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Not for Pub11ca t i o n A F T E R
I H.14

'

I B

*

A K Y

. R65

SIX MONTHS

J

September 13, 1965.
CAPITAL MARKET DEVELOPMENTS
IN THETTRIIED S1A1ES

and municipal bond market. The volume of public
security financing this week in both the corporate municipal markets
will be sharply larger than last week and the biggest weekly totals
since spring. Over three-fourths of the corporate total will be made
up by Southern Bell Telephone and Telegraph Company's $100 million
and Tennessee Gas Transmission Company's $60 million debenture
offerings. Nearly one-third of the municipal volume will be
attributable to a $105 million package of State of California bonds.
Also scheduled for offering this weak, but not included in the
table below, is a $20 million offering of the European Investment
Bank.
Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital I Refunding

State and local government
New Capital | Refunding

Sold:
52 week avg.
Sept.
Sept.

3
10

107
66 r/
80

2

203

15

128
155

Scheduled:
Sept.

17

200

335

1/ Federal Reserve estimates based on published reports of issues sold
and scheduled for offering; corporate rights offerings are included
as of the date subscription rights expire.
Underwriters remained cautious in their bidding for new
issues last week and as a result the reoffering yields on the two
utility bond issues brought to the market were the highest for such
issues since 1961. Investor demand for these new issues was fair,
however, and with the release from syndicate- restriction of the two
issues with a sizable amount of unsold bonds at the start of the week,
syndicate balances were kept at a relatively low level. These developments apparently reflect the continued build-up in the volume of new
corporate bond offerings expected over the remainder of the year. The
rise in the new corporate bond yield series of one basis point may be
understated as adjustment to a Aaa basis reflected some widening in
spreads between the various quality bonds.
In the municipal market only about one-half of last week's
moderate volume of new issues was sold and yields on seasoned Aaa-rated
bonds rose 3 basis points to 3.21 per cent--their highest level since
January 1962.




H. 14

-2-

Yields in Securities Markets
Change from
preceding week
(basis points)

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

4.70
4.52

+ 1
+ 1

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

4.23
4.23

+ 1
+ 1

3.21

+ 3

3.32

+ 2

4.06

+ 1

3.89
4.03

+ 3

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

+ 2

Corporate Bonds Still in Syndicate
Date
Offered

9/9

9/10

Amount
(millions of $)
25.0

Reoffering
Yield

Issuer

Rating

4.72

Aa

Consolidated Nat.
Gas Co.
4-3/4's - 1990

40.0

Estimated Proportion sold

1/2

4.83

Alabama Pwr. Co.
4-7/8's - 1995

3/4

Blue List of Municipal Dealers' Advertised Inventories
(Millions of dollars)
Latest Date
777 (9/9)




End of Previous W e e k
765

Recent High
901 (6/4)

H. 14

Stock prices. Common stock prices rose at a slightly
accelerated pace last week in active trading. Prices--as measured
by Standard and Poor's index of 500 stocks--closed at 89.12 on
September 10, a one per cent increase over last week and only about
one per cent below their all time high of 90.27 reached in mid-May.
Trading volume averaged 6.5 million shares a day.
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.




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

Exhibit A -- Part II

Spread between
U. S. Govt, and
State and
Corporate
Aa#
local Aaa

State and
local
government
Aaa?/..

U. S. Govt,
long-term 2/

Corporate
Aaa JL/

(per cent)
High
High
Low
High
Low
1965 - High
Low

1959-60
1961-62
1962-63
1964

-

13
20
27
3
10 £/

Aug.
Aug.
Aug.
Sept.
vSept.

