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The volume of public security financing to obtain new capital was moderate l a s t week and i s expected to be quite light t h i s week. During the week ending September 1L, two corporations offered large issues amounting to #123 million and two State and local government issues totaling $20 million were sold. This week, ending September 21, one large- corporate issue of #19 million i s scheduled f o r offering, one State and local issue with par value of $20 million i s on the calendar, and Nippon Telephone and Telegraph Co.—owned by the Government of Japan—is planning to o f f e r a $15 million bond issue. Bond yields. Bond yields either declined s l i g h t l y l a s t week or remained stable. Yields on both Aaa- and Baa-rated corporate bonds decreased one basis point; U. S„ Government bond yields also dropped a basis point. Municipal bond yields were unchanged. Yields on new corporate bonds, adjusted to an Aaa basis, changed l i t t l e l a s t week; at 1*.13 per cent, the average was one basis point below that of the previous week and the lowest since mid-June. Short- and intermediate-term i n t e r e s t r a t e s . Yields on Treasury b i l l s declined l a s t week but those on 3-5 year U. S„Government obligations rose f u r t h e r . Yields on 3-month Treasury b i l l s were off ii basis points, while the rate on 6-month b i l l s declined 2 basis points. Yields on intermediate-term Government obligations rose 3 basis points. The average e f f e c t i v e rate on Federal funds continued a t 3 per cent. Other short- and intermediate-term i n t e r e s t rates were unchanged. Stock prices. Common stock prices increased moderately l a s t week in light trading. Prices, as measured by Standard and Poor's composite index of $00 stocks, increased almost one per cent to close at 58.89 on September lit. More detailed information concerning recent c a p i t a l market developments i s presented in the attached exhibits. Capital Markets Section, Division of Research and S t a t i s t i c s , Board of Governors of the Federal Reserve System. > EXHIBIT A, Pari I LONG-TERM BOND YIELDS, HIGH-GRADE COBPOBAU Aoo 1961 Exhibit A - Part I I Date Corporate Aaa 1 / U. 3. Govt. long-term 2/ (per cent) 1957 - High 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - High Low Aug. 17 Aug. 2k Aug. 31 Sept. 7 Sept. lit 2/ Note: l u l l t (9/27) 3.55 (5/2) it. 61 (1/29/60) 4 . 2 1 (3/17/61 4.1*6 (9/15) 4.43 (2/16) h.27 (5/25) it-36 4.34 it. 33 it. 33 it. 32/ 3.76 3.07 4.42 3.70 4.07 it. 12 (2/23) 3.85 (5/11) 3.98 3.94 3.9it 3.96 3.95 For footnotes see Exhibit B. (10/18) (4/25) (3/8/60) (5/12/61) (12/29) State and , local government Aaa 3 / Spread between U. S. Govt, and Corporate Stateand Aaa local Aaa 3.1:5(8/29) 2.64(5/1) 3.65(9/24/59) 2 . 9 9 (9/3/60) 3.37 (7/6) 3.26 (1/it) 2.92 (5/3) .60 .22 .59 .19 .57 .it7 .29 .50 .31 .92 .46 .76 1.08 .80 3.13 3.05 3.03 3.02 3.02 .38 .itO ;39 .37 .37 .85 .89 .91 .94 .93 LONG-TERM BOND YIELDS, LOWER-GRADE Weekly CORPORATE I STATE AND LOCAL G O V E R N M E N T B 1959 I960 Exhibit B - Part II Date Corporate Baa 1 / State and local govt. Baa 3/ (per cent) 1957 - High 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - High Low 5.11 (1/5) li.98 (6/1) Aug. 17 Aug. 2h Aug. 31 Sept. 7 Sept. lit 2/ 5.07 5.05 5.05 5.Oil 5.03 ' 5.10 U.5L 5.36 L98 5.13 (11/29) (7/11) (2/12/60) (9/9/60) (10/27) 4 . 5 1 (8/29) 3.6U (5/1) U.U6 (1/7/60) 3 . 9 3 (11/9/61) I1.I6 (3/23) h.Oh (1/11) 3.52 (5/17) 3.78 3.70 3.66 3.66 3.66 Spread between Aaa and Baa State and Corporate local govt. 1.27 •77 • . 