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Hot for Publication DECONTROLLED iTTER SIX H O O T ©
^
,

October 7, 1963.
^

rO

\
\

CAPITAL MARKET DEVELOPMENTS
IN THE UMITUlf'"iJ'^ATES

(Inducing Review of Capital Markets in September)

The volume of public security financing to obtain new capital
alf very substantial last week and will be almost as large this week.
Last week, ended October 4, no large corporate issues were offered but
three large State and local government bond issues with par value of
$257 million were sold. This week, ending October 11, a $20 million
corporate issue and eight State and local issues amounting to $201
million are on the calendar.
Bond yields. Yields on most seasoned long-term bonds did not
change last week; Baa-rated corporate bond yields, however, dropped one
basis point to 4.83 per cent, matching the low for the year.
Yields on new corporate bonds, adjusted to an Aaa-basis, averaged
4.32 per cent last week, two basis points less than a week earlier.
Short- and intermediate-term interest rates. Rates on 3-month
and 6-month Treasury bills rose last week by three and two basis points,
respectively to 3.41 end 3.53 per cent, the highest levels since May 1960.
Yields on 3-5 year U. S. Government bonds, however, were stable at 3.88
per cent. The average rate on directly-placed finance company paper with
90-179 day maturity increased five basis points to 3.68 per cent as a
result of the usual adjustments in schedules occasioned by year-end
maturities. The average effective Federal funds rate went back to 3.50
per cent.
Housing starts and permits. Private farm and nonfarm housing
starts, which had been moving downward from the high reached last April
and May, declined 3 per cent further in August. The decline followed a
3 per cent upward revision in the rate for July, however, and the seasonally
adjusted annual rate of 1,513 thousands for August was only 6 per cent
below the unusual high earlier this year and above (by 2 per cent) the
moderately advanced rate in August of last year.
On a three-month moving average basis, starts in the JuneAugust period were at a seasonally adjusted annual rate of 1,549 thousand.
This was within 3 per cent of the earlier high this year and was 8 per
cent above a year ago.
Government-underwritten starts accounted for 17 per cent of
total starts in August. This compared with 24 per cent a year earlier
and 27 per cent in August of 1960 and 1961.




-2-

H. 14

Residential building permits in permit-issuing areas edged
downward further in August. At 1,240 thousand, the seasonally adjusted
annual rate was 6 per cent below the very high rate in June but 7 per
cent above a year earlier. Nearly all the August decline occurred in
2-4 family units, which constitute a very small proportion of the total.
Permits for buildings of 5-or-more units rose again and (at an annual
rate of 452 thousand) were close to their highs of last May and the end
of last year and about a fifth above a year earlier. Permits on single
family houses remained at their reduced July rate.
Common stock prices. Common stock prices advanced last week
in fairly active trading. Prices, as measured by Standard and Poor's
composite index of 500 stocks, rose one per cent to close at 72.85 on
October 4. Trading volume averaged 4.3 million shares a day, 1.0 million
shares less than a week earlier.
Estimated October security volume. Security financing to
obtain new capital by corporations will be moderate in October but State
and local government bond sales will be very large.
New capital security financing of corporations is estimated
at $0.7 billion this month, somewhat less than the revised total for
September and one-sixth smaller than in October, 1962. Large issues
currently scheduled for public offering amount to $240 million.
Bond sales by State and local governments will likely total
$950 million in October, more than double the revised estimate for last
month and nearly one-half more than a year earlier. Large issues
scheduled for sale total $564 million, including an$184 million issue
of Douglas County Public Utility District #1, Washington.
Capital markets in September. Corporate security financing
to obtain new capital was in moderate volume in September, and municipal
bond sales quite small. Bond yields rose fairly sharply early in the month
following the Treasury's announcement of an advance refunding offer larger
in size and scope than has been expected. Syndicate agreements on several
large corporate issues were terminated and yields adjusted upward, while
municipal dealers made sizeable price cuts in bonds carried in inventory.
As a result, unsold syndicate balances declined considerably, reception
of new offerings improved, and yields stabilized at, or slightly below,
the early September levels.
New capital security financing by corporations totaled $750
million in September, one-tenth more than the previous month and threetenths larger than in September last year. Large issues sold publicly
amounted to $237 million, consisting of $215 million in nonconvertible
bonds and a $22 million subscription offering of common stock. Yields
on seasoned Aaa-rated corporate bonds rose three basis points to 4.32
per cent at month-end, the highest level in over a year. Yields on new
corporate bonds, adjusted to an Aaa basis, rose somewhat more to average




