Common Stock Prices and Yields - St. Louis Fed1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959...

3
Period 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 .. . . 1971 1972 1973 1974 1975 1976 1975- Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1976" Jan Feb Mar. . Apr May June July Aug Sept Oct Nov Dec TABLE B-87.—Common stock prices and yields, 1949-76 Common stock prices * New York Stock Exchange indexes (December 31,1965=50)2 Com- posite 9 02 10.87 13 08 13.81 13.67 16.19 21.54 24.40 23 67 24 56 30.73 30.01 35.37 33 49 37.51 43.76 47 39 46.15 50.77 55.37 54.67 45.72 54.22 60.29 57.42 43.84 45.73 54 46 38 56 42.48 44.35 44 91 47 76 49.22 49 54 45 71 44.97 46.87 47 64 46.78 51 31 53.73 54.01 54 28 53 87 54.23 55 68 55.18 56.29 54 43 54 17 56.34 Indus- trial 46.18 51.97 58.00 57.44 48.03 57.92 65.73 63.08 48.08 50.52 60 44 41 29 46.00 48.63 49.74 53 22 54.61 54 96 50 71 50.05 52.26 52.91 51.89 57 00 59.79 60.30 60 62 60 22 60.70 62 11 61.14 62.35 60 07 59 45 61.54 Trans- portation 50.26 53.51 50.58 46.96 32.14 44.35 50.17 37.74 31.89 31.10 39.57 28.12 30.21 31.62 31.70 32.28 32.38 32.90 30 08 29.46 30.79 32.09 31.61 35.78 38.53 39.17 38.66 39.71 40.41 42.12 40.63 40.36 38.37 39.28 41.77 Utility 45.41 45.43 44.19 42.80 37.24 39.53 38.48 37.69 29.79 31.50 36.97 29.55 31.31 31.04 30.01 31.02 32.79 32.98 31 02 30.65 31.87 32.99 32.75 35.23 36.12 35.43 35.69 35.40 35.16 36.49 37.56 38.77 38.33 38 85 40.61 Finance 44.45 49.82 65.85 70.49 60.00 70.38 78.35 70.12 49.67 47.14 52.94 44.85 47.59 47.83 47.35 50.06 52.20 52.51 46 55 43.38 44.36 45.10 43.86 48.83 52.06 52.61 52.71 50.99 51.82 54.06 54.22 54.52 52.74 53.25 57.45 Dow- Jones industrial average 3 179.48 216.31 257.64 270.76 275.97 333.94 442.72 493.01 475.71 491.66 632.12 618.04 691. 55 639.76 714.81 834.05 910.88 873.60 879.12 906.00 876.72 753.20 884.76 950.71 923.88 759.37 802.49 974.92 659.09 724.89 765.06 790.93 836. 56 845.70 856.28 815. 51 818.28 831.26 845. 51 840.80 929.34 971. 70 988. 55 992. 51 988.82 985.59 993.20 981.63 994.37 951.95 944. 58 976.86 Standard & Poor's composite index 0941-43= lO)* 15.23 18.40 22.34 24.50 24.73 29.69 40 49 46.62 44.38 46.24 57.38 55.85 66.27 62.38 69.87 81.37 88.17 85.26 91.93 98.70 97.84 83.22 98.29 109.20 107.43 82.85 86.16 102.01 72.56 80.10 83.78 84.72 90.10 92.40 92.49 85 71 84.67 88.57 90.07 88.70 96.86 100.64 101.08 101.93 101.16 101.77 104.20 103.29 105.45 101.89 101.19 104. 66 Common stock yields (percent)« Dividend- price ratio« 6.59 6 57 6.13 5.80 5 80 4.95 4 08 4 G9 4.35 3.97 3.23 3.47 2.98 3 37 3.17 3.01 3 00 3.40 3.20 3.07 3.24 3.83 3.14 2.84 3.06 4.47 4.31 3.77 5.07 4.61 4.42 4.34 4.08 4.02 4.02 4.36 4.39 4.22 4.07 4.14 3.80 3.67 3.65 3.66 3.76 3.75 3.64 3.74 3.71 3.85 4.04 3.93 Earnings- price ratio ' 15.48 13 99 11.82 9.47 10 26 8 57 7 95 7 55 7.89 6.23 5.78 5.90 4.62 5 82 5.50 5.32 5.59 6.63 5.73 5.67 6.08 6.45 5.41 5.50 7.12 11.59 9.04 10.10 8.30 9.13 8.64 8.29 8.76 9.02 * Averages of daily closing prices, except New York Stock Exchange data through May 1964 are averages of weekly closing prices. 2 Includes all the stocks (more than 1,500) listed on the New York Stock Exchange. 3 Includes 30 stocks. «Includes 500 stocks. « Standard and Poor's series, based on 500 stocks in the composite index. e Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednes- day closing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures. 7 Ratio of quarterly earnings (seasonally adjusted annual rate) to price index for last day of quarter. Annual ratios are averages of quarterly ratios. Note.—All data relate to stocks listed on the New York Stock Exchange. Sources: New York Stock Exchange, Dow-Jones & Co., Inc., and Standard & Poor's Corporation. 288 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1977

Transcript of Common Stock Prices and Yields - St. Louis Fed1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959...

