Full text of H.16 Capital Market Developments : November 13, 1962

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INTR0LLED a f t e r

s i x mouths

H. 14

November 13, 1962„
% s m

^ET DEVELOPMENTS
UNITED STATES

"ftiCvolume of public security financing to obtain new capital
was quite light last week but is expected to be rather substantial this
week. During the week ending November 9, one large corporate security
issue of $23 million was offered and one State and local government bond
issue with par value of $12 million was sold. This week, ending November
16, two corporate issues totaling $85 million and five State and local
issues amounting to $134 million are scheduled for offering.
Bond yields. Yields on seasoned, long-term bonds either declined
slightly further or were stable last week. Yields on Baa-rated corporate
bonds dropped 2 basis points to 4.97 per cent, one basis point below their
late May low and the lowest level since mid-May 1959, while U, S. Government
bond yields fell one basis point to 3=86 per cent, one basis point above
this year's low. Yields on both Aaa-rated corporate and municipal bonds
were both stable at their lows for the year of 4.26 and 2.88 per cent,
respectively; Baa-rated municipals were also stable at 3.53 per cent., one
basis point above this year's mid-May low.
Average yields on newly offered corporate bonds, adjusted to an
Aaa basis, were 4.01 per cent last week, 3 basis points under the average
for the previous week. At this level, average yields were slightly below
their mid-May low and lower than a: any time since July 1958.
Short- and intermediate-term interest rates. Treasury bill rates
rose sharply last week but yields on 3-5 year U. S. Government obligations
declined further. Yields on 3-month and 6-month Treasury bills were up
8 and 5 basis points3 respectively, after eight consecutive weeks of either
declining or remaining stable;; as a result the spread between yields on
3- and 6-month bills narrowed to 5 basis points, the lowest on record.
Yields on intermediate"term Government securities fell 2 basis points
further to 3.43 per cent, a new low for the year. Finance companies
increased the advertised rate on their directly-placed paper with 90-179
day maturity by one-eighth of a percentage point last week--several
companies are now quoting 3 per cent and the rest 3-1/8 per cent -causing
an increase of 8 basis points in the average rate on such paper to 3.03
per cent. The Federal funds rate rose 7 basis points to 3.00 per cent..
Other short- and intermediate-term interest, rates were unchanged.
Bond referenda. While it is still too early to have final data on
all State and local government bond referenda submitted to voters in the
November 6 general election, preliminary information indicates that about
nine-tenths of the dollar volume submitted was approved„ The $1.9 billion
of bonds submitted was about cne-third larger than the amount submitted
in last year's off-year election3 but the total submitted in off-year
elections is usually smaller than in other years; in comparison with recent
general election submissions, the total this year was the smallest amount
ance 1954. The high approval rate this year reflected approval of a
number of very large proposals which will result in gradual issuance of
bonds over a number of years. (See table on following page)




Mortgage recordings. Nonfarm mortgage recordings of $20,000
or less rose 3 per cent further in July, the latest month for which data
are available on a three-month seasonally adjusted basis. The monthly
rate of $2,973 thousand was a new high, 12 per cent above a year earlier=
Conventional loans continued to account for about four-fifths of the total
' Stock prices, Common stock prices advanced appreciably further
last week in very active trading. Prices, as measured by Standard and
Poor's composite index of 500 stocks, rose almost 2 per cent on balance,
closing at 58.77 on November 9. Trading volume averaged 4.4 million shares
a day, 0.4 million above the average for the previous week.

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

Year

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962

Submitted

1,608
958
1 ; 142
1,461
926
1,589
1,523
2,683
940
2,527
1,359
3,779
1,284
1,929

Approved

1,342
654
1,097
1,242
850
1,397
556
2,472
775
1,882
786
3,410
593
n.a.

Per cent of
proposals
approved
83 •
68
96
85
92
88
37
92
82
74
58
90
46
n.a.

n.a.--Not available.

