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DECONTROLLED AFTER SIX MONTHS Not for Publication (H. 14 Supplement) i .if*. AL 1 March 20, 1968. 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 fourth quarter and for the years 1962-67. Capital Markets Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. H. 14 Table 1 Corporate Security Offerings by Type of Business of Issuer and Use of Proceeds Fourth Quarter 1962 - 6 7 (Net Proceeds in millions of dollars) 1967 1966 1965 1964 1903 6,181 3,617 3,982 3,526 3,451 6,092 5,538 554 3,550 3,179 371 67 3,745 3,296 449 237 3,264 2,629 635 262 3,2 71 2,(11 660 180 89 117 300 227 44 Manufacturing New capital New money Other purposes Refunding 2,527 2,192 335 13 1,232 968 265 52 1,145 914 231 45 1,061 857 204 66 961 630 331 38 Electric, gas & wtr. utilities New capital New money Other purposes Refunding 1,255 1,239 16 65 984 984 3 610 551 59 99 509 508 532 330 2 lll3 269 266 4 417 405 11 177 174 3 24 135 99 36 117 61 56 7 32 32 44 44 60 60 95 90 5 4 Total corporate offerings New capital New money Other purposes Refunding Memo; Foreign Issues Communication New capital New money Other purposes Refunding Railroad New capital New money Other purposes Refunding 10 1/ 23 23 - % 8 4 Other transportation New capital New money Other purposes Refunding 439 424 15 477 414 63 232 219 13 13 174 163 11 10 126 124 2 1 Commercial and other New capital New money purposes Digitized forOther FRASER Refunding 533 488 45 10 141 138 3 201 171 330 30 221 196 25 62 168 144 24 11 1/ . . - > . H. 14 . ' . ' A Table 1 (Cont'd) Corporate Security Offerings by Type of Business of Issuer and Use of Proceeds Fourth Quarter 1962 - 6 7 (Net proceeds in millions of dollars) 1967 Mining New capital New money Other purposes Refunding 209 140 69 Financial and real estate New capital .. New money Other purposes Refunding 835 766 69 Memo; 1966 1965 112 92 20 47 47 —— 1/ 1/ — 220 191 29 — . 1,223 1,132 91 26 1964 1963 1962 123 110 13 8 31 26 5 71 69 2 : 2 | 981 636 346 . 34 1,239 1,005 234 11 618 521 98 5 392 220 628 231 16 371 New Capital by- (Sales and consumer finance cos.) (Banks (Other Cos.) 435 7 393 58 4 158 557 96 570 1/ Less than $500,000. Note--Details may not add to totals due to rounding. Source—Securities and Exchange Commission and Federal Reserve. 267 106 608 7 H. 14 Table 2 Security Offerings for New Capital by Manufacturing Companies Fourth Quarter 1962-67 (Net proceeds in millions of dollars) 1967 All manufacturing 0 Electrical machinery Petroleum and refining Other transportation equipment Chemicals Nonelectrical machinery Tobacco Paper Motor vehicle and equipment Textiles and apparel Stone, clay and glass Lumber, wood products Fabricated metal products Primary nonferrous metals Primary iron and steel Foods Rubber products Beverages Printing Other 2/ 1/ 2/ 2,527 567 464 153 103 249 50 . 2 48 128 37 36 151 83 171 51 4 37 193 1966 1,232 314 304 122 87 55 49 48 39 33 14 11 9 8 7 5 5 2 2 118 1965 1,145 186 174 22 111 55 21 49 6 109 24 26 33 14 91 71 3 5 15 130 1964 1,061 30 167 8 151 32 35 31 11 73 16 60 45 67 123 64 1/ 2 33 113 Less than $500,000. 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. 