Full text of H.16 Capital Market Developments : June 2, 1955

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Not l o r P u b l i c a t i o n . DECONTROLLED AFTER SIX MONTHS
H.ll;

June 2 , 1955
CAPITAL L'ARKLT DEVELOPMENTS

Heavy volume of new c a p i t a l l a s t week - The volume of
l a r g e p u b l i c corporate o f f e r i n g s f o r new c a p i t a l v.as 312 m i l l i o n
d o l l a r s during t h e week ending L'ay 27. S t a t e and l o c a y governments f l o a t e d 83 m i l l i o n d o l l a r s of l a r g e s e c u r i t y i s W e s l a s t
week and a r e scheduled to i s s u e 87 m i l l i o n d o l l a r s of such o f f e r ings t h i s week. Ho l a r g e corporate i s s u e s w i l l be o f f e r e d t h i s

June outlook - The June estimate of t h e corporate v o l ume f o r new c a p i t a l i s 650 m i l l i o n d o l l a r s , about 20 per cent l e s s
than e i t h e r l a s t month's t o t a l or t h a t of June 195k* The estimated
second q u a r t e r t o t a l i s new two b i l l i o n d o l l a r s , about t h e same as
i n t h a t p e r i o d l a s t y e a r . Compared t o the l a s t few months, l a r g e ,
public o f f e r i n g s a r e expected t o account f o r a smaller proportion
and p r i v a t e placements a g r e a t e r proportion of t o t a l i s s u e s in June.
Large p u b l i c o f f e r i n g s a r e expected t o t o t a l 160 m i l l i o n d o l l a r s and
a l l a r e those of public u t i l i t y companies.
The S t a t e and l o c a l government t o t a l of s e c u r i t y o f f e r ings i n June i s estimated a t 550 m i l l i o n d o l l a r s , considerably more
than the L'ay volume but over a t h i r d below the t o t a l f o r l a s t June.
The estimated second q u a r t e r volume i s w e l l below the corresponding t o t a l in 195^.
Bond y i e l d s - Yields on outstanding corporate Aaa and
on U. S . Government long-term bonis rose one b a s i s point during
the week ending Liay 27. S t a t e and l o c a l government Aaa y i e l d s did
not change. Daily f i g u r e s i n d i c a t e l i t t l e change i n the corporate
and Treasury y i e l d s t h i s week.
Corporate Baa bond y i e l d s increased one b a s i s p o i n t l a s t
week. Yields on S t a t e and l o c a l Baa and revenue bonds remained
stable.
Stock p r i c e s r i s e - Stock p r i c e s , as measured by the SEC
index of 265 common s t o c k s , increased s l i g h t l y l a s t week t o 23lu6,
a new h i g h . Average d a i l y t r a d i n g volume was only two m i l l i o n
s h a r e s . L i t t l e change i n p r i c e s occurred on Tuesday and Wednesday
of t h i s week according to d a i l y indexes.