.59
.57

.92
1.04

.33
.19
.34
.25

1.14
1.01

3.21(9/9)
2.94(2/11)
3.15
3.15
3.17
3.18
3.21 /

4.6! (1/29/60)
4.46W15/61)

.30
.30
.30
.29
.29

1.03
1.05
1.04
1.04

3.37l7/6/6l)

4.19 (3/29/63)
4.45|1Z/11)
4.35(2/28)
4.52(9/10)
4.41(3/12)

t?M

4.23(9/10)
4.13(6/25)

4.48
4.50
4.51
4.51
4.52 /

4.18
4.20
4.21
4.22 ,
4.23 <

.80

.21

2.88(13/8/62)
3.16(3/26)
2.99(12/31)

3.85 (12/28/62)

1.22
.96

1.02

jj/ Preliminary#

it/

:

:

:


series.' For spreads, high


:

:

a

may
refers to widest, and lem to narrowest*

s

,
&

k

»

EXHIBIT B Poll I
LONG-TERM

BONO

YIELDS, L O W E R

GRADE

I I I 1 I I 1 1 I I 1 J . J
)

Exhibit B -- Part II
Spread between
Aaa and Baa
State and
Corpora te
local govt.

Corporate
Baa 1/

State and
local govt.
Baa 3/

5.36 (2/12/60)
5.10
4.93
4.85
4.80
4.92(9/10)
4.78(3/19)

4.46 (1/7/60)
4.04
3.57
3.60
3.51
3.58(9/9)
3.40(2/11)

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

1.08
.73
.63
.49
.52
.52
.38

4.87
4.89
4.89
4.90
4.92,

3.55
3.55
3.56
3.56
3.58

.39
.39
.38
.39
.40

.40
.40
.39
.38
.37

Da te

(per cent)
1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
Aug.
Aug.
Aug.
Sept.
Sept.
Note *

13
20
27
3
10 £/

For footnotes see Exhibit JL.




Exhibit C -- Part II

Discount
3-month
bills 2/

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

13
20
27
3
10r/

4.00

3.00

3.00
3.50
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00 v

Yields
6-month
bills 2/

4.59 (l/Q/60) 5.07(1/8/60)
2.90
2.66
2.93
2.89
3.64
3.52
3.93
3.83
4.04(2/26)
3.99(2/26)
3.82(6/25)
3.78(6/25)
3.83
3.82

3.86

3.87
3.89 v

¥

3.93
3.93
3.96
4.00
4.03

Z

3-5 year
issues 2/

Spread between yields on 3month bills and yields on
6-mo. billsl3-5 vr. issues

5.00(12/24/59)
3.81
3.41
4.07
4.07
4.23(9/10)
4.04(1/22)
4.17
4.20
4.21
4.22
4.23

.79
.24
.04
.13
.10
.14
.03

1.81
1.15
.52
.55
.24
.38
.11

.10
.11
.10
.13
.14

.34
.38
.35
.35
.34

Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of New Yoric.
Market yield) weekly averages computed from daily olosing bid prices. Series of 3-5 year issues
consists of selected notes and bonds.
Note.—Highs and lows are for individual series and may be on different dates for differsnt series.
For spreads, high refers to widest, and low to narrowest.




EXHIBIT D, P e n I

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 B O R R O W E R S
Weekly

Per cent

/

I-

_.j

Exhibit D —

Prime rate

Date

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

13
20
27
3
IOjj/

.

1/

Part II

Finance
company
Federal funds 3/
naoer
2/
(per cent)

5.00
4.50
4.50
4.50
4.50
4.50
4.50

5.13 (3/22/60)
3.00
3.19
3.88
4.06
4.25(9/10)
4.00(2/12)

4.00 (5/13/60)
2.88
3.00
3.50
4.00
4.12(8/27)
3.68(1/22)

4.50
4.50
4.50
4.50
4.50

4.25
4.25
4.25
4.25
4.25

4.12
4.12
4.12
4.05
4.06

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

1.02
.34
.30
.36
.23
.47
.10
.42
.43
.39
.38
.36

V Weekly rate shown Is that in effect at end of period. Prime rate le that charged by large banks
on short-term loans to business borrowers of the hlgieet credit standing#
2/ Average of daily rates published by finance companies for directly placed paper for varying
maturities in the 90-179 day range,
3/ Weekly average of daily effective rate, whioh is the rate for the heaviest volume of purchase and
sale transactions as reported to the federal Reserve Bank of New York,
Note*—flighs and Jxars are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.




