Full text of H.16 Capital Market Developments : March 1, 1957

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Not f o r P u b l i c a t i o n

DECONTROLLED A F T E R

SIX

momTHS

H.lU

March 1, 1957
CAPITAL MARKET DEVELORiENTS

The volume of p u b l i c s e c u r i t y f i n a n c i n g continues t o be
s u b s t a n t i a l , p a r t i c u l a r l y f o r corporate i s s u e s . During the week
ending February 22, corporations sold l a r g e i s s u e s f o r new c a p i t a l
t o t a l i n g $257 m i l l i o n , including e x p i r a t i o n of r i g h t s f o r the
Socony Mobil Oil Company's stock i s s u e , and S t a t e and l o c a l government o f f e r i n g s amounted t o $75 m i l l i o n , This week r i g h t s expire
on the &172 m i l l i o n debenture i s s u e of P h i l l i p s Petroleum Company
and t h r e e other corporate i s s u e s with aggregate proceeds of $90
m i l l i o n are scheduled f o r s a l e . S t a t e and l o c a l government i s s u e s
t o t a l i n g &130 m i l l i o n were expected. The S t a t e of Massachusetts,
however, r e j e c t e d the only bid received f o r i t s $83 m i l l i o n bond
i s s u e on Tuesday. The bid designated an i n t e r e s t cost of 3.22
per cent f o r the Aa-rated bonds.
Bond y i e l d s - Changes i n y i e l d s on outstanding bonds
were mixed l a s t week. Yields on- U. S . Government bonds increased
with the increase being q u i t e sharp f o r t h e old s e r i e s y i e l d s .
Yields on S t a t e and l o c a l government Aaa's and revenue bonds,
which had declined s t e a d i l y since e a r l y January, s t a b i l i z e d l a s t
week. Yields on Aaa and Baa corporate and Baa S t a t e and l o c a l
government bonds d e c l i n e d .
Reoffering y i e l d s on new corporate i s s u e s continued t o
d e c l i n e s l i g h t l y . A new Aa-rated', 30-year f i r s t mortgage e l e c t r i c
u t i l i t y i s s u e f o r $5 m i l l i o n was r e o f f e r e d t h i s week a t a y i e l d
of U.22 per cent—3 b a s i s p o i n t s below a s i m i l a r o f f e r i n g l a s t
week.
Estimated March volume - Corporate s e c u r i t y i s s u e s
during March a r e expected t o t o t a l $1,275 m i l l i o n , almost o n e - t h i r d above
the estimated February volume and t h r e e - f i f t h s g r e a t e r than the
volume i n March l a s t y e a r . Large p u b l i c l y o f f e r e d i s s u e s are
expected t o t o t a l over #750 m i l l i o n including the $250 m i l l i o n
debenture i s s u e f o r AT&T.
S t a t e and l o c a l government i s s u e s f o r March are c u r r e n t l y
estimated a t &325 m i l l i o n . This t o t a l would be about 38 per cent
below the February volume, but only s l i g h t l y below the volume i n
March 1956.
Stock p r i c e s - Stock p r i c e s , as measured by the SEC
index of 265 common stock p r i c e s , declined s l i g h t l y l a s t week,
closing a t 261.3 on February 21. The volume of t r a d i n g d e c l i n e d ,




