Full text of H.16 Capital Market Developments : November 18, 1966
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Not for Publication
(H. 14 Supplement)
&#%WraoiJ,Rn
N o v e m b e r
lg_
CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES
Attached for your information are six tables and four
charts on corporate security financing and two tables and three
charts on State and local government bond sales during the
second quarter and first half for the years 1961-66.
Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
lg66
-2-
H.14
Corporate Security Offerings by Type of Business
of Issuer and Use of Proceeds
2nd Quarter, 1961-66
(Net proceeds in millions of dollars)
1966
1965
5,046
4,977
4,911
4,974
4,644
331
72
4,789
4,164
625
188
4,738
4,441
297
173
168
215
105
2,204
1,992
213
29
1,679
1,513
166
78
New capital
New money
Other purposes
Refunding
960
949
12
4
Communication
New capital
New money
Other purposes
Refunding
Total Corporate offerings
New Capital
New money
Other purposes
Refunding
Memos
Foreign issues
Manufacturing
New Capital
New money
Other purposes
Refunding
1964
1963
1962
1961
3,587
3,250
5,274
2,847
2,425
422
740
3,056
2,664
392
194
4,715
4,246
469
559
435
251
129
723
597
126
55
591
493
98
44
996
798
198
105
1,484
1,231
253
164
609
577
32
65
856
839
18
77
794
781
13
323
984
904
82
72
1,055 :
1,013
42
52
392
381
11
4
255
249
7
4
1,666
1,644
22
6
221
169
52
270
228
223
4
1
1,102
1,099
97
97
61
61
94
94
98
75
23
72
36
36
32
32
--
Electric, gas & wtr. utils.
Railroad
New Capital
New money
Other purposes
Refunding
--
Other transportation
New capital
New money
Other purposes
Refunding
333
319
14
3
204
200
5
2
161
132
28
15
145
144
1
75
74
1
--
--
181
139
41
1
Commercial and other
New Capital
New money
Other purposes
Refunding
346
313
33
4
244
215
29
20
142
118
24
3
139
125
15
17
205
172
33
9
265
224
42
23
---
:
3 i
308 :
--
6
H. 14
- 3Table 1 (Cont'd)
Corporate Security Offerings by Type o f Business of Issuer and Use of
Proceeds
2nd Quarter,
1961-66
(Net Proceeds in Millions of dollars)
Mining
New Capital
New money
Other purposes
Refunding
Financial and real estate
New Capital
New money
Other purposes
Memo;
1966
1965
1964
90
25
102
73
29
5
77
74
3
1
551
503
48
1,635
1,277
358
90
74
387
3
441
607
587
14
90
—
1963
1962
1961
99
74
25
51
39
12
1/
64
59
5
2
1/
1,018
943
76
760
564
195
469
397
71
546
470
76
480
141
397
18
318
23
419
15
86
12
371
6
136
22
388
5
'
New Capital b y —
(Sales and consumer finance cos.)
(Banks)
(Other cos.)
Refunding
1/ Less than $500,000.
Notes
Source:
Details may not add to totals due to rounding.
Securities and Exchange Commission and Federal Reserve.
H. 14
-4Table 2
Security Offerings for New Capital by
Manufacturing Companies
Second Quarter, 1961-66
(Net proceeds in millions of dollars)
All manufacturing
Nonelectrical machinery
Chemicals
Petroleum and refining
Other transportation equipment
Lumber, wood products
Electrical machinery
Textiles and apparel
Foods
Stone, clay and glass
Paper
Primary iron and steel
Beverages
Fabricated metal products
Primary nonferrous metals
Motor vehicle and equipment
Printing
Rubber products
Tobacco
Other 2/
1966
1965
2,204
474
410
192
190
166
123
79
60
59
55
44
33
28
27
15
12
4
1,679
180
198
218
70
28
39
55
71
22....
170
47
1
35
76
278
29
44
10
108
--
233
1
1964
723
71
84
3
11
10
64
32
23
7
26
65
1/
8
165
1
3
18
26
106
.
