some instances PHA notes included may have a somehttp://fraser.stlouisfed.org/
what longer than one year 0 Source; .Bond Buyer and Federal Reserve.
Federal Reserve Bank of St. Louis
Exhibit K
H.ll*
Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of d o l l a r s )
Total
Month
1961 - A p r i l
May
j
June
1
July
;
August
i
September
October
November
December
1962 - January
February
March
April
Corporate
Bonds
Convertible
(other than
bonds
convertibles)
560
1*80
1*35
285
165
78
205
320
125
170
1*25
330
1*30
1,572
557
532
1*75
185
168
351*
391
255
195
1*25
366
6U8
15
75
33
67
26
Stocks
1,010
62
97
115
20
58
81
1*5
. 130
25
21
167
15
51
State
and
local
government
383
256
616
179
281
1*35
326
1*80
307
561
662
259
1*23
Other
2/
__
25
151
100
73
1*0
250
11*5
61*
30
55
Large Individual Issues Offered May 1 through 25
Issuer
Type 3/
Coupon
Amount
(millions
r a t e or Offering
Maturity
Racing
of
net i n t e r - y i e l d
dollars)
e s t cost
CORPORATE
^ P a c i f i c Power & Light Co,
Southern C a l i f , Edison Co,
Wisconsin Telephone Co,
Milwaukee Gas Light Co,
Columbus & Southern Ohio
E l e c t r i c Co,
Florida Power Corp.
Gulf S t a t e U t i l i t i e s Co,
Utah Power & Light Co,
Utah Power & Light Co.
Com.stk.
18.3
Ist&ref. mtg.bds. 1*0.0
Deb.
20.0
1 s t mtg. bds. 15.0
1st mtg. bds.
1 s t mtg. bds.
1st mtg. bds.
1st mtg. bds.
Pfd.stk.
16.0
25.0
17o0
22.0
12.0
1987
2002
1987
1992
1992
1992
1992
U-i/U
U-3/8
U-5/8
U-3/8
U-VU
U-3/8
U-l/2
1*.25
U.27
l*.5o
Aa '
Aaa
Baa
It. 30
1*.20
1*.29
1*.35
A
Aa
Aa
A
A
A
STATE AND LOCAL GOVERNMENT
Port of New York Auth.
State of Hawaii
Wash. Sub. Sanitation Dist.j
Md.
Cincinnati s Ohio
Georgia State Sch. Bldg.
Auth.
Rev.-Ut.
G.O.
35.0
10.0
1993
1965-82
3.36
2.71
3.33
1.90-2.90
15.0
10.0
196U-89
1963-87
3.02
2.77
1.85-3.305/ A
Aaa
1.50-3.00
Rev.-Rent . . 26.5
1963-83
3.09
1.60-3.1*0
G.0~
G.O.
A
K»2 ti.lit
Large Individual Issues Offered May 1 through 25 (Cont'd)
Issuer
Type 3/
Coupon
—
Amount '
(millions
r a t e or
Offering
Maturity net i n t e r - yield
of
dollars)
e s t cost
Rating
STATE AND L0G6.L GOVERNMENT
~
(Cont'd)
Austin > Texas
Port of New Orleans Board
of Comm,j La.
Salt Lake City, Utah
Metropolitan S e a t t l e , Wash.
Sacramento Mun= U t i l i t y
D i s t . , Cal:
State of I l l i n o i s
Wayne Co., Mich,
State of Mississippi
State of New York
Salt River P r o j e c t , Agri.
Imp0 Pwr. D i s t , , Arizona
3.0U
1,60-3.20
Aa
Rev.-Uto
iLo
1963-87
GoOo
G.Oo
Rev.-Ut.
25-0
11=5
16.0
1972-97
3.34
1965-80
2.69
1964-2000 3.63
2.70-3.50^ A
1.90-2.80 Aaa
2.00-3.70
—
Rev.-Ut.
G.Oo
G.O.
G.Oo
G.O.
10c 0
95.0
18.3
19,5
57.3
1966-82
1963-87
1967-2002
1963-82
1961-2012
2.96
2.96
3.66
3-12
3.22
2.10-3.15
1.55-3.15,,
2.1iO-3.75S/
1.60-3.20
1.70-3.75
G.O.
10,0
1965-9U
3.35
2.05-3.551/ A
-- Bonds
Bonds
20,0
25.0
1977
1997
5-1A
5-1A
Bonds
Bonds
25.0
17.5
1982
1977
6
Aa
Aaa
A
Aa
Aaa
OTHER
Kingdom of Denmark
Govt, of New Zealand
European Coal and Steel
Community
Japan Development Bank
I
5-iA
5.47
5.50
5.33
6.1a
-Rights o f f e r i n g .