Page 1: Common Stock Prices and Yields - St. Louis Fed1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966. . 1967 1968 1969 1970 1971 1972 1973 1974 1975

Period

1949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970 . . . .197119721973197419751976

1975- JanFebMarAprMayJune

JulyAugSeptOctNovDec

1976" JanFebMar. .AprMayJune

JulyAugSeptOctNovDec

TABLE B-87.—Common stock prices and yields, 1949-76

Common stock prices *

New York Stock Exchange indexes(December 31,1965=50)2

Com-posite

9 02

10.8713 0813.8113.6716.1921.5424.4023 6724 5630.73

30.0135.3733 4937.5143.7647 3946.1550.7755.3754.67

45.7254.2260.2957.4243.8445.7354 46

38 5642.4844.3544 9147 7649.22

49 5445 7144.9746.8747 6446.78

51 3153.7354.0154 2853 8754.23

55 6855.1856.2954 4354 1756.34

Indus-trial

46.1851.9758.0057.44

48.0357.9265.7363.0848.0850.5260 44

41 2946.0048.6349.7453 2254.61

54 9650 7150.0552.2652.9151.89

57 0059.7960.3060 6260 2260.70

62 1161.1462.3560 0759 4561.54

Trans-portation

50.2653.5150.5846.96

32.1444.3550.1737.7431.8931.1039.57

28.1230.2131.6231.7032.2832.38

32.9030 0829.4630.7932.0931.61

35.7838.5339.1738.6639.7140.41

42.1240.6340.3638.3739.2841.77

Utility

45.4145.4344.1942.80

37.2439.5338.4837.6929.7931.5036.97

29.5531.3131.0430.0131.0232.79

32.9831 0230.6531.8732.9932.75

35.2336.1235.4335.6935.4035.16

36.4937.5638.7738.3338 8540.61

Finance

44.4549.8265.8570.49

60.0070.3878.3570.1249.6747.1452.94

44.8547.5947.8347.3550.0652.20

52.5146 5543.3844.3645.1043.86

48.8352.0652.6152.7150.9951.82

54.0654.2254.5252.7453.2557.45

Dow-Jones

industrialaverage 3

179.48

216.31257.64270.76275.97333.94442.72493.01475.71491.66632.12

618.04691. 55639.76714.81834.05910.88873.60879.12906.00876.72

753.20884.76950.71923.88759.37802.49974.92

659.09724.89765.06790.93836. 56845.70

856.28815. 51818.28831.26845. 51840.80

929.34971. 70988. 55992. 51988.82985.59

993.20981.63994.37951.95944. 58976.86

Standard& Poor's

compositeindex

0941-43=lO)*

15.23

18.4022.3424.5024.7329.6940 4946.6244.3846.2457.38

55.8566.2762.3869.8781.3788.1785.2691.9398.7097.84

83.2298.29

109.20107.4382.8586.16

102.01

72.5680.1083.7884.7290.1092.40

92.4985 7184.6788.5790.0788.70

96.86100.64101.08101.93101.16101.77

104.20103.29105.45101.89101.19104. 66

Common stock yields(percent)«

Dividend-priceratio«

6.59

6 576.135.805 804.954 084 G94.353.973.23

3.472.983 373.173.013 003.403.203.073.24

3.833.142.843.064.474.313.77

5.074.614.424.344.084.02

4.024.364.394.224.074.14

3.803.673.653.663.763.75

3.643.743.713.854.043.93

Earnings-priceratio '

15.48

13 9911.829.47

10 268 577 957 557.896.235.78

5.904.625 825.505.325.596.635.735.676.08

6.455.415.507.12

11.599.04

10.10

8.30

9.13

8.64

8.29

8.76

9.02

* Averages of daily closing prices, except New York Stock Exchange data through May 1964 are averages of weekly closingprices.

2 Includes all the stocks (more than 1,500) listed on the New York Stock Exchange.3 Includes 30 stocks.«Includes 500 stocks.« Standard and Poor's series, based on 500 stocks in the composite index.e Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednes-

day closing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.7 Ratio of quarterly earnings (seasonally adjusted annual rate) to price index for last day of quarter. Annual ratios are

averages of quarterly ratios.

