Full text of H.16 Capital Market Developments : May 8, 1961

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Not f o r Publication
tirllt——|
i
MAY

1961

DECONTROLLED AFTER SIX MONTHS
Hay 8, 1961.

|
CAPITALMS»J^aOPMHOTS
f THE UNITED STATES

i c security financing was large l a s t week but i s expected
to be moderate t h i s week. Corporations sold publicly large bond i s s u e s
t o t a l i n g $15>0 million during the week ending May 5. Three large State
and l o c a l government bond issues with par value of $78 m i l l i o n were
sold and a $15 million bond i s s u e of the Kingdom of Norway was publicly
offered. This week large corporate i s s u e s , including i s s u e s f o r which
subscription r i g h t s expire, t o t a l i n g $1*6 million are scheduled f o r s a l e
while large State and l o c a l government issues t o t a l i n g
million are
on the calendar.
Long-term bond y i e l d s . Changes in y i e l d s on long-tern bonds
continued to be mixed. Last week y i e l d s on U. S. Government bonds
declined f i v e basis points t o 3.73 per cent, a new low f o r the year.
Yields on lower grade State and l o c a l government bonds a l s o declined,
while y i e l d s on Aaa-rated municipal bonds remained s t a b l e . Corporate
bond y i e l d s rose s l i g h t l y .
Short- and intermediate-term i n t e r e s t r a t e s . Yields on threemonth Treasuiy b i l l s decreased s l i g h t l y l a s t week while those on s i x month b i l l s increased. Yields on three- to f i v e - y e a r U. S. Government
bonds dropped nine b a s i s points to a new 1961 low of 3.23 per cent.
The average of d a i l y e f f e c t i v e rates f o r Federal funds declined s l i g h t l y
further to 0.70 per cent, the lowest l e v e l since January. Other shortand intermediate-term i n t e r e s t rates were unchanged.
Mortgage and bond y i e l d s . Average secondary market y i e l d s on
selected unseasoned FHA new home mortgages declined s i x b a s i s points
further in March to 2.82 per cent. Since y i e l d s on newly o f f ered corporate
bonds a l s o declined during March the spread between y i e l d s available cn
mortgages and bends changed l i t t l e .
In April, average y i e l d s on new o f f e r i n g s of corporate bonds,
adjusted to a Aaa b a s i s , rose 16 b a s i s points to u.li2 per cent, the
highest since l a s t December.
Stock prices. Common stock p r i c e s , as measured by Standard
and Poor's index of 500 common stocks, rose 2 per cent l a s t week, c l o s ing a t 66.52 on Friday. At t h i s l e v e l stock p r i c e s were only s l i g h t l y
below t h e i r daily high of 66.68 reached April 17. Trading volume
averaged h. 6 millio n shares a day l a s t week, about t h e same as a week
earlier.
More d e t a i l e d information concerning recent capital market
developments i s presented in the 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.

„

LONG-TERM

B O N D YIELDS

HIGH-GRADE

Weekly




-3Exhibit B - Tables f o r Exhibit A
Long-term Bond Yields
High-grade
Corporate
Aaa 1 /

State and
local
government
A " 3/

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

195U - Low
1957 - High
1958 - Low
1959-60 - High
1960 - Low
1961 - High
Low

ll.23 (9/9)
14.31* ( 1 / 6 )
It. 21 ( 3 A 7 )

Apr. 7
Apr. ll*
Apr. 21
Apr. 28
May 5 e /

It. 23
It. 24
It. 26
It. 28 /
It. 29 /

2 . 8 5 (4/23)
l l . l l * (9/27)
3.55 (5/2)
If. 6 1 (1/29/60)

2.k5 (8/6)
3.76 (lo/is)

1 . 9 0 (9/2)
3.1*5 (8/29)

(1/8/60)

(8/5)

(1/20)
(5/5)

• : S

2.64 (»A)

3 . 0 7 (4/25)

1*.1*2
3.75
3.92
3.73

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

3.65

.22
.59
.19

(9/24/59)
(9A)

_2.99
3 . 3 0 (1*/13)
3.12 ( 2 / 2 3 )

3.82

3.81
3.81

: g

3.30

.1*1

i S

: 8

3.2lt
3.2lt

3.78
3.73

1

I

.52
.51
.57

Lower-grade

Date

Corporate
Baa 1 /

State and
l o c a l govt.
Baa y

Spread between
Aaa and Baa
S t a t e and
Corporate
l o c a l govt.

