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Not for Publication
H. 14

DECONTROLLED AFTER SIX MONTHS

October 10, 1966.

/CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES
Corporate and municipal bond markets. The expected volume of new
corporate and municipal security offerings this week will approximate the
average volume for such issues over the past year. Accounting for nearly
one-third of the corporate volume is the convertible debenture offering
to stockholders by United Aircraft Corporation. The largest municipal
offering, Los Angeles County Flood Control District's $55 million general
obligation issue, represents more than one-fourth of the municipal volume.

Long-term Public Security Offerings 1/
(In millions of dollars)
Corporate
New Capital I Refunding

State and local Government
New Capital 1 Refunding

Sold:
52 week avg.

193

Sept. 30
Oct.
7

227 r/
100

144 r/
144

190

204

2

211

3

Scheduled:
Oct.

14

1/ Federal Reserve estimates are based upon published reports of issues sold
and scheduled for offering; corporate rights offerings are included as of the
date subscription rights expire.

New and seasonal corporate bond yields declined further last week.
The sole straight debt issue offered last week -- Columbia Gas System's
$40 million of single A-rated debentures -- was moderately well received by
investors at an initial yield of 6.19 per cent. This issue did not carry
any special provisions against early redemption by the company, thus the
new issue yield series cannot be directly compared to the prior week when
all four issues included had five-year call protection.
Municipal yields declined 1 to 2 basis points for the second
consecutive week. New issue bidding by underwriters was rather aggressive,
but investors responded unenthusiastically to the lower new issue yields -about one-half of the new issues remained unsold at the close of trading
on Friday.




H. 14

-2 -

Yields in Security Markets
Level Latest Week
High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.81
5.44

+ 1
- 3

4.75
5.39

- 3
- 9

3.86
4.01

- 1

5.90

+120

5.36
5.65

- 3
- 4

U.S. Government
Long-term
3-5 year
State and local Govt.
Moody's Aaa
Std. 6 Poor's high grade
c

-

2

Money Market
Federal funds
Treasury bills
3-month
6-month

Corporate Bonds Still in Syndicate
(In millions of dollars)
10/7/66

40.0

Columbia Gas System,
debentures, 6-1/4, 1991

6.19

Blue List of Municipal Dealer's Advertised Inventories
(In millions of dollars)
Latest Date
367 (10/5)




End of Previous Week
324

Recent High
636

(2/17)

H. 14

Stock prices. Common stocks prices declined substantially last
week in trading that averaged 7.5 million shares a day. Standard and
Poor's index of 500 stocks ended the week at 73.20 -- a drop of 3.36
points from the week earlier. Stock prices registered a new low for the
year, 1.33 points below the previous low marked in late August, and now
stand at their lowest level since October 1963.

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




IHII A tu I
XII , a
LONO-TIRM BOND YIIIDS,

HIOH-ORADI

5.5

5.0

CORPORATE All
4.5

4.0

— U . S . GOVERNMENT

3.5

_/
3.0
STATE A N D LOCAL G O V E R N M E N T All

2.5
1861

1862

1863
Exhibit A

Corporate

Date

Aaa

1/

U.S. Govt.
long-term 2/

—

Part II

State and
local
government
Aaa 3/

1959-60 - High
1962-63 - Low
1965 - L a v
1966 - High
- Low
Sept.

1866

1865

1864

Spread between
U. S. G o v t , and
Corporate
State and
Aaa
local Aaa

.92 (4/22/60)

4 . 6 1 (1/29/60)
4 . 1 9 (3/29/63)
4 . 4 1 (3/12)

4 . 4 2 (1/8/60)
3 . 6 5 (9/24/59)
3 . 8 5 (1V26/62) 2 . 8 8 (11/8/62)
4.13
(6/25)
2 . 9 4 (2/11)

.59 (8/5/60)
.21 (12/27/63)
.22

5.52

(9/9)

4.73

(1/7)

4.87
4.42

.75
.14

1.19
.78

.75

(9/2)
(1/21)

4.04
3.39

(8/25)
(1/13)

. 8 0 (1/5/62)
.94

5.52
5.51
5,49

4.77
4.79
4.80

3.99
3.85
3.89

.72
.69

.78
.94
.91

30
Oct.

9
16
23

5.47
5.44

4.72
4.75

3.88
3.86

.75
.69

.89

7£/

.84

•of Preliminary*
Ty W e e k l y a v e r a g e of dally figures. Average term of bonds included it 22-24 years.
TJ Weekly average of daily figures. The series Includes bonds due or callable In 10 years or more.
*3/ Thursday figures. Only general obligation bonds are includedj average term is 20 years.
Sote . — S i g n 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.




