Full text of H.16 Capital Market Developments : May 26, 1955

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Not f o r Publication

DECONTROLLED AFTER SIX MONTHS

H.lit

May 26, 1 9 #
CAPITAL IjMKET DEVELOPMENTS

Volume of s e c u r i t y issues heavy near end of month - Large
public 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 . t o t a l e d 60 million d o l l a r s
f o r corporations and 27 m i l l i o n f o r S t a t e and l o c a l governments during the week ending May 20. An unusually heavy volume of large issues
i s scheduled f o r f l o t a t i o n t h i s week—312 m i l l i o n d o l l a r s of corporate
o f f e r i n g s and 83 million of S t a t e and l o c a l i s s u e s . The corporate
t o t a l included proceeds from the Bethlehem S t e e l Company 191.7 m i l l i o n d o l l a r convertible debenture subscription i s s u e , r i g h t s f o r which
expired May 23.
Bond y i e l d s - Yields on outstanding long-term U. S. Government bends and State and l o c a l government Aaa bonds decreased one and
two basis points r e s p e c t i v e l y during the week ending May 20. Corporate
Aaa bond y i e l d s did not change. Yields on corporate Baa bonds declined
one b a s i s p o i n t , and S t a t e and l o c a l Baa beads decreased two b a s i s
points during l a s t week. S t a t e and l o c a l revenue yields remained'
steady. Daily f i g u r e s showed l i t t l e change in the corporate and Treasury y i e l d s t h i s week.
Stock p r i c e r i s e - The SEC index of 265 conmon stocks i n creased 2 . 1 points t o 233*3 l a s t week in the lowest trading volume
of the y e a r . Prices dropped on Monday of t h i s week, but had regained
p a r t of the loss by Wednesday, according t o d a i l y indexes.
Corporate Security Offerings
i n t h e F i r s t Quarter 1955
Net proceeds for new c a p i t a l
Corporate 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 were 2,21*3
m i l l i o n d o l l a r s in the f i r s t quarter of 1955, a s shown i n Table 1,
almost hO per cent l a r g e r than.the volume offered in the corresponding period of 1954 and about o n e - f i f t h more than in t h e f i r s t quarter
of 1953Manufacturing companies, which o f f e r e d 778 million d o l l a r s
of s e c u r i t i e s t h i s year, f l o a t e d more than any other type of issuer
in c o n t r a s t t o the two previous years when public u t i l i t i e s issued
the g r e a t e s t volume. General Motors accounted f o r a major portion
of t h e growth in t h e manufacturing t o t a l by i t s 325 million dollar
common stock issue—the only very large o f f e r i n g made by a manufact u r i n g company in the f i r s t three months. None of the manufacturing




-2-

Table 1
.Corporate S e c u r i t y Offerings f o r New C a p i t a l
by Type of Business of I s s u e r
F i r s t q u a r t e r , 1953-1955 and Quarterly Average f o r 1953 and 195b
(Net proceeds i n m i l l i o n s of d o l l a r s )
Type of b u s i n e s s

195k

T

1,872

2,12k

612
~2%
15
158
0
176
101
22
115

; 91
36
81
26
62
73
25
117

m.
27
18
76
81
112
83
17
118

857

669

6#

726

52

61

51

163

218

53

85

89

53

67

2,243

1,608

Manufacturing
Primary iron and s t e e l
Primary nonferrous metals
Machinery
Motor v e h i c l e s and equipment
Chemicals
Petroleum
Foods
Other 1/

778
IS
9
66
325
h7
• 65
36
19k

261
IT
20
33
• 5
Ik
96
15
63

E l e c t r i c , gas and water u t i l i t i e s

h95

Communication
Railroad

A l l corporate o f f e r i n g s

Quarterly average

F i r s t quarter

1,912

Other t r a n s p o r t a t i o n

29

59

68

72

71

Commercial and other

150

5H

96

91

71

77

83

29

117

#

610
W
I#

12*8
~Bl
6?

299
21HI
•55

197
"53
nit

38U
317
67

Mining
F i n a n c i a l and r e a l e s t a t e
Consumer f i n a n c e companies
Other

1/ Includes i s s u e s by f o r e i g n corporations not f u r t h e r c l a s s i f i e d i n the
manufacturing group: h3 m i l l i o n d o l l a r s i n 1955; 1 m i l l i o n i n 195k', and 5 m i l l i o n i n 1953.
Note.—Details may not add t o t o t a l s due t o rounding.
S o u r c e . — S e c u r i t i e s and Exchange Commission and Federal Reserve.




