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DECONTEOLLED iPTffl six MONTHS
Not for PubIlea
H. 14 (Suppleme
November 3, 1964.
:APITAL_MABKET DEVELOPMENTS
THE UNITED STATES
Attached for your information are three tables and
four charts on corporate security financing during the first half
of 1959-64, and a table and three charts on State and local
government security financing during the first half of 1959-64.
Capital Markets Section,
Division of Research and Statistic#,
Board of Governors of the Federal Reserve System.
•v
Table 1
Corporate Security Offerings by Type of Business
of Issuer and Use of Proceeds
First Half 1959-64
(Net proceeds in millions of dollars)
1964
1963
1962 r/
7,267
6,252
New capital
New money
Other purposes
Refunding
6,994
6,384
609
273
Foreign issues
Total corporate offerings
%
{
* Memo:
1961 r/
I960
5,538
7,187
4,679
4,835
5,198
4,492
707
1,054
5,284
4,671
613
254
6,482
5,838
644
705
4,527
4,152
375
152
4,771
4,313
458
64
134
563
321
203
%
84
1,645
1,347
298
122
1,966
1,605
361
198
809
690
119
15
1,109
967
142
33
1,413 1,324
89
102
1,435
1,390
46 52
1,406
<1.371
36
24
1,791
1,710
81
10
338
337
1
1
149
146
2
90
90
108
108
1959
i
|
|
f
|
Manufacturing
New capital
New money
Other purposes
Refunding
1,141
961
180
89
- 1,538
1,281
257
85
|
I
Electric, gas & wtr. utilities
New capital
New money
Other purposes
Refunding
1,295
1,274
21
125
1,120
1,107
13
478
1,936
1,828
108
8
457
404
53
273
684
674
9
1
182
182
184
161
23
72
84
84
82
82
—
--
—
21
35
313
270
43
12
230
223
7
3
385
370
15
10
375
307
68
28
294
232
62
9
409
299
110
7
<
)
\
i
<
I
Communication
New capital
New money
Other purposes
Refunding
Railroad
New capital
New money
Other purposes
Refunding
—
"
Other transportation
New capital
New money
Other purposes
Refunding
347
254
94
20
331
" 328
3
Commercial and other
New capital
New money
Other purposes
Refunding-
229
186
42
7
275
241
33
24
L
171
166
6
1/
389
324
64
11
1,180
1,166
14'
378
"
1/
--
•
Table 1 (cont'd)
Corporate Security Offerings by Type of Business of Issuer and Use of
Proceeds
First Half -- 1959-64
I
Mining
New Capital
New money
Other purposes
Refunding
Financial and real estate
New capital
New money
Other purposes
Memo:
1964
1963 .
170
128
42
1
150
106
44
1
1,649
1,571
123
828
353
513
24
1962 r/
1961 r/
1960
103
92
11
2
112
98
14
1
159
87
71
1
1,143
864
280
795
660
135
1,019
919
99
1,200
1,121
79
750*4
647 V
103
386
42
715
121
146
74
575
16
390
45
584
14
646
84
470
64
356 >
91
303
2 £
1959 ;
K
70
65 i
5
2 •
New Capital by-
(Sales and consumer finance cos.)
(Banks)
(Other cos.)
Refunding
1/ Less than $500,000
Note.--Details may not add to totals due to rounding.
Source:--Securities and Exchange Commission and Federal Reserve.
Table 2
Security Offering for Nev? Capital by
Manufacturing Companies
First Half 1959-64
(Net proceeds in millions of dollars)
All Manufacturing
I
f
Primary nonferrous netals
Chemicals
Nonelectrical Machinery
Primary iron and steel
Electrical machinery
Textiles and apparel
Paper
Tabacco
Rubber products
Other transportation equipment
Lumber, wood products
Fabricated metal products
Stone, clay and glass
Petroleum and refining
Printing
Motor
vehicles and equipment
Beverages
Other 2/
1964
1963
1,141
1,538
171
112
125
71
• 101
58
51
26
39
23
53
10
59
8
5
34
15
40
140
138
92
127
17
99
66
32
1
141
85
117
18
50
41
290
18
3
7
196
1962 r/
1961 r/
1960
1959
1,645
1,966
809
1,109
20
170
164
93
204
107
60
23
81
120
439
200
41
78
47
72
27
119
23
15
91
177
54
29
3
327
32
108
78
31
123
24
17
65
78
64
231
149
36
57
40
65
42
53
18
38
6
11
12
1/
15
129
85
12
38
14
23
68
196
30
6
31
324
1/ Less than $500,000.
