Full text of H.16 Capital Market Developments : May 9, 1960

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n

DECONTROLLED AFTER SIX MONTHS
,Y,AY i i 196C
Mot for Publication

May 9, I960.

H.llt
CAPITAL MARKET DEVELOPMENTS
H TlffillHTED STATES AND CANADA.
Part I - United States

The volume of large public security financing for new capital
last week was very small for corporations, but substantial for State
and local governments. This week, the volume of corporate offerings is
expected to be somewhat larger while the volume of State and local government bonds is expected to be much smaller than in recent weeks. During
the week ending May 6, one large corporate stock issue for $26 million
was offered, and two State and local government issues with total proceeds
of $182 million (one was a $133 million Public Housing Authorities issue)
were sold. The calendar for this week, ending May 13, includes corporate
issues totaling $70 million and a local government issue for $30 million.
Bond yield8 - Changes in yields on outstanding bonds were mixed
last week. Yields on lower grade corporate bonds increased; yields on
Aaa cozporate and Baa State and local government bonds remained stable3
and those for U. S. Government and Aaa State and local government bonds
declined.
Stock prices - Stock prices, on balance, increased slightly
last week. Standard and Poor's index of 500 common stocks closed at
Sk» 75 on May 6, one per cent higher than a week earlier. Trading activity declined with daily volume averaging 2.8 million shares a day.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.
Developments in the Canadian capital markets are presented in
Part II at the end of this report.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




HIGH-GRADE

BOND

YIELDS

*\f

LOWER-GRADE

BOND

(

/vf

U . S . GOVERNMENT

YIELDS




J — STATE

AND

11.1U

Exhibit B - Tables for Exhibit A
High-grade Bond Yields

Date

U. S. Govt,
long-term 2/

Corporate
Aaa 1/

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

State and
lodal govt.
Aaa y

(Per cent)
Low
High
Low
High
Low
I960 - High
Low

2.85 (V23)
It.lit (9/27)
3-55 (5/2)
lt.6l (12/31)
U.09 (1/9)
It. 61 (1/29)
L W t (it/8)

2.16 (8/6)
3.76 (10/18)
3.07 (lt/25)
It. 37 (12/31)
3.83 (1/2)
It. 12 (1/8)
It. 00 (3/25)

Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6 2/

It.ltlt
L 1,5
It. 1:5
lt.lt6
lt.lt6

it. 10
lt.18
it. 21
-li.20
lt.17

195U
1957
1958
1959

-

V l.90 (9/2)

3.1t5 (8/29)
2.6k (5/1)
3.65 (9/2lt)
3.06 (3/26)
3.53 (1/7)
3.28 (li/7)

.30
.60
.22
.50
.16
.1*6
.19

.30
.1*7
.3lt
.92
.53
.92
.68

3.28
3.29
3.29
3.3k
3.32

.3lt
.27
.21
.26
.29

.82
.89
.92
.86
.85

Lower-grade Bond Yields

Date

Corporate
Baa 1/

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
State and
• Corporate
local govt.

(Per cent)
Low
High
Low
High
Low
i960 - High
Low

3.lilt (12/31)
5.10 (11/29)
lt.51 (7/11)
5.32 (12/31)
It. 83 (li/17)
5.36 (2/12)
5.17 (lt/8)

2.93 (8/5)
It. 51 (8/29)
3.6U (5/1)
lt.lt6 (7/2)
3.92 (3/26)
h.U6 (1/7)
It. 22 CV7)

Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6 2/

5.17
5.18
5.21
5.23
5.27

L23
a. 28
It. 28

195U
1957
1958
1959

-

It. 22

k.2h

.52
1.27
.77
.77
.56
.81
.71
.73
.73
.76
.77
.61

':

.96
1.21
.93
.98
.79
.97
.93
.9lt
.95
.9lt
.91
.96

2/ Preliminary.
1/ Weekly average of dally figures. Average term of bonds Included Is 25-26 years.
2/ Weekly average of dully figures. The series Includes bonds due or callable In 10 years or more.
3/ Thursday figures. Only general obligation bonds are Included; average tens Is 20 years.
Note.—Highs and lows are for Individual series and may be on different dates for different series.




