Full text of H.16 Capital Market Developments : December 22, 1954

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DECONTROLLED AFTER SIX MONTHS
Not f o r - P u b l i c a t i o n
H.llt

December 2 2 , 195k
CAPITAL MARKET DEVELOHJEMTS

• Moderate volume of s e c u r i t y o f f e r i n g s l a s t "week - The
volume of l a r g e s e c u r i t y i s s u e s p u b l i c l y f l o a t e d f o r new c a p i t a l
d u r i n g t h e week e n d i n g December 17 i s made up of f o u r S t a t e and
l o c a l government o f f e r i n g s w i t h t o t a l p r o c e e d s of 36 m i l l i o n d o l l a r s , one 30 m i l l i o n p u b l i c u t i l i t y i s s u e , and an o f f e r i n g b y t h e
Kingdom of Belgium f o r 30 m i l l i o n . ' T h i s w e e k ' s s c h e d u l e of l a r g e
S t a t e and l o c a l o f f e r i n g s t o t a l s L23 m i l l i o n d o l l a r s and i n c l u d e s
t h e 335 m i l l i o n New York S t a t e Power A u t h o r i t y i s s u e of December 2 1 ;
no l a r g e c o r p o r a t e o f f e r i n g s a r e s c h e d u l e d
R e f u n d i n g programs - Large s e c u r i t y i s s u e s which i n c l u d e
7 . 5 m i l l i o n d o l l a r s or more f o r r e f i n a n c i n g o f f e r e d s i n c e October
19$h or s c h e d u l e d f o r o f f e r i n g t h e r e a f t e r a r e l i s t e d on pages 2 and 3S e v e r a l of t h e i s s u e s a r e p r i v a t e -placements which have b e e n made
i n t h e l a s t t h r e e m o n t h s . 'A s i z a b l e p o r t i o n of t o t a l r e f u n d i n g s
w i l l b e u s e d t o r e f i n a n c e h i g h - i n t e r e s t p u b l i c u t i l i t y and communic a t i o n s o f f e r i n g s of 1953.
Bond y i e l d s - Y i e l d s on o u t s t a n d i n g c o r p o r a t e Aaa, U. S .
Government l o n g - t e r m and h i g h - g r a d e m u n i c i p a l bonds r o s e d u r i n g t h e
week e n d i n g December 1 7 . C o r p o r a t e Baa bond y i e l d s r e m a i n e d u n changed.
Stock p r i c e s - The SEC i n d e x of 265 common s t o c k s r o s e
2 . 2 p o i n t s t o a new h i g h of 215«5 l a s t week. T r a d i n g volume dropped
f r o m a d a i l y a v e r a g e of 3 . 7 m i l l i o n s h a r e s t h e week b e f o r e t o 3 , 0
m i l l i o n s h a r e s d u r i n g t h e week ending December 1 7 . D a i l y i n d e x e s
i n d i c a t e a f u r t h e r r i s e i n p r i c e s and h e a v i e r t r a d i n g volume on
December 2 0 .




H.ll;

. -2C o r p o r a t e Refunding I s s u e s , O f f e r e d or Proposed 2 /
Type

Issuer

1 s t mtg b d s 2 /
1 s t mtg b d s "~

' . ' i s . P u b l i c S e r v i c e - new
to refund

New York Telephone — new ref &mtg b d s 2 /
t o r e f u n d r e f & mtg b d s
La. Power & L t .

1 s t mtg b d s 2 /
1 s t mtg "bds

new
to refund

• puget Sound Pror. & L t . - n e w -55-lst mtg b d s 2 /
t o r e f u n d 1 s t mtg b d s .

Date
expected
or o f f e r e d

Current
call
price

12.5

October 15
May .1953

105.01

75.0
35.0

October 20
June 1953

105.15

. Amt.
( m i l l , Term
doll.)

Coupon
rate

1981 3 l A
8.6 1983 h 1/8

18.0
12.0

1989
198)4
1981i
1983

2 5 . 0 . 1981;
2 0 . 6 1972

3.00

3 7/8

3 1/8
U
3 1/2

WA
3 1/8

p a c i f i c T e l . & T e l . - new
to refund

Deb.
Deb.

50.0
50.0

1989
1981;

1;

Kansas City s o u t h e r n - new
to refund
to refund

1 s t mtg bds
1 s t mtg bds.
1 s t mtg bds

50.0
37.9
13.2

1961i
1975
1968

3 l/h
h
3 5 /8

12.0
8.0

1981; 3 3/8
1983 t l / 8

P o r t l a n d General Elec. - new * l s t mtg bds 2 /
t o r e f u n d •fclst mtg b d s
1 s t mtg b d s 2 /
1 s t mtg bds ~~
1 s t mtg b d s

pub.Serv. Co. of N . K . - n e w
to refund
to refund

Ist.mtg p i b d s 2/ 1 2 5 . 0
1 s t mtg p 1 bd£i 3 8 . 5
1 s t mtg p 1 b d s 29.it
1 s t mtg p 1 bd£ 2 5 . 0

1972
1973
1973

li/l
it

18.0

1980

31/2

Tenn. Gas T r a n s .

new
to refund
to refund
to refund
new
to refund

S F Deb
.Pfd s t o c k

• TransconVL Gas Pipe Line - new * l s t
to refund *lst
t o r e f u n d *lsb
t o r e f u n d *lsb
Duke Power

3 l/h

1979
1976
1965

new 1 s t mtg b d s 2 /
t o r e f u n d •fclst mtg b d s "™
t o r e f u n d •Rlst mtg b d s

mtg p 1 bds
mtg p 1 bds
mtg p 1 b d s
mtg p 1 bds .

November 17
September 1953 1 0 5 . 7 0
November 18 .
October 19U5 1 0 3 . 0 0
102 3/8
June 19l;8
Anncd._ Nov.
November 1953

December 2

December 9
September 1952 10U l/h
F e b r u a r y 1953 103.83
December 1953 105.10
December 15
Various

1975 3 3A Anncd. Dec. 20
103 i A
June 19h9
120olt- 1968 3 5/8
August 1950
103 3A
2 9 . 5 1970 3 1/lt
lOh
March 1952
1 9 . 6 1971 It'
I69.ii

. new 1st & r e f mtg bds 2[ ko.o 1975
t o r e f u n d 1st L ref mtg bds"" 3 5 . 0 |1?83




106.00

3 , 3 A . J u l y 1951
3 1/2 F e b r u a r y 19U7 102 1/2

1975 3 1/2

18.6

A p r i l 19U3

December 1
3 l/h
September 1953 103=75 •
h
105.15
J u n e 1951
3 3/h

15.0
8.0
6.1

L a c l e d e Gas

I l l i n o i s Central

1 2 . 0 1981;
7.0, 1983
3 . 0 1981

October 2 1
September 1953 1 0 0 . 7 1

J a n u a r y 10

3 3/k September 1953 105.36

H.Ui

-3C o r p o r a t e R e f u n d i n g I s s u e s , O f f e r e d or Proposed
Type

Issuer

Amt.
( m i l l , Term
doll.)

Coupon
rate

(Cont'd)
D a te
expected
or o f f e r e d
January 11
• Various

N.X., Chicago &St. Louis - new Income d e b . 2 /
Pfd stock
to refund

36.0
33.lt

Gulf, Mobile, & Ohio
to
to
to
to

25>.0
Q.h
8.5
6.2
6.1

1985
1969
1968
1983

i. ,
3 3A
3 3/U

n.a.
F e b r u a r y 1939
September 19hh
June 19U8
J u l y 1932

U0.0
37.9
2.1

1973
1955

3 7/8

n.a.
November 19U8
August 1875

— new
refund
1 s t r e f mt&
1 s t r e f mtg
refund
refund
Coll t r u s t
r e f u n d 1 s t mtg b&s h/

Chesapeake & Ohio
new
Bonds
t o r e f u n d Ref & imp bonds
to refund
1 s t gold 5 /

Current
call
price

1989

103 /
101 1/h
102 3 A
105
103 1 / 8

5/

1/ I n c l u d e s i s s u e s w i t h p r o c e e d s f o r r e f i n a n c i n g p u r p o s e s of 7»5 m i l l i o n d o l l a r s and over s i n c e October 15, 19$k.
2 / I n c l u d e s some f u n d s f o r new c a p i t a l .
3./ P r i v a t e placement announced September 28> t o r e f u n d jj. 1/h f i r s t mortgage
bonds~on October 2 9 , 19Shh / Bonds of New O r l e a n s G r e a t N o r t h e r n R a i l w a y .
3>/ B o n d s ' o f Columbus and Toledo R a i l r o a d , n o t s u b j e c t t o c a l l .
*—Private placement.
n.a.—Not available.
-




H.lii

-h-

F u r t h e r d e t a i l s on c a p i t a l m a r k e t developments a v a i l a b l e
from e x h i b i t s - More d e t a i l e d i n f o r m a t i o n c o n c e r n i n g r e c e n t c a p i t a l
market developments •will be f o u n d i n t h e f o l l o w i n g e x h i b i t s which
are attached hereto:
A - Bond Y i e l d s
B - S t o c k Market
C - 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 y O f f e r i n g s
and P l a c e m e n t s
D - 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 ( o t h e r t h a n
. U. S . T r e a s u r y )
E - 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 ( o t h e r
t h a n U. S . T r e a s u r y )
F - Y i e l d s on New and O u t s t a n d i n g
E l e c t r i c Power Bonds, r a t e d Aa
• and A

B u s i n e s s F i n a n c e and C a p i t a l Markets S e c t i o n ,
D i v i s i o n of R e s e a r c h and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l R e s e r v e System.




,

EXHIBIT

A

BOND YIELDS
PER

WEEKLY

CORPORATE

PER A N N U M

Baa

CORPORATE

U.S.

CENT

Aaa

GOVERNMENT
LONG-TERM

/ HIGH-GRADE

MUNICIPAL

1952

1951

954

1953

Corporate ~y jU- S« Govt.
I aan
long-term 2 /

Spread between
Corporate Aaa
and U. S. Govt.

Highgrade
Uun. y

(Per cent per annum)
1951 " High
1952* - High
1953 - High
195U - Higji

Lcm

Novel* er
November
December
December
December

19
26
]
10
17

3.63
3.03
2.65 : 3-16
3-63
3.03
2 . 9 1 . 3.1*8
3-89
3-1*2
3-50
2.99
3.7k
3.09
3.1*5
2.85
2.89 - 3.15
2.88 - 3-1*5
2.89
3.15
3-1*5
2.89
2.90
3.k5

2.71*
2.38
2.79
2.56
3.15
2.71*
2.71*
2.W*
2.55
2.56
2.57
2.56
2.58

•

"

.36
.25
.37
.19
.38
.19
.1*3
.32
.31*
.32
.32
.33
.32

2.26
1.59
2.1*3
2.00
3.11*
2-1*3
2.56
2.23
2.28
2.28
2.29
2.31
2.31*

' y Moody's Investors Service; weekly average of d a i l y f i g u r e s ,
f f Federal Reserve; weekly average of d a i l y f i g u r e s .
"ij Standard and Poor's Corporation; Wednesday f i g u r e .
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 .




STOCK MARKET

llions of Shares

Date

Bank l o a n s
1
t o "others"
Common s t o c k Customers
Trading
f o r purchases
Stock p r i c e volume 2 /
yields 3/
b
a
l
a
n
c
e
s
V
of securi n d e x If
(per c e n t
(millions
( 1 9 4 7 - 4 9 - 1 0 0 ) of s h a r e s ) per annum) ' ( m i l l i o n s
i t i e s $1
of d o l l a r s ) ( m i l l i o n s
of d o l l a r s )

1951 - High
1952 - High
1953 - High
1951 - High
October
November
December 3
December 10
Decenb e r 17

158.6
140.3
165-3
151.7
167.1
mu.o
215.5
156.5
196.6
205.3
212.7
213.3
215.5

"

3.4
1.1 •
2.0
0.9
2.5
0.9
3.7
1.4
2.1
3.2
3.1
3.7
3.0

6.55
5.55
5.77
5.13
5.75
5,15
5.33
4.39
4.57
li.39

.

1,297
1,219
1,328
1,241
1,665
1,314
2,202
1,653
2,095
2,202

.

