Average Price of United States Treasury Bonds

[Pages:1]December 1940

December 1940

SURVEY OF CURRENT BUSINESS

17

Table 55.--AVERAGE PRICE OF UNITED STATES TREASURY BONDS *

[Dollars per $100 bond]

Table 56.--PUBLIC ASSISTANCE--OBLIGATIONS INCURRED FOR OLD-AGE ASSISTANCE1

[Thousands of dollars]

Month

I 1931 1932 ! 1933 I 1934 1935 1936 ! 1937 j 1938 I 1939 j 1940

Month

1933 1934 | 1935 1936 1937 1938 I 1939

January _ _. February March..*. April May June July... August. September October November December

Monthly average . _

94. 4 82.6! 94.2! 93.2 84. 2j 93. l! 93.6 86. 2| 91.8 93.7 88. 81 91.8 94. 91 87. 91 93.21

95. 21 87.9! 94. 3!

95.0: 90. Oi 94.41

94.6! 91. oi 94.31

93.81 91. 81 94. 5 89.4 91.71 94.21 89.4 91. 5J 91. 31 86. I1 92. 6' 90. 51

i.9 98. 3 99. 4 103 7 101.3 103 7,1110. 1.0 99. 5' 99. 7 103 S 101. 1 101.1 105 . 4, 99.7 100.5; 102.0 101. 4 105.1 106

i 100 I1100. 91 99.4 101.7 lOti 0 106.

i. 6 100. 4 101.2, 99 9 103 Pl()7 8 104. . 1 100.4 101. 2 99.9 103 0 108 4 101. '. 8 100. 5 101.3 100 4,103.1) 107.9 106.

99. 9 101.8 100 4|1O3. 1 1072 106. 98. 7 102.0 99. 71102. 2 101.3 107 9*. 7il01 7, 99. 9 103. 5 102. 0 108. 99. 0 102. 9' 100.5 103.3 103. 81 . 99. 0 103 1101.0 103 4 105 31

92. 8 88. 9 93. 1 95. 4 99. 5 101. 3 100. 0 102. 5 105. '2

.Jamiar\ February March April May June July August ^epieinbei October November

December

2,322 2,313 2, 249 2, 207 2,175 2,159 2, 131 2,107 2,098 2, 073 2, 098 2, 139

2.342 I

2,331 ! 2,373 |

2,371 2,426 ! 2,474 ;

2,553 | 2,672 , 2,750 |

2,919 ! 3,114 , 3,919 '

4, 406 4, 626 4, 738 4, 920 5,109 5, 306 5, 541 5, 656 5, 817

6,002 6. 306 6, 539

7,018

7, 713 8, 273 9,247 9,902 10, 609

13,088 14, 947

16,288

18, 004 19, 363 20, 788

21 644

22 535 23, 602

24 361 24 753 24, 410

25 799 26, 577 27, 832

28, 607 29, 626 30, 695

31 186 i 31 403 1 31 782 32 072 j 32 319 i 32 276 1

32, 826 1 32, 915 i 33, 259 |

33, 625 ! 33. 9 8 1 ? 34, 740

35,006

35,120 35,188 35, 299 35,198 35, 797

36,184 36, 378 36, 511

36, 335 36, 626 36, 828

- Revised s e r i e s Compiled b> t h e Hoard of Goi't rnors of the Federal Hemrre System. The new index shows the approximate trend of prices of a representative bond of unchanging coupon rate and maturity. It is derived from the average \ield of all o u t s i a n d i m Treasury bond? due or callable after 12 years (the \ield series shown current lv on p. 35 of the Surve.v) b \ calculating the price at which a bond having a coupon of 2:i/1 percent and a term of 16 years would sell in order to return the average vield. These are about the average term and coupon rate t\v,d have prevailed since 1936; higher coupon rates prevailed in earlier year-^. The index does not purport to measure accuratelv the average level of actual market prices ?.f bonds although, as the result of selecting for the "representative bond" one with a coupon rate and niatiirit> tvpical of recent >t:irs, at the present time it does measure this le\ el approximately. For the earlier years, the lex el of the price index does not conform to the averacre of actual prices which reflected 1 he higher coupon rat es prevailing at that time, but fluctuations in the index m a y be considered as typical of those m actual prices. The discontinued series on bond prices which was a simple average of market prices of ail Treasury bonds due or callable after 12 \ears, wa1- useful in showing the average market prices of these bonds and changes over short periods that did not i n \ o l \ e dilTerences in issues included bur was not suitable for lono-t ime comparisons. Bolide removed from the a\erage as their term to (Mil date became 12 \ ears or less gem-ralh had higher coupon rate? than new bonds added, and consequently sold at higher prices; therefore, substitutions broke t tie contiimiu of 1 he scries and tended to lower the a v e n g e price irrespective of market fluctuations. These substitulion^ caused only negligible breaks in the yield series, from which the new price index is derived, a,^ v ields on bonds added or old bonds dropped conformed clo>eiv to \L'1i < i . ' M . < ' \ I >lll . )'( l")O 1 t it ll t l < q u i p n u in V T\\ if

) l i ' l n ' l ' l 1' 1 Ml1 0i 2

'Ki'i

0 ', 83

0 o, 1 7

01 *\ ? 0 '.

