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/ Not f o r publication MCOHTBOLLED AFTER SIX MOMS H.DT b Y ViQBA S£P \ OF 12 lQRn I September 10, 1962. 1 1 \ HAPTTAT. MARKET DEVELOPMENTS ' INTHE UNITED STATES -—'Public security financing to obtain new c a p i t a l was in moderate volume l a s t week and i s expected to continue so t h i s week. During the week ending September 7, no large corporate security i s s u e s were offered and only one State and l o c a l government bond issues with par value of $10 millio n was sold; however, the Federal Home Loan Banks offered a $175 million issue of 3-year bonds. This week, ending September lit, two large corporate i s s u e s t o t a l i n g $123 m i l l i o n are scheduled and two State and l o c a l issues amounting to $20 milt inn are on the calendar. Bond y i e l d s . Changes i n y i e l d s on seasoned long-term bonds were mixed but minor l a s t week. Yields on Aaa-rated corporate bonds were s t a b l e , while y i e l d s on Baa-rated issues declined one basis point. Aaa-rated State and l o c a l government bond y i e l d s declined f o r the fourth consecutive week, f a l l i n g a s i n g l e basis point, but the rate on Baa i s s u e s was unchanged. U. S. Government bond y i e l d s rose 2 basis points. Average y i e l d s on new corporate bonds, adjusted to an Aaa b a s i s , were ii.lli per cent l a s t week, 6 basis points below the average f o r the previous week and the lowest since mid-June; y i e l d s were s t i l l 12 basis points above t h i s year's low reached i n mid-May. Short- and intermediate-tern i n t e r e s t r a t e s . Yields on Treasury b i l l s and on 3-5 year U. S. Government obligations increased l a s t week. Yields on both 3-month and 6-month Treasury b i l l s rose 2 basis points, with the increase in rates on 6-month b i l l s being the f i r s t week-to-week increase since mid-July; y i e l d s on intermediate term U. S. Government obligations advanced 5 basis points, also the f i r s t week-to-week increase since mid-July. The major finance companies announced t h e i r usual year-end s p l i t in rates on directly-placed paper l a s t week (most companies continued their 3-1/8 per cent rate on paper maturing in over 90 days and prior to January 3, 1963, but the rate on paper maturing a f t e r January 2 and up t o 179 days was increased from 3-1/8 to 3 - l A per cent) resulting in a r i s e in the average rate on paper with 90-179 day maturity of 3 basis points to 3.13 per cent. The average e f f e c t i v e rate f o r Federal funds rose 15 basis points to 3 per cent. Other short- and intermediate-term i n t e r e s t rates were unchanged. Mortgage recordings. Nonfarm mortgage recordings of $20,000 or l e s s rose t o a record in May, the l a t e s t month available on a seasonally adjusted three-month moving average b a s i s . The rate of $2,836 million was 2 per cent above the previous high, which had prevailed since autumn, and 11 per cent above a year e a r l i e r . Federally-underwritten mortgages in June continued to account f o r 20 per cent of the t o t a l d o l l a r volume