340
260
295
250
327
252
477
328
439
461
472
466
477

nf ?AC rnrrmnn mtnf*Vs. wpoVlv e l o s i n p nrlnp . TQ-tf-lArt; convArtMi t o
1 / qm
1947-a9«100 by F e d e r a l R e s e r v e .
if Weekly a v e r a g e s of d a i l y t r a d i n g volume on Hew l a r k S t o c k Exchange.
if Moody's 2 0 0 common 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 New York Stock Exchange; e x c l u d e s
b a l a n c e s s e c u r e d b y U. S . Government s e c u r i t i e s .
5 / Wednesday f i g u r e s f o r w e e k l y r e p o r t i n g meufeer banks i n New York and. Chicago;
e x c l u d e s l o a n s f o r purchase of U. S . Government s e c u r i t i e s . On March 4 , 1953# t h e
l a s t d a t e on which f i g u r e s f o r a l l r e p o r t i n g banks were a v a i l a b l e , New York and
Chicago a c c o u n t e d f o r 45 p e r c e n t of such l o a n s . In t h e p a s t New York and Chicago
l o a n s have f l u c t u a t e d more than t o t a l l o a n s .
n.a.—Not available.
N o t e . — H i g h s 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 b e on d i f f e r e n t d a t e s
for different series.




H.'lii
Exhibit C
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 y O f f e r i n g s and Placements
( I n m i l l i o n s of d o l l a r s )

,

New c a p i t a l
1954

Corporate
1
1953

1952

1

January
February
I larch

544
439
660

623
623
666

615
113
#1

April
May
June

186
652
859

779
675
1,123

vuly
August
September

8#
346
776

483
325
753

October
November
December
1st quarter
2nd q u a r t e r
3rd quarter
4t h q u a r t e r
Year

m
895

1,613
1,998
2,021
e/1,770
e/7,385

577
42? 2 /
1,438 V

.

1954

S t a t e and l o c a l
1
1953
1

396
111
565

389
360
426

870
990
769

734
748
-853

329
649
434

1,237
291
- 390

279
261
649

519
259
475

244
201
474

999
340
851

e/6l0
e/hOO
e/800

4#
408
774

303
183
398

1,176
1,412
1,253
1,636
5,477

815
1,477
919
885
4,096

'

1,912
-1,979
1,372
2,578
2,334
i : ^ i /
1,561./
1,188
e/1,810
2,444 #6
8 : 7 1 6 ^ e/6,704
8,195-/

'

1952

...

#8
300
156
455
392
630

E x c l u d i n g f i n a n c e companies 3 /
1st quarter
2nd q u a r t e r
3rd q u a r t e r
4th quarter
Year -

1,562
1,931

1,91a

e/1,720
e/7,130

1,669
1,991
1,223
2,3a
7,227

1,961
2,521
1,877
2,091
8,452

issue.
2 / I n c l u d e s 603 m i l l i o n d o l l a r AT&T d e b e n t u r e i s s u e .
3 / T o t a l new c a p i t a l i s s u e s e x c l u d i n g o f f e r i n g s of s a l e s and p e r s o n a l f i n a n c e
companies.
e/ Estimated.
N o t e . — D e t a i l s may n o t add t o t o t a l s due t o r o u n d i n g .




H.iU
Exhibit D
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
( o t h e r t h a n U. S . T r e a s u r y ) l /
P r o c e e d s of Large I s s u e s O f f e r e d
( t r i l l i o n s of d o l l a r s )

Llonth

1953 - November
December
1954 - J a n u a r y
February
Llarch
April
May
June
July
August
September
October
November

Corporate

96
# 3
289
103
160
169
321*
350
336
75
335
hl3
..
0

• .

S t a t e and
l o c a l government

Other 2/

251*
571
161*
213
•378
557
#7
. 603
92
86
1*55
388
268

•

,

'

19
50
119
50

Large I n d i v i d u a l I s s u e s O f f e r e d December 1 t h r o u g h 17

Issuer

'Type 3 /

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

Rating

CORPORATE
Long I s l a n d L i g h t i n g
1 s t mtg. bds.
V i r g i n i a E l e c t r i c & Power Common s t k .
Tennessee Gas Transmission 1 s t mtg. bds.
New England Tel.& T e l .
Deb.

