View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Not for Publication

DECONTROLLED AFTER SIX MONTHS

H.lii

September 2, 1958
CAPITAL MARKET DEVELOPMENTS
(Including Quarterly Review of
Corporate Security Financing)

The volume of new public security financing was moderate last
week and is expected to be only slightly larger this week. During the
week ending August 29, one large corporate issue for $50 million and two
large State and local government issues with aggregate proceeds of $5U
million were offered. The calendar for this holiday-shortened week includes a $150 million debenture issue of Standard Oil Company of California
(which had been originally scheduled for sale in late June) and a $17 million State government issue.
Bond yields - Yields continued to increase last week for all
types of outstanding bonds. The increase was particularly sharp for yields
on State and local government bonds.
Bond yields increased sharply throughout August, with those on
State and local government bonds increasing about 1 0 basis points, while
*
corporate bond yields increased about 20 points. Yields on outstanding
U. S. Government obligations increased nearly 30 points during the month. '
At current levels, yields on-U. S. Government bonds are less than 10 basis
points below their 1957 high, while yields on corporate and State and local
government bonds are 20-30 basis points below their highs.
The sale by New York City of an A-rated, $32 million bond issue
last week presents an opportunity to trace relative changes during the past
year in new issue yields on bonds of varying maturity. < New York City sold
similar issues in August last year and in May this year, when yields were
near their highs and lows, respectively. In the downturn last year, yields
on the shorter-tera maturities declined more rapidly than those on the
longer maturities, but in the upturn in recent months have increased more
rapidly. Yields on bonds with maturity in one year declined 190 basis
points in the August-May period while those on bonds maturing in 15 years
declined only 90 basis points. Yields for the shortest maturities have increased 75 basis points since May, while those for the longer-term maturities have increased 39 points. The spread between the offering yields on
one-year and 15-year maturities for the latest issue is therefore much
narrower than it was in May, although not as narrow as in August last year.




H.lli

— 2 —
New York City Bond Issues
Yields by maturities (per cent)

Amount
(millions
of dollars)

1 year

1*0.0
U7.3
32.1*

2.75
.85
1.60

August 15, 1957
May 15, 1958
August 26, 1958

5 years 10 years 15 years
3.1*0.
2.00
2.70

3.70
2.60
3.25

.

3.80
2.90
3.29

September security volume - The volume of new financing is expected to be large this month, both for corporations and State and local
governments.
The September volume of corporate issues for new capital is expected to total $1.2 billion, nearly two and a half times as great as the
estimated volume in August, and about one-fourth larger than offerings in
September of last year. The calendar for this month includes three very
large public issues—those of Standard Oil Company of California, Sears
Roebuck and Company and Standard Oil Company of Indiana—with total proceeds of $700 million» A volume of $2.9 billion in the third quarter
(only slightly below sales a year earlier) would bring the first nine
months total to $8.6 billion, about 9 per cent below the record volume in
the corresponding period of 1957. State and local government security issues for September are
currently estimated at $600 million. This volume would be one-half larger
than in August and two-fifths greater than in September 1957. Including
the estimated volume for this month, State and local government security
financing in the first three quarters of the year would total a record
$6.1 billion, one-fifth greater than the volume a year earlier.
Stock prices - Stock prices showed little net change last week.
Standard and Poor's index of $00 common stocks closed at h7»7S on August
29. Trading activity picked up somewhat, averaging 2.7 million shares a
day.
'
Corporate Security Offerings
in the First Half 1958
Net proceeds for new capital - Corporations sold $5.8 billion
of security issues to obtain new capital in the first six months of 1958,
as shown in Table 1. (The totals shown in Table 1 exclude refunding issues
and costs of flotation.) This volume was one-eighth below the record
volume in corresponding period of last year, but was substantially above
that of any other first half. The volume of new issues in the second
quarter was 17 per cent smaller than that of the corresponding period last
year, while first quarter volume was only 9 per cent smaller than a year
earlier.




p.U*

- 3 Table 1
Corporate Security Offerings for New Capital
by Type of Business of Issuer
First Six Months' 19514-1958
(Net proceeds in millions of dollars)
1958

All corporate offerings
Manufacturing
Primary nonferrous metals
Petroleum and refining
Paper
Electrical machinery
Fabricated metal products
Chemicals
Other transportation equipment
Foods
Nonelectrical machinery
Primary iron and steel
Stone, clay and glass
Beverages
Printing
Other 1/
Electric, gas and water utilities.

