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F/F Seas Adj E2/70 Flow of Funds, Seasonally Adjusted 4th Quarter, 1970 Preliminary Revi s ed data f or 1967- 1970 Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, D.C. TABLE LIST SUMMARY TABLES 1. Income and Product Summary 2. Credit Market Summary 3. Net Investment and Borrowing SECTOR TABLES 4. Households 5. Total Business and Noncorporate Business 6. Financial Corporations 7. Governments 8. Banking Sys tem 9. Nonbank Finance Summary 10. Insurance and Pension Funds 11. Finance N.E.C. and Foreign TRANSACTION TABLES 12. Monetary and Insurance Reserves 12. Money and Deposits Summary 13. Money Supply Relationship 14. U.S. Government Securities 15. Private Securities and Mortgages 16. Mortgages by Type 17. Consumer Credit and Bank Loans N.E.C. 18. Bank Credit Relationship 19. Other Loans, Including Open-Market Paper 20. Security Credit, Trade Credit, and Taxes 21. Miscellaneous I 22. Miscellaneous II 23. Total Claims--Recapitulation by Type 24. Saving by Individuals Flow of Funds Accounts, 1967-70 These tables present new calculations of flow-of-funds data for the period from 1967 to the present and include preliminary estimates for the fourth quarter of 1970. Revisions from 1967 forward reflect 1967 tax statistics that became available last year, the 1969 Census of State and Local Governments, revision last December in money supply statistics, and 1969 universe data for banks and other financial institutions. Seasonal adjustments have been recalculated using 1969 and 1970 information. The tables are continuous, however, with 1966 and earlier years as published in the Federal Reserve Bulletin, November 1969, pp. A-70ff and in Flow of Funds Accounts, 1945-1968 (March 1970). They include no changes in definition or in estimating procedures relative to the earlier tables. New figures on assets and liabilities outstanding will appear in the March Bulletin with preliminary estimates for 1970. The 1969-70 period presents severe statistical problems in the financial accounts that affect interpretation of some of the data in the tables. The problems arise in measuring (1) the forms of liquid-asset investment by business and households and (2) in identifying certain sources of funds to commercial banks other than borrowings in commercial paper issues and in Euro-dollar markets. The two problems are probably linked, and they in fact give rise to parallel discrepancies in the financial accounts. For banks the discrepancies appear as a sharp increase in unidentified borrowings (the "float" item on page 22, line 25 of the upper section) in 1969, followed by an equally sharp reduction in 1970, and these movements are in sector account discrepancies for house holds (page 4) and nonfinancial corporations (page 6). The problem is complicated by the international transactions during the period that gave rise to the money supply revision described in the December Federal Reserve Bulletin (page 887ff.) and by the large unexplained outflows of funds in balance of payments statistics, which appears here as the rest-of-the-world sector discrepancy (page 11, bottom section, line 24). For nonfinancial sectors the problem is further compounded by the large flows in 1969 out of bank time deposits to commercial paper investments, followed by the reverse flow in 1970 into CD's again. For both CD's and commercial paper the reported data give no useful basis for allocating ownership between corporations and individuals. From the nature of the instruments, the numbers used in these tables are based on the presumption that most of the flow was in corporate portfolios, but this treatment is subject to revision when more substantial information becomes available. The fourth-quarter 1970 figures are based on early indi cators and are therefore highly tentative, particularly in the distribution of financial asset holdings among private nonfinancial sectors. The most important information not yet available in these tables are S.E.C. data on net new security issues on current assets and liabilities of corporations. The lack of these data weakens the figures for total credit flows, household investment in securities, and distribution of liquid assets as between households and business. Also missing at the time the accounts were put together were end-of-quarter balance sheets for life insurance companies and savings institutions, balance of payments statistics, and complete income-and-product data. No figures are shown for maturity detail of U.S. Government security holdings; such detail comes from the Treasury's survey of ownership of Federal securities, which was not yet available for the end of the quarter. The owner ship survey is also the source of estimates of total Governments held by State and local governments. The attached tables show the accounts at seasonally adjusted annual rates. Tables showing unadjusted flows are avail able on request, and a separate mailing list is maintained for unadjusted accounts. Requests for the data or to be put on the mailing list should be addressed to the Flow of Funds and Savings Section, Room 3218, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C., 20551. 22 FEBRUARY 1971 I NCOME ANC PRODUCT I NCOME SUMMARY I NCOME SEAS 1 ADJUSTED T OT AL ANNUAL RAT ES SEAS A D J U S T E D GNP 2 CURRENT OU T L A Y S S T A T E AND L OCAL G Q V T . 3 4 U . S . GOVERNMENT 5 HOUSEHOLDS OF WHI CH CONSUMER DURABLES 6 AND PRODUCT SUMMARY AND PRODUCT A C C O U N T S : GNP E X P E N D I T U RE S AND GR3SS S A VI N G ( B I L L I O N S OF O O L L A R S ) 1 967 196 8 1 969 1970 I | ANNUAL RATES 1969 I II I II IV | 1 1970 1 II II I IV 7 93 . 9 865.0 93 1 . 4 976. 8 907.6 923.7 942.6 951 . 7 9 59 . , 6 971. 1 985.5 990 . 9 1 672. 2 89.4 90.7 492. 1 7 3. 1 73 6 . C 100. 7 99. 5 535.8 84.0 7 89.6 110.8 101.3 577 . 5 90 . 0 837.3 120. 8 99.7 616. 8 89.4 770 . 2 107. 5 100.9 561.8 89. 1 783. 2 1 1 C .0 99.8 573.3 90.6 796.2 111.6 10 2 . 5 58 2 . 1 89.5 808.9 114.2 102. 1 59 2 . 6 90 . 8 822 ,. 8 117. , 4 1 0 2 .. 3 603. . 1 89. . 1 832. 7 118.7 99.7 614. 4 91. 9 843. 1 122 . 4 98.6 622 . 1 91 . 2 850.7 124. 8 98. 4 627.6 85.4 2 3 4 5 6 7 life. 6 126.5 139. 8 135 .8 136. 0 1 39 . 3 143.8 140.2 133, , 3 134. 3 138.3 137. 5 108.4 25. 1 19. 0 1 7. 0 . 6 118. 9 30.3 22.1 21.2 . 5 131.4 32.0 21.7 2 1 .8 .6 132.2 29. 7 1 9.3 18 . 6 .6 128 . 7 33. 0 23.3 22. 1 .5 131.4 33.9 23.6 24.C . 6 132.4 31 . 0 20.4 21. 9 .6 133.0 30 . 4 19. 5 19.3 .6 131. , 7 29. . 