Full text of H.16 Capital Market Developments : September 9, 1955

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Not f o r Publication
DECONTROLLED AFTER SIX MONTHS
Ti.ll;

September 9, 1955
CAPITAL IIARKET DEVELOE 3JTS

The only s e c u r i t y issue of any size offered f o r new
c a p i t a l during the week ending September 2 was a State and l o c a l
government. o f f e r i n g with t o t a l proceeds of 7 million d o l l a r s . This
week Jj.1 million d o l l a r s of large State and l o c a l government issues
are scheduled f o r f l o t a t i o n ; no large corporate o f f e r i n g s are
expected.
Bond y i e l d s - Yields on•outstanding corporate Aaa bonds
increased one basis point l a s t week. U. S. Government and State
and l o c a l government Aaa bond y i e l d s v;ere steady, A two point
drop occurred t h i s Wednesday i n the Treasury y i e l d s .
l a s t week.

No change occurred in the y i e l d s of the lower-grade bonds
.
.

As shown in Exhibit G, y i e l d s on newly-offered 30-year
f i r s t nortca^e e l e c t r i c power bonds with A r a t i n g s are currently
30 b a s i s points above y i e l d s on s i m i l a r l y - r a t e d outstanding bonds
of somewhat shorter maturity. This i s the f i r s t bond of t h i s type
sold since June, and the spread between the new'and seasoned y i e l d s ,
a t l e a s t as measured by t h i s one i s s u e , i s greater than i t has been
since.mid-1953.
Stock p r i c e s - The SEC index of 265 common stocks rose 3.2
points t o a new high of 260.6 during the week, ending September 2 .
Prices increased Tuesday through Thursday of t h i s week according t o
d a i l y indexes.
Common stock yields increased s u b s t a n t i a l l y during August
and averaged 3.91 per cent a t the end of August, r e f l e c t i n g not only
a s l i g h t decrease in p r i c e per share but also an increased dividend
r a t e during the month.
Corporate Security Offerings
i n the Second Quarter of 1955
Net proceeds f o r new c a p i t a l by industry
Corporations f l o a t e d 2 . 1 b i l l i o n d o l l a r s of security issues
f o r new c a p i t a l purposes during the second quarter of 1955, as shown
in Table 1, 5 per cent above the volume of the previous second q u a r t e r ,
Net proceeds from corporate financing in the f i r s t half were 20
per cent greater i n 1955 than i n 195L, t o t a l i n g k»3 b i l l i o n and 3 . 6
billion dollars respectively.




H.ia

-a|

Table 1

Corporate S e c u r i t y Offerings f o r New C a p i t a l
by Type of Business of I s s u e r
Second Quarter and F i r s t Half of 1954 and 1955
(Net proceeds i n m i l l i o n s of d o l l a r s )
Type of b u s i n e s s

Second q u a r t e r
1955

A l l corporate o f f e r i n g s

2,09k

1

F i r s t half

1954

1955

1,995

4,337

3,603 .

M

808
"31
15
166
.142
84
106
9
255

1

1954

Manufacturing
Primary i r o n and s t e e l
Other t r a n s p o r t a t i o n equipment
Rubber
Machinery
Primary nonferrous metals
Chemicals
Petroleum
Motor v e h i c l e s
Other 1 /

681
207
76
68
67
23
22
22
18
178

' "l
133
122
70
10
3
193

1,459
^ 3
77
78
133
33
69
87
343
396

E l e c t r i c , gas and vrater u t i l i t i e s

668

940

1,163

1,797

67

74

119

136

88

Communication
Railroad

35

27

Other t r a n s p o r t a t i o n

90

91

Commercial and other

72

59

222

113

-

119

112
'

150

Mining

118

13k

19k

217

F i n a n c i a l and r e a l e s t a t e
Consumer f i n a n c e companies
Other

363
152
181

122
-S7
. 54

973
m
338

269
m
121

1 / Includes small volume of f o r e i g n i s s u e s not f u r t h e r c l a s s i f i e d i n the
manufacturing group.
Note.—Details may n o t add t o t o t a l s due t o rounding.
Source.— S e c u r i t i e s and Exchange Commission and Federal Reserve.




