Full text of H.16 Capital Market Developments : October 16, 1967

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AFTER SIX MOUTHS
Not for Pub

October 16, 1967.

DEVELOPMENTS
IN THE UNITED STATES
Corporate and municipal bond markets. The volume of new corporate and
municipal securities expected this week will be substantially above the average
weekly volume over the past year. In the corporate market, $100 million of
Household Finance debentures will be offered and rights expire on Detroit Edison's
$96.1 million of convertible cumulative preferred stock. The largest municipal
offering will be New York City's $119 million of general obligations. Supplementing the week's calendar, furthermore, will be the Province of Nova Scotia's
$35 million bond offering.
1/
Long-term Public Security Offerings —
(In millions of dollars)
State & local Government
Corporate
New Capital | Refunding New Capital | Refunding
Sold:
52 weeks avg.
October

6
13

308
r/268
"" 314

248

65

106
64

Scheduled:
October

V

20

407

343

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

Yields on new and seasoned corporate bonds advanced to new highs
last week, but most new issues were poorly received. Price restrictions,
furthermore, were terminated on several issues initially offered in the p£st
few weeks, and in free market, trading yields on these bonds advanced sharply.
The yield on an issue initially offered in mid-September advanced 17 basis points,
while that on one offered in early October advanced 12. The yield on New England
Telephone & Telegraph's bonds advanced 7 basis points to 6.13 per cent. The
volume of forthcoming offerings meanwhile was sharply increased with the smnouncement last week of a $250 million offering by Standard Oil of New Jersey scheduled
for October 25.
Yields on municipal bonds also advanced last week, while the new issue
market was relatively inactive. The unusually small supply of offerings was
further reduced when Elizabeth, New Jersey, rejected all bids for its $10 million
issue — the largest scheduled for last week.




H. 14

Yields on Security Markets
Level Latest Week

Change from
preceding week

High Grade
Notes and Bonds
Corporate
New
Seasoned

6.07
5.76

+

7
4

5.10
5.48

+
+

6
4

3.83
4.31

+

3

4.06

-

4

4.57
5.03

+ 10
- 1

U. S. Government
Long-term
3-5 year
State and local Govt.
Moody 1 s Aaa
Stdo & Poor's high grade
Money Market
Federal funds
Treasury bills
3-month
6-month

Corporate Bonds Still in Syndicate
Date
Offered

.

Amount
(millions of $)

Issuer

Reoffering
Yield

Rating

Estimated pre
portion sold

10/10

20.0

Metropolitan Edison,
6-7/8's - 1992

6.70

A

50%

10/10

23.0

Orange & Rockland Utilities,
6-1/2's - 1997
6.40

A

25%

10/9

75.0

Philadelphia Electric,
6-1/8*s - 1997

6.10

Aaa

25%

10/9

75.0

CIT Financial,
6-3/8's - 1986

6.42

10/5

25.0

Columbia Gas,
6-5/8's - 1992

6.60

10/4

15.0

Columbus & S. Ohio Elec.,
6-1/4*8 - 1 9 9 7
6.20

(7

98%
A

55%

Aa

95%

Blue List of Municipal Dealers' Advertised Inventories
Latest Week
375(10/10/67)




End of Previous Week
401

Recent High
849(4/26/67)

H. 14

Stock prices. Common stock prices fluctuated rather sharply last
week in generally active trading. At the close Friday, Standard & Poor's
index of 500 stocks stood at 96.00, down 1.26 on balance over the week. Trading
volume averaged 10.2 million shares a day despite a very light volume on
Columbus Day.
More detailed information concerning recent capital market deve lopments
is presented in the attached exhibits.

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




EXHIBIT

A. Port 1

LONG-TERM BOND YIELDS, HIGH-GRADE




C O R P O R A T E Aaa |

U.S. G O V E R N M E N T -

STATE A N D L O C A L G O V E R N M E N T Aaa
. Moody's

1964

1965

'

I

1967

1968

to"

Exhibit A —

Date

1959-60 - High
1966 - High
- Low
1967 - High
- Low
Sept.