1 19.. 1 19. , 1 .6 131.2 2 8.4 17.7 1 8. 5 . 6 132. 7 29.2 19.2 17.4 . 6 133. 4 8 9 32.0 2 1 . 0 10 19. 2 11 . 6 12 1.4 .7 . 7 .4 . 2 .2 -. 7 -.4 -.4 . 1 . 1 . 1 .6 .3 .3 - 1.0 -.5 -.5 - 2.0 - 1 .0 - 1.0 -.4 -.2 -.2 .6 ,3 “ «. 3 -1.4 -.7 -.7 1 .? .6 .6 1 . 2 13 . 6 14 .6 I 5 6.1 1.6 4.5 8. 1 2.2 5. 9 10.4 3.2 7. 1 1C. 4 3.1 7.3 9. 7 2.9 6.8 10.3 3.1 7.2 10 . 5 3.3 7.2 10. 9 3.6 7.2 1 0 ., C 3.. 3 6 .. 7 10. 7 2. 9 7.7 9.9 2.6 7. 3 1 1 . 0 16 3 . 6 17 7. 4 18 83. 3 4. 5 6. 0 9.3 1.0 62.5 88.7 4.5 5. 5 9. 8 1.4 67. 4 99 . 3 5.1 5 .5 10.4 1. 8 76. 6 102. 6 5. 5 5.1 10.4 1.9 79.6 95.7 4. 8 5. 3 13 . 3 1 .7 73.5 97 . 5 4.9 5.4 10. 3 1. 7 75 . 2 10 1 . 4 5.3 5.2 1 0.4 1. 8 78. 8 1 0 2 . fc 5.3 6.1 10. 7 1. 8 78. 7 1 0 2 ., 6 5.. 5 5 .. 1 10 ,. 5 1 ,8 79. , 4 1 02. 8 5. 5 5. 2 10. 5 1. 9 79.8 103 . 6 5.2 5.3 1 C. 3 1.9 80.8 101. 4 5 .7 4.8 10.4 2. 1 78. 5 19 20 21 22 23 24 8.2 . 7 7. 5 .2 7.3 7.6 1 7. 5 5 7.0 8.5 .4 8 .0 .8 7.2 3.6 5 3.0 .2 2.8 7.4 .1 7.3 .7 6.6 7.9 .3 7.6 5 7.1 11.3 .5 10.8 2.1 8.7 6 .5 - .1 6.6 5.5 .5 5.0 . -. 4.3 4.1 S 3.6 6 4.2 25 26 27 28 29 5.2 46. 2 41. 0 2.5 50. 6 48. 1 2.0 55.5 53.6 3.6 62.3 58. 7 1.3 47.8 46.5 1.3 57.2 55.9 2 .6 58 . 3 55.6 2.6 58.8 56.2 . 3. , 5 6 1 .,1 57. , 6 3.1 5 2.6 1.3 1.3 4. 1 62. 8 5 8. 7 4.2 62.8 58.6 2.7 62.6 59 ; 9 30 31 32 33 D I S P OS A B L E PERSONAL INCOME 34 PERSONAL SA VI NG 35 S AVI NG RATE ( P E R C E N T ) 5 46 . 3 4 0. 4 7.4 591 . 2 40.4 6. 8 631.6 37.6 6.0 684.7 50.0 7.3 612.0 34.2 5.6 623.0 3 3. 3 5.3 640.6 42. 0 6.6 650.6 41 . 1 6.3 665. 3 44.9 6.8 683. 6 51. 5 7. 5 693.0 5 2. 7 7.6 696.9 50.9 7.3 33 34 35 36 FEOERAL GOV T . SURPLUS 37 S T A T E 6 LOCAL G O V T . SURPLUS -12.4 - 1. 6 - 6.2 - 1.1 9.3 -. 6 - 1 0 .8 1.3 9.4 - 1. 8 13.4 -1.5 8.3 -.3 6.1 1.0 - 1.7 .5 -14. 2 3. 4 - 11.8 .6 - 1 5 . 3 36 . 6 37 88. 7 . 1 4.0 11.0 73.6 91 . 2 .1 4.5 12.0 74.7 82.3 .1 5. 1 12.4 6 4. 7 93.0 .1 4.3 11. 5 77. 1 93.4 . 1 4.3 11.9 77.0 89.9 .1 4.6 12.2 73 . 0 88.5 . 1 4. 7 12.2 71.5 82.6 .1 5. 2 12.0 65.3 82.0 . 1 4.5 12. 3 65. 1 84. 4 .1 5.2 12.9 66.1 80. 3 . 1 5.5 12.4 62.3 38 39 40 41 42 7 GROSS D OME S T I C 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 I N V E S T ME NT P V T . F I X E D I N V E S T ME NT RE S I DENT I A L CONSTRUCTI ON 1 - 4 FAMI LY ST RUC T URES HOUSEHOLD PURCHASES FARM CHANGE IN WORK IN PROCESS ON NONFARM CORPORAT E NONCORPORATE MULTI- FAMILY UNITS CORPORATE BUS I N E S S NCNCORPORATE BUSI NESS N ONRE S. PL ANT + E Q U I P . NONP ROF I T I N S T . ( H H ) F ARM NONFARM NONCORP. B US I NE S F I N A N C I A L C ORPORA T I ONS NONF I NANC I AL CORPORAT I ON I NV ENT OR I ES F ARM NON FARM NONCORPORATE CCR PORATE 30 NE T EXPORTS 31 EXPORTS 32 I MPORTS 38 39 40 41 42 CORPORATE PROF I T S » T A X E S , P ROF I T S - T OT A L FARMS FOREI GN F I N A N C I A L C ORP S . NON F I N AN. CORPS . AND D I V I D E N D S : 7 9. 8 . 1 3.6 10.0 66. 1 . . . . 7.2 .7 . . . 1 . fc 7 ,9 .6 1. 5 . .7 43 44 45 46 TAX ACCRUAL S - TOTAL FARMS F I N A N C I A L CORPS . NON F I N A N C I A L 33. 2 . 1 4.8 28.3 4 0. 6 . 1 5. 8 34.7 42. 7 .1 6.6 36.0 38 .0 .1 7.1 30. 8 43.5 . 1 6.2 37.1 43. 8 .1 6 .5 37.1 42. 1 .1 6.7 35.2 41.4 .1 6. 8 34.5 38 . 0 . 1 6. 9 31.0 38. 1 . 1 7.1 30. 9 3 8. 9 .1 7.4 31.4 37.0 . 1 7. 0 29.9 43 44 45 46 47 48 49 50 51 CI VI DENDS - T O T A L FARMS NET F OREI GN F I N A N C I A L CORPS. N O N F I N A N C I A L CORPORA T I ONS 21.4 * 1. 5 1.0 18 . 8 23.3 .1 1. 5 1.2 20. 5 24.7 .1 1 .6 1.4 21.6 25.2 . 1 2.0 1.5 21.6 24.1 .1 1.6 1 .3 21.1 24.4 . 1 1.5 1 .4 2 1. 5 25 . 0 .1 1.6 1.5 21.8 25.2 . 1 1.7 1.5 21.9 25.2 . 1 1.9 1.5 21.7 25. 1 .1 1. 1.5 21.9 25.4 .1 1.9 1.7 21. 7 25. 1 . 1 2.5 1.5 21. 0 47 48 49 50 51 52 53 54 55 56 57 58 59 UN D I S T . PROFI TS - TOTAL FARMS FOREI GN BRANCH P R O F I T S F I N A N C I A L CORPORAT I ONS NONF I NANC I AL C ORPORA T I ONS + I NVENT ORY V A L . A D J . ♦ eRANCF PRGF I T S = NON F I N . C O R P S . t NET 25. 3 -.1 2.1 4. 2 19. 0 -l .l 2.1 20. 0 2 4. 9 * 2.5 4. 0 18.4 -3. 3 2.5 17.6 23. 9 * 2.8 4.0 1 7. 1 -5.4 2. 8 14.5 19. 1 * 3.1 3.8 12.3 -4.9 3.1 10.5 25.5 * 2.7 4.0 18 . 9 -5.9 2.7 15.6 25.2 * 2. 8 4.0 18 . 4 - 6.0 2 .8 15.2 22 . 9 * 2.9 4. 0 16.0 -3. 2 2.9 15.7 21.9 * 3 .0 3.9 15. 1 - 6. 5 3.0 11.5 19.4 * 3. 2 3.6 12.5 -5. 8 3.3 10.0 1 8. 8 * 2. e 3.7 12.3 -4 .5 2.8 10. 6 20.0 ♦ 3.3 3. 8 13. C -5.9 3.3 10.3 18. 2 * 3. 0 3.9 11.3 -3. 3 3. 0 11.0 52 53 54 55 56 57 58 59 68.9 60 T O T A L C A P I T A L CONSUMPT I ON OWN E R- O CC UPI E D HOMES ( H H ) 61 7.8 N ONP ROF I T I N S T . ( H H ) 1.4 62 FARM NONCORPORATE 63 5. 5 64 NCNFARM NONCORPORATE BU S . 11.2 T OT A L CORPORATE 65 43.0 1.2 66 F I N A N C I A L BU S I N E S S .3 CCRPORATE FARMS 67 41.5 68 N O N F I N A N C I A L C ORPORA T I ONS MEMO: CAP. CONS. ON CONSUMER 1DURABLE S 69 NOT I N C L UD E D ABOVE 60. 7 70 T OT C A P . C O N S . I NCL DURABLES 129.6 74. C 8.2 1. 5 5. 9 1 1. 9 46.5 1.4 .3 44.9 78.9 8.6 1 .6 6.4 12.5 49.8 1.5 .3 48.0 84.3 9.1 1.7 6.8 13.2 53.5 1.6 .3 51.5 ^ 7 .0 8.5 1.5 6.2 12.3 48 . 5 1.5 .3 46.8 78 . 2 8 .6 1 .6 6.3 12.4 49.3 1.5 .3 47.6 79. 4 8.7 1.6 6. 5 12.6 50.1 1.5 .3 48.3 80.7 8.8 1.6 6.6 12.7 51.0 1.5 .3 49. 1 82.2 8.9 1.6 6.7 12.9 52.0 1.6 .3 50. 1 83.6 9.0 1.7 6. 8 13.1 53.0 1.6 . 3 51.1 85. 0 9.2 1.7 6.9 13.3 54. 0 1.6 .4 52.0 86 . 5 9.3 1.7 7.0 1 3. 5 55.0 1.7 .4 53.0 60 61 62 63 64 65 66 67 68 6 7. C 141.0 73.8 152.7 80.4 164.7 71.3 148.3 7 3. 0 151.2 7 4. 7 154. 1 76.4 157. 1 78.0 160.2 79. 7 163. 3 81. 4 166.4 82.4 168.9 69 70 -.4 71 71 S T A T I S T I C A L D I S C RE P A N C Y 72 P R O F I T T A X R A T E ( ? ) 73 P ERSONAL TAX RA T E ( *) fc - .7 -2.4 -4.7 -2.5 -3.5 -5.3 -5.6 -4. 3 -5. 5 -3.1 - 1.2 41 . 6 13. 2 45.7 14.2 4 6. 8 15. 7 46.2 1 4. 5 4 6. 7 15.7 46 . 8 15.9 46.8 15 . 5 46. 8 15.6 46. 0 15. 0 46.4 1 4. 7 46.1 14. 2 4 6 . 1 72 14. 3 73 22 F EBRUARY 1971 C RE D I T MARKET SUMMARY CREDIT SUMMARY OF SEAS ACJUSTEC ANNUAL FUNDS R A I S E D AND ADVANCED I N U . S . C R E D I T ( B I L L I C N S OF DOLLARS) RAT ES SEAS A D J U S T E D 1968 FUNDS T OT A L FUNDS R A I S E D BY NONF I N AN Cl AL SECTORS 1969 RAI SED, 1970 I BY T Y P E I SUMMARY 2 1 969 1 MARKET MARKETS II ANNUAL RATES 1970 III IV | II III AND S ECT OR 83. 5 96.9 90.4 95.4 9 2. 5 93.6 88.4 86 . 8 102. 9 92. 2 105.7 1 13. 0 8.9 4.1 13. 4 10.3 3.1 -3 .6 -1.3 -2.4 12.7 12.8 -.1 -5.4 -5.8 . 5 -9. 5 -8 .8 -.7 -.7 4.9 - 5 .6 1.2 4.9 -3.7 2 .7 3.2 -. 5 16. 2 18. 2 - 2.0 12.3 11 . 6 .8 19. 