Full text of H.16 Capital Market Developments : October 25, 1965

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Not for Publication
H.14

DECONTROLLED AFTER SIX MONTHS
October 25, 1965.

7

t
j

\cAPITAL_MA£gET DEVELOPMENTS
nfriffiimTED STATES

Corporate and municipal bond markets. Public offerings of
corporate securities this week are expected to be only one-half as
large as last week's modest total, with $40 million in convertible
debentures of United Merchants and Manufactures Inc. the largest
issue on the calendar. Meanwhile, the new supply of municipals will
be roughly one-sixth as large as last week's unusually big volume.
Also expected to reach the market this week, but not included in the
totals below, are $20 million in bonds of the United Mexican States.
Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital j Refunding

State and local Government
New Capital | Refunding

Sold:
52 week avg.
Oct. 15
Oct. 22

110
50
70

3

190

15

71 r/
465 r/

Scheduled:
Oct. 29

110

86

i
If Federal Reserve estimates based upon published reports of issues sold
and scheduled for offering; corporate rights offerings are included
as of the date subscription rights expire.
Last week's only large
pipeline issue--was an immediate
inventories of unsold securities
calendar still light in relation
recently offered issues eased.

corporate bond offering--a $40 million
sell-out. Moreover, with underwriters'
at nominal levels and the near-term
to summer volume, yields on some

In the municipal market, reception was disappointing for some
issues in last week's very large supply of new securities despite the
quick distribution of $85 million in bonds of the New York State
Housing Finance. Among the slow-moving issues were $105 million in
New York City banks, which were only about one-half sold by the end of
the week.
Reflecting last weeks unusually large volume and less than
enthusiastic reception, dealer's advertised inventories of unsold
securities rose above $600 million for the first time in two weeks.
Moody's yield series remained stable, but most other such municipal
yield series moved up slightly.




H. 14

Yields in Securities Markets

Level latest week
(per cent)
High-Grade
Notes and Bonds
Corporate
New
Seasoned

4.57

U. S. Govt.
Long-term
3-5 year

4.27
4.34

State and local Govt.
Moody's Aaa
Standard and Poor's high
grade
Money Market
Federal funds
Treasury bills
3-month
6-month

Date
Offered

9/30

Amount
(millions of $)
10.0

Change from
preceding week
(basis points)

+ 1
+ 4

3.31
3.42

+ 1

4.05

- 8

4.03
4.20

+ 2
+ 2

Corporate Bonds Still in Syndicate
Reoffering
Issue
yield

Sierra Pacific Power Co.
5's - 1995

4.94

Estimated ProRating portion Sold

Baa

7/10

Blue List of Municipal Dealer's Advertised Inventories
(millions of dollars)
Latest Date
639 (10/21)

End of Previous Week
572

Recent High
901 (6/4)

Private housing starts and permits. Seasonally adjusted
private housing starts, which were revised upward 1 per cent for August,
were unchanged in September at an annual rate of 1,424 thousand, including
farm. While the rate was only slightly below a year earlier, it continued
to be the lowest since early 1963.
Government-underwritten starts accounted for 17.7 per cent of
total starts in September. This compared with 18.5 per cent a year
earlier and 17.3 per cent in September of 1963.




~3 -

H. 14

For the third quarter as a whole, starts were at an annual
rate of 1,440 thousand, down 7 per cent from the Improved second
quarter rate and moderately below the temporarily reduced average in
the first quarter of the year as well as the average for the third
quarter of 1964.
All regions but the South (where starts changed little)
shared in the decline from the second to the third quarter. The most
pronounced decline was in the West.
Seasonally adjusted building permits dropped 5 per cent
further in September. The decline was most pronounced for multifamily structures--12 per cent, but single family structures also
were involved in the further drop.
Stock prices. Standard and Poor's index of 500 stocks went
up moderately further last week to close at an all-time high of 91.98
on October 22. Trading volume averaged 8.6 million shades a day.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.

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




n

IXHieiT A. Fe,t 1
L O N G - T E R M B O N D YIELDS, H I G H - O f A D I

XV

Exhibit A -- Part II

Corporate
Aaa 1/

U. S. Govt,
long-term 2/

State and
local
government
Aaa 3/

Spread between
P. S. Govt, and
State and
Corporate
Aaa
local Aaa

(per cent)
1959-60 - High
1961-62 - High
1962-63 - Low

1964 - High

Low
1965 - High
Low

Sept. 24
Oct.
1
Oct.
8
Oct. 15

Oct.