15

22
29

Oct.

6
13

Part II
Spread between
and
State and
Corporate
local Aaa
Aaa

Corporate
Aaa 1/

State and
U.S. Govt. |
local
long-term 2/ government
1
Aaa 3/
(per cent)

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
5.76(10/13)
5.00(2/10)

4.42(1/8/60)
4.87(9/2)
4.42(1/7)
5.10(10/13)
4.37(2/3)

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
3.87(7/13)
3.25(2/9)

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44

5.65
5.64
5.66

4.96
5.01
5.04

3.80
3.82
3.83

.69
.63
.62

1.16
1.19
1.21

5.72
5.76

5.04
2/5.10

3.83
3.83

.68
£/.66

1.21
£/1.27

2./ Preliminary.
1/ Weekly average of daily figures.
2/ Weekly average of daily figures.
3/ Thursday figures.

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.27
.74

Average term of bonds included is 22-24 years•
The series includes bonds due or callable in 10

Only general obligation bonds are included; average term is 20

Note--Highs 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-




EXHIBIT 6. P a n

LONG-TERM

BOND

YIELDS,

LOWER

J

GRADE

C O R P O R A T E Baa

STATE A N D LOCAL G O V E R N M E N T Baa

•Moody's

—.

vzxx~"'"

1963



_/

1964

1965

1966

1967

1968

Exhibit B -- Part II

Corporate
Baa 1/

Date

| State and
, local govt.
Baa 3/

Spread^ between
Aaa and Baa
State and
Corporate
local fcovt.

(per cent)
1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.46(10/13)
5.81(4/14)

Sept.

15
22
29

6.41
6.38
6.41

Oct.

6
13

6.45
6.46

Note:

,

For footnotes see Exhibit A.




4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.64(10/13)
3.85(4/13)

.84
.31
.81
.31
.82
.65

1.08
.39
.62
.31
.81
.37

4.39
4.51
4.61

.76
.74
.75

.59
.69
.78

4.64
4.64

.73
.70

.81
.81

EXH't ' C, Par.

4

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES
GOVERNMENT

' '

Weekly

'

I

"

; 6 - M O N T H BILLS
l

3-5 Y E A R ISSUES




Market

Yields

F.R. DISCOUNT R A T E

3 - M O N T H BILLS

1964

1966

1967

Per

Exhibit C -- Part II

Discount
rate

Date

V

1959-60 - High
Year end - 1965
1966
High
1966
Low
1967 - High
Low
Sept.

15

22
29

Oct.

6

3-month
bills U

Yields
6-month
bills 27
(per cent)

3-5 year
issues U

I Spread between yields on
~13-mo. bills and yields o n —
I 6-mo. bills 13-5 yr\ issues

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)

1.81
.45
.06
.78
.01

5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)

4.50
4.00

4.81(1/13)
3.41(6/9)

5.05(9/29)
3.74(6/2)

5.48(10/13)
4.36(4/7)

.62
.01

1.61
.02

4.00
4.00

4.00

4.37
4.54
4.47

4.93
5.04
5.05

5.39
5.44
5.45

.56
.50
.58

1.02
.90
.98

4.00
4.00

4.47
2/4.57

5.04
&/5.03

5.44
2/5.48

.57
2/. 46

.97
2/. 91

13
•"1/ Weekly rate shown Is that in effect at end of period at tne
2/ M a r k e y i e I d ; „ e e k l y averages computed f r o ^ d a i l y closing bid prices




.79
.19
.12.
.52
-09

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)

4.00
4.50
4.50
4.50
4.50

Series of 3-5

EXHIBIT

D, Part

1

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

PRIME RATE
FINANCE C O M P A N Y PAPER

Directly

placed

,

F.R. DISCOUNT RATE
FEDERAL FUNDS
Effective R a t e

1963



1965

1966

Exhibit D —

Prime rate 1/

Date

Part II

Finance
company
paper 2/

Spread between
3-mo. bills and
Federal funds 3/ finance co. paper

(per cent)
1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
Sept.