6 18.4 1.2 2 3 4 5 ALL OTHER NON F I N . SECT ORS 6 C A P I T A L MARKET I NST RUMENT S 7 CORPORATE E Q U I T Y SHARES 8 DEBT C A P I T A L I NST RUME NT S 9 S T . + L O C A L G O V T . SEC. 10 CORPORATE + F G N . BONDS 11 MORTGAGES 12 HOME MT GS . 13 OTHER R E S I D E N T I A L 14 COMM ER C l A L 15 FARM 70. 5 48. 9 2. 4 46 . 6 8.7 15. 9 22. 0 11. 6 3. fe 4. 7 2.1 83.5 5 0.2 -. 7 50.9 9. 6 14.0 2 7.3 15. 2 3. 5 6.6 2.1 94 . 1 5 3. 9 4.8 4 9. 1 8. 1 13. 1 27 . 9 15.7 4.8 5.5 1.9 82.7 55 .4 6 .6 58. 8 11.8 22.4 24.6 12. 7 5 .6 4.5 1.7 97. 9 57.6 .3 57 . 3 12.8 15.8 2 8. 7 16. 5 4.2 5 .9 2.2 103.0 55. 1 3. 6 51.5 9 .4 13.3 28.8 I 6. 6 4. 7 5.1 2.3 89. 1 51 . 2 6.0 45.2 5.6 12 . 1 27 . 5 15.7 4.8 5.3 1.8 85 . 7 51.7 9.2 42.5 4.7 11.1 26. 7 13.9 5.6 5.8 1.5 78. 2 5 1. 6 5.9 45. 6 8.9 15. 0 21. 8 10 . 8 4.6 4.8 1.5 86. 7 60. 7 6. 0 54.7 10.2 2 2. 4 22. 1 11.1 5. 4 4. 2 1.4 79.9 62. 9 5.4 5 7. 5 8.9 22 . 3 26.3 14.3 6.2 4.1 1.7 86 . 1 85. 4 9.1 77. 3 19. 3 29. 9 23 . 1 14. 6 6. 3 5.0 2.2 5 5 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21.6 9.6 4.6 2.1 5. 2 33.3 1 3. 4 11.1 1.6 7.3 4 0. 2 15.7 9.3 3.3 11.8 17.3 .7 4.3 3.8 8.4 40.3 17.0 10.2 4.9 8.1 47.9 19. 1 10.8 4.7 13.3 38.0 11.7 8.9 2.7 14.6 33.9 14.2 7.5 1.0 11.2 26. 6 7. 3 4.9 4.9 9.5 26. C 8.3 6. 1 2. 2 9. 4 16.9 2.1 6.1 .5 8.3 -.3 -14.6 .3 7. 5 6.6 16 17 18 19 20 70.5 4.1 8.8 19. 7 37.9 29. 3 5.0 3. 5 83. 5 3 .0 9.9 31. 8 38. 8 3 0. 3 5.8 2.7 94. 1 3.7 8 .5 32.2 49.7 39.1 7.4 3.2 82.7 2. 8 12.2 21.3 46 . 3 3 7. 9 5.1 3.3 97.9 4.0 13.4 33.0 47.4 37.1 7.1 3.3 103.0 6.0 9.7 3 6. 0 51.3 41.1 6.6 3.6 8 9. 1 2 .3 5 .8 31.5 49.4 3 7. 4 8.7 3.3 85.7 2. 4 5.1 28 . 2 4 9. 9 41.0 6.4 2.5 78.2 2. 6 9. 4 24.5 41.6 3 4. 9 3. 7 3.0 86.7 1.7 1 0.4 20. 6 54. 1 45.0 5.4 3. 7 79.9 2 .6 9.? 22.7 45.4 34.4 7.6 3.3 86. 1 4. 5 19. 7 17. 5 44.4 37.3 3.9 3.2 21 22 23 24 25 26 27 28 2 u. s. g ov e rn me nt !/ 3 P U B L I C DEBT S E C U R I T I E S 4 BUDGET AGENCY I S S U E S 21 22 23 24 25 26 27 28 OTHER PR I V A T E CRED I T BANK LOANS N . E . C . CONSUMER C R E D I T C PE N- MARK E T PAPER CTHER BY BORROWI NG S E C T O R FOREI GN S T A T E + L OC A L G O V T S . HOUSEHOLDS NONF I NANC I AL BUS I N E S S CORPORATE NONFAR^ NONCORPORATE F ARM FUNDS ADVANCEO D I R E C T L Y I N CREDIT 8 0. 9 MARKETS 1 1 1 1 T OTAL FUNDS R A I S E D ADVANCEC D I R E C T L Y BY— 2 U . S . GOVERNMENT 3 U . S . G . CREDIT AGENCI ES, NET 4 FUNDS ADVANCED 5 L E S S - F U N D S R A I S E D IN C R . MK T 83. 5 96.9 90.4 95. 4 6 5 1 6 4. 9 -.2 3.2 3.5 2.5 .2 9.0 8 .8 3 .3 1.2 8.8 7.6 6 F EDERAL RESERVE SYSTEM 7 COMMERCI AL BANKS, N E T — ' 8 FUNDS ADVANCEO 9 L E S S - F U N D S R A I S E D I N C R. MK T , 4.8 36.6 36.9 .2 3. 7 39. 5 39. 7 .2 4.2 12.2 16. 5 4. 3 5 .0 31.1 29.3 - 1.8 34.4 16. 8 18. 7 - 1. 1 4.4 5.6 34.2 14. 6 22. 0 -2.4 9.8 12. 3 30. 4 10.4 21.8 -1 . 8 10. 1 11 . 9 37. 3 14. 9 23 . 3 -.9 5.6 6. 5 1 .3 10 . 0 .2 39.5 13. 8 6.1 18 .0 - 1 .6 7.5 1.9 -2 .7 7.0 - 1.2 46.5 15.8 8. 1 19. 8 -2. 7 PV T . NON EANK FI NANCE S A VI N GS I N S T I T U T I O N S , N E T I NSURANCE F I NA N C E N . E . C . , N E T ^ ' FUNDS ADVANCED L E S S - F U N D S R A I S E D I N MKTS, 16 F OREI GN 2. 8 2.5 17 P V T . DOME S T I C NON F IN ANC I AL 18 B US I NE S S 19 S T A T E + LCCAL G O V T . , GE N. 20 HOUSEHOLDS 21 L E S S - N E T SECURI TY CREDI T -.2 - .2 2.1 * 2.2 12.3 7. 4 . 4 5.8 1.4 92.5 93.6 ^ CO co 10 11 12 13 14 15 4. . -. -. 86.8 8 0. 9 1 02 . 9 92.2 105.7 1 1.7 -.8 7.6 8.4 3.7 -.1 10.5 10.6 2.3 1.5 14. 1 12. 5 3.9 - .7 13.7 14. 4 3. 3 1. 5 6. 8 5.4 3.2 1.2 7.5 6.3 2.6 2. 9 7.3 4.4 2 3 4 5 4.1 7.9 8 .8 .9 4.0 29.3 33.8 4.5 -.5 -.9 4.2 5 .0 9. 3 12.1 18.9 6. 8 1.2 .9 10. C 9. 1 5. 5 23.9 28.0 4. 1 7.7 65.3 53. 8 - 11.6 5.5 34. 4 2 5. 5 -8 .9 6 7 8 9 31 . 1 15.9 19. 8 -4.6 -1.9 2.7 39.8 13.3 27. 5 - 1 .0 18 . 7 19. 7 26. 1 6.8 20. 6 -1.3 8.8 10 . 1 24.8 5 .6 19.5 -.2 14. 6 14. 8 25. 1 4.7 22.7 -2.3 * 2. 2 41.4 15. 3 26. 1 .1 -.1 -.2 39.9 18. 1 22.3 -. 5 15 . 1 15. 6 5.1 - 1.1 9.4 9. 4 4.9 37.9 7. 0 5.6 24.9 - .4 41 . 0 15.2 -1.9 23. 9 - 3. 8 17.9 13.4 -5.0 7. 4 - 2.1 - 3 C. 1 -26.9 -7.9 4.4 -. 3 2. 5 .4 4.0 3.6 1.0 18. 6 14. 1 2.9 1.5 -.2 SOURCES OF FUNDS S U P P L I E D T O C R E D I T T OT A L BORROWI NG BY NON F IN ANC I AL SECT ORS 6 7 8 9 10 11 12 13 14 15 16 17 18 . 16.3 16 1 . 3 17 6 . 1 18 4 . 1 19 - 7 . 5 20 1 . 4 21 MARKETS 96.9 90, . 4 95. 4 92. , 5 93. . 6 88 . 4 86. 8 80.9 102.9 92.2 105.7 1 T OT AL DEPOSI TS DEMAND DEP. + CURRENCY T I M E ANC S V GS . ACCOUNT S AT COMMERCI AL BANKS AT SAVI NGS IN ST I T . 83. 5 3 Y— TORS: 51.3 51.5 12. 4 39. 1 22. 5 16. 6 60. 8 48. 5 14. 8 33.7 2 0. 8 12. 9 44. .2 4.. 7 7, . 1 - 2 .. 4 - 1 0 ..5 8 ..1 69 . 3 61.8 5.5 56.4 39.8 16 . 6 58.,9 1 2 ..5 5., 9 6 ,. 6 - 6 ..8 13.. 4 26. , 8 8 ,. 2 6 ,. 6 1 .. 6 - 7 . .4 9., 0 47. 1 -7 .9 7.6 -15. 5 -21.3 5.8 43 .8 5.9 8.2 -2.3 -6.4 4.2 54. 6 13.6 1.5 12. 1 7.3 4.7 72. 2 54. 3 7. 0 4 7. 3 32.0 15. 2 67.7 97.8 6.7 91 . 2 69. 5 21.7 82.9 81. 6 6.6 75.0 50. 1 24. 8 2 3 4 5 6 7 C R E D I T MKT . I N S T R . , NET U . S . GOVT . S E C U R I T I E S P V T . CREDI T MK T . I NSTR . L E S S S E C U R I T Y DEBT -.2 -1. 7 7. 8 2.2 12.3 7. 7 13.4 1.4 39. . 5 15 ,. 0 26. 9 - 1 .,6 7.5 - 6.8 14. 2 - 1.2 46 ,.5 2 1 ..8 27 ., 2 - 2 ..7 18. . 6 ,9 23. 6 -■ .2 55.0 23.2 29.4 -3. 2 37.9 14.1 27.3 - .4 41 . 0 6.0 38. 1 -3.8 17. 9 - 8. 1 23. 9 - 2. 1 -3C.1 -11.7 -19.9 -.3 4. 6 1.7 2. 8 4.3 1.8 2.5 9.6 8 .3 I .3 2. 3 -7.8 10 . 0 13. 8 13. 7 . 2 14. 8 13. 8 1.0 10 . 4 5 .3 5.1 - .6 . 5 - 1.1 10. 8 1.3 9. 4 2.6 - 6. 8 9. 4 -4 .5 -9.4 4.9 - 1. 1 4.9 18.5 9.5 .4 2.5 18. 7 15 . 0 2.4 3.3 20.0 -1.9 -5.8 2.5 14.9 8. 2 1.7 1.7 22.4 26.2 1.6 3.7 18.7 6.8 3. 9 2.3 18. 9 18 . 6 1.0 3.9 18. 7 - 8. 0 1.7 3.3 21.4 1. 7 1.4 3.2 19. 8 4.5 OTHER SOURCES: F OREI GN FUNDS AT BANKS DIRECT CF G. IN U . S . GOVT. U . S . GOV T . LOANS P V T . I N S U R. AND PE SOURCES N . E . C . BAL. RES. 1.2 4.6 17. 5 4.3 11 Excludes sponsored credit agencies. See Part II; line 3. 21 Includes unconsolidated bank affiliates. 3/ 55.0 18. 1 7.7 25.9 -3.2 4 2 . 7 10 21.7 11 2 2 . 1 12 - 1 . 1 13 7 . 3 14 8 . 4 15 Includes open-end investment companies. 1.3 8 -13 .2 9 14. 7 1 0 1 . 4 11 .1 -15.1 16. 3 5. 