STOCK MARKET
•9*1-43 o « i i i | i : I O
-

, STOCK M A I K f T C R i O l t
C H A N O I IN S l f t l t S
Ulll.es

:

•I lk.

1 ^ —

> N 1 I L ± _ 1 1 1 1 1 l 1 ——— J 1 1 1 1 1 1 1 l
V___LJ
I L
1
I1M i I i i_ 1 J
L 1
1 1 1 1 I I ! i1 1 1 t i i I i i X k i
i i i1 1 1 1 1 J i
--

Exhibit E -- Part II

Common
Stock price
index 1/

1961-62- High
Year end
1963
1964
1965 - High
i
Low
Jjiy
AugAug. 27
Sept. 3
Sept.10 £/

yields 2/
(per cent)

Trading
volume 2/
(millions
of shares)

let customer credit
Customers1
Bank
debit balloans to
ances 4/
"others" 5/
(In millions of dollars)

72.04(1^/9/61)
52.68(6/22/62)

2,
,80
3.
,96

10.1
2.4

5,60*13/61) 4,259(12/61) 1,418(9/9/62)
4,424(3/61) 3,253(1/61)
1.161(3/8/61)

74.44
84.75
90.10(5/14)
83.06(6/25)
84.91
86.49
87.20
88.06
89.12

3. 13
3. 02
2 .89
3 .15
3 .09
3,
.06
3.
.04
,01
3.
2. 97

4.7
4.7
6.8
3.8
4.1
5.0
5.4
5.6
6.5

7,242
7JD53
7,085
6,872
6,833

5,515
5.099
5,129
4,986
4,863

n.a.

n.a.

1,727
1.974
1,988(8/25)
1,848(3/3)
1,970
1,988
1,988
1,975

—Not Mailable, p/ Preliminary.
y Standard and Poor's oomposite index of 500 oetnmon stocks, weekly closing prices, 194L-43-10.
Monthly data are averages of daily figures rather than of Pxldsy's only. Highs and lows are far
Friday's data only.
2/ Standard and Poor's composite stock yield baaed on Wednesday data converted to weekly closing
prices by federal Reserve. Tdelde shewn are far dates on which pidoe index reached! ts high
or low.
3/ Averages of daily trading volume on the *ew Y e * Stock Exchange, Yean-end figures are averages of
dally figures for the year,
jy Bad of month figures for man be r tiros of the Hew York Stock Exchange whldi carry margin accountsI
excludes balances secured by U. 3. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for porofesing or carrying
U. S. Government securities. Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.

!




M O R T G A G ; At D B O H D Y l l L D S
I

i 111111111111111111111II 7
i

HOME MORTGAGES:

Aaa C O R P O R A T E B O N D S

I
11957

1958

1959

1960

1961

1962

Exhibit P

Conventional
mortgages
25-veer 30-vear 3/
PHA
mortgagee

Date

1956 1957 1958 1959-601961-65-

Low
High
Low
High
High
Low

1965 - May
July
Aug.

4.68
5.63
5.35
6.24
5.72
5.43
5.43
5.43
5.43

1963

1111111111111111111 n 1 1 3
11
1964

1965

Spread beAaa Corporate
tween yields
Bonds
on conv. &
25-year FHA
New*' S e a s o n e d ^
mortfzasea

Spread between
yields on new corporate bonds and
25-year
Seasoned
PHA mtfs.

5.70
5.44

5.20
6.00
5.55
6.30
5.95
5.80

.47
.47
.15
.23
.38
.23

3.08
4.94
3.65
5.25
4.72
4.12

3.08
4.12
3.57
4.61
4.49
4.22

.76
1.58
.88
1.69
1.50
.82

5.45
5.44
5.44

5.80
5.80
5.80

.37
.37
.37

4.51
4.58
4.61
4.63

4.44
4.46
4.48
4.49

.92
.85
.82

--

1966|

Part I I

....

