Full text of Z.1 Financial Accounts of the United States : August 19, 1974 (Seasonally Adjusted)

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A u g u s t 19, 1974




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P r e l i m i n a r y

Di v ision of R e search and Statistics
Board of Governors of the Federal Reserve System
Washington, D.C.
2§551




^1
p

T
TABLE LIST

S U MMARY TABLES

1.
2.

3.

Income and Product Distribution
Funds Raised in Credit Mark e t s
Private Domestic Ne t Investment a n d B o r rowing in
Credit Markets
Credit M a r k e t S u pply o f Funds

S E C T O R TABLES
4.

Households

5.

Total Nonfinancial Business & N o n c o r p o r a t e Business

6.

C o rporate Business

7.

Governments

8.

Banking System

9.

Commercial Banking Subsectors

1 0 .

N o n b a n k Finance Summary
Savings Institutions

1 1 .

Insurance and Pension Funds

1 2 .

Finance N.E.C.

13.

Rest of the World

TRANSACTION TABLES
14.

M o n e t a r y and Insurance Reserves /
Interbank Claims

15.

M o n e y and Deposits

16.

M o n e y Stock Relationship to Oth e r D a t a

17.

U.S. Government Securities

18.

Private Securities and Mortgages

19.

M ortgages b y Type

2 0 .

Consumer Credit and Ban k Loans N.E.C.

2 1 .

Other Loans, Including Open-Market Paper

2 2 .

Security Credit, Trade Credit, and Taxes

23-24.

M iscell a n e o u s Financial Claims

25.

Total C l a i m s — R e c apitulation b y Type

26.

Saving by Individuals

27.

Discrepancies

28.

A p p e n d i x — Bank Credit Relation

»

Seasonally A d justed
F l o w of Funds Accounts, Second Q u arter 1974

These tables present first estimates for secondquarter 1974 data, and they are also the first publication of
annual revisions for several years back that are being c o m ­
pleted this month. The annual revisions include the n e w 19711973 n a tional income data published in July and balance of
payments data published in June, both by the Commerce D e p a r t ­
ment, as well as n e w benchmarks on financial transactions that
have a c c u mulated since Au g u s t 1973.
The bench m a r k financial
revisions for corporations cover 1971-73, and for m o s t f i n a n ­
cial institutions they are for 1972 and 1973. For a very few
items, m a i n l y foreign bank debt and corporate equity issues,
the revisions run back to earlier years.
In addition to data
revisions, the seasonally adjusted accounts reflect n e w
seasonals for 1968-73 that reflect both the changes in data
and the ad d i t i o n of 1973 to the calculations.
The only modification in account structure this yea r
is the insertion of a corporate business liability for taxexempt securities.
These securities are industrial pollution
control bonds that first began appearing in 1971.
They are
formally the liability of a state or local government i n s t r u ­
mentality, but they are revenue bonds secured both for interest
and principal b y payments from specific corporations that use
the funds for pollution control purposes. Showing the bonds
di r e c t l y as a corporate business debt obviates an intermediary
credit flow from governments to business that b y the n a t u r e of
these instruments is virtually a dummy transaction.
A complete set of revised outstanding assets and
liabilities will be published in September.
Second-quarter figures are based on early indicators
and are therefore highly tentative, particularly in the d i s t r i ­
b u tion of financial asset holdings among private nonfinancial
sectors.
The most important information not yet a v a ilable in
these tables are SEC data on net n e w security issues and current
assets and liabilities of corporations.
The lack of these data
weakens the figures for total credit flows, household i n v e s t ­
men t in securities, and distribution of liquid assets as between
households and business. Also missing at the time the accounts
we r e put together were balance of payments statistics, final
income-and-product data, end-of-quarter balance sheets for
insurance companies, mutual savings banks, pension funds, and




investment companies, and the Treasury survey of ownership of
Federal securities.
Requests for unadjusted and for historical annual
tables or to be put on the m a iling list should b e addressed
to the F l o w of Funds and Savings Section, R o o m 3222, Division
of Research and Statistics, B o ard of Governors of the Federal
R e s erve System, Washington, D.C., 20551. T e lephone requests
for flow of funds data m a y be made to our n e w number:
(202)
452-3483.




’I* A UGUST 1974
INCOME AND PRODUCT DISTRIBUTION

INCOME AND PRODUCT DISTRIBUTION

*

INCOME AND PRODUCT ACCOUNTS: GNP EXPENDITURES AND GROSS S AVING
(BILLIONS OF DOLLARS)

SEASONALLY ADJU ST ED ANNUAL RATFS

1

SE AS O N A L L Y A D JU ST ED AN NUAL RATES

1968

1969

1970

1971

1972

1

864.2

930.3

977.1

1054.9

1158.0

1294.9

1248.9

1277.9

1308.9

1344.0

1358.8

1383.5

2
3
4
5
6

735.7
536.2
84.0
100.8
98.8

789.4
579.5
90.8
111.2
98.8

837.2
617.6
91.3
123.3
96.2

901.4
667.1
103.9
136.6
97.6

984.7
729.0
118.4
150.8
104.9

1081.6
805.2
130.3
169.8
106.6

1050.6
781.7
132.4
162.6
106.4

1072.3
799.0
132.1
167.1
106.2

1093.2
816.3
132.4
171.6
105.3

1110.3
823.9
124.3
177.9
108.4

1136.9
840.6
123.9
184.8
111.5

1170.3
866.8
130.2
189.6
113.9

1973

1

I

II

III

IV

1

I

II

U RRENT O U TLAYS
H OUS E H O L D S
OF WHICH CONSU M E R DURABLES
STATE ♦ LOCAL GOVE R N M E N T
U. S. GOV E R N M E N T

2
3
4
5
6

7

126.0

139.0

136.3

153.7

179.3

209.4

199.0

205.1

209.0

224.4

210.5

213.0

8
9
10
11
12

118.9
30.1
22.2
21.1
.5

131.1
32.6
22.1
22.0
.6

131.7
31.2
20.5
19.6
.5

147.4
42.8
29.9
26.9
.6

170.8
54.0
36.3
34.3
.6

194.0
57.2
37.0
37.5
.5

189.0
58.5
38.4
37.3
.5

194.4
58.7
38.7
37.9
.4

197.1
58.1
37.3
38.0
.5

195.5
53.6
33.5
37.0
.6

193.6
48.4
30.8
32.8
.7

197.9
48. 7
31.0
30.6
.8

13
14
15

.5
.3
.3

-.5
-.3
-.3

.4
.2
.2

2.4
1.2
1.2

1.5
.8
.8

- 1.1
-.5
-.5

.6
.3
.3

.4
.2
.2

- 1.1
-.6
-.6

-4.2
- 2.1
- 2.1

- 2.8
-1.4
-1. 4

-.4
-.2
-.2

16
17
18
19

7.9
5.9
1.8
.1

10.6
7.3
3.2
.1

10.7
7. ^
3.1
.1

13.0
9.1
3.8
.1

17.6
12.3
4.9
.4

20.3
14.2
5.8
.2

20.1
13.9
5.8
.4

20.1
14.1
5.5
.4

20.8
14.5
6.2
.1

20.2
14.3
5.9
*

17.7
12.2
5.5
*

17.7
12.2
5.5
*

M U L T I -FAMILY UNITS
N O N C O R P O R A T E BUSINESS
C O RPORATE BUSINESS
R EITS

16
17
18
19

20
21
22
23
24
25

88.8
4.5
5.7
9.8
2.3
66.5

98.5
5.1
5.9
10.6
2.9
74.0

100.6
*5.3
6.3
10.6
3.3
75.1

104.6
5.6
6.4
11.5
4.0
77.1

116.8
6.0
7.1
12.2
4.4
87.1

136.8
6.3
9.5
12.9
4.8
103.3

130.5
6.3
8.3
13.0
5.0
97.9

135.6
6.5
9.3
13.0
5.0
101.9

139.0
6.3
9.7
12.9
4.8
105.3

141.9
6.1
10.5
12.8
4.3
108.2

145.2
6.5
10.9
12.8
4.8
110.1

149.2
6.4
11.8
12.9
4.5
113.6

NONRES. PLANT + EQUIPMENT
N O N P R O F I T INST. (HH)
FARM
N O N FARM NONCORP. BUS.
FINANCIAL COR P O R A T I O N S
CORPORATE BUSINESS

20
21
22
23
24
25

26
27
28
29
30

7.1
.1
6.9
.5
6.4

7.8
.1
7.7
1.0
6.7

4.5
.2
4.3
-1.4
5.7

6.3
1.4
4.9
-.1
5.1

8.5
.7
7.8
-1.9
9.7

15.4
4.0
11.4
-1.5
12.9

10.0
3.5
6.5
- 2.2
8.7

10.7
3.0
7.7
-2.5
10.1

11.8
4.4
7.4
- 2.1
9.5

28.9
4.9
24.0
.8
23.2

16.9
3.8
13.1
-4.2
17.4

15.1
3.2
11.9
- 2.0
14.0

31
32
33

2.5
50.6
48.1

1.9
55.5
53.6

3.6
62.9
59.3

-.2
65.5
65.6

-6.0
72.4
78.4

3.9
100.4
96.4

-.8
88.8
89.5

.5
«>5.4
94.9

6.7
103.7
96.9

9.3
113.6
104.3

11.3
131.2
119.9

.2 N E T EXPORTS
138.6
EXPORTS
138.4
IMPORTS

31
32
33

34
35
36

591.0
39.8
6.7

634.4
38.2
6.0

691.7
56.2
8.1

746.4
60.5
8.1

802.5
52.6
6.6

903.7
74.3
8.2

869.5
65.3
7.5

892.1
69.6
7.8

913.9
73.2
8.0

939.4
89.3
9.5

950.6
84.4
8.9

965.9
73.3
7.6

D I S POSABLE PERSONAL INCOME
P ER S O N A L SAVING
SAVING RATE (PER CENT)

34
35
36

37
38

-6.5
-.3

8.1
.7

-11.9
1.8

-21.9
3.4

-17.5
12.3

- 6.1
9.6

-12.9
14.9

-7.4
10.4

-1.7
8.4

-2.3
4.6

-1.5
3.4

.9
1.9

FEDERAL GOVERN M E N T S U R PLUS
S. ♦ L. GOV E R N M E N T SURPLUS

37
38

39
40
IT

87.6
.1

84.9
.1

41

\\

7

67.9

44

39.9

46
47

5.8
34.0

40.1
.1
6.4
33.6

48

2 3 .6

2 4 .3

50

1.5

2.0

52

20*8
20.8

? o *7
20.7

4‘
°
72.2

54
55
56
57
^8
59
60

2 5
4 *3
17*5
- 3*3
2*5
16 6

62
63
64
65
66
67
68
69

?8*3
, 5
6 lo
11 9
46^8
15
*3
45.1

4 *a

•!

2 ° ml
7 %

13*6
2*5
ift'q
10.9

PRIVATE FIXED INVESTMENT
R ESIDE N T I A L CONSTR U C T I O N
1-4 F AMILY STRUCT U R E S
H OUS E H O L D P U RCHASES
FARM
CHANGE IN WORK IN
PROCESS ON NONFARM
NONCOR P O R A T E
C O R P ORATE

I N V E NTORIES
FARM
N ON F A R M
NONCORPORATE
CORPORATE

TE PROFITS, TAXES + DIVIDENDS:
PROFITS - TOTAL
FARMS
FOREIGN
FINANCIAL C O R PORATIONS
CORPORATE BUSINESS

74.0
*
,4.7I
4 *J
13.6
55.7
55.7

83.6
.1
4.9
A *9
15.6
163.1
1^
63.1

99.2
.3
5.2
5 *2
17.6
I76.0
Z 'Z
76.0

122.7
.6
*6
7.3
7 «3
19.6
i95.2
!*6
9*5.2

120.4
.4
*4
7.0
7 *°
18.7
1 8 '7
94.2
94.2

124.9
.5
*5
7.0
7 -0
19.4
1 9 *4
98.1
98.1

122.7
.6
*6
7.4
7.4
19.8
19-8
94.9
94.9

122.7
.8
*8
8.0
8.0
20.4
20,4
93.5
93.5

138.7
.7
«7
13.2
13.2
220.8
0 *8
104.1
104.1

150.6
.2
*2
10.6
10.6
21.3
21#3
118.5
118.5

34.8
34.8
.1
7.2
27.5

37.5
.1
7.8
29.7

41.5
.1
8.2
33.3

49.8
-.2
?
9.0
40.5

48.9
..2
7
8.4
40.3

50.9
.5
.2
8.9
41.9

49.9
.2■>
9.3
40.3

49.5
.3-a
9.7
39.6

53.6
.3i
9.9
43

559.4
9.4
.3-»
10.1
49.0

TAX A C C RUALS - TOTAL
r..u »
FARMS
FINANCIAL C O R P O R A T I O N S
C O R P ORATE BUSINESS

24.7
**
2.4
V I
2.3
?n*n
20.0
20.0

25.0
.1
•!
2.9
V I
1.9
20.2
20.2

27.3
.1
.1
3.1
V2.0
t
*?
22.1

29.6
^
y .o

.1
.1
3.6
2.2
23.6
23.6

28.7
z
b .t

29.1
Z
**.l

2
9 .8
29.8

3
0 .7
30.7

3
1 .6
31.6

3
2 .5
32.5

.1t
.7
-7
2.6
2,6
29.2
29.2

DIVIDENDS - TOTAL
CFARMS
IOUC
net fore i g n
FINANCIAL C O R P O R A T I O N S
COR P O R A T E BUSINESS

14.6
1-.1
4 *t
V
2.3l
2 .
4.1
t8.3
'l
-4.8
~2*3
2.3
I5.8
'l
5.8

21.1
2 1 *I
*
o t
2.0
2
’
5.99
13.3
i ’o
-4.9
~?*o
2.0
10.3
10.3

30.3
.1
22.1
*f
7.4
-20.7
PnX
-7.0
‘I*?
2.1
15.7
15.7

43.3
A 3.3
‘!
3.7
3#7
8.3
31.0
-17.6
1*5
3.7
17.1
17.1

UNDIST. PROFITS - TOTAL
FARMS
FOREIGN B RANCH PROFITS
FINANCIAL COR P O R A T I O N S
C O R P O R A T E BUSINESS
+ INVENTORY VAL. ADJ.
+ BRANCH PROFITS
= NON F I N . CORPS., NET

87.3
B9*0
9.0
1.7
6*0
6.0
1^*2
14.6
^ *.0
0
56
n
2V .0
.4?
53.6

93.7
9.3
9,3
1.9
6*5
6.5
15.7
60*4
60.4
V t
2.2
.5m\
*•7.7

110.8
10.4
2.1
I *
7.8
19.3
W l
71.2
3.1
.6
67.5
67.5

.1
.1
4.3
V *
2.1
2 **
22.3
22.3

.1
.1
3.9
3 "9
2.2
2 *2
22.9
22.9

.11
1.7
1-7
2.5
2,5
27.3
27.3

8
9
10
11
12
13
14
15

26
27
28
29
30

39
40
41
42
43
45
46
47
48

-1
.1
3.5
3 -5
2.2
2 ‘2
23.9
23.9

-1
.1
2.8
2 -8
2.4
2,4
25.4
25.4

42.8
44.9
42-8
4 4 "9
.2
.3
V l *2
*3
2.7
3.0
2,7
3 -°
8.3
8.3
8m3
31.6
33.3
31’
6
3 3 *3
-16.5
- 20.0
V l
2.7
32 *7 3.0
3 *°
17.9
16.4
17.9
16.4

43.1
43,1
.3
*3
3.8
3 «8
8.3
8 '3
30.7
3 0 *7
-17.5
~ 17'5
3.8
3,8
17.0
17.0

42.5
42,5
.4
*4
5.2
5 -2
8.4
8,4
28.5
28 m 5
-“
16.3
1 6 *3
*?.2
**2
17.3
17.3

53.5
5 3 *5
.4
*4
11.5
H-5
8.3
8,3
33.3
3 3 *3
-"31.0
3 1 -°
11.5
1 1 *5
13.8
13.8

58.7
5 8 «7
.6
«6
9.9
9.9
8.6
8-6
39.5
3 9 *5
-37.3
“3 7 *3
9.9
9 *9
12.2
12.2

107.4
110.5
1 1 0 *5
10.2
10.5
1 0 «2
1 0 -5
2.1
2.1
I'l
I 'l
7.4
7.8
,1*2
7
*4
7#8
18.3
19.2
if*!
™*2
69.4
70.9
l 3.0
l V 2,
7°
-9
3.0
3 «°
3 «°
.6
.6
*6
66G .8
67.2
.8
67.2
,
100.3
103.5
JS:?
i?»-’
207.7
214.0

111.5
1 11*5
10.3
l°-3
2.1
2-1
7.8
7,8
19.6
19,6
71.6
73.1
1 '6
3 *1
.6
*6
67.8
67.8

113.9
H3.9
10.4
10.4
2.2
2,2
8.1
8 *1
20.3
2°*3
72.9
7 2 *9
3.3
3 -3
.6
*6
69.0
69.0

115.8
115.8
10.5
10.5
2.2
2#2
8.4
8‘
4
20.6
2°’
6
74.1
7* - 1
3.4
3.4
.7
»7
70.1
70.1

104.9
104.4
*?:•’ 218.3
*?*•♦
216.3

104.3
;«;•»
220.1

118.4
118.4 TOTAL CAPITAL C O N S U M P T I O N
61
10.5
10.5 OWNER- O C C U P I E D HOMES (HH)
62
2.3
2,3 NON P R O F I T I N S TITUTIONS (HH)
63
8.6
8 *6
FARM NONCOR P O R A T E
64
21.4
21-4 N O N FARM NONCORP. BUSINESS
65
75.6
7 5 «6
T 0TAL CORPORATE
66
3.5
3.5
FINANCIAL BUSINESS
67
.7
-7
C O R P ORATE FARMS
68
1.4
CORPO R A T E B USINESS
69
771.4
MEMO: CAP. CONS. ON CONSUMER
104.5
isi-; T O r « t ! sc S S . ,S i r : e Su ; S i 1 , ??
222.9

49
5o
51
52
53
**
55
56
57
58
59
60

70

67 4

74 A

T.

141.,

1 M :x

80.77
168.0
168:„

at K
87.5
181.2
i«:2

102.9
1?n*o
10.0
2.0
I 6.9
*q
17.7
l66.3
l 'l
V2.7
l
2 *T
.6
663.0
3 *°
or 1
94.1
197.0

-6.4

-2.3

-3.8

-5.0

-5.9

-6.5

-4.9

- 2.6

-6.3

-6.3
■6.3

S T A T I S T I C A L DISCRE P A N C Y

72

1h i

47.0
i14.4
i ’i

44.9
Tr*
13.6
13,6

41.9
Ti*7
15.1
15,1

40.6
14.3
14,3

40.6
14.2
1 A *2

40.8
14.2
1 4 »2

40.6
14.4

40.4
40,4
14.5
14.5

38.7
3 8 *7
14.6
14.6

39.4
3 9 *4
14.8
14.8

pro f i t T *» r *te <*>
PERS O N A L TAX RATE (?)

73
74

74

1 4 I2

*8*7
,
6*2
,
51*9
V I

*3
49*8

11/74 FIGURES ARE TENTATIVE ESTIMATES BASED




103.3
214.1
m i : 3,

ON INCOMPLETE INFORMATION.

19 august 1974
CREDIT MARKET SUMMARY

CREDIT MARKET SUMMARY

2

T O T A L F U N D S R A I S E D IN C R E D I T M A R K E T S B Y N O N F I N A N C I A L S E C T O R S
( B I L L I O N S OF D O L L A R S )

SE AS ON AL LY A D J U ST ED A N NU AL RATE S
1968

1969

1970

1971

'1

S E AS ON AL LY AD JU ST ED ANNUAL RATES
1972

I. F U N D S R A I S E D ,

1973

|
I

1973
I

II

III

IV

I
I

1974
I

II

BY TYPE AND SECTOR

1
2

95.9
95.9

91.8
88.0

98.2
92.5

147.4
135.9

169.4
158.9

187.4
180.1

218.5
212.1

181.4
172.9

177.4
172.3

172.2
163.3

175.2
169.0

3
4
*5

13 . 4
10.3
3.1

-3.6
-1.3
-2.4

12.8
12.9
-.1

25.5
26.0
-.5

17.3
1 3.9
3.4

9.7
7.7
2.0

32 . 8
30.1
2. 6

2. 9
3. 1
-.2

-7.1
-9.7
2.6

10.3
7.4
2.9

12.0
10.3
1.7

202.1
195.6

TO T A L FUNDS RAISED
BY N O NFINANCIAL SECTORS
EXCLUDING EQUITIES

1
2

4.4 U.S. GOVERNMENT
PUBLIC DEBT SECURITIES
3.6
AGENCY ISSUES ♦ MORTGAGES
.8
197.7 ALL OTHER N O N F I N A N C I A L SECTORS
CORPORATE EQUITIES
6.5
DEBT INSTRUMENTS
191.2

6
7
8

82.5
♦
82.6

95.5
3.9
91.6

85.4
5.8
79.7

121.9
11.5
110.4

152.1
10.5
141.6

177.7
7.2
170.4

185.7
6. 3
179.3

178.5
8.5
169.9

184.5
5.1
179.4

161.9
8.9
153.0

163.2
6.3
157.0

9
10
11
12
13
14
15
16

50.6
9.5
14.0
27.1
15.1
3.4
6.4
2 .2

50.6
9.9
13.0
27.7
15 . 7
4.7
5.3
1 .9

57.6
11.2
20.6
25.7
12.8
5.8
5.3
1.8

84.2
17.6
19.7
46.9
26.1
8.8
10.0
2.0

94.9
14.4
13.2
67.3
39.6
1 0.3
14.8
2.6

97.1
13.7
10.2
73.2
43.3
8.4
17.0
4.4

88.6
10.6
8.4
69.6
42.0
8.5
15.3
3.9

104.3
12.7
10.4
PI.2
47.6
11.0
i e .2
4.4

106.3
15.6
11.4
79.3
46.9
9.7
18.1
4.7

89. 1
16.0
10.5
62.6
37.0
4.5
16.6
4.5

91.0
14.4
19.3
57.3
33.0
7 .1
13.4
3.8

100.9
18.4
13.4
69.2
41.7
9.4
13.6
4.5

17
18
19
20
21

32.0
13.1
10.0
1.6
7.2

41.0
15.3
10.4
3.3
12.0

22.1
6.4
6.0
3.8
5.9

26.3
9.3
11.2
-.9
6.6

46.7
21.8
1 9.2
- 1.6
7.3

73.4
38.6
22.9
1.8
10.0

90.7
64.3
25.6
- 10.0
10. 8

65.7
29.9
24.6
5.3
5.8

73.1
34.4
22.3
3.4
13.1

64.0
25.9
19.2
8.6
10.3

66.0
37.9
8.2
11.4
*.4

90.2
48.0
17.2
18.0
7.0

22
23
24
25
26
27
2 fi
29
30

82.5
82.6
2.7
9.8
30.0
40.1
2.8
5 .6
31.7

95.5
91.6
3.2
10.7
31.7
46.0
3.2
7.4
35.5

85.4
79.7
2.7
11.3
23.4
42.3
3.2
5.3
33.8

121.9
110.4
4.6
17.8
39.8
48.2
4.1
8.7
35.4

152.1
141.6
4.7
14.2
63.1
59.6
4.9
10.4
44.4

177.7
170.4
7.7
12.3
72.8
77.6
8.6
9.3
59.7

185.7
179.3
9.1
10.0
74.5
85.8
7.4
1 1.5
66.9

178.5
169.9
7.7
9.6
72.1
80.5
7.7
10.8
62.0

184.5
179.4
4 .2
15.4
80.5
79.3
9.6
8.8
60.9

161.9
153.0
9.9
14.1
64.1
64.9
9.8
6.0
49.1

163.2
157.0
13.8
1 3.1
46.2
83.9
8.1
4.6
71.2

197.7
191.2
26.7
16.1
59.9
88.4
9.9
9.5
69.0

31
32
33

*
.2
-.2

3.9
.5
3.4

5.8
.1
5.7

11.5
*
11.4

10.5
-.4
10.9

7.2
-.2
7.4

6.3
-.7
7.0

8.5
-.2
8.7

5. 1
*
5.1

8.9
*
8.9

6.3
.1
6.2

6.5
.5
6.0

34
35
36

2 .8
39.9
31.5

3.7
49.4
38.9

2.7
48.0
39.5

4.6
59.6
46.8

4.3
70.5
5 5.3

7.5
85.1
67.2

8.4
92.8
73.9

7.5
89.2
70.7

4.2
84.4
66.1

10.0
73.P
57.9

13.8
90.1
77.4

27.2
94.4
75.0

37

- 1.1

.4

2.8

3.2

-. 3

-1.7

13.8

- 6. 2

-18.4

38
39

97.1
14.5

91.4
-4.0

95.5
10.0

144.2
22.3

169.7
17.6

189.0
11.4

204.7
19.0

187.6
9.2

195.8
11.3

3
4
r

6
7
8

DEBT CAPITAL INSTRUMENTS
S. + L. G O V E R N M E N T SE C S .
C ORPORATE ♦ FOREIGN BONDS
MORTGAGES
HOME MORTGAGES
OTHER RESIDENTIAL
COMMERCIAL
FARM

9
10
11
12
13
14
15
16

OTHER PRIVATE CREDIT
BANK LOANS N.E.C.
CONSUMER CREDIT
O P E N-MARKET PAPER
OTHER

17
18
19
20
21

BY 8 0 R R O W I N G SECTOR:
DEBT INSTRUMENTS
FOREIGN
S. ♦ L. G O V E R N M E N T S
HOUSEHOLDS
NONFINANCIAL BUSINESS
FARM
NONFARM NONCORPORATE
CORPORATE

22
23
24
25
26
27
28
29
30
31
32
33

CORPORATE EQUITIES
FOREIGN
CORPORATE BUSINESS
TOTALS INCLUDING EQUITIES
FOREIGN
NONFINANCIAL BUSINESS
CORPORATE

-4.5 MEMO: U.S. GOVT. C A S H BALANCE
4.2
-.2
T O T A L S N E T O F C H A N G E S IN U . S . G O V T . C A S H B A L A N C E S —
175.4
206.6 TOTAL FUNDS RAISED
168.1
BY U.S. G O V E R N M E N T
9.0
6.1
12.2

34
35
36
37
38
39

PR I V A T E D O M E S T I C N E T INV E S T M E N T AND B O R R O W I N G IN C R E D I T MA R K E T S
TOTAL, HOUSEHOLDS ♦ BUSINESS
T O T A L C A P I T A L O U T L A Y S (1)
C A P I T A L C O N S U M P T I O N (2>
NET PHYSICAL INVESTMENT

1
2
3

207.6
140.4
67.2

226.7
154.3
72.4

224.2
166.0
58.2

253.5
178.9
74.6

293.0
194.3
98.7

334.7
211.0
123.7

326.0
204.7
121.3

331.7
211.0
120.8

336.5
213.2
123.3

344.4
215.0
129.4

329.5
216.7
112.8

338.6
219.5
119.1

4
5

69.9
-2.7

81.1
-8.7

71.4
-13.2

99.4
-24.8

133.6
-34.9

157.9
-34.2

167.3
-46.0

161.3
-40.6

164.9
-41.7

137.9
-8.5

136.3
-23.4

154.4
-35.2

NET FUNDS RAISED
EXCESS NET INVESTMENT

6
7
8

97.9
63.2
34.7

108.9
69.5
39.4

108.0
74.6
33.5

117.1
80.3
36.8

134.3
88.2
46.0

160.5
95.2
65.3

150.1
92.1
57.9

155.3
94.8
60.4

159.8
95.9
63.9

177.0
98.1
78.9

166.3
99.7
66.6

171.4
102.1
69.3

TOTAL BUSINESS
TOTAL CAPITAL OUTLAYS
CAPITAL CONSUMPTION
NET PHYSICAL INVESTMENT

9
10
11

40.1
-.2
-5.2

46.0
3.4
- 10.0

42.3
5.7
-14.5

48.2
11.4
- 22.8

59.6
1 0.9
-24.5

77.6
7.4
-19.8

85.8
7.0
-34.9

80.5
8.7
-28.7

79.3
5 .1
-20.5

64.9
8.9
5.1

83.9
6.2
-23.5

88.4
6.0
-25.2

12
13
14

75.0
45.1
29.9

83.7
49.8
33.9

84.0
53.6
30.4

87.2
57.7
29.5

102.5
63.0
39.4

121.5
67.5
54.0

112.7
65.8
46.9

117.7
67.2
50.5

120.4
67.8
52.6

135.2
69.0
66.2

131.6
70.1
61.5

132.9
71.4
61.4

1 *?
16
17

31.7
-.2
- 1 .6

35.5
3.4
-5.0

33.8
5.7
-9.1

35.4
11.4
-17.3

44.4
10.9
-15.8

59.7
7.4
-13.1

66.9
7.0
-26.9

62.0
8.7
- 20.2

60.9
5.1
-13.5

49.1
8.9
8.2

71.2
6.2
-15.9

69.0
6.0
-13.6

18
19
20

109.7
77.2
32.5

117.8
84.8
33.0

116.2
91.4
24.7

136.4
98.6
37.8

158.8
106.1
52. 7

174.1
115.7
58.4

175.9
112.6
63.3

176.5
116.1
60.3

176.7
117.3
59.4

167.5
116.9
50.5

163.2
117.0
46.3

167.2
117.4
49.9

21
22

30.0
2 .5

31.7
1.3

23.4
1.4

39.8
- 2.1

63. 1
-10.4

72.8
-14.4

74.5
- 11.2

72.1
- 11. 8

80.5
- 21.2

64.1
-13.5

46.2
.1

59.9
- 10.1

23
24
25
26

- 1.8
6.7
1.9
4.2

- 2.8
5.9
2.2
4.0

-1.9
4.5
2.2
3.5

- 6.6
5.2
2.5
3.2

-14.1
5.2
2.6
4 .1

-17.0
4.1
2.7
4.3

-14.4
6.5
2 .8
6.0

-19.9
4.0
2 .9
- 1.1

- 20.1
5.2
2.7
9.0

-13.7
.8
2.6
3.1

- 12.8
11.4
2.9
1.5

-21.9
8.5
2.8
-.6

(3)

NET DEBT FUNDS RAISED
CORPORATE EQUITY ISSUES
E X C E S S N E T I N V E S T M E N T (3)
CORPORATE BUSINESS
TOTAL CAPITAL OUTLAYS
CAPITAL CONSUMPTION
NET PHYSICAL INVESTMENT
NET DEBT FUNDS RAISED
C ORPORATE EQUITY ISSUES
E X C E S S N E T I N V E S T M E N T (3)
HOUSEHOLDS
TOTAL CAPITAL OUTLAYS
CAPITAL CONSUMPTION
NET PHYSICAL INVESTMENT
NET FUNDS RAISED
E X C E S S N E T I N V E S T M E N T (3)
OF W H I C H :
H OUSES LESS HOME MORTGAGES
DURABLES LESS CONS. CREDIT
N O N P R O F I T P+E L E S S M O R T G A G E S
LESS: U N A L L O C A T E D DEBT

(1) C A P I T A L O U T L A Y S A R E T O T A L S F O R R E S I D E N T I A L A N D N O N R E S I D E N T I A L
F I X E D C A P I T A L » N E T C H A N G E IN I N V E N T O R I E S , A N D C O N S U M E R D U R A B L E S ,
E XCEPT OUTLAYS BY FINANCIAL BUSINESS.
(2) C A P I T A L C O N S U M P T I O N I N C L U D E S A M O U N T S F O R C O N S U M E R D U R A B L E S
AND EXCLUDES FINANCIAL B USINESS C A P I T A L CONSUMPTION.
(3) E X C E S S O F N E T I N V E S T M E N T O V E R N E T F U N D S R A I S E D .
11/74 F I GU RE S ARE T E NT AT IV E ES TI MA TE S BASED ON IN COMPLETE INFORMATION.