8U .66 .81 .7k .63 .71 .71 .72 .71 .71 1.21 .93 1.08 .57 .93 .82 .56 .65 .65 .63 .6h ,6k p7 PTv»HTnina.ryt Weekly average of daily figures. Average term of bonds included in 23-26 years. 2 / Weekly average of daily figures. The series includes bonds due or callable in 10 years or mora. 3 / Thursday figures. Only general obligation bonds are included; average tenn i s 20 years. Note.—-Highs and lows are f o r individual series and may be on different dates for different • s e r i e s . For spreads, high refers to widest, and low to narrowest. SHORT- LLLJ AND INTERMEDIATE- I 1 L-L-l I L 1.1 I TERM INTEREST I i I I.I RATES, LI I I I GOVERNMENT I 111 II I I I I 1 I I I I I I I 1 I 1 o Exhibit C - Part I I Date Discount rate 1/ 3-month b i l l s 2/ 3.64 (10/18) 1957 - High 1958 - Low 1959-60 - H 1960-61 Low 1961 - High 1962 - High Low 3.50 1.75 LOO 3.00 3.00 3.00 3.00 2.97(7/13) 2.65 (6/8) Aug. 17 Aug. 2k Aug. 31 Sept. 7 Sept. Ik 2/ 3.00 3.00 3.00 3.00 3.00 2.81, 2.82 2.80 2.82 2.78 ' .58 L59 2.11 2.66 (5/29) (V8/60) (10/28/60) (12/29 ) 1/ 2/ Yields 6-month b i l l s 2/ (per cent) 3-5 year issues 2/ Spread between yields on 3month b i l l s and yields on 6-no. b i l l s | 3 - 5 yr. issues 3.13(7/20) 2.7k (6/8) 3.88(2/2), 3.43 (4/6) .24 .06 .86 .01* 1.81 .38 1.51 1.19 .69 3.00 3.58 3.51 ,16 ,14 ,13 ,13 ,15 .71* .69 r/.12 .7k .61 — 3.02 5.07 2.35 2.90 2.96 2.93 2.95 2.93 Loll (10/18) (12/26) (1/8/60) (4/28/61) (12/29 ) 2.lit 5.00 3.15 3.86 =1:1 3.59 (6/6) (12/24/59) (5/12/61) ( 8/11) ,26 79 ,12 Weekly rate shown i s that in e f f e t t at end of period at the Federal Reserve Bank of New York. " Market yield; weekly averages computed from daily closing bid prices. Series of 3-5 year issues consists of selected notes and bonds. ^ . Note.—Highs and lows are f o r individual series and may be on different dates for d i f f e r e n t s e r i e s . For spreads, high refers to widest, and low to narrowest. EXHIBIT D Pel I SHORTBANKS AND AND INTERMEDIATE -TERM OTHER PRIVATE INTEREST RATES, BORROWERS Weekly ?»' t«nl '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 U.50 3.50 5.50 L50 L5o U.50 h.So It. 50 3.50 5.00 1|.50 U.50 L5o U. 5o Aug. 17 Aug..2k Aug. 31 Sept. 7 Sept. Ill 2 / it.5o it. 50. it.5o it. 50 It. 50 it. 5o it. 50 U.50 ' it.5o it.5o 3 . 8 8 (11/15) (8/8) 5 . 1 3 (1/22/60) 2 . 5 0 (8/5/61) 3 . 0 0 (12/29) 1.13 3 . 5 0 (11/8) .13(5/29) it. 0 0 ( 5 / 1 3 / 6 0 ) .il3 (1/27/61) 2 . 8 8 (12/29) 3.25 (7/20) 2.88 (6/1) 3.00 (9/llt) 1.30 (1/26) 3.13 3.13 3.10 3.13 3.13 2.95 3.00 2.85 3.00 3.00 Spread between 3-mo. b i l l s and finance Co. oaoer .63 -.35 1.02 .11 .56 M .19 .29 .31 .30 .31 .35 on c a l l loans secured by customers 1 stock exchange c o l l a t e r a l a t New York City banks. Prime rate i s t h a t charged by large banks on short-term loans to business borrowers of the h i g h e s t c r e d i t standing. 2/ Average of d a i l y r a t e s published by finance companies f o r d i r e c t l y placed paper f o r varying m a t u r i t i e s 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 Digitizeds afor l e t rFRASER a n s a c t i o n s as reported to the Federal Reserve Bank of New York. 