H. 14

-3-

4.34 per cent, up five basis points from August and the highest since the
summer of 1962. Most new -public offerings were fairly well received
at the higher level of yields and generally fully distributed by monthend. This, together with the distribution of bonds originally offered
in August following termination of syndicate price restrictions, reduced
syndicate balances to a negligible amount.
Bond sales of State and local governments amounted to $450
million in September, one-third less than in August but about the same
as a year earlier. Yields on seasoned State and local government bonds
rose, with those on Aaa-rated municipals increasing six basis points to
3.15 by the end of the month, the highest level since early August 1962.
Underwriters also reduced prices the equivalent of 10-20 basis points on
bonds in several large slow-moving syndicates. As a result, dealers'
advertised inventories of unsold municipals dropped to below $500 million
at the month-end, the lowest level since late March and $140 million less
than at the end of August.
Common stock prices declined slightly on balance in very active
trading in September. Prices, as measured by Standard and Poor's composite
index of 500 stocks, rose to a new all-time high of 73.30 on September
20, one per cent above the previous peak of December, 1961, but then fell
off. At 71.70 on September 30, they were one per cent below the end of
August level. Trading volume averaged 5.4 million shares a day, 1.2
million shares more than in August and 2.2 million shares higher than
a year earlier.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.

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




EXHIBIT A,.fa,.

LONG-TERM BOND YIELDS, HIGH-GRADE

coiroim

STAT* AND 10CAI 6 0 V I I H « E * T

J-U.I I I I

I I 1 I I II I

I I I I I
• I960

I'Sl

ii»!
Exhibit A - Part II

Corporate
Aaa \t

Date

U. 8. Govt.
long-term 2/

In-

state and
local
government
Aaa 3/

Spread between
U. S. Govt, and
Corporate 1 State and
Aaa
| local Aaa

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low
Sept.
Sept.
Sept.
Sept.
Oct.

6
13
20
27
4 b/

3.55
4.61
4.21
4.46
A

(5/2)
(1/29/60)
(3/17/61)
(9/15)

3.07
4.42
3.70
4.07

(4/25)
(3/8/60)
(5/13/61)
(32/29)

2.64
3.65
2.99
3.37

(5/1)
(9/24/59)
(9/3/60)
(7/6)

A W O %
4.19 (3/29)

43 0855 ((?/f0l
3.87 (1/18)

2.93 (3/28)

4.30
4.31
4.32
4.32
4.32 X

4.03
4.05
4.05
4.04
4.04

3.12
3.12
3.13
3.15
3.15

.22
.59
.19

;!
.21

.27
.26
• 27
.28
•28

.34
.92
.46
.76
.80
1.02
.89
.91
. 93
.92
.89
.89

W
Preliminary,
y
Weekly average of daily figures. Average term of bonds included is 22-24 years*
2j Weakly average of daily figures. The series includes bonds due or callable in 10 years or more,
"V Thursday figures. Only general obligation bonds are included) average term is 20 years,
"ote,—ilighs and lows are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and loir to narrowest#




EXHIBIT^ B, Pari I
LONG-TERM BOND YIELDS, LOWER-GRADE

:o8foa*Tt '»•?

h\J
V\,r

r\<
r

v

V

J-LAI 1 1 1 1 1111 n1 1111111
1958

x

"sun AND LotAt GOVtkHHtNTiai
Wo

1 959"

\/'-v

1 1 1 1 1 1 1 11 11 11 11 1 1 1 11 1 1 1 1 1 1 11 11 11 11 II 1 1 U A T
I960
1961
1963
Exhibit B - Part II

Date

Corporate
Baa 1/

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
State and
Corporate
local govt.

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low

4.51
5.36
4.98
5.13
4.92
4.93
4.83

(7/11)
(2/12/60)
(9/9/6O)
(10/27)
[12/Zl)
(1/4)
(10/4)

Sept.
Sept.
Sept.
Sept.
Oct.

