Full text of H.16 Capital Market Developments : October 19, 1959

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Not for Publication

DECONTROLLED AFTER SIX MONTHS

. H.lli

October 19, 1959.
CAPITAL MARKET DEVELOPMENTS

During the week ending October 16, corporations sold large
issues, including the expiration of subscription rights, totaling $123
million and State and local governments sold issues amounting to $5l
million, This week, large corporate issues are expected to total &109
million, A Public Housing Authority issue for $102 million and a foreign
government issue for $20 million are also scheduled for sale*
Bond yields - Changes in yields on outstanding bonds were minor
last week, Yields declined for all types of obligations, except those
for lower grade corporate bonds which increased slightly.
Housing starts - Private nonfarm housing starts declined somewhat more than seasonally in September, but were little changed at a
seasonally adjusted" annual rate of 1,325,000 units, according to preliminary Census Bureau estimates. While this rate was somewhat below
the peak of l,l;3lia000 units set in April, it was the highest ever
registered for the month of September,
Through the first nine months of 1959» the seasonally adjusted
annual rate of private starts averaged 1,375*000 units, slightly above
the level attained in the same period in 1955 and close to the record
pace set in 1950=
Conventionally-financed starts through September of this year
continued to represent a larger share of total private starts (6? per
cent) than in the corresponding period of 1955 (li9 per cent) c The
shift toward conventional starts has reflected a decline in VA-financed
starts from 30 per cent of the total in the first nine months of 1955
to 8 per cent so far this year. Compared with the corresponding period
of 1955, the number of conventional starts in 1959 was up by two-fifths
and FtiA starts were up by one-sixth, but VA starts were down by nearly
three-fourthso
Stock market credit - Customer credit in the stock market
(excluding that on U, S, Government securities) declined further in
September, Totaling
^ billion, credit was about 6 per cent below
the April peak, but slightly higher than at the end of September 1958
and at the end of the year, (Exact comparison is impossible because
of the change in the data on bank loans,) The September decline in
customer credit was largely the result of a decline in bank loans to
"others"j the decline in net debit balances was small.




H.lU
Borrowing by member firms of the New York Stock Exchange maintaining margin accounts (excluding borrowing on U. S. Government securities) continued to decline in September, totaling $2.1 billion at the
end of the month. Customers' net free credit balances, amounting to
$1.0 billion, showed little change last month. These and other data
on stock market credit are shown in the following table.
End of month
Sept.
Aug.
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. S,
Government securities
Broker and dealer credit
Money borrowed except on U. S. Government securities
On customer collateral
Money borrowed on U. S. Government securities
Customers' net free credit balances
r/ Revised.

Change

(Millions of dollars)
k,kh3
3,250
1,193
156

r/b,m
r/3,269
1,259
154

162

166

-h

2,11#
1,906
231
1,039

2,199
1,91*5
217
1,035

-50
-39
+Ui
+U

-85
-19
-66
+2

'

Stock prices - Stock prices, on balance, increased slightly la st
week. Standard and Poor's index of 500 common stocks closed at 57.33 on
October 16, .33 points higher than a week earlier. Trading activity
continued to be moderate.
Appendix 1 - Beginning with this report, an appendix,prepared
by the Division of International Finance, relating to recent capital
market developments in Canada will be included on a regular basis.
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.




HIGH-GRADE

LOWER-GRADE

BOND

BOND

YIELDS

YIELDS




r\

H.lli

Exhibit li
Tables for Exhibit A
High-grade Bond Yields
Date

Corporate
Aaa 1/

U. S. Govt,
long-term 2/

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

State and
local govt.
Aaa y

(Per cent)
2.15 (8/6)

19514 - Low
1957 - High
1958 - High
Low
1959 - High
Low

3-55 (5/2)
(.57 (10/9)
lt.09 (1/9)

3.07 (V25)
L 3 0 (9/18)
3.83 (1/2)