->
companies f l o a t e d very s i z a b l e , i s s u e s i n 195k during the f i r s t quart e r i I n 1953 however, both t h e chemical and t h e petroleum groups i n cluded proceeds from a 100 m i l l i o n d o l l a r i s s u e .
E l e c t r i c , gas and water u t i l i t i e s o f f e r e d lt95 m i l l i o n d o l l a r s of s e c u r i t i e s during the f i r s t t h r e e months of 1$$$ compared t o
857 m i l l i o n during t h a t period l a s t y e a r . The d i f f e r e n c e was mainly
i n the o f f e r i n g s of p u b l i c bond i s s u e s over 15 m i l l i o n d o l l a r s , which
t o t a l e d about lj.60 m i l l i o n d o l l a r s i n 195^ and about 225 m i l l i o n t h i s
year.
F l o t a t i o n s of f i n a n c i a l and r e a l e s t a t e companies i n the
January t o March period were 610 m i l l i o n d o l l a r s , s u b s t a n t i a l l y more
than in the two years b e f o r e . Consumer f i n a n c e companies accounted
f o r about t h r e e - f o u r t h s the volume of t h i s group, and more than h a l f
t h e f i n a n c e company t o t a l was made up of the 250 m i l l i o n d o l l a r debenture i s s u e of General Motors Acceptance Corporation. Although
l a r g e i n 1953 as a whole, t h e f i n a n c e company volume did not begin
t o b u i l d up u n t i l February of t h a t y e a r . The t o t a l f o r the f i r s t
t h r e e months of 1953 was 2hb m i l l i o n d o l l a r s .
Commercial companies, as the r e s u l t of a number of mediums i z e d i s s u e s , d i d s u b s t a n t i a l l y more f i n a n c i n g during the f i r s t quart e r t h i s year than i n the same period of the two previous y e a r s .
In terras of average q u a r t e r l y volume of e a r l i e r y e a r s ,
t o t a l corporate o f f e r i n g s in t h e f i r s t q u a r t e r were 20 per cent
more than the 1951 average but near t h a t of 1953. The i n d u s t r i a l
companies, g e n e r a l l y speaking, i s s u e d l e s s than e i t h e r q u a r t e r l y
average with the notable exception of t h e machinery group. The
volume of r e a l e s t a t e and f i n a n c i a l company i s s u e s was g r e a t e r and
the e l e c t r i c , gas and water i s s u e s smaller during t h e f i r s t q u a r t e r
than the averages f o r such o f f e r i n g s .during 1953 and 195k.
Gross proceeds from t o t a l o f f e r i n g s
Gross proceeds from t o t a l corporate o f f e r i n g s were 2,593
m i l l i o n d o l l a r s in the f i r s t q u a r t e r , 1955 as shown i n Table 2 . The
volume of r e f u n d i n g i s s u e s included in t h i s t o t a l was 305 m i l l i o n
d o l l a r ' s , much l a r g e r than the corresponding r e f i n a n c i n g t o t a l i n
the two previous y e a r s . Total o f f e r i n g s i n t h e f i r s t t h r e e months
of 195b were 1,730 m i l l i o n d o l l a r s and 2,039 m i l l i o n i n 1953.
Public o f f e r i n g s accounted f o r a l a r g e r proportion of
t o t a l i s s u e s i n the f i r s t t h r e e months of t h i s year than in the two
e a r l i e r y e a r s . They t o t a l e d 1,781; m i l l i o n d o l l a r s , almost 70 per
cent of the t o t a l . The percentage of public i s s u e s t o t o t a l o f f e r ing was 56 per cent i n 1953 and 62 per c e n t in 195k.
Common stock i s s u e s were unusually l a r g e in volume—due
t o the 325 m i l l i o n d o l l a r GM issue—and t o t a l e d 760 m i l l i o n in the
f i r s t period t h i s y e a r . The volume i n the same q u a r t e r of 1953 and




