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Not for Publication
(H.14 Supplement)
LI3P.A3Y
1
:
I
f
i
m
IS--":
DECONTROLLED AFTER SIX MONTHS
April 14, 1966
CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES
~
Attached for your information are six tables and four
charts on corporate security financing and two tables and three
charts on State and local government bond sales during the fourth
quarter and years 1960-65.
Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
Corporate Security Offerings by Type of Business
of Issuer and Use of Proceeds
Fourth Quarter 1960-65
(Net proceeds in millions of dollars)
1965
1964
1963
1962
1961
1960
3,982
3,526
3,425
2,835
3,190
2,778
3,745
3,296
449
237
3,264
2,629
635
262
3,246
2,617
629
179
2,561
2,063
498
274
3,078
2,770
308
112
2,698
2,384
315
80
300
227
47
135
67
17
1,145
914
231
45
1,061
857
204
66
968
655
313
26
747
402
345
57
784
690
93
52
625
517
108
54
Electric, gas & wtr. utilities
New capital
New money
Other purposes
Refunding
610
551
59
99
509
508
1/
74
530
527
4
116
552
531
21
182
833
775
59
48
696
646
50
12
Communication
New capital
New money
Other purposes
Refunding
177
174
3
24
135
99
36
8
118
67
51
6
317
314
3
3
144
131
13
4
381
380
44
44
60
60
85
85
—
48
41
7
22
22
--
39
30
9
15
101
99
2
1
137
127
10
1
290
247
44
4
164
123
40
9
Total corporate offerings
New capital
New money
Other purposes
Refunding
Memo:
Foreign issues
Manufacturing
New capital
New money
Other purposes
Refunding
Railroad
New capital
New money
Other purposes
Refunding
--
—
2
Other transportation
New capital
New money
Other purposes
Refunding
232
219
13
13
174
163
11
10
141
139
2
1
107
106
1
Commercial and other
New capital
New money
Other purposes
Refunding
201
171
30
30
221
196
25
62
168
142
25
16
110
90
20
10
--
1/
—
—
--
H. 14
Table 1 (Cont'd)
Corporate Security Offerings by Type of Business of Issuer and Use of
Proceeds
Fourth Quarter 1960-65
(Net proceeds in millions of dollars)
Mining
New capital
New money
Other purposes
Refunding
Financial and real estate
New capital
New money
Other purposes
Memo:
1965
1964
1963
1962
1961
1960
112
92
20
123
110
13
8
37
32
5
71
69
2
2
80
48
32
1
43
40
3
1/
—
—
1,223
1,132
91
981
636
346
1,199
971
228
618
521
98
797
739
58
631
528
103
557
96
570
26
267
106
608
34
392
220
587
11
231
16
371
5
224
132
441
1
382
30
219
3
New Capital by-
(Sales and consumer finance cos.)
(Banks)
(Other cos.)
Refunding
If Less than $500,000.
Note—Details may not add to totals due to rounding.
Source—Securities and Exchange Commission and Federal Reserve.
H. 14
Table 2
Security Offerings for New Capital by
Manufacturing Companies
Fourth Quarter 1960-65
(Net proceeds in millions of dollars)
1965
All manufacturing
Electrical machinery
Petroleum and refining
Chemicals
Textiles and apparel
Primary iron and steel
Foods
Nonelectrical machinery
Paper
Fabricated metal products
Lumber, wood products
Stone, clay and glass
Other transportation equipment
Tobacco
Printing
Primary nonferrous metals
Motor vehicle and equipment
Beverages
Rubber products
Other 1/
1,145
186
174
111
109
91
71
55
49
33
26
24
22
21
15
14
6
5
3
130
|
1964
1,061
30
167
151
73
123
64
32
31
45
60
16
8
35
33
67
11
2
1/
113
|
1963
!
1962
968
56
171
124
20
45
107
107
56
8
23
24
28
747
35
23
190
38
14
36
72
70
6
95
31
1
——
48
10
13
75
9
44
10
8
16
2
5
95
I
1961
784
48
12
80
81
43
39
100
46
5
12
60
38
1/
21
3
120
9
67
|
1960
625
46
54
60
40
76
19
22
53
10
10
9
41
9
10
1
8
72
85
{
1
!
