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Not f o r P u b l i c a t i o n DECONTROLLED AFTER SIX. MONTHS
H.lU

October 6 , 1958.
CAPITAL MARKET DEVELOPMENTS

The volume of new p u b l i c s e c u r i t y f i n a n c i n g c o n t i n u e s t o be
v e r y s m a l l . A s t a t e and l o c a l government i s s u e f o r $13 m i l l i o n was
t h e o n l y l a r g e i s s u e s o l d l a s t week. A c o r p o r a t e i s s u e w i t h p r o c e e d s
f o r new c a p i t a l of $15 m i l l i o n , which-had been r e s c h e d u l e d f o r s a l e
l a s t week, was a g a i n p o s t p o n e d . This week, l a r g e c o r p o r a t e o f f e r i n g s ,
i n c l u d i n g e x p i r a t i o n of s u b s c r i p t i o n r i g h t s , a r e e x p e c t e d t o t o t a l
m i l l i o n . One l a r g e l o c a l government i s s u e f o r $25 m i l l i o n i s
a l s o scheduled f o r s a l e .
Bond y i e l d s - Y i e l d s i n c r e a s e d l a s t week f o r a l l c a t e g o r i e s
of o u t s t a n d i n g b o n d s , e x c e p t t h o s e f o r B a a - r a t e d S t a t e and l o c a l g o v e r n ment o b l i g a t i o n s which remained s t a b l e . Y i e l d s on h i g h - g r a d e c o r p o r a t e
bonds r e a c h e d a new h i g h f o r t h e y e a r and a r e only s l i g h t l y below t h e
1957 p e a k , w h i l e y i e l d s on U. S. Government o b l i g a t i o n s r e a c h e d a r e c o r d
l e v e l . H i g h - g r a d e m u n i c i p a l bond y i e l d s are. 20 b a s i s p o i n t s below t h e i r
1957 p e a k .
Stock p r i c e s l a s t week. S t a n d a r d a n d
It of t h e 5 s e s s i o n s l a s t
a c t i v i t y c o n t i n u e d t o be
day.

Stock p r i c e s e s t a b l i s h e d an a l l t i m e peak
P o o r ' s i n d e x of 500 common s t o c k s i n c r e a s e d i n
week, c l o s i n g a t 5 0 . 3 7 on O c t o b e r 3« Trading
very a c t i v e , averaging 3.8 m i l l i o n shares a

More d e t a i l e d i n f o r m a t i o n c o n c e r n i n g r e c e n t c a p i t a l market
developments i s p r e s e n t e d i n t h e a t t a c h e d e x h i b i t s .

C a p i t a l Markets S e c t i o n ,
D i v i s i o n of Research and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l Reserve System.




V

V
-

H I G H - G R A D E B O N D YIELDS

LOWER - GRADE B O N D YIELDS




H.Ik

Exhibit B
Tables f o r Exhibit A
High-grade Bond Y i e l d s

Date

U. S. Govt,
long-term 2/

Corporate
Aaa 1 /

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

S t a t e and
local govt.
Aaa y

(Per cent)
1953
1951*
1957
1958

-

High
Low
High
High
Low

Sept. 5
S e p t . 12
S e p t . 19
S e p t . 26
Oct. 3 2 /

3.U2
2.85
Lilt
It. 13
3.55

(6/19)
CU/23)
(9/27)
(10/3)
(5/2)

It.03
It. 07
it. 10
It. 1 1
h.13

3.19
2.L5
3.76
3.83
3.07
3.72
3-75
3.76
3.7U
3.83

2.73 (6/25)
1.90 (9/2)
3.1)5 ( 8 / 2 9 )
3.31(9/11)
2.6U ( 5 / 1 )

.38
.30
.60
.51
.22

.83
.30
.17
.62 *3h

3.29
3.31
3.28
3.2b
5.25

(6/5)
(8/6)
(10/18)
(10/3)
U/25)

.31
.32
'3h
.37
.30

M
.1*8
.50
.58

Lower-grade Bond Y i e l d s

Date

Corporate
Baa 1 /

S t a t e 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)
1953
1951*
1957
1958