H.llt

-4-

1954 was 356 and 296 m i l l i o n d o l l a r s r e s p e c t i v e l y .
Debt o f f e r i n g s were l a r g e r than they were in the two p r i o r
y e a r s , but because of t h e increased stock volume, accounted f o r only
66 per cent of t o t a l o f f e r i n g s . This i s about 10 per cent l e s s than
i n e a r l i e r y e a r s . The lower r a t i o of debt t o t o t a l o f f e r i n g s i n
p a r t accounts f o r t h e increased importance of t o t a l public o f f e r - ,
ings noted above, since debt o f f e r i n g s a r e more f r e q u e n t l y p r i v a t e l y
sold than e q u i t i e s . The s l i g h t l y l a r g e r proportion of debt i s s u e s
sold p u b l i c l y i n the f i r s t q u a r t e r of 19$$ than b e f o r e i s t h e other_
f a c t o r i n the increased importance of public i s s u e s .
Total corporate i s s u e s i n the f i r s t q u a r t e r of 1955, as
the r e s u l t of t h e l a r g e volume of p u b l i c l y o f f e r e d s e c u r i t i e s , were
l a r g e r than t h e q u a r t e r l y average f o r e i t h e r 1953 or 1954. The only
type of i s s u e t o exceed t h e averages, however, was the common stock
volume. The 760 m i l l i o n d o l l a r f i r s t q u a r t e r t o t a l was w e l l above
the 332 and 303 m i l l i o n q u a r t e r l y average f o r 1953 and 1954.
Table 2
Total Corporate S e c u r i t y Offerings by Type of Issue
- F i r s t Quarter, 1953-195# and Quarterly Averages for 1953 and 1954
(Gross proceeds i n m i l l i o n s of d o l l a r s )
F i r s t quarter

Type of i s s u e
1^55

7

1954

Quarterly average

1 1953

1954

1 1953

Total corporate o f f e r i n g s

2,593

1,730

2,039

2,379

2,224

Type of o f f e r i n g
Public
Private

1,784
809

1,

656

1,139
899

1,462
917

1,395
830

Type of s e c u r i t y
Bonds and notes
Public
Private

1,718
933
786

1,318
689
629

1,524
649
875

1,872
1,001
871

115

115

159

204

122

760

296

356

303

332

P r e f e r r e d stock
Common stock

j

Note.—Details may not add to t o t a l s due t o rounding.
S o u r c e . — S e c u r i t i e s and Exchange Commission.




1

.1,771
964
807

HIGH - GRADE BOHD YIELDS
Weekly

CORPORATE A e e
Mood,

U. S. GOVERNMENT

STATE A N D LOCAL
GOVERNMENT A a a

J

1953

Date

Corporate
Aaa y

S

D M

U. S. Govt.
long-term 2 /

State and l o c a l
g o v t . , Aaa 3 /

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

(Per cent)
1952 - High
Low '
1953 - High
Low
195k - H i g h
1955 - High
Low

3.03
2.91
3.42
2.99
3.09
2.85
3.Ol;
2.91

April 22
April 29
May 6
May 13
May 20

3.01
3.01
3.02
3.0!*
3.Oil

~y

(i/W
(2/15)
(6/19)
(V?)
(1/8)
a/23)
(5/20)
(V?)

2.79
2.56
3.15
2.78
2.74
2.44
2.77
2.62

(12/27)
(5/17)
(6/6)
(12/26)
(1/9)
(8/7)
(5/6)
(1/7)

2.77
2.77
2.77
2.75
2.74

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

2.00
1.65
2.73
1.98
2.21
1.90
2.11
2.05
2.08
2.08
2.08
2.07
2.05

(10/23)
(5/1)
( 6/25)
(1/8)
(6/10)
(9/2)
(2/10)
(5/20)

.37
. .19
.38
. .19
.43
.32
.34
.24

1.02
.71
. .84
.30
.61
.29
.69
.54

' .24
.24
.25
.29
.30

.69
.69
.69
.68
.69

Average term of bonds included i s 25-26

2 / Weekly average of d a i l y f i g u r e s ; old s e r i e s . Average term t o f i r s t c a l l
of bonds included i s 13-11; y e a r s .
3 / Thursday f i g u r e s . Only general o b l i g a t i o n bonds a r e included; average
term i s 20 y e a r s .
Note.—Hi$is~and lows a r e 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 d a t e s
for d i f f e r e n t series.




