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Not for Publlcatloi (H. 14 Supplement] CAPITAL MARKETS DEVELOPMENTS IN THE UNITED STATES Attached for. your information are six tables on corporate security financing and two tables on State and local government bond sales during the third quarter and first nine months for the years 1962-67. Capital Markets Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. 1 H.14 Table 1 Corporate Security Offerings by Type of Business of Issuer and Use of Proceeds Third Quarter 1962-67 (Net proceeds in millions of dollars) 1967 1966 r/ 1963 1962 2,837 2,404 2,128 2,621 2,077 544 216 2,109 1,884 225 295 1,902 1,507 395 226 94 109 55 1,119 979 . 141 121 559 444 115 89 796 654 143 83 566 381 185 49 657 616 41 22 786 780 6 103 642 623 18 81 287 280 7 102 376 318 59 160 595 594 1 567 566 1 — — 323 315 8 59 59 35 23 21 144 130 14 80 274 222 52 8 79 77 76 76 63 63 89 89 75 75 85 84 i -- — — •1 i 58 57 1 j 1965 Total corporate offerings 6,719 4,143 3,869 New capital * New money Other purposes Refunding 6,586 5,946 640 133 4,091 3,663 428 52 3,533 3,177 356 336 Foreign issues 234 154 263 Manufacturing New capital New money Other purposes Refunding. 2,791 2,397 395 37 1,558 1,484 74 17 Electric, gas & wtr. utilities New capital 1,220 New money 1,209 Other purposes 11 Refunding 44 Memo: Communication New capital New money Other purposes . Refunding Railroad New capital New money Other purposes Refunding 1 1964 2 • 8 Other transportation New capital New money Other purposes Refunding 549 538 11 20 302 292 10 2 169 163 6 2 80 74 6 2 51 47 14 Commercial and other New capital New money Other purposes Refunding 583 441 142 27 231 192 39 2 347 319 28 14 157 99 58 3 132 103 29 12 — 105 91 14 7 H. 14 Table 1 (Cont'd) Corporate Security Offerings by Type of Business of Issuer and Use of Proceeds Third Quarter 1962 - 67 (Net proceeds in millions of dollars) - 1967 1966 1965 1964 86 60 26 1 109 42 67 r/1963 1962 Mining New Capital New money Other purposes Refunding 55 . 38 17 2 Financial and real estate New Capital New money Other purposes Refunding 712 649 63 2 575 312 262 9 639 498 141 35 927 671 256 20 612 571 42 3 412 329 83 2 248 34 301 122 3 450 250 37 352 144 144 639 341 47 224 135 . 22 255 . Memo: 125 125 1/ — 22! 21 i lj 1/ 25 25 1 New Capital by - (Sales and consumer finance cos.) (Banks) (Other cos.) 1/ Less than $500,000. Note. — Details may Apt add to totals due to rounding. Source. — Securities and Exchange Commission and Federal Reserve. Table 2 Security Offerings c for New Capital by Manufacturing Companies Third Quarter 1962-67 (Net proceeds in millions of dollars) 1967 All manufacturing Petroleum and refining Other transportation equipment Primary nonferrous metals Chemicals Stone, clay and glass Nonelectrical machinery Textiles and apparel Paper Electrical machinery Foods Primary iron and steel Printing Fabricated metal products Rubber products Tobacco Beverages Motor vehicle and equipment Lumber, wood products Other 2/ 1/ 2/ 2,805 494 145 159 209 54182 78 153 448 150 95 51 222 56 26 17 13 78 175 1966 1,558 280 273 161 133 104 100 95 92 91 34 33 18 13 10 10 4 2 1 104 | 1965 | 1,119 52 15 43 170 53 99 152 80 47 . 