1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

19 A U G U S T 1 9 7 4
C R E D I T M A R K E T S U P P L Y OF F U N D S

CREDIT M A R K E T SUPPLY OF FUNDS
3
DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MA RK ET S
(BILLIONS OF DOLLARS)

SEASON AL LY A D J U ST ED AN NU AL RA TE S

1

SEAS ON AL LY ADJUSTED ANNUAL RATES

1 968

1969

1970

1971

1972

1973

95.9

88.0

92.5

135.9

158.9

180.1

I
|

1973
I

212.1

II

III

172.9

172.3

IV

163.3

|
|

1974
I

II

T O T A L F U N D S A D V A N C E D IN C R E D I T M A R K E T S
195.6
TO N O NFINANCIAL SECTORS
169.0

I

BY PUBLIC A G E N C I E S ♦ FOREIGN
2
3
4
5
6

12.2
3.4
2. 8
.9
5 .1

15.7
.7
4.6
4.0
6.3

28.1
15.9
5.7
1.3
5.2

41.7
33.8
5.7
-2.7
4.9

18.3
8.4
5. 2
♦
4.6

33.2
11.0
7.6
7.2
7.5

65.0
44.3
4.9
5. 4
10.4

17.1
-3.1
5.1
10.7
4.4

27.3
-4.8
12.5
10.2
9.4

23.5
7.4
8.0
2.4
5.7

14.0
-9.9
9.9
3.3
10.7

7
P
9
10

4.9
3.2
3.7
.3

2.9
8.9
4.2
-.3

2.8
10.0
5.0
10.3

3.2
3.2
8.9
26.4

2.6
7.0
.3
8.4

3.0
20.3
9.2
.7

4.0
13 . 3
17.2
30.3

- 2.2
23.3
3.1
-7.0

7.8
27.8
5.7
-14.0

2.2
16.6
10.9
-6.3

2.2
13.0
-.9
-.4

11

3.5

8.8

8.2

3.8

6.2

19.6

12. 6

22. 1

26.7

17.0

9.3

63.8 TOTAL NET ADVANCES
27.9
U.S. G O V ERNMENT SECURITIES
12.9
RESIDENTIAL MORTGAGES
FHLB ADVAN C E S TO S+L»S
10.4
12.6
OTHER LOANS + SECURITIES
BY AGENCY:
3.0
U.S. GOVERNMENT
SPONSORED CREDIT AGENCIES
27.0
13.3
MONETARY AUTHORITIES
FOREIGN
20.8
A G F N C Y BORROWING NOT INCLUDED
19.0
IN L I N E 1

2
3
4
5
6
7
8
9
10
11

PRIVATE DOMESTIC FUNDS ADVANCED
12
13
14
15
16
17
18

R7. 2
13.3
9.5
13.8
15.5
35.9
.9

81.1
4.8
9.9
12.5
15.7
42.2
4.0

72.6
5.2
11.2
20.0
12.8
24.6
1. 3

98.1
-4.4
17.6
19.5
29.1
33.7
-2.7

146.7
15.2
14.4
13.2
44.6
59.5
*

166.5
18.4
13.7
10 . 1
44.1
87.4
7.2

159.7
1.1
10.6
8. 2
45.4
99.8
5.4

171.6
24.4
15.6
1 0.8
44.0
87.0
1 0.2

177.9
28.3
12.7
10 . 0
53.4
84.3
10.7

156.9
19.9
16.0
11.2
33.5
78.7
2.4

164.2
31.2
14.4
18.1
30.2
73.6
3.3

150.8 TOT A L NET AOVANCES
-4.5
U.S. GOVERNMENT SECURITIES
18.4
STATE + LOCAL OBLIGATIONS
11.6
CORPORATE + FOREIGN BONDS
38.2
RESIDENTIAL MORTGAGES
97.4
OTHER M O R T G A G E S ♦ LOANS
10.4
LESS: FHLB A D VANCES

12
13
14
15
16
17
18

PRIVATE FINANCIAL INTERMEDIATION
CREDIT MARKET FUNDS ADVANCED
B Y PRIV A T E F I N A N C I A L INSTS.
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
INSURANCE ♦ PENSION FUNDS
OTHER FINANCE

19
20
21
22
23

19
20
21
22
23

74.8
38.7
15.6
13.5
7.0

55.3
18.2
14.5
12.7
9.9

74.9
35.1
16.9
17.3
5.7

110.8
50.6
41.4
13.5
5.3

153.8
70.5
49.3
18.1
15.8

158.8
86.6
35.1
22.1
15.0

192.7
101.2
57.6
22.8
11.0

165.3
8 6.1
41.1
19.9
18.1

150.6
83.7
22.7
24.8
19.4

126.9
75.3
18.9
21.1
11.6

132.0
66.7
42.0
19.1
4.1

152.2
89.4
27.9
26.1
8.7

24
25
26

74.8
45.9
8. 5

55.3
2.6
18.8

74.9
63.2
-.3

110.8
90.3
9.3

153.8
97.5
20 . 3

158.8
84.9
31.6

192.7
115.9
42.0

165.3
88.7
31 . 1

150.6
69.0
38.9

126.9
65.9
14.4

132.0
79.8
18.5

1 5 2 . 2 S O U P C E S OF F U N D S
PRIVATE DOMESTIC DEPOSITS
95.0
25.5
CREDIT MARKET BORROWING

27
28
29
30
31

20.4
2.6
-.2
10.8
7.2

34.0
9.3
*
10. 8
1 3. 8

12.0
-8.5
2.9
13.1
4.4

11.1
-3.2
2.2
9.3
2.9

35.9
5.2
.7
1 3.5
16.5

42.4
6.5
- 1.0
16. y
20.2

34.8
2.8
6.1
16.4
9.5

45.5
7.7
— 6.8
15.5
29.2

42.7
4.7
-6.4
22.6
21.7

46.5
10.7
3.1
12.5
20.3

33.7
11.6
.4
16.2
5. 6

32
33
34
35
36
37

20.9
8.1
-.2
5.2
5.8
2.1

44.5
17 . 0
8.7
6.6
10.2
2.0

- 2.6
-9.0
- 1. 2
10.7
-4.4
1.4

-3.4
-14.0
.6
9.1
-.6
1.5

13.3
1.6
2.1
4.8
4.0
.8

39.3
18.8
4.4
1.1
11.3
3.8

9.1
8.6
5.1
-.5
- 2.6
-1.4

43.6
22.8
5.9
*
8.2
6.7

60.0
27.8
7. 2
-1.4
22.8
3.5

44.5
15.8
-.5
6.1
16.7
6.2

50.9
22.1
5.5
5.6
16.4
1.1

2 3 . 9 D I R E C T L E N D I N G IN C R . M A R K E T S
-2.0
U.S. GOVERNMENT SECURITIES
7.0
STATE ♦ LOCAL OBLIGATIONS
-.4
CORPORATE ♦ FOREIGN BONDS
13.7
COM M E R C I A L PAPER
OTHER
5.7

32
33
34
/35
36
37

38
39
40
41
42

48.3
33.9
3. 5
17.5
12.9

5.4
-2.3
-13.7
3.4
8.0

66.6
56.1
15.0
24.2
16.9

93.7
81.0
7.7
32.9
40.4

101.9
85.2
8.7
30 . 6
45.9

88.8
76.3
18 . 5
29.5
28.2

119.0
107.7
39.4
24.7
43.6

97.0
81.1
15.1
33.8
32.3

70.0
65.4
34.8
20.8
9.9

69.3
50.8
-15.1
38.9
27.0

88.3
81.9
17.8
27.2
36.9

104.8 D E P OSITS ♦ CURRENCY
89.3
TIME ♦ SAVINGS ACCOUNTS
47.3
LARGE N E G OTIABLE CD'S
26.8
OTHER AT COMMERCIAL BANKS
15.3
AT SAVINGS INSTITUTIONS

38
39
40
41
42

43
44
45

14.5
12.1
2.4

7.7
4.8
2.8

10.5
7.1
3.5

12.7
9.3
3.4

16.7
12.3
4.4

12.6
8.6
3.9

11.3
8. 2
3.0

15.9
7.6
8.3

4.5
3.5
1.0

18.6
15.2
3.4

6.4
- 2.0
8.4

46

69. 3

49.9

64.1

90.3

115.3

128.1

12 8 . 1

140.6

129.9

113.8

13 9 . 1

47
48
49

12.7
85.7
2. 9

17 . 8
68.3
9.1

30.4
103.1
1.8

30.7
113.0
23.2

11.5
10 4 . 8
13.6

18.4
95.4
7.2

30.6
120.7
33 . 1

9.9
92.9
.7

15.9
87.7
-9.3

14.4
80.9
4.4

8.3
80.4
1 1.1

31.7
11.9
-5.7
19.5
6.1

OTHER SOURCES
FOREIGN FUNDS
TREASURY BALANCES
I N S U R A N C E + P E N S I O N RES.
OTHER, NET

PRIVATE DOMESTIC NONFINANCIAL

15.5
5.7
9.8

24
25
26
27
28
29
30
31

INVESTORS

MONEY
DEMAND DEPOSITS
CURRENCY

43
44
45

T O TAL OF CREDIT M A RKET INSTRU128.7
MENTS, DEPOSITS ♦ CURRENCY

46

3 2 . 6 P U B L I C S U P P O R T R A T E (* 1
47
1 0 0 . 9 P V T . F I N A N . I N T E R M E D I A T I O N (*> 48
32.6 TOT A L FOREIGN FUNDS
49

CORPORATE EQUITIES N O T INCLUDED ABOVE
1
2
3

6.4
5.8
.6

10.0
4.8
5.2

10.4
2.6
7.7

14.8
1 .1
13.6

1 2. 9
-.7
13. 6

8.0
- 1.6
9.6

8.4
- 2.1
10. 5

10.9
- 1.8
12.7

10.1
1.2
8.9

2.7
-3.7
6.3

7.8
*
7.8

4
5

10.8
-4.4

12.2
- 2.2

11.4
- 1.0

19.3
-4.5

16.0
-3.1

13.4
-5.4

12.7
-4.3

1 3.5
- 2. 6

7.0
3.2

20.6
-18.0

10. 1
-2.3

10.9 TOT A L NET ISSUES
-.4
M UTU A L FUND SHARES
11.3
OTHER EOUITIES

1
2
3

14.3 A CO. BY F I N A N C I A L INSTIT U T I O N S
- 3 . 4 OTHER NET PURCHASES

4
5

1 1/74 F I G U R E S ARE T E N T A T I V E E S T I M A T F S BAS E D ON I N C O M P L E T E I N FORMATION.

Line
1.

Page 2, line 2.

2.

Sum of lines 3-6 or 7-10.

6.
11.

Includes farm and commercial mortgages.
Credit market funds raised by Federally sponsored credit
agencies. Included below in lines 13 and 33. Includes
all GNMA-guaranteed security issues backed by mortgage
pools.

30.

Excludes net investment of these reserves in corporate
equities.

31.

Mainly retained earnings and net miscellaneous liabilities.

32.

Line 12 less line 19 plus line 26.

33-37.

Lines 13-17 less amounts required by private finance.
37 includes mortgages.

39444.

See line 25.

Line 1 less line 2 plus line 11. Also line 19 less line
26 plus line 32. Also sum of lines 27, 32, 39, and 44.

45.

Mainly an offset to line 9.

17.

Includes farm and commercial mortgages.

46.

Lines 32 + 38 or line 12 less line 27 plus line 45.

25.

Lines 39 + 44.

47.

Line 2/line 1.

26.

Excludes equity issues and investment company shares.
Includes line 18.

48.

Line 19/line 12.

49.

Lines 10 plus 28.

12.

Foreign deposits at commercial banks, bank borrowings from
 28.
foreign branches, and liabilities of foreign banking
agencies to foreign affiliates.
http://fraser.stlouisfed.org/
Demand deposits at commercial banks.
Federal Reserve Bank 29.
of St. Louis

Corporate equities
Line
1 and 3.

Includes issues by financial institutions.

Line

19 A U G U S T 1 974
HOUSEHOLDS

HOUSEHOLDS^

4

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

4

SE ASONALLY ADJU ST ED ANNUAL RATES
1968

1969

1970

SE AS O N A L L Y AD JU ST ED AN NU AL RATES

197 1

1972

HOUSEHOLDS,

1973

I
|

1973
I

PERSONAL TRUSTS,

II

III

IV

|
|

1974
I

II

AND N O N P R O F I T O R G A N I Z A T I O N S

1
2

688.9
97.9

750.9
116.5

808.3
116.6

864.0
117.6

944.9
142.4

1055.0
151.3

1013.6
144.1

1039.2
147.2

1068.0
154.2

1099.3
159.9

1112.5
161.9

3
4
5
6
7
8

591.0
551.2
39.8
5 .6
2.5
16. 7

634.4
596.2
38.2
7.1
2.5
16.2

691.7
635.5
56 . 2
.9
10.6

746.4
685.9
60.5
9.4
.8
16.5

802.5
749.9
52.6
11.5
1.4
24.4

903.7
829.4
74.3
11.5
.9
27.1

869.5
804.2
65.3
11.8
1.2
32.1

8 92.1
822.5
69.6
14.1
1.3
28.6

913.9
840.7
73.2
10 . 8
1. 0
27.5

939.4
850.1
89.3
9.6
.3
20.0

950.6
866.2
84.4
10.1
.7
19.6

965.9
892.6
73.3
9.4
1.3
25.6

9
10
11

64.4
77.2
141.6

64.1
84.8
148.9

76.4
91 .4
167.9

87.1
98.6
185.7

89 . 8
106.1
195.9

113.9
115.7
229.6

110.4
112.6
223.0

113.6
1 16.1
229.8

112.4
117.3
229.7

119.1
116.9
236.1

114.8
117.0
231.7

109.7 = NET SAVING
117.4 + CAPITAL CONSUMPTION
227.0 = GROSS SAVING

9
10
11

12
13
14
15
16

145 . 5
109.7
21.1
84.0
4.5

145.4
11 7 . 8
22.0
90.8
5.1

1 65 . 5
116 . 2
19.6
91.3
5.3

186.1
136.4
26.9
103.9
5.6

205.1
158.8
34.3
118.4
6.0

235.6
174.1
37.5
130.3
6.3

219.2
175.9
37.3
132.4
6.3

247.8
176.5
37.9
132.1
6.5

233.7
176.7
38.0
132.4
6.3

241.9
167.5
37.0
124.3
6.1

237.3
163.2
32.9
123.9
6.5

234.1 G R O S S INVESTMENT
167.2
C A P I T A L E X P E N D . - N E T OF SALES
30.6
RESIDENTIAL CONSTRUCTION
130.2
CONSUMER DURABLE GOODS
6.4
NO N P R O F I T P L ANT ♦ EQUIP.

12
13
14
15
16

17
18

35.9
69.6

27.6
56. 8

49 . 3
71. P

49.7
92.8

46.3
115.2

61.5
130.8

43.3
114.9

71.3
139.1

57.0
134.5

74.4
134.6

74.1
121.4

66.9 NET FINANCIAL I N V ESTMENT
17
127.8
N E T A C Q . O F F I N A N C I A L A S S E T S 18

19
20

54.9
12 . 3

42 . 5
1.5

52 . 2
8.9

72.1
11 . 0

94.5
13.1

110.4
13.1

98.9
10. 5

115.8
10.3

103.8
5.5

123.4
26.0

103.2
2.4

109.4
17.8

21
22
23

30.3
17.4
12 . 9

6.0
- 2.0
8.0

44.4
27 . 5
16 . 9

70.3
29.8
40.4

75.4
29 . 5
45.9

67.7
39.5
28.2

83 . 8
40.2
43.6

74.2
42.0
32 . 3

50.8
41.0
9.9

61.9
34.9
27.0

74.6
37.8
36.9

70.0
54.8
15.3

TIME ♦ SAVINGS ACCOUNTS
AT C O M M E R C I A L B A N K S
AT SAVI N G S INST.

21
22
23

24
25
26
27
28
29

12.3
5.6
-.8
5.2
.7
1.5

35.0
12.8
9.6
6.6
4. 8
1.1

- 1.1
-9.7
-.8
10.7
-1.5
.1

-9.1
-14.4
-.2
9.1
-3.9
.2

6.0
.6
1.0
4.8
1.5
- 1.8

29.7
20.4
4.3
1.1
3.5
.5

4.6
12. 1
3.7
-.5
-7.7
-3.0

31.3
27.8
2.8
*
-1.3
1.9

47.5
27.1
8.9
-1.4
11.2
1.6

35.5
14.4
2.0
6.1
11.6
1.4

26.2
18.2
3.3
5.6
- 2.2
1.3

21.6
7.8
6.5
-.4
6.4
1.2

CREDIT MKT. INSTRUMENTS
U.S. GOVT. SECURITIES
S. ♦ L. O B L I G A T I O N S
C O R P O R A T E ♦ FGN. BONDS
COMMERCIAL PAPER
MORTGAGES

24
25
26
27
28
29

30
31

5.8
-12.3

4.8
- 8.6

2.6
-4.4

1.1
-6.5

-.7
-4.7

- 1.6
- 6.6

- 2.1
-7.2

- 1.8
-1.3

1.2
-1.5

-3.7
-16.3

*
-3.8

-.4
-3.4

INVESTMENT COMPANY SHARES
OTHER CORPORATE SHARES

30
31

32
33

4.6
14.9

5.0
16.3

5. 2
19.1

6.2
21.7

6.6
24.2

7.3
24.4

7.1
24.8

7.4
24.9

7.4
25.3

7.2
22.5

7.1
19.7

7.5
21.5

LIFE I N SURANCE RESERVES
PENSION FUND RESERVES

32
33

34
35
36

- 2 .2
2.1
1.8

-3.5
- 1.8
2.1

-4.7
-.9
2.6

-4.7
.5
2.3

-7.4
.1
2.7

-4.4
-.2
1.5

-7.1
-.7
1.3

- 6.0
-1.3
1.5

-4.1
.7
1.6

-.6
.5
1.6

-8.4
1.5
2.2

- 10.0
1 .4
1.8

N E T I N V . IN N O N C O R P . B U S .
SECURITY CREDIT
MISCELLANEOUS ASSETS

34
35
36

37
38
39
40
41
42
43
44

33.7
30.0
14.6
1.1
8.3
1.7
2.5
1.7

29. 2
31.7
16.1
1.3
9.4
1.0
1.0
3. 0

22.5
23.4
12 . 5
1. 4
5.0
1.1
.9
2.6

43.1
39.8
24.2
1 .2
9.2
?.0
1.8
1.4

68.9
63. 1
38.4
1. 4
16.0
3. 1
2.8
1.3

69.3
72.8
44.2
1.4
20.1
2.8
1.8
2.5

71.6
74.5
41.4
1.4
24.0
1.6
4.5
1.5

67.8
72.1
47.2
1.4
20.0
4. 6
- 2.8
1.7

77.4
80.5
47.8
1.4
21.0
1.3
5.6
3. 5

60.1
64.1
40.4
1.4
15.5
3.8
-.2
3.3

47.3
46.2
35.2
1.4
8.8
-.6
-.3
1. 7

60.9
59.9
42.0
1. 4
14.0
3. 2
- 2.8
2.2

N F T I N C R E A S E IN L I A B I L I T I E S
CREDIT MARKET INSTRUMENTS
HOME MORTGAGES
OTHER MORTGAGES
INSTALMENT CONS. CREDIT
OTHER CONSUMER CREDIT
BANK LOANS N.E.C.
OTHER LOANS

37
38
39
40
41
42
43
44

45
46
47

2.9
.5
.4

-3.4
.5
.4

- 1.8
.5
.4

2.6
.3
.3

4.7
.6
.5

-4.6
.6
.4

-3.9
.6
.4

-5.4
.6
.4

-4.1
.6
.4

-4.9
.6
.4

.1
.6
.4

*
.6
.4

48

-3.9

3.5

2.4

-.4

-9.1

- 6.0

3. 8

-18.0

-4.0

-5.8

-5.6

1133.8 PERS O N A L INCOME
167.9 - PERSONAL TAXES ♦ NONTAXES
=
=
♦
♦
♦

D I S P O S A B L E P E R SONAL INCOME
PERSONAL OUTLAYS
PERSONAL SAVING, NIA BASIS
CREDITS FROM GOVT. INSURANCE
CAPITAL GAINS DIVIDENDS
N E T D U R A B L E S IN C O N S U M P T I O N

1
2
3
4
5
6
7
8

D E P . ♦ C R . M K T . I N S T R . (1) 19
D E M A N D DEP. ♦ CUR R E N C Y
20

security

45
46
47

credit

TRADE DEPT
miscellaneous

-7.1 DISCREPANCY

48

tl) E X C L U D E S C O R P O R A T E E Q U I T I E S .

30.6
10.5
42.0
-21.9

MEMORANDA:
NET PHYSICAL INVESTMENT:
(A) R E S I D E N T I A L C O N S T R U C T I O N
EXPENDITURES
- CAPITAL CONSUMPTION
- HOME MORTGAGES
= EXCESS NET INVESTMENT

49
50
51
52

123.9
104.3
19 . 6

130.2
104.5
25.6

(B) C O N S U M E R D U R A B L E S
EXPENDITURES
- CAPITAL CONSUMPTION
= NET INVESTMENT

53
54
55

19.2
.8

8.2
11.4

17.2
8.5

- CONSUMER CREDIT
= EXCESS NET INVESTMENT

56
57

6 .3
2. 1
1. 4
2.7

6. 1
2.2
1. 4
2.6

6.5
2.2
1.4
2.9

6.4
2.3
1.4
2.8

(C) N O N P R O F I T P L A N T ♦ E Q U I P .
EXPENDITURES
- CAPITAL CONSUMPTION
- NONPROFIT MORTGAGES
= EXCESS NET INVESTMENT

58
59
60
61

14.2
7.8

14.4
8.0

14 . 5
9.5

14.6
8.9

25.3

25 . 3

24.fi

24.9

PER C E N T OF D I S P O S A B L E INCOME ADJ.
24.1
23.2 GRO S S SAVING

19.9
13 . 0
8.1
8.4

19.4
15.3
7.5
7.9

19.1
14. *
8.4
8.7

17.6
14 . 2
6.3
6.8

17.0
12 . 6
4.9
4.8

49
50
51
52

21.1
8.3
14.6
- 1.8

22 . 0
8.7
16.1
- 2.8

19 . 6
9.0
12 . 5
-1.9

26.9
9. 3
24.2
- 6. 6

34.3
10 . 0
38.4
-14.1

37.5
10.4
44.2
-17.0

37.3
10 . 2
41.4
-14.4

37 . 9
10.5
47.2
-19.9

38.0
10 . 3
47.8
-20.1

37.0
10 . 4
40.4
-13.7

32.8
10 . 5
35.2
- 12.8

*3
54
55

84 . 0
67.4
16.7

90.8
74.6
16.2

91.3
80.7
10 . 6

103.9
87.5
16.5

118.4
94.1
24.4

130.3
103.3
27.1

132.4
100.3
32. 1

1 32.1
10 3 . 5
28. 6

132.4
104.9
27.5

124.3
104.4
20.0

56
57

10. 0
6. 7

10.4
5.9

6.0
4.5

1 ! .2
5.2

19.2
5.2

22.9
4 .1

25.6
6.5

24.6
4. 0

22.3
5.2

58
59
60
61

4 .5
1.5
1.1
1.9

5.1
1.6
1.3
2 .2

5. 3
1.7
1.4
2.2

5. 6
1.9
1.2
2.5

6.0
2.0
1.4
2.6

6.3
2. 1
1.4
2.7

6.3
2.1
1. 4
2 .8

6.5
2.1
1.4
2.9

62
63

14.2
6.7

15.5
6.0

14.4
8.1

13.6
8. 1

15.1
6.6

14.3
8.2

14.2
7. 5

64

23.6

23.1

23.9

24.5

24.0

25.1

65
66
67
68

18.3
11.6
5.6
5.0

18.3
8 .8
4.5
4.9

16 . 6
10 . 2
3.2
3. 3

18.0
12.3
5.7
*?.3

19.5
14.1
8.5
7.7

19.0
14.3
7.6
7.9

69

599.0

644.0

701.4

756.6

815.4

916.2

17.1
13.1
6.2
6.1

62
63
(2):

CAPITAL EXPENDITURES
A C Q U I S I T I O N OF FINA N . A S S E T S
N E T I N C R E A S E IN L I A B I L I T I E S
CREDIT MARKET BORROWING

8 8 2 . 55
925.6
9900 7 . 5
949.3
961.3
9 7 6 . 7 (2) D I S P O S A B L E I N C O M E A D J .
(NIA D I S P O S A B L E I N C O M E ♦ G O V T . I N S U R A N C E C R E D I T S ♦ C A P I T A L G A I N S D I V I O . )

11/74 FIGURES ARE TENT AT IV E ESTI MA TE S BASED ON IN CO MP LE TE INFORMATION.




PER C E N T RATIOS:
14.8 E F F E C T I V E TA X RATE
7.6 SAV I N G RATE, NI A BASIS

64
65
66
67
68
69

19 AUGUST 1974
TOTAL ♦ NONCORP BUSINESS

T O T A L ♦ N O N C O R P B USINESS
SECTOR S T A TEMENTS OF SAVING AND I N V E S T M E N T
(BILLIONS OF DOLLARS)

S E A S O N A L L Y A O J U S T F D ANN U A L R ATFS
1968

1969

1970

S E A S O N A L L Y A D J USTED A N N U A L RATES

1971

1972

1973

NON F I N A N C I A L

!

I

II

III

IV

|1

I

II

BUSINESS - TOTAL

1
2

142.4
79.8

139.5
80.4

128.2
80.3

137.5
90.6

155 .2
104.1

183.9
112.6

177.3
110.2

180.7
111.4

136.9
113.2

190.6
115.8

181.6
113.9

180.5 INCO M E B E F O R E TAXES
114.9 G R O S S SAVING

3
4
5
6
7
8
9

70.2
97.9
90.9
82.0
1.1
7.8
7.1

74.4
108.9
101.1
90.5
.1
10.4
7.8

73.6
108.0
103.5
92.0
.°
10.6
4.5

80.4
117.1
110.8
95.0
3.0
12.8
6.3

80.3
134.3
125.7
106.4
2.1
17.3
8.5

98.8
160.5
145.2
125.7
-.6
2 0 .0
15.4

94.5
150.1
140.1
119.2
1.1
19.7
10.0

97.2
155.3
144.6
124.1
.8
19.7
10.7

97.0
159.8
148.0
127.9
-. 7
20.7
11.8

105.9
177.0
148.0
131 .5
-3.5
20.1
28.9

10 0 . 2
166.3
149.4
133.8
-2 .1
17.6
16.9

101.7 G R O S S I N V ESTMENT
171.4 C A P I T A L E X P E N D I T U R E S
156.3
F IXED INVEST M E N T
138.2
B U S I N E S S PLANT + E QUIPMENT
.4
N O N F A R M HOME CONST. (1)
17.7
M U L T I - F A M I L Y R E S IDENTIAL
15.1
CHAN G E IN I NVENTORIES

10
11
12
13
14
15
16
17
18
19

-2 7 . 7
30.6
58.3
-.2
40.1
12.9
.4
10.9
11 . 1
4.8

-34.5
30.2
64.7
3.4
46.0
12.0
-.4
10.8
14.5
9.2

-34.5
14.8
49.2
5.7
42.3
IP. 8
•3
11.6
5.8
4.9

— 36.7
2 *?.3
62.0
11.4
48.2
13.8
1.9
19.5
*>.9
1.9

-45.0
33.8
7R.7
10.9
59.6
12.2
1.2
26.2
16.1
3.3

-61.7
4 7 .9
105.5
7.4
77.6
9.2
-.9
28.4
34.0
5.1

-55.6
49.5
los.i
7.0
85.P
7.9
.5
26.3
55 .0
-*.2

-50.1
53.3
111.4
3.7
80.5
0.7
.3
32.2
28.8
7.3

-6 1 . 9
40.7
102.5
5.1
70.3
10.5
-.9
31.0
30.4
6.2

-71.1
32.1
103.2
8.9
64.9
8.5
-3.4
24.2
21.8
12.0

-6 6.1
54.3
120.5
6.2
83.9
17.1
- 2.2
22.9
3 2.0
12.5

-69 . 7 N E T F I N A N C I A L INVEST M E N T
61.0
F I N A N C I A L USES OF FUNDS , NET
130.7
FINAN. SO U R C E S OF FUNDS, NET
6.0
C O R P O R A T E SHARE ISSUES
88.4
C R E D I T M A R K E T INSTRUMENTS
11.5
C O R P O R A T E BONDS
— .3
HOM E MORT G A G E S
26.1
OTHER M O R TGAGES
38.3
S ANK LOANS N.E.C.
11.4
O T HER LOANS

20
21

17.4
1.0

21.3
-5.9

8 .6
-7.3

s.3
-2.9

15.4
-7.1

20.1
.4

12.6
-.3

26.0
-3.8

15.7
2.4

2 5.9
3.4

2 9.7
.7

34.1
2 .1

22

9.6

6.0

6.7

10.2

14.8

13.8

15.7

14.3

15.3

10.0

13.7

13.3 D I S C R E P A N C Y

35.6
.3
8.5
.6
7.8

4 4.9
.4
8 .8
.6
8 .1
9.2

39.1
.4
9.0
.7
8.4
9 .4

29.1
.6
9.3 C A P I T A L C O N S U M P T I O N
.7
CORPORATE
8.6
NONCORPORATE
9.9

T RADE DEBT
OTHER L I A B I L I T I E S

FARM BUSINESS
1
2
3
4
5
6

14.7
*
6.2
.3
6.0
6.2

16.7
*
6.6
.3
6 .2
6.5

16.9
-.1
6.4
.4
6 .0
*.3

17.2
*
7.0
.5
6.5
6.9

21.0
.1
7.5
.6
6.9
7.6

38.5
.3
8.4
.6
7.8
8.7

32.1
.2
8 .0
.6
7.4
8.2

8.7

41.5
.3
8.5
.6
7.8
8 .8

7
8
9
10
11

6 .2
6.3
5.7
.5

6.5
6.6
5.9
.6
.1

S.*
7.0
6.3
.5
.2

6.9
8.4
6.4
.6
1.4

7.6
8.4
7.1
.6
.7

8.7
13.9
9.5
.5
4.0

8 .2
12.3
8.3
.5
3.5

8.7
12.7
9.3
.4
3.0

8 .8
14.7
9.7
.5
4.4

9.2
16.0
10.5
.6
4.9

9.4
15.3
10.9
.7
3.8

9.9 G R O S S I N V E S T M E N T
15.7
11.8
P L ANT + EQUIP M E N T
.8
R E S I D E N T I A L CON S T R U C T I O N
3.2
C HA N G E IN INVENTORIES

-.1
.5
.1
.4
.4
.1

-.8
.6
.1
.5
.4
.1

-1.4
.7
.1
.6
.5
.1

-.8
.9
.3
.7
.6
.1

-5.2
.7
.7
.6

-4.1
.7
.1
.7
.6
.1

-3.9
.7
*

-5.9
.7
-.1
.8
.5

.2

.2

-6.8
.7
*
.7
.6
.1

-5.9
.7
.1
.6
.6
.1

- 5.8
1.0
.1
.9
.6
.4

ET F I N A N C I A L I N V E S T M E N T
12
NE T INCR. IN FINAN. ASSETS
13
D EMA N D D E P O S I T S + CUR R E N C Y 14
M I S C E L L A N E O U S ASSETS
15
I N S U R A N C E R E C E I VABLES
16
EO. IN SPONS. AGS. (2)
17

1.4
3.2

5.9
8 .6
4 .<+
3.0
1.2

4.9
7.4
3.9
2.7

4.7
7.7
4.4

.6
-.1
.7

2.1
4.1
2 .0
1.3
.7
*
.7

1.7
4.9
2 .6

.8

.2

.6
3.2
1 .9
.6
.6
♦
.6

1.1

.1
.7

1.0
*
1.0

6 .6
9.6
4.7
3.1
1.7
*
1.7

7.5
9.8
4.5
4.0
1 .3
.4
.9

6 .6
5.1
3.8
3.6
.7
-.2

6.8
9.9
4.5
2.9
2.5
*
2.5

N E T INCR E A S E IN L I A B I LITIES 18
C R E D I T MARK E T INSTRUMENTS 19
MORTGAGES
20
RANK LOANS N.E.C.
21
O TH E R LOANS
22
U.S. G O V E R N M E N T
23
FICB
24

.3
- 2. 4

.7
-3.2

-2.8

1.1
-3.1

1.5
-4.6

1.5
- 4.2

1.6
-4.2

1.3
-4.3

1.2
-4.2

1.7
-4.0

2.2
-3.6

1.3
-4.4-

12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

.6
.?
.3
ml
2 .8
2 .2
.2

1.8
.8

.9

1.8

.5
*
.4

.2

.1

.8

.6

2.2

T RADE D E B T
P R O P R I E T O R NET I NVESTMENT

10
11

25
26

NON F A R M N O N C O R P O R A T E BUSINESS
1

58.9

60.0

60.3

62.2

65.3

67.7

67.5

67.0

67.9

6 8 .6

69.4

70.2

2
3

11.9
11.9

13.1
13.1

14.6
14.6

15.7
15.7

17.7
17.7

19.3
19.3

18.3
18.3

19.2
19.2

19.6
19.6

20.3
20.3

2 0 .6
2 0 .6

21. 4 C A P I T A L C O N S U M P T I O N
21. 4 C U R R E N T SURP. = G ROSS SAVING

2
3

4
5
6
7
8
9
10

11 .9
16.6
16.1
9.8
.3
5.9
.5

13.1
18.6
17.6
10.6
-.3
7.3
1.0

14.6
16.9
18.3
10.6
.2
7.5
- 1.4

15.7
21 .6
21.7
11.5
1.2
9.1
-.1

17.7
23.4
25.3
12.2
.8
12.3
-1.9

19.3
25.1
26.6
12.9
-.5
14.2
-1.5

18.3
25.0
27.2
13.0
.3
13.9
- 2 .2

10.2
24.9
27.3
13.0
.2
14.1
-2.5

19.6
24.7
26.8
12.9
-.6
14.5
-2 .1

20.3
25.8
25.0
12.8
-2 . 1
14.3
.8

2 0. 6
19.4
23.6
12.8
- 1.4
12.2
—4.2

21.4 G R O S S I N V E S T M E N T
2 2 .8 CAPITAL EXPENDITURES
24.9
FIXED CAP I T A L
12.9
PL A N T + EQUIPMENT
-.2
HOME C O N S T R U C T I O N (1)
12.2
MULTI-FAMILY RESIDENTIAL
-2 .0
CHAN G F IN INVENTORIES

4
5
6
7
3
9
10

11
12
13
14
15
16
17

- 4.7
1.0
—

-2.4
1.3
—
.6
.7
.7
*

-5.9
1.5
—
.7
.8
.8
*

-5.6
2.1
—
1.1
1.0
1.0
*

-5.3
2.3
—
1.3
1.0
1.0
*

-6.7
1.6

-5.7
2.3

-5.1
2.2

-5.4
2.9

1.3
.7

.5
.5
*

-5. 4
1 .3
—
.6
.7
.7
*

18
19
20
21
22
23

5.6
5.6
3 .4
.2
2.7
.5

6.7
7.4
3.8
-.2
3.6
.4

3.7
5.3
4.9
.2
4.3
mu

7.4
6.7
8 .0
1.0
6 .2
.9

7.7
10.4
9.2
.6
7.3
1.3

24
25

1.1
1.0

2.1
1.5

-.6
1.0

.2
.5

26
27

-.1
.2

-.4
-.2

.2
-1.8

.3
- 1.6

_

_

- 1 . 4 NET F I N A N C I A L INVEST M E N T
11
1.2
N E T ACO. OF F INANCIAL ASSE T S 12
_
DEM A N D D E P O S I T S + CURR E N C Y 13
.1
C O N S U M E R CRE D I T
14
1.1
M I S C E L L A N E O U S ASSETS
15
1.0
INSUR A N C E REC E I V A B L E S
16
.1
EQ. IN SPONS. AGS. (2)
17

—

-

-

.6
1.0
1 .0
*

1.3
1.0
1.0
*

1.2
1.0
1.0
*

1.9
1 .0
1.0
*

-.3
1.0
1.0
*

8 .0
9.3
7.1
-.4
5.9
1.6

8.3
11.5
7.8
.3
6 .2
! .4

8. 0
10 .8
9.7
.2
7.9
1 .7

7.3
8 .8
7.8
— .5
6 .6
1.7

8.3
6.0
3.0
-1.7
3.2
I .*5

-.6
4.6
5.6
-1.1
5.5
1.2

2.6
9.5
7.7
-.2
6. 7
1.2

.7
.4

.4
1.8

.6
3.1

*
1.1

-.5
1.5

1.5
1.6

- 2.4
1.3

.3
1.5

.2
- 2.8

- 1.0
-.3

-.3
-2.9

- 1.1
-1 .7

- 1.6
.2

-1.0
3.4

-.4
-4.8

-1 .3
-5.6

NET I NCREASE IN LIABI L I T I E S
C R E D I T M A R K E T INSTRUMENTS
MORTGAGES
H O M E MORTG A G E S
MULTI-FAMILY
COMMERCIAL
B ANK L OANS N.E . C .
O T HER LOANS
TRADE DFBT, NE T
P R O P R I E T O R NET I N VESTMENT

(1) CHANGF IN WORK IN P R O C E S S .
(2) S HARES IN FICB'S,
11/74 FI G U R E S ARE T E N T A T I V E E S T I M A T E S BASED ON I N C OMPLETE INFORMATION.




B A NKS FO R COOPS,

AND LAND BANKS.

