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O c t o b e r 3 1 , 1973 634 H*13 Division of international Finance, Statistical & Data Management Unit SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. W E E K L Y SERIES O F C H A R T S BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H.13 October 3 1 , 1973 Release No. 634 TABLE OF CONTENTS PARTI. EXCHANGE RATES AND GOLD PRICES Chart 1A, I B , & 1C - Spot Exchange Rates, Major Currencies against U.S. Dollar Chart 2A and B - 3-Month Forward Exchange Rates, Major Currencies against U.S. Dollar Chart 3A and B - 3-Month Forward Exchange Rates, Major Currencies against U.K. Pound Chart 4 - Gold Price in London PART II. SHORT-TERM INTEREST RATES Charts - Call Money Rates Chart 6A and B - London: Euro-$ Deposit Rates Chart 7A and B - New York - London: Yields on U.S. Dollar Funds Chart 8A and B - London: Covered Yields on U.S. Dollar Funds Chart 9A and B - Interest Arbitrage: United States-United Kingdom Chart 10A and B - Interest Arbitrage: U.S.-Germany and U.S.-Switzerland Chart 11 - Interest Arbitrage: United States-Canada Chart 12A and B - Selected Short-term Interest Rates PART III. LONG-TERM INTEREST RATES AND STOCK INDICES Chart 13 Chart 14 - Long-Term Bond Yields - Industrial Stock Indices PART IV. SELECTED CENTRAL BANK DISCOUNT RATES AND LATEST FIGURES PLOTTED ON THE CHARTS NOTE: This series is a continuation of the CAPITAL MARKETS DEVELOPMENTS ABROAD, which was published under that title through December 31,1968. The changes in the format and order of the charts are explained in the Supplement to the series, which accompanied issue dated January 1, 1969. All series and their sources are fully described in a Supplement dated January 1, 1972. SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weeklyaverages —1 40 30 GERMAN f MARK MJ BELGIAN FRANC SWISS FRANC 20 JAPANESE YEN CANADIAN DOLLAR Per cent above average market rate in January 1972 against M J 1972 S D M J S 1973 Weekly averages (week e n d i n g on Friday) of daily offered rates in the New York market as per cent above or below Smithsonian central rates D | Chart I B SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averages ~ 1 30 FRENCH FRANC DUTCH GUILDER ITALIAN LIRA U.K. POUND M J 1972 S D M J S 1973 Weekly averages (week ending on Friday) of daily offered rates in the New York market as per cent above or below Smithsonian D Chart 1C SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Above 30 DUTCH GUILDER GERMAN MARK SWISS FRANC 20 JAPANESE YEN FRENCH FRANC BELGIUM FRANC DUTCH GUILDER ITALIAN LIRA CANADIAN DOLLAR U.K. POUND JAN. FEB. MAY JUNE JULY AUG. SEPT. 1973 Weekly averages (week ending on Friday) of daily offered rates in the New York market as per cent above or below Smithsonian hart 2A !-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U S. DOLLAR feekly averages I I | I I | Per cent per am I I | I I I I | I I | I I | I I | I I | I I | I I | I I I I | I I | I I | I PREMIUM 4 CANADIAN DOLLAR + 0 U K. POUND 4 DISCOUNT 8 PREMIUM GERMAN MARK 4 + 0 4 DISCOUNT PREMIUM + DUTCH GUILDER 4 + 0 DISCOUNT 1 1 I I M J S D M J I'l S I I M D 1 I 1970 Canadian Dollar Rate not supported by Bank of Canada. DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3. I 4 I M 1973 Chart 2B 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR Per cent per ai Weekly averages I I | I I | I I j I I I | I I | I I | I I I I I I I I I | I I 12 PREMIUM FRENCH FRANC 8 4 + 0 DISCOUNT 4 PREMIUM SWISS FRANC 4 + 