recorded. This was a somewhat higher proportion than a year e a r l i e r and r e f l e c t e d mainly a r e l a t i v e l y greater increase f o r VA-guaranteed mortgages than f o r the other types. V -2- Stock prices. Common stock prices were off moderately further l a s t week in rather l i g h t trading 0 Prices, as measured by Standard and Poor's composite index oi 500 stocks, declined over one per cent on balance t o close at 58.38 on September 7* Trading volume averaged 3*0 million shares a day. More detailed information concerning recent c a p i t a l market developments i s presented in the attached exhibits. Capital Market Section, Division of Research and S t a t i s t i c s , Board of Governors of the Federal Reserve System. 3> EXHIBIT A. Pa, LONG-TERM BOND YIELDS, HIGH-GRADE Weekly Change In 11SI Date l959 Exhibit A - Fart I I Corporate . Aaa 1 / U. S. Govt. long-term 2 / I960 State and . local government Aaa 3 / Spread between U. S. Govt, and State and Corporate l o c a l Aaa Aaa (per cent) 1957 - High 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - High Low Aug. 10 Aug. 17 Aug. 24 Aug. 31 X /Sept. 7 £ / Note: 4 . l 4 (9/27) 3.55 (5/2) It. 61 (1/29/60) 4.21 (3/17/61 li.27 (5/25) U.36 U.36 4.34 L33/^ 3.76 3.07 4.42 3.70 4.07 4.12 3.85 4.00 3.98 3.94 3.94 3.96 For footnotes see Exhibit B. (10/18) (4/25) (1/8/60) (5/12/61) (12/29) (2/23) (5/11) 3.45(8/29) 2.64(5/1) 3.65 (9/24/59) 2.99 (9/1/60) 3.37(7/6) 3.26 ( 1 / 4 ) 2.92 ( 5 / 3 ) *60 .22 .59 .19 .57 .47 .29 3.15 3.13 3.05 3.03 3.02 .36 .38 .40 .39 .37 . .50 .34 .92 .46 .76 1.08 .80 .85 .85 .89 .91 .94 LONG-TERM BOND YIELDS, LOWER-GRADE CORPORATE » 1958 1959 I960 Exhibit B - Part I I Corporate Baa 1 / Date State and local govt. Baa 3/ (per cent) 1957 - High 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - High Low Aug. 10 Aug. 17 Aug. 2k Aug. 31 -Sept. 7 2/ 5.10 lu5L 5.36 14.98 5.13 (11/29) (7/11) (2/12/60) (9/9/60) (10/27) i t . 5 1 (8/29) 3.6k ( 5 / 1 ) k.k6 3.93 it.16 Loli (3/7/60) (11/9/61) (3/23) (1/11) 5,11 (1/5) ii.98 (6/1) 3.52 (5/17) 5.07 5.07 5.05. 5.05 5. Oh / 3.80 3.78 3.70 3.66 3.66 1961 1967 7! Spread between # Aaa and Baa ' ?>' State and Corporate l o c a l govt. ;; x1.27 .77 .81 .66 .81 .7it .63 1.21 .93 1.08 .57 .93 . .82 .56 .71 .71 .71 .72 .71 .65 .65 .65 .63 .6k ^ $ 't £ / Preliminary. f> 1 / Weekly average of d a i l y f i g u r e s . Average term of bonds included in 23-26 y e a r s . ^ 2 / Weekly average of d a i l y f i g u r e s . The s e r i e s includes bonds due or c a l l a b l e in 10 years or more, 3 / Thursday f i g u r e s . Only general o b l i g a t i o n bonds are included; average t e r n i s 20 y e a r s . Bote,-^Highs and lows are f o r 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 dates f o r d i f f e r e n t # s e r i e s . For spreads, high refers t o w i d e s t , and low to narrowest. W' for FRASER Digitized EXHjEUT C, Port I SHORT- AND INTERMEDIATE- TERM INTEREST RATES, GOVERNMENT Jl- I0MTH IIUS w' yi rM 3 . 5 YEAB ISSUES' h i n / U V 1 1 / y i - i i i ii i i i i ii Date 1957 - High 1 9 5 8 - Low 1959-60 - H 1 9 6 0 - 6 1 Low 1961 - High 1962 - High Low Aug. Aug. Aug. Aug jSept. 