—2—

State and Local Government Security
Offerings i n the F i r s t Quarter, 1955 •
Purpose of issue
State and l o c a l governments offered 1,409 million d o l l a r s
of long-term security issues in the f i r s t quarter of 1955* as shown
i n the attached, t a b l e , an amount j u s t s l i g h t l y larger than the f i r s t
quarter 1954 volume and 19 per cent more than that of 1953• Refunding i s s u e s t o t a l e d about twice the volume o f f e r e d in the two
previous f i r s t q u a r t e r s , but were s t i l l only a small portion of the
t o t a l . Offerings f o r new c a p i t a l amounted to 1,385 million d o l l a r s
" i n the f i r s t t h r e e months of 1955»
As i n the f i r s t quarter of each of the l a s t two years,
more issues were sold f o r school building construction than f o r any
other purpose. The volume of such i s s u e s was 1+U9 million d o l l a r s
t h i s year compared t o 1*05 million i n 1954 and 319 million in 1953•
Offerings f o r construction of r e s i d e n t i a l buildings t o t a l e d 57 mill i o n d o l l a r s t h i s year, considerably l e s s than "the.182 million doll a r volume in the corresponding period the year before or t h e 137
million dollar t o t a l in 1953. Highway, bridge and tunnel issues
were moderately above, and sewer and water o f f e r i n g s moderately below, the volume of the two previous f i r s t . q u a r t e r s .
Comparison of the f i r s t quarter volume with the q u a r t e r l y
average of the l a s t two years r e s u l t s in a somewhat d i f f e r e n t p i c t u r e . Total volume of new c a p i t a l in the f i r s t quarter t h i s year
was about the same as the average for 1953 but 18 per cent smaller
than that of l a s t y e a r . F i r s t quarter highway, bridge and tunnel
issues were only one-third and r e s i d e n t i a l housing issues one-half .
l a s t y e a r ' s average, but bond issues f o r educational financing were
one-fourth g r e a t e r . This r e l a t i v e l y greater importance of school
issues and l e s s e r importance of highway issues in the f i r s t quart e r than f o r the year as a whole undoubtedly r e f l e c t s seasonal i n f l u e n c e s t o some extent. ^
•
Issuing a u t h o r i t y
State governments f l o a t e d the l a r g e s t percentage of t o t a l
s e c u r i t y o f f e r i n g s from January t o liarch t h i s year i n contrast t o
1953 and 1954, tvhen m u n i c i p a l i t i e s were the most important issuing
a u t h o r i t y . The greatest decline i n volume from the f i r s t quarter
of the l a s t two years occurred in i s s u e s of special, a u t h o r i t i e s .
Issues f l o a t e d by S t a t e governments t o t a l e d 344 million
d o l l a r s compared to a q u a r t e r l y average of over 500 million d o l l a r s
in 1954 but of only about 200 million i n 1953* The volume of both
county and township o f f e r i n g s and special a u t h o r i t i e s issues was
considerably l e s s than l a s t y e a r ' s q u a r t e r l y average. With the




-3. Long-Term Security Issues of S t a t e and Local Governments
F i r s t Quarter, 1953-1955 and Quarterly Average for 1953 and 1951*
(In millions of d o l l a r s )
Quarterly average

F i r s t quarter
" 19#
Issuing a u t h o r i t y :
State
County and township
Liunicipality
School d i s t r i c t
Special authority
Unidentified 1/
Total
Purpose of i s s u e :
New c a p i t a l t o t a l

k
'

Schools
Highways, b r i d g e s , tunnels '
Residential buildings
Hospitals and i n s t i t u t i o n s
Sewer and water
Misc. public service e n t e r p r i s e s
Recreation
Port and a i r p o r t
Veterans aid
I n d u s t r i a l building
Other
Unidentified 1 /
Refunding

I 1954

I 1953

195IT

1953

512
269
2k2
207.
366
11*7

192
68
263
209
523
136

31*1*.
109
333
291*
1*9
280

217
126
1*12
232
258
139

253
65
315
225
232
97

1,1*09"

1,381;

1,188

1,71*2

h m

h m

I M

1,385

-

1,389
1i369

1*1*9
176
57
30
159
77
13
1
82
0
65
277

1*05
115
182
15
186
70
9
25
67
0
133
137

2l*

11

12

1,1*09

1,381:

1,188

1,71*2

1,389

1,122
287
0

1,028
356
0

991
197
0

935
808
0

861
392
131*

1,109

1,381

1,188

1,71*2

1,389

' 319
il*i*
137
25
190
75
lit
- 1
- ,111
1
61
97

358
531*
111*
19
168
11*9
in
22
1*1
Neg.
133
11*1*

330
397
126
33
162
39
11
12
35
2
86
136

1*5'

20

Type of i s s u e :
General obligation
RevenueGeneral revenue
Total

•

Note .-—Details -may not add t o t o t a l s because of rounding.
Sources.—Bond Buyer and Federal Reserve.




-hexception of t h e s p e c i a l a u t h o r i t i e s , - a l l the i s s u i n g a u t h o r i t i e s
f l o a t e d more o f f e r i n g s during t h e - f i r s t q u a r t e r t h i s year than the
q u a r t e r l y average" of 1953*
Type of i s s u e
General o b l i g a t i o n bonds accounted f o r 80 per cent of
t o t a l i s s u e s t h i s y e a r , s l i g h t l y more than in the corresponding
p e r i o d l a s t y e a r . Mo l a r g e revenue i s s u e s — t h a t i s , those with
proceeds over £0 m i l l i o n dollars—v/ere included in e i t h e r f i r s t
q u a r t e r ; a t l e a s t one l a r g e revenue i s s u e of over 100 m i l l i o n d o l l a r s 'was sold i n each of t h e other q u a r t e r s l a s t y e a r .
uore d e t a i l e d information concerning.recent c a p i t a l mark e t developments w i l l be found i n the a t t a c h e d e x h i b i t s .