18
19
20
21
22
23
24
25
26
27

19 A U G U S T 1974
CORPORATE BUSINESS

C O R P O R A T E BUSIN E S S

6

SECTOR S T A T E M E N T S OF S AVING AND INV E S T M E N T
( BILLIONS OF DOLLARS)

S E A S O N A L L Y ADJ U S T E D A N N U A L RATES

SE A S O N A L L Y A D J U S T E D A N N U A L R A TES
1973
II

III

C O R P O R A T E B U S INESS

72.2
34.0
20.8
17.5
2.5
-3.3
45.1
61.7

67. 9
33.6
20.7
13.6
2.5
-5.1
49.8
60.7

55.7
27.5
20.0
8.3
2.3
- 4.8
53.6
59.4

63.1
2 9.7
2 0 .2
13.3
2.0
-4.9
57.7
6 8 .0

76.0
33.3
22.1
20.7
2.1
-7. 0
63.0
7 8. 7

95.2
40.5
23.6
31.0
3.7
-1 7 . 6
67.5
84.6

94.2
40.3
22.3
31.6
2.7
-16.5
65 .8
83.7

98.1
41.9
22.9
33.3
3.0
- 2 0 .0
67.2
83.6

94.9
40.3
23.9
30.7
3.8
-17.5
67.8
84.8

93.5
39.6
25. 4
28.5
5.2
-16 . 3
6 9.0
86.3

104.1
43.*!
27.3
33.3
11.5
- 3 1.0
70.1
83.8

118.5
49.0
29.2
39.5
9.9
-3 7 . 3
71.4
83.6

9
-- 10
11
12
13
14
15

52.1
7 5.0
68.6
66.5
.3
1.8
6.4

54.7
83 .7
76.9
74.0
-.3
3.2
6.7

52.7
84.0
78.4
75.1
.2
3.1
5.7

57.8
87.2
82.1
-?7.1
1.2
3.8
5.1

64.0
102 .5
92.8
P7.1
.8
4.9
9.7

70.8
121.5
108.6
103.3
-.5
5.8
12.9

6 8. 0
112.7
104.1
9 7.9
.3
5.8
8.7

69.3
117.7
107.6
101.9
.2
5.5
10 .1

69.5
120.4
110.9
10 5.3
-.6
6.2
9.5

76.3
13*.2
112.0
108.2
-2 .1
5.9
23.2

70.1
131.6
114.2
110 .1
-1.4
5.5
17.4

70 . 3 i
132.9
FIXED I N V E S T M E N T
118.9
PLANT + E Q U IPMENT
113.6
HOME C O N S T R U C T I O N
-.2
M ULTI-FAMILY RESIDENTIAL
5.5
CHANGF IN I N V E N T O R I E S
14 .0

16
17

-22.9
29.0

-28.9
28 .4

- 31.3
12.9

- 2 9.4
23.1

-3 8 . 5
30.8

-50.7
40.9

-44.8
47.1

-4 8.4
*’0 .2

- 50.9
37. 7

-58.8
28.5

-61.5
53.0

—62 .6
58.8

18
19
20
21
22
23
24

8 .0
1.7
.4
.3
.5
4.2
.9

2.3
2.6
-2. 4
-2. 3
- 1.0
4.0
1 .4

-. 4
.9
1.7
-.6
.<>
-3. 4

10.6
.5
3.6
2.2
1.0
2.4
.8

4.0
-.1
3.1
-2 . 4
1.0
.8
1.6

6.9
-.3
1.4
- 1.8
-.1
5.2
2.6

1^.1
- 1.2
1^.3
*
1.0
-.2
5.3

13.7
2.7
.2
- 1.2
2.5
12.2
-2.7

11.1
.8
3.6
-3.4
-1.5
5.0
6 .6

-16.0
-3.3
-12.7
-2.6
— 2 .*
4.1
1.0

23.6
.5
4.4
-2.2
2.1
10.8
7.8

9.7
— .9
7.8
-4.4
*
1.0
6.3

25
26
27
28
29
30
31

*
18.7
2.4
1.1
.5
.8
*

.3
22.7
3.0
2.2
-.4
1.1
.1

.7
3.4
4,2
3.6
-. 4
,o
.1

.6
5.7
6.2
3.8
1 .4
1 .0
*

1.6
20 .0
5.2
1.5
1.8
1.9
*

2.0
24.1
7.9
3.6
2.6
1.6
*

.9
14.7
12.4
*.3
5.4
1.7
*

3.5
26.1
7.0
2.3
3.1
1 .6
*

.?
22.5
3.4
1.7
.1
1.6
*

2.9
33.1
8 .6
5.4
1.6
1 .6
♦

.1
28.0
1.3
*
-.4
1.6

4.3
39.8
4 .8
3.1
.1
1.6
*

32
33
34
35

51.9
31.5
-.2
31.7

57.4
38.9
3.4
35.5

52.5
46.8
11 .4
3 5. 4

6-5.3
55.3
10.9
44.4

91.6
67.2
7.4
59.7

91 .9
73.9
7.0
66.9

9 8.7
70.7
8.7
62.0

8 8 .6
6 6.1
5.1
60.9

87.3
57.9
8.9
49.1

114.4
77.4
6.2
71.2

36
37
3R
39
40
41

_

_

44.2
39.5
K .7
33.8

12.9
5.7
.2
.7
4.8

12.0
4.6
-.2
1 .2
3.7

19.S
5.2
.2
1 .5
3.6

.1
18.8
11.4
1.0
2.6
7.9

.5
12.2
15.6
.6
3.0
12.0

1.8
9.2
16.1
“ .4
2.5
14.1

1.3
7.9
15.1
.3
2.3
12.5

2.1
9.7
18.4
.2
3.2
15.1

2 .0
10.5
17.7
-.5
3.1
15.0

1.8
8 .*
13.3
-1. 7
1.4
13.7

1.6
17.1
11.3
-1.1
1.6
1 0 .8

1.5
11.5
13.6 / “ I
- . 2 *-* - ’
2.7
11.0

(^T a x - e x e m p t p o n d s (2)
\ C O R P O R A T E BONDS (1)
\MORTGAGES
/
HOME MORTG A G E S
\
MULTI-FAMILY
COMMERCIAL

42
43
44
45

9.6
1.6
1.7
.2

11.8
2.7
4.3
.1

5.6
2.6
.4
.3

4 .4
-1.5
1.9
.2

13.5
-.5
2 .8
.2

30.6
-.3
2 .0
.3

51.7
-11.3
1.5
.6

26.6
3.6
1.3
.2

27.8
.4
2.4
.1

16.3
6 .1
2.7
.4

30.7
6 .8
4.0
-.3

35.1
6.7 <r *T"
.5 °
.2

/"BANK LOANS N.E.C.
\ O P E N — M A R K E T PAPER
^ F I N A N C E C O M P A N Y LOANS
I U.S. G O V E R N M E N T LOANS

46
47
48

2.9
17.2
.3

-3.3
21 .0
.8

-3.7
7.4
1.0

2.0
3.8
-.1

-.1
13.7
.4

2.3
19.6
2.5

5.3
11 .3
1.4

-.2
25.9
2.4

2.9
16.0
3.5

1.2
25.3
2.8

4.6
27.9
4.5

6 .0
34.1
6 .1

49

9.6

6.0

6.7

10.2

14.e

13.8

15.7

14.3

15.3

10.0

13.7

13.3 D I S C R E P A N C Y

^0
51

1.4
32.2

1.8
36.4

.9
30.3

1.9
27.8

6.3
33.7

4.5
38.1

3.4
36.2

.2
41.2

6.4
37.2

7.8
37.8

.1
39.6

5.7
43.2 PR O F I T S TAX P A Y M E N T S

52
53
54

47.0
121.6
42.3

49.5
137.8
42.4

4 9. 4
141.4
40.2

47.0
128.3
40.6

43.8
130.1
43.3

42.6
143.6
49.2

42.8
134.7
59.3

4 2.7
140.9
52.7

42.5
142.0
50.6

42.3
156.6
36.3

41.8
156.9
54.1

1
2
3
4
<=,
0

6
f

_

*

121.3
75.0
6.0
69. 0

I
■
■ NET D I V I D F N D S PAID
! UNDISTRIBUTED PROFITS
F O R EIGN B R A N C H PROFITS
INV. V A L U A T I O N A D J U S T M E N T
CAPITAL C O N S U M P T I O N ALLOW.
G R OSS I N T E R N A L FUNDS

P.M.dinC'-Vi

&12

F I N A N C I A L USE S OF FUNDS* NFT 17
L IQUID ASSE T S
D E M A N D DEP. + CUR R E N C Y
TIME DEPO S I T S
U.S. GO V T . S E C U R I T I E S
S. + L. O B L I G A T I O N S
C O M M E R C I A L PAPER
S E C U R I T Y R.P. * S

18
19
20
21
22
23
24

C ONS U M E R C R E D I T
TRADE CRE D I T
M I S C F L L A N E O U S A SSETS
F O R E I G N DIR. I NVEST. (1)
FORFIGN CURRENCIES
I N S URANCE R F C E I V A R L F S
E Q U I T Y IN SP O N S O R E D AGS.
FINAN. S O U R C E S OF FUNDS, |JET ,2
NET FUNDS P A I S E D IN MKTS.
NET N EW SHARE ISSUES
D EBT IN S T R U M E N T S
35

IT"
36
37
39

AC

PROFIT TAX LIAEI L 1 T Y
T R A D E CEBT
MISCELLANEOUS LIABILITIES

50
51

PER CENT RATIOS:
41.3
158.9
52.0

52
53
EXP.

54

(1) F O R E I G N I N V E S T M E N T E X C L U D E S AM O U N T S FIN A N C E D BY BOND
ISSUES ABROAD, AND BOND ISSUES OU T S I D F THE U.S. ARF
F X C L U D E D FROM F I N A N C I A L SOURCES OF FUNDS ABOVE.

(2) INDUSTRIAL POLLUTION CONTROL REVENUE BONDS.

THESE ARE FORMALLY
ISSUED BY STATE AND LOCAL GOVERNMENT A UTHORITIES, BUT THEY FINANCE
PRIVATE INVESTMENT AND ARE SECURED IN INTEREST AND PRINCIPAL BY
THE INDUSTRIAL USER OF THE FUNDS.

11/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




w)

19 AU G U S T 1974
GOVERNMENTS

GO V E R N M E N T S
7

SFCTOR S T A T E M E N T S OF SAVING AND INVEST M F N T
(BILLIONS OF D OLLARS)
S E A S O N A L L Y A D J U S T E D ANN U A L R A TES

S E A S O N A L L Y ADJ U S T E D ANNUAL RATES
1973

I
I

1973
T

II

III

IV

I
I

1974
I

II

STATE AND LOCAL G O V E R N M E N T S - G E N ERAL FUNDS

1
2
3
4

107.1
82.0
6.4
18.7

119.7
92.1
7.3
20.3

135.0
102.3
8.3
24.4

152.2
114.0
9.2
29.0

177.2
129.2
10.6
37.4

194.0
141.3
11.7
40.9

192.0
137.8
11.3
42.9

192.0
140.3
11.6
40.1

194.6
142.8
11.0
39.8

197.3
144.2
12.1
4 1.0

200.8

2 04.7 TOT A L R ECEIPTS, NIA BASIS
148.9
TAX R E C E I P T S
S OCIAL INSU R A N C E R E C EIPTS
G RANTS IN AID R E C E I V E D

I
2
3
4

5
6
7
8
9
10

107.5
10 0 .8
6.7
-.3
4.2
-4.6

119.0
111.2
7.8
.7
5.5
-4.8

133.2
123.3
9.9
1.8
6.3
-4.5

148.8
136.6
12.2
3.4
6.5
-3.1

164.9
150.8
14.1
12.3
8.3
4.1

184.4
169.8
14.6
9.6
9.4
.2

177.0
162.6
14.4
14.9
9.8
5.1

181.7
167.1
14.5
10.4
9.9
.5

186.1
171.6
14.5
8.4
9.7
-1.3

192.7
177.9
14.8
4.6
8.2
-3.6

197.4
184.8
12.6
3.4
8.4
-5.0

202.8 T O T A L E X P E N D I T U R E S , NIA BASIS
189.6
PURCH. OF GOOCS + SERVICES
13.2
NFT I N T EREST ♦ T R A N S F E R S
1.9 NET SURPLUS, NT A BASIS
9.*> - R E T I R E M E N T CRE D I T TC HH
- 7 . 6 = GROSS S AVING

5
6
7
8
9
10

11
12
13
14
15

- 4.9
5.6
3.0
-.2
3.2

- 9.3
1.9
-4.5
1.4
- 5.9

-3.0
8. 8
8.4
- 1.6
10.0

-13.3
5.2
6.9
-.2
7.2

-1.7
13.2
9.3
2.5
6 .R

- 5. 4
7.9
6.9
-.3
7.2

-4.0
7.0
9.4
-.3
9.7

-6 .0
4.7
7.3
.7
6.6

-1 .7
1^ .8
10.4
-.6
11.0

-9.9
5.2
.4
-1.1
1.6

-6.4
7.7
.8
-2.1
2.8

- 1 0 . 0 NET FINAN C I A L I N VESTMENT
7.0
NFT ACG. OF FI N A N C I A L A S S E T S
11.4
TOTAL D E P O S I T S ♦ C U R R E N C Y
-.1
D E M A N D DEP. + C U R R E N C Y
11.5 TIME D E P O S I T S

II
12
13
14
15

16
17
18
19

2.3
2.2
-.5
2.7

6. 4
6. 4
3.1
3.4

.2
.9
-.P

- 2.0
- 1.8
-1.3
-.5

3.6
3.4
4.0
-.6

.4
.?
1.2
- 1.0

-3.1
-3.5
1.1
-4.6

-3.2
-3.8
-1.7
- 2.2

3.8
4.1
3.0
1.1

4.2
4.1
2.3
1.8

6.3
6.1
5.6
.5

20
21
22

*
.1
.3

.1
-.1
*

.2
*
.1

-.3
*

.2
*

.2
*
.6

.5
.6

.6
.6

-.2
*
.6

.1
*
.6

.2
*
.6

.5
.6

23
24
25
26
27

10.4
9.8
9.5
.1
9.4

11.2
10.7
9. 9
2.8
7.2

11.8
11.3
11.2
2.3
8.9

18.5
17.8
17.5
?.5
15 .0

14.9
14.2
13.8
-.7
14.5

13.3
12.3
11.9
-.2
12.2

11.0
10.0
9.3
-1.2
10.6

10.7
9.6
10.5
- 1.8
12.4

16.5
15.4
13.6
.7
12.9

15.1
14.1
14.2
1.4
12.8

14.1
13.1
12.9
-1.7
14.6

17.0
16.1
16.9
2.6
14.3

28
29

.3
.6

.7
.5

.1
.5

.4
.7

.3
.7

.3
1.1

.7
1.0

- 1.0
1.1

1.7
1.2

-.1
1.1

.3
1.0

-.8
.9

30

.3

4.5

-1.5

10.2

5.7

5.6

9.1

6.5

.4

145.5

12.4
42. 9

12.7
43.1

- 5.*
.1

- 5 . 0 CRE D I T M ARKET IN S T R U M E N T S 16
U.S. GOVT. S ECURITIES
17
-5. 6 DIRE C T
18
U.S. GOVT. AGENCY SEC.
19
20
21
22

S. + L. OBL I G A T I O N S
HOME M O R T G A G E S
TAXES R E C E I V A B L E
NET INCREASE IN LIA B I L I T I E S
C REDIT M A R K E T BO R R O W I N G
S. + L. O B L I G A T I O N S
SH O R T - T E R M
OT H E R

23
24
25
26
27

U.S. G O V E R N M E N T LOANS
TR ADE DEBT

28
29

2.4 D I S C R E P A N C Y
6.3
1.4
EMPLOYEE R E T I R E M E N T FUNDS APE IN IN S U R A N C E SECTOR.

30

U.S . G O V E R N M E N T
1
2
3
4
5

175.0
79.7
36.7
18.0
40.7

197.3
94.8
36.6
19.0
46. 9

192.0
92.2
31.0
19.3
49.5

198.5
89.9
33.4
20.4
54.6

227.2
108.2
36.6
20 .0
62.5

258.5
114.1
4 3.7
21.2
79.5

249.1
107.9
42.8
20.9
77.4

255.0
110.3
44.7
21.4
78.6

261.8
116.7
43.8
21.0
80.2

268.3
12 1.6
43.5
21.3
81.8

279.4
124.1
47.2
21.5
86.7

292.2 TO T A L RECEI P T S , NIA BASIS
129.4
PERSONAL TAXES
52.8
CORP. P R O F I T S TAX A C C RUALS
21.9
INDIRECT TAXES
88.1
SOCIAL IN S U R A N C E REC E I P T S

6
7
8
9
10
11
12

181.5
98.8
71.0
11.7
-6.5
1.3
-7.8

189.2
98.8
77.3
13.1
8.1
1.6
6.5

203.9
96.2
93.2
14.6
-11.9
2.5
-14.4

220.3
97.6
109.0
13.6
-21.9
2.9
-24.8

244.7
104.9
126.4
13.5
- 17.5
3.2
-20.7

264.6
106.6
141.8
16.3
-6 .1
2.1
-8.2

261.9
106.4
1 ^ 0.8
14.8
- 1 2 .0
1.9
-14.8

262.4
106.2
140.3
15.9
-7.4
4.2
- 11.6

2 63.4
105.3
141.4
16.8
-1. 7
1.1
-2.7

270.6
108.4
144.5
17.6
-2.3
1.3
-3.6

281.0
111.5
1*1.6
17.9
-1 .5
1.7
-3.2

291.3
113.9
158.6
18.8
.9
-.1
.9

13
14
15
16
17
18
19
20
21
22
23
24
25

-8. 4
7.4
2.0
-1.7
.1
4.9
.1
.8
.3
3.7
1.7
.6
-.2

6 .1
3.7
1.4
1.1
-.2
2.9
-1.3
.1
.6
3.5
-2.6
.9
.1

- 15.2
.7
-2.0
2.5
.3
2 .8
-.1
-.1
.5
2.6
-2.3
-.8
.3

-24.2
4. 9
-l.S
3.3
.1
3.2
*
-.3
.4
3.2
1 .4
-1. 7
.1

-2 1.1
-.1
-.3
- 1.0
.1
2 .6
*
-.6
.4
2.9
-.8
-.8
.1

-7 . 7
4.3
*
- 1.8
-.2
3.0
*
- 1.2
.6
3.6
2.2
.3
1.0

-15.8
20.7
-.1
11.0
.7
4.0
*
-1.7
.5
5.3
4.2
.4
.4

-11.5
-5.0
*
-4.7
-.2
- 2.2
*
-3.3
.2
1.0
.3
1.3
.4

-1.3
- 8.2
-17.8
-.6
7.8
*
.8
2.1
4.9
2 .8
-.4
-.1

-2.2
9. 9
.1
4.1
-.6
2.2
*
-.5
-.3
3.1
1.3
-.3
3.1

-5.1
8.6
.9
-.4
.6
2.2
*
*
-.6
2.8
3.6
.8
.8

4.5 N E T FINA N C I A L INV E S T M E N T
7.3
N ET ACQ. OF F I N A N C I A L ASSETS
GOLD, SDR *S ♦ OF F FGN EXCH
1.1
-2. 9
D E M A N D D E P O S I T S ♦ CURRENCY
TIME D E P O S I T S
-.1
3.0
C REDIT M A R K E T I N STRUMENTS
*
S P O N S O R E D A GENCY ISSUES
.2
HOME M O R T G A G E S
.6
O THER M O R T G A G E S
2.2
OTHER LOANS
5.5
TAXES R E C E I V A B L E
-.6
TRADE C R E D I T
1.3
MISCELLANEOUS

13
14
15
16
17
18
19
20
21
22
23
24
25

26
27
28
29
30
31
32
33
34

15.9
.4
13.4
.4
9.9
3.1
1.3
*
1.1

-2.5
.3
- 3.6
-.4
-.9
-2. 4
1 .6
-.3
- .4

15.9
.6
12.8
.3
12.6
-.1
2.5
-.6
.6

29.1
.5
25.5
2.4
23.6
-.5
2.9
-.7
.6

21.0
.5
17.3
3.3
10.6
3.4
3.2
-.1
.4

12.0
.4
9.7
2.7
5.0
2 .0
2.1
.1
.2

36.4
.4
32.8
3.7
26.4
2.6
1.9
-.6
1.7

6.5
.8
2 .9
3.4
-.2
-.2
4.2
-.1
-.6

-6.9
.3
-7.1
2.0
-11.7
2.6
1.1
.1
-.9

12 .1
.3
10.3
1.7
5.7
2.9
1.3
1.0
.5

13.6
.3
12.0
3.3
7.0
1.7
1 .7
-1.3
-.1

2.8
4.4
3.1
.5
.8
-.1
-.3
-1.5

26
21
28
29
30
31
32
33
34

35
36

.6
35.0

.4
39.2

.8
33.4

-.6
32.0

.4
37.3

-.5
41.6

.9
38.6

-.1
44.4

-1.5
41.0

-1.4
42.2

1.8
43.5

-3.6 D I S C R E P A N C Y
47. 3 MEMO: CORP. TAX RECFI P T S ,

TO T A L EXP E N D I T U R E S , NIA BASIS
GO O D S ♦ S E R VICES
TR A N S F E R S , ETC.
NET INTEREST
N E T SURPLUS, NIA BASIS
- INSU R A N C E CRED I T S TO HH
= G ROSS SAVING

NET INCRE A S E IN LIABI L I T I E S
T R E A S U R Y CURR. + SDR CTFS.
CREOIT MAR K E T I N S T R UMENTS
SAVINGS BONDS
D IRECT EXCL. SVGS. BONDS
AGENCY ISSUES + M T G S .
LIFE ♦ R E T I R E M E N T RESERVES
TRADE DFB T
MISCELLANEOUS
NET

1
2
3
4
5
6
7
8
9
10
11
12

3*
36

FE D E R A L L Y S P O N S O R E D C REDIT AGENCIES

~ z ________ _________
1

.1

.1

.1

.2

.2

.2

.3

.3

.3

2
3
4
5
6
7
8
9
10
11
12

3»2
*
3.2
-.1
1.6
.5
1.2
.1
.2
.9
*

9.2
*
8.9
-.4
3.9
.6
4.8
.2
.6
4. 0
.3

io.e
*
1 0 .0
1.0
*>.4
.5
2.3
.3
.7
1.3
.8

3.4
.1
3.2
- 1.2
*5.6
.7
- 2 .0
*
.7
-2.7
.2

6.6
*
7.0
- .4
5.5
1.2
.8
.3
.4
*
-.4

2 2 .0
.1
20.3
1.3
8.4
2.0
8.5
.3
1.1
7.2
1.7

13.3
.2
13.3
-2.6
6.2
1.9
8. 0
1.9
.7
5.4
-.1

24.3
-.2
23.3
1.2
8.3
1.9
11.8
*
1.0
10.7
1.1

29.5
-.1
27.8
3.0
9.8
2 .0
12 .1
.1
1.7
1 0 .2
1.8

21.0
.4
16.6
2 .8
9.3
2.1
2.4
-.9
.9
2.4
3.9

12.3
-.1
13.0
-5.5
10.7
2.2
5.8
1.6
.9
3.3
-.6

26.6 NET INCPEASE IN ASSETS
-.2
DEM A N D DEPO S I T S + C URRENCY
27.0
C R EDIT MAR K E T INSTRUMENTS
-.6
U.S. G O V E R N M E N T S ECURITIES
12.4
R E S I D E N T I A L MO R T G A G E S (1)
2.7
FARM M O R T G A G E S
12.4
OTHER LOANS
-.5
TO COOPS (BC)
2 .c
T O FARMERS (FICB)
10.4
TO S+L *S (FHLB)
-.2
M I S C E L L A N E O U S ASSETS

2
3
4
*■
6
7
8
9
10
11
12

13
14
15
16
17
18

3.2
3.5
3.2
.2
-. 3
.1

9.1
8.8
9.1
- .3
.4
.1

1 0 .8
8.2
8.2
2.5
.1

3.3
3.8
3.8
-.5
*

6.5
6.2
6 .2
.3
-.1

21.8
19.6
19.6
2.2
*

13.1
12.6
12.6
.5
-.1

24.0
22.1
22.1
1.9
-.1

29.2
26.7
26.7
2.6
*

20.7
17.0
17.0
3.7
*

12 .1
9. 3
9.3
2.8
*

26.1 NET INCREASE IN L I A B I LITIES
19.0
CRED I T MAR K E T INST R U M E N T S
19.0
SPONS. A G E N C Y ISSUES (1)
U.S. G O V E R N M E N T LOANS
7.1
MISCELLANEOUS LIABILITIES
-.2 D I S C R E P A N C Y

13
14
15
16
17
18


http://fraser.stlouisfed.org/
11/74 FIGURES ARE
Federal Reserve Bank of St. Louis

.1

.1

.3 CU R R E N T

SURPLUS

(1) ALL G N M A - G U A R A N T E E D S E C U R I T I E S B A C K E D BY MOR T G A G E P O OLS ARE I N C LUDED
IN AGEN C Y S E C URITIES.
THE M O R T G A G E POOLS ARF I N C L U D F D IN RE S I D E N T I A L
M OR T G A G E S .

TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

1

19 AUGUST 1974
BANKING SYSTEM

BANKING SYSTEM

8

8

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

S! ! f ™ * LLL AD: ! ^ I f L ^ ! L * AI!?__
1968

1969

1970

1971

SEASONALLY
1972

1973

I
1

1973
II

I

III

IV

|
|

adjusted annual

rates

1974
I

II

M ON E T A R Y AU T H O RITIES
*

*

*

-.1

.1

.1

.1

.1

.1

.2

.2

3.6
- 1.2
.2
.9
*
3.7
3.8
-.1
“

4.2
-.1
.1
*
*
4.2
4.2
*

5.3
-1. 4
.7
.8
.2
5 .0
5.0
*
“

8.3
-.8
.5
.1
-.3
8.9
8.7
.2
-

2.2
-.4
.7
-.4
1.9
.3
.4
-.2
~

7.8
-.2
.4
- .9
-.7
9.2
9.3
*

14.0
-.8
.4
-1.1
-1.9
17.2
17.1
.2
-

4.0
-.1
.4
- 1 .1
1.6
3.1
3.4
-.3
-

18.0
.1
.3
3.0
9.0
5.7
5.8
*
-

-4.5
.5
-4.3
-11.6
10.9
1 0 .8
*
”

3.7
*
.2
2 .Q
1.5
-.9
- 1.2
.2

19.4 NET ACQ. OF FI N A N C I A L ASSETS
.4
G O L D + FOR E I G N EXCHANGE
.5
T R E A S U R Y CURR. + SDR CTFS.
-1.9
F.R. F L OAT
7.3
F.R. L OANS TO D OMESTIC BANKS
13.3
C R E D I T M A R K E T INSTRUMENTS
12.6
U.S. G O V E R N M E N T S E CURITIES
.7
ACCEPTANCES
BANK L OANS N.E.C.

2
3
4
5
6
7
E
9
10

11
12
13

3.6
.8
1 .3

4.1
.2
.1

5.3
?. 1
-.3

8.4
3.6
.5

2.1
-2.1
1 .1

7.7
1.4
2.0

13.9
1.6
,u

3.8
- 2 .6
-2.4

17.9
22.5
4.4

- 4.7
-1 5 . ?
5.7

3.5
1 .6
-4.8

19.2 N E T INCR E A S E IN L I ABILITIES
11.3
MFMPEP B A N K RESEPVES
-3.8
V A U L T C A S H OF COML. BANKS

11
12
13

14
15
16
17
18
19

1.5
-1.0
.1
2.4
.1

3.3
.5
-.1
2 .8
*
.5

3.1
-.4
*
3.5
*
.4

4.4
.Q
.1
3.4
*
-.2

3.2
-1.1
-.1
4.4
*
-.1

3.4

10.3
7.0
.3
3.0
.2
1 .3

9.0
.7
*
8.3
*
-.3

-10.1
-1 1 . 4
.3
1.0
.2
1.0

4.3
1.7
-.8
3.4
.1
1.0

7.7
- 1.2

-.1
3.9
.1
.8

8.4
.1
- 1.2

11.2
1.3
.1
9.8
.1
.4

14
15
16
17
18
19

1
2
3
4
«;
6
7
8
Q
10

C O M M E R C I A L R AN KING

.2 C U R R E N T SU R P L U S

D E M A N D D E P O S I T S + CURRENCY
DUE TO U . S . GOV E R N M E N T
DUE T O R E S T OF THE WORLD
C U R R E N C Y O UTSIDE BANKS
TA X E S P A Y A B L E
M I S C E L L A N E O U S LI A B I L I T I E S

1

(1)

1

3.0
1.3

3.7
1 .9

3.3
2 .1

2.9
7.3

3.5
2.7

4.4
3.0

4.2
2.9

4.4
2.9

4. 4
3.1

4.7
3.2

4.7
3.1

3
4
5
6
7
8
9

46.3
*
40.1
38.7
3.3
2 .1
1.2

2 2 .0
*
17.2
13.2
- 10.0
-9.7
-.3

45.2
.1
36.6
35.1
10.4
6.9
3.5

58.5
.1
51.4
SO. 6
6.9
3.1
3.8

78.3
.2
75.4
70.5
6.5
2.4
4.1

10 0 .2
. 'i
83.3
8 6 .6
- 1.3
- 8. 8
7.6

128.5
*
94.5
101.2
-14.1
-1 ^.7
1 .6

99.3
*
84.9
P6 .1
5.Q
-3.8
9.6

101.1
.6
78 . *
83.7
1.7
- 9.0
10.7

72.0
.«s
75.1
75.3
1.4
-6.9
8.3

73.6
-.4
61.4
66.7
9.4
4.7
4.6

10
11
12
13
14

15.5
8 .6
.3
3.5
3.2

5 .6
.2
-.1
3.0
2.4

13 .9
10.7

23.8
12.6
1.3
5.7
4.2

25.7
7.2
1.7
9.0
7.8

25.9
.
11.0
8 .8

2 1.8
2.6
-.3
10.5
P.9

24.8
4.*?
-.4
11.4
9.3

25.0
3.5
1.2
11.4
8.9

32.1
12.2
1.3
1 0 .6
7.9

19.9
6.7
.1
7 .7
5.5

23.2
7.6
.1
8 .9
6.6

O T HER S E C URITIES + M T G S .
S. + L. OB L I G A T I O N S
C O R P O R A T E BONDS
H OME MORT G A G E S
O T H E R MOR T G A G E S

15
16
17
18

2 0. 0
5.7
15.7
- 1.4

22 .7
4.7
17.6

10.7
2.9
2.0

19.8
6 .7
12.4
.8

38.4
10.1
23.5
-.2

62.0
1 0 .6
52.1
-.8

93.5
13.2
82.1
-1.7

55.5
11 .0
44.6
-.2

57.0
1 0 .?
4 7.0
-.7

41.8
7 . e;
34.8
-.4

37.4
4.2
32.8
.4

6 7.6
5.4
56.2
6.0

19
20

.1
1 .3

*
- 1 .1

.1
1.4

*
.8

.1
4.8

.1
-3. 4

.2
-7.0

-

-

_

_

_

O T HER CR. EXCL. SECURITY 15
C O N S U M E R CREDIT
16
B AN K LOANS N.E.C.
17
O P E N - M A R K E T PAPER
18

- 1.2

— 5.2

-.2

-5.3

3.8

21
22
23

2.0
.7
3.4

.3
1 .6
2 .8

1 .8
1.7
5.0

4.1
1.7
1.2

- 1.0
1.4
2.3

3.5
6 .0
7.2

2.1
16.c
15.5

-*.0
11 .6
7.7

26.8
- 12.2
7.4

- 10 .1
8.1
-1.6

-3.2
6 .1
9.6

7.^
4.0
.1

24
25
26
27

4 4.4
13.3
-.2
13.5

19.8
4.9
*
4.9

43.6
11.2
2.9
8.3

56.3
13.0
2 .2
1 0 .8

76.3
16.3
.7
15.6

9 7.3
12.6
- 1.0
13.6

126.5
13.7
6 .1
7.6

95.7
5.8
- 6 .8
12.6

98. 4
3.3
-6.4
9.8

68.7
3.1
24.4

71.2
-.7
.4
- 1.1

28
29
30
31

20.7
3.1
17.4
.2

-9.5
-12.5
2.9
.2

38.0
15.2
22.4
.4

41.4
8.7
32.4
.3

42.3
9.8
33.0
-.5

50.9
2 0 .0
30.3
.6

70.0
43.4
25.7
.9

52.1
17.0
24.8
.4

55.0
34.7
19.7
.5

26.6
-15.1
41.0
.6

44.6
15.8
28.7
.1

79.9
48.3
31.6
.1

TIME D E P O S I T S
LARGE N E G O T I A B L E CD'S
OTHER AT C O M M E R C I A L BANKS
AT F O R E I G N BANKING AGS.

28
29
30
31

32
33
34
35
36
37

-.1
1.4
.9
*
.7
-.1

*
5.8
*
*
1.6
.1

.1
-5.0
.8
2
1.7

,

.6
3.2
.1
-.3
1.7
*

1.2
4.4
-.4
1.9
1.4
— .2

1.2
10.6
-.9
-.7
6.0
.1

2.0
21.3
-l.l
-1.9
16.5
.2

1.8
4.3
- 1.1
1.6
11.6
.2

2 .8
12.7
3.0
9.0
- 12.2
*

- 1.8
4.3
-4.3
- 11.6
8 .1
*

1.0
7.7
2.9
1.5
6 .1
.1

1.0
7.7
-1. 9
7.3
4.0

CO R P O R A T E E QUITIES
C R E D I T M A R K E T DEBT
F.R. F L OAT
B O R R O W I N G AT F.R. BANKS
O THFR IN T E R B A N K CLAIMS
TA X E S P A Y ABLE

32
33
34
35
36
37

3«
39
40

7.6
2.3
5.3

16.9
7.9
«.9

-3.7
-6. 9
3.2

-2. 7
-4.1
1.3

Q.3
.9
8.4

17.5
1.1
16.4

r .6
-1.1
6.8

19.4
2 .8
16.7

24.9
I. 8
23.0

19.9
.7
19.2

8.1
10.7
- 2.6

- 1 .0
.5
-1.5

M I S C E L L A N E O U S LIAB I L I T I E S
LIAB. TO FGN. AFFILI A T E S
OTHER

38
39
40

41

-.1

-.3

-. 4

-1.1

-1.1

- 1.6

-2 .1

-1.5

-1. 9

-.8

-.6

.8

.9
1.6

5.8

5.7

c

27.5

4.9 C U R R E N T SU R P L U S
3.1 P L A N T + E Q U I P M E N T
104.4 N E T ACO. OF F I N ANCIAL ASSETS
— .3
D E M A N D D E P O S I T S + C U R RENCY
93.2
T OTAL B ANK CREDIT
89.4
C R E D I T M ARKET INSTRUMENTS
-1 .4
U.S. GOVT. SECURITIES
- 8 .0
D IRE C T
6 .6
A G E N C Y ISSUES

C O R P O R A T E EQUITIES
S E C U R I T Y C R EDIT
V A U L T C A S H ♦ MEM. BANK RES.
O THER I N T E R B A N K CLAIMS
M I S C E L L A N E O U S ASSETS

1 0 2 .0 NET I NCREASE IN LI A B I L I T I E S
4.8
D E M A N D DE P O S I T S , NET
-5.7
U.S. G O V E R N M E N T
10.5
OTHER

.2

DISCREPANCY

(1) C ONSISTS OF C H A R T E R E D C O M M E R C I A L BANKS, T H E I R D O M E S T I C AFFILIATES*
FOGE ACT C O R P O R A T I O N S , AGEN C I F S OF F O R E I G N BANKS, AND BANKS IN U.S.
P O S SESSIONS.
EDGE A CT C O R P O R A T I O N S AND A G E N C I E S OF F O R EIGN BANKS
APPEAR T OCETHFR IN THESE TABLES AS " F O R E I G N B A N K I N G AGENCIES."
11/74 F I G U R E S ARE TE N T A T I V F E S T I M A T E S 8 ASER ON I N C OMPLETE INFORMATION.




1
2
3
4
5
6
7
8
9
10
11
12
13
14

19
20
21
22
23
24
25
26
27

41

19 AUGUST 1974
COMMERCIAL BANKING SUBSECTORS

COMMERCIAL BANKING SUBSECTORS

9

S U B S E C T O R S TATEMENTS FOR C O M P O N E N T G ROUPS IN C O M M E R C I A L B A N K I N G
(BILLIONS OF DOLLARS)

S E A S O N A L LY A D J U S T E D A N N U AL R A T E S ___
1968

1969

1970

1971

____
1972

_______

^

1973

I
I

________
I

9
S E A S O N A L L Y A D J U S T E D ANNUAL RATES

II

1973

III

IV

|
I

I

1974

II

C OMMERCIAL BANKS
1
2

3.0
1-3

3 .7
1.9

3.3
2.1

3
4
T
6

43.5
39.6
3.2
2.0
1-2

13.6
11.6
J2 "?
-10.1
-9. 8
“.3

38.0
34.7
?3 , 3
10.5
7.0
3.5

8 -6
*3.5
3,2

.2
”•*
3.0
2.3

12
13
Jc
15

1I * ^
**7
12.3

3.5
2.7

4. 4
3.0

4.2
2.9

4.4
2.9

4. 4
3.1

77.3
73.5
6 8 ,8
6. 0
2.1
3. 9

88.6
77.9
80 *9
-1. 3
- 8.8
7.5

107.0
88.1
93 ,7
-1 3 . 8
- 15.2
1.4

83.8
82.3
8 2 -8
6.3
-3.3
9.6

102.0
71.4
7 5 -6
1.4
-9.4
10.7

61.6
70.0
7 1 -4
1.0
8.2

66.2
58.0
62.0
9.2
5.0
4.2

2 3 *9
i ?.8
1,3
5.6
4.2

25,3
7.1
1 *A
9.0
7.8

25,7
5.6

21,8
2.6
“*3
10.7
8.3

24.8
4.5
“•*
U .6
9.1

24.4
3.2
1*2
11.2
8.9

31.6
l?.l
1.2
10.4
7.9

19.8
6.5
.1
7.6
5.*;

9 ”*
2.9
4.2
2-0

1<?*4
6.7
11.9
.8
-8

3 7 *6
10.1
27.7
-.2
4 «7

’
56*'i
10.6
46.7
-.8
- 3.0

85-7
13.2
74.3
-1. 7
-*;-6

<?1*7
11.0
40.8

2.0
1.8
1.8
.2

4.0
4.1
4.1
-.1

1.5

*.8

9.2
2.1
7.1

13,6
10.5
.7
1.6

2.9
2.3
56.6
*>1.1
'50 * 3
7.0
3.2
3.8

11.0
8.7

4 . 7 4, 7
3.2 3.1

-7.2

4.9 CURRENT SURPLUS
3.1 P L A N T + E Q U I P M E N T
9 7 . 3 N ET ACQ. OF F I N A N C I A L ASSETS
88.6
TO T A L B A N K C R E D I T
84.6
C R E D I T M A R K E T INSTRUMENTS
-1. 1
U.S. G OVT. SECURITIES
-7.8
DIRECT
6.6
A G E N C Y ISSUES
23.0
7.5
.1
8.9
6.6

-.6

33,1
4.2
28.5
.4
-4.0

6?«7
5.4
5 1.3
6.0
4.0

OTHER CR. EXCL. SECURITY
C O N S U M E R CRE D I T
B A N K L O A N S N.E.C.
O P E N - M A R K E T PAPER
SECURITY CREDIT

*
-5.0
5.0

22.5
26.8
--4.3
4.3

- 8.6
- 10.1
-1
0.1
11.5
.5

-1.0
- 33.2
.2
2.2

9.8
7.5
2.3

INTERBANK CLAIMS
19
VAU L T C A S H + MEM . BK. RES. 20
DEP. AT FGN. B ANKING AGS. 21

.2

9.1

- 1.1

58.3
28.5
3.1
2 5.5

63.8
-7. 7
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- 8.1

94.8
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44.5
15.8
28.7

79. 8
48.3
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J9
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21

2.1
2.0
2.0
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1.5

2.3

4.9

9.7

1.5

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25
26

41.7
12.3
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12.5

11.5
4.6
4.6

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4 .6
2.9
1.7

54.9
13.0
2.2
10.7

75.3
20.1
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19.4

85.7
13.0
- 1.0
14.0

104.9
14.7
6.1
8.6

80.2
3.4
- 6.8
10.2

9 9.3
5.3
- 6.4
11.7

27
28
29

20.6
3.1
17.4

-9.7
-12.5
2.9

37.6
15.2
22.4

41.1
8.7
3 2.4

42.8
9 .8
3 3.0

50.3
20.0
30.3

69.2
4 3.4
2 5.7

51.8
17.0
34.8

54.5
34.7
19.7

25.9
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32
33

36

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43

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1.0
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6.9
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M I S C E L L A N E O U S A SSETS
E T I N C R E A S E IN LI A B I L I T I E S
D E M A N D D E P O S I T S , NET
U .S . G O V E R N M E N T
OTHER

14
15
16
17
18

22
23
24
25
26

T IME D E P O S I T S
L A R G E N E G O T I A B L E CD'S
O THER

27
28
29

CORPORATE EQUITIES
CORPORATE BONDS
SECURITY R.P.'S
PR O F I T TA X L I A B I L I T I E S

30
31
32
33

INTERBANK LIABILITIES
F.R. FLO A T
B O R R O W I N G AT F.R. BANKS
DEM. DEP . OF FGN. BK. AGS.
T I M E D E P . OF FGN. BK. AGS.
LOANS F R O M AFFILI A T E S
LOA N S F R O M FGN. BK. AGS.