10 17 2k 31 7 e/ Discount rate 1/ 3.50 1.75 U.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 1. DISCOUNT RATE « ynuTU 111 I c Aarkal Yield i _1_LLL1JJ_L1_L-1 _ 1 1 1 1 1 1 1 1 1 111 1 1 1 1 1 1 1 1 mo Exhibit C - Part I I 3-month b i l l s 2/ 3.6L(io/l8) . 5 8 (5/29 ) lt.59 ( 3/8/60 ) 2 . 1 1 (10/28/60) 2 . 6 6 (12/29 ) 2.97 (7/13) 2.65 (6/8) 2.83 2.81* 2.82 , 2.80 / 2.82/ 1/ 2/ S p r e a d b e t w e e n y i e l d s on 3 month b i l l s and y i e l d s on 6-mo. b i l l s | 3 - 5 y r . i s s u e s Yields 6-month b i l l s 2/ (per cent) 3-5 year issues 2/ — 3.02 5.07 2.35 2.90 3.13 2.7h L o b (10/I8) 2 . 1 4 (6/6) 5 . 0 0 (12/24/59) 3 . 1 5 (5/12/61) 3.86(8/11) 3.88 (2/2) 3.13 (L/6) 3.03 3.00 2.96 2.93 2.95 (12/26 ) (1/8/60) (4/28/61) (12/29 ) (7/20) (6/8) 3.63 3.58 3.51 1:11 .26 .79 .12 .06 .20 .16 .114 : S .86 .ob 1.81 .38 1.51 1.19 .69 .80 .7U .69 .71 .7U Weekly rate shown i s that i n e f f e c t at end of period a t the Federal Reserve Bank of New York. Market y i e l d * weekly averages computed from d a i l y c l o s i n g bid p r i c e s . Series of 3 - 5 year i s s u e s c o n s i s t s of s e l e c t e d notes and bonds. ' ' Note. Highs and lows are f o r i n d i v i d u a l a e r i e s and may be on d i f f e r e n t dates f o r d i f f e r e n t s e r i e s . For spreads, high r e f e r s to w i d e s t , and low t o narrowest. EXHIBIT SHORT- AND BANKS AND I N T E R M E D I A T E - TERM OTHER PRIVATE D. F o i l I INTEREST RATES^ BORROWERS STOCK EXCHANGE c m 10ANS Going Rale NANCE COMPANY PAPER PRIME I I I I Li_l_LJ._L J L.I RATE L U J 1 J.I.I I LI. 1 I I I. I I N i Il I LI. I I I I. I.I I Exhibit D - Part II Date Stock Exchange c a l l loan 1 / Prime rate 1 / Finance company Federal paper 2/ funds 3/ (per cent) 1957 - High 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - High Low Aug. Aug. Aug. Aug. Sept. 10 I? 21 31 7 £/ U.50 3.50 . k.SO 3.50 L5o ii.5o h.5o ii.5o h.50 h.50 ii.50 h. 50 ii.50 ii.50 ii.50 5.5b k.So it. 5 0 ii.50 h.50 1/ 3 . 8 8 (11/15) 1.13 (8/8) 5.13 (1/22/60) 3.50 (11/8) 5.00 It. 5o 2 . 5 0 (8/5/61) 3 . 0 0 (12/29) .13(5/29) ii.OO ( 5 / 1 3 / 6 0 ) .ii3 (1/27/61) 2 . 8 8 (12/29) h.50 h.50 3.25 (7/20) 2.88 (6/1) 3.13 3.13 3.13 r/3.10 3.13 3.00 (9/7) 1.30 (1/26) 3.00 2.95 3.00 2.85 3.00 *4 Spread between • $ 3-mo. b i l l s and > finance Co. paoerd mr .63 -.35 I I 1.02 .11 .56 .iil .19 .30 .29 .31 .30 .31 Weekly r a t e shown i s t h a t in e f f e c t at end of period. Stock Exchange c a l l loan rate i s going rate on c a l l loans secured by customers' stock exchange c o l l a t e r a l a t New York City banks. Prime rate i s that charged by large banks on short-term loans to business borrowers of the highest credit ,l-f 6 standing. y 2/ Average of d a i l y rates published by finance companies f o r d i r e c t l y placed paper f o r varying mnturities* i n the 90-179 day range, 3/ Weekly average of d a i l y e f f e c t i v e r a t e , which i s the rate f o r the h e a v i e s t volume of purchase and / s a l e t r a n s a c t i o n s as reported to the Federal Reserve Bank of Nevr York, s Note.