Full text of H.16 Capital Market Developments : March 8, 1956

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H.lU

March 8, 1956

CAPITAL MARKET DEVELOPMENTS
Large s e c u r i t y issues o f f e r e d f o r new c a p i t a l during the
week ending March 2 represented S t a t e and l o c a l government financing
only,- and t o t a l e d $153 m i l l i o n . Corporations are expected to f l o a t
0123 m i l l i o n of large public issues t h i s week, and State and l o c a l
governments are scheduled to o f f e r $59 mi l l i o n .
There has been a s u b s t a n t i a l increase over the past week
in t h e volume of large public issues scheduled to be o f f e r e d by corporations during the remainder of the. month; as a r e s u l t , the March
estimate of t o t a l corporate new c a p i t a l issues has been r a i s e d to
$900 million as may be seen in Exhibit D.
Bond y i e l d s - Yields on State and l o c a l government Aaa and
revenue bonds and on U. S. Government long-term (old s e r i e s ) obligat i o n s rose s l i g h t l y l a s t week. Other bond y i e l d s remained s t a b l e .
Daily f i g u r e s show an increase in the Treasuiy obligation y i e l d s
during the f i r s t p a r t of t h i s week.
Yields on newly-offered e l e c t r i c u t i l i t y bond issues with
Aa-rating are currently t h r e e basis points above, and those with
A-rating are t h r e e basis points below, y i e l d s on outstanding bonds
of corresponding quality and similar terms as shorn i n Exhibit G.
In mid-February the o f f e r i n g y i e l d on an A-rated bond was eight
basis points below t h e seasoned.yields.
Stock p r i c e s - Stock p r i c e s , as measured by the SEC index
of 265 common stocks, rose to a new high of 27k.5 in the week ending
March 2, in an average t r a d i n g volume of 2.8 million shares a day.
According t o daily indexes, p r i c e s increased moderately
on Monday and decreased very s l i g h t l y on Tuesday and Wednesday of
t h i s week.
S t a t e and Local Government Security Offerings
in 1955
S t a t e and l o c a l governments offered $6.0 b i l l i o n of longterm security^issues in 1955, compared to $7.0 b i l l i o n of such f i nancing inT.95U, as shown i n the attached t a b l e . As in the previous
y e a r , the major type of issuing authority in 1955 was State governments which f l o a t e d $1.U b i l l i o n of i s s u e s , #600 million l e s s than
in 195U« Municipal and s p e c i a l authority o f f e r i n g s were also down
s u b s t a n t i a l l y from the 195U volume. On the other hand the volume
of school d i s t r i c t and county and township i s s u e s increased.




-2-

H. lit
Long-Term S e c u r i t y Issues of S t a t e and Local Governments
1952-1955
( I n m i l l i o n s of d o l l a r s )
• 1955
Issuing a u t h o r i t y :
State
County and tornship
Municipality
School d i s t r i c t
Special authority
Unidentified l /

•

Total
Purpose of i s s u e :
New c a p i t a l t o t a l
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 s e r v i c e e n t e r p r i s e s
Recreation
P o r t and a i r p o r t
Veterans aid
I n d u s t r i a l buildings
Other
Unidentified 1 /
Refunding

195k

1,W8
U72
1,313
1,005
1,097
68}

1953

1952

2,Ok7
kk2
1,601
828
1,163
587

767
271
1,052
83k
2,091
5k3

718
271
966
537
1,305
6lU

5,976

6,969

5,558

k,klO

5,911

&T89

hhZL

kj096

1,516
1,362
570
98
712
169
ill
102
169
u
190
680

1,132
2,136
U56
77
67k
597
58
88
162
2
533
5#

1,320
1,588
506
133
6U7
156
k5
k9
lkl
7
3kk
5U2

38
U19
223
2k
60
100
5
28 3
61k

180

82

31k

5,976

6,969

5,558

k,klO

1,109
1,732
135...

3,72k
3,21k
31

3,123
1,567
568

2,9k7
l,k63

5,976

6,969

5,558

k,klO

65
Total

Type of i s s u e :
General o b l i g a t i o n
Revenue
General revenue 2 /
Total

.