LONO-TIRM

BOND

YIILDS, L O W K R

OilADI

6.0

5.5

C O R P O R A T E Baa
5.0

4.0
STATE A N D LOCAL G O V E R N M E N T Baa
/ U.
3.5

3.0
1961

1963
1964
Exhibit B -- Part II

1962

1965

1966

i
Corpora te
Baa 1/

Date

State and
local govt.
Baa J /

Spread between
Aaa and Baa
State and
Corpora te
local govt.

(per cent)
1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low

Sept,.

Oct.

Notel

9
16
23
30
7£/

5.36 (2/13/60)

4.46 (1/7/60)

4.93
4.80
5.04

3.57
3.51

6.10(9/23)
5.05(1/14)

6.08
6.10
6.10
6.06
6.08

For footnotes see Exhibit A.




3.79
4.55(8/25)
3.78(1/20)

4.51
4.43
4.45
4.45
4.45

.84

1.08

.70
.37
.31
.64

.63
.52
.39
.62 '

.31

.38

.56
.59
.61
.59
.64

.56

.52
.58

.57
• 59

SHORT. AND INTKRMIDIATK-TIRM INTIRIST RATI*
GOVERNMENT

/

J
l

M -

3-5 Y E A R

ISSUES
y - /

^

r. R. DtsioUNT RATE

|
i

M

M

1963
1964
1965
1966 - High
Low
Sept,.

Oct.

1963

Discount
ra te
3-month
b i l l s 2/
1/

1959-60 - High
Y e a r e n d - 1961
1962

9
16
23
30

?£/

BILLS

1 1 1 1 1 1 1 1 I M 1 1 I 1 I I 11 1 I I 1 1 I I I I 1 i i i i i i i i i M
1962

Date

-

"

y

3-MONTH

1961

6i- M O N T H B I L L S :
1
Mofh.l tl.Mi
I

1964

Yields
6-month
b i l l s 2/
(per c e n t )

4.00

4 . 5 9 (1/8/60)

5 . 0 7 (1/8/60)

3.00
3.00

2.66
2.89

3.50
4.00
4.50

3.52
3.83
4.47

2.90
2.93
3.64
3.93
4.66

4.50
4.50

5.52(9/23)
4.39(6/24)

5.92
4.53

4.50
4.50
4.50
4.50
4.50

5.18
5.40
5.52
5.39
5.36

5.70
5.91
5.92
5.69
5.65

1965

3-*75^r
I s s u e s 2/

.

(9/23) 5.83(9/2)
(6/24) 4.80(4/8)
5.63
5.63
5.69
5.48
5.39

1966

Spread between yields on 3 m o n t h b i l l s and y i e l d s o n
6 - m o . b l l l s l 3 - 5 vr. i s s u e s

5.00(12/24/^9)
3.81
3.41
4.07
4.07
4.90

1 II 1 1 1 1 1 1 1 II

.79
.24
.04
.13
.10
.19
.52,
.09
.52
.51
.40
.30
.29

1.81
1.15
.52
.55
.24
.43
.78
.03
.45
. 13
. 17
.09
.03

Weekly rat* shown is that In effect at end of period at the federal Reserve Bank of New York.
Market yield I weekly avexmges ooeiputed from daily o losing hid prloes. Series of 3-6 year Issues
consists of selected notes and bonds.
Note.—4Ilghs and Ions are for Individual series and may be on different dates for different series,
for spreads, high refers to widest, and low to narrowest.