Business Finance and 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

H I 6 H - GRADE BOND YIELDS
Per c e n t p a r

1952

Date

1953

Corporate
Aaa y

U. S. Govt,
long-term 2 /

1954

State and l o c a l
govt., Aaa 3 /

1955

Spread between
U. S. Govt, and
Corporate State and
l o c a l Aaa

(Per cent)
1952 - High
1953 - High
Low
1951 - High
1955 - High
April 29
May 6
-May 13
May 20
May 27

3.03
2.91
" 3.1*2
2.99
3.09
2.85
3.05
. 2.91

(iA)
(2/15)
(6/19)
(1/9)
(1/8)
(V23)
(5/27)
(1/7)

3.01
3.02
3.Oh
3'Ok
3.05

2.79 (12/27)
2.56 (5/17)
3.l5<6/6)
2.78 (12/26)
2.7h (1/9)
2 . h i (8/7)
2.77(5/6)
2.62 (1/7)
2.77
2.77
2.75
2.7k
2.75

, 2 . 0 0 (10/23)
1.65 (5/1)
2.73(6/25)
1.98 ( 1 / 8 )
2.21 (6/10)
i.90(9/2)\
2.11 (2/10)
2.05 (5/26)
2.08
2.08
2 .07
2.05
2.05

.37
.19
.38
.19
.13
.32
•314
.2 h

1.02
.71
.81
.30
.61
.29
.70
-'• ' -51*

.2ii
.25
.29
.30
•30

.69
.69
,.68
.69
.70

2 / Weekly average of d a i l y f i g u r e s ; old s e r i e s . Average tern to f i r s t c a l l
of bonds included i s 13-12; years.
3 / Thursday f i g u r e s . Only general obligation bonds are included; average
tern i s 20 y e a r s .
Note.—Highs and lows are for individual 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 .




'

L O W E R - G R A D E B O N D YIELDS
Weekly
CORPORATE B o o

STATE A N D LOCAL GOVT. REVENUE

Date^

Corporate
Baa 1/

State and
local govt.
Baa 2/

State and
local govt.

(Per cent)

1955 - High
Low

3.63 (1A)
3.W(5/16)
3.89(9/18)
3.50 (1/2)
3.7k (1/8)
3-bh (12/31)
3.50 (5/27)
3.15 d M )

2.98
2 .li8
3.79
2.96
3.32
2.93
3.08
3.02

April 29
May 6
May 13 .
May 20
May 27

3.19
3.L9
3.50
3.19
3.50

3.08
3.08
3.08
3.06
3.06

1952 - High
1953 - High
195U - High

(10/23)
(Vl7)
(6/25)
(1/8)
(1/7)
(8/5)
(5/12)
(1/6)
-

2.69
2.27
3.27
2.71
3-.00
2.72
2.80
2.76

(12/19)
(V25) .
(6/26)
(1/2)
(1/1)
(8/13)
(Vl5)
(1/7)

2.78
2.78
2.77
2.77
2.77

__
_
_
Average term of bonds
included i s 25-26 years.
2 / Thursday figures. Only general obligation bonds are
included; average term i s 20 years.
3/ Friday figures. Average rating of bonds included i s
between Baa and A; average tern i s 20 years.
Note.—Hi^ig^and lows are for individual series and may
for different series.

be on different dates


EXHIBIT C

STOCK MARKET

1952

Date

Stock p r i c e
index 1/

1953

1954

1•Trading
Common
lvolume 2 /
( m i l l i o n s y i e l d s 3/
1 of s h a r e s ) ( p e r c e n t )

1955

S t o c k market
Customers'
debit b a l - loans to
a n c e s h/
" o t h e r s " 2J

Total

(Mil) i o n s of d o l l a r s )
1952 - High
1953
1951 - High
1 9 : 5 - High

Lo-

Apria
Kay i
&:ay 2
May 2

165.3 (12/26)
151.7 (10/2ii)
167.1 (1/2)
liih.O ( 9 / 1 0 )
221.li ( 1 2 / 3 1 )
156.5(1/6)
231.6 (5/27)
2 1 7 . li ( 1 / H t )
225.6
231.1
231.2
233.3'
231.6

'

2.0
0.9
2.5'
0.9
3-7
l.L
ii.6
2.0
2.9
2.7
2.2
2.1

- 5.77
5.13
5.75
5.15
5.33
u.20
- a.22
L .12
'

L.21
• .'4.12

1,986
1,G0L

2,kh?