22 2./

3.37tWei]

4.57 (10/22)
4.41 (3/12)

3.85
4.20
4.11
4.29
4.13

4.52
4.53
4.57
4.57
4.57

4.25
4.29
4.27
4.26 ,
4.27 V

4.19 (3/29/63)

tfX

(12/28/62)

(4/:
I
(10/1)
(6/25)

.59

.57
.21

.92
1.04

.80

2.88(13/8/62)
3.16(3/26)
2.99(12/31)
3.31 (10/21)
2.94 (2/11)

.33
.19
.34
.24

1.01
1.22

3.31
3.31
3.31
3.31
3.31

.27
.24
.30
.31
.30

.94
.98
.96
.95
.96

1.14

.94

Preliminary.
Weekly average of dally figure*. Average term of bonds Included is 22-24 years.
Weekly average of daily figures. The series includes bonds due or callable in 10 years or i
, Thursday figures. Only general obligation bonds are included; average term is 20 years,
lote.—4iigns and lows are for individual series and may be on different dates for different
Hoi
series. For spreads, high refers to widest, and low to narrowest#




•
EXHIBIT B. Pari

L O N G - T E R M B O N D YIELDS, L O W E R G R A D E

J \

Exhibit B -- Part II

Da te

1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
Sept. 24
Oct.
1
Oct.
8
Oct. 15
Oct. 22 j>/
Note*

Corporate
Baa 1/

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

5.36 (a/12/60)
5.10
4.93
4.85
4.80
4.93 (10/22)
4.78 (3/19)

4.46 (1/7/60)
4.04
3.57
3.60
3.51
3.65 (10/21)
3.40 (2/11)

.84
.66
.70
.48
.37
.41
.35

1.08
.73
.63
.49
.52
.52
.34

4.91
4.91
4.92
4.92
4.93

3.65
3.65
3.65
3.65
3.65

.39
.38
.35
.35
.36

.34
.34
.34
.34
.34

For footnotes see Exhibit JU




State and
local govt.
Baa 3/
(per cent)

V

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

We.kl,

1

A

-MONTH SIllS

^*~\J
l

* DI3COUNT

^

j

b

3-MONTH #111*
w

!

y-L-k i i i i i i i i . 1 1 1 I I I 1 1 1 1 I I 1 1 I I 1 1 I 1I 1 1 I I 1 1 1 111 11 1 1.1 J—L-LL1-1- I I i I I I i I A K
1**0
1**1
1* * J
1**3
1**4
1**S

Exhibit C —

Date

Discount
3-month
ra te
bills 2/
1/

Part II

Yields
6-month
bills 2/
(per cent)

3-5 year
Issues 2/

Spread between yields on 3month bills and vlelds on
6-mo. blllel3-5 vr. issues

4.00
3.00
3.00
3.50
4.00
4.00
4.00

5.00(12/2^59)
4.59 ( W e o )
3.81
2.90
2.66
3.41
2.93
2.89
4.07
3.64
3.52
4.07
3.93
3.83
4.03 (10/22) 4.20 (10/22) 4.34 (10/22)
3.78 (6/25) 3.82 (6/25) 4.04 (1/22)

Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22 £ /

4.00
4.00
4.00
4.00

3.94
4.01
4.00
4.01

o

4*00

I

1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low

4.03 /

4.10
4.17
4.17
4.18

4.20

4.24
4.30
4.31
4.30

4.34

.79
.04

1.81
1.15
.52

.13
.10
.17
.03

.24
.38
.11

.16
.16
.17
.17

.30
.29
.31
.29

.24

.17

.55

.31

Weekly rate shoun le the* In effect at end of period at the Federal Reserve Bank of Mew York.
Market yield; weekly avenges computed from dally closing bid prices. Series of 3-8 year issues
consists of selected notes and beads.
Mote,—Highs and lows are for individual series and may be on different dates for different series.
Tor spreads, high refers to widest, and low to narrowest.




EXHIBIT 0. f.,«
S H O R T - A N D INTERMEDIATE- T E R M INTEREST RATES,
B A N K S A N D O T H E R PRIVATE S O R R O W E R S

FINANCI COMPANY PAMU
Dir«cllv Meced

Exhibit D —

Da te

1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low

Sept. 2 4
Oct.
1
Oct.
8
Oct. 15
Oct. 2 2 g /

Prime rate

.

