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DECOHTfiMisD

AFTER

siz nostss

Not f o r P u b l i c a t i o n
(H.14 Sypplement)

L

1
March

1, 1966.

CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES
~ - - = = d R t t a c h e d f o r your i n f o r m a t i o n a r e s i x t a b l e s and f o u r
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 and two t a b l e s and t h r e e
c h a r t s on S t a t e and l o c a l government bond s a l e s during the t h i r d
q u a r t e r and f i r s t n i n e months f o r the y e a r s 1 9 6 0 - 6 5 .

I
k'

C a p i t a l Markets S e c t i o n ,
D i v i s i o n o f Research and S t a t i s t i c s ,
Board of Governors o f the F e d e r a l Reserve System.




Table 1
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
Third Quarter 1960-65
(Net proceeds i n m i l l i o n s of d o l l a r s )

1965

1964

1963

1962

1961

1960

Total corporate o f f e r i n g s

3,869

2,837

2,404

2,128

2,508

2,467

New c a p i t a l
New money
Other purposes
Refunding

3,533
3,177
356
336

2,621
2,077
544
216

2,109
1,884
225
295

1,902
1,507
395
226

2,457
2,108
349
51

2,428
2,222
205
39

Foreign i s s u e s

263

94

109

55

87

38

Manufacturing
New c a p i t a l
New money
Other purposes
Refunding

1,119
979
141
121

559
444
115
89

806
661
145
79

566
381
185
49

941
715
226
37

562
504
59
10

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 purposes
Refunding

786
780
6
103

642
623
18
81

285
278
7
104

376
318
59
160

614
599
15
5

652
638
14
15

Communication
New c a p i t a l
New money
Other purposes
Refunding

323
315
8
59

59
35
23
21

150
136
14
77

274
222
52
8

111
99
12
1

317
314
3

63
63

89
89

76
76

85
84
1

26
26

63
63

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 purposes
Refunding

169
163
6
2

80
74
6
2

55
42
13

58
57
1

81
76
4

130
101
29
1/

Commercial and o t h e r
New c a p i t a l
New money
Other purposes
Refunding

347
319
28
14

157
99
58
3

123
116
7
15

105
91
14
7

192
157
35
2

105
82
23
3

Memo:

Railroad
New c a p i t a l
New money
Other purposes
Refunding




1
Table 1 (Cont'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 (Cont'd)
Third Quarter 1960-65
(Net proceeds i n m i l l i o n s of d o l l a r s )

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
Memo:

1965

1964

1963

1962

1961

1960

86
60
26
1

109
42
67

22
21
1
1/

25
25
1

60
42
18

30
27
3
7

639
498
141

927
671
256

591
554
37

412
329
83

432
393
39

569
494
76 1

250
37
352
35

144
144
639
20

341
47
203
13

135
22
255
2

102
22
308
7

410;
22 ;
137 1
4

- -

- -

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 . )
Refunding

If Less than $ 5 0 0 , 0 0 0 .
N o t e . - - D e t a i l s may not add t o t o t a l s due t o rounding.
S o u r c e . - - S e c u r i t i e s and Exchange Commission and F e d e r a l R e s e r v e .




f
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
Third Quarter 1960-65
(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
T e x t i l e s and apparel
Primary i r o n and s t e e l
N o n e l e c t r i c a l machinery
Paper
Foods
S t o n e , c l a y and g l a s s
Petroleum and r e f i n i n g
E l e c t r i c a l machinery
Primary nonferrous metals
Rubber products
Lumber, wood products
Beverages
Motor v e h i c l e and equipment
F a b r i c a t e d metal products
Other t r a n s p o r t a t i o n equipment
Printing
Tobacco
Other 2/

1965

1964

1963

1962

1961

1960

1,119
170
152
102
99
80
78
53
52
47
43
32
26
25
22
16
15
7

559
66
43
54
84
33
31
13
7
50
2
8
16
2
58
19
7
27
1
38

806
147
44
5
70
34
15
6
48
20
73
15
27
4
33
5
76
23

566
134
38
33
26
28
22
17
15
14
48
33
5
13
6
42
1/
13

941
84
29
10
70
46
99
8
218
74
123
9
12
8
20
11
14
21

562
63
43
151
34
18
20
8
3
49

161

79

85

66

100

1/ Less than $ 5 0 0 , 0 0 0 .
2 / 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 .
N o t e . - - D e t a i l s may not add t o t o t a l s due to rounding.
S o u r c e . - - S e c u r i t i e s and Exchange Commission and F e d e r a l Reserve.




