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Not f o r P u b l i c a t i o n II.Ill l1„.L L nL DECONTROLLED AFTER SIX MONTHS September 2 2 , 1955 ^CAPITAL liARKET DEVELOPMENTS The volume of l a r g e i s s u e s p u b l i c l y O f f e r e d f o r new c a p i t a l d u r i n g t h e week ending September 16 was 181 m i l l i o n d o l l a r s f o r c o r p o r a t i o n s and 2 1 m i l l i o n f o r S t a t e and l o c a l governments. Large c o r p o r a t e o f f e r i n g s expected t h i s week t o t a l 57 m i l l i o n d o l l a r s . S t a t e and l o c a l governments a r e scheduled t o f l o a t 36 m i l - • l i o n d o l l a r s of l a r g e i s s u e s , Most new i s s u e s of c o r p o r a t e and S t a t e and l o c a l government s e c u r i t i e s have been f a v o r a b l y r e c e i v e d by i n v e s t o r s i n r e c e n t weeks. During t h i s p e r i o d of r e l a t i v e l y l i g h t new o f f e r i n g volume, S t a t e and l o c a l government bond d e a l e r s have been a b l e n o t only t o d i s p o s e of new i s s u e s r a p i d l y b u t have a l s o r e d u c e d t h e i r i n v e n t o r i e s . The volume of unsold a d v e r t i s e d m u n i c i p a l bonds i s c u r r e n t l y the s m a l l e s t i t has b e e n i n 22 months. Investment bankers have a l s o been able t o s e l l r e a d i l y t h e r e l a t i v e l y small volume of new c o r porate issues without price concessions, . Bond y i e l d s - T r e a s u r y o b l i g a t i o n y i e l d s i n c r e a s e d one b a s i s p o i n t d u r i n g , t h e week ending September 16. Yields on c o r p o r a t e Aaa and on S t a t e and l o c a l government Aaa bonds d e c l i n e d one and two b a s i s p o i n t s r e s p e c t i v e l y . C o r p o r a t e Baa and S t a t e and l o c a l government Baa bond y i e l d s did n o t change. Y i e l d s on S t a t e and l o c a l government r e v enue bonds d e c r e a s e d one b a s i s p o i n t . D a i l y f i g u r e s i n d i c a t e a . s l i g h t r i s e i n c o r p o r a t e Aaa y i e l d s and a s l i g h t d e c r e a s e i n c o r p o r a t e Baa y i e l d s on Tuesday of t h i s week, U . S . Government bond y i e l d s d e c l i n e d on Monday and remained s t e a d y on Tuesday. As shovm i n E x h i b i t G, a 30-year f i r s t mortgage e l e c t r i c power bond i s s u e w i t h an A - r a t i n g , o f f e r e d on September l i t , y i e l d e d 23 b a s i s p o i n t s more t h a n s i m i l a r l y r a t e d o u t s t a n d i n g bonds of somewhat s h o r t e r m a t u r i t y . This s p r e a d i s seven p o i n t s lower than i t was a t t h e end of l a s t month. Stock p r i c e s - Stock p r i c e s , a s measured by t h e SEC index of 265 common s t o c k s , r e a c h e d a new h i g h of 26? d u r i n g t h e week ending September 16 i n t h e h e a v i e s t , t r a d i n g s i n c e e a r l y J u l y . According t o d a i l y i n d e x e s , p r i c e s showed l i t t l e change on b a l a n c e through Wednesday of t h i s week. • H.lit I n s t i t u t i o n a l Savings and Investment F i r s t Half 1 9 # Sources of funds - The n e t flow of new savings, i n t o l i f e insurance companies, savings and loan a s s o c i a t i o n s and mutual s a v ings banks d u r i n g the f i r s t half of 1955 t o t a l e d a r e c o r d 6 b i l l i o n d o l l a r s . As may be determined from the t a b l e on page 3 , how- • ever, such saving was only 260 m i l l i o n d o l l a r s , or h per c e n t , g r e a t e