Full text of H.16 Capital Market Developments : March 31, 1955

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Not f o r P u b l i c a t i o n j^qNTEOLLED AFTER SIX MONTHS
H.llt

March 3 1 , 1 9 #
CAPITAL MARKET DEVELOPMENTS

Moderate volume of s e c u r i t y i s s u e s l a s t week - Two 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 t o t a l i n g SO m i l l i o n d o l l a r s a n d a m a n u f a c t u r i n g i s s u e of 20 m i l l i o n w e r e f l o a t e d p u b l i c l y
f o r new c a p i t a l d u r i n g t h e week ending March 2 5 . Large i s s u e s
s c h e d u l e d f o r o f f e r i n g t h i s week t o t a l 35> 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 87 m i l l i o n f o r S t a t e and l o c a l governments.
R e v i s e d e x h i b i t s on bond y i e l d s and s t o c k market - E x h i b i t s A, B, 2nd C of t h i s . r e p o r t a r e new e x h i b i t s d e s i g n e d t o p r e s e n t more i n f o r m a t i o n on bond y i e l d s and t h e s t o c k m a r k e t t h a n shorn
i n E x h i b i t s A a n d B of p r e v i o u s r e p o r t s .
Data on h i g h - g r a d e bond y i e l d s a r e shown i n E x h i b i t A.
The s e r i e s on l o n g - t e r m Government and Aaa c o r p o r a t e y i e l d s a r e
t h e same a s shown p r e v i o u s l y . Moody's s e r i e s on A a a - r a t e d S t a t e
and l o c a l government y i e l d s h a s been s u b s t i t u t e d f o r t h e S t a n d a r d
and P o o r ' s c o r p o r a t e h i g h - g r a d e m u n i c i p a l s e r i e s because t h e q u a l i t y of t h e bonds i n c l u d e d i n t h e Moody's s e r i e s i s mere homogeneous.
The S t a n d a r d and P o d r ' s s e r i e s i n c l u d e d d i f f e r e n t numbers of bonds
i n each of t h e f o u r i n v e s t m e n t g r a d e r a t i n g s (Aaa, Aa, A, B a a ) .
Moreover, t h e Moody's s e r i e s presumedly r e f l e c t s b o t h t h e l e v e l
and t h e movement of t h o s e S t a t e and l o c a l bonds of t h e h i g h e s t
q u a l i t y and t h e r e f o r e i s more comparable w i t h t h e A a a - c o r p o r a t e s .
E x h i b i t B p r e s e n t s y i e l d s on l o w e r - g r a d e b o n d s . The '
c o r p o r a t e Baa s e r i e s i s t h e same shown p r e v i o u s l y . Moody's Baa
S t a t e and l o c a l government y i e l d s e r i e s h a s been s u b s t i t u t e d f o r
t h e S t a n d a r d and P o o r ' s s e r i e s f o r r e a s o n s s i m i l a r t o t h o s e n o t e d
a b o v e . The Dow-Jones s e r i e s on r e v e n u e bond y i e l d s h a s been added
b e c a u s e of t h e i n c r e a s i n g i m p o r t a n c e of bonds of t h i s t y p e i n t h e
S t a t e and l o c a l bond m a r k e t . The Moody's S t a t e and l o c a l s e r i e s
a r e composed of g e n e r a l o b l i g a t i o n S t a t e and l o c a l i s s u e s o n l y
and d o n o t i n c l u d e r e v e n u e bends* E x h i b i t G p r e s e n t s i n f o r m a t i o n on t h e s t o c k m a r k e t .
The volume of s t o c k market c r e d i t o u t s t a n d i n g has been added t o
t h e c h a r t , and d a t a f o r i t s components a r e shown s e p a r a t e l y -in
t h e accompanying t a b l e ,
Bond y i e l d s - h i g h - g r a d e - 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 bonds have r i s e n s t e a d i l y t h r o u g h o u t t h e f i r s t q u a r t e r
of 1955>. D u r i n g t h e l a s t two weeks of March, however, t h e y d e c r e a s e d s l i g h t l y , u . S . Government l o n g - t e r m bond y i e l d s r o s e