1.03
.05
.73
.39
-.16
.07
.12
.13
.14

Neither mortgage nor bond yields take Into account serviointf eoste which are eeoh higher for mortgagee
than bonds . Generally, bends pay interest Mai-^npnelly| mortgyM, monthly. Mortgage yields, if computed as equivalent to a semi-ansoal interest i s m s w a t , would be slightly higher than given in the
table,
/
Based on IHAp-field-offioe opinions about average bid prices in the private secondary nailcet for eewy
home mortgages for inmediate delivery* Separate data available for 25-year and—-begin!ng July 1962U—
30-year mortgages with minimum downpavmezite, wsighted by probable volume of tzansaotiom • Yields computed by mi, assuming prepayment period at 12 years for 25-year mortgages and 15 years for 30-year
mortgages. Over the period for Wiioh they oan be compared, the movement of the two mortgage yield
series has been similar. Dashed lines indicate periods of adjustment to changes in contractual interest
rates*
Baaed on TEA field office opinion on typical interest rates (rounded) on conventional first mortgages
prevailing in the market areas of insuring office cities. Beginning with April 1960, rate relates only
to new-home mortgages; prior to that date, rate related to both new as m 11 as existing-home mortgages.
Dashed line indicates this change in the series.
Digitized See note for Exhibit <?.
for FRASER
Moody's Investor Service, Monthly averages of daily data. See Exhibit A.



EXHIBIT O, f o r t 1

YIELDS O N NLW AND SEASONED C O R P O R A T E BONDS

Exhibit 0 - Part II
Yields on Hew Corporate Bond Issues Adjusted to en Aea beats
Number A a r t of Issues Average
of
Included (mil.
yield
(per cent)
Issues of dollars)

Number Am't of Issues Average
Included (mil.
yield
of
(per cent)
of dollsrs)

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

94.0
111.0
157.8
115.0
315.0
100.0
278.0.
166.5

Weekly average
1965 - High
Low

4.42
4.41
4.45
4.46
4.51
4.58
4.61
4.63

4.71(8/27)
4.33(1/29)

35.0

4.60

65.0

4.58

July
121.0
102.0
55.0
Aug.

Sept.

80.0

17.0
19.5
50.0
43.5
65.0

4.67*
4.56
4.58
4.58
4.64
4.67*
4.71
4.69
4.70

Notes Averages of offering yields on *1% new l a w s of publioly offered corporate bonds rated i u . la and
A by Moody's Investors Serrioe (except serial and convertible Issues. offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) weighted by A s e of offering.
Before averaging, new offerings are adjusted to a composite iaa basis by deducting from the actual
reofferlng yield the exoess of the weekly average yield for seasoned bands of the appropriate Indnstxyouality group over the composite average for seasoned Aaa-rated tends (Moody's), Averages oonaldered
il:representative bAoause ci special oharaotezistios of the offerings included are denoted by an asterisk^




H. 14

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

New Can ital
1965
January
February
March
April
May
June
July
August
September

quarter
quarter
quarter
quarter

1961

1965

State and Local 2/
iq&4

795
746
1,197

938
700
778

613
594
1,144

2/803
2/872
Z/946

947
776
810

732
746
976

i;i8
1,946

2,237
1,095
1,405

930
904
1,013

fi/824
12/921
6/943

1,242
667
903

869
866
930

812
680
1,130

676
637
795

e/950
e/650
e/850

906
780
#2

680
708
449

953
669
1,642

1,013
819
1,415

B/ 2,621
2/ 2,688
2/ 2,450

801
529
948

1,051
729
416

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

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

e/ 5,310

2,533
2,811
2,578
2,278

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

7,153
9,775
13,038

5,198
7,307
10,553

5,345
7,923
10,201

5,118
6,955
9,151

e/1,250

October
November
December
1st
2nd
3rd
4th

Corporate
1964 r /

2,738
4,789
SJ3,200

1st half
Three quarters
Year

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

quarter
quarter
quarter
quarter

2,547
e/4,389
e/2,850

Year
e/
£/
If
2/
2/

2,043
4,283
2,482
3,006
11,813

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)

Quarter

i
}'

or
Month

% 1963 - I

Gross proceeds for new
capital and refunding5 1/
B<
Common
Total Publicly Privately and
Offered
Offered
Pfd.
stock

Net proceeds for
new capital If 2/
Memo:
Foreign
issues
included

Mfg.