1.90
3.U5
3.31
2.6k
3.65
3.06

Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16 jd/

14-52
k.Sh
it. 57
it. 57
li.56

It. 30
it. 27
it. 21
it. lit
it. 13

3.63
3.65
3.6it
3.61
3.58

2.85 (V23)
lt.lit (9/27)

ii.13 (10/10)

3.76 (10/18)
3.8U (12/26)

(9/2)
(8/29)
(9/11)
(5A)
(9/2it)
(3/26)

.30
.60
.51
.22
.it3
.16

.30
.U7
.72
.34
.92
.53

.22
.27
.36
.it3
.it3

.62
.57
.53
.55

.67

Lower-grade Bond Yields
Date

Corporate
Baa 1/

State and
local govt.
Baa y

Spread between
Aaa and Baa
State and
Corporate
local govt.

(Per cent)
195U - Low
1957 - High
1958 - High
Low
1959 - High
Low

it.96 (1/3)
it. 51 (7/11)
5.29 (10/16)
it.83 (it/17)

2.93 (8/5)
it. 51 (6/29)
it.3it (9/11)
3.6it (5/1)
it.it6 (7/2)
3.92 (3/26)

.52
1.27
1.20
.77
.77
*56

.96
1.21
1.11
.93
.98
.79

Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16 2/

5.18
5.22
5.26
5.28
5.29

it.itit
it.itit
it.itit
it.itl
it.itO

.66
.68

.81
.79
.80
.80
.82

3.Wt (12/31)

5.10 (11/29)

.69

.71
.73

g/ Preliminaxy.
. . ^
1/ Weekly average of daily figures. Average term of bonds included is 25-26 years.
2/ Weekly average of daily figures. The series includes bonds due or callable int10 years or more.
2/ Thursday figures. Only general obligation bonds are included} average term
is 20 years.
Note.—highs and lows are for individual series and may be on different dates for
different series.




STOCK

MARKET

11$t

PRIVATE

l»$7

PERMANENT

Monthly




NONFARM

lfSI

DWELLING

UNITS

1959

STARTED

Thouiondi ol Units

Exhibit D - Tables for ExiiibiL C
Stock Market
Stock price
index 1/

Date

53-1958 - High
Low
59 - High
Low

51i.ll
22.95
60.51
54.37

gust
ptember
pt. 25
t. 2
t. 9
/
t. 16 2/

59.W
57.05
56.73
57.20
57.00
57.33

Common
stock
yields 2/
(per cent)

(12/24/58)
(9/18/53)
(7/31)
(2/6)

3.30
6.25
3.08
3.3k

.

"3.13
3.26
3.28
3.2k
3.25
3.22

Trading
Stock market customer credit
Customers1
volume 2/
Bank
(millions
Total debit bal- loans to
of shares)
ances k/ "others" $/
(Mil]ions of do"-lars)
k,k92
2,055

k.9
0.9
4.3

VL76U

2.k
2.7
3.2
2.7
2.4
2.3

rA,528
k,hk3

2.1

k,kk3

3,285 1,317
669
1,3H*
r/3,k01
1,332 1,373
3,250 1,210 1,193
r/3,269
3,250
n.a.
n.a.
n.a.
n.a.

1,259
1,193
1,222
1,193
1,195
n.a.

n . a . — N o t available.
g/ Preliminary.
1/ Standard and Poor's ^mposlte index of 500 common stocks, weekly closing prices, 1941-43=10. Monthly data
re averages of daily figures rather than of Fridays1 only. Highs and lows are for Fridays' data only.
2/ Standard and Poor'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 or low,
3/ Averages of daily trading volume on the New York Stock Exoliange.'
4/ Ehd of month figures for member firms of the New York Stock Exchange which carry margin accounts; excludes
alances secured by U. S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying U. 5.
overnment securities• Prior to July 1, 1959, such loans are excluded only at banks in New York and Chicago.
foekly reporting banks account for about )0 par oent of loans to others. For further detail see Bulletin.