—2—
i n J a n u a r y a n d February7" and s u r p a s s e d t h e 195k h i g h i n t h e l a s t
week of F e b r u a r y . S i n c e t h e n , y i e l d s have d e c l i n e d somewhat and
s t a b i l i z e d i n t h e l a s t two v/eeks of t h i s month. Y i e l d s on Aaa
m u n i c i p a l bonds a r e w e l l below t h e 195k h i g h . Although t h e y i n creased s l i g h t l y i n January, a general decrease occurred through" o u t F e b r u a r y and March.
Bond y i e l d s - l o w e r - g r a d e - The 19$k low f o r c o r p o r a t e
Baa bond y i e l d s was e s t a b l i s h e d i n t h e l a s t week of t h e y e a r .
S i n c e t h e n y i e l d s have i n c r e a s e d g e n e r a l l y t h r o u g h mid-March.
They d e 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 March 2J?.
Y i e l d s on Baa m u n i c i p a l bonds r o s e m o d e r a t e l y i n J a n u a r y , d e c r e a s e d s l i g h t l y i n F e b r u a r y , and i n c r e a s e d t h r o u g h o u t March.
The h i g h f o r 1 % was r e a c h e d l a s t week. Revenue bond y i e l d s
r o s e m o d e r a t e l y d u r i n g t h e f i r s t .month of t h i s y e a r a n d r e m a i n e d
s t e a d y i n F e b r u a r y . They i n c r e a s e d one b a s i s p o i n t a t t h e b e g i n n i n g of March a n d have n o t changed i n t h e l a s t f o u r w e e k s .
S t o c k p r i c e s - The SEC i n d e x .of 26^ common s t o c k s r o s e
It p o i n t s t o 2 2 8 , 1 d u r i n g t h e week ending March 2f>. T h i s i s 1 . 6
p o i n t s below t h e h i g h f o r 195>5> r e a c h e d on March h • D a i l y i n d e x e s
i n d i c a t e some d e c l i n e t h r o u g h Wednesday of t h i s week. Trading v o l ume on t h e NYSE d e c l i n e d t o a new low f o r t h e y e a r l a s t week when
. an a v e r a g e of 2.5> m i l l i o n s h a r e s were s o l d e a c h d a y .
F u r t h e r d e t a i l s on c a p i t a l market developments a v a i l a b l e
f r o m 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
m a r k e t developments w i l l b e 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
B
C
3}

-

High-Grade Bond Y i e l d s
Lower-Grade Bond Y i e l d s
S t o c k Market
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
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 . T r e a s u r y )
F - F o r t h c o m i n g 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)

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

H I G H - G R A D E BOND YIELDS
Weekly

CORPORATi A M

U . S. GOVERNMENT

Corporate
Aaa 1 /

U . S . Govt,
long-tern 2/

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

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

(Per c e n t )
3.03
2.91
3.h2
2.99

(1/u)
(2/15)
(6/19)
(1/9)

3.09 (1/8)

2 . 8 5 (U/23)
3.0li ( 3 / 1 1 )
2.91 (1/7)

3.02
3.03
3.0k
3.03

3.01

2.79 (12/27)
2.56 (5/17)

3.15 (6/6)
2.78 (12/26)
2.7h (1/9)
2.hh ( 8 / 7 )
2.77 (2/25)

2.62 (1/7)
2.77
2.75

2.72

2.69
2.69

2.00 (10/23)
1.65 ( 5 / 1 )
2.73(6/25)

1.98 (1/8)
2.21 (6/10)
1.90 (9/2)

2.11 (2/10)
2.06 (1/6)
2.10
2.09

2.09
2.10
2.08

.37
.19
.38
.19
.h3
.32

.25
.28
.32
•3k
.32

1.02
.71

.8U
.30

.61
.29
.67
^.5U
.67

.66
.63
.59

.61

1 / '.Yeekly average of d a i l y f i g u r e s . Average term of bonds included i s 25-26 y e a r s .
? / V/eekly average of d a i l y f i g u r e s . Old s e r i e s . Average term to f i r s t c a l l of
bonds*~included i s 13-1L 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' are i n c l u d e d . Average term
- of bonds included i s 20 y e a 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 b e on d i f f e r e n t dates f o r
different series.
-




EXHIBIT B

L 0 W E K - 6 R A D E BOND YIELDS
W..kly

I

1952

\ STATE AND LOCAL G O V T .