5.00
4.50
4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

1/

Part II

Finance
company
Federal funda 2 /
paper
2/
(per cent)
5.13 (1/23/60)
3.00
3.19
3.88
4.06
4.38 (10/22)
4.00 (2/12)

4.25
4.25
4.25
r/4.30
4.38

4.00 (5/I3/6O)
2.88
3.00
3.50
4.00
4.13 (10/15)
3.48 (10/1)

4.12
3.48
4.08
4.13
4.05

Spread between
3-mo. billa and
finance co. paper

1.02
.34
.30
.36
.23
.47
.10

.31
.24
.25
r / .29
.35

-

3 / Weekly rate shown is that in effect at end of period. Prime rate i> that charged by large
on short-term loans to business borrowers of tie bluest credit standing.
2J Average of daily-rates published by finance companies for directly placed paper for varying
maturities in the 90-<L79 day range.
3/ Weekly average of daily effective xute, whioh is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York.
Notes—flighs and lews are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.




IXHISI1 I. l-erf I

^

Exhibit E -- Part II

Common
Stock price
index 1/

yields 2/
(per cent)

Trading
volume 2/
(millions
of shares)

Stock market customer credit
Customers
Bank
debit balloans to
"others" 5/
ances 4/

(In millions of dollars)
1961-62 - High
Low
Year end
1963
1964

1965 - High
Low
Aug.
Sept.
Oct. 8
Oct. 15
Oct. 22g/

72.04(13/8/61)
52.68(6/2?/62)
74.44
84.75

2.80
3.96

10.1
2.4

5,602(13/61) 4,259(1^/61)
4,424(2/61) 3,253(1/61)

1,418(5/9/62)
1.161(3/8/61)

3.13
3.02

4.7
4.7

7,242
7.053

5,515
5.099

1,727
1.974

91.98(10/22)
83.06 (6/25)

2.89
3.15

8.9
3.8

7,085
6,872

5,129
4,863

2,042
1,848

86.49
89.38
90.85
91.38
91.98

3.06
2.98
2.93
2.92
2.89

5.0
7.4
6.6
8.9
8.6

6,874
7,036
n.a.
n,a.
n.a.

4,886
4,994
n.a.
n»a.
n.a.

1,988
2,042
r/2,028
2,034
n.a.

a.#,.—Not available. t/ Preliminary.
y Standard and Poor's composite index of 500 cannon stooks. 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 Poor** oonposite a took yield based on Wednesday data converted to weekly closing
prices
»--- by federal
- * - * BReserve. fields shewn are for dates on which price index reached its high
or low.
3 / Averages of daily trading volume on the *erw Y e * 3took Exchange# Yeaz^end figures are averages of
daily figures for the yearw
4/ End of month figures for umber flms of the Mew York Stock Exchange whidi carry margin accountsi
excludes balances secured by U. S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carry!**
U. S. Gommnemt securities, Weekly reporting banks aooount for about 70 per cent of loans to
others. For further detail see Bulletin.




8S'

FRIVATI H O U S I N G STARTS A N D PERMITS

SEASONALLY'ADJUSTED DATA1

12.4

HOUSING STARTS.

^v/>/vVV''s'V BUILDING PERMITS

,1
I
WULTWAMILY

PER CENT OF UNADJUSTED TOTAL STARTS
1
'

—

i

T

"

^

y
GOVERNMENT UNDERWRITTEN
1
1
11111,111111.1 111 1 1 1 1 1 1 1 1

Exhibit F - Part II
Building
permits
Unadlusted
Type of financing Tvpe 0;E housing (seasonally
adjusted
Seasonally adjustMulti1-2
Unadjusted
annual
Other family family
ed annual rate
FHA
VA
. rate) 2/
S tarts

Total

Date

1964 -Aug.
Sept.
Oct.
Nov.
Dec.
1965- Jan.
Feb.
Mar.
Apr.
May
Junfi
July
Aug.
Sept.

1,430
1,457
1,591
1,455
1,646
1,442
1,482
1,489
1,552
1,516
1,566
r/ 1,473
r/ 1,422
1,424

(Thousands of units)
5
142
119
18
100
123
18
5
117
19
5
141
90
16
5
111
82
13
99
4
65
13
82
4
70
12
4
85
100
16
121
4
130
5
152
17
134
5
158
19
131
19
5
156
5 r./ '19
17
r/ 141
18
5 r/ 112
r/ 134
100
4
122
17

47.3
1,281
94.3
39.5
1,222
83.1
45.9
1,220
95.2
37.8
1,258
73.6
35.5
1,173
62.9
26.9
1,280
54.5
31.1
1,224
54.4
40.2
1,269
80.5
47.5
1,187
104.7
49.9
1,240
107.6
1,254
105.2 r/50.3
IJ 98.7 r/42.5 r/ 1,243
£/ 92.7 r/41.3 £/ 1,217
1,158
85.2
36.5

