View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Not f o r P u b l i c a t i o n

DECONTROLLED AFTER SIX

H.llj.

November 27, 19 6 l .
I CAPITAL MARKET DEVELOPMENTS
' — " IN THE UNITED STATES

NOV 21 m '
• •• -:.'unk | p u b l i c s e c u r i t y f i n a n c i n g was i n s u b s t a n t i a l volume l a s t week
' d e s p i t e t h e Thanksgiving Day h o l i d a y b u t i t i s expected t o be l i g h t t h i s
—weBk. " Diiring t h e week ending November 2h, two c o r p o r a t i o n s o f f e r e d .
s e c u r i t i e s a g g r e g a t i n g $95 m i l l i o n , two S t a t e and l o c a l government bond
i s s u e s t o t a l i n g # 2 m i l l i o n were s o l d and the F e d e r a l National Mortgage
A s s o c i a t i o n s o l d §225 m i l l i o n i n i n t e r m e d i a t e - t e r m d e b e n t u r e s . T h i s week,
ending December 1 , two c o r p o r a t e o f f e r s a g g r e g a t i n g Wi8 m i l l i o n a r e
scheduled and one S t a t e and l o c a l i s s u e with p a r v a l u e of $12 m i l l i o n
i s d e f i n i t e l y on t h e c a l e n d a r . The Kingdom of Belgium i s a l s o p l a n n i n g
t o o f f e r $2$ m i l l i o n i n bonds and t h e J l o r i d a Turnpike A u t h o r i t y may
o f f e r $100 m i l l i o n i n bonds t h r o u g h n e g o t i a t e d s a l e .
Bond y i e l d s . Changes in bond y i e l d s were mixed but minor l a s t
week. Y i e l d s on Aaa and B a a - r a t e d S t a t e and l o c a l government bonds i n c r e a s e d
t h r e e and one b a s i s p o i n t s , r e s p e c t i v e l y , while y i e l d s on l o n g - t e r m Government bonds d e c l i n e d two b a s i s p o i n t s . Y i e l d s on A a a - r a t e d c o r p o r a t e bonds
were unchanged while t h o s e on B a a - r a t e d i s s u e s d e c l i n e d a s i n g l e b a s i s
point.
The average y i e l d on new c o r p o r a t e bonds o f f e r e d l a s t week,
a d j u s t e d t o a Aaa b a s i s , was i u 3 5 , 6 b a s i s p o i n t s above t h e average f o r
t h e week ending November 10. At l a s t week's l e v e l , new o f f e r i n g y i e l d s
were 33 b a s i s p o i n t s below the high f o r t h e y e a r and 15 b a s i s p o i n t s
above t h e low reached i n t h e week ending Noven.ber
S h o r t - and i n t e r m e d i a t e - t e r m i n t e r e s t r a t e s . Changes in y i e l d s
on Treasury b i l l s and 3 - 5 y e a r U. S. Government o b l i g a t i o n s were a l s o
mixed but minor l a s t week. Y i e l d s on 3-month b i l l s i n c r e a s e d a s i n g l e
b a s i s p o i n t while y i e l d s on 6-month b i l l s d e c l i n e d one b a s i s p o i n t ;
y i e l d s on i n t e r m e d i a t e - t e r m U. 3. Government o b l i g a t i o n s were unchanged.
The a v e r a g e y i e l d on d i r e c t l y p l a c e d f i n a n c e company p a p e r with 90-179
day m a t u r i t y i n c r e a s e d 5 b a s i s p o i n t s l a s t week t o 2.78 p e r c e n t due t o
an i n c r e a s e from 2-3/1* to 2 - 7 / 8 p e r cent on p a p e r with 120-179 days .
m a t u r i t y announced t h e middle of t h e week. The average r a t e of i n t e r e s t
on F e d e r a l funds d e c l i n e d 15 b a s i s p o i n t s t o 2.75 p e r c e n t . Other s h o r t and i n t e r m e d i a t e - t e r m i n t e r e s t r a t e s were unchanged.
FNMA secondary market o p e r a t i o n s . Purchases of mortgages in
t h e secondary market by the F e d e ra l N a t i o n a l Mortgage A s s o c i a t i o n i n c r e a s e d
s h a r p l y f u r t h e r in October and, a t $&2.h m i l l i o n , were w e l l above t h e
d e c l i n i n g l e v e l of a y e a r ago, though s t i l l a p p r e c i a b l y below e a r l i e r
p e a k s . O f f e r i n g s of mortgages a l s o r o s e f o r the s i x t h c o n s e c u t i v e month;
t h e l e v e l of §l5k.2 m i l l i o n was t h e h i g h e s t s i n c e November of 1956.
Sales, which had turned up t e m p o r a r i l y i n Septentoer, were i n very s m a l l
volume.