1953

Corporate •
Baa 1 /

1954

1955

State and
l o c a l govt.
Baa 2 /

State and
l o c a l govt.
rev. 3 /

(Per cent)
3.63
3.^8
3.69
3.56
3.71
3 Mi
3.19
3 .ht
3.U9
3.k8
3.L9

IS

(lAr
(5/16)
(9/18)
(1/2)
(1/8) .
(12/31)
(3/18)
(1M)

2.98 (10/23)
2.U8 (k/n)
3.79 (6/2$)

2.69
2.2?
3.27
2.71

3.32 ( 1 / 7 )
2.93 ( 8 / 5 )
3.08 {3/2h)

2.72 (8/13)

3.0U

2.79

2.96 (1/8)

3.02 (1/6)

3.06

3.00 (1/1)

2.80(3/18)
2.76 (1/7)

2.80
2.80
2.80

3.07
1%

(12/19)
(h/2$)
(6/26)
(1/2)

-

2.80

1 / Tfeekly average of d a i l y f i g u r e s . Average terra of bonds
included i s 25-26 years.
2 / Thursday f i g u r e s . Only general obligation bonds are
included; t h e i r average term i s 20 years.
3 / Friday f i g u r e s . Average r a t i n g of bonds included i s
between Baa and A; average tern i s 20 years.
Note.—Highs and lows, are f o r individual s e r i e s and may
for different series.

be on d i f f e r e n t dates



EXHIBIT C

STOCK MARKET

Date

Stock price

Com on
Trading
volume 2/
(millions yields 3/
of shares) (per cent)

-T

Stock market credit
Customers'
debit b a l - loans to
ances V "others" 5/

o t a l

(Millions of dollars)
1952 - High

- Hi*
Low
1955 - High
Low

165-3
151.7
167.1
liik.O
221.1,
156.5
231.0
217.1

January
February
March 11
March 18
March 25

213.ii
226.8
220.8
222.7
228.1

1953 - High
1%L

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

l.h

(1/11)

2.5

(3/h)

2.0
0.9
2.5
0.9
3.7

,

r .77

1,986

1,80k

1,332
l,2l;l
1,665
1,31a

• 5.13
5.75
5.15
5.33

2,055
3,ii36

it.6

h.22
k.21

3,613
3,537

2,590
2,517

3.6
3.2
3.2

it.21

h.22

3,537
3,0*3

2,590

2.9

2.5

2,hk5

2,LOS

2,388

1,^53

2,517

656
552

780

66k

1,018
7ii6
1,053
1,010
1,020
1,053

i,oU5
1,052
n.a.

1/ SEC index of 265 common stocks, weekly closing prices, 1939=100] converted
to 19H7-h9=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 .
5 / End of month figures for member firms of t h e New York Stock Exchanre which
carry margin accounts; excludes money borrowed far carrying U. S. Government o b l i gations.
5/ Wednesday figures for weekly reporting member banks. Excludes a l l loans
on U. S. Governments for 1952; since 1953 only loans secured b y Government at banks
in New York and Chicago are excluded. '.Yeekly reporting banks account for about
72 per cent of loans to others.
n.a.—Hot available.
Mote.—Highs and lows are for individual s e rie s arid 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 D

H.lii

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
Corporate
1
195h
1I

1953

1955

5UU
U39
660

.666

5#
e/310
e/500

April
"May
June

U86
652
859

July
August
September

898
3U6
776

1955
January
February
March

e/U06
e/3#
e/1,225

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

e/2,06l

1st quarter
2nd q u a r t e r
3rd quarter
Uth q u a r t e r
Year

e/l,66l

s

S t a t e and l o c a l
1
195U
1

1953

3#
an
#5

389
360
U26

779
675
1,123

73U
7U8
853

329
6U9
h3h

U83
325
753

279
261
6U9

519
. 259
kit

1,008
298
592

577
U29i/
l,U3ff*

59U
U23
877

U53
U08
77U

1,610"
1,998
2,021
1,899
7,561

1,912
2,578

Vl,3U5

8,1*95.

1,372
2,33U
1,188
1,89U
6,789

.