34
35
36
37
38
39
40

M I S C E L L A N E O U S LIABI L I T I E S
LIAB. T O F O R E I G N BRANCHES
OTHER

41
42
43

*

.6
.1

6.1
1 .8
}*?
4.3
4.3

13.5
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6.8
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6.7

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8.1
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7.7

15.7
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20.6
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25.7
25,7
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--.. 6 D I S C R E P A N C Y

Z2.0
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11.5
-5 N E T A C °« 0F F I N A N C I A L ASSETS
BANK L O A N S N.E . C .
1.9
-.4
LOANS T O A F F I L I A T E BANKS

~

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- 11.0
.0
2.5
2.5

OTHER SEC U R I T I E S + M T G S . 9
S. ♦ L. OB L I G A T I O N S
10
C O R P O R A T E BONDS 11
HOME MORTGAGES
12
OTHER MORTGAGES
13

3? * 8
7.5
31.8
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-1.4

5 «7
15.3
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1,3

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3
4
5
6
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49,8
10.8
39.8
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1
2

44

D O M E S T I C A FFILIATES OF COMMERCIAL BANKS

2
2

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4.5
3.9
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9
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4.7
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4.7
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2.4
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1.9

5.0
33..00

ET I N C R E A S E IN LIAB I L I T I E S
C O M M E R C I A L PA P E R ISSUES
M I S C E L L A N E O U S L I A B I LITIES

1
2
3
4
5
6

EDGE ACT C O R P O R A T I O N S ANO A G E NCIES OF F O R E I G N BANKS
1
3

2.5
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*
— .1

1*
16
17
18
20
21

7.7
2.7

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3.0

C R E D I T M A R K E T INSTR U M E N T S
g o v e r n m e n t SECURITIES
STATE ♦ L O CAL O B L I G ATIONS
C O R P O R A T E BO N D S
B AN K LOA N S N . E . C .
O P E N - M A R K E T PA P E R

2
3
4
5
6
7

CORPORATE EQUITIES
SECURITY CREDIT
DEM. D E P O S I T S AT COML. BANKS
TIME D E P O S I T S AT COML. BANKS
L0A N S TO BANKS
MISCELLANEOUS ASSETS

10
11
12
13

*

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I
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1.2
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3.5

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4.8

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7.0
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2 *2
- 9- . 4'

55 .. 00 ne t i n c r e a s e in l i a b i l i t i e s
8.3
8,3
D E M A N D D EP. IN M O N E Y STOCK
.1
-1
TIMF D E P O S I T S
2.3
2 *3
D E P O S I T S OF B A N K S
LOANS FROM BANKS
- 2~ . 9~

14
15
16
17
18

1.2
1 .5
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1 .9
1 .2
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44 ., 99
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44 .. 77
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.1-

MISCELLANEOUS LIABILITIES
F 0 R E I 6 N AFFIL I A T E S

8

BANKS IN U. S. POSSESSIONS
2
3
4

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1.1
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 11/74 FIGURES


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ARE TENTATIVE ESTTMATFS BASED ON INCOMPLETE INFORMATION.

*

*

*
*
*

.6 1NE T ACQ. OF F I N A N C I A L ASSETS
--.3
.3
D E M A N D D E P O S I T S ♦ CUR R E N C Y
-.1
--1
C R E D I T M A R K E T INSTR U M E N T S
- .2*
U . S . G O V E R N M E N T S ECURITIES
*
STATE ♦ LO C A L OB L I G A T I O N S
CORPORATE BONOS
*
HOM E M O R T G A G E S
*
COMMERCIAL MORTGAGES
1.0
M I S C E L L A N E O U S ASS E T S
.6 1N E T I N C R E A S E IN D E P O S I T LIAB.

1
2
3
4
5
6
7
8
9
10

19 A U G U S T 1 9 7 4
N O N B A N K FINANCE

N O N B A N K FINA N C E SUMMARY

SU M M A R Y

10

S ECTOR S T A T E M E N T S OF SAVING AND I N VESTMENT
(BILLIONS OF DOLLARS)
S E A S O N A L L Y ADJ U S T E D ANN U A L RATES

SEAS O N A L L Y A D J U S T E D A N N U A L R A T E S
1968

1969

1970

1971

1972

f
f

1973

1973
I

II

HI

f
!

TV

197*
T

PRIVATE N O N B A N K F I N ANCIAL INST I T U T I O N S - TOTAL
5.3 CU R R E N T S U R PLUS
1.5 P H Y S I C A L I N V E S T M E N T

1
2

1
2

.2
1.1

-.1
1.2

1.7
1.2

4.4
1.8

5.0
2.1

5.7
?.0

.6
2.5

5.3
2.6

5.7
1.8

6.2
1.1

5.9
1.8

3
4
5
6

51.8
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*
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46.4
-.4
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*55.2
1.0
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85.1
1.1
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107.9
1.6
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87.7
2.0
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103.3
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97.2
3.4
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1.4

76.1
3.1

74.1
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-2.0

-.1

86.2
*
—
2.4

81.2 N E T ACO. OF F I N A N C I A L ASSETS
DEMAND DEPOSITS + CURRENCY
.1
TIMF D E P O S I T S (MSP)
—
S+L S HARES (CREDIT UNION)
.9

7
8
9
10
11
12
13
14
15

10.7
36.0
2.0
1.2
9.3
P.6
7.2
3.8
3.8

12.2
37.1
-2.2
1.0
7. 4
8.6
7 .6
4.8
9.9

11.3
39.8
3. 8
1.8
11.6
7.6
10.1
1.8
3.1

19.3
60.2
2.6
4.4
14.1
17.8
14.6
3.3
3.5

15.9
83.2
7.1
5.1
13.6
30.7
16.8
6.4
3.5

13.4
72.2
.9
3.6
10.9
26.5
15.4
9.0
5.9

12.4
9 1.4
6.6
2.8
11.2
33.4
14.6
10.9
11.8

13.5
79.1
-.4
2.3
14.1
33.1
18.4
8.8
2.8

7.0
66.9
-5.1
5.0
12.2
24.9
15.5
9.5
4.9

20.6
*1.5
2.6
4.2
6.0
14.5
13.0
6.®
4.2

10.1
6*.3
-.3
2.2
17.5
17.0
14.0
4.2
10.7

14.3
62 .8
-1.1
3.a
14.2
22.2
14.5
7.3
1.9

16
17
18

2.8
.3
1.3

-3.5
.4
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-1.3
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3.6

2.5
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1.4

3.9
1.2
1.7

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3.9

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1.7

-6.5
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5.4

-2.9
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3.5

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4.9

1.2
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6.7

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3.8

19
20
21
22

52.6
12.7
18.2
6.5

4«».2
7.9
19.7
6.1

55.0
17.0
21.8
4.5

92.4
40.6
25.0
2.7

103.9
46.1
27.5
1.3

82.3
28.1
29.5
-.4

97 . 7
44.2
29.9
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92.5
33.7
28.1
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72. 0
7.8
31.7
2.2

66.9
26.8
28.4
- 4.4

70. 4
39.2
25.1
.5

19
77.0 NE T INCREASE IN L I A B I L I T I E S
TIM F ♦ S A V INGS A C C O U N T S
20
16.2
I * S U R A N C E + P E N S I O N R E S E R V E S 21
29.1
C O R P O R A T F E Q U I T I E S (1)
22
3. 4

23
25
26
27
28
29
30

7.1
.8
.2
.2
2.4
3.5
2.6
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13.0
1 .7
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2.1
8.9
4.9
4 .0

4 .7
3.0
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-. 6
1.5
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1.3

6.2
4.2
2.0
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1.4
-1 .5
1.2
-2.7

15.9
5.8
1.2
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* .9
2.5
2.5
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21.0
2.3
-1.5
.3
8.4
11.5
4.3
7.2

20.7
2.5
1.1
9.9
6.7
1.3
5.4

26.8
4.1
-.3
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9.0
13.5
2.7
10.7

26.2
1.2
-2.3
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10.7
16.6
6. 4
10.2

10.2
1-5
-4.6
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4.1
9.1
6.7
2. 4

10.8
1.7
*
.3
4.3
4.5
1.2
3.3

17.8
2.1
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11.0
4.5
-5.9
10.4

31
32
33

3.5
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4.4

-3. 0
.1
5.4

1.0
.2
5.8

l.l
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7.0

4.1
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8.8

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7. 4

-8.2
.3
10.9

-3.2
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6.6

-3 . 4
.1
7.4

1.1
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4.8

-2.6
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6.3

3.6
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6.8

34

-.2

1.5

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-1.0

-1. 7

-2.6

-1.9

-. 2

-2.0

-2 . 7

-.3

—

—

2
4
5
6

C O R P O R A T E SHARES
7
CREDIT MARKET INSTRUMENTS
8
U.S. G O V E R N M E N T SEC U R I T I E S 9
S. + L. O B L I G A T I O N S
10
CO R P O R A T E + FO R E I G N BONDS 11
HOME M O R T G A G E S
12
OT H E R M O R T G A G E S
13
C O N SUMEP C REDIT
14
OT H E R L O ANS
15
SE C U R I T Y C R E D I T
T R A D E C REDIT
M I S C E L L A N E O U S ASSETS

16
17
18

CREDIT MARKET INSTRUMENTS
C O R P O R A T E B ONDS
M O R T G A G E LOANS IN P ROCESS
O THER M O R T G A G E S
B A N K LOANS N .F.C.
OTH E R L O ANS
O P E N - M A R K E T PAPER
FHLB L O A N S

23
24
25
26
27
28
2*>
30

SEC U R I T Y CRED I T
TAXES PAYABLE
MISCELLANEOUS LIABILITIES

31
32
33

[SCREPANCY

34

S A V INGS AND LOA N ASSO C I A T I O N S

1.0

1.0

1.0

1

1.8 C U R R E N T SURP L U S

1

1.2

1.5

1.8

1.7

1.8

1.8

1.8

1.8

29.2
.6
27.1
*
22.0
4. 9
.2
1.5

43.0
-.4
43.1
7.1
29.0
6.9
.2
.2

35.5
.7
32.7
-1.8
28.5
5.7
.2
2.1

19.3
.8
16.9
-6. 7
18.6
4.8
.2
1.6

19.1
1.2
15.8
1.4
11.9
2.3
.2
2.1

34.0
-. 5
30.2
7.7
17.3
5.2
.1
4.2

26.6 N E T ACQ. OF FINAN C I A L A SSETS
DEMAND DEPOSITS + CURRENCY
.8
CREDIT MARKET INSTRUMENTS
23.9
U.S. G O V E R N M E N T S E C U R I T I E S
-1.2
HOM E M O R T G A G E S
20.1
OT H E R M O R T G A G E S
4.8
C O N SUMER CREDIT
.2
M I S C E L L A N E O U S ASSETS
1.9

2
3
4
*>
6
7
8
9

24.8 N E T I N C REASE IN L I A B I L I T I E S
S A V I N G S SHARES
11.1
C R E D I T MARK E T I N S T R U M E N T S
13.5
*
M O R T G A G E LOANS IN P R O C E S S
BAN K LOANS N . E.C.
3.2
FHLB A D V A N C E S
10.4
*
T A X E S PAYA B L E
MISCELLANEOUS LIABILITIES
.1

10
11
12
13
14
1?
16
17

2
3
4
5
6
7
*
9

9.7
-.4
10.2
.7
7.2
2.1
.1
-.1

9. 3
-.2
9.9
.3
7.7
1.8
.2
-.4

14.1
.3
11.6
1.2
7.2
3.0
.3
2.2

29.8
.5
29.2
5.2
17.3
6.6
.1
.1

37.1
.6
36.4
4.3
24.8
7.2
.2
.1

10
11
12
13
14
15
16
17

8.9
7 .4
1.1
.2
.1
.9
*
.4

8.4
3.9
4.1
*
.1
4.0
*
.4

13.3
10.9
1.8
.6
-.1
1.3
*
.6

29.0
27.8
-.1
2.0
.7
-2.7
.1
1.2

35.5
32.6
2.0
1.2
.7
*
*
.9

27.4
20.5
6.0
-1 . 5
.3
7.2
*
.9

40.8
30.7
6.5
1.1
.1
5.4
.2
3.4

33.4
22.9
10.3
-.3
-.1
10.7
*
.3

17.4
6.6
10.1
-2.3
2.2
10.2
*
.7

17.8
21.8
-3.1
-4.6
-. 9
2.4
*
-.9

32. 4
27.2
3.6
*
.3
3.3
*
1.5

IP

.3

.1

.2

.3

-.2

-.1

-. 4

-.2

-.1

.5

.2

* DISCREPANCY

IB

MUT U A L SAVI N G S BANKS
.6 C U R R E N T S URPLUS

1

1

.2

.3

.3

.4

.4

.6

.5

.6

.6

.6

.6

2
3
4

4.6
.1
*

3.1
*
-.1

4. 7
.1
.2

10.4
*
.2

11.0
.1
.2

6.0
.2
.1

11.3
-.1
.2

8.1
.5
.3

1.3
-.7
-

3.1
1.0
-

9.0
-.8

5
6
7
8
9

.3
4.1
-.2
*
1.3

.2
2.9
-. 5
*
.3

.3
3.8
.3
*
1.2

.5
9.6
.9
.2
3.9

.6
9.8
1.4
.5
2.1

.4
5.0
-.5
*
-1.1

.7
11.1
.2
.6
.9

.4
5.6
.2
*
-1.4

-.3
2.8
-1.4
-.3
-2.1

.5
.6
- .9
-.1
-1.8

•P
10.3
*
.1
3.5

-.1
.2

10
11
12
13
14
15

1.4
1.4
.1
*
.1
.3

1.4
1.3
.1
.1
.2
*

.9
.9
.1
.2
.1
.3

1.3
2.7
.1
.2
.2
.2

3.0
2.6
.3
-.2
.1
.4

2.6
3.1
.2
-.1
.7
.3

3.5
2.0
1.1
-2.2
5.0
-.7

1.9
4.9
-.3
2.0
-1.7
1.3

2.9
2.7
.1
.4
.5
-.4

2.0
2.8
*
-.5
-1.0
1.0

.9
2.0
.3
2.5
1.1
- 1.3

1.2
2.3
.2
-3.3
.6
.5

16
17

4.2
.1

2.6
.2

4.4
.1

9.9
.1

10.2
.2

4.7
.6

9.5
.6

6.5
.7

.2
1.4

2.7
- .3

8.2
-.5

1.1 S A V I N G S D E P O S I T S
.3 M I S C E L L A N E O U S L I A B I L I T I E S

16
17

19

-.1

*

.1

*

-.2

-.1

-.7

-.3

.9

-.2

-.7

-.1 D I S C R E P A N C Y

IP

4.3
1.4
2.8
.2
*
2.6

1.0
*
-2. 0
3.0
.1
*
2.9

2.3
*
-.1
2.5
.2
*
2.3

3.8
*
2.4
1.5
.2
1.3

4 . 0 N E T ACQ. OF F I N A N C I A L A S SETS
*
D E M A N D DEP O S I T S ♦ CUR R E N C Y
S A V I N G S ♦ LOAN SHARES
.9
C R E D I T M A R K E T INSTR U M E N T S
3.1
U .S. G O V E R N M E N T SEC U R I T I E S
.2
HOM E M O R T G A G E S
CONSUMER CREDIT
2.9

4.3

1.0

2.3

3.e

4.0 C R E D I T U N I O N S HARES

2.1 N E T ACQ. OF F I N A N C I A L ASSE T S
.5
DEMAND DEPOSITS + CURRENCY
T IMF D E P O S I T S

2
3
4

.1
1.0

5
6
7
8
9

C O R P O R A T E SHARES
C R E D I T M A R K E T IN S T R U M E N T S
U.S. G O V E R N M E N T S E C U R I T I E S
STATE ♦ LOCAL OB L I G A T I O N S
C O R P O R A T E BONDS
HOME M O R T G A G E S
OTHER M O R T G A G F S
CONSUMER CREDIT
C O M M E R C I A L PAPER
S E C U R I T Y RP'S
M I S C E L L A N E O U S ASSE T S

CREDIT UNIONS

1
2
3
4
5
6
7

1.1
*
-.2
1.3
♦
*
1.3

8

1.1

.

1.4
♦
-.1
1.6
-.2
*
1.7

1.7
.2
.1
1.5
.4
.1
1.0

2.9
.1
.1
2.6
.8
*
1.8

3.4
.1
.2
3.1
.8
.2
2.1

2.9
*
♦
2.9
.2
2.7

4.0
*
.6
3.4
.4
*
2.9

1 .4

1.7

2.9

3.4

2.9

4.0

—

_

(1) I N C L U D E S
11/74 F I G U R E S A R E T E N T A T I V E E S T I M A T E S BA S E D ON I N C O M P L E T E I N FORMATION.




I N V E S T M E N T CO M P A N Y SHARES.

10
11
12
13
14
15

19 A U G U S T 1 9 7 4
I N S U R A N C E + P E N S I O N FUN D S

IN S U R A N C E + PE N S I O N FUNDS
11

SECTOR STA T E M E N T S OF S A VING AND I N V E S T M E N T
(BILLIONS OF D OLLARS)

S E A S O N A L L Y A D J U S T E D ANN U A L PATES

S E A S O N A L L Y A D J U S T E D A N N U A L RATES

1974

197?
1973

II

|

I

III

II

LIFE I N S URANCE CO M P A N I E S
.6
.7

.9
.8

9
10
11
12
13
14
1*5
16
17
18
19

1.2
.6
9.2
4.6
2.9
.2
1.5

1.0
1.4

9. 9
.1

9.8
.1
1.4
7.7
-.1
.2
3.9

.8
1.0

1 .7
6.7
-.3
*
1.5
-1 .1
3.1
.9
2.5
.9

.1
.1
1.5
-1. 3
3.6
.8
2.2
.8

?.6
8.1
-.2
.1
5.5
-2.1
3.2
.6
1.0
.9

9.3
4.9
2.9
.1
1.4

10.2
5.1
3.3
.1
1.7
.1

- .7

2.0
7.0

1.6
1.0

1.8
1.3

1.7
1.4

1.7
1.3

l.B
1.4

1.8
1.0

1.9
1.7

15.0
.2

16.6
.1

16.9
-.2

15.9
1.0

15.5

18.1
- .4

13.8
.7

3.5
10.3
.3

3.6
12.1
.1
*
5.9
-.5
4.3

3.5
12.7
.1
-.1
3.9
- 1.1
2.9
.8
1.1
.9

4.6
9.5
.4

3.1
14.4

7.8
-1.3
3.7
- 2.8
1.6
.9

3.1
11.6
-.2
.2
6.7
.4
A .6
-3.4
3.4
.9

-.1
5.0
.1
6.2
.4
2.8
.9

2.6
9.5
-.9
.5
3.5
-.7
4.7
1.1
1.4
.9

14.8
7.3
5.1

14.7
7.4
5.2

15.4
7.2
5.4

11.7
7.1
3.1

*

*

*

*

2.4

2.1

2.8

1.5

-.7

-.5

- 1.8

-1. 9

*

7.0
- 2.1
4.0
.2
.9

*

1.0

2.2
.9

13.3
6.1
5.2
-.1
2.1

15.3
6.5
6.0

15.1
7.2
5.2

*

*

2.9

2.7

15.7
7.0
4.9
.1
3.7

.3

1.0

- 1.0

- 1.0

.2

*

*

1.9 C U R R E N T SURPLUS
1.3 P H Y S I C A L I N V E S T M E N T
1 6.7 N E T ACO. OF F I N A N C I A L ASSETS
D F M A N P D E P O S I T S + C URRENCY
-1 .2
1.8
15.1
-.4
.1
6 .*;
.1
5.5
1.3
2.0
.9

cofporate

shares

CREOIT MARKET INSTRUMENTS
U.S. G O V E R N M E N T SEC U R I T I E S
STATE ♦ LOC A L O B L I G A T I O N S
C O R P O R A T E BONDS
HOME M O R T G A G E S
O THER M O R T G A G E S
O P E N - M A R K E T PAPER
POLICY LO A N S
M I S C E L L A N E O U S ASSETS

16.2 N E T INC R E A S E IN L I A B I L I T I E S
7.4
LIFE I N S URANCE R E S F R V E S
5.7
P E N S I O N FUN D RESE R VE S
*
T A X E S P A Y ABLE
MISCELLANEOUS LIABILITIES
3.1
.2 D I S C R E P A N C Y

1
2
3

4
5

6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

PR I VATE P E N S I O N FUNDS
1
2

6.4
.3

6.3
*

7.1
.2

7.3
-.2

6.8
.2

7.7
.4

8.2
.8

5.8
.7

9.4
1.7

7.6
-1.5

6.6
1.1

3
4
5
6
7
8

4.7
1.1
.4
.6
*
.4

5.4
.6
-.2
.6
.1
.3

4.6
2. 4
.2
2.1
.1
*

8.9
- 1.6
-.3
-.7
-.6
.1

7.1
-.5
1.0
-.8
-.7
.1

5.3
2.0
.6
1.6
-.3
.1

5.0
2.3
.7
2.1
-.5
.1

4.4
.9
.4
.9
-.4
-.3

2.9
4.1
.7
3.5
-.1
.6

8.8
.5
.8
-.1
-.2
-.2

3.1
.5
-.4
1.9
- 1.0
2.0

6.5 1 E T ACQ. OF F I N A N C I A L ASSETS
D E M A N D D E P O S I T S ♦ CU RR E N C Y
-.3
4.6
2.0
.9
1.9
-.7
.1

1
2

C O R P O R A T E SHA R E S
3
C R E D I T M ARKET I N S T R U M E N T S
4
U.S. G O V E R N M E N T S E C U R I T I E S 5
CO R P O R A T F B ONDS
6
HOME M O R T G A G E S
7
MISCELLANEOUS ASSETS
8

ST A T E ♦ L O CAL G O V E R N M E N T EMPLO Y E E R E T I R E M E N T FUNDS
1
2

4.2
.1

5.5
-.1

6.3
.1

6.5
.1

8.3
.1

9 .4
.2

9.8
-.6

9.9
.5

9.7
.5

8.2
.3

8.4
-.5

3
4
5
6
7
8
9
10

1.3
2.8
.4
-.2
.6
*
2.1
.4

1.8
3.8
-.3
-.5
.2
-.1
3.6
.6

2.1
4. 0
-.3
-.3
*
-.3
3.8
.8

3.2
3.2
- 1.6
- 1.2
-.3
.1
4.4
.3

3.5
4. 7
- .6
-.5
-.1
-.1
5.7
-.3

3.9
5.3
.1
-.1
.2
-.6
5.9
-.1

*.0
5.4
.1
*
*
-1.5
7.2
-.2

3.6
5.8
-.2
-.5
.3
-.5
6.1
.5

3.0
6.2
-.1
-.4
.2
.1
6.6
-.4

4.1
3.9
.7
.3
.5

3.2
5.6
-1. 5
-.6
-.9
-.1
7.1
.1

3.9
-.2

9 .5 1N E T ACQ. OF F I N A N C I A L A S S E T S
DEMAND DEPOSITS ♦ CURRENCY
.2
3.2
6. 0
.1
- .2
.4
-.4
6. 0
.3

C O R P O R A T E S HARES
CREDIT MARKET INSTRUMENTS
U.S. G O V E R N M E N T S E C U R I T I E S
DI R E C T
AGE N C Y ISSUES
STATE ♦ LOCAL O B L I G A T I O N S
C O R P O R A T E B ONDS
MORTGAGES

1
2
3
4
5
6
7
8
9
10

OTHER I N S U R A N C E C O M P A N I E S
1

.1

-.1

.8

1.8

2.0

1.9

2.1

1.9

1.8

1.7

1.7

1.8 C U R R E N T S URPLUS

2
3

3.1
.1

2.9
♦

5.5
.1

6.6
.1

7.9
*

5.6
*

*>•7
-.9

5.8
*

5.6
.4

5.4
.4

6.0
-.2

5 . 7 1 E T ACO. OF F I N A N C I A L A S S E T S
DEMAND DEPOSITS ♦ CURRENCY
.2

4
5
6
7
8
9
10

.8
1.9
-.2
1.0
1.2
*
.3

1.0
1.6
-.5
1.2
.8
♦
.4

1.0
3.9
.1
1 .*?
2. 3
*
.5

2.5
3.8
-.4
3.9
.3
*
.3

3.0
3.7
-.4
4.8
-.7
*
1.2

2.2
2.8
-.1
3.9
- 1.0
*
.7

3.3
2.4
-.5
5.1
- 2.1
-.1
.8

1.4
3.6
-.1
2.2
1.5
—
.7

1.7
2.9
.2
4.8
-2.1
*
.6

2.2
2.3
.1
3.3
- 1.2
*
.6

2.0
3.6
*
4. 0
-.3
♦
.6

2.0
3.0
-.1
4.2
-1.4
.3
.6

11
12
1?
14

2.7
.2
*
2.5

3.9
.5
.1
3.3

3.9
.4
.1
3. 4

4.1
.6
-.1
3.6

5.4
.5
.1
4.8

3.7
.5
*
3.2

3.6
.4
*
3.1

3.7
.4
*
3.2

3.7
.5
*
3.2

3.7
.«>
*
3.2

4.3
.4
*
3.8

3.8
.4
*
3.4

15

-.2

.9

-.8

-.8

-.4

-.1

*

-.2

*

*

*

11/74 FIGURES ARE T E N T A T I V E E S T I M A T E S BA S E D ON INC O M P L E T E INFORMATION,




2
3

C O R P O R A T E SHAR E S
CREDIT MARKET INSTRUMENTS
U.S. G O V E R N M E N T SEC U R I T I E S
STATE ♦ LOCAL O B L I G A T I O N S
C O R P O R A T E BON D S
COMMERCIAL MORTGAGES
TRADE CREDIT

4
5
6
7
8
9
10

C O R P O R A T E E QUITIES
T A X E S PAYA B L E
P O L I C Y PAY A B L E S

11
12
13
14

.1 D I S C R E P A N C Y
-.1

19 A U G U S T 1 9 7 4
F INANCE N .E.C.

FINANCE N.E.C.

12

11

SECTOR STATFM F N T S OF S A VING AND I N V E S T M E N T
(BILLIONS OF DOLLARS)

S E A S O N A L L Y A D J U S T E D ANN U A L R A TFS

SEASONALLY

1968

1969

1970

1971

1972

-1.8

— 2.2

-1.1

*

-.5

1973
-.3

I
|

I
— .4

1973
II

III

-.7

-.3

|
|

IV

I

1074

A D J U S T E D ANNUAL RATES

II

.3

-.2

- . 8 C U R R E N T S U R P L U S OF GROUP

6.0 N E T ACQ. OF F I N A N C I A L ASSETS
.2
D E M A N D D E P O S I T S ♦ CURRENCY
.9
H OME M O R T G A G E S
4.1
CONSUMER CREDIT
.7
O T H E R L O A N S tTO BUSINESS)

FINANCF C O M PANIFS
1
2
3
4
5

5.2
.1
.6
2.3
2.2

8.1
.1
.3
2.8
s.O

.9
.2
.1
.5
.1

4. 4
.3
1.1
1.3
1 .8

11.0
.3
4.1
3.8
2.8

10.4
.2
1.4
5.9
2.9

9.9
.3
1.1
6.8
1.8

11.6
.2
2.9
6.2
2.2

11.1
.2
1.7
6.3
2.9

8.8
.2
- .3
4.3
4 .5

4.3
.2
-.2
2.5
1.8

6
7
P
9
10

5.7
.8
2.3
2.6

8.3
1 .6
1 .O
4.9

1.6
2.5
- 1.1
.2

4.2
? .8
*
.4

9.3
s.4
3.8
*

*

0.0
1.0
5.2
1.8
.1

10.6
3.4
4.6
2.7

*

9.4
l.P
4.1
3.5
.1

*

10.1
1.0
5.9
3.2
.1

7.0
.8
.6
6.5
.1

3.6
1.2
- 1.2
3.6
.1

5 .2 N E T I N C R E A S E IN LIAB I L I T I E S
1.7
C O R P O R A T E BON D S
5.2
B ANK L O A N S N.E . C .
O P E N — M A R K E T P A PER
- 1.6
.1
TA X E S P A Y A B L E

.1 P H Y S I C A L I N V E S T M E N T
*
M U L T I — F A M I L Y STR U C T U R E S
.1
N O N R F S I D F N T I A L STRUCT U R E S

1
2
3
*
5
6
7
8

*

*

1
2
3
4
5
6
7
8
9
10

PE A L ESTATE INVESTMENT TRUSTS
1
2
3

.4
.1
.2

.3
.1
.2

.2
.1
.2

.4
.1
.3

1.1
.4
.8

.7
.2
.5

1.2
.4
.8

1.3
.4
.9

.3
.1
.2

.1
*
.1

.1
*
.1

4
5
6
7
8

.3
*
.1
.1
.1

1 .0
.1
.3
.4
.1

2.4
.6
1.0
.3

2.6
.7
.7
1.1
*

5.0
1.4
1.2
2.3
.2

S .6
1.3
.7
2.5
1.1

s.7
1.3
.5
2.8
1.2

6.4
1.4
1.3
2.4
1 .4

6.2
1.4
1.4
2.5
.8

4.0
1.0
-.3
2.3
1.1

3.6
.7
.7
1.3
.9

2. 4 N E T ACO. OF F I N A N C I A L ASSETS
.5
HOME M O R T G A G E S
.8
MULTI-FAMILY MORTGAGES
.6
COMMERCIAL MORTGAGES
.4
M I S C E L L A N E O U S ASSETS

9
10
11
12
13
14

.7
.4
.3
.2
.1
.1

1.3
.*»
.5
.2
.1
.2

2.7
1.4
1.3
.1
*
.1

3.0
.9
2.1
.1
*
.1

6.1
1.5
4.6

6.9
1.8
5.1

.2
.3

6.3
.7
5.6
.3
.1
.2

.2
.3

7.7
1.0
5.P
.6
.2
.4

6.5
.5
6.0
*
*
*

4.2
- 1.2
5.4
.2
.1
.1

3.7
.1
3.6
.3
.1
.2

2.5 N E T INCRE A S E IN L I A B I LITIES
3 .4 C O R P O R A T E E Q U I T I E S
-.9
C R E D I T M A R K E T INST R U M E N T S
.2
MORTGAGES
.1
M U L T I - F A M I L Y RESIDENTIAL
.2
COMMERCIAL

15
16
17

.1
“

.1
.2

.5
.6

.4
.7
.8

.4
1.3
2.5

.6
4.0
.7

.6
4.6
-.6

.7
4.5
.1

.2
2.5
3.2

.7
4.3
.2

.5
5.2
-2 . 4

18

-

-

-

-

-

_

_

_

_

_

_

.4
2.7
-4.2

CORPORATE BONDS
BANK L O A N S N.E . C.
OPEN-MARKET PAPER
M I S C E L L A N E O U S LIABI L I T I E S

9
10
11
12
13
14
IS
16
17
18

O P E N - E N D INVESTMENT CO M P A N I E S
1

- 2.2

- 2.2

- .9

-.6

- 1.1

-.6

-.9

- 1.0

-.6

*

-. 4

- 1.0 C U R R E N T S U R P L U S

2

3.6
.1

2.6
-.1

1.7

- 1.8

*

.6
.1

- 2.2
.3

-3.0
1.6

- 2.8
-.3

.6
.3

-3.6
-.4

-.4
-.1

- 1 . 3 N E T ACQ. OF F I N A N C I A L ASSETS
- .4
D E M A N D D F P O S T T S + CURRENCY

4
5
6
7
8

2.5
.9
.2
.4

1.2
.5
.2
.7
-.4

.4
*
-.3
.6
-.3

- 1.8

.3

1.7
.9
-. 5
.2
1.2

.1
.2
-.3

-2.3
-.2
.5
-.9
•2

-5.2
.6
1.2
-.8
.2

-2.3
-.2
.3
- 2.1
1.6

- 2.2
2.5
.5
.9
1.2

.4
-3.6
-.1
-1 . 4
- 2.1

-2.7
2.5
- 1.2
.8
2.9

9

5.8

4.8

2.6

1.1

-. 7

- 1.6

- 2.1

- 1.8

1.2

-3.7

*

*

*

*

-.9
*

-1.5
.6

CO R P O R A T E S HARES
C R E D I T M A R K E T I N S TRUMENTS
U.S. G O V E R N M E N T SECURITIES
C O R P O R A T E BONDS
O P E N - M A R K E T PA P E R

-. 4 N E T SHARE ISS U E S

SE C U R I T Y B ROKERS AND DEALERS
1
2

3.P
.5

-3.1
-.1

.8
-.3

1.4
*

4.3
*

-3.5
*

- 8.2
“

-3.3
*

-3.^
*

.9
*

-2. 9
*

3
4
5
6
7
8

-.2
.6
.8
*
-.2
2 .P

.4
.1
*
-.2
.4
-3.5

.1
2.3
1.7
.6
.1
-1.3

.2
-1.3
-1 .6
.1
.2
2.5

.1
.2
.2
-.1
.1
3.9

.4
.6
*
.2
.4
-4.6

.1
-3.8
- 2.6
-1.3
.1
-4.5

1.3
1.9
.3
.4
1.3
-6.5

-1.3
.6
1.8
.1
-1.3
-2.9

1.6
3.7
.5
1.6
1.5
-4. 4

1.1
-5.2
-4.1
- 2.2
1.1
1.2

9
10
11
12
13

3.S
3.5
1.0
2.4
*

-3.1
-3.0
- 1.0
- 2.0
-.1

1.0
1.0
1.9
- 1.0
-

1.1
1.1
.7
.5
*

4.1
4.1
3.9
.2
*

-3.5
-3.4
-3.2
-.2
*

-P.2
- 8.2
-7.3
-.9
*

-3.2
-3.2
-1.9
-1.3
*

-3.4
-3. 4
-4.0
.6
*

1.0
1.1
.4
.6
*

-2 . 7
- 2.6
-4.3
1.7
-.1

11/74 F IGURES ARE TE N T A T I V E F S T I M A T E S P A S E D ON INCOMPLETE INFORMATION.