—Highs and lows are f o r 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 dates for d i f f e r e n t s e r i e s . spreads, high r e f e r s to w i d e s t , and low to narrowest. "r Digitized for For FRASER SiOCK MARKET Slot* MARKET CREDIT /' - — VOIUME I id 6 * YIELDS Exhibit E - Part II Stock price index 1/ 1960-61 - High Low 1962 - High Low 72.011 53.32 70.91* 52.68 July August Aug. 24 Aug. 31 Sept. 7 0/ 56.97 58.52 #.58 59.12 58.38 y % 5/ (12/8/61) (10/21/60) (3/16) (6/22) . Common Trading volume 3/ yields 2/ (millions (per cent) of shares) 2.82 3.62 2.93 3.96 5.8 2.2 10.1 2.8 3.60 3.5 3.3 4.1 2.9 3.0 3.57 3.50 3.53 3.57 Stock market customer credit Customers Bank Total debit bal-i loans to ances 4 / "others" 5 / (In millions of dollars) 5,602 (12/61)4,259 (12/61) 1,377 (e/30/6i) 4, lh2 (5/60) 3 ,00k (7/60) 1,121 ( 5/25/60) 5,191 (It) (1) l,lii8 (5/9) 4,876 (7) 3 , 5 6 2 ( 7 ) 1,298 (8/22) 4,876 n.a. 3,562 n.a 1,314 1,300 1,298 1,300 n.a. •Not a v a i l a b l e . jj/ P r e l i m i n a r y . Standard and P o o r ' s composite index of 500 coamon s t o c k s , weekly c l o s i n g p r i o n s , 1941-43»10. Monthly data are averages of d a i l y f i g u r e s r a t h e r than of F r i d a y ' s o n l y . Highs and Iowa are f o r F r i d a y ' s data o n l y . Standard and P o o r ' s composite stock y i e l d based on Wednesday data converted to weekly c l o s i n g p r i c e s by F e d e r a l Reserve. Y i e l d s shown are f o r d a t e s on which p r i c e index reached i t s high Averages of d a i l y t r a d i n g volume on the Hew York Stock Exchange. End of month f i g u r e s f o r member firms of the New York Stock Exchange which carry margin a c c o u n t s ; e x c l u d e s b a l a n c e s secured by U. S. Government o b l i g a t i o n s . Wednesday f i g u r e s f o r weekly r e p o r t i n g member banks. Excludes loans f o r purchasing o r c a r r y i n g U. S. Government s e c u r i t i e s . P r i o r t o J u l y 1, 1959, such loans are excluded o n l y a t banks i n New York and Chicago. Weekly r e p o r t i n g banks account f o r about 70 per c e n t of loans t o o t h e r s . For f u r t h e r d e t a i l see B u l l e t i n . MORTGAGE RECORDINGS AND LOANS Exhibit F - Part I I Date 1961 - June July Aug. Sept. Oct. Nov. Dec. 1962 - Jan. Feb. Mar. Apr. Hay n.a.—Not availab: 1( Unadjusted Total Seasonally Unadjusted FHA VA adjusted 2/ (Millions of dollars) 2,581 2,652 2,6# 2,723 2,775 2,779 2,763 2,696 2,682 . 2,670 2,715 2,836 n.a. 2,856 2,653 3,00lt 2,777 2,961 2,75k 2,579 2,1*59 2,23d 2,627 2,70k 2,903 3,075 386 386 W 422 U32 U8U U26 WO 398 U18 372 lt03 hok 137 Ihk 182 168 201 206 197 227 175 205 162 I61i 207 Conv. 2,333 2,122 2,359 2,186 2,328 2,06U 1,957 1,752 1,665 2,00k 2,151 2,397 2,1461* T o t a l r e c o r d i n g s data are e s t i m a t e s based on reports from about 450 areas and i n c l u d e mortgages of $ 2 0 , 0 0 0 or l e s s secured by nonfarm r e a l e s t a t e , p r i m a r i l y r e s i d e n t i a l p r o p e r t i e s . FHA-insured l o a n s r e p r e s e n t g r o s s amount tif insurance w r i t t e n , and VA-guaranteed loans the g r o s s amount of loans c l o s e d , on 1 - 4 f a m i l y h o u s e s . Conventional data are d e r i v e d as a r e s i d u a l , although t o t a l r e c o r d i n g s and VA and F^A loans are not s t r i c t l y comparable i n concept or t i m i n g . 