calendar days which elapsed from the date of the original filing to the effective date was 52, representing a substantial reduction over the comparable figures for the two preceding years.15 As a matter of fact, during the last few months of the fiscal year the processing time was substantially below the figure for the year as a whole. The following table shows by months during the 1971 fiscal year the number of registration statements which became effective, and the number of calendar days elapsed during the registration process for the median registration statement. Time in Registration Under the Securities Act of 1933 by Months During the Fiscal Year Ended June 30, 1971 a This figure excludes 226 amendments filed by investment companies pursuant to Section 24 (e) of the Investment Company Act of 1940. STATISTICS REGARDING REGISTRATION STATEMENTS FILED During the 1971 fiscal year, 3,404 registration statements were filed for offerings of securities aggregating $70.0 billion, as compared with 4,314 registration statements filed during the 1970 fiscal year for offerings amounting to $66.9 billion. This represents a decrease of 21.0 percent in the number of statements filed and an increase of 4.6 percent in the dollar amount involved. Of the 3,404 registration statements filed in the 1971 fiscal year, 997, or 29 percent, were filed by companies that had not previously filed registration statements under the Securities Act. Comparable figures for the 1970 and 1969 fiscal years were 2,071, or 48 percent, and 2,350, or 50 percent, respectively. Particulars regarding the disposition of all registration statements filed from the effective date of the Act to June 30, 1971, are summarized in the following table: 15 Those figures were 70 days for 3,121 registration statements in fiscal year 1970 and 65 days for 3,316 registration statements in fiscal year 1969. (a) Includes 219 registration statements covering proposed offerings totalling $7,288,182,817 filed by investment companies under Section 24 (e) (1) of the Investment Company Act of 1940 which permits registration by amendment to a previously effective registration statement. (b) Excludes 56 registration statements that became effective during the year but were subsequently withdrawn; these 56 statements are included in the 869 statements withdrawn during the year. (c) Excludes 62 registration statements effective prior to July 1, 1970 which were withdrawn during the year; these 62 statements are reflected under withdrawn. The reasons assigned by registrants for requesting withdrawal of the 869 registration statements withdrawn during the 1971 fiscal year are shown in the following table: STATISTICS REGARDING SECURITIES REGISTERED During the fiscal year ended June 30, 1971, a total of 2,989 registrations of securities in the amount of $69.6 billion became effective under the Securities Act 16 Although the number of statements declined, the dollar amount effectively registered increased 18 percent from fiscal year 1970, reflecting a sharp rise in the volume of large security issues registered. The chart on page 36 shows the number and dollar amounts of effective registrations for the period 1935 to 1971. 16 For a reconciliation of the figures as to effective registration statements The figures for 1971 cover all effective registrations including secondary distributions and securities registered for other than cash sale, such as issues exchanged for other securities and securi ties reserved for conversion. Of the dollar amount of securities registered in 1971, 84 percent was for the account of the issuer for cash sale, 10 percent for the account of the issuer for other than cash sale, and 6 percent for the account of others, as shown in the table below. Account For Which Securities Were Registered Under the Securities Act of 1933: Fiscal Years 1969-1971 These figures exclude lease obligations relating to industrial bonds of $400 thousand in 1971; $21 million in 1970; and $354 million in 1969. The amount of securities offered for cash sale for the account of issuer in 1971 amounted to a record $58.5 billion, an increase of $10.3 billion over the preceding fiscal year and $6.4 billion more than the previous record established in fiscal year 1969. This increase was primarily due to the large volume of debt securities issued; $27.6 billion of bonds, debentures and notes were registered for the account of the issuer for cash sale as compared to $18.4 billion and $11.7 billion in fiscal years 1970 and 1969, respectively. Securities registered for the account of the issuer for other than cash sale declined slightly in 1971, with the volume of securities registered for purposes of exchange amounting to $1.5 billion compared to $2.0 billion during fiscal year 1970. Registrations of secondary offerings (for account of other than issuer) aggregated $4.1 billion, $500 million more than in the preceding fiscal year. Appendix Table 1 shows the number of statements which became effective and total dollar amounts registered for each of the fiscal years 1935-1971. Issues, classified by security type, offered for cash sale for the account of issuer are also included for those years. More detailed information for 1971 may be found in Table 2. As shown in the table below, corporate issues effectively registered for immediate cash sale totaled a record $38.2 billion in 1971, an increase of $12.2 billion or 47 percent over the preceding year. New corporate bonds, notes and debentures were up sharply, aggregating $27.1 billion compared to the previous high of $17.8 billion registered in fiscal year 1970. New common stock flotations totaled $7.7 billion and showed a moderate increase from 1970 record high for this type of securities financing. Almost one-half of these senior equities were offered to securities holders through subscription rights whereas virtually all of the preferred stock registered in 1970 and 1969 was issued to the general public. Securities Registered for the Account of the Issuer for Cash Sale Under the Securities Act of 1933: Fiscal Years 1969-1971 The following chart shows the amounts of debt issues, common and preferred stock offered for immediate cash sale in each of the past ten fiscal years. It points up the precipitous growth in the demand for capital funds during that period. Thus, the security financing total in 1971 represented a six-fold increase from the $6.3 billion registered in 1962. GROSS PROCEEDS DOLLARS BILLIONS 40 NEW CORPORATE SECURITIES EFFECTIVELY REGISTERED 30 30 20 20 10 1962 63 64 65 66 67 68 69 70 1971 DS-4996 The following table shows the volume of issues registered to |