HelU-

—3-

Manufacturing companies o f f e r e d o n e - t h i r d the volume of
a l l second q u a r t e r i s s u e s , or 68l m i l l i o n d o l l a r s . For the f o u r t h
consecutive q u a r t e r , t h i s major i n d u s t r i a l group was the l a r - e s t
i s s u e r . Bethlehem S t e e l ' s c o n v e r t i b l e debenture i s s u e of 189 m i l l i o n
d o l l a r s — the l a r - e s t s i n g l e f i n a n c i n g of the period — more than
accounted f o r the 13U m i l l i o n i n c r e a s e i n manufacturing o f f e r i n g s
from l a s t y e a r ' s second q u a r t e r . The t r a n s p o r t a t i o n equipment
(other than automobiles), rubber and machinery i n d u s t r i e s obtained
the l a r g e s t amounts next t o the iron and s t e e l i n d u s t r y , the f i r s t
two p r i m a r i l y because of s e v e r a l s i z a b l e issues» The manufacturing
.proup a l s o accounted f o r one-tliird of • t o t a l o f f e r in-;? i n the f i r s t
half of t h i s year — almost one and a half b i l l i o n d o l l a r s , an
i n c r e a s e of more than 80 per cent from the corresponding, half of 195-1*#
New c a p i t a l o f f e r i n g s by e l e c t r i c , gas and water companies
t o t a l e d 668 m i l l i o n d o l l a r s i n the second q u a r t e r — 30 per cent l e s s
than a year ago, and t h e smallest second quarter volume since 19^8.
For the f i r s t half of 1955, f l o t a t i o n s by these public u t i l i t i e s were
more than one-third below the unusually l a r g e volume i n the f i r s t
s i x months of 195b• These d e c l i n e s , in the f a c e of continued heavy
needs f o r f u n d s , uay r e f l e c t increased -reliance on temporary
f i n a n c i n g , v/ith the permanent f i n a n c i n g t o come l a t e r . The Federal
Reserve s e r i e s on changes i n bank l o a n ; by i n d u s t r y shows a much
g r e a t e r i n c r e a s e t h i s year than l a s t in loans t o "public u t i l i t i e s "
(including t r a n s p o r t a t i o n and communication companies as v:ell as
e l e c t r i c , gas and water u t i l i t i e s . )
F i n a n c i a l and r e a l e s t a t e companies showed the l a r p e s t
increase of any major i n d u s t r y , both d o l l a r - and percentage-wise,
from t h e second q u a r t e r l a s t y e a r . They o f f e r e d 363 m i l l i o n d o l l a r s
from A p r i l through June — one half r e p r e s e n t i n g i s s u e s by f i n a n c e
companies'and one-half those by a l l other f i n a n c i a l i n s t i t u t i o n s »
Banks sold an unusually heavy volume,'59 m i l l i o n d o l l a r s of common
s t o c k s , and one holding company o f f e r e d a 52 m i l l i o n c a p i t a l stock
i s s u e . ' F l o t a t i o n s by consumer f i n a n c e companies t o t a l e d 63h m i l l i o n
d o l l a r s i n t h e f i r s t half of 1955, more than the t o t a l f o r the whole
year of 195k • The increased volume of such o f f e r i n g s t h i s y e a r ,
however, was only 76 jer cent of t h e record volume i n t h e corresponding
period of 1953»
Gross proceeds by type of o f f e r i n g
Gross proceeds of t o t a l corporate o f f e r i n g s "were 2 . 5 b i l l i o n
d o l l a r s i n the second q u a r t e r t h i s y e a r , as shown i n Table 2 , about
2 per cent l e s s than the volume i n t h a t period l a s t y e a r . The
decrease i n t o t a l o f f e r i n g s , i n c o n t r a s t t o the 5 per cent i n c r e a s e
i n new c a p i t a l , can be accounted f o r by the d i f f e r e n c e i n r e f u n d i n g
i n t h e two p e r i o d s . Corporations r e t i r e d 320 m i l l i o n d o l l a r s of
s e c u r i t i e s i n the seconu q u a r t e r of 1955, i n c o n t r a s t t o k9h m i l l i o n
last year.




