Full text of H.16 Capital Market Developments : November 13, 1961

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Not for Publication
H.lij.

November 13, 19 61.
/CAPITAL MARKET DEVELOPMENTS
IN t'ift.- UNITED STATES

#8!
•
s . ^ j k s e c u r i t y financing to obtain new c a p i t a l was l i g h t l a s t
.wee^yhichj was shortened by two pa rtia l holidays—Election Day and
Jiy~while i t i s expected to be very substantial t h i s week.
During the week ending November 10, only two large State and l o c a l bond
i s s u e s aggregating $2li m i l l i o n were sold while no large corporate securi t y i s s u e s were offered. This week, ending November 17, f i v e corporate
security i s s u e s aggregating $lhh m i l l i o n are scheduled; seven State and
l o c a l i s s u e s with par value of #182 m i l l i o n are d e f i n i t e l y on the calendar
and i t i s p o s s i b l e that one of the two large i s s u e s scheduled f o r negotiated
s a l e some time t h i s month w i l l be p u b l i c l y o f f e r e d .
Bond y i e l d s . Changes i n bond y i e l d s were mixed and minor l a s t
week. Yields on corporate bonds declined one b a s i s point while y i e l d s on
long-term U. S. Government bonds rose one b a s i s point. State and l o c a l
government bond y i e l d s were unchanged.
Short- and intemediate-terro i n t e r e s t r a t e s . Yields on Treasury
b i l l s and 3-5 year U. S. Government bonds increased l a s t week. Yields on
3-month and 6-month Treasury b i l l s rose 12 and 3 basis points, r e s p e c t i v e l y
while y i e l d s on intermediate tern U. S. Government o b l i g a t i o n s increased
two b a s i s points. The average r a t e of i n t e r e s t on Federal funds rose 58
basis points to 2.88 per cent from the revised average of the previous
week. The average rate of i n t e r e s t paid on directly placed finance company
paper with 90-179 day maturity declined one b a s i s point to 2.69 per cent,
r e f l e c t i n g the f u l l e f f e c t of the rate r e v i s i o n of the previous week.
Other short- and intermediate-term i n t e r e s t rates were unchanged.
Bond referenda, while i t i s s t i l l too early to have f i n a l data
on a l l State and l o c a l govemmmt bond referenda submitted to voters in
the November 7 general e l e c t i o n , preliminary information i n d i c a t e s that
l e s s than one-half of the d o l l a r volume submitted was approved. The $1.3
b i l l i o n of bonds submitted was considerably l e s s than l a s t year as i s
usually the case in an "off-year" e l e c t i o n , but only s l i g h t l y l e s s than
i n 1959• The low percentage of approvals t h i s year r e f l e c t s primarily
disapproval of a #500 m i l l i o n New York State higher education authorization
which involved a t t i t u d e s toward State aid t o non-public c o l l e g e s . Special
considerations of various types r e s u l t i n g in disapproval were involved in
other years shown in the t a b l e on the following page when the approval r a t i o
was r e l a t i v e l y low.
Stock prices. Common stock p r i c e s , as measured by Standard and
Poor's composite index of 500 s t o c k s , rose on balance by more than two
per cent to another new high l a s t week, c l o s i n g on November 10 a t 71.07.
The average daily trading volume, a t b.8 m i l l i o n shares, was the highest
since mid-May.




Bond Proposals Submitted
in November General Elections
(In millions of dollars)
Year

Submitted

19U9
1950
1951
1952
1953
195k
1955
1956
1957
1958
1959
i960
1961

1,608
958
1,11*2
1,1*61
926
1,589
1,523
2,683
9W
2,527
1,359
3,779
1,228

Approved
1,31+2 ^
65k
1,097
1,21*2
850
1,397
556
2,1*72
775
1,882
786
3,1*10
n.a.