2 / Three-month moving average, s e a s o n a l l y adjusted by Federal Reserve. bource: F e d e r a l Home Loan Bank Board, Federal Housing Administration and Veterans Administration. Exhibit G H.ll* Yields on New Corporate Bond I s s u e s Adjusted t o an Aaa B a s i s Number of i s s u e s included Monthly averages: 19o2 - January February March April May June July August September October November December We ->Iy averages s " 9 f - January 5 12 19 26 February 2 9 16 23 March 2 9 16 23 30 April 6 13 20 27 May It 11 18 25 June 1 • " Amount of i s s u e s Average yield included (per (millions of d o l l a r s ) cent) h 130.0 kckS 6 7 7 12 6 11 2l*0,0 U.23 lt.17 Lop 5 39lu S 299=0 ll*8.0 3680O HA.O 379.3 l*.5o I*.i5 t s Number of i s s u e s included June 15 22 29 July 6 13 20 27 August 3 10 17 21* 31 September 7 lit 6O0O 2 70.0 l*o£o 19-5 U.io U»52* L5o li.37 1 1 1 1 1 300.0 50.0 2 2 2 2 2 60.0 85-0 98.O 2 2 2 2 1 3 Uc5o 25.0 30,0 65.0 26.0 100.0 115.0 28.0 1*1.0 39 <>0 17 = 0 115.0 li.29 U.23 li.21 lu-22 U.21 1*. 12 Amount of i s s u e s Average yield included (per (millions of d o l l a r s ) cent) 1* 3 1 67.0 il*5.o 2I4..0 l*. 12 l*.ll 1*.19 1 3 1 1* 2 3 2 1 1 5o.o 1*6.0 20.0 107.3 115.0 70.0 52.0 60,0 12.0 1*.1*5* 1*.26 W3* l*.3l** 1*.1*3* l*.2l* 1*,17 1*. 20 l4-0u.it 21 28 October 5 12 19 26 November 2 9 16 23 30 December 7 H* 21 28 L17* i*.ii* 1*.21* 1**02 1*»07 l*o 06 Note: Averages of o f f e r i n g y i e l d s on a l l new i s s u e s of p u b l i c l y s o l d bonds r a t e d Aaa, Aa and A by Moody's Investors Service (except s e r i a l , equipment t r u s t and c o n v e r t i b l e i s s u e s , o f f e r i n g s of natural gas p i p e l i n e s and f o r e i g n companies, and i s s u e s guaranteed by the Federal Government) weighted by s i z e of i s s u e s . Y i e l d s on Aa- and A-rated bonds are f i r s t adjusted t o an Aaa b a s i s , using the comparable spreads i n y i e l d s on seasoned bonds (Moody's averages). Averages r e f l e c t changes i n i n d u s t r i a l composition, t y p e , maturity, and c a l l p r o v i s i o n s of new o f f e r i n g s . Weekly averages considered unusually u n r e l i a b l e as i n d i c a t o r s of i n t e r e s t r a t e s on new i s s u e s because of t h e small number or s p e c i a l c h a r a c t e r i s t i c s of o f f e r i n g s included e t c . are marked with an a s t e r i s k . Sources weekly data. Federal Reserve; monthly data, F i r s t National City Bank of New York. Exhibit ti Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of dollars) 1962 JanuaryFebruary March Corporate 1/ f 1 1961 New capital I960 1962 State and l o c a l 2/ 1 1961 1 I960 592 859 807 580 667 562 570 715 860 p/875 p/1,078 2/617 713 689 764 700 611 568 April May June 1,113 760 1,132 2,118 1,259 1,318 761 577 1,0 44 e/850 e/800 5/700 723 64l 1,034 719 545 991 July August September e/600 e/750 e/600 