Stock p r i c e s . Common stock p r i c e s , as measured by Standard and
P o o r ' s composite index of 5D0 stocks, increased s l i g h t l y l a s t week,
closing a t another new hi$i of 71.81; on November 2h» The average d a i l y
volume of t r a d i n g was unchanged from the previous week a t k.lt m i l l i o n
shares.
More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented in t h e a t t a c h e d e x h i b i t s .

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




H
LONG-TERM

BOND

YIELDS

Weekly

LOWER-GRADE




Per c e n t per ,

Exhibit B

Tables f o r E x h i b i t A

Long-tenn Bond Yields
High-grade
Date

Corporate
Aaa 1/

U. S. Govt,
long-texra 2 /
( p e r cent)

195U - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low
Oct.
Nov.
Nov.
Nov.
Nov.

27
3
10
17
2k e/

2 . 8 5 (4/23)
It. lh (9/27)
3.55 (5/2)
It. 6 l (1/29/60)

it. 23 (9/9)
It. i|6 (9/15)
L 2 1 (3/17)
U.U2
li.ltO
It. 39
/
it. 39 /

2.it5 (8/6)
3.76 do/is)

S t a t e and
local
government
Aaa 3 /

Spread between
U. S. Govt, and
Corporate I S t a t e and
Aaa
1l o c a l Aaa
[

1.90 (9/2)

it. 06 (9/15)
3.70 ( 5 / 1 2 )

2.99 (9/1)
3.37 ( 7 / 6 )
3.12 ( 2 / 2 3 )

.30
.60
.22
.59
.19
.57
.39

.30
.50
.3U
.92
.53
.76
,h6

3.96
3.95
3.96
lt.00
3.98

3.25
3.2lt
3.2li
3.26
3.29

.U6
.it5
.lt3
.39
.a

.71
.71
.72
.7it
.69

3 . 0 7 (4/25)
il.!t2 (1/8/60)
3.75(8/5)

3 . U 5 (8/29)

2.6U (s/i)

3.65

(9/24/59)

Lower-grade

Date

Corporate
Baa 1 /

S t a t e and
l o c a l govt.
Baa y

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

(per cent)
195!t - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low
Oct.
Nov.
Nov.
Nov.
Nov.

27
3
10
17
2it jd/

3.IL
5.10
It. 5 1
5.36

(12/31)
(11/29)
(7/11)
(2/12/60)
It. 98 (9/9)

5.13 (10/27)
• 5.00 (it/21)
5.13
5.12
5.11
5.11
5.10

2.93 (8/5)
It. 5 1 (8/29)
3.614 (5/1)

it.it6 (1/7/60)
3 . 9 8 (12/29)

it. 16 (3/23)
3.93 (11/9)
3.9it
3.93
3.93
3.95
3.96

.52
1.27
.77
.Bit
.71
.81
.66

.96
1.21
.93
1.08
fit
.93
.57

.71
.72
.72
.72
.71

.69
.69
.69
.69
•67

g/ Preliminary.
1/ Weekly average of dally figures. Average term of bonds Included i e 23 *26 years.
2/ Weekly average of dally figures. The aerie# Includes bonds due or callable In 10 year* or more.
3/ Thursday figures. Only general obligation bonds are Included; average term I s 20 years.
Note.—lUgha and lows are for lndlvidml series and may be on different dates for d l f f s r s n t series,
tor spreads, high r e f e r s t o widest, and low to narrowust.




./

SHORT-

AND

INTERMEDIATE-

TERM

INTEREST

RATES
P . , cent p . r annum

GOVERNMENT
Weekly

\ x
& - MONTH I I u s
•id.
X

W A

_ / /
i 7

3

•

5

VEAB ISSUES

M

AWJTA/
|

P u j

n

/*

/i

: r. 1. DISCOUNT BATE,

w

X 3 - MONTH 1
Market YieT

BANKS

AND

Weekly

OTHER'PRIVATE
I

BATES.

1957,




/

BORROWERS

SJOtt EXCHANGE

-7Exhibit D - Tables l'or Exhibit C
Qiort- and Intermediate-tena I n t e r e s t hates
Government
Date

1 ilj - Low
19 :7 - High
;a - Low
19^9-60 - High
i960 - Low
i 1961 - High
Low
Oct.
(Nov.
Nov..
g i^0V.
l/Hov.