averaging 1*7 m i l l i o n shares a day. Daily f i g u r e s through Thursday
of t h i s -week i n d i c a t e a f u r t h e r d e c l i n e i n p r i c e s ' i n continued low
activity.
S t a t e and Local Government S e c u r i t y O f f e r i n g s
i n 1956
S t a t e and l o c a l governments o f f e r e d sp5»U b i l l i o n of
long-term s e c u r i t y i s s u e s i n 1956, compared t o #6,0 b i l l i o n of
such f i n a n c i n g i n 1955, as shown i n t h e t a b l e on the f o l l o w i n g
page. Nearly a l l bonds s o l d were f o r t h e purpose of r a i s i n g new
money f o r c a p i t a l o u t l a y s , as r e f u n d i n g i s s u e s continued t o be x
small i n volume.
Purpose of i s s u e
As i n 1955, more i s s u e s were s o l d f o r school b u i l d i n g
c o n s t r u c t i o n t h a n f o r any o t h e r , p u r p o s e . The volume of such
o f f e r i n g s amounted t o $1.5 b i l l i o n , about t h e same as l a s t y e a r .
I s s u e s to o b t a i n funds f o r sewer and water c o n s t r u c t i o n were t h e
second l a r g e s t i n volume and t o t a l e d *>753 m i l l i o n , 6 p e r cent
l a r g e r then i n 1955* Miscellaneous p u b l i c s e r v i c e e n t e r p r i s e
i s s u e s t o t a l e d |6U6 m i l l i o n i n c o n t r a s t t o l e s s than $175 m i l l i o n
f l o a t e d l a s t y e a r . A s u b s t a n t i a l p a r t of t h i s volume was accounted
f o r by t h e two very l a r g e e l e c t r i c u t i l i t y i s s u e s of Memphis,
Tennessee and Grant County, Washington.
Most of t h e d e c l i n e in. 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 occured i n highway, bridge and t u n n e l i s s u e s , which
dropped from $loh p i l l i o n t o $«7 b i l l i o n , r e f l e c t i n g t h e s m a l l e r
number of t o l l road i s s u e s . The volume of t o l l road o f f e r i n g s
was 75 p e r cent below l a s t y e a r ' s t o t a l .
The volume of bonds s o l d
t o provide f o r r e s i d e n t i a l b u i l d i n g by l o c a l governments was
considerably l e s s than i n t h e t h r e e previous y e a r s r e f l e c t i n g
postponement of t h e funding of s h o r t - t e m notes because of the high
. l e v e l of long-term i n t e r e s t r a t e s . O f f e r i n g s f o r other purposes
were g e n e r a l l y a t about t h e same l e v e l as i n 1955.
Type of i s s u e r
The major type of i s s u i n g a u t h o r i t y i n 1956 was municip a l i t i e s which f l o a t e d &1.7 b i l l i o n of i s s u e s , &U00 m i l l i o n more
t h a n l a s t y e a r . School d i s t r i c t o f f e r i n g s a l s o i n c r e a s e d from t h e
1955 volume o F l o t a t i o n s by a l l other i s s u e r s d e c l i n e d t h i s y e a r
w i t h S t a t e and county and township i s s u e s each showing a decrease
of more than o n e - t h i r d .




Long-Term S e c u r i t y Issues of S t a t e and Local Governments
1953-1956
( I n m i l l i o n s of d o l l a r s )

Issuing a u t h o r i t y :
State
County and township
Municipality
School d i s t r i c t
Special a u t h o r i t y
Unidentified 1/
Total
Purpose of i s s u e :
New c a p i t a l t o t a l

|

Schools
Highways, b r i d g e s , tunnels
To ll highways and bridges
Residential buildings
Hospitals and i n s t i t u t i o n s
Sewer and water
Misc. public s e r v i c e e n t e r p r i s e s
Recreation
Port and a i r p o r t
Veterans* a i d
Industrial buildings
Other
Unidentified 1/

1956

1955

1951;

800
290
1,706
1,031
983
638

1,1408
1*72
1,313
i,oo5
1,097
683

2,0U7
162
1,601
-628
1,1*63
587

5,166

5,976

6,969

S z S

&911

1,155
698
215
258
62
753
61;6

1,516
1,362
813
570
98
712
169
1*1
102
169
1*
1*90
680

ill

137
110
11
575
638

Refunding
•

1*56
77
671*
597
58
88
162
2
533
576

.

767
271
1,052
831*
2,091
51*3

5,558

.

1*320
1,588
1,209
506
133
6U7
156
1*5
1*9
11*1
7
31*1*

51*2

65

180

82

5,166 .

5,976

6,969

5,558

1,670

3,776

1*5109
1,732
135

3,721*
3,211*
31

3;1*23
1,567
# 8

5,166

5,976

6,969

5,558

63

Total

1,1*32
2,136

1953

type of i s s u e :
General o b l i g a t i o n
Revenue
General Revenue 2 /
Total

V Issues of l e s s than #500,000 not f u r t h e r c l a s s i f i e d .
2 / Total of i s s u e s with proceeds of $5 m i l l i o n or over*
Note.—Details may not add to t o t a l s because of rounding.
Source,—Bond Buyer and Federal Reserve,




;

Type of i s s u e
General o b l i g a t i o n s were the most important type of
i s s u e during 195>6« The volume of such i s s u e s was §>3«8 b i l l i o n or
69 per cent of .the t o t a l * Since the volume of both general
• o b l i g a t i o n and revenue bond i s s u e s d e c l i n e d , the r e l a t i o n s h i p
of each type t o the t o t a l volume did not change s i g n i f i c a n t l y from
t h a t of l a s t y e a r .
More d e t a i l e d information concerning r e c e n t market
developments i s presented i n the a t t a c h e d 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.