2,055
3A36
2,k05
3,T55

.
3,732
3,78:

1,332
1,211
1,065 •
1,311:
2,388
1,653
2,701
2,517

#6
552
780
661j
1,0U8
7L6
1,091
1,010

2,652
2,70li

1,080.
1,001
1,085 '
1,091

t o lyll7.-^9=100 by F e d e r a l i t e s e r v e . The c a . v e r s :
2 / Averages of d a i l y t r a d i n g volume on the Hew York Stock Exchange.
3/- L'ooay's 2 0 0 ccnur.cn s t o c k s j end of month
5-.v York S t o c k Kxchange which
1/
i n d n a c c o u n t s ; e x c l u d e s r,
•ruv/ed f o r c a r r y i n g U. 5 . Government .'obligations
5 / V.'fdnesday f i i o u ' c s f o r w e e k l y r - ' p o r t i n - member b a n k s . E x c l u d e s a l l l o a n s
on U. S . Governments f o r 1 9 5 2 ; s i n c e 19T3 on3y l o a n s s e c u r e d by l o v e r m e n t s a t
banks i n : mv l o r k arc Ghzcaro a r e e x c l u d e d . Weekly r e p o r t i n g banks a c c o u n t f o r
a b o u t 72 per c e n t o f . l e a n s t o o t h e r s .
n.a.—%ot a v a i l a b l e .
'
f.'ote.—rllighs and l o w s a r e f c r i n d i v i d u a l s e r i e s and -lay b e on d i f f e r e n t d a t e s
for different s e r i e s .




H.11+
Corporate and S t a t e and Local Government
S e c u r i t y Offerings and Placements
(In m i l l i o n s of d o l l a r s )

1955

•I

Corporate
1952*
1

1953

1955

S t a t e and l o c a l
1 1952*
1

1953

January
February
March

52*6
2*36
1,261

52*7
2*26
635

623
#3
666

535
312
538

396
2*11
565

389
360
2*26

April
May '
June

e/$00
e/%0
e/650

197
656
81*2

779
675
1,123

3/2*25
V350
s/550'

732*
72*8
853

329
62*9
2*32*

2*83
325
753

279
261
62*9

519
259
2*75

592*
2*23
877

• 2*53
2*08
772*

1,372
2,332*
1,188
1,892*
6,789

1,176,
1,2*12
1,253
1,636
5,2*77

July
August
September

909
335
71*7

October
November
December

1,003 290
602*

577
2*29 1 /
1,2*38

1,608
1,992
1,991
1,896
7,2*90

1,912
2,578

1st quarter
2nd quarter
3rd q u a r t e r
2*th q u a r t e r
Year '

2,22*3
5/2,000

-

1,385
1,325

8,2*95

Excluding f i n a n c e companies 2 /
1st quarter
2nd q u a r t e r
J r d quarter
2*th q u a r t e r
Year

1,791
e/1,950

1,527
1,927
1,911
1,792
7,128

1 / #
1,991
1,223
2,32*2*
7,227

2 / Total new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and p e r s o n a l finance'
companies.
- e / Estimated.
Note.—Details may not add t o t o t a l s due t o rounding.




H.m

Exhibit E
Large Public. Security Issues f o r New Capital
- (Other than U. S. Treasury) 1/
Proceedc of Large Issues Offered
(trillions of d o l l a r s )

Month

Corporate

19%k - May
June
July
August
September
October
November
December
195# - January
February
March
April
^
'
May

State and
l o c a l government

32k
350
• 336
75
335
U13
0
9k
111
72
750
175
183

Other 2 /

557
603
92

%

lt55
388
268
6#
3kl
107
337
238
109 .