27
3
10
17
2h 2/

Discount
rate

Yields
6-month
b i l l s 2/

3-month
b i l l s 2/

1/

1.50

.61

(6/11)

3 . 6 I 4 (10/18)
.58 ( 5/29)

I.'TS

U.59 (1/8/60)

ii.00

3-5 year
issues 2 /

2 . 38

2.11* (6/6)

(12/30)

5.07 (1/8/60)

5 . 0 0 (12/24/68)

3.00
3.00
3.00

2.56 (3/3)
2.17 (1/27)

2.35 ( V 2 8 )

3.15 (5/12)

3.00
3.00
3.00
3.00
3.00

2.29
2.28
2.1i0
2.53
2.51

2.67
2.58
2.61
2.7k
2.73

3.63

2.78 (8/18)

.12

1.3k
1.33
1.23
1.16
.1.15

- mm

i t . O l t (10/14)

(12/26)

.66
.86
.oU
1.81
.38
1.51
.92

.38
.30
,21
.21
.19

1 . 6 6 (4/30)
3.02

Spread between y i e l d s on
3-month b i l l s and yields or
6-nto, b i l l s 13-5 y r . issues

3.61

3.63
3.69
3.69

mm

.26

.79
.16

.kk

Banks anfl, Other, Private Borrowers
Date

Stock Exchange
c a l l loan 1/

!195b - Low
[1957 - High
1958 - Low
1 L9L>9-60 - High,
11960 - Low
196L - High
!
•
Low

3.00
il>50
3.50
5.50
U.SO
it. 50
it. 50

3.00
V.50
3.50
5.00
1.50
It. 50
it. 50

iOct.
:Nov.
iNov.
•Nov.
Nov.

it.50
it.5o
4.50
L50
4.50

• it. 50
it. 50
it.5o
it. 50
it. 5o

j
1

Prime
rate 1/

Finance company
paper j /

Spread between
Federal
funds h/ . 3-mo. b i l l s end
finance co. paper

(per cent)

27
3
10
17
2k e /

1/

1 . 2 5 (12/31)
3 ^ 8 8 (11/15)

n.a.

5!. 1 3 (1/22/60)
2; 0 8 (12/30)

(11/a)
.13 ( V 2 » )
L O O (5A3/60)
. 9 5 (12/2)
.

2.88 (3/10)
2.50 (7/28)

2.88 (11/10)
• it3 (1/27)

2.76
2.70
2.69
2.73
2.78

2.30
2.81
2.90
2.75

UX3 (8/8)

3.50

2.45

•

0
.63
-.35
1.02
.22
.56
.11
.1*7
;it2
.29
.20
.2it

W.ekly r a t e show* i e i t b u t i n e f f e c t a t end of p e r i o d . Discount r a t e l a f o r Federal Reaerve Baric of He* York.
Stock Exohonge c a l l le&h.rote l a going r a t e on o t U lcana secured by ouatomers 1 ateek eiehaivte c o l l a t e r a l a t
Han York City banks. tVieie r a t e l a t h a t charged by l a r g e banka on i h o r t - t e r e loane t o bualnaaa borrowers af
t h e hlgheut o r a d i t etandlitg,
2 / Market yl a i d ; weekly averogea computed from d a l l y o l e t i n g b i d p r l e e a . Serlea of 3-5 year laauea aonalata ofaelooted notes and bonda,
«
3 / Averoge of d a i l y rtttaa publlehad by f l n a a e e eoapaiU.es f o r d l r e o t l y p l a t e d paper f o r varyl a g s i a t i r l t t e c I n the
00-17V day r a % e .
4 / Weekly average uf d u l l y e f f e c t i v e r a t e , which l a t h e r a t e f o r t h e heavleat voluae of purchase and aale t r a n s a c t i o n s
1
as r e p o r t e d t o t h e Federal Reserve Bank of New York.
Moti.—IUehe and Iowa are f o r i n d i v i d u a l e e r l e e and may be on d i f f e r e n t date# f o r d i f f e r e n t d a t e s f o r d i f f e r e n t s e r i e s .
For aprande, high r e f e r a t o w i d e s t , and low t o narrowest.