V Total start* are Census estimates including farm for both penalt-lssulng and non-issuing areas. A
dwelling unit is started whan excavation begins; all units in an apartment structure are consider**
started at that time. FRA and VA starts are units started under eoenitmeats by these agencies to insure
or guarantee the mortgages. As reported by iHA and VA, a unit la started when a field of flee receives
the first compliance inspection report, which is made before footings are poured in some eases but
normally after the foundations have been completed. Capehart military housing units are excluded.
Other starts are derived as a residual, although total and IHA and VA starts are not strictly comparable
in concept or timing; other starts Include both units financed by conventional mortgages and unite
without mortgages.
3/ Building permits before January 1963 are Census estimates fer about 10,000 areas identified as
having a leoal building permit system in 1999. Estimates beginning January 1963. are f<V approximately
12,000, or all knewn, permit-issuing places. Unlike starts, seasonally adjusted building permit*
reflect direct adjust as at fer differences in the nunber ef wexfclng days per month, as well as ether
differences in timing aid coverage*




!'

A4i«»i«4 i« A.e
NIW USUI*

1 1 II 1 II

Ittl

/

II 1 1 II 1 1 1 ii
1 i1 • i i i i ii1 i
1 1 1 1 1 1 1 11 11 11II 1 1 1 >>L-k.

1*41

1»41

1*44

1*4*

Exhibit 0 - Part II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Number Am't of Issues Average
of
Included (mil.
yield
issues of dollars)
foer cent)

Number Am't of Issues Aversge
Included (mil.
yield
of
(per cent)
Issues of dollars)

Weekly averages:
1965 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.

3
3
7
4
8
4
8
7 .
7

Weekly avera6
1965- High
Low

94.0
111.0
157.8
115.0
315.0
100.0
278.0
166.5
288.5

4.42
4.41
4.45
4.46
4.51
4.58
4.61
4.63
4.67

Aug.

6
13
20
27
Sept. 3
10
17
24
Oct. 1
8
15
22
4.71 (8/27) '
4.33 (1/29)

3
1
1
2
2
2
2
1

80.0
17.0
19.5
50.0
43.5
65.0
120.0
60.0

4.58
4.64
4.67*
4.71
4.69
4.70
4.67
4.64

4

88.0

4.72*

--

--

A by Moody's Investors Servloe (except serial and convertible Issues, cfferlags of natural gas pipeline
and.foreign oonpulti, end bonds guaranteed by the federal Government) weighted by t i e of offering.
Before ere raging, new offerings ere adjusted to e composite Aaa basis by deducting from the actual
reofferlng yield the excess of the weekly average yield for seasoned tends of the appropriate lndastryquallty group orrer the cosmoelte average for seasoned Aee-rated bands (Moody's). Averages considered
unrepresentative because ee special oharaoteristios of » e offerings Included are denoted by en asterisk^




Exhibit H

H.14

Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Cap ital
Corporate
1964

1965
January
February
March

795
746
1,197

April
May
June

y g

July
August
September

1,946

2

eA, 50

October
November
December

e/1,000

1st
2nd
3rd
4th

2,738
4,789
e/3,295

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

7.527
e/10,855

'

1963

1965

State and Local 2/
1963
1964

938
700
778

613
594
1,144

2/803
fi/872
5/946

2,237
1,095
1,405

930
904
1,013

812
680
1,130

947
776
810

732
746
976

jc/824
E/921
S/943

1,242
667
903

869
866
930

676
637
795

e/950
e/650
e/950

906
780
892

680
708
449

953
669
1,642

1,013
819
1,415

e/700

801
529
948

1,051
729
416

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

2,3bl
2,847
2,109
3,246

EZ 2,621
E/ 2,688
«/ 2,550

2,533
2,8)11
2,578
2,278

2,454
2,665
1,837
2,197

7,153
9,775
13,038

5,198
7,307
10,553

E/ 5,410

5,345
7*923
10,201

5,118
6,955
9,151

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

quarter
quarter
quarter
quarter

2,547
4,348
V2,945

Year
e/
2./
1/
2/
2/

2,043
r/4,258
r/2,477
r/2,997
r/11,775

2,284
2,529
1,768
2,854
9,434

Estimated by Federal Reserve.
Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance companies*