1,028 762 647 736 967 726 e/600 e/575 485 604 734 492 606 683 1,090 948 1,000 890 956 852 678 789 606 348 503L 491 1,609 1,695 2,437 3,038 2,145 2,382 2,#8 2,698 fi/2,570 6/2,350 e/l,575 2,166 2,397 1,823 2,073 1,880 2,256 1,780 1,340 4,527 6,955 9,653 e/4,920 e/6.495 4,563 6,386 8,460 4,136 5,916 7,257 October November December 1st 2nd 3rd 4th quarter quarter quarter quarter 1st half Three quarters Year 2,258 ,3,005 e/1,950 - -— e/7,210 6,5o4 8,9kl 11,979 - e/ii00 Excluding finance companies 3/ 1st 2nd 3rd 4th quarter quarter quarter quarter 2,199 2; 919 k/l;850 Year e/ 1/ 2/ 3/ 1,551 L,552 2,337 2,807 1,716 2,165 2,018 2,347 11,253 8,246 Estimated by Federal Reserve. g/ Prelimi nary. 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. // Exhibit I H.lii New Corporate Security Issues,, Type of Issue and I s s u e r (In m i l l i o n s ^? * d o l l a r s ) Quarter or month Net proceeds f o r Gross proceeds f o r new new c a p i t a l 1 / 2 / c a p i t a l and refunding 1 / Bonds Conmon and Mfg. Public CommuniTotal P u b l i c l y P r i v a t e l y pfdo o f f e r e d offered" u t i l i t y cations stock Other issuers I960 - I II III IV 2,265 2,537 2,520 2,832 931* 1,071* 1,336 1,1*62 298 511 562 625 59 8 808 652 696 189 11*9 317 381 1,059 913 896 997 1961 - I II III IV 1,992 5,352 2,566 3,236 662 880 1*1*9 515 2,303 1,275 1,771* 1,1*66 651* 772 1,139 ~ 595 836 81*5 967 ' 1,1*21* 381 1,081 595 836 81 1,095. 101* 11*7 832 1,052 803 1,263 1962 - I II III IV 2,378 3,250 1,155 1,389 1*30 983 1*56 231 717 791* 253 368 211 297 289 1*67 315 279 209 1*87 291 1*85 795 770 751* 955 716 . 1,222 536 692 1*29 1*16 507 639 655 996 I 9 6 I - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 601 695 696 2,231 1,3L2 1,779 1,075 813 678 1,155 987 1,094 178 273 211 713 666 921* 1*21* 225 123 336 1*11* 217 291* 255 331 3U8 355 572 392 1*11 336 509 31*8 567 129 167 151* 1,170 320 283 259 177 218 310 225 310 169 99 21*8 571* 1*1*7 1*1*6 1*28 255 252 271 215 306 21 137 I60 la 81* 19 251* 99k 85 1*39 389 * . 16 16 369 215 13 111 75 306 25 80 362 168 1*2 1962 - Jan. Feb. Mar. Apr. May June Julye/ Aug.e/ Sept. Oct. Nov. Dec. 61tf 881* 81*7 1,217 801 1,232 620 890 273 1*97 386 651* 21*7 1*88 210 1*70 232 232 253 • 227 1*20 575 350 350 11*3 155 209 336 131* 169 60 70 205 131 318 381* 270 89 H*8 193 377 196 1*10 170 100 3U2 180 260 73 362 21 88 61* 79 1*0 100 225 . 218 275 261* 229 301 210 290 2 / Preliminary. e ( Estimated by Federal Reserve. YJ Gross proceeds exceed n e t proceeds by t h e c o s t of f l o t a t i o n , 2 / For t o t a l s e e Exhibit Hj other i s s u e r s are e x t r a c t i v e , r a i l r o a d and other t r a n s p o r t a t i o n , r e a l e s t a t e and f i n a n c e and commercial and o t h e r . S o u r c e . — S e c u r i t i e s and Exchange Commission, Exhibit J H.Ik Other Security Offerings (In m i l l i o n s of d o l l a r s ) Gxvss long-term 1 / Federal agency 3 / Foreign government 2 / 1962 I960 1962 | 1961 | 1 1961 I ^January Februaiy March April May June July August September October" November December Year lii2 10 35 10 86 5o e/20 £/-- 6 29 20 2 66 29 5 2 k3 3k — 1 Jan. -Aug, o 175 70 15? I46I 72 uo 25 !I :! 