30
35
•

15

Large Individual Issues Offered during Hay
Issuer

Type 3 /

Amount
Coupon
({millions
r a t e or
Offering
Maturity
Rating
of
net i n t e r yield
dollars)
e s t cost

CORPORATE
Public Service of
Indiana, Inc.
Pacific Northwest Pipeline
American Trust Co. of
San Francisco
Transamerica Corp.
Ohio Edison Co.
W. K. Grace fit Co.
Bethlehem S t e e l Co.
Alabama Power
Detroit Edison
General Telephone Corp.
Lockheed A i r c r a f t Corp.

Pfd. stock
Con. stock

21.3
15.5

Com. stock
19.5 .
Com. stock
51.5
1st mtg. bds.
30.0 ' 1985
Conv. sub. deb . 30.0
1975
Conv,, deb.
191.7
1980
1st mtg. bds. 15.0
1985
Genl.. & r e f .
mtg. bds.
60.0
1980
Pfd. stock
15.0
|Cenv. sub. deb. 30.0
1980




i/U
1/2
iA
1/2

3.22
3.JU0
3.25
3.37

Aa
Ba
A
A

.

3 1/k

3.25

Aa

,

3 3A

3.75

Ba

:

3
3
3
3

V.Ik

E-2
Large I n d i v i d u a l I s s u e s Offered during Hay (Cont'd)

Issuer

Type 3 /

Amount
Coupon
(millions
Offering
r a t e or
Rating
Ilaturity net i n t e r of
yield
dollars)
est cost

STATE AMD LOCAL GOVERN! £HT
Wash. T/;p.-Marion Co.,
Sch. Blag. Corp., I n d .
C i n c i n n a t i , Ohio
Los Angeles, C a l i f o r n i a
Louisiana S t a t e Building
Authority
S t a t e of Maryland
Memphis, Tennessee
S t . Paul, Minnesota
Port of Hew York Auth.
Chicago, I l l i n o i s
Allegheny County, Pa.
Cakaale, C a l i f o r n i a
South San Joaquin, Cal.

Rev.
G.O.
Rev.

6.6
19.7
6.0

1957-77
1956-95
1956-85

3.02
2.10
2.28

1.80-3.05
1.05-2.45
1.05-2.40

L.L.
G.O.
G.O.
G.O.
Rev.
G.O.
G.O.
Rev.
Rev.

9 . 9 . 1960-81
11.3
1958-70
3.3
1956-85
6.9
1956-85
30.0
1985
6.0
1957-75
1956-85
5.5
20.8
200k
20.8
200k

2.87
1.77
2.09
2.06
2.79
2.21
2.25
3.Oli
3.0k

2.00-2.90
1.25-1.80
1.00-2.25
1.00-2.20
2.75
1.30-2.30
1.10-2.40
3.00
3.00

—

Aaa
Aa
Baa
Aaa
Aa
Aa
A
A
A.

OTHER
None
o v e r / " S t a t e and l o c a l government s e c u r i t y o f f e r i n g s of $ m i l l i o n and over.
2 / Includes 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 Reconstruction and
Development i s s u e s .
3/ In the case of S t a t e and l o c a l government s e c u r i t i e s , G.O. denotes general
o b l i g a t i o n ; Rev., revenue bonds; and, L . L . , l i m i t e d l i a b i l i t y o b l i g a t i o n s secured
by pledge.of designated revenues.




H.llt

Exhibit F
Forthcoming Large Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues

195k - May 28
June 30
July 30
Aug. 31
Sept. 30
Oct. 29
Nov. 30
Dec. 31
1955 - Jan. 31
Feb. 28
Mar. 31
Apr. 29
May 31

336
100
33h
3U3
15
.9h
18U
16
710
211
1|25
160

Sn

During month following
date shown
• .
State and
Corporate
l o c a l govt.
i

Date of
computation

Subsequent.to
date shown
State and
Corporate
l o c a l Eovt. Other 2 /

%

5k
300
383
1*36
661
567
682
52k
208
116
339

526
532
303
608
hlh
135
216
216

30

1&22

1,395
922
l,liil
850

1,971
1,52k
1,553
1,876
2,158
1,957
2,682
2,lklt
1,961
1,978
2,009
1,917
1,861

30
30
..35

* Forthcoming Large Offerings, as of May 27
Type

Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

CORPORATE
Virginia E l e c t r i c and Power
Southern California Edison
Baltimore Gas and E l e c t r i c Co.
Southern New England Telephone
and Telegraph
^Oklahoma Gas and E l e c t r i c
Consolidated' Natural Gas
Peoples Gas Light & Coke
American Telephone and Telegraph
Southern California Gas Co.