H. 14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

1963 - I
II
III
IV

Gross proceeds for neta
capital and refunding!l/
Common
j>nds
Total Publicly Privately ' and
Offered
Offered
Pfd.
stock
2,700
1,108
1,306
287
3,634
1,389
1,820
424
2,436
898
1,251
287
3,466
1,319
1,780
367

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

1965 - I
II
III e/
IV

3,007
5,043
3,697

906
1,864
1,551

1964

2,295
1,181
1,489
902
748
1,226
1,036
727
1,805
858
791
1,358
1,233
1,773
2,038
1,379
898
1,420

Quarter
or
Month

Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1965 - Jan.
Feb.
Mar.
Apr.
May
June
July £J
Aug. \yj
Sept .e/
Oct.
Nov.
Dec.

Memo:
Foreign
issues
included

Net proceeds for
new capital If 2/
Mfg.

Public Communi- Other
Utility cations issuers

128
434
109
47

947
591
806
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

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

1,673
2,259
1,855

429
920
292

243
215
n.a.

1,072
1,679
1,003

541
609
760

91
255
247

1,034
2,246
1,285

383
470
468
234
183
376
181
30
320

541
563
651
443
453
693
642
645
1,342

1,372
148
370
225
112
156
213
52
143

34
36
35
24
27
44
82
29
116

186
206
332
150
176
234
250
203
607

151
441
264
207
138
296
297
40
172

1,379
27
260
23
16
19
82
21
32

521
421
550
432
349
580
323
405
831

161
187
557
422
694
748
542
369
640

565
450
658
648
630
980

131
155
143
162
449
309

438
700

l

49
51
143
33
49
134
27
50
i.a.

385
192
494
540
698
441
41 *
286
300

97
215
229
176
248
184
2*4
296
260

21
44
26
15
143
98
102
25
120

292
295
448
422
602
1,223
505
Zl 0
570

9l
80

]>/ Preliminary, e/ Estimated by Federal Reserve
y Gross proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad & other transportation,
real estate & finance, & commercial & other. Source: Securities & Exchange Commission




v\
Exhibit J
Other Security Offerings
(in millions of dollars)
Gross Long-term 1/
1965
January
February
March
April
May
June
July
August
September
October
November
December
Jan. - Sept.

Foreign Government
1964

218
—

38
73
—

91
fi/ 15
tt/ 74
e/ 20

e/ 529

Year

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

1963
232
133
76
57
114
11
63
83

1965

129
185
325
——

775
V
—
a/ 239
e/ 150

Federal Agency 3/
1963
1964

148

—
—

186

—
—

—

275
260
160

459
—
—

—

—

——

510

——

—

174
200

2

326

769

636

771

e/1,803

—

—

695

793

1,205

1,167

New she>rt-term 4/
Federal Agency 3/
State and Local Government 5/
January
February
March
April
May
June
July
August
September
October
November
December
Jan.-Sept.

238
91
-458
647
204
-82
119
£/ 409
£ /-133

2/1,035

Tear

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

75
272
-367
589
-30
-10
62
208
-173
259
146
-339

669

626

453

69 2

-137
-174
117
-11
509
237
132
206
2/ 178

1,057

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

V

v

-332
-255
-161
202
195
319
415
326
258
123
-102
551

-267

967

368

1,539

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.
2/ Includes securities offered in the U.S. by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Commission#
Issues not guaranteed by the U.S. Government, Source: Long-term, Securities & Exchange
Commission; short-term, Treasury Dept. & Fed. Reserve, ^/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. ^/Principally tax and bond anticipation notes,
warrants, or certificates and Public Housing Auth. notes. In some instances PHA notes
•!
may have a somewhat longer maturity than 1 year.
Source: Bond and Buyer & Fed.He
Digitizedincluded
for FRASER



it
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 millions of dollars)

Total
1964 - Sept.
Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

Corooriite
Bonds
(other than
Convertible
bonds
convertibles)

376
187
--

230
139
217
513
307
928
801
477
299
530

269
108

25

81
79

--

--

200
115
131
233
210
560
343
455
211
530

Stocks

State
and
local
governments

--

15
86
—
--

411

315
138

492
377
655
312
563

—

26

2/

15
502
15

558
419
226
541
419
446
395

30

280
97
53
320
22
62

Other

--

235
130
19
260
40
340
' 20
50
170

Large Individual Issues Offered Oct. 1 through 22
Issuer

Type £/

Amount
(millions
of
dollars)

16.0
Rochester Tel. Corp.
Com. stk.
25.0
Indiana Bell Tel. Co.
Deb.
Kansas City Pwr. & Lt. Co. 1st mtg. bds. 15.0
40.0
Columbia Gas System
Deb.
. 30.0
Deb.
Northwest Bancorporation
1
40.0
Panhanc te Eastern P. L. Co. Deb.
State and local Government
Met. Seattle, Wash.
Alabama Highway Auth.
Dallas, Texas
State of Maryland
San Diego Unif. Port.
Dist., Calif.
Wise. State Agencies Bld.Cp
New York City, N. Y.
New York State Housing .
Finance Agency
Los Angeles Dept. of Wtr.
& Pwr., Calif.