3.3 N E T ACQ. OF F I N A N C I A L ASSETS
*
D E M A N D D E P O S I T S ♦ CURRENCY
2.6
2.0
-.6
*
2.6
-1.3

C O R P O R A T E SHAR P S
C R E D I T M A R K E T INSTR U M E N T S
U.S. G O V E R N M E N T SECURITIES
ST ATE + LOCAL OB L I G A T I O N S
C O R P O R A T E BON D S
SECURITY CREDIT

3.5 N F T I N C R E A S E IN LIAB I L I T I E S
3.6
SECURITY CREDIT
2.4
FROM BAN K S
1.3
C U S T O M E R C R E D I T BALANCES
-. 1
TAXES PAYABLE

1
2
3
4
5
6
7
8
9
10
11
12
13

19 AUGUST 1974
REST OF THE W O R L D

RE S T OF THE WORLD
SECTOR S TATEMENTS OF SAVI N G AND INV E S T M E N T
(BILLIONS OF DOLLARS)

SEASONALLY A D J U S T E D ANNUAL R ATES
1968

1969

1970

S E A S O N A L L Y A D J U S T E D ANNUAL RATES

1971

1972

1973

1
I

1973
I

II

III

IV

1
1

1974
I

II

REST OF THE WO R L D
1
2
3
4
5

2.5
50.6
48.1
2.9
.4

1.9
55.5
*3.6
2.9
1.0

3.6
62.9
59.3
3.?
-.4

-.2
6S.5
65.6
3.6
3.8

- 6.0
72. 4
7 8.4
3.8
9.8

3.9
100.4
9 6.4
3.9
-.1

-.R
88.8
89.5
3.0
3.8

.5
95.4
94.9
4.2
3.7

6.7
103.7
96.9
3.6
-3.1

9.3
113.6
104.3
4 .7
-4.7

11.3
131.2
119.9
3.7
-7. 6

6
7
8
9
10

.9
8.5
1.2
.6
-.3

3.4
10.3
-1 .0
.3
1.1

•B
^.9
.8
.2
-1.7

12.9
2 2.0
.6
.3
.5

11.6
19.7
.6
1.5
2.7

2.1
17.4
*
2.5
2.9

22.2
46.7
- 1.1

1.0
9.6
*
1.7
3.2

- 6.0
5.8
2.9
*

-8.7
7.6
6.6
3.4

-5.7
2 8.3
1.9
- 1.0

1.2 N E T F I N A N C I A L I NVESTMENT
6
40.4
N E T ACQ. OF F I N ANCIAL ASSETS 7
-.1
G O L D ♦ SDR *S (1)
8
5.4
U.S. DEM. DEP. + CURRENCY
9
6.0
U.S. T IME DEPOSITS
10

11
12
13
14
15

2.1
.3
-.5
.2
.6

1.6
-.3
-1 .«
.s
1.0

.7
10.3
9.1
.7

.3
26.4
26.3

.3
-.2

2.3
P.4
8.4
.1
-.1

2.8
.7
.3
.1
.3

5.1
30.3
29.8
.2
.2

.5
-7.0
-7.7
.3
.3

3.5
-14.0
-14.5
.5
-.1

1.9
- 6.3
-6.2
-. 7
.7

l.*s
- .4
-3.2
1.2
1.6

.4
20.8
16.0
1.7
3.1

lfc

17

.3
.9

-.2
.8

-.1
1.4

*
.1

.1
.8

*
1.0

-.2
.6

*
-.1

-.1
2.3

.2
1.2

.2
2.1

1*

3.4

8.0

-^.6

- 6.8

3.4

7.6

7.1

11.3

11.3

.6

19

7.9

20

?1

2.3
.3
.7

-.8

-6.9
1.0
.3

-4.1
-.1
- 2.6

.9
.4
2.1

1.1
2.5
4.0

- 1.1
1.4
6.9

2.8
2 .4
6.2

1.3
3.5
5.9

.7
2.8
- 3. 0

22

7.6

6.9

5.1

0.1

8.2

15.3

24.6

8.6

11.8

23

2.1

.3

— 2.*

-1.7

-.2

-.2

-.9

*

.1

24
25
26
27
28

.2
2.7
1.1
-.5
2.1

.S
3.2
1 .0
-.2
2.4

.1
2.7

-.4
4.7
1.0
2.9
.8

-.2
7.7
1.0
2.8
3.9

-.7
9.1
.5
4.7
3.9

-.2
7.7
.7
3.9
3.2

*

-.3
2.1

*
4.6
.9
1.6
2.1

4.2
.8
- 1.6
5.0

29
30

.2
.4

-.2
.8

*

*

1 .0

.5

.1
.5

-.2
1.9

-.2
.6

-.5
.7

31
33
34
35

2.1
.1
.5
1.1
.4

2.4
.2
-.5
2.2
.4

4. 0
.2
3.6
-.4

5.6
.3
1.4
3.8
.3

3.5
.3
3.6
1.5
-1.9

6.3
.3
4.8
3.6
-2.5

16.6
.3
11.6
5.3
-.6

36

' -.5

-2.3

- 1.2

-9.1

- 1.8

- 2.2

-18.3

22

.R

.o

s.o

-

.2 N E T U.S. E X P O R T S
138.6
U .S. E X P O R T S
1 3 8.4
U.S. I MPORTS
3.7 T R A N S F E R R E C E I P T S FROM U.S.
3.5 C U R R E N T A C C O U N T BALANCE
(U.S. BAL A N C E , SIGN REVERSED)

U.S. C O R P O R A T E SHARES
C R E D I T M A R K E T INSTRUMENTS
U.S. G O V T . SECURITIES
U .S. C O R P O R A T E BONDS (2)
ACCEPTANCES

11
12
13
14
15

-.1
1.2

SECURITY CREDIT
T RADE C R E D I T

16
17

24.1

6.9
.5
6.1
.2

M I S C E L L A N E O U S ASSETS
U.S . BAN K L I A B I LITIES
T O F O R E I G N AFFILIATES
DIR. I N V E S T M E N T IN U.S.
OTH E R

18

10.7
4.5
8 .P

16.3

34.0

3 9.2

.8

1.2

N E T I N C R E A S E IN LIABILITIES
U .S. OFF . FGN. EXCHANGE
+ NE T IMF POSITION

22

.1
*
9.9
2.0
4.2
3.7

.1
13.8
2.2
6.3
5.3

.5
26.7
1.9
12.6
12.2

F O R E I G N C O R P O R A T E SHARES
C R E D I T M A R K E T INSTRUMENTS
C O R P O R A T E BONDS
BAN K L O A N S N.E.C.
OTH E R LO A N S

24
25
26
27
28

-.1
4.0

*

2.2

3.1

.2
2.5

SECURITY DEBT
T RADE D E B T

29
30

.9
.3
1.6
2.3
-3. 4

5.4
*
-.3
1.7
4.0

2.3
.8
6.2
5.4
- 10.0

16.2
.5
7.6
*
8.1

8.0
.9
1.8
3.1
2.1

M I S C E L L A N E O U S LIABILITIES
U SG E Q U I T Y IN IBRD, ETC.
FGN. C U R R . H E L D IN U.S.
U.S. DIP. INV. A B R O A D (2)
O THER

31
32
33
34
35

2.8

2.9

4.0

- 2.0

2.3 D I S C R E P A N C Y

*

(1) C O N S I S T S O N L Y OF N E T P U R C H A S E S F R O M U.S.
E X C L U D E S A C Q U I S I T I O N S FROM O T H E R SOU R C E S .
(?) N E T OF U.S. S F C U R I T Y I S S U E S IN F O R E I G N MARKETS TO
F I N A N C E U.S . I N V E S T M E N T A BROAD.
11/74 FIGURES ARE T E N T A T I V E E S T I M A T E S BAS E D ON INCOMPLETE INFORMATION.




1
2
3
4
5

19
20
21

23

36

19 A U G U S T 1 9 7 4
M O N E T A R Y ANO I N S U R A N C E R E S E R V E S

MO N E T A R Y AND

INSURANCE RES E R V E S
14

GOLD, O F F I C I A L F O R E I G N E XCHANGE, T R E A S U R Y CU R R E N C Y , A N D I N S U R A N C E R E S E R V E S
(BILLIONS OF DOLLARS)
S F A S O N A L L Y A D J U S T E D ANNUAL RATFS

S E A S O N A L L Y A D J U S T E D A N N U A L RATES

1969

1968

1970

1971

1972

1973

1
|

1973
I

IV

III

II

1
1

1974
I

II

1.4 T O T A L U.S. R E S E R V E S

GOLD AND O F F I C I A L FO R E I G N F X C H A N G E H O L D I N G S (1)
.9

1

-3.3

-2. 3

-.7

-.2

1.0
1.0
-

-. 8
-1. 2
.4

-.6
*
-.6

-.6
*
-.5

*
*
“

1.3

-.9

2
3
4

-1.2
.4
- 1.6

5

2.1

.3

-2.5

-1.7

-.2

-.2

-.9

6
7
8

1.2
.7
.5

-.7
- .7
-.1

-2. 2

-.4
-.1
-.2

*
-.2
.2

-.2
*
-.2

-.9
-.2
-.8

.9

1.0

-. 4

-.4
*

-1.4
-1. 3
*

-.1

1 .0

*
*
*

.1
*

9
10

.9
*

11

-.4

-1 . 7

*

-.1
*

-.1

.1

.1

.8

♦
*

“

~

“

~

♦
~
*
*
-.1

.1

.1 1 .S. GOLD S T O C K AND SDR'S
U .S. G O V T . — EX. S T A c-. FUND
.1
M O N E T A R Y A U T H O R I T I E S (2)
-

.1

.1

.8

_
-

“

*
*
*

.3
*
.3

.1

.1

.8

1.0

.1

.1
~

.9

*

1.3 1 .S. F O R EIGN E X C H A N G E P O S ITION

1.0
*

O F F I C I A L FGN. C U R R E N C Y H L DGS
TREASURY
MONETARY AUTHORITIES
NET IMF P O S I T I O N
U.S. G O V E R N M E N T ASSET
MONETARY AUTHORITIES

6
7
8

10
11

T R E A S U R Y C U R R E N C Y AND SDR C E R T I F I C A T E S

1

.4

2
3

.2
.2

.6
.7
-.1

.3
.1
.2

.5
*

.c
.7
-.2

.4
.4

*

.4
.4

-.1

.8

.3

.4
.3

.3

.3
r

.3
.2

.

-.2

.1

-.5

7.4
.1

7.2
.1

7.1

7.5
.1

7.4

7.2

.1
7.1

7.4

7.2

7.1

I N S URANCF AND P E N S I O N FUND RES E R V E S

1
2
3
4

5.0

*.2
.1
5.1

6.2
.1

6.6
.1

7.3
.1

7.1
.1

4.6

.1
4.9

6.1

6.5

7.2

7.0

.1
7.3

4.6

5.0

5.2

6.2

6.6

7.3

7.1

7.4

4.6
*

7.4

7.4

L IFE INSURANCE RESER V E S :
U.S. G O V E R N M E N T
LIFE IN S U R A N C E CO M P A N I E S

7.5 N ET CHANGE

IN A SSETS

(HH)

P E N S I O N FUND RESERVES:
5
6
7
8
9

10

14.9
1.3
13.6
2.9
6.4
4.2

16.3
1.5
14.8
2.9
6. 3
5.5

10.1
2.4
16. 7
3.3
7.1
6.3

21.7
2.8
18.9
5.2
7.3
6.5

24.2
3.2
21.0
6.0
6.8
8.3

11

14.9

16.3

19.1

2 1.7

24.2

24.4
2.1
22.3
5.2
7. 7
9.4

24.8
1.9
22.9
4.9
8.2
9.8

24.9
4.1
20.8
5.1
5.8
9.9

25.3
1.0
24.3
5.2
9.4
9.7

22.5
1.2
21.2
5.4
7.6
8.2

19.7
1.6
18.0
3.1
6.6
8.4

2 1.5
-.1
21.7
5 .7
6.5
9 .5

24.4

24.8

24.9

25.3

2 2.5

19.7

21.
5 N E T C HANGE IN A S SETS
21.5

U.S. G O V E R N M E N T
I N S URANCE SECTOR
LIFE INSUR A N C E C O M P A N I E S
P RIVATE PENS I O N FUNDS
S. ♦ L. G O V T •, RTR. FUNDS
(HH)

IN T E R B A N K CLAIMS
1

3.6

2.0

4 .5

5.6

2.0

7.9

15.6

7.1

26.6

-1 7 . 9

7.3

16.8 N F T C H A N G E IN L I A B I L I T I E S

1

2

2.1
-.3

3.6
.c

1.4

1.6

-2.6

22.5

-1 5 . 8

1.6

11.3

1.3

.2

-2.1

3

.8

1.1

2.0

.4

-2.4

4.4

5.7

-4.8

-3. 8

MONET. A U T H . — MEM . BANK RES.
— VAULT CASH

2
3

4

1.6

2.7

3.0

4. 4

-7.8
-9.?

9.3

6
7

-.2

-1 .6

- 2.9

8
9
10

*
.7

.6
.1
.8

.1

8.3
4.4
- .4
5.6

7.0

1.6
-.4
.2

12.1
7.1
.5
-1. 4

10.*

2.1

13.6
6.4

-.2

2.5

1.5

.9

1.6
1.6
*

1.2

“

COMMERCIAL B A N K I N G - T O T A L
C O M M E R C I A L BANKS
TO M O N E T A R Y A U T H O R I T I E S
LOANS FROM A F F I L I A T E S
L OANS FROM FGN. EK. AG.
DEM. DEP. OF FGN. EK. AG
T IME DEP. OF FGN. BK. AG

4
5
6
7
8
9
10

11

*

5

1.6
-

.1

1.0

1.6

2.5

2.3

7.1

5.0

-4.3

1.5

2.2

2.0

7.9

15.6

7.1

26.6

- 1 7.9

7.3

16.8 N E T CHANGE IN ASSETS

12

1.6

-1.6

9
-1.1
-1.9

.5
-1.1

11.9

-15.9

4.4

3.0
9.0

2.9

5.3
-1. 9

- 11.6

1.*

7.3

MONETARY AUTHORITIES
F.R. F LOAT
LOANS TO M E M B E R B A NKS

13
14
15

14.7
22.5
22.*
4.4
-4.3

-2.0
-8.6
- 15.8
5.7
1.5

2.9
-1.0

11.5

1.6

9.8
11.3

— 4.8
2.2

-3.8
2.3

16
17
18
19
20

-2.3

-.1

-.4

-. 4

C O M M E R C I A L B A N K I N G — TOT A L
C O M M E R C I A L BANKS
MEMBER BANK R E S E R V E S
V AULT CASH
D EP O S I T S AT FGN. BK. AG.
B ANK A F F I L I A T E S — LOANS
TO AFF I L I A T E BANKS

FOREIGN B A N K I N G A G E N C I E S
-5.5
6.6
4.3
2.0
8.0
-1.4
D E M A N D D E P O S I T S AT BANKS
4.7
6.5
5.7
-6.3
*
TIME D E P O S I T S AT BANKS
.4
.2
.1
-.1
LOANS TO BANKS
.5
.8
5.6
-3.1
1.6
(1) LI N E S 1 + 2 EX C L U D E INITIAL A L L O C A T I O N OF S D R ’S OF $ 8 6 7 M ILLION
IN J A N UARY 197C, $717 M I L L I O N IN J A N U A R Y 1971, AND *710 MILL I O N
IN J ANUARY 1972.
T R A N S A C T I O N S IN S D R ' S ARE IN LINE 2.
ALSO
E X C LUDED FROM THE TABLE APE R E V A L U A T I O N S OF F O P E I G N C U R R E N C Y
H O L DINGS, GOLD, SDR»S, AN D IMF POSI T I O N .
THESE A L L O C A T I O N S AND
R E V A L U A T I O N S ARE I NCLUDED IN T A B L E S ON O U T S T A N D I N G S .
(2) T R E A S U R Y GOLD STOCK.

22
23
24
25

5.6

1.0
.2

-.3

3.5
2.0
2.1
-.3
.2

5.8
4.0
3.6

*

2.0
.4
.2
.1
.1

21

-

.6

2?
23
24
25

.7
.7
*

1.0
.8
.1

20

.2

-.1

*
*
*

2.7
2.1
.8
1.3

-.1

.2

2.0

IP
19

.1

.1

.9

16
17

-6.3

.1

3.6

.9
*

6.*;

2.6

13

.8

-.2

.1

-.4
1.9

1.4

-.9
-.7

2.1

2.6

18.6
9.2

-.1

7.1

-2.6
-2.4
5.0

.1

.3

-.4

-.4

2.1

-1.4

1.4
1.2
.1
.1

1.5

-.7

*
.1

-1.2
.3
.2

4.1
2.6
.1
1.4

7.2
4.3
.3
2.6

1.6
.4

-2.3

.5

1.6

9.5
5.8
1.4
2.0
2.3

11/74 FIG U R E S ARE T E N T A T I V E ESTIM A T E S B A SED ON INCOMP L E T E




1.6

.4
1.5
-2.1
1.1
2.5

1.3

5.3

4.3
.3

-.4

-1.2
.3

1?

4.1
11.9

- 15.9
-.1
.8
5 .7
.1

.3
.1
1.3
*

.1

4.5

14
15

.5

6.6

*

INFORMATION.

-4.3

-1. 4
*

-.4

-3.1
4.7
.4

2.3

FORE I G N B A N K I N G AGEN C I E S —
D EPO S I T S OF B A N K S

11

21

19 AUGUST 1974

MONEY AND D E P O S I T S SU M M A R Y

M O N E Y AN O D E P O S I T S S U M M A R Y
15

M O NEY STOCK AND TIME AND SAVINGS ACCO U N T S
(BILLIONS OF D O L LARS)

S E A S O N A L L Y A D J U S T E D A N N U A L RATES

1968

1969

1970

S E A S O N A L L Y A D J U S T E D A N N U A L RATES

1971

1972

1973

|
|

1973
I

II

III

TV

I
I

1974
I

II

D E M A N D D E P O S I T S AND C U R R E N C Y
16.0 N
1 E T CHANGF

IN ASSETS

1

14.8

8.2

14.3

17.4

19.6

16.0

24.0

14.8

-6.8

31.8

7.0

2
3
4
5
6
7
8
9

16.0
15.4
12.3
1.9
-.2
.9
.5
.6

7.6
7.4
1.*
2.7
1.4
-.3
2.1
.3

11.8
11.6
8.9
1.1
-1.6
1.0
2.2
.2

14.3
14.0
11.0
.6
-.2
1.3
1.3
.3

20.0
18.4
13.1
.2
2.5
1.7
.9
1.5

17.5
15.0
13.1
-.3
-.3
2.4
.1
2.5

10.9
12.0
10.5
-1.2
-.3
.8
2.2
-1.1

20.9
19.2
10.3
2.6
.7
3.3
2.3
1.7

11.0
8.1
5.5
.8
-.6
3.6
-1.1
2.9

27.0
20.5
26.0
-3.3
-1.1
1.9
-3.0
6.6

7.8
6.0
2.4
.6
-2.1
-.4
5.5
1.9

20. 4
15.1
17.8
-. 8
-.1
-.4
-1.5
5.4

MONEY S TOCK
DOMESTIC SECTORS
HOUSEHOLDS
K O N F I N A N C I A L BUSI N E S S
S. + L. G O V E R N M E N T S
F I N A N C I A L SECTORS
MAIL F L O A T
REST OF THE WOR L D

10

-1.2

.6

2.5

3.1

-.4

-1.5

13.1

-6.1

-17.8

4.8

-.8

-4 . 5

U.S. G O V E R N M E N T DEPOSITS

14.8
9.0
.7
*
9.3

-6.8
-10.1
-11.4
.3
1.0

31.8
4.3
1.7
-.8
3.4

7.0
7.7
-1.2
.5
8.4

16.0
11.2
1.3
.1
9.8

MO N E T A R Y A U T H O R I T I E S
U.S. GOVT. C ASH ♦ DEP O S I T S
FOREIGN D E P O S I T S
CURPENCY

12
13
14
15

5.8
-6.8
1.7
10.8

3.3
-6.4
2.6
7.1

27.K
3.1
7.4
17.1

-.7
.4
1.4
-2.5

4.8
-5.7
5.3
5.3

COMMERCIAL BANKING
U.S. G O V E R N M E N T D E P OSITS
FORE I G N D E P O S I T S
PRIVATE DOME S T I C

16
17
18
19

11
12
13
14
15

14.8
1.5
-1. 0
.1
2.4

8.2
3.3
.5
-.1
2.8

14.3
3.1
-.4
*
3.5

17.4
4.4
.9
.1
3.4

19.6
3.2
-1.1
-.1
4.4

16.0
3.4
-. 5
-.1
3.9

24.0
10.3
7.0
.3
3.0

16
17
18
19

13.3
-.2
.5
13.0

4.9
*
.4
4.5

11.2
2.9
.2
8.1

13.0
2.2
.2
10.6

16.3
.7
1.6
14.0

12.6
-1.0
2.6
11.0

13.7
6.1
-1 .4
9.0

TIME D E P O S I T S AND S AVINGS A C C OUNTS

1

33 . 4

-1.5

54.9

81 .9

88.5

79.1

114.2

85.8

62.8

53.4

83.8

96
. 1 N E T CHANGE - T O TAL
96.

41. 4
8.7
32. 4
.3

42.3
9.8
?3.0
-.5

50.9
20.0
30.3
.6

70.0
43.4
25.7
.9

52.1
17.0
34.8
.4

55.0
34.7
19.7

26.6
-15.1
41 .0
.6

44.6
15.8
28.7
.1

79.9
48.3
31.6
.1

2
3
4
5

20.7
3.1
17.4
.2

-9. 5
-1 2 . 5
2.9
.2

38. 0
15.2
22.4
.4

6
7
8
9
10
11

17.4
.4
3.2
.1
*
-.3

- 2.0
-2.4
-5 .9
-.2
-.1
1.1

27.5
1.7
10.0
.3
.2
-1.7

29.8
3.6
7.2
.1
.2
.5

29.5
3.1
6.8
.1
.2
2.7

39.5
1.4
7.2
-.2
.1
2.9

40.2
14.3
9.7
.7
.2
5.0

42.0
.2
6.6
-.2
.3
3.?

41. 0
3.6
11.0
-.6
*

34.9
-12.7
1.6
-.6
3.4

37.8
4. 4
2.8
.6
-1. 0

54.8
7.8
11.5
-.1
6.0

12
13
14
15
16
17

12.7
4.2
1.1
7.4
7.6
-.2

7.9
2.6
1.4
3.9
4.0
-.1

17.0
4.4
1.7
10.9
10.8
.1

40.6
9.9
2.9
27.8
27.7
.1

46.1
10.2
3.4
32.6
32.3
.2

28.1
4.7
2.9
20.5
20.5
*

44.2
9.5
4.0
30.7
30.1
.6

33.7
6.5
4.3
22.9
21.5
1.4

7.8
.2
1.0
6.6
8.6
-2.0

26.8
2.7
2.3
21.8
21.9
-.1

39.2
8.2
3.8
27.2
24.9
2.4

16.2
1.1
4. 0
11.1
10.3
.9

18

30.3

6.0

44.4

70.3

75.4

6 7.7

83.8

74.2

50.8

61.9

74.6

11/74 F I G U R E S ARE T E N T A T I V E ESTIM A T E S BA S E D ON I N C O M P L E T E




INFORMATION.

C O M M E R C I A L B A N K I N G LIA B I L I T Y
LARGE N E G O T I A B L E C D * S
OTHER AT C O M M E R C I A L BANKS
AT F O R E I G N B A N KING AGS.
AC Q U I R E D BY:
HO U S E H O L D S
CORPORATE BUSINESS
STATE + LOCAL G O V E R N M E N T S
U.S. G O V E R N M E N T
MUT U A L SAV I N G S B ANKS
FOREIGN

AT S A V INGS I N S T I T U T I O N S
MUTUAL SAVI N G S B ANKS
CREDIT U N I O N S
S A V INGS ♦ LOAN ASSNS.
HELD BY: H O U S E H O L D S
CR E D I T UNI O N S
MEMO: TOTAL OF H O U S E H O L D S
TIME ♦ S AVINGS A C C O U N T S
70.0

1
2
3
4
*5
6
7
8
9
10
11
12
13
14
15
16
17
18

19 A U G U S T 1 9 7 4
M O N E Y STOCK R E L A T I O N S H I P

M O N E Y S TOCK RELATI O N S H I P
R E L ATION OF F/F MONEY STOCK DAT A TO D A I L Y A V E R A G E SERI E S
(BILLIONS OF DOLLARS)

S E A S O N A L L Y A D J U S T E D A N N U A L RATFS

SEASONALLY
1973
II

III

IV

f
|

A D J U S T E D ANNUAL RATES

1974
I

II

I. TOTAL M ONEY STOCK

1
2
3

6 4.0
58.4
5.7

4
*5
6
7

1.4
.3
.4

30. 6
28.7
1.9
.5 -.6
1 .1
*

ll.fi
12.5
-.8

14.2
13.9
.3

19.9
20.5
-.6

17. S
15.7
1.7

10.9
P.6
1.3

20.9
29.9
-9. 0

11.0
-.3
11.4

27.0
23.8
3.2

7.8
19.3
-1 1 . 5

20.4
18.5
2.0

N E T C H A N G E S , S.A. OTR L Y RATE:
F/F D E M A N D DEP. + CURRENCY
D A I L Y A V E R A G E (DAMS)
TOTAL DIFFERENCE

1
2
3

.3
-1.3
.3

.3
-.4
.3
.3

-.6
-2.5
1.4

1.7
-.9
2.3
•3

.3
4.0
-9.*
5.8

-2.3
-.4
3.6
-5.4

2.8
1.5
-5.6
6.9

.8
- 5.9
13.8
-7. 0

-2. 9
5.6
-13.8
5.3

.5 T O T A L DIFF. AT QU A R T E R L Y RATE
— .6
A R I S I N G F R O M — DATA DIFF.
6.0
TIMING DIFF.
-4. 9
SEASONALS

4
5
6
7

------------- --------- --------- ----------

-------- -------- ----------- -------II . DEMAND DEPOSITS

1
2
3

13.6
11.6
2.0

4.8
4.6
•2

3.3
9.5
-1.2

10.8
10.4
.4

15.5
16.2
-.7

13.5
11.0
2.6

2.0
1.3
.6

3.1
6.1
-3.0

2.*
-.9
3.4

5.9
4 .4
1.5

-.1
3.2
-3.3

4
6

1.6
.3
1.3

.2
— .6
.9

-1
.3
-1.8

.1
-.4
.«>

-1.2
-2.5
1.4

2.2
-.9
3.1

-4.6
4.0
-8.6

1.5
-.4
2.0

-2.1
l.*5
-3.6

7.4
-5.9
13.3

-8 . 0
5.6
-13.6

7
8
c,
10

.4
.4
*

*
*

.3
.3
-

.3
.3
-.1

.5
.5
*

.4
.4
*

5.3
-1.8
6.2
.Q

-4.5
-.5
-2.4
-1.6

5.5
1.4
3.9
.2

-5.9
1.3
-7.7
.6

4.6
-2.2
5.8
1.1

2.1
1.4
.7

.3
.8
-.6

.©
1.5
-.7

2.1
1.6
.5

-

2.7
3.2
-. 5

N E T CH A N G E , S.A.
F/F
DAMS
DIFFERENCE

OTRLY

RATE:

3.5 D I F F E R E N C E IN U N A D J U S T E D
-.6
DAT A D I F F E R E N C E
4.1
TIMING DIFFERENCE
- 4 . 0 D I F F E R E N C E IN S E A SONALS
-.5
FLOWS VS. LEV E L S
-2.1
O N E - D A Y VS. D A I L Y AVERAGE
-1 .4
S E A S O N A L R A L A N C E A DJUSTMENT

1
2
3
4
5
6
7
P
9
10

III. C U R R E N C Y
1
2
3

2.4
3.0
-.6

2.8
2.6
.2

3.5
3.0
.5

3.4
3.5
-.1

u

— .6

.2

.5

5
6
7
P

*
*

*
*

*
*

“

-

-

*

*

4 .4
4.3
.1

3.9
4.8
-.8

.8
1.1
-.3

-.2

*

-.8

-.9

1.6

-2.0

.5

-.2

1.9

*
♦

.1
.1
*

*
*

.6
-.2
.7
.1

-.9
.1
- 1.0
-.1

1.5
.1
1.3
*

-1.1
-.1
-1.1
*

.7
-.2
.8
.1

-. 9
.2
-1.0
*

*

-

2.4
1.5
1.0

NET CH A N G E , S.A. OTRLY RATE:
F/F
DAMS
DIFFERENCE
TIMING DIFFERENCE

4

D I F F E R E N C E IN SEASONALS
F L O W S VS. LEVELS
O N E - D A Y VS. DAILY AVG.
S E A S O N A L BALANCE ADJ.

5
6
7
8

11/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

M oney Stock R e la tio n s h ip
P art

Lin e
L in e I of page 15.
D aily averages in th is tab le a re in c re m e n ts in m o n th averages from last m o n th of p re c e d in g q u a rte r to last
m o n th of th is q u a rte r.
I - 2.

5 + 6 + 7.
See P a rt 11,
P art I I , lin e
P art I I , lin e
u n a d ju s te d

"Seasonal h e re m eans d o lla r excess of s ea s o n a lly ad ju s te d flow over

Lines 14 + 18 + 19 of page 15 at q u a rte rly rates.
D iffe re n c e s betweeen m o ney-sto ck concept of dem and deposits derived fro m last p re c e d in g a ll-b a n k total
(e ith e r last W ednesday of q u a rte r o r C all Report) and fig u r e fo r th a t o n e day, e .g . M a rc h 29, 1972,
de riv e d from data going in to d a ily -a v e ra g e s ta tis tic s . Q u a rte rly in c re m e n ts in th is d iffe re n c e .

6

D iffe re n c e between fig u re fo r period derived from d a ily -a v e ra g e data a nd average fo r last m o n th of q u a rte r.
Q u a r te rly in c re m e n ts in th is d iffe re n c e .

7

8 + 9 + 10 - I I .
D iffe re n c e in a d justm ent m ethod: seasonal in d a ily -a v e ra g e s erie s (m o n th average) a d ju s te d as flows less
seasonal in p ublished d a ily -a v e ra g e s erie s .
S easonal in F /F demand deposit (based on net c h a n g e from last day of o ne q u a rte r to last day of n e x t) less
seasonal in daily average adjusted as flow s.
A d ju s tm e n t to seasonal needed as part of th e b a la n c in g of all sea s o n a lly adju s te d s o u rc e s a nd uses of funds
in th e flo w -o f-fu n d s m a trix .

9
10




lin e 4 .
lin e 5 .

I
5

8

III

lin e 5 .
6 + P art I I I ,
7 + P art I I I ,
flow.

4
5 -9

1
2
3

No s ta tis tic a l d iffe re n c e between th e two s e rie s .
In u n a d ju s te d data, o n ly d iffe re n c e is betw een one-day
fig u r e fo r end of q u a rte r and th re e -w e e k average.
C orres p o n d to lin e s 7 th ro u g h II in P art I I .

19 A U G U S T 1 974
U .S. GOVT. S E C U R I T I E S

U.S. GOVT. S E C URITIES

17

U.S. G O V E R N M E N T S E C URITIES M A R K E T S U M M A R Y
(BILLIONS OF DOLLARS)
S E A S O N A L L Y A D J U S T E D A N NUAL RATES

S E A S O N A L L Y A D J USTED ANNUAL RATES

1969

1970

1971

1972

1^73

1
2
3
4

16.7
10.3
.4
9.9

5.5
-1. 3
-. 4
-.9

2 1.1
12.9
.3
12.6

29.4
26.0
2.4
23.6

23.6
13.9
3.3
1 0 .6

2 9.4
7.7
2.7
5.0

5
6
7
8

6.4
1.5
1.7
3.2

6.8
-.4
- 1. 9
9.1

8 .2
.3
— .3
9.2

3.4
.6
-1.1
3.8

9.7
?.0
1.5
6 .2

9
10
11
12
13
14

16.7
.1
-.1
-.1
3.8

5.5
- 1.3
-. 4
-.7
4.2

2 1.1
-.1
1.9
2 .0
-.2
5.0

2 9.4
*
- 1.2
-l.l
-.1
8.7

15
16
17

-.5
-1.7
1.2

- 1.8
-2.2
.4

9.1
7.8
1.3

18

13.3

4.9

19
20
21
22

8 .1
.4
4.4
3.3

17.0
-.4
10.7
6.7

23
24
26

5.6
.4
5.4
-.2

12.8
-.4
10.5
2.9

27
28
29

.3
— .5
.8

30
31
32

1973
I

!
|

1974

II

III

IV

45.4
30.1
3.7
26.4

25.2
3.1
3.4
-.2

19.7
- 9. 7
2.0
-1 1 . 7

27.3
7.4
1.7
5.7

21.3
10.3
3.3
7.0

23.5 TO T A L N E T ISSUES
3.6
T R E A S U R Y ISSUES
3.1
H O U S E H O L D S AVINGS BONDS
TREA S . EXCL. SAVINGS BONDS

1
2
3
4

21.6
.7
1.3
19.6

15.3
.4
2.3
12.6

2 2 .0
-.7
.5
22.1

2p. 4
1.3
1.4
26.7

10.0
1.0
1.0
17.0

11.0
1.4
.3
9.3

19.8
.0
-.1
19.0

5
6
7
8

23.6
*
-.4
-.3
-.1
.4

29.4
*
1.3
1.4
*
0.3

45.4
*
- 2 .6
— ?. 5
-.1
17.1

2C .2
*
1.2
1 .3
*
3 .4

19.7
*
3.9
3.9

27.3
*
2.8
2.9

21.3
*
-5.S
-5.5

5.8

10.8

- 1 .2

23.5 NE T A C Q U I S I T I O N S , BY SECTOR
*
U.S. GOVT. (AGENCY SEC.)
-.6
S P O N S O R E D C R E D I T A GENCIES
-.6
TP F A S U R Y M A R K E T A B L E
FHLB SP E C I A L ISSUE
12.6
F F D ERAL RE S E R V E SYSTEM

26.3
13.9
12.4

8.4
1.3
7.2

.3
-5.7
6 .1

29.P
-8 . 1
37.9

-7.7
-7.6
-.1

-14.5
-12.7
- 1.8

-6.2
5.5
-1 1 . 3

-3.2
.9
-4.1

16.0
17.2
- 1.2

FO R E I G N
SH O R T - T E R M MARK E T A B L E
O THER

l«i
16
17

5.2

-4.4

1 ^ .2

18.4

1.1

28.3

24.4

19.9

31.2

— 4.5

TOTAL P R I V A T E DOMESTIC

18

- 9.0
.3
-11.4
2.1

- 14.0
2.4
- 11.0
-5. 4

1.6
3.3
-1. 7
.1

18.8
2.7
4.7
11.4

8 .6
3.7
- 2 .8
7.7

2 ? .8
3.4
3.8
10.6

27.8
2.0
6.7
19.2

15.8
1.7
6 .0
3.1

2 2.1
3.?
18.3
.6

1
M
O

1968

!
1

3.1
-15.5
10.3

P RIVATE D O M E S T I C NONFINAN.
S A V INGS BONDS (HH)
TPEAS. EXCL. SVGS. BONDS
AGENCY ISSUES

19
20
21
22

-9.7
.3
-12.7
2.8

-14.4
2.4
- 1 1.8
— 5.0

.6
3.3
- 2.6
-.1

20.4
2.7
6.5
11.1

12.1
3.7
-2.5
1 0 .8

27.8
3 .4
13.1
11.4

27.1
2.0
8.9
16.2

14.4
1.7
6.6
6 .1

18.2
3.3
15.0
-.1

7.8
3.1
-5.2
9 .9

PVT. DOM. NONFIN., BY SEC.
HOUSEHOLDS
S A V I N G S BONDS
TREA S . EXCL. SVGS. BONDS
AGE N C Y ISSUES

23
24
25
26

-2.3
- 2.8
^

.

