Full text of H.16 Capital Market Developments : September 9, 1963

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Not for Publication

DECONTROLLED AFTER SIX MONTHS

H.14
LIBRARY

September 9, 1963.
^CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES

P ] 0 1963
'he volume of public security financing to obtain new capital
was very light this past week, but is expected to pick up substantially
t-hi6-~week»_i This past week, ended September 6 ^ no large corporate issues
were offered, and a $36 million State of Washington issue was the only
large State and local government bond issue sold. This week, ending
September 13, a $100 million corporate issue and two large State and
local issues with par value of $36 million are scheduled for offering.
Bond yields. Yields on most seasoned long-term bonds rose
.last week. U. S. Government bond yields, after a month of stability,
rose four basis points. reflecting largely the scope of the Treasury's
refunding offering; this brought them back to 4.03 per cent, the high
for the year. Aaa-rated corporate bond yields were up one basis point
to 4.30 per cent, the highest'level since late last September, while
yields on Baa-rated issues also increased a basis point to 4.84 per cent.
Yields on Aaa-rated State and local government bonds advanced three basis
points to 3.12 per cent, the highest level since mid-August 1961; Baarated municipal yields, however, were stable.
Yields on new corporate bonds, adjusted to an Aaa basis,
averaged 4.35 per cent last week, up eight basis points from the early
August level and the highest since last summer.
Short- and intermediate-term interest rates. Rates on Treasury
bills declined somewhat from their recent highs last week, but yields
on intermediate-term U. S. Government obligations continued to rise.
Rates on 3-month and 6-month bills fell three and two basis points,
respectively; yields on 3-5 year Government obligations rose three
basis points further to 3.88 per cent, the highest level since early
February 1962. The average effective Federal funds rate went back to
3.50 per cent. Other rates were unchanged.
Mortgage recordings. Seasonally adjusted nonfarm mortgage
recordings of $20,000 or less expanded 3 per cent further in May, the
latest period for which data are available on a three-month moving
average basis. The monthly rate of $3,060 million was a new high and
was 8 per cent above a year earlier.
Federally underwritten mortgages accounted for 20 per cent
of total loans recorded in June. This share compared with 21 per cent
in May, but was the same as a year earlier and moderately higher than
in June of 1961.




-2-

H. 14

The average size of all loans recorded increased in June to
112.8 per cent of the 1959 average. This was also a new high, although
the increase this June was less pronounced than in the corresponding
period a year earlier.
Stock prices. Common stock prices advanced further in very
active trading last week. Prices, as measured by Standard and Poor's
composite index of 500 stocks, closed at 72.84 on September 6, slightly
below the new all-time peak reached the previous day. Trading volume
averaged 6.1 million shares a day, 1.4 million shares more than the
previous week and the highest average since the near-record of early
June 1962.More detailed information concerning recent capital market
developments is presented in the attached exhibits.

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




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

COirOIAl! til

/V
J~L4.1 I I I II IIII II
I I M II
TatbirX'-pairn

Date

Corporate
Aaa 1/

U. 8. Govt,
long-term 2/

State and
local
government
Aaa 3/

Spread between
U. 8. Govt, and
State and
Corporate
local Aaa
Aaa

(per cent)
1958 - Lot#
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low
Aug. 9
Aug. 16
Aug. 23
Aug. 30
v^ept. 6 2.1

3.55
4.61
4.21
4.46
4.23
4.30
4.19

(5/2)
(1/29/60)
(3/17/61)
(9/15)
(12/28)
(9/6)
(3/29)

4.29
4.29
4.29
4.29
4.30 /

3.07 (4/25)
4.42 (3/8/60)
3.70 (5/12/61)
4.07 (12/29)
3.85 (12/28)
4.03 (9/6)
3.87 (1/18)
3.99
3.99
3.99
3.99
4.03

2.64 (5/1)
3.65 (9/24/59)
2.99 (9/3/60)
3.37 (7/6)
2.88 (13/8)
3.12 (9/6)
2.93 (3/28)
3.08
3.08
3.11
3.09
3.12

.22
.59
.19
.57
.39
.35
.21

•34
.92
.46
.76
.80
1.02
.90

.30
.30
.30
.30
.27

.91
.91
.88
.90
.91

.

xj Preliminary.
17 Weekly average of daily figures. Average tenn of bonds included is 22-24 years*
y
Weekly average of daily figures. The series includes bonds due or callable in 10 years or more.
1/ Thursday figures. Only general obligation bonds are includedj average term is 20 years.
note.—Highs and lows are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and loir to narrowest.