7 2.6 20.2 -5.9 12 13 14 15 16 17 18 22 F EBRUARY 1971 NET I N V E S T ME NT + BORROWI NG T I N V E S T ME NT + BORROWING PRI VATE SEAS 1 2 3 4 5 6 7 8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 A C J US T E D BORROWI NG E Q U I T Y I N V E S T ME N T (3) BORROWI NG E QU I T Y I NVEST MENT CORPORATE BUSI NESS T CTAL CAPI TAL OUTLAYS C A P I T A L CONSUMPTI ON NET PHY SI C A L I N V E S T ME NT NET NE T I N V E S T ME N T AND BORROWI NG ( B I L L I O N S OF DOLLARS) IN CREDI T 3 MARKETS SEAS A D J US T E D ANNUAL RATES T OT A L BUSI NESS TOT AL CAP I TAL OU T L A Y S C A P I T A L CONSUMPTI ON NET PHYSI CAL I N V E S T ME NT NET NET NET ANNUAL RA T E S T O T A L , HOUSEHOLDS ANC BUS I N E S S T OTAL C A P I T A L O U T L A Y S ( 1 ) C A P I T A L CONSUMPTI ON ( 2 ) N E T PHY S I C A L I NV EST MENT NET NET DOMEST I C BORROWI NG E Q U I T Y I NVEST MENT HOUSEHOLDS TOTAL CAPI TAL OUTLAYS C A P I T A L CONSUMPT I ON N E T P HY S I C A L I NVEST MENT NET BORROWI NG N E T E Q U I T Y I NV E ST ME NT OF WHI C H: HOUSES L ES S HOME MT GS . DURABLES LESS C ON S . C R E D I T N ONP ROF I T P&E LESS MTGS. L E S S — UNAL L OC A T ED DEBT 1967 1968 1969 L 88. 7 L28. 4 60. 3 209.2 139 . 6 6 9. 6 228 . 0 151.2 76 . 9 57. 6 2.7 70. 6 - 1.0 94. 0 5 8. 5 35. 6 197 0 | III IV | I II III IV 223.4 146. 8 76. 6 228.2 149. 7 78.4 231.4 152. 6 78.8 ? 29 . 2 155.5 73 . 7 220. 5 153.7 6 1.8 224.3 1 61. 7 62. 6 227.6 1 6 4. 8 62.8 220 .8 167.2 53 . 6 1 2 3 81.9 -5.0 67.6 -7.4 3 0. 5 -3.9 87.3 - 8 .9 81.0 - 2.1 73. 1 -4. 5 66 . 1 -4.3 74. 7 - 12.1 6 8. 0 -5.2 61.9 -3.3 4 5 99.4 62. 9 3 6. 5 111.1 67 . 1 44.0 139.9 7 1.9 38 . 0 10 7 . 4 65.6 41.8 108.6 66. 6 4 2. 0 114.8 6 7. 6 47. 1 113. 7 68 . 7 4 5. 0 10 6 . P 70.0 36 . 8 108.5 71. 3 37. 2 113.7 72. 5 41.2 I 10. 5 73 .9 36. 7 6 7 8 37.9 -2.3 38. 8 -2.3 4 9. 7 -5.7 46.3 -8.4 47.4 -5.6 51.3 -9.3 49.4 -2.3 4 9. 9 -4.9 41.6 -4. 8 54. 1 -16.9 4 5. 4 -4.2 9 44. 4 - 7 . 7 10 72.0 41. 5 30.5 76. 8 44. 9 3 1. 9 86.7 4 8. 0 38. 7 95 . 6 5 1.5 34.1 83.3 46.8 36 . 5 84. 9 47. 6 37.3 8 Q. 7 48.3 4 1. 4 88.7 49. 1 39.6 83 .9 50. 1 33. 8 8 3. 4 51. 1 32.3 8 8. 4 52. 0 36.4 86. 9 11 5 3 . 0 12 33. 9 13 29. 3 1.2 30.3 1.7 39.1 -.4 37.9 -3.8 37. 1 -. 6 41.1 -3.7 37.4 3.9 41. 0 - 1.4 34. 9 - 1.1 45. 0 - 12.6 34.4 2 .0 37.3 -3.4 94. 6 6 9. 9 24.7 1 09. 8 76. , 7 3 3. , 1 116. ,9 84, .0 32, .9 113. ,4 91. .2 2 2 ., 3 116 . 0 81. 2 34. 8 119. , 6 83. , 1 3 6 . ,5 116.6 85.0 31 . 7 115 . 5 86 ..8 28. ,7 113. ,7 8 8 ., 6 2 5. 1 115. 8 90. 4 2 5. 4 113. , 9 92. .3 21 ..6 19. 7 5. 0 31. , 8 1 ..3 3 2. .2 .7 2 1 ,. 3 1 .,0 33. 0 1.7 36. , 0 .4 31.5 .2 28. .2 .4 24. . 5 .5 2 0. 6 4. 8 2 2 ., 7 - 1 ..1 17. 5 -.6 19 20 -1.3 7.8 1.9 3.5 - 1 .. 9 6 ,. 0 1 ,. 9 4,. 8 -3,, 0 6 ,. 9 2 ,. 2 5,. 4 - 3 . .1 4.. 7 2 ., 4 3.. 0 -2.9 7.6 2.1 5. 1 - 1 ,. 7 6 ,. 9 2 .. 1 6 ..9 -3.2 5.9 2 .4 5 .0 - 4 . .4 7.. 0 2 .. 4 4,. 6 - 2 .. 4 6 ..2 2 ., 6 5., 7 - 1.8 6.0 2.5 1.8 -3 .6 3 .7 2 .2 3 .4 -4. 7 2.7 2. 6 1.2 21 22 23 24 ( 2 ) CAP I T AL CONSUMPT I ON I N C L UD E S AMOUNTS FOR CONSUMER DURABLES ANC EXCLUDES F I N A N C I A L B U S I N E S S C A P I T A L C ONSUMP T I ON. I N V E S T ME NT OVER I I 223.3 163. 1 60 . 2 ( 1 ) C A P I T A L OUT L A Y S ARE T OT A L S FOR R E S I D E N T I A L AND NONRE SI C E N T I A L F I X E D C A P I T A L , N E T C FAN GE IN I N V E N T O R I E S , AND CONSUMER DURABL ES, EXCEPT C UT L AY S BY F I N A N C I A L B U S I N E S S . ( 3) EXCESS OF N E T I NET BORROWI NG. 14 15 110. 3 16 9 3 . 4 17 16 . 9 18 22 F EBRUARY HOUS EHOLCS 1971 HOUSFHOLOS 4 SECTOR SEAS STATEMENTS OF S AV I NG AND ( B I L L I C N S CF DCL LARS) A C J U S T E C ANNUAL RA T ES I NV EST MENT 4 SEAS A D J US T E D ANNUAL RATES 196 8 1967 HOUS E HOL D S , 1 96 9 1970 I I 1 96 9 I PERSONAL T R U S T S , II III IV I I I II 197 C I I I I V AND N ONP ROF I T OR G A N I Z A T I O N S 6 29. 3 83 . 0 506.0 40. 4 5.3 1. 7 12. 4 6 88 . 7 97.5 550.8 40.4 5.9 2. 5 1 7. 0 748.9 117.3 593.9 37 . 6 6 .2 2.5 16.2 801.0 116.4 634. 7 50. 0 8.6 1.7 9.0 725 .8 113. 8 5?7. 8 34.2 5.7 5 .0 17 . 8 741. 1 118 . 1 589.7 33.3 8.4 1.9 17.7 758. 1 117. 4 598 . 6 42.0 7.2 2.2 14.8 770. 5 119.9 609.6 41.1 3.7 1.1 14.5 782 . 3 11 7. 0 6 20 . 4 44. 9 6. 5 2 .0 11.1 80 1 . 3 117.7 632. 1 51. 5 11. 8 1. 7 12. 2 807. 2 114.? 640.2 52.7 7.7 1.4 9. 8 813.4 116. 5 6 46 . 0 50 . 9 8 .4 1.6 3.0 1 2 3 4 5 6 7 8 = NET S AVI NG 9 + C A P I T A L CONSUMPTI ON ON OWNER- OCC. HOMES 10 ON N O N P R O F I T PL . +EQ . 11 CN CONSUMER CURABLES 12 13 = GROSS S A V I N G 59.8 6 9. 9 7. 8 1.4 60. 7 129 .7 6 5. 8 76. 7 8. 2 1.5 67. C 142. 5 62.6 84.0 8 .6 1 .6 7 3. 8 146.6 69.3 9 1.2 9. 1 1. 7 90.4 160.5 62.7 81.2 8. 5 1. 5 71 .3 143 .9 61.2 83. 1 8.6 1.6 73.0 144. 3 66.2 85.0 8.7 1.6 74. 7 151.2 60.3 86 .8 8.8 1.6 76.4 147. 1 64. 5 88. 6 8.9 1. 6 78 .0 153. 1 77.1 90. 4 9. C 1. 7 7 9. 7 167 . 6 71.7 92. 3 9. 2 1.7 81. 4 163. 0 63. 9 93 . 4 9.3 1.7 82. 4 1 5 7. 3 8 9 10 11 12 13 14 GROSS I NVEST MENT C A P I T A L EXPEND. ( N E T OF SALES 15 R E S I D E N T I A L C ONS T RUC T I ON 16 CONSUMER CURABLE GOODS 17 PLANT + E Q U I P . ( N O N P R O F I T ) 18 132.0 94.6 17. 0 7 3. 1 4. 5 140.6 109. 8 21.2 84. 0 4. 5 141.9 116.9 21.8 90.0 5. 1 159. 8 113.4 18 . 6 89 . 4 5.5 143.5 116. 0 22. 1 89 . 1 4 .8 134.5 119.6 24.0 90. 6 4.9 146.2 116.6 21.9 89.5 5.3 143.8 115.5 19.3 90 . 8 5.3 147. 1 113. 7 19 . 1 89. 1 5 .5 1 65 . 5 115. 8 18. 5 91. 9 5.5 163.4 113.9 1 7.4 91. 2 5. 2 163. 4 1 10. 3 19. 2 85. 4 5. 7 14 15 16 17 18 NET F I N A N . I NVEST MENT NET ACQ. OF F I N A N . A S SE T S T O T A L D E P O S I T S ♦ CURR . DEMAND D E P O S I T S + CURRENC S A V I N GS ACCOUNTS AT COMMERCI AL BANKS AT SA VI NGS I N S T I T U T I O N S 37.3 61. 1 43. 2 9. 4 33. 7 17. 1 1 6. 6 30.8 65.6 3 9. 7 11.1 28. 6 1 5. 7 12.9 25.0 55. 7 19.2 5.9 13. 3 5.2 8.1 46.4 66.8 37 .8 3 .3 34.5 17.9 16. 6 27.5 57.2 23.8 -.9 24.7 11.3 13.4 14.9 50.6 26.2 1 0. 2 16. 1 7. 1 9 .0 29.6 56.9 15. 3 9.5 5.8 * 5.8 28.4 58.3 11 . 7 5.1 6 .6 2. 4 4.2 33. 3 53.7 10.9 5 .8 5. 1 .4 4. 7 49.7 67.3 36. 7 5. 7 30. S 15.7 15.2 49.5 7 4. 0 47.4 * 47.4 25.7 21.7 53. 1 72.4 56. 2 1.7 54. 4 29. 6 24. 8 19 20 21 22 23 24 25 4.9 1 8. 7 5 .0 16. 1 4.9 15 .0 4.9 15. 2 4. 9 2 0. 1 4.9 16. 7 4 . 8 26 18. 2 27 1 2 3 4 5 6 7 19 20 21 22 23 24 25 PERSONAL I NCOME L E S S - PERSONAL T A X E S + NONTAXE PERSONAL OU T L A Y S = PERSONAL S A V I N G , N IA B A S I S + C RE D I T S FROM GOV T . I N S U R. + C API T AL GAI NS CI VI DENDS + NET DURABLES IN CONSUMPTI ON 26 27 L I F E I NSURANCE RESERVES PENSI ON FUND RESERVES 4. 8 1 4. 1 4.5 15.3 4.9 1 5. 4 4. 9 17 .5 4.8 11.8 28 29 30 31 32 33 34 C R E D I T MKT . I NST RUMENT S U . S . GOV T . S E C U R I T I E S S T A T E AND L OC A L O B L I G . CORPORATE AND F GN. BOND I NVEST MENT C O . SHARES OTHER CORP. SHARES MORTGAGES * .9 -1.3 3.6 2.6 - 6. 7 1.0 5. 8 5. 2 . 9 5.4 4.7 - 12. 2 1. 8 1 8.0 13.2 1.5 5.3 5 .6 -9.7 2.1 7.0 -5.3 -1.5 12.6 3.2 -4.3 2.5 19 .8 14. 1 4. 1 4. 5 7. 