6
13
20
27
4 jd/

Notes

For footnotes see Exhibit A,

4.84
4.84
4.84
-4.84
4.83 ^




3.64
4.46
3* 93
4.16
3.52
3.63
3.52
3.58
3.58
3.58
3.59
3.59

(5/1)
(2/7/60)
(11/9/61)
(3/23)
(5/17)
(6/27)
(5/23)

.77
.84
.66
.81
.63
71
.51

.93
1.08
•57
.93
.56
.63
.44

.54
.53
.52
.52
.51

.46
.46
.45
.44
.44

.EXHIBIT C. Parish
SHORT- A N D INTERMEDIATE- TERM INTEREST RATES, GOVERNMENT

a

3 - 5 m i ISSUES

3 - •ONTH IIUS
Marital Yield

I I I H I I I I I I I I i I I I I I I I I I I I I II I I I I I I f I I I I I I I II
iiy—

-

1 I II I I I I I I I

-—»«*

I 1 II I I I I III

»»

Exhibit C -i Part II
Discount
rate
If

1958 - Low
;
~ 1959-60 High
1960-61 Low
i 1961-62 High
1962 - Low
< 1963 - High
Low
f Sept. 6
: Sept. 13
: Sept. 20
Sept. 27
VOct.
4 £/

3-month
bills 2/

1.75
4.00
3.00
3.00
3.00

.58
4.59
2.11
2.97
2.65

3.50
3.00

3.41 (10/4)
2.88 (3/15)

3.50
3.50
3.50
3.50
3.50

3.36
3.36
3.41
3.38
3.41z

(5/29)
(1/8/60)
(10/28/60)
(7/13/62)
(6/8)

Yields
6-month
bills 2/
(per cent)
3.02
5.07
2.35
3.13
2.74

3-5 year
issues 2/

(12/26) 2.14
(1/8/60)5.00
(4/28/61)3.15
(7/20/62)3.88
(6/8)
3.41

Spread between yields on 3month bills and yields on
6-mo. bills13-5 vr. issues

(6/6)
(12/24/59)
(5/12/61)
(2/2/62)
(1^/28)

.26

.04

.79

1.81

.44

.02

.38
1.51
.52

3.53 (10/4) 3.89 (9/20)
2.93 (3/8) 3.44 (1/18)

.17
.04

.70
.46

3.47
3.48
3.51
3.51
3.53

.11
.12

.52
.52
.48
.50
.47

3.88
3.88
3.89
3.88
3.88

.12

.10
.13

.12

l/ Woekly rate shown is that in effect at ead of period at the Federal Reserre Bank of New York,
2f Market yields weekly averages oonputed from daily closing bid prices, Serleti of 3-5 year issues
consists of selected notes end bonds.
Hote.—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.




SHORT- AND INTERMEDIATE- TERM INTEREST RATES,
BANKS A N D OTHER PRIVATE BORROWERS

Exhibit D - tart II
Stock Exchange
call loan 1/

Prime
rate 1/

Finance company
paper 2/

Federal
funds 3/

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

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961-62 - High
1962 - Low
1963 - High
Low

3.50
5.50
4.50
4.50
4.50

3.50
5.00
4.50
4.50
4.50

4,50'
4.50

4.50
4.50

1.13(8/0)
.13(5/29)
5.13 (3/23/60) 4.00 (5/13/60)
2.50 (8/5/61)
.43 (1/27/61)
3.25 (7/20/62) 3 • 00 (12/28/62)
2.88 (6/1)
1-30 (1/26)
3.68 (10/4)
3.50 (10/4)
3.13 (5/31)
2.45 (7/26)

Sept.
Sept.
Sept.
Sept.
Oct.

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3.63
3.63
3.63
3.63
3.68

2/

6
13
20
27
4 2.1

K e ^ t f


For spreads, higb r e f e r s t o w i d e s t ,


and l o r t o narrowest.

.11
.56
.19
36
.09
.27
.27
.22
.25
.27

3.50
3.50
3.50
3.48
3.50

d a i l y r a t e s published by finance oanpanies f o r d i r e c t l y placed

-.35

1.02

P S >er

for vnying mturitie?