1957

1956

5,756

6,593

U,907

225
122
115
9k
92
89
85
69
55
12 .
*
ho
22
226
2,082

. H B
111
**
78
58
69
86
38
39
1*00
183
90
3
20
1*85
2,116

206
171
338
29
76
52
69
10k
35
121
10
18
321
1,30k

1955

1951* •

i , 216
t

3,603

L381
32
87
ko
50
33
57
78
59
83
2*
13
13
*
16
7
552
1,156

808
W
106
58
12
*
20
8*
1
63
125
30
62
3
8
65
1,797

Communication

930

696

2*
18

121

136

Railroad

127

210

168

88

112

Other transportation

282

195

160

132

150

Commercial and other

110

150

150

200

113

Mining

106

122

11*5

196

217

Financial and real estate

556

732

280
276

16
*8
26U

Sales and consumer finance cos.
Other

h m
719
10
40

9kh

269

620
321*

11*8
121

1/ Includes small volume of foreign issues not further classified in the manufacturing group.
Note.—Details may not add to totals due to rounding.
Source.—Securities and Exchange Commission and Federal Reserve.




H.Ik

- k -

Electric, gas and water utilities were the most important group
of issuers during the first half, offering securities with proceeds of $2.1'
billion, only two per cent smaller than last year. A greater proportion of
this volume was sold in the first quarter this year than last3 utility finane
ing during the first quarter was one-eighth larger than a year earlier, but
volume-in the second quarter of 1958 was one-eighth smaller than during the
corresponding period of 1957.
New capital offerings by manufacturing companies totaled $1.6 billion during these six months, one-third less than the record -volume a year
earlier. The smaller volume this year resulted almost entirely from the
low level of financing by manufacturers during the first quarter, as sales
during the second quarter were only slightly below the volume a year earlier.
Financing by primary iron and steel, nonelectrical machinery and petroleum
concerns was much smaller this year than last. New financing by the latter
two industries had been particularly heavy last year, reflecting the sale
of a number of very large public issues, some of which were common stock
offerings.
, New issue volume by communication conpanies was the third most
important category during the first half of the year, with proceeds of $930
million, $23k million more than in the first half 1957. Much of the total
this year is accounted for by the §718 million AT&T convertible debenture
issue sold in March. (Last March, AT&T sold a $250 million debenture issue.)
Financial and real estate company issues, with total proceeds of
$556 million, were nearly one-fourth smaller than in the corresponding half
of 1957. The volume of new capital issues by sales and consumer finance
"companies was two-fifths less this year, with the second quarter volume being
very small, only $39 million. In the first quarter issues by these finance
companies had been in larger volume than a year earlier.
Offerings by transportation (other than railroad) corporations
were in larger volume this year than last; offerings by railroads, mining
and commercial and other companies, however, were smaller.
Total gross proceeds - Gross proceeds from corporate offerings,
which includes refunding issues and costs of flotation, were $6.2 billion
during the first half of 1958, $600 million less than a year earlier. The
volume of financing for refunding of outstanding securities was four times =
larger this year than last, but still totaled less than $U00 million, substantially below the volume of the corresponding period of 195k and 1955•
Publicly-offered issues totaled $U.5 billion in the first six
months this year. While this volume was nearly one-tenth less than last
year, this type of offering accounted for about the same proportion (73 per
cent) of total security offerings as a year earlier, for the volume of
privately-placed securities was also one-tenth smaller than in 1957.