,

S H O R T - A N D INTERMEDIATE-TERM INTEREST RATES,
B A N K S A N D OTHER PRIVATE B O R R O W E R S

PRIME RATE

FINANCE COMPANY PAPER

F.R. DISCOUNT RATE
FEDERAL F U N D S

1962

1961

Date

Prime rate

1963

1/

1965

1964

Finance
company
paper
2/

Federal funds 3/

1966

Spread between
3 - m o . bills and
finance co. paper

(per cent)
1959-60 - High
Y e a r end - 1961
1962
1963
1964
1965
1966 - High
Low
Sept.

Oct.

9
16
23
30
?£/

.

5.00
4.50
4.50
4.50
4.50
5.00
6.00(10/7)
5.00(3/4)

3.00
3.19
3.88
4.06
4.75
5.75(10/7)
4.75(1/7)

2.88
3.00
3.50
4.00
4.63
6.00(9/9)
3.55(1/21)

6.00
6.00
6.00
6.00
6.00

5.63
5.63
5.75
5.75
5.75

6.00
5.63
4.95
4.70
5.90

5.13 (1/23/60)

4.00 (5/13/60)

1.02
.34
.30
.36
.23
.28
.99
.20
.45
.23
.23
.36
.39

Weekly rate shown Is that in effect at end of period. Prime rate la that charged by large banks
on short-term loans to business borrowers of the highest credit standing.
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 New York.
Note;—aigh, 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




STOCK M A R K I T

|
PRICES

1

H

STOCK MARKET C REDIT

y-

~~
CHANCE IN SERIES

1.
M

VOLUME

1

1
YIELDS

1961

Common
Da te

1964

1963

1962

Stock price
index 1/

yields 2/
(per cent)

Trading
volume 2/
(millions
of shares)

1965

1966

Stock marl<et customer credit
Customers 1
Bank
debit balloans to
ances 4/
"others" 5/

Total

(In millions of dollars)
1961-62 - High
Low
Nov. 1963
J u l y 1965
1966 - High
Low
Aug.
Sept.
Sept. 23
Sept. 30
Oct.
?£/

72.04(12/8/61)
52.68(6/22/62)
72.62
84.91
93.77 (2/11)
74.39(10/7)
80.65
77.81
78.39
77.19
74.39

3.14
3.09

10.1
2.4
5.3
4.1

3.02
4.04

10.7
5.0

3.60
3.83
3.74
3.80
3.97

7.1
5.7
5.0
5.9
7.5

2.82
3.96

„

5,60% i%/6i)
4,424()/6i)
.7,298
6,833

4,259(12/61)
3.253 (j/61)

L,418(3/9/62)
1,161(3/8/61)

7,997
7,726

5,586
4,863
5,835
5,551

1,712
1,970
2,241(7/6)
2,137(5/27)

7,811

5,609

n. a.
a* a*

2,202
2,168
2,170

....

Standard and Poor's composite Index of 500 oonraon stooks, weekly closing prices, 1941M3-10.
Monthly data are averages of dally figures rather than of Friday's only. Highs and lows are for
Friday*s data only.
2/ 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

V

3/ Averages of dally trading rolxxne on the New York Stock exchange, Year-end figures are averages of
dally figures for the year.
End of month figures for mom be r firms of the New York Stock Exchange w h l * carry margin accounts |
excludes balances secured by U. S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U. S. Govemnent securities. Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.

V




CONVENTIONAL MOITOAOI

TCRMS

^

NEW

EXISTING

LOAN

PRICE/RATIO

NEW
EXISTING

65
1962

1964
Exhibit F

1966

P a r t IV

New H o m e s
Existing Homes
Fees &
Loan/
Fees &
Loan/ Loan
Charges Maturity Price
tract Charges Maturity Price
Ra te
(Years)
(Per
ratio (Thous.) Rate
(Per
(Years)
ratio (Thous.)
(Per
cent)
(Per
(Per
cent)
(Per
cent)
cent)
2/
2/
cent)
1965
Aug.
Sept.
Oct.
Nov.
Dec.