(per cent)

Apr. 7
Apr. lit
Apr. 21
Apr. 28
May 5 e /

mliis'

1951t - Low
1957 - High
1958 - Low
1959-60 - High
1960 - Low
1961 - High
Low

5.01
5.00
5.00
5.01 /
5.02 Z

2.93 (e/5)
It. 5 1 (0/29)

3.61* (B/l)

4.1*6 (1/7/60)
3 . 9 8 (lg/29)

1*.06
1*.03
3.98
3.9&
3.95

.52
1.27
.77
.81*
.71
.81
.73

'
.

.78
.76
.71* •
.73
•73

eZ Preliminary.
1 / Weekly average of daily f i g u r e s . Average term of bonde lraludad l a 23 *26 year#.
i/ Meekly average of dally f i g u r e s . The series Includes bonds due or callable In 10 year* or more,
3/ Thursday f i g u r e s . Only general obligation bonds are inoluded) average term i s 20 years.
Note.—Highs and lows are for individual series and may be on d i f f e r e n t dates f o r d i f f e r e n t series*
Fbr spreads, high r e f e r s t o widsst* and low t o narrowest.




.96
1.21
.93
1.08
.86
.93
.71
.76
.73
.7lt
.71*
.71

S H O R T - A N D I N T E R N I D I A T I - TERM INTEREST RATES

GOVERNMENT
W..kly_

V . S . S VIAI ISSNII

^Jl

mi$
>

V

v

v

B

,

s

v r
u /

Market Yle
1

BANKS AND OTHER PRIVATE BORROWERS

IIMAJHCE COMPANY PAHI,




/

C

#

1. DISCOUNT (ATI

-

|

A

-5Exhibit D - Tables for Exhibit C
Qiort- and Intermediate-tern I n t e r e s t hates
Government
Date

Discount
rate
V

I951t - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low

1,50
3.50
1.75
lt.oo
3.00
3.00
3.00

Apr. 7
Apr. Ik
Apr. 21
Apr. 28
May 5 e /

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 2/
,61 (ViD
3.61 (lo/ia)

Spread between y i e l d s on
3-month b i l l s and y i e l d s 01
6-mo. b i l l s 1 3 - 5 y r . issues

3-5 year
issues 2/

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

2.75 ( 3 / 3 )
2.35 (lj/28)

1 . 6 6 (4/30)
il.Ol* (10/16)
2.1U (6/6)
5 . 0 0 (12/24/69)
3.1|0 (12/30)
3.59 ( 1 / 2 0 )
3.23 (5/5)

2.36
2.31
2.25
2.23
2.22

2.58
2,52
2.a
2.35
2,38

3.U5
3.10
3.38
3.32
3.23

, 5 8 (5/29)

3 . 0 2 (12/26)

U.59 (1/8/60)

5.07 (1/8/60)

2 . 1 1 (10/28)

2 . 3 8 (12/30)

^

.66
.86
.Ok

.26
.79
.16
.25
.12

.38
1.1*0
.92

.22
.21
.16
.12 .
.16

1.09
1.09
1.13
1.09
1.01

1.81

•

Banks an£, OtherrPrivate Borrowers
Date

Stock Exchange
c a l l loan 1/

Prime
rate 1 /

Finance company
paper 3 /

Federal
funds k/

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

(per cent)
195k - Low
1957 - High
1958 - Low
1959-60 - High,
i960 - Low
1961 - High
Low
Apr. 7
Apr. lit
Apr 21
Apr. 28
May 5 d /

< 3.00
11,50
3.50
5.50
It. 50
U.50
li.5o

3.00
It. 50
3.50
5.00
14.50
It. 50
It. 5o

li.5o
it. so
L5o
lt.5o
lt.5o

It. 5o
It. 50
L5o
It. 513
It. 50

1.25(12/31)

n.a.