6 - 1 2 .9 2.2 1.5 2.2 2.7 1.3 4.7 - 10. 8 1.4 25. 9 18.6 -.8 6.3 6.1 - 6. 9 2.7 24.9 17.9 -.2 9 .0 4. 2 - 8.1 2.2 23 . 9 13.9 1.2 11.9 2. 1 - 9 .0 3 .8 7. 4 -4.1 - 1.2 9. 5 3. 2 - 3. 3 3. 3 4.4 - 6.2 -3. 5 11.8 3.9 -2. 7 1.1 -7.5 -24. 9 -2.7 17. 1 3 .4 - 2.1 1.8 28 29 30 31 32 33 34 35 36 37 NE T I N V . I N NONCORP. S E C URI T Y C R E D I T MI SCELLAN EOUS -3.6 1.1 1.5 - 2.2 .7 1.8 -3.1 - .8 2.1 -2.3 -. 6 2. 5 -3.8 -1.5 2.3 - 3 .4 - 1.0 3.6 -3.5 - 1 .8 -.1 - 1.9 1. 1 2 .6 -2. 3 -1.3 2. 3 -2 .4 - 1.8 2. 5 -3.0 1.2 2.5 -1.4 -.5 2.5 35 36 37 23. 7 19.7 10 . 5 1.2 3.4 1.2 2. 1 1.3 34. 8 31.8 14.9 1.1 9.0 2.1 3. 1 1.7 3 0. 7 32. 2 16. 2 1.3 8.3 1 .0 2.4 3.0 20 . 4 21.3 12.6 1.4 3.0 1.3 .3 2.7 29. 6 33 . 0 16. 5 1.2 8.5 1.7 2.9 2.1 35. 8 36 . 0 17. 1 1 .3 9.9 .9 4.2 2.7 27.3 31.5 16. 3 1.3 8 .0 1.0 .9 4. 1 29.9 28.2 14. 9 1.3 7.1 .4 1.5 3.0 20 . 3 24. 5 12.6 1.3 4. 2 . 7 2.3 3 .4 17. 6 2 0.6 11 . 3 1.3 4. 9 1.3 - 1. 1 3.0 2 4. 5 22. 7 11.8 1 .4 4.2 1.9 . 9 2.5 19. 3 1 7. 5 14. 6 1.4 -1.3 1 .6 -. 9 2.1 38 39 40 41 42 43 44 45 3.3 .4 . 3 2. 1 .5 . 4 -2.5 .5 .4 - 1.8 . 6 .4 -4.2 . 5 . 4 - 1.2 .5 .4 -5.1 .5 .4 .7 . 5 .5 -5. 2 . 5 .4 -3.9 . 5 . 4 .9 .6 .4 - 2.2 1. 9 4. 7 .6 .4 9.9 5. 0 2. 1 . 5 38 39 40 41 42 43 44 45 46 47 48 49 BUS. NET I N C RE A S E IN L I A B I L I T I E S C R E D I T MKT. I NS T RUME NT S HOME MORTGAGES OTHER MORTGAGES I NST A L L MENT C O N S . CR. OTHER CONSUMER C R E D I T BANK LOANS N . E. C . OTHER L OANS SECURI TY CREDI T T RADE DEBT MI SCELLAN EOUS DI S C RE PANCY 3.3 6.1 . 9 46 . 6 47 . 4 43 -6.1 49 22 F EBRUARY 1971 T O T A L + NONCORP B US I NE S S T OT A L 5 SECTOR SEAS A OJ US T E D ANNUAL R A T E S SEAS A D J U S T F D 1967 1968 1969 1970 NONF I NANC I AL 1 2 I NCOME BEFORE T A XE S GROSS S AVI NG 3 4 5 6 7 8 9 GROSS I N V E S T ME N T C A P I T A L EXPENDI TURES F I X E D I NVEST MENT BUS I NE S S PL ANT + E QUI P ME NT 1 - 4 FAMI LY R E S I D E N T . CONST OTHER R E S I D E N T I A L CHANGE IN I N V E N T O R I E S 10 NET F I N A N C I A L I N V E S T ME NT NET I N C RE A S E IN F I N A N . A S SE T 11 12 NET I NC RE A SE IN L I A B I L I T I E S C R E D I T MKT I NS T RUME NT S 13 14 SECURITIES HOME MORTGAGES 15 16 OTHER MORTGAGES 17 BANK LOANS N . E .C . 18 OTHER LOANS 19 TRACE CEBT 20 OTHER L I ABI L I T I E S 21 I |1 5 ANNUAL RATES 1 969 I I I BUSI NESS - III IV | | 1970 I II I II IV TOTAL 143.5 80.5 145. 6 8 1 .3 137.3 82. 4 146.4 81.? 147.3 81.8 146.8 83 . 4 141.8 80 . 2 1 36 . 8 80.0 138.2 81. 8 137.8 82 . 8 136. 4 84 .9 1 2 68. 3 94.0 85.8 77. 8 2.0 6. 1 8.2 73. 4 99. 4 91.8 82.7 .9 8. 1 7.6 71. 8 111.1 10 2 . 7 9 2.4 -.1 10.4 8.5 79.6 109.9 106.3 9 5.2 . 7 10 . 4 3.6 71.8 107.4 100.0 89. 1 1.2 9.7 7 .4 71.8 108 . 6 100.7 90.8 -.4 10. 3 7.9 73. C 114. 8 103 . 4 94 .4 -1.5 10.5 11.3 71.7 113.7 106.5 95. 5 .2 10. 9 7.2 75.2 106.8 105. 2 95. 2 * 10 .0 1 .6 78.7 108. 5 105.4 95.5 -. 7 10. 7 3. 1 79. 9 113.7 108.2 96.5 1.8 9. 9 5.5 84. 4 1 1 0. 5 106.4 93.6 1.8 11.0 4. 1 3 4 5 6 7 8 9 -2 5 .7 15. 8 41. 5 37.9 17.0 1.1 9.2 7.7 2.8 6.4 -2. 7 -26.0 27.4 53.3 3 8. 8 12. 1 .3 11.0 10.6 4.8 10.2 4.4 -39. 3 28.3 67.6 49.7 16.4 -.6 11.0 13. 5 9.3 19 .0 - 1.0 -3 0.3 23.8 54.1 46 . 3 27.9 .1 10.5 . 9 6.9 7. 1 .7 -35.6 40.6 76.2 47.4 14. 7 -.1 11 .0 13.9 7.9 21.6 7.1 -36.7 26.6 63.3 51.3 14. 9 -.5 10.9 14.4 11.6 20.7 - 8. 6 -41.8 28.6 70.4 49.4 16. 1 -.7 10. 5 12.3 11.2 23.5 - 2.6 -42.0 17.6 59.7 4 9. 9 1 9. 8 - 1.0 11.6 12. 8 6.7 10.3 - .5 -31. 6 23. 5 5 5. 2 4 1. 6 2 0. 2 - 1.8 9. 7 4. 3 9. 2 14. 7 - 1. 1 -29.7 3 0. 0 59. 8 54. 1 28.9 -.2 9.6 9. 7 6. 1 5. 9 -.2 -33.8 16. 5 50.3 45.4 25.7 2.4 1 0. 6 1.1 5.6 5.1 -.2 -26. 2 25. 0 51. 2 44.4 37. 0 * 12. 1 11. 5 6.9 2 .6 4.2 10 11 12 13 14 15 16 17 18 19 9.3 9.9 10.4 8.5 4.8 3. 1 2.9 .5 21 15. 3 * 7.4 7.0 .4 7.4 1 2 3 4 5 6 136.2 78.4 10. 1 DI SCREPANCY + NONCORP BUSI NESS S T AT EMENT S OF S A VI NG AND I N V E S T ME N T ( B I L L I O N S CF OCLLARS) 7. 1 9.5 2.8 FARN BUSI NESS 1 2 3 4 5 6 NET INCOME NET S A V I N G ( 1 ) C A P I T A L CONSUMPTI ON NONCORPORATE CORPORATE CURRENT SURP. = GROSS SAVI NG 7 8 9 10 11 GRCSS I NV E ST ME NT C A P I T A L E X PE N D I T URE S PL ANT AND EQUI PMENT RE S I D E N T I A L CONSTRUCTI ON CHANGE IN I N V E NT ORI E S 12 13 14 15 16 17 NET F I N A N . I N V E S T ME NT N E T . I N C R . I N F I N A N . ASSETS DEMAND DE P. AND CURRENCY MI S C EL L ANEOUS A S S E T S I NSURANCE R E C E I V A B L E S EQ U I T Y IN SPON . AGS . ( 2) NET I NCREASE IN L I A B I L I T I E S C RE D I T MARKET I N S T RUME NT S MORTGAGES BANK LOANS N . E . C . OTbER LOANS U. S. GO V T . F I C B + B K S FOR COOPS 18 19 20 21 22 23 24 25 26 T RACE DEBT PROPRI ET OR NET (1) (2) I NV EST MENT 14. 8 - .1 5 .7 5. 5 .3 5.7 1 5. 0 ♦ 6.2 5.9 .3 6.2 16.4 * 6.7 6.4 . 3 6 .7 16 . 2 * 7.2 6. 8 .3 7. 2 16. 2 * 6.5 6.2 .3 6.4 16. 2 * 6 .6 6 .3 .3 6.6 16.6 * 6. 7 6.5 .3 6.7 16.6 * 6.9 6.6 .3 6.9 17 . 0 * 7.0 6. 7 . 3 7.0 16. 5 * 7. 1 6. 8 .3 7. 1 16. 1 * 7. 2 6.9 .4 7.2 5.7 7.3 6.0 .6 . 7 6. 2 6. 1 5.5 .5 6.7 6. 5 5.5 .6 .4 7.2 6.3 5. 1 . 6 .5 6.4 6.0 5.3 .5 . 1 6.6 6.2 5.4 .6 .3 6.7 6.3 5.2 .6 .5 6.9 7.4 6. 1 . 6 .7 7.0 6.6 5.3 . 6 . 7 7.1 6.3 5.2 .6 . 5 7.2 6.4 5.3 .6 .5 .2 .5 .1 .4 .4 .1 .9 .6 .1 . 4 .4 . 1 .5 .5 .1 .4 .3 * .4 .6 .1 .5 .4 .1 .4 . 5 . 1 .4 .4 * -.5 .5 . 1 . 4 .4 * .4 .5 .1 . 4 . 4 * . 9 .6 . 1 .4 .4 . 1 . 8 .5 .1 .4 .4 * 1.5 . 6 . 1 . 5 . 4 .1 12 13 14 15 16 17 •2 .4 3.2 1.9 . 6 .6 * .6 -.4 3.3 1.7 . 8 . 8 .1 .7 . 1 3.3 2.2 .6 .6 * . 6 .2 3.6 2.3 .6 .7 * .7 . 1 3.3 1.8 .8 .7 . .3 .4 1.0 2.5 1.5 . 5 . 4 - .4 . 8 .2 3. 0 1. 5 . 5 1. 0 . 1 1.0 -. 3 3.7 1.4 1.5 . 8 . 1 . 7 -.3 3.3 1.7 1 .2 .4 .2 .2 -.9 3. 2 2. 2 * 1.1 .2 . 9 18 19 20 21 22 23 24 - 2.6 .7 -3.5 .3 -3.9 .4 -3.6 .4 -3.7 .4 - 3 .6 1.6 -3 . 1 . 8 -3. 7 . 1 -4.1 .5 -4.1 - . 3 25 - 3 . 9 26 - 1.6 .4 .1 .3 .2 * 2.0 3.5 2.1 . 7 .6 .2 . 5 . 8 -2.3 CORPORATE R E T A I N E D P R O F I T S . SHAPES IN F I CB •S t BANKS FOR C OOPS , . 6 . 2 2.7 2.1 .4 .2 AND LAND BANKS. NONFARM NONCORPORATE 1 NET 2 3 CAPI TAL CURRENT INCOME CONSUMPTI ON S URP. = GROSS SAVI NG 7.4 7 5.9 8 4. 8 9 . 6 10 .5 11 B US I NES S 56.4 5 8. 2 59.9 61.3 59. 1 60 . 1 60.4 60.2 60.4 61.1 61. 6 62. 1 1 11.2 11.2 11. 9 11.9 1 2. 5 12.2 13.2 13. 2 12.3 12.3 12.4 12.4 12 .6 12 . 6 12. 7 12. 7 1 2. 9 12. 9 13.1 1 3. 1 13. 3 13.3 13. 5 13. 5 2 3 4 5 6 7 8 9 10 GRCSS I N V E S T ME NT C API T AL EXPENDI TURES FI XE C CAPI TAL PL ANT + EQUI PMENT MULTI- FAMILY RESID. H CM E C ONST RUCT I ON CHANGE IN I N V E N T O R I E S 11.2 14. 7 14.5 9.3 4.5 . 7 .2 11.9 16. 5 15.9 9.8 5.9 2 . 