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Not for Publication D E C 0 T O 0 L L E D

gIX

MONTHS

H. 14
LIBRARY
SEP

September 23, 1963.
t

nAPTTAT. MARKET nF.VF.T.OPMF.NTS
IN THE UNITED STATES

-rA
:,L
ot
Tl^e volume of public security financing to obtain new capital
____yas—re-fcher-!'ight last week, but is expected to be more substantial this
week. Last week, ended September^ZO^a $15 million corporate issue and
three large State and local government bond issues with par value of
$41 million were sold. This week, ending September 27, two large corporate issues (including an expiring rights offer) with gross proceeds
of $122 million and a $22 million State and local issue are scheduled
for sale.
Bond yields. Yields on seasoned long-term bonds either rose
slightly or were stable again last week. Aaa-rated corporate bond yields
edged up another basis point to 4.32 per cent, their highest level since
last September, while yields on Aaa-rated State and local government
bonds also increased a basis point to 3.13 per cent, the highest level
since mid-August 1962. U. S. Government bond yields and those on lowergrade corporate and municipal bonds did not change.
Yields on new corporate bonds, adjusted to an Aaa basis, averaged
4.34 per cent last week, one basis point less than in the week ended
September 7, the latest week in which an appropriate issue was sold;
this earlier level, however, was the highest since the summer of 1962.
Short- and intermediate-t^na interest rates. Rates on 3-month
and 6-month Treasury bills advanced five and three basis points, respectively, to 3.41 and 3.51 per cent,,the highest levels since May 1960.
Yields on 3-5 year U. S. Government obligations increased a basis point
to 3.89 per cent, the highest level since July I960. The average effective
Federal funds rate remained at 3.50 per cent. Other rates were unchanged.
Stock market credit. Customer credit in the stock market
advanced $149 million further in August to a record level of $6.7 billion
at the month-end. This was $1.8 billion, or 37 per cent, above the low
of July 1962 when margin requirements were lowered from 70 to 50 per
cent and 19 per cent higher than the previous peak of December 1961.
Customers' net debit balances (except on U. S. Government securities)
accounted for most of the August increase, rising $139 million to a
record $5.0 billion at the end of the month. Bank loans to other than
brokers or dealers for purchasing or carrying securities (excluding U. S.
Government) increased $10 million.
Money borrowed,by member firms cf the New York Stock Exchange
(except on U. S. Government securities) increased $102 million, while
customers' free credit balances fell $33 million further, the fourth
consecutive month-to-month decline. More detailed information on stock
market credit in July and August is shown in the following table:




H. 14

End of Month
Aug. 1 Julv
Customer credit
Excluding U. S. Government securities - total
Net debit balances
Bank loans to "others"
Net debit balances secured by U. S. Govt . securities
Bank loans to "others" for purchasing or carrying
U. Sf Government securities
Broker and dealer credit
Money borrowed except on U. S. Govt. securities
On customer collateral
Money borrowed on U. S. Government securities
Customers1 net free credit balances

Change

6 ,660
5 ,034
,626
1;
23

6,511
4,895
1,616
25

+149
+139
+10
-2

87

81

+6

3.
,938
,472
3.
23
1,
,093

3,836
3,359
29
1,126

+102
+113
-6
-33

Stock prices. Common stock prices inched up further in active
trading last week. Prices, as measured by Standard and Poor's composite
index of 500 stocks, closed at a record 73.30 on September 20.
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.




i
'
I

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

'me;
JUL
Exhibit A - Part II

Corporate
Aaa 1/

U. 8. Govt,
long-term 2/

'JUT

State and
local
government
Aaa 3/

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

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - H j c
ifh
Low
Aug. 23
Aug. 30
Sept. 6
Sept. 13
J Sept. 20 £/

3.55 ( 5 / 2 )
4.61 (1/29/60)

3.07 (4/25)
4.42 (3/8/60)

4.21 ( 3 / 1 7 / 6 1 )
4.46 (9/15)

4.07 (12/29)

3.70 (5/13/61)

4.23 (12/28)
4.32 (9/20)
4.19 (3/29)

3.85 (l?/28)
4.05 (9/20)
3.87 (1/18)

4.29
4.29
4.30
4.31 ,
4.32 /

3.99
3.99
4.03
4.05
4.05




2.64

(5/1)

3.65 ( 9 / 2 4 / 5 9 )
2.99 ( 9 / 2 / 6 0 )

3.37 (7/6)
2.93 (3/28)
3.11
. 3.09
3.12
3.12
3.13

.22
.59
.19
.57
.3Q
.35
.21

.34
.92
.46
.76
.80
1.02
.90

.30
.30
.27
.26
.27

.88
.90
.91
.93
.92

.