15
22
29

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(10/13)
5.50
5.50
5.50

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(6/23)
4.75
4.75
4.88

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.45(7/21)
3.98
4.00
3.97

1.02
.23
.28
1.08
.20
.97
\

'

2 1

.38
.21
.41

.41
4.10
4.88
5.50
6
£/.43
5.00
2/4.06
5.50
13
1/ Weekly rate shown is that in effect at end of period. Prime rate is 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.-Highs 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.
Oct,




EXHIBIT

E, Pari

1

STOCK MARKET
Billions

1941-43

overoge=10

of . d o l l a r s

100

PRICES

J STOCK M A R K E T CREDIT
* C H A N G E IN SERIES
Millions

VOLUME

YIELDS

1963



1964

1965

1966

1967

1968

of

shores

Exhibit E —

Stock price
index 1/

1961-62 - High
Low
1966 - High
1967 - High
Low
Aug*
Sept.

Common
stock
yields 2/
(per cent)

Stock market customer credit
Trading
Customers'
Bank
volume 3/
debit bal- loans to
Total
(millions
"others"5/
ances 4/
of shares)
(In millions of dollars)

2.82
3.96
3.01
3.58

10.1

82.18(1/6)

3.01
3.58

12.1

94.49
95.81

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
97.26(10/6)

Part II

5,602(12/61)
4,424(1/61)
7,997
7,302

4,259(12/61)
3,253(1/61)
5,835
5,169

1,418(5/9/62)
1,161(3/8/61)
2.241(7/6)
2,097(12/14)

6.9

8,898
7,345

6,603
5,290

2,308(9/20)
2,055(2/1)

3.11
3.07

9.0
10.3

8,898
n.a.

6,642
n.a.

2,256
2,327

n.a.
n.a.

n. a.
n. a.

n.a.
n. a.

2.4
10.7
5.0

Sept.

29

96.71

3.03

10.2

Oct.

6
13

97.26
96.00

3.01
3.05

9.9

10.2

2,327

n.a. Not Available, JD/ Preliminary.
.
_1/ 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.
2/ Standard and Poor1s 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
or low.
3/ Averages of daily trading volume on the New York Stock Exchange. Year-end figures are averages
of daily figures for the year.
4/ 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.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U.S. Government securities. Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.




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

H O M E MORTGAGES:

Aaa CORPORATE BONDS:

1959

1960

1961




1962

1963

1965

1967

1968

zr
Exhibit F

FHA

1/

25-year 30-year

1957
1958
1959-60
1961-66
1966
1967

-

High
Low
High
Low
High
High
Low

1967 - Apr.
May
June
July
Aug.

5.63
5.35
6.24
5.43
6.73

n. a.
n. a.
n. a.
n. a.
n. a.

Spread between yields
on conv. &
3/ FHA mort
gages
~—

Conventional
mort-

6.00
5.44

6.81
6.62

Part II

5.55
6.30
5.80
6.70

6.60

.47
.15
.23
.25
.30
.11

6.29

6.40

.01

6.29
6.44
6.51
6.53

6.40
6.45
6.50
6.50
6.55

.11
.01
-.01

6.60

-.03
-.05

Spread between
yieldi; on new corbonds and
.6/ porate
FHA ml gs. Seasoned
Seasoned
4/
hands

Aaa Corporate
Bonds
e/Z

4.94
3.65
5.25
4.12
5.82
5.79
5.20

4.12
3.57
4.61
4.19
5.49
5.58
5.03

1.53
88
i:6i
.77

5.39
5.66
5.79
5.78
5.89

5.11
5.24
5.44
5.58
5.62

.9

1.1
1.2
72

.20
.27
are much
ually;
i-annual
te secondary
aliable for
jments,
suming premortgagec.
mortgage
triient to

2/

conventional
Beginning
date, rate
4icates this

3/

%

.28
.42
.35

1/

4/

1.03
.05
.73
-.16
.46
.42
.17

FHA"mortgage e yield e data are for 25-year mortgages through June 1961; 30

year mort-

gages thereafter.
Moody°s e investor 1 Servlce.