5 12.2 18.0 17.2 10.4 7.1 -.4 .8 13.2 17.9 17. 7 10.4 7.3 .1 .2 12.3 18.1 17.4 10.3 6. 8 . 3 .7 12.4 17.4 17 . 0 10.3 7.2 -. 5 . 5 12.6 18. 7 16.6 10 . 4 7.2 - 1.0 2.1 12.7 17.6 17. 7 10. 7 7.2 - .2 -.1 12.9 16.3 16. 9 10. 5 6. 7 - .3 - .6 13. 1 18. 8 17.5 10. 5 7.7 -.7 1.3 13. 3 18.9 18.2 10. 3 7.3 . 6 . 7 13. 5 4 17. 8 5 18. 4 6 7 10. 4 7.4 8 9 .6 - . 6 10 11 12 13 14 15 16 17 NET F I N A N C I A L I N V E S T . NET A C Q U I S . OF F I N A N . A S S E T CEMANC C E P . + CURRENCY CONSUMER C R E D I T MI S C E L L AN E OUS AS SE T S I NSURANCE R E C E I V A B L E S E Q U I T Y I N SPON. AGS. -3.5 . 9 . 5 .4 .4 * -4.6 1.2 . 7 . 5 . 5 * -5. 8 1.2 .5 .7 . 7 * -4 .7 1.2 .5 .7 .7 * -5.8 .8 .2 .6 .6 * -5.0 1.3 . 6 . 7 .7 * - 6.2 1.8 1.1 .7 . 7 ❖ -4.9 1.0 .3 .7 .7 * -3. 3 . 6 - . 1 .7 .7 ♦ -5.7 . 9 . 2 . 7 .7 * -5.6 1.9 1.2 . 7 . 7 * -4. 3 1.3 .6 . 7 . 7 * 11 12 13 14 15 16 17 18 19 20 21 22 23 NET I NCREASE IN L I A B I L I T I E S C R E D I T MARKET I NST RUMENT S MORTGAGES HOME MORTGAGES MULT I - FAMI L Y COMMERCI AL 4. 3 5. 0 3. 7 . 6 2. 8 .3 24 25 26 27 BANK LOANS N . E . C . OTHER LOANS T RADE D E B T , N E T PROPRI ET OR NET I N V E S T ME NT . 5.8 5.8 3.4 . 1‘ 2. 7 .5 7.0 7.4 3.7 -.3 3.6 .4 5.9 5.1 4 .7 * 4.3 .3 6.6 7.1 3.7 * 3,3 .5 6.3 6.6 4.0 -.2 3.8 .4 8 .0 8.7 3.9 -.3 3.8 .4 5.8 6.4 3.3 -.5 3.4 .4 3. 9 3. 7 3 .9 - .9 4.5 .4 6. 6 5.4 4. 4 -.1 4. 2 •3 7.5 7.6 5. 6 1.2 4.1 .3 5.5 3.9 4. 7 * 4.3 . 4 18 19 20 21 22 23 . 6 .7 I .4 1.1 1.9 1 .8 -.5 .9 1.0 2.3 1.5 1.2 2 .7 2.1 1.7 1.4 - 1.6 1.4 . 5 . 5 .5 1.5 - 1.2 .4 24 25 . 6 -1.3 -. 4 .4 -.8 . 4 -.9 1.7 -.3 -.2 -.7 .4 -.7 * - 1.8 1.2 - 1.2 1.4 -. 4 1.7 - 1.2 1.1 - . 8 26 2 . 4 27 22 FEBRUARY 1971 CORPORATE BUSI NESS CORPORATE BUS I N E S S 6 SECTOR SEAS ADJUSTED ST AT EMENT S OF S A V I N G AND I N V E S T ME N T ( BI L L IONS OF D OL L A RS ) ANNUAL RA T E S SEAS A D J U S T E D 1 967 1968 1969 1970 NONF I N A N C I A L I I 6 ANNUAL RATFS 1969 I II III IV | I 1970 I II III IV CORPORATE BUS I NES S P R O F I T S BEFORE TAX - P R O F I T S TAX ACCRUALS - NET D I V I D E N D S P A I D = UNDI STRI BUTED PROFITS + F G N . BRANCH P R O F I T S + I NV. VALUATI ON ADJ . + C A P I T A L CONSUMPT I ON A L L . = GROSS I NTERNAL FUNDS 66. 1 2 8. 3 18. 8 19. 0 2.1 - 1.1 4 1. 5 61.5 73.6 34.7 2 C. 5 1 8. 4 2. 5 -3. 3 44.9 62.5 74. 7 36 . 0 21.6 17. 1 2.8 -5.4 48.0 62 .5 6 4. 7 30. 8 21 .6 12.3 3.1 -4.9 51. 5 62.C 77.1 3 7. 1 21.1 18. 9 2.7 -5.9 46. 8 62.4 77.0 37.1 2 1. 5 18.4 2.8 - 6.0 47.6 62.7 73 . 0 35.2 21.8 16. 0 2.9 -3.2 48 . 3 64.1 71.5 34 .5 21.9 15. 1 3.0 - 6. 5 49. 1 60.6 65. 3 31. 0 2 1. 7 12.5 3.3 -5. 8 50. 1 60. 1 65. 1 30. 9 21. - 9 12.3 2.8 -4.5 51. 1 61.6 66.1 31.4 21.7 13.0 3.3 -5.9 52.0 62.3 62. 3 29 . 9 21. 0 11. 3 3. 0 -3.3 53. 0 64 . 0 I 2 3 4 5 6 7 8 9 10 11 12 13 14 GROSS I N V E S T ME NT ( 1 0 + 15) C A P I T A L E X P E N D I T URE S F I X E D I NVEST MENT PL ANT AND EQUI PMENT RES I DENT I AL CONSTRUCTI ON CHANGE IN I N V E N T O R I E S 51.3 72.0 64.7 62.5 2.3 7.3 55.3 76.8 69.8 67 . 4 2.4 7. 0 52.9 86.7 79.4 76.6 2 .9 7.2 5 9. 2 85.6 82.8 7 9. 6 3.2 2 .8 5 3. 1 83.3 76.8 73. 5 3.2 6.6 52. 8 84.9 77 . 8 75.2 2.6 7. 1 53.7 89.7 81.0 78 . 8 2.3 8.7 52 . 1 3 8. 7 82.2 78.7 3 .4 6 .6 55. 2 8 3. 9 82.4 79. 4 3.0 1.5 5 8. 5 83.4 82. 1 79. 8 2.3 1. 3 59. 4 88.4 84.1 80.8 3.2 4.3 63. 5 86. 9 8 2. 7 78.5 4.2 4. 2 9 10 11 12 13 14 15 16 NET F I N A N C I A L NET A C Q U I S . - 20. 6 14.6 -21.5 2 5. 6 -33.7 26. 6 -36. 0 26.2 -36.6 16. 2 -28.7 22. 4 -24. 9 28.6 -29. C 14. 0 2.1 .7 2.9 - 2. 8 1.5 -.2 8.6 1.6 1 . <3 1.7 4.4 - 1.1 1.3 - .9 .1 -4.4 - 11.0 - 2.2 12.2 5.5 4.6 2.9 -4.2 - 8.0 8.9 5.0 10. 8 -3.4 .5 -5.1 18.2 . 6 1 8. 7 . 8 6. 1 2. 5 7.2 2.0 8.2 5. 7 32.3 1.5 -2 3. 9 -2.4 17.4 .8 12.2 7. 8 -4. 6 1.2 17 19 19 20 21 22 . 9 7.7 3. 8 2.7 * . 7 * .4 1 2 3 4 5 6 7 8 I N V E S T ME N T OF F I N A N . A S S E T L I Q U I C AS SE T S DEMAND DEP . AND C URR. T I ME DEPOSI TS U . S . GOV T . SECUR I T I E S O P E N - MK T . PAPER S T A T E AND L OCAL O B L I G . 23 24 25 26 27 28 29 30 CONSUMER C R E D I T T RACE C R E D I T MI S C E L L A N E OUS A S S E T S FGN D I R E C T I N V E S T M E N T F GN. C U RRE N C I E S I NSURANCE R E C E I V A B L E S E Q. IN F E D . SPON. A G. OTHER 31 32 NET I NCREASE IN L I A B I L I T I E S C R E D I T MKT. I NST RUMENT S -30 .2 39.3 -32.1 24.7 -1.7 8. 6 5. 1 13. 8 1.0 12.8 1.7 - 2.0 . 4 3.3 3. 8 -14.4 4. 5 2.7 6.7 -2.7 -5.7 -9.5 - 1.0 10 . 5 3.1 1.7 13. 9 1.4 1. 1 .2 .8 * -.7 1.3 17.3 6.7 2. 0 -.2 1.1 . 1 3 .6 1.4 6 .9 * 3.8 .1 1.2 . 1 -5.2 1.7 19. 1 15.1 2 .6 -.3 1.0 * 11.7 1.0 16. 9 9. fc 4.2 .7 1.2 * 3.5 1.5 18. 7 5. 9 2. 5 -.3 1 .2 .1 2.5 .8 14 . 6 -3 .8 - 1.0 -.9 1.2 . 1 - 3 .2 1.6 18. 6 - P .6 5.5 * 1.2 . 1 -15. 4 1.4 4. 8 3. 6 5.3 .1 1.2 . 1 -3. 1 1 .6 2.0 2.2 2.1 .1 1 .2 .1 - 1.1 1.1 2.1 2.6 2. 2 * 1.2 2 - 1.1 23 24 25 26 27 28 29 30 35.2 29.3 47. 0 3 0. 3 60.3 39.1 48 . 5 37.9 69.5 37. 1 56.8 41. 1 62.3 37.4 52.8 41.0 51.1 34.9 53. 5 45.0 43. 1 34.4 46.6 37.3 31 32 27.8 9.2 5.2 * 2.0 3. 3 33 34 35 36 37 38 00 O' 1 17 18 19 20 21 22 -26.5 22.1 - 2 3 . 4 15 23. 2 16 . CORPORATE BONDSl / CORPORATE STOCK MORTGAGES HOME MORTGAGES MULT I - F A M I L Y COMMERCI AL 14.7 2.3 4.5 .6 .8 3.1 1 2. 9 -. 8 5. 8 .1 .8 4.9 12.1 4.3 4. 8 -.3 1.2 3.8 2 1.3 6 .7 4.3 * 1.4 2.9 14.6 . 1 5.0 * .9 4.2 12.5 2.4 4.2 -.2 .9 3.5 10.5 5.6 4.2 -.3 1.0 3 .6 10. 7 9.1 5.7 -.5 2.2 4.0 13.9 6.3 2.4 -. 9 .2 3. 2 2 2. 7 6. 2 3.6 -.1 1.2 2.5 2 0.7 5. 0 5. 8 1.2 2.1 2.5 39 40 41 42 BANK LOANS N .E .C . O PE N- MKT PAP ER F I NA NC E CO. LOANS U . S . G O V T . LOANS 6.4 1. 5 -.3 .2 8. 8 1.6 1.8 .2 11 .0 2.7 4.2 .1 .6 2.6 2.3 .2 12.4 4.9 * .1 12.3 3.4 6.2 .1 8.8 2.1 6.2 * 10 . 6 .3 4.4 .2 5. 5 5.3 1.3 .2 7. 7 . 8 3.5 .4 -.6 . 9 2.6 .2 -4. 7 4. 9 5. 6 2.8 10. 1 3. 8 .4 19.1 1.7 1.6 7 .7 1 .3 7. 6 21. 5 3. 3 -3.7 21.0 - 1.6 - 1 .0 23.9 2.0 - 1.6 10. 5 2.9 2. 0 15.0 -.8 -2. 7 6. 2 5. 0 3.6 5. 9 -.9 10. 1 2.7 32.3 7. 1 31.7 9.5 - 1.8 35 . 6 2.8 -. 8 29.2 9.3 -2.4 32. 1 9 .9 -4.1 42. 1 10.4 -5.2 35.8 8.5 4. 1 32.5 4. 8 3. 6 2 8. 2 3.1 -1.4 31.9 2.9 - 3 .9 28.4 . 5 46 - 1 . 6 47 28 . 0 48 42. 8 1 17 . 1 40.8 47. 1 123.0 39.4 48.2 138.7 45. 1 47 . 6 138.2 44. 2 48.2 133.5 44.5 48.2 135.3 48.4 48.3 140.0 41 .7 48.3 146.3 4 6. 2 47 . 5 139.7 41. 6 47. 5 142.0 38. 9 4 8 . 0 49 135. 8 50 42. 9 51 43 44 45 46 47 48 49 50 51 PR O F I T TAX L I A B I L I T Y TRADE DEBT MI S C E L L AN E OUS L I A B I L I T I E S DI SCREPANCY MEMO- N E T T RADE C R E D I T P R O F I T S TAX PAYMENTS PERCENT R A T I O S : E F F E C T I V E TAX R A T E C A P. O U T L A Y S / I N T . FUNDS C R . MK T . B ORROWI NG/ CA P . E X P. 00 33 34 35 36 37 38 \l Line 33 excludes new issues sold abroad, and line 26 excludes direct investment financed by foreign security flotations. 