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 . http://fraser.stlouisfed.org/ For spreads, high r e f e r s t o w i d e s t , and low to narrowest. Federal Reserve Bank of St. Louis % > STOCK MARKET Exhibit E - Part I I Date Stock price index 1/ 1960-61 - High Low 1962 - High Low 72.01+ 53.32 70.91+ 52.68 July August Aug. 31 Sept. 7 Sept. II4 2 / 56.97 58.52 59.12 58.38 58.89 (12/8/61) (10/21/60) (3/16) (6/22) Trading Common volume 3/ stock y i e l d s 2/ (millions, (per cent) of shares) 2.82 3.62 2.93 3.96 5.8 2.2 10.1 2.8 3.66 3.57 3.53 3.5 ••3.3 2.9 3.0 2.9 Stock market customer credit Bank Customers Total debit b a l - loans to ances 1+/ "others" 5/ (In millions of d o l l a r s ) 5,602 (12/61)1^,259 (12/ei) 1,377 (e/30/61) l+,ll+2 (5/60) 3,0014 (7/60) 1 , 1 2 1 (5/25/60) 5,1+91 (W li,876 (7) It,111 (1) 3,562 (7) 1,1*18 (5/9) 1,298 (9/5) 4,876 3,562 n.a. n.a. 1,3H+ 1,300 1,300 1,298 n.a. n.a. n. n.a.—Not available. PreliminaiyI 1/ Standard and Poor's composite index of 500 common stocks, 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* W Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing prices by Federal Reserve. Yields shown are f o r dates on which price index reached i t s high 3/ 4/ 5/ Averages of daily trading volume on the New York Stock Exchange. End of month figures for member firms of the New York Stock Exchange which carry margin accounts J excludes balances secured by U. S. Government obligations. Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or 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 for about 70 per cent of loans to others. For further d e t a i l see Bulletin. : % EXHIBIT f. Pari I MORTGAGE AND BOND YIELDS V / - V Exhibit F - Part I I Date FHA mortgages 2/ 1953-58 - High Low 1959-61 - High Low 1962 High 5.63 L56 6.2U 5.57 5.72 1962 - May June July August 5.62 5.60 5.6o n.a. (11/5?) ( 2/55) (1/60) (3/59) (1/62) j7 Aaa corporate Spread between new corporate bonds and bonds 1/ New 3/ (Seasoned h / FHA mortgages|Seasoned bonds 14.81 2.1k 5.29 li.26 U.50 lj.08 1.15 U.33 U.30 (6/57) (3/5U) (9/59) (10/61) (2/62) h.12 2.85 U.6l h.12 Lk2 U.28 14.28 lu3U h.3 5 (9/57) (V5W (1/60) (1/59) (2/62) 1.96 .5U 1.76 .65 1.53 .90 -.12 .77 -.16 .08 1.5U 1.U5 1.27 n.a. -.20 -.13 -.01 -.05 Neither mortgage nor bond yields take into account servicing coats which are much higher f o r mortgages than bonds. Generally, bonds pay i n t e r e s t semi-annually; mortgages, monthly. Mortgage y i e l d s , i f computed as equivalent t o a semiannual i n t e r e s t investment, would he s l i g h t l y higher than given in the t a b l e . 2 / Based on FHA f i e l d - o f f i c e opinions about average bid prices in the private secondary market f o r new-home mortgages f o r inmediate delivery. Since late 1955, data relate only t o 25-year mortgages •with dovmpayroents of 10 per cent or more, weighted by probable volume of transactions. Yields computed by FRB, assuming 25-year mortgages are paid o f f in 12 years. Dashed lines indicate periods of adjustment t o changes in the contractual interest rate. 3 / See note f o r Exhibit G. 4 / Moody's Investors Service. Monthly averages of daily data. See Exhibit B. Exhibit G H.lit Yields on New Corporate Bond Issues Adjusted to an Aaa Basis Number of i s s u e s included Monthly averages; January 1962 February March * April P> •5 >: I 5 June July August September October November December Weekly averages: 1962 - January 5 F n 26 February 2 9 March 2 16 23 & 8 April 6 13 20 27 May U 11 " 18 25 June l x it 5 6 7 7 12 6 11 Amount of i s s u e s Average yield included (per (millions of d o l l a r s ) cent) 130.0 39U.5 2lt0„0 299.0 1U8«0 368.0 11*1.0 379.3 1U5 L5o it. 23 lie 17 li.09 lt.15 k rti Number of issues included June 15 22 29 July 6 13 20 27 August 3 10 17 2k 31 September 7 Hi 60.0 lt,5o 70.0 ltcio October 5 12 100.0 115.0 28.0 iti.o 39.0 17.0 115.0 it.iii It. 21# iu 02 L07 It, 06 lt.2lt* 65.0 60,0 85.0 98.0 26.0 It 3 67.0 11*5-0 2L.0 It.12 It. 11 It. 19 1 5o.o lt6,0 20.0 107.3 Llt5* it. 26 It.33* L3lt* lt.lt3* lt.2lt 1 3 1 It 2 3 2 1 1 n5=o 70,0 52.0 It,17 60:0 It.20 50.0 it. 13 : 26 L 5 2 * November 2 lt,5o 9 16 it. 37 It. 29 . 