(exhibit e.->-n I

: STOCK MARKET
1941-43 o v . r o g . ' I O , '

STOCI MAMfl CtCDIt

•AKI I I I I I I I I III
t

mo

nil

Exhibit B - Part II

Stock price
Index 1/

1961-62 - High
Low
1963 - High
Low
Augus t
September
Sept. 20
Sept. 27
Oct. 4 £/

Common .
Trading
Stock market customer credit
stock
volume 3/
Customers 1
Bank
yields 2/ (millions
debit bal- loans to
(per cent) of shares)
ances 4/ "others" 5/
(In millions of dollars)

72.04(12/8/61)
52.68 (6/22/62)
73.30 (9/20)
64.10 (3/1)

2.82
3.96
3.08
3.36

10,1
2.4
6.1
3.2

70.98
72.91
73.30
72.13
72.85

3.13
3.06
3.04
3.08
3.06

4.2
5.4
4.8
5.3
4.3

5,602(12/61)4,259 (12/61) 1,377(8/30/61)
4,876(7/62) 3,562 (7/62) 1,269(9/26/62)
6,660(8/63)5,034(8/63) 1,656(9/18)
5,595(1/63)4,208(1/63) 1,378(2/23)
6,660

5,034

1,626
1.655
1.656
1,655

n.a.—Not available, jg/ Preliminary.
•
^
3/ Standard and Poor's composite index of 500 oomnon stocks, weekly closing prioea, 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.
y
Standard and Poor'a composite stook yield based on Wednesday data converted to weekly closing
prices by Federal Reserve* Yields shown are for dates on which price index reached its higx
3/ Averages of daily trading volume on the New York Stook Exchange#
AJ End of month figures for member fizms of -the New York Stook Exchange ililoh carry nargLn accounts;
excludes balances secured by U. S, Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing ar carrying
U. S, Government securities. Prior to July 1, 1959, such loans are excluded only at banks in
New York and Chicago. Weekly reporting banks account ibr about 70 per cent of loans to others.
For further detail see Bulletin.




E X H I B I T F. fail

I

P R I V A T E H O U S I N G STARTS A N D PERMITS

"PER CENT OF U N A D J U S T E D TO TAL STARTS'

101
e e W i w m i miiwiiwir

Starts

1/
Building
permits
T y p e of financing T y p e of housing ( s e a s o n a l l y
Seasonally adjustadjusted
1-2
MultiUnadjusted
ed a n n u a l r a t e
annual
FHA
VA
family
famil y
rate) 2/
Total

Date

!

E x h i b i t F - P a r t II

(Thousands o f u n i t s )
1,185
99.2
37.3
25
104
7
137
1,442
41.8
1,160
105.9
8
112
28
148
1,486
Aug.
1
,202
3
4
.
7
8
8
79.6
2
0
6
1
1
4
1,356
Sept.
1,195
39.1
96.1
105
23
7
135
1,537
Oct.
1
,254
8
2
.
4
38,5
6
9
6
19
121
1,579
1,248
60.1
33.8
16
5
74
94
1,562
1
,
200
5
0
.
1
30.5
63
1
4
4
81
1,344
1963 - J a n .
30.6
1,193
56.0
13
70
4
87
1,380
Feb.
1
,
2
32
3
9
.
5
8
4
.
9
103
5
17
124
1,575
Mar.
1,214
111.1
47.0
129
21
158
7
1,618
Apr.
5
3
.
8
1,285
1
1
2
.
7
137
22
166
7
1,618
1,315
48.7
126
104.7
20
7
153
1,571
June
1,256
1 0 2 . 8 .44.9
21
119
148
7
1,563
July £/
1,240
42.3
107.6
124
19
150
7
1.515
Aug, E/.
1 / T o t a l s t a r t s a r e Census e s t i m a t e s i n c l u d i n g f a r m f o r b o t h p e r o i t - i s s u i n g and n o n - I s s u i n g a r e a s . A
d w e l l i n g u n i t i s s t a r t e d when e x c a v a t i o n b e g i n s ; a l l u n i t s i n an a p a r t m e n t s t r u c t u r e a r e c o n s i d e r e d
s t a r t e d * t t h a t t i m e . FHA and VA s t a r t s a r e u n i t s s t a r t e d u n d e r o a r n d t n e n t s by t h e s e agencies t o i n s u r e
o r g u a r a n t e e t h e m o r t g a g e s . ' As r e p o r t e d b y TEA 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
t h e f i r s t c o n p l i a n c e i n s p e c t i o n r e p o r t , w h i c h i s made b e f o r e f o o t i n g s a r e poured i n some oases b u t
n o r m a l l y a f t e r t h e f o u n d a t i o n s have been c o m p l e t e d . Capehart m i l i t a r y housing u n i t s a r e e x c l u d e d .
O t h e r s t a r t s are d e r i v e d a s a r e s i d u a l , a l t h o u g h t o t a l and IBA a n d VA s t a r t s a r e n o t s t r i c t l y comparable
i n concept o r t i m i n g i o t h e r s t a r t s I n c l u d e b o t h u n i t s f i n a n c e d by c o n v e n t i o n a l mortgages and u n i t s
w i t h o u t mortgages.
2 / B u i l d i n g p e r m i t s a r e Census e s t i m a t e s f o r a l l of t h e a p p r o x i m a t e l y 10,000 areas i n t h e U n i t e d
S t a t e s w h i c h were i d e n t i f i e d a s h a v i n g a l o c a l b u i l d i n g p e r m i t system i n 1959. U n l i k e s t a r t s ,
s e a s o n a l l y a d j u s t e d b u i l d i n g p e r m i t s r e f l e c t a d i r e c t measure o f t h e i n f l u e n c e o f changes i n t h e
number o f w o r k i n g d a y s p e r month, a l o n g w i t h o t h e r d i f f e r s noes i n t i m i n g and c o v e r a g e .
1962 - July