r than i n the corresponding period of 19$k* These were the smallest y e a r - t o - y e a r i n c r e a s e s f o r any f i r s t half year since 19£l* when consumer purchases were stimulated by the Far Eastern s i t u a t i o n . New savings flowing i n t o l i f e insurance companies and savings and loan a s s o c i a t i o n s increased only o n e - t h i r d and one-half as much, r e s p e c t i v e l y , from t h e f i r s t h a l f of 195b t o t h e f i r s t h a l f of 195# as t h e y had from 1953 t o 195k, while the volume of new saving through mutual savings banks a c t u a l l y declined t h i s year o These i n s t i t u t i o n s a s a group increased t h e i r holdings of U. S. Government s e c u r i t i e s by 21& m i l l i o n d o l l a r s during the • f i r s t h a l f of the y e a r , whereas l a s t year l i q u i d a t i o n of Government s e c u r i t i e s provided 553 m i l l i o n d o l l a r s of funds f o r other types of investmento Most of t h i s d i f f e r e n c e was accounted f o r by changes in l i f e insurance holdings of Government s e c u r i t i e s j during the f i r s t h a l f of t h i s year these companies increased t h e i r holdings of such s e c u r i t i e s , while l a s t year t h e r e was a s u b s t a n t i a l r e d u c t i o n . Savings and loan a s s o c i a t i o n s increased t h e i r h o l d ings more, and mutual savings' banks decreased t h e i r holdings l e s s , t h i s year than l a s t . A reduction of cash supplied some a d d i t i o n a l investment funds t h i s year—185 m i l l i o n dollars—while l a s t year cash was accumulated, p r i n c i p a l l y by savings and loan a s s o c i a t i o n s . Other miscellaneous sources provided 819 million of funds t h i s y e a r , four times the amount supplied l a s t y e a r . The p r i n c i p a l f a c t o r i n t h i s change was an increase t h i s year i n advances obtained by s a v ings and loan a s s o c i a t i o n s from the F e d e r a l Heme Loan Banks, i n c o n t r a s t to- a decrease i n such advances during t h e f i r s t half of last year. ^ Uses of funds - The t h r e e types of i n s t i t u t i o n s increased t h e i r holdings of mortgages 5,55b m i l l i o n d o l l a r s during t h e f i r s t half of 1955, 1*550 m i l l i o n or 1*0 per cent more t h a n during t h e corresponding p e r i o d l a s t y e a r . This expansion i n mortgage holdings accounted f o r 77 per cent of a l l uses of funds t h i s year compared t o - o n l y 60 per cent l a s t y e a r , as l i f e insurance companies and mutual savings banks increased the p r o p o r t i o n of t h e i r funds used to acquire mortgages. Despite t h e increased importance of mortgage investment t o t h e s e i n s t i t u t i o n s , however, they accounted f o r a smaller p r o p o r t i o n of the n e t increase i n a l l mortgage debt outstanding t h i s year than last—61* per cent t h i s y e a r , compared with 77 per cent l a s t y e a r . H.Ik -3~ USGS and Sources of Funds by Major Types of Savings I n s t i t u t i o n s F i r s t Half 1953-1955 ( i n m i l l i o n s of d o l l a r s ) Uses - Net purchases of 1st Total Half uses 1 / Busiities State and Mortgages l o c a l govt, bonds Other assets Total sources Sources of funds Reduct i o n Reducof tion Other New U.S. of sources savings Govt, securities Total - Major Types of Savings I n s t i t u t i o n s 7,25k 939 195k 6,812 1,361 1,800 19# 1953 5,7k2 5,55li h,coi 3,W5 178 k88 123 583 7,25k 6,k68 -218 956 355 6/812 6,207 5,7k2 553 