Private Permanent Nonfami Dwelling Units Started 1/

Date

1958 - Sept.
Oct.
Nov.
Dec.
1959 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

Unadjusted
Total
Seasonally
Conv,
VA
FHA
Unadjusted
adjusted
annual rate
(Thousands of units)
1,255
1,303
1,427
1,432
1,364
1,403
1,403
1,434
1,370
1,368

1,375
e/1,31J0
£/l,325

111
113
107
90
84
9k
118
137
. 13k
131
127
2/125
E/117

32
35
26
25
20
20
• 30
- 34
34
35
31
31
30

14
15
11

9
7
6
10
11
10
11
11
10
10

65
64
70
55
57
67

78
93
89
85
,85
B/77

1/ Total starts are BLS estimates. A dwelling unit is started when excavation begins; all unite
in an apartment structure are considered started at that time. FHA and VA starts are unite started
under commitments by these agencies to Insure or guarantee the mortgages. As reported by FHA and VA,
a unit is started when a field office receives the first compliance inspection report, whloh io made
before footings are poured in none oases but normally after the foundations have been completed.
Capehart military housing units are excluded. Conventional starts are derived as a residual, although
total and FHA and VA starts are not strictly comparable in concept or timing; they Include both unit*
financed by conventional mortgages and units without mortgages.




Exhibit E

H.llt

Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
• •-•••

-

1959

New capital
Corporate 1/
State and local 2/
1 1958
1 1958
1 1957
1959
1 1957

January
Februa ty
March

810
745
631

728

April
May

899

1,140

87b

597
887

1,453

1,107
54 0
l,llh

1,003
924
973

862
518
920

1,090
789
1,076

July
August
September
October
November
December
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

PS
e/650

e/800

2,216
2,%
e/1,888

3,139
2,623
2,760
2,300

: 4,780

5,762
9,522
10,823

e/6,668

1,060

1,065
1,320
• ? §

3,445
3,149
2,899
2,954.
6,594
9,493
12,447

'

636
856
645

812
953
511

742
572
506

931
592
981

798
895
551

765
546
393

566
516
e/488

806

403
651

529
584
431

e/600

456
474
435

2,138
2,504
2/1,571

• 2,276
2, 2I4I4

4,6U2
2/6,213

4,520

1,860

1,365
6,380

7,746

698

633
698

1,820
1,704
1,544
2,029

3,524
5,069
7,099

Excluding finance companies h/
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

2,011
2,409
e/1,586

Year

2,899^
2,5%
2,731
2,213
10,129

3,237
2,889
2,582
2,810

11,518

1/ Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
3/ Includes $718.3 million AT&T convertible debenture issue.
5/ Total new capital issues excluding offerings of sales and consumer finance
companies.




Exhibit F
Other Security Offerings 1/
(In millions of dollars)
Long-term
Foreign government 2/
Federal agency 3/
~195>9
I 1950
' 1WT
"19^8
"19F9
1957
January
February
March

77
59
2

196
53

April
May
June

56
50
1*2

139
198

123

120

us
1*2

73
1

9
5
17

28
7
30

October
November
December

58
123
7U

1*
60
1

Year

992

July
August
September

—

eh
19
30

199

1,163
251

72

523

125

175

60
161* .

215
100
2,321

507

Short-1
State and local government h/

572

Federal agency 37"

January
February
March

190
U28
295

233
1*60
273

1*55
11*7

326

359
500
1*89

371
208
11*1*

638
1*30
505

April
May
June

563
lai
21*5

357
351* .
261*

205
337
153

486
675
289

209
161
329

336
1*69
501

289
1*23
369

272
272
252

727
365

1*37 .
206
330

221*
370
512

231
1*15
21*3

303
91*
159

1*51*
111*
137

1,238
255
116

3,271*

3,098

5,51*3

July
August
September

21*6
1*67 .
E/325

October
November
December
Year

3,910

665

2/ Preliminary.
1/ Data presented in this exhibit differ from those in Exhibit E 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 subdivisions and by 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, Federal Reserve.
h/ Principally tax and bond anticipation notes, warrants or certificates and Public
Housing Authority notes. In some instances .PtiA notes included may have a somewhat
longer
term than one year. Source: Bond Buyer.