EXHIBIT O, Pod I
YIELDS O N NEW A N D

SEASONED CORPORATE BONDS

NEW ISSUES

SEASONED Ai

196%

Exhibit 6 - Part II
Yields on Hew Corporate Bond Issues Adjuated to an Aaa baais
Number Aa r t of issues Average
of
included (nil.
yield
(per cent)
issues of dollars)
Weekly averages:
1963 - Apr.. 5
12
19
26
Hay

3
10
17
24
31
7
14
21
28

2
1
3
3

45.0
6;0
95.0
128.0

1
2
1
3

25.0
266.0
. 30.0
76.0

4.22
4.31*
4.27
4.27

. 1
3
2
2

50.0
34.0
115.0
46.5

4.23*
4.25
4.24
4.25

4.23
4.18
4.28
4.30

Number An't of issues Average
of
included (mil,
yield
issues of dollars)
(per cent)
July

5
12
19
26
Aug. 2
1 1

23
30
Sept. 6
13
20
27
Oct. 4

--

--

——

2
1
3
1
2

80.0
25.0
58; 0
70.0
75.0

4.30*
4.43*
4.31
4.28
4.27

2
1

50.0
12.0

i
1
2

15.0
. 100.0
33.5

4.33*
4.35
4.34
4.34
4.32

rote i Avenges of offering yields en allacnr issues of publioly offered bo rp orate bonds rated iftt< Aa and
A. by Moody's Investors Servioe (except serial and convertible Is sues, offerings of natural gas pipeline,
and foreign companies, and bonds guaranteed by the Federal Government) weighted by else of offering, 1
Before averaging, new offerings are adjusted to a composite Jaa basis by deducting from the actual
reofferlng yield the excess of the weekly average yield for seasoned bands of the appropriate industryquality group over the composite average for seasoned Aa»-rated bonds (Moody's), Averages considered
unrepresentative because of special characteristics of the offerings Included are denoted by »n asterisk^




H. 14
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

' capital
1963

Corporate
1
1962

1/
1961

1963

January
February
March

613
594
1,144

592
859
807

580
667
562

April
May
June

930
904
1,013

1 ,113
760
1 ,132

2,118
1,259
1,318

£/
£/
£/

70:2
675
750

582
749
579

1,028
762
647

700

835
703
1 ,103

1,090
948
1,000

2,351
2,847
e/2,127

2 ,258
3 ,005
1 ,910
2 , 641

1,809
4,695
2,437
3,038

5,198
e/7,325

5,,264
7,,173
9,,814

6,504
8,941
11,979

July
August
September
October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