1st &ref. mtg.bds.
Conv. deb.
Conmon stock
Deb.
1st mtg. bds.
Common stock
Common stock
Conv. deb.
Bonds

25.0
la.o
20.1
20.0
15.0
22.9
15.5
650.9
ko.o .

June 7
June lit
June 21
June
June
June
June
1955
1955

21
21
21
2lt

STATE AND LOCAL GOVERNMENT
State of North Carolina
New York City Housing Authority
Houston, Texas
Galveston Co. Navigation Dist., Texas
Baltimore, Maryland




G.O.
G.R.
G.O.
G.O.
G.O.

11.0
27.2
12.5
6.0
2li.7

June
June
. June
June
June

1
1
1
2
2

H.lU '

F-2
Forthcoming Large O f f e r i n g s , a s of Hay 27 (Cont'd)
Issuer

Type

Amount
(millions Approximate date
of o f f e r i n g
of d o l l a r s )

STATE AND LOCAL GCViPlJ:J1MT (Cont'd) .
•^Minneapolis, Minnesota
F l o r i d a S t a t e Turnpike Authority
Texas Turnpike Authority
Kansas C i t y , Kansas
Cleveland, Ohio
Tacoma, Washington
•^-Pennsylvania -General S t a t e Auth. D a l l a s , Texas
Maryland S t a t e Roads Commission.
Inter-American Center Auth., F l a .
Michigan Turnpike Authority
S t a t e of Louisiana
I l l i n o i s Turnpike Authority
Connecticut Express,?ay
Texas Turnpike Company
Dade County Port Authority, F l a .
Springfield, Illinois
Allegheny County, Pennsylvania
S a n i t a r y Authority
C a l i f o r n i a T o l l Bridge Authority
J e r s e y City Server age Auth., N. J .
North Carolina Turnpike Authority

Rev.
Rev.
Rev.
n.a.
Rev.
Rev.
Rev.
Rev.
n.a.

5-2
7U.0
5:0.5
7.0
13.2
15.0
50.0
9.2
25.0
60.0
136.0
30.0
390.0
100.0
lho.o
21.0
9.0 .

June
June
June
June
June
June
June
June
June
1955
1955
1955
1955
1955
1955
1955
1955

Rev.
Rev,
Rev.
n.a.

85.0
235.0
-16.0
200.0

1955
3.955
1955
1955

1 G.0-.
' Rev.
Rev.
Rev.
Rev.

2
7
lii
111'
21
21
22
27

OTIICR
None
1/ Includes corporate and other i s s u e s of l£ million d o l l a r s and over; S t a t e
and l o c a l government i s s u e s of 5 m i l l i o n and over.
2 / Includes 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 Reconstruction and
.Development i s s u e s .
n.a<—Not a v a i l a b l e .
—Included i n t a b l e f o r f i r s t time.




Exhibit G

H.lU'

Y i e l d s on New and Outstanding
E l e c t r i c Power Bonds, Rated Aa and A 3 /

Date

•offering y i e l d s I A-rated o p ~ r i n _ g j a S M i
Anount above
Amount above
Actual
Actual
seasoned y i e l d s (per c e n t ) seasoned y i e l d s
(hasis points)
(per c e n t ) ( b a s i s p o i n t s )

3.16

13

3.35

12

19^2 average
1953 average

3.U3

15

3-79

27

3.Oil

3.12

-3

192ft - January .
February
March
April
May
. June
July
August
September
October
November
December

3.20
3.02
*2.93
2,99

*3.3$
*3.20
3.0%
3.10
3.1U3.1U
*3.13
3.11
*3.10
3.10
None
3-11

2
-1

1955 - January
February
March
April

*3.15
*3.lit
*3.17
None

195h average

May 11
11
18
. . 2k

3.00

*3.00
None
None

3.02

3.03
None
None

3.22

13
7

10

v a r i e s from 26 to 28 y e a r s .
•if—Single o b s e r v a t i o n , not ary a v e r a g e . .




-10

-6

0
-2

-1
-1
-3
-2

. None
*3.23
3.29
3.31

9
111
16

3.3^
3.32

lUll

3.37

16