.5
.4
.1

2.2
2.1
.1

-2.4
-3.2
.7

- 1.8
-3.0
1.2

*
-1.4
1.5

- 1.2
- 2.6
1.4

-3 . 4
-5.2
1.8

-2.6
-2.8
.2

-2.2
-2.3
.1

-4 . 4
-4 . 7

2.2
-.5
2.7

6.4
3.1
3.4

.2
.9
-.8

- 1 .8
-1.3
-.5

3.4
4.0
-.6

.2
1.2
- 1.0

-3.5
1.1
-4.6

-3.8
-1.7
-2.2

4.1
3.0
1.1

4.1
2.3
l.P

6.1
5.6
.5

-5.5
-5.6
.1

3?
34
35

3.3
2.1
1 .2

- 10.0
-0.7
-.3

10.4
6.0
3.5

6.9
3.1
3.8

6.5
2.4
4.1

-1.3
- 8.8
7.6

-14.1
- 15.7
1.6

5.9
-3.P
9.6

1.7
-9.0
10.7

1.4
-6.9
8.3

9. 4
4.7
4.6

-1.4
- 8.0
6 .6

C O M M E R C I A L B ANKING
T R E A S U R Y ISSUES
A G E N C Y ISSUES

33
34
35

36
37
39

2 .0
.3
1-7

- 2 .2
-3 .9
1.7

3.8
1.1
2.7

2.6
-1 .7
4.3

7.1
2.3
A. 8

.9
-1.1
2.0

6 .6
.e
5.0

-.4
- 1.8
1 .4

-5.1
-3.8
-1.3

2.6
.4
2.2

-.3
- 5.4
5.1

-1.1
-.1
- 1.0

P R I V A T E N O N B A N K FINANCE
T R E A S U R Y ISSUES
A G E N C Y ISSUES

36
37
38

39
40
41
42

2 .0
.7
.4
.4

-2.2
.3
-1.0
1.3

3.8
1.2
-.4
1.5

2 .6
5.2
1.4
3.9

7.1
4.3
.9
3.4

.9
*
- 1 .0
1 .0

6 .6
7.1
3.?
3.9

-.4
- 1.8
- 1.6
-.2

-5.1
- 6.7
- ‘>.2
-1.5

2.6
1.4
-.4
1.9

-.3
7.7
3.2
4.5

- 1.1
- 1.2
1.1
-2. 3

PVT. N O N B A N K FIN., BY SECT OR
SAVI N G S + LOAN ASSNS.
T R E A S U R Y ISSUES
AGEN C Y ISSUFS

43
44
4*?

-.2
-.6
.4

-.5
-.6
.1

.3
-.2
.S

.9
.1
.8

1 .4
.3
1.1

-.5
-.6
.1

.2
.7

.2
— .6

-1 . 4
-.9
-.5

-.9
-.2
-. 7

*
-.9
.9

-.6
.6

46
47
48

*
*
*

-.2
-.1
-.1

.4
.3
.1

.3
.3
.5

.8
.4
.4

.2
.2
♦

.4
.3
.1

.2
.2
*

.1
.2
-.1

.2
.2
*

.2
.2
*

.2
.2
*

40
50
51

-.1
-.2
.2

-.3
-.3
*

.1
-.1
.1

-.2
-.2
.1

.3
.3
*

.1
-.2
.2

.1
-.1
.2

.4.
-.1
.5

-.2
-.5
.2

*
*
*

-.9
- 1.0
.2

-.4
-.6
.2

52
53
54

.4
.4
.1

-.2
- .4
.2

.2
-.1
.3

-.3
*
-.3

1.0
.9
.1

.7
-.4
1.1

.4
.3
.1

.7
.5
.3

.8
.1
.6

-.4
-.8
.4

.9
.9

55
56
S7

.4
-.2
.6

-.3
-•*
.2

-.3
-.3
*

- 1.6
- 1.2
-.3

-.6
-.5
-.1

.1
-.1
.2

.1
*
*

-.2
-.5
.3

-.1
-.4
.2

.7
.3
.5

-1.5
-.6
-.9

*58
59
60

-.2
-.4
.1

-.5
-.5
*

.1
-.1
.1

-.4
-.2
-.2

-.4
-.3
-.1

-.1
-.1
*

-.5
-.4
-.1

-.1
*
-.1

.2
.1
.1

.1
.1
*

*
*
*

61

.2

-.5

.2

-.3

.1

.5

1.2

.3

.5

62

.8

*

1.7

- 1 .6

.2

*

-2.6

.3

1.8

.6
.1
.*>

_

-.1
.5

I

- 1.2
-4.1

II

OT H E R
BUDG E T AGEN C Y ISSUES
LOAN P A R T I C I P A T I O N S (1)
SPONS. AGE N C Y ISSUES (2)

C O R P O R A T E BUSINESS
T R E A S U R Y ISSUES
AG E N C Y ISSUES
S TATE + LOCAL G O V E R N M E N T S
T R E A S U R Y ISSUES
A G E N C Y ISSUES




27

30
31
32

39
40
41
42

MUT U A L S A V INGS BANKS
T R E A S U R Y ISSUFS
A G E N C Y ISSUFS

43
44
45

CRED I T U N I O N S
T R E A S U R Y ISSUES
A G E N C Y ISSUES

46
47
48

LIFF

IN S U R A N C E
T R E A S U R Y ISSUES
AG E N C Y ISSUES

49
50
51

PRIVATE PENSION FUNDS
TR E A S U R Y ISSUES
AG E N C Y ISSUES

52
53
54

.1
-.2
.4

S. + L. GOVT., R T R . FUNDS
T R E A S U R Y ISSUES
A G E N C Y ISSUES

c5
56
57

-.1
-.2
.1

O T HER I N S U R A N C E C OMPANIES
T R E A S U R Y ISSUFS
A G E N C V ISSUES

58
59
60

I N V E S T M E N T COS. (TREAS.)
S F C U R T T Y P ROKERS ♦
C F A L E R S (TREAS.)

61

*
-.6

(1) WHERE NOT SHOWN S E P A R A T E L Y , LOAN P A R T I C I P A T I O N S ARF I N C L U D F D WIT H
AGENCY ISSUES.
(2) THESE ISSUES ARE O U T S I D E THE B U D G E T AND O U T S I D E THE U.S. G O V E R N M E N T
SFCTOR IN FLOW OF FUNDS ACCO U N T S .
T H E Y ARE I N C L U D E D IN C R E D I T MARKET
DEBT OF F I N ANCIAL I N S T I T U T I O N S .
SP O N S O R E D A G E N C Y I S S U E S INCLUDE
G N M A - G U A R A N T E E D S E C U R I T I E S P A C K E D BY M O R T G A G E POOLS.
11/74 F I G U R E S ARE T E N T A T I V E E S T I M A T E S BASED ON I N C OMPLETE INFORMATION.

9
10
11
12
13
14

62

19 A U G U S T 1974
PR I V A T E S E C U R I T I E S AND M O R T G A G E S

PRIVATE

SECURITIES

AND MOR T G A G E S

P R I V A T E SECURI T I E S AND M O R T G A G E S
(BILLIONS OF D O L LARS)
SE A S O N A L L Y

S E A S O N A L L Y A D J U S T E D A N N U A L RATES

A D J U S T E D A N N U A L RATES

1973
1973

1972

II

I

III

IV

I

STATE AND LOCAL G O V E R N M E N T S E C U R I T I E S

1
2
3
4
5

9.5
9.5
.1
9.4

9.9
9.9
2.P
7.2

11.2
11.2
2.3
8.9

17.6
17.5
2.5
15.0
.1

14.4
13.8
-.7
14.5
.5

13.7
11.9
-.2
12.2
1.8

10.6
9. 3
-1.2
10.6
1.3

12.7
10.5
-1.8
12.4
2.1

15.6
13.6
.7
12.9
2.0

16.0
14.2
1.4
12.8
1.8

14.4
12.9
-1.7
14.6
1.6

18.4
16.9
2 .6
14.3
1.5

6
7
8
9

9.5
-.8
.5
*

9.9
9 .6
-1. 0
.1

11.2
-.8
-.6
.2

17.6
-.2
1.0
-.3

14.4
1.0
1.0
.2

1 3.7
4.3
-.1
.2

10.6
3.7
1.0
.5

12.7
2.8
2.5
.6

15.6
8.9
-1.5
-.2

16.0
2.0
-2.5
.1

14.4
3.3
2.1
.2

18.4 NET C H ANGE IN ASSETS
HOUSEHOLDS
6.5
*
C O R P O R A T E BUS I N E S S
S. + L. GOVT., GEN.
.5

7.2

5.7
*
*
-.6
3.9
.2

2.6
.6
-.1
-1.5
5.1
-1.3

4.5
*
.2
-.5
2.?
.4

3.5
-.3
.2
.1
4.8
.1

12.2
-.1
-.1
-.5
3.3
1.6

6.7
.1
.5
-.1
4.0
-2.2

8 .6
*
.2
*
1.0
*

10
11
12
1?
14
1*>

.2
*
*
-.1
1.2
-.2

10.7
•*
.1
-.3
1.5
.6

12.6
.2
.1
.1
3.9
.1

*
-.1
4.8
-.1

7.6
-.1
.1
-.4
4.2
*

STATE + LOCAL G O V E R N M E N T S
SHORT-TERM
OTHER
C O R P O R A T E BUS I N E S S

FUNDS

CO M M E R C I A L B A N K I N G
MUTU A L S AVINGS BANKS
LIFE INSU R A N C E C O M P A N I E S
S. + L. GOVT., RTR. FUNDS
O T HER I N S U R A N C E C O M P A N I E S
BRO K E R S ♦ D E A LERS

11
12
13

C O R P O R A T E AND F O R E I G N BONDS

l^.O
12.9

1.1

11
12

14.5

12.0
-.2
1.6
.1
1 .0

5.4
.4

1.8
.6

.9

.9

1.0

23.3
10.7

24.8
9.1
1.3
3.9

20.2
^.8

12.S
1.1

1.7

.5

2.1

-1.1

9.5
5.5
-.7
4.4
.3

11.2
7.0

12.4
5.9

-.8

1.6

5.7
-.7

-1.0

14.5

.3

.8
1.2

7.8
3.9

6.5
1.5

9.6
1.5

.6
2.1
1.2

13

2.1

.4

-.2
.2

-.3
1.9

14.1
9.7
-.4
3.4
.7
.7

12.5
10.5
-.1
1.0
.2
.8

12.7
8.5
.8
.8
.7
2.0

24.4
17.1
3.5
1.2
.5
2.2

15.5 NE T ISSUES
C O R P O R A T E BUS I N E S S
11.5
C O M M E R C I A L BA N K S
.1
FINANCE C O M P A N I E S
1.7
R E ITS
.4
R E S T OF TH E WO R L D
1.9

10.7
-.5
-.3
.9

14.1
*
-.4
-1.4

12.5
-1. 4
1.2
-2.1

12.7
6.1
1.3
-1.8

24.4
5.6
.1
3.5

15.5 N E T P U R C H A S E S
HO U S E H O L D S
-. 4
C O M M E R C I A L BA N K I N G
.1
MUTU A L S A V I N G S BANKS
.2

11.0

16.3
7.8
.9
6.1
1 .5
-2.1
1.3
.3

14.7
6.7
3.5
6.6
-2.1
.9
-1.3
.5

7.7
5.0
-.1
3.9
-1.2
-1 .4
1.5
-.7

12.1
3.5
1.9
7.1
— .3
.8
1.1
1.2

13.0
6.5
1.9
6.0
-1.4
-1.5
2.6
1.7

IN S URANCE
LIFF INSU R A N C E C O M P A N I E S
PRIVATE PENSION FUNDS
S. + L. G OVT., RTR. FUNDS
OTHER IN S U R A N C E C O M P A N I E S
O P E N - E N D I N V E S T M E N T COS.
BR O K E R S + D EALERS
R E S T r f THE WO R L D

12.5
9.2

24.8
18.3
.9

15.0
5.2
.3
1.3

6.6
-.1

20.2
12.2
1.1

23.8
19.8

5.9

.2
.1
.1

-.9

3.9

2.1

7.2

-2.1
-.8
.1

9

10

14
15

C O R P O R A T E EQUIT I E S

1
2
3
4
5
6
7
8

6.4
5.8
.6
-.2
-.1
.2
.4
.2

10.0
4.8
5.2
3.4
*
.5
.8
.5

10.4
2.6
7. 7
5.7
.1
.4
1.4
.1

14.8
1.1
13.6
11.4
.6
.6
.9
*

12.9
-.7
13.6
10.9
1.2
.5
1.5
-.4

8.0
- 1.6
9.6
7.4
1.2
.5
.7
-.2

8.4
-2.1
10.5
7.0
2.0
.4
1.8
- .7

10.9
-1.8
12.7
8.7
1.8
.4
1.9
-.2

10.1
1.2
8.9
5.1
2.8
.5
.5
*

2.7
-3.7
6.3
8.9
-1.8
*;
-1.2
*

7.8
*
7.8
6.2
1.0
.4
.1
.1

10.9
-.4
11.3
6.0
1.0
.4
3.4
.5

O P E N - E N D I N V E S T M E N T COS.
OTHER SEC T O R S
C O R P O R A T E BUSINESS
C O M M E R C I A L BANKS
O THER I N S U R A N C E CO M P A N I E S
R EITS
REST OF THE WO R L D

9
10
11
12
13
14
15
16
17
18
19
20

6.4
-6.5
.1
.3
8.1
1.4
4.7
1.3
.8
2.5
-.2
2.1

10.0
-3.8
*
.2
9.9
1.7
5 .4
1.8
1.0
1.7
.4
1.6

10.4
- 1.7
.1
.3
9.7
2.0
4. 6
2.1
1.0
1.2
.1
.7

14.8
-5.3
*
.5
18.2
3.6
8.9
3.2
2.5
.4
.2
.8

12.9
- 5.4
.1
.6
17.0
3.5
7.1
3.5
3.0
-1.8
.1
2.3

8.0
-8.2
.1
.4
14.9
3.6
5.3
3.9
2.2
-2. 3
.4
2.8

8.4
- 9.3
.2
.7
16.8
3.5
5.0
5.0
3.3
- 5.2
.1
5.1

10.9
-3.1
.4
14.0
4.6
4.4
3.6
1.4
-2.3
1.3
.5

10.1
-.3
-.3
10.8
3.1
2.9
3.0
1.7
-2.2
-1.3
3.5

2.7
-19.9
.5
18.2
3.1
8.8
4.1
2.2
.4
1.6
1.9

7.8
- 3.8
~
.8
10.9
2.6
3.1
3.2
2.0
-2.7
1.1
1.5

10.9
-3. 8
~
.1
11.6
1.8
4.6
3.2
2.0
*
2.6
.4

HOUSEHOLDS
COMMERCIAL BANKING
M U T U A L S AVINGS BANKS
INSU R A N C E
LIFE INSUR A N C E C O M P A N I E S
P RIVATE P ENSION F UNDS
S. ♦ L. GOVT., R T P • FUNDS
O T HER INSUR A N C E C O M P A N I E S
O P E N - E N D I N V E S T M E N T COS.
B R O K E R S ♦ DE A L E R S
R ES T OF TH E W O R L D

81.4

7 7.0

58.1

57.6
*
*
.3
57 .3
35.2
1.4
20.7
3.8
5.6
11.3

6 9 . 4 NET CHANGE IN M O R T G A G E S
B O R R O W E D BY:
*
U.S. G O V E R N M E N T
*
S AVINGS + LOAN A S S O C I A T I O N S
R E ITS
.2
PRIVATE N O N F I N A N C I A L SECTORS
69.2
HOUSEHOLDS
42.0
NONPROFIT INSTITUTIONS
1.4
BUSINESS
25.8
FARMS
4.5
NONFARM NONCORPORATE
7.7
CORPORATE
13.6

2
3
4
5
6
7
8
9
10
11

.

10
11
12
13
14
15

16
17
18
19

20

T OTAL M O R T G A G E S

1

27.4

27.8

2 6.4

4 8.9

68.8

71.9

71.2

1

2
3
4
5
6
7
8
9
10
11

-.1
.2
.2
27.1
14.6
1.1
11.3
2.2
3.4
5.7

-.1
*
.2
27.7
16.1
1.3
10.3
1.9
3.8
4 .6

-.1
.6
.1
2 5.7
12.5
1.4
11.9
1.8
4.9
5.2

-.1
2.0
.1
46.9
24.2
1.2
21.5
2.0
8.0
11.4

-.1
1.2
.5
67.3
3 8.4
1.4
27.4
2.6
9.2
15.6

-.1
-1.5
.3
73.2
4 4.2
1.4
27.6
*►.4
7.1
16.1

-.1
1.1
.5
69.6
4 1.4
1.4
26.8
3.9
7.8
15.1

-.1
-.3
.6
81.2
47.2
1.4
32.6
4.4
9.7
18.4

-.1
- 2.3
*
79.3
47.8
1.4
30.1
4.7
7.8
17.7

*
-4.6
.2
62.6
4 0.4
1.4
20.9
4.5
3.0
13.3

12
13
14
15
16

27.4
1.5
1.1
.1
2.2

27.8
1.1
.7
-.1
4.5

26.4
.1
.3
*
5.8

48. 9
.2
*
*
6.3

68.8
-1.8
-.2
*
6.7

71. 9
.5
-.6
*
10.4

71.2
-3.0
-1.2
7.9

81.4
1.9
-3.1
10.3

77.0
1.6
2.9
*
11.8

58.1
1.4
-.9
♦
11.4

•57.6
1.3
-.6
*
12.7

6 9.4
1.2
.8
—
15.2

F U N D S A D V A N C E D BY:
HOUSEHOLDS
U .S. G O V E R N M E N T
S. + L. GOVT., GEN. FUNDS
S P O N S O R E D C R E D I T AG. (1) (2)

12
13
14
15
16

17
18
19
20
21
22

22.5
6.7
12.2
9.4
2.8
*

21.6
5.4
12.2
9. 5
2. 7
*'

20.1
2.5
12.1
10.2
1.8
.1

42.3
9.9
28. 0
23.9
4 .0
*

64.2
16.8
37.7
31.9
5.6
.2

61.6
19.8
32.6
26.9
5 .7

67.4
19.4
41. 4
35.9
5.5
*

72.2
20.7
41.1
34.2
6.9
*

60.8
20.3
29.0
23.4
5.6
*

46.2
18.6
19.0
14.2
4.8
*

44.1
13.1
25.4
22.5
2.9
“

52.2
15.5
28.5
25.0
3.6
~

PRIVATE FINAN. I N S T I T U T I O N S
C O M M E R C I A L BANKING
S AVINGS INST I T U T I O N S
S+L A S S O C I A T I O N S (1)
M U T U A L S A V I N G S BANKS
C RE D I T U N I O N S

17
18
19
20
21
22

23
24
25
26
27
28
29

2.8
2.5
*
.4
*
.6
.2

2.8
2.1
.1
.6
*
.3
.9

3.3
2.3
.1
.8
*
.1
2.1

.8
1.1
-.6
.3
*
1.1
2.5

.8
1.8
-.7
-.3
*
4.1
4.9

3.4
3.9
-.3
-.1
*
1.4
4.5

1.0
1.8
-.5
-.2
-.1
1.1
4.6

2.5
2.4
-.4
.5
2.9
5.1

4.4
5.0
-.1
-.4
*
1.7
5.3

5.9
6.3
-.2
-.2
*
-.3
3.0

3.1
3.9
-1.0
.1
*
-.2
2.7

5.4
5.6
-.7
.3
.3
.9
1.9

30

.9

4 .0

1.3

-2. 7

*

7.2

MEMO: FHLB LOANS T O S+L
10.4
2.4
3.3
5.4
10.7
10.2
A S S O C I A T I O N S ( I N CLUDED IN "OT H E R LOANS" CAT E G O R Y ) .
(2) I N C LUDES M O R T G A G E POO L S B A C KING G N M A - G U A R A N T E E D P A S S - T H R O U G H SECUR I T I E S .

11/74 F I G U R E S ARE T E N T A T I V E E S T I M A T E S B A S E D ON I N C O M P L E T E INFO R M A T I O N .




I NSURANCE
LIFE C O M P A N I E S
P R I V A T E P E N S I O N FUNDS
S. + L. GOVT., R T R . FUND
O THER I NSURANCE COS.
F INANCE C O M P A N I E S
REITS

23
24
25
26
27
28
29
30

19 AUG U S T 197 4
MORTGA G E S , BY TYPE

MORTGA G E S ,

BY TYPE
19

M O R T G A G E M A R K E T S BY TYPE OF M O R TGAGE
(BILLIONS OF D OLLARS)

S E A S O N A L L Y ADJU S T E D A NNUAL RATES

S E A S O N A L L Y A D J U S T E D A N N U A L RATES
1969

1968

1970

1971

1 973

1972

1

IV

III

II

I

|

II

I

HOME M O R T G A G E S
33.0
35.2
-1.1
-1.1

41.7 1
HO U S E H O L D S
42 .0
N O N F A R M N O N C O R P . BUS I N E S S
-.2
C O R P O R A T E B U S INESS
-.2
*
U.S. G O V E R N M E N T
S AVINGS + LOAN A S S O C I A T I O N S
*

32.4
.5
-.5

33.0
.3

*

*
*

7.5
11.4

7.2
10.6

8.0
7. 7

41 . 7 N F T CHA N G E IN ASSETS
HO U S E H O L D S
.1
U.S. G O V E R N M E N T
•2
STATE + LO C A L G O V E R N M E N T S
SPONS. C R E D I T A G E NCIES (1)
10.2
C O M M E R C I A L BANK I N G
8.9

30.4
28.5
1.9

21.5
18.6
2.9

13.9
11.9
2.0

18.2
17.3
.9

21 . 4
20.1
1 .2

-1.6
-1.3
-.4
2.9
1.4

.3
.4
-.1
1.7
1.4

-.1
.1
-.2
-.3
1.0

-1 . 7
-.7
- 1.0
-.2
.7

-.6
.1
-.7
.9
.5

2
3
4
5
6

15.2
14.6
.2
.2
-.1
.2

15.6
16.1
-.2
-.2
-.1

13.4
12.5
.2
.2
-.1
.6

28.0
24.2
1.0
1.0
-.1
2.0

40.7
38.4
.6
.6
-.1
1.2

41. 7
44.2
-. 4
-. 4
-.1
-1 . 5

43.0
41. 4
.3
.3
-.1
1.1

47.1
47.2
.2
.2
-.1
-.3

44.5
47.8
-.5
-.5
-.1
-2.3

32.4
40.4
-1 . 7
-1.7

7
8
9
10
11
12

15.2
.5
.8
.1
1.6
3.5

15.6
.1
.1
-.1
3.9
3.0

13.4

28.0

-.1

-.3
*
4.8
5.7

40.7
-2.6
-.6

41.7
-. 9
-1.2

43.0
-4. 0
-1.7

47.1
-.1
-3.3

44.5
-.1
.8

4.3
9.0

11.0

6.4

4.8
10.5

6.0
11.4

13
14
15
16

8.7
7.2
1 .4

9.1
7.7
1 .4

8.2
7.2
.9
.1

24.6
22.0
2.6

32.5
29.0
3.5

-1.6
-1.1
-.s
1.1
1.3

*

-.7
-.7

17
18
19
20
21

*

.6

*

*

*

-.9
-I .1
.1
.3
.1

*
*

5.1
.9

-1.2
-1.3
.1
.1
.5

*

♦

18.7
17.3
1.3

*

27.9
24.8
3.0
.2

-2. 7
-2.1
-.6
1.1
.7

-2.8
-2.1
-. 7
4.1
1.4

*

-.5
-.3
1.4
1.3

*

*

*

*

*

-4.6

*

*
*

11
12

SA V I N G S I N S T I T U T I O N S
SA V I N G S ♦ LOAN ASSNS.
MUT U A L S A V INGS BANKS
CREDIT UNIONS

13
14
15
16

IN S URANCE
LIFE INSUR A N C E COMP A N I E S
PRIV A T E P E N SION FUNDS
FINANCE C O M P A N I E S
REITS

17
18
19
2C

21

M U L T I - F A M I L Y R E S I D E N T I A L MO R T G A G E S

1
2
3
4

3 .4
2.7
.7
.1

4.8
3.6
1.2
.1

5.9
4.3
1.5
*

8.8
6.2
2.6
*

10.4
7.3
3.0
.2

8.5
5.9
2.5
.1

8.6
6.2
2.3
.2

11.2
7.9
3.2
.2

9.7
6.6
3.1
*

4.6
3.2
1.4
.1

7.2
5.5
1.6
.1

9.5 N E T B O R R O W I N G
N O N F A R M NONC O R P . B U S I N E S S
6 .7
C O R P O R A T E BUS I N E S S
2.7
R E ITS
.1

5
6
7
8
9

3.4
-.3
.3
*
.3

4.8
-.5
.7
*
.5

5.9
-.8
.3
.1

8.8
-.1
.4
.8
.7

10.4
1.2
.3
1.2
1.8

8.S
.1
.4
2.0
1.2

8.6
.1
.5
1.2
1.3

11.2
.1
.1
2.4
1.4

9.7
.1
1.9
2.3
1.1

4.6
*
-.8
2.1
.7

7.2
.1
-.8
2.5
1.0

9.5
.1
.4
2.3
1.0

HO U S E H O L D S
U.S. G O V E R N M E N T
S PONS. C R E D I T AGEN C I E S
C O M M E R C I A L BANKS

10
11
12

1.6
1 .1
.5

1.7
1.2
.5

2. 4
2.1
.4

5.3
3.5
1.8

4.5
3.4
1.1

3.1
1.8
1.4

3.7
3.0
.6

4.5
1.6
3.0

2.6
1.9
.7

1.8
.7
1.1

2.4
1.7
.7

3.3
2.5
.8

SAVINGS I N S T I T U T I O N S
S A V INGS ♦ LOAN ASSNS.
M U T U A L SAVI N G S BANKS

11
12

13
14
15

1.0
.4
.1

1.4
.6
.3

1.9
.8
.6

.7
.3
.7

.5
-.3
1.2

1.1
-.1
.7

1.7
-.2
.5

,o
.5
1.3

.7
-.4
1.4

1.3
-.2
-.3

1.2
.1
.7

1.3
.3
.8

LIFE INSUR A N C E C O M P A N I E S
S. ♦ L. GOVT., R T R . FUNDS
REITS

13
14
15

(1)

COMMERCIAL MORTGAGES

1
2
3
4
<5

6.6
1 .1
.5
4.8
.1

5.5
1.3
.4
3.7
.2

5.4
1.4
.4
3.6
.1

10.1
1.2
.9
7.9
.1

15.1
1.4
1.3
12.0
.3

17.3
1.4
1.6
14.1
.2

15.6
1.4
1.4
12.5
.3

18.6
1.4
1.7
lc .l
.4

18.1
1.4
1.7
15.0
*

16.7
1.4
1.5
13.7
.1

13.6
1.4
1.2
10.8
.2

13.8
1.4
1.2
11.0
.2

HOUSEHOLDS
N O N F A R M NON C O R P . B U S INESS
C O R P O R A T E BUS I N E S S
REITS

6
7
8
9

6.6
.1
2.6

5.5
.3
*
1.6

5.4
-.2
*
1.2

10.1
-.6
*
3.0

15.1
-1.2
*
5.4

17.3
.1
—
6.9

15.6
—
6.8

18.6
.4
—
7.1

18.1
*
—
7.2

16.7
*
—
6.7

13.6
*
—
4.3

13.8
*
~
5.1

HO U S E H O L D S
U.S . G O V E R N M E N T
COMMERCIAL BANKING

10
11
12

1.9
1.0
.8

1.4
.6
.8

1.5
1.0
.6

4.1
3.1
1.0

5.2
3.7
1.5

4.9
3.1
1.7

5.2
3.8
1.3

6.1
4.1
2.0

4.9
3.0
2.0

3.3
1.6
1.7

4.8
3.5
1.4

3.8
2.3
1.5

SA V I N G S I N S T I T U T I O N S
SAVI N G S ♦ LOAN ASSNS.
MUT U A L S A V INGS BANKS

10
11
12

13
14
15

1.9
*
.1

1.8
*
.4

1.8
*
1.0

2.5
*
1.1

3.4
*
2.3

2.9
*
2.5

1.0
-.1
2.8

2.6
—
2.4

3.5
*
2.5

4. 4
*
2.3

3.1
*
1.3

4.0
.3
.6

LIFE I N S U R A N C E C O M P A N I E S
OTH E R IN S U R A N C E C O M P A N I E S
REITS

13
14
15

_

FARM M O R T G A G E S

1

2.2

1.9

1.8

2.0

2.6

4. 4

3.9

4.4

4.7

4.5

3.8

4 . 5 N ET B O R R O W I N G
4.

2

2.2
1.2
*
.5
.3
*
.2

1 .9
1.2
*
.6
.3
*
*

1.8
l.l
*
.5
.3
*
-.1

2.0
.9
♦
.7
.6
-.1
*

2.6
.7
*
1.2
.6
*
.1

4 .4
1.3
.2
2.0
.7
*
.3

3.9
1.0
*
1.9
.8
*
.2

4.4
1.6
.1
1.9
.3
*
.1

4. 7
1.5
.2
2.0
.6
.4

4.*
1.0
.5
2.1

3.8
.9
.2
2.2
.2
*
.3

4.5
1.0
.2
2.7
.5
*
.2

4
5
6
7
8

*
.5

HOUSEHOLDS
U.S. G O V E R N M E N T
S P O N S O R E D C R E D I T AGE N C I E S
C O M M E R C I A L BANKS
M U T U A L SAVI N G S BANKS
LIFE INSU R A N C E CO M P A N I E S

(1) INCLUDES MORT G A G E P O OLS B A C K I N G G N M A - G U A R A N T E E D S E C URITIES.
1 1/74 F I G U R E S ARE T E N T A T I V E E S T I M A T E S B A S E D ON INCO M P L E T E




INFORMATION.

19 A U G U S T 1974
C O N S U M E R C R E D I T AND *»ANK LOANS N . E.C.
20

C O N S U M E R C R E D I T AND BANK LOANS N.E.C.

CON S U M E R C REDIT AND BANK LOANS NOT EL S E W H E R E C L A S S I F I E D
(BILLIONS OF DOLLARS)

S E A S O N A L L Y A D J U S T E D ANN U A L RA T E S
1968

1969

1970

1971

20

S E A S O N A L L Y A D J USTED A NNUAL RATES
1972

1973

I
I

197?
I

II

III

IV

|
|

1974
I

II

CONSU M E R CREDIT
1
2
3

10.0
8.3
1.7

10.4
9. 4
1.0

6.0
5.0
1.1

11.2
9.2
2 .0

19.2
16.0
3.1

22.9
20.1
2.8

25.6
24.0
1.6

24.6
20.0
4.6

22.3
21.0
1.3

19.2
15.5
3.8

8.2
8.8
-.6

17.2 N ET C H A N G E IN LIABILITIES
14.0
I N S T A L M E N T CREDIT
N O N I N S T A L M E N T CREDIT
3.2

4
5
6
7
8
9
10
11
12

10.0
8.3
.1
-.3
4.8
.1
.1
1 .3
2.3

10.4
9 .4
.1
*
4.*5
.2
.1
1 .7
2.8

6.0
s.o
.1
.1
3.0
.3
.1
1.0
.5

11.2
9.2
*
.1
5.8
.1
.1
1.8
1.3

19.2
16.0
.2
1.0
8.5
.1
.2
2.1
3.8

22.9
20.1
•2
1.2
9.7
.2
.2
2.7
5.9

25.6
24.0
.2
1.2
12.0
.1
.9
? .9
* .8

24.6
20.0
.2
1.4
9.6
.2
-.3
2.6
6.2

22.3
21.0
.2
1.0
10.2
.2
.1
2.9
6.3

19.2
15.5
.2
1.3
7.0
.2
*
2.3
4.3

8.2
8.8
*
.5
4.2
.1
*3
1.3
2.5

17.2 NE T CHA N G E IN ASSETS
14.0
I N S T A L M E N T CRE D I T
.1
N O N F A R M NONCORP. BUSINESS
1.5
C O R P O R A T E BUSINESS
5.3
C O M M E R C I A L BANKING
.1
S A V INGS + LOAN ASSNS.
.1
M U T U A L S AVINGS BANKS
2.9
C R E D I T U NIONS
4.1
FINANCE COMPA N I E S

13
14
15
16
17
IP

1.7
.4
.3
.9
*
*

1 .0
.5
.3
.2
*
*

2.0
.7
.4
.8
*
*

3.1
.<9
.6
1.5
.1
.1

2.8
1.0
.3
.9
*
*

1.6
.5
-.3
1.2
*
.2

4.6
1.0
2.1
1.4
.1
-.1

1.3
1.0
-.3
.6
*
*

3.8
1.7
1.6
.4
*
*

-.6
-.4
-.3
*
*
.1

3.2
.1
2.9
.1
.1
.1

1.1
.5
.6
-.1
**
*

(HH)

N O N I N S T A L M E N T CREDIT
N O N F A R M NONCORP. B USINESS
C O R P O R A T E B USINESS
C O M M E R C I A L BANKING
SAVI N G S + LOAN ASSNS.
MUTU A L SAVINGS BANKS

*ANK LOANS NOT E L S EWHERE CLASSI F I E D
T O T A L LO A N S AT COMMER C I A L
BANKS, F/F BASIS

1

27.5

21 .6

12.o

30.0

59.0

73.2

99.5

71.8

65.6

55.8

42.2

82.1

2
3
4
5
6
7

6.7
5.7
1.3
-1.4
15.3

5.2
A.7
-1.1
.5
12.3

2.4
2.9
1.4
2.0
4.2

9.8
6.7
.8
.8
11.9

16.8
10.1
4.7
-.2
27.7

19.6
10.6
-3.0
-.8
46. 7

1 9.S
13.2
-5.6
-1 .7
74.3

20.7
11.0
-.6
-.2
40.P

20.1
10.8
-4.3
-.7
39.8

18.3
7.*=
-1.4
-.4
31.8

13.2
4.2
-4.0
.4
28.5

15.4
5.4
4.0
6.0
51.3

8
9
10

.4
15.7

3.9
1.3
17.6

-1 £0
2.6
5.8

-.1
.5
12.4

-.2
1.1
28.5

1.7
3.7
52.1

2.3
c *5
82.1

1.4
2.3
44.6

4.5
2.7
47.0

-1.3
4.4
34.8

2.4
1.9
32.8

1.9
3.0
56.2

11
12

15.7

17.6

5.8

12.4

28.5

52.1

02.1

44.6

47.0

34.8

32.8

=
+
56.2 =

13
14
15
16
17
1ft
19

15.7
13.1
2.5
.4
1.1
9.6
-.5

17.6
15.3
1 .0
.6
2.1
11.8
-.2

5.P
6. 4
.Q
.8
-.6
5.6
-.3

12.4
9 .3
1 .8
1.3
.2
4 .4
1.6

28.5
21.8
2.8
1.8
.7
13.5
2.9

52.1
38.6
1.8
3.0
.4
30.6
2.8

82.1
64.3
4.5
2.7
.6
*1.7
4.7

44.6
29.9
-2.8
2.2
*
26.6
3.9

47.0
34.4
5.6
3.1
-.5
27.8
-1.6

34. P
25.9
-.2
4.0
1.5
16.3
4.2

?2 .8
3 7.9
-.3
3.6
-2 . 4
30.7
6.3

56.2 N E T CHAN G E IN L I A BILITIES
4B.0
N O N F I N A N C I A L SECTORS
-2.8
HOUSEHOLDS
2.9
FARM BUS I N E S S
.3
N O N F A R M N O N CORP. BUSINESS
35.1
C O R P O R A T E BUSINESS
12.6
R E S T OF THE W O RLD

20
21
22
23
24

2.5
.1
2.3
.1
.1

2.3
.1
1 .9
.2
.2

-.5
-.1
-1.1
.6
.1

3.0
.7
*
.7
1.6

6.8
.7
3.8
1.3
.8

13.5
.3
4.1
4.0
5.1

17.8
.1
.2
4.6
7.9

14.7
-.1
4.6
4.5
5.7

12.6
2.2
5.9
2.5
1.9

8.9
-. 9
.6
4.3
4.8

-5.1
.3
-1.2
5.2
- 9.4

8.1
3.2
* .2
2.7
-2.9

11/74 F I G URES ARE T E N T A T I V E E S T I M A T E S BASED ON INCOM P L E T E INFORMATION.