Monthly averages of daily data.

See Exhibit

A.

YIELDS O N

NEW

AND

SEASONED

CORPORATE

BONDS

6.5

A d j u s t e d lo

Aoo

Bo:

N E W ISSUES

6.0

5.5

5.0
S E A S O N E D Aaa

4.5

1964



1965

1966

1967

1968

Exhibit G - II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis

Number
of

Am't. of issues Average
yield
included (mill.
(per cent)
of dollars)

Number |Am't. of issues Average
yield
of
included (mill.
(per cent)
issues 1 of dollars)

Monthly averages:
1967

Jan.
Feb.
Mar.
Apr.
Hay
June
July
Aug.
Sept.

6
7

20
20
14
23
14
17

10

496.0
481.0
1073.0
916.0
570.0
993.0
772.0
1125.0
358.0

5.38
5.20
5.31
5.39
5.66
5.79
5.78
5.89
5.88

Aug.

4
11
18
25

2
4
5
3

310.0
283.0

5.82
5.84
5.92
5.99

Sept. 1

3

210.0

15
22
29

4
3
1

5.97
5.83
5.98
5.82
5.89

8

2

220.0
102.0
93.0
90.0
75,0

100.0

68.0
3
6.14
Oct.
3
118.0
6.07
Weekly averages:
6.14(10/6)
High
5.11(2/10)
Low
Note: Averages of offering yields on all new issues of publicly offered corporate bonds rated Aaa,
Aa, and A by Moody's Investors Service (except serial and convertible issues, offerings of natural
gas pipeline and foreign companies, and bonds guaranteed by the federal Government) weighted by
size of offering. Before averaging, new offerings are adjusted to a composite Aaa basis by
deducting from the actual reoffering yield the excess of the weekly average yield for seasoned
bonds of the appropriate industry-quality group over the composite average for seasoned Aaarated bonds (Moody's). Averages considered unrepresentative because of special characteristics
of the offerings included are denoted by an asterisk.




Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capdtal
1967

Corporate
1966 p/

1965

State and local 2/
1966 x J _
1967

1965

1,648
1,398
2,317

1,302
1,237
2,446

795
746
1, 197

1,467
1,195
1,438

1,188
858
865

804
872
904

1,973
1,474
2,611

1,553
1,058
2,364

1,,152
1,,691
1,,946

1,110
1,210
1,443

1,193
901
1,141

826
924
972

July
August
September

£/2,466
e/2,400
e/1,675

1,039
1,670
1,382

1,,290
850
1,,392

925
e/ 800
e/1,250

701
773
1,020

986
648
966

October
November
December

e/1,800

829
1,085
1,635

924
1,,325
,496
. 1,

e/1,050

755
969
940

794
1,021
754

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

5,363
6,058
£/6,541

4,985
4,974
4,091
3,549

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

4,100
3,763
e/2,975

2,911
3,235
2,494
2,664

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

1st half
Three quarters
Year

11,421
el 17,962

9,959
14,050
17,600

7 ,527
11 ,060
14 ,805

7,874
e/10,838

6,146
8,640
11,304

5,302
7,902
10,471

January
February
March
' April
May
June

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

Quarter
Quarter
Quarter
Quarter

5,207
5,913

Year

4,924
4,884
3,969
3,492

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

17,269

13 ,366

p/ Preliminary.
,
1/ Securities and Exchange Commission estimates of net proceeds.