EXHIBIT » Port
[ L O N G - T E R M B O N D YIELDS, L O W E R - G R A D E

M I II I II
I 11111111111 11111111111

I I I I I I11111111 m a ] rroi

Exhibit B - Part II

Date

Corporate
Baa 1/

State and
local govt.
Baa 3/

4.51 ( 7 / 1 1 )

3.64

Spread between
Aaa and Baa
State and
Corporate
local govt.

(per cent)

3.52 (5/23)

:77
.84
.66
.81
.63
.71
,52

.93
1.08
.57
.93
.56
.63
.45

3.59
3.58
3.58
3.58
3.58

,54
,54
,54
,53
,52

.48
.49
.46
•46
.45

1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low

5.13 (10/27)

4.92 (is/21)
4.93 (1/4)
4.83 (8/30)

hm
v

Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 20 £/

4.83
4.83
4.84
4.84
4.84 -

Notes

5.36 (2/12/60)
4.98 ( 9 / 9 / 6 0 )

For footnotes sea Exhibit A,




(5/1)

4.46 ( 1 / 7 / 6 0 )

3>93 (11/9/61)
4.16 (3/23)

.EXHIBIT C. fori I
[SHORT- AND I N T I R M I D I A T I - TiRM I N T I R I f T R A T H , O O V I R N M I N T

1 • 5 VIA! U$UI$

— f
I . M N H IIUI
OT

1 I I I I I I I I I II [ I I II I I I I I I I I II I II I I I II n iI Ili ii i ii n m lIIiI I I I I
n I i I I I 1 I II
l
fits?
rim
(mo".
ItTf
Exhibit C - Pert II

Date

Discount
rate
1/

1958 - Low
1959-60 High
1960-61 Low
1961-62 High
1962 - Low
1963 - High
Low

1.75
4.00 *
3.00
3.00
3.00
3.50
3.00

.58
4.59
2.11
2.97
2.65
3.41
2.88

Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 20 £/

3.50
3.50
3.50
3.50
3.50

3.36
3.39
3.36
3.36
3.41Z

3-month
bills 2/

( 3/29)
(3/8/60)
(10/26/60)
(7/13/62)
(6/8)
(9/20)
(3/15)

Yields
6-month
bills 2/
(per cent)
3.02
5.07
2.35
3.13
2.74
3.51
2.93
3.47
3.49
3.47
3.48
3.51

3-5 year
issues 2/

(12/26) 2 . 1 4
(3/8/60)5.00
{4/28/61)3.15
(7/20/62)3.88
(6/8)
3.41
(9/20) 3.89
(3/8)
3.44
3.83
3.85
3.88
3.88
3.89

Spread between yields on 3month bills and yields on
S-po. frtUffl?-? jr. fl-ssucff

(6/6)
(12/24/50)
(5/l2/6l)
(2/2/62)
(13/28)
.
(9/20)
(1/18)

26
79
12
44
02
17
,04

.04
1.81
.38
1.51
.52
.70
.46

,11
10
11
12
10

.47
.46
.52
;52
.48

.

l / Weekly rate ah own 1» that i n effoot at end ofperlod at the Federal Reserve Bank of Hew York.
•/J Vkrkat yield; wedcly averages oonputed from daily closing bid prices. Series of 3-6 year issues
consists of selected notes and bonds.
'
.
Note.--Highs and lows are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and l a *
ISHMSI.




EXHIBIT D. Pot. I
1 S H O R T - A N D I N T E R M E D I A T E - TERM INTERESl^ RATES,
!BANKS A N D OTHER PRIVATE BORROWERS

STOCK EXCHANGE
CAll LOANS

-FINANCE COMPANY FAPEI
Ditetlly Placed_

I

XfkV
1

1959

1960
Exhibit D

Stock Exchange
c a l l l o a n J./

Prime
r a t e 1/

1961
- fart II

Finance company
p a p e r 2/

Federal
funds 3/

Spread between
3 - m o . b i l l s and
f i n a n c e c o . pane:

(per c e n t )
1958 - Low

3.50

3.50

1959-60 - High

5.50

5.00

1960-61 Low

4.50

4.50

1961-62

- High

1962

- Low

1963

- High
Low

Aug.