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

10.0
20.0
16.0
43.6

Maturity

Coupon
rate or
'net interest cost

Offering
yield

Rating

4.64
4.65
4.88
4.78
4. 78

Aaa
Aaa
A

2005
1995
1990
1990
1985

4-3/4
4 -3/4
4 -7/8
4 -3/4
4-3/4

1973-2004
1969-85
1966-85
1968-80

3..76
3. 58
3. 23
3. 15

3 .15-3.75
3 .00-3.56
2 .55-3.254/
2 .80-3.15

Aa
A
Aa
Aaa

1969-90
1966-99
1967-95

3. 42
3. 48
3. 61

2,.90-3.43
2,,60-3.50
2..90-3.70

A

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

10.9
38.9
105.8

Rev.-Rent.

84.8

1967-2006

3. 75

2.,80-3.73

Rev. -Q. - 1J

24.0

1966-95

3. 47

2. 60-3.50

--

A

Aa

Baa

Aa

K-2

Large Individual Issues Offered October I through 22

Issuer

Other
Republic of Finland

Type 3/

Bonds

Amount
(millions
of
dollars)

15.0

Maturity

1980

Coupon
rate or
net interest
cost

6-1/2

Offering
yield

Rating

6.61

^--Rights offering.
n.a.--not 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 Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies.
3j In the case of State and local government securities, G.O. derv- es general obligations;
Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut.
revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely
by lease payments.
'i
4/ Bonds maturing 1985 not publicly reoffered.
%




n
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaaury) 1/
Expected Proceeda from Forthcoming Large Iaauea
(In milliona of dollara)
During month following
date ahown
State and
Corporate
Other 2/
local govt.
1964 - Sept.
Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar,
Apr.
May
June
July
Aug.
Sept.

30
30
30
31
29
26
31
30
28
30
30
31
30

500
254
360
30c
242
316.
212

186
--

90
105
169
407
267
852
765
363
193
312
206

Corpora te

Subaequent to
date ahown
State and
local govt.

186
--

2?
215

130
105
253
504
792
852
923
:10
340
636
303

--

(so

411

25

328
397
248
404
269

70
20
---

15

474
324

352
4 50
331

per thc.-ming Larg - <)t f rings as < £ Get

Type

Iasuer

Ceraentt
Jersey Central Pwr- &. Lt. Co.
Canada Dry Cvrp.
United Merchants and Manf. Inc.
West Penn. Power Co
Macy Credit Corp
Great Western Financial Cir^.
General Tel. Co - of Calif.

S.

State and Local Government
Illinois State Bldg Autl Minneapolis, Minn
Port of New Orleans, La
Los Angeles, Calif.
Dade County, Fla.
Austin, Texas
Va. State Highway Comm

R--v -Rent
C-. 0
Re V. -Q -'Jt.
Rev -Q.-Ut.
CO
Rov--Ut
R-v -Q.-Ut.




1st mtg. bds.
Con-., sub. tl . D .
1st mtg bds.
D b.
V* r
F. c t r b .

Amount
(milliona
of
dollara)

-0.0
20 0
40 0
20.0
25 0
,z . 0
30,0

21.3
10 0
20 0
16. 5
46.0
14 0
3o 0

Other 2/

626
5^9
563
435
382
599
373
635

22

Approximate date of
offering

r

-c t.
••ct
Oct

26
2"
28
23
InJ £ in11 Inc. ".Unit
I nd-: fin it
Oct

26

,

-4

D-.c. 9
N . - 16
Inc: riniti
In;, j in is: ..
Ind 1 init --

- —

25
215
- -

60
25
70
20
--

15

' V

L-2
Forthcoming Large Offerings as of Oct. 22 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
Offering

Other
United Mexican States

Bonds

20.0

Oct.

27

1

*--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.
f
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.