J

J . / I s s u e s of l e s s than £>500,000 not f u r t h e r c l a s s i f i e d .
2/ Total of i s s u e s with proceeds of yS m i l l i o n or over.
Note.—Details may not add to t o t a l s because of rounding.
Source—Bond Buyer and Federal Reserve.




969
938
h2k

H.lU

-3-

Purpose
New c a p i t a l i s s u e s t o t a l e d $5*9 b i l l i o n i n 1955# 13 per
cent l e s s than i n t h e year e a r l i e r but s t i l l the second l a r g e s t
volume .on r e c o r d . Refunding accounted f o r s l i g h t l y more than one
per cent of t o t a l o f f e r i n g s l a s t y e a r .
Most of the decline in 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 l a s t year occurred in highway, bridge and tunnel
i s s u e s , which dropped from § 2 . 1 b i l l i o n t o $1.4 b i l l i o n r e f l e c t i n g
a smaller number of t o l l road i s s u e s . "Only one t o l l highway i s s u e
of over tlOO m i l l i o n was o f f e r e d i n 1955 compared with s i x i n 1954*
Miscellaneous p u b l i c s e r v i c e e n t e r p r i s e o f f e r i n g s were also cons i d e r a b l y l e s s than i n 1954, t o t a l i n g $170 million i n c o n t r a s t t o '
almost $600 m i l l i o n . However, most of t h i s d i f f e r e n c e can be accounted f o r by the $335 m i l l i o n issue which t h e New York S t a t e
Power Authority f l o a t e d in December 195*4 • School c o n s t r u c t i o n
i s s u e s are among t h e few groups of o f f e r i n g s which have shorn a
steady increase in volume s i n c e 1952. Proceeds from such i s s u e s
grew t o $1.5 b i l l i o n in 1955, from $1.4 b i l l i o n i n 1954 and $1,0
b i l l i o n in 1952.
O f f e r i n g s f o r other purposes were g e n e r a l l y a t about the
same l e v e l as i n the t h r e e e a r l i e r y e a r s .
Type

•

The volume of revenue i s s u e s and i t s r e l a t i o n s h i p to t o t a l
volume was much smaller i n 1955 than i n t h e previous year—$1.7 b i l l i o n or 29 per cent i n c o n t r a s t t o 33-2 b i l l i o n or 46 per cent i n
1954—but near t h a t of 1952-53• This was t h e r e s u l t of the heavy
volume of t o l l road i s s u e s f l o a t e d in 1954 but not in 1952, 1953 or
1955* General revenue i s s u e s increased $100 m i l l i o n from 1954 t o
1955» but the volume did not approach t h a t of 1953 when almost
3570 m i l l i o n of such i s s u e s were f l o a t e d .
More d e t a i l e d information concerning r e c e n t c a p i t a l mark e t developments i s presented i n t h e attached e x h i b i t s .

Business Finance and C a p i t a l Markets S e c t i o n ,
Division of Research and S t a t i s t i c s ,
Board of Governors of t h e Federal Reserve System.




EXHIBIT A

H I G H - G R A D E B O N D YIELDS

| CORPORATE A a o

U. S. G O V E R N M E N T - I

GOVERNMENT A a o jj

U. S. Govt.,.long-term g/"
Corporate
Aaa 1 /

Old s e r i e s

New s e r i e s

Spread between
U. S. Govt.
State and
l o c a l govt. (old s e r i e s ) and
CorporateIstate i
Aaa 3 /
Aaa
[ l o c a l Aaa

(Per cent)
3-U2
2.99
3.09
2.85
3.17
2.91

(6/19)
(1/9)
(1/8)
(U/23)
(12/23)
(1/7)

3.1U (1/6)
3.07 (3/2)

3.15
2.78
2.7U
2.B
2.9k
2.62

(6/6)
(12/2i
(1/9)
(8/7)
(8/5)
(1/7)

2.90 (1/6)

2.80 (2/17)

2.92 (2/3)

2.92

£ 3

3.07
3-07
3-07

3.03 ( 8 / 5 )

2.89 (6/10)
2.96 (1/6)

2.93

1:8

1/ Weekly average of d a i l y f i g u r e s .