3-88 (11/15)

3 . 5 0 (11/8)

1

l .13 (8/8)
5l. 13 (1/22/60)
2; 88 (12/30)

2,88 (3/10)
2.50 ( 5 / 5 )
.
• . 2.66
2.6k
2.53
2.50 .
2,50

.13
lt.00
.95
2.85
.1:3
1.55
2,35
1.15
• .75
.70

(s/29)
(5/11/60)

(12/2)

(2/17)
(1/27)

0
.63
-.35
1,02
,22
.56
.15
.30
.33
.26
.27
.28

Weekly rate ehowa ISitltoVin effeot at end of period.
Stock Exohange call lea ft fate Is going rate on oall lojtiia secured by customers' stock exchange collateral at
Hsu York City banks, M e e rate lfl that charged by large banks on ihort-ter* loans to business borrower# of
the highest credit standing,
2/ Market yield; weekly averages computed from dally oloalng bid prices. Series of 3-5 year Issues consists of
eelooted notes and bonds,
•
3/ Average of dally rates published by flnamoe companies for directly planed paper for varyleg maturities In ths
90-179 day rapge,
4/ Weekly average of dally effective rate, which Is the rate for the heaviest voluae of purchase and sals transactions
as reported to the Federal Reserve Bank of New York,
'
Kot-i,—-Highs and lews are for individual series and may be on different dates for different dates for different series,
Digitized for For
FRASER
spreads, high refers to widest, and low to narrowest.



STOCK MARKET

STOCK IMIKiT CBEDIT

M O R T G A G E A N D B O N D YIELDS

New Inues I




Exhibit F - Tables f o r Exhibit L
Stock Market

Date

Stock price
index 1 /

Trading
Comion
stock
volume 2 /
y i e l d s 2 / (millions
(per cent) of shares)

1957-60 - High
Low
1961 - High
Low

66.52 (5/5)
58.1*8 (1/6)

3.08
1*.72
2.92
3.32

March
April
Apr. 21
Apr. 28
May 5 e /

61*. 12
65.83
65.77
65.31
66.52

3.03
2.95
2.95
2.97
2.92

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

39.1*8 (12/20/57)

1*.'9

1.1*

Stock market customer credit
Custgmers1
Bank
debit balloans to
a n c e s ! ^ "others" 5/
(In millions of dollars)

Total

(4/59) 3,1401 (4/59) 1 , 3 7 3 ( 5/59)
3,55il (1/58) 2,1*82 (12/57) 1 , 0 6 0 (11/5?)

5.8
3.6

1*,778 (3/61)3,6ol* (3/61)1,21*1* (l*/28)
1*,1*16 (1/61)3,253 (1/61)1,152 (3/10)

5.1*
5.1

1*,778

t !

n.a.
n.a.

3,601*

n.a.
n.a.

1,17k
1,216
I'.ti
n.a.

n.«.,».Kot available.
2/ Pr*>lle.ii;ary.
1/ Standard and Poor's ecmpoelte index nt 500 oezimon stock** weekly oloali-j prlese, 1941-43»10.
Monthly data ar*
averages of dally figure* rather than of Mdcy'e only. HI elm and lows are for Mdaye 1 data only.
2/ Standard and Poor's ocopodte otoek yield baoed on Wednesday data converted to weekly el oolite prices by Federal
Reserve. Yields shown ore for dateo on which price Index roajhod Its high or low.
3/ Averages of dally trading volvae on the Hew York Stock Bcchaiye,
4/ End of month figures for member fires of the Haw York Stock Exchange which carry margin accounts) excludes balances
secured by U. S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying 0. S. Government
re curl t i e s . Prior to July I , 1959, such lo.-nn are excluded only at baiflca In How York and CMcr«o. Weekly report Wig
banks account for about 70 per cent of loans to others. For further detail see Bulletin.

Mortgage and Bond Yields 1/

1953-58 - High Low
1959-60 - High
Low
1960 - December
1961 - January
February
March
April

5.63
1*.56
6.21*
5.57

(11/57)
(2/55)
(1/60)
(3/59)

6.0I*

6.00

Spread between now
Aaa corporate
corporate bonds and
bonds 1 /
FilA
mortf.'«fteo|Sfeasonod bonds
New 3/ I Seasoned U7
.90
1.96
1*.12 (9/57)
-.12
.51*
2.71* (3/51*) 2.81* (V51*)
.77
1.76
(1/60)
l*.6l
.08
.83
i*.12 (1/59)
1*.79,
1*.35
1*.31
1*. 26

1*.35
It. 32
U.27
1*.22
"1*.25

1.25
1.65
1.57
1.56
n.a.