5,373 -83 185 -175 215 819 227 238 L i f e Insurance Companies 1955 3 , 0 2 6 1 9 5 k 3,315 1953 2 , 7 2 5 982 1,135 1,515 1,556 1,109 976 12k 36k 363 69 165 708 3,026 3,315 2,725 2,915 2,780 -.25 h2 k 136 Ill 2,369 165 191 Savings and Loan Associations 2,846 1,965 1,763 3,017 2,1k 9 1953 1 , 9 0 9 1955 195k 1955 1,211 1 9 5 k •l,3k8 1953 1,108 -k3 226 285 1,152 933 726 I 171 3,017 18k lk6" 2,lk9 1,909 2,530 2,385 1,997 -261 10 688 •8k -38 -206 -282 -27 lk5 68 167 42 39 131 lk3 93 Kutual Savings Banks 5k 125 k8 '53 kk 6k 1,211 l,3k8 1,108 973 l,0k2 1,007 -h 51 1 / U s e s of funds c o n s i s t of n e t changes i n a s s e t holdings other than cash and U#. S . Government s e c u r i t i e s . 2 / Change of l e s s than $00 thousand d o l l a r s . Note.—Details may not add t o t o t a l s because of rounding. Sources of d a t a , — I n s t i t u t e of L i f e Insurance, Federal Savings and Loan I n s u r ance Corporation, and National Association of Mutual Savings Banks. H.U*. Holdings of business s e c u r i t i e s by t h e t h r e e types of i n s t i t u t i o n a l i n v e s t o r s increased 939 m i l l i o n d o l l a r s during the f i r s t h a l f of 1 9 # , bZ5 m i l l i o n d o l l a r s or 30 per cent l e s s than during t h e corresponding p e r i o d l a s t y e a r . The change i n holdings of such s e c u r i t i e s accounted f o r only 13 per cent of the i n c r e a s e in invested funds t h i s y e a r , compared to 20 per cent l a s t y e a r , as l i f e insurance companies used a s l i g h t l y smaller proportion of t h e i r a v a i l a b l e funds f o r such investments, while holdings of business s e c u r i t i e s by mutual savings banks declined t h i s year in c o n t r a s t t o l a s t year when they, increased s u b s t a n t i a l l y . The l e s s e r importance of a d d i t i o n s to business s e c u r i t y holdings a t t h e s e i n s t i t u t i o n s t h i s year than l a s t i s p a r t i a l l y the r e s u l t of a smaller, i n crease i n t h e t o t a l volume of corporate s e c u r i t i e s outstanding. In p a r t , however, i t a l s o r e f l e c t s t h e f a c t t h a t these i n s t i t u t i o n s were l e s s important in the corporate s e c u r i t y market t h i s year than l a s t , f o r they accounted' f o r only 30* per cent of the net i n c r e a s e i n corporate s e c u r i t i e s outstanding t h i s year compared w i t h hO per . cent l a s t y e a r . This in t u r n was the r e s u l t p a r t i a l l y of the i n creased use of funds f o r mortgage investment, in p r e f e r e n c e t o i n vestment in business s e c u r i t i e s . In a d d i t i o n , i t probably a l s o r e f l e c t s the smaller i n c r e a s e i n corporate debt instruments, which a r e l a r g e l y held by t h e s e i n s t i t u t i o n s , p a r t i c u l a r l y the insurance companies, t h i s year than l a s t and a l a r g e r increase in aggregate equity f i n a n c i n g . L i f e insurance companies, savings and loan a s s o c i a t i o n s and mutual savings banks increased t h e i r holding of S t a t e and l o c a l government s e c u r i t i e s only 1?8 m i l l i o n d o l l a r s t h i s year conpared t o an increase of 1+88 m i l l i o n l a s t y e a r . The smaller increase t h i s year undoubtedly r e s u l t e d i n p a r t from the l a r g e ' supply of compe ting types of investments but also r e f l e c t e d a smaller volume of new i s s u e s of l o n g - m a t u r i t y , h i g h - y i e l d i n g revenue bonds—the type of