-

High
Low
High
High
Low

Sept. 5
S e p t . 12
S e p t . 19
S e p t . 26
Oct. 3 e /

3.89
3.Wt
5.10
L96
It. 51
ii.80
It. 86
h.S8
It. 90
lt.92

(9/18)
(12/31)
(11/29)
(1/3)
(7/11)

3.79
2.93
It. 51
lt.3lt
3.61t
It. 31
h.3h
It. 32
it. 29
a . 29

(6/25)
(8/5)
(8/29)
(9/11)
(5A)

.69
.52
1.27
1.28
.77

1.21
.96
1.21
1.11
.98

.77
.79
.78
.79
.79

.99
1.03
l.Olt
1.05
l.Olt

2/ Preliminary.
~~~
~
™
1 / Weekly a v e r a g e of d a i l y f i g u r e s . Average t e r m of bonds i n c l u d e d i s 25-26 y e a r s .
2 / Weekly a v e r a g e of d a i l y f i g u r e s . The s e r i e s i n c l u d e s bonds due o r c a l l a b l e i n
10 y e a r s o r more.
J / 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 s bonds a r e i n c l u d e d ; a v e r a g e t e r n
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
different series.




STOCK MARKET




Exhibit D
Table f o r E x h i b i t C
Stock Market
Stock p r i c e
index 1/

Trading
Common
volume 2 /
stock
(millions
yields V
of s h a r e s ) ( p e r c e n t )

Stock market customer c r e d i t
Bank
Customers'
debit b a l - loans t o
ances 4 / " o t h e r s " 5 /

Total

( M i l l i o n s of d o l l a r s )
1953 - High
Low
1954 - High
Low
1955 - High
Low
1956 - High
Low
1957 - High
Low
1958 - High
Low

26.54 ( 1 / 2 )
22.95 ( 9 / 1 8 )
35.98
24.93
45.89 ( 1 2 / 9 )
35.28 (1/14)
49.64 ( 8 / 3 )
43.22 ( 1 / 2 0 )
49.08 ( 7 / 1 2 )
39.48 (12/20)
50.37 ( 1 0 / 3 )
40.37 ( 1 / 1 0 )

July
August
Sept . 19
S e p t . 26
Oct. 3 2 /

45.98
hi.loll?. hO

w

1*9.66

50.37

2.5

5.38
6.25
4.32

0.9
3.7
1.4
4.6
1.5
3.1
1.5
4.2
1.4
3.8
1.7

4.08
4.41
3.82
4.34
. 3.91
4.72
3.57
4.58

3.2.
3.0
3.6
3.7
3.8

3.97
3.78
3.6b
3.63
3.57

5.82

2,455

!;2!I
Z,kO$

li,030
3,537
4,01,7
3,91it

1,665
1,314
2,388
1,653
2,805
2,517
2,823
2,740
2,887
2,482

a,252
3,554

3,021

4,252
4,202

3,021
3,016

2,487

780
664
1,048
746
1,241
1,018
1,267
1,155
1,163
1,054
1,317
1,051
1,231

1,186

1,198
1,194

n.a,~Not available.
g / Preliminary. "
1/ Standard and P o o r ' s composite index of 500 common s t o c k s , weekly c l o s i n g
p r i c e s , 1941-43=10. Monthly d a t a a r e averages of d a i l y f i g u r e s r a t h e r t h a n of
F r i d a y s ' only. Highs and lows a r e f o r F r i d a y ' s data o n l y .
2 / Averages of d a i l y t r a d i n g volume on t h e New York Stock Exchange,
j / Standard and P o o r ' s composite s t o c k y i e l d based on Wednesday d a t a conv e r t e d t o weekly c l o s i n g p r i c e s by F e d e r a l . R e s e r v e . Yields shown a r e f o r d a t e s
on which p r i c e index reached i t s high o r low.
h/ End of month f i g u r e s f o r member f i r m s of t h e New York Stock Exchange which
c a n y margin a c c o u n t s ; excludes balances secured by U. S. Government o b l i g a t i o n s .
%/ Wednesday f i g u r e s f o r weekly r e p o r t i n g member banks. Excludes l o a n s f o r
purchasing 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 New York and
Chicago. Weekly r e p o r t i n g banks account f o r about 70 p e r c e n t of l o a n s t o o t h e r s .