23 it. 23 30 December 7 It. 2 1 It. 22 lit 21 It. 21 28 |t® 12 it. 17* 19.5 300.0 50.0 25.0 30.0 Amount of i s s u e s Average yield included (per (millions of dollars) cent) LW 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 publicly sold 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 convertible i s s u e s , o f f e r i n g s of n a t u r a l gas p i p e l i n e s and f o r e i g n companies, and issues guaranteed by the Federal Government) weighted by size of i s s u e s . Yields 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 in i n d u s t r i a l composition, type, maturity, and c a l l provisions 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 indicators of i n t e r e s t r a t e s on new issues because of t h e s n a i l 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 . a r e marked with an a s t e r i s k . Source; Digitized FRASER weeklyfor data, Federal Reserve; monthly d a t a , F i r s t National City Bank of New York, to Exhibit H ti.lli Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of dollars) January February March April May July August September 1962 592 859 807 580 667 562 570 715 860 1,113 760 1,132 2,118 i:S 761 577 e/600 e/750 e/000 1,028 762 647 October November December 1st 2nd 3rd 4th quarter quarter quarter quarter 1st half Three quarters Year New capital Corporate 1/ 1961 1,090 948 1,000 2,258 • A S Mi a2,437 3^60 1,044 736 967 726 1962 State and local 2/ 1961 I960 P/875 B/1,078 2/617 e/850. e/800 2*382 2,428 3,038 2,696 6,504 8,9kl 11,979 6,955 9,653 4,527 719 6ia 545 485 604 734 492 606 683 678 789 606 348 501 491 2,397 1,823 2,073 2,166 1,880 2,256 1,780 1,340 4,563 6,386 8,46o 4,136 5,916 7,257 1,034 e/600 e/575 e/LOO E/2.S70 e/4,920 e/6_195 700 611 568 723 e/?00 890 956 852 2,1# 713 689 764 991 Excluding finance companies 3/ 1st 2nd 3rd 4th quarter quarter quarter quarter 2AM 2,919 /lj850 Year I l,55k 4,552 1,716 2,1# 2,018 2,337 2,807 2,347 11,253 8,246 Estimated by Federal Reserve, g/ 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. Exhibit I H.lii New Corporate Security Issues, Type of Issue and Issuer (In million@_pf d o l l a r s ) Quarter or month Net proceeds f o r Gross proceeds f o r n<$w new c a p i t a l 1 / 2 / c a p i t a l and refunding V Bonds Common and Mfg. Public Communi- Other Total Publicly Privately pfd. u t i l i t y cations issuers offered offered* stock I960 - I II HI I? 2,265 2,537 2,520 2,832 931* 1,071* 1,336 1,1*62 795 770 75U 955 1961 - I II III IV 1,992 5,352 2,566 3,236 662 2,303 772 967 880 1,275 1,139 1,1*21* 1962 - I II III 17 2,378 3,250 1,155 1,389 716. 1,222 - 1961 - Jan. Feb. Mar. Apr. Hay June July Aug, Sept. Oct. Nov. Dec. 601 695 696 2,231 1,31*2 1,779 1,075 813 678 1,155 987 1,091* 178 273 211 713 666 921* 1*21* 225 123 336 1*11* 217 291* 255 331 31*8 355 572 392 1*11 336 509 31*8 567 1962 - Jan. Feb. Mar. Apr. May June Julye/ Aug.e/ Sept. Oct. Nov. Dec. 61*7 88U 81*7 1,217 801 1,232 620 890 273 1*97 386 651* 21*7 U88 210 1*70. 232 232 253 227 1*20 575 350 3# 598 808 652 696 189 11*9 317 381 1,059 913 896 997 1*1*9 381 515 1,771* 1,1*66 1,081 651* 595 595 836 836 81*5 81 1,095 101* .11*7 832 1,0# 803 1,263 1*30 983 1*56 231 717 791* 21 la 19 99k 85 16 16 13 75 25 80 1*2 253 368 211 297 289 1*67 315 279 209 1*87 291 1*85 73 362 21 88 61* 79 1*0 100 - 225 218 275 261* 229 301 210 290 536 692 1*29 1*16 298 511 562 625 507 639 655 996 129 167 151* 1,170 320 283 259 177 218 310 225 310 169 99 21*8 57% 1*1*7 1*1*6 1*28 255 252 271 215 306 205 H*3 155 . 