J?/
e/
e/
e/

State and local 2/
1962
1 1961
1
876
1,133
628

711
689
764

867
855
939

873
912
786

722
640
1,034

£/
e/
e/

577
675
450

612
544
427

486
604
734

e/

y:0

650
578
550

679
789
610

£/2,431
£/2,661
e/1,702

2,637
2,571
1,582
1,779

2,165
2,396
1,824
2,078

£/5,092
e/6,794

5,208
6,790
8,568

4,561
6,385 .
8,463

£/
£/
£/

731
726
973

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

quarter
quarter
quarter
quarter-

2,284
2,529
e/1,875

Year

e/
jV
T/
2/
3/

2, 199
2,919
1, 775
2, 410

1,554
4,552
2,337
2,807

9, 303

11,253

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




New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)
Gross proceeds for new
capital and refunding
1/
Common Memo:
Publicly Privately
foreign
and
pfd.
offered offered
included

Net proceeds for
new capital 1/ 2/

Mfg.

Public Communiutility cations

2,832

1,462

955

416

17

625

696

381

997

1,992
5,352
2,566
3,236

662
2,303
772
967

880
1,275
1,139
1,424

449
1,774
654
845

76
155
69
62

515
1,466
935
792

381
1,081
595
836

81
1,095
104
147

832
1,052
803
1,263

2,378
3,250
2,184
2,957

1,155
1,389
853
1,089

716
1,222
1,024
1,568

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

2,700
3,635

1,108
1,389

1,306
1,821

287
425

128
434

947
591

326
793

236
221

842
1,241

1,155
987
1,094

336
414
217

509
348
567

310
225
310

25
12
25

271
215
306

306
362
168

25
80
42

487
291
485

647
884
847
1,217
801
1,232
630
922
632
976
784
1,197

273
497
386
654
247
488
200
477
176
539
286
264

232
232
253
227
420
575
366
363
295
314
446
808

143
155
209
336
134
169
67
82
161
123
52
125

3
12
54
10
147
100
13
43
46
34
99

205
131
318
384
270
342
217
218
166
153
271
345

89
148
193
377
196
410
118
110
148
141
175
252

73
362
21
88
64
79
88
120
67
260
4
57

225
218
275
264
229
301
159
301
199
282
253
451

695
642
1,363
1,049
1,340
1,246
845
745

350
259
499
380
550
459
279
325

243
289
774
452
694
675
466
350

102
94
91
217
95
163
19.9'
70

25
43
60
56
182
196
37.
n.a.

135
220
592
148
216
227
3.0.4
225

114
115
97
341
222
230
106;
100

125
68
43
71
92
58
f8J6

238
191
412
369
373
499
207
340

J
Preliminary.
el Estimated by Federal Reserve.
1/ Gross proceeds exceed net proceed,
y the cost of flotation. 2/ For total see Exhibit H; other issuers are extractive, railroad
d other transportation, real estate and finance and commercial and other, Source.--Secu
"ities and
Exchange Commission-



Other Security Offerings
(In millions of dollars)

1963
January
February
March
April
May
June
July
August
September
October
November
December

Gross Ion e-term 1/
Foreign government 2/
1
1963
1
1962
1
1961

232
133
76
57
114
11
'
62
e/ 70

Jan.-Aug.

e/ 75:5

Federal agency 3/
|
1961
1962
--

148

246
156

186

461

459

--

252
100
149
278

150
175

250
193

43
34

--

225

--

--

737

236

1,188

1,448

366

159

1,013

1,029

142
10
35
10
86
50
25
8
31
151
88
101

Year

1

6
29
20
2
66
29
5
2

--

---

e/

e/

--

793

Net Short-term 4/

Year
Jan.-Aug.
g/
1/

2/
3/
4/

5/
-

'

18
466
-186
127
-84
-118
78
339
-406
71
234
-161

640

"

674

247
-156
226
-364
82
284
261
227
-157
379
55
-80
1,004

520

378
2/125

-106
-189
-482
292
195
319:
414:
327

160
195
-8
-103
-42
-155
109
518
-86
-6
54
-116

:

: o

807

I

75
272
-367
589
-189
-149
-62
2./ -44 -

1

State and local government 5/
January
February
March
April
May
June
July
August
September
October
November
December

-144
-162
-174
-79
-87
207
22
193
108
98
56
-114
-76
-224

Preliminary, e/ Estimated by Federal Reserven. a.--Not available.
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.
Includes securities offered in the United States 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 and Exchange
Commission; short-term, Treasury Department and Federal Reserve.
These data differ from those in Exhibit H and above in that they represent new offerings
less retirements, whether from the proceeds of 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
Authority notes. In some instances pHA notes included may have a somewhat longer maturity
than one year. Source: Bond Buyer and Federal Reserve.