For f u r t h e r d e t a i l see B u l l e t i n .
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
for different series.




Exhibit E

H.Ik

Long-term 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 )

1958

New c a p i t a l
Corporate 1 /
S t a t e and l o c a l 2 /
1 1956
1
1956
1957
1958
1
1957

JanuaryFebruary
March

723
851.,
1,5612/

1,060
1,065
1,320

573
712
817

812
953
511

7k2
572
506

kOk
696
390

April
May

1,11a
600
881

931
765
1,453

818
, l,lk6
8kl

798
895
551

765
5k6
393

378
k90
735

July
August
September

2/1,101
e/5oo
e/1,100

1,003
921*
973

1,063
65k
838

803
k03
£/6k5

529
58k
k31

k08
206
357

October
November December

e/550

1,090
789
1,076

e/650
1,06^
1,088

698
633
698

639
3k7
k09

3,135
2,622
e/2,701

3,kk5
3,lk9
2,899
2,951

2,102
2,805
2,556
2,922

2,276
2,Zhh
2/1,851

1,820
1,70k
1, Siik
2,0^9

l,k90
1,603
971
1,395

5,757
e/8,h58

6,59k
9,k93
12,W

k,?07
7,k63
10.38L

k , 5 20
JB/6,371

3,52k
5,069
7,099

3,093
k,06U
5,k59

1st
2nd
3rd
iith

quarter
quarter
quarter
quarter

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

Excluding f i n a n c e companies 5 /
1st
2nd
3rd
Iith

quarter
quarter
quarter
quarter

2,89k
2,583
e/2,651

Year

3,237
2,889
2,582
2,810
11,518

=

l,6k7
2,5kl
2,2k6
2,826
9,260

1/ S e c u r i t i e s and Exchange Commission, e s t i m a t e s of n e t p r o c e e d s .
2 / Data through June 1$>£6 a r e Bond Buyer data c l a s s i f i e d as new c a p i t a l bv
Fe d er al Reserve; l a t e r d a t a a r e from t h e investment Bankers A s s o c i a t i o n of America
and a r e somewhat more complete a s t o coverage than t h e e a r l i e r d a t a , p a r t i c u l a r l y
f o r F e d e r a l Government l o a n s .
3 / I n c l u d e s #718.3 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 .
k / I n c l u d e s 3571.5 m i l l i o n AT&T common stock i s s u e .
1 / T o t a l 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 F

H.Ik

Other Security Offerings 1 /
( I n m i l l i o n s of d o l l a r s )
Long-term
F o r e i g n government 2 /
F e d e r a l agency 3\/
1958
1
1957
1 1956
1957
1
1958
I
Januaiy
February
March
April
May
June
July.
August
September

196
53

81*
. w
30

37

139
198
120

123
1*8
1*2

50

9

28
7
30

—

215

1*
60
1

11
**
5
21

100

October
November
December
Year

507

8

1,163
251

—

—

523

125

60

95
2
39

.

—

January
February
March

233
#0
273

April
May
June

357
351*
26k
289
2/423

October
November
December
Year

60

—

16k
109
—

—

—

300

169

572

Short-term
S t a t e and l o c a l government h /

July
August
September

1956

72

F e d e r a l agency 3 /

I

196
357 "
2l*9

371
208
1UU

638
b30
505

380
220
283

205
337
153

125
252
176

209
161
329

336
169
501

323
31U
260

272
272
252

195
207
179

601
206

221;
370
512

222
1*25
273

,i
1*59

29k
328
11*8

'•g
116

1*07
222
128

3,27k

2,706

5,51*3

3,1*57

x

e / Estimated.
jo/ P r e l i m i n a r y .
1/ Data p r e s e n t e d i n t h i s e x h i b i t d i f f e r f r o m t h o s e I n E x h i b i t E i n t h a t r e f u n d i n g i s s u e s , a s w e l l a s new c a p i t a l i s s u e s , a r e i n c l u d e d . Long-term s e c u r i t i e s a r e d e f i n e d a s t h o s e m a t u r i n g i n more " t h a n one y e a r .