0 DISCOUNT I I I I I I I I M I 1970 I I I I 1 1 1 1 M 1971 »e DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3. I I I I I I I I 1 I 1 I I I I I I 4 Chart 3A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday figures Per cent per annum PREMIUM GERMAN MARK U.S. DOLLAR DISCOUNT - M„ J S D 1970 M J s D 1971 See DESCRIPTION AND SOURCES OF DATA, January I, 1973, p. 3. J 1972 S D M J 1973 S D Chart 3B 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Per cent per annum Friday figures PRE#AIUM + - - - - SWISS FRAhIC - si \ - . V M A "V v FRENCH FRANC - DISCO UNT 1 1 1 1 1 1 I I M J 1 1 1 S 1 1 1 1 1 1 1 1 i D 1970 M J S I I D 1971 See"DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 3. 1 1 1 1 1 1 1 1 1 1 1 M J S 1972 D 1 1 1 1 1 1 1 1 1 1 1 M J S 1973 D y> GOLD PRICE IN LONDON, 12.5 Kg BARS Week's average of afternoon fixings U.S. dollar equivalent per fine ounce 120 90 60 30 M J S 1971 D M J 1972 See DESCRIPTION AND SOURCES of DATA, January 1, 1973, p. 4. S D M J 1973 S D Chart 5A CALL MONEY RATES DOLLAR FUNDS Weekly averages . Per cent per annum OVERNIIGHT EURO-DOLLAR DEP'osjrs CALL EURO-DOLLAR 1 DEPOSITS uu 1 f A' 1/ - FEDER/\ l Fur iDS DIFFERENTIAL EURO-DOLLAR OVER FEDERAL FUNDS EURODOLLAR FAVOR*»EIIERAL FUNDS EURO-CURRENCIES Weekly averages Per cent per annum EURO-DM EURO-SWISS FRANC M S D 1970 M J S D M 1971 * Changed from CALL to OVERNIGHT Euro dollar deposits, May 10, 1971. See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 4-6. J 1972 s D M J t 1973 S D Il Chart SB CALL MONEY RATES SELECTED FOREIGN AND EEC CURRENCIES Friday figures Per cent per annum V . \ 1 1 1 1 1 1 1 1 1 1 1 FRANCE . / AA V M <1: yv M I U / WETHERLA NDS L j 1 1 1 1 i ii 1 i i 1 i n i i i i 1 i i 1 m ri i 1 i i 1 i i JAPAN CANADA 1 1 1 II 1 1 1 1 1 1 I I I I I I 1 I I M M J S D 1 1 1 II I 1 I 1 iVl M 1970 J 1 1 1 1 II 1 1 1 II 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I I I 1 I 1 I I I I I I I I I I I I ill S 1971 D M J S D M 1972 France, Day-to-day Money; Netherlands, Call Money, weekly average; Japan, Unconditional Money; Canada, Day-to-day Loans, weekly average; Germany, Call Money; U.K., 2-day Local Authority Deposits. See DESCRIPTION AND SOURCES OF DATA, J a n u a r y T 1973, pp. 4 ^ I I I I I l I I I 1 0 J S 1973 D Chart 6A LONDON: EURO-DOLLAR DEPOSIT RATES Per cent per annum Friday figures OVERNIGHT CALL 7-DAY 12 10 IMONTH M J s D M 1970 S D 1971 * May 1 2 / 7 1 - c h a n g e d to Overnight Euro-Dollar Deposits * * July 1-changed to 7-Day Euro-Dollar See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6. J 1972 s D M J 1973 s D # V LONDON: EURO DOLLAR DEPOSIT RATES Per cent per annum Friday figures - \ - J y \ v \ 3-MONTH A" - 1 12 10 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , 1 , 1 1 1 , i i 1 i i 1 i i 1 i i i i l i i l i i l i i /Y J ^ - 6-MONTH - f - - i i l i i l i i I i i 1970 • i i i i i i i i i i 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6. i i 1 i i 1 i i 1 i i 1 i i 1 i i 1 i i 1 i i 1972 1973 10 Chart 7A NEW YORK-LONDON: YIELDS ON U S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET Wednesday figures P@r cent per annum EURO-DOLLAR DEPOSIT U S. CERTIFICATE OF DEPOSIT DIFFERENTIAL FAVOR EURO-DOLLAR A l\ [AJV wv\X - - EURODOlLLAR OVER U.S. CERTIFIC:ATE OF DEPOSIT i i 1 i i 1 i i 1 i i M J S D i i 1 i i 1 i i 1 i i M 1970 J S D l I 1 I I 1 I I 1 i i M 1971 See DESCRIPTION AND SOURCESOF DATA, January 1, 1973, pp. 6-7. J S 1972 O i I i i 1 i i 1 < i M J 1973 S D Chart 7B NEW