1963
1962
591
74
50
14
77
15
25
40
62
23
16
11
6
10
1
3
7
83
1
73
996
103
79
139
18
9
117
51
21
13
38
65
28
14
17
2
10
5
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.
267
1
|
1961
1,6*6
111
46
113
114
7
152
20
59
65
52
408
3
9
10
28
50
8
47
182
H.14
-5Table 3
Total Corporate Security Offerings by Type of Issue
Second Quarter, 1961 - 1966
(Gross proceeds in millions of dollars)
Type of Issue
1966
1965
1964
1963
1962
5,115
5,043
4,965
3 ,634
3,317
2,994
2,121
2,709
2,334
3,149
1,817
1 ,734
1 ,900
1,998
1,320
3,951
1,416
4,025
1,941
2,083
(232)
4,123
1,864
2,259
(569)
3,076
1,321
1,755
(105)
3.1209
1,,389
1,,820
(94)
2,675
1,386
1,289
(156)
3,581
2,300
1,281
(191)
Preferred stock
115
255
154
81
176
191
Common stock
975
665
1,735
344
466
1,595
Total corporate offerings
1961
-
5,367
Type of offering
Public
Private
Type of security
Bonds and notes
Public
Private
(Memo: Convertible)
Source:
Securities and Exchange Commission.
-6-
H. 14
&
Table 4
&
K
Long-term Security Issues of State and Local Governments
\
k
%
Second Quarter, 1961-1966
f
(In millions of dollars)
Issuing authority:
State
County and township
Municipality
School district
Special authority
Total
?
1
1966
1965
1964
1963
1962
847
192
656
446
1,114
668
174
595
540
1,069
318
195
816
518
1,093
459
163
800
420
1,150
445
228
811
480
660
3,255
3,046
2,941
2,992
2,625
2,406
3,234
2,722
2,811
2,665
2,571
2,396 i
1,086
357
129
87
541
76
1,133
251
163
65
323
85
1,024
142
287
23
454
163
835
178
171
17
490
278
--
--
--
--
959
702
718
696
952
209
164
45
394
116
100
590
718
357
71
37
379
121
170
543
21
1961
484 •«
183 •
769:
401 :
570 :
'
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
)
j
'
L
325
130
328
54
10 •
3.255
3.046
2.941
2,992
2,625
2,406 i
1,904
1,124
275
507
55
287
110
117
1,764
1,119
361
509
20
229
126
37
1,667
949
395
425
15
114
261
65
1,562
1,371
688
455
1
227
60
1,828
643
278
216
15
132
101
53
1,592 ^
730 :
254
371
10
94
513
33 *
3,255
3,046
2,941
2,992
2,625
2,406
Type of issue:
General obligation
Revenue
Utility
Quasi-utility
Special tax
Rental
Public Housing Authority
Federal Government loans
Total
Note: Details may not add to totals because of rounding.
Source:
Investment Bankers Association of America.