-

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

Quarter
or
Month

Total

II
III
IV

1966

1967 - I
II

•Aug.
Sept.
Oct.
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May
June
July 2f
Aug. py
Sept.eZ

I

SOURCE:

Gross proceeds for new capital
and refunding 1/
Common Memo:
Foreign
Publicly Privately and
pfd. issues
Offered Placed
included

Net proceed:;
fnr new capital 1/
Mfg.

Public Communi
Utility cations

2/
Other
Issuers

5,115
4,197
3,669

1,941
2,256
2,047

2,083
1,627
1,247

1,090
314
375

168
154
117

2,,205
1,,558
1,,232

960
657
984

392
567
417

1,418
1,309
918

5,464
6,208

3,263
4,017

1,811
1,465

390
726

60
65

2.,442
3:,014

997
1,268

543
548

1,382
1,228

1, 712
1, 400
892
1,,115
1,,661

1, 140
676
499
569
980

435
657
256
435
555

137
67
137
111
127

22
62
66
27
24

518
643
331
228
673

313
81
254
320
409

318
198
97
168
152

522
460
147
369
401

1,,684
1 ,418
=
2,,362
2 ,016
1,,519
2:,673
2 ,599
2 ,500
1 ,725

745
900
1.,618
1,,368
965
1,,684
1 ,888
1 ,810
875

848
362
601
410
396
659
496 ,
500
650

624
563
1,254
1,128
588
1,298
934
900
700

220
274
503
394
403
471
446
575
185

293
105
145
107
91
350
40
250
175

511
456
415
343
393
492

91
156
143
238
- 158
330
215
190
200

Securities and Exchange Commission.




35
10
15
16
32
17
208
n. a.
n.a.

1

-

1,046
675
615

Exhibit J
Other Security Offerings
(In millions of dollars)

Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
1965
1966
1966
1965
1967
1967
January
February
March
April
May
June
July
August
September
October
November
December
Jan. - J u l y

130
—

114
27
13
170
mm

12
40
40
66
69
76
72
7
50

38
73
——

303
597

661

74
68
454

--

91
33
74
5
52
75
2
420

——

Year

218

1,251
783
750
650
810
650
407

5,301

• —

503
410
392
699
1,030
1,084
799
400
450
800
239

1 ,414
2 ,732

Jan. - Aug.

' 1,374

Year

422

1,286

—1,962

239
150
375
375
179

6,806

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

640

—

775

3,034

New short«term 4/
Federal Agency
State and local Government 5/
308
-179
238
179
103
-552
-24
91
387
39
-454
450
-594
-458
-319
-559
718
647
580
827
109
85
204
462
515
93
284
-82
-334
-128
-158
-590
119
-103
£/ 219
-270
-262
408
270
]>/ -31
-652
152
-161
-555
59
-48
-283
503
274
219
-570
-366
531

129
185
325

4
3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76

?

1,821

541

p:

-310

801

!
•;

i

£/ 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, f
2/ Includes securities offered in the U.S. by foreign governments and their political
m
subdividions and international organizations. Source; Securities and Exchange Commissi:
3/ 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
J
from the proceeds or refunding issues or from other funds. Data include only issues with!)
original maturity of one year or less. 5J 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.




14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total

1966 - Sept.
Oct*
Nov.
Dec.
1967 - Jan.
Fub.
Mar.
Apr.
. Mr.y
.Tune
July
'tUg.
Sept.

C o n o r ite
Bonds
(other than
Convertible
convertibles)
bonds

627
523
510
1,177
681
842
1,638.
1,311
870
1,666
1,340
1,705
794

287
352
363
990
611
709
1-435
956
771
1,072
890
. 1,288
473

. Stocks

340
116
97
118
30
40
140
213
55
409
317
350
257

,

State
and
local
governments
611
387
464
779
947
675
669
512
496
875
483
473
847

55
50
68
40
'•3
63
142
44
185
1)3
b7
65

Other

2/

50

1
r

•

J

55

'

60
230
530
1,000
540
391
825
85
221
400

-

Large Individual Issues Offered October 1 through October If
,

Issuer

Corporate
Lincoln First Group
• Columbus & So. Ohio Elec.

