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DECONTROLLED AFTER SIX MONTHS

January 30, 1969.

Not for Publication
(L.5.8. Supplement)
ftaf
CAPITAL MARKETS DEVEL&01ENTS
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
1963-68.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




L. 5.8

-

Table 1
Corporate Security Offerings by Type of Business
of Issuer and Use of Proceeds
Third Quarter 1963- 68
(Net proceeds in millions of dollars)

1968

11967

1966

1965

1964

r/ 1963

Total corporate offerings

5,006

6,719

4,143

j 3,869

2,837

2,417

New capital
New money
Other purposes
Refunding

4,982
4,340
642
24

6,586
5,946
640
133

4,091
3,663
428
" 52

3,533
3,177
356
336

2,621
2,077
544
216

2,129
1,881
248
288

Foreign issues

124

234

154

263

94

.116

Manufacturing
New capital
New money
Other purposes
Refunding

1,600
1,299
300
7

1,558
2,791
2,397 . 1,484
74
395
17
37

1,119
979
141
121

559
444
115
89

796
654
143
83

1,144
1,059
85

1,220
1,209
11
44

657
616
41
22

786
780
6
103

642
623
18
81

287
280
7
102

" 483
461
22
2

595
594
1

567
566
1

. - -

- -

323
315
8
59

59
35
23
21

144
130
14
80

89
89

75
75

Memo:

Electric, gas & wtr. utilities
New capital
New money
Other purposes
Refunding

—

Communication
New capital
New money
Other purposes
Refunding
Railroad
New capital
New money
Other purposes
Refunding

36
36
,

76
76

63
63

——

>

79
77

——

——

——

2

--

1

Other transportation
New capital
New money
Other purposes
Refunding

386
362
24

549
538
11
20

Commercial and other
New capital
New money
Other purposes
Refunding

708
631
77
3

583
441
142
. 27




8

302
292
10
2

169
163
6
2

80
74
6
2

61
47
14

231 ,
.192 .
39
2

347
319
28
14

157
99
58
3

132
103.
29
12

.

Table 1 (Cont'd)
Corporate Security Offerings by Type of Business
of Issuer and Use of Proceeds
Third Quarter 1963 - 68
(Net proceeds in millions of dollars)

1968
Mining
New Capital
New money
Other purposes
Refunding
Financial and real estate
New Capital
New money
aOther purposes
Refunding
Memo:

1967

1966

1965

1964

1963

112
109
.3

55
38
17
2

125
125
1/

86
60
26
1

109
. 42'
67

22
21
1
1/

• --

.

--

513
382
131
12

712
649
63
2

575
312
262
9

639
498
141
35

927
671
256
20

- 100
#6
327

248
34
301

122
3
450

250
.37
352

144
144
639

r

612
571
42
, 3

New Capital by -

(Sales and consumer finance cos.)
(Banks)
(Other cos.)

1/ Less than $500,000.
Note. — Details may not add to totals due to rounding.
^Source. — Securities and Exchange Commission and Federal Reserve.




341
47
224

L.5.8

Table 2
Security Offerings for New Capital by
Manufacturing Companies
Third Quarter 1963-68
(Net proceeds in millions of dollars)

I
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/

1968

1967

1,585
355
178
86
118
53
56
43
40
128
127
43
21
49
17

2,805
494
145
159
209
54
182
78
153
448
150
95
51
222
56
26
17
•
13
78
.
175

27
37
42
165

1966

1 1965

1 1964

1963

1,558l 1,119
559
2801 • 5 V
7
'
273
15
7
161
43
2
133
170
66
13
104
53
100
99
84
95
152
43
33
80
92
'
50
91
47
31
34
78
33
102
54
27
18\ .
7
•13
16
19
32
8
10
10
-L
2
25
4!
22
58
2;
26 ^. ' 16
1
38
100
104

r/796
48
76
73
147
6
70
44
34
20
' 15
5
23
5
15

1/

Less than $500,000.

2/

Includes issues of foreign manufacturers not further classified.

Note: Details may not add to totals due to rounding.
Source: Securities and Exchange Commission and Federal Reserve.