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

Weekly

GOVERNMENT

GOVERNMENT

,«4

'

long-term 2 /

u. s
Corporate
Aaa 1 /

Old s e r k s

New s e r i e s

Spread between
State and
U. S. Govt,
l o c a l govt. (old s e r i e s ) and
Corporate 1 State and
Aaa 3 /
Aaa
[ l o c a l Aaa

(Per cent)
1953 - High
Low
1951* - High
Low
1955 - High

1957 - High
Low

3.1*2
2.99
3.09
2.85
3.17
2.91
3.79
3.07
3.82
3.66

January 25
February 1
February 8
February 15
February 22

3.73
3.72
3.69
3.67
3.66

1956 - High

(6AP)
(1/9)
(1/8)
(U/23)
(12/23)
(1/7)
(12/28)
(3/2)
(i/W
(2/22)

3.15
2.78
2.7U
2.1*1*
2.91
2.62
3.1*9
2.80
3.53
3.15
3.22
3.20
3.15
3.15
3.21*

(6/6)
(12/26)
(1/9)
(8/7)
(8/5)
(1/7)
(12/21)
(2/17)
(1/10
(2/15)

n.a.

2.73
1.98
2.21
1.90
3.03 ( 8 / 5 )
2.3k
2.89 (6/10) 2.05
3.39 (12/28) 3.05
2.92 (2/3)
2.17
3.15 (1/U)
3.05
3.22 (2/8)
2.76
3.31
3.29
3.22
3.26
3.29

2.96
2.87
2.81
2.76
2.76

(6/25)
(1/8)
(6/10)
(9/2)
(9/8)
(5/26)
(12/27]i
(2/23)
(1/10)
(2/21)

.38
.19
.1*3
.32
.31
.13
.a
.13
.51
.29
.51
.52
.51*
.52
• 1*2

.

.8ii
.30
.61
.29
.70
.51*
.68
.32
.1*8
.26
.26
.33
.31
.39
.1*8

2 / Weekly averages of d a i l y f i g u r e s . The old s e r i e s includes f u l l y taxable
marketable 2 1 / 2 per cent bonds due or f i r s t c a l l a b l e a f t e r 12 years through
September 1955) and those due or c a l l a b l e i n 10-12 years t h e r e a f t e r ; the average
term to f i r s t c a l l of the bonds included declined from Ik years i n e a r l y 1953 t o
11 1/2 years i n e a r l y 1956. The new s e r i e s i s comprised of t t e 3 per cent* bond
of 1995 and the 3 1/U per cent bond of 1978-83.
3 / Thursday f i g u r e s . Only general o b l i g a t i o n bonds are included; average
term i s 20 y e a r s .
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 different series.




.

LOWER - GRADE BOND YIELDS
Per cent per annum

Weekly

STATE AND LOCAL GOVT

/)

I Moody", |

i

i

U

"j W

v

i- I

STATE AND LOCAL GOVT. REVENUE

1953

corporate

Date

S t a t e and
l o c a l govt.
Baa 2 /

S t a t e and
l o c a l govt.
rev. 2 /

(Per c e n t )
. 1953 - High
195 U - High
1955 - High
1956 - High
1957 - High
Low
January 25
February 1
February 8
F e b r u a r y 15
February 22

3.89 (9/18)
3.50 (1/2) •
3.7U ( 1 / 8 )
(12/31)
3.63 (12/30)
3Ji5 ( i / i U ) u . i a (12/28)
3.58 (3/9)
U.50 (1/18)
U.U6 ( 2 / 2 2 )

3.79
2.96
3.32
2.93
3.26
3.02
1.22
3.20
U.22
3.90

h.hQ

a.i3
U.08
h.00

L.W
U.U8
U.U7
LA6

3.9h

3.90

(6/25)
(1/8)
(1/7)