+

L O A N S ELSEW H E R E C L A SSIFIED:
MORTGAGES
C O N S U M E R C R EDIT
SECURITY CREDIT
O P E N - M A R K E T P APER
H Y P O T H E C A T E D DEPOSITS
BANK LOANS NEC AT COML. 8KS
B ANK LOANS NEC AT OTHER
BA N K I N G SUBSECTORS:
DO M E S T I C A F F I L I A T E S
F O R E I G N B ANKING A GENCIES
B A N K I N G SECTOR TOTAL BANK
LO ANS NEC
LOANS BY F.R. BANKS
TO T A L B A N K LOANS NEC

FI N A N C I A L SECTORS
SA V I N G S + LOAN ASSNS.
FINANCE C O M PANIES
REITS
FOR E I G N BANK I N G AGENCIES

O T H E R LOANS

OTHER LOANS

21

21

O P E N - M A R K E T PAPER AND OTHER LOANS
(BILLTONS OF D OLLARS)
S E A S O N A L L Y A D J U S T E D A N N U A L RA T E S

S E A S O N A L L Y A D J U S T E D ANNU AL RATES
1973
OTHER LOANS —

2
3
3

8 8
, 7
1,7

.2

15 4
3 ‘0
3.0
3 *°

.6

9* ?
?2.6
,
2 ’6

7

1.0
3.6
*3

1.5
7.1
*7

1.0
3.2
*7

3

2.1

2.4

2.1

9
10

4. 7
.2

14.5
-.3

11

1.0

.9
13

2 ^

.6

-3.6

5.3

-s.l

4.0

1.3

4 .9

.*2

14

4 .9
t* .7
7
*T
1.4

I
I

I

II

1973
h i

IV

|
|

I

1974

II

SECTOR T OTALS

.7
.5
.7
.4
2.1

10.7
5.8
1.3
1
*3
.5
.4
2.5
2
.3
.8

28.8
11.8
2.5
?
*5
1.2
1.8
2.0
2
*°
.3
*3
3.9

1.5
^
.8
3.1
-9.2
~
9 *2
.7
*7
3.9

23.6
11.2
U
*2
1.7
1.0
1.1
*5.1
S
«1
-1.0
- 1 *°
3.2

43.9
* 3 *9
16.4
1
6 »*
3.5
1.7
1.5
3.0
3
*°
1.7
, *7
5.0

-.8
—
.7
-2 . 7
.4
.8

5.0
—
2.4
*
*
*
2.5

17.0
5.5
7.2
3
i
3.*?
.7

20.3
—
13.6
5.4
1.8
-.6

12.4

27.5

-1.0
10.7
1o
*3
2.7
.1

10.9
10.2
1 3.2
0 *l
3.2

21.1
Q
.9

—

_

*6 *7
I P*9
3. 3
1.3
1«6
9.2
“ -1
3» 7

3 7 *9
19.8
1.7
.7
1-3
10.5
*3
5.3

7.8
“
-1.3

18.1

15.0

13.6

10.5

1-1

1 0 -t

I't

6.5
.2

3.6
-2.4

15
16
17
18

13.6
.7
5.1
3.7

29.8
4.8
5.4
3.5

6.0
-1.5
-2 . 9
2.6

4.9
-3.9
3.3
3.2

10.7
1.5
2.4
2.9

28.8
3.5
7.8
3.6

21.1
-7.7
5.1
5.3

23.6
-1.3
9.5
1 .0

43.9
11.2
11.6
4.9

26.7
11.6
5.1
3.1

37.9
-2.2
18.7
2.8

19
20
21
22
23
24
25

1.2
-.1
- 1.4
.1
1.2
2.5
.6

4.8
*
.5
.3
3.4
6 .2
1.0

? .3
*
2.0
.3
3.0
-.3
.5

-?. o
.2
.8
.5
1.6
1.4
-.2

.8
-.2
-.2
-.1
1.1
2.5
-.1

8.5
*
-.8
.6
2.2
3.1
.3

8.0
.2
-1. 7
2.9
7.0
2.0
.2

11.8
-.3
-.2
.3
-1.2
3.8
.3

12.1
*
-.7
.8
*
4.1
-.1

2-4
*
-1 . 4
3.2
2.4
•7

5.8
-2
.4
3.6
2.4
4. 7
1.6

4 0 ‘° N E T C R E A S E IN L I A B I LITIES
25. 0
N O N F I N A N C I AL SECTORS
2.2
HOUSEHOLDS
2.5
FARM B U S I N E S S
1.5
N O N F A R M N O N CORP. BUSINESS
7.4
C O R P O R A T E BUSINESS
-.8
STATE + LO C A L GOVE R N M E N T S
12.2
R E S T OF TH E W ORLD
F I N A N C I A L S ECTORS
S P O N S O R F D C R E D I T A GENCIES
C O M M E R C I A L BANKING
*

L0AN

ASSNS-

-1.6
- 4.2

FINANCE COMPANIES
RE I T S

40.0
6.4
7.3
2.2

N E T I N C R E A S E IN ASSETS
HOUSEHOLDS
C O R P O R A T E BUS I N E S S
U.S. G O V E R N M E N T

12.4 S P O N S O R E D C R E D I T AGENCIES
.7
MONETARY AUTHORITIES
6.0
C O M M E R C I A L BAN K I N G
-2. 8
M U T U A L S A V I N G S BANKS
3. 3 LIFE I N S U R A N C E C O M PANIES
1.4
FINANCE N.E.C.
3.1
RES T OF T H E W O R L D

1
2
3

6
7
8
9
10
11
1

13
14

15
16
17
18
19
20
21
22
23
24
25

OP E N - M A R K E T PAPER
1

5.2

14.1

-1.2

.9

3.3

11.6

4.9

7.0

20.6

14.0

26.3

22.6

?
3
4
5

1 .8

6.8
3.0
3.8

-.4
-1.1
.7

.3
-.5
.5
.3

1.8
.2
.4
1.2

5.5
1.9
4.1
-.5

8.5
3.0
5.9
-. 4

5.3
2.6
2.4
.2

8.?
3.1
3.0
2.1

-.2
-1. 2
5.1
-4.0

6.8
3.9
.7
2.2

-.2
3.1
.2
-3.4

D I R E C T L Y - P L A C E D PAPER
BANK A F F I L I A T E S
FI N ANCE C O M P A N I E S
R EITS

6
7
8
9
10

2.3
1.5
.8

4. 6
2.3
1.2
1.1

.9
2.2
-.8
-.5

-1 . 3
-1.7
.1
-.1
.5

.8
-.6
.4
-.4
1.3

.9
-.2
.4
-.6
1.2

-1 5 . 0
-1 1 . 0
.3
-4.0
-.2

4.3
3.5
.7
.2
-.2

2.2
.3
.7
.2
1.1

12.0
6. 5
-.2
1.4
4.2

4.2
5.1
.8
2.9
-4.6

3.6
5.6
.5
-i . e
-. 8

D E A L E R - P L A C E D PAPER
C O R P O R A T E B U S INESS
BANK A F F I L I A T E S
FINANCE COMPANIES
RE I T S

6
7
8
9
io

11
12
13
14
15

.1
.3
.1
.1
-.2

1 .0
.7
.4
.4
.3

1.6
.8
.4
.4
.8

.8
.5
.3
.3
.3

-1. 0
.1
*
*
-1.0

2.0
-.2
-.1
-.1
2.2

1.0
-.6
-.3
-.3
1.6

1 .8
.1
.1
.1
1.7

3.1
.4
.2
.2
2.7

2.1
-.8
-.4
-.4
2.9

6.3
3.4
1.7
1.7
2.9

12.4
2.2
1.1
1.1
10.2

B A N KERS* A C C E P T A N C E S
N O N F I N A N C I A L BUSINESS
NONCORPORATE
CORPORATE
R F S T OF T H E W O R L D

11
12
13
14
15

N O N B A N K C R E D I T T O BANKS
IN S E C U R I T Y RP»S

1.8

16

1.0

1 .6

-3.3

1.1

1.7

3.3

10.3

-4.3

7.1

.1

8.9

6.9

17

5.2

14.1

— 1.2

.9

3.3

11.6

4.9

7.0

20.6

14.0

26.3

22.6

18
19
20
21

.7
5.1
4.2
.o

4.8
5.4
4 .0
1.4

-1. 5
-2.9
.5
-3 . 4

-3.9
3.3
2.4
.8

1.5
2.4
.8
1.6

3.5
7.8
5.2
2.6

-7.7
*.1
-.2
5.3

-1.3
9.*:
12.2
- 2.7

11.2
11.6
5.0
6.6

11.6
5.1
4.1
1.0

-2.2
18.7
10.8
7.8

6. 4
7.3
1.0
6 .3

22
23
24
25
26

-.1
-1.4
.1
*
.1

*
.5
.3
.1
.2

*
2.0
.3
.2
.1

.2
.8
.5
.2
.2

-.2
-. 2
-.1
-.2
.1

*
-.8
.6
-.1
.7

.2
-1. 7
2.9
-2.2
5.0

-.3
-.2
.3
2.0
-1.7

*
-. 7
.8
.4
.5

*
-.4
-1.4
-.5
- 1.0

.2
.4
3.6
2.5
1.1

.7
6.0
-2.8
-3 . 3
.6

27
23
29

*
.3
.6

.9
1.2
1 .0

.8
-.4
.5

.6
-.3
-.2

.2
-.3
-.1

*
.2
.3

5.8
.2
.2

-2.8
1.6
.3

-3.4
1.2
-.1

.4
-2.1
.7

1.1
2.9
1.6

1.3
.6
3.1

YET ISSUES,

PY TYPE + SECTOR

IET P U R C H A S E S ,

BY SECTOR

1
2
3
4
*

16
17

HOUSEHOLDS
CORPORATE BUSINESS
C O M M E R C I A L PAPER
S E C U R I T Y RP *S

18
19
20
21

MONETARY AUTHORITIES
COMMERCIAL BANKING
M U T U A L S A V I N G S BANKS
C O M M E R C I A L P APER
SECURITY RP»S

22
23
24
25
26

LIFE I N S U R A N C E C O M PANIES
INVESTMENT COMPANIES
RE S T OF TH F W O R L D

27
28
29

OTHER TYPES
1
2
3

2.2
.5
1.7

5.0
.6
4.3

.1
-. 3
.4

1.8
-.1
1.9

2.8
*
2.8

2.9
.9
2.0

1.8
.3
1.*

2.2
.9
1.3

2.9
.5
2.4

4.5
1.8
2 .7

1.8
-2.2
4.0

.7
.3
.5

4
5
6
7
8
9
10
11

3.6
.4
-.1
.3
.2
.3
.2
2.2

3. 4
.4
*

3.2
.4
*
.4
.2
.4

2.9
.4
*
.1
.2
.3

3.*;
.3
.1
.8
.3
.3

5.2

.1
.7
-.3
2.1

2.5
.3
-.1
.6
.3
.1

1.0
.1
*
.2
.2
-1. 0

4.«»
.1
*
.7
.1
1.7

3.0
.5
.4
1.1
.4
-. 1

2.8
.4
-.2
.2
-.3
.3

2.2
.1
*
.7
.2
-.8

1.3

1.8

1 .8

1.7

2.3

1.5

2.2

.7

2.5

2.0

12

1 .2

4.8

2.3

-2.0

.8

8.5

8.0

11.8

12.1

2. 4

5.8

12.4

13
14
15

.2
.1
.9

.6
.2
4.0

.7
.3
1.3

.7
*
-2.7

.4
.3
*

1.1
.3
7.2

.7
1.9
5.4

1.0
*
10.7

1.7
.1
10.2

.9
-. 9
2.4

.9
1.6
3.3

2.5
-.5
10.4

16
17
18

1.3
*
1.2

2.6
.1
2.5

2.3
.1
2.2

1 .0
*
1.0

.9
*
.9

2.2
*
2.2

1.2
*
1.1

1.6
*
1.6

3.4
*
3.4

2.8
*
2.8

1.4
*
1.4

1*

-

-

-

-

_

_

_

_

-

11/74 FI G URES ARF T E N T A T I V F F S T I M A T E S




-

.1
1.2
.6
.7

EASED ON INCOMPLETE

:I NFORMATION

I NA N C E CO. LO A N S TO B USINESS
L I A B . - N O N C O R P O R A T E B USINESS
C O R P O R A T E BUSINESS

1
2
3

LIAB.—HOUSEHOLDS
FAR M B U S I N E S S
N O N F A R M N O N CORP. BUS.
C O R P O R A T E BUSINESS
S. + L. G O V E R N M E N T S
S P O N S . C R E D I T AGE N C I E S
R F S T OF TH E WORLD

5
6
7
8
9
10
11

P O N S O R E D C R E D I T AGE N C Y LOANS
LIABILITY OFFA R M B U S I N E S S CF1CB)
N O N F A R M N O N C O R P . BUS. !BC)
S+L A S S O C I A T I O N S f F H L B )

13
14
15

2.1 I O L I C Y L O A N S (HH LIABILITY)
*
ASSET-U.S. GOVERNMENT
2 .0
LI F E I N S URANCE COS.
\H Y P O T H E C A T E D D E P . (HH LIAB.)
A S S F T — C O M M E R C I A L BANKS

12

16
17
18
19

19 A U G U S T 1 974
S E C U R I T Y C REDIT, T R A D E CR E D I T ,

S F C U R I T Y C REDIT, T R A D E CR E D I T , AND TAXES

AND TA X E S
SEC U R I T Y C REDIT, TRADE C REDIT, AND T AXES PA Y A B L E
(BILLIONS OF DOLLARS)

S E A S O N A L L Y A D J U S T E D ANNUAL RATES

SE A S O N A L L Y A D J U S T E D A N N U A L RATES
1973

|
I

1973
I

II

III

IV

I
I

1974
I

II

SEC U R I T Y CREDIT
1
2
3

6.6
2.9
.2

-6.7
-3.4
-.2

-.8
-1 .8
*

3.8
2.6
*

8.9
4.7
.1

-8. 2
-4. 6
-.2

-12.4
- 3.9
-.2

-9.0
— *>.4
-.5

-7.4
- 4.1
*

-4.0
-4. 9
-.1

-2.4
.1
*

3.8 N F T C HANGF IN LIA B I L I T I E S
*
HOUSEHOLDS
F OREIGN
.2

4
5
6
7

3.5
1.0

-3.0
-1 .0

1.0
1.9

1.1
.7

2 .4

-2. 0

-1 .0

.5

4.1
3.8
.1
.?

- 3. 4
- 2.8
-.4
-.2

-8.2
- 6.0
-1.3
-.9

-3.2
- 1.3
-.6
-1. 3

-3.4
-3.1
-.9
.6

1.1
-.7
1.1
.6

- 2.6
-3. 0
-1.2
1.7

3.6
2.5
-.2
1.3

B
9
10

6.6
2.1
1.3

-6.7
-1.8
-1.1

-. 8
-. 9
1.4

3.8
.5
.8

e.9
.1
4.8

-8.2
-.2
-3.4

-12 . 4
-.7
-7.0

- 9.0
- 1.3
-1. 2

- 7. 4
.7
-5.2

-4.0
.5
-.2

-2.4
1 .S
-5.3

3.8 NE T C H ANGE IN ASSETS
HOUSEHOLDS
1 .4
2.8
C O M M E R C I A L BA N K I N G

11
12

2.8
.3

-3.5
-.2

-1.3
-.1

2.5
*

3.9
.1

-4.6
*

— 4 ,S
-.2

— 6.5
*

-2.9
-.1

-4.4
.2

1.2
.2

1
?

22.8

4

18.9
.5
.3
-.1

.7
- .4

1 0.0
.5
.9
-2

6.1
.3
1.1
.3

17.0
.6
l.*»
.2

23.7
.6
1.5
-1.0

14.2
.6
1.6
- .3

28.4
.6
1.3
-1.1

19.8
.6
1.2
-1.6

32.6
.6
1.7
-1.0

33.1
.6
2.2
- .4

37.8 N E T CHANGE IN L I A B I L I T I E S
.6
HOUSEHOLDS
FARM B U S I N E S S
1.3
N ONFARM N O N C O R P . BUSI N E S S
-1.3
(PAYABLES LESS R E C E I V A B L E S )

1
2
3
4

6
7
8

17.2
.6
*
.4

21 .0
.5
-. 3
.8

7.4
.5
-.6
1.0

3.8
.7

13.7
.7
-.1

19.6
1.1
.1
1.9

11.3
1 .0
-.6
.6

25.9
1.1
-.1
.7

16.0
1.2
.1
2.2

2*.3
1.1
1.0
4. 0

27.9
1.0
-1.3
3.1

3 4.1
.9
-.3
2.5

C O R P O R A T E BUSI N E S S
STATE ♦ L O C A L G O V E R N M E N T S
U.S. G O V E R N M E N T
FOREIGN

5
6
7
8

9
10
11
12
13

20. 4
18.7
.6
.3
.9

24.8
22.7
.9
.4
.8

9.4
9 .4
-.8
.5
1.4

4.4
5.7
-1 .7

21.2
20.0
-.8
1.2
.8

26.0
24.1
.3
.7
1.0

16.5
14.7
.4
.8
.6

27.9
26.1
1.3
.7
-.1

24.9
22. 5
-.4
.6
2.3

34.6
33.1
-.3
.6
1.2

31.5
28.0
.8
.6
2.1

4 0 . 9 NET CHANGE IN ASSETS
C O R P O R A T E B U S INESS
39.P
-.6
U.S. G O V E R N M E N T
OTHER IN S U R A N C E C O M P A N I E S
.6
FOREIGN
1.2

9
10
11
12
13

14

-1.6

-2.1

.5

-4.1

- 2.3

-2.3

.5

-5.2

-2. 0

1.5*

- 3. 2 D I S C R E P A N C Y

14

_

- 1. 3
-.1

BROK E R S ♦ D E A L E R S
FROM C O M M E R C I A L BANKS
FROM F O R E I G N B A N K I N G AGS
C U S T O M E R C R E D I T BALAN C E S

B R O KERS + DE A L E R S
F OREIGN

11

12

T R A D E CRE D I T

P R O F I T TA X E S PAYABLE

-.1
*
.2
*
*
*

- 3.1
- 3.3
*
.1
*
.1
.1
*
-.1

-3. 1
-3.7
*
.3
*
.1
.1
*
-

1.8
2.0
*
*
.1
-.1
-.1
*
*

-.1
-.1
*
-.2
*
*
.1
♦
*

2.7
2.3
.1
.1
*
*
*
.1
*

6.0
5.3
.2
.2
.2
.1
*
.1
*

*
-.2
*
.2
*
*
*
*
*

3.2
2.9
.2
*
*
*
*
.1
*

1.4
1.2
.1
*
*
*
*
.1
*

5.0
4.6
.1
.1
*
*
*
.1
-.1

6 . 4 N E T C HANGE IN TA X E S PAYA B L E
6. 0
CORPORATE BUSINESS
.1
MONETARY AUTHORITIES
.2
C O M M E R C I A L B ANKS
*
SAV I N G S + LOAN A S S O C I A T I O N S
*
LIFE I N S U R A N C E C O M P A N I E S
*
O T HER I N S U R A N C E C O M P A N I E S
.1
FINANCE C O M P A N I E S
-.1
B ROKERS ♦ D E A L E R S

10
11
12

2.0
.3
1.7

- 2.6
*
-2.6

-2. 2
.1
-2.3

1.7
.3
1.4

-.5
.3
-.8

2.8
.6
2.2

4.9
.6
4.2

.9
.6
.3

3.4
.6
2.8

1.9
.6
1.3

4.2
.6
3.6

6.1 NE T CHANGE IN T A X E S R E C E I V A B L E
.6
STATE ♦ LOC A L G O V E R N M E N T S
5 .5
U.S. G O V E R N M E N T

13

1.0

-.5

-. 9

.1

.4

-.1

1.2

-.9

-.2

-.5

.7

1
2
3
4
5
6
7
P
9

3.0
2.9
-

P R O P R IETORS*
- 2. 2
-2.4
.2

- 3.5
-3.2
-. 2

-4.7
-2. 8
-1.8

- 4.7
-3.1
-1.6

-7.4
-4. 6
-2.8

E Q U I T Y IN N O N C O R P O R A T E BUS I N E S S
-4.4
-4.2
- .3

-7.1
-4.2
-2.9

-6.0
- 4.3
-1.7

-4.1
-4.2
.2

11/74 F I G U R E S ARE T E N T A T I V E EST I M A T E S B A SED ON I N C O M P L E T E I N F O R MATION.




.3 D I S C R E P A N C Y

-. 6
-4. 0
3. 4

-8.4
-3. 6
-4.8

- 1 0 . 0 T O T A L H O U S E H O L D INV E S T M E N T
- 4 . 4 F A R M BUSI N E S S
-5.6 NONFARM NONCORPORATE BUSINESS

1
2
3
4
5
6
7
8
9
10
11
12
13

19 AUGUST 1974
MISCELLANEOUS I

MISCELLANEOUS I
23

M I S C E L L A N E O U S FI N A N C I A L CLAIMS
(BILLIONS OF D O L LARS)

SE A S O N A L L Y A D J U S T E D A NNUAL RATFS

S E A S O N A L L Y A D J U S T E D A N N U A L RATES
1
I

1973
I

1074

1968

1969

1970

1971

1972

1973

1
2
3
4

15.4
.4
.3
.7

26.3
.4
.8
-.4

11.0
.4
1.0
.5

10.2
.3
-.1
.8

22.7
•5
.4
*

36.7
.4
2.5
-.4

38.8
.4
1.4
2.0

30.0
.4
2.4
-1.3

43.7
.4
3.5
- 1.3

34.2
.4
2.8
-.9

37.9
.4
4.5
.9

26. 7 N E T C HANGE IN L I A B I L I T I E S
HOUSEHOLDS
.4
CORPORATE BUSINESS
6.1
U.S. G O V E R N M E N T
-1.2

1
2
3
4

5
6
7
e

11.8
-.3
.1
7.6

23.1
.4
.5
1 6.9

5.0
2.5
.4
-3.7

3.6
-.5
-.2
-2.7

18.3
.3
-.1
9.3

27.8
2.2
.3
17.5

18.3

27.6
1.9
-.3
19.4

35.8
2.6
1.0
24.9

29.5
3.7
1.0
19.9

15.9
2.8
-1 .2
P.l

1 3.4
7.1
.4
-1 .0

5
6
7
8

<*
10
n
12
13

.4
.1
1.5
2.5
_

.4
.2
1.4
3.3
~

.6
.1
1.7
3.4

1.2
.1
2.1
3.6

.9
.2
2.o
4.8

.9
.6
2.7
3.2
~

3.4
.6
3.7
3.1

.3
.7
2.A
3.2
~

.7
1.4
2.1
3.2
-

-.9
-.3
2.8
3.2

1.5
-.5
1
3.8
~

.1
.3
3.1
3.4
“

1.3
5.6

II

III

1
1

IV

I

11

TOTAL FI N A N C E
SPON S O R E D C R E D I T AGFN C I E S
MONETARY AUTHORITIES
C O M M E R C I A L B ANKING
SAVINGS + LOAN
MUTUAL S A V I N G S
LIFE INSUR A N C E
NONL I F E INSUR.
R p ITS

14

2.1

2.4

4 .0

5.6

3.5

6.3

16.6

.9

5.4

2.3

16.2

1*
16
17
18
19
20

12.9
1.8
.4
.5
2.4
-.2

18.2
2.1
.4
.7
3.0
.1

12.1
2.6
.5
.7
4.2
.3

6.0
2.3
.6
.8
6.2
.1

16.6
2.7
.7
1.0
5.2
.1

32. 4
1.5
.7
1.0
7.9
1.0

39.9
1.?
.7
1.0
12.4
.4

36.2
1.5
.8
1.0
7.0
.4

30.6
1.6
.8
1.0
3.4
-.1

22.7
1.6
.7
1.0
8.6
3.1

4 5.7
2.2
.6
1.0
1.3
.8

21
72
23

4.6
*
3.4

3.9
.3
2.8

9.5
.8
5.0

2.8
.2
1.2

3.6
-.4
2.3

12.8
1.7
7.2

17.0
-.1
15.5

14.2
1.1
7.7

12.7
1.8
7.4

7.2
3.P
-1.6

15.7
-.6
9.6

3. 7
-. 2
.1

24
25
26
27
28

-.1
.3
.6
.4
.1

-.4
*
.9
.3
.1

2.2
.3
.8
*
.3

.1
.2
.9
.1
*

.1
.4
1.0
.1
.2

1.5
.3
.9
.1
1.1

.2
-.7
.9
.1
1.2

2.1
1.3
.9
-.3
1.4

1.6
-.4
.9
.6
.8

2.1
1.0
.9
-.2
1.1

4.2
-1 .3
.9
2.0
.9

1.9
.5
.9
.1
.4

29

3.4

8.0

-S. 6

-6.8

3.4

7.6

7.1

11.3

11.3

.6

24.1

6.9

30

2.*

8.1

-1.1

4.3

6.1

4.3

-1.2

-6.2

13.1

11.6

-7.8

6.2 U N A L L O C A T E D , NE T

ASSNS.
BANKS
COMPANIES
CO M P A N I E S

9
10
11
12
13

REST OF THE WO R L D

14

20.5 NET C HANGE IN A SSFTS
1.8
HOUSEHOLDS
.©
FARM B U S I N E S S
NO N F A R M N O N C O R P . B U S INESS
1.1
C O R P O R A T E BUSIN E S S
4.8
U.S. G O V E R N M E N T
1.3

15
16
17
18
19
20

8.0

TO T A L FI N A N C E
S P O NSOREO C R E D I T A G E N C I E S
C O M M E R C I A L BAN K I N G
S AVINGS + LOAN A S SNS.
M UTUAL SA V I N G S B ANKS
LIFE I N S URANCE C O M P A N I E S
P RIVATE P E N SION FUNDS
R F ITS
R EST OF THE W ORLD

21
22
23
24
25
26
27
28
29
30

(A) F OREIGN C LAIMS

31
32
33

2.3
1.8
.5

7.9
6.8
1.2

-6.9
- 7. 2
.2

-4.1
-4.8
.7

.9
.5
.4

1.1
.4
.7

-1.1
-1.1
*

2.8
1.6
1.2

1.8
.8
1.0

.7
.1
.6

10.7
4.8
5.9

.5
1.7
-1.1

34

1.1

2.2

3.6

3.8

1.5

3.6

5.3

2.3

1.7

5.4

*

3.1

35
36
37
38
39
40
41

.3

.8
.2

.1
.5
.5
-.1
*
*

-.5
-.4
-.1
*
*

1.0
.2
.5
-.4
*
.1
.0

-.1
.3
1.4
1.4
-.2
.2
*

.4
.3
3.6
1.8
-.2
.2
1.7

2.5
.3
4.8
2.6
.6
.2
1.4

1.4
.3
11.6
5.4
.1
4-.6
1.5

2.4
.3
1.6
3.1
.1
-4.6
3.0

3.5
*
-.3
.1
-.1
-.2
-.1

2.8
.R
6.2
1.6
2.3
.9
1.4

4.5
.5
7.6
-. 4
.4
7. 5
.1

C O M M E R C I A L BAN K L I A B I L I T Y
T O FORE I G N A F F I L I A T E S
A S S E T - R E S T OF THE WORLD
L I A B . - C O M M E R C I A L B A NKS
F O R E I G N B A N K I N G AGS.

31
32
33

D I R E C T FOR E I G N INVEST M E N T
B Y U.S. C O R P O R A T I O N S
L I A B . — R E S T OF THE W ORLD

34

DIRECT FOREIGN INVESTMENT
I N U.S.
6.1
LIAB.-CORPORATE BUSINESS
U .S. GOVT. EO. IN IBRD* ETC.
.9
L I A B . - R E S T OF THE W ORLD
1.8
.1
.4
1.8
-.5

F O R E I G N CU R R . E X C E P T O F F I C I A L
L I A B . - R E S T OF THE W O R L D
ASSET-CORPORATE BUSINESS
U.S. G O V E R N M E N T
C O M M E R C I A L BA N K S
F O R E I G N B A N K I N G AGS.

35
36
37
38
39
40
41

IB) U. S. G O V E R N M E N T C L A I M S

42

-

-

-

-

-

-

*

43

*

-.3

1.3

-.5

-.2

.2

-1.3

1.1

.4

.6

.8

44
45

-.2
-.3

.2

.3
“

.1

.3

.6

.7

.6

.6
“

.3

.6

46
47
48
49

.1
*
*
*

.1
*
.1
.1

.1
*
.1
.1

.1
*
*
*

.1
*
*
.1

.2
*
*
.4

.1
*
*
.6

.2
*
*
.3

.2
*
*
.4

.1
*
*
.2

.1
*
*
.5

11/74 F I G U R E S ARE T E N T A T I V E ES T I M A T E S B A SED ON INC O M P L E T E




I N F O RMATION.

-

P O S T A L S A V INGS D E P O S I T S
(L I A B . — U.S. GOVT.)
ASSET-HOUSEHOLDS

D E P O S I T S AT FHLB
( ASSET - S + L ASSOC I A T I O N S )
1.1
L I A B . - S P O N S O R E D CRED I T AGS.
1.0 EO. IN U.S. GOVT. CRED I T AGS.
U .S. G O V E R N M E N T
P RIVATE
.4
FARM B U S I N E S S (FICB ♦ F L B )
NO N F A R M N O N C O R P O R A T E (BC)
.1
*
CORP O R A T E BUS I N E S S (FNMA)
.5
S+L A S S O C I A T I O N S (FHLB)

42

43
44
45
46
47
48
49

19 AUG U S T 197 4
M I S C E L L A N E O U S II

M I S C E L L A N E O U S II
M I S C E L L A N E O U S FINAN C I A L C LAIMS (CONTINUED)
(BILLIONS OF DOLLARS)

S E A S O N A L L Y A D J U S T E D A N N U A L R ATES
1968

1969

1970

S E A S O N A L L Y A D J U S T E D A N N U A L RATES

1971

1972

1973

|

I

1973
II

III

IV

|

(C)

1

.4

.4

.3

.5

.4

.4

.4

.4

.4

.4

2
3
4

.9
.3
.5

.6

1.2
.6
.6

1.1
.4
.6

1.3
.5
.8

1.4
.6
.9

1.4
.5
.9

1.4
.6
.9

l.S
.6
.9

1.5
.6
.9

1.5
.6
.9

6
7
8
9

2.5
.9
.3
.5
.8

3.3
1.2

3.4
1.4

3.6
1.2
.5

3.2

3.1

.1

-.1

10

2.5

-1.1

11
12
13
14
15

7.5
.2
.5
-.1
.1

16
17
18
19
20

5.1
4.1

21
22
23
24

.1
.5
-.2
.2

25
26
27
28
29

.4
.1
.6

.4

LIFE

I N S U R A N C E CLAIMS

D E F E R R E D AND U N P A I D PREMIUMS
( A S S E T - L I F E INSURANCE)
.4
LIAB.-HOUSEHOLDS

1.5
.6
.9

LIFE C O M P A N Y R E S E R V E S
(A S S E T - H O U S E H O L D S )
L I A B . - L I F E INSURANCE COS.
A C C I D E N T AND H EALTH
P O L I C Y D IVIDEND ACCUM.
(D) N O N L I F E

1.6

3.2
.1
.5
1.0
1 .6

-1.2

-6.2

18.5
-.4
1.4
.3

16.9
2.0
1.1
1.3

13.9
-1.3
.2
-.3

6.8
6.1
-1.3
1.6

5.0
4.0
-1.0
1.5
. «;

4.5
1.2
1.1
2.0
.2

-.6
-1.1
1.0
.s

1.5
2.3
-.1
.7

11.4
1.4
10.3
.3

.6
.1
.S
—
- .4

1.2
.1
1.1
—
.3

.9
.2
1.6
-1.9

.9
.6
1.3

7.1
.8
1.2
2.7
.3

.3
.2
1.3
-.3
.1

3.3
-.4
2.0
-1.7

.8
.3
.4
*
.3
.3

.6
.2
.6
.1
*
-2. 6

.2
.4
.c
.1
.2
2.1

I N S URANCE CLAIMS

1.6

3.8
.7
.6
1 .0
1.6

13.1

11.6

-7.8

30.9

12.3

7.5

6.8

-1.3
1.6
1.0

-. 9
2.8
1.0

.9
1.4
-1.2

-1. 2
5.0
.4

11.2
13.6
— 3.2
1.3
-.5

-4.6
-2. 7
-1.7
-1.5
1.2

9.1
3.9
*
4.3
1.0

8.1
11.1
-2.6
-1.1
.7

2.9
6.0
-2.1
-1.5
.6

C O M M E R C I A L BANKING
C O M M E R C I A L BANKS
BANK AFFILIATES
F O R E I G N BAN K I N G A G E NCIES
B A N K S IN U.S. POSS.

16
17
18
19
20

2.3
- 9.4
11.6
-.1

5.5
-1.3
6.7
- .1

27.6
6.3
22.0
.7

10.1
9.9
1.0
.8

-1 0 . 7
-10.1
-1.1
-.5

-4.4
-2.6
-2.0
-.3

FLO A T S IN COML. BANK STM N T
ON I N T E R B A N K DEP O S I T S
ON I N T E R B A N K LOANS
LESS: ON MEMBER BK. RES.

21
22
23
24

3.4
.6
2.3

.3
.7
1.0

.7
1.4

-2.5

-.6

-3.4

-. 9
-. 3
1.3
—
-10 . 0

1.5
-. 5
♦
8.1

.1
.3
1.6
2.1

14.2
1.7
4.7
.8
.1

18.1
-.1
5.2
3.7
.5

20.1
1.1
6.1
3.4
-.2

17.8

.7
3.9
-.8
-3.0
-.1

15.2
- .6
1.6
-.8
1.2

.6
-.2
- 2.9
.6
1.0

.9
.3

1.0
-.7
.5
.1
1.2
6.9

.7
1.3
.5
-.3
1.4
6.2

1.3
1.0
.5
-.2
1.1
-3.0

2.9
- 1.3
.5
2.0
.9
8.8

.3
.5
.5
.1
.4
.2

1 .0
1.9

.6
1 .0
1 .6

4.3

6.1

4.3

6.0
-.6
1.2
.9
.4

4.5
*
.8
-.1
-.2

9.4
*
*
.3
-.1

4.0
2.4
1.0
.2
**■

1.9
2.1
.6
-1.3
.5

-.8
— .1
-1 .0
-.2

1 .0

1.0

1.0
1.6

L I A f . - O T H E R INSURANCE
ASSET-HOUSEHOLDS
F A R M BUSI N E S S
N O N F A R M N ONCORP. BUS.
C O R P O R A T E B USINESS

(E) U N A L L O C A T E D ASS E T S ♦ LIAB.

