The results of the first three reports are summarized in the Wall Street Journal, September 24, 1962, p. 5.
2.
Wall Street Journal, May 29, 1961, p. 25.
3.
BlumWilliam J., “Who's Doing the Buying?”Barron's (July 28, 1958), p. 9.
4.
A fairly complete description of the way the SEC obtains its estimate for net changes in corporate securities is provided on pages 30 and 32 of the June 1962Statistical Bulletin. Excerpts follow:
5.
“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…. The series includes privately-placed issues and other securities exempt from registration … also securities of railroad companies and banks….
6.
“These tables are based on material filed with the Commission in connection with the various Acts administered and questionnaires received from companies issuing securities without registration under the Securities Act of 1933….
7.
“Estimates of net cash flow in securities are derived by deducting from the amount of estimated gross proceeds received by corporations through the sale of securities the amount of estimated gross payments by corporations to investors for securities retired….
8.
“The series of retirements … is chiefly formed from individual records of each security issue retired through a cash transaction….
9.
“The figures are not all-inclusive, but it is believed that the amount of issues omitted is small in relation to the volume covered…. In the case of conversions or exchanges of one type of security for another, such as debentures converted into common stock, these are included in issues and retirements to the extent known. Although this results in inflated individual totals for issues and retirements, the net cash flow is unaffected, and more accurate data for net debt issues and net stock issues result. The series shows the net flow of cash between corporations and investors, and therefore excludes intercorporate transactions.”