YORK-LONDON: COST OF U.S. DOLLAR FUNDS 3 - M O N T H DOLLAR DEPOSIT R A T E S - P R I M A R Y MARKET Wednesday figures Per/cent per annum EURO DOLLAR DEPOSIT ADJUSTED' A EURO DOLLAR DEPOSIT U.S. C E R T I F I C A T E OF D E P O S I T ADJUSTED w EURO DOLLAR OVER U.S. CERTIFICATE OF DEPOSIT ADJUSTED1 M J S D 1970 M J S D 1971 * Adjusted for Reserve Requirement * * Adjusted for 10% Marginal Reserve Requirement * * * A d j u s t e d for 20% Marginal Reserve Requirement See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 6-7. M J 1972 S D M J 1973 S D Chart 8A LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS HIRE P U R C H A S E / S T E R L I N G C D ' s vs EURO DOLLAR RATES Friday figures Per cent per annum 12 > r h EURO DOLLAR DEPOSIT 1 Xs ,. Hipp PURCHASE il " V COVERED STERLING CD's COVERED 1 1 1 I I _ 1 I I 1 I I I I 1 1 1 I I 1 1 1 1 1 1 1 I I DIFFERENTIAL /vyV/ \ 1 I I 1 1 1 i i i i i i i i i i i FAVOR STERLING CD's 1 .A A y : 1 —- f FAVOR EURO DOLLAR M 1 i M i 1 i J i S 1 i I D 1 1 1 1 1 1 1 1 1 I I M 1970 J S D i M 1971 i 1 i i J S 1972 * H i r e Purchase suspended August 11, 1972 and Sterling Certificates of Deposit begin August 11, 1972. See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7-8. 1 i i 1 i i 1 1 1 1 1 1 1 1 1 1 1 M J 1973 S I< Chart 8B LONDON: COVERED YIELDS O N U.S. DOLLAR FUNDS L O C A L A U T H O R I T Y A N D E U R O D O L L A R RATES Per cent Friday figures EURO DOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT COVERED FAVOR LOCAL AUTHORITY DIFFERENTIAL FAVOR EURO DOLLAR M J S D 1970 M J S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7-8. M J 1972 S D M J 1973 S D \Oi INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATE* Per cent per annum Friday figures 3 - M O N T H TREASURY B I L L RATES U.K. LOCAL AUTHORITY DEPOSITS NEW YORK 12 LONDON, NEW YORK M J S D 1970 M J S D 1971 * Plotted for comparison purposes See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 8-9. S 1972 D M S 1973 D Chart 9B INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES Friday figures • Per cent per annum RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING PREMIUM SPREAD IN FAVOR OF LONDON DISCOUNT RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER FAVOR LONDON FAVOR NEW YORK M J S D M 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp.8-9. M J 1972 S D M J 1973 S D Chart 10A 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR-GERMAN MARK FRANKFURT INTERBANK LOAN RATE VS. LONDON EURO-DOLLAR RATE Wednesday rates 14.25 Per cent per annum GERMAN INTERBANK LOAN RATE EURO-DOLLAR COVERED r FAVOR FRANKFURT DIFFERENTIAL FAVOR EURO DOLLAR M J S D 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 9 - 1 0 No Quotation M J 1972 S D M J 1973 S D 12 yy 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - SWISS FRANC Z U R I C H D E P O S I T RATE V S . L O N D O N E U R O - D O L L A R R A T E Wednesday rates I | I I | I I | I I I I I | I I | I I | I I I I Per cent per annum I | I I | I I | I I I i I | I I | I I | I I 12 SWISS DEPOSIT RATE X EURO-DOLLAR COVERED FAVOR ZURICH DIFFERENTIAL A FAVOR EURO DOLLAR I I 1 I M 1 1 M J S I I D I I I I I M 1970 I I 1 I J 1 I S I 1 1 I D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 9 10. I M 1 I J I I 1 I S 1972 1 I I 1 I D I 1 M M 1 M J S 1973 1 I D I 1 8 3-MONTH INTEREST ARBITRAGE: CANADA - UNITED STATES Per cent per annum Friday figures II | I I I I I I I I I I I I I I | I I I I I I I I | I I | II | I I I I I | I I | II I I I I ,10 UNITED STATES TREASURY BILLS CAN. FIN. CO. PAPER CANADIAN TREASURY BILLS 1 1 B I L L RATE DIFFERENTIA iL A N D FORWARD C A N A D A iN DOLLAR PREMIUM FORWARD RATE V w / Y / U y \ U — A _za.^V yAynvV \ GROSS SPREAD IN FAVOR OF C/ INADA M: W V: DISCOUNT i COVERED RATE DIFFER!ENTIALS FAVOR CANADA . PRIME FINANCE PAPEF V ^ Wr\ \ VM\ V V w ^ y TREASURY EJILLS Y FAVOR U.S. 1 1 1 1 1 1 1 1 1 1 1 M J S 1 1 1 1 1 1 1 1 1 1 1 D M 1970 J S 1 1 1 II D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 10-11. M 1 1 1 1 1 1 J 1972 S D II 1 1 1 1 II M J 1973 l l 1 S V DX Chart 12A SELECTED SHORT-TERM INTEREST RATES* Per cent per annum A Wv\r GERMANY U.S. J2 U.K. U.S. 9 JAPAN MONTHLY 1970 1971 1972 1973 * 3-month treasury bill rates for all countries except Japan(Average rate on bank loans and discounts) and Germany (interbank loan rate) See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12. 1974 & SELECTED SHORT-TERM INTEREST RATES Per cent per annum 12 I x \ EURO-DOLLAR - LONDON f ' \ n i vA i 1 ii I l I 1 M h n _./ f\ f i I i i I l I I I I SWITZERLAND I I I i I I I I I I I i I i l I I I I I I 1970 I i 1 i I 1 I I I I I ' I I I I I I I I I CANADA I I I i i 1 l I 1 I I | i I I l 1 I I 1 I I I 1 1 ' ' 1 I I I ' II • 1 ' I 1 1 I 1 I 1974 1973 1971 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 1 1 1 2 . ^ 2 6 Chart 13 LONG-TERM BOND YIELDS Weekly figures Per cent per_annum. - NETHERLANDS - w ^ w SWITZERLAND I I I 1 1 1 I I 1 I I I I i I 1 M 1 I I I I I 11 1 I I 1 I I i i 1 i i 1 i i i i i 1 1 1 1 1 1 1 1 1 1 1 U.K. \r GERMANY/' Xr - , 4 / 1 •' . Y II1II1111II CANADA 11 i 1 1 1 1 1 1 i I iI 1 i i 1 i i 1 i i1 1 1 1 1 1 11 1 11 1 11 1 1 1 11 1 1 1 Monthly figures U.S. CORPORATE: A " / DOLLAR EURO-BONIDS v " x . / - z \ X AaaBONDS DM EURO-BONDS I I 1 1 1 1 1 1 1 1 1 1 1 1 II 1970 1 1 1 1 II 1971 II 1 1 1 i 1 1 1 1 1 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 12-15. 1 1 1 1 1 I II 1973 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1974 Chart 14 INDUSTRIAL STOCK INDEXES Ratio scale, 1958=100 Ratio scale, 1958=100 320 UNITED STATES 240 160 1200 JAPAN 480 960 SWITZERLAND SWITZERLAND 640 320 240 480 UNITED KINGDOM JAPAN GERMANY 160 320 W CANADA V-/ GERMANY 240 160 1970 1971 1972 1973 October 3 1 , 1973 H. 13 Release No. 634 IV. SELECTED CENTRAL BANK DISCOUNT RATES In Effect Since In Effect Since Previous Rate 6.5 August 2 , 1973 6,0 J u l y 5 , 1973 11.0 S e p t . 2 0 , 1973 9.5 August 2 , 1973 Current Rate Country E.E.C.: Belgium France Germany 7.0 June 1 , 1973 6.0 May 3 , 1973 Italy 4.0 A p r i l 1 0 , 1973 4.5 O c t . 1 4 , 1972 Netherlands 7.0 O c t . 1 6 , 1973 6.5 August 7 , 1973 11.50 J u l y 2 7 , 1973 9.00 J u l y 2 0 , 1973 Jan. 1 , 1973 3.75 S e p t . 1 5 , 1973 **United Kingdom * Switzerland 4.5 Canada 6.75 August 7 , 1973 6.25 June 1 0 , 1973 Japan 7.0 Aug. 2 9 , 1973 6.0 J u l y 2 , 1973 United States 7.5 Aug. 1 4 , 1973 7.0 J u l y 1 , 1973 * * E f f e c t i v e O c t o b e r 1 3 , 1972, t h e Bank o f E n g l a n d r e p l a c e d i t s t r a d i t i o n a l Bank Rate w i t h a f l u c t u a t i n g "minimum l e n d i n g r a t e " based on average Treasury b i l l tender r a t e . >1 IV-2 H. 13 O c t o b e r 3 1 , 1973 R e l e a s e No. 634 LATEST FIGURES PLOTTED ON THE CHARTS Chart Panel Swiss franc U.K. pound French franc Japanese yen 1A&1C I B & 1C I B & 1C 1A & 1C 1A & 1C 1A & 1C I B & 1C 2A Upper 3A 4 ii Upper Upper Lower Overnight Euro-$ deposits Federal Funds Differential Euro-currencies: Euro DM Euro Swiss Fr. Japan, Unconditional Money U.K., 2-day Local Author. Deps. Canada, Day-to-day Loans France, Day-to-Day Money Germany, Call Money Netherlands, Call Money Rate 26.8 -6.3 22.3 15.6 " 23.6 2.7 1.1 33.7 " 31.0 " " „ German mark Swiss franc U.K. pound Dutch guilder Canadian dollar French franc Gold price, U.S. dollar per ounce Middle Lower 5B O c t . 26 » » n " " " " II „ German mark U.S. dollar Swiss franc French franc 3B 5A Date Belgian franc Italian lire Canadian dollar German mark Dutch guilder 1A 5= 1C I B & 1C 2B Series " || " || O c t . 24 3.04 4.09 -3.82 -0.39 -0.34 -2.21 6.51 3.57 4.74 1.02 99.71 " 9.74 9.98 " -0.24 O c t . 19 " 5.00 3.08 O c t . 20 O c t . 19 8.75 12.50 " 6.70 11.25 14.25 8.05 O c t . 26 " O c t . 19 ^ H.13 October 3 1 , 1973 Release No. 634 Chart Panel 6A Date Series Euro-S Overnight Rate 6B O c t . 26 Upper 10.00 Euro-S 3-month Rate 9.38 Euro-$ 3-month Deposits 8.88 O c t . 24 U.S. Certificate of Deposits 7B Lower Differential Upper Euro-$ 3-month Deposits +0.44 9.19 9.99 U.S. Certificate of Deposits (Adj.) 9.15 Differential: on Adj. Euro-S Deposits +0.86 on Unadj. Euro-S Deposits 8A Upper Euro-S 3-month Deposits +0.04 O c t . 12 S t e r l i n g CD's (covered) 8B Lower Differential Upper Euro-S 3-month Deposits -0.88 10.19 8.10 Differential U.S. Treasury Bill rate 9A -2.09 O c t . 26 U.K. Treasury Bill rate Local Authority Deposit (uncovered) 9B Upper Spread (+= favor London) 3-month Forward Pound Lower 10.19 9.31 Local Authority Deposits (covered) Lower 9.19 8.75 Euro-$ 3-month Deposits (Adj.) Lower 9.69 Euro-$ 1-month Rate Euro-S 6-month Rate 7A Rate 6.99 10.54 O c t . 19 12.88 O c t . 26 +3.55 n Net Incentive (+- favor London) -4.08 -0.53 " 31 H.13 October 31, 1973 Release No. 634 IV-4 Chart Panel Series Date 10A Upper Euro-$ Deposits (covered) Oct. 24 German interbank Loan rate 10B 11 6.36 14.25 Lower Differential Upper Euro-) Deposits (covered) 5.02 Swiss Deposit rate 4.50 Lower Differential Upper Canadian Finance Paper Second +7.89 -0.52 Oct. 26 9.00 U.S. Treasury Bill rate 6.99 Canadian Treasury Bill rate 6.30 U.S. Prime Finance paper (not plotted) 7.88 Bill rate.differential -0.69 Forward Canadian dollar 12A Rate -0.70 Third Net incentive on bills Bottom Net incentive on Finance Paper Upper U.K. Treasury Bill rate 10.54 U.S. Treasury Bill rate 6.99 . -1.39 40.42 German Interbank Loan rate Lower 12B 14.25 Japanese Average rate August 7.302 Canadian Treasury Bill rate Oct. 26 6.30 U.S. Treasury Bill rate ii 6.99 Euro-) Deposits »i Swiss 3-month Deposit rate " 4.50 " 6.99 U.S. Treasury Bill rate 9.38 H. 13 October 31, 1973 Release No. 634 IV- 5 Chart Panel Series 13 Upper Netherlands Date O c t . 12 Canada Switzerland Lower 7.65 " 6.80 Oct. 5 Germany O c t . 12 9.77 O c t . 19 11.20 U.S. Corp. Dollar Euro-borgk^^^ Euro " bonds U.S. Corp. Aaa bonds Upper Switzerland Germany United States Middle United Kingdom Canada Lower 5.75 United Kingdom U.S. Corp. DM 14 7.89 O c t . 19 * United States Middle Rate ** Japan United States Series Q G Sept. 8.39 Sept. 7.94 Sept. 7.63 O c t . 19 375.1 " 268.8 Oct. 12 251.93 Oct. 19 245.48 „ „ O c t . 12 309.16 814.62 251.93 * New -- Average y i e l d on s e l e c t e d 10 year c o n s t a n t m a t u r i t y bonds due o r c a l l a b l e i n 10 y e a r s . ** Beginning week ended September 5, 1970, the Japanese index plotted is that of all industrial and other stocks on the First Section of the Tokyo Stock Exchange.
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