Per cent of
proposals
approved
83
63
96
85
92
88
37
92
82
7k
58
90
n.a.

n.a.—Not available.
More detailed information concerning recent capital market
developments i s presented in the attached 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 the Federal Reserve System.




v\
EXHIBIT

LONG-TERM

BOND

YIELDS

LOWER-GRADE




A

Exhibit B - Tables f o r Exhibit A

-5-

Long-tera Bond Yields
High-grade
Date

Corporate
Aaa 1 /

195U - Low
1957 - High
1958 - Low
1959-60 - High
i960 — Low
1961 - High
Low

2 . 8 5 (4/23)

L 23 (9/9)
Ll*6 (9/15)
L 2 1 (3/17)

Oct.
Oct.
Oct.
Nov.
Nov.

Ll*2
k.h2
LU2
1*.1*0
L39

U. S. Govt.
long-term 2 /
(per cent)

13
20
27
3
10 2 /

L i l t (9/27)
3.55 (5/2)
L 6 l (1/29/60)

State and
local
government
Aaa 3/

r

Spread between
U. S. Govt,> and
Corporate State and
Aaa
l o c a l Aaa

It.06 (9/15)
3.70 (5/12)

2.99 (9/1)
3.37 (7/6)
3.12 (2/23)

.3°
.60
.22
.59
.19
.57
.1*0

.30
.50
.31*
.92
• 53
.76
.1*6

LOO
3.98
3.96
3.95
3.96

3.30
3.27
3.25
3.2li
3.24

.1*2
.1*1*
.1*6
.1*5
.1*3

.70
.71
.71
.71
.72

2.1*5 (8/6)

1.90 (9/2)

3 . 7 6 (10/18)
3 . 0 7 (4/25)
L l | 2 (1/8/60)
3.75 (8/5)

3.15

(8/29)

3.65

(9/24/£9)

2.61* (5/1)

Lower-grade

Date

Corporate
Baa 1 /

State and
l o c a l govt.
Baa U

Spread between
Aaa and Baa
State and
Corporate
local Kovt.

(per cent)
1951* - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low
Oct.
Oct.
Oct.
Nov.
Nov.

13
20
27
3
10 2 /

3.1*1* (12/31)

2.93 (e/5)

5 . 1 0 (11/29)
L 5 1 (7/11)
5 . 3 6 (2/12/60)
L 9 8 (9/9)

LSI

(e/29)

3.6I4 (6/1)

U. I46 (1/7/60)
3 . 9 8 (12/29)

5.13 (10/27)
5.oo (I1/21)

k.16 (3/23)
3.93 (11A0)

5.13
5.13
5.13
5.12
5.ii

Loo

LOO'
3.9h

s; -

.52

1.2?

'.Ik
.71
..81

.93
1.08

.66

.93
.57

.71
.71
.71
.72
.72

.70
.73
.69
.69
.69

p/ Preliminary. "
y Weekly average of delly figure#. Average term of bowde Included i e 23 *20 year#.
2/ Weekly average of daily figures. The serlss Includes bonds due or callable In 10 years or more.
3/ Thursday figures. Only general obligation bonds are Included) average term i s 20 years.
Note.—illghs and lows ore for individual series 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 ,
tor spreads, high r e f e r s to widsst, and lew to narrowest.




.96

1.21

•

V)

SHORT-

AND

INTERMEDIATE-

TERM

INTEREST RATES

GOVERNMENT

3 - S VIA« ISSUES

Oi
BANKS

AND

OTHER

PRIVATE

tATES r'




BORROWERS

STOtI EXCHANGE

-?•
E x h i b i t D - Tables f o r Exhibit, C
3 i o r t - and I n t e r m e d i a t e - t e n a I n t e r e s t h a t e s
Government

/

Date

Discount
rate
1/

19514 - Low
1 9 5 7 - High
1 9 5 0 - Low
1 9 5 9 - 6 0 - High
I 9 6 0 - Low
1961 - high
Low