(8/5)

(12/29)
(1/6) .
(12/27)
(3/8)
(1/10) .
(2/21)

3.27
2.71
3.00
2.72
2.99
2.76
3.98
2.89
3.98
3.70

(6/26)
(1/2)
(1/1)
(8/13)
(12/30)

(1/9)

(12/28)
(2/2L)

(iA)

(2/22)

3.8k
3.81
3.80
3.70
3.70

1 / Weekly average of d a i l y f i g u r e s . Average term of bonds
i n c l u d e d i s 25-26 y e a r s .
2 / Thursday f i g u r e s . Only g e n e r a l o b l i g a t i o n bonis a r e i n c l u d e d ; a v e r a g e term i s 20 y e a r s .
3 / F r i d a y f i g u r e s . Average r a t i n g of bonds i n c l u d e d i s .
between Baa and Aj a v e r a g e term i s 20 y e a r s .
Note.—Highs 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
be on d i f f e r e n t d a t e s f o r d i f f e r e n t s e r i e s .




STOCK MARKET

Date

Stock p r i c e

Common
1 Trading
stock
volume 2 /
(millions yields 3/
of s h a r e s ) (per c e n t )

S t o c k market c u s t o m e r c r e d i t
1 Customers 1
Total J debit bal- loans to 1 ances u / "others" 5 /
(Millions of d o l l a r s )

1 9 5 6 - High
Low.
1957 - High
Low

167.1
lWi.0
221.1
156.5
270.7
217.1:
295.5
257.h
279.2
260.3

• December
Januaiy
February 8
February 15
February 22

277.7
273.0
260.3
261-.5
261.3

1 9 5 3 - High
Low
195k - High
Low
1 9 5 5 - High

(1/2)
(9/18)
(12/31)
(1/6) '
(12/30)
(1/lii)
(8/3)
(1/20)
(1/1+)
(2/8)

2.5
0.9
3.7

l.h

U.6
1.5
3.1
1.5
2.7
1.7

2.h
2.2

'

2.U
• 1.7

5.75
5.15
5.33
U.20
U.22
3.78
1.25
3.96

2,Ui5
2,055
3,1*36
2,U05
U,030
3,537
li,0!t7
3,911

1,665
l,3Hi
2,388
1,653
2,805
2,517
2,323
2,?LP

r..a.

n.a.

n.a.

U.13
1.31

3,981;
3,903

2,823
2,762

n.a. •

n.a.

' r.a.

780
66U
1,01,8
7u6
l,2Ul
1,018
1,267
1,155
1,163
1,119
1,161
1,110.
1,120
1,11?
n.a.

1 / SEC i n d e x o f 265 com,on s t o c k s , w e e k l y c l o s i n g p r i c e s , 1?39=100; c c n v e r t c . l
t o 1957-1+9=100 by F e d e r a l R ^ c r v e .
The c o n v e r s i o n f a c t o r i s 1 2 3 . p l .
2 / A v e r a g e s o f d a i l y t r a d i n g volume on t h e Hew York- S t o r k Exchange.
3 / Moody's 200 common s t o c k s j end o f month f i g u r e s .
5 / End o f month f i g u r e s f o r member f i r m s o f the Kew York S t o c k Exchange w h i c h
carry margin a c c o u n t s j e x c l u d e s b a l a n c e s s e c u r e d by U. S . Government o b l i g a t i o n 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 member b a n k s . E x c l u d e s l o a n s f o r
p u r c h a s i n g o r c a r r y i n g U. S . Government s e c u r i t i e s a t banks i n :!cw York and C h i c a g o .
Weekly r e p o r t i n g banks a c c o u n t f o r a b o u t 72 p e r c e n t o f l o a n s t o o t h e r s .
N o t e . — H i g h s and l o w s are f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s
for different series.




Exhibit D

H.lU

Corporate and S t a t e and Local 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
1957

1

1956

|

S t a t e and l o c a l

1955

1957

579
70U
790

535
U07
1,223

. e/660
e/525
e/325

• April
May

816
1,1UU
830

July
August
September

1,066
669
836

October
November
December

1 , ^ 2 /

January
February
- March

1st
2nd
3rd
Uth

e/1,100
e/l,0C0
e/1,275

1,09U

quarter
quarter
quarter
quarter.