47. 5 135. 4 53. 9 - 1 0 . 3 39 3 . 3 40 2 . 0 41 . 1 42 3.8 3.6 1.9 43 44 45 22 F EBRUARY GOVERNMENTS 1971 GOVFRNMENTS 7 SECTOR SEAS A OJ US T E C ST AT EMENT S OF SAVI NG ANO I N V E S T ME NT ( B I L L I O N S OF DOLLARS) ANNUAL R A T E S SEAS A D J U S T E D ANNUAL RATES 1967 1968 1969 STATE 1 2 3 4 5 6 7 TAX R E C E I P T S S O C . I N S . + GRANTS 3 ECD . PURCH. OF GOODS + SE RV I C E S NET I N T E R E S T + TR AN SF ER S PA ID NET S URPL US , N I A B A S I S L E S S - R E T I REMENT CR . T O HH . EQUAL S- GROSS S A V I N G 8 NET F I N A N C I A L I N V E S T ME NT NET A C Q. OF F I N A N . A S S E T S 9 T O T A L DEPCS I T S «■ CURRENCY 10 CURR . AND DEMAND D E P O S I T 11 TI ME DEPOSI TS 12 13 CR E 01 T MK T . I NST RUMENT S 14 U. S . G O V T . S E C U R I T I E S DI RECT 15 16 U . S . G . AGENCY SEC. 17 S T A T E + L OCAL S E C . OTHER CR . MKT . I NST RUMENT S 18 19 CORPORATE BONDS HOME MORTGAGES 20 T A X REC EI V A BL ES 21 22 23 24 25 26 27 28 29 Cl SCREPANCY RE T I R E ME N T FUNDS ARE IN 1970 AND LOCAL I | 1969 I II GOVERNMENTS - III GENERAL IV | I 1 970 I II III IV FUNDS 72.0 21. 5 89. 4 5.7 - 1.6 3.9 -5. 5 81.5 24.8 1 CO. 7 6. 8 - 1.1 4.6 -5.7 91.0 27 . 3 110.8 8. 1 -.6 4.6 -5.3 100. 2 3 2. 3 120.8 10.4 1.3 6. 2 -4 . 9 87.3 26. 1 10 7 . 5 7.6 - 1 .8 3.9 -5.6 89 . 7 26.6 110.0 7.8 -1.5 7.1 -8.7 92 . 3 27.2 111.6 8.2 -.3 4.8 - 5 .0 94.7 29 . 1 114.2 8.7 1.0 2.8 - 1.8 96. 8 30. 6 117 . 4 9.5 . 5 5. 1 -4. 6 99. 2 32. 9 118. 7 10.0 3.4 8. 2 -4. 8 101 . 3 32.3 122.4 10.6 . 6 5.9 -5.3 103. 6 33 . 3 124 . 8 11 . 5 .6 5.5 -4.9 1 2 3 4 5 6 7 - 5. fc 3. 8 1.4 - 1.0 2.4 2.1 .2 -.4 .6 1.9 1.9 * .3 -5. 5 5. 0 3.9 .7 3.2 .4 . 8 -. 3 1.0 * -.4 -.4 . 1 . 7 -5.1 3. 9 -2. 7 3. 2 -5.9 6.1 3.5 1.8 1.7 .3 2.3 2.3 * .6 - 4 .9 7.7 1 0. 1 . 9 9.1 -2.7 -3.1 - 2.1 -.9 .3 .2 .2 * .3 -5.9 8. 1 - 1.2 2.5 -3 .7 8. 1 3.2 2. 1 1.1 .1 4.8 4.8 * 1.1 - 8. 9 1.3 - 1 .6 3 .4 -5.0 2.9 -.2 - 1.0 .9 .2 2.8 2.8 * .1 -4.4 1.9 -6.4 3.9 -10.3 7.7 6.8 3.4 3.4 .2 .8 .8 * .5 - 1.2 4.4 -1. 7 2. 9 -4.6 5.6 4.2 2.8 1.4 .6 .8 .8 * .5 - 5 .0 4 .9 6. 1 -. 4 6. 5 -1.9 - 2. 8 - 3. 1 . 3 . 2 . 8 .8 * .7 -5. 3 5. 6 10. 9 .7 10.2 -5. 0 - 6. 4 -3. 8 -2.5 . 5 . 9 .9 * -.3 -4. 8 4.9 12.2 .7 11. 5 -7.9 -7.0 -5.5 -1.5 .2 - 1.0 - 1.0 . 6 -4. 7 15. 5 11. 1 ?. 7 8.3 4.1 3.Q 3.9 ♦ . 1 * ♦ * . 4 8 9 10 11 12 13 14 15 16 If 18 19 20 21 9.5 8. 8 8. 7 1. 8 6. 8 .2 .6 10. 5 9.9 9. 6 . 1 9. 4 .3 .6 9.0 8.5 r,l 3.1 5.0 .4 . 5 12.7 12.2 1 1.8 3.8 8 .0 .4 . 5 13. 9 13.4 12.8 4.3 8.5 .5 .5 10 . 2 9.7 9.4 2.5 7. 0 .3 .5 6. 3 5.8 5.6 2.9 2.7 .3 .5 5.6 5.1 4.7 2.7 2.0 .5 . 5 9.9 9.4 8.9 3.0 5.9 .5 .5 10.9 10.4 10. 2 3. 2 7. 0 . 2 . 5 9.7 9.2 8. 9 1.9 7. 0 .3 .5 20. 2 19. 7 19. 3 7.2 12.0 . 4 . 5 22 23 24 25 2S 27 28 .1 -.3 -.2 - .6 -.6 . 4 . 4 - .4 -.2 29 - NET I N C R . I N L I A B I L I T I E S C R E D I T MK T . BORROWI NG S T A T E + L OCAL OBL I G . S HORT- TERM OTHER U . S . G O V T . LOANS T RADE DEBT EMPLOYEE 7 I NSURANCE * .2 .2 SECT OR. U., S . GOVERNMENT T OT A L R E C E I P T S , N I A B A S I S PERSONAL T A XE S CC RP. P R O F I T S TAX ACCRUALS I N D I R E C T T AXE S I NSURANCE R E C E I P T S 151 . 2 67. 5 30.7 16.3 36.7 175.4 79. 3 3 7. 5 1 8. 0 40. 7 200.6 9 5. 9 39.2 19. 1 46. 5 195.4 9 1.8 34.8 19.6 49. 3 197. 2 93.7 39.9 18. 5 45.1 . 202.5 97. 3 40.2 19. 0 46 . 0 200.8 95.6 38.6 19.5 47.0 202.0 96.9 38. 1 19.3 47.7 195.9 93.4 34.8 19.3 48. 4 1 96 . 7 93. 5 34.9 19. 4 48.9 194.9 89.4 35.7 20.1 49.7 194. 1 90.8 33. 8 19. 6 49. 9 1 2 3 4 5 6 7 8 g 10 11 12 13 T O T A L E X P E N D I T U R E S , NI A B A S I S GOODS AND S E R V I C E S GRANTS ANC CONAT I ONS NET I N T E R E S T I NSURANCE B E N E F I T S NET SURPL US, N I A B A S I S L E S S - I N S U R A N C E C R E D I T S TO HH E QU A L S - GROS S S AVI NG 163. 6 9 0. 7 30.7 10.2 32. 0 - 12.4 1.4 -13. 8 1 81.6 9 9. 5 33.4 11.8 3 6. 9 - 6. 2 1.3 -7.5 191.3 1C1. 3 36.8 13. 1 40.0 9. 3 1.6 7 .7 20 6 . 2 99.7 4 3. 7 14. 5 48 . 3 - 10.8 2.4 -13.2 187. 7 100.9 34.9 12.6 3 9. 3 9 .4 1.8 7.7 189.1 99. 8 36.7 12.9 3 9. 7 13.4 1.2 12.1 192.5 102.5 36. 5 13.2 40.3 8.3 2.4 5.9 195.9 102.1 39.0 13.9 40.9 6.1 .9 5.2 1 97 . 7 1 02 . 3 38.7 14.3 42. 4 -1.7 1. 5 -3.2 210. 9 99. 7 46. 4 14. 3 50. 5 - 14. 2 3.6 -17. 8 2 C6 . 7 98.6 44. 5 14. 8 48.8 - 11.8 1.7 -13.6 209.4 98.4 45. 1 14. 7 51.3 - 1 5. 3 2.9 -19.2 6 7 8 9 1" 11 12 13 14 15 16 17 18 19 20 -13.1 2. 9 1.0 4 .6 -.1 .9 3. 8 -7.7 8. 2 -1. 7 4.9 .1 1.1 3.7 8 .4 5.9 1.1 2. 5 -1.3 . 7 3. 1 -10. 3 5.1 2.5 3.3 .1 .3 2.9 8. 6 4. 6 - 3 .0 2.5 - 1.1 .5 3.1 12. 9 2.2 .9 1.7 - 2.2 .8 3.2 6.3 7.7 2.6 3. 7 -.8 .7 3 .8 5 .6 9.1 4.0 2.3 - 1.0 .8 2.4 -. 6 3.9 .6 3.9 . 1 . 3 3.6 -15. 1 2. 9 2.6 3.3 * . 5 2.8 - 10.2 4. 2 . 8 3.2 * .3 2.9 - 1 5 .2 9. 3 6. 1 2. 6 . 3 -. 1 2.3 14 15 16 17 18 19 20 21 22 N E T F I N A N . I NV E ST ME NT NET A C OUI S . OF F I N A N . A S S E T DEMAND D E P O S I T S + CURRENC C R E D I T MARKET I NST RUME NT S AGENCY S E C U R I T I E S MORTGAGES OTHER LOANS EXCESS OF TAX ACCRUALS OVER R E C E I P T S CTHER F I N A N C I A L A S SE T S -4. 4 1.8 2.4 2.5 * 2.2 1 .4 - 2.1 4. 1 1.0 -4.6 4.1 -.6 2.1 1.3 1.6 23 24 25 26 27 28 29 NET I NC RE A SE IN L I A B I L I T I E S U . S . GOVT . S E C U R I T I E S SA VI NGS BONDS D I R E C T EXC. SVGS . B D S . BUDGET AGENCY S EC. L I F E + R E T I R E M E N T RESERVES OTHER L I A B I L I T I E S 16. 0 13. 0 1.0 7.9 4.1 1.4 1.6 15. 9 13.4 . 4 9. 9 3. 1 1.3 1.1 -2 .5 - 3 .6 -.4 -.9 -2.4 1.6 -.4 15.4 12. 7 .2 12.7 -.1 2.4 .2 -4.0 -5.4 -.4 -5.4 .5 1.8 -.4 -10.7 -9. 5 -. 4 -8.4 -.7 1.2 -2 .5 1.4 -.7 -.8 5.6 -5.6 2.4 -.3 3.5 1 .2 .1 4.8 -3.7 .9 1.4 4. 5 2. 7 - .9 4. 1 -.5 1.5 . 3 -. 7 35. 1 . 1 3 5. 0 -.7 39. 2 -2.9 33 . 4 -. 9 35. 8 -.8 44. 7 -.5 39.3 - .4 36 .8 - 2. 6 3 2. 1 1 2 3 4 5 30 31 DI S CREPANCY MEMO- CORP. (13-14) TAX R E C E I P T S , NET F E D E RA L L Y 1 CURRENT SURPLUS 2 NET I NC RE A SE IN A S S E T S 3 C R E D I T MKT. I N T RU ME N T S U . S . G O V T . SEC. 4 5 R E S I D E N T I A L MORTGAGES FARM MORTGAGES 6 7 OTHER L OANS T O COOPS ( B C ) 8 9 TO FARMERS ( F I C B ) TO S + L ' S ( FHLB) 10 1 1 NET I NC RE A SE IN L I A B I L I T I E S C R E D I T MK T . I NSTR . 12 13 AGENCY SECUR I T I ES 14 U . S . G O V T . LOANS MI S CEL L ANEOUS L I A B I L I T I E S 15 16 DI SCR EP ANCY .1 .1 .1 SPCNSOREO C RE D I T -. 6 -2.4 2.1 -1.9 1.3 -.7 21 22 18. C 1 6.2 -. 