More detailed information concerning recent capital market
developments is presented in the attached exhibits.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




EXHIBIT A. Pari I
J.ONG-TERM

BONID Y1 E t P S , H I G H - G R A D E

We.klv

COBPOIATE A i l

Cheng# In

Exhibit A - Part II

Date

Corporate'
Aaa 1/

U. S. Govt,
long-term 2/

State and
local
government
Aaa 3/

(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
Oct.
Oct.
Oct.
Nov.
Nov.
Note:

12
19
26
2
9 ]>/

ll.lit (9/27)

3.55 (5/2)

3.76 (10/iB)
3.07

(4/25)

h . 2 1 (3/17/61

U.l|2 (1/8/60)
3.70 (s/1%/61)

U-l+6 (9/15)

1.07

4.43 (2/16)
4.26 (11/9)

4.12 (2/23)
3.85 (5/11)

4.28
4.27
4.27
4.26
4.26/

3.90
3.88
3.89
3.87
3.86

U . 6 1 (1/29/60)

For footnotes see Exhibit B.




(12/29)

3.1*5 (8/29)
2.64(5/1)
3 . 6 5 (9/24/59)
2 . 9 9 (9/1/60)

Spread betweenr
U. S. Govt, and
Corporate
State and
Aaa
local Aaa

.60
.22

.59

.19

il6
.76

3.37 (7/6)
3.26 (1/4)

.57
.47
.29

1.08
.80

2.99
2.89

.38
.39
.38
.39
.40

.91
.99
1.01
.99
.98

2.88 (11/8)

2.88
2.88
2.88

EXHIBIT B, Pari I
LONG-TERM

BOND YIELDS, LOWER-GRADE

CORPORATE l a

STATE AND LOCAL GOVERNMENT 1

1959
Exhibit

Corporate

Date

Baa 1 /

I960
B

- Part

II

State and
local govt.
Baa

3/

Spread between
Aaa

and

Baa

Corporate

State and
local govt.

(per cent)
1957

- High

1958

- Low

1959-60

5 - 1 0 (11/29)

- High

1960-61 Low

3 . 6 k (5/lj
W 6

(3/7/60)

1.27

1.21

.77
.8k

.93
1.08

k . 9 8 (9/9/60)

3 . 9 3 (11/9/61)

1961

- High

.66

5 . 1 3 (10/27)

U . 1 6 (3/23)

.57

1962

- High

.81

5.11

(1/5)

4.04

(1/11)

.74

.93
.82

4.97

(11/9)

3.52

(5/17)

.63

.56

Oct.

12

Low

4.99

3.65

.71

.66

Oct.

19

4.98

3.59

Oct.

26

.71

.70

4.98

3.58

.71

.70

3.53

.73

.65

3.53

.71

.65

Nov.

2

4.99

Nov.

9 sJ

4.97

"/
y

k . S l (8/29)

lt.5L <7/11)
5 . 3 6 (2/12/60)

•

—

-

/

1

Weekly average of daily figures.

Average term of bonds included in 23-26 years.

2 / Weekly average of daily figures. The series includes bonds due o r callable in 10 years o r more.
3 / Thursday figures. Only g e n e r a l obligation bonds are included; average tern ia 20 years.
N o t e . — H i g h s and lows are f o r individual series and m a y be on different dates f o r different
series. J o r spreads, high refers to widest, and low to narrowest.




SHORT- A N D

I N T E R M E D I A T E - T E R M INTEREST R A T E S . G O V E R N M E N T

i"

i-

MONTH I I U S

.

/

pvr iVA

_3 - 5 YUK ISSUI$1_

B. DISCOUNT KATE
3 • MONTH I I U S

1 1 1 1 1 1 1 1 1 1 1M
1958

Ml

ii 11 i 1 1 1 1 1 1

1959

194 0

M*1

J 962

Exhibit C - Part II
Bate

1957 - High
1958 - Low
1959-60 - H
1960-61 Low
1961 - High
1962 - High
Low
Oct.
Oct.
Oct.
Nov.
Nov.
1/

12
19
26
2
9 j>/

Discount
rate

V

3-month
bills 2/

Yields
6-month
bills 2/
(per cent)