5.76
5.75
5.75
5.80
5.78

.50
.56
.53
.54
.58

24.5
24.9
24.8
25.0
24.8

73.8
73.7
73.8
74.9
74.0

18.
.2
18,
18,.3
18..5
18..4

5.86
5.89
5.87
5.91
5.91

.46
.47
.48
.50
.51

20.4
20.1
19.9
20.4
20.6

72.1
71.6
71.3
72.0
72.4

14.1
13.7
13.9
13.9
14.5

5.81
5.85
5.90
5.99
6.02
6.07
6.12
6.18

.51
.55
.56
.57
.57
.57
.67
.83

24.6
24.6
24.7
24.6
24.7
24.8
24.2
25.4

73.4
73.2
74.3
73.9
73.4
74.4
72.1
74.0

18. 0
18. 8
18. 9
18. 2
19. 2
19. 7
19. 3
20. 1

5.97
5.97
6.01
6.09
6.16
6.18
6.24
6.35

.49
.51
.53
.54
.56
.47
.52

20.6
20.3
20.9
20.6
20.6
20.0
19.9

72.6
72.0
72.5
72.2
71.8
70.6
70.5

14.3
14.4
14.7
14.5
14.7
14.7
14.3

.61

19.8

70.6

14.7

1966
Jan.
Feb.
Mar.
May'
July
Aug.

y

Compiled by Federal Home Loan Bank Board in cooperation with Federal Deposit Insurance Corporation. Data
are weighted averages based on probability sample surrey of characteristics of conventional first
mortgages originated by major institutional lender groups, (including mortgage companies) for purchase
of single family homes. Data exclude loans for tefinancing, reconditioning, or modernization;
construction loans to home-builders; a a d — I n this exhibit—permanent loans which are coupled with
construction loans to owner-builders. Data ane still la a developmental stage and may reflect
seasonal influences which cannot yet be m e a a u m d because the series go back only to end of 1962#
Related series on conventional mortgage rates o»ly, based on unweighted opinio## of regional—offioe
directors of the Federal Housing Administratis*, are available somewhat sooner than the results of
FHLBB-FDIC surrey, « d are included—in the case of new home mortgage r a t e s — I n Exhibit F, Parts I

7 j Fees and chaises—expressed as a percentage of the principal mortgage amount—include loan ooomlseloee,
lender and are paid by the
of property ownership.

fees, discounts, and other
 They exclude anycharges which provide added Income to the
borrower.
closing costs related solely to transfer


1
i

1

m
\l
o.

I

TlttOl O N N I W A N D t I A t O N I O C O t F O t A T I B O N D S

N E W ISSUES

I 1 1 I II I I I I I I I I I I I I I I II I I I I M I I I
I I I
I ..
I
1983

1984

1985

Exhibit 0 - Part II
Yields on New Corporate Bond Issues Adjusted to an Aaa baais
Number A m r t of issues Average
of
included (mil.
yield
of dollars)
(per cent)
Monthly

averages:
- Jan.
Feb.
Mar.
Apr.
May
„ July
Aug.
Sept.

8
10
9
13
7
11
5
5
8

300.0
304.5
513.0
452.3
341.0
596.0
155.0
680.0
280.0

Weekly averages:
High

4,
.84
.98
4.
5.
.13
5,
.08
5.
,21
,38
5.
5.
,62
5. 70
5. 8 2

Number A m k t of issues Average
included (mil.
of
yield
(per cent)
issues of dollars)
Aug.

5

12
19
26
Sept. 2
9
16
2 3
30
Oct.
7
14
21
28

280.0

5.58

145.0
80.0
175.0
50.0
15.0

5.65
5.92
5.98
5.91

8.0

207.0
40.0

lib.

5.80
5.81

5.98 (9/2)
4.82(1/7)

Jotai Averages of offering yield# on all
issues of publicly of fared oorp orate bonds rated Aaa. ii and
A by Moody's Investors Servioe (except serial and convertible issue*, offerings of natural gas pipe line
and foreign companies, and bonds guaranteed by the Federal Government) weighted by mime of offering.
Before averaging, new offerings are adjusted to a compos It* Aaa basis by deducting from the actual
reoffeting yield the excess of the weekly average yield for seasoned lends of the appropriate industryquality group over the composite average for seasoned Aaa-rated bonds (Moody's), Averages considered
unrepresentative because of special characteristics of the offerings Included are denoted by an asterisk^