1
4
6
1/
71
11
14

•

Table 3

-

$

H.14

T o t a 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
Third Quarter - 1960-65
(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

1965

1964

1963

1962

1961

1960

3,912

2,876

2,436

2,167

2,575

2,520

1,823
2,089

1,183
1,692

1,099
1,337

1,150
1,017

1,369
1,205

1,713
807

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

2,382
792
1,590
(103)

2,149
898
1,251
(84)

1,858
852
1,006
(153)

1,912
768
1,144
(199)

2,091 I
1,336
754 ;
'116) ;

Preferred stock

151

137

79

108

83

Common s t o c k

231

357

208

201

580

T o t a l corporate o f f e r i n g s
Tvne 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 )

S o u r c e - - S e c u r i t i e s and Exchange Commission.




92

;

337 ;

Table 4
Long-term S e c u r i t y I s s u e s of S t a t e and Local Governments
Third Quarter - 1960-65
( I n m i l l i o n s of d o l l a r s )

1965

1964

1963

1962

1961

1960

775
202
652
340
811

230
H8
790
276
1,249

358
104
614
305
791

155
113
679
284
422

538
131
513
255
398

269
125
508
308
574

2,781

2,663

2,172

1,653

1,836

1,784

2 ,600

2 ,578

1 ,837

1,582

1 824

1 ,788

Schools
609
Highways, b r i d g e s and t u n n e l s
271
Residential buildings
144
H o s p i t a l s and i n s t i t u t i o n s
30
Sewer and w a t e r
273
Misc. p u b l i c s e r v i c e e n t e r p r i s e s
125
Veterans 1 aid
50
Other
1 ,099

769
149
133
27
329
528

712
132
181
14
246
132

492
126
113
20
270
113

644

420

448

724
173
117
19
261
66
100
364

523
477
56
27
269
65
50
310

84

335

71

12

6
1 ,784

Issuing authority:
State
County and township
Municipality
School d i s t r i c t
Special authority
Total
P u r p o s e of i s s u e :
New c a p i t a l t o t a l

Refunding

180
Total

2 ,781

2 ,663

2 ,172

1,653

1 ,836

Type of I s s u e :
General o b l i g a t i o n
Revenue
Utility
Quasi-utility
Special tax
Rental
P u b l i c Housing A u t h o r i t y
F e d e r a l Government Loans

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
37

1.,311
383
153
135
28
67
112
30

1.,198
510
141
346
1/
23
50
26

Total

2 , 781

2, 663

2, ,172

1,653

1,836

1, 784

JJ

Less than $ 5 0 0 , 0 0 0 .

N o t e . - - D e t a i l s may not add t o t o t a l s b e c a u s e of r o u n d i n g .
S o u r c e . - - I n v e s t m e n t Bankers A s s o c i a t i o n of A m e r i c a .




Table 5
Corporate S e c u r i t y O f f e r i n g s by Type of Business
of I s s u e r and Use of Proceeds
F i r s t nine months - 1960-65
(Net proceeds i n m i l l i o n s of d o l l a r s )

1965

1964

1963

1962

1961

1960

Total corporate o f f e r i n g s

11,818

10,266

8,656

7,666

9,696

7,146

New c a p i t a l
New money
Other purposes
Refunding

11,060
9,767
1,292
758

9,775
8,604
1,170
492

7,307
6,376
932
1,349

7,186
6,177
1,008
480

8,939
7,946
993
757

6,955
6,375
580
191

Foreign i s s u e s

722

228

671

376

290

134

Manufacturing
New c a p i t a l
New money
Other purposes
Refunding

3,870
3,434
436
293

1,712
1,416
295
178

2,344
1,941
403
164

2,211
1,728
483
171

2,907
2,320
587
235

1,372
1,194
178
26

E l e c t r i c , gas & wtr. u t i l i t i e s
New c a p i t a l
New money
Other purposes
Refunding

1,936
1,898
38
259

1,936
1,897
39
206

1,405
1,385
20
582

1,790
1,642
148
262

2,049
1,989
60
58

2,058
2,009
49
39

669
649
20
68

1,998
1,867
131
29

607
540
67
349

958
897
62

1,291
1,265
25
378

655
651
4
1

219
219

271
271

260
238
23
80

169
168
1

109
109

153
153

Memo:

Communication
New c a p i t a l
New money
Other purposes
Refunding
Railroad
New c a p i t a l
New money
Other purposes
Refunding

18

21

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 purposes
Refunding

471
394
77
5

436
337
100
22

386
370
17

229
222
7
1/

394
347
47
12

360
324
36
3

Commercial and other
New c a p i t a l
New money
Other purposes
Re funding

769
694
75
44

397
294
103
11

398
357
40
38

493
415
78
18

567
464
103
30

399
314
85
12




Table 5 (Cont'd)
Corporate S e c u r i t y O f f e r i n g s by Type %)f B u s i n e s s of I s s u e r and Use of Proceeds
F i r s t nine months - 1960-65
(Net proceeds i n m i l l i o n s of
ddllars)

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
Memo:

1965

1964

1963

1962

1961

1960

220
157
63
5

283
173
110
1

172
127
45
1

128
116
12
2

172
140
32
1

188
114
74
8

2,905
2,322
583

2,741
2,349
392

1,735
1,418
317

1,207
988
219

1,451
1,312
139

1,770 !
1,615
155:
&

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 . )
Refunding

883
775
1,247
67

997
497
1,247
46

727
89
919
134

• 1 / Less than $500,000.
N o t e . - - D e t a i l s may not add t o t o t a l s due t o rounding.
S o u r c e . - - S e c u r i t i e s and Exchange Commission and Federal Reserve.




F

281
95
831
18

493
68
890
21

1,055 %"
106$
609 %
6 8

1
|
|

Table 6
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
F i r s t nine months - 1960-65
(Net proceeds i n m i l l i o n s of d o l l a r s )

All Manufacturing
Chemicals
N o n e l e c t r i c a l machinery
Motor v e h i c l e and equipment
T e x t i l e s and apparel
Petroleum and r e f i n i n g
Paper
E l e c t r i c a l machinery
Foods
Primary i r o n and s t e e l
Primary nonferrous m e t a l s
Other t r a n s p o r t a t i o n equipment
S t o n e , c l a y and g l a s s
Printing
Rubber products
Lumber, wood products
F a b r i c a t e d metal products
Beverages
Tobacco
Other 1/

1965

1964

1963

1962

1961

1960

3,870
663
348
314
302
277
276
243
194
191
183
99
88
84
78
75
64
50
11
330

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

2,344
239
197
36
110
338
66
119
156
22
211
193
47
41
100
45
55
11
1
357

2,211
304
190
12
145
211
88
218
107
126
68
45
85
43
45
19
65
44

2,907
165
190
49
70
395
134
274
171
449
146
133
99
75
36
35
26
11
47
402

1,371
171
112
13
67
9
35
172
54
182
32
74
31
22
26
57
110
6

396

i
1/

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 .

N o t e . - - D e t a i l s may not add t o t o t a l s due t o rounding.
S o u r c e . - - S e c u r i t i e s and Exchange Commission and Federal Reserve.




198

Table 7
T o t a 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
F i r s t nine months - 1960-65
(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 o t a l corporate o f f e r i n g s

1965

1964

11,962 10,389

1963

1962

1961

1960

8,770

7,829

9,898

7,322

4,179
4,591

4,747
3,082

6,362
3,536

4,826
2,495

Tvpe of o f f e r i n g
Public
Private

5,785
6,177

5,577
4,812

Tvpe 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 )
P r e f e r r e d Stock
Common Stock

10,231 7,706 7 , 7 7 3 6 , 3 7 1 7 , 0 0 1 5 , 6 6 5
4,344 3,092 3,395 3,352 3,731 3,344
5,886 4,614 4,378 3,019 3,270 2,320
(1,091)
(330)
(272) (397)
(500) (321)
538

329

225

300

369

303

1,193

2,354

773

1,158

2,528

1,354

S o u r c e . - - S e c u r i t i e s and Exchange Commission.