I S

2.9U

2.73
1.98
2.21
1.90
2.3U
2.05
2.29
2.17
2.21*
2.18
2.17
2.17
2.18

(6/25)
(1/8)
(6/10)
(9/2)
(9/8)
(5/26)
(1/5)
(2/23)

.38
.19
•U3
-32
• 3U
.13
.28
• 23

• 8lt
.30
.61
.29
.70
• 5U
.66
.56

.28
.27
.27
• 2h
• 23

•57
• 63
• .63
.66
.66

Average term of bonds included i s 25-26

^
2 / Weekly averages of d a i l y f i g u r e s . The old s e r i e s includes f u l l y taxable,
marketable 2 1/2 per cent bonds due or f i r s t c a l l a b l e a f t e r 12 years through
September 1955, and those due or c a l l a b l e in 10-12 years t h e r e a f t e r ; the average
term to f i r s t c a l l of t h e bonds included declined ftom Hi years in early 1953 to
11 1/2 years in early 1956. The new s e r i e s i s comprised of the 3 per cent bond
of 1995 and the 3 1/h per cent bond of 1978-83*
V Thursday f i g u r e s . Only general obligation bonds are included; average
term Ts 20 y e a r s .
Note.—Highs and lows are f o r 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

Per cent per annum

CORPORATE Boo

'

t

i

l

STATE AND LOCAL GOVT. Boo

I- I

STATE AND LOCAL GOVT. REVENUE
Dow-Jon

\W-L-I

Corporate
Baa 1 /

Date
-

S t a t e and
l o c a l govt.
Baa 2 /

S t a t e and
l o c a l govt,
rev. 3/.

(Per c e n t )

1955 " High

3.89
3-50
3.7k
3.UU
3.63

1956 - High
Low

3.62 (1/6)
3-58 ( 3 / 2 )

3.79
2.96
3-32
2.93
3.26
3.02
3.26
3.20

February
February
February
February
March 2

i $
3.58
3.58
3.58

3.22
3.22
3.20
3-20
3.20

1953 - High
Low
195U - High

3
10
17
2ii

(9A8)
(1/2)
(1/8)
(12/31)
(12/30)

3.U5 (I/Hi)

(6/25)
(1/8)
(1/7)

(8/5)

(12/29)
(1/6)
(1/5)
(3/1)

f i cr n t*p<s.

3.27
2.71
3.00
2.72
2.99
2.76
2.9k
2.89

(6/26)
(1/2)
(1/1)
(8/13)
(12/30)
(1/7)
(1/6)
(2/2U)

2.89
2.89
2.89
2.89
2.90
?e
Averai term of bonds

i n c l u d e d i s 25-26 y e a r s .
_
2 / Thursday f i g u r e s . Only g e n e r a l o b l i g a t i o n uonds are
i n c l u d e d ; average term i s 20 y e a r s .
.
V Friday f i g u r e s . Average r a t i n g of bonds i n c l u d e d i s
between Baa and Aj a v e r a g e term i s 20 y e a r s N o t e . — H i g h s and lows are f o r i n d i v i d u a l s e r i e s and may
for different series.

be
 on d i f f e r e n t d a t e s


STOCK MARKET

Date

Stock p r i c e
index 1 / -

Trading 1 . Common
volume 2 /
stock
(millions lyields 3/
of s h a r e s ) 1 ( p e r c e n t )

Stock market customer, c r e d i t
Customers'
Bank
debit bal- loans to
ances V
"others" 5 /
( M i l l i o n s of d o l l a r s )

1953 - High
195k - High1955 - High
Low
1956 - High
Low
January •
February
February 17
February 2h
March 2

167.1
1W.0
221.lt
156.5
270.7
217.U

(1/2)
(9/18)
(12/31)
(1/6)
(12/30)
(1/1U)

257.h (1/20)

2.5
0.9
3.7
1.U
1*.6
1.5
2.8
2.0

262.8
266.3
266.lt
271.2
27U.5

2.2
2.3
2.1
2.6
2.8

274.5 (3/2)

5-75
5.15
5-33
ii.20

h.22
3-78
U.08
3.93
U.08
3.93

2M5
2,055
3,136
2,105
U,030
3,537

1,665 /
1,31U
. 2,388
1,653
2,805
2,517

n.a.

n.a.