Note.—All data relate to stocks listed on the New York Stock Exchange.

Sources: New York Stock Exchange, Dow-Jones & Co., Inc., and Standard & Poor's Corporation.

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Page 2: Common Stock Prices and Yields - St. Louis Fed1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966. . 1967 1968 1969 1970 1971 1972 1973 1974 1975

TABLE B-90.—-Business formatior

Year or month

19291933»1939»19401941 .19421943194419451946194719481949

1950 . . . .195119521953195419551956195719581959

1960196119621963 .1964 . . .19651966196719681969

1970 .1971197219731974 .19751976

1976: JanFeb. .MarAprMayJune

JulyAug."::::"":::SeptOct. .NovDec. .

1977: Jan.FebMarApr _.MayJune.. _ _July _ ._Au?Sept _OctNOVP. .

Indexof net

businessformation

(1967-100)

112.687.893.193.398.294.491.399.195.290.489.596.892.488.390.793.397.298.698.2

100.0109.8116.2108.0111.0117.9117.9112.4108.9117.6

Newbusiness

rations(num-ber)

132.916112,89796,34685,64093,09283,77892,946

102,706117,411139,915141,163137,112150,781193,067182,713181,535182,057186,404197,724203,897200,010206,569233,635274,267264,209287,577316,601329,358319,149326, 345375,766

i and business failures, 1929—77

Business failures1

nessfailurerates

103.9100.369.663.054.444.616.46.54.25.2

14.320.434.434.330.728.733.242.041.648.051.755.951.857.064.460.856.353.253.351.649.038.637.343.841.738.336.438.442.634.8

Seasonally adjusted

115.4114.5116.3115.7114.9118.6117.8117.8118.3120.1121.3121.0

123.3123.0124.3122.4123.2125.8126.6130.6129.6131 9

29,63929, 04331,02729,87628, 63731, 60030,11432, 74632, 36832,88733,49633,495

34, 51933,17335,00033, 39434,44237,22935,74939,52537,81238 94338|472

36.938.236.335.435.032.731.235.734.934.733.832.0

28.429.632.331.830.230.824.129.727.0

Number of failures

Total

22,90919,85914,76813,61911,8489,4053,2211,222

8091,1293,4745,2509,2469,1628,0587,6118,862

11,08610,96912,68613,73914,96414,05315,44517,07515,78214,37413,50113,51413,06112,3649,6369,154

10,74810,3269,5669,3459,915

11,4329,628

886867965888835775689798714745770696

664693858804724732513687560

Liability sizeclass

Under$100,000

22,16518,88014,54113,40011,6859,2823,1551,176

7591,0033,1034,8538,7088,7467,6267,0818,075

10,22610,11311,61512,54713,49912,70713,65015,00613,77212,19211,34611,34010,83310,1447,8297,1928,0197,6117,0406,6276,7337,5046,176

530572618587546498458498454496509410

418425515520440455325401342

$100,000andover

744979in219163123664650

126371397538416432530787860856

1,0711,1921,4651,3461,7952,0692,0102,1822,1552,1742,2282,2201,8071,9622,7292,7152,5262,7183,1823,9283,452

356295347301289277231300260249261286

246268343284284277188286218

Amount of currentliabilities (millions

of dollars)

Total

483.3457.5182.5166.7136.1100.845.331.730.267.3

204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.6

1,090.11,213.61,352.61,329.21,321.71,385.71,265.2

941.01,142.11,887.81,916.92,000.22,298.63,053.14, 380.23,011.3

257.1211.8247.7206.4233.3373.6305.6264.0250.3183.6277.6200.4

168.5194.2248.2207.3473.9305.9577.8338.397.0

Liability sizeclass

Under$100,000

261.5215.5132.9119.9100.780.330.214.511.415.763.793.9

161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6256.9298.6257.8

22.023.926.023.123.320.319.121.518.420.421.118.6

17.718.321.722.118.419.214.218.514.0

$100,000andover

221.8242.049.746.835.420.515.117.118.851.6

140.9140.7146.797.1

128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.1

1,031.61,015.61,000.01,064.1

967.3699.9910.8

1,618.41,645.61,741.52,063.02,796.34,081.62,753.4

235.1187.8221.6183.3210.0353.3286.5242.4231.9163.2256.5181.9150.9175.9226.5185.2455.4286.7563.6319.783.0

i Commercial and industrial failures only. Excludes failures of banks end railroads and, beginning 1933, of real estate,insurance, holding, and financial companies, steamship lines, travel agencies, etc.