Table 2
T o t a l Corporate S e c u r i t y O f f e r i n g s by Type of I s s u e
Second Quarter and F i r s t Half of 195k and 1955
(Cfross proceeds i n m i l l i o n s of d o l l a r s )

Type o f . i s s u e

Second Quarter
1955

1 195k

F i r s t Half
1955

1 195k

Total corporate o f f e r i n g s

2,469

2,531

5,062

k,26l

Type of o f f e r i n g
Public
Private

1,672
797

1,603
928

3,456
1,606

2,676
1,58k

1,702
951
750

1,860
980
879

3,120
1,88k
1,536

3,177
1,669
.1,508

Type of s e c u r i t y
Bonds and notes
Public
Private

•

P r e f e r r e d stock

206

370

321

k85

Common

561

302

1,321

599

Note.—Details may not add t o t o t a l s due t o rounding.
S o u r c e . — S e c u r i t i e s and Exchange Commission.
Public o f f e r i n g s accounted f o r 68 per cent of a l l o f f e r i n g s
compared t o 63 per cent i n t h e second q u a r t e r l a s t y e a r . Such i s s u e s
increased i n d o l l a r amount while the volume of p r i v a t e placements
was much lower than before„ This changed r e l a t i o n s h i p between p u b l i c
and p r i v a t e o f f e r i n g s r e f l e c t e d i n p a r t a d e c l i n e i n debt f i n a n c i n g .
Both p r i v a t e placements and p u b l i c o f f e r i n g s of bonds and n o t e s were
l e s s than l a s t year with the g r e a t e r d e c l i n e being i n t h e former
group. P r e f e r r e d stock volume was a l s o l e s s than i n t h e e a r l i e r
second q u a r t e r •
The only type of s e c u r i t y t o i n c r e a s e i n volume was common
stock which t o t a l e d 561 m i l l i o n d o l l a r s t h i s second q u a r t e r compared
t o 302 m i l l i o n i n 1951;. Almost every i n d u s t r y had more c a p i t a l
stock i s s u e s , but the b i g gains were i n the f i n a n c i a l and manufacturing
groups. Host of the stock i s s u e s were of small or moderate s i z e —
o f f e r i n g s of 15 m i l l i o n d o l l a r s or l a r g e r r e p r e s e n t e d only o n e - t h i r d
of the t o t a l .




He lit-

"5>""

Total corporate o f f e r i n g s in t h e f i r s t half vjere 5*1 b i l l i o n
d o l l a r s , about o n e - f i f t h more than the volume i n t h e previous f i r s t
h a l f . P r i v a t e placements, although g r e a t e r in. volume, showed the same
decrease i n proportion t o t h e t o t a l as was r e f l e c t e d i n the second
q u a r t e r , Debt and p r e f e r r e d stock i s s u e s declined in proportion t o
t h e t o t a l , but the d o l l a r amount of debt o f f e r i n g s increased* The
g r e a t e s t r i s e occurred again i n t h e common stock volume, hov;ever, from
599 m i l l i o n d o l l a r s i n the f i r s t half of l a s t year t o 1.3 b i l l i o n i n
1955o The i n c r e a s e i n common stock o f f e r i n g s r e f l e c t e d t o a considerable
extent developments i n manufacturing i n d u s t r i e s , as mi-ht be expected.
Railroads in r e c e n t years have r a r e l y done any equity f i n a n c i n g and
public u t i l i t i e s i s s u e a considerable volume of common stock each y e a r .
More than o n e - t h i r d of the volume of a l l manufacturing
o f f e r i n g s i n t h e f i r s t half of 1955 v/as common s t o c k . I n 195b only
about 10 per cent was o f f e r e d i n the form of common s t o c k . Much of
the i n c r e a s e can be explained by the 329 m i l l i o n d o l l a r common stock
o f f e r i n g of General Motors i n t h e f i r s t q u a r t e r . Discounting t h i s
s i n g l e i s s u e , the proportion of common stock t o t o t a l v/as s t i l l
s l i g h t l y higher t h i s year than i n 195b•
The r a t i o of common stock t o t o t a l public u t i l i t y o f f e r i n g s
rose t h i s y e a r , r e f l e c t i n g a decrease i n debt o f f e r i n g s .
More d e t a i l e d information concerning r e c e n t c a p i t a l marketdevelopments •will be found i n the attached e x h i b i t s •

Business Finance and C a p i t a l Harkets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of t h e Federal Reserve System.