23

Aug. 30

1 . 1 3 (8/8)
5 . 1 3 (1/23/60)
2 . 5 0 (6/5/61)

4.50

4.50

4.50
4.50'
4.50

4.50
4.50

3 . 2 5 (7/20/62)
2 . 8 8 (6/1)
3.63 (9/20)

4.50

3.13

4.50

4.50

3.63

4.50

4.50

3.63

(5/31)

.13

-.35

1.02

4.00

.11

. .43
3-00

.56

1.30
3.50

.19
.36

f(S/26)
Vf»

2.45

.09

3.50

.27

6

4.50

4.50

3.63

3.48
3.50

.24

Sept.
Sept.

13

4.50

4.50

3.63

3.50

.27

4.50

4.50

3.63

3.50

Sept. 20 &/
y

.27

.22

Weekly rate s h a m ia that in effect at end of period. Stock Exchange o a l l loan rate is going rate
on oall loans secured by customers' stock exchange collateral at New York City banks.. Prime rate
is that charged by large banks on short-term loans to h u d m s a borrowers of the highest credit
standing*
2/ Average of daily rates published by finance companies for directly placed p V e r for varying m t u r i t i e V
in the 90—1/9 day range,
3/ Weekly average of daily effective rate, which io the rate for tho heaviest lolume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York,
N o t e . — H i g h s and lows a r e for individual series and m a y be on different dates f o r different series.
For spreads, high refers to widest, and low to narrowest.




STOCK M A R K E T

STOCK HAIKU CIIDI1

Millions of <h

TfVT

[

W

m f

Exhibit E

TitP

- Part II

^

Common .
Stock price

Date

i n d e x 1/

'duD

Trading

stock

volume 3/

y i e l d s 2/
(millions
(per c e n t ) of shares)

S t o c k m a r k e t custoiner c r e d i t
Customers 1
Bank
Total

debit balances 4/

loans

to

" o t h e r s " 5/

(In m i l l i o n s of d o l l a r s )
1961-62 - High
1963

- High
Low

July

72.04(12/8/61)

2.82

5 2 .68 (6/22/62)
73.30 (9/20)

3.96
3.06

10.1
2.4
6.1

64.10

3.36

3.2

5,595

69.07

Low

3.20

3.5

6,511
6,660

(3/1)

6 1 6 6 ? Y " ^3 ) 5^ 03

)1 6 3

(1/63)4,208(1/63)1,378
4,895
5,034

(2/23)

1>616
1,626

70.98

3.13

Sept. 6

72.84

3.06

6.1

1.629

Sept.

73.17

3,04

5.6

1.630

73.30

3.04

4.8

August
13

Sept. 20 2/

4.2

5,602( 12/6I) 4 , 2 5 9 (i?/61) 1,377(8/30/61)

n , a , — N o t available, j>/ Preliminary,
1/ Standard and Poor's oomposito index of 500 oonmon stocks, w e e k l y closing prices, 1941-43-10,
Monthly data are averages of daily figure a rather than of Friday 1 a only. Highs and Iowa are for
Friday's data only,
y
Standard and Poor 1 a oompoaite stock yield baaed on Wednesday data converted t o weekly closing
prices by Federal Reserve. Yields shown are for dates on which prioe index reached its h l A
or low,
3/ Averages of daily trading volume on the New York Stock Exchange.
A/ End of month figures for member finis of ihe New York Stock Exchange Wiioh carry margin account a j
excludes balances seoured by U , S, Government obligations,
5/ Wednesday figures for weekly reporting member banks. Exclude a loans f o r purchasing or carrying
U. S. Government securities. Prior to July 1, 1959, auoh loans are excluded only at banks in
New York and Chicago. Weekly reporting banks account fbr about 7 0 per cent of loans to others.
For further detail see Bulletin.




EXHIBIT f. Port I

Exhibit F - Part II
Conven- Spread beFHA
tween yields
morton conv. &
gages raortFHA mtga.
gages2/
1956
1957
1958
1959-60
1962-63

-

Low
High
I»ow
High
High
Low

1963 - M a y
July
August
37

4.68
5.63
5.35
6.24
5.72
5.44
5.44
5.44
5.44
5.44

Aaa Corporate
Newj/ |Seasoned^/

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
4.45
4.22

5.80
5.80
5.80
5.80

.36
.36
.36
.36

4.30
4.26
4.31
4.29

4.22
4.23
4.26
4.29

5.20

6.00

Spread between yields on
new corporate bonds and
FHA mtga.
.76
1.58

.88

1.69
1.50
1.13
1.14

1.18
1.13
r/1.15

Seasoned bds.