3-5 year
issues 2/

Spread between yields on 3month bills and yields on
6-mo. bills 13-5 yr. issues

3.50
1.75
it. 00
3.00
3.00
3.00
3.00

3.64 (10/18)
It. Oil (10/18)
.58 (5/29)
3.02 (12/26) 2.1i* (6/6)
ii. 59 (1/8/60) 5.07 (1/8/60) 5.00 (12/24/59)
2.11 (10/28/60) 2.35 (4/28/61) 3.15 (5/12/61)
2.66 (12/29)
2.90 (12/29) 3.86(8/11)
2.97 (7/13)
3.13 (7/20) 3.88 (2/2)
2.65 (6/8)
2.74 (6/8)
3.43 (H/9)

3.00
3.00
3.00
3.00
3.00

2.76
2.74
2.74
2.74 /
2.82/

2.86
2.84
2.83
2.82
2.87

3.46
3.46
3.48
3.45
3.43

.24
.05

.86
.oU
1.81
.38
1.51
1.19
.61 •

.10
.10
.09
.08
.05

.70
.72
.74
.71
.61

.26
.79
.12

Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of New York.

2/

Market yield; weekly averages computed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes and bonds.
N o t e , — H i g h s and lows are for individual series and may be on different dates for different series.
For spreads, hjigh refers to widest, and low to narrowest.




EXHIBIT D, Pari I
SHORT- AND
BANKS AND

I N T E R M E D I A T E - T E R M INTEREST RATES,
OTHER PRIVATE BORROWERS

STOCK E X C H A N G E
CAU 10ANS

-L-L1J-1-LJ I I I I

LLLJ

Exhibit D - Part II
Date

Stock Exchange
call loan 1/
r-

Prime
rate 1/

Federal
funds 3/

(per cent)

1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low

U.50
3.50
5.50
li.50
1.50
4.50
4.50

li.50
3.50
5.00
L5o
1.50
4.50
4.50

Oct.
Oct.
Oct.
Nov.
Nov.

4.50
4.50
.4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

12
19
26
2
9 2/

Finance company
paper 2/

3 . 8 8 (11/15)

1.13 (8/8)
5.13 (1/22/60)
2 . 5 0 (8/5/61)
3 . 0 0 (12/29)

3.25 (7/20)
- 2.88 (6/1)
3.02
3.00
3.00
2.95
3.03

3.50 (11/8)
.13(5/29)
L 0 0 (5/13/60)
.i|3 (1/27/61)
2 . 8 8 (12/29)

3.00 (11/9)
. 1.30 (1/26)
2.75
2.95
2.88
2.93
3:00

Spread between
3-mo. bills and
finance Co. paper

.63
-.35

1.02

.11

.56
.45
.19
.26
.26
.26
.21
.21

Weekly rate shown is that in effect at end of period. Stock Exchange call loan rate is point rate
on call loans secured by customers' stock exchange collateral at New York City banks. Prime rate
is that charged by largo banks on short-term loans to business borrowers of the highest credit
standings
2/ Average of daily rates published by finance companies for directly placed paper for varying maturities
in the 90-179 day range.
3 / Weekly average of daily effective rate, which is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of Nevr York.
'
Note . — H i g h s and lows are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.
y




EXHIBIT E. Port I
STOCK M A R K E T
1941-43 Av.ro^

1» of Oollori
_E_

/

."OP

|l

-iioo,
3 600 —

—

V
lllionl of Sh

1957
Exhibit E

Stock price
index 1/

-- P a r t

Common
stock
yields 2/

IV*?

...

II

Trading

Stock market

v o l u m e 1/
(millions

Total

(per cent) of shares)

customer credit

Customers1
debit balances V

Bank
loans to
"others" 5 /

( I n m i l l i o n s of d o l l a r s )
1960-61 - High
Low
1962 - High
Low

72.01* (12/6/61)

2.82
3.62

2.2

5 , 6 0 2 (u>/6ifr,259 (12/ei) 1 , 3 7 7 (e/ao/ei)
it,llt2 (5/60) 3 , 0 0 U (7/60) 1 , 1 2 1 (5/25/60)

70.94 (3/16)

2.93

10.1

5,491

(4)

4,111

(1)