Exhibit H

H.14

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

New CaPital
1966

Corporate
1965

State and local 2/
1966
1965
1964

1964

January
February
March

1,302
1,237
2,446

795
746
1,197

938
700
778

2/1 ,183
£/ 857
£/ 868

804
872
904

947
776
810

i

April
May
June

1,553
1,058
2,364

1,152
1,691
1,946

2,237
1,095
1,405

£/1;,186
904
£/l,,133

826
924
972

1,242
667
903

[

July
August
September

2/1,046
e/1,725
e/1,250

1,290
850
1,392

812
680
1,130

&/
E./
e/

679
737
975

986
648
966

906
780
892

f
?

October
November
December

e/1,175

924
1,325
1,496

953
669
1,642

3/

775

794
1,021
754

801
529
948

?

4,985
4,974
e/4,021

2,738
4,789
3,533
3,745

2,416
4,738
2,621
3,264

£/2a 909
£/33,223
e/2 ,391

2,580
2,722
2,600
2,569

2,533
2,811
2,578
2,278

9,959

7,527
11,060
14,805

7,153
9,775
13,038

E./6, 132
e/8;,522

5,302
7,902
10,471

5,345
7,923
10,201

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

' £A3,980

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

quarter
quarter
quarter
quarter

4,924
4,884

Year

2,547
4,348
3,283
! 3,188

2,043
4,253
2,477
2,997

13,366

11,775

e/ Estimated by Federal Reserve.
£./ Preliminary.
1J Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
3/ Total new capital issues excluding offerings of sales and consumer finance companies.




;

?
\
:

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/
Total
Bonds
Common Memo:
Publicly Privately
and Foreign
Offered
Placed
pfd.
stock included

Net proceeds
for new capital
Mfg.

Public CommuniUtility cations

1/ 2/
Other
Issuers

1964 - I
II
III
IV

2,548
4,965
2,876
3,568

978
1,321
792
531

1,269
1,755
1,590
2,629

300
1,890
494
408

29
105
94
227

429
723
559
1,061

438
856
642
509

273
1,666
59
135

1,275
1,492
1,361
1,559

1965 - I
II
III
IV

3,007
5,043
3,912
4,030

905
1,864
1,575
1,226

1,673
2,259
1,955
2,264

429
920
383
540

243
215
263
300

1,072
1,679
1,119
1,145

541
609
786
610

91
255
323
177

1,034
2,246
1,304
1,815

1966 - I
II
III
1965 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

5,094 1,774
5 , ' 5 1,941
11

2,586
2,083

734
1,090

345
li>8

1,860
2,203

969
960

602
392

1,553
1,418

1,233
1,773
2,038
1,443
930
1,538
986
1,398
1,646

422
694
748
542
369
664
287
613
326

648
630
980
780
468
706
574
529
1,161

162
449
309
122
93
168
124
257
159

33
49
134
27
87
150
99
101
99

540
698
441
399
307
414
273
402
470

176
248
184
202
297
287
158
209
243

15
143
98
102
25
196
92
43
43

422
602
1,223
587
222
495
401
671
741

1966 - Jan.3/
Feb.
Mar.
Apr.
May
June
Julyfi./
Aug. e/
Sept. e/

460
1,339
560
1,273
753
2,482
628
1,582
481
1,10 6
832
2,427
1,093
440
1,775 1,225
1,275
700

692
583
1,311
743
556
784
543
450

187
130
417
210
69
811
110
100
75

93
118
133
86

353
530
977
692
37b
1,137
442
675
550

388
241
340
364
274
322
263
300
100

141
160
301
76
40
276
50
275
200

420
306
827
421
368
629
291
475
400

33

49
25

500
Preliminary.
Estimated by Federal Reserve.
Gross proceeds exceed net proceeds by the cost of flotation.
For total see Exhibit H; other issuers are extractive, railroad and other transportation,
real estate and finance, and commercial and other.
3/ Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
Soinnce: Securities and Exchange Commission.
£,/
ej
1/
2/




Exhibit J
Other Security Offerings
(In millions of dollars)

firnns T.nng-rprm 1 /
Fpdpral Agency 1/
Fnrpign finvprnmpnf 2/
1966
1965
1964 .
January
February
March
April
May
June
July
August
September
October
November
December

12
40
40
66
69
76
72j>/
n. a.