78 102 7 16 32 25 22 26 100 1964 559 7 7 2 66 13 84 : 43 33 50 31 54 27 19 8 1 2 58 16 38 Less than $500,000. . , Includes issues of foreign manufacturers not further classif Note: Details may not add to totals due to rounding. Source: Securities and Exchange Commission and Federal Reserve. v\ I 1963 1 1962 566 15 806 48 76 73 147 6 70 44 34 20 15 5 23 5 15 . To 48 134 17 26 38 28 14 22 33 13 42 33 4 33 27 161 13 6 5 79 H. 14 Table 3 Total Corporate Security Offerings by Type of Issue Third Quarter 1962 - 67 (Gross proceeds in millions of dollars) Type of Issue Total Corporate Offerings 1967 1966 1965 1964 I r/ 1963 6,834 4,197 3,912 2,876 2,451 2,167 1,600 5,234 2,552 1,645 1,823 2,089 1,183 1,692 1,108 1,343 1,150 1,017 6,156 4,604 1,552 (1,632) 3,883 2,256 1,627 (925) 3,529 1,575 1,955 (194) 2,382 792 1,590 (103) 2,159 899 1,260 (84) 1,858 852 1,006 (153) 143 151 137 80 108 212 201 Type of offering Public Private Type of security Bonds and notes Public Private (Memo: Convertible) Preferred stock Common stock Source — 231 447 171 Securities and Exchange Commission. r 231 357 Table 4 Long-term Security Issues of State and Local Governments Third Quarter - 1962-67 (In Millions of dollars) 1967 r/1966 1965 673 181 833 384 387 146 563 319 998 1964 1963 1962 775 202 652 340 230 118 790 276 358 104 614 305 ' 155 113 679 284 1,094 811 1,249 791 422 3,069 2,510 2,781 2,663 2,172 1,653 3,050 Issuing Authority: State County and township Municipality School district Special districts and statutory Authority Total Purpose of IssueNew capital total Schools Highways, bridges & tunnels Residential buildings Hospitals and institutions Sewer and water Misc. public service enterprise Veterans' aid Other Refunding Total Type of Issue: General obligation Revenue Utility Quasi-utility Special tax Rental Public Housing Authority Federal Government Loans Total 2,494 2,600 2,578 1,837 1,582 793 311 168 149 559 71 724 394 137 218 312 87 769 149 133 27 329 528 712 132 181 14 246 132 492 126 113 20 270 113 999 623 609 271 144 30 273 125 50 1,099 644 420 448 19 16 180 84 335 71 3.069 2.510 2.781 2.663 2.172 1.653 1,796 1,090 224 655 77 134 105 77 1,300 1,017 187 650 44 137 120 73 1,918 694 196 260 140 99 132 36 1,340 1,149 612 369 40 128 130 44 1,188 806 421 236 10 139 116 61 998 511 217 178 75 42 106 3.069 2.510 2.781 2.663 :2,172 1,653 . Note:—Details may not add to totals because of rounding. Source:-*-Investment Bankers Association of America. - • —— —* 37 H.14 Table 5 Corporate Security Offerings by Type of Business of Issuer and Use of Proceeds First nine months 1962-67 (Net proceeds in millions of dollars) 1964 1965 r/ 1963 1967 1966 18,230 14,224 11,818 10,266 8,596 7,666 18,007 16,694 1,313 223 14,050 12,627 1,423 174 11,060 9,775 8,604 1,170 492 7,248 6,283 965 1,346 7,186 6,177 1,008 480 Foreign issues (359) (667) Manufacturing New capital New money Other purposes Re funding 8,247 7,339 908 98 5,623 5,155 468 73 3,870 3,434 436 293 1,712 1,416 295 178 2,312 1,935 377 162 2,211 1,728 483 171 Electric, gas & wtr. utilities New capital New money Other purposes Refunding 3,485 3,467 18 62 2,586 2,482 104 36 1,936 1,898 38 259 1,936 1,897 39 206 1,406 1,388 14 590 1,790 1,642 148 262 Communication New capital New money Other purposes Refunding 1,686 1,681 5 11 1,561 1,524 37 4 669 649 20 6& 1,998 1,867 131 29 614 545 68 353 958 897 62 - 8 259 259 300 300 219 219 271 271 261 226 35 72 169 168 1 Total corporate offerings New capital New money Other purposes Refunding Memo: Railroad New capital New money Other purposes Refunding 9,767 1,292 758 (722) (228) 18 (617) (376) Other transportation New capital New money Other purposes Refunding 1,296 1,280 16 21 1,130 903 227 5 471 394 77 5 436 337 100 22 381 355 24 2 229 222 7 Commercial and other New capital New