LONG-TERM BOND

YIELDS, L O W E R - G R A D E

M

M

<•5

vo:
J 951

1151

19*0,

Mt)

MM

M&)

Exhibit B - Part II

Date

Corporate
Baa 1/

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
Corporate

|

^

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

4.92 (i?/21)
4.93 (1/4)
4.83 (8/30)

Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6 2.1

4.83
4.83
4.83
4.83
4.84 /

4.51 (7/11)
5.36 (2/12/60)
4 . 9 8 (9/9/60)
5 . 1 3 (10/27)

Note: For footnotes see Exhibit A,




3.64 (5/1)
4 . 4 6 (3/7/60)
3 - 9 3 (11/9/61)

3.63 (6/27)
3.52 (5/23)

.77
.84
.66
.81
.63
.71
.54

.93
1.08
.57
.93
.56
.63
. 46

3.57
3.59
3.59
3.58
3.58

.54
.54
.54
.54
.54

.49
.51
.48
.49
.46

4.16 (3/23)
3 . 5 2 (5/17)

EXHIBIT C, Port I
SHORT- A N D

INTERMEDIATE- T E R M INTEREST RATES, G O V E R N M E N T

Exhibit C - P a r t II
Date

Discount
rate
1/

1958 - Low
1959-60 High
1960-61 Low
1961-62 High
196.2 - 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
3.39
2.88

3.50
3.50
3.50
3.50
3.50

3.26
3.32
3.36
3.39 y
3.36 /

Aug. 9
Aug. 16
Aug. 23
/Aug. 30
Sept. 6 £/

3-month
bills 21

(5/29)
(3/8/60)
(10/28/60)
(7/13/62)
(6/8)
(8/30)
(3/15)

Yields
6-month
bills 2/
(per cent)

3-5 year
issues 2/

3.02
5.07
2.35
3.13
2.74
3.49
2.93

(12/26) 2.14
(1/8/60)5.00
(4/28/61)3.15
(7/20/62)3.88
(6/8)
3.41
(8/30) 3.88
(3/8) 3.44

3.39
3.43
3.47
3.49
3.47

3.77
3.80
3.83
3.85
3.88

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

(6/6)
(13/24/59)
(5/12/61)
(2/2/62)
(13/28)
(9/6)
(1/18)

.26
.79
.12
.44
.02
.17
.04

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

.13
.11
.11
.10
.11

.51
.48
.47
.46
.52

__ Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of New York.
~2j Market yield) weekly averages oonputed from daily closing bid prices, Series of 3-6 year issues
oonsists of selected notes end 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 low to narrowest.




SHORT- A N D
BANKS AND

Date

INTERMEDIATE- T E R M INTEREST RATES,
OTHER PRIVATE B O R R O W E R S

Stock Exchange
call loan 1/

Prime
rate 1/

Finance company
paper 2/

Federal
funds 3J

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

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

3.50
5.50
4.50
4.50
4.50
4,504.50

3.50
5.00
4.50
4.50
4.50
4.50
4.50

1.13
5.13
2.50
3.25
2.88
3.63
3.13

Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6 £/

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

, 3.53
1 3.56
13.63
|3.63
'3.63

|7

(8/8)
(1/22/60)
(8/5/61)
(7/20/62)
(6/1)
(9/6)
(5/31)

.13
4.00
.43
3-00
1.30
3.50
2.45
3.50
3.45
3.50
3.48
3.50

(5/29)
(5/13/60)
(1/27/61)
(12/28/62)i
(1/26)
(9/6)
(7/26)

-.35
1.02
.11
.56
.19
.36
.09
.27
.24
.27
. -24
.27

Weekly rats shorn is that in effect at end of period. Stock Exchange call loan rate is going rate
on call loans secured by oust oners' stock exchange collateral at New *ork City banks.. Prime rate
is that charged by large banks on short-*era loans to business borrowers of the highest credit
standing#
i
2j Average of daily rates published by finance companies for directly placed piper for vaiying maturities
in the 90-179 day range*
3/ Weekly average of daily effective rate, -which is the rate for the heaviest -volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York.
Note,—Highs and lows are for itiLividual series and may be on different dates for different series.
Digitized forForFRASER
spreads, high refers to widest, and low to narrowest. .