H.lU

- 5 Table 2
Total Corporate Security Offerings by Type of Issue
First Six Months 1954-1958
(Gross proceeds in millions of dollars)

Type of issue

1958

1957

1956

1955

1954

Total corporate offerings

6,222

6,815

5,239

4,943

4,261

Type of offering
Public
Private

1,515
1,707

4,949 . 3,139
1,866. . 2,100

3,406
1,537

2,677
1,584

Type of security
Bonds and notes
Public
Private

5,406
3,749
1,658

5,060
3,251*
1,805

4,017
1,978
2,039

3,304
1,841
3,304

3,177
1,669
1,508

Preferred stock

318

237

337

319

485

1,519

884

1,320

599

Common stock

198

Note—Details may not add to totals due to rounding.
Source—Securities and Exchange Commission.
Offerings of bonds and notes were in record volume during the first
half of the year, totaling $5.4 billion, 7 per cent more than a year earlier.
While privately-placed debt issues were in smaller volume this year than in
the first half of 1957, public offerings were 15 per cent larger. The latter
accounted for the largest proportion of debt issues (69 per cent) in any six
months period in the post-war period. In part this reflected the importance
of publicly-offered convertible bond issues (including, of course, the very
large AT&T issue) which accounted for nearly one-sixth of all debt offerings.
Nonconvertible fixed-income security sales were in about the same volume
during the first half of this year as in 1957.
The volume of preferred stock issues, while still relatively small,
was one-third larger than last year. On the other hand, common stock offerings totaled only one-third the volume sold during the first six months of
last year. This was the smallest volume for any half-year period since 1950.
More detailed information concerning recent capital market developments is presented in the attached exhibits.
Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




HIGH-GRADE B O N D YIELDS
Per

LOWER - GRADE B O N D YIELDS




cent per

<

1
H.lli

Exhibit B

Tables for Exhibit A
High-gi-ade Bond Yields
Date

State and
local govt.
Aaa y

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

Corporate
Aaa 1/

U. S. Govt,
long-term 2/

3Jl2 (6/19)
2.85 a/23)
l . l (9/27)
ilt
3.9k (8/29)
3.55 (5/2) .

3.19 (6/5)
2.15 (8/6)
3.76 (10/18)
3.67 (8/29)
3.07 (U/25)

2.73 (6/25)
1.90 (9/2)
3.1*5 (8/29)
3.22 (8/28)
2.6U (5A)

.38
.30
.60
.51
.22

.83
.30
• kl
.62
.3U

3.71
3.77
3.83
3.89
3.9k

3.kk
3.53
3.61
3.62
3.67

2.82*
2.91
3.0U
3.12
3.22

.27
,2k
.22
.27
.27

.60
.62
.57
.50
.15

(Per cent)
1953
195k
1957
1958

-

High
Low
high
High
Low

Aug.
Aug.
Aug.
Aug.
Aug.

1
8
15
22
29 2/

Lower-grade Bond Yields
Date

Corporate
Baa 1/

State and
local govt.
Baa 1/

Spread between
Aaa and Baa
State and
Corporate
local govt.

(Per cent)
1953
1S5U
1957
1958

-

High
Low
High
High
Low

Aug.
Aug.
Aug.
Aug.
Aug.

1
8
15
22
29 g/

3.89 (9/18)
3J1U (12/31)
5-10 (11/29)
I . 96 (1/3)
t
k.Sl (7/11)

3.79
2.93
14.51
1.21
3.6k

L56
li.60
h.66
ii.71
I . 7k
t

3.83
3.92
ii.03
it.io
1.21

(6/25)
(8/5)
(8/29)
(8/28)
(5/1)

.69
.52
1.27
1.28
.80

1.21
.96
1.21
1.11
.98

.85
.83
.83
.82
.80

.99
1.01
.99
.98
.99

2/ P r e l i m i n a r y . ~
"
1/ Weekly average of daily figures. Average term, of bonds included io 25-26 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in
10 years or more.
2/ Thursday figures. Only general obligations bonds are included; aveiape term
is 20 years.
Note.—Highs and lows are for individual series and may be on different dates for
different series.
v