S t a t e and l o c a l bonds of p a r t i c u l a r a t t r a c t i v e n e s s t o these i n s t i t u t i o n s — t h i s year than l a s t . A smaller amount of funds were i n v e s t e d t h i s year than l a s t in miscellaneous other a s s e t s . More d e t a i l e d information concerning r e c e n t c a p i t a l market developments' w i l l be found 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 the Federal Reserve System. HIGH-GRADE B O N D YIELDS Weekly CORPORATE A a a U. S. GOVERNMENT STATE AND LOCAL GOVERNMENT A a a Date Corporate Aaa 1/ U. S. Govt. long-term 2 / Spread between U . S . Govt, and Corporate State and l o c a l Aaa State and l o c a l govt., Aaa 3 / (Per cent) 1955 - High Low 3.03 2.91 3.42 2.99 3.09 2.85 3.14 2.91 August 19 August 26 September 2 September 9 September 16 3.12 3.12 3.13 3.lit 3.13 1952 - High Low 1953 - High Low 1951* - Higi (1/4) (2/15) (6/19) (1/9) (1/8) (4/23) (9/9) (1/7) 2.79 2.56 3.15 2.78 2.74 2.44 2.94 2.62 2.89 2.91 2.91 2.88 2.89 (12/27) (5/17) (6/6) (12/26) (1/9) (8/7) (8/5) (1/7) 2.00 1.65 2.73 1.98 2.21 1.90 2.34 2.05 2.34 2.34 2.34 2.34 2.32 (10/23) (5/1) (6/25) (1/8) (6/10) (9/2) (9/8) (5/26) ' .37 .19 .38 .19 .43 .32 •34 .13 1.02 .71 .84 .30 .61 .29 .70 .54 .23 .21 .22 .26 .24 .55 .57 .57 .54 .57 I/-Weekly average of d a i l y f i g u r e s . • 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 13-14 years. 3 / Thursday f i g u r e s . Only general obligation bonds are included; average term i s 20 years. Note.—Highs and lows are f o r individual s e r i e s and may be en different dates for different series. ' EXHIBIT B LOWER-GRADE BOND YIELDS Weekly Per cent p e r a n n u m 1952 1953 Corporate Baa 1/ Date 1954 1955 State and l o c a l govt. Baa V State and l o c a l govt, rev. 3 / (Per cent) 1952 - High Low 1953 - High Low 1954 ~ High Low 1955 - High Low 3.63 3.48 3.89 3.50 3.7k 3.44 3.59 3.45 August 19 August 26 September 2 September 9 September 16 3.57 3.58 3.58 3.59 3.59 (lA) (5/16) (9/18) (1/2) (1/8) (12/31) (9/16) (1/m) 2.98 2.48 3.79 2.96 3.32 2.93 3.25 3.02 3.22 3.23 3.23 3.25 3.25 (10/23) (4/17) (6/25) (1/8) (1/7) (8/5) (9/15) (1/6) 2.69 2.27 3.27 2.71 3.00 2.72 2.95 2.76 (12/19) (4/25) (6/26) (1/2) (1/1) (8/13) (9/2) (1/7) 2.93 2.95 2.95 2.93 2.92 1 / Weekly average of d a i l y f i g u r e s . Average term of bonds 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 bonds included i s between Baa and A; average term i s 20 years. 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 . Stock price index 1/ Comncn volume 2 (millions yields J / of shares) (ner cent) Stock market custeoner credit Customers' Total debit b a l - loans t o ances 4 / "others" 5 / (Williens of dollars) 1952 - High 1953 - High 1951 - High 1955 - High Low 165.3 151.7 167.1 144.0 221.ii 156.5 267.h 217.U (12/26) (10/21) (1/2) (9/18) (12/31) (V6) (9/16) (1M) July" -257.3 August 254.5 260.6 September 2 September 9 262.3 September 16 267.lt 2.0 0.9 2.5 0.9 3.7 1.44.6 1.5 2.It 1.8 c/1.8 c/2.4 2.6 5.77 5.13 5.75 5.15 5.33 It .20 It .22 3.78 1,986 1,804 ' 2,445 2,055 3,136 2,405 3,911 3,537 1,332 1,241 1,665 1,314 a,388 1,653 2,734 2,517 656 552 780 664 1,048 746 1,177 1,018 3.78 3.91 3,911 3,865 2,734 2,710 n.a. n.a. n.a. 1,177 1,155 1,155 1,157 n.a. c/ Corrected. n . a . Not available. V SEC index of 265 common stocks, weekly closing prices, 1939-100; converted to 1947-49-100 by Federal Reserve. The conversion factor i s 123-91. 2 / Averages of. daily trading volume on the Hew York Stock Exchange. 3 / Moody's 200 common stocks; end of month f i g u r e s . k / End of month figures for member firms of the New York Stock Exchange which carry margin accounts; excludes balances secured by U. S. Government obligations. 5 / 'Wednesday figures for weekly reporting member.banks. Excludes a l l loans for purchasing or"carrying U. S. Governments for 1952; since 1953 only these loans at banks in New Yor:c and Chicago are excluded. V/eekly reporting banks account for about 72 per cent of loans to others. Note.—Highs and lows are for individual series and may be on different dates for different s e r i e s . Exhibit E Large P u b l i c S e c u r i t y I s s u e s f o r New C a p i t a l (Other t h a n U, S . Treasury) 1 / Proceeds of Large I s s u e s O f f e r e d ] ( M i l l i o n s of d o l l a r s ) Month Corporate 1954 - August September October November , December 1955 - January February March April May June July August S t a t e and l o c a l government Other 2 / 86 455 388 268 689 . 34l 107 337 238 152 J? 364 433 0 121 liil 63 750 175 2*83 182 101 405 30 35 15 — hO 9 . 278 72 — Large I n d i v i d u a l I s s u e s O f f e r e d September 1 through 16 Type 3 / Coupon Amount (millions Offering r a t e or Maturity of yield net i n t e r dollars) est cost Rating CORPORATE . Utah Power & Light Term. Gas Transmission Tenn. Gas Transmission GIT F i n a n c i a l 1 s t mtgtt bds. 1 s t mtg. PL Common s t k . Deb. 15.0 50oO 16.0 100.0 1985 1976 3 5/8 3 7/8 3.50 3,80 A A 1970 3 5/8 3.75 — STATE AMD LOCAL GOVERNMENT S t a t e of Delaware Essex County, New J e r s e y Middlesex Co. Sewerage Authority, N . J . B u f f a l o , New York Volusia Co., F l o r i d a OTHER None G.O. GoO. 7.0 8.8 1956-75 1956-76 2.12 2.20 1.45-2.20, 1.5,0-2.25 Aa Aa Rev. G.O. G.R. 25.0 12.8 8.0 1962-95 1956-70 1961-84 3.33 1.89 3.35 2.50-3.35 1.40-2=00 2.60-3.35 Aaa Baa HJii E-2 1 / Includes corporate and other s e c u r i t y o f f e r i n g s of 1$ m i l l i o n d o l l a r s and over.3 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 ings of 5 m i l l i o n and o v e r . . 2 / . I n c l u d e s 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 0 3 / In t h e 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 obligation5 Rev,, revenue bonds3 G,R., general o b l i gations a d d i t i o n a l l y secured by f a c i l i t i e s revenues; and, L 0 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.U* Exhibit 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 . T r e a s u r y ) 1 / Expected Proceeds from Forthcoming Large I s s u e s Date of computation 195U During month f o l l o w i n g ' d a t e shown Corporate S t a t e and o t h e r 2/ / l o c a l govt, - Aug, 3 1 S e p t . 30 Oct. 29 Nov. 30 Dec. 3 1 J a n . 31 F e b . 28 Mar. 3 1 Apr. 29 May 3 1 June 30 J u l y 29 Aug. 31 33b 343 15 91* 131* 16 710 211 1*25 160 67 1*07 222 300 383 1*36 66l 567 682 521* 208 116 3# 30 —w 3hh 100 181* — Subsequent t o . d a t e shown S t a t e and Other 2 / Corporate l o c a l govt. 608 1*11; 135 21*6 216 1*22 1,395 922 1,11*1 850 830 1,135 920 1,876 2,1# 1,957 2/% 2,ll*l* 1,961 30 30 35 1,978 2,009 1,917 1,861 1,8# 2,018 1,971 Forthcoming Large O f f e r i n g s , as of September 16 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 Ohio Power Columbia Gas P u b l i c S e r v i c e E l e c t r i c and Gas P u b l i c S e r v i c e E l e c t r i c and Gas American Telephone and Telegraph • S o u t h e r n B e l l Telephone and Telegraph Long I s l a n d L i g h t i n g New York S t a t e E l e c t r i c and Gas Kaiser Aluminum & Chemical Southern C a l i f o r n i a Gas ^ P a c i f i c Gas and E l e c t r i c Freedom I n s u r a n c e Company 1 s t mtg. b d s . Deb. Pfd. stock Deb. Conv. deb. Deb. 1 s t mtg. b d s . 