1,418

(5/9)

52.68

3.96

2.4

4,876

(7)

3,562 (7)

1,269

(9/26)

3,886

1,288
1,301

53.32

(10/21/60)
(6/22)

5.8

September

58.00

3.60

October
Oct. 26

56.17
54.54

3.71
3.84

Nov. 2

57.75

3.61

4.0

N o v . 9 j>/

58.77

3.55

4.4

5,155
3.4
5.0

1,288
1,301

n . a . — N o t available.
jj7 Preliminary.
!
3/ Standard and Poor's composite index of 500 common stocks, weekly closing prices, 1941-43*10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are for
Friday's data only.
2j Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are, for dates on which price index reached its high

r
5/

Averages of daily trading volume on the New York Stgck Exchange.
End of month figures for member firms of the New York Stock'Exchange which carry margin accounts;
excludes balances secured by U . S. Government obligations.
Wednesday figures for weekly reporting member banks. Excludes loans for purchasing o r carrying
0. S. Government securities. Prior to July 1, 1959, such loans are excluded only at banks in
N e w York and Chicago. Weekly reporting banks account for about 70 per cent of loans to others.
For further detail see Bulletin.




MORTGAGE RECORDINGS A N D LOANS ^

1955

1956

1957

1958

1959

1960

1961 "

1962 |

E x h i b i t F - Part I I

Date

Total
Seasonally
Unadjusted
adjusted 2/

Unadjusted
FHA

VA

Conv.

(Millions of dollars)
1961 - A u g . .
Sept.
Oct.
Nov.
Dec.
1962 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.

1/

2,652
2,723
2,775
2,779
2,763
2,696
2,682
2,670
2,745
2,836
2,891
2,973
n.a.

3,004
2,777
2,961
2,754
2,579
2,459
2,238
2,627
2,704
2,983
3,075
3,134
3,333

463
422
432
484
426
480
398
418
372
403
404
433
465

182
168
201
206
197
227
175
205
182
184
207
219
247

2,359
2,186
2,328
2,064
1,957
1,752
1,665
2,004
2,151
2,397
2,464
2,482
2,621

Total recordings data are estimates based on reports from about 450 areas and
include mortgages of $20,000 or less secured by nonfarm real estate, primarily
residential properties. FHA-insured loans represent gross amount bf insurance
written, and VA-guaranteed loans the gross amount of loans closed, on 1-4 family
houses. Conventional data are derived as a residual, although total recordings
and VA and FHA loans are not strictly comparable in concept or timing.
y
Three-month moving average, seasonally adjusted by Federal Reserve.
Source: Federal Home Loan Bank Board, Federal Housing Administration and Veterans
Administration.
'




f
H. 14

Exhibit G
Yields on New Corporate Bond Issues Adjusted to an Aaa Basis

Number
of issues
included

i
«
1
|
1
!

Monthly averages;
1962 - January
February
March
April
May
June
July
August
September
October
November
December

' Weekly averages;
i962 - January 5
12
19
26
February 2
9
16
23
March 2
9
16
23
30
1
April 6
13
20
27
May 4
11
18
25
June 1
8

Amount
of issues Average
yield
included
(per
(millions
of dollars) cent)

4
5
6
7
7
12
6
11.
3
4

130.0
394.5
240.0
299.0
148.0
368.0
141.0
379.3
66.9
400.0

4.45
4.50
4.23
4.17
4.09
4.15
4.33
4.30
4.13
r/4.23

1

60.0

4.50

3

70.0

2
1
1
1
1
1
2
2
2
2
2

19.5
300.0
50.0
2570
30.0
65.0
60.0
85.0
98.0
26.0
100.0

4.40
4.52*
4.50
4.37
4.29
4.23
4.21
4.22
4.21
4.12
4.17*

4.40

2
2
2
2
1
3

115.0
28.0
41.0
39.0
17.0
115.0

4.14
4.21*
4.02
4.07
4.06
4.24*

--

Number
of issues
included

June 15
22
29
July 6
13
20
27
August 3
10
17
24
31
September 7
14
21
28
October 5 "
12
19
26
November 2
9
16
23
30
December 7
14
21
28

4
3
1

Amount
of issues
included
(millions
of dollars)

67.0
145.0
24,0

--

1
3
1
4
2
3
2
1
1
1

50.0
46.0
20.0
107.3
115.0
70.0
52.0
60.0
12.0
50.0

1
1

4.9
75.0

.