.

J

STOCK

MARKET

MORTGAGE

AND

BOND

YIELDS

• ^

A7>




lvxldbil ti - Tablet: f o r KxhibiL C
Stock Market

Stock price
index 1/

Date

1957-59 - High
Low
i960 - high
Low
March
Anril
Apr. 22
Apr. 29
May 6 g/
"5

Trading
Common
volume
stock
yields 2/ (million0
(per cent) of shares)

60.51 (7/31/59)
39.70 (12/27/57)
59.50 (1/6)

3.07
4.66
3.18
3.51

55.02

3.45

55.73
55.42
514.37
51.75

3.43
3.19
3.16

$k. 2k

(3AD

3.a

Stock market customer credit
Customers1
Bank
Total debit bal- loans to
ances k/ "others" 5/
(Mil] ions of do]Liars)

4.3

4,761,

3.6
2.1

4, 365
4,158

2.9
2.9
3.0
3.0
2.8

4,158
n.a.
n.a.

l.k

3,55 k

3,W1
2,482
3,198
3,028

1,373
1,060
1,167
1,130

3,028

1,1.30
. 1,116
1,114
1,116
n.a.

n.a.
n.a.

n.a.—Not available.
g/ Preliminary.
1/ Stimdard and Poor's -*«mposite Index of 500. oomnon stocks, weekly closing prices, 1941-43=10. Monthly data
are averages of dally figures rather than of Fridays' only. Highs and lows are for Fridays' data only.
2/ Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing prices by
Federal Reserve. Yields shown are for dates on which price Index reached its high or low.
3/ Averages of dally trading volume on the New York Stock Exchange.
4/ End of month figures for member firms of the New 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 U. S.
Government securities« Prior to July 1, 1959, such loans aire excluded only at banks in New York and Chicago.
Weekly reporting banks account for about 70 per cent of loans to others. For further detail see Bulletin.

Mortgage and Bond Yields 1/
- FHA
mortgages 2/ •
1953-1958 - High
Low
1959 - high
Low
1959 - December
1960 - January
February
March
April •

£S M'
6.23

Aaa corporate '
bonds 1/
Mew 3/

5.57

5.29.
il.29

6.23

5.16

4.12
2.85
4.58
It. 12

5Z

,
Spread between new
corporate bonds and
FHA mortf-'.aKes | Seasoned bonds

is®

4.58
It. 61
4.56
It. 19

1.96
.54
1.29
.83

.90
-.12
.77
.15

1.07
1.29

.58
.34
.40
.17
.34

••m
6.21*
6.23

6.22

4.95
ii.96

4.66
14.79

4.45

tw«nfields
^^utntondln^^cnds^ln
these
!pr""l between
yl
—
>t.v# type, «m. u! " c
;r.m/{«a In inUu.it:
% thn nprm.l.b
r w * of dully data. See Exhibit B.
?

A/ Mo
ody';» Inventor" Service. Monthly



1.2?

1.56

—

Tte

"r"e -

-6-

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

I960
January
February
March
April
May
June

E/ 596
E/739
E/775
e/725
e/700

New capital
Corporate 1/
State and local 2/
I960
1
1959
1
1958
1
1959
1
1958
81*0
716
631

728

899
791 67k

1,11*0
597
887

July
August
September

531
718
709

1,107
51*0
1,111*

October
November
December

887
8#
936

1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

0/2,110

1st half
Three quarters
Year

2,216
2,561*
1,9#
2,688.
1*,780
6,738
9,U27

73k
#
e/700
e/650

&62
518 920
3,139
2,623
2,760
2,300
5,762
8,522
10,823

e/l,81*6

638
858
6U6
593;
1,006

812

In
798

If-

F
1*68

806
1*03
651

593
513
1*55

1*56
1*71*
1*35

2,11*2
2,531
1,51-9
1,562

2,276
2,2 Ul*
1,860
1,365

M73.
6,223

1*,520
6,380
7,71*6

rrn

Excluding finance companies hj
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

e/1,760

Year

2,011
2,1*09
1,695
2,51*9

2,899
2,586
2,731
2,213

8,665

10,1*29

e/ Estimated.
w
1/ Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
3/ Includes $718.3 million AT&T convertible debenture issue.
U/ Total nev capital issues excluding offerings of sales and consumer finance
companies.




h..l'i

Exhibit F
Other Security Oi'ferings 1/
(In millions of dollars)
Long-term
Foreign government 2/
Federal agency ;M
I960
I960
| 1959
1959
1 1958
1

January
February
March

1JU7

April
May

196
53

77
59
2
56
50
1*2

.

.

182
150

175

139
198
120

—

523

JulyAugust
September

85
1
36

9
5
17

October.
November
December

33
1*2
70

58
123
74

86

992

707

Year

#8

190
1*28
295

233
1*60
273

April
May

563
1*11
245

July
August
September
October
November
December

268 '
3#'
2/363

Year

-

161).
' 98
150

—

220

Short-term
State and local government k/
January
February
March

1,163
251

199

—

1958

—

2,321

Federal agency 3/
359
500
1*89

371
208
11*1*

357
351* ,
26h

1*86
675
289

209
161
329

2l*6
1*67
399

289
1*23
369

727
365
665

1*37
206
330

235
31*3
358

231
1*15
21*3

733
1*71
288

1*51* '
111*
137

li,179

3,910

6,01*7

1*79
1*63

3,098

2/ Preliminary.
1/ Data presented In this exhibit differ from those In Exhibit E In that- refunding Issues, * 0 well as new
capital Issues, are Included. Long-term securities are defined as those maturing In mare than one year.
2/ Includes securities offered In the United States by foreign governments and their subdivisions and by
International organizations. Source: Securities and Exchange Commission.
3/ Issues not guaranteed by the U. S. Goveriwer.t. Source: long-term, Securities and Exchange Commission;
short-term, Federal Reserve.
4/ Principally tax and bond anticipation notus, warrants or certificates and Public Housing Authority
not**. In some instances PHA rotes included may have a somewhat longer term than one year. Source: Bond Buyer.




J

Exhibit G
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(Millions of dollars)
Corporate

Month
1959 - April
May

359
3U2
281*
110 363
199
Loo
1*21
230
279
262
38U
'309

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

State and
local government
563
258
635
19ii
263
21JU
29l
163
217
388
283
225
370

Other 2/
20
50
60
50
98
175
20
70
100
320
191
71

Large Individual Issues Offered May 1 through 6

Issuer

Type 3/

Amount
Coupon
Offering
(millions
Maturity
of /
net, inter- yield
dollars)
est cost

Rating

CORPORATE
Columbia Gas Sys., Inc.

Com. stk.

26.0

STATE AND LOCAL GOVERNMENT
State of Minnesota
Pub. Housing Authorities

G.O.
G.O.

I18.8
1961-79
3.U5
133.1961-2000/75 3.83

2.50-3.50 Aa
2.1*0-3.90 Aaa

OTHER

1/ Includes corporate and other security offerings of #15 million and over; State
and local government security offerings of*$10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal agencies.
3/ In the case of State and..,local government securities, G.O. denotes general obligations; Rev.-Ut., revenue obligations secured only by income from public utilities;
Rev.-Q.Ut., revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T,,
revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue
bonds secured solely by lease payments.




-9-

Exhibit H

Forthcoming 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
Other 2/
Corporate
local govt.

Date of
computation

2k6

1959 - Apr. 30
May 29
June 30
July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
I960 - Jan. 29
Feb. 29
Mar. 31
Apr. 29

287
165
238
198

37k

385
226
210
207
301
299
202

251*
21*7
11*6
356
385
270
115
295
1*1*5
210
255
250
21*3

Subsequent to
date shown
State and
Other 2/
Corporate
local govt.

50
50
25
70
30
1*5
35
-1 —

Forthcoming Large Offerings, as of
Issuer

Type

31*6
332
272
305
517
691*
509
271
280
252
372
31*1*
357

517
761
500
1*0 6
1*02
1*70
336
1*85
51*5
310
385
280
258

50
50
25
70
30
1*5
35

May 6
Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE
Uris Building Corp.
Wisconsin Telephone Co.
General American Transportation Corp.
Wisconsin Electric Power Co.
Milwaukee Gas Light Co.
Midwestern Gas Transmission Co.
Texas Eastern Transmission Corp.
Michigan Wisconsin Pipe Line Co.
Southern Electric Generating Co.
National Cash Register Co.
^Montgomery Ward Credit Corp.
Commerce Oil Refining Corp. '

S.F. deb.
Deb.
E.T.
Com. stk.

1st mtg., bds.
1st mtg., bds.
Deb.
1st mtg. p. 1. bds.
1st mtg. bdw.
S.F. deb.
Deb.
Deb., bds. & com.

20.0
20.0

30.0
18.1
22.0

60.0
25.0

30.0
k0.0

1*0.0
50.0
1*5. o

May 11
May 11
May 12
May 17
(rights expire)
May 18
May 2l*
May 26
June 2
June 3
June 3
June
Indefinite

STATE AND LOCAL GOVERNMENT
Jacksonville, Fla.
Cincinnati, Ohio
Detroit Sch. Dist., Michigan
*Denver, Colorado
*King Co. Sch. Dist. No. 1, Wash.




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

30.0

12.2
19.3

11.8
10.0

May 10
May 17
May 2l*
May 25
June 1

-10-

h-2
Forthcoming Large Offerings, as of May 6 (Cont'd)
Issuer

Type

Amount
Approximate aate
(millions
of offering
of dollars)

STATE AND LOCAL GOVERNMENT (Cont'd)
I cr.r his, ferncssee
-Los Angeles Dept. of v.tr. & p^r.,
California
-"-State of Michigan
QThKR

0.v.

15.0

June 7

Rev.-Ut.
Rev.-Ut.

15.0
25.0

June 8
June lii

^

ix one
-

*-—Included ir table for first time.
1/ Includes corporate and other issues of s,l5 million and over; State
and local government issues of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction
and development issues and non-guaranteed issues by Federal agencies.
Note.—Deletions for reasons other than sale of issue: None.




Exhibit I
Yields on New and Outstanding
Electric Power Bonds, Rated Aa and A 1/

Date

1952 - 1958
High
Low
1959 - January
February
March
April
May
June
July
Aug.
Sept.
Oct.
Nov. 25
Ibc. 8
9
10
i960 — Jan. 7
Feb. 25
26
Mar. 15
16
18
29
Apr. 6
8
lit
21
27

A-rated offering yields
Aa-rated offering yields
Amount above
Amount above
Actual
Actual
seasoned
yields
(per cent)
(per cent) seasoned yields
(basis points)
(basis points)

5.00 ( 9 M / 5 7 )
2.93 (3/31/5U)

87
-3
37

h

10
17
37
29
31
23

U.97
<95
*k.93
U.83
5.132/
5.08
5.30

36
1*2
' 63

5.08
5.10

tSf

1*1*
1*6
32
17

L85

33

l*.9l*

39

k.95

-

5.50 (11/7/57)
3.00 (3/17/51i)

123
-15

*k.7&

23

*11.67

18
25
15
17

i:£y
5.07
*5.65
5.33

60
W

5.1*5

51
50
28.

5.00
1*.93

11
7

... t.98
5.30

.

21
50

39

*—Single observation, not an average.
1/ Covers only 30-year first mortgage bonds, as reported in Moody's Bond
Survey. Except where indicated, the actual yield figure and the amount above
seasoned yields are averages of offerings during the indicated period and of
the differences 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. Monthly averages so marked include one or more
issues with such a provision. Other issues have no such provision.
y Includes one issue which provides for a 7-year period during which the
issue may not be called for refunding at a lower coupon rate.




May 9, I960
-12-

Part II - Canada

There was a general decline in money and capital market yields
in Canada last week. Sharp drops in both the 3-month and 6-month Treasury
bills brought their yields substantially below the corresponding U.S. bill
rates. Yields on most government bonds declined further and were at or
near the lowest recorded during i960. Corporate bond yields also declined.
As a result of the substantial expansion in bank loans last week, seasonally
adjusted loans during April expanded for the second straight month.
Money market conditions. There were sharp drops in the yields on
the 3-month and 6-month Canadian Treasury bills last week. The 3-month
bill fell by Wi basis points from 3*26 per cent to 2.82 per cent, the
lowest yield recorded since 1958 (see Table). The 6-month bill fell by U3
basis points from 3.1*3 per cent to 3.00 per cent. As a result, the
Canadian yields for both these bills declined substantially below yields
for the corresponding United States bills» The closing averages on day-today money declined from 3.38 per cent to 3.10 per cent.
Because of the sharp fall in the Canadian bill, the incentive
shifted in favor of holding United States bills during the week* It
amounted to about 0.21 per cent per annum on May 5; the Canadian bill was
27 basis points below the United States bill and the 3-months Canadian
dollar was at a premium of 0.06 per cent (see Table). A week earlier, there
was a net incentive of 0.10 per cent per annum in favor of the Canadian
3-month bill.
During the week, the public reduced their bill holdings by $26
million; on the buying side, the Bank of Canada acquired $9 million and
the chartered banks $17 million.
Bond market conditions. Bond yields last week were at or near
I960 lows for most government securities. The spread between comparable
Canadian and United States securities (Thursday yields for bills and Wednesday
yields for bonds) was as follows (figures in parenthesis refer to the previous week):
-0.27
-0.U2
0.76
0.93
1.bl

per
per
per
per
per

cent
cent
cent
cent
cent

on
on
on
on
on

a 91-day bill (0.10)
a 182-day bill (-0.13)
an 8-year bond (0.90)
a 20-year bond (0.96)
a 35-year bond (l.UO)

For the second straight week, the Bank of Canada acquired additional bonds;
it sold $20 million of over 2-year bonds but bought $3U million of under
2-year maturities. Not since April 6 has the Bank been a net seller of
bonds (see Table).
In the corporate and local government sectors, continued strength
was in evidence. On May 2, yields averaged about 10 basis points below




-13the April 1 levels, in large part a reflection of the reduced Federal cash
needs estimated for the next H months. Recent movements in average bond
yields of average maturities of about 15 years were as follows (in per cent
per annum):
May 2
10
10
10
10
UO

industrials
public utilities
municipals
provinces
bond average

5.91
5.93
6.06
5.7k
5.91

April 1
6.00
6.02
6.2k
5.79
6.01

Nov. 2 (1959)
6.03
6.00
6.53
6.06
6.15

Source: McLeod, Young, Weir and Co.
Prices moved upward during the week. A Bell Telephone 6-l/U per
cent bond of 1978 moved up from 103 on April H* to 103-lA last week and a
Quebec Hydro 6 per cent bond of 1979 was also up. one-fourth point at 103-1/2.
The $15 million, 6-1/2 per cent Alberta Gas Trunk Line 20-year debentures
with warrants, offered at par, quickly moved to a premium.
A new municipal offering in the United States was announced last
week when the City of Montreal called for tenders (on May 25) for a $28
million 20-year debenture with a coupon at or about 6 per cent*
Chartered banks. Bank loans expanded during April for the second
straight month. On a seasonally adjusted basis, monthly bank loans declined
by $235 million from a peak in August 1959 to a low in February I960; they
rose by $15 million in March and by $U8 million in April. During April#
the banks were net sellers of governments, especially Treasury bills, as
they built up their liquidity position (see Table).
Exchange rate. The spot rate on the Canadian dollar declined
again last week from 103.72 (U.S. cents) the week before to 103.30 on May 5•
The 3-montbs forward dollar returned to. a slight premium. Recent market
rates for the spot Canadian dollar and the 3-month discount at close of
business on Thursday were as follows (in U.S. cents):

Spot
March 17
31
April 7
lU
21
28
May 5




105.27
IOU.38
IOU.OO
103.86
103.67
103.72
103.30

Discount (-) or
premium (+) on 3 mo.
Canadian dpi i
-0.13
-0.07
-0.03
+0.03
+O0O3
0
+0.01

-lliStock market. Prices of industrial stocks in the Canadian exchanges recovered slightly early last week but by May 2 had fallen below
the prices one week ago:

April 25
27
May 2

Toronto
industrials

Montreal
industrials

U85.81
U88.23
U8U.60

283.5
283.1
280.9

British Commonwealth Section
Division of International Finance
Board of Governors of the Federal Reserve System




New YorkStandard & Poor
1

58.U2
58.63
57.59

-15-

Selected Government of Canada Security Yields

Date

Intermediate

a

Spread between
Canadian & U.S. rates
long-term
3-mo» z
bondH/
billsZZ

till

3-month
Treasury
bills!/

1 9 # - High
1958 - Low
1959 - High
Low
I960. - High
Low

U.Oo
0.87
6.16
3.25
5.1U
2.82

a.8i
3.31
5.30
U.U5
5.55
5.oU

U. 35
3.78
5.30
U.U1
5.12
5.15

April Ih
21
28
May 5

3.58
3.50
3.26
2.82

5.16
5.1 U
5.05
5.0U

5.22
5.2U .
5.22
5.17

f

.

Discouni
on 3-mo,
Canadiai
dollar^/

1.19
0.U7
1.22
0.91

2.96
0.30
0.90
-0.27

0.72
(P)0.12

0.98
0.99
0.96
0.93

0.06
0.15
0.10
-0.27

(P)0.12
(P)0.12
0.00
(P)0.06

Average yield at weekly tender on Thursday.
Government of Canada 2 - 3 A per cent of June 1$, 1967-68.
Government of Canada 3 - 1 / U per cent of 1 9 7 9 .
E / U.S. Government 3 - 1 / U per cent of 1 9 7 8 - 8 3 . Government of Canada 3 - 1 / U per
cent of 1979* Bnnd pricnr. :ir<3 Wednesday closing quota biono .
5/ Spread between Canadian auction rate and composite market yield for the
U.S. bill on the close of business on Thursday.
6/ Spread between 3-months forward and spot price of the Canadian dollar,
expressed as per cent per annum, on Thursday.

Canada: Changes in Distribution of Holdings of Canadian
Government Direct and Guaranteed Securities
(millions of dollars, par value)
Bank of Canada
Treas.
Bonds
bills
March 3
10
17
23
30

+
+
+
+
+

31
31
11
1*3
25

- k
- 7
- 10

April 6
13
20
27
May h

+
+
+
+

28
37
1U
10
9

Source:

Government
Total

Chartered banks
Treas.
bills
Bonds

- 3h

- 6
- 3
- 18
- 17
- 10

+ 12
- 33
- .1
+ 9
+ 2

+ 1U
- 10
- 3
. 0
+ 16

- 30
0
0
+ 7
+ Ih

- 3
- 11
+ 3
+ 2
+ 1

- 10
- 33
- h
+ 7
+ 17

+ 9
+' 3
+ 2
- 18
- 7

-

9

Bank of Canada, Weekly Financial Statsitics.




General public
Treas,
Bonds
bills

1

V

- 27
- 7
0
- 32
- 12

- 6
+ 28
+ 23
+ 3
+ 11

+
+
-

+
-

19
1U '
11
3
26

32
17
10
1
15