'

STOCK MARKET




EXHIBIT C

Exhibit D
Table for Exhibit C
Stock Market
Date

Stock price
index 1/

Trading
Stock market customer credit
Common
stock
Customers' Bank
volume 2/
(millions yields V Total debit bal- loans to
of shares) (per cent)
ances 4/ "others" 5/
(Millions of dollars)

1953 - High
Low
1954 High
Low
1955 - High
Low
1956 - High
Low
1957 - High
Low
1958 - High
Low
June
July
Aug. 15
Aug. 22
Aug. 29 2/

26.54 (1/2)
22.95 (9/18)
35.98 (12/31)
24.93 (1/8)
15.89 (12/9)
35.28 (1/14)
to.6k (8/3)
1*3.22 (1/20)
1*9.08 (7/12)
39.48 (12/20)
18.05 (8/8)
10.37 (lAO)

2.5
0.9
3.7
1.4
4.6
1.5
3.1
1.5
4.2
1.4
3.8
1.7

44.75
45.98
.
47.50 .
47.73
47.75

2.7
3.2
2.9
2.5
2.7

5.38
6.25
4.32

5.82
4.08

4.41
3.82
4.34

ts

3.74
4.58

4.07
3.97
3.79
3.77
3.77

2,455
2,405
4,Q30
3,537
4,047
3,914
4,031
3,576
4,251
3,554
4,226
4,251
n.a.
n.a.

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

3,020
2,487

2,929
3,020
n.a.
n.a.
n.a.

780
664
1,048
746
1,241
1,018
1,267
1,155
1,163
1,054
1,317
l,05l
1,297
1,231
1,189
1,184

n.a.—Not available.
j / Preliminary.
o
1/ Standard and Poor's composite index of 500 common stocks, weekly closing
prices, 1941-43=10. Monthly data are averages of daily figures rather than of
Fridays' only. Highs and lows are for Friday's data only.
2/ Averages of daily trading volume on the New York Stock Exchange.
2/ Standard and Poor's composite stock yield based on Wednesday data con- verted to weekly closing prices by Federal Reserve. Yields shown are for dates
on which price index reached its high or low.
4/ End of month figures for member firms of the New York Stock Exchange which
cany 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 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.
Note.—Highs and lows are for individual series and may be on different dates
for different series.




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

1958

New capital
Corporate 1/
State and local 2/
1 1956
1957
1958
1 1957 1 1956

January
February
March

723
851,/
1,561^/

April
May

i,iki
600
891

1,453

%

818
l,lk6
841

j e/1,150
e/500
e/1,200

1,003
92k
973

1,063
65k
838

1,090
789
1,076

1,089V
1,088

3,135
2,622
e/2,850

3,kk5
3,lk9
2,899
2,95k

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

5,757
e/8,607

6,59k
9,k93
12,kk7

7,'to.
10.381

July
August
September
October
November
December
1st
2nd
3rd
kth

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

1,060
1,065 .
1,320

573
712
817

812

7U2
572
506

kOk
696
390

798

765
5k6
393

378
k90
735

EZ627
e/kOO
e/ 600

529.
51
8*
131

k08
206
357

698
633
6#

639
3k7
k09

2,276
2,213
e/1,627

1,820
1,70k
1 ,5kk
2,029

1,490
1,603
971
1,395

. U,U89
e/6,116

3,52k
5,069
7,099

3,093
k,06k
5,159

'

511

%l

Excluding finance companies
1st
2nd
3rd
kth

quarter
quarter
quarter
quarter

2,89k
2,583
e/2,800

Year

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

l,6k7
• 2,5kl.
2,2k6
2,826
9,260

]/ Securities and Exchange Commission estimates of net proceeds.
2/ Data through June 1956 are Bond Buyer data classified as new capital by
Federal Reserve; later data are from the Investment Bankers Association of America
and are somewhat more complete as to coverage than the earlier data, particularly
for Federal Government loans.
3/ Includes $718.3 million AT&T convertible debenture issue.
k/ Includes §571-5 million AT&T common stock issue.
1/ Total new capital issues excluding offerings of sales and consumer finance
companies.




