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Not f o r P u b l i c a t i o n DECONTROLLED AFTER SIX MONTHS A p r i l 21, 1965. CAPITAL MARKET DEVELOPMENTS IN THE UNITED STATES Attached f o r your i n f o r m a t i o n are three t a b l e s and four c h a r t s on c o r p o r a t e s e c u r i t y f i n a n c i n g f o r the y e a r s 1959-64. C a p i t a l Markets S e c t i o n , D i v i s i o n of Research and S t a t i s t i c s , Board of Governors of the Federal Reserve System. Table 1 Corporate Security Offerings by Type of Business of Issuer and Use of Proceeds 1959-64 (Net proceeds in millions of dollars) 1964 1963 1962 r / 1961 r / 1960 1959 13,300 12,081 10,501 12,885 9,924 9,527 12,557 10,935 1,622 743 10,553 8,993 1,561 1,528 9,747 8,240 1,507 754 12,017 10,715 1,302 868 9,653 8,758 895 271 9,392 8,578 814 135 i 442 718 511 357 152 169 2,733 2,238 495 241 3,312 2,596 716 190 2,958 2,130 829 228 . 3,691 A 3,011 680 287 1,997 1,711 286 79 1,941 1,684 257 70 E l e c t r i c , gas & w t r . u t i l i t i e s New c a p i t a l New money Other p u r p o s e s Refunding 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 3,189 % 3,057 132 \ 15 . Communication New c a p i t a l New money Other p u r p o s e s Refunding 2,122 1,956 166 35 726 607 119 356 1,276 1,211 65 11 1,435 1,396 39 382 1,036 1,032 4 1 707 703 4 1/ 331 331 345 323 23 82 208 199 9 15 157 150 7 21 174 174 172 172 35 - - Total corporate o f f e r i n g s New c a p i t a l New money Other p u r p o s e s Refunding Memo: Foreign i s s u e s Manufacturing New c a p / : a l New money Other p u r p o s e s Refunding Railroad New c a p i t a l New money Other p u r p o s e s Refunding j - - - - Other t r a n s p o r t a t i o n .New c a p i t a l New money Other p u r p o s e s Refunding 580 470 110 31 527 509 19 1 335 328 8 1/ 494 445 49 13 497 451 46 4 769 747 22 15 Commercial and o t h e r New c a p i t a l New money Other p u r p o s e s Refunding 596 473 123 72 565 500 66 54 604 506 98 28 857 711 147 35 563 437 125 21 670 526 144 15 Table 1 ( c o n t ' d ) Corporate S e c u r i t y O f f e r i n g s by Type of B u s i n e s s of I s s u e r and Use of Proceeds 1959-64 1964 Mining New c a p i t a l New money Other purposes Refunding F i n a n c i a l and r e a l e s t a t e New c a p i t a l New money Other purposes Refunding Memo: 1963 1962 r / 1961 r / 1960 1959 403 280 122 9 208 158 50 1 199 185 14 5 252 188 64 2 231 154 77 8 142 120 23 12 3,348 2,782 566 74 2,933 2,388 545 144 1,825 1,509 316 23 2,248 2,051 197 22 2,401 2,143 258 71 1,801 1,569 232 6 1,225 600 1,523 1,119 339 1,475 512 111 1,202 717 199 332 1,437 135 828 758 155 888 New C a p i t a l by- ( S a l e s and consumer f i n a n c e c o s . ) (Banks) (Other c o s . ) i \ 1/ Less than $500,000 Note: D e t a i l s may not add to t o t a l s due to rounding. Source. - - S e c u r i t i e s and Exchange Commission and Federal Reserve. H. 14 1 Table 2 S e c u r i t y O f f e r i n g s f o r New C a p i t a l by Manufacturing Companies 1959-64 (Net proceeds i n m i l l i o n s of d o l l a r s ) A l l Manufacturing Chemicals N o n e l e c t r i c a l machinery Primary nonferrous metals Primary i r o n and s t e e l E l e c t r i c a l machinery Petroleum and r e f i n i n g T e x t i l e s and apparel Foods Fabricated metal products Paper Printing Lumber, wood products Motor v e h i c l e and equipment Other t r a n s p o r t a t i o n equipment Tobacco Beverages Stone, c l a y and g l a s s Rubber products Other 1/ 1964 1963 2,733 329 240 239 239 178 176 174 130 123 115 95 87 84 67 63 44 37 31 282 3,312 363 304 221 68 176 509 130 263 63 121 89 68 49 220 1 87 72 109 399 1962 1961 ~ 2,958 494 263 76 141 253 234 183 143 71 158 52 114 28 46 3,691 246 289 149 492 322 407 152 210 31 180 97 47 48 170 47 132 159 45 468 45 116 49 492 I f I n c l u d e s i s s u e s of f o r e i g n manufacturers not f u r t h e r c l a s s i f i e d . Note: - - D e t a i l s may not add to 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. 1960 1,997 232 135 42 258 219 63 108 71 119 88 30 67 14 116 14 39 98 284 1959 1,941 ' 198 : 125 73 298 251 . 46 69 1 103 : 67 t 91 ' 37 ; 44 22 128 j 50 20 ; 70 4 52 197 f Table 3 T o ta 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 1959-64 (Gross proceeds i n m i l l i o n s of d o l l a r s ) Type of i s s u e T ot al corporate o f f e r i n g s 1964 1963 1962 ^ 1961 &/ 1960 1959 13,463 12,237 10,705 13,165 10,154 9,748 6,453 7,010 5,823 6,413 6,064 4,640 8,143 5,022 6,657 3,497 5,993 3,755 10,372 3,623 6,749 (423) 10,872 4,714 6,158 (348) 8,969 4,440 4,529 (445) 9,420 4,700 4,720 (710) 8,081 4,806 3,275 (462) 7,190 3,558 3,632 (628) 412 342 422 450 409 531 1,314 3,294 1,664 2,027 Type of o f f e r i n g Public Private •Tvne of s e c u r i t y Bonds and n o t e s Public Private (Memo: C o n v e r t i b l e ) Preferred stock Common s t o c k 2,679 1,022~ Source. - - S e c u r i t i e s and Exchange Commission. CHART 1 . CORPORATE SECURITY OFFERINGS USE OF NET PROCEEDS B i l l i o n s of d o l l a r s 1-959 - 64 14.0 12.0 10.0 Refunding 6.0 New Money 4.0 2.0 Other Purposes 1959 1960 1961 1962 1 CHART 2 CORPORATE SECURITY OFFERINGS FOR NEW CAPITAL BY TYPE OF BUSINESS B i l l i o n s of d o l l a r s 14.0 1959 - 64 12.0 10.0 Manufacturing 6,0 Public Utilities 4 . 0 Communication Real Estate and Financ ial 2.0 Other 1959 1960 1961 1962 1963 1964 ! CHART 3 CORPORATE SECURITY OFFERINGS BY TYPE OF ISSUE 1959 - 64 B i l l i o n s of d o l l a r s 14.0 12.0 10.0 Common Stock Preferred Stock Convertible Bpnds 4.0 Nonconvertible 1959 1960 1961 1962 1963 1964 1 CHART 4 PERCENTAGE DISTRIBUTION OF BONDS SOLD BETWEEN THOSE PUBLICLY OFFERED AND PRIVATELY PLACED 1959 - 64 Per cent 100 — 1960 i 1962 1964
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