Average
yield
(per
cent)

4.12
4.11
4.19
4.45*
4.26
4.33*
4.34*
4.43*
4.24
4.17
4.20
4.14
4.13
4.05
4.16

---

2
3
2

275.0
85.0
37.0

4.28*
4.04
4.01

Note: Averages of offering yields cn all new issues of publicly sold bonds rated Aaa, Aa
and A by Moody's Investors Service (except serial, equipment trust and convertible issues,
offerings of natural gas pipelines and foreign companies, and issues guaranteed by the
Federal Government) weighted by size of issues„ Yields on Aa- and A-rated bonds are
first 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 call 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 Reserve; monthly data, First National City Bank of New York.




H. 14
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New capital
Corporate 1/
1
1961
\

1960

592
859
807

580
667
562

570
715
860

1,113
760
1,132

2,118
1,259
1,318

761
577
1,044

1,028
762
647

736
967
726

1962
January
February
March
April
May
June

___

1962

State and local 2/
| 1960
1 1961
713
689
764

700
611
568

723
641
1,034

719
545
991

e/600
e/575
e/400

485
604
734

492
606
683

e/600
e/500

678
789
606

348
501
491

R/ 876
£/1,133
2/629
p/873
2/913 '
2/704

July
August
September

B / 5 9 0

October
November
December

e/850
e/ 750

1,090
948
1,000

890
956
852

2,258
3,005
e/1,949

1,809
4,695
2,437
3,038

2,145
2,382
2,428
2,698

2/2,639
2/2,569
e/1,575

2,166
2,397
1,823
2,073

1,880
2,256
1,780
1,340

5,263
e/7,212

6,504
8,941
11,979

4,527
6,955
9,653

2/5,208
e/6,783

4,563
6,386
8,460

4,136
5,916
7,257

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

2/734
e/625

1

Excluding finance companies 3/
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

2,199
2,919
e/1,849

Year

I
e/

1,554
4,552
2,337
2,807

1,716
2,165
2,018
2,347

11,253

8,246

"'

Preliminary.
Estimated by Federal Reserve„
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.




H. 14

Exhibit I
New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)

Quarter
or
month

Gross proceeds for new
capital and refunding 1/
Bcn<Is
Common
Total Publicly Privately
offered offered

pfd.

Net proce:eds for
new capilLai If 21
Memo:
foreign
issues
included

Mfg.

Public Communutility cations

Other
issuers

1960 - I
II
III
IV

2,265
2,537
2,520
2,832

934
1,074
1,336
1,462

795
770
754
955

536
692
429
416

69
27
38
17

298
511
562
625

598
808
652
696

189
149
317
381

1,059
913
896
997

1961 - I
II
III
IV

1,992
5,352
2,566
3,236

662
2,303
772
967

880
1,275
1,139
1,424

449
1,774
654
845

76
155
69
62

515
1,466
595
836

381
1,081
595
836

81
1,095
104
147

832
1,052
803
1,263

2,378
1962 - I
3,250
II
2,173
III £/
IV

1,155
1,389
847

716
1,222
1,025

507
639
303

68
257
66

655
996
602

430
983
303

456
231
267

717
794
698

601
695
696
2,231
1,342
1,779
1,075
813
678
1,155
987
1,094

178
273
211
713
666
924
424
225
123
336
414
217

294
255
331
348
355
572
392
411
336
509
348
567

129
167
154
1,170
320
283
259
177
218
310
225
310

54
19
3
71
35
49
52
7
10
25
12
25

169
99
248
574
447
446
428
255
252
271
215
306

137
160
84
254
439
389
369
215
111
306
362
168

21
41
19
994
85
16
16
13
75
25
80
42

253
368
211
297
289
467
315
279
209
487
291
485

647
884
847
1,217
801
1,232
616
907
650
980

273
497
386
654
247
488
200
477
170
530

232
232
253

143
155
209
336
134
169
65
83
155
100

3
12
54
10
147
100
20

205
131
318
384
270
342
211
211
180
210

89
148
193
377
196
410
124
109
150
140

73
362
21
88
64
• 79
88
119
60
. 260

225
218
275
264
229
301
168
295
235
240

1961 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1962 - Jan.
Feb.
Mar.
Apr.
May
JulyjV
Aug .£/
SepLe/
Oct.e/
Nov.
Dec.