,

m

Type »/

Amount
(millions
of
dollars)

Haturity

Coupon
rate or
net interest cost

Offer-;
ing
vield I

Ra ting

Debs.
15.0
1st mtg. bds.
15.0
Conv. pfd. stk. 100.0
1st mtg. bds
28.0
Debs.
25.0
Debs.
75.0
Conv. sub. debs. 119.8
Conv. debs
20.0

1992
1997

6-1/4
6-1/4

6.33
6.20-6.24

1997
1997
1986
1992
1987

6.56
6-5/8
6-3/8
4-1/2
5

6.56
6.60
6.42
4.50
5.00

A
A-

23.0

1997

6-1/2

6.48

A

27.0
20.0

1992

6-7/8

6.70

A

Alabama Power
Columbia Gas
C.I.I. Financial Corp.
United Aircraft
Penn-Dixie
Orange and Rockland
Utilities
1st mtg. bds.
Southern New England Tel. &
Tel.
Com. stk.
Metropolitan Edison
Debs.

Aa

Ba

State & local Government
Atlanta, Georgia
City of Cheyenne, Wyoming

G.O.
Rev.-Rent.

12.5
20.0

1969 98
1968-87

5.02
5-1/2

3.40- 5.00
4.30- 5.50

Baa

Other
New Brunswick Electric
- Power Conm.

S.F. Debs.

15.0

1992

6-1/2

6.60

A




xty

K-2

FOOTNOTES:

Ij
2/
3/

Includes corporate and other security offerings of $15 million and
over; State and local security offerings of $10 million and over.
Includes foreign government and International Bank for Reconstruction
and Development issues and non-guaranteed issues by Federal Agencies.
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 income from quasi-utilities; Rev.-S.T., revenue bonds secured by
revenue from specific taxes only; Rev.-Rent., revenue bonds secured
solely by lease payments.




H. 14
Exhibit L
ittrthcceing Large Long-term Public Security Offering for K w Capital
(Other than 0.8. Treasury) 1/
Expected Proceeds from itorthcceiing Large lasuea
(In millions of iollara)
During month following
date shown
State and
Corporate
Other If
local covt.
1966 - Sept.
Oct.
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

300
140
496
939 .
780
508
227
326
596
401
512
783
768

30
687
397
31
30
1,098
656
30
486
31
28
1,410
767
31 !1
30
963
1,449
31
1,636
30
1,261
31
694
31
534
30

Corporate

,

mm
mm

80
530
250
-- •

70
100
40
mm

100
65

767
457
1,133
811
706
1,534
905
1,262
2,065
1,922
1,576
1,335
1,090

Subeequent to
date ahown
State end
locel eovt.
390
175
571
1,154
851
528
247
346
616
402
575
903
889

Other 1/
85
35
65
95
545
265
i
15
85
115
• 70
150
159
126

Forthcoming Large Offerings as of October 13, 1967.
(millions

Approximate date of
offering

dollars)
Corporate
Household Finance
Carolina Power & Light
Gannett Co., Inc.
Northern State Power
! Detroit Edison
Transcontinental Gas Pipeline
New England Power
Pacific Southwest Airlines
Frontier Airlines
^Standard Oil Co., New Jersey
Wisconsin Public Service
Owens-Illinois Inc.
General Telephone of Florida
SCM Corp.
*Cities Service
Philadelphia Electric
Panhandle Eastern
Long island Lighting
Tenneco
Pennsylvania Power & Light




Debs.
1st mtg. bds.
Com. stk.
1st mtg. bds.
Conv. cum. pfd. stk.
1st mtg. p.l. bds.
1st mtg. bds.
Sub. debs. w. wts.
Conv. debs.
Debs.
1st mtg. bds.
Conv. sub. debs.
1st mtg. bds.
Com. stk.
Debs.
Com. stk.
Debs.
Conv. pfd. stk.
Conv. sub. debs.
Debs.