1956

I

1955

UOU
696
390

535
312
538

U78
866
687

377
U90
735

U27
350
6U1

597
6UU
670

376
199
333

U70
2U9
U06

6U5
311
e/W

919
658
U08

1,162
632
900

J,929

2,165
- 2,052
1,911
2,695

U,863
7A3U
10,363

4,217
6,128
8,821

2,073
2,790
2,571

1st h a l f
Three q u a r t e r s
Year

;

1

v

1,U90:
1,603
908
e/1,3^1
.

3,093
U,ooi
e/5,3U2

•

1,385
1,U18
1,12U
l,98U
2,803
3,927
5,911

e x c l u d i n g f i n a n c e companies 3 /
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

Year

1,617
2,520
2,263
e/2, £.Qh

1,727
1,870
1,U3U
2,55U

e/?,'20U

7,569

1
1 / I n c l u d e s $637•2 m i l l i o n AT&T c o n v e r t i b l e debenture i s s u e ,
. 2 / I n c l u d e s #571,5 m i l l i o n AT&T common stock 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 consumer f i n a n c e
companies.

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.lU

Exhibit 2
Large Public Security i s s u e s f o r New C a p i t a l
(Other than U, S. Treasury) 1 /
Proceeds"of Large I s s u e s Offered
( m i l l i o n s of d o l l a r s )

Month'

1956 - January
February
March
April
May
June
July
August
September
October
November
—
y
December
1957 - January-

Corporate

!

}

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

95
212
1278 ,
395
623
185
592
217
558
366
701

Other 2/

192

__

163
157
233

50

161;
35
18U
383
135
201 ...
3%

35

hhk

k63

'

h30
567

20
37

100

Large I n d i v i d u a l Issues Offered February 1 through 22

Issuer

Type 3/

Coupon
Amount
( m i l l i o n s Maturity- r a t e or
Offering
net
interof •
yield
e s t cost
dollars)

Rating

CORPORATE
C a r r i e r Corp.
Conv.sub.deb. 18.0
Douglas A i r c r a f t Co.
Conv.sub.deb. 27.9
Stanrock Uranium Mines,Ltd, 1 s t mtg. bds. 16.0
Potomac E l e c t r i c Power Co.:
Deb.
18.0
Trans-CanadaPipe Lines,LtdwDeb. & Common 20.8
'Ohio Edison Co.
Common s t k . 27.0
Southern C a l i f o r n i a
1st, & ref.
Edison Co.
mtg. bds.
37.5
Common s t k . 1 9 9 . 3
Socony Mobil Oil Co.
Colorado Fuel h I r o n Corp. ConveS.F. deb. 19.9

i



198.2
1977
1963
198-2
1987

h 1/8
U
5 3/h
i: 5 / 8
5.60

1

1.03
3.89
V

k%5

Baa
Baa
A

V

1982

U 1/h

L25

Aa.

1977

h 7/8

U.8B

Ba

H.lZt .

E-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 February 1 through 22 (Cont'd)

Issuer

•type 3 /

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

Rating

.. STATE AND LOCAL GOVERNMENT
GoO.
Milwaukee Co., Wisconsin
San Diego U n i f i e d Sch.
G.O.
p i s t e , California
G.O.
New York, New York
Fresno U n i f i e d Sch. D i s t . ,
G.O.
California
Public Housing A u t h o r i t i e s
S t a t e of Missouri
G.O.
Allegheny Co. S a n i t a r y
Swr. r e v .
A u t h . , Pennsylvania
G.O.
S t a t e of New York
San F r a n c i s c o ( C i t y & Co.),
G.O.
California
G.O.
-t. L o u i s , Missouri
G.O.
Montgomery Co., Maryland
Elizabeth,.New J e r s e y
G.O.
El Paso Co. Sch. D i s t .
G.O.
"No. 11, Colorado
Wtr. rev.
Los Angeles, C a l i f o r n i a
Puerto Rico Aqueduct &
Rev.
Sewer Auth.

11.2

1958-6?

2.48

2.00-2.U5

Aaa

5.0

1959-78

3.07

25.2

1958-66

2.89

2.35-3.10
2.25-3.00

A
A

5.5

1958-77
1958-97
1958-77

2.79

2.10-2.85

2O82
2„39

1.95-2.85

1.80-2.W

Aa
Aaa
Aaa

ho.h

1961-96
1959-2007

3.21
2.67

2.00-2.90

Aaa

23.6
12.1
6.0
5.0

1958-72

2.5?