• 4
33
27
r/151

L. 5.8

Table 3

Total Corporate Security Offerings by Type of Issue
Third Quarter 1963.-68
(Cress proceeds in millions of dollars)

Type of Issue
Total Corporate Offerings

1967

1966

1965

'.,132

6,834

4,197

3,912

2,876

%,680
1,452

5,234
1,600

. 2,552
1,645

1 j823
2,089

.1,183
1,692 _
_

1,108
1,343

3,967
1,607
1,361
(1,037)

6,156
4,604
1,552
(1,632)

3,529
1,575
1,955
(194)

2,382
792
1,590
(103)

2,159
899
1,260
(84)

Type of offering
Public
:vivate

1964

1963

1968

2,451

-

Type of security
i
j

Bonds and notes
" Public
Private
(Memo: Convertible)

3,883 ^
2,256
1,627
(925)

Preferred stock

180

231

143

151

137

80

Common stock

986

447

171

231

357

212

-

Source -- Securities and Exchange commission. •




—-

Table 4
LONG-TERM SECURITY ISSUES OF.STATE AND LOCAL GOVERNMENTS
Third Quarter - 1963-68
(In Millions of dollars)
1968p/ |r/L967
State
County and township
Municipality
School district
Special districts and statutory
Authority

813
479 1,018
562

1 1965

I 1966
I
')

Issuing Authority:

628
192
860
389 :

| 1964

|

1963

%

358
104
614
305

|

1387
!146
563
319

775
202
652
340

230
118
790
276

1,742

1,081 {1,094

811

1,249

791

4.612

Total

3,150

i 2,510
j:

2,781

2,663

2,172

2,578

1,837

Purpose ol1 Issue:

-

:

4,589

3,131

2,494

2,600

1,293
Schools
392
Highways, bridges & tunnels
140
Residential buildings
281
Hospitals and institutions
493
Sewer and water
401
Misc. public service enterprises
1
Veterans aid
1,589
Other

859
362
169
153
571
82

' 724
394
137
218
312
. 87

644

New capital total

Type of Issue:

623

19

16

180

84

335

4,612

Total

936

23

• Refunding

609
271
144
30
273
125
50
1,099

3,150

2.510

2.781

2,663

2.172
1,188

,

769
149
133
27
329
528 .

• 712
132
181
14
246
132
420

I

General obligation

. 2 , 607

1,820

1,300

1,918

1,340

Revenue

j 1,812

1,017

694

1,149

Utility
*
Quasi-utility
Special tax
Rental
Public Housing Authority
Federal Government Loans

!

1,147
238
473
77
360
105
77

187
650
44
137
120
73

196
260
140
99
132
36

612
369
40
128
130
44

Total

"

541
313
. 76
882
129
65

j tV,612 ,
1 3,150 12,510

Note:--Details may not add to totals because of rounding.
Source:--Investment Bankers Association of America,
r/ Revised
£/ Preliminary.




806
421
, 236
10
! 139
"
116
61

1

1 2,781 | 2,663 | 2,172

Table 5
Corporate Security Offerings by Type, of Business
or Issuer and Use of Frocapds
First nine months 1963 - 68
(Net proceeds in millions of iiollars)

1968

1965

1964

1963

•

15,681

New capital
N c ; money
fv
Other purposes
.
' Ref u "
Foreign issues

I

•ManufcV. : uring.
I - w capital
.e
New money
Other purposes
Refunding

18,227

14,224

11,818

18,004
16,691
1,313
. 223

14,050
12,627
1,423
174

11,060
9,767
1,292
758

9,775
8,604
1,170
492

7,248
6,283
965
1,346

(358)

(667)

(722/

(228)

(617)

8,247
7,339
908
98

5,623
5-, 1:35
468
73'

3,870
3,434
436
293

1,712
1,416
295
178

2,312
1,935
377 '
162

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 ,5 61
1,524
37
4

669
649
- 20
. 68

1,998
1,867
131
29

614
545
68
353

' 271
271
--

261
226
35 .
72

(617)
5,108
4,180
928
45

Electric, gas & wtr. utilities
New capital"
New money
fithor purposes

-

-

3,738
3,583
I
155
52

3,485
3,467
18
42

1,422
1,364
58
9

;Re f i . n r l ing

Communication
New capital
New money
Other purposes
Refunding
Railroad
New capital
New money
Other purposes
' Refunding

19h6

15,540 /
13,769
1,771
141

Total corporate offerings

Memo:

j r/1967

1,686
1,681
5

147
147

: 259
259

—
--

1/

.
.

1

- 300
300

219
219

---

10,266 -

--

18

8,596

Other transportation
New capital
New money
Other purposes
Refunding
:

1,139
1,083
56
2

1,296
. 1,280
16
21

1,130
903
227
5

471
394
77
5

436
337
100
22

381
355
24
2

Commercial and other
New capital
New money
Other purposes
Refunding

1,896
1,684
212
17

1,114'
924
190
" 33

870
682
188
18

769
694
75
44

397
294
103
11

404
338
66
38




s
L.5.8

!

«

.

Table 5 (Cont *d)
Corporate Security Offerings by Type of Business of Issuer and Use of Proceeds
First Nine Months - 1963-'68

-

(Net Proceeds in Millions of Dollars)

1968
Mining
New capital
New money
Other purposes
Refunding
Financial and real estate
New capital
New money
"Other purposes
Refunding
Memo:

r/1967

1966

1965

1964

1963

336
318
18

354
334
20
4

298
281
17
25

220
157
63
5
;

283
173
110
1

153
105
48
2

1,753
1,409
344
16

1,564
1,408
156
5

1,682
1,300
382
14

2,905
2,322
583
67

2,741
2,349
392
46

1,723
1,394
-329
120

273
,139
1,271 .