EXHIBIT A

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

H

Per c e n t p e r a n n u m

/ V V
v aV
j 2.50

1952

Date

Corporate
Aaa 1 /

1953

1954

U.S.Govt.,
long-term^'

1955

State and l o c a l
g o v t . , Aaa 3/

Spread between
U. S. Govt, and
Corporate 1 State and
Aaa
, l o c a l Aaa

(Per cent)
1952 - High
Low
1953 - High
195U - High
Low
1955 - High
August 5
August 12
August 19
August 26
September 2
years.

3.03 (1/10
2.91 (2/15)
3.1*2 (6/19)
2.99(1/9)
3.09 ( 1 / 8 )
2.85 (U/23)
3.13 ( 9 / 2 )
2.91 ( 1 / 7 )

2.79
2.56
3.15
2.78
2.71
2.14.
2.91*
2.62

3.09
3.10
3.12
3.12
3.13

2.9U
2.89
2.89
2.91
2.91

(12/27)
(5/17)
(6/6)
(12/26)
(1/9)
(8/7)
(8/5)
(1/7)

2.00
1.65
2.73
1.98
2.21
1.90
2.31
2.05
2.29
2.31
2.3L
2.3U
2.3h

(10/23)
(5/D
(6/25)
(1/8)
(6/10)
(9/2)
(9/1)
(5/26)

.37
.19
.38
.19
.1*3
.32
.31*
.13

1.02
.71
.81*
.30
.61
.29
.70
.51*

.15
.21
.23
.21
.22

.65
.55
.55
.57
.57

Weekly averape of d a i l y f i g u r e s . A v e r a g e term of bonds included i s 25-26

Weekly average of d a i l y figures.; old s e r i e s . Average term to f i r s t c a l l
of bonds included i s 13-H* years. '
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 f o r individual s e r i e s and may be on d i f f e r e n t dates
for different series.




L O W E R - G R A D E B O N D YIELDS
Weekly
CORPORATE B o a

M

Corporate
Baa 1 /

Date

Stitfe and
l o c a l govt.
Baa V

State and
l o c a l govt,
rev. 3/

(Per cent)
1952 - High

3.63
3.U8
3.89
3.50
3.7b
3.Uh
3.58
3.U5

1953 - High
Low
195U - High
1955 - High
low
August 5
August 12
August 19
August 26
•September 2

jig

I 3.57
i 3.58
, 3.58

(1/U)
(5/16)
(9/18)
(1/2)
(1/8)
(12/31)
(9/2)
(lM)

2.98
2.1*8
3.79
2.96
3.32
2.93
3.23
3.02
3.21
3.21

3.22

3.23
3.23

(10/23)
U/17)
(6/25)
(1/8)
(1/7)
(8/5)
(9/1)
(1/6)

2.69
2.27
3.27
2.71
3.00
2.72
2.95
2.76

(12/19)
(U/25)
(6/26)
(1/2)
(1/1)
(8/13)
(9/2)
(1/7)

2.90
2.90
2.93

1:11

. y
Weekly average of d a i l y f i g u r e s . A v e r a g e term of bonds
included i s 25-26 y e a r s .
2 / 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 .
3 / Friday f i g u r e s . Average r a t i n g of bonds included i s
between Baa and Aj average term i s 20 y e a r s .
/
Note.—Highs and lows 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 dates f o r d i f f e r e n t * s e r i e s .