\
i
;
;
1/ Includes issues of foreign manufacturers not further classified.
Not2--Details may not add to totals due to rounding.
Source--Securities and Exchange Commission and Federal Reserve.
£
?
y
H. 14
Table 3
Total Corporate Security Offerings by Type of Issue
Fourth Quarter 1960-65
(Gross proceeds in millions of dollars)
Type of Issue
Total corporate offerings
1965
1964
1963
1962
1961
1960
4,030
3,568
3,466
2,875
3,266
2,832
1,657
2,373
876
2,691
1,644
1,822
1,317
1,559
1,780
1,486
1,831
1,002
3,490
1,226
2,264
(171)
3,160
531
2,629
(95)
3,100
1,319
1,780
(84)
2,598
1,088
1,510
(48)
2,419
969
1,450
(211)
2,417
1,462
955
(141)
Type of offering
Public
Private
Type of security
Bonds and notes
Public
Private
(Memo: Convertible)
Preferred stock
187
83
117
121
81
106
Common stock
353
324
249
156
766
310
Source:
Securities and Exchange Commission.
Cj
H. 14
V)
Table 4
Long-term Security Issues of State and Local Governments
Fourth Quarter 1960 - 65
(In millions of dollars)
Issuing authority:
State
County and township
Municipality
School district
Special authority
Total
Purpose of issue:
New capital total
Schools
Highways, bridges and tunnels
Residential buildings
Hospitals and institutions
Sewer and water
Misc. public service enterprises
Veterans' aid
Other
Refunding
Total
Type of issue:
General obligation
Revenue
Utility
Quasi-utility
Special tax
Rental
Public Housing Authority
Federal Government loans
Total
1965
1964
1963
1962
1961
1960
501
156
591
446
957
515
118
810
410
656
397
182
799
378
758
325
144
417
283
678
368
135
555
293
804
156
135
491
323
245
2,651
2,509
2,514
1,847
2,154
1,350
2,569
2,278
2,197
1,779
2,078
1,335
796
291
191
35
418
145
1/
692
834
60
151
26
430
40
30
706
668
239
11
51
365
330
587
124
119
32
282
97
520
132
99
14
221
72
532
537
541
453
119
15
335
55
65
496
278
82
230
317
69
76
14
2,651
2,509
2,514
1,847
2,154
1,350
1,677
817
242
417
14
144
90
67
1,641
718
174
409
19
116
104
46
1,481
961
387
488
5
81
1,267
774
182
522
72
1,058
640
163
299
10
168
117
33
1/
70
80
33
886
325
150
99
23
53
98
41
2,651
2,509
2,514
1,847
2,154
1,350
1/ Less than $500,000.
Note—Details may not add to totals due to rounding.
Source--Investment Bankers Association of America.
--
H; 14
Table 5
Corporate Security Offerings by Type of Business
of Issuer and Use of Proceeds
1960 - 65
(Net proceeds in millions of dollars)
1965
Total corporate offerings
New Capital
New money
Other purposes
Refunding
1964
1963
1962
1961
1960
15,801 13,792 12,081 10,501 12,885
9,924
14,805 13,038 10,553
13,063 11,233 8,993
1,741 1,805 1,561
996
754 1,528
9,747 12,017
8,240 10,715
1,507 1,302
868
754
9,653
8,758
895
271
1,022
456
718
511
357
152
Manufacturing
New Capital
New money
Other purposes
Refunding
5,015
4,348
667
338
2,772
2,273
499
243
3,312
2,596
716
190
2,958
2,130
829
228
3,691
3,011
680
287
1,997
1,711
286
79
Electric, gas & wtr. utilities
New capital
New money
Other purposes
Refunding
2,546
2,449
97
357
2,445
2,406
39
280
1,935
1,912
24
699
2,341
2,173
168
444
2,883
2,763
119
106
2,754
2,656
99
51
847
823
24
92
2,133
1,966
167
36
726
607
119
356
1,276
1,211
65
11
1,435
1,396
39
382
1,036
1,032
4
1
263
263
331
331
345
323
23
82
208
199
9
15
157
150
7
21
174
174
335
328
8
497
451
46
4
563
437
125
21
Memo:
Foreign issues
Communication
New capital
New money
Other purposes
Refunding
Railroad
New capital
New money
Other purposes
Refunding
--
--
18
Other transportation
New capital
New money
Other purposes
Refunding
704
613
90
18
610
500
111
32
527
509
19
1
1/
494
445
49
13
Commercial and other
New capital
New money
Other purposes
Refunding
970
864
105
74
618
490
128
73
565
500
66
54
604
506
98
28
857
711
147
35
--
35
%
H. 14
Table 5 (ContM)
Corporate Security Offerings by Type of Business of Issuer and Use of
Proceeds
1960 - 65
(Net proceeds in millions of dollars)
1965
1964
1963
1962
1961
1960
332
249
83
5
407
283
123
9
208
158
50
1
199
185
14
5
252
188
64
2
231
154
77
8
4,128
3,454
674
3,723
2,984
738
2,933
2,388
545
1,825
1,509
316
2,248
2,051
197
2,401
2,143
258
(Sales and consumer finance cos.) 1,439
(Banks)
871
(Other cos.)