1.85-2.60

Aa

1963-76
1958-87
1958-87

2.68
3.52

2 . 3 0 - 2 . 7 0 „, .Aa
2.25-3,60 2/Baa
A
2.10-3.15

28.6

20.0
15.0

3,06

2.60-3.22

— —-

' Aa
Aa

6.9

1958-76

2.88

9.0

1958-87

3.12

2.00-2.80
2.00-3.15

12.0

1958-92

4.0U

2.75-4.00

Baa

5o.o

.1977

a 3/8

4.47

A

OTHER
Quebec H y d r o - E l e c t r i c
Commission

Deb.

.

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 65 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 .
3 / I n the 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„0. denotes g e n e r a l
o b l i g a t i o n ; Rev., revenue bonds; 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 secured by
f a c i l i t i e s revenues; 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 secured by pledge of
designated revenues,
b / O f f e r e d i n u n i t s w i t h common s t o c k .
» 5 / The l / h s of 196? n o t r e o f f e r e d .




Exhibit F

H.lU

Forthcoming Large Public S e c u r i t y Offerings f o r Nevr C a p i t a l
(Other than U. S . Treasury) %/
Expected Proceeds from Forthcoming Large I s s u e s
Date of
computation

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

During month f o l l o w i n g
date shown
S t a t e and
Corporate l o c a l govt. Other 2 /

- J a n . 31
Feb. 29
Mar. 30
Apr. 30
l a y 31
June 29
July 31
Aug. 31
Sept.28
Oct. 31
Nov. 30
Deco 31
- J a n . 31
Feb. 28

176
123
380
$68
198
437
21*7
369
315
683
h3 6

h76

591

7hO

376
233
1,013
818
hh8
567
1,096
1,202
1,009
990
U81
' 796
966

327
220
132
173
332
81
131
359
162
U8
280
153

37

23
100
35

153

795

917
785
811
832

9hl

690
726
958
1,197
:
955
979
763
61|8
631

37

23
100
35
—-

Forthcoming Large O f f e r i n g s , as of February 22Issuer

Type ...

Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

CORPORATE
P h i l l i p s Petroleum Co.
I l l i n o i s B e l l Telephone Co,
Potomac E l e c t r i c Power Co.
United Gas Corp.
Anaconda Co.
Columbus & Southern Ohio E l e c t r i c Co.
Connecticut Light & Power Co.
Southern Counties Gas Co.
Texas Eastern Transmission Corp.
Commonwealth Edison Co.
Central fit South West Co.
American Natural Gas Co.




Conv. deb.

171.8

1 s t mtg. b d s .
Preferred stk.
1st & c o l l . t r .
Common s t k .

ho.o

15.0
35*0
86.7

1 s t mtg. b d s .
Common s t k .

16.0
15.3

1 s t mtg. b d s .
1 s t mtg.P.L.bds .
1 s t mtg. b d s .
' Common s t k .
Common stk„

15.0
lo.o
5o.o

20.0
28.0

February 25
( r i g h t s expire)
February 27
February 27
February 28
1 larch 5
(rights expire)
liar ch 6
March 6
(rights expire)
March 7
March 7
March 12
March 13
March lb
(rights expire)

H.lii

F-2
Forthcoming Large O f f e r i n g s , a s of February 22 (Cont'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 )

CORPORATE ( C o n t ' d )
•aCoimnercial C r e d i t Co.
^Dresser I n d u s t r i e s , I n c .
C o n s o l i d a t e d Edison Co,

Sub. n o t e s
Conv. s u b . d e b .
Conv. d e b .

20.0
55.1

1 s t mtg. bdSo
Deb.
Common s t k .

29.0
50.0
21.0

25.0

-

Appalachian E l e c t r i c Power Co.
^ P u b l i c S e r v i c e E l e c . & Gas Co.
Consumers Power Co.
Lone S t a r Gas Co.
American T e l . & T e l . Co.
•^-Southern Company
Michigan Wisconsin Pipe Line Co.

Conv. p f d . s t k .
Deb.
Common s t k .
1 s t mtg. b d s .