2 / I n c l u d e s s e c u r i t i e s o f f e r e d i n t h e United S t a t e s by f o r e i g n governments and
t h e i r s u b d i v i s i o n s and by i n t e r n a t i o n a l o r g a n i z a t i o n s . S o u r c e : S e c u r i t i e s and Exchange Commission.
J / I s s u e s n o t g u a r a n t e e d by t h e U. S. Government. S o u r c e : l o n g - t e r m , S e c u r i t i e s
and Exchange Commission; s h o r t - t e r m , F e d e r a l R e s e r v e .
jj/ P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , w a r r a n t s o r c e r t i f i c a t e s and P u b l i c
Housing A u t h o r i t y n o t e s . In some i n s t a n c e s PHA n o t e s i n c l u d e d may have a somewhat
Digitizedgfor term t h a n one y e a r . S o u r c e ; Bond b u y e r . .
l o n e r FRASER



Exhibit G

H.ltt

Large Long-tenn P u b l i c S e c u r i t y I s s u e s f o r New C a p i t a l
( O t h e r t h a n U. S. T r e a s u r y ) 1 /
Proceeds of Large I s s u e s O f f e r e d
( M i l l i o n s of d o l l a r s )

Month

Corporate

1957 - August
September
October
November
December
1958 - J a n u a r y
February
March
April
May

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

266
133
393
3a
hoh
. loo
553
182
300
505
195
275
109

526

Hi

h20
399
318
605
1,093
725
356
281
771
209

July
August

Large I n d i v i d u a l I s s u e s O f f e r e d

Issuer

iype y

Other 2 /

2U5
15U
1,357
266
653

16U
86
lil

September 1 through O c t o b e r 3

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

1 5 0 . 0 1983
S t a n d a r d O i l Co. of C a l i f . S . F . deb.
Texas E a s t e r n Transm. Co. 1 s t m t g . p . l . b d s . 35-0 1978
S . F . deb.
S e a r s Roebuck & Co.
350.0 1983
1 s t m t g . p . l . b d s . 5 0 . 0 1979
Tenn. Gas Transm. Co.
S t a n d a r d O i l Co. of I n d i a n a
Deb.
200.0 1983
1 s t mtg. b d s .
hO.O 1988
Consumers Power Co.

h
5
h
5
h
h

3/8
5/8
3A
3/8
1/2
1/2

it.Uo
5.71
it.75
5.38
1.57
h.hk

Rating

Aaa
Baa
Aa
A
Aa
Aa

STATE AND LOCAL GOVERNMENT
G.O.
S t a t e of Delaware
I n d i a n a S t a t e O f f i c e Bldg.
Comm.
Rev.-Rent.
S t a t e of C o n n e c t i c u t
G.O.
JSan Diego U. S. D . , C a l i f .
G.O.
Los Angeles Co. Flood Cont r o l Dist., California
Rev-Ut.




1 7 . 0 1959-78

3- 26

1.50-3.50

Aa

3 0 . 0 1963-88/70 ft.23
20.0 1959-88
3.21
1 0 . 0 1961-80
3.6U

3 . 0 0 - U . 2 5 Aa
1.60-3-50, / a a
2.25-3.85^A

3 0 . 0 1959-83

1.75-3.75

3.68

Aa

H.lit

G-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 September 1 through October 3 ( C o n t ' d )

Issuer

Type J /

Coupon
Amount
[millions
Offering
Maturity net i n t e r of
yield
dollars)
e s t cost

Rating

STATE AND LOCAL GOVERNMENT
(Cont'd)
Colleges of t h e S t a t e of
Texas
S t a t e of Oregon
S t a t e of Ohio
P u e r t o Rico I n d u s t r i a l
Development Co.
Commonwealth of Mass.
S t a t e of Washington
Chicago, I l l i n o i s
E l m h u r s t - V i l l a Park-Lombarc