27 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.
.
34
25
63
53
39
23
6
8
13
132
Total Corporate Security Offerings by Type of Issue
First Half 1959-64
(Gross proceeds in millions of dollars)
Type of issue
1964
1962
Type of security
Bonds and notes
Public
Private
(Memo: Convertible)
Preferred stock
Common stock
1960
5,663
7,323
4,802
4,947
4,394
2,957
3,080
3,254
3,597
2,065
4,993
2,330
3,113
1,688
3,168
l,780g,_
5,160
2,299
2,861
(227)
5,623
2,497
3,127
(180)
4,513
2,500
2,013
(244)
5,089
2,963
2,126
(301)
3,574
2,008
1,566
(205)
3,4761#
192
146
193
287
211
1,998
565
957
1,948
1,017
•
Source.--Securities and Exchange Commission.
1961 r/
6,334
Total corporate offerings
Type of offering
Public
Private
r/
1,7473
1,729*
(338) %
315|
1,1571
Table 4
Long-term Security Issues of State and Local Governments
First Half 1959-64
(In millions of dollars)
1962
1961
865
317
1,698
884
2,087
939
382
1 ,515
1 ,008
1 ,501
1,022
345
1,376
870
963
686
279
1 ,165
863
1 ,165
933
240
1,201
714
1,605
5 ,632
5,852
5 ,344
4,576
4 ,158
4,693
5 ,304
5,118
5 ,208
4,561
4 ,133
4,639
1 ,757
479
442
44
864
240
90
1 ,387
1,649
442
406
156
844
427
1,195
1 ,884
864
288
88
666
240
125
1 ,052
1,557
541
149
68
717
267
313
950
1 ,363
398
272
58
559
130
151
1.,204
1,238
500
235
83
700
748
203
932
328
734
137
15
25
54
5,,632
5,852
5,,344
4,576
4,,158
4,693
3, 403
1, 708
651
857
36
164
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
2,,687
1,,260
697
389
56
118
154
57
2,654
1,723
1,210
317
118
79
229
87
5,852
5, 344
4,576
4, 158
4,693
1964
1963
% Issuing authority:
|
State
|
County and township
i
Municipality
|
School district
|
Special authority
883
364
1 ,522
997
1 ,866
i
3
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
Type of issue:
General obligation
Revenue
Utility
Quasi-utility
Special tax
Rental
.Public Housing Authority
Federal Government loans
5, 632
,
N.A.--Not available.
Note.--Details may not add to totals because of rounding.
Source.--Investment Bankers Association of America.
1960
1959
Billions of dollars
CORPORATE SECURITY OFFERINGS
USE OF NET PROCEEDS
First Half 1959-64
Refunding
I
Purposes
1960
1961
1963
1964
CHART 2
CORPORATE SECURITY OFFERINGS FOR NEW CAPITAL
BY TYPE OF BUSINESS
First Half 1959-64
Billions of dollars
7.0,
Manufacturing
Public
Utilities
&
Communication
Real Estate
and
Financial
1959
1960
1961
1962
1963
1964
CHART 3
CORPORATE SECURITY OFFERINGS
BY TYPE OF ISSUE
First Half 1959-64
Billions of dollars
7.0
6.0
5.0
Common
4.0
Preferred
Stock
Convertible
2.0
Nonconvertible
1.0
1959
1960
1961
1962
1963
1964
CHART 4
PERCENTAGE DISTRIBUTION OF BONDS SOLD BETWEEN
THOSE PUBLICLY OFFERED AND PRIVATELY PLACED
First Half 1959-64
100 r —
CHART 5
LONG-TERM SECURITY ISSUES OF STATE AND LOCAL GOVERNMENT
BY ISSUING AUTHORITY
First Half 1959-64
Billions of dollars
6.0
5.0
4.0
Special
Authority
3.0
Municipality
2.0
1.0
1959
1960
1961
1962
1963
1964
CHART 6
LONG-TERM SECURITY ISSUES OF STATE AND LOCAL GOVERNMENT
BY PURPOSE OF ISSUE
First Half 1959-64
Billions of dollars
6.0
Refunding
Highways,
Bridges &
Tunnels
Sewer and
1
1959
1960
1961
1962
1963
1964
CHART 7
LONG-TERM SECURITY ISSUES OF STATE AND LOCAL GOVERNMENT
BY TYPE OF ISSUE
First Half 1959-64
Billions of dollars
6.0
-
General
Obligation
Pub. H. Auth. X N N N
Fed. Govt.Loansh •
sgss
1960
1961
1962
1963
1964
@FedFRASER