Public Communi- Other
Utility cations issuers

TTT
III
IV

2,700
3,634
2,436
3,466

1,108
1,389
898
1,319

1,306
1,820
1,251
1,780

287
424
287
367

128
434
109
47

947
591
806
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

' 1964 - I
II
III
11
IV

2,548
4,965
2,876
3,568

978
1,321
792
531

1,269
1,755
1,590
2,629

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

V

1965 - I
II
III
IV

3,007
5,043

906
1,864

1,673
2,259

429
920

243
215

1,072
1,679

541
609

91
255

1,034
2,246

5. 1964%z/Apr.
'
s
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

2,295
1,181
1,489
902
748
1,226
1,036
727
1,805

383
470
468
234
183
376
181
30
320

541
563
651
443
453
693
642
645
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

858
791
1,358
1,233
1,773
2,038
1,130
960

161
187
557
422
694
748
540
380

565
450
658
648
630
980
500
500

131
155
143
162
449
309
90
80

49
51
143
33
49
134
n,a«
n» s i

385
192
494
540
698
441
330
300

97
215
229
176
248
184
340
200

21
44
26
15
143
98
70
20

292
295
448
422
602
1,223
360
330

I
*
'

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

*

£/ Preliminary, e/ Estimated by Federal Reserve
1/ Gross proceeds exceed net proceeds by the cost of flotation.
2/ j1 r total see Exhibit H; other issuers are extractive, railroad & other transportation,
real estate & finance, & commercial & other. Source: Securities & Exchange Commission




Exhibit J
Other Security Offerings
(In millions of dollars)

1965
January
February
March
April
May
June
July
August
September
October
November
December
Jan. - Aug.

Gross Long-term 1/
Foreign Government <£/
1965
1963
1964

218
——

38
73

ej
y

91
20
50

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

232
133
76
57
114
11
63
83

Tear

—-

775
j®z —
e/ 239

148

——
—

186

—

——

—

459

275
260
160

—
—

—

—

510

——
—

174
200

—

2

319

769

J
J

_
_
129
185
325

—

636

e/' 498

Federal Agency 3/
1963

—

—

695

793

1,205

771

e/1,653

1,167

New she>rt-term 4 /
Federal Agency 3/
State and Local Government 5/

—4

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

238
91
-458
647
204
-82
E/
3
n.a.

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

75
272
-367
599
-30
-10
62
208
-173
259
146
-339

-137
-174
117
-11
509
237
132
a / 427

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

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

Jan.-Aug.

n.a.

593

799

e/1,100

-26#

709

453

69 2

368

1,539

Tear

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.
2 / Issues not guaranteed by the U.S. Government. Source: Long-term, Securities & Exchange
Commission; short-term, Treasury Dept. & Fed. Reserve. J^/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
f
included may have a somewhat longer maturity than 1 year.
Source: Bond and Buyer & Fed.Ke#j




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

Corooriite
Bonds
(other than
Convertible
convertibles)
bonds

142
376
187
-230
139
217
513
307
928
801
477
299

215
269
108

Stocks

17
25
--30

200
115
131
233
210
560
343
455
211

State
and
local
governments
459
558
419
226
541
419
446
395
411
492
377
655
312

--

81
79
---

15
86
--315
138

--

280
97
53
320
22
62

Other

26 '

2/

104
15
502
15
-235
130
19
260
40
340
20
50

Large Individual Issues Offered Sept. 1 through 10

Issuer

CPVPqrate
Georgia Pwr. Co.
Consvl. Nat. Gas Co.
Ala. Pwr. Co.