100.0
40.0
15.0
30.0
96,1
50.0
15.0
50.0
20.0
250.0
25.0
50.0
20.0
30.0
100.0
40.0
40.0
30.0
203.0
140.0

October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
November
November
November
November
November

17
17
18
18
18
18
19
23
23
25
25
26
26
30 rts. exp.)
31
rts. exp.)
1([:
9
10
13((rts. exp.)
9

Forthcoming Large Offerings as of October 13. (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

-

—

Approximate date of offering

Corporate (Cont'd)
West Perm Power
Wisconsin Electric Power
Montana Power
^Holiday Inns of America
ting-Temco-Vaught

1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Com. stk.
Com. stk.

25.0
45.0
30*0
20.0
76.0

November 14
November 15
Indefinite
Indefinite (rts. exp.)
Indefinite

Rev.-Rent.
Rev.-Rent.

17.0
25.0

October
October

16
17

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

25.0
119.1
58.0
27.7
87.0
20.0
70.0
| 27.8
I 17.5

October
October
October
October
October
October
October
October
October

17
17
18
24
24
24
25
26
31

November

7

State & local Government
Oklahoma City Airport Trust,
Oklahoma
Penna. State Sch. Bldg. Auth.
Los Angeles Co. Flood Control
Dist. .
New York City
#State of Connecticut
New York State Dormitory Auth.
% e w York State
^Georgia Education Authority
San Francisco B.A.R.TBaltimore, Maryland
*S tate of De laware
Nashville & Davidson Co. Metro.
Government
Los Angeles, Calif., Dept. of
Water and Power
Minnesota State College Board
*West Virginia
^Austin, Texas
State of Ohio
Kentucky Turnpike Authority

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

12.0
24.0
13.0
20.0
10.0
50.0
120.0

November 8
November 8
November 14
. November 16
November 16
Indefinite

35.0
60.0
15.0

October 17
November 1
Indefinite

Other
Province of Nova Scotia
Tennessee Valley Authority
New Zealand

1/
2/
3/

Debs.
Bonds
Bonds

Includes corporate and other issues of $15 million and over; State and local Government
issues of $10 million and over.
Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues of Federal Agencies.
Elizabeth, New Jersey's $10 million issue — scheduled Oct. 10, 1967 — was postponed.




Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

Sale Date

Amount
(millions
of
dollars)

Public Offerings

Issuer and Description of Issue

A. Sold Sept. 1 through

October 13, 1967.

9/6

25.0

Kingdom of Denmark*** — 6-3/4% extern al loan
bonds maturing 1982, reoffered to yield 6.85%.

9/7

15.0

Finland — 7% Bonds maturing 1987, reoffered to
yield 7.22%.

9/20

50.0

Quebec Hydro-Electric Commission — 6 1/2%
debentures maturing 1992, reoffered to yield
6.50%.

9/26

25.0

Montreal Catholic School Commission - 6-3/4%
debentures maturing 1992, reoffered to yield

6.88%.

9/28

35.0

Alberta Government Telephone Commission — 6-1/4%
debentures maturing 1992, reoffered to yield
6.35%.

10/4

15.0

New Brunswick Electric Power Commission 6-1/2%
S.F. debentures maturing 1992, reofjfered to
yield 6.60%.
B.

Indefinite
10/17

15.0
35.0

Prospective Offerings

New Zealand — Bonds***
Province of Nova Scotia —

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




S.F. debentures

q\o\

M - 2

PART

Date Reported

:

9/8

9/18

. - •;

9/25

II:

Private Placements - Reported Sept. 1 through October 13, 1967.

Amount
(millions
of
dollars^
Uv JL lot 9 J

Issuer and Description of Issue

41.7

3.8

6.5

mmmms9/25

18.0

Traders Group, Ltd. - collateral notes maturing 1987 -no information available on takedown.

#

is reported.