Jan. - Aug.

n. a.

527

319

661

Year

91
33
74
5
52
75
2

4
82
69
30
75
26
20
13
7
180
72
58

636

218
--

38
73
--

--

503
410
392
699
1,030
1,084%/
n.a.

103
39
-319
580
462
-334
-103£/
331^/

238
91
-458
647
204
-82
119
408
152
59
' 274
-366

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

---

—

—

775

275
260
160

308
-24
450
718
85
284
-590
n. a.

239
150
375
375
179

510

1,653

695

2,732

n.a.

New short-term 4/
State and local Goverment 5/
January
February
March
April
May
June
July
August
September
October
November
December

--

129
185
325

1,205

--

Federal Agency 3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76

-308
-336
23
97
183
239
-333
167
1
525
113
-3

759^/
1,167
493
Jan. - Aug.
n. a.
879
-268
1,286
368 ,
453
Year
801
2/ Preliminary, e/ Estimated by Federal Reserve, n.a.—Not available. 1/ These data
differ from those in Exhibit H in that refunding issues, as well as new capital issues,
are included. Long-term securities are defined as those maturing in more than one year.
7J Includes securities offered in the U.S. by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Commission.
Zj Issues not guaranteed by U.S. Government. Source: Long-term, Securities and Exchange
Commission; short-term, Treasury Dept. & Fed. Reserve.
4/ These data differ from those
in Exhibit H and above in that they represent new offerings less retirements, whether
from the proceeds or 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 Auth. notes. In some instances PHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.




H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In million# of dollars)
State
and
local
governments

forpprttf.
Total

1965 - Sept.
Oct,
Nov.
Dec.
1966 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

Stocks

Convertible
(other than
bonds
convertibles)
530
190
559
212
370
391
544
481
351
636
170
862
287

530
246
736
262
485
545
890
643
401
1,517
402
1,189
627

144
115
70
271
106

84
75
55
50
20
182
24 n
340

661
50
80

%)

170
43
95

563
409
538
413
787
424
399
720
466
582
338
410
611

16
40
33
50

Other

55
60
275
15
50

Large Individual Issues Offered October 1 through
Issuer

Cvrpfffff
*Texas Instruments, Inc.
Columbia Gas System
Sanders Associates

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield

Com. stk.
Deb.
Conv. deb.

55.0
,0
40,
.5
17,

199 "
i
1986

6-1/4
5-3/8

Rev.-Rent.

,4
17,

1969-98

4.67

,50-4,
,60
4,

GO.
G.O.
G.O.
G.O.

,0
10,
.0
15,
.0
10,
31,
.7

1968-86
1969-96
1968-95
1967-96

3.98
3.96
3.95
4.10

.85-3,
,90
3.
.85-3,
.90
3,
,85-3,
.90
3.
.00-4,
.05
4,

Rating

6.19
5.38

A

State & local Government
New York State Dorm. Auth
St. Louis & St. Louis Co.
JCD, Ho.
State of Oregon
Atlanta, Georgia
Baltimore, Maryland
Other
None




Aa
Aa
Aa
A

FOOTNOTES:

K-2

•--Rights offering.
n. a. — n o t available.
1/ Includes corporate and other security offerings of $15 million and over; State and
local government security offerings of $10 million and over.
2/ Includes foreign government and International Bahk 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 qua*inutilities; Rev.-S.T.,revenue bonds
secured by revenue from specific taxes only; Rev,-Rent., revenue bonds secured sdlely
by lease payments.