money Other purposes Refunding 1,114 924 190 33 870 682 188 18 769 694 75 44 397 294 103 11 404 338 66 38 493 415 78 18 1/ H«14- Table 5 (Cont'd) Corporate Security Offerings by Type of Business of Issuer and Use of Proceeds First Nine Months - 1962-67 ^ (Net Proceeds in Millions of Dollars) > Mining New capital New moneyOther purposes Refunding Financial and real estate New capital New money Other purposesRefunding Memo: 1967 1966 224 204 20 4 298 281 17 25 1,697 1,541 156 5 1,682 1,300 382 14 549 354 664 273 139 1,271 1965 1964 r/ 1963 220 157 . 63 5 1962 283 173 HO 1 153 105 48 2 128 116 12 2 2,905 2,322 583 67 2,741 2,349 392 46 1,723 1,394 329 120 1,207 988 219 18 883 775 1,247 997 497 1,247 726 89 907 281 95 831 New Capital by - (Sales and consumer finance cos.) (Banks) (Other cos.) r/ Revised. 1/ 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 6 Security Offerings for New Capital by Manufacturing Companies First nine months 1962 - 67 (Net proceeds in millions of dollars) All Manufacturing Chemicals Nonelectrical machinery Petroleum and refining Other transportation equipment Electrical machinery Primary nonferrous metals Stone, clay, and glass Textiles and apparel Paper Primary iron and steel Lumber, wood products Motor vehicle and equipment Foods Beverages Rubber products Printing Fabricated metal products Tobacco * Other 1/ 1/ 8,261 5,622 3,870 1,088 1,403 Includes issues of foreign manufacturers not further classified. Note: Details may "Ot add to t o t a k ^ u e to rounding. ^Securities^Ind^Exchange Commission and Federal Reserve. Source: ) 2,311 H. 14 Table 7 »™' " E s r j r s a r s s " - s w (Gross proceeds in millions of dollars) pe of Issue Total corporate offerings 1967 18,506 1966 I 196* | 1964 'r/ 14,406 11,962 10,389 8,715 7,829 7,980 6,425 5,785 6,177 5,577 4,181 4,534 4,747 4,812 7,706 3,092 4,614 (330) 7,713 3,395 4,319 (272) 6,371 3,352 3,019 (397) Typg of Offering 13,560 4,945 Public Private Type of Security Bonds and notes f Public Private (Memo: -Convertible) Preferred Stock 16,712 11,884 4,829 (3,145) 12,267 5,971 6,296 (1,460) 474 538 329 1,263 1,665 1,193 2,354 securities and Exchange Commission. 10,231 4,344 5,886 (1,091) 530 Common Stock b: 1963 228 774 3,082 300 1,158 H. 14 Table 8 Long-term Security Issues of State and Local Governments First nine months 1962 - 67 (In millions of dollars) 1967 1966 1965 1964 1963 1962 2,192 947 2,850 1,712 3,411 2,037 666 1,842 1,200 2,982 1,900 586 1,975 1,391 2,826 1,113 482 2,313 1,275 3,156 1,223 421 2,312 1,189 2,878 1,094 495 2,194 .1,292 1,923 11,111 8.727 8.678 8.339 8.024 6.997 10,993 8,637 7,902 7,923 6,955 6,790 3,639 987 465 592 1,464 2,785 1,073 353 411 1,195 2,823 608 435 164 1,066 2,558 628 575 72 1,195 2,361 573 587 170 1,090 2,377 990 402 107 936 328 272 2,550 771 90 2,032 559 3,518 336 50 2,420 1,615 354 125 1,500 118 90 776 416 1,069 208 11,111 8,727 8,678 8,339 8,024 6,997 6,981 3,557 708 2,064 177 607 339 235 5,243 2,904 670 1,506 147 580 325 255 5,500 2,700 903 1,124 191 482 374 104 4,776 2,868 1,268 1,228 75 297 533 162 4,374 3,219 1,496 1,024 38 661 254 177 4,524 2,041 683 1,017 90 251 320 112 8.678 11.111 8.727 Total Note; Details may not add to totajLs because of rounding. Source: Investment Bankers Association Of. Amerj ra. 8,339 8.024 6.997 Issuing authority: State County and township Municipality School district Special district & statutory 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
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