1.50
3.50
1.75
Loo
3.00
3.00
3.00

.61
3.6k
.58
k.59
2.11
2.56
2.17

3.00
3.00
3.00
3.00
3.00

2.3k
2.29
2.29
2.28
2.hO

Oct. 13
Oct. 2 0 . ,
O c t . 27
Nov. 3
.Nov. 1 0 E /

Yields
6-month
bills 2/
(per cent)

3-month
b i l l s 2/

(6/11)
(10/ie)
(6/29)
(1/8/60)
(10/28)
(3/3)
(1/27)

3 . 02
5.07
2.38
2.78
2.35

(12/26)
(i/a/60)
(12/30)
(8/18)
(k/28)

2.67
2.68
2.67
2.58
2.61

S p r e a d b e t w e e n y i e l d s on
3 - m o n t h b i l l s and y i e l d s 01
6-mo. b i l l s 1 3 - 5 y r . i s s u e s

3-5 year
issues 2/

1.66
U.OU
2.1k
5.00
3.1|0
3.86
3.15

(4/30)
(10/18)
(6A)
(12/24/68)
(12/30)
(8/11)
(5A2)

3.67
3.66
3.63
3.61
3.63

-

.26
.79
.16
. a
.12

.66
.86
.ok
1.81
.38
1.51
.92

.33
.39
.38
.30
.21

1.33
1.37
1.3k
1.33
.1.23

•

Banks anfl. Otfrexi P r i v a t e B o r r o w e r s
Prime
rate 1/

F i n a n c e companyp a p e r 2/

Date

Stock Exchange
call loan 1/

1-9 '>h - Low
- High
1 J*;, ft - Low
lv!>9-- 6 0 - H i g h .
lV'-U
1961 - High
Low

3.00
k,5o
3.50
5.50
It. 5 0
li.50
k.56

3.00
k.50
3.50
* 5.oo
•k.50
k.50
k.5o

1.25
3,88
1.13
5:. 1 3
2; 0 8
2.88
2.50

4.50
k.5o
k.50
k.50
k.50

k.50
k.50
k.50
k.50
k.50

2.81
2.81
2.76
2.70
2.69

Federal
funds y

Spread between
3-rao. b i l l o arid
f i n a n c e co. paper

(per cent)

Oct. 13
O c t . 20
O c t . 27
Nov. 3
N o v . 1 0 2/

-

Stock Exohant-s o*ll lt»h rat* i s going rate on eell loams
H».. York City banks, Prime rate &# that charged by large
the highest credit standing.
y Market yield, weekly averages computed fro* dally cloning
eelooted notes and bonds.
3/ Average of dally rates published by flnames companies for

(12/at)
(11/15)
(«/«)
(1/22/60)
(12/30)
(3/10)
(7/28)

3.50
.13
k.00
.95
2.88
.k3
2.75
2.20
2.k5
2.30
2.88

(11/0)
(5/2«)
(5/13/60)
(12/2)
(11/10)
(1/27)

£/

0
.63
-.35
1.02
.22
.56
.11
.k7
.52
-47
.k2
.29

•• cured by customers1 stock exohenge collateral at
banks en ihnrt-term loans to buelnese borrowers of
bid pries#. Series of 3-5 year issues consists of
*
directly pU-ied paper for vnryisg r a t i r l t l e s in the

4/ Weekly
dully effective r a t e , which i s the rate for the heaviest volrne of purchase and sale t r u n c a t i o n ,
&e reported to the Federal Reservs Bank of New York.
Not-t.-hliihs and lows are for individual series and may be on different dates for different dates for different sorles.
tor spreads, high r e f e r s to widest, and low to narrowest.




EXHIBIT E

STOCK MARKET

M O R T G A G E A N D B O N D YIELDS




i.