1

tXHIBIT I. Pail I

STOCK M A R K E T
1941-43 overog«»lo"

STOCK MAIKiT CREDIT

CHANGE IN SEilES.
I
—'V'

I I I I I I I I I I III II II I I I I I I Mm:
Exhibit B

Stock price
index 1/

1961-62 - High
Low
1963 - High
Low
July
August
Aug. 23
Aug. 30
Sept. 6 sJ

72.04(12/8/61)
52.68 (6/22/62)
72,8 4 ( 9/6)
' 64.10 (3/1)
69.07
70.98
71.76
72.50
72.84

Part II

Stock market customer credit
Trading
Common .
Bank
Customers
volume 3/
stock
loans to
Total debit bal*
(millions
yields 2/
ances 4/ "others" 5/
(per cent) of shares)
(In millions of dollars)
2.82
3.96
3.06
3.36

10.1
2.4
6.1
3.2

3.20
3.13
3.10
3.07
3.06

3.5
4.2
4.1
4.7
6.1

5,602(12/61)4,259 (1^/61) 1,377(8/30/61)
4,876(7/62) 3,562 ( 7/62) 1,269(9/26/62)
6,511(7/63)4,898(6/63) 1,626 (8/28)
5,595(1/63)4,208(1/63) 1,378 (2/23)
6,511

4,895

n. a.
n. a.
n.a.

n. a.
n.a.
n.a.

1,616
1,626
1,622
1,626
n.a.

n.a.—.Not available, ja/ Preliminary.
V
Standard and Poor's composite index of 500 oonmon stocks, weekly dosing prices, 1941-43*10,
itonthly data are averages of daily figures rather than of Friday's only. Highs and lows are for
Friday's data only.
•
.
2/ Standard and Poor1 s composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are for dates on which price index reached its high
3/ Averages of daily trading voluma on the Hew Yoxlc Stock Exchange,
TU End of month figures for member fims of -the New York Stock Exchange vfalch cany margin accounts;
exoludefl balances secured by U. 3. Government obligations,
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
D. S. Government securities. Prior to July 1, 1959, such loans are excluded only at banks in
Digitized for
New FRASER
Yoric and Chicago. Weekly reporting banks account JEbr about 70 per cent of loans to others.
For further detail see Bulletin.



MORTGAGE
Monthly j

RECORDINGS A N D

Mil

LOANS ^

mo

im
Exhibit P

mi

- Part

Total
Date

Seasonally
adjusted

2/

ins

II
U n a d l u s !ted

Unadjusted

FHA

VA

Other

Average size of
recordings
(1959 - 1 0 0 ) 3/

(Millions of d o l l a r s )
1962

-June
July
Aug.
Sept.

1963

2,891
2,973

3,075
3,134

404
433

207
219

2,483

109.7
109.4

2,933

3,333

465

247

2,621

109.7

2,929

2,861

431

2,464

231

2,199

109.3

Oct.

2,925

3,208

546

285

2,376

109.6

Nov.

2,939

2,883

492

254

2,137

109.7

Dec.
-Jan.

2,916
2,876

2,682

429
504

236

2,658

2,017
1,900
1,822

109.8
108.7

254
202

110.2

Feb.

2,869

2,424

Mar.

2,907
2,986

2,751

416

219

2,116

110.4

Apr.

3,065

392

May

3,060

3,233

415

245
260

2,428
2,558

111.7

3,177

419

226

2,532

112.8

400

110.6

n . a . — N o t available.
1/ Total recordings data are estimate a based on reports from about 430 areas and include
nertgages of $20,000 or lass secured by nonfann real estate, primarily residential
properties, nuv-insured loans represent gross amount of insurance written, and VJLguaranteed loans the gross amount of loans closed, on 1-4 fsoily houses. Other recordings
data are derived as a residual, although total recordings anl VA. and FHA loans are not
strictly comparable in concept or timing.
7 j Three-month moving average, seasonally adjusted by Federal Reserve.
~l] This index relates the average site of mortgage recordings for each month (total dollar
recordings diiided by number of mortgage recordings) to the average size during 1959,
Source.—federal Home Loan Bank Board, Federal Housing .Administration and Veterans Administration.




EXHIBIT O, Porl I
YIELDS O N

NEW

AND

SEASONED CORPORATE BONDS

VJ
Yields on Hew Corporate Bond Issues Adjusted
Number A m ' t of Issues
of

Average

to an Aaa basis
Number Am't of issues

included (mil.
yield
(per cent)
of dollars)

of
issues

Average
included (mil.
yield
of dollars)
( p e r cent).

