Full text of H.16 Capital Market Developments : July 24, 1961

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C.

4" A I

At Av k

4-

Not f o r Publication DECONTROLLED AFTER SIX MONTHS
H.lii

July 2k, 1961.
CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES

While the volume of corporate security financing to obtain new
capital was in large volume l a s t week, there were no large f l o t a t i o n s of
State and local government issues; t h i s week the volume of both corporate
and State and local offerings i s expected to be moderate. Last week, ending July ZL, large security offerings by corporations aggregated $221 million
highlighted by the successful distribution of $200 million of Shell Oil
Company debentures. This week, ending July 28, three large State and local
government bond offerings with par value of $66 million are on the calendar
while corporate issues with gross proceeds of $65 million are scheduled.
Bond yields. Yields on Aaa-rated State and local government
bonds and long-term U. S. Government bonds declined l a s t week by 2 and
it basis points, respectively. Yields on Aaa-rated corporate bonds, which
had increased steadily since mid-May, were unchanged.
Short- and intermediate-term i n t e r e s t r a t e s . Yields on shortand intermediate-term U. S. Government securities declined l a s t week. Yields
on 3-month and 6-month Treasury b i l l s decreased by 6 and 7 basis points,
respectively, while yields on 3-5 year U. S. Government obligations declined
6 basis points.
Mortgage recordings. Nonfara mortgage recordings advanced sharply
in May, reflecting appreciable increases in Government underwritten loans
as well as in conventional. The seasonally adjusted volume of recordings
in April was almost as great as l a s t summer, about a tenth less than a t
the peak in mid-1959.
Stock market credit. Customers' credit in the stock market
declined $28 million in June, the f i r s t decline since July i960 when
margin requirements were lowered to 70 per cent. At $5.U b i l l i o n , however,
customer credit was considerably more than a billion dollars above the
July i960 figure. Customer debit balances, excluding those secured by U. S.
Government obligations; declined
million, but t h i s was p a r t i a l l y o f f s e t
by an increase of $17 million i n bank loans to other than brokers and
dealers for purchasing and carrying s e c u r i t i e s .
Money borrowed by NYSE member firms increased $22? million f u r t h e r
in June. Customers' f r e e credit balances, however, continued the decline
started in May, decreasing $173 million in June. These and other data on
stock market credit in May and June are shown in the table on the following page.




Customer credit
jyccluciing U, S. Government securities
total
wet debit balances
Bank loans to "others"
Net debit balances secured by U. S. Govt, securities
Bank loans to "others" f o r purchasing or cariying U. S.
Government securities
Broker and dealer credit
Money borrowed except on U. S. Government securities
On customer c o l l a t e r a l
Money borrowed on lJ . S. Government s e c u r i t i e s
Customers' net f r e e c r e d i t balances
r/

Bid of month
Change
June
I May
(Millions of dollars)
5,358
it, 015
1,31*3
51

i/5,386
r/4,060
1,326
hO

-28
-1*5
+17
+11

101*

108

-1*

2,756
2,371
59
1,280

2,529
r/2,180
58
1,1*53

+227
+191
+1
-173

Revised.
Stock piices. Common stock prices, as measured by Standard
and Poor's composite index of 500 stocks, declined on balance l a s t week,
closing on July 21 a t 6h. 86. Trading volume also declined, averaging
2.7 million shares a day, equaling the previous low for the year.
More detailed information concerning recent capital market
developments i s presented i n t h e attached exhibits.

Capital Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of the Federal Reserve System.




EXHIBIT A
LONG-TERM

BOND

YIELDS

HIGH-GRADE

LOWER-GRADE




Exhibit B - Tables f o r Exhibit A

-5-

Long-tenn Bond Yields
High-grade
Date

Corporate
Aaa 1/

State and
local
government
Aaa 3/

U. S. Govt.
long-tenn 2/
(per cent)

1951* - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low
June
June
July
July
/July

23
30
7
Ik
21 2/

2 . 8 5 (4/23)
i+.lJU (9/27)
3.55 (5/2)
l * . 6 l (1/29/60)
k.23 (9/9)

1*.1*1 (7/21)
1*.21 (3/17)

l*.3l*
1*.36
U.39
1*.1*1
- 1*.1*1

2.1*5

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

1.90

3.75 (Vs)
3.93 (6/30)
3.70 (5/12)

2.99 (9/1)
3.37 (7/6)
3.12 (2/23)

.30
.60
.22
.59
.19
.57
.1*0

3.90
3.93
3.92
3.92
3.88

3.37
3.37
3.37
3.36
3.3k

.1*1*
.1*3
.17
.1*9
.53

(8/6)
3 . 7 6 (10/18)
3 . 0 7 (4/25)
1.1*2 (1/8/60)

(9/2)
3.1*5 (8/29)
2.61* (5/1)
3 . 6 5 (9/24/59)

.30
.50
.31*
.92
.53
.76
.1*6
.53
,56
.55
.56
.51*

Lower-grade
Corporate
Baa 1 /

Date

State and
local govt.
Baa y

Spread between
Aaa and Baa
State and
Corporate
local govt.

(per cent)
1951* - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low
June
June
July
July
/July

23
30
7
ll*
21 2 /

3.1*1* (12/31)

2.93 (8/5)

5 . 1 0 (11/20)
1*.5L (7/11)
5 . 3 6 (2/12/60)
1*.98 (9/9)

3.61* (5/1)
1*.1*6 (1/7/60)

. 5.12 (1/27)
5.00 (1*/21)
5.ol*
5.05
5.07
5.08
,
5.09/

1*. 5 1 (8/29)

3 . 9 8 (12/29) .

I*.l6 (3/23)
3.93 (7/20)
3.97
3.91*
3.91*
3.95
3.93

.52
1.27
.77
.81*
.71
.81
• .67

.

.70
.69
.68
.67
.68

g/ Preliminary.
1/ Weekly average of dally figures. Average term of beads included i s 23 *26 years.
2/ Weekly average of daily figures. The series inoludes bonds due or callable In 10 years or more,
3/ Thursday figures. Only general obligation bonds are included; average term i s 20 years.
Note*—Highs and lows are for individual series and may be on different dates for different series*
for spreads, high refers to widest, and low to narrowest.




.96
1.21
.93
1,08
.96
."93
.57
.60
.57
.57
.59
.59

EXHIBIT C
SHORT-

AND

INTERMEDIATE-

TERM

INTEREST

iGOVERNMENT

BANKS

AND

OTHER

PRIVATE




BORROWERS

RATES

Exhibit D - Tables i'or Exhibit C

-7-

'3iort- and Intermediate-tern Interest hates
Government
Date

Discount
rate
1/

195k - Low
1.50
1957 - High
3.5b
1958 - Low
1.75
1959-60 - High
Loo
I960 - Low
3.00
1961 - High
- 3.00
Low
3.00
June
June
July
July
/ July

23
30
7
ll*
21 jd/

3.00
3.00
3.00
3.00
3.00

Yields
6-month
b i l l s 2/
(per cent)

3-month
b i l l s 2t
.61 (6/11)
3.61 (lo/ia)

3-5 year
issues 2/

3.71 (6/23)
3.15 (5/12)

.26
.79
.16
.25
.12

.66
.86
.Ok
1.81
.38
1.1:7
.9?

3.74
3.71
3.69
3.72
3.66

.19
.18
.18
.21
.20

1.38
1.1*7
1.1*7

1 . 6 6 (4/30)

. 5 8 (5/29)
L 5 9 (1/0/60)
2 . 1 1 (10/28)

3 . 0 2 (12/26)

LOll (10/18)
2.1k (6/6)

2 . 3 8 (12/30)

5 . 0 0 (12/24/69)
3 . 1 0 (12/30)

2.31
2.27
2.31
2.25/
2.19/

2.50
2.16
2.1*9
2.1*6
2.39

2.56 (3/3)
2.17 (1/27)

Spread between yields on
3-month b i l l s and yields or
6-mo. b i l l s 13-5 yr. issues

5.07 U/B/60)
2.75 (3/3)
2.35 (V28)

Banks anfl, Ofrherr Private Borrowers
Date

Stock Exchange
call loan 1/

Prime
rate 1/

Finance company
paper J j

Federal
fuhds h /

1.1*3
i . a

Spread between
3-mo. b i l l s and
finance co. paper

(per cent)
195U - Low
1957 - High
1958 - Low
1959-60 - High,
I960 - Low
1961 - High
Low

3.00
k,5P
3.50
5.50
L50
L5o
L5o

3.00
L50
3.50
5.00
L50
l*.5o
L5o

2.88 (3/10)
2.50 (7/21) .

2.85 (2/17)
.1*3 (1/27)

0
.63
-.35 ,
1.02
.22 ,
.56
.11

June
June
July
July
July

L5o"
L5o
L5o
L5o
l*.5o

l*.5o
L50
L5o
L50
L5o

2.65
2.51*
2.50
2.50
2.50

2.25
.85
.85
.85
1.30

.31*
.27 •
.19
.25
.31

23
30
7
ll*
21 g /

1 . 2 5 (12/31)
3 , 8 8 (11/15)

1.13(8/8)

5'. 1 3 (1/22/60)
2; 8 8 (12/30)

n.a.
3.50
.13
LOO
.95

(11/6)
(5/29)
(5/13/60)
(12/2)

1/ Weekly rate shew*
In e f f e c t at end of period. Dlecount rate I s for kederal Reserve Baric of New York.
Stock Exohang• call leak f a t e Is going rate on oall loans secured by customers' stook exohirvte collateral a t
Now York City banks. f H a e rate l e that charged by large banks on ihnrt-tera loans t o business borrowers of
the highest orsdlt standing,
2/ Market yield; weekly averages computed from dally closing bid prices. Series of 3-5 year Issues consists of
selected notes and bonds*
•
3/ Average of dally rates published by finance companies for directly planed paper for varying maturities In the
90-179 day rap%e.
4/ Weekly average of dally effective r a t e , which i s the rate for the heaviest vol use of purchase and sale transact!ono
as reported to the Federal Reserve Bank of New York. '
'
Mot*.--Highs and lows are for individual series and may be on different dates for different dates for different scries.
Par spreads, high r s f s r s to wldsst, and lew to narrowest.




STOCK

MARKET

of D o l l a r s

STOCK MARKET CBEDIT
* CHANGE IN SERIES

MORTGAGE

Monthly

RECORDINGS AND




LOANS

Billion* ol dollar#

Exhibit F - Tables f o r Exhibit E.

-9-

Stock Market
Stock price
index 1/

Date

1957-60 - High
Low
1961 - High
Low
MayJune
July 7
July lli
July 21 g /

6 0 . 5 1 (7/31/59)

39.1*8 (12/20/57)
67.27 (5/19)
58.1$ (1/6)
66.50

#.62

65.77
65.28
6k.66

•

Trading
Common
volume y
stock
yields 2/ (millions
of
shares)
(per cent)
3.08
14.72
2.90
3.32

5.8
2.7

2.92
2.99
2.97
3.00
3.02

k.6
3.3
3.0
3.0
2.7

!*. 9
1.1*

Stock market customer c r e d i t
—
Customers'
Bank
Total
debit b a l loans t o
ances U/ 1"others" 5/
(In millions of dollars)
4,761* (4/50) 3,lK31 (V69) 1,373 (9/59)
3 . 5 5 L (1/50) 2,1*82 (12/87) 1 , 0 6 0 (11/57)

5,386(5/61) It,060(5/61) 1,367(7/12)
1*, 1416(1/61) 3,253(1/61) 1,152(3/8)
r/l*,060
li,015
n.a.
n.a.
n.a.

1;St
n.a.
n.a.
n.a.

1,326
1,31*3
1,360
1,367
n.a.

n.a,.»Not available.
2 / PrellaUary.
^
1/ Standard and Poor'# composite Index of 800 eearoen stock*, weekly eloslug prieet, 1941-43»10. Monthly data are
averages of dally fiQuroo rather than of Frldey's only. Hlghi! and lows are for Mdays' data only.
If Standard and Poor'* ocmponlte stock yield baoed on We dm h day data converted to weekly fleeing prleeo by Federal
Reserve. Yields shottn are for dates on which prloe Index reached Its high or lew.
3/ Averages of (telly trading volvae on the Hew York Stock Be change,4/ End of month figures for member firms of the Maw York Stook Exchange which carry margin accounts; excludes balanees
secured by U, S. Oovermient obligations.
5/ Wednesday figures for weekly reporting member banks, Bteludee loans for purchasing or carrying 0. 8. Government
re'ourlties. Prior to July 1, 1059, such lows are excluded only at banks in How York and Chicago, Weekly reporting
banks account for about 70 per oant of loans to other0. For further detail see Bulletin.

Nonfarm Mortgage.Recordings and Loans 1 /
Date
:

1960 - May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1961 - Jan.
Feb.
Mar.
Apr.
May

Total
Seasonally
Unadjusted
adjusted 2/
2,1*1*6

2,1*27

2,1*88
2,1*61*

2,1*51
2,1*26

2,1*07
2,373
2,387

sn .$a .

2,500
2,690
2,528
2,781*
2,598
2,525
2,378
2,338
2,075
1,997
2,1*U*

2,358
2,700

FHA .
322

I1*25

1*31*
1*01;

390
I4IO
31*1
31*8
• 318
31*9

Unadjusted
VA

:s

160
181
169
162
150
11*2

132
108
125
109
123

Conv.
2,023
2,150
2,006
2,186
2,001*

lit

1,806
. 1,533
1,51*8
1,972
1,931
2,228

n.a.—Hot available.
y Total recordings data are estimates based on reports from about 450 areas and Include
mortgages of $20,000 or less secured by nonfarm real estate, primarily residential properties.
P H A - l a s u r e d loans represent gross amount of Insurance written, and VA-guaranteed loans the gross amount
of loans closed,on 1-4 family houses. Conventional data are derived as a residual, although total
recordings and VA and FHA loans we not strictly comparable la concept or timing,
y Three-month moving average, seasonally adjusted by Federal Reserve.
Sourcet Federal Home Loan Bank Board, Federal Housing Administration and Veterans Administration.




-10-

Exhibit G
Long-term Corporate and State and Local Government
Security Offerings and Placements
(Jh millions of dollars)

1961
January
February
March

580
66?
562

Corporate 1/
1 I960
|

New c a p i t a l
1959

State and local 2/
! 1959
1961
1 I960

570
715
860

821
738
6ij6

708
66l
759

April
May
June

2,115
2/1,223
£/l,lli9

761
577
i,obh .

•89I4
785
887

678
e/550
e/1,0#

July
August
September

e/l,000

: 736
967
726

535
71*0
703

e/550

890
'#6
852

879.
86I4.
900 '

October
November
December
1st
2nd
3rd
jjth

quarter
quarter
quarter
quarter

1 s t half
Three quarters
Year

700
611
568

:

6I48 .
638

%

991 .

s987

1*92
606
683

Ut3
521
1)70

3I48

593

ss

I1S0

1.78

1,809

2,11*5
2,382
2,128
2,6*8

2,2014
2,567
1,979
2,6142.

2,128
e/2,278

1,880
2,256
I >780
1,31(0

2,11)5
2,1,88
I,li33
1,521 .

2/6,296

1,527
6,955
9,653

14,771
6,750
9,392

e/l4,l|06

1,136
5,916
7,257

а,631.
б,067
7,508

Excluding finance companies j /
1st
2nd
3rd
Ijth

quarter
quarter
quarter
quarter

1,554
2/ ^337

Year
V
2/
J\J

1,716
2,165
2,018
2,317

1,999
2,412
1,716
2,503

8,246

8,630

Estimated.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new c a p i t a l issues excluding offerings of sales and consumer finance
companies.




Exhibit H
Other Security Offerings
(In millions of dollars)
Gross long-term 1 /
Foreign government 2/
I
Federal agency 3/
1961
I960
1961
I960
1
1959
January
February
March

6 .
29
20

April
May
June

61

252

182
150
150

100
119

11*8
351*

2
175
70

81
60
2

31*
72
ho

58
50
1*2

July
August
September

25
1
36

85
1
35

199
—

98
150

October
November
December

31
2
1*1 '

33
30
70

160
11*9
181

86

51*7

1,672

707

-

Year

533

.

199
175^

—

Net short-term U/
Federal agency 3/
State and local government 5/
-82
176
33

Januaxy
February
March

160
195
368

58
11*0
-00

April
May
June

103

70
-11*6
-157

197
-25
-197

July
August
September

1*8
1*15
-175

57
392
131

95
23
-201

362
133
79

October
November .
December

-16
5b
-189

-81
-176
-117

-23
-33
-250

280
21*0
1*1*

18

362

-633

Year

"

-1*
181
1*

-11*1*
-162
-171*

-196
-202
-59

-79
•-87

-277
170 '
320

. 50
368
286

1,969

g/ Preliminary.
1/ Theae data differ from those In Exhibit 0 In that refundi i« leaues, aa well ae new capital leeuea, are Included.
Long-term aeotrltles arc defined as those maturing In more than one year#
2/ Inoludee aaeurltlea offered In the United Statea by foreign govornaents and their aubdlvialone and by Inter,
national erganliatlons. Souroei Seourltlaa and Exchange Coevalaalon.
3/ Iaaue* not guprantwed by the U, S, Government. Souroei long-term, Seourltlee and Exchange Conmlaalont abortterm , Treaotry Department and federal Reeerve.
4/ These data d i f f e r from those la Bihtblt 0 and above In that they represent new offerlnga labs retirement*, whether
from the prooeeds of refunding issues or from other funds, teta include only laauee with original maturity of one
ye»r or leas,
5/ Prinolpully tax and bond anticipation hotee, warrante or certificates and Publlo Homing Authority notes. Ia




Exhibit I
Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasuiy) ] /
Proceeds of Large Issues Offered
^ (In millions of dollars)
Month
i960 - June
July
August
September.
October
November
December
1961 - January
February
March
April
May
June

. .

Corporate

State and
local
government

Wi2
303
581
266
566
h65
260
1 kl
26?
70
1,572
557
532

561
191
298
367
1*6
186
222
391
360
l*o5
383
256
616

Other 2/
30
75
25
77
150
99
67
25
151

Large Individual Issues Offered July 1 through 21
Issuer

Type ,3/

Coupon
Amount
(millions
r a t e or' Offering
Rating
Maturity
net i n t e r - y i e l d
of
dollars)
est cost .

CORPORATE
Com.stk.
Pacific Gas & Elec. Co.
1st sub. deb.
Jim Walters Corp.
3onv.
cap. deb.
General Acceptance Corp.
Com.stk. .
Northern I l l i n o i s Gas Co.
3onv.sub.deb.
Hunt Foods & Industries
Com.stk.
Harvey Aluminum, Inc.
Automatic Canteen Co.of Am, Conv.sub.deb.
Deb.
Shell Oil Co.
STATE AND LOCAL GOVERNMENT
G.O.
Milwaukee County, Wise.
—Rent.
Dade Co. Port Auth., Fla.
G.O.
City of Los Angeles, Calif.
G.O.
Memphis, Tennessee
Rev.
N. Y. St. Housing Fln.Agenqy
OTHER
None




63.6
20.0
15.0
22.3
38.8
29.3
20.8
200.0

1981
1981

5-7/8
5
•

1986

' 1-3/8

1981
1986

k-3/k
U-5/8

3.07
l l . l t 1962-81
17.3 196I1-9I 3-3/h-h-3/h
18.8 1962-81
3.39
3.28
13.5 1962-91
51.9 196ii-200lt 3.97

•

5.85
5.00

w

—

.

1.38

Ba

s

Baa
Aaa

1.60-3.30
3.25-U.75
1.65-3.60,/
1.60-3.55^
2.20-U.00

Aaa
—
Aa
4a
—

H.lu

-13j-ootnotc-s

1/

Includes corporate and other security offerings of *15 million and over;
State and local government security offerings of vlO million and over.
2 j Includes foreign government and International Bank f o r Reconstruction and
Development issues and non-guaranteed issues by federal agencies.
In the case of State and local government securities, G. 0. denotes general
obligations; Rev.-lit., revenue obligations secured only by income from
public u t i l i t i e s ; Rev.-Q.Ut., revenue bonds secured only by revenue from
q u a s i - u t i l i t i e s ; Rev.-S.T., revenue bonds secured by revenue from specific
taxes cnly; Rev.-Rent., revenue uonds secured solely bj lease payments.
U/ 1 per cent bonds of 1589-91 not rcoffered.




Exhibit J
Forthcoming Large Long-term Public Security' Offerings f o r New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
During month following
date shown

Date of
computation

Corporate

1960 - June 30
July 29
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 30
1961 - Jan. 31
Feb. 28
Mar. 31
Apr. 28
May 31
June 30
,

237
596
216
576
W*o
260
91 110
#
'1*87
521

J d t h e r g/
180
275
283
212
258

Subsequent to
date shown
State and
Corporate local govt,

30

1*55
1,006
731
836
585
335
1,036
1,0U6
1,125
1,700
687
611
666

77
50

21*2

1*2 .

181
307
559
236
1*31
195

15
75

380
321*
283
336
391
560
682
360
638
806
579
771
291

30
127
50

15
75

Forthcoming Large Offerings, as of July 21

Issuer

Union E l e c t r i c Co.
Northern Natural Gas Co.
Long Island Lighting Co.
Kimberly-Clark Corp.
Northern State Power Co.
Consumers Power Co.
Cla rk'Equipment Credit Corp.
Commerce Oil Refining Corp.
Realty Collateral Corp.
Texas Eastern Transmission Co.

Type

Amount
(millions Approximate date
of dollars) • of o f f e r i n g

1st mtg. bds.
S.F. deb.
1st mtg. bds.
S.F. deb.
1st mtg. bds.
1st mtg. bds.
Deb.
Deb., bds.
Coll. t r .
Deb. & pfd. s t k .

30.0
35.0
25.0
35.0
20.0
1*0.0
20.0
1*5.0
20.0
50.0

July 26
July 26
Aug. 3
Aug. 8
Aug. 9
Aug. 16
Indefinite
Indefinite
Indefinite
Indefinite

STATE AND LOCAL G0VEB1HENT
State of Michigan
State of Alaska
State of North Carolina
State of Maryland
Public Housing Authority
^Sacramento, C a l i f . Unif. Sch. Dist.
•x-St. Petersburg, Fla.
•--Pennsylvania General State Auth.
State of California




Rev. -S.T.
G.O.
G.O.
0.0.
G.O,
Rev.-Ut.
Rev. -Rent.
G.O.

35.0
11*. 0
17.2
16.9.
60.3
10.0
11*.0
25.0
225.0

July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

26
26
26
2
2
2
8
8
16

-15-

J-2
Forthcoming Large Offerings, as of July 21 (Cont'd)
Issuer

Type

Amount
Approximate date
(millions
of o f f e r i n g
of dollars)

STATE AND LOCAL GOVERNMENT (Cont'd)
Cook -County, I l l i n o i s
tfSan Diego, Calif. Unified Sch. Dist.
Orleans Parish School Dist. , La.
Dade County, Florida
Jacksonville Expressway Auth.
State of Kentucky

G.O.
G.O.
G.O.
G.O.
Rev. -Ut.
G.O.

25.0
20.0
10.0
16.0
iiO.O
35.0

Aug. 22
Aug. 29
Indefinite
Indefinite
Indef inite
Indefinite

OTHER

*—Included in t a b l e f o r f i r s t time.
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 f o r Reconstruction and
Development issues and non-guaranteed issues by Federal agencies.
Note.—Deletions for reason other than sale of issue: None.
\




Exhibit K

-16-

Yields on New and Outstanding
fclectric i'ower Bonds, Rated Aa and A 1/
Date

1952-195? - High
Low
I960 - Jan.
Feb.
Mar.
Apr.
Hay
June
July
Aug.
Sept.
Oct.
Nov.
Deo,
1961 - Jan. 12
18
25
Feb. 8
16
16
Har. 23
2h
Apr. 13
21
26
27
May 17
18
19
23
26
June 8
13
20
July 13

y

Aa-rated <i f f e r i n g y i e l d s
A-rated o f f e r i n g y i e l d s
Amount above
Aidount above
Actual
Actual
( p e r cent) seasoned yields ( p e r cent) seasoned y i e l d s
(basis points)
(basis pointsi

1:8 m S i

3

5.09
it. 82
li.91
*14.88
>83

45
25
37
32
26

L60§/
*4.652/
it, 82
*5.00
I1.60
k.SS
h.hk

22
23
37
1*9
11*
7
-2

L.37

It.80

8

it.57

t:5^

U3
29
13
20

1.65

27

h. 07

ill

!:£!»! $
*5.30%/

28

li.97
5.1k
5.15
*14.95
I4.87

9
35
29
11
6

*14.80

2I4

14.97

35

I4.60
14.65
I4.I47
U.50

-2
5
-13

'

5
-5

%

17
32

14.802/
14.72

.

19

14.80

27

I4.9I4
5.12
14.92

I40.
55
. 36

lj.V 3

29

Covers only 30-year f i r s t mortgage bonds, as reported in Hooey's Bond Survey,
Except where indicated, the actual y i e l d f i g u r e and the amount above seasoned
y i e l d s are averages of o f f e r i n g s auiing the indicated period and of the d i f f e r ences between these new o f f e r i n g y i e l d s and y i e l d s on seasoned issues of
s i m i l a r quality for t h e same day. Average maturity for the seasoned issues
varies from 26 to 28 y e a r s .
Provides for a 5 - y e a r period during which i s s u e may not be c a l l e d for refunding at a lower coupon r a t e . Monthly averages so marked include one or more
issues with such a provision. Other i s s u e s have no such provision.