I
<7
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) y
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)
During month following
date shown
State and
Corporate
Other 2/
local govt.
1965 - Sept. 30
Oct. 29
Nov. 30
Dec, 31
1966 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 29
Aug. 31
Sept.30

206
412
297
553
530
828
489
248
1,261
317
677
662
687

2 69
343
398
501
340
366
2 53
399
594
337
AO:<

15
25
20
20
20

30
15

see

For r.hcomi r g L-:rg, Of :c
.
:
Issuer

United Aircraft Corp.
Idaho Power Co.
Cameron Iron Works, Inc.
Gamble-Skogmo, Inc.
Alabama Power Co.
Liggett and Meyers
Wisconsin Gas Co,
Illinois Power Co,
Pacific Southwest Airlines
Pennsylvania Elec, Co.
Southern New England Tel. Co.
Niagara Mohawk Power Co,
American Airlines
Whirlpool Corp.
LTV Aerospace Corp.
Atchison, Topeka & Santa Fe Ry„
'United Nuclear Corp.




Type

Coriv, -subo o-be
1st: r-:g, bds.
Co-.Vc sub. deb.
NOI>:S
Isr r—g, bds.
S.Fi deb „
ISt T-Ku bdSr
1st r:g. bds.
Ccr.Vc deb.
1st rtg. bds.
Df-be
Isr. rr:g, bds,
Co-,-j. M-b, d-'-b,
S.F. d, b.
Sub. deb.
Eq„ t:\ cc-rt.
Conv. sub. de.D.

Corporate
303
399
344
676
931
1,176
606
1,034
1,261
619
697
853
767

of October 7
Amount
(millions
of
dollars)

58.9
30.0
25.C
30.0
33.5
75.0
16.0
40.0
15.0
25.0
43.0
45.0
81, 7
35.0
50.0
50.0
15.0

Subsequent to
date shown
State and
local govt.

Other If

331
578
458
582
461
504
334
546
584
353
403
685
380

15
25
20
20
20
90
55
55
85
50
35
90
35

'

Approximate date of
offering

Oct. 11 (rts. exp.)
October 12
October 12
October 12
October 14
October 18
October 19
October 20
October 25
October 26
October 27
October 28
Oct, 31 (rts. exp.)
October
October
Indefinite
Indefinite

Forthcoming Large Offerings as of October 7 (Cont'd)

Issuer

Type

Amount
(Millions
of
dollars)

Approximate date of Offering

State and local Government
Univ. of Oklahoma, Norman
Orleans Parish School Board, La.
Los Angeles County Flood Control
Dist., California
Omaha Pub. Pwr. Dist., Neb.
Greater New Orleans Expressway
Authority
Washington State University,
Pullman
Santa Monica Unif. S.D. , Calif.
Oklahoma Turnpike Authority

Rev.-Rent.
G.O.

13.6
16.5

October 10
October 11

G.O.
Rev-Q. -Ut.

55.0
25.0

October 11
October 13

Rev. -Q. -Ut.

75.0

October 18

Rev.-Rent.
G.O.
Rev.-Q.-Ut.

17.3
14.8
80.0

October 28
October
November

Bonds
Bonds

20.0
15.0

Indefinite
Indefinite

Other
Republic of Ireland
Nippon Tel. & Tel. Pub. Corp.

*--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:

Deletions for reasons other than sale of issue:




None

i
.
J

%
gf
C

1
%
§|

H. 14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:
Sale Date

1
9/21

Amount
(millions
of
dollars)

Public Offerings

Issuer and Description of Issue

A.

Sold August 1 through October

7

Government of New Zealand-*7% bonds, maturing 1976,
reoffered to yield 7.28%. ***

10.0

(
B.

Prospective Offerings

Indefinite

20.0

Republic of Ireland--bonds

Indefinite

15.0

Nippon Telegraph and Telephone Public Corp--bonds

*—Included in table for first time.
**—Issue sold to investors outside of U.S.
***--issues subject to interest equalization tax.




M-2
Part II:

Date Reported

9/23

Private Placements - Reported August 1 through October 7

Amount
(millions
of
dollars)

59.5

Issuer and Description of Issue

Savage River Corp.--5-1/2% - 5-3/4% collateral trust
notes, maturing 1976-83 — n o information available
on takedown.

Note: For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J, There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because the
latter includes privately placed securities in the period in which funds are actually
taken down but only in the amount of takedown while the placements shown in this exhibit
are included when reported, frequently with little or no information concerning timing
of takedown. Full or partial takedowns may take place both prior and subsequent to
the date a placement is reported.




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