1,818
Refunding
93
1,264
603
1,856
80
1,119
309
1,505
144
512
111
1,202
23
717
199
1,332
22
1,437
135
829
71
Mining
New Capital
New money
Other purposes
Refunding
Financial and real estate
New Capital
New money
Other purposes
Memo:
New Capital by -
1/ Less than $500,000.
Note—Details may not add to totals due to rounding.
Source--Securities and Exchange Commission and Federal Reserve.
1
1
Table 6
H.14
Security Offerings for New Capital by
Manufacturing Companies
1960 - 65
(Net proceeds in millions of dollars)
All maunfacturing
Chemicals
Petroleum and refining
Electrical machinery
Textiles and apparel
Nonelectrical machinery
Paper
Motor vehicle and equipment
Primary iron and steel
Foods
Primary nonferrous metals
Other transportation equipment
Stone, clay and glass
Lumber, wood products
Printing
Fabricated metal products
Rubber products
Beverages
Tobacco
Other 1/
1965
1964
1963
1962
1961
1960
5,015
775
450
430
411
403
324
320
281
265
197
121
112
100
99
97
82
55
32
461
2,772
329
180
181
175
251
115
84
248
134
239
67
37
87
95
123
31
44
63
289
3,312
363
509
176
130
304
121
49
68
263
221
220
72
68
89
63
109
87
1
399
2,958
494
234
253
183
263
158
28
141
143
76
46
116
114
52
71
49
45
3,691
246
407
322
152
289
180
48
492
210
149
170
159
47
97
31
45
132
47
468
1,997
232
63
219
108
135
88
14
258
71
42
116
39
67
30
119
98
14
——
492
1/ Includes issues of foreign manufacturers not further classified.
N o t e . — D e t a i l s may not add to totals due to rounding.
Source.—Securities and Exchange Commission and Federal Reserve.
——
284
H.14
Table 7
Total Corporate Security Offerings by Type of Issue
1960 - 65
(Gross proceeds in millions of dollars)
Type of issue
Total corporate offerings
1965
1964
1963
1962
1961
1960
15 ,992
13,957
12,237
10 ,705
13,165
10,154
7 ,442
8 ;,550
6,453
7,504
5,823
6,413
6 ,064
4 ,640
8,143
5,022
6,657
3,497
13a,720
5j,570
,150
8j
(1,,262)
10,865
3,623
7,243
(425)
10,872
4,714
6,158
(357)
8.,969
4.,440
4,,529
(445)
9,420
4,700
4,720
(710)
8,081
4,806
3,275
(462)
Type of offering
Public
Private
Type of security
Bonds and notes
Public
Private
(Memo: Convertible)
Preferred stock
Common stock
Source:
725
412
342
422
450
409
1,547
2,679
1,022
1,,314
3,294
1,664
Securities and Exchange Commission.