4
STOCK

MARKET

DoHor#^

STOCK MARKET CREDIT
'*CMANGE IN SERIES
o{ Shores 1

FEDERAL N A T I O N A L
SECONDARY

MORTGAGE ASSOCIATION

MARKET

OPERATIONS

Monthly




E x h i b i t F - Tables f o r Exhibit E

-9-

Stock Market
Trading
Common
volume 3/
y i e l d s 2/ (millions
( p e r c e n t ) of shares)

Stock p r i c e
index 1 /

Date

Stock market customer c r e d i t
Customers'
Bank
debit balloans t o
ances 4 /
"others" 5 /
( I n m i l l i o n s of d o l l a r s )

Total

39*48 (12/20/57)
71.8b (ll/2b)
58.48 (1/6)

September
October
Nov. 10
Nov. 17
Nov. 2k g /

67.26
68.00
71.07
71.62
71.84

6 0 . 5 1 (7/31/59)

3.08
4.72
2.80
. 3.32

4.9
1.4
5.8
2.7

5,386(5/61) 4,060(5/61) 1,377(8/30)
4,424(1/61) 3,253(1/61) 1,161(3/8)

2.92
2.90
2.80
2.83
2.81

1957-60 - High
Low
1961 - High
Low

3.2
3.3
4.8
4.4
4.4

5,311
5,333
n.a.
n.a.
n.a.

4,764
3,554

(4/59) 3 , 4 0 1 (4/55) 1 , 3 7 3 (5/59)
(1/58) 2 , 4 8 2 (12/57) 1 , 0 6 0 (11/57)

.

1,320
1,304
1,317 '
1,318
n.a.

3,991
4,029
n.a. "
n.a.
n.a.

n.a,-»Not a v a i l a b l e .
£ / Prolin-ltary.
1 / Standard and Poor's ccmpoaite index of 500 otamon stocks, weekly closing prioa?, 1941-43*10. Monthly data are
averages of dally f l e u r o s rathor than of Friday's only. Hlghn and Ions are for M d a y c 1 data only.
2/ Standard and Poor's ocmpoilte stock y i e l d baoed on Wednesday data converted t o weekly closing price# by Federal
Recerve. Yields shorn arc for dates on which price Index roajhod I t s high or low.
3 / Averages of dally t r a d i n g voltr.ie on the New York Stock Exchange.
4 / End of month f i g u r e s f o r member fiiroo of the Men York Stock Exchange which carry margin accounts; excludes balances
secured by U. S. Government o b l i g a t i o n s .
5 / Wednesday figures f o r weekly reporting member banks. Excludes loans for purchasing or carrying 0 . S, Oovtrraient
r e c u r i t i e * . Prior t o July 1, 1959, such loans are excluded only a t banks i n How York and Chicago. Weekly reporting
banks account for about 70 per cont of loans t o other6. For f u r t h e r d e t a i l see Bulletin.

Federal N a t i o n a l Mortgage A s s o c i a t i o n Secondary Market Operations 1/
Purchases
Estimated O f f e r i n g s t o FNHA.
by
Immediate
Standby
Total
MIA
purchase commitment
( I n m i l l i o n s of d o l l a r s )
58.8
14.6
68.6
83.2
51.2
4.8
56.9
61.7
16.5
1.9
51.4
53.3
ill. 2
2.1
48.1 i
50.1
2.6
33.7 '
36.3
III
29.8
3-9
33.7
21.8
2.4
24.0
26.4
2.6
32.2,
35.0
S i
1.0
46.9
47.9
24.4
1.7
73.9
75.7
52.7
3.2
108.0
111.2
60.4
3.6
119.3
122.9
92.h
3.3
150.9
154.2

Date
1960 - Oct.
Nov.
Dec.
1961 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.

;

l

B

s

B

a

s

s

p

Sales
by
Hi M
A
1.1

8.9
23.3
26.2
70.7
115.4

165.6
101. 4
17.2
5.6
'2.4
10.5

1.8

t

.

must usually deliver within one ynar. Purchases include thoue under both immediate purchases and
standby commitment c o n t r a c t s . Data exclude F OA a c t i v i t y under Special Assistance and Management
T1
and Llouid»tin8 Programs.