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

V •> STATE A N D LOCAL GOVT

STATE A N D LOCAL GOVT. REVENUE

Date

State and
local govt,
revenue 3/

State and
local govt.
Baa 2/

Corporate
Baa 1/

.

(Per cent)

1955 - High
Low-

3.63
3.b8
3.89
3.50
3.7k
3 .kU
3.50
3.15

April 22
April 29
May 6
May 13
May 20

3.1*8
3.1*9
3.U9
3.50
3.1*9

1952 - High
1953 - High
Low
195k - High

JL/

iiccxw-tjr

2.98
2.1*8
3.79
2.96

(lA)
(5/16)
(9/18)
(1/2)
(1/8)
(12/31)
(5/13)
(l/ik)

I

f

2.69
2.27
3.27
2.71
3.00
2.72
2.80
2.76

(10/23)
(1*/17)
(6/25)
(1/8)
M
.

3.08
3.08
3.08
3.08
3.06
^

— o

(12/19)
a/25)
(6/26)
(1/2)
(1/1)
(8/13)
(k/15)
(1/7)

2.78
2.78
2.78
2.77
2.77

,
—

-

w

included i s 25-26 years.
2 / Thursday f i g u r e s . Only general obligation bonds are
included; average term i s 20 years.
3/ Friday f i g u r e s . Average rating of bends included i s
between Baa and Aj average term i s 20 years.
Note.—Highs and lows are for individual series 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 .




EXHIBIT C

STOCK

MARKET

Stock p r i c e
index 1 /

Conmon
Trading
volume 2 /
(millions yields 3/
of s h a r e s ) (per c e n t )

Stock market
Custaners'
debit b a l - loans t o
ances V " o t h e r s " 5 /

Total

(Millions of d o l l a r s )
1952 - High
Low
1953 - High
195k - High
1955 - High
Low
March
May 6
May 13
May 20

165.3
151.7
167.1
lkk.0
221.ii
156.5
23k.0
217.li

(12/26)
(10/21)
(1/2)
(9/18)
(12/31)
(1/6)
(5/6)
(l/lk)

225.6
231.k
231.0
231.2
233.3

2.0
0.9
2.5
0.9
3.7
l.k
It.6
2.1

5.77
5.13
5.75
5.15
5.33
k.20
k.22
U.12

1,986
1,80k
2,kk5
2,055 •
3,k36
2,lt05
3,785
3,537

2.9
2.7
2.3
2.2
2.1

It.21
It.12
n.a. '

3,732
3,785
n.a.

2,652
2,70k

n.a.

n.a.

n.a.

1,332
. l,2ltl
1,665
1,31k
2,386
1,653
2,70k
2,517

656
552
780
66k l,0k8
7k6
1,085
1,018
1,080
1,081
1,083
1,085

to.l9u7-ii9«100 by F e d e r a l 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.an t h e Heir York Stock Exchange.
3 / Moody's 200 cacmon s t o c k s ; end of month f i g u r e s .
5 / End of month f i g u r e s f o r member f i r m s of t h e New York Stock Exchange which
c a r r y margin a c c o u n t s ; excludes money borrowed f o r c a r r y i n g U. S. Government o b l i gations.
£ / Wednesday f i g u r e s f c r weekly r e p o r t i n g member b a n k s . Excludes a l l l o a n s
on U. S . Governments f o r 1952; s i n c e 1953 only loans secured by Governments a t
banks i n New York and Chicago a r e excluded. V.'eekly r e p o r t i n g banks account f o r
about 72 p e r c e n t of loans t o o t h e r s .
n.a.—Not a v a i l a b l e .
Note.—Highs and lows a r e 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 d a t e s
for different series.