883
775
1,247

New Capital by (Sales and consumer finance cos.)
(Banks)
(Other cos.)

448
295
1,010

549
354 ;
664

r/
Revised.
1/
Less than $500,000.
I
Note: Details may not add to totals due to rounding.
Source: Securities and Exchange Commission and Federal Reserve.




-

997
497
1,247

726
89
907

L.5.8

Table 6
Security Offerings for New Capital by
Manufacturing Companies
First nine months 1 9 6 3 - 6 8
(Net proceeds in millions of dollars)

1968
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 vehicles and equipment
Foods
Beverages
Rubber products"
.Printing
Fabricated metal products
Tobacco
Other 1/

1967

1966

1965

•5,093
• 8,261 • 5,622 , 3,870
663
614
709
806 /
766
764
348
441
1,088
569
1,070
277
641
99
350
484
279
1,403
377
243
281
183
. 255
470
126
26488
108
302
190 '
235
128'
229
234
490
276
175
349
• 191
'227,
125
185
75
78
157 .
179
163
314
331
269
128 .
194
50
125
84
58
62
66
-78
42
65
99
171
84
151
62
421
64
——
\ 137
10
11
307
6-21
330
757

1/. Includes issues of foreign manufacturers not further classified.
Note: Details may not add to totals due to rounding.
Source: Securities and Exchange Commission and Federal Reserve.




1964

1963

1,711
178
220
12
60
151
173
21
101
' 85
125
26
73
70
- 42
31
61
78
27
178

2,311
23.9
197
338
193
119
211
•
47
110
66
22
45
36
156
11
100
41
55
1
324

/o
L. 5.8
Table 7
Total Corporate Security Offerings by Type of Issue
First nine months 1963 - 68
(Gross proceeds in millions, of dollars)

Type of Issue
Total corporate offerings

1968

1967

1966

1965

1964

16,015

18,506

14,406

11,962

10,389

11.135
4,880

13,560
4,945

7,980
6,177

5,785
6,177

5,577
4,812

4,181
.4,534

12,905
8,176
4,729
(2,379)

16,712
11,884
4,829
(3,145)

12,267
5,971
6,296
(1,460)

10,231
4,344
5,886
(1,091)

7,706
3,092
4,614
(330)

7,713
3,395
4,319
(272)

Type of Offering
Public
Private

1963
8,715
i ' - .
'
i ••

Type of Security
Bonds and notes
Public
Private
(Memo: Convertible)
Preferred Stock .
Common Stock
Source:

552

530

474

538

329

228

2,558

1,263

1,665

1,193

2,354

774

Securities and Exchange Commission.




Table 8

L-.5.8

Long-term Security Issues of State and Local Governments
First nine months 1963-68
(In millions of dollars)
-

1968

r/1967

1966

1965

1964

1963

1,914
1,455
2,765
1,694
4,388

2 ,145
958
2 ,980
1 ,718
3 ,498

.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

12,205 ' 11.2Q9

8,727

8,678

8,339

8,024

7,923

. 6,955

I-ssuine; authority:
State
;
County and township
Municipality
School district
Special district' and
Statutory authority
Total
Purpose of issue:
12,127

New capital total
Schools
Highwaysj bridges & tunnels
Residential buildings
Hospitals' and institutions
Sewer and water
Misc. public service
enterprises
Veterans' aid
Other

3,648
1,081
618
667
1,399
716

11 ,087
3 ,702
,1 ,038
466
595
1,475
340 .

8,637

7,902

2,785
1,073"
353
, 411
1,195
272

2,823
608
435
164
1,066
336

2,558
• 628
575
72
1,195
771 .

2,361
573
587
170
1,090
559

2,550

50
2,420

90
2,032

1,615

122

90

776

416

1,069

12,205

• Total

3 ,472
.

82

Refunding

3,998

11 ,209

8,727

8,678

8,339

8,024

5,243

Type of issue:
6,910

General obligation
Revenue
Utility
Quasi-utility
Special tax
Rental
Public Housing Authority
Federal Government loans
Total

-

4,643
1,246
897
129
2,375
417
234
12,205

7 ,010
3
3,624
716
474
. i/o
1,257
jjy
236
11,209

5,500

4,776

4,374

2,700
2,904
670
903
1,506
1,124
147
191
580 .
482
325
374
255
104

2,868
1,268
1,228
75
297
533
162

3,219
1,496
1,024
38
661
254
177 .

8,678

8,339

8,024

8,727

Note: Details may not add to totals because of rounding.
Source: Investment Bankers Association of America,
r/ Revised.




<


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102