Exhibit

G

Y i e l d s on New Corporate Bond I s s u e s A d j u s t e d t o an Aaa Basis
Amount
Average
of i s s u e s
Number
yield
of i s s u e s included
(per
included ( m i l l i o n s
ceit)
of d o l l a r s )
Monthly a v e r a g e s :
l y c l - January
February
March
April
May
June
July
August
September
October
November
December
Weekly a v e r a g e s :
1961 - January 6
13
20
27

"February 3
10
March 3

3
6
k
12
15
18
k
h
2

7

29.0
97.8

108.0

563.0
1*51.0
701.5
273.0
115.0
78.8
200.0

10.0
7.0
12.0
6.8

1*8.0
li3.0

11

fcM
4.26

I4.U2
14.51
It. 65
It. 62
1.59
lt.38
It. 26

14.1*5
It.ltO
It. 27
14.61ft
14.32
14.27

10

17
2k
31
April 7
Ik
21
28
May 5
12
II

108.0

lt.26

90.0
82.0
312.0
79.0

L28

165.0
30.0
91.0
165.0

Amount
Average
Number
of i s s u e s
yield
of i s s u e s included
(per
included ( m i l l i o n s
cent)
of d o l l a r s )

I4.I4O
I4.I42

14.514
14.149
14.1*7

June 2
9
16
23
30
July 7
114
21
28
August 1
*
11
18
25
September 1
8
15
22
29
October 6
13
20
27
November 3
10

a

60.0
307.0
137.0
130.0
67.5

k.tb
It. 68
14.68
It. 56
Ji.58

8.0
200.0

1*.60

65.0

55.0
20.0
l*o.o

18.0
60.8
1*5.0
60.0
95.0

1*5.0
91*.o
60,0

!
'
i
,
„

l*.6li
U.I16
1*.51*
1*.73:
i*.to"

It. 1*6 ?
—

ii'h

i*.2i-%
l*. 28
it.21 "
I1.29 *
l*,35^

December 1
8
15
22
29
1962
January $
12

5

Mote: Averages of o f f e r i n g y i e l d s on a l l new i s s u e s of p u b l i c l y sold bonds r a t e d Aaa, Aa
and A by Moody's I n v e s t o r s Service (except s e r i a l , equipment t r u s t and c o n v e r t i b l e issues,i*.
a
o f f e r i n g s of n a t u r a l gas p i p e l i n e and f o r e i g n companies, and i s s u e s guaranteed by the
F e d e r a l Government) weighted by s i z e of i s s u e s . Yields on Aa- and A-rated bonds a r e f i r s t *
1
a d j u s t e d t o an Aaa b a s i s , u s i n g the comparable spreads i n y i e l d s on seasoned bonds (Moody ,
a v e r a g e s ) . Averages r e f l e c t changes i n i n d u s t r i a l composition, t y p e , m a t u r i t y , and c a l l ^
p r o v i s i o n s of new o f f e r i n g s . Weekly averages considered unusually u n r e l i a b l e a s
|r
i n d i a t o s of i n t e
t
on new i
because of the
|
DigitizedcaforerFRASERr e s t err a ne ss includeds seut e s a r e marked with small s number . or s p e c i a l
c h a r c t r i s t i c s of o f f i g
c.
an a t e r i s k



f(~
Bxhibit

H

Long-term Corporate and State and Local Government
Security Offerings and Placements
( l a m i l l i o n s of d o l l a r s )
Hew c a p i t a l
195T
January
February
March

April
May
June

580
III
2,318
1,259
1,318

WH

w

S 0 1
S
1
570

821

•89k

- i M .

720
6ijl
1,085

7W
703

itfO
fi/581
e/750
e/600
^925

e/800
e/800

890
'956
852

1st
2nd
3rd
hth

1,809
It,695
2,1*37

2,1#

2,20k
2,567

t $ t
2,698

2?6le

1st half
Three quarters
Year

6,501.
8,9i|l

618
638

3

.e

October
November
December
quarter
quarter
quarter
quarter

.

1*92
606
683

1,028
967
726

700
§8

£

July
.August
September

£

State and l o c a l 2/
I I960
! 1959

•a

900 '

11 i$
ss
9,392

2,168
2,14i6
e/1,801
4,613
e/6,l|l5

•

§5

991 .

98?
1*3
1(70

3l|8

1,880
3,256

tilt
7,257

593

too
1>78

ig
1,63!*
6,067
7,588

Excluding f i n a n c e companies j /
1st
2nd
3rd
lith

quarter
quarter
quarter
quarter

lear

1,716
2,165
2,018
2,317

1,716
2,503

8,216

I'M
2,337

.8,630

Estimated.
„
S e c u r i t i e s and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and consumer finance
companies.

