TWENTY-FIFTH ANNUAL REPORT

The data in these tables cover substantially all new issues of securities offered for cash sale in the United States in amounts over $100, 000 and with terms to maturity of more than one year. Included in the compilation are issues privately placed as well as issues publicly offered and unregistered issues as well as those registered under the Securities Act of 1933. The figures on publicly offered issues include a small amount of unsold securities, chiefly nonunderwritten issues of small companies. The figures on privately placed issues include securities actually issued but exclude securities which institutions have contracted to purchase but which had not been taken down during the period covered by the statistics. Also excluded are: intercorporate transactions; United States Government "Special Series" issues and other sales directly to Federal agencies and trust accounts; notes issued exclusively to commercial banks; issues of investment companies; and issues to be sold over an extended period such as offerings under employee-purchase plans. The chief sources of data are the financial press and documents filed with the Commission. Data for offerings of state and municipal securities are from totals published by the Commercial and Financial Chronicle and the Bond Buyer; these represent principal amounts instead of gross proceeds. All figures are subject to revision as new data are received. 2 Gross proceeds are derived by multiplying principal amounts or numbers of units by offering prices except for State and municipal issues where principal amount is used. Slight discrepancies between the sum of figures in the tables and the totals shown are due to rounding.

7 Prior to 1948 all electric, gas, water, telephone, street railway and bus company
issues were grouped together under the heading "Public Utility." The yearly totals
of such issues are given for the years 1934 through 1948 in order to provide a rough
comparison with later data. Similarly, manufacturing, extractive, commercial and
miscellaneous companies were grouped together under the heading "Industrial and
An exact comparison of the old and new groups cannot be made
because some companies formerly classified "Industrial and miscellaneous," such as
miscellaneous.
radio broadcasting and airline companies, would now fall under the "Communica-
and "Transportation" groups. From 1948 through 1952 issues of extractive
companies were included in the category "Commercial and miscellaneous."
tion"
Excluding issues of investment companies.

•Excluding issues sold by competitive bidding directly to ultimate investors.

TABLE 4.-Proposed uses of net proceeds from the sale of new corporate securities offered for cash in the United States

TABLE 4.-Proposed uses of net proceeds from the sale of new corporate securities offered for cash in the United States-Continued