If

Exhibit H
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I;j Public Offerings

Sale Date

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

Sold August 1 through October 22

8/24

50.0

Province of Ontario, Canada--4-3/4% debenture,
maturing 1990, reoffered to yield 4.85%.

9/16

20.0

European Investment Bank--6% bonds, maturing 1985,
reoffered to yield 6.04%.***

10/19

15.0

R' public
r- v £ 1 r U

B.

10/27

20.0

>f I in 1 ,ind--fr-i lit, b o n d s , m a t u r i n g

1980,

t . v i • 1 (1 h , 1 .

Prospective Offerings

United Mexican States - bonds

— Included in table for first time.
*
«** -- issue sold to investors outside U . S .
*** -- issues subject to interest equalization tax; price to U. S. citizens was therefore
'"I
placed 108.33 as compared to price of 99.50 to other investors.




M-2
Part II:

Date reported

Private Placement--Reported August 1 through October 2.?

Amount
(millions
of
dollars)

Issuer and Description of Issue

8/11

8.0

3/30

25.0

Imperial Chemical Corporation Ltd.--6.82% notes, due
1971-85--no information available on takedown.

8/30

10.0

Dominion Rubber Company Ltd.--5-7/8% notes, due 1985-no information available on takedown.

9/9

40.0

Skeena Kraft, Ltd.--5-3/8% first mortgage and collateral
trust bonds, maturing 1985--no information available on
takedown.

9/8

50.0

Bell Telephone Co. of Canada--4.85% first mortgage
bonds, due 1995--no information available on takedown.

9/16

135.0

9/16

25.0

Note;

Celanese Hexicana S. F.--7-1/4% sinking fund bonds,
due 1977--no information available on takedown.

Queensland Aluminium Securities Company--notes maturing
1968-82--no information available on takedown.
The Alberta Government Telephone Commission--4-3/4%
sinking fund debenture, maturing 1990--no information
available on takedown.

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
takendown 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 takedowns. Full or partial takedowns may take place both prior
and subsequent to the date a placement is reported.




z\
Exhibit N
Sources and Uses of Funds byLife Insurance Companies

Quarter
or
Month
End of
1963
1964
1965

period:
- Dec.
- Dec.
- Aug.

Changes:

1965

Cash

U.S.
Govt.
Securities

Business
Securitiei3 2/
Bonds &
Shortterm
Stocks
paper

St*te &
Local
Govt.
Secur.

Total
Memo: Total
sources Excl. ValMortuation
gages Other
or
uses
changes 2/

(In millions of dollars)
1,465
1,443

5,813
5,511

56,050
58,621

387
241

1,308

5,321

60,218

911

3,686
3,808
3,606

III
IV

103
116

95
-28

501
920

134
-238

-62
-22

893
1,336

I
II
III
IV

-171
-15
24
161

-25
-73
154
-276

634
783
479
805

127
-206
81
-175

-10
-42
24
-38

I
II
in

-206
-11

46
-284

502
663

294
116

115
-72
-4
112
53

17

110

-26

24
-18
-70
-188

158
45

-65
194
3
-372

1964 - Aug. xj
Sept.
Oct.
Nov.
Dec.
!• 1965 E/- Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

-128
-67
-11
-35
-12
36
53
29

213
37
-204
-36
-31
-217
38
10

210
550
111
151

240
103
223
337
248
184

250
59
-15

16

127
-27
219
41

50,596 22,942 141,121
55,179 24,942 149,318
58,017 25,805 155,186

134.940
142,637
148,090

350
159

2,014
2,243

1,960
2,045

910
1,032
1,094
1,619

480
433
352
50

1,945
1,912
2,208
2,146

1,751
1,762
2,113
2,269

-21
-63

1,164
1,041

566
372

2,345
1,834

2,114
1,779

10
24

344
387
424

98

668
697
805
769
572

20
-25
-33
13
-24
-10
-20
-13
-30

420
775
447
315

402
344

310

-72

387
279

-46

354

241
144
119
-213
169
165
233
231
48
93

1,074
636
635
603
652
579

640

531
730

781
758

1,002




678
611

156

921

890

196

768

679

Revised.
2/ Preliminary.
Uses of funds represent net changes in assets and therefore reflect net, rather
than gross uses.
2/ Includes securities of domestic corporations only.
2/ Excludes changes in miscellaneous assets (one portion of the "other" la this
table) which includes most, but not all, valuation changes, as well as changes
in a few other items.
Source:—Institute of Life Insurance.
1/

547
565
490

Exhibit 0
Sources and Uses of Funds by
Savings and Loan Associations

Quarter
or
Month
End of
1963 1964 1965 -

period:
Dec.
Dec.
Aug.