3
^




Exhibit I
New Corporate Security i s s u e s , Type of Issue and I s s u e r
(In millions of d o l l a r s )

Quarter

Gross proceeds f o r new
Net proceeds f o r
c a p i t a l and refunding 1 /
new c a p i t a l 1 / 2/
Common
Mfg. Public Communi- Other
Total Publicly P r i v a t e l y and
pfd.
u t i l i t y cations i s s u e r s
offered
offered
stk.

1959 - I
II
III
IV

2,281
787
2,665
960
2,062
807
2,739 1,004

835
894
859
1,044

660
811
396
691

#8
ISO
468
-364

813
979
470
927

105
43
99
460

928
794
942
890

i960 - 1
II
in
IV

2,265
934
2,537 1,074
2,520 1,336
2,832 1,462

795
770
754
955

536
692
429
416

298
511
562 625

598
808
652
696

189
149
317
381

1,059
913
896
997

1961 - 1
11

1,992
5,352
2,566

662
2,303
772

880
1,275
1,139

449
1,774
654

515
1,466
935

381
1,081
595

81
1,095
104

832
1,052
803

611
735
88?
805
608

324
253
357
348
186

190

126
-189
221
226
202
265
.
127
175
128
150

59
67
172
171
92

155
245
198
303
144
362
126
222
303
203
314
180

36
85
68
52
36
61
57
165
94
254
27
100

319
318
422
236
304
373
370
359
168
249
366
381

21
41
19
994
85
16
16
13
75
30

253
368
211
297
289
467
315
279
209
300

h i

IV
1960 - Jan.
Feb.
. Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1961 — Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct. e /
Nov.
• Dec.

1,124

. 777
996

540

415

59?

928
1,009
895

329
621
518
323

- 601
695
696
2,231

178
273
211

7U7

1,312

:^,0%
813
678
830

si
m

225
123
380

294

311
232
220
319
236
229
289
157
357

131

441

29k
255
331
318
355
572
392
4ll
336
270

131

129
167
151
1,170
320
.

%
177
218
180

249

182
220
161
1?5
249
191
I69
99
248
574
447
446

42&

255
252
240

137
160
84
254
439
%
215
111
230

p7 Preliminary.
e / Estimated!
T/ Gross proceeds exceed n e t proceeds
. by the cost of f l o t a t i o n .
2/ For t o t a l see Exhibit hj other i s s u e r s are
e x t r FRASER r o a d
rea estate
Digitized commercial , and i lother. and other t r a n s p o r t a t i o n , and l Exchange and finance and
for a c t i v e r a
Source.—Securities
Commission.



Exhibit J

13

Other Security Offerings
( I n millions of d o l l a r s )
Gross long-term l 7 "
foreign government 2/
Federal agency 3/
1961
|
I960
1 lEF
1961
I
I960
I

1959

January
February
March

6
29
20

2
175
70

81
60
2

April
Hay
June

2
66
29

3i»
72
bo

58

•S
2

25
1
36
31*
2
ia

33
30
70

160
1U9
181

86

Sh7

1,672

707

July
August
September
October
November
December

533

Year

252

182
150
150

8

100
li*9
278
250
193

175

118
35 U

85
1
35

199

199

150

•
Wet short -term 1
f e d e r a l agency 3/""
State and l o c a l government 5/
Januaxy
February
Mar oh
April
May
June
July
August
September

1

-202

-59

-82
176
33

-87
207

-79

-277
170 '
320

50
368
286

22
193
-727

95
23
-201 -

362
133
79

-81
-176
-117

-23
-33
-250

280
2it0
W

362

-633

1,969

-4
181
h

-103
-h2
-155

70
-ll|6
-157

197
-25
-197

109
518

48
us
-175

57
392
131

•16
50
-189
18

Year
g/
1/

,

-196

II40
-80

October
November
December

58

- 1a
-162

160
195
-8

-17U

Preliminary#
Theoe data d i f f e r free thorn# In MitUlt 0 i n that refunding issues, as well as new eapltal i s s u s s , are included.
Long-term s e o w i t i e o are defined ae t h e n maturing in mere than one year.
\ j Inoludee ssourltlos offered in the,United Statee by foreign goverraenta and thslr subdivisions and by inter*
national organisations. Bouroei leourltiee and Exchange Oonmleeion.
3/ Issues not gqyrantwed by the U. S, Government, Souroei long-tern, Seeurltlee and Bcohange Commission; shortterm , Treasiry Departmsnt and federal Reserve.
j / These data d i f f s r free thoee In Exhibit 0 and above in that they represent new offerlnge l e s s retirements, whether
from the proeeede of reminding issues or free ether funds, Ikta Inelude only iesues with original maturity of one
year or l e s s ,
J
Principally t u and bond a n t i c i p a t i o n notes, warrants or c e r t i f i c a t e s and Public Housing Authority n o t e s . Ia
noa» Instances FHA notes Included may have a somewhat longer term than one y e a r . Source1 Bond Buyer and
Federal fi# serve.
•=d"