Exhibit D
Corporate and State and Local Government
Security Offerings and Placements
(In millions of d o l l a r s )
lj

I

1955

Corporate
1 1951*
1 - 1953

1955

S t a t e and l o c a l
1 1951*
1

1953

January
February
March

51*6
1*36
1,261

51*7
1*26
635

623
623
666

535
312
538

396
1*11
565

389
360
1*26

April
May
June

a/soo
e/850

1*97
C$6
81*2

779
675
1,123

£/l*25
e/350

731*
71*8
853

329
61*9
1*31*

909
335
71+7

483
325
753

279
261
61*9

519
259
1*75

1,003
290
601*

577
h29 l7
. 1,1*38 ^

591*
1*23
877

1*53
1*08
771*

1,608
1,995"
1,991
1,896
7,490

1,912
2,578
1,561 v
2,1*1*1* *
8,195

1,372
2,331*
1,188
1,891*
6,789

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

July
August
September

Z

October
November
December
1 s t quarter
2nd quarter
3rd quarter
l*th quarter
Year

2,21(3

•

1,385

Excluding finance companies 2 /
1st quarter
2nd quarter
3rd quarter
Ij-th quarter
Year

1,791

1,327
1,927
1,911
1,792
7,128

"

1,669
1,991
1,223
2,31*1*
7,227

*-

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




Exhibit E

H.lU

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

Corporate

Month

State and
l o c a l government

166
324
350
#6
75
335
U3
0
9k
141
72
750
175

1954 - April
May
June
July
August .
September
October
November
December
1955 - January
FebruaryMarch
April

557
5#
603
92
. 86
455
388
268
689
341
. 107
337
238

Other 2 /

30
35
15

Large Individual Issues Offered Hay 2 through 20

Issuer

Type 3 /

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

. CORPORATE
Public Service of
Indiana, Inc.
P a c i f i c Northwest Pipeline
American Trust Co. of
San Francisco
Transamerica Corp,
Ohio Edison Co.
W. R. Grace & Co.

Pfd. stock
Com. stock

21.3
15.5

Com. stock
Com. stock
1 s t mtg. bds.
Cony. sub. deb.

19.5
54.5

30.0
30.0

Rev.
G.O.

6.6
19.7

1982
1972

3 1A

3 1/2

3.22

3 . 40

Aa
Ba

1.80-3.02
1.05-2.45

—
Aaa

STATE AND LOCAL GOVERNMENT
Wash. Twp.-Marion Co.,
Sch. Bldg. Corp., Ind.
Cincinnati, Ohio




1957-77
1956-95

3.02

2.10

H.llt

E-2
Large I n d i v i d u a l I s s u e s Offered May 2 through 20 (Cont'd)

Issuer

Type 3 /

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

STATE AND LOCAL GOVERNMENT
(Cont'd)
Los Angeles, C a l i f o r n i a
Louisiana S t a t e B u i l d ing Authority
S t a t e of Maryland
Memphis, Tennessee
S t . Paul, Uinnesota

Rev.

6.0

1956-82

2.28

1.05-2.10

Aa

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

9.9
11.3
8.3
6.9

1960-81*
1958-70
19,6-85
1956-85

2.87
1.77
2.09
2.06

2.00-2.90
1.25-1.80
1.00-2.25
1.00-2.20

Baa
Aaa
Aa
Aa_

OTHER
None
1/ Includes corporate and other s e c u r i t y o f f e r i n g s of 15 million, d o l l a r s and
over; 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 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 .
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.




Exhibit F

H.Ik

Forthcoming Large Public S e c u r i t y Offerings f o r New C a p i t a l
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
Date of
computation
1951* - Apr. 30
May 28
June 30
J u l y 30
Aug. 31
Sept. 30
Oct. 29
Nov. 30
Dec. 31
1 9 # - Jan. 31
Feb. 28
Mar. 31
Apr. 29

During month following
date shown
S t a t e and Other 2 /
Corporate
local govt.

"

323
332
336
100
33k
31*3
1?
9k
18k
16
710
211
1*25

#6
86
5k
300
3#.
1*36 - .
661
682
$2k
208
116

27

30

'

Subsequent t o
date shown
S t a t e and
Corporate l o c a l g o v t . Other 2j
Ski
#6
532
303
608
1*11* .
135
21*6
.216
- 1*22
1,395
922
1,11*1

•

2,322
1,971
1,521*
1,553
1,876
2,158
1,957
2,682
2,11*1*
1,961
1,978
2,009 1,917

27

30
30
35

Forthcoming Large O f f e r i n g s , as of May 20
Type

Bethlehem S t e e l Co.
Alabama Power
D e t r o i t Edison
•General Telephone Corp.
Lockheed A i r c r a f t Corp.
Virginia E l e c t r i c and Power
Southern C a l i f o r n i a Edison
^Baltimore Gas and E l e c t r i c Co.
•^Southern New England Telephone
and Telegraph
Peoples Gas Light & Coke
Consolidated N a t u r a l Gas
American Telephone and Telegraph
. Southern C a l i f o r n i a Gas Co.




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

Conv. deb.
1 s t mtg. bonds
GeriL.&ref. mtg.bds.
P r e f e r r e d stock
Conv. sub. deb.
1st & r e f . mtg. bds.
Conv. deb.
Common stock
Deb.
Common stock
Common stock
Conv. deb.
Bonds

191.7
15.0
60.0
15.0
30.0
25.0
1*1.0
20.1

Hay 23
May 21*
May 21*
Hay 2k
Lay 25
June 7
June 11*
June 21

20.0
15.5
. 25.1
65G.9
1*0.0

June 21
June 21*
June
1955
' 1955

H.lli

F-2
Forthcoming Large Offerings, as of Iflay20 (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 GOVERNMENT
Port of.NOT York Authority
Chicago, I l l i n o i s
Allegheny County, Pennsylvania
Oakdale, C a l i f o r n i a
South San Joaquin, California
*State of North Carolina
*New York City Housing Authority
-^Houston, Texas
^Galveston Co. Navigation D i s t . Texas
^Baltimore, Maryland
Florida S t a t e Turnpike Authority
Texas Turnpike Authority
^Cleveland, Ohio
•frTacoma, Washington
^Dallas, Texas
Maryland.State Roads Commission
Kansas City, Kansas .
Inter-American Center Auth., F l a .
Michigan Tuz-npike Authority
S t a t e of Louisiana
I l l i n o i s Turnpike Authority
Connecticut Expressway
Sam Houston Turnpike Corp.
Texas Turnpike Company
Dade County Port Authority, F l a .
Springfield, Illinois
Allegheny County, Pennsylvania
Sanitary Authority
C a l i f o r n i a Toll Bridge Authority
Jersey City Sewerage Auth., N. J .
North Carolina Turnpike Authority

Rev.
:

G.O.
G.O.

Rev.
Rev.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
nLa.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
n.a.

30.0
6.0
5.5
20.8
20.8
11.0
27.2
12.3
6.0
2U.7
7U.0
38.5
13.2
15.0
9.2
23.0
7.0
60.0
186.0
80.0
390.0
100.0
U16.O
HiO.O
21.0
9.0
82.0
235.0
16.0
200.0

May 23
May 2 k
May 2k
May 25
May 25
June 1
June 1
June 1
June 2
June 2
June 7
June 111
June 21
June 21
June 27
June
• June
1955
1955
1955
1955
1955
1955
1955 •
1955
1955
1955
1955
1955
1955

OTHER
None
1/ Includes .corporate and other issues of 15 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 $ m i l l i o n 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 .
n.a.—Not a v a i l a b l e .
*—Included in t a b l e f o r f i r s t time..




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

Date

A-rated o f f e r i n g y i e l d s
Aa-rated o f f e r i n g y i e l d s
Amount above
Amount above
Actual
Actual
seasoned y i e l d s
seasoned y i e l d s
(per c e n t ) ( b a s i s p o i n t s ) (per c e n t ) ( b a s i s -points)
3.35

12

15

3.79

27

3

" 3.12

-3

6
0
0
5
h
1

*3.35
• *3.20

2
-1
. -10
-6
0
-2
-1
-1
-3
-2

1952 average

3.16

13

1953. average

3.13

195k average

3.01*
3.20
3.02

1954 - January
February
March
, April
May .
June
July
August
September
October
November
December

3.00
*3.00
None
None
3.02
3.03
None
None

1955 - January
February
March
April

*3.15
*3.11*
*3.17
None

May 11
11
18

*2,93
2.99

3.22

3
3
—

13
7
8
—

10

3.05

3.10
3.14
3.H;
*3.13
3.11.
*3.10
3.10
None
3.11
None
*3.23

0
9

3.29

Hi

3.35
3.32

lk
11

3.31

16

Survey. Except where i n d i c a t e d , the 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 a r e 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. Average m a t u r i t y f o r the seasoned i s s u e s
varies, from 26 to 28 y e a r s .
*—Single observation, not an average.