36 3-a 2 1 i ; 41 236 2/35.3 2I46 156 w? | s/~~ s 252 100 1U9 2?8 250 193 225 """ 1,W8 i I960 182 150 150 lk8 35k 199 160 lk9 181 1,672 1,18; ! Net short -term h7 S t a t e and Local government 5 / 1 Federal agency 3/ January February March April May July August September October November December Year 18 1+66 -186 1'i'i -8k -118 lln,a c J Jan,-Aug, £7 1/ 160 195 -8 -103 -U2 -155 109 518 -86 -6 5k -116 520 * iko -80 70 -H',6 -15? 48 U5 -175 -16 5c -iRo 2k7 -156 226 -36k 82 28k | 2/350 &/3L2 i i j i ! ; ! 1 ; ; p/i_,o;i -ikk «162 -17k -79 "8? 20? 22 193 108 98 56 -11I1 -196 -202 -59 -277 170 320 95 23 -201 -23 -33 -250 -76 -633 -22k— -126 P r e l i m i n a r y " e/^"Estimated by Federal "Reserve, n : a — N o t available* These data d i f f e r from t h o s e in Exhibit H i n that refunding i s s u e s * as^well as new c a p i t a l i s s u e s s are included, L a n g - t e m s e c u r i t i e s are d e f i n e d as t h o s e maturing i n more than one year. 2 / Includes s e c u r i t i e s o f f e r e d i n the United S t a t e s by f o r e i g n governments and t h e i r p o l i t i c a l s u b d i v i s i o n s and i n t e r n a t i o n a l organizations. Source; S e c u r i t i e s and Exchange Coitmission, 3 / I s s u e s not guaranteed by the Uc S, Government., Source: long-term. S e c u r i t i e s and Exchange Commission; short-term. Treasury Department and Federal Reserve, k / These data d i f f e r from those i n Exhibit H and above in t h a t they represent new o f f e r i n g s l e s s retirements y whether from the proceeds of refunding i s s u e s or from other funds. Data include only i s s u e s j s i t h o r i g i n a l maturity of one year or l e s s . 5 / Pfor r i nFRASER c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , warrants or c e r t i f i c a t e s and Public Digitized Housing Authority n o t e s . In some i n s t a n c e s PHA notes included may have a somehttp://fraser.stlouisfed.org/ what longer maturity than one year. Source: Bond Buyer and Federal Reserve, Federal Reserve Bank of St. Louis Exhibit K Holli Large Long-term Public Security Issues f o r New Capital (Other than U. S. Treasury) 1/ Proceeds of Large Issues Offered (In millions of dollars) Month Total 1961 - August September October November December 1962 - January February March April May June July August Corporate Bonds Convertible (other than bonds convertibles) 185 168 35U 391 255 195 U25 366 61+8 200 505 165 286 165 78 — 205 320 125 170 1*25 330 Ii30 170 387 135 226 20 58 81 bS 130 25 33 67 26 15 51 60 State and local government Stocks 100 73 kO 250 281 U35 326 180 307 561 662 259 h23 373 226 361 272 21 167 30 118 30 Other 2/ Hi5 61* 30 55 88 30 20 Large Individual Issues Offered -epternoer 1 through 7 Issuer Type 3 / Amount Coupon (millions Offering Maturity rate or of net i n t e r - y i e l d dollars) e s t cost Rating CORPORATE None STATE AND LOCAL GOVERNMENT Unified Sch. ELst. No. 1 , Wis. G.O. 10.0 1963-82 2.90 1.60-3.10 Bonds 175.0 1965 3-3/U 3.70 OTHER Federal Home Loan Banks A Footnotes -Rights offering. Includes corporate and other security offerings of $15 million and over; State and l o c a l government offerings of $10 million and over. Includes foreign government and International Bank f o r Reconstruction and Development issues and non-guaranteed issues by Federal agencies. In the case of State and l o c a l government s e c u r i t i e s , G.O. denotes general obligations; Rev.