» Failure rate per 10,000 listed enterprises.s Series revised; not strictly comparable with earlier data.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Bradstreet. Inc.

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Page 3: Common Stock Prices and Yields - St. Louis Fed1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966. . 1967 1968 1969 1970 1971 1972 1973 1974 1975

TABLE B-88.—Common stock prices and yields, 1949-78

Yearor

quarter

1949

1950195119521953195419551956195719581959

1960196119621963196419651966. .196719681969

1970197119721973197419751976 - .19771978

1977: JanFebMarAprMayJune

JulyAugSeptOctNovDec

1978: JanFebMar.AprMayJune

JulyAugSeptOctNovDec

Common stock prices1

New York Stock Exchange indexes(December 31,1965=50)*

Com-posite

9.02

10 8713.0813.8113.6716.1921.5424.4023 6724.5630.73

30 0135.3733.4937.5143.7647 3946.1550.7755.3754.67

45.7254.2260.2957.4243.8445.7354.4653.6953.70

56.2854.9354.6753.9253.9654.30

54.9453.5152.6651.3751.8751.83

49.8949.4149.5051.7554.4954.83

54.6158.5358.5856.4052.7453.69

Indus-trial

46.1851.9758.0057.44

48.0357.9265.7363 0848.0850.5260.4457.8658.23

61 2659.6559 5658.4758 1358.44

58.9057.3056.4154.9955.6255.55

53.4552.8052.7755.4859.1459.63

59.3564.0764.2361.6057.5058.72

Trans-portation

50.2653.5150.5846.96

32.1444.3550.1737.7431.8931.1039.5741.0943.50

41.9340.5940.5241.5143.2543.29

43.5241.0439.9938.3339.3039.75

39.1538.9038.9541.1944.2144.19

44.7449.4550.1946.7041.8042.49

Utility

45.4145.4344.1942.80

37.2439.5338.4837.6929.7931.5036.9740.9239.22

41.1340.8640.1840.2441.1441.59

42.4441.5040.9340.3840.3340.36

39.0939.0239.2639.6939.4739.41

39.2840.2039.8239.4437.8838.09

Finance

44.4549.8265.8570.49

60.0070.3878.3570.1249.6747.1452.9455.2556.65

57.8655.6554.8454.3054.8055.29

57.2956.5255.3353.2454.0453.85

50.9150.6051.4455.0457.9658.31

57.9763.2863.2260.4254.9555.68

Dow-Jones

ndustrialaverage 3

179 48

216 31257.64270.76275.97333.94442.72493.01475.71491.66632.12

618.04691.55639.76714.81834.05910 88873.60879.12906.00876.72

753.19884.76950.71923.88759.37802.49974.92894.63820.23

970.62941.77946 11929.10926 31916.56

908.20872.26853.30823.96828.51818.80

781.09763.57756.37794.66838.56840.26

831.72887.93878.64857.69804.29807.94

Standard& Poor'somposite

index1941-43=

10)*

15 23

18 4022.3424.5024.7329.6940.4946.6244.3846.2457.38

55.8566.2762.3869.8781.3788 1785.2691.9398.7097.84

83.2298.29

109.20107.4382.8586.16

102.0198.2096.02

103.81100.96100.5799.0598.7699.29

100.1897.7596.2393.7494.2893.82

90.2588.9888.8292.7197.4197.66

97.19103.92103.86100.5894.7196.11

Common stock yields(percent) *

Dividend-priceratio •

6 59

6 576 135.805.804.954.084 094.353.973.23

3.472.983.373.173.013 003.403.203.073.24

3.833.142.843.064.474.313.774.625.28

3.994.214.374.474.574.60

4.594.724.824.975.025.11

5.325.495.625.425.205.19

5.254.934.975.115.455.39

Earnings-priceratio'

15 48

13 9911 829.47

10.268 577.957 557.896.235.78

5.904 625.825 505.325 596.635.735.676.08

6.455.415.507.12

11.599.158.90

10.79

10.24

10.37

11.09

11.45

12.25

11.79

11.36

1 Averages of daily closing prices, except New York Stock Exchange data through May 1964, are averages of weekly closingprices.

2 Includes all the stocks (more than 1,500) listed on the New York Stock Exchange.3 Includes 30 stocks.« Includes 500 stocks.5 Standard & Poor's series, based on 500 stocks in the composite index.6 Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednes-

day closing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.7 Ratio of quarterly earnings after taxes (seasonally adjusted annual rate) to price index for last day of quarter.

Annual ratios are averages of quarterly ratios.

Note.—All data relate to stocks listed on the New York Stock Exchange.Sources: New York Stock Exchange, Dow-Jones & Co., Inc., and Standard & Poor's Corporation.

285

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1979