420
575
352
348
325
350

46

'

-

£/ Preliminary.
e/ Estimated by Federal Reserve.
1/ Gross proceeds exceed
net proceeds by the cost of flotation.
2/ ;For total see Exhibit H; other issuers
are extractive, railroad and other transportation5 real estate and finance and
commercial and other. Scarce.—Securities and Exchange Commission.




Exhibit J
Other Security Offerings
(In millions of dollars)

Foreign government 2/
1961
1962
|
January
February
March
April
May
July
Augus t
September
October
November
December

142
10
35
10
86
50
2/25

£/8
e/20
e/25

43
34
--

Year
Jan.-Oct.

6
29
20
2
66
29
5
2

e/411

Gross long-term 1/
I
Federal agency 3/
1960

2
175
70
34
72
40
• 25
1
36
34
2
41

236

533 ,

202

489

I

1962

r

i96i

i

246
156
461
--

182

252
100
149
278

--

--

150
e/175
e/~

250
193

150
150
148
354
---

199

--

160
149
181

1,448

1,672

1,222

1,343

225

e/L ,188

1960

$
K\r

Net shoo.-"-term 4/
Federal agency 3/
State and local government 5/
January
February
April
May
July
August
September
October
November
December

18
466
-186
127
-84
-118
78
339
j>/-407

160
195
-8
-103
-42
-155
109
518
-86
-6
54
-116

58
140
-80
70
-146
-157
48
415
-175
-16
50
-189

Year

520

18

Jan.-Oct.

580

157

247
-156
226
-364
82
284
261
227
-157
£/ 557

-144
-162
-174
-79
-87
207
22
193
108
98
56
-114

-196
-202
-59
-277
170
320
95
23
-201
-23
-33
-250

-76

-633

-18

-350

i
'iVv,

0r
'''jt

fx.

}.

|r?

VI >207

jj/ Preliminary.
e/ Estimated by Federal Reserve.
n.a.--Not available.
1/ .These data differ from those in Exhibit H ir_ that refunding issues, as well as
new capital issues, are included. Long-itrm securities are defined as those
maturing in more than one year.
2/ Includes securities offered in the United States bjr foreign governments and their
political subdivisions and international organizations. Source: Securities and
Exchanges-Commission.
3/ Issues not guaranteed by the U. S. Government:. Source; Long-term, Securities
and Exchange Commission; short-term. Treasury Department and Federal Reserve.
4/ These data differ from those in Exhibit H and above in that they represent new
offerings less retirements, whether from the proceeds of refunding issues or from
other funds. Data include only issues with original maturity of one year or less.
5/ Principally
tax and bond anticipation notes > warrants or certificates and Public

Housing Authority notes. Ir. some instances FHA notes included may have a somehttp://fraser.stlouisfed.org/
what longer maturity than one year. Source: Bond Buyer and Federal Reserve.

Federal Reserve Bank of St. Louis

Exhibit K

H.14

Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) JL/
Proceeds of Large Issues Offered
(In millions of dollars)

Month

Total

1961 - October
November
December
1962 - January
February
March
April
May

354
391
255
195
425
366
648
200
472
165
286
191
434

July
August
September
October

Corporate
Bonds
Convertible
(other than
bonds
convertibles)
205
320
125
170
425
330
430
170
387
135
226
100
398

Stocks

67
26

81
45
130
25

15
51

21
167
30
85
30

State
and
local
government
326
480
307
561
662
259
423
373
226
361
272
153
320

60
91
36

Other
2/

40
250
145
64
30
55
88
30
20

/

194
25

Large Individual Issues Offered November 1 through 9

Issuer

Type 3/

Coupon
Amount
(millions
rate or
Offering
Maturity
of
net inter- yield
dollars)
est cost

Rating

CORPORATE
Columbia Gas System
Georgia Power Co.