Water Comm., 111.

Rev.-S.T.
G.O.
Rev o—S.T e

12.U
20.0
30.0

1959-66
1963-72
1959-72

3.00
3.00
3.38

1.90-2.90
2.25-3.15
1.60-3.15

Aa
Aa
Aa

Rev.
G.O.
Rev.—S.T.
G.O.

15.0
61.0
10.0
20.0

1959-78
1959-78
1959-76/68
19&)-77

n.a.
3.45
3.7k
3.59

2.20^.65
2.00-3.50
2.00-3.75
2.20-3.70

Aa
A
A

Rev.-Ut.

12.7

1998

>63

—

Bds.

17.5

1973

SobS

—

OTHER
Kingdom of Norway

j

5 1A

n.a.—Not available.
1/ I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of &15 m i l l i o n and over;
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 $10 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 and non-guaranteed i s s u e s by F e d e r a l a g e n c i e s .
3 / In t h e 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.O. d e n o t e s g e n e r a l
o b l i g a t i o n s 5 R e v . - U t . , revenue o b l i g a t i o n s s e c u r e d only by income from p u b l i c
u t i l i t i e s ; R e v . - Q . U t . , revenue bonds secured only by revenue of q u a s i - u t i l i t i e s ;
R e v . - S . T . , revenue bonds secured by revenue from s p e c i f i c t a x e s o n l y ; R e v . - R e n t . ,
revenue bonds s e c u r e d s o l e l y by l e a s e payments.
k / I s of 1980 n o t r e o f f e r e d .




Exhibit H

H.llt

Forthcoming Large Long-term P u b l i c S e c u r i t y O f f e r i n g s f o r New C a p i t a l
( O t h e r t h a n U. S. T r e a s u r y ) 1 /
^

/

Date of
computation
1957 - Aug. 30
S e p t . 30
O c t . 31
Nov. 29
Dec. 31
1958 - J a n . 31
Feb. 28
Mar. 31
Apr. 30
May 29
June 30
J u l y 31
Aug. 29
S e p t . 30

Expected Proceeds from Forthcoming Large I s s u e s
During month f o l l o w i n g
d a t e shown
S t a t e and Other 2 /
Corporate
l o c a l govt.
578
576
1*58
383
378
1*98
1,123
555
356
266
768
161
785
113

183
33k
339
363
3U5
370
131*
298
1*93
177
225
55
21*1
295

30
30
18
150
110
150
36

Subsequent t o
d a t e shown
S t a t e and Other 2/
Corporate
l o c a l govt.
81*5
61*7
815
1,193
1,161
1,378
1,208
670
561
1*61*
1,01*8
381
911*
216

379
551
51*3
558
561*
1*87
3l*l
330
1*93
208
235
125
1*35
521*

30
15
1*5
63
165
110
150
36

Forthcoming Large O f f e r i n g s , a s o f O c t o b e r 3
Type

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

CORPORATE
P u b l i c S e r v i c e Co. of I n d i a n a
American Cement Corp.
Idaho Power Co.
P e o p l e s Gas L i g h t and CokeCo.
C i n c i n n a t i - S u b u r b a n B e l l T e l . Co.
*Puget Sound Power & L i g h t Co.
J . I . Case Co.
• I n d i a n a & Michigan E l e c t r i c Co.
Consumers Power Co.
Montana Power Co.
Commerce O i l R e f i n i n g C o r p ,
M a r t i n Co.

Pfd. Stk.
S.F. d e b . .
1 s t mtg. b d s .
Cap. s t k .
Deb.
Deb.
Conv. deb.
1 s t mtg. b d s .
Pfd. stk.
1 s t mtg. b d s .
Deb., b d s . & common
S.F. deb.

1*5. 0
25.0

Oct. 6
(rights expire)
Oct. 9
Oct. 1 5
O c t . 20
(rights expire)
O c t . 22
O c t . 30
O c t . 30
( r i g h t s expire)
Nov. 7
1958
1958
1958
1958

2l*.7
18.0
13.0

Oct. 7
O c t . Ill
O c t . 15

21.3
20.0

15.0

18.3

25.0
15.0
20.0

20.0

15.0

20.0

STATE AND LOCAL GOVERNMENT
Boston, Massachusetts