STOCK MARKET

Stock p r i c e
index 1 /

Trading. I Common
Stock market customer c r e d i t
volume V
stock
'
Customers1
Bank
(millions Iyields 3 /
d e b i t b a l - l o a n s to
of shares)I(per cent)
"others"

( M i l l i o n s of d o l l a r s )
1952 - High
1953 - High
Low
1954
High
1955 - High
Low
July
August 19
August 26
September 2
~~

165.3
151.7
167.1
144.0
221.4
156.5
260.6
217.4

(12/26)
(10/24)
(1/2)
(9/18)
(12/31)
(1/6)
(9/2)
(lM)

257.3
254.5
252.0
257.4
260.6

n . a . Not a v a i l a b l e .

to

2.0
0.9
2.5
0.9
3.7
1.4
4.6
1.5

5.77
5.13
5.75
5.15
5.33
4.20
4.22
3.78

1,986
l»8oU
2,10.5
2,055
3,U36
2,4o5
3,911
3,537

1,332
1,241
1,665
1,312*
2,388
1,653
2,731
2,517

2.4
1.8
1.5
2.0
2.0

3.78
3.91

3,911

2,734

nil'.
•

:

656
552
780
664
1,048
746
1,177
1,018
1,177
1,169
1,163

n*!I"
:

c

°™rted

2 / Averages of d a i l y t r a d i n g volume on the New York Stock Exchange.
3 / Moody's 200 common s t o c k s ; end of month f i g u r e s .
4 / End of month f i g u r e s f o r member f i r m s of the New York Stock Exchange which
c a r r y margin a c c o u n t s ; e x c l u d e s b a l a n c e s secured 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 weekly r e p o r t i n g member banks. Excludes a l l 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 . Governments f o r 1952; s i n c e 1953 only t h e s e l o a n s
a t banks i n New York and Chicago a r e excluded. Weekly r e p o r t i n g banks account f o r
about 72 p e r c e n t of l o a n s t o o t h e 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
for different series.




H.Iii

Exhibit D
Corporate and S t a t e and Local Government
Security Offerings and Placements
(In m i l l i o n s of d o l l a r s )

1955
' January
February
March
April
May .
June
July
August
September

546
1*36
1,261

547 426 •
632

New c a p i t a l
1953
623
623
666

494
903
697

497
6#
812

779
675
1,123

e/hOO
e/600
¥525

909

483
3#
753

October
November
December
1st quarter
2nd q u a r t e r
3rd q u a r t e r .
4th q u a r t e r
Year

Corporate
1 195k
1

2,21(3
2,0%
S/l,525

K
1,003
290
604

577

1,608
1,995

1,912
2,578

i;S

7,490

1955
-

.

S t a t e and l o c a l
1
1954
1

1953

535
312
#8

396
411
565

390
360
426

427
350
641

734
748
853

329
649
434

e/460
^/235
e/400

279
261
649

519
259
475

594
423
877

453
408
774

1,372
2,334
1,188
1,894
6,789

1,176
1,412
1,253
1,636
5,477

1,385
1,418
e/1,095

8,495

Excluding f i n a n c e companies 2/
1 s t quarter
2nd q u a r t e r
3rd q u a r t e r
4 t h quarterYear

1,791
1,912
e/l^l^O

1,527
1,927
1,911
1,792
7,158

1,669
1,991
1,223
2,344
7,227

e / Estimated.
1/ Includes 602.5 m i l l i o n d o l l a r AT&T debenture i s s u e .
2 / T o t a l new c a p i t a l issues^excluding o f f e r i n g s of s a l e s and p e r s o n a l f i n a n c e
companies.
Note.—Details may n o t add t o t o t a l s due t o rounding.