U,0U0

2,786

780
66U
1,018
716
1,2U1
1,018
1,267
1,214
1,25U
1,252'
1,2U9

n.a.

n.a.

n.a.

n.a.

1 / SEC index of 265 common s t o c k s , weekly c l o s i n g p r i c e s , 1939-100; converted
t o 19U7-li9*100 by Federal Reserve. The conversion f a c t o r i s 123.91"
2 / Averages of d a i l y t r a d i n g volume on t h e New York Stock Exchange.
1 / Moody's 200 common s t o c k s ; end of month f i g u r e s .
TxJ Bid of month f i g u r e s f o r member firms of t h e New York Stock Exchange which
carry margin.accounts; e x c l u d e s balances secured by U. S. Government o b l i g a t i o n s .
5 / Wednesday f i g u r e s f o r weekly r e p o r t i n g member banks. Excludes l o a n s f o r
purchasing or carrying U. S. Government s e c u r i t i e s a t banks i n New York and Chicago.
Weekly r e p o r t i n g banks account f o r about 72 per cent of loans t o o t h e r s .
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 series.




Exhibit D

H.lk

Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
(In m i l l i o n s of d o l l a r s )

1956
January
February
March

e/735
e/675
e/900

April
May
. June

5k6
1x36

k9k
903
697

1,207
631
921

.

e/2,310

"

2,213
2,09k
1,917
2,760
9,01k

Shi

k26
635

1956
e/kOO
e/650
e/L25

S t a t e and l o c a l
1
1955
1

195k
396
kll
565

5#
312
5#
k27
350

73k
7k8
853

y

k97
656
8U2

•Shi

909
335
7k7

583
65k
680

October November
December

195k
.

1,261

, July
August
September

1 s t quarter
2nd" q u a r t e r
3rd q u a r t e r
kth q u a r t e r "
Year

Net; c a p i t a l

Corporate
1
1955
1

2k9
k06

279
261
6k9

1,003
290
604

919
658
k08

59k
k23
877

1,385
1,U18
1,12k
1,98k
5,911

1,372
2,33k
1,138
1,89k
6,789

1,608
1,995
1,991
1,896
7,k90

h70

e/l,k75

.
.

Excluding f i n a n c e companies 2 /
1st quarter
2nd q u a r t e r
3rd q u a r t e r
kth quarter
Year

e/1,810

1,791
1,912
l,kkl
2,619
7,762

1,527
1,927
1,911
1,792
7,158

1 / Includes $637*2 m i l l i o n AT&T c o n v e r t i b l e debenture i s s u e .
. 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 personal f i n a n c e
companies.
"Note.—Details may not add to t o t a l s due to rounding.




Exhibit E

H.1U

Large Public Security Issues f o r New C a p i t a l
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(Millions of d o l l a r s )
. Month

Corporate

1955 - February
March
April
May
June
July
August
. September
October
November
December
1956 - January
February

S t a t e and
l o c a l government
107
337
238
152
U03
278
65
23U
716
396
205
192
U33

63
750
173
k83
175
101
Uo5
328
805
269
215
95
212

Other 2/
__

15

.

25
50

Large I n d i v i d u a l Issues Offered February 1 through March 2
Issuer

Type 3/

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

CORPORATE
Northwestern B e l l
Telephone
Reynolds Metals
Chemical Corn Exchange
Bank
So. C a l i f . Edison
M. Lowenstein & Sons
Hoppers Co., Inc.
Tennessee Gas Transmission

Deb.
Pfd. s t k .

25.0
liO.O

stk.
Pfd. s t k .
Conv. sub. ebb.
Com. s t k .

26.0
30.7
34.3
15.6

Pfd. stk

1996

3 1A

3.15

Aai

1981

L 3/8

U.38

Ba

1.85-3,10
1.80-2.75
1.70-2.75

A
Aaa
A

1*0.0

STATE & LOCAL GOVERNMENT
Oklahoma City, Oklahoma
Public Housing Auth.
New Orleans, Louisiana




G.O.