H. 14
11
Table 8
Long-term Security Issues of State and Local Governments
1960 - 65
(In millions of dollars)
1965
Issuing authority:
State
County and township
Municipality
School district
Special authority
Total
Purpose of issue:
New capital total
Schools
Highways, bridges and tunnels
Residential buildings
Hospitals and institutions
Sewer and water
Misc. public service enterprises
Veterans' aid
Other
Refunding
Total
Fype of issue:
General obligation
Revenue
Utility
Quasi-utility
Special tax
Rental
Public Housing Authority
Federal Government loans
Total
1964
1963
1962
1961
2,401
741
2,566
1,836
3,783
1,628
600
3,122
1,685
3,812
1,620
603
3,111
1,567
3,636
1,419
639
2,611
1,575
2,600
1,928
611
2,444
1,418
2,165
1,110
538
2,165
1,495
1,984
Tl,328
10,847
10,538
8,845
8,566
7,292
10,470
10,201
9,151
8,568
8,463
7,247
3,618
900
626
199
1,485
481
50
3,112
3,392
688
727
99
1,626
811
120
2,739
3,029
812
598
221
1,455
889
2,963
1,114
521
139
1,218
450
125
2,037
2,821
1,167
385
102
1,313
387
478
1,811
2,405
1,007
426
99
1,049
266
201
1,792
858
646
1,386
276
103
45
11,328
10,847
10,538
8,845
8,566
7,292
7,177
3,517
1,145
1,541
205
626
464
170
6,417
3,585
1,442
1,636
94
413
637
208
5,855
4,180
1,883
1,512
43
742
254
249
5,582
2,681
846
1,315
100
420
437
145
5,724
2,407
859
1,179
57
312
315
120
4,771
2,095
989
833
79
193
302
125
11,328
10,847
10,538
8,845
8,566
7,292
Note--Details may not add to totals due to rounding.
Source--Investment Bankers Association of America.
——
2,148
1960
CORPORATE SECURITY OFFERINGS
USE OF PROCEEDS
1960 - 65
Billions of dollars
16.0
10.0
Refunding
L\\\
8.0
New Money
4.0
Other
Purposes
1960
1961
1962
1963
1964
1965
CHART 2
CORPORATE SECURITY OFFERINGS FOR NEW CAPITAL
BY TYPE OF BUSINESS
1960 - 65
Billions of dollars
16.0
14.0
12.0
10.0
Manufacturing
Public
Utilities
6.0
Communication
4.0
Real Estate
and
Financial
2.0
Other
1960
1961
1962
1963
1964
1965
z
\b
CHART 3
CORPORATE SECURITY OFFERINGS
BY TYPE OF ISSUE
1960 - 65
Billions of dollars
14.0
12.0
10.0 "Common Stock
Preferred
Stock
Convertible
Bonds
6.0
Nonconvertible
4.0
2.0
1960
1961.
1962
1963
1964
1965
CHART 4
PERCENTAGE DISTRIBUTION OF BONDS SOLD BETWEEN
THOSE PUBLICLY OFFERED AND PRIVATELY PLACED
I960 - 65
Per cent
100
1963
1964
1965
CHART 5
LONG-TERM SECURITY ISSUES OF STATE AND LOCAL GOVERNMENT
BY ISSUING AUTHORITY
I960 - 65
Billions of dollars
o
! -
o -
!
3 -
Special
Authority
)-
%
fji
i
1
1
1
1
i
Municipality v!
»
State
> -
T
Other
••
1960
1961
1962
1963
1
1964
-
1965
CHART b
L O N G - T E R M S E C U R I T Y ISSUES OF S T A T E A N D LOCAL G O V E R N M E N T
BY PURPOSE OF ISSUE
I960 - 65
B i l l i o n s of dollars
12.0
I
I
Refunding
__ S c h o o l
4.0
Highways,
Bridges &
Tunnels
S e w e r and
Water
1960
1961
1962
1963
1964
1965
CHART 7
LONG-TERM SECURITY ISSUES OF STATE AND LOCAL GOVERNMENT
BY TYPE OF ISSUE
1960 - 65
Billions of dollars
12.0
10.0
8.0
6.0
General
Obligation
4.0
2.0
Pub. H. Auth.
l\v
Fed. Govt. Loanjk^Aj
I960
*
e
.sa
§§
1961
1962
M
1963
1964
1965
@FedFRASER