H. 14
Table 5
Corporate Security Offerings by Type of Business
of Issuer and Use of Proceeds
1st Half, 1961-66
(Net proceeds in millions of dollars)
Total corporate offerings
1962
1966
1965
1964
1963
10,082
7,949
7,429
6,252
5,538
7,187
6,482
5,838
644
705
1961
New capital
New money
Other purposes
Refunding
9,959
8,964
996
123
7,527
6,591
936
422
7,153
6,527
626
276
5,198
4,492
707
1,054
5,284
4,671
613
254
Foreign issues
513
459
134
563
321
203
Manufacturing
New capital
New money
Other purposes
Re funding
4,065
3,671
394
56
2,751
2,455
296
172
ol, 152
972
180
89
1,538
1,281
257
85
1,645
1,347
298
122
1,966
1,605
361
198
Electric, gas, & wtr. utilities
New capital
New money
Other purposes
Refunding
1,930
1,867
63
13
1,150
1,118
32
156
1,295
1,274
21
125
1,120
1,107
13
478
1,413
1,324
89
102
1,435
1,390
46
52
994
958
36
4
346
334
12
9
1,940
1,832
108
8
457
404
53
273
684
675
9
1
1,180
1,166
14
378
224
224
156
156
182
182
184
161
23
72
84
84
82
82
171
166
6
Memo:
Communication
New c a p i t a T x
New money
Other purposes
Refunding
Railroad
New capital
New money
Other purposes
Refunding
:
16
Other transportation
New capital
New money
Other purposes
Refunding
829
611
218
3
302
231
71
2
356
263
94
20
331
328
3
Commercial and other
New capital
New money
Other purposes
Refunding
638
490
149
16
422
375
47
30
240
195
45
8
275
241
33
24
-""
1/
389
324
64
11
--
21
313
270
43
12
375
307
68
28
»
H. 14
-8-
Table 5 (Cont'd)
Corporate Security Offerings by Type of Business of Issuer and Use of
Proceeds
1st Half, 1961-66
(Net proceeds in millions of dollars)
1966
Mining
New capital
New money
Other purposes
Refunding
Financial and real estate
New capital
New money
Other purposes
Memo:
1
1965
1964
1963
1962
1961
112
98
14
1
172
156
17
25
134
98
37
5
174
131
43
1
150
106
44
1
103
92
11
2
1,107
988
119
2,266
1,825
442
1,814
1,678
136
1,143
864
280
795
660
135
1,019
919
99;
151
135
821
5
633
738
895
31
853
353
608
26
386
42
715
121
146
74
575
16
390
45
584
14
{
New Capital by (Sales and consumer finance cos.)
(Banks)
(Other cos.)
Refunding
1/ Less than $500,000.
Note: Details m a y not add to totals due to rounding.
Source: Securities and Exchange Commission and Federal Reserve.
%
3
%
'
H. 14
-9Table 6
Security Offerings for New Capital by
Manufacturing Companies
1st Half, 1961-66
(Net proceeds in millions of dollars)
All manufacturing
Chemicals
Nonelectrical machinery
Petroleum and refining
Electrical machinery
Other transportation equipment
Primary iron and steel
Lumber, wood products
Motor vehicle and equipment
Stone, clay and glass
Textiles and apparel
Paper
Primary nonferrous metals
Foods
Beverages
Rubber products
Fabricated metal products
Printing
Tobacco
Other JL/
1/
1966
1965
1964
1963
1962
4,064
673
666
289
286
211
194
184
161
160
140
137
120
94
80
56
49
47
2,751
493
249
225
196
84
89
49
292
35
150
196
140
116
25
46
48
77
11
230
1,152
112
136
5
101
53
71
10
15
8
58
52
171
39
40
23
59
34
26
140
1,538
92
127
290
99
117
17
18
3
41
66
32
138
141
7
85
50
18
1
196
1,645
»
170
164
196
204
45
93
14
6
68
107
60
20
85
31
12
23
30
517
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.
317
1961
1,966
81
120
177
200
119
439
23
29
91
41 .
88
23
72
3
27
15
54
47
317
-10-
Table 7
Total Corporate Security Offerings by Type of Issue
1st Half 1961-66
(Gross proceeds in millions of dollars)
Type of Issue
Total corporate offerings
1966
1965
1964
1963
10,208
8,050
7,513
5,428
4,780
3,963
4,088
8,384
3,715
4,669
(529)
1962
19C1
6,334
5,663
7,323
4,394
3,120
3,080
3,254
3,597
2,065
4,993
2,330
6,701
2,769
3,932
(897)
5,323
2,299
3,024
(227)
5,623
2,497
3,127
(188)
4,513
2 ,500
2,013
(244)
5,089
2,963
2,126
(301)
330
387
192
146
193
287
1,494
962
1,998
565
957
1,948
Type of Offering
Public
Private
Type of Security
Bonds and notes
Public
Private
(Memo; Convertible]>
Preferred stock
Common stock
Source:
Securities and Exchange Commission.
H. 14
Table 8
Long-term Security Issues of State and Local Governments
1st Half, 1961-66
(In millions of dollars)
1966
1965
1964 ;
1 1963
1962 !