Exhibit G

.lit

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

Corporate

Month

1958 - September
October
November
December
1959-- January
February
March
April
May

82 5
259
2#
305
369
3h0
215
359
3b2

July
August
September

110
363
199

State and
local government

281

Other 2/

288
172
259
229
335
551
369
563
.258
635
19it

18
209
100
79
17it
35
176
20
50
60
50
98
175

263

2 lit

Large Individual Issues Offered October 1 through 16
Issuer

type 3/

Amount
Coupon
(millions Maturity
Offering
Rating
of
net inter- yield
dollars)
est cost

CORPORATE
1st mt%. bds. .15.0 1989
Boston Edison Co.
Com. stk.
18.6
So. New England Tel. Co.
Deb.
Columbia Gas System, Inc.
25.0 1981*
20.0
Pfd. stk.
Northern Natural Gas Co.
Com. stk.
Boston Edison Co.
I5.it
1st ref.mtg.bds.50,0 1989
Philadelphia Elec. Co.
Com. stk.
American Elec. Pwr. Co.
57.6

5 1/U
5 3/8

5.17
5.38

Aaa
A

U.93

STATE AND LOCAL GOVERNMENT
Port of New York Authority Rev.-Ut.
Wayne Co., Mich.
0.0.
G.O.
Denver, Colo.
G.O.
New York, New York
State of New Hampshire
0.0.
OTHER
None




25.0 1989
. 26.0 1962-68/65
17.0 1970-98
18.0 1960-7U
16.0 1960-88

it. 37
it.08
3.65
3.65
3.22

it. 31
A
3.50-it.00, , A
3.25-3.75^ Aa
3.00-3.70 A
2.60-3.35 Aaa

G-2
Footnotes

1/ Includes corporate and other security offerings of $1$ 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. 0. denotes general
obligations; Rev.-Ut., revenue obligations secured only by income from public
utilities; Rev.-Q.Ut., revenue bonds secui'ed only by revenue from qua si-utilities;
Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent.,
revenue bonds secured solely b> lease payments.
U/ Is of 1993 not reoffared.




II.Ik

Exhibit H
Forthcoming Large Long-tern Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
Date of
computation

1958 - Sept. 30
Oct. 31
Nov. 28
Dec. 31
1959 - Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 29
June 30
July 31
Aug. 31
Sept. 30

Subsequent to
During month following
date shown
date shown
State
and
Corporate
Other 2/ Corporate State and
Other 2/
local govt.
local govt.
113
20k
301
210
270
198
396
216
287
. 165
238
198
37k

295
258
229
261
551
292
550
251
2k7
lk6
. 356
385
270

216
326
liOl
370
365
27 9
ii76
3k6
332
272
305
517
69k

71
75
U5
20
50
50
25

52k
675
683
515
856
1*81
761
517
761
500
1|06
lj02
U70

71
75
k$
20
IP50
50
25

Forthcoming Large Offerings, as of October 16
Type

•^American Educational Life Ins. Co.
Southern Bell Telephone & Telegraph
Texas Gas Transmission Corp.
Hilton Hotels Corp.
Florida Power & Light Co.
Puget Sound Power & Light Co.
Northern Natural Gas Co.
Central & South West Corp.
American Telephone & Telegraph Co.
*Gulf States Utilities Co.
Commerce Oil Refining Corp.
Sylvania Electric Products, Inc.

I Amount
Approximate date
(minions
of offering
I of dollars)

Com. stk.
Deb.
Pfd. stk.
Sub. S.F. deb.
1st mtg. bds.
1st mtg. bds.
S.F. deb.
Com. stk.
Deb.
1st mtg. bds.
Deb., bds. & com.
S.F. deb.