15.0
17.h

32.0
30.0

1981*

3 1/1*

3.10

1975
1988

3 1/2
3 1/8

3.U0
"3.02

A
Aa

STATE Aim LOCAL GOVERNMENT
S t a t e of Michigan
New York Thruway
G r e a t e r New O r l e a n s
Expressway
Oklahoma T u r n p i k e A u t h .
Spokane County, Wash.
Tampa, F l o r i d a
P u e r t o Rico Water
R e s o u r c e s Auth.
New O r l e a n s , L o u i s i a n a




G.O.
Rev.

60.0
50.0

1956-70
196h-9h-

Rev.
Rev.
G.O.
.Rev.

1*6.0
68.0
• 5.0
10.0

1957-91^/
1962-93
1956-77
1958-89

Rev.
G.O.

12.5
8.1

1957-90
1955-91

1.83

0.75-1.90

Aa

2.68

1.60-2.72

1*.09

1* .00

2.01*

3.10-3.75
0.90-2.25
1.60-3.20

—
Aa
Baa

1.50-3.38

Ba

3.81

3.11
3-ltO

2.69

—
——

0.80-2.80" A

1
H.Ik

D-2

Large I n d i v i d u a l I s s u e s O f f e r e d December 1 t h r o u g h 17 ( C o n t ' d )

Issuer

Type 3 /

Coupon
Amount
Offering
( m i l l i o n s M a t u r i t y r a t e or
yield
net i n t e r of
est cost
dollars )

Rating

OTHER
Kingdom of Belgium

30.0

1957-61i

. 4.16

3.37-4.06

1 / I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of 15 m i l l i o n d o l l a r s and
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 5 m i l l i o n a n d over »
2 / I n c l u d e s f o r e i g n government a n d I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and
Development i s s u e s .
"3/ I n t h e c a s e 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. d e n o t e s g e n e r a l
o b l i g a t i o n ; R e v . , r e v e n u e b o n d s ; G . R . , g e n e r a l o b l i g a t i o n s a d d i t i o n a l l y s e c u r e d by
f a c i l i t i e s r e v e n u e s ; a n d , 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 s e c u r e d by p l e d g e of
designated revenues.
h / B o n d s - m a t u r i n g 1957-73 n o t p u b l i c l y r e o f f e r e d .




H.Iii

Exhibit E

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 Mew C a p i t a l '
(Other t h a n U. S . T r e a s u r y ) j /
E x p e c t e d Proceeds f r o m Forthcoming Large I s s u e s
D a t e of
computation
1953 - Nov. 30
Dec. 31
195k - J a n . 29
F e b . 26
Mar. 3 1
A p r . 30
. May 28
.June 30*
J u l y 30
Aug. 3 1
S e p t . 30
O c t . 29
Nov. 30

During month f o l l o w i n g
d a t e shown
S t a t e and o t h e r 2 /
Corporate.
local govt.
• 918
232
118 108
20L .
323
332
3#
100
33U
3b3
15
"
9h •

537
179
161
498
#2
525'
596
86
.

3C0
383
W6
661

Subsequent t o
d a t e shown
S t a t e and Other 2 /
Corporate
l o c a l govt.

73
123
50
27

30

l,6l6
1,7#
669
: 1,238
1,6.60
kl9
690
1>916
2,789
9%
617
2,322
1,971
#6
532
303 ^
1,553
608
1,876
2,158
klh
135
1,957
2,682
246

88
138
50
27

30
30

F o r t h e oning Large O f f e r i n g s j a s of December 17
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
Commonwealth E d i s o n .
P u b l i c S e r v i c e E l e c t r i c & Gas Co.
Duquesne L i g h t
New England Power
Marine Midland Corp. of B u f f a l o
Consumer Power Company
P u b l i c S e r v i c e of Oklahoma
Kansas C i t y Paver and L i g h t
New England Telephone and T e l e g r a p h

. SF d e b .
Pfd. stock
Common s t o c k
1 s t m t g . bonds
Pfd. stock
1 s t m t g . bonds
1 s t m t g . bonds
1 s t m t g . bonds
Common s t o c k

50.0

25.0
15.0

25.0
20.U

30.0

20.0
16.0
-15.3

J a n u a r y 11
J a n u a r y 12
J a n u a r y 17
J a n u a r y 18
J a n u a r y 2h
January 25
January
F e b r u a r y 15
March

STATE AMD LOCAL GCVERIUJENT
New York S t a t e Power A u t h o r i t y .
Chicago Calumet Skyway T o l l B r i d g e
•^Kentucky S t a t e P r o p e r t y and B u i l d i n g Commission
S t a t e of C a l i f o r n i a




Rev.
Rev.
L.L.