1.03
.05
.73
.39

-.16
.08
.03
.05

Neither t
than bonde,
puted as equivalent t

assuming 25-year mortgages are pi

4/

1961,
rate°reiates only to nair-hona mortgagees pxior to that date# rate related to both new as well as
• Dashed line iriioates this change in the series.
existing-homs mortgages
See note for Exhibit Q.
Moody's Investor Service. Monthly averages of daily data, See Exhibit A.


J/


I X H I • I I O, f o r t I
Y l l T b s o N N l W A N D S 1 AS O N E D l : OR P OR AT 1 B O N D s]

I'
H(W ISSUES
k d l u i l e d to Aao S o i l l

!•

ISEASQNlDA.i
|Meody'

—

—

Exhibit 0 - Part ll

Yields on New Corporate Bond Issues Adjusted to a n A a a basis
Number A a r t o f issues
Average
of
included (ail.
yield
issues
of dollars)
fner cent)

Number- A a ' t o f I s s u e s
Average
of
included (mil.
yield
issues
of dollars)
( n e r cent).

W e e k l y averages:
1963

——

- Apr.- 5

2

45.0

4.23

12

1

6;0

4.18

12

2

80.0

4.30*

19
26

3

95.0

4.28

25.0

4.43*

128.0

4.30

19
26

1

3

3

58i0

4.28

1
2

25.0

4.22

1
2

70.0

3

75.0

4.27

July

Aug.
May

10
17

1

266.0
. 30.0

24

3

76.0
50.0

4.23*

4.31*

23
30

3
2

115.0

2

46.5

34.0

4.33*

1

12.0

4.35

13
20

1

15.0

4.34

4.24

28

50.0

4,31

Sept. 6

31
14
21

2
1?

4.27
4.27

. 1

5

4.25

4.25

*

X by Moody* e inrastors a e m o e iexcept serial ana convert! d-lo u n s i . o x x e n n g s oi n a v u n n gee pipeline
and foreign oompanio», an4 bonds guaranteed by the Federal G o v e r m e n t ) weighted by tf.se of of feting.
Before averaging, new offerings are adjusted to a oonmoslte iaa basis by deducting from the actual
reoffaring yiold the excess of the weekly average yield f o r seasoned tools of the appropriate lnflnstryquality group orer the composite average for seasoned Aaa-rated binds iMaody'i). Averages considered
unrepresentative because of special oharmoteristies of ihe offerings included are denoted by a n asterisk^




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

1963

Corporate
1962
1

1/
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

£/

582
749
579

1,028
762
647

£/
e/
e/

835
703
1 ,103

1,090
948
1,000

2,351
2,847
e/2,12.7

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

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

5,198
e/7,325

5 :,264
,173
7,
9.
,814

6,504
8,941
11,979

July
August
September

jd/
el
e/

70:2
675
750

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

quarter
quarter
quarter
quarter

2,284
2,529
e/1,875

Year

e/
]V
V
2/
3/

876
1 ,133
628

711
689
764

867
855
939

873
912
786

722
640
1,034

577
675
450

612
544
427

486
604
734

650
578
550

679
789
610

£/2,431
£/2,661
e/1,702

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

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

£/5,092
e/6,794

5 3,208
,790
6j
8,'568

4,561
6,385
8,463

2/
£/
£/
£/
£/

731
726
973

Excluding finance companies 3/

y

1st
2nd
3rd
4th

State and local 2/
1962
1 1961
I

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.




'
'

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

Quarter

Gross proceeds for new
capital and refunding
1/
Bonds
Common
Publicly Privately
pfd.
offered offered

Net proceeds for
new capital 1/ 2/

416

Memo:
foreign
issues
included
A
17

880
1,275
1,139
1,424

449
1,774
#4
845 .

1,155
1,389
853
1,089

716
1,222
1,024
1,568

2,700
3,635

1,108
1,389

1961 - Oct.
Nov.
Dec.

1,155
987
1,094

1962 - Jan.
Feb.
Mar.
Apr.
May

Total
Month
\ 1960 - IV

2,832

1,462

955

1961 - I
ii
i
HI
IV

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

662
2,303
772
967

1962 - I
II
III
IV

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

1963 - I
f
II
III

July
Aug.
Sept.
Oct.
Nov.
Dec.
1963 - Jan.
Feb.
Mar.
Apr,
May
July g/
Aug. e/
Sept.