23.8
70.0
15.0
30.0
20.0
20.0
25.0
15.0
250.0
16.0
15.0
25.0

Oct. 20
Oct. 21
Oct. 22
Oct. 27
Oct. 28
Oct. 29
Oct. 29
Oct. 30
Nov. 17
Nov. 25
Indefinite
Indefinite

G.O.
Rev.-Ut.

102.1
23.3

Oct. 20
Oct. 27

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

21.2
20.0
25.0
14.0

STATE AND LOCAL GOVERNMENT
Public Housing Authorities
Consumers Public Power Dist., Neb.
Los Angeles Flood Control Dist.,
California
Baltimore Co., Md.
Pennsylvania General State Auth.
*S;tate of Mississippi




Oct.
Oct.
Oct.
Nov.

27
28
28
10

ti„iu

H-2
Forthcoming Large Offerings, as of October 16 (Cont'd)
Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

STATE AND LOCAL GOVERNMENT (Cont.'d)
Columbus,' Ohio
Chesapeake Bay Ferry Commission

G.O.
Rev.-Ut.

10.0
190.0

Dec. 1
Indefinite

OTHER
Montreal, Canada

Ext. S.F. deb.

20.0

Oct. 20

*—Included in table for first
1/ 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 by Federal, agencies.
Note.—Deletions for reasons other than sale of issue: None.




H.lii

Yields on New and Outstanding
Electric Power Bonds, Rated Aa and A 1/
Aa-rated offering yields A-rated offering yields
Amount above
Amount above
Actual
Actual
(per cent) seasoned yields (per cent) seasoned yields
(basis points)
(basis points)
1952 - 1958
High
Low

5.00 (9/1V57)
2.93 (3/31/51+)

- Jan. 7
20
28
Feb. 18
Mar. 11
25
26
31
Apr. 3
15
16
29
May 1 "
13
14
20
21
26
17
26
July 9
10
15
30
Aug. 5
20
Sept. 18

4.60
4.4o2/
4.43
4.43
4.47
4.6o
4.552/

87
-3
34
hO
4
11
9
9
13
22

21
7

4.95
4.95
5.oo
4.95

4.93
4.85
4.90

24

5.50 (11/7/57) 123
3.00 (3/17/54) -15
It. 752/

23

4.67

18

4.85
5.06

17
13

5.13

27

4.92^
5.10
5.10

6
24
19

5.10

19
13

5.00

22

5.65

60

1/ Covers only 30-year first mortgage bonds, as reported in Moody's Bond
Survey. Except where indicated, the actual yield figure and the amount above
seasoned yields are averages of offerings during the indicated period and of
the differences between these new offering yields and yields on seasoned issues
of similar quality for the same day. Average maturity for the seasoned issues
varies from 26 to 28 years.
2/ Provides for a 5-year period during which issue may not be called for
refunding at a lower coupon rate. Other issues have no such provision.
2/ Provides for a 7-year period during which issue nay not be called for
refunding at a lower coupon rate.