Usses of cunds 1/
U. S.
Cash Govt. Mort- Other
gages assets
ities

Total
sources

Source of :
funds
Net
change
Borrowing 2/
Other
or
savings
uses
canital 1
(In millions of dollars)
11,236
91,308
5,015
6,191 107,559
11,852
6,983 119,295 101,847
5,596
7., 635 125,588 106,164
6,098
13,326

3,979
4,025
3,305

6,445
6,973
7,165

90,944
101,314
107,483

Changes:
1963 - III
IV

-461
582

146
96

3,466
2,924

49
287

3,200
3,889

1,584
3,345

776
803

840
-259

1964 - I
II
III
IV

-351
185
-402
614

291
-48
93
192

2,223
3,001
2,827
2,319

56
489
21
226

2,219
3,627
2,539
3,351

2,320
3,068
1,862
3,289

-688
657
85
527

587
-98
592
-465

1965 - I
II
III

-467
152

413
-151

1,837
2,676

156
555

1,939
3,232

1,888
2,302

-658
949

709
-19

1964 - Aug.
Sept.
Oct.
Nov.
Dec.

14
33
23
86
505

49
42
42
142
8

948
836
837
687
795

114
106
71
226
-71

1,125
1,017
973
1,141
1,237

773
1,073
751
859
1,679

1
73
-36
-30
593

351
-129
258
312
-1,035

-432
16
-51
-160
35
277
-444
39

125
207
81
-30
50
-171
-55
-15

530
507
800
824
841
1,011
820
836

-156
137
175
154
387
14
-165
106

67
867
1,005
788
1,313
1,131
156
966

254
579
1,055
-93
792
1,603
-432
559

-450
-106
-102
518
9
422
199
12

263
394
52
363
512
-894

1965 - Jan.
Feb.
Mar.
Apr.
May
June
July r/
Aug.
Sept.

389
395

r/ Revised.
1/ Uses of funds represent net changes in assets and therefore reflect net, rather than
gross uses. Savings and loan associations do not hold business securities and data
on holdings of State and local government bonds, presumed to be small, are not
available.
2/ Advances from Home Loan Banks and other borrowing.
Source: -- FSLIC




Exhibit P
Sources and Uses of Funds by
Mutual Savings Banks

Quarter
Month
End of period:
1963 - Dec.
1964 - Dec.
1965 - Aug.

Cash

U.S.
Govt,
securitiea

Uses of funds 1/
State and
Busilocal govt
ness
secursecur
4 Ha«
i n e » 2/
(In millions
440
5,074
391
5,099
349
5,299

Mortgages

Sources of funds
Total
Net
sources
Other
change
Other
in
deposits

of dollars)
36,007 1,406 49,702 44,606
40,328, 1,625 54.238 48,849
42,964 1,823 57., 191 51,063

5,096
5,389
.6,12.8

927
747

740
894

186
-146

123
17
80
-1

1,340
959
1,338
899

1 ,155
862
1 ,133
1 ,092

185
99
207
-194

937
922

125
45

1,364
780

1 ,140
634

146

355
382
392
360
430

71
-17
-10
42
-33

565
357
143
343
413

356
483
226
205
661

210
-125
-83
138
-249

312
284
341
298
290
334
413
364

70

475
419
470
50
361
369
357
452

373
221
546
-12
189
457
221
219

101
198
-76
61
172
-87
136
233

912
1,004
941

5,863
5,791
5,814

Changes;
1963 - III
IV

-42
64

-114
-213

81
-97

-5
-13

888
1,,043

117
-36

I
II
III
IV

-25
19
-23
121

254
-93
58
-292

77
-6
47
-94

-16
-15
-18

927
1 ,037
1 ,173
1 ,182

I
II
III

3
12

262
-233

46
54

-10
-21

1964 - Aug.
Sept.
Oct.
Nov.
Dec.

32
-12
15
7
99

70
-13
-233
-65
6

37
13
-15
2
-81

-2

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

-27
15
15
-63
24
51
-73
-4

116
109
37
-197
-16
-20
-31
24

6
18
22
39
4
11
85
14

-3
-5

1964

1965

1965

2
-6

-4
-8

-2
-2

-12
-7
-4
-7

-2

57
-25
70
-33
62

1 / uses of fundi represent net changes In assets and therefore reflect net, ra

4

as corporate bonds and stock.
Source: -- NAMSB

1




ther than