MEi
5.88

5.82

n.a.




1*.1*2

.1*1*
'.Oh

.01*
.17

Exhibit G
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In m i l l i o n s of d o l l a r s )

January
"February
March
April
May
June

1961

Corporate 1 /
1 I960
|

e/526
E/653
fi/529

577
715
860

e/2,000
i/95o

July
August
September

1st
2nd
3rd
4th

quarter
quarter
quarter
Quarter

1st half
Three q u a r t e r s
Year

S t a t e and l o c a l 2 /
1 I960 r / | 1959 r /

708
634
e/800

700
611
568

648
859
638

766
567
1,034

89k
785
887

e/725
e/550

719
545
991

93k
568
987

727
962
738

535
740
703

492
606
683

443
521
470

874
9#
876

879
864
900

348
501
491

593
450
478

2,151
2,36?
2,1*27
2,709

2,20k
2,567
1,979
2,642

1,880
2,256
1,780
l,3h0

2,145
2,488
1,133
1,521

It,519
6,915
9,o55

' 4,771
6,750
-9,392

4,136
5,916
7,257

4,634
6,067
7,588

\
E/1,708

1961

821
738
6#

'

October
November
December

New c a p i t a l
1959

.

e/2,142

Excluding f i n a n c e companies 3 /
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

]o/l,408

Ye a r

1,722
2,150
2,017
2,358
8,248

,

1,999
2,412
1,716
2,503
8,630

"ej Estimated.
g / Preliminary.
tJ Revised.
1 / S e c u r i t i e s and Exchange Commission estimates of net proceeds.
2 / Investment Bankers Association of America estimates of p r i n c i p a l amounts.
3 / Total new c a p i t a l i s s u e s excluding 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.




Exhibit H

4 -

Other S e c u r i t y O f f e r i n g s
( I n m i l l i o n s of d o l l a r s )

F o r e i g n government 2 /
1961
1
I960
1
195?
January
February
March

Federal agency 3 /
I960
1
1961
|

1959

2
175
70

81
60
2

182
150
150

April
May
June

31*
72
ho

58
50
1*2

11*8
351*

July
August
September

25
1
36

85
1
35

199

October
November
December

3h
2
1*1

33
30
70

160
11*9
181

86

533

51*7

1,67?

707

*3

Year

199
175

—

98
150

—

Net shorl - t e r m k/
S t a t e a n d l o c a l government 5 /
Federal agency 3 /
Januaiy
February
March

160

58
11*0
-80

-1*
181
1*

-196
-202
-59

-82
176
33

-277
170
320

50
368
286

95
23
-201 .

362
133
79

-81
-176
-117

-23
-33
-250

280
21*0
1*1*

362

-633

April
May
June

70
-11*6
-157

197
-25
-197

July
August
September

1*8
&5
-175

57
392
131

October
November
December

-16
5b
-189 • •

Year

18

-11*1*
-162
-171*

1,969

e / Preliminary.
1/ These data d i f f e r from those In Exhibit 0 i n that re fundi:* Issues, as well as new oapital Issues, are included.
Long-term securities are defined as those maturing in more than one year.
2/ Includes securities offered in the United States by foreign governments and their subdivisions and by international organisations. Source« Seourltles and Exchange Commission.
3/ Issues not guaranteed by the U. S. Government. Sources long-term, Securities and Exchange Commission; shortterm , Treasury Department and Federal. Reserve.
4/ These data d i f f e r free those in ttchibit 0' and above in that they represent new offerings less retirements, whether
from the proceeds of refunding issues or from other funds. Data Include only issues with origiml maturity of one
year or l e s s .
5/ PriMlpally tax and bond anticipation notes, warrants or certificates and Public Housing Authority notes. I *
PHA
PT
«»te s Included may have a somewhat longer term than one year. Source * Bond Buyer and




-10-

Exhibit I
Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(In millions of dollars)
Month

Corporate

I960 - April
May
June
July
August
September
October
November
December
1961 - January
February
March
April

State and
local
government

309
139
442
303
581
266
566
465
260
147
267
70
1,572

370
234
561
191
298
367
46
186
222
391
360
405
383

Other 2/
71
28
30
75
25
77
150
99
67
—

..
Large Individual Issues Offered May 1 through 5

Issuer

Type 3/

Amount
Coupon
Offering
rate or
(millions
Maturity net i n t e r - y i e l d
Rating
of
dollars)
est cost

CORPORATE
B e l l Tel. of Pa.
Nippon Tel. & Tel. Coip.
Washington Gas Light Co.
Continental Oil Co.

Deb.
Ex. bds.
Ref.mtg.bds.
Deb.

20.0
15.0
15.0
100.0

2001
1976
1986
1991

4-3/4
4-1/8
4-1/2

4.60
6.47
4.85
4.55

Aaa
A
Aa

STATE AND LOCAL GOVERNMENT
Los Angeles Unif. Sch.
D i s t . , Calif.
Grand Rapids, Mich.
Port of New York Auth.

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

OTHER
None




30.0 • 1962-86
1962-82
13.1
1962-81 •
35.0

3.42
3.31
3.41

1.50-3.60
1.60-4.10
1.60-3.60

Aa
Aa
A

h.lh

-

1-2

-11'

Footnotes
1/

Includes corporate and other security offerings of $15 million and over3
State and l o c a l government security offerings of £>10 million and over.
2 / Includes foreign government and International Bank f o r Reconstruction and
Development issues and non-guaranteed i s s u e s by Federal agencies.
3 / In the case of State and l o c a l government s e c u r i t i e s , G. 0. denotes general
obligations; Rev.-Ut., 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 j Rev.-S.T., revenue bonds secured by revenue from s p e c i f i c
taxes only; Rev.-Rent., revenue bonds secured s o l e l y bj l e a s e payments.




Bxliibit J

—12—

i-'orVlicoiiiing Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
During month following
date shown
State and
^
Corporate l o c a l povt. Other 2 /

Date of
computation
I960

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

202
1*83
237
596
216
576
WiO
260
91
110
55
1,580
512

213
277
160
275
283
212
258
2k2
kl2
181
307
559
236

30
30
77
50

15

Subsequent to
date shown
State and
Corporate local povt. Other 2/
357
155
1,006
731
836
585
335
1,036
. 1,0146
1,125
1,700
687

.

258
502
380
32k
283
336
391
560
682
360
638
806
579

——

60
30
127
50

15

Forthcoming Large Offerings, as of May 5
Type

Issuer

Amount Approximate date
(millions
of offering
of dollars)

U. S. Freight Co.

Conv. sub. deb.

15--U

Haloid Xerox, Inc.

Conv. sub. deb.

15.1

Aerojet-General Corp.
Duke Power Co.

S.F. deb.
' Com. stk.

15.0
16.6

Tennessee Gas Transmission Corp.
New York State Elec. & Gas Co.
Federal Paper Board Co.
New England Tel. & Tel. Co.
Ohio Edison Co.
*Armco Steel Corp.
xAllegheny-Ludlum Corp.
Michigan Consolidated Gas Co.
Consolidated Natural Gas Co.
New Orleans Public Service Coip.
Aldens, Inc.
Clark Equipment Credit Corp.
for
FRASER
Indiana
and Michigan Electric Co.

Digitized


'

Deb,
1st mtg. bds.
S.F. deb.
Com. stk.

75.0
25.0
20.0
U5.0

1st ratg. bds.
S.F. deb.
S.F. deb.
1st mtg. bds.
Deb.
1st ratg. bds.
S.F. deb.
Deb.
S.F. deb.

30.0
50.0
15.0
30.0
140.0
15.0
15.0
20.0
20.0

May 8
(rights expire)
May 8
( r i ^ i t s expire)
May 8
May IS
( r i g h t s expire)
May 16
May 17
May 18
May 19
(rights expire)
May 23
May 23
May 2k
May 2k
May 25
May 25
May
May
June 1

Forthcoming Large Offerings, as of May 5 (CpntTd)
Type

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

CORPORATE (Cont'd)
Columbia Gas System Inc.
•^Brooklyn Union Gas Co.
Michigan-Wisconsin Pipe Line Co.
*Union lank Car Co.
Commerce Oil Refining Corp.
Realty Collateral Corp.