Table 8
Long-term S e c u r i t y I s s u e s of S t a t e and Local Governments
F i r s t nine months - 1960-65
(In m i l l i o n s of d o l l a r s )

1965

1964

1963

1962

1961

1960

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

1,560
476
1,889
1,125
1,362

954
403
1,674
1,172
1,739

8,678

8,339

8,024

6,997

6,412

5,942

7,902

7,923

6,955

6,790

6,385

5,911

2,823
Schools
608
Highways, b r i d g e s and t u n n e l s
435
Residential buildings
164
H o s p i t a l s and i n s t i t u t i o n s
1,066
Sewer and water
336
Misc. p u b l i c s e r v i c e e n t e r p r i s e s
50
Veterans 1 a i d
2,420
Other

2,558
628
575
72
1,195
771
90
2,032

2,361
573
587
170
1,090
559
1,615

2,377
990
402
107
936
354
125
1,500

2,281
714
266
87
978
333
413
1,314

1,886
874
327
85
829
195
201
1,514

776

416

1,069

208

27

31

8,678

i8 , 3 3 9

-8 , 0 2 4

6,997

6,412

5,942

5,500
2,700
903
1,124
191
482
374
104

<4,776
2,868
1,268
1,228
75
297
533
162

<4 , 3 7 4
:3,219
1,496
1,024
38
661
254
177

4,524
:2 , 0 4 1
683
1,017
90
251
320
112

-4 ,457
1,633
678
657
57
242
235
87

3,885
:1,770
839
734
56
141
204
83

8,678

($,339

8,024

6,997

6,412

5,942

Issuing authority:
State
County and township
Municipality
School d i s t r i c t
Special authority
Total
Purpose of i s s u e :
New c a p i t a l t o t a l

Refunding
Total
Tvoe of i s s u e :
General o b l i g a t i o n
Revenue
Utility
Quasi-utility
S p e c i a l tax
Rental
P u b l i c Housing A u t h o r i t y
Federal Government loans
Total

N o t e . - - D e t a i l s may not add to t o t a l s because of rounding.
S o u r c e . - - I n v e s t m e n t Bankers A s s o c i a t i o n of America.




CHART 1
CORPORATE SECURITY OFFERINGS
USE OF PROCEEDS
F i r s t Nine Months 1960-65
B i l l i o n s of d o l l a r s

12.0
Refunding

10.0 -

1
8.0 -

New Money
6.0 —

4.0 -

2.0 Other
Purposes

1965




1964

1963

1962

1961

1960

CHART 2
CORPORATE SECURITY OFFERINGS FOR NEW CAPITAL
BY TYPE OF BUSINESS
F i r s t Nine Months 1960-65
B i l l i o n s of d o l l a r s

12.0

10.0
Manufacturing

8.0

6.0

Public
Utilities

Communication
4.0

-Real E s t a t e
and
Financial

2.0

m

Other

1965




1964

1963

1962

1961

1960

CHART 3

CORPORATE SECURITY OFFERINGS
BY TYPE OF ISSUE
F i r s t Nine Months 1960-65
B i l l i o n s of d o l l a r s

12.0

10.0

8.0

Common Stock

Preferred
Stock
Convertible
Bonds

6.0
Nonconvertible

4.0

2.0

1965




1964

1963

1962

1961

1960

n

CHART 4
PERCENTAGE DISTRIBUTION OF BONDS SOLD BETWEEN
THOSE PUBLICLY OFFERED AND PRIVATELY PLACED
F i r s t Nine Months 1960-65
Per cent
100

80
Public

60

40

Private

1965




1964

1963

1962

1961

1960

LONG-TERM SECURITY ISSUES OF STATE AND LOCAL GOVERNMENT
BY ISSUING AUTHORITY
F i r s t Nine Months 1960-65
B i l l i o n s of d o l l a r s

10.0

8.0

Special
Authority

6.0
Municipality
4.0
State
2.0
Other
0
1965




1964

1963

1962

1961

1960

CHART 6
LONG-TERM SECURITY ISSUES OF STATE AND LOCAL GOVERNMENT
BY PURPOSE OF ISSUE
F i r s t Nine Months 1960-65
B i l l i o n s of d o l l a r s
10.0

Refunding
8.0

6.0

w

Highways,
Bridges &
Tunnels
Sewer and
Water

i II
i

2.0

1965




1964

1963

1962

•
1960

CHART 7
LONG-TERM SECURITY ISSUES OF STATE AND LOCAL GOVERNMENT
BY TYPE OF ISSUE
F i r s t Nine Months 1960-65
B i l l i o n s of d o l l a r s
10.Oi

8.0 -

_

General
Obligation

4.0 —

2.0 -

Pub. H. Auth.
0lfedt

E
1965




1964

•zz.
1963

a

.

1962

a
1961

1960