Mfg.

Public Communi- Other
utility cations issuers

625

696

381

997

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

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

1,306
1,821

287
425

128
434

947
591

326
793

236
221

842
1,241

336
414
217

509
348
567

310
225
310

25
12
25

271
215
306

306
362
168

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

273
497
386
654
247
488 r
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

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
2 79
325

243
289
774
452
694
675
466
350

102
94
91
217
95
163
'99
70

25
43
60
56
182
196
37

135
220
592
148
216
227
304
225

114
115
97
341
222
230
106
100

125
68
43
71
92
58
"St

238
191
412
369
373
499
2C7
340

43
46
34
99

25
80 ,
42

487
291
485

£/ Preliminary,
e/ Estimated by Federal Reserve.
1/ Gross proceeds exceed net proceeds
by the cost of flotation. 2/ For total see Exhibit H; other issuers are extractive, railroad
and other transportation, real estate and finance and commercial and other. Source.--SecuDigitized and FRASERCommission.
rities for Exchange



H. 14
Exhibit J
•-

Other Security Offerings
(In millions of dollars)

-

Gross long-term 1/
Foreign government 2/
1963
1
1962
1
1961
1963
January
February
April
May
June
July
August
September
October
November
December

232
133
76
57
114
11
62
e/ 70

6
29
20
2
66
29
5
2

e/ 75 j

July
August
September
October
November
December
Year
Jan,-Aug.
£/
1/

75
272
-367
589
-189
-149
2./—-•

246
156

186

461

459

---

e/

--

150
175

--

' 250
193
225

--

236

366

159

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

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

378

1,188
e/

793

674

1,013

-106
-189
-482
292
195
319
41.4
£/ 510

1/

,

1,029

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

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

1,004
953

1

1,448

Net Short-term 4/
Federal aeencv 3/
I

520

640

252
100
149
278

--

State and local government 5/
January
February
Ma rch
April
May

Federal agency 3/
1
1961
1962

148

43
34

737

Year
Jan.-Aug.

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

1

f
5

-76

807

-224

Preliminary= e/ Estimated by Federal Reserve
n. 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

~2r/< Includes securities offered in the United States by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Ccmviission.
3/ Issues not guaranteed by the U. S. Government. Source: long-term, Securities and Exchange
Commission; short-term, Treasury Department and Federal Reserve,
4/ 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.
5/ Principally tax and bond anticipation notes, warrants or certificates and Public Housing
 In some instances pHA notes included may have a somewhat longer maturity
Authority notes.
than one year- Source: Bond Buyer and Federal Reserve.



H. 14
Exhibit K
Laifge 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

1962 - August
September
October
November
December
1963 - January
February
March
April
May

286
191
434
178
198
234
186
394
409
149
348
221
236

July
August

Corporate
Bonds
(Other than
Convertible
convertibles)
bonds
226
100
398
178
178
215
125
372
263
149
348
180
218

Stocks

State
and
Local
government

60

272
153
320
217
193
344
367
570
431
489
472
279
329

91
36
20
19
26
22
146

--

35

Other 2/

41
18

194
25
75
48
63
134
43
460
60
20

Large Individual Issues Offered September 1 through 20

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or net
interest
cost

Offering
Rating
yield

-

CORPORATE
100.0
15.0

1984
1993

4-1/2
4-3/8

4.55
4.38

--

CIT Financial Corp.
Northern States Power Co.
STATE AND*4 LOCAL GOVERNMENT

Deb.
1st mtg. bds.

State of Washington
New York City, New York
Houston Ihd'>. Sch.Dist. ,Texas
Detroit, Michigan
New Orleans,:La.
Municipality of Metro.,
Seattle, Wash.

ReVt-S.T.
G.O.
G.O..
G.O.
G.O.

35.8
25.6
10.0
11.5
14,7

1964-81
1964-2012
1966-92
1964-88
1965-88

3.09
3.66
3.22
3.20
3.29

2.00-3.20 A
2.00-3.165 A
2.25-3. 40 A
2.
,05-3.503/ A
2.15-3.40 A

Rev.-Ut.