H.14

Exhibit E
Large Public Security Issues f o r New Capital
(Other than U. S„ Treasury) 1 /
Proceeds of Large Issues Offered
(Millions of d o l l a r s )
Corporate

Month
1954 - August
September
October
November
December
1955 - January
February
March
April
May
June
July
August

^

State and
l o c a l government

Other 2 /

86
455
388
. 268
689
341
107
337
238
152
409
278
72

75
364
433
0
121
141
63
750
175
483
182
101
405

—

30
35
15

Large Individual Issues Offered during August and on September 1
Issuer
CORPORATE
Consumer Power
Goodyear Tire & Rubber
Western Union Telegraph
G.MeAcCo
American Natural Gas
P a c i f i c Tel, & T e l .
S t . Louis-San Francisco
Railway

Type 2 /

]

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

Common siik.
Common s t k .
Common stk*
Deb.
Common s t k .
Deb.

l6o9
45.6
20.7
200,0
35.7
67.0

1991

3 5/8

3.50

Aa

1st mtg. bds

19.5

1980

4

4.05

Baa

Rev.
G.O.
Rev.
Rev.

14.5
7.1
5.8
5.2

1995
1958-89
1959-87
1963-79

3.70
2.00-3.20
2.20-3.10
2.60-3.05

Ba
Baa
A
A

1975

3 5/8

3.75

STATE AND LOCAL GOVERNMENT
Mobile j, Alabama
F a i r f a x Co,, Virginia
S p r i n g f i e l d , Ohio
Amarillo, Texas

e




3.80
3.18
3.09
3.07

H.U

E-2

Large I n d i v i d u a l I s s u e s Offered during August and ,on September 1 (Cont'd)

Issuer

Coupon
O f f e r i n g Rating
r a t e or
yield
net i n t e r est cost

Amount
(million!
of
l1dollars)

Type 3 /

STATE AM) LOCAL GOVERNMENT
(Cont'd)
Duval Co., F l o r i d a
Los Angeles, C a l i f .
Chicago Board of
Education,. I l l i n o i s
Nueces County, Texas

L.L.
G.O.
G.O.
Go0.

•

8.0
12.0

195,6-70
1956-75

2,95
2.64

1.70-2.90
1.50-2.70

A
Aa

12.5
6.9

1958-75
1956-80

2.71
2.98

2.00-2.85
1.70-3*00

A
Baa

OTHER
None
1 / Include, s corporate and other 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 d o l l a r s and
over; S tate 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 5 m i l l i o n and over .
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 e
j?/ In 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.O. denotes general
o b l i g a t i o n ; Rev., revenue bonds; G.R., general 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; and, 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.




Exhibit F

H.Ik

Forthcoming Large Public Security Offerings f o r New Capital
(Other than U. S, Treasury) l /
Expected Proceeds from Forthcoming Large Issues •
Date of
computation

Subsequent t o
-During month following
date shown
date shown
State and
S t a t e and
Other
2
/
Corporate
Corporate
l o c a l govt. JOther 2 /
l o c a l govt.

195k - Aug. 31
Sept. 30
Out. 29
Novt 30
Dec. 31
1 9 # - Jan. 31
Feb. 28
Mar. 31
Apr. 29
May 31
June 30
July 29
Aug. 31

33k
3U3
15
9h
18k
16
710
211
k25
160
67
k07
222

300
383
136
661
#7
682

30

208
116
#9
3kk
100
18k

608
klk
135
2k6
216
k221,395
922
l,lkl
850
830
1,135
920

1,876
2,158
1,957
2,682
2,lkk
l>-9&
1,978
2,009
1,917
• 1,861
l,8k5
2,018
1,971

30
30
35

Forthcoming Large Offerings, as of September 2
Issuer

Amount
(millions
of d o l l a r s )

Type

Approximate
date of
offering

CORPORATE
1st mtg. bds.
Utah Power and Light
15.0
J 1st mtg. PL bds,
50.0
Tennessee Gas Transmission
Deb.
100.0
•CIT Financial
1 s t mtg. bds.
Ohio Power
17.0
Deb.
Columbia Gas
kO.O
Pfd, stock
Public Service E l e c t r i c and Gas
25.0
Deb.
Public Service E l e c t r i c and Gas
35.0
Conv. deb.
American Telephone and Telegraph
635.0
^Southern B e l l Telephone and
v -t>
Deb.
30.0
Telegraph
1st mtg. bds„
•New York State E l e c t r i c and Gas
25.0
Bonds
kO.O
Southern California Gas
Common s t k .
Tennessee Gas Transmission
16.0
22.0
Common s t k .
Freedom Insurance Company

September 13
September Ik
September 15
September 20
September 21
October k
October k
October 13
October 17
October 19
November
November
1955

STATE AND LOCAL GOVERNMENT
Essex County, New Jersey
I
State of Delaware
j •'
Middlesex Co. .Sewerage Auth,, N.J, j
Buffalo, New York
Volusia County, F l o r i d a
!




