Full text: Konvolut Tabellen

19* 
■ 
Falling stock prices have cut the value of corporate assets 
1.75 
i 
During the 1960s, the booming 
stock market valued the invested 
i 
capital of companies above the 
1 
cost of replacing it. Stockholders 
were optimistic about the earn 
1.50 
-f- 
\ -,W- V IrnMm, 
ings that assets could generate 
and bid up p/e ratios. This was 
a boon to investment. In 1965, 
1.25 
' f-'y '’&k» -v*> t f' 11 11 fihiffr 
every dollar plowed back into 
the company was valued by the 
" f Tj38St|vjtl 
market at $1.50. Since 1973, the 
price tag on capital goods has 
skyrocketed, while the market 
1.00 
has taken a jaundiced view of 
their future earning power. Now 
• «Ta6vw&»s>3U|5a • wt 
the market says assets are worth 
only 75* on the dollar. This is 
why low stock prices hurt invest- 
075 
I =5 
h*&SB5S^ 
n 
1964 66 '68 ’70 j I II III h/TTII III IV 
'72 197311974 
•Nonfinancial corporations 
mem. 
Data: James Tobin and John Clccolo 
TREASURY MONEY MARKET BORROWING (INCLUDING FOREIGN NONMARKETABIE SECURITIES) 
(In billions of dollars] 
Calendar year 
1970 
197! 
12 il. 
1973 
1974. 
1975 
1976 
1st half 
Net now 
money 
Peak in 
crease in 
borrowing 
2d half 
Gross new 
issues 1 
Full year 
'let now 
money # 
Peak in 
crease in 
borrowing 
Gross new 
issues ‘ 
Maturi 
ties 3 
Gross new 
issues 1 
Maturi 
ties 3 
Net new 
money 
Peak in 
crease in 
borrowing 
M atari- f 
ties* 
$22.5 
$24.1 
-$1.5 
$4.2 
$31.5 
$15.2 
$16.3 
$16.6 
$54. 0 
$39.3 
$14.8 
$15.1 
27.7 
23.9 
3.9 
4.3 
36.6 
14.6 
22.0 
22.0 
64.3 
33.5 
25 9 
25.9 
12.6 
15.2 
-2.5 
7.0 
21.3 
7.3 
14.0 
15.5 
33.9 
22.5 
11.5 
13.0 
16.9 
15.8 
1.1 
9.6 
20.2 
15.1 
5.1 
5.1 
37. 1 
* 30.9 
6.2 
6.2 
16.8 
21.8 
-5.0 
3.9 
32.5 
17.8 
14.7 
K.7 
0.3 
39.6 
9.7 
9.7 
45.0 
17.0 
28.0 
31.0 
48.0 
11.0 
37.0 
37.0 
93.0 
27.0 
65.0 
65.0 
49.0 
23.0 
24.0 
28.0 
» Includes increases in regular bills. * Includes paydowns in regular bills. 
NET FUNDS RAISED IN THE CAPITAL MARKETS BY MAJOR SECTOR 
[Fiscal years , billions of dollars] 
US. 
Treasury Federal and 
and Financ- sponsored 
ing Bank agencies 
Total Corporate 
Federal State and and 
sector local foreign i 
Federal Government 
sector as sector as 
a percent percent 
Total of total of total 
securities securities securities 1 
1954 
3.6 
1.7 
5.3 
5.5 
3.4 
14.2 
37.4 
76.0 
1455 • 
1.7 
1 
1.7 
5.4 
2.6 
9.7 
17.4 
73.1 
1956. .. 
1957 
-4.3 
-3.6 
.6 
.9 
1 1 
row 
4.6 
4.0 
3.3 
5.7 
4.1 ... 
7.0 ... 
37.1 
21.0 
18.6 
1958 
6.3 
.8 
7.1 
5.1 
6.9 
19.2 
63.9 
1959 
8.0 
1.4 
9.3 
5.7 
4.7 
19.7 
47.5 
76.4 
1960 
.8 
2.0 
2.3 
5.7 
3.5 
12.1 
23.5 
70.7 
1961 
2 0 
.1 
2.1 
4.9 
5.0 
12.0 
17.7 
58. 5 
1962 
8.8 
2.4 
11.2 
6.0 
5.5 
22.7 
49.4 
75.6 
1963 
6.4 
1.1 
7.6 
5.5 
5.5 
18.6 
40.7 
70.3 
1964 
2.7 
1.5 
4.2 
5.2 
3.8 
13.2 
31.8 
71.4 
1965 
3.1 
2 2 
5.4 
6.9 
5.2 
17.5 
30.8 
70.4 
1966 
-1.0 
6.7 
5 7 
7.3 
9.2 
22.2 
25.8 
58.9 
1967 
.6 
2.6 
3.3 
6.0 
12.2 
21.5 
15.2 
43. 3 
1968.! 
\! 18.2 
5.5 
23.8 
7.2 
15.1 
46.1 
51.6 
67. 3 
1969 
-1.9 
5.7 
3.8 
12.0 
14.7 
30.5 
12.4 
51.8 
1970 
6.8 
8.1 
14.9 
9.7 
14.8 
39.4 
37.9 
62.4 
1971 
20.5 
2.7 
23.2 
15.0 
23.0 
61.3 
37.9 
62. 4 
1972 
19.6 
8.7 
28.2 
15.6 
15.8 
59.7 
47.2 
73.5 
1973 
18.5 
14.3 
32.8 
12.6 
10.5 
55.9 
58.6 
81.2 
1974 
2.1 
21.3 
23.3 
16.7 
15.6 
55.6 
41.9 
72.0 
1975e 1 
43.8 
10.9 
54.7 
12.6 
26.3 
93.6 
58.4 
71.9 
1976e*_. 
61.6 
12.2 
73.8 
14.6 
22.7 
111. 1 
66.4 
79.6 
i Bonds issued by nonfinancial corporations. 
» Includes State and local as part of government sector. ...... , AAA AAA AAA . . , 1Q7t - 
J Assumes adoption of President's State of the Union program, with budget deficits of $35,000,000,000 in fiscal year 1975 
and $50,000,000,000 in fiscal year 1976. 
Source: Fiscal year 1954-74 data based on FRB “flow of funds.” Office of the Secretary of the Treasury, Office of Debt 
Analysis, Jan. 22, 1975. 
Mano De Vincenhs—I
	        

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