13.2
106.8
11.5

1958-81
1956-90
1957-95

2.19

2.69
2.57

P

H.lU

E-2

Large Individual Issues Offered February 1 through March 2 (Cont'd)
.. Issuer

Type 3/

Amount
Coupon
(millions Maturity r a t e or
Offering Rating
of
yield
net interdollars)
e s t cost

STATS & LOCAL GOVERNMENT
(Cont'd)
Metropolitan Water D i s t .
of So. C a l i f .
Lubbock, Texas
. New York State Thruway
Chicago, I l l i n o i s
Puerto Rico
Los Angeles, C a l i f .
Montgomery Co., Md.
Indianapolis, Ind.
Rochester, New York
Weber Basin "Water Cons.
D i s t r i c t / Utah
Fort Worth, Texas
Connecticut' Expressway
Los Angeles Co., C a l i f .
S t a t e of California '
San Antonio, Texas

Rev.
t.O.-Rev.
G.R.
Rev.
G.O.
Rev.
G.O.
G.O.
G.O.
G.O.
.O.-Rev.
Rev.
G.O.
G.O.
G.O.

7-3
9.8
50.0

15.0

9.5
2U.0
6.8
18.0
7*h

5-U
10.0
100.0
7.9
30.0
5.0

1957-81
1957-81
1985-95
196U-78
1957-76
1957-86, ,
1957-86^'
1958-87
1957-69
1960-96
1957-81
1961-95
1956-57,,
1958-822/
1957-76

2.2h
2.80
2.U2

2.60

2.78
2.hi
2.88
2.29
1.89
3.38
2.65
2.68
1.92
2.3k

2.7U

1.50-2.35
1.90-2.85
2.25-2.UO
2.30-2.65
1.90-2.75
1.65-2.25
1.85-3.00
1.65-2.38
1.50-1.90

Aa
A
Aaa
A
Aa
Baa
Aaa
Aaa

2.50-3.50
1.80-2.70
2.10-2.90
5/
1.70-2.&0
1.90-2.75

A
A
Aa
AaBaa

OTHER

"
l / l n c l u d e s corporate and other security o f f e r i n g s of 315 million and over;
State - *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 $5 million and over.
2!/ Includes foreign 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 gene r a l obligation; Rev., revenue bonds; G.R., general obligations additionally s e • cured by f a c i l i t i e s revenues; L.L., limited l i a b i l i t y obligations secured trypledge of designated revenues.
h/ 1981t-86 m a t u r i t i e s not r e o f f e r e d .
!>/ Not publicly r e o f f e r e d .
6 / 1982 m a t u r i t i e s not r e o f f e r e d .




H.lU

E x h i b i t F.

Forthcoming Large P u b l i c S e c u r i t y O f f e r i n g s f o r New C a p i t a l
(Other than U. S. Treasury) 1 /
Expected Proceeds ft-om Forthcoming Large I s s u e s
During month f o l l o w i n g
d a t e shorn
S t a t e and o t h e r 2 /
Corporate
l o c a l govt.
' -

Date of
. computation
- Feb. 28
Mar. 31
Apr. 29
Hay 31
June 30
J u l y 29
Aug. 31
S e p t . 30
Oct. 31
Nov. 30
Dec. 30
1956 - J a n . 31
Feb. 29

710
211
125
160
67
U07
222
805
202
215
70
176
123

52U
208
116
339
3hh

100
18U
8it 3
330
205
121.
327
220

50
——

Subsequent t o
d a t e shown
S t a t e and l Q t h e r 2 /
Corporate
l o c a l govt.
1,395
922
1,110.
850
830
1,135
920
909
U12
230
85
,376
233

1,978
2,009
- 1,917
1,861
1,816
2,018
1,971
2,205
1,650
756
618
917
785

50
—
—
—

Forthcoming Large O f f e r i n g s , as of March 2

¥

Issuer

Type

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

CORPORATE
Bell.Telephone of Pennsylvania
Westcoast Transmission, Ltd."
Houston L i g h t i n g and Power
Fruehauf T r a i l e r Co.
ttWhirlpool-Seeger
*Tide Water Associated O i l
New York Telephone
Southern C a l i f o r n i a Gas
Sheraton Corporation of America
•*Scott Paper

Deb.
Sub. deb.
1 s t mtg. b d s . '
Conv. sub. deb.
SF deb.
SF deb.
R e f . mtg. bds.
Mtg. bds.
Deb.
Conv. deb.