Exhibit %

-Ill-

Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) ! / •
Proceeds of Large Issues Offered
( I n millions of d o l l a r s )

Month

Total

i960 - October
November
December
1961 - January
February
March
- April
May
July
August
September
October

Corporate
Bonds
Convertible
( o t h e r than
bonds
convertibles)

#6
w
260
11*7
26?
70
1,572
557
532
1*75
185
168
351

551
1I65
235
106
230
25
560
1:80
1*35
285
165
78
205

Stocks

State
and
local
government
1*6
186
222
391
360
1*05
383
256
616
179
281
1*35
326

15

-

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

1*0
15
75
33
67

Other 2 /

77
150
99.
• 67
25
151

h

100
73
1*0

•V

Large Individual Issues Offered November 1 through 2h
Type y

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

.P

>

CORPORATE
Northern Natural Gas Co.
Family Finance Corp.
F C Corp.
M
Idahp Power Co.
Idaho Power Co.
Gen. Tel. Co. of F l a .
Rochester Gas & Elec. Co.
toacy Credit Corp.
P a c i f i c Northwest Bell Tel
Natural Gas Pipeline'Co.
of America
Natural Gas Pipeline Co.
of America
Carolina Pwr. & Light Co.
Carolina .Pwr. & Light Co.
Texas Eastern Trans. Co.
Consol. Edison Co. of N.Y.

S.F. deb.
Sen. deb.
Conv.sub.deb.
1 s t mtg.bds.
Com. s t k .
1 s t mtg.bds.
1st mtg.bds.
Sen. deb.
Deb.
Deb.

l*-5/8
5
3-1/8
li—1/2

it-60
5.06
'3.13
i*.l*7

20.0
50.0

1991
1991
1981
199k

l*-5/6
1-1/2
li-3/1*
1-1/2

1*.60
It. 1*3
14.75
h.hb

Aa

15.0

1981

h-3/h

It. 83

Baa

10.0

7.5
15.0
' 15.0

10.0
Cum.pi'd. stk
1 s t mtg.bds
25.0
Com. stjt.
9.3
1st mtg.p.l.bds.35.0
1 s t &ref.mtg.bds.
60.0




A

1981
1981
1981
1991

20.0
25.0
26.0

—

baa
Aa

,4

A
Aa

1991

h-l/2

lt.lt 7

Aa

1981

1-7/8

it.92

l*-5/8

It. 50

Aa

}

Baa

1991

t

\

-15-

K-2
Large I n d i v i d u a l I s s u e s Offered November 1 through 24 ( c o n t ' d )
Issuer

Type y

Amount
Coupon
(millions Maturity r a t e or
O f f e r i n g Rating
of
net i n t e r - yield
dollars)
e s t cost

STATE AND LOCAL G V E M W
O EN E T
Public Housing Auth.
G.O.
Virginia S t a t e P o r t s Auth. Rev.-Ut.
P h i l a d e l p h i a , Pa.
G.O.
Oklahoma Turnpike Auth.
Rev.
S t a t e of Hawaii
G.O.
Nassau County, New York
G.O.
Los Angeles Flood Control
Dist., Calif.
G.O.
Maiyland Sta te Roads Comm.
G.O.
State of Oregon
G.O.
S t a t e of New Hampshire
G.O.
Georgia S t a t e Highway Auth. Rev.-S.T.
Omaha Public Power D i s t . ,
Nebraska
Rev.-Ut.
Triborough Bridge & Tunnel
Rev.
Auth.
Rev.-S.T.
S tate of Ohio
B u f f a l o , New York
G.O.

Fed. N a t ' l Mtg. Assn.

Bds.

78.5
27.5
19.0
56.5
10.0
13.8

.