131 318 209 381* 336 270 131* 169 31*2 60 180 ^0 260 137 160 81* 251* 1*39 389 * 369 215 111 306 362 168 89 11*8 193 377 196 1*10 170 :,oo Prellminaiy. ~j[j Estimated by Federal Reserve„ TJ Gross proceeds exceed net proceeds by t h e cost of f l o t a t i o n , 2/ For t o t a l see Exhibit H; other i s s u e r s are extractive, 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 finance and commercial and o t h e r . Source,—Securities and Exchange Commission. h.iu Other Security Offerings (In millions of dollars) Gross long-term 1 / Federal agency 3/ Foreign government 2/ 1962 19o0 1 1961 I 1961 | 1962 January Februa iy March April May June July August September October November December lh2 10 35 10 86 50 e/20 y— Januaiy Februa iy March April May July August September October November December 2 ti3 3U l?5 ?o 72 .40 25. —36 236 S/353 2U6 156 2 " Year Jan.-Aug t 6 29 20 2 66 29 5 b,6l 252 100 ! ! li^9 278. I y z e7l50 i 250 J.93 j j 18 166 -8L -118 ll n.a. Year Jan c -Aug, q/ 1/ 160 -86 -6 5U -116 520 58 LLC -80 ; ! j 217 -156 226 -3m 82 -15? ,46 .-^5 -175 -16 5o -180 1? •i.y 28k J &/350 g/3L2 ! j j 1 ! —— 199 225 160 1U9 181 l;Ul8 1,672 159 195 , -8 -103 4i2 -155 109 518 ^ 182 150 150 1U8 35i& ' ^ I Met s h o r b - t e m 4./r Federal agency 3/ State and Local government 5 / i -186 12? I960 ' ltd.!. 2.133 -ITU -79 -87 20? 22 193 108 98 56 -llli -196 -202 -59 -277 170 320 95 23 "201 -23 -33 -250 -76 -633 -*•62 -126 Preliminary. e/ Estimated by Federal Reserve, n : a e • - Not available <> These data d i f f e r from those in Exhibit H in t h a t refunding issues., as well as new c a p i t a l issues 2 are included, Laag^terrm s e c u r i t i e s are defined as those maturing i n more than one year. 2 / Includes s e c u r i t i e s offered in the United States by f o r e i g n governments and t h e i r p o l i t i c a l subdivisions and i n t e r n a t i o n a l organizations. Sources S e c u r i t i e s and Exchange Commission, 3 / Issues not guaranteed by the U. S, Government. Source; long-tann,, S e c u r i t i e s and Exchange Commission; short-term,, Treasury Department and Federal Reserve. h / These data d i f f e r from those in 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^ whether f ran the proceeds of refunding i s s u e s or from o t h e r funds. Data include only issues with o r i g i n a l maturity of one year or l e s s . 5 / P r i n c i p a l l y t a x and bond a n t i c i p a t i o n notes, warrants or c e r t i f i c a t e s and Public Digitized Housing for FRASER Authority n o t e s . In sotfie instances PHA notes included may have a somewhat longer maturity than one year. Source; Bond Buyer and Federal Reserve, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Exhibit K h.lit 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 1961 - August September October November December 3.962 - January February March April May June July August Total Corporate Bonds Convertible (other than bonds convertibles) 185 168 354 391 255 195 U25 366 6U8 200 505 165 286 165 78 205 320 125 170 125 330 U30 170 387 135 226 State and local government Stocks 20 58 81 1*5 130 25 33 67 26 —— — 281 1+35 326 180 307 561 662 259 U23 373 226 361 272 —•» 21 167 30 118 30 15 51 60 — Other y 100 73 llO 250 1U5 61i 30 55 88 30 20 - - Large Individual Issues Offered