G.O.
G.O.
Rev,
G.O.
G.R.

.

8.8
7,0
25.0
12.8
8.0

September
September
September
September
September

8
8
8
13
15

H.lU

F-2
Forthcoming Large Offerings, as of September 2 (Cont.)
• Issuer

Type

Amount
(millions
of d o l l a r s )

Approximate
date of
offering

STATE AND LOCAL GOVERNMENT (Cont.)
Los Angeles, C a l i f o r n i a
*State of Mew Mexico
Sedgwick County, Kansas
RichmondrPetersburg Turnpike Auth.
Chicago Regional Port D i s t . , 111.
Texas Turnpike Company
I l l i n o i s Turnpike Authority
Connecticut Expressway
Intejr-Amsrican Center Auth., F l a .
Michigan Turnpike Authority
State of Louisiana
California Toll Bridge Authority
.Louisiana Turnpike Commission
C a l i f o r n i a Toll Bridge Authority
^/New York State Thruway Authority
Oklahoma Turnpike Authority
Washington State Toll Bridge Auth.

Rev.
G.O.
Rev,
Rev,
Rev.
Rev.
Rev,
Rev.
Rev.
n.a.
Rev.
Rev.
Rev.
G.R.
Rev.
Rev.

18.0
8.9
5,8
67.5
2U.0
130,0
1*00.0
100,0
25.0
186.0
60,0
235.0
100.0
U3.0
125.0 .
116.0
227.0

September 21
September 23
September 28
September
September
October
October
1955
1955
1955
1955
1955
1955
1955
1955
1955
1956

0TH3R
None
"
1/ Includes corporate and other issues of 15 million d o l l a r s and over;
State*~and l o c a l government issues of 5 million and over.
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 ,
n . a . Not a v a i l a b l e .
*--Included in t a b l e f o r f i r s t time.




H.lii

Exhibit G
Yieids on Mew and Outstanding
E l e c t r i c Power Bonds, Rated 4a and A l /

Date
1952 average

Aa-rated c>ffering y i e l d s
A-rated of' 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)
(per cent) seasoned y i e l d s
(basis points)
(basis points)
3.16

13 .

1953 average

3.U6

16

3.78

26

195U average

3.03

3

3.12

-3

195L - January
February
March
April
May
June
July
August
September
October
November
December

3.19
3.01
*2.93
•2.99
3.00
*3.00
None
None
3.02
3.03
None
None

6
-1
0
5
h
1

*3.35
*3.20
3.05
3.10
3.1k
3. lit
*3.13
3.11
*3.10
3.10
None
3.11

2
-1
-10
-6
0
-2
-1
-1
-3
-2

1955 - January
February
March
• April

*3.15
*3. Hi
*3.17
None

—

3.22

10

May 11
11
18
2U
June 9
22

3.20

July

None

.August 31

3.35

3
3
—

13
7
8

12

0

None
*3.23
3.29
3.31

9
lU
16

3.35
3-32

lit
11

3.37
3.30

.16
10

• '

7
None

-

• I

3.57

30

1/ Covers only 30-year f i r s t mortgage" bonds, as reported in Moody's Bond
Survey. Except where indicated, the a c t u a l yield f i g u r e and the amount above
seasoned y i e l d s are averages of o f f e r i n g s during the indicated period and of
the d i f f e r e n c e s between these, new o f f e r i n g y i e l d s aid y i e l d s on seasoned i s s u e s
of similar q u a l i t y f o r the same day. Average maturity f o r the seasoned issues
varies from 26 to 28 years.
*—Single observation, not an average.




: