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Not f o r P u b l i e a U ^ ^ ^

^

^

^
October 23, 1961

:TAL MARKET DEVELOPMENTS

"TTTHi^ UNITKirSTATES

The volume of p u b l i c s e c u r i t y f i n a n c i n g to o b t a i n new c a p i t a l
was l a r g e l a s t week and i s expected t o be s u b s t a n t i a l t h i s week. Last
week, ending October 20, f o u r l a r g e corporate s e c u r i t y i s s u e s , including
t h e e x p i r a t i o n of two r i g h t s o f f e r i n g s , aggregating $115 million were
sold and t h r e e S t a t e and l o c a l government bond i s s u e s f o r #174 m i l l i o n
were o f f e r e d . This week, ending October 27, f o u r c o r p o r a t i o n s a r e
scheduled t o o f f e r s e c u r i t i e s aggregating $150 m i l l i o n , t h r e e State and
l o c a l i s s u e s with par value of $90 m i l l i o n a r e on t h e calendar, and t h e
Government of New Zealand i s expected t o o f f e r $15 m i l l i o n i n bonds.
Bond y i e l d s . Long-tern U, S. Government and Aaa-rated S tate
and l o c a l government bonds declined l a s t week by 2 and 3 b a s i s p o i n t s ,
r e s p e c t i v e l y , w h i l e y i e l d s on corporate and Baa-rated S t a t e and l o c a l
government bonds were unchanged.
A new A - r a t e d , 30-year f i r s t mortgage e l e c t r i c u t i l i t y i s s u e
was o f f e r e d t o i n v e s t o r s l a s t week a t i*.57 p e r c e n t , 33 b a s i s p o i n t s
below t h e l a s t comparable i s s u e sold i n e a r l y August and only 10 b a s i s
p o i n t s below t h e low y i e l d f o r the y e a r on an i s s u e s o l d i n mid-February.
S h o r t - and i n t e r m e d i a t e - t e r n i n t e r e s t r a t e s . Changes i n
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
mixed l a s t week. Y ie ld s on 3-month Treasury b i l l s and i n t e r m e d i a t e - t e r m
U. S. Government o b l i g a t i o n s d e c l i n e d 5 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 6-month b i l l s rose a single b a s i s p o i n t . The average
r a t e of i n t e r e s t on Federal funds declined 60 b a s i s p o i n t s t o 2.15 per
cent. Other s h o r t - and i n t e r m e d i a t e - t e r n i n t e r e s t r a t e s were unchanged.
Housing s t a r t s . Seasonally a d j u s t e d p r i v a t e housing s t a r t s
rose 3 p e r cent i n September a f t e r two consecutive months of d e c l i n e ,
and, a t an annual r a t e of 1,360,000, were back n e a r l y t o t h e June r a t e .
I n t h e t h i r d q u a r t e r a s a whole, p r i v a t e s t a r t s were 5 per cent above
the improved second q u a r t e r r a t e and (owing i n p a r t t o a veiy sharp drop
i n September of I960) 10 per cent above a y e a r e a r l i e r . Combined FHA and
V s t a r t s were down about seasonally i n September,
A
Stock market c r e d i t . Customer c r e d i t in the stock market
changed l i t t l e i n September, t o t a l i n g $5»3 b i l l i o n a t the end of t h e
month, the same a s a t t h e end of August. Customer d e b i t balances,
excluding those secured by U. S. Government o b l i g a t i o n s , i n c r e a s e d #19
million i n September to £3>991 m i l l i o n . Bank loans t o o t h e r than
brokers and d e a l e r s f o r purchasing and carrying s e c u r i t i e s o t h e r than
U. S. Government o b l i g a t i o n s also probably increased s l i g h t l y in
September, although published weekly r e p o r t i n g member bank data show
a decline of $57 m i l l i o n during the month. This decline was more t h a n




=3=
accounted f o r by loan r e c l a s s i f i c a t i o n in one Federal Reserve D i s t r i c t
which had t h e e f f e c t of reducing the t o t a l f o r such l o a n s by over $60
million.
Money borrowed by NYSE member firms declined moderately f u r t h e r
i n September f o r the t h i r d successive month. Customer f r e e c r e d i t
balances rose s l i g h t l y f o r the second month i n a row, but were s t i l l
near t h e low f o r the y e a r reached i n J u l y .

Customer c r e d i t
Excluding Uo S. Government s e c u r i t i e s - t o t a l
Met debit balances
Bank loans to "others"
Net debit balances secured by U, S. Govt, s e c u r i t i e s
Bank loans to "others" f o r purchasing or c a r r y i n g U. S.
Government s e c u r i t i e s
Broker and dealer c r e d i t
Money borrowed except on U. S. Government s e c u r i t i e s
On customer c o l l a t e r a l
Money borrowed on U. S. Government s e c u r i t i e s
Customers 1 net f r e e c r e d i t balances

End of month
Change
Sept.
1 Aug.
( M i l l i o n s of d o l l a r s )
5,311
3,991
1,320
he

5,31*9
3,972
1,377
h9

-38
+19
-57
-3

110

102

+8

2,666
2,388
6k
1,227

2,679
2,363
56
1,208

-13
+25
+8
+19

Stock priceso Common stock p r i c e s , as measured by Standard
and P o o r ' s composite index of 500 stocks, increased moderately l a s t week,
reaching a new high of 68.1*8 on October 20. Average d a i l y volume of
t r a d i n g a l s o rose 0.2 m i l l i o n shares from the revised l e v e l of the
previous week to 3.ii m i l l i o n s h a r e s .
More d e t a i l e d in f o r nation concerning r e c e n t c a p i t a l market
developments i s presented i n 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.




'

I

EXHIBIT A
LONG-TERM

BOND

YIELDS

HIGH-GRADE

C h a n g e In

LOWER-GRADE




S A I A # 10CAI
T T N

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

-5-

Long-tenn Bond Yields
High-grade
Date

Corporate
Aaa 1 /

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

195it - Low
1957 - High
1958 - Low
1959-60 - High
I960 - Low
1961 - High
Low
Sept., 2 2
Sept.. 29
Oct. 6
Oct. 13
Oct. 20 2 /

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

1.90 (9/2)

2.it5 (8/6)
3.76 (10/18)

2 . 8 5 (4/23)
i t . l i l (9/27)

S t a t e and
local
government
Aaa 3 /

.30

• 30
.50
.3k
.92
.53
•76
.it6
.68
.67
.68
.70
.71

it. 23 ( 9 / 9 )
it.lt6 ( 9 / 1 5 )
it. a ( 3 / 1 7 )

it.it2 (1/8/60)
3.75 (8/5)
it.06 ( 9 / 1 5 )
3.70 ( 5 / 1 2 )

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

.60
.22
.59
.19
.57
.itO

It.it5
lt.it5
it.it3
it.it2
it.it2 ^

it. 02
3.98
3.98
it. 00
3.98

3.3it
3.31
3.30
3.30
3.27

.it3
.it7
.it5
.it2
.itit

3.55 (5/2)
i t . 6 1 (1/29/60)

3-1*5

(8/29)

3.65

(9/24/59)

2.64 (5/1)

3 . 0 7 (4/25)

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
l o c a l Rovt.

(per cent)
19$k - Low
1 9 # - High
1958 - Low
1959-60 - High
1960 - Low
1961 - High
Low
Sept. 22
Sept. 29
Oct. 6
Oct. 13
/ O c t . 20 £ /

3 . M i (12/31)

5.10 (11/20)
it.£L (7/11)
5.36 (2/12/60)
It. 98 ( 9 / 9 )

2.93

(e/5)

4 . 5 1

(6/29)

3.614 ( 5 / 1 )
it.it6 (1/7/60)
3 . 9 8

(12/29)

5.13 (10/20)

it. 16 ( 3 / 2 3 )
3.93 (8/3)

hi
f:ii

It. 02
it: 00
it. 00
it. 00
it. 00

5.00 (V21)

5.13

.52
1.27

.93
1.08

.71

.81
.66

.93
.57

.70
.71
.71

.69
.70
.70
.73

.68

p / Preliminary.
1 / Weekly average of d a l l y f i g u r e e . Average term of bonds Included i s 23 *26 y e a r # .
2 / Weekly average of d a l l y f i g u r e s . The a e r i e s Includes bonds due or c a l l a b l e I n 10 years o r more.
3 / Thursday f i g u r e s . Only g e n e r a l o b l i g a t i o n bonds a r e Included; average term I s 20 y e a r s .
Note.—Illghs and lows a r e for I n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s f o r d l f f s r e e t s e r i e s .
For s p r e a d s , high r e f e r e t o w i d e s t , and low t o narrowest.




.96

1.21

EXHIBIT C
SHORT-

AND

INTERMEDIATE-

TERM

INTEREST RATES

GOVERNMENT

BANKS

AND

OTHER'PRIVATE

DC U T /
I ON
S
IATIS /




BORROWERS

-7E x h i b i t D - Tables f o r E x h i b i t C
3 i o r t - and I n t e r m e d i a t e - t e r a I n t e r e s t hates
Government
Date

Discount
rate
V

195k - Low
1957 - High
1958 - Low
1959-60 - High
I960 - Low
1961 - High
Low

1.50
3.50
1.75
Loo
3.00
3.00
3.00

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

2.78 ( 8 / 1 8 )
2.35 (V28)

3.86 ( 8 / 1 1 )
3.15 (5A2)

Sept.. 22
Sept.. 29
Oct. 6
Oct. 13
^ c t . 20 e /

3.00
3.00
3.00
3.00
3.00

2.26
2.25
:2.28
2.3ii
.
2.29 ^

2.69
2.69
2.6k

3.76
3.70
3.65
3.67
3.66

Yields
6-month
b i l l s 2/
( p e r cent)

3-month ,
b i l l s 2/
.61

(6/11)

3-5 y e a r
issues 2/

Spread between y i e l d s on
3-month b i l l s and y i e l d s oi
6-mo. b i l l s 13-5 y r . i s s u e s
.66

1 . 6 6 (4/30)

3.6k (lo/ia)
.58 ( 5/29)
U . 5 9 (1/8/60)
2 . 1 1 (10/28)

lt.Ol* (lo/ifl)
3 . 0 2 (12/26)
5 . 0 7 (1/8/60)
2 . 3 8 (12/30)

2.67
2.68

.86

2.11* (6/6)

.26

5 . 0 0 (12/24/58)
3 . 1 t 0 (12/30)

.79
.16
.kit
.12
.143
. a

.36
.33
.39

•oU
1.81
.38
1.51
.92
1.50
1.1*5
1.37
1.33
.1.37

Banks a n # . O t h e r , P r i v a t e Borrowers
Date

Stock Exchange
c a l l loan 1 /

Prime
rate 1/

Finance company
paper 3 /

Federal
funds k /

Spread between
3-mo. b i l l s and
f i n a n c e co. paper

(per cent)
195k - Low
1957 - High
1958 - Low
1959-60 - High,
I960 - Low
1961 - High
Low

3.00
11,50
3.50
5.50
k.50
k.50
k.5o

3.00
k.50
3.50
5.00
•k.50
k.5o
li-5o

S e p t . 22
Sept. 29
Oct. 6
Oct. 13
Oct. 20 J D /

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

l*.5o
It. 50
k.5t)
It. 5o
it. 5o

2/
3/
4/

1.25(12/31)
3.88 (li/is)
1'.13 (ti/e)
5'. 13 (1/22/60)

3.50

(11/8)

(V2»)

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

.13
It.00
.95
2.85
.1*3

2.69
2.66
2.81
2.81
2:81

2.15
2.05
1.80
2.75
2.15

2 . 8 8

Stock Exohange c a l l loan r u t * I s going r a t e on c a l l loans
Non York City banks. Prime r a t e l a t h a t charged by l a r g e
the highest credit standing.
Market y i e l d ; weekly averages computed from d a l l y cloning
s e l e c t e d notes and bonds,
Average of d a l l y r a t e s published by finance companies f o r

90-179 day rapge.

n.a.

(12/30)

(5/13/60)

<12/2)
(2/17)
(1/27)

0
.63
-.35
1.02
.22
.56
.11
.11
. -.la
.53
.k7
.52

secured by customers' stock exchange c o l l a t e r a l a t
banks on ahort-term loans t o b u s l m s s borrowers ef
bid p r i c e s . S e r i e s of 3-5 year I s s u e s c o n s i s t s of
»
^
d i r e c t l y planed paper f o r varying m a t u r i t i e s I n the

~

Weekly average uf d a l l y e f f e c t i v e r a t e , which I s t h e r a t e f o r t h e h e a v i e s t values ef purchase and sale t r a n s a c t i o n s
a s reported t o the Federal Reserve Bank of Hew York.
'
Mot*.--Highs and lows are f o r I n d i v i d u a l s s r l s s and may be on 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 date# f o r d i f f e r e n t s e r i e s ,
for s p r e a d s , high r s f e r s t o w i d e s t , and lew t e narrowest.




STOCK

MARKET

Milliont of Dollar*.

^CH N E I S RE
A G N E IS

PRIVATE H O U S I N G
Monthly

STARTS




Thousands

[including I r )
gm

' V *J

of

Units.

Exhibit F - Tables f o r Exhibit E.
Stock Market
Stock p r i c e
index 1 /

Date

1957-60 - High
Low
1961 - High
Low
August
September
Oct. 6
Oct. 13
Oct. 20 q/

Trading
Common
stock
volume 2 /
yields 2/ (millions
( p e r c e n t ) of shares)

68.18 (10/20)
58.18 ( 1 / 6 )

3.08
L. 72
2.89
3.32

4.9
1.4
5.8
2.7

67.79
67.26
67.97
68.04
68.48

2.90
2.92
2.91
2.91
2.89

3.5
3.2
3.3
1/3.2
3.4

6 0 . 5 1 (7/31/59)
3 9 . 1 8 (12/20/57)

Stock market customer c r e d i t
v
Customers'
tiank
debit balloans t o
ances h /
"otliers" 5 /
( I n m i l l i o n s of d o l l a r s )

Total

4,764 (4/59)
3,554 (V63)
57386(5/61)
4,424(1/61)

3, ItOl (4/69) 1 , 3 7 3 ( 9 / 5 9 )
2,482 (12/57) 1 , 0 6 0 (11/S7)
4,060(5/61) 1,377(8/28)
3,253(1/61) 1 , 1 6 1 ( 3 / 8 )

5,349
5,311

3,972
3,991
n.a.
n.a.
n.a.

n.a.

n.a.
n.a.

1,377
1,320
1,318
1,307
n.a.

n.*.—Not a v a i l a b l e .
£/ h f l i e - l i & r y .
1 / Standard and Poor 1 * eenpoeite Index nt 6UO ecinon s t o c k s , weekly o l o s t i g p r i e » 9 , 1041-43*10. Monthly data a r e
a v e r a g e s of d a l l y f l c u r e s r a t h e r t h a n of Prltlcy'» o n l y . Highi and Iowa a r e f o r Mdayfc* data o n l y ,
2 / Standard and P o o r ' s ocmpoilte atook y i e l d baoed en Wednesday data converted t o weekly eloclny p r i c e s by Federal
Reserve. Y i e l d s ehoim a r e f o r datee en which p r i c e Index r e a j h e d I t s high or low.
Averages o f d a l l y t r a d i n g voluac on t h e Mew York Stock Exchange,
1/ End of month f i g u r e s f o r wsmber f l n n s of t h e Itaw York Stock Exchange which c a r r y margin accounts# exelwdes balances
secured by U. S . Government o b l i g a t i o n s .
6 / Wednesday f i g u r e 0 f o r weekly r e p o r t i n g member banks. Exoludes loans f o r purchasing or «arryl«S °« s « O o v e n a e n t
M o t i l i t i e s . P r i o r t o J u l y 1 , 1959, such l e w i s a r e excluded only a t banks i n Now York and Chicago. Weekly r e p o r t i n g
banks account f o r about 70 per coot of loans, t o otherOi For f u r t h e r d e t a i l oee B u l l e t i n .

P r i v a t e Housing S t a r t s 1 /
Date
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
MayJune
July
Aug. 2 / '
Sept. g /
1/

Total
Sea so r a l l y a d j u s t e d Unadjusted
annual r a t e
1,089
1,273
1,220
996
1,127
1,169
1,296
1,166
1,291
1,381
2/1,343
1,321
1,360

97
110
93
64
70
76
105
111
•127
r/132
125
126
120

Unadjusted
FHA
22
23
20
14
14
13
20
20
24
22
r/21
26
21

V
A
7
6
5
5
5
5
6
6
8
8
7
8
7

Conventional
68
82
67
46
51
58
78
85
95
103
r/97
93
92

T o t a l s t a r t s are Census e s t i m a t e s , which a r e not s t r i c t l y comparable with old nonfarm s e r i e s developed by BLS. A
dwelling u n i t i s s t a r t e d when excavation begins; a l l u n i t s i n an apartment s t r u c t u r e a r e considered s t a r t e d a t t h a t
t i m e . FHA and V s t a r t s a r e u n i t s s t a r t e d under commitments by t h e s e a g e n c i e s t o insure or guarantee the mortgages.
A
As r e p o r t e d by MA and VA, a u n i t i s s t a r t e d when a f i e l d o f f i c e r e c e i v e s the f i r s t compliancs I n s p e c t i o n r e p o r t ,
which i s made b e f o r e f o o t i n g s a r e poured i n some c a s e s but normally a f t e r the foundations have been « * * p l e t e d .


mortgages and u n i t s witheu* m a r t w ^ e a .


Exhibit Q
Long-term Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
(3h m i l l i o n s of d o l l a r s )

1961
January
February
March

580
667
562

Corporate 1 /
1 I960
|

New ca p i t a l
1959
821
738
646

570
715
860

716
683
760
724
628
- 1,015

April
May
June

2,118
1,25?
1,318

577
- i,o44 .

•894
785
887

July
August
September

957
739
e/650

"736
967
726

535
740
703

October
November
December

e/800

890
'#6
852

879.
864900 '

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three q u a r t e r s
Year

S t a t e and l o c a l 2/
1961
1 I960
! 1959

2,204
2,567

1,809
1,695
e/2,346

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

2^642

6,501*
e/8,850

4,527
6,955
9,653

4,771
6,750
9,392

700
611
568

;

648 .
659

638

719
545
991 .

934
568
98 7

444
e/600
e/75o

492
606
683

443
521
470

e/600

348
501
491

593
450
478

2,159
2,367
e/1,794

1,880
2,256

1,780
1,340

2,1#
2,488
1,433
1,521 .

4,526
e/6,320

4,136
5,916
7,257

4,634
6,067
7,588

Excluding f i n a n c e companies j /
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1,554
e/2,246

Year

1,999
2,412
1,716
2,503

1,716
2,165
2,018
2,347
8,246

-

8,630

S e c u r i t i e s and Exchange Commission estimates of n e t proceeds.
Investment Bankers Association of America e s t i m a t e s of p r i n c i p a l 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 f i n a n c e
companies.




Exhibit H

-11-

Other Security Offerings
(In millions of dollars)
Gross long-term 1/
Foreign government 2/
Federal agency 3/"
1961
|
I960
|
195?
I960
" W
1939"
January
February
March

6
29

April
May
June

2
66
29

2

175
70

81
60

182
150

199

2

252

150

31*
72
1*0

58
50

100
11*9
278

11,8
351*

July
August
September

25
1
36

85
1
35

250

199

October
November
December

31*
11
*

33
30
70

160
11*9
181

86

Year

533

51*7

1,672

707

2

1*2

175

98
150

Net short-term It/
State and local government 5/
Federal agency 3/
January
February
March
April
May

160
195
-103
-1*2

-155
July
August
September

109

October
November
December
Year
2/
1/

58
11*0

-80
70

--11*6

-157
1*8

1*15
-175

-1*
181
1
*

-Ihk
-162

-59

197
-25
-197

-79
-87
207

-277

57
392
131

193

22

170

320
95
23

-176
-117

-23
-33
-250

18

362

-633

-81

'

-201 •

50
-189

-16

-82
176
33

-196
-202

-171*

. 50
368
286
362
133
79
280
. 21*0
1*1*

1,969

Preliminary.
These data d i f f e r from those i n Bellibit 0 i n that refunding i s s u e s , a s well as new capital i s s u e s , are included.
Long-term s e c u r i t i e s are defined a s those maturing In more than one y e a r .
2/ Includes s e c u r i t i e s offered in the.United S t a t e s by foreign governments and t h e i r subdivisions and by I n t e r - ~
national organizations. Source« S e c u r i t i e s and Exchange Commission.
3/ Issues not gu^rantned by the U. S. Government. Source« . long-term, Securities and Exchange Commissi on; shortterm , Treaairy Department and Federal Reserve.
4 / These data d i f f e r from those i n BtMbit 0 and above i n t h a t they represent now offerings lefts retirements, whether
from the proceeds of refunding Issues or from other funds. Ifeta Include only Issues with original maturity of one
year or l e s s .
5 / Principally tax ai# 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 notes. I n
oom» instances PH4 notes Included may have a somewhat longer term than one year. Sourcei Bond Buyer and
Federal Reserve.




Exhibit I

-12-

Large Long-tern Public Security Issues f o r New Capital
(Other than U. S. Treasury) 3 /
Proceeds of Large Issues Offered
( I n millions of d o l l a r s )
Month

State and
local
government

Corporate

I960 - September
October
November
December
1961 - January
February
March
April
May
June
July
August
September

266
#6
1*65

Other 2 /
25
77
150
99

367
46
186
222
391

260

1U7
267
70
1,572
557
532
475
185
168

360

67

1|05
383
256

25
151

616

179
281
435

100
73

Large Individual Issues Offered October 1 through 20
Type y

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

Rating

CORPORATE
Public Service Co. of Colo
Gulf S t a t e s U t i l i t i e s Co.
A l l i e d Stores Corp.
Gen. Amer. Transp. Corp.
Public Service Elec.& Gas
Northern Indiana Public
Service Co.
Georgia Power Co.
Georgia Power Co.
P a c i f i c Northwest Bell Tel.

1 s t mtg. bds.
Deb.
Conv.sub.deb.
Equip.tr.ctf.
Deb.

30.0
15.0
27.0
25.0
50.0

1991
1981
1981
1981
1981

4-1/2
4-5/8
4-1/2
4.55
4-3/4

4.42
4.55
4.35
4.55
. 4.57 •

Aa
A
Ba
A
A

Conv.deb.
. 20.3
1st mtg. bds.
10.0
Pfd. s t k .
7.0
Com. s t k .
28.0

1976
1991

4
4-5/8

4.00
4.57

A
A

1.70-3.20
1.50-3.60
1.50-3.90*,
1.80-3.702/
2.20-3.40

Aaa
Aa
Aaa
Aa
Aa

6.47V

*»•»

STATE AND LOCAL GOVERNMENT
New Haven, Conn.
Los Angeles Sch. D i s t . , C a l
S t a t e of New York
S t a t e of C a l i f o r n i a
State of Texas
OTHER
Japan Development Bank




0.0.
G.O.
G.O.
G.O.
G.O.

Bonds

10.2
35.0
48.6
100.0
25.0
15.0

1963-81
1962-86
1962-2011
1963-87
1966-91
1976

2.92

3.45
3.17
3.46
3.28
6

I

I
I

-13iootnoU.3
1/

I n c l u d e s c o r p o r a t e c.nd 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 o v e r ;
S t a t e 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 vlO m i l l i o n and over.
2 / I n c l u d e s f o r e i g n government and I n t e r n a t i o n a l Lank 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 .
J / I n t h e case of S t a t e and l o c a l government s e c u r i t i e s , G. 0 . denotes general
o b l i g a t i o n s ; H e v . - U t . , revenue o b l i g a t i o n s secured only ty income from
p u b l i c u t i l i t i e s ; R e v , - Q . U t . , revenue bonds secured only by revenue from
q u a s i - u t i l i t i e s ; R e v . - S . T . , revenue bonds secured l.y revenue from s p e c i f i c
t a x e s e n l y ; R e v . - R e n t . , revenue uonds secured s o l e l y bj l e a s e payments.
M
miiUliion. of 196^=66 s e r i a l bonds w i t h $ - 5=l/U p e r c e n t 'coupons n o t
repffered£/' 1987 m a t u r i t i e s n o t r e o f f e r e d .




-lU-

Forthcoming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large Issues
During month following
date shown
Corporate State and
Other 2/
l o c a l govt.

Date of
computation
I960 - Sept. 30
Oct. 31
Nov. 30
Dec. 30
1961 - Jan. 31
Feb. 28
Mar. 31
Apr. 28
May 31
June 30
July 31
Aug. 31 ^
Sept. 29

576
440
260
91
110
55
1,580
5W>
487
521
170
175
358

212
258
2i|2
412
181
307
559
236
1*31
195
bo 6
399
251

77
50

15
75
73
35

Subsequent to
date shown
State and
Corporate l o c a l govt. Other 2/
836
585
335
1,036
1,046
1,125
1,700
687
611
666
.
255
240
504

336
391
560
682
360
638
806
579
771
291
537
530
454

127
50

15
75
73
35

Forthcoming Large O f f e r i n g s , a s of October 20
Issuer
CORPORATE
Keystone Steel & Wire Co.
Deere & Co,
^Family Finance Corp.
Niagara Mohawk Power Co.
^Northern Natural Gas Co.
FMC Corp.
Idaho Power Co.
•^General Telephone Co. of Florida
Rochester Gas & E l e c t r i c Co.
P a c i f i c Northwest Bell Tel. Co.
Carolina Power & Light Co.
^Northern Natural Gas Co.
Commerce Oil Refining Corp.
Realty C o l l a t e r a l Corp.

type

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

Conv. sub. deb.
Deb.
Sen. deb.
Mtg.bds.& com.stk.
Com. s t k .
Conv. sub. deb,
Lst mbg.bds.&com.stk,
1st mtg. bds.
1 s t mtg. bds.
Deb.
Lst mfcg.bds.&com.stk.
S.F. deb.
Deb., bds. & com.
Coll. t r . notes

20.0
35.0
25.0
70.3

15.0
30.0

16.8
15.0

15.0
50.0

33.7
20.0
1*5.0
20.0

Oct. 23
Oct. 2k
Oct. 25
Oct. 25
Oct. 31
( r i g h t s expire)
Nov. 2 .
Nov. 2
Nov. 2
Nov. 15
Nov. 16
Nov. 17
Nov.
Indefinite
Indefinite

STATE AND LOCAL GOVERNMENT
S t a t e of Michigan
S t a t e of Kentucky
P i t t s b u r g h & Allegheny Co. Public
Aud. Auth.
Wayne County, Michigan




Rev.-S.T.
Rev.-S.T.

35.0
40.0

Oct. 24
Oct. 25

Rev.-Rent.
G.O.