W e e k l y averages:
1963

45.0

4.23

5

—

--

12

1

6;0

2

3

95.0

' 4.18
4.28

12

19
26

19

1

80.0
25.0

4.43*

3

128.0

4.30

26

3

58.0

4.31

2

4.28

4.22

1
2

70.0

1
2

25.0

75.0

4.27

10

266.0

17

1

24

3

- Apr.- 5

2

July

Aug.
May

3

31
June
7
14
21
28

. 1
3

,
"

10

4.31*

30.0

4.27

76.0

4.27

50.0

4.23*

34.0

4.25

2

115.0

4.24

2

46.5

4.25

23
30
Sept. 6

2
1

50.0
12.0

4.30*

4.33*
4.35

*

Before averaging, new offerings are adjusted to a composite laa basis by deducting from the aotual
reoffering yield the excess of the weekly average yield f o r seasoned toads of the appropriate induatxyqufclity group over the composite average for seasoned ias^rated bonds (Moody's), Averages considered
unrepresentative b e c a m e ax special characteristics 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 capital
1963

Corporate
1962
1

1/
I

1961

1963

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

711
689
764

867
855
939

873
912
786

722
640
1,034

577
675
550

612
544
427

486
604.;:
734^

650
578
550

679 '
789
610

January
February

613
594
1 ,144

592
859
807

580
667
562

April
May
June

930
904
1 ,010

1,113
760
1,132

2,118
1,259
1,318

R/
R/
R/

700
675
750

582
749
579

1,028
762
647

e/
e/

835
703
1,103

1,090
948
1,000

2 ,351
2.,847
e/ 2,125

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

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

R/2,431
R/2,661
e/1,802

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

2,165
2,396
1,824.<
2,078

5,,198
e/7.,323

5,264
7,173
9,814

6,504
8,941
11,979

R/5,092
e/6,894

5,,208
6,790
8, 568

4,561
6,385 .
8,463 ;

July
August
September

e/
e/
e/

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

R/
R/
R/

731
726
973

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

quarter
quarter
quarter
quarter

2,284
e/2,547
.e/1,875

Year

e/
£/
1/
2/
3/

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

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

9,303

11,253

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




5

H.14

\j-

Exhibit X
New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)

Quarter
or

Total

Month

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

Net proceeds for
new capital 1/ 2/
Memo: 1
foreign
issues |
included

Mfg.

Public Communi- Other
utility cations issuers

2,832

1,462

955

416

17

625

696

381

1961 - I
II
III
IV

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

662
2,303
772
967

880
1,275
1,139
1,424

449
1,774
654
845

76
155
69
62

515
1,466
935
792

381
1,081
595
836

81
1,095
104
147

1962 - I
II
III
IV

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

1,155
1,389
853
1,089

716
1,222
1,024
1,568

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

1963 - I
II

2,700
3,635

1,108
1,389

1,306
1,821

287
425

128
434

947
591

326
793

236
221

842
1,241

#1961 - Oct.
*
Nov.
Dec.

1,155
987
1,094

336
414
217

509
348
567

310
* 225
310

25
12
25

271
215
306

306
362
168

25
80
42

487
291
. 485

1962 - Jan.
Feb.
Mar.
Apr.
May

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

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

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

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

3
12
54
10
147
100
13
43
46
34
99

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

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

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

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

695
642
1,363
1,049
1,340
1,246
740
745

350
259
499
380
550
459
280
325

243
289
774
452
694
675
350
350

102
94
91
217
95
163
110
70

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

135
220
592
148
216
227
240
225

114
115
97
341
222
230
150
100

125
68
43
71
92
58
60

238
191
412
369
373
499
250
340

'1960 - IV

,

111

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

997
832 .
1,052
803
1,263

£/ -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.--Secu
rities and Exchange Commission.



:

H. 14
Exhibit J
Other Security Offerings
(In millions of dollars)
Gross Ion g-term 1/
Foreign government 2/
1963
1
1962
1
1961
1
1963
January
February
March
April
May
July
August
September
October
November
December

232
133
76
57
114
11
e/ 60
e/ 70

Year
Jan.-Aug.

e/ 753

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

6
29
20
2
66
29
5
2

e/
ef

1

Federal agency 3/
1962
1
1961

148

246
156

186

461

459
-

252
100
149
278

---

150
175

250
193

43
34

—

225

--

--

--

737

236

1,188

1,448

366

159

1,013

1,029

e/

--

793

Net Short-term 4/
State and local government 5/
Federal aeencv 3/
1
January
February
April
May
July
August
September
October
November
December

75
272
-367
589
-189
-149
£/ 10

Year
Jan.-Aug.

n.a.

