The writer is indebted to the following individuals, who were kind enough to examine the yields series on recently issued corporate bonds and provide helpful comment: Professor Roger F. Murray, of Columbia University; Dr. James J. O'Leary, of the Life Insurance Association of America; Dr. Frank E. Morris, of the Investment Bankers Association of America; Dr. Roland I. Robinson, of the Federal Reserve Board; Mr. George J. Morrissey, editor, The Commercial and Financial Chronicle; Mr. Eliot H. Sharp, editor, Investment Dealers' Digest; Mr. James Coggeshall, Jr., president, The First Boston Corporation; and Mr. Mead A. Lewis, partner, Dick & Merle-Smith. To the last-named, the writer owes a special debt of gratitude for his generous correspondence in response to a series of queries on the mechanics of the capital markets. No responsibility attaches to any of these persons for the opinions expressed in the article.
Grateful acknowledgment is made to Moody's Investors Service for granting permission to use the corporate and municipal bond-yield data presented in Moody's Bond Survey.
To his associates in the Federal Housing Administration, Mrs. Audrey L. Williams, who compiled and organized the yields-series data, and Mr. George J. Levine, who supervised the yield computations, the writer wishes to express his indebtedness.