H.lii

Exhibit F
Other Security Offerings 1/
(In millions of dollars)
Foreign government 2/

Long-term

January
February
March

196
53

8U
19
*
30

37

April
May
June

139
198
120

123
18
*
12
*

July
August
September

28
7
30

October
November
December

1
*
60
1

Year

507

Federal agency 3/
1956
1%T

1,163
251

72

50

523

125

95

—

8

—

2
39

April
May
June
JulyAugust
September

60

—

109

215

' —

11
**
5
21

—

100

300

169

572

Short-tern
State and local government h/
January
February
March

—

60

Federal agency 3/

233
i|60
273

#6
1*55
1*
17

196
357
2*
l9

371
208
1UU

638
1*30
505

380
220
283

357
351*
261*

205
337
153

125
252
176

209
161
329

336
1*6°
501

#3
3l
li
260

2/286

272
272
252

195
207
179

601

221*
370
512

222
125
273

303
9h
159

2I
91
328
l*
l8

1,238
255
116

10
*7
222
128

3,27li

2,706

5,513

3,1*57

October
November
December
Year

e/ Estimated,
w
1/ Data presented in this exhibit differ from those in Exhibit E in that refunding issues, as well as new capital 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 organizations. Source: Securities and Exchange Commission.
Issues not guaranteed by the U. S. Government. Source: long-term, Securities
and Exchange Commission; short-term, Federal Reserve.
h/ Principally tax and bond anticipation notes, warrants or certificates and Public
Housing Autho • .
*y notes. In some instances PHA notes included may have a somewhat
longer term t
one year. Source: Bond Buyer.



Exhibit G

H.lli

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

1957 - August
September
October
November
December
1958 - January
February
March
April
May ,

Corporate

State and
local government

#6
537
5l
7i
h20
399
318
605
1,093
725
.#6
281
771
209

July

266
133
393
3kk
koh
lao
553
182
300
505
195
275
109

Other 2/

2h$
iSh
1,357
266
653
16k
86
11
1

Large Individual Issues Offered during August
Amount
Coupon
Type 3/ (millions Maturity rate or Offering Rating
of
net inter- yield
dollars)
est cost
CORPORATE
Consolidated Nat. Gas Co.
Public.Serv. Elec. & Gas
Houston Corp.
Southern Calif. Edison Co.

S.F. deb.
1£.0 1983
1st ref.mtg.bds.60.0 1988
Deb.&com.stk. 5 * 2 1968
1.
1st ref.mtg.bds.50.0 1983

l 3/8
i
h 5/8
5
I 5/8

a.30
L.50

Aaa
Aa

55

STATE AND LOCAL GOVERNMENT
Philadelphia Sch.ItiLst.,Pa.
G.O.
Rev.-Rent.
Georgia Rural Rds. Auth.
Los Angeles, California
G.O.
New York, New York
G.O.
Detroit, Michigan
G.O.
OTHER
None




12.0 1960-83 3.28
21.0 1960-79/68 3.72
21.5 1959-88/68 3.63
32.lt 1959-73 3.25
21.7 1959-83 3.58

U
l.li0-3.50 A
I.7O-3.7O A
1.25-3.85 Aa
1.60-3.29 A
1.50-1|.UO A

H.lh
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 ty 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 of quasi-utilities; Rev.-S
revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue
bonds secured solely by lease payments. .
;
k/ The 3.50 per cent yield is for the 1981-82 maturities. The 1/iis of 1983
were reoffered to yield li.00 per cent.
5/ Offered in units with common stock.