1 s t mtg. b d s . Pfd. stock Bonds Pfd. stock Common s t k . 17 rO 1*0.0 25.0 35.0 637.2 30.0 15 rO 15,0 September 20 September 2 1 October h October 1* October 13 22=0 October 17 October 26 October October November . November 1955 9.1 18=0 8,9 September 20 September 2 1 September 23 35=0 1*0,0 25=0 STATE AND LOCAL GOVERNMENT D e t r o i t , Michigan Los Angeles, C a l i f o r n i a S t a t e of New Mexico G.O. Rev. L.Lo Holi; F-2 Forthcoming Large Offerings., as of September 16 (Cont'd) Issuer Type Amount (millions of d o l l a r s ) Approximate d a t e of o f f e r i n g STATS AND LOCAL GOVERNMENT (Cont'd) *TIarren Tovmship, i i c h i g a n •^Baltimore County, Maryland ; Sedgwick County 5 Kansas Ri chiaon d-Feter sbur g Turnpike Auth. Chicago Regional Port D i s t . , I l l / ^ I n d i a n a p o l i s , Indiana -^-Orleans P a r i s h , Louisiana P h i l a d e l p h i a , Pennsylvania Texas Turnpike Company I l l i n o i s Turnpike Authority Cook County, I l l i n o i s " S t a t e of C a l i f o r n i a T e r r i t o r y of Hawaii Connecticut Expressway Inter-American Center A u t h . , F l a . Michigan Turnpike Authority - S t a t e of Louisiana C a l i f o r n i a T o l l Bridge Authority Louisiana Turnpike Commission C a l i f o r n i a T o l l Bridge Authority New York S t a t e Thruway Authority Oklahoma Turnpike Authority Washington S t a t e T o l l Bridge Auth. G.O. ' GoO. G.O. Rev. .Rev. n.a. nca. Rev. Rev. nea, n»a = n»a. Rev. Rev. Rev0 Rev, • Rev. Rev-. G.R. Rev< Rev. 15.0 15*9 5,8 69 rO 24,0 6,6 6.0 39.9 130*0 4oo.o 1*0,0 • 60.0 7,5 100.0 2$.0 186.0 80.0 235.0 100 cO 43 eO 125.0 146.0 227.0 September 27 September 28 September 28 September 28 September October 4 'October 13 October 18 October October October November 2 November 16 1955 1955 1955 1955 1955 1955 1955 1955 1955 1956 OTHER None " 1 / Includes corporate and other i s s u e s of 1$ m i l l i o n 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 c 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. H.lU Exhibit G Y i o i d s on Mew and O u t s t a n d i n g E l e c t r i c Povrer Bonds, Rated and A. l / Date Aa-rated o f f e r i n g y i e l d s Actual i A r a o u n t above 1952 average 3.16 1953 average 3.U6 195U average : A - r a t e d oi' f e r i n g y i e l d s Amount aboveActual (per c e n t ) seasoned y i e l d s (basis, p o i n t s ) 13 3.35 12 16 3.78 26 3.03 3 3.12 -3 195U - January February March April May June July August September October November December 3.19 3.01 *2.93 2.99 3.00 *3.00 None None 3.02 3.03 None. None 6 -1 0 5 U 1 — 3 3 — .'— *3. 35 *3.20 3.05 3.10 3.1U 3.1U *3.13 3.11 *3.10 3.10 None 3.11 2 -1 -10 -6 0 -2 -1 -1 -3 -2 1955 - January February March April *3.15 *3.lU *3.17 None 13 7 8 — 3.22 10 June 9 22 3.20 7 July None May 11 11 18 . 2h August 31 16 3.35 3,32 1L 11 3.37 3.30 16 10 None ! 0 None *3.23 3.29 3.31 9 1h — 30 3.57 September ILii 3.50 23 i . 1 / Covers only 30-year f i r s t mortgage bonds, as r e p o r t e d i n Foody'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 t h e amount above seasoned y i e l d s are averages of o f f e r i n g s during the i n d i c a t e d period and of t h e 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 t h e same day. Average m a t u r i t y f o r t h e seasoned i s s u e s v a r i e s from 26 t o 28 y e a r s . *—Single o b s e r v a t i o n , n o t an average.
@FedFRASER