1962-2002
3.1(0
1962-91 3 - 3 - 3 / 4
1963-87
3.31
2001
4.98
1964-81
3.24
1962-90
3.33

A
A
Aa
Aa
Aa
Aaa
A

20.0
12.5
20.0
l6.it
35.0

1963-89
1962-76
1963-94
1963-90
1962-90

3.59
3.32
3.07
2.76
3.75

1.85-3.70
1.70-3.30, ,
1.65-3.55%
1.70-3.205/
1.70-3.85

17.0

1963-91

3.53

1.70-3.63

100.0
30.0
11.6

1970-85
1962-72
1962-75

3.77
2.89
2.84

- 3.10-3.75
1.35-3.00
1.45-3.15

100.0
125.0

1972
196U

4-3/8
3-7/8

4.38
3.88

*—Rights o f f e r i n g .
1 / Includes corporate and o t h e r s e c u r i t y o f f e r i n g s of $15 m i l l i o n and over;
State 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 over.
2/ Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal a g e n c i e s .
3/ In t h e case of Sta te and l o c a l government s e c u r i t i e s , G.O. denotes general
o b l i g a t i o n s ; Rev. - U t . , revenue o b l i g a t i o n s 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
o 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.
4/ 1995 m a t u r i t i e s n o t r e o f f e r e d .
| j 1981-90 m a t u r i t i e s n o t r e o f f e r e d .




Aaa
A
A

1.40-3.55
1.60-3.78
1.65-4.60
4.75
2.10-3.45
1.60-3.55

—
. —

Aa
Aa

—

-16-

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

During month following
date shown

Date of
computation

Coiporate

% £

ao

- 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

260
91
110
55
1,580
51*2
1*87
521
170
175
358
31*6

g * . [other 2 /

258
2l*2
1*12
181
307
559
236
1*31
195
1406
399
251
597

Corporate

50

15
75
73
35
—

585
335
1,036
1,01*6
1,125
1,700
687
611
666
255
2I4O

5ol*

1*11

5o

391
560
682
360
638
806
579
771
291
537
530
1*5U
693

15
75
73
35
—

Forthcoming Large O f f e r i n g s , a s of, November 21*.
Issuer

type

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

CORPORATE
fl-PermanenteCement Co.
Pennsylvania Power & Light Co.
Borden Co.
General Tel. Co. of C a l i f .
Tennessee Gas Transmission Co.
-s-Bank of America
P a c i f i c Lighting Corp.
Commerce Oil Refining Corp.
Realty C o l l a t e r a l Corp.

Pfd. s t k .
1st mbg. bds.
Deb.
1st mtg. bds.
Deb.
Com. s t k .

18.3
30.0
50.0
25.0
50.0
9h.h

Com. s t k .
Deb., bds. & com
Coll. t r . n o t e s

36.6
1*5.0
20.0

Nov. 28
Nov. 29
Dec! 6
Dec. 7
Dec. 12
Dec. 15
( r i g h t s expire)
Dec.
Indefinite
Indefinite

STATE AND LOCAL GOVERNMENT
State of M i s s i s s i p p i
Florida.Turnpike Auth.
Baltimore, Maryland
S t a t e of Connecticut
Oakland Co. Mich., Twelve Town
Drainage Dist.
Oklahoma C i t y , Okla.
New York City,
New Y01I Auth.
Penna. S t a t e Public Bldg.



0.0.

Rev.
G.O.
G.O.

11.9
100.0
28.5
25.0

G.O.
G.O.
G.O.
Rev.-Rent.

33.7
15.9
53.1
23.0

Nov. 29
Nov.
Dec. 5
Dec. 5
Dec.
Dec.
Dec.
Dec.

6
12
12
12

L-2

-17-

Forthcoming Large O f f e r i n g s , a s of November 2h (Cont'd)
Issuer

Type

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

STATE AND LOCAL GOVERNMENT (Cont'd)
Los Angeles Dept. of Wtr. & Pwr.
-^•Georgia Rural Roads Auth.
San Jose, C a l i f o r n i a
-*East Bay Municipal U t i l i t y D i s t . ,
California
Ascension-St. James Bridge & Ferry
Orleans Parish Sch. D i s t . , La.
Dade County, Florida
Jacksonville Expressway Auth.

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

16.0
13.0
20.0

G.O.
Deb.
G.O.
G.O.
Rev, —Ut,

30.0
50.0
10.0
1*6.0
I4O.O

Bonds

25.0

Dec. 13
Jan. 1
Jan. 10
Jan. 9
Jan.
Indefinite
. Indefinite
Indefinite

OTHER
Kingdom of Belgium

Nov. 30

*—Included in t a b l e f o r f i r s t time.
1 / Includes corporate and other i s s u e s of $15 million and over; 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 over.
2/ Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies.
Note.—Deletions f o r reasons o t h e r than s a l e of i s s u e : None.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102