Exhibit H

H.lU

Forthcoming Large Long-term Public Security Offerings for New Capital'
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
Date of
computation
1957 - July 31
Aug. 30
Sept. 30
Oct. 31
Nov. 29
Dec. 31
1958 - Jan. 31
Feb.-28
Mar. 31
Apr. 30
May 29
June 30
July 31
Aug. 29

Subsequent to
During month following
date shown
date shown
State and Other 2/ Corporate State and Other 2/
Corporate
local govt.
local govt.
526
578
576
158
383
378
198
1,123
555
356
266
768
•161
785

218 183
33k
339
363
315
370
13k
298
k93
177
225
55
2i
ll

30
30
18
150
110
150
36
—

.

811
8U5
6k7
815
1,193
1,161
1,378
1,208
670
561
k6k
1,0148
381
911

1*71
379
551
5k 3
558
5614
18
47
3kl
330
k93
208
235
125
135

30
15
k$
63
165
110
150
36
—

Forthcoming Large Offerings, as of August 29
Type

Amount
(millions Approximate date
of dollars) of offering

CORPORATE
Standard Oil Co. of California
Texas Eastern Trans. Co.
Sears Roebuck & Co.
Tennessee Gas Trans. Co.
-^Standard Oil Co. of Indiana
-"^Public Service Co. of Indiana

Deb.
150.0
1st mtg. p. 1. bds. 35.0
S. F. deb.
350.0
1st mtg, p. 1. bds. 5o.o
Deb.
200.0
Pfd. stk.
24.3

Universal-Cyclops Steel Corp.
Montana Power Co.
Commerce Oil Refining Corp.
.Martin Co.

' S. F. deb.
1st mtg. bds.
Deb., bds. & common
S. F. deb.

15.0
20.0
1*5.0
25.0

Sept. 5
Sept. 11
Sept.
Sept.
Sept.
Oct. 6
(riphls expire)
1956
1950
1956
1956

' STATE AND LOCAL GOVLRKKLNT
State of Delaware
Indiana State Office Eldg. Conn.
.
State of Connecticut
San Diepo Unif. Sch. Dist., Calif.
f-State of Washington




G.O.
Rev.
G.O.
G.O.
Rev.-S.T.

17.0
30.0
20.0
10.0
10.0

Sept. 3
Sept. 9
Sept. 9
Sept. 10
Sept. 10

„ H. l t
i

H-2
Forthcoming Large Offerings, as of August 29 (Cont'd)
Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

STATE AND LOCAL GOVERNMENT (Cont'd)
^Florida State Board of Education
Los Angeles Co. Flood Dist., Calif.
*State of Oregon
State of Ohio
-^Commonwealth of Massachusetts
Chesapeake Bay Ferry Comm.
State of California

Rev.
Rev.-Ut.
G.O.
Rev.-S. T.
G.O.
Rev.—Ut.
G.O.

12.5
30.0
20.0
30.0

61.0

liiO
li.

50.0

Sept. 16
Sept. 16
Sept. 17
Sept. 18
Sept. 2k
Oct.
Dec. 3

iOTHER
None
*—Included in table for first 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 for Reconstruction and
Development issues and non-guaranteed issues by Federal agencies.
Note—Deletions for reasons other than sale of issue: None.




H.lU

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

Date
1952 -1927
High
Low

Aa-rated offering yields A-rated offering yields
Amount above
Amount above
Actual seasoned yields Actual seasoned yields
(per cent) (basis points) (per cent) (basis points)
5.00(8/lU/57)
2.93(3/31/51)

1958 - January
February
March U
5

6

12
19
21
. 25
April 1
2
17
23
29
May 7
13
g
20
21
22
28
June 10
17
25
July 2
9
18
23

*3.60 y
3.891/
U.15

87
-3
-8
22

Loo
U.00

uu
50
28
26

U.05
3.98
U.00

31
23
25

1.22

3.75
3.90

21

3.85
3.85

16'
16

3.85

3.82
3.95

17
12
2U

U.00

25

W 8

5.50(11/7/57)
3.oo(3/17/5U)

2?

.

3.962/
U.07
U.25

U.07

123
-15
3
9
6

-7

3.98
U.OU
U.00

11
3

U.07
U.35

U
32

U.00
3.95

-6

-1

3.98^
U.352/

31

*—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.




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