-.1

.5
.5

S.9
3.7

-

.7
.3

-

.4

30
31
32
33
34

5.1
♦
1.9
1.4
.1

35
36
37
38
39
40

*
.3
.3
.4
.1
.7

2.9
.3
1 .6
.3

.1

-.8




*

—

.1
1.1
4.0

—

T E N T A T I V E E S T I M A T E S BASED ON I N C OMPLETE

_

INFORMATION,

_

.6

1.8

8.4

6.2 N E T T O T A L

(LIAB. LESS ASSETS)

NE T C H A N G E IN L I A B I LITIES
U.S. G O V E R N M E N T
U.S. G O V T . - W I T H O U T LEVELS
S P O N S O R E D CREDIT A G E NCIES
M O N E T A R Y AU T H O R I T I E S

S A V I N G S + LOAN ASSNS.
M U T U A L S A V I N G S BANKS
LIF E I N S U R A N C E
R EITS
R E S T OF THE WOR L D
NE T C H A N G E IN ASSETS
S P O N S O R E D C R E D I T AGEN C I E S
C O M M E R C I A L BANKS
F O R E I G N B A N K I N G AGENCIES
B A N K S IN U.S. P O S S E SSIONS
SAV I N G S + LOAN ASSNS.
M U T U A L S A V I N G S BANKS
LIFE I N S U R A N C E
P R I V A T E P E N SION FUNDS
R EITS
R E S T OF TH E WORLD

10
11
12
13
14
15

25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

19 AUG U S T 1 974
T O T A L C LAIMS

TOTAL CLAIMS
25

TOTAL FINANCIAL ASS E T S AND L I A B I L I T I E S
(BILLIONS OF DOLLARS)
S E A S O N A L L Y A D J U S T E D ANN U A L RATES

S E A S O N A L L Y A D J U S T E D ANNUAL RATES

1973
1973

II

|

III

IV

|

T O T A L F U N D S R A I S E D AND ADVA N C E D IN C R E D I T MA R K E T S fl)

6
7
6
9
10
11
12
13
14
15
16
17
18
19
20

114.3

125.5

110.8

163.9

198.3

239.4

275.0

2 3 7.0

248.0

197.4

204.5

95.9
13.4
2.8
79.7
30.0
2.e
5.6
31.5
9.8

91.8
-3.6
3.7
91.8
3 1.7
3.2
7. 4
33.9
10.7

98.2

1 4 7.4
25.5
4.6
117.3
39.8
4.1
8.7
46.8
IT.8

1 69.4
17.3
4.3
147.8
63.1
4.9
10.4
5*5.3
14.2

187.4
9.7
7.5
170.1
72.8
8.6
9.3
67.2
12.3

218.5
32.8
8.4
177.3
74.5
7.4
11.5
73.9

181.4
2.9
7.5
170.9
72.1
7.7
10.8
70.7
9.6

177.4
-7.1
4.2
180.3
80.5
9.6
8.8
66.1
15.4

172.2
10.3
10.0
152.0
64.1
9.8
6.0
57.9
14.1

175.2
12.0
13.8
149.4
46.2
8.1
4.6
7 7.4
13.1

2 0 2.1
4 .4
27. 2
170.5
59.9
9. 9
9.5
7 5.0
16.1

18.3
3.5
1.2

33.7
8.8
1.4
4.2
.2
4.1
.5
8.3
1.3
4.8

16.5
3.8
2.5
-.4
1.6
-.1
.6
4.2
3.0
1.1

28.0
6.2
*.0
.7
.8
2.0
.5
9.3
6.1
-.7

52.0
19.6
4.5
2.2
5.1
6.0
.5
9.4
6.3
-1.6

56.6
3.3
7.9
6.5
.4
9.0
6.9
-2.1

55.6
22.1
-2.9
3.3
5.7
10.3
.4
10.6
7.7
-1.8

70.6
26. 7
9.8
3.8
1.9
10.1
.5
10.1
6.5
1.2

25.2
17.0
-. 9
-1.4
4.8
-3. 1
.5
7.9
4.2
-3.7

29.2
9 .3
13.4
4. 7
-9.4
3.6
.4
3.6
3.7

48 . 9
19.0
7. 9
3.6
-2.9
13.5
.4
5.2
2.5

163.9

198.3

239.4

275.0

237.0

248.0

197.4

204.5

-8.7
-14.4
.7
7.0
-2 . 0

7.9
.7
1.1
2.6
3.6

31.1
21.5
1.3
7.9
.4

-.2
-4.7
.6
7.0
-3.1

40.5
28.2
1.3
14.2
-3.2

59.7
47.2
1.2
7.5
3.8

24.5
15.6
1.9
2.8
4.2

47.1
22.3
-.3
18.8
6.3

.1
1.1

.2
5.7
.7
5.8

12.8

2.7
82. 7
23. 4
3.2
5.3
39.5
11.3
12.6

8.2
-3.1
-1.9
.1
l.B
.4*
1.6
2.7
2.6

125.5

24
25
26

14.4
5.8
5.9
2.3

40 . 7
31 .2
.6

-4.3
-2 . 9

2.5

-2. 3
.3

6.4
2.9

2.6

3.0

4.0

-2.2

7.8

2.2

2.2

3.0

201.8
20.3
9.2

235.9
13.3
17.2

205.2
23.3
3.1

191.0
27.8
5.7

175.0
16.6
10.9

154.2
13.0
-. 9

2 06.7
27.0
13.3

101.5
93. 7
2.3
5.9
-.3

86.1
82.8
1.4
2.2
-.3

83.7
75.6
4.5
3.0

75.3
71. 4
-1.3
4. 7
.5

66.7
62.0
2.4
2.4

89.4
84.6
1.9
3.0
-.1

C O M M E R C I A L BA N K I N G
C O M M E R C I A L B A NKS
BA N K A F F I L I A T E S
F O R E I G N B A N K I N G AGENCIES
BA N K S IN U.S. POSS.

73.8
16.9
2.5
3.0

72.2
15.8
1.1
2.5

75. 4
30.2

77.1
23 . 9
1.1
3.1

PRIVATE N O N B A N K FINANCE
S A V I N G S ♦ L O A N ASSNS.
M U T U A L S A V I N G S BANKS
CREDIT UNIONS

31
32
33
34
35

38.8
38.3

18.3
12.7
3.9
1.4
.2

35.2
33.3
-1. 0
2.8
.1

50.6
50.3
-.1
.1

36
37
38
39

46.8
10.2
4.3
1.3

49.3
9.9
3.2

51.1

T9. 5
29.2

40
41

9.0
5.8
4.1
2.7

8.4
6.0
5.6
2.6

4.9

5.1
.2
3.5
.5

8.0
.9
2.6
.5

.7
2.1
1.7
2.4

44
45

1.6

1 1 .6

4.1
1.5

9.0
6.9
6.1

25 1 . 0 TO T A L F UNDS A D V A N C E D IN C REDIT
M A R K E T S BY:
20.2
P R I V A T E DOM . NO N F I N . SECTORS
17.9
HOUSEHOLDS
.1
N O N F A R M N O N C O R P . BUSINESS
7.2
CORPORATE BUSINESS
-5.0
STATE ♦ L O C A L G O V E R NMENTS

177.1
7.0
.3

80.7

1 0 .0
5 *0

FINANCIAL SECTORS
S P O N S O R E D C R E D I T AGENCIES
COMMERCIAL BANKS
BAN K A F F I L I A T E S
F O R E I G N B A N K I N G AGENCIES
S A V I N G S + LOA N ASSNS.
O THER I N S U R A N C E COMPANIES
FINANCE COMPANIES
RE I T S
O P E N - E N D I N V E S T M E N T COS.

3.2

92.5
3.2
3.7

8.9
4.2

1 2 .6
1 2 .1

142.1
3.2
8.9

28
29
30

101.3

10.0

2 5 1 . 0 T O T A L FU N D S R A I S E D IN CREDIT
M A R K E T S BY:
N O N F I N A N C I A L SECTORS
U.S. G O V E R N M E N T
FOREIGN
P R I VATE D O M E S T I C
HOUSEHOLDS
FARM B U S I N E S S
N O N F A R M N O N C O R P . BUS.
C O R P O R A T E BUS I N E S S
S. ♦ L. GO V E R N M E N T S

1 0 .0

2.6

11.8

7 .4
6.4
6.2
4.1
2.5

11.0

99.1
36 . 4
10.4
3.1

85.6
27.1
5.4
2.9

103.9
43.1
3.4

92.6
32.7
6.1
2.8

13.8
6.5
8.2
6.6

15.6
7.2
9.2
5.0

16.1
7.3
10.4
5.7

14.0
5.3
9.4
5.1

14.7
7.1
9.2
4.6

17.6
9.3
7. 9
4.5

1 2 .1

10.8
4.9
-1.8
.3

10.1
4.5

9.7
4.6
-4.6
-3.7

11.4
5.1
-2.5
3.3

10.9
5.3
.3
-.7

35.3

-6.5

-10.5

10.7

11 .8

11.1

1.5

11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

U.S. G O V E R N M E N T

27

FINANCIAL INSTITUTIONS
S P O N S O R E D C R E D I T A GENCIES
FE D E R A L R E S E R V E SYSTEM

28
29
30
31
32
33
34
35
36
37
39

3.5
8.8
5.6

16.9
6.6
9.3
4. 9

L I F E I N S U R A N C E C OMPANIES
P R I V A T E P E N S I O N FUNDS
S. ♦ L. G OVT., RTR. FUND
O T H E R I N S U R A N C E COS.

40
41
42
43

8.6
3.0
- 3.3
5.2

4.1
2.7
-.2
-4. 0

5.8
1.9
-1.0
4.5

FINANCE COMPANIES
REITS
O P E N - E N D INV E S T M E N T COS.
S E C U R I T Y B K R S . ♦ D EALERS

44
45
46
47

-4. 3

1.1

21.2

251.0

REST OF T H E WO R L D

48

T O T A L C L A I M S A N D T HEIR REL A T I O N T O T OTAL F I N A N C I A L A SSETS
TO T A L F UNDS R A I S E D (FROM
P R E C E D I N G T ABLE)
OTHER LIABILITIES:
1.3
O F F I C I A L F O R E I G N E XCHANGE
T R E A S U R Y CU R R . ♦ SDR CTFS.

1

114.3

125.5

110.8

163.9

198.3

239.4

275.0

237.0

248.0

1 97.4

204.5

2
3

2.1
.4

.3
.3

-2.5
.6

-1.7
.5

-.2
.5

-.2
.4

-.9
.4

*
.8

.1
.3

.1
.3

.8
.3

4
5
6
7
e

48.2
35.5
14.8
20.7
12.7

6.7
-1.3
8.2
-9 . 5
7.9

69.2
52.2
14.3
38.0
17.0

99.3
58.8
17.4
41 . 4
40.6

108.0
61. 9
19.6
42. 3
46.1

95.0
66.9
16.0
50. 9
28.1

138.3
94.1
24.0
70.0
44.2

100.6
66.9
14.8
52.1
33.7

56.0
48.2
-6.8
55.0
7.8

85.2
58.4
31.8
26.6
26.8

90.8
51.6
7.0
44.6
39.2

112.1
95.9
16.0
79.9
16.2

9

19.5

21.3

24.3

27.9

30.7

31.6

31.8

32.2

32.7

29.7

26.8

29.0

10
11
12
13
14

6.6
18.9
3.0
-2.2
15.4

-6 . 7
22.8
-3.1
-3.5
26. 3

-.8
10.0
-3.1
-4.7
11.0

7.8
6.1
1.8
-4 . 7
10.2

8.9
17.0
-.1
-7 . 4
22.7

-8.2
23.7
2.7
-4. 4
3 6.7

-12.4
14.2
6.0
-7.1
38.8

-9.0
28.4
*
-6. 0
30.0

- 7.4
19.8
3.2
-4.1
43 . 7

-4. 0
32.6
1.4
-. 6
34.2

-2.4
33.1
5.0
-8.4
37.9

3.8
37. 8
6.4
-10.0
26 . 7

15

3.6

2.0

4.5

5.6

2.0

7.9

15.6

7.1

26.6

-17.9

7. 3

16

229.7

191.8

219.2

312.7

38 0 . 5

424.6

499.8

421.1

418.9

358.4

39 5.7

17
18
19

.4
.5
-1.6

-.6
2.1
-2.1

.1
2.2
.5

-.2
1.3
1.8

.6
.9
-4.1

.3
.1
-2.3

2.1
2.2
-2.3

-1.4
2.3
.5

*
-1.1
-5.2

.7
-3.0
-2.0

-.4
5.5
1.5

20
21
22

.2
1.0
2.5

.2
-.5
8.1

-.1
-.9
-1.1

*
.1
4.3

-.2
.4
6.1

*
-.1
4.3

-.1
1.2
-1.2

.3
-.9
-6.2

-.2
13.1

-.2
-.5
11.6

.1
.7
-7. 8

23

226.6

184.6

215 .5

30 5.4

376.8

422.1

498.0

426.5

412.2

35 1.9

396.1

_

16.8

D E P O S I T S AT F I N A N C I A L INSTS.
BANKING SYSTEM
D E M A N D DEP. + CURRENCY
TIME ♦ S A V I N G S D EPOSITS
SAVINGS INSTITUTIONS

4
5
6
7
8

INS U R A N C E + P E N S I O N RESERVES

9

SECURITY CREDIT
10
TRADE DEBT
\\
P R O F I T T A X E S P AYABLE
12
NONC O R P . P R O P R I E T O R S * EQUITY 13
MISCELLANEOUS
14
INTERBANK CLAIMS




15

47 4 . 9 T O T A L L I A B I L I T I E S A B OVE
16
- F L O A T S N O T INCL. IN ASSETS
-1.6
D E M A N D D E P O S I T S - U . S . GOVT. 17
“1-5
OTHER
18
-3.2
T R ADE C R E D I T
19
- L I A B I L I T I E S NOT AL L O C A T E D
AS A S S E T S
“.5
TREASURY CURRENCY
20
.3
TAXES PAYABLE
21
6. 2
MISCELLANEOUS
22
475 . 1

T O T A L S A L L O C A T E D T O S E C TORS
AS A S S E T S

(1) I N C L U D E S C O R P O R A T E E QUITIES.
11/74 F I G U R E S ARE T E N T A T I V E E S T IMA T F S B A S F D ON INCOMPLETE INFORMATION.

1
2
3

23

19 AUG U S T 197 4
SAVING BY I N D I V I D U A L S

SAVING BY INDIVIDUALS
AMOUNT AND C O M P O S I T I O N OF INDIVIDUALS'
(BILLIONS OF DOLLARS)

SAV I N G

(1)
SEASONALLY

S E A S O N A L L Y A D J U S T E D A N N U A L R ATES
II

III

IV

1

I

ADJ U S T E D ANN U A L RATFS

II

1968

1969

1970

1971

1972

19^3

•1
2
3

73.3
12.5
30.3

62. 1
1.6
6.0

78.3
9 .0
44.4

99.7
11.1
70.3

125.7
13.4
7 5.4

138.2
13.1
67.7

124.3
10.6
83.8

148.1
10.3
74.2

141.4
5.4
50.8

138.8
26.0
61.9

131.2
2.5
74.6

4
5
6
7
8

4.2
.4
5.4
-.2
— .8

30.0
- .4
10.5
2.8
9. 6

-3.0
.3
-12.7
2 .3
-.8

-14.6
2.4
-11.8
-5.0
-.2

2.5
3.3
-2.6
-.1
1.0

21.0
2.7
6.5
11.1
4.3

-1.8
3.7
-2.5
10.8
3.7

26.2
3.4
13.1
11.4
2.8

45.6
2.0
8.9
16.2
8.9

14.2
1.7
6.6
6.1
2.0

21.0
3.3
15.0
-.1
3.3

16.6
3.1
-5.2
9.9
6.5

SECURITIES
U.S. S A V INGS BONDS
OTHER U.S. T R E A S U R Y SEC.
U.S. GOVT. AGEN C Y SEC.
STATE + LOCAL O B L I G A T I O N S

4
5
6
7
8

9
10
11
12

5.2
.7
5.8
-1 2 . 3

6.6
4.8
4 .8
-8. 6

10.7
-1.5
2.6
-4.4

9.1
-3.9
1.1
-6.5

4.8
1.5
-.7
-4.7

1.1
3.5
-1.6
-6.6

-.5
-7.7
-2.1
-7.2

*
-1.3
-1.8
-1.3

-1 . 4
11.2
1.2
-1.5

6.1
11.6
-3.7
-16 . 3

5.6
-2.2
*
-3.8

-. 4
6.4
- .4
-3.4

CORPORATE
F O R EIGN BONDS
C O M M E R C I A L PAPER
INV E S T M E N T CO M P A N Y SHARES
OTHER C O R P O R A T E EQUITIES

9
10
11
12

13
14
15
16
17

4.6
2.9
6. 4
5.6
6.8

4.9
2.9
6.3
7.1
3.1

5.1
3.3
7.1
8.8
3.6

6.1
5.2
7.3
9.4
5.1

6.5
6.0
6.8
11.5
3.7

7.2
5.2
7.7
11.5
4.8

7.0
4.9
8.2
11.8
-.1

7.3
5.1
5.8
14.1
5.2

7.4
5.2
9. 4
10.8
6.9

7.2
5.4
7.6
9.6
7.0

7.1
3.1
6.6
10.1
6.3

7. 4
5.7
6.5
9.4
6.5

18
19
20
21
22

132.6
21.1
26.8
84.0
.6

143.0
22.0
29.2
90.8
1.1

140.2
19.6
30.4
91.3
-1.1

166.4
26.9
34.3
103.9
1.3

190.6
34.3
39.0
118.4
-1.2

213.1
37.5
42.8
130.3
2.5

213.2
37.3
42.3
132.4
1.3

214.0
3 7.9
43.4
132.1
.6

216.0
3 8.0
43.3
132.4
2.3

209.3
37.0
4 2.2
124.3
5.7

198.0
32.8
41.7
123.9
-.5

205.7
30.6
43.8
130.2
1.1

N O N F A R M HO M E S
N O N C O R P . BUS. P LANT +
CO N S U M E R D U R A B L E S
INVENTORIES

23
24
25
26

9 5.3
8.3
19.6
67.4

104.5
8.7
21.3
74.6

1 12.4
9.0
2 2.6
80.7

121.3
9.3
24.5
87.5

131.3
10.0
27.2
94.1

143.5
10.4
29.9
103.3

138.9
10.2
28.4
100.3

143.7
10.5
29.7
103.5

145.4
10.3
30.2
104.9

146.1
10.4
31.3
104.4

146.6
10.5
31.9
104.3

148.0
10.5
32. 9
104.5

N O N F A R M HOMES
N O N C O R P . BUS. PL A N T
CONSUMER DURABLES

27
28
29
30
31

37.3
12.8
7.2
16.7
.6

38.5
13.3
7.9
16.2
1.1

27.P
10.6
7.7
10.6
- 1.1

45.1
17.6
9.8
16.5
1.3

59.3
24.3
11.8
2 4.4
- 1.2

69.6
27.2
12.9
27.1
2.5

74.3
27.0
13.9
32.1
1.3

70.2
27.4
13.7
28.6
.6

70.7
27.7
13.1
27.5
2.3

63.2
26.6
10.9
20.0
5.7

51.3
22.4
9.P,
10.6
-.5

57.7
20.1
io.e
25.6
1.1

32
33
34
35
36
37
38

42.3
14.6
6.8
10.0
2.9
1.3
6.6

40.0
16.1
7.0
10.4
-3.4
2.6
7.4

32.2
12.5
8.0
6 .0
-1.8
2.3
5.1

57.3
24.2
11.2
11.2
2.6
1.0
7.1

85.8
38.4
13.2
19.2
4.7
.9
9.4

87.6
44.2
12.9
22.9
-4.6
2.2
10.0

91 .9
4 1.4
13.1
25.6
-3.9
1.2
14.5

P6.4
47.2
15.5
24.6
-5. 4
1.6
2.9

95.4
47.8
13.9
22.3
-4.1
3.4
12.1

76.6
4 0. 4
8.9
19.2
-4.9
2.8
10.3

61.8
35.2
10.8
8.2
.1
1.4
6.1

80.3 I N C R E A S E IN DEBT
M T G * DEBT ON N O N F A R M HO M E S
42.0
N O N C O R P BUS. MOR T G A G E DEBT
13.6
C O N S U M E R CRED I T
17.2
*
S E C U R I T Y CREDIT
P O L I C Y LOANS
2.1
OTHER DEBT
5.5

39
40
41

68.4
5.6
16.7

60.6
7.1
16.2

73.9
8.8
10.6

87.4
9. 4
16.5

99.1
11.5
24.4

120.2
11.5
27.1

106.8
11.8
32.1

131 .9
14.1
28.6

116.7
10.8
27.5

125.4
9.6
20.0

120.7
10.1
19.6

42
43
44

2.5
*
43. 7

2.5
*
3 4.8

.9
-.1
53.8

.8
*
60.8

1.4
.1
61.7

.9
.3
80.3

1.2
.2
61.5

1.3
.3
87.6

1.0
.3
77.2

.3
.4
95.1

.7
.4
90. 0

56.2

60.5

52.6

74.3

65.3

69.6

73.2

89.3

8 4.4

-2.4

.4

9.1

6.0

-3.8

18.0

4. 0

5.8

5.6

1

I

140.1 I N C R E A S E IN FINA N C I A L ASSETS
D E M A N D D E P O S I T S + CURR E N C Y
1 7.9
SA V I N G S A C C O U N T S
70.0

P R I VATE LIFE I NSURANCE RES.
P RIVATE INSU R E D PENSION RES.
PR I V A T E N O N I N S U R F D PEN. RES.
G O V T . I N S URANCE + PEN. RES.
M I S C E L L A N E O U S FINAN. ASSETS




I N FORMATION.

13
14
15
16
17

19
EQUIP. 20
21
22

N O N F A R M HO M E S
28
N O N C O R P . BUS. PLA N T ♦ EQUIP. 29
CONSUMER DURAELES
30
IN V E N T O R I E S
31

117.5 I N D I V I D U A L S ' SAVING (1+27-32)
9 . 4 - GO V T . I N S URANCE ♦ PEN. RES.
25. 6 - N E T INV E S T M E N T IN CONS. DUR.
- C A P I T A L G A I N S DI V I D E N D S
FRO M I N V E S T M E N T C O M P A N I E S
1.3
.6 - N E T SAVING BY FARM C ORPS.
8 0 . 4 = P E R S O N A L SAVING, F/F BASIS
7 3 . 3 P E R S O N A L SAVING, NIA B ASIS
7.1 D I F F E R E N C E

(1) C O M B I N E D S T A T E M E N T FOR H O U S E H O L D S , FARM,
AND N O N F A R M N O N C O R P O R A T E BUSI N E S S .
11/74 F I G U R E S ARE T E N T A T I V E EST I M A T E S B ASED ON INCOMP L E T E

1
2
3

32
33
34
35
36
37
3R
39
40
41
42
43
44
45
46

19 A U G U S T 1 9 7 4
DISCREPANCIES

DISCREPANCIES
27

D I S C R E P A N C I E S - SU M M A R Y FOR SECTORS AND T R A N S A C T I O N S
(BILLIONS OF D OLLARS)
SEASONALLY

S E A S O N A L L Y A D J U S T E D A N N U A L RA T E S

1968

1969

1970

1971

1972

1973

1
1

1973
I

II

III

IV

1
I

ADJU S T E D ANN U A L RATES

1974
I

II

SECTOR D I S C R E P A N C I E S
1
2
3
4
5
6

5.9
-3.9
9.6
.3
.6
-.5

13.2
3.5
6.0
4.5
.4
-2.3

7.1
2 .4
6 .7
-1.5
.8
-1.2

9.2
-.4
10.2
10.2
-.6
-9.1

7.P
-9.1
14.8
5.7
.4
-1.8

7.4
-6.0
13.8
5.6
-. 5
-2.2

7. 7
3.8
15.7
9.1
.9
- 18.3

1.3
-1 8 . 0
14.3
6.5
-.1
2.8

11.5
-4.0
15.3
.4
-1.5
? .9

9.1
-5.8
10.0
6.3
-1.4
4.0

6.0
-5. 6
13.7
1.4
1.8
-2.0

6.2 T O T A L , ALL SECTORS
-7.1
HOUSEHOLDS
C O R P O R A T E BUSINESS
13.3
2.4
STATE ♦ L O CAL G O V E R N M E N T S
-3.6
U. S. G O V E R N M E N T
2.3
F0RF1GN

7
8
9
10

-.2
.1

1.3
.1

-.1
.1

-.1

- .3

-.4

-1.1
*
-1.1

-2.2
-.1
_
-1.1

-3.3
*
-1.6

-3.4
-.1
_
-.7

-4.1
-.1
-2.1

-1. 7
*
- 1.5

-3.9
*
*
- 1. 9

- 3.5
*
-.8

-1.1
-. 2
- .6

11
12
13
14
15
16

-.2
.3
-.1
-.7
-.2
.6

1.5
.1
*
.2
.9
.3

.3
.2
.1
.1
-.8
.7

*
.3
*
.3
-.8
.1

-1.0
-.2
-.2
1.0
-.4
-1.2

-1. 7
-.1
-.1
-1.0
-.1
-.5

— 2 ,6
-.4
-.7
- 1.0
*
-.5

- 1.9
-.2
-.3
-.7
-.2
-.5

-.2
-.1
.9
-.5
♦
-.4

- 2.0
.5
-.2
-l.P
*
-.5

- 2. 7
.2
-.7
-1. 9
*
-.2

-. 3
*
-.1
.2
-.1
-.2

1
2
3
4
5
6
7
8
9
10

F I N A N C I A L SECTORS
SPONSORED AGENCIES
MONETARY AUTHORITIES
C O M M E R C I A L BANKS
PRIVATE N O N B A N K FINANCE
S A V INGS ♦ LOAN ASSNS.
M UTU A L S AVINGS BANKS
LIFE I NSURANCE
OT H E R INSURANCE
F I N A N C E N.E.C.

11
12
13
14
15
16

TRANSACTION DISCREPANCIES
1
2

5.9
.2

13.2
.2

7.1
-.1

9.2
*

7.8
-.2

7 .4
*

7.7
-.1

1.3
.3

11.5
-

9.1
— .2

6.0
.1

3
4

.4
.5

-.6
2.1

.1
2.2

-.2
1.3

.6
.9

.3
.1

2.1
2.2

-1.4
2.3

*
-1.1

.7
-3.0

-. 4
5.5

»>
6
7
8

-1.6
1.0
2.5
2.7

-2.1
-.5
8.1
6.1

.5
-. 9
-1.1
6. 4

1.8
.1
4.3
1.9

-4.1
.4
6.1
4.1

-2. 3
-.1
4.3
5.0

-2.3
1.2
-1.2
5.9

-.9
-6.2
6.7

-5. 2
-.2
13.1
4.9

-2.0
-.5
11.6
2.6

1.5
.7
-7.8
6.3

- 3.2
.3
6.2
6 .4

9
10
11
12

-2.7

-6.1
*

-2.3
*
*
*

-3.8
*
*
*

-5.0
*
*
*

-5.9
*

-6.5
*

-4. 9

-2.6

-6.3

*

-6.4
*
♦
♦

-6.3
*

13

2.7

6.1

6 .4

1.9

4.1

5.0

5.9

_

*
*

-

-

-

-

-

2.6

6.3

-

“
6.7

11/74 F IGURES ARE T E N T A T I V E ES T I M A T E S B A S E D ON INC O M P L E T E I N FORMATION.




-

4.9

*
“

6.2 T O T A L * ALL T YPES
TREASURY CURRENCY
-.5
D E M A N D DEP O S I T M A I L FLOATS:
U.S . G O V E R N M E N T
-1.6
-1.5
OTHER

3
4
5
6
7
8

TRADE CREDIT
T A X E S PAYA B L E
MI S C E L L A N E O U S
NONFINANCIAL

N O N F I N A N C I A L COMP O N E N T S :
N I A D I S C R E P A N C Y (NEG.)
F A R M D I S C R E P A N C Y (NEG.I
N O N F A R M N O N C O R P D 1 S CREP.
T R A D E D E B T (POSITIVE)

1
2

(NEG)

6 . 4 T O T A L N O N F IN A N C I A L D I S C R E P A N C Y

IV A U G U S T 1 9 7 4
BANK C REDIT R E L A T I O N

APPENDIX — B A N K CREDIT RELATION
28

RELATION OF F/F C O M M E R C I A L BANK CRED I T TO S O U R C E DATA
(PILLIONS OF D OLLARS)
S E A S O N A L L Y A D J U S T E D A NNUAL R A T ES

40 1 . 3

4 21.6

39*5 .2
.9
399. 5

412.1
.4
411.7

64. *
5.8
4.4
74.7
3.2

5 4.7
3.1
64.6
- 10.1

3.2

-10.1

6.1

11
12

1*5
16
17
18
19

5.8
4.4
1.9

6.8

6.3
3.1

l.<»

.4
59.2

.2

265.3

2 95.5

259.2
5.2
264.4
27.*

236.1

6.1

23
24

9.5

*

9 .5

2 7 .5

1972

1973

|
1

I

II

III

IV

1

I

II

461.2
14.4
4 46.8
.4
446.4

5 16.6
18.7
4 97.9
.4
4 97.5

598.8
2 7.4
571.4
.4
5 7 1.0

683.8
34.5
649.3
.4
6 48.P

608.3
27.7
580.6
.4
580.2

635.8
30.2
605.6
.4
605.2

6 46.7
26.8
619.9
.4
619.5

6 83.8
34.5
6 4 9.3
.4
648.9

6 87.7
36. 3
65 1 . 4
.4
6 51.0

711.4
34.1
677.3
.4
676.9

6 1.7
11.1
? .3
75.1
10.5
*
10.5

64.9
15.4
2.5
82.9
7.0
*
7.0

67.0
18.7
3.1
88.8
6.0
♦
6.0

58.3
25.5
3.8
87.5
-1.3
-1.3

61.2
18.6
3.3
P3.0
-5.8
? .3
-3.5

57.9
20.9
3.3
82.1
-1.0
2.6
1.6

55.1
23.3
3.5
8 1.9
-.2
.5
.3

58.3
25.5
3.8
87.5
5.7
- 5.4
.2

58.0
26.1
3.9
88.0
.4
1.9
2.3

52.8
27. 5
4.1
84. 4
-3.5
3.3
-.3

86.1

104.7

117.1

130.6

117.7

121.1

124.8

130.6

133.0

136.5

11.1
2.3
2.7
.4
69.6*
10.5

15.4
2.5
3.9
.4
8 2.4
12.8

18.7
3.1
5.3
.4
80.5
7.1

25.5
3.8
5.8
.4
95.1
5.6

18.6
3.3
5.3
.4
90.2
.7

20.9
3.3
5.2
.4
91.3
1.1

23.3
3.5
5.5
.4
92.1
.8

25.5
3.8
5.8
.4
95.1
3.0

26.1
3. 9
5.8
.4
96.8
1.6

27.5
4.1
5.P
.4
98.7
1.9

3 46.9
1 8.7
3 2*.3

414.7
27.4
3 87.3

494.9
34.5
460.5

429.4
27.7
401.7

4 56.8
30.2
426.6

466.8
26.8
440.0

494.9
34.5
4 60.5

496.7
36.3
460.4

401.7
14.4
10.5
24.9

426.6
24.9
-7.0
18.0

4 4 0.0
13.4
3.0
16.4

4 60.5
20. 4
-6. 5
1 3.o

46 0 . 4
*
10.6
10.6

3 13.3
14. 4
299.0
—

286.1
21.6

S E A S O N A L L Y A D J U S T E D ANNUAL RATES

299.0
12.9
*
12.9

—

—

3 23.3
30.0
-.1
2 9.Q

38 7 . 3
59.0
-.1
5 8.9

_

_

460.5
73.2
*
73.2

CORPORATE

EQUI T I E S

6

U . S . G O VT. S E C U R ITIES, H.8
♦ N O N G U A R A N T E E D AGENCY ISSUES
♦ L O A N P A R T I C I P A T I O N CTFS.
= U.S. G OVT. S E C URITIES, F/F
NET CHANGE
+ SEASONAL
= NE T C H A N G E , SAOR

10
11
12

- N O N G U A R A N T E E D U.S. GOV E R N ­
M EN T A G E N C Y ISSUES
- L O A N P A R T I C I P A T I O N CTFS.
- C O R P O R A T E BONDS
- C O P P O P A T E STOC K S
= S. ♦ L. O B L I G A T I O N S , F/F
N E T C H A N G E , QR

16
17
18
19

522.1 L OANS, H.8
34.1 - I N T E R B A N K LOA M S
4 8 8 . 0 =• L O A N S N ET, L . 4 . 3 BASIS
♦ V A L U A T I O N ADJ. TO GROSS
4 8 8 . 0 = TOT. L O A N S AT COML. FKS.,F/
27.6
N ET C H A N G E
-7.0 + SEASONAL
20.5 » N E T C H A N G E , SAQR

7

8
9

20
21
22
23

R E L A T I O N OF F/F SANK CRE D I T TO L.4.3 S E A S O N A L L Y A D J U S T E D
(BILLIONS OF D O L L A R S )
S E A S O N A L L Y A D J U S T E D A NNUAL PATES
--------------------------------------------------------

M

1970

1971

1972

1973

1
2
3

158.3
154.4
3.9

46.5
46.0
.5

3 4.7
33.8
.9

51.0
49.3
1.7

73.4
71.6
1.9

77.9
7 3. 9
4.0

88.1
108.8
-20.7

82.3
73.6
8.7

71.4
72.8
-1.4

7 0.0
4 0.4
29.6

58.0
98.4
-40.4

88. 6
73.6
15. 0

4
5

1 .0
.5

.1

.9
-

1.7

1.8

4;0
2.0

-5.2

2.2
“

-.4

7.4
2. 0

-10.1
-2. 0

3.7

6
7
8
9

.5
.5
*
*

.1
.1
*

.9
.9
*
*

1.7
1.8
*
-.1

1.8
1.9
*
-.1

1.8
2.0
*
*

-5.2
-5.4
-.5
.7

2.2
2.3
.1
-.2

-.4
-.1
.7
- .9

5.4
5.3
-. 3
.4

-8.1
-6.1
— .8
.5

10
11
12

3.2
1.7
1.5

-10.1
-9.5
-. 6

10.5
6.5
4.0

7.0
2.2
4.8

6.0
1.8
4.2

-1.3
-9.1
7.8

-3.5
-1.5
-2.0

1.6
1.2
.4

.3
-5.2
5.5

.2
-3. 6
3.8

2.3
3.4
-1.1

13

1.2

— .3

3.5

3.8

3.9

7.5

.1

2.3

2.6

2.5

.8

1.6

14
15
16
17

.3
.3

-.3
-. 3

.5
*

1.0
1.0
*

.3
.3
♦

.3
.3

-2.0
-1.2
-1.1

-1.9
-2.6
.6

2.9
2.5
.3

1.4
1.6
.2

-1.9
-.4
-1.7

-2.8
-4.3
1.4

18
19
20

8.9
10.0
-1.1

.1
-.2
.3

11.3
14.7
-3.4

14.1
18.5
-4 . 4

8.5
12.3
-3.8

6.0
13.5
-7.5

.6
.7
-.1

1.0
2.7
-1. 7

1.1
4.6
-3.5

3.3
5*5
-2.2

1.6
2.2
-.6

1.9
3.0
-1.1

.3

-3.5

-3. 8

-3.9

-7.5

-.1

-2.3

-2.6

-2.5

-.8

-1 . 6

*
*

.1
.1

-.6
-.6

.1
.1

*
*

*
.2
-.3

.7
.6
.1

-.9
-.1
-.8

.3
-. 7
1.0

.2
.5
-.3

.5
.4
.1

21.6
21.2
.4

12.9
12.6
.3

20 .Q
29.6
1.3

c8 .9
57.5
1 .4

73.2
69.5
3.7

24.9
28.0
-3.1

1R.0
14.5
3.5

16.4
18.8
-2. 4

13.9
8.2
5.7

10.6
19.0
-8 . 4

20.5
14.5
6.0

2.0

-2.0

_

D E F I N I T I O N ♦ TIM I N G

2(1

3.7
4.3
.1
-.5
-.2

-6.4
-7.9
*
.9
.*

6.0
7.0
*
- .8
-. 2

SEASONALS
MFTHOD - 1
METHOD - 2
BALANCE ADJUSTMENT
OTHER

29
30
31
32
33

-1.2

22
.1
23
.1
24
---- ---------25
26
27

27.5
26.9
.6

2P

.5

-

29
30
31
32
3?

.1
*
.1
*
*

.4
1.2
-.8
_
*

.3
.4
-.1
*
*

-

-

2.0

1.3
1.3
*
*
-.1

1.4
1.5
*
*
-.1

1.7
1.3

-

I I ^ 73 III

-

-3.1
-4.4

3.5
4.3

*

*
— .5
-.4

*

-2.4
-2.9
.4
.3
— .2

IV

S E A S O N A L L Y A D J U S T E D ANNUAL RATES

1960

21

I

\

1968

—

|

„

I ^ ^

II

3.7
3.1
.6
*

-.3
.9
-1.2

T O T A L BANK C R E DIT:
F/F, SAAR
L.4.3, SAAR
T OTAL D I F F E R E N C E ,

SAAR

D I F F E R E N C E A T Q U A R T E R L Y RATE
D E F I N I T I O N + TIMI N G
SEASONALS
METHOD
B A L A N C E ADJU S T M E N T
OTH E R




INFORMATION.

4
5
fc
7
8
9

U . S . G O V E R N M E N T SECURITIES:
F/F, SAQR
L .4.3, SAQR
TO T A L D I F F E R E N C E , SAOR

10
11
12

DEFINITION + TIMING

13

SEASONALS
METHOD
BA L A N C E A D J U S T M E N T
OTHER

14
15
16
17

OT H E R S E C U R I T I E S :
F/F, SAQR
L.4.3, SAQR
TO T A L D I F F E R E N C E ,

SAOR

18
19
20

DEFINITION

21

SE A S O N A L S
ME T H O D
O THER

22
23
24

T O T A L LOANS:
F/F, SAOR
L.4.3, SAQR
TOTAL D I F F E R E N C E ,

SAQR

SOURCE DATA SHO W N H E R E IN C L U D E CC C AND E X P O R T - I M P O R T BANK
LOAN P A R T I C I P A T I O N S IN O T H E R I N V E S T M E N T S FOR ALL PERIODS.
PU B L I S H E D DAT A I N C LUDE T H E M IN L O A N S B E F O R E 11/66.
11/74 F I G U R E S ARE T E N T A T I V E E S T I M A T E S B A S E D ON INCOMPLETE

i
2
3

25
26
27