Exhibit r - Tables f o r Exhibit E
Stock Market

Date

Stock prico
index 1 /

Trading
volume 2 /
yields 2/ (millions
(per cent) of shares)
Common

1957-60 - High
Low
1961 - High
Low

60.51 ( 7 / 3 1 / 6 9 )
39.18 ( I P / 2 0 / 3 7 )
71.07 (11/LO)
58.48 ( 1 / 6 )

3.08
4.72
2.85
3.32

li.9
. 1.14
5.8
2.7

September
October
Oct. 27
Nov. 3
Nov. 10 e /

67.26
68.00
68.31
69.147
71.07

2.92
2.90
2.90
2.85
2.80

3.2
3.3
3.14
3.6
4.8

Stock market customer c r e d i t
Customers1
Bank
Total
debit b a l loans t o
anccs It/
"others" 5 /
(In m i l l i o n s of dollars)
i+,76U (4/50) 3*1401 (4/59) 1,373 ( 5/59)
3,554 (1/68) 2,482 (12/57) 1,060 (15/57)
5,386(5/61) 4,060(5/61) 1,377(8/28)
4,U2l4(l/6l) 3,253(1/61) 1 , 1 6 1 ( 3 / 8 )
5,311
n.a.
n.a.

n.a.
n.a.

3,991
n.a.
n.a.
n.a.

1,320
1,3014
1,301
1,310

n.a.-.Not available,
fl/
Pmlls-lMry.
1 / Standard find P o o r ' s ccraporite Index of 500 ceamon s t e e k « , weekly e l e M i y p r i c e s , 1041-43*10. Monthly data a r e
a v e r a g e s of d a l l y f i g u r e a r a t h o r t h a n of M d t y ' e o n l y . High*' and Ions are f o r Fridays 1 data o n l y ,
2 / Standard and P o o r ' a ecmponite stock y i e l d based on Wednesday d a t a converted t o weekly c l o s i n g p r i c e s by Federal
Reocrve. Yicldn ohovn a r e f o r dateo on which p r i c e Index reaohod l t u high or lew.
3 / Averages o f d a i l y t r a d i n g volvvue on t h e Mew York Stock Btchaiye,
4/ End of month f i g u r e s ' o r member f i r m s of t h e flaw York Stock Bcchange which c a r r y margin a c c o u n t ^ excludes balance•
eecured by U. S . Government o b l i g a t i o n s .
5 / Wednoadiy f i g u r e s f o r weekly r e p o r t i n g member banks. Excludes l o a n s f o r purchactr;. or e a r n i n g V. S. Government
r o c u r t t i e r . P r i o r t o J u l y 1 , 1059, such los-nn e r e excluded only a t banlco i n How York and Chicago, Meekly r e p o r t i n g
banks account f o r about 70 per cent of loans t o o t h e r o . For f u r t h e r d e t a i l sou B u l l e t i n .

Mortgage and Bond Yields 1 /
Date
1953-58 - high
Low
1959-60 - High
Low
1961 - June
July
August
September
October

FHA
mortgages 2 /

Spread between now
Aaa corporate
corporate bonds and
bonds 1 /
New 3/ I Seasoned 4/ FtlA mortfaneclSoaaonod bonds

5:8 iSS?
6.2k ( 1 / 6 0 )
5.57 ( 3 / 5 9 )

4.65
' 4.62
4.59
4.38
4.26

n.a.
5.70
5.71
5.72
n.a.

to a semiannual I n t e r n e t investment,
%J D..,d.n m. fl.ld-.rrl..
'»11>

5.29 ( 9 / 5 9 )
b-29 ( 2 / 5 9 )

sss
I4.61 (1/60)
4.12 (1/59)

4.33

4.a

U.14S

4.45
4.42

1.96
.514
1.76
.83

.90
-.12
.77
-.07

n.a.
1.08

.32

1.12
1.34

.21

.14
-.07

.16

would be s l i g h t l y higher than given i n the t a b l e .

av.rag. Ud prl... In

par cent or more, weighted by probable
PMd

.rr m 12

S X I T i i l / w a i w w piu-i.d. .r

1*9 oT p u b l l e l y - e o l d bonds

ana A loauns ore f l r e t a d j u s t e d to an AAA b a e l s
„n,l forolKn eomptmleo) weighted by nlxe of l s s u o . Yields
end those on s a a - r a t e d bonds. The serVeo r e a.ss
ti.'itisMi?!#
s w i new o f f e r i n g .
4 / Mnoity'n Inventors S e r v i c e . Monthly a v « r r . ^ s of d u l l y d a t a . See Exhibit B.