Includes corporate and other security offerings of $15 million and over;
State and l o c a l government security offerings of $10 million and over. .
Includes f o r e i g n government and International Bank f o r Reconstruction and
Development issues and non-guaranteed issues by Federal agencies.
In t h e case of State and l o c a l government s e c u r i t i e s , G. o. denotes general
obligations; Rev.-Ut., revenue obligations secured only by income from
public u t i l i t i e s ; Rev.-Q.Ut., revenue bonds secured only by revenue from
q u a s i - u t i l i t i e s ; Rev=-S«T=, revenue bonds secured by revenue f rom s p e c i f i c
taxes only; Rev.-Rent., revenue bonds secured solely by lease payments.
l/lO per cent bonds maturing 1990-93 reoffered t o yield L W per cent.
1-1/2 per cent bonds maturing 1996-97 r e o f f e r e d t o y i e l d iuOO per cent.
3-1/2 per cent bonds maturing 2001-02 not r e o f f e r e d .
1 per cent bonds maturing 19 9U r e o f f e r e d to yield 4.00 per cent.
A
Bi
-
H.l4
Exhibit L
Forthcoming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
Date of
computation
1961 - Apr. 28
May 31
June 30
July 31
Aug, 31
Sept. 29
Oct. 31
Nov, 30
Dec. 29
1962 - Jan. 31
Feb. 28
Mar. 30
Apr. 30
During month following
date shown
Coiporate
^.Jptherg/
242
U87
521
170
172
328
3U6
326
161
480
236
431
.192
4o6
399
221
297
292
223
462
64
628
182
$
333
92
222
12
72
73
32
Subsequent to
date shown
State and
Corporate local govt.
687
611
666
. 222
240
204
411
421
291
222
341
693
298
279
771
291
237
230
424
693
498
412
267
239
239
422
Other 2/
12
72
73
32
64
92
Forthcoming Large Offerings, as of May 22
Amount
(mill ions
of dollars)
Approximate date
of offering
CORPORATE
Copenhagen Telephone Co,
Alabama Power Co,
Mountain State Tel„ & Tel. Co.
Virginia Electric & Power Co.
United Gas Corp.
Columbia Gas System, Inc.
Northern States Power Co.
New England Electric System
xTexas Gas Transmission Co.Air Reduction Co.5 Inc.
Consolidated Edison Co,
Cincinnati Gas & Elec, Co,
*Puget Sound Power & Light Co;
P h i l l i p s , No V.
^Houston Lighting & Power Co,
Commerce Oil Refining Corp,
S«F. deb.
12.0
1st mtg. bds.
17oO
' Deb.
20.0
Com. stko
40o0
lstmfcg.&coll.tl*. bds. 40„0
Deb.
22.0
1st mtg. bds.
12.0
Com. stk.
20.9
Deb.
Conv.sub.deb,
1st mtg. bds.
1st mtg. bds,
Pfd. stk.
Com, stk ,
1st mtg. bds..
Debc, bds. & com.
40 = 0
34,2
100,0
22,0
12,0
77 = 0
30.0
42.0
May 28
June 1
June 6
June 6
June 7
June 8
. June 13
June 14
(rights expire)
June 14
June 20
(rights expire)
June 20
June 22
June 27
(rights expire)
June
Indefinite
L-2
h.lit
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 25 ( 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 )
STATE AND LOCAL GOVERNMENT
Maricopa C o , , Arizona
De Kalb C o . , Georgia
xMonroe C o , , N. Y,
State of California
Houston Ind. Sch. D i s t . , Tex.
Georgia S t a t e Highway Auth.
K-Dallas Ind. Sch, D i s t . , Texas
•::-Texas U n i v . / T e x a s A&M, Texas
P i t t s b u r g h , Penna.
J e f f e r s o n County, Colorado
Tarrant County, Texas
Dade County 5 F l o r i d a
J a c k s o n v i l l e Expressway A u t h . , F'la.
G.O.
0.0.
G.O.
G.O.
G.O.
Rev.-Rent,
G.O.
Rev.-Rent.
G.O.
G.O.
G.O.
G.O.
Rev.-Ut,
11.2
1U.0
10.8
100,0
12.5
15.0
10,0
10.0
35.0
19 0 2
13.5
ii6.0
iiO.O
June 5
June 1 2
June 1 2
June lit
June 26
June 27
June 27
June 28
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
OTHER
None
Included in t a b l e f o r f i r s t time.
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 $ 1 5 m i l l i o n a n d over5 S t a t e a n d l o c a l
g o v e r n m e n t 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 g o v e r n m e n t a n d 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,
1/
@FedFRASER