35.0
20.5
30.0
37.5
30.0
100.0
55.0

ho.o

15.0
98.7

March
March
March
March
March
March
April
May
1956
1956

6
7
7
7
20
20
30

March
March
March
March
March

6
6
6
7
8

STATE AND LOCAL"GOVERNMENT
Penn Tom s h i p School D i s t r i c t , Pa.
S t . Louis, Missouri
Santa C l a r a , C a l i f o r n i a
Denver, Colorado, School D i s t . # 1
Bethlehem A u t h o r i t y , Pa.




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

5-3

12.2

5-2
28.5

8.0

H.lU

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

Type

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

STATE A D LOCAL GOVERNMENT (Cont'd)
N
S t a t e of Alabama
S t a t e of Mew Hampshire
San Diego, C a l i f o r n i a
-Kiilwaukee, Wisconsin
-estate of New Mexico
Dallas,.Texas
-Washington S t a t e Toll Bridge Auth.
*£Lexandria, Louisiana
Inter-American Center Auth., F l a .
Georgia Rural Roads AuthorityF l o r i d a S t a t e Turnpike AuthorityOklahoma Turnpike AuthorityPennsylvania Turnpike Commission
Washington S t a t e To ll Bridge Auth.
S a l t River P r o j e c t , Arizona

L.L.
G.O.
Rev.

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

15.0
19.3
6.0
8.0
5-0.
8.5
9.3
•8.3
70.0
15.5
185-0
6£.0
62.0
227.0
11.0

March lit
March 15
March 15
March 20
March 20
March 26
March 27
March 29
• March
May
Late s p r i n g
1956
#56
1956
1956

OTHER
None
*—Included i n t a b l e f o r f i r s t time.
n.a.—Mot a v a i l a b l e .
- 1 / Includes corporate and other i s s u e s of £>15 m i l l i o n and over; S t a t e and
local"government i s s u e s of ! £ j n 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 .




Exhibit G
Yields on New and Outstanding
E l e c t r i c Power Bonds, Rated Aa"and A 1 /
Date

Aa-rated o f f e r i n g y i e l d s . A-rated o f f e r i n g y i e l d s
Actual I Amount above
Actual I Amount above
(per cent), [seasoned y i e l d s (per cent) (seasoned y i e l d s
((basis points)
|(basis points)
3.35

12

16

3-78

26

3.12

-3

1952 average

3.16

13

1953 average

3-U6

195U average

3.03

3

1955 average

3.23

9

3.33

12

• 13
7
8

None
*3.23
3-29
3.31
3.35
*3.30
None
*3.57
*3.#
3.28
None
None

—
—

1955 - January
February
March
April
May
June
July
August
September
October
November
December
1956 - January
February 15
28
29

*3.13
*3.1U
*3.17
None •
*3-22
*3.20
• None
None
*3.32
*3.25
*3.27
*3.32
None

-

10
7
10
7
7
12
—

*

3

30
23
-5
'—•'
—

None
3-20
3.25

3-15

9
1U
16
iu
10

—

'

c/-8
~ -3

'

1 / Covers only 30-year f i r s t mortgage bonds, as reported i n Moody's Bond
Survey. Except where i n d i c a t e d , t h e a c t u a l y i e l d f i g u r e and the amount above
seasoned y i e l d s are averages of o f f e r i n g s during t h e i n d i c a t e d period and of
the d i f f e r e n c e s between t h e s e new o f f e r i n g y i e l d s and y i e l d s on seasoned i s s u e s
of s i m i l a r q u a l i t y f o r the same day. The number of new i s s u e s included in the
monthly averages v a r i e s from 2 to h except f o r October 195U when 6 A-rated
i s s u e s were included. Average maturity f o r " t h e seasoned i s s u e s v a r i e s from 26
to 28 y e a r s .
c / Corrected.