Type 2/

Amount
(millions
of
dollars)

1st mtg. bds.
Deb.
1st mtg. bds.

State and Local Government
G.O.
Stat^ of North Carolina
G.O.
State of New York
G.O.
Cuyahoga Co., Ohio

Maturity

Coupon
rate or
net interest cost

Offering
vield

Rating

36.5
25.0
40.0

1995
1990
1995

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

4.78
4.72
4.83

A
Aa
A

25.0
72.0
12.5

1966-82
1966-85
1966-85

3.00
3.05
3.14

2.35-2.97
2.40-3.10
2.50-3.20

Aaa
Aa
Aa

Other
None.
^--Rights Offering, n.a.--Not available.
j-/ 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.,
rsv-.nue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue bonds
secured by rcvenuv. from specific taxes only; Rev.-Rent., revenue bonds secured solely by

lease payments.



Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Iaauea
(In millions of dollars)

taring month following
date ahovn
State and
Other % /
Corporate
local aovt.
1964 - Aug.
Sept.
Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

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

402
186
90
105
169
407
267
852
765
363
193
312

511
500
254
360
306
242.
316
212
411
328
397
248
404

Corporate
442
186
-130
105
253
504
792
852
923
410
240
636

15

25
215
-60
25
70
20

Subsequent to
date ahown
State and
local govt.
680
626
549
563
435
382
599
373
635
474
524
352
450

Other U
15

25
215
-60
25
70
. 20
--

Forthcoming Large Offerings as of Sept. 10

Issuer

tomitte
Tenn. Gas Trans. Co.
iPenna Elec. Co.
'Southern Bell Tel. & Tel. Co.
,Arvin Indus. Inc.
"Commercial Credit Co.
' Household Finance Corp.
?Pacific Power & Light Co.
Indiana Bell Tel. Co.
Kansas City Power & Lt. Co.
Columbia Gas System
jersey Central Power & Lt. Co.
West Penn. Power Co.
Macy Credit Corp.
Great Western Financial Corp.
General Tel. Co. of Calif.




Type

1st mtg. p.l. bds.
Deb.
Deb.
S. F. deb.
Notes
Deb.
1st mtg. bds.
Deb.
1st mtg. bds.
Deb.
1st mtg. bds.
1st mtg. bds.
Deb.
Deb.
S. F. deb.

Amount
(millions
of
dollars)

60.0
20.0
100.0
18.0
75.0
125.0
30.0
25.0
15.0
40.0
20.0
20.0
25.0
22.0
30.0

Approximate date of
offering

Sept. 14
Sept. 15
Sept. 16
Sept. 21
Sept.
Sept. 28
Sept. 29
Oct. 5
Oct. 5
Oct.
7
Oct. 26
Nov. 23
Indefinite
Indefinite
Indefinite

I'd
L-2
Forthcoming Large Offerings as of Sept. 10 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

f
%
Approximate date of
Offering

State and Local Government
State of Calif.
Penna. Gen. State Auth.
State of Ohio Highway Imp.
Florida Dev. Comm.
State of New Hampshire
Los Angeles Co. Flood Control Dist., Cal.
*State of Massachusetts
El Paso, Texas
La. Capital Construction and Imp. Comm.
^Honolulu, Hawaii
Nassau Co., N. Y.
Met. Seattle, Wash.
Dade County, Fla.

G. 0.
Rev.-Rent.
G.O.
Rev.-S.T.
G.O.
Rev.-Q.-Ut.
G.O.
Rev.-Ut.
Rev.-S.T.
G.O.
G.O.
Rev.-Ut.
G.O.

105.0
50.0
50.0
19.5
26.1
40.0
34.7
10.5
25.0
10.0
30.0
10.0
46.0

Sept.
14
Sept.
15
Sept.
16
Sept.
16
17
Sept.
Sept.
21
Sept.
21
Sept.
22
Sept.
22
23
Sept.
Sept.
30
Oct.
7
Indefinite

Bonds

20.0

Sept.

Other
^European Investment Bank

16

^--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.




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