0>.

M 7

7 (1

?M 2 1. J

V> n , 7 0! 7

07>. (<

')! < ^j [

i OH "I

('J 1 0,

1 1 57

93

01 , 2uii

0 1 (I

^ -, 7 01 i 'i7

0' 8 s -, 'L(I

0, :)

10i?. 1> < i t1

\i 1 "t. 1

1 ..' i l

Vj S

M

?J '?

1, ' , 1 0

O . i ') >7 ',)

!

S

}y\< 7

UK. ' ?, ""O'l ?,

id j

Ot 7 !!?> ! ! . 7*>D

"ii 7 ,") ^

110 8 1.7UJ 5

JO',

I'M

' , ' ? >\

M' >. \ 17 \ ,5

!. > r !

7 1 !' i ^ - u < .

r.

off.

A i i ' - i ^ f t ! j u i ? ' \ < s h a v e ! ?e n r? \ 1 ^ t ! b e d i n n r i L ,l..p,i

r > ' , M n > e ' - . j r i . b i n o i l m < l e \ i(^>r i M i n d u s i r i " - m ' 1 h f

Table 58.--ELECTRIC POWER PRODUCTION

Montli

f M i l ' i o i> o f k ' l n \ i' i ! t o i u i

l

mi

193? 19>3 1924 1925 1926 19J7

1 19'>9 i !93(? ! 19**1 1932 | 1933 1 1934 | 1935 1936 1937 1938 1939

TOT AI PRODUCTION

fiuui'-v

Yo)n 11 \rv Marcli April M iv lui.c Julv ViiL'd^t

Ottolxr \oven ber DMeinbcr

3,800 3. 528

3. 1I.4 3. 1 n,i 3, f>8" 3 :>9 3,519 3 '.?j 3. 53f 3. z5() 3,5d0 3, 240 3 570 3, 27(^

3, '>o0 3, 413 3,371

3. (>90 3. "72 3,64} 3 6 40 3.711 3.M3

3, 795 3, 455 3, M0

3,810 3, 823 3.85] 4, On4 1,028 4,317 4, 3*7 4. 591

4,722

4, 29-> 4, 698

4, 448 4, 626 4, 491 4,501 4, 630

4 , 49f.

4, 903 4, 805 4,93"

5, 191 i. S3'> 4, 082 4, 728 4, 764 4, 5-5s 4, 600 4,721

5 177 5,045 \519

5. 5'.2

>, 992

5, 3M;

5, 171 5, 224 5, 232 5.3K) 5, 455 5, 488 5, 942 5, 775 6,145

i), 1 19 5 \j-i-i (1,170 5, ^00 5, 839 5, 907

(>, 106 0, 216 6, 586 6.471 6. 804

6,734

f>, 0->7

C, 73 \

6, 3M) 0, 53 i f., 433 f\ 420 6, 639 6, 5"S 6, S89 0, 82? 7,130

7 l.V.

(>, 7 < i f '

7. 133 !?. 7 45 7, 00f 6. SM) 7,01* 7, 402 7,16* 7, M0

7,64 4 7, 7 9 }i

\ 12" 7 .JT :.^'?> 7.7"il 7, K,, !27 (), 054 7, 1*9

7, 43t,

7, *?)0 7, 2(Y7 7, 419

7, 1S4 7,415

7. 620 \ 286 9,115 10.195 9,711 IP ? 1

7, Oh 7,42b S, 477 1), 285 \ 782 9, M>

7,693 7,936 8,776 10,311 9, 5"0 10,571

7. nil. 7, 743 7,'wO 7.947

8,765 9,947 8,051! 10,017

ofoi0, 17

9, 9i 1O,31(

7, 464 i 7.798 9,010 10,143 9 271 10, ; 3 :

7, 584 8. 201 9, 572| 10, 118

0 05(

7.713>' 8,490 9,7,1 10, 706 10,21?. . 1 . 2 3 1

7,194 8,131 9, (>27 JO, 298

11, 12(

;,sos s.7?y 10,05i 10,472 10,27') 11, SO

7,578i v>02 9, 073 9, 891 0 o0 J 11.001

8,021; 9,032 10, 108 10, 123 10, **2 12,07-

1 ot il :\n mhly average.

13, 334 i(;,8M. 3, ?>ll 3. 407

Digitized for F1 RFoArSfoEoRtnote see p. 18. Federal Reserve Bank of St. Louis

47. 521 3, in id

55. 555 4, 630

58, 887 4, 907

e5, 7->l 5, 479

7 3 , 6 8 9 79, 365 (?. 1 4 I 6.611

*...-!> 7.213

95, 90, 720, V2 3 7 7 84. 7 JO 90, 806J 0*, 161112,18l!l21,M7 Ub,,,!-.

1 - r. 1 1' 1

7. 5( ?7i 8, 205 9, 348 10.153 0, 723 IP, 86

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