STATE AMD LOCAL GOVERNMENT
Wtr.& swr. rev.
Fort Worth, Texas
G.O.
Fort "Worth, .Terns
• G.O.
Dallas Ind. Sch. Dist., Texas
Elec. rev.
Jacksonville, Florida
Rtiv.
Pennsylvania. State University
Georgia Farmers Market A u t h o r i t y
Rev.
S t a t e of Delaware
G.O.
Houston I n d . Sch. D i s t . , Texas
G.O.
S e a t t l e , Washington
G.O.
U n i v e r s i t y of I l l i n o i s
. Rev,
.^Memphis, Tennessee
G.O.
Broward Co. Spec. Tax Sch. D i s t . , F l a .
G.O.
Dade Co. Tax D i s t . No. 1 , F l a .
G.O.
e s t a t e of C a l i f o r n i a
G.O.
Pennsylvania Turnpike Commission
Rev.
I n t e r - A m e r i c a n Center A u t h . , F l o r i d a
Rev.
New York S t a t e Thruvray A u t h o r i t y
G.O.
J a c k s o n v i l l e Expressway A u t h o r i t y
Rev.
F l o r i d a S t a t e Turnpike A u t h o r i t y
Rev.
Oklahoma Turnpike A u t h o r i t y
Rev.
S t a t e of C o n n e c t i c u t
]Expressway Rev.
OTHER
None




15.5
250.0
30.0
25.0

6.0
IwO
7.5
8.0
10.8
10.0
10.8
16.8
6.5
6.8
11.5
6.0
10.0
95.0
62.0
20.0
5o.o

b2.0
185.0
65.0
54.0

March lit
March lit
March 15
(rights expire)
March 20
March 20
March 22
(rights expire)
March 25
(rights expire)
March 26
April h
(rights expire)
Winter
February
February
February
February
February
February
February
March 1
March 1 .
March 5
March 13
March lit
March 20
March 26
Winter
Winter
Winter.
Winter
Winter
Winter
Winter

25
25
2?
28
28
27
28

F-3

*—Included i n t a b l e f o r f i r s t t i m e .
1/ Includes corporate and other i s s u e s of 31$ m i l l i o n and over; S t a t e and
l o c a l government i s s u e s of !>£ m i l l i o n and o v e r .
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 .
Noteo—Deletions f o r reasons other than s a l e of i s s u e : Commonwealth of
Massachusetts, 083 m i l l i o n general o b l i g a t i o n bond i s s u e — b i d r e j e c t e d .




H.lli

Exhibit G
Yields on New and. Outstanding
E l e c t r i c Power Bonds, Rated Aa and A 1 /
A-rated o f f e r i n g y i e l d s
Aa-rated o f f e r i n g y i e l d s
Amount above
Amount above
Actual
Actual
seasoned y i e l d s (per cent) seasoned y i e l d s
(per cent) ( b a s i s points)
( b a s i s points)

' Date
1952
1953
195U
1955
1956
1956

average
average
average
average average
- January
February
March
April
• May •
June
July 3

3.16
3.1t6
3.02
3.23
3.81

None

*3.15

3.28
*3.77

*3.53
*3.52

" 1 8

25

August 1
30

September 11
October 10

13
25

31

November 21
December 6
12

1957 - January 8
16

18
22
2U

February 5
19

$

(j

1

13
16
2
9
35

52

37

a. 20

HQ

1.30

52

a . 30

hi ~

.

|

S
i

•

' -6
15
26

28
27

3.1%

28

k.oo

hi

62
58

1.50

62

k.U3

56

a . 29

3.23

3.15
3.61
3.77
*3.75

19
18

lt.07
U.20
It. 17
Loi

1 L.25

3.33 .
3.73

None

ho .

26
33

11
26
-3
12
27

3.35

3.78

3.12

3
11

3.62 '
3.70

; k.ho
*

,

k.ho
1.58

63

.

70

4.67

70

•U.56

57

53

bS
L6

*—Single o b s e r v a t i o n , not an average.
1 / Covers only 30-year f i r s t mortgage bonds, as reported i n Moody's Bond
Survey, except where i n d i c a t e d , the 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 a r e averages of o f f e r i n g s during t h e 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 the same day. Average m a t u r i t y f o r the seasoned i s s u e s
v a r i e s from 26 t o 28 y e a r s .