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

520

640

674

£/
1/

£/
£/
£/
£./

-106
-189
-482
292
380
275
392
510

P/l,072_

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

-76

807

V,

w
i
$

-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
year.
2/ Includes securities offered in the United States by foreign governments and their polities',
subdivisions and international organizations. Source: Securities and Exchange Commission.
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.
Principally tax and bond anticipation notes, warrants or certificates and Public Housing
—5/

Authority
notes. In some instances pHA notes included may have a somewhat longer maturity
than one year. Source: Bond Buyer and Federal Reserve.



Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Month

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

Total

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

Corporate
Bonds
(Other than
Convertible
convertibles)
bonds

s

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
,

35

--

19
26
22
146

41
18

Other 2/

194
25
75
48
63
134
43
460
60
20

Large Individual Issues Offered September 1 through 6

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or net
interest
cost

Offering
Rating
yield

CORPORATE
None
STATE AND LOCAL GOVERNMENT
State of Washington

Rev.-S.T.

OTHER




35.8

1964-81

3.09

2.00-3.20 A

H= 14

*
1/

Rights offering.
11. 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.
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal agencies.
3/ In the case of State and local government securities, G.O. denotes general
"^^obligations; Rev.-Ut., revenue obligations secured only by income from public
utilities; Rev.-Q.Ut., revenue bonds secured only by revenue from quasi-utilities;
Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent,
revenue bonds secured solely by lease payments.




H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues

Date of
computation

1962 - Aug.
Sept.
Oct.
Nov.
Dec.
1963 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

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

During month following
late shown
State and
Corporate
local govt.
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

Other 2/

Subsequent to
datea shown
State and
local govt.
Corporate

175

75
25

45
40
460
75
20

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

Other 2/
175

75
25
33
45
40
460
75
20

Forthcoming Large Offerings, as of September 6

Issuer
. CORPORATE
CIT Financial Corp.
Atlantic Coast Line R.R. Co.
Northern States Power Co.
*Dow Chemical Co.
New England Tel. & Tel. Co.
United California Bank
STATE AND LOCAL GOVERNMENT
Houston Ind. Sch. Dist., Tex.
New York City, New York
Lewisport, Kentucky
Detroit, Michigan
Los Angeles Unif. Sch. Dist.,
California
New Orleans, La.
Municipality of Metro. Seattle,
Washington
State of North Carolina
Austin, Texas
|




Type

Amount
(millions of
dollars)

Approximate date of
offering

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

100.0
20.0
15.0
100.0
22.6
25.0

September 11
September 18
September 19
September 19
September 23 (rts. ex.)
October (rts. ex.)

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

10.6
25.6
50.0
11.5
25.0

September
September
September
September
September

G.O.
Rev.-Ut.

14.7
15.0

September 18
September 18

G.O.
Rev.-Ut.

22.0
14.0

September 24
October 3

10
10
16
17
17

H. 14
L-2
Forthcoming Large Offerings, as of September 6

Issuer
STATE AND LOCAL GOVERNMENT (Cont'd)
Los Angeles Dept. of Wtr. & Pwr.,
California
Cincinnati, Ohio
State of Louisiana
Cleveland City1 Sch. Dist., Ohio
*Los Angeles Dept. of Wtr. & Pwr.,
California
East Bay Mun. Util., Dist., Cal.
Pittsburgh, Pa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., Fla.
Houston, Texas

Type

Amount
(millions of
dollars)

Approximate date
of offering

Rev.-U t.

12.0

October 9

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

20.0
30.0
10.0
21.0

October 9
October 16
October 25
November 20

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

27.0
35.0
12.9
46.0
40.0
11.1

November 20
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

OTHER
None

-Included in table for first time.
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.
1/




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
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 6

Milan, Italy--5-l/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

Part II:

Date
reported
7/18

Private Placements--Reported July 1 through September 6

Amount
(millions of
dollars)
26.0

7/18

4.0

8/6

2.1

8/6

5.0

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-6-1/27= promissory notes, maturing 1964-68--no
information available on takedown
Austrian Investment Finance Corp.--notes, maturing
1973--no information available on takedown

Note: For retrospective data on aggregate foreign corporate and government
^ security offerings in the United States see Exhibits I and J. There is no simple
relationship between the data shown in this Exhibit and that shown in Exhibits I
and 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.