September 1 through lit Type 3/ Amount Coupon (millions rate or Offering Maturity of net i n t e r - yield dollars) est cost Rating CORPORATE Tennessee Gas Trans. Corp. Pacific Northwest Bell Tel, Company Deb. Pfd. stk. 50.0 22.5 1982 5 Deb. 50o0 2002 1-3/8 G.O. G.O.G.O. 10.0 10.2 10.0 Bonds 175.0 " " li.90 Baa 1|.27 Aa 1.60-3.10 1.60-3.1*5 1.80-3.30 A A A STATE AND LOCAL GOVERNMENT Unified Sch. Dist. No. 1, Wis. State of Rhode Island New Orleans, Louisiana 1963-82 2.90 1963-2002 1961-87 3.12 OTHER Federal home Loan Banks' 1965 3-3/li 3.70 - # . K-2 Hdlt Footnotes *-•-Rights offering. 1/ 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. 2/ Includes foreign government and International Bank f o r Reconstruction and Development issues and non-guaranteed issues by Federal agencies, 3/ In the case of State and local government securities s G.CL 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 q u a s i - u t i l i t i e s ; Rev.-S.T.j revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments. Exhibit L H.Ik 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 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 During month following date shown and Corporate State local govt. Other 2/ 175 358 . 31*6 356 161 1*80 222 628 185 587 120 302 170 399 251 597 295 223 1*65 153 1*53 333 181* 202 273 61 73 35 61* 95 55 • 175 Subsequent to date shown State and Corporate local govt. 21*0 501* 1*11 1*21 591 525 31*1 693 598 692 1*58 1*77 312 530 1*51* 693 1*98 1*15 567 239 539 1*52 337 377 1*27 215 Other 2/ • 73 35 61* 95 55 25 175 Forthcoming Large Offerings, as of September li* Type Amount (millions of dollars) Approximate date of offering CORPORATE ;Arizona Public Service Co. Public Service Co. of Colorado > San Diego Elec. & Gas Co. Panhandle Eastern- Pipe Line Co. Southern Calif. Edison Co. Commerce Oil Refining Corp. Columbia Bancorporation Com. stk. Com. s t k . 19.2 29.2 Coni. stko 17 = 0 Deb. & pfdo stk. 80.0 1st & r e f . mtg. bds„17o5 Deb., bds. & com. 1*5.0 Conv. sub. deb. 30.0 Sept. 17 Sept .21* (rights expire) Oct. 10 (rights expire) Oct.. 21* Oct, 31 Indefinite Indefinite STATE AND LOCAL GOVERNMENT . State of Delaware Detroit Sch. D i s t . , Michigan Baltimore, Maryland •Nassau Co., New York Commonwealth of Puerto Rico State of Louisina •East Bay Mun. Util. D i s t . , Cal. -Houston, Texas De.Kalb Co., Georgia Pittsburgh, Penna. Jefferson County, Colorado G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev.-Ut, G.O. G.O. G.O. 19.7 10.0 32.6 17,0 30.0 20.0 30.0 ll*.0 11*.0 35.0 19.2 Sept,, 18 Sept.• 25 Sept,, 25 Sept,, 26 Sept,, 26 Oct. 10 Nov. 11* Nov. H* ^Indefinite Indefinite Indefinite Hdii L-2 Forthcoming Large O f f e r i n g s , a s of September lU ( C o n t ' d ) Type of d o l l a r s ) | Approximate d a t e of o f f e r i n g STATE AND LOCAL GOVERNMENT (CONT'D) Dade County, F l o r i d a J a c k s o n v i l l e Expressway A u t h „ , F l a . G.O. 1*6.0 1*0.0 Indefinite Indefinite Bonds 15.0 Sept. 19 Rev.-Ut. OTHER Nippon T e l . & T e l . Corp, *—Included in t a b l e f o r f i r s t time, 1 / I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of $15 m i l l i o n and o v e r ; S t a t e and l o c a l government i s s u e s of §10 m i l l i o n and o v e r . 2 / I n c l u d e s f o r e i g n government and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and Development i s s u e s and n o n - g u a r a n t e e d i s s u e s by F e d e r a l a g e n c i e s . N o t e . — D e l e c t i o n s f o r r e a s o n s o t h e r t h a n s a l e of i s s u e : None.
@FedFRASER