Appendix 1

MONEY AND CAPITAL MARKET DEVELOPMENTS IN CANADA

During the week ending October lU money market yields
continued to decline for the fourth consecutive week. The rate on
the 91-day Treasury bill was at 5*01 per cent compared with the midSeptember peak of 5.88 per cent and the mid-August peak of 6.16 per
cent. Yields on the shorter bonds declined about 50 basis points from
mid-September peaks but those for long-term securities were only
fractionally lower. Total municipal, provincial and corporate,
borrowings in New York this year through October 13 amounted to $333
million compared to $385 million and $555 million for the same
periods in 1958 and 1957•
Money market rates - Last Thursday* s auction rate on 91r=day
bills declined for the fourth straight week to reach 5.01 per cent
compared to 5.25 per cent the week before. The rate on 182-day bills
also continued to fall, dropping to 5.55 per cent from 5.91 per cent.
The average rate on day-to-day loans was somewhat higher last Thursday
than the week before, rising to I4..63 per cent from U.35 per cent.
Bond market developments - A $6 million City of Winnipeg
issue was reported to have,been bought-privately by U.S. investment
houses last week. Today a $20 million City of Montreal issue is being.
offered for bids in New York.
In Canada, yields on medium- and long-term government bonds
continued to ease during last week with declines ranging from 6 to
22 basis points. A particularly sharp drop occurred in the yield of
the big U-l/2 per cent 1983 issue. On Friday the bid price of this
issue had risen to 93.875 compared to its low price of 90.875 ten dqys
earlier.
At midweek, spreads between comparable Canadian and United
States Government securities' yields were?
loOl per
0.87 per
0.65 per
loll per
lo09 per
the
the
was
the

cent
cent
cent
cent
cent

on
on
on
on
on

91-day bills
182-day bills
a 9-year bond
a 20-year bond
a 36-year bond.

^
/
f .
I

Stock prices - Although Canadian steels and banks strengthened,
industrial average on the Montreal exchange slipped a bit during
week ending last Friday. At Friday'p close, the industrial iwerage
12 per cent below the year's high to date and one per centroelow
close the week before.




Appendix 1-2
Selected Government of Canada Security Yields

Date

3-month
Treasury
•billsl/

Intermediate
Govt*
bondr/

Longterm
Govt,
bondl/

19$U-$5 - Low
1957 - High
1958 - High
Low
1959 - High
Low

0.78
4.08
3.6$
0.87
6.16
3.2$

2.61
4.81
U.$2
3.31
$.30
4.4$

3.13
U.3$
4.42
3.78
$.30
4.4l

1.06
0.47

2.96
0.30

Sept. 23
30
Oct. 7
14

$.60
$.$0
$.2$
$c01

$.24
$.30
$.27
$.21

^24
$.30
$.28
$.18

1.06
1.17
1.18
1.11

1.43
l.$4
1.06
1.01

Spread between
Canadian & U.S. rates
long-term
3-mo.
3-moa .
bonds/
bills?/

Discount
on 3-mo.
Canadian
dollars/

1.90
1.66
2.19
1.66

f

Average yield at weekly tender on Thursday following Wednesday date shown.
Government of Canada 2-3A per cent of June 1$, 1967-68.
Government of Canada 3-lA P®r cent of 1979*
%/ UoSo Government 3-lA per cent of 1978-83. Government of Canada 3-VU per
cent of 1979®
$/ Spread between average auction rates % on Monday preceding Wednesday date
shown for the United States 5 on Thursday following Wednesday date shown for
Canada.
6/ Spread between 3-months forward and spot price of the Canadian dollar,
expressed as per cent per annum, on Friday following Wednesday date shown.
Averages of Selected Bond Yields

Date
19$U~$$ - Low
19$7 - High
19$8 - High
Low
19$9 - High
Low
June 1
July 31
Sept. 1
Oct. 1

10
Provincials]/

10
Municipals^/

10
Public t
Utilities!/

10
Industrials!/

Govt, of
Canada
long-term?/

$.14

3.6$
$.77
$.30
$.02
6.60
$.38

3.69
$o$0
$.03
U.81
6.01
$.14

3.93
$.77
$.12
4.78
6.0$
$.22

2.82
4.43
4.42
3.79
$.80
U.U8

$.39
$.61
$»97
6.19

$.71
$.86
6.20
6.60

$.47
$»$7
$.78
6.01

$.1*2
$.60
$.78
6.0$

4.94
4.97
$.29
$.80

3.27
$.18
$.08
4.46
6.19

V Average term of bonds.,included is lk-16 years. Source? McLeod, Young,
W e & and Co., Ltd.
2/ The quotation used in 19$8 and 1959 is for Government of Canada
3-1/4 per cent June 1, 1974-76.