M e t r o . W t r . D i s t . of So. C a l i f o r n i a
S t a t e of South C a r o l i n a




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

H.llt
Forthcoming Large O f f e r i n g s , a s of October 3 ( C o n t ' d )
Type

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

STATE AND LOCAL GOVERNMENT ( C o n t ' d )
Oakland, California
C i t y & Co. of San F r a n c i s c o , C a l i f .
^Denver, Colorado
*Los Angeles Dept. of Wtr. Pwr, C a l i f .
New York S t a t e Power Auth.
F l o r i d a S t a t e Board of E d u c a t i o n
D e t r o i t - M e t r o . Expressway
Chesapeake Bay Ferry- pomm.
S t a t e of C a l i f o r n i a

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

10.0
26.1*
12.8
10.0
200.0
12.5
35.0
ihhoO
5o.o

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Dec.

22
27
29
29
15
3

None
*—Included i n t a b l e f o r f i r s t time.
1 / I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of $15 m i l l i o n and o v e r ; S t a t e and
l o c a l government i s s u e s of #10 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 and n o n - g u a r a n t e e d i s s u e s by F e d e r a l a g e n c i e s .
N o t e . — D e l e t i o n s f o r r e a s o n s o t h e r t h a n s a l e of i s s u e : U n i v e r s a l - C y c l o p s
S t e e l C o r p o r a t i o n ' s $15 m i l l i o n d e b e n t u r e i s s u e — s t a t e m e n t b e i n g withdrawn from
registration.




H.lli

Exhibit I
Y i e l d s on New and Outstanding
Ekfectric Power Bonds, Rated Aa and A l /
A-rated oJrfering y i e l d s
Aa-rated < f f e r i n g y i e l d s
o
Amount above
Amount above
seasoned y i e l d s
Actual
seasoned y i e l d s
Actual
(per cent) ( b a s i s p o i n t s ) (per cent) ( b a s i s p o i n t s )

Date
1952 - 1957
High
Low
1958 - January
February
March li
5
6
12
19
21
25
April 1
2
17
23
29
May 7
13
15
16
20
21
22
28
June 10
17
25
July 2
9

$

5.00(8/11/57)
2.93(3/31/510

87
-3

*3.60
3.89i/

-8
.22

k.15
U.22
U.00
li. 00

a
50
28
26

ll.05
3.98

31
23

3.75

—

5

U.oo

3.90

25

.

3.85
3.85
3.85
3.82
3.95
1
I

U.oo

1

H8

21
16
16

-

17
12

2U

25

#

5.50(11/7/57)
3.00(3/l7M)
3.96%/
U.07
U.25

U.07

123
-15
3
9
6

-7

3.98

5

U.OU
U.00

11

U.07
U.35

U
32

U.00
3.95

-1
-6

3

3.98^/

1

U.352/

31

> * — S i n g l e o b s e r v a t i o n , n o t an a v e r a g e .
1 / Covers o n l y 3 0 - y e a r f i r s t mortgage bonds, as r e p o r t e d i n Moody's Bond
Survey. Except where i n d i c a t e d , t h e 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 d u r i n g t h e i n d i c a t e d p e r i o d 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 t h e same d a y . Average m a t u r i t y f o r t h e seasoned i s s u e s v a r i e s
from 26 t o 28 y e a r s .
2 / P r o v i d e s f o r a 5-year p e r i o d d u r i n g which i s s u e may n o t be c a l l e d f o r
r e f u n d i n g a t a lower coupon r a t e . Monthly averages so marked i n c l u d e one o r more
i s s u e s w i t h such a p r o v i s i o n . Other i s s u e s have no such p r o v i s i o n .





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102