I5.O
16.8

Oct. 26
Oct. 31

J-2

-15-

Forthcoming Large O f f e r i n g s , a s of October 20 ( C o n t ' d )
Issuer

^pe

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

STATE AND LOCAL GOVERNMENT ( C o n t ' d )
P u b l i c nousing Auth,
"h i l a d e l p h i a PennsyIvan i a
; V i r g i n i a S t a t e P o r t s Auth.
S t a t e of Hawaii
t-Nassau County, New l o r k
A s c e n s i o n - S t , James Bridge & Ferry
Authority
^os Angeles J l o o d Cont. D i s t , , Cal,
Georgia S t a t e highway A u t h o r i t y
(-State of New Hampshire
Cmaha P u b l i c Power D i s t , , Nebraska
Oklahoma Turnpike Auth,
F l o r i d a Turnpike Auth.
Orleans P a r i s h Sch. Q i s t . , La,
Dade County, F l o r i d a
J a c k s o n v i l l e Expressway Auth,

G.O.
G.v.
Rev,-Ut,
G.O,
G.0«

28.0
10,0
13,8

Rev.-Ut,
G.O.
Rev. -S.To
G.O.
Rev.-Ut,
Rev.
Rev.
G.O,
G.O.
Rev.-Ut,

30,0
20,0
35-0
16, ii
17,0
55.8
100 = 0
10,0
li6„0
Uo,o

Bonds

15,0

78,5

Nov,
No'
Nov.
Nov,
Nov.

1
2
b
8
9

Nov. 13
Nov, lU
Nov, 15
Nov. 15
Nov, 16
Fall
Fall
Indefinite
Indefinite
Indefinite

OTHER
Govt, of New Zealand

Oct, 25

- - .'.n.eluded in t a b l e f o r f i r s t t i m e ,
1/' Includes c o r p o r a t e and o t h e r i s s u e s of 515 m i l l i o n and o v e r ; 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 o v e r ,
'kj I n c l u d e s 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 R e c o n s t r u c t i o n and
'ovelopment i s s u e s and non-guaranteed i s s u e s by F e d e ra l a g e n c i e s ,
•oto. - - J e l f c t i o n s f o r r e a s o n s o t h e r tnan s a l e of i s s u e : None.




nxhibit k

-16-

Yields on New and Outstanding
E l e c t r i c Power Bonds, feted Aa and A 1/
Date

1952-1960 - high
Low
1961 - Jan. 12
18
25
Feb. 8
16
16
h a r . 23
2k
Apr. 13
21
26
27
May 17
18
19
23

26
June 8
13
28

July 13
26
Aug. 3
9
Oct. 3
19

2/

Aa-rated o f f e r i n g y i e l d s
A-rated oiBering y i e l d s
Amount above .. Actual
Amount - above
Actual
seasoned y i e l d s (per cent) seasoned y i e l d s
(per cent)
( b a s i s points)
(basis p o i n t s )
5.30 (12/8/59)
2.93 (3/31/51t)

87
-8

h. 60
It. 55
h.kh

11
7
-2

it. 37

8

It. 80
It. 67
k.$o V
ii.57

13
20

lt.65

27

L87

lit

123
-15

it. 60
14.65
1U7
L50
It.ltO
lt.65 2/
I4.80 2/

-2
5
-13
5
-5
17
32

1.72

19

I4I

ii. 65

5.65 (9/18/59)
3.00 (3/17/51)

lt.85

U3
29

29

MO

27

lt.9lt
5.12
lt.92

iiO
55

U.93

29

U.90

20

If. 57

~lk

36

!

-lit

i

OffVers only 30-year f i r s t mortgage bonds, as reported in Moody's Bond Survey. lV|
Except where indicated, the actual y i e l d figure and the amount above seasoned^
yields are averages of offerings during the indicated period and of the d i f f e
ences between these new offering,yields and y i e l d s on seasoned issues of
//,
similar quality for the same day. Average maturity for the seasoned issues . >
$
varies from 26 to 28 years.
...
Provides f o r a 5-year period during which i s s u e may not be called f o r refund- %
%
ing a t a lower coupon r a t e . Monthly averages so marked include one or more
issues with such a provision. Other issues have no such provision.
f




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