-10-

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

1961
January
February
March
April
May
July
August
September
October
November
December
1st
2nd
3rd
Iith

quarter
quarter
quarter
quarter

1 s t half
Three quarters
Year

Mew capital
Corporate 1/
State and local 2/
1 1960
1 1959
1961
1 . I960
! 1959

580
66?
#2

570
715
860

821
738
6#

716
683
760

2,118
1,259
1,318

761
. i S .

'89k
785
887

72h
628
1,015

7 6
A
967
726

535
7k>
703

587
e/800
e/800

890
' 956
852

1,809
L,<#5
E/2,283

2,115
2,382
2,128
2,698

6.50ii
2/8,787

1,527
PM-

e/600
e/750

%
900 '
2,2014
2,567
2?6&
1,771
6,750
9,392

700
611
568

'

:

6W .

8

$'

719
51*5
991 •

987

192
606
683

1*U3
521
1<70

3148
5di
I91

593
1*50
1478

2,159
'2,367
e/±,79k

1,880
2.,256
1,780
l,3b0

2,lh5
2,1.88
l,li33
1,521 .

h,526
e/6,320

ii,136
5,916_
7,257

k,63k
6,067
7,508

Excluding l'innrice companies J /
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

l.SSh
h,552
E/2,183

Year
e/
1/
2/
y

1,716
2,165
2,016
2,317

1,9992,1*12
1,716
2,503

8,216

8,630

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




Exhibit ti

-11-

Other Security Offerings
( I n m i l l i o n s of d o l l a r s )
Gross long-term 1 /
Federal agency
Foreign government 2/
1961
1950"
1961
I960
1959

£

1959

6
29
20

2
175
70

81
60
2

2
66
29

3k
72
Uo

58
50

25
1
36

85
1
35

31*
2

33
30
70

160
11*9
181

86

51*7

1,672

707

1*1

533

1*2

252

182
150
150

100
11*9
278

11*8

256

199

199
175

351*

98
150

Wet short-term 1*7""
State and l o c a l government 5 /
Federal agency 3/*"
-11*1*
-162
-171*

-196
-202
-59

-82
176
33

197
-25
-197

-79
-87
207

-277
170
320

. 50
368
286

22
193
-727

95
23

-Si

57
392
131

362
133
79

-16
50
-189

-176
-117

-23
-33
-250

" 2i£

18

362

-633

1,969

58

160
195

11*0

-103
-1*2
-155

70
-11*6
-157

109

1*8

g/
1/

-80

-1*
181
1*

-81

-201 •

280

Preliminary.
j
These data d i f f e r from these I n Exhibit 0 i n t h a t r e f u n d i i * iaauea, a s well a s new c a p i t a l i s s u e s , are included.
Long-term a e o i r i t i e s are defined a s those maturing i n more than one y e a r .
/
2 / Includes a e o u r i t i e s o f f e r e d i n the. United S t a t e s by foreign governments and t h e i r subdivisions and by l n t i r national organizations. Source« S e c u r i t i e s and Exchange Commission.
3/ I s s u e s not guprarrtiied by the U. S. Government. Souroet . long-term, S e c u r i t i e s and Exchange Commission* shortterm , Treasury Department and Federal Reserve.
4 / These feta d i f f e r from those i n Exhibit 0 and above i n t h a t they represent new o f f e r i n g s lefti r e t i r e m e n t s , whether
from the proceeds of reftindlng iaauea or from other funds, fcta include only iaauea with o r i g i n a l maturity of one
year or l e s s .
5 / PriMolpally tax ai>4 bond a n t i c i p a t i o n nctea, warrants or c e r t i f i c a t e s and Public Housing Authority n o t e s . I *
flo<ni» lnstanoes PH4 notes Included may have a somewhat longer term than one y e a r . Sourcei ' Bond Buyer and
Federal «•serve.