15.0

1967-2002

3.67

2.60-3.70 —

OTHER
None




Aa

H. 14

*
1J
2J
3/

4/

Rights offering.
n.a.--Not available.
Includes corporate and other security offerings of $15 million and over; State and
local government security offerings of $10 million and over.
Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal agencies.
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.
1/4 per cent bonds maturing 1937-88 'no£ publ'icly reoffeted.




H. 14

Exhibit L
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) If
Expected Proceeds from Forthcoming Large Issues

Date of
computation

13*2 - Aug. 31
Sept. 28
Oct. 31
Nov. 30
Dec. 28
1963 - Jan. 31
Feb..28
Mar. 29
Apr. 30
May 31
June 28
July 31
Aug. 31

During month following
date shown
State and
Corporate
local govt.
Other 2/
1

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

61
187
96
194
177
376
458
381
447
255
142
329
210

175

75
25

45
40
460
75
20

Subsequent to
date shown
State and
Corporate
local Eovt. Other 2/
312
546
328
360
314
412
572
421
234
288
215
267
183

\

215
387
243
328
311
843
755
763
599
582
287
512
468

Forthcoming Large Offerings, as of September 20
Issuer

CORPORATE
New England Tel.& Tel.Co.
Dow Chemical Co.
•Subscription Television, Inc.
•General Acceptance Corp.
United California Bank
STATE AND LOCAL GOVERNMENT
I State of North Carolina
! Los Angeles Unif. Sch. Dist.,
California
Baltimore, Md.
Austin, Texas
*New York State Bridge Auth.
•Kansas City, Missouri
Los Angeles Dept. of Wtr. & Pwr.
California
Cincinnati, Ohio
Wayne Co., Michigan
State of Louisiana




Type

Com, stk.
.
Deb.
Com, stk.
,
Deb.
stk.

Amoiint
(millions of
dollars)

Approximate date of
offering

22.0
100.0
2218
20.0
26,9

September 23 (rts. ex.)
September 24
October 1
October 7
October 22 (rts. ex.)

G.O.

22.0

September 24

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

25.0
47.1
14.0
25.0
12.0

October
October
October
October
October

1
1
3
8
9

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

12.0
20.0
33.0
30.0

October
October
October
October

9
9
10
16

175

75
25
33
45
40
460
75
20

L 2

"

H. 14

Forthcoming Large Offerings, as of September 20 (Cont'd)

Issuer

Type

Amount
(millions of
dollars)

Rev.-Q.Ut.
G.O.

35.0
10.0

Approximate date of
offering

STATE AND LOCAL GOVERNMENT (Cont'd)
Penna. State Highway & Bridge Auth.
Cleveland City Schi Dist., Ohio
Los Angeles Co. Flood Control Dist.,
Cal.
*Dcuglas Co.Pub. Util. Sect. #1,
Wash.
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
Lewisport, Kentucky

October 18
October 25
October 29

Rev.-Q.Ut.

15.0

Rev. -U t.
Rev.-Rent.

184.0
16.0

October
November 15

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

21.0
27.0
35.0
46.0
40.0
11.1
50.0

November 20
November 20
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

OTHER
None
^--Included in table for first time.
1J 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.




-

';ij
^
|f
f,
|,
|,

H

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
7/17

20.9
25.0

7/17

15.0

8/1

20.0

8/2

7.3

Public Offerings

Sold July 1 through September 20

Milan, Italy—5-1/2% bonds, due 1978—reoffered to
yield 5.63%
Hitachi, Ltd.--Common stock
United Mexican States--6-3/4% sinking fund bonds,
due 1978--reoffered to yield 7.00%
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 6.08%
Tokio Marine and Fire Insurance Co.--common stock

B.
None




Prospective Offerings

H» 14

M-2
Part II:

Da te
reported

Amount
(millions of
dollars)

7/18

26.0

7/18

4.0

8/6

2.1

8/6

Private Placements--Reported July 1- through September 20

5.0

3/13

3c 5

Vi3

1= 1

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 l964-68--no
information available on takedown
Austrian Investment Finance Corp,--notes, maturing
1973--nc information available on takedown
Manitoba Electric rower Commission--5-7/87- notess
maturing 1983--no information available on takedown
Union Acceptance Corp, - -6-1/47= debenture, maturing
1974-78--nc 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 J because the latter includes privately placed securities in the period in
which funds are actually takendown but only in the amount of takedown, while the
placements shown in this exhibit are included when reported, frequently with
little or no information concerning timing of takedowns. Full or partial takedowns
may take place both prior and subsequent to the date a placement is reported.
---Included in table for first time,




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