1,176
1,102
1,253
1,636
5,U77

E x c l u d i n g f i n a n c e companies 2 /
1,562
1,931
1,9Ul
1,795
7,229.

.

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

2 / 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.lli

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 . T r e a s u r y ) 1 /
Proceeds of Large I s s u e s O f f e r e d
( L l i l l i c n s of d o l l a r s )

Corporate

Month

195U - February
March
April
May
June
July
August
September
October
November
December
1955 - J a n u a r y
February

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

103
160
169
32h
#0
336
75
#5
h!3
0
9k.
lhl
72

I
j

213
378
557
557
603
92
86
455
388
268
6#
3bX
101

Other 2 /

50

30
35

Large I n d i v i d u a l I s s u e s O f f e r e d March 1 through 25

Issuer

Type J /

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

Rating

CORPORATE
May Department S t o r e
SF deb.
25.0
C e n t r a l & South West Corp. Coranon s t k .
20.1
Union O i l Company
Conv. deb.
21.0
P a c i f i c Gas & E l e c t r i c Co. 1st &iBfatgbda 5 0 . 0
General Motors A c c e p t ance Corp.
Deb.
250.0
General Motors Corp.
Common s t k . 328.6
Joy Manufacturing Co.
SF deb.
20.0

1980

3 iA

3.25

1975
1987

3
3 3/8

3.00
3.30

I960j1972
1975

3 i 3 1/2 . 3 . 0 0 3 3 . 5 0
3 5/8

3.63

A
.

Baa
. Aa
—

Baa

STATE AND LOCAL GOVERNMENT
P o r t l a n d , Oregon
S t a t e of L o u i s i a n a
Hempstead & N. Hempstead,
New York




G.O.
G.O.

8.0
10.0

1958-75
1960-70

2.01
2.23

- 1.15-2.20
1.50-2,35

G.O.

15.5

1955-81;

3.08

1.10-3.13

Aa
A
Baa

H.lh

E-2

L a r g e I n d i v i d u a l I s s u e s O f f e r e d March 1 t h r o u g h 2 5 ( C o n t ' d )

Issuer

Type 3 /

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

Rating

STATE AMD LOCAL GOVERNMENT
(Cont'd)
Houston, Texas
Multnomah C o u n t y , Oregon
M e t r o p o l i t a n Water D i s t r i c t of S o u t h e r n C a l .
New York B r i d g e A u t h o r i t y
S t a t e of South C a r o l i n a
S t . Petersburg, Florida
O y s t e r B a y , Hew York
S t a t e of M i s s i s s i p p i
S t a t e of ' IJew J e r s e y
New J e r s e y T u r n p i k e A u t h .
New York S t a t e
Georgia S t a t e School
Building Authority

G.O.
G.O.

1956-85
12.0%/ 1956-75

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

8.0
16.0
20.0
UuO
5.8
5.2
6.6
3k.O
50.7

1956-80
1956-89
1956-75
1956-77
1955-83
1971-75
1957-90
1988
1957-2005

j L.L.

29.2

1956-7ii

,2.59
2.02

1.00-3.10
A
0 . 9 5 - 2 . 2 0 - Aa ..

~ 2.19
2.6k
1.95
3.50
2.97
2.53
2.19
2.88
2.26

0.95-2.35
1.00-2.69
0.95-2.10
1.75-3.13
1.00-3=05
2.25-2.50
l i l O - 2 .hO
2.81
1.05-2.80

Aa
A
Aa
Ba
Baa
A
Aa

3.07

1.25-3.10

A

•—*

Aaa

OTHER
None

—

o v e r i n s t a t e and. l o c a l g o v e r n m e n t 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 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 #
3 / I n t h e c a s e of S t a t e and l o c a l g o v e r n m e n t 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 j R e v . , revenue bonds j 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 j 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 / 3 . 5 m i l l i o n d o l l a r s n o t r e o f f e r e d p e n d i n g s e t t l e m e n t of t a x p a y e r s ' l i t i gation.