Exhibit I
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1 /
i

Proceeds of Large Issues Offered

'

(In millions of dollars)
Month

Total

October
November
December
January
February
March
April
May
June
July
August
September
October

566
1*65
260
11*7
267
70
1,572
557
532
1*75
185
168
351*

Corporate
Bonds
(other than Convertible
bonds
convertibles)
551
ii65
235
106
230

Stocks
15

—

&
1*80

15
75
33
67

Other 2 /
:<

1*6

77
150
99.

186
222
391

25
1*1
37
5
1,010
62
97
115
20
58
81

1*0

135
285
165
78
205

State
and
local
government

s
s

616
179
281
1*35
326

•

67

25
151
100
73 '
1*0

1

Large Individual Issues Offered November 1 through 10
Issuer

Type 2 /

CORPORATE
Northern Natural Qas Co.
Family Finance Corp.
FMC Corp.
Idahp Power Co.
Idaho Power Co.
Gen. Tel. Co. of Fla.

Amount""
Coupon
(millions
rate or Offering
Maturity
Eating;
of
net i n t e r - yield
dollars)
est cost
10

S.F. deb.
Sen. deb.
Conv.sub.deb.
1st mtg. bds.
Com. stk.
1st mtg. bds.

20.0
25.0
26.0
10.0
7.5
15.0

1981
1981
1981
1991

1*—5/8
5
3-1/8
k-l/2

1*.60
5.06
3.13
U.U7

Baa
Aa

1991

lt-5/8

1*.60

A

A
—

STATE AND LOCAL GOVERNMENT
Public Housing Auth."
Virginia State Ports Auth.
Philadelphia, Pa.
Oklahoma Aim pike Auth.
State of Hawaii
Nassau County, New York
OTHER
- None



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

78.5 1962-2002 3.W
27.5 1962-91 3-3-3/1;
19.0 1963-87
3.31
2001
56.5
1*.98
10.0 196U-81
3.21*
13.8 1962-90
3.33

1.140-3.55
1.60-3.78
1.65-1*.60
It. 75
2.10-3.45
1.60-3.55

Aaa
A
A
A
A

h.lU

1-2

-13-

Footnotes
«-—Rights o f f e r i n g .
1/ Includes corporate and other security offerings of $15 m i l l i o n and over;
State and l o c a l government security offerings of $10 million and over.
2/ Includes foreign government and International Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies.
3 / In the 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 from s p e c i f i c
taxes only; Rev.-Rent., revenue bonds secured s o l e l y by l e a s e payments.




-ill-

Exhibit J
Forthcoming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Largd Issues
Subsequent t o
date shown
State and
other 2 /
l o c a l govt.

During month following
date shown

Date of
computation

Corporate
1*1*0
260
91
110
55
1,580
51*2
487
521
170
175
358
31*6

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

g^Jotherl/
258

50

2h2

1*12
181
307
559
236
1*31
195
1*06
399
251
597

15
75
73
35

Corporate
585
335
1,036
1,01*6
1,125
1,700
687
611
666
255
21#
5ol*
1*11

50

391
560
682
360
638
806
579
771
291
537
530
1*51*
693

15
75
73
35
—

Forthcoming Large Offerings, as of November 10
Issuer

type

Amount
Approximate date
(millions
of o f f e r i n g
of dollars)

CORPORATE
Rochester Gag & E l e c t r i c Co.
Macy Credit Corp.
P a c i f i c Northwest B e l l Tel. Co.
Natural Gas Pipeline Co. of America
Carolina JPower & Light Co.
Texas Eastern Trans. Co.
Consolidated Edison Co. of N. Y.
Pennsylvania Power & Light Co.
^General Tel. Co. of C a l i f .
•^Tennessee Gas Transmission Co.
•^Pacific Lighting Corp.
Commerce Oil Refining Corp.
Realty Collateral Corp.