Deb.
1st mtg. bds.

30.0
23.0

1987
1992

4-3/8
4-3/8

12.3

1964-98

2.90

4.35
4.30

A
A

STATE AND LOCAL GOVERNMENT
Cincinnati, Ohio

GoO.

1.55-3.15

Aaa

OTHER




I

K-2
Footnote Page

*—Rights offering.
I/ Includes corporate and other security offerings of $15 million and over;
State and local government offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues by Federal agencies.
3/ In the case of State and local government securities, G.O. denotes general
obligations; Rev.-Ut., revenue obligations secured only by income from
public utilities; Rev.-Q.Ut., revenue bonds secured only by revenue from
quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific
taxes only; Rev.-Rent., revenue bonds secured solely by lease payments.




((
Exhibit L

H.14

Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues

Date of
computation

5
|
1
|
1
^
f
)

1961 - Oct. 31
Nov. 30
Dec. 29
1962 - Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept. 28
Oct. 31

During month following
date shown
State and \
Corporate local govt.1 Other 2/
346
356
161
480
222
628
185
587
120
302
170
363
203

597
295
223
465
153
453
333
184
202
273
61
187
96

64
-95
55

175

Subsequent to
date shown
State and
Corporate
local govt.
411
421
591
525
341
693
598
692
458
477
312
546
328

693
498
415
567
239
539
452
337
377
427
215
387
243

Other If
__

64

95
55
25
175

Forthcoming Large Offerings, as of November 9

Type

Household Finance Corp.
Louisville and Nashville R.R., Co.
Pacific Gas & Electric Co.
*Metropolitan Edison Co.
Consolidated Edison Co.
Tennessee Gas Trans. Co.
Commerce Oil Refining Corp.
Columbia Bancorporation

Amount
(millions
of dollars)

Deb,
Coll. tr. bonds
1st & ref. mtg. bds.
1st mtg. bds.
1st. & ref. meg. bds.
1st mtg. bds.
Deb., bds „ & com.
Con/. sub , deb.

Approximate date
of offering

60.0
25.0
65.0
15.0
60.0
50.0
45.0
30.0

Nov. 14
Nov. 15
Nov. 28
Dec, 4
Dec. . 6
Indefinite
Indefinite
Indefinite

33.0
14,0
12.0
48.0
26.6
10.0
15.0"
100.1
12.0
11.3
35.0
12.9

Nov. 14
Nov. 14
Nov. 14
Nov. 14
Nov. 15
Nov. 27
Nov. 27
Dec. 12
Dec. 13
Dec. 19
Indefinite
Indefinite

STATE AND LOCAL GOVERNMENT
East Bay Mun, Ut.il. Dist., Cal.
Houston, Texas
^Lincoln Sch. Dist., Neb.
*State of Connecticut
Philadelphia, Pa
Oklahoma City Mun. Impr, Auth.
*Texas Water Dev. Bd.
*Public Housing Auth,
*Tampa, Florida
*Richmond, Va,
Pittsburgh, Pa.
Jefferson County, Colorado




G.O.
Rev. -TJt
G.O.
G.O.
G.O.
Rev.
G.O.
G.O.
G.O.
G.O.
G.O.

L-2

H.14

Forthcoming Large Offerings, as of November 9 (Cont'd)

Issuer

Amount
(millions .
of dollars)

Type

!<

Approximate date
of offering

I

STATE AND LOCAL GOVERNMENT (C0NT"D)
Dade County, Florida
Jacksonville Expressway Auth,/ Fla.

GO.
Rev, -'It.

46.0
40.0

Indefinite
Indefinite

OTHER
-

^--Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State and local
government issues of $10 million and over,
2! Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal agencies.
Note.--The $13.5 million issue of State of Rhode Island was deleted because it
is a short-term issue,




.•-fS
m
:.i