Exhibit F

H.ll*

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 t h a n U. S . T r e a s u r y ) 2 /
E x p e c t e d P r o c e e d s from Forthcoming Large I s s u e s
Subsequent t o
d a t e shown

D u r i n g month f o l l o w i n g
d a t e shovm

D a t e of
computation

Corporate
108
204
323
332
336
100
33k
313
15
9k
18U
16
710

- F e b . 26 .
Mar. 3 1
A p r . 30
May 28
J u n e 30
J u l y 30
Aug. 31
S e p t . 30
O c t . 29
Nov. 30
Dec. 3 1
1955 — J a n . 3 1
F e b . 28

Other 2 /
1*98
555
525
596
86
51*
300
' 383
136
661
567
682
52U

Corporate | ^ ^ | o t h e r 2 /

50
27

30

. *—

690
555
6U7
526
532
303
608
hilt
135
216
216
1*22
1,395

1,916
2,789
2,322
1,971
1,521*
1,553
1,876
2,158
1,957
2,682
2,11*1*
1,961
1,978

50
27

30
30
35
—

Forthcoming Large O f f e r i n g s * a s of March 25
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
•^Florida .Power and L i g h t Co.
New England Telephone and T e l e g r a p h
N a t i o n a l Gypsum
G e n e r a l Dynamics Corp.
T e n n e s s e e Gas T r a n s m i s s i o n
S o u t h e r n C a l i f o r n i a Gas Co.
•w-Fruehauf T r a i l e r Co. '
Philadelphia Electric
P a c i f i c Northwest P i p e l i n e
• ^ T r a n s c o n t i n e n t a l Gas P i p e Line
P u b l i c S e r v i c e of I n d i a n a , I n c .
Alabama Power
C o n s o l i d a t e d N a t u r a l Gas
American Telephone and T e l e g r a p h
j




Common s t o c k .
Common s t o c k
Cbranon s t o c k
Conv, d e b .
Deb.
Bonds
Conv; d e b .
Bds.
Interim notes
Pfd. stock
Pfd. stock
1 s t m t g . bonds
Common s t o c k
iConv. d e b .

• 19.1*
15.7
18.6
1*0.0
25.0
1*0.0
15.0
20.0
17.2
15.0
21.3
15.0
2U.1*
650.9

March 30
March 3 1
A p r i l 1*
April 5
April 6
A p r i l 11
. A p r i l 13
A p r i l 125
April
April
April
May 21* •
June
1955
'

'

H.lli

F-2
Forthcoming Large O f f e r i n g s / a s of March 25 ( C o n t ' d )
" 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
S p r i n g f i e l d , Missouri
S t a t e of M a s s a c h u s e t t s
^ P a s s a i c V a l l e y Sewerage, N. J .
F l o r i d a S t a t e Improvement Comm.
San F r a n c i s c o j C a l i f o r n i a
^ D e t r o i t , Michigan
Los A n g e l e s , C a l i f o r n i a
^•Public Housing A u t h o r i t i e s
San Diego County, C a l i f o r n i a
L o u i s v i l l e , Kentucky
Calcasieu Parish, Louisiana
W i c h i t a , Kansas
*State- of. C a l i f o r n i a
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
Florida State,Turnpike Authority
I l l i n o i s Turnpike A u t h o r i t y
C o n n e c t i c u t Expr essway
Texas Turnpike A u t h o r i t y
Sam Houston T u r n p i k e Corp.
Texas T u r n p i k e Company
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
Sanitary Authority
C a l i f o r n i a T o l l Bridge Authority
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

Rev.
G.O.
L.L.
Rev.
G.O.
—

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

11.1
60.9
9.1
6.0
6.9
11.6
2-10.0
112.0
8.U
7
-5 x
5.5. x
7.U
30.0
60.0
186.0
80.0
7l.i.O
390.0
100.0
58.5
II16.O
liiO.O
. 21.0
9.0

March 29
March 29
March 3 1
March 3 1
A p r i l 1;
April 5
April 6
A p r i l 13
A p r i l 19
A p r i l 20
April 21
A p r i l 26
A p r i l 27
Spring
Spring
Spring
.
Spring
1955
1955
1955
1955
1955
1955
1955

85.0
235.0
16.0
200.0

1955
1955
1955
1955

•

OTHER

1 / I n c l u d e s c o r p o r a t e and o t h e r i s s u e 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 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 available.
—Included in table f o r f i r s t time.