196:3 1962 968 56 171 28 124 107 747 35 23 1 190 72 -— —— 56 13 20 24 23 8 10 45 107 9 75 48 44 70 16 38 31 95 6 8 14 36 5 2 10 95 H. 14 Table 3 Total Corporate Security Offerings by Type of Issue Fourth Quarter - 1962-67 (Gross proceeds in millions of dollars) Tvne of Issue Total corporate offerings 1967 1966 1962 1965 1964 r/ 1963 3,496 2,875 6,294 3,669 4,030 3,568 4,073 2,221 2,392 1,277 1,657 2,373 876 2,691 1,629 1,867 1,317 1,559 5,244 3,107 2,137 (1,327) 3,294 2,047 1,247 (411) 3,490 1,226 2,264 (173) 3,160 531 2,629 (95) 3,143 1,318 1,824 (84) 2,598 1,088 1,510 (48) Tvne of offering Public Private Tvne of security Bond and notes Public . Private (Memo: Convertible) Preferred stock 354 101 187 83 115 121 Common stock 696 ' 274 353 324 237 156 r/ Revised. „ ' ' "Source: Securities and Exchange Commission. . H. 14 Table 4 Long-term Security Issues of State and Local Governments Fourth Quarter 1962 - 6 7 (In millions of dollars) 1967 r/ 1966 1965 1 1964 1963 1962 Issuing authority: State County and township Municipality School district Special district and Statutory authority .696 299 870 311 Total 501 156 591 446 547 101 487 369 515 118 810 410 397 182 799 378 325 144 417 283 1,284 1,141 957 656 758 678 3,460 2,674 2,651 2,509 2,514 1,847 3,458 2,664 2,569 2,278 2,197 1,779 760 215 173 144 404 179 966 401 181 131 338 74 796 291 191 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 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 — ——— 1,583 - 574 , —— —— 532 537 2 11 82 230 317 69 3,460 2,674 2,651 2,509 2,514 1,847 1,908 1,317 196 407 12 703 138 97 1,535 1,075 158 613 112 192 1,641 718 174 409 19 116 104 46 1,481 961 387 488 5 81 65 1,677 817 242 417 14 144 90 67 72 1,058 640 163 299 10 168 117 33 3,460 2,674 2,651 2,509 2,514 1,847 Type of issue: General obligation Revenue Utility Quasi-utility Special tax Rental Public Housing Authority Federal Government loans Total —— r/ Revised. 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 1962-6? (Net proceeds in million's of dollars Ir/1963 1962 13,792 .12,049 10, 501 14,805 13,063 1,741 996 13,038 11,233 1,805 754 10,523 8,898 1,625 1,526 784 1,022 456 656 773 530 ,243 111 6,855 6,122 733 125 5,,015 4,,3.48 667 338 2,772 2,273 499 243 3,272 2,564 708 199 2.,958 2,,130 829 228 ' Electric, gas & wtr. utilities New capital New money Other purposes Refunding ,740 ,705 35 127 3,570 3,466 104 46 2,546 2 ,449 97 357 2,445 2,406 39 280 1,939 1,919 20 703 2 ,341 2 ,173 168 444 Communication New capital New.money Other purposes Refunding ,955 ,946 9 1 1,978 1,929 49 4 847 823 24 92 2,133 1,966 167 36 733 1 ,276 1 ,211 65 11 282 282 332 332 263 263 331 331 1 4 18 355 316 39 84 ,735 ,704 31 21 1,607 1,317 290 5 704 613 90 18 610 500 111 32 506 479 27 3 .,648 . ,412 236 43 1,011 820 191 19 970 864 105 74 618 490 128 73 572 482 90 51 1966 1965 1Q64 24,409 17,841 15,801 24,097. 22,230 1,867 312 17,601 .15,806 1,795 241 451 Manufacturing New capital New money Other purposes Refunding 1967 Total corporate offerings f New capital New money ' Other purposes • Refunding - Memo: , Foreign issues- - Railroad New capital New money Other purposes Refunding Other transportation New capital New money Other purposes Refunding . Commercial and other New capital New money purposes DigitizedOther for FRASER Refunding 608 125 359 9, 747 8, 240 1, 507 754 :- 208 H. 14 Table 5 (Cont 'd) Corporate Security Offerings by Type of Business of Issuer and Use of Proceeds 1962 - 67 (Net proceeds in millions of dollars) 1967 Mining New capital New money Other purposes Refunding Financial and real estate New capital New money Other purposes Refunding Memo: 1966 1965 1964 r/1963 1962 . 563 474 89 4 345 328 17 25 332 249 83 5 407 283 123 9 183 130 53 2 199 185 14 5 2,399 2,174 225 5 1,902 1,492 411 14 4,128 3,454 674 93 . 