1 1961
1,658
517
1,279
881
1,883
1,125
384
1,323
1,051
2,015
883
364
1,523
999
1,908
865
317
1,698
884
2,087
939
382
1,515
1,008
1,501
1,022
345
1,376
870
963
6,218
5,897
5,676
5,852
5,344
4,576
6,143
5,302
5,345
5,118
5,208
4,561
Schools
2,062
Highways, bridges and tunnels
681
Residential buildings
230
Hospitals and institutions
179
Sewer and water
880
Misc. public service enterprises
185
Veterans ' aid
Other
1,927
2,213
338
291
135
793
211
1,790
479
442
45
867
243
90
1,389
1,649
1,884
442 ,
864
406
288
156
88
666
844
240
427
125
1,052
1,195
1,557
541
149
68
717
267
313
950
Issuing authority:
State
County and township
Municipality
School District
Special authority
Total
Purpose of issue:
New capital total
Refunding
Total
Type of Issue:
General obligation
Revenue
Utility
Quasi-utility
Special tax
Rental
Public Housing Authority
Federal Goverment loans
Total
1,321
75
595
331
734
6,218
5,897
5,676
5,852
15
5,344
4,576
>
3,960
'1,870
481
843
103
443
205
183
3,581
2,006
707
864
52
383
241
68
3,436
1,719
656
859
36
169
403
118
3,185
2,412
1,075
788
28
522
138
116
3,526
1,530
466
839
15
209
214
75
3,146
1,250
524
522
29
175
123
57
'
6,218
5,897
5,676
5,852
5,344
4,576
Note: Details may not add to total due to rounding.
Source: Investment Bankers Association of America.
137
•!!>
CHART 1
CORPORATE GSCtlRITY OFFERINGS
USE OF PROCEEDS
First Half 19-1-66
Billic
.<iitsrt>f! dollars
12.0
10.0
8.0
6.0
4*0
. Ilew Money
2.0
'
Other
:Purposes
1962
1963
1965
1966
CHART 2
CORPORATE SECURITY O F m i U G S FOR :\EW C/2ITAL
BY TxTE OF "TSiraSS
First II?3f 1961-66
Billions of:dollars
10.0
S.O
6.0
/,.o— public
Utilities
Communicntioi
2.0
Reel Estate
and
-Fe.tian6ial
Other
1961
1962
19:3
1964
196:
1966
tTofflfioii Stock
/Preferred
Stock
Convertible
Bonds
/
Honconvertiblc
Bonds
V
CHART 4
PERCr.ITAGE DIGTRHUTICH OF DC:DS SOLD
THOSE PVBLICLY 07'^IIED A!!D PPlF/AT^LT PLACED
First Half l?6l-63
Per i
100
20
\
CHART 5
', I : ' :
"lam-TSRH SECURITY ISSUES 0? STATE
T1Y ISSUITTG AUTHORITY
LOCAL Gdm'TlGIIT
Firot Half 1961-66
6.0
5.0
Special
Authority
3.0
State
1.0
Ot}her
1962
1965
1966
CHART 6
LOKQ TERM SECURITY ISSUES OF STATE AID LOCAL G O V T ^ Q H T
"
BY PURPOSE 07 ISSUE
First Half 1961-66
Billic nTsrfcf 'dollars
7.0
6.0
5.0
4.0 " S c h o o l
3.0
2.0
--Highways, "
H"Bridges £
— - Tunnels
yjSever and
Water
1.0
}96l'
;
1962
1963
• 1964'
1965
1964;
CHART 7
LOHG TERM SECURITY ISSUES OF STATE A
*-Y TYPE OF ISSI3
I/'CAL GCV"R!I!G!T
Firnt Ilr.lf 19:1-66
BillicjSB- of dollars
7.0 |
I
N>V
I
IGeneral.
"Obligation
1.0
—Revenue
Irmrt, JiDfiTsT 5 S
•1961
1962
1963
1964
1965
1966
@FedFRASER