1 s t mtg, bds.
Sen. deb.
Deb.
Deb., & pfd. stk.
1st mtg.bds.&com.stk.
1 s t p.1.mtg.bds.
1st & ref.mtg.bds.
1 s t mtg. bds.
1 s t mtg. bds.
Deb.
Com. stk.
Deb., bds. & com.
Coll. t r . notes

15.0
20.0
5o.o
25.0
33.7
35.0
60.0
30.0
25.0
50.0
36.6
1*5.0
20.0

Nov. 15
Nov. 15
Nov. 16
Nov. 16
Nov. 17
Nov. 21
Nov. 22
Nov. 29
Dec. 7
Dec. 12
Bee.
Indefinite
Indefinite

30.8
20.0
12.5
20.0
I6.I4
35.0

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

STATE AND LOCAL GOVERNMENT
Ascension-St. James Bridge & Ferry
Authority
Los Angeles Flood Cont. D i e t . , C a l i f .
Maryland State Roads Comm.
...State of Oregon
State of New Hampshire

Georgia
State Highway Authority



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

Rev. -S, T.

13
lit
15
15
15
16

J-2

-15

Forthcoming Large Offerings, as of November 10 (Cont'd)
Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

STATE AND LOCAL GOVERNMENT (Cont'd)
Omaha Public Power D i s t . , Nebraska
State of Ohio
Buffalo, New York
Triborough Bridge & Tunnel Auth.
Florida Turnpike Auth.
*San Jose, California
^Baltimore, Maryland
*New York City, New York
*Penna. State Public Bldg. Auth.
*Los Angeles Dept. of Wtr. & Pwr.
Orleans Parish Sch. D i s t . , La.
Dade County, Florida
Jacksonville Expressway Auth.

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

17.0
30.0
11.6
100.0
100.0
20.0
28.5
53.1
25.0
16.0
10.0
1*6.0
I4O.O

Bonds

25.0

Nov. 16
Nov. 21
Nov. 21
Nov.
Nov.
Dec. 1
Dec. 5
Dec. 12
. Dec. 12
Dec. 13
Indefinite
Indefinite
Indefinite

OTHER
^Kingdom of Belgium

Nov. 30

*—Included in table f o r f i r s t time.
] / Includes corporate and other issues of $15 million and over; State and
l o c a l government issues of #10 million and over.
2/ Includes foreign government and International Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed issues by Federal agencies.
Note. <—Deletions for reasons other than s a l e of i s s u e : None.




iLXhibit K

-16-

Yields on New and Outstanding
Electric Power bonds, lioted Aa and A 1/
Date

1952-1960 - high
Low
1961 - Jan. 12
16
25
Feb. B

A-rated oiTorinp yields
Aa-rated offering yields
,iount- above
Amount above
Actual
Actual
seasoned yields
seasoned yields
(per cent) (basis points) (per cent) (basis points)
5.30 (12/8/59)
2.93 (3/31/5k)

67
-8

11
7
-2

.1.60
fcg

16

16
har. 23

U.37

Apr. 13
21
26
27
May 17
18

14.80
L.6?
lt.50 2/
14.57

lj3
25
13 '
20

1.65

27

2k

8

I

June fl
13
26

July 13
26
Aug, 3
9
Uct. 3
19
26
Nov. 2

4,87

l4l

14.65

Hi

14.85

29

5.65 (9/18/59)
3.00 ( 3 / 1 7 M )

123
-15

L60
14.65
14.147
14.50
1U0
14.65 2/
14.80 y

-2
5
-13
5
-5
17
32

I4.72

19

14.80

27

14.914
$.12
. 14,92

ho
55
36

14.93

29

14.90

20

14.5/

-lit

-114
-I

LI,:!

I4.I47 .

-3

Covers only 30-year l i r s t mortgage bonds, as reported in hoocty10 Bond Survo^.

varies from 26 to 28 yeara.
2/

ieouoo with auch a provision,




other issues have no such provision.

I