3,723 2,984 738 80 2,962 2,399 563 125 1,825 1,509 316 23 984 361 1,054 332 142 1,428 1,439 871 1,818 1,264 603 1,856 1,118 309 1,535 512 111 1,202 New Capital by - (Sales and consumer finance cos.) (Banks) (Other cos.) 1/ Less than $500,000. r/ Revised. Note—Details may not add to totals due to rounding. Source--Securities and Exchange Commission and Federal Reserve. H. 14 1 Table 6 Security Offerings for New Capital by Manufacturing Companies . 1962 - 67 (Net proceeds in millions of dollars) 1967 All manufacturing .Chemicals Petroleum and refining Nonelectrical machinery Electrical machinery Other transportation equipment Primary nonferrous metals Stone, clay and glass Paper Textiles and apparel Primary iron and steel Motor vehicle and equipment Lumber, wood products Foods Beverages Fabricated metal products Rubber products Printing Tobacco Other 1/ 1/ 10,774 812 1,552 1,013 -1,970 794 406 254 540 238 432 181 162 440 129 457 113 208 137 936 1966 6,855 892 874 820 691 605 289 278 278 268 233 202 195 133 85 71 71 67 60 743 1965 .5,015 775 450 403 430 121 197 112 324 411 281 . 320 100 265 55 97 82 99 32 461 1964 2,772 329 180 251 181 67 239 37 115 175 248 84 87 134 44 123 31 95 63 289 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. 1963 1962 3,312 363 509 304 176. 220 221 72 121 130 68 49 68 263 87 63 109 89 1 399 2,958:,. 494* 234r 263%; 25% 46L'; • 76; 116: 15# 183. 141 28 114 143 45 71 49 52 492 0 i H.14 Table 7 Total Corporate Security Offerings by Type of Issue 1962 - 67 (Gross proceeds in millions of dollars) Total corporate offerings 1964 1967 1966 1965 24 ,800 18,074 15 ,992 13,957 17 ,633 7 ,166 10,372 7,703 7 ,442 8 ,550 6,453 7,504 r/1963 12,211 196 i 10, 705 Type of offering Public Private 5,810 6,400 6, 064 4, 640 Type of security Bonds and notes Public Private (Memo: Convertible) 21 ,956 15,561 13 ,720 8,018 5:,570 14 ,990 7,542 8 ,150 6 ,964 (4;,475) (1,872) d :,264) 10,865 10,856 3,623 4,713 7,243 6,143 (425) (357) 8, 969 4, 440 4, 529 (445) Preferred stock 1,,078 574 725 412 343 422 Common stock 1,,959 1,939 1,,547 2,679 1,011 l,:$14 Note: Details may not add to totals due to rounding. Source: Securities and Exchange Commission. H. 14 Table 8 Long-term Security Issues of State and Local Governments 1962 - 1967 (In millions of dollars) 1967' Issuing authority; State County and township Municipality t School district . Special districts and Special authority 1966 1965 1964 1963 1962 2,842 1,257 3,743 2,030 2 ,598 778 2 ,342 1 ,575 2 ,401 741 2 ,566 1 ,836 1 ,628 600 3 ,122 1 ,685 1,620 603 3,111 1,567 1 ,419 639 2 ,611 1 ,575 4,780 4 ,110 3 ,783 3 ,812 3,636 2 ,600 Total 14.652 11 ,405 11 ,328 10 ,847 10.538 8 ,845 Purpose of issue: New capital total 14,529 11:,303 10 ,470 10 ,201 9,151 8 ,568 4,459 1,252 638 739 1,880 579 3.,747 1,,476 533 545 ,533 1, 347 3, 122 3,,392 688 727 99 ,626 1, 811 120 2, 739 3,029 812 598 221 1,455 889 5,041 3,,618 900 626 199 1,,485 481 50 3, 112 2,148 2,,963 1,,114 521 139 1,,218 450 125 2, 037 123 101 858 646 1,386 276 14.652 11, 405 11, 328 10,847 10.538 8, 845 8 ,906 4,,936 918 1,,882 190 1,,947 478 333 6,803 3,955 829 2,099 259 766 325 321 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 82 2 ,681 846 1 ,315 100 4zu 437 145 " Total 14.652 11.405 Note: Details may not add to totals due to rounding. Source: Investment Bankers Association of America. 11.328 10.847 10.538 8.845 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 -- - --
@FedFRASER