-Ut., revenue obligations secured only by income from public u t i l i t i e s ; Rev.-Q.Ut*, revenue bonds secured only by revenue from qua s i - u t i l i t i e s ; R e v . - S . T . r e v e n u e bonds secured by revenue from s p e c i f i c taxes only; Rev.-Rent. 5 revenue bonds secured s o l e l y by lease payments. ' Lschibit L Hollj. Forthcoming Large Long-term Public Security Offerings f o r New Capital (Other than U. S„ Treasury) 1/ Expected Proceeds from Forthcoming Large Issues Date of computation Subsequent to date shown State and Corporate l o c a l govt. During month following date shown State and Corporate l o c a l govt. Other 2 / 1961 - Aug. 31 Sept. 29 Oct. 31 Nov. 30 Dec. 29 1962 - Jan. 31 Feb. 28 Mar. 30 Apr. 30 May 31 June 29 July 31 Aug. 31 175 358 3U6 356 161 U80 222 628 185 587 120 302 170 399 251 597 295 223 165 153 U53 333 18k 202 273 - 61 2li0 50U iai U21 591 525 3Ul 693 598 692 U58 kll 312 73 35 6U 95 55 175 530 U5U 693 1+98 Ui5 567 239 539 1*52 337 377 lt27 215 Other 2/ 73 35 6U 95 55 25 175 Forthcoming Large Offerings, as of September 7 Issuer Type Amount (millions of dollars) Approximate date of offering CORPORATE Tennessee Gas Trans. Co. P a c i f i c Northwest Bell Tel. Co. Arizona Public Service Co. Public Service Co. of Colorado San Diego ELec. & Gas Co. ^Panhandle Eastern Pipe Line Co. Southern C a l i f . Edison Co. Commerce Oil Refining Corp. Columbia Bancorporation Deb. & pfd. s t k . Deb. Com. stk. Com. stk. Com. stk. Deb. & pfd. stk. 1st & r e f . mtg. bds. Deb., bds. & com. Conv. sub. deb. 72.5 50.0 19o 2 . 29o2 17=0 60.0 50.0 U5=0 30=0 Sept. 11 Sept. 12 Sept. 17 Sept.. 2k ( r i g h t s expire) Oct. 10 (rights expire) Oct. 2k Oct. 31 Indefinite Indefinite STATE AND LOCAL GOVERNMENT State of Rhode Island New Orleans, La. State of Delaware Detroit, Michigan -^Baltimore, Maryland ttState of Louisiana De Kalb Co., Georgia Pittsburgh, Penna. Jefferson County, Colorado Dade Florida Digitized forCounty, FRASER Jacksonville Expressway Auth., Fla. G„0. G.O. G.O. G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev.-U t„ 10.2 10.0 19.7 10.0 32.6 20.0 lii.O 35.0 19.2 ii6o0 liO.O Sept. 12 Sept. 12 Sept. 18 . Sept. 25 Sept. 25 Oct. 10 Indefinite Indefinite Indefinite Indefinite Indefinite L«2 H.lli Forthcoming Large Offerings, as of September 7 (Cont'd) Issuer_ Type Amount (millions of dollars) Approximate date of o f f e r i n g OTHER ^Nippon Tel, & Tel. Corp. Bonds 15.0 Sept. 19 -Included in table f o r f i r s t time. 1 / Includes corporate and other issues of $15 million and over; State and l o c a l government issues of $10 million and over. 2/ Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed i s s u e s by Federal agencies. Note.--Deletions f o r reasons other than sale of issue: None. }
@FedFRASER