Deb.
1st mtg. bds.
1 s t mtg. p . l . bds.
S.F. deb.
Deb., bds. & com.
Coll. t r . notes

30.0
20.0

30.0

I4O.O
1*5.0

20.0

June 2
June 8
June 15
June
Indefinite
Indefinite

STATE AND LOCAL GOVERNMENT
Cincinnati, Ohio
Puerto Rico Water Resources Auth.
Chicago Board of Education, H I .
Pennsylvania State Public School
Bldg, Auth.
Ownesburg, Kentucky
*State of Ohio
^Houston, Texas
New York State Housing Fin. Agency
Monroe County. Water Resources Auth.
New York
Sacramento Mun.-Utility D i s t . ,
Calif.
Massachusetts Turnpike Auth.
Orleans Parish School D i s t . , La.
Dade County, Florida
Jacksonville Expressway Auth,

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

1*0.0

21.5
22.0

May ?
May 9
May 1$

Hev.-Rent.
Rev. -Ut.
G.O.
G.O.
Rev.

2L6
25.0
32.0
17»2
50.0

May 17
May 23
May 21*
May Zk
May

Bev.-Vt.

17,0

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

30.0
175.0
10.0
1*6.0

1*0.0

June 1
Indefinite
Indefinite
Indefinite
Indefinite

S.F. deb.

25.0

May

June 1

OTHER
*City of Montreal, Canada .
*—Included an t a b l e f o r f i r s t time.
1/

Includes corporate and other i s s u e s of $15 million and over; State and l o c a l
government issues of $10 million and over.
Includes foreign government and International Bank f o r Reconstruction and
Development i s s u e s and n on-guaranteed issues by Federal agencies.
Note.--Deletions f o r reasons other than s a l e of i s s u e : City Products Corp.j
$15.0 million—$13.5 million for refunding.
2/




-IllExhibit K
Yields on New and Outstanding
Electric Power Bonds, Rated Aa and A 1/
Aa-rated offering yields
Date

1952-1959 - High
Low
1959 - Oct.
Nov.
Dec.
1960 - Jan.
Feb.
Mar.
Apr.
May
June
July 8
13
Sept. 15
23
28
Oct. 5
21
Nov. it
16
17
18
Dec. 7.
1961 - Jan. 12
18
25
Feb. 8
16
16
liar. 23
2h
Apr. 13

Actual
(per cent)

Amount a b o v e
seasoned y i e l d s
(basis points)

5.30 (12/8/59)
2.93 (3/31/5U

87
-8

5.132/
*5.08 ,
*5.30

36
it2
63

5.09
it.82
• it. 91
*it.88
it. 83

it5
25
37
32
26 .

27

A-rated offering yields
Amount above
Actual
seasoned y i e l d s
(per cent) (basis points)
5.65 (9/18/59)
3.00 (3/17/51)

123
-15

5.33

13

5.45v
*5.3#/

51
28

it.97
5. lit
5.15
^•it. 95
it.93
it.88
it. 80

9
35
29
11
11
8
2it

U.88

26

5.05

it3

2k
22

it. 78
It. 85
5.00
it. 60
it.55
it.Ut

a.37

33
itO
it9
11.

7

-2

it.60
it. 65
it.it7
it. 50
It.itO
h. 65.--

-1,3

5
- 5

17
*—Single observation, not an average.
1 / "Covers only 30-year f i r s t mortgage bonds, as reported in Moody's bond Survey.
Except where indicated, the actual yield figure and the amount above seasoned
y i e l d s are averages of offerings during the indicated period and of the d i f f e r ences between these new offering yields and yields on seasoned issues of similar
quality for the same day. Average maturity for the seasoned issues varies from
26 to 28 years.
2 / Provides for a 5-year period during which issue may not be called for refunding
at a lower coupon rate, luonthly averages so marked include one or more issues
with such a provision. Other issues have no such provision.