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)

!

Month

Total

1
1962 - September
;
October
November
December
1963 - January
February
March
April
May
i
\

July
August
September

Corporate
Bonds
Convertible
(Other than
bonds
convertibles)

191
434
178
198
234
186
394
409
149
348
221
236
237

100
398
178
178
215
125
372
263
149
348
180
218
215

Stocks

91
36

153
320
217
193
344
367
570
431
489
472
279
329
135

20
19
26
22
146

--

35

State
and
local
government

41
18
22

Other 2/

194
25
75
48
63
134
43
460
60
20

Large Individual Issues Offered September 1 through October 4

Issuer
CORPORATE
CIT Financial Corp.
N )rthern States Power Co.
*New England Tel.&Tel. Co.
uow Chemical Co.
i
,1 STATE AND LOCAL GOVERNMENT
|State of Washington
iNew York City, New York
;Houston Ind. Sch. Dist.,
' Texas
Detroit, Michigan
New Orleans, La.
Municipality of Metro.,
Seattle, Wash.
State of North Carolina
Baltimore, Md.
Los Angeles Unif. Sch.,
Dist., Cal.
Douglas Co. Pub.Util.Dist.
No. 1, Wash.
OTHER - None

Type 3/

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

Amount
(millions
of
dollars)
100 .0
15,.0
22,.0
100..0

.1984
1993

4.55
4.38

Aa

1988

4 .35

4.35

Aa

3 .09
3,. 66
3,.22

2.00-3.20
2.00-3.65
2:.25-3.40

3,.20
3,.29
3.,67

21.05-3.50^ A
2:. 15-3.40 A
2 .60-3.70

2.,83
3.,07
3. 09

1 .90-2.90 •
2 .00-3.30^' Aa
1 .90-3.20
Aa

35.,8
25. 6
10. 0

1964-81
1964-2012
1966-92

G.O.
G.O.
Rev. -Ut.

11. 5
14. 7
15. 0

1964-88
1965-88
1967-2002

G.O.
G.O.
G.O.

22. 0
47. 5
25. 0

1964-80
1964-99
1964-88

39. 9
144.,2

1974-91
2018




Rating

4-1/2
4-3/8

Rev. -S.T.
G.O.
G.0.

Rev. -Ut.

Coupon
Offerrate or net ing
interest
yield
cost

Maturity

u

3. 15-3.75
3.95

A
A
A

——
--

H.14

\|
K-2
Footnotes

*--Rights offering.
n.a.--Not available.
I./ 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.
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 quasi-utilities;
Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent,
revenue bonds secured solely by lease payments.
4/ 1/4 per cent bonds maturing 1987-88 not publicly reoffered.
5/

Bonds maturing 1996-99 not publicly reoffered.




H.%4 .

Exhibit L

17

Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) \J
Expected Proceeds from Forthcoming Large Issues
Date of

5

computation

During month following
date shown
State and
Corporate
local govt.
Other 2/

%
U 9 6 2 - Sept. 28
%
Oct. 31
3
Nov. 30
|
Dec. 28
*1963 - Jan. 31
1
Feb. 28
$
Mar. 29
Apr. 30
May 31
June 28
July 31
Aug. 31
Sept. 30