335.0

December 2 1
December 22

6.0

December 30
January 5

88.0

60.0

H.lit

E-2
Forthcoming Large O f f e r i n g s , a s of December 17 ( C o n t ' d )
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 )

STATE AND LOCAL GOVERNMENT ( C o n t ' d )
C a d d o Parish School D i s t r i c t , La.
P u b l i c Housing A u t h o r i t i e s
•aHarris County, Texas
Los Angeles D e p t . of "Jater & Power
I l l i n o i s Turnpike AuthorityTexas Turnpike Company
Sam Houston- Company
Los A n g e l e s S c h o o l D i s t s . , C a l .
C o n n e c t i c u t Expressway
Inter-American Center Auth., F l a .
Michigan Turnpike A u t h o r i t y
S t a t e of L o u i s i a n a
. M e t r o p o l i t a n " a t e r D i s t . of So. C a l .
New Y o r k . S t a t e B r i d g e A u t h o r i t y
Dade County P o r t A u t h o r i t y , F l a .
-Springfield, Illinois
A l l e g h e n y County, P e n n s y l v a n i a
... S a n i t a r y A u t h o r i t y
C a l i f o r n i a Toll Bridge Authority
Texas Turnpike A u t h o r i t y
F l o r i d a S t a t e Turnpike A u t h o r i t y
J e r s e y C i t y Sewerage A u t h . , N. J .
North C a r o l i n a T u r n p i k e A u t h o r i t y

n.a."
n.a.
n.a.
Rev.
Rev.
Rev. •
Rev.
Rev.
• Rev.
Rev.
G.O.
Rev.
Rev.
n.a.
Rev.
Rev.
Rev.
Rev.
n.a.

.

5,0
135.0
11.5 *
18.0
390.0
200,0
ISO/)
20.0
100.0
60.0
.
166.0
80.0
8-10.0
15.9
• 21.0
9.0

January
January
January
January
January
January
January
January
'Jinter
Spring
Spring
Spring
Spring
1955
1955
1955

85.0
235.0
' 59.0
89.0
' 16.0
200.0

1955
1955
1955
1955
1955
1955

6
11
25
26

.
.

.

OTHER
Hone .
and l o c a l government i s s u e s 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 R e c o n s t r u c t i o n 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 t i m e .




r .Hi
Exhibit F
Y i e l d s on New and O u t s t a n d i n g
E l e c t r i c Power Bonds, Rated Aa and A 1 /

Date

1952 a v e r a g e
1953 a v e r a g e
1953 - J a n u a r y
February
March
April
May
June
July
August
September
October
November
December
195U - J a n u a r y
February
March
April
May
June
July
August
September
October
November
December 1
.8
15 .

A-rated o f f e r i n g yields
Aa-rated offering yields
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 )
(per cent)
( b a s i s points.)
(basis points)
3.18
3.kh
3.25
3.39 '
3.HO
3.18
3.79None
*3.68
None
None
3.3U
*3.28
*3.30 .
3.20
• 3.02
*2.93
2.99
3.00
*3.00
None
None
3.02
3.03
None

• Ik
16 11
19
17
16
28
29
6
7
5
6
0
0
5
h
1
3
3

12

3.37
3.78

•

None
None
3.59
3.88
3.99
1.10
*1.00
None
3.92
3.56
3.1*2
3.51
3.32
*3.20
3.05
3.10
3.14
3.1U
*3.13
3.11
*3.10
3.10
None
3.11
3.10
3.11

25

-•

23
hi
37
39
30
29
7
2
10

.

.

2
-1 ,
-10
-6
b
-2
-1
-1
, • "3
-2
—

0
-1
0

S u r v e y , E x c e p t 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 a n d t h e amount above
s e a s o n e d y i e l d s a r e a v e r a g e s of o f f e r i n g s d u r i n g t h e i n d i c a t e d p e r i o d 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 s e a s o n e d 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 d a y . 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 .
' a — S i n g l e o b s e r v a t i o n , n o t an a v e r a g e .