363
203
170
269
167
142
376
149
223
170
221
158
240

187
96
194
177
376
458
381
447
255
142
329
210
561

Subsequent to
date shown
State
Corporate
local

it

|

546
328
360
314
412
572
421
234
288
215
267
183
240

75
25

45
40
460
75
20

Other 2/

387
243
328
311
843
755
763
599
582
287
512
468
757

Forthcoming Large Offerings, as of October 7

Issuer
CORPORATE Subscription Television, Inc.
General Acceptance Corp.
•Household Finance Corp.
United California Bank
•Pacific Gas & Electric
-STATE AND LOCAL GOVERNMENT
:|Lewisport, Ky.
-jNew York State Bridge Auth.
|State of Massachusetts
,Kansas City, Missouri
Los Angeles Dept. of Wtr. & Pwr.,
California
' Cincinnati, Ohio
Wayne Co., Michigan
Buffalo, N. Y.
State of Louisiana
Austin, Texas
\ Penna. State Highway & Bridge
Auth.
Cleveland City Sch. Dist., Ohio
Los Angeles Co. Flood Control
Dist., California




Type
Com. stk.
Deb.
Deb.
Com. stk.
1st mtg. bds.

Amount
(millions of
dollars)

Approximate date of
offering

22.8
20.0
100.0
26.9
70.0

October
October
October
October
October

7
9
15
.22 (rts. ex. )
30

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

50.0
25.0
39.6
12.0

October
October
October
October

7
8
8
9

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

12.0
17.5
33.0
12.0
30.0
14.0

October
October
October
October
October
October

9
9
10
10
16
17

Rev.-Q.Ut.
G.O.

35.0
10.0

October 18
October 25

Rev.-Q.Ut.

15.0

October 29

75
25
33
45
40
460
75
20

H. 1 4

L-2
Forthcoming Large Offerings, as of October 7 (Cont'd.)

Issuer
STATE AND LOCAL GOVERNMENT (Cont'd.)
Iowa State University
Los Angeles Dept. of Wtr. & Pwr.,
California
East Bay Mun. Util., Dist. , Cal.
Pittsburgh, Pa.
Dade County, Florida
Jacksonville Expressway Auth., Fla.
Houston, Texas

Type

Amount
(millions of
dollars)

Approximate date of
offering

Rev.-Rent.

16.0

November 15

Rev.-Ut.
G.O.
G.O.
G.O.
Rev.-Ut.
G.O.

21.0
27.0
35.0
46.0
40.0
11.1

November 20
November 20
Indefinite
Indefinite
Indefinite
Indefinite

OTHER
None

^--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.




H. 14

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

Sale
Date

Amount
(millions of
dollars)

Issuer and Description of Issue

A.
7/10

20.0

7/10
7/l7

20.9
25.0

7/17

15.0

8/1

20.0

8/2

7.3

Public Offerings

Sold July 1 through October 4

Milan, Italy—5-1/2% bonds, due 1978—reoffered to
yield 5.637.
Hitachi, Ltd.--Common stock
United Mexican States—6-3/4% sinking fund bonds,
due 1978—reoffered to yield 7.007,
United Mexican States—6% bonds due 1966-68-reoffered to yield 6.00%
Nippon Telephone & Telegraph Public Corporation—5-3/4%
guaranteed sinking fund bonds due 1978--reoffered to
yield 6.087.
Tokio Marine and Fire Insurance Co.—common stock

B.
None




Prospective Offerings

H. 14
M-2
Part II:

Date
reported

Amount
(millions of
dollars)

7/18

26.0

7/18

4.0

8/6

2.1

8/6

5.0

•3/13
V13

Private Placements--Reported July 1 through October 4

Issuer and Description of Issue

Pacific Petroleum Ltd.--5-1/2% secured notes, maturing
1978--no information available on takedown
Copenhagen County Auth., Denmark-5-1/2% external notes,
maturing 1968--no information available on takedown
Banco Nacional de Credito Agricola; S.A., Mexico City-6-1/2% promissory notes, maturing 1964-68--no
information available on takedown
Austrian Investment Finance Corp.--notes, maturing
1973--no information available on takedown
Manitoba Electric Power Commission--5-7/8% notes,
maturing 1983--no information available on takedown
Union Acceptance Corp.--6-1/4% debenture, maturing
1974-78--no 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 this Exhibit and that shown in Exhibits I
and JP because the latter includes privately placed securities in the period in
which funds are actually tnkendown but only in the amount of takedown, while the
placements shown in this exhibit are included when reported, frequently with
little or no informntion concerning timing of takedowns. Full or partial takedowns
may take place both prior and subsequent to the date a placement is reported.
*--Included in table for first time.