2 18. 4 - 2.0 3.6 - 1. 8 14. 4 12.3 . 5 11. 0 . 8 1.7 .4 24.5 19 . 6 1.3 17. 2 1.2 2.9 2. C 23 24 25 26 27 28 29 -2.7 35.5 -3.4 33. 6 - 3 . 0 30 3 2. 5 31 A GENCI ES . 1 . 1 .1 .1 -.1 -.1 * 1.1 .7 - 1. 8 .2 . 5 -2.5 3.2 3.2 -.1 1.6 .5 1.2 .1 .2 .9 9.2 9. 0 -.2 3.9 .6 4 .8 .2 .6 4.0 9.9 8.8 1.5 4.6 . 5 2 .3 .3 .7 1.3 4.1 4.0 - 2.0 1.7 .6 3.7 .2 .6 2.9 7.8 7 .6 .3 2.5 .8 4. 0 .2 . 7 3.1 11.1 10.5 -.5 4.7 .6 5.7 -.1 .4 5.3 13 . 7 1 4. 1 1.2 6.6 . 3 5 .9 .3 .8 4.8 15. 8 13.7 2.0 5. 8 . 3 5. 6 .3 1.0 4.4 6. 6 6.8 -.6 5.2 . 5 1. 7 . 1 . 7 .8 8.6 7. 5 1 .4 4.7 .5 .9 . 4 .2 .3 8.5 2 7. 3 3 4 3. 2 5 2. 5 .5 6 1.1 7 .4 8 . 9 9 - . 2 10 -.2 -.6 -.6 -.1 .5 * 3.2 3.5 3.2 .2 -.3 .1 9.1 8 .8 9.1 -.3 .4 . 1 9. 8 7.6 7 .6 4.1 3.6 4. 8 - 1.1 .4 * 7.8 8.4 8.4 11.4 10 . 6 10.6 .8 .5 13.3 12.5 12.5 15. 8 14. 4 14. 4 6.5 5.4 5.4 1.2 * 8.5 6.3 6.3 2.3 .1 8. 5 11 4 . 4 12 4 . 4 13 14 4 . 1 15 . 1 16 - 2.2 . 1 T H I S GROUP C O N S I S T S OF F EDERA L HOME LOAN BANKS, F EDERAL NA T I O NA L MORTGAGE A S S O C I A T I O N , F EDERAL I N T E R M E D I A T E C R E D I T BANKS, BANKS FOR C O O P E R A T I V E S , AND FEDERAL L AND B A N K S . T HESE A G E N C I E S ARE P R I V A T E L Y OWNED AND ARE EXCLUDED FROM U . S . GOVERNMENT BUDGET ACCOUNTS AS OF 196 9 AND FROM U . S . GCVERNMENT F I G U R E S IN T HES E ACCOUNTS FOR AL L YEARS. 2.7 -3 .3 .1 - -.6 .1 .1 .1 - .8 -.3 .1 - 1.3 . 1 .1 1 22 FEBRUARY 1971 BANKI NG SYSTEM BANKI NG SYS T EM 8 SECTOR SEAS ADJ USTED ST AT EMENT S OF S A VI NG AND I N V E S T ME N T ( B I L L I O N S OF OOL L ARS) ANNUAL RA T E S SEAS A D J U S T E D 1967 1969 1 96 8 1970 | 1 8 ANNUAL RATES 1969 I I I IV I I I | | 1970 I II III IV MONETARY A U T H O R I T I E S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 * * * * . 1 .1 NET ACQ. OF F I N A N . A S S E T S GOLC AND F OREI GN EXCHANGE T REASURY CURR. + SDR C T F S . F . R . F L OAT F . R . L OANS TO COM EST IC BANK C R E D I T MKT . I N S T RUME NT S U . S . GOVT. S E C U R I T I E S 4.8 -.5 . 5 * * 4. 8 4.8 3.7 - 1.2 .2 Q * 3. 7 3.9 . 4.2 -.1 * .1 ♦ 4.2 4.2 5.2 -1.4 .7 .7 .2 5 .0 5.0 1.9 * -.4 - 2.6 .9 4. 1 4.0 2.0 -.9 .1 -1.9 . 7 4.0 4.2 5.5 2.0 .2 3.4 .4 -.5 -.4 7.4 -1.5 .3 1 .4 - 2.0 9.3 9.2 6. 1 . 8 1.9 2.4 - .2 1.2 1.1 l.l - 2.0 . 3 -3. 1 . 4 5. 5 5.4 9.9 - 1.0 .4 1.2 1.6 7.7 7.8 3.6 -3 .3 .3 2.3 - 1.2 5.5 5. 6 2 3 4 5 6 7 8 NET I N C RE A S E IN L I A B I L I T I E S MEMBER BANK RESERVES V A U L T CASH O F COML . BANKS DEMAND D E P O S I T S AND CURRENCY DUE T O U . S . GOVERNMENT CUE TO REST OF THE WORLD CURRENCY O U T S I D E BANKS OTHER 4. 7 1.3 . 5 3. 7 .7 1.3 4.2 .3 .1 5.1 2.0 .3 1.9 .5 “ 2.0 - 2.8 .9 5.5 3.0 .1 7.4 .3 - .5 6.1 4.4 2.9 1.1 -1.3 -.2 9.8 5.7 -.4 3.5 - 1.0 - 1.2 9 10 11 .9 * 2. 1 * - 1.0 .1 2.4 .2 .5 -.1 2.8 .6 -.4 * 2.9 .4 -.3 -.2 .9 1.0 -.1 * 3.7 .2 .1 -.1 2.5 -.2 2.3 -.1 4.2 1.2 - 1.2 . 3 -.7 .4 -3.2 -.2 5. 6 .4 2.3 -.2 3.2 -.8 . 6 -.1 3.7 1.5 12 13 14 15 3.2 1.1 3.1 1.1 3.0 1.0 3. 0 1. 0 3.1 1.0 3.1 1.2 1 2 3 4 5 6 7 8 9 CURRENT * SURPLUS * * .1 * .1 1 COMMERCI AL B ANKS—^ I. 3.0 1. 1 39.9 3 6. 9 35.4 9.3 6. 3 .3 2. 7 44.0 39.7 38.4 3.4 2.2 1.1 .2 19.7 16.5 17. 7 - 9 .5 -9.3 1.1 -1.3 41.9 29.3 27.5 8.2 5.2 3.7 -.7 CTHER S E C U R I T I E S + MTG. S T A T E AND L OC AL O B L I G CORPORATE BONDS HOME MORTGAGES OTHER MORTGAGES 14. 3 9. 0 . 8 2.4 2.2 15. 5 8.6 .3 3.5 3.2 5.5 .4 - .1 3.0 2.3 OTHER C R. E X C . S E C U R I T Y CONSUMER C R E D I T SANK LOANS N . E . C . OPE N- MARKET PAPER SECURI TY CREDI T 11.7 1.8 7. 5 2.4 1. 5 19. 5 4. 9 15. 7 - 1.1 1.3 NET ACQ. OF F I N A N . A SSE T S T O T A L BANK C R E D I T C R E D I T MARKET I NST RUMENT S U . S . GOVT S E C U R I T I E S DI RECT AGENCY I SSUES LOAN PAR T I C . C T F S . 10 11 12 13 14 15 16 17 18 19 LOANS TO A F F I L I A T E BANKS V A UL T CASH + M E M . B K . R E S . MI S C . ASSETS NET I NCREASE IN L I A B I L I T I E S DEMAND D E P O S I T S , N E T U . S . GOVERNMENT OT HER 27 28 29 T I ME D E P O S I T S LARGE NEG. C D ’ S OTHER 30 31 32 33 34 35 36 37 38 F . R . FL OAT BORROWI NG AT F . R . BANKS LOANS FROM A F F I L I A T E S BANK S E C U R I T Y I S S UES COMMERCI AL PAPER I SSUES PROF I T T AX L I A B I L I T I E S MI S C EL L ANEOUS L I A B I L I T I E S L I A B . TO F G N . BRANCHES OTHER 39 FCR COMMERCI AL 3.1 1 .0 3 4 5 6 7 8 9 23 24 25 26 S T AT EMENT 2.9 .6 CURRENT SURPLUS PLANT + EQUI PMENT 20 21 22 COMBI NED 2.3 .4 1 2 _ 1 2 3 NET A C Q U I S . OF F I N A N . A S S E T S BANK LOANS N . E . C . ^ ' LOANS TO A F F I L I A T E BANKS 4 5 6 NET I NCREASE IN L I A B I L I T I E S COMMERCI AL PAPER I S S U E S ! / MI S C EL L ANEOUS L I A B I L I T I E S 18. 7 8.8 14. 8 -16. 2 -14.4 - 1.0 -.7 35.5 33.8 29.5 -7.2 - 8. e .1 1.5 14.9 4.2 7.3 - 9 .5 -7.6 1.2 -3.0 9.3 18.9 18. 5 -5.2 - 6.2 4.1 -3.1 36. 1 10.0 10. 6 .6 - .6 2.9 - 1.6 30.3 28.0 34. 1 7.3 7. 3 1.4 -1. 5 69.0 53. 8 44.7 15. 5 11.5 3.8 .2 32. 1 25.5 20.6 9 .5 2.3 6.6 . 1 13.6 11.2 . 5 #g 1 .0 9.3 1.5 .1 4.3 3. 3 8.4 2.3 .1 3.3 2. 7 3.0 -.9 - .2 2.1 2.0 1.5 - 1 .5 - . 2 2.1 1.1 7.4 5.0 1. 1 1 .4 10.3 8. 9 . 9 . 6 * 14. 7 12. 5 1.1 1.0 2 2 . 0 10 1 8 . 3 11 1 . 2 12 . 7 13 1 . 7 14 21.7 3.3 17.8 .5 - 1.1 5.7 1.9 .6 3 .2 1 .8 21.7 3.8 18. 0 -.1 - 6.1 28 . 4 3.9 24.0 .5 4. 3 13.8 2.7 11.1 * -3.1 22.2 3.0 17.6 1 .6 .4 2.6 1.1 4.8 - 3. 3 - .7 1 6. 5 2.3 9. 4 4. 8 - 6. 1 14. 5 3.8 5.3 5.4 9. 1 -10.9 .4 -17.0 5.7 4. 9 15 16 17 18 19 2. 0 2.3 .6 .4 2.2 -.1 2.2 10.5 1.0 .5 8.4 .7 -1.9 3.0 .4 3.1 7.3 •3 -.2 -9.8 .5 7.3 18.4 -.1 -1. 5 3. 8 -.3 5.3 10.1 - . 6 20 - 2 . 1 21 9 . 4 22 38. 1 11. 9 .2 11.6 42.2 13.3 -.2 13.5 18.0 5.2 * 5.2 39 .8 6 .4 2.7 3.7 17.4 -1.4 -5.4 4.0 3 2. 9 6. 7 1.8 4 .9 13.3 8.4 1.8 6.7 7.7 6.8 1.9 4. 8 34. 4 6 .6 2.3 4.3 2 7. 9 6.7 4.8 1.9 66.6 3.2 -1.5 4.8 30.2 9. 0 5.1 4.0 23. 8 4. 7 19. 1 2 0.6 3. 1 17.4 - 9 .7 - 12.6 2.9 38 . 0 15 . 2 22.9 -7. 6 - 1 8 .8 11.2 -9.0 -14.0 5.0 - 21.2 -14.2 -7.0 - 1.1 - 3 .3 2.2 11. 5 5. 3 6.2 2 8. 6 7.6 21. 1 66. 9 34.3 32.6 45 . 1 27 1 3 . 4 28 3 1 . 6 29 * * .9 * - - .2 -.1 2.4 .2 2.2 -. 1 7.3 1.8 5.5 .1 * .6 .1 4.2 .1 17.4 7.0 10. 4 .7 .2 -.1 * - 1 .9 .1 -3.7 - 6.1 2.4 - 2.6 .9 1.0 . 1 .8 26.3 14. 3 11.9 -1.9 .7 .7 .3 4. 2 .6 30.6 14. 6 16.0 3.4 .4 .4 * 5. 0 * 16. 8 4.3 12.5 1.4 - 2.0 .3 - .1 6.9 - .3 -4.1 -5.3 1.2 2.4 -.2 .5 . 2 8.9 .9 3.6 -4.4 7. 9 -3.1 . 4 -.1 * 4. 1 .2 -9.0 -2.9 - 6.1 1.2 1.6 -.3 ♦ -11.5 -.4 5.8 -5.7 11.6 .2 .5 .5 .5 .2 -. 5 -.3 AMOUNTS .2 - I NC L UDE D -.5 * 30 31 32 33 34 35 36 37 38 39 AND A F F I L I A T E S ABOVE -1.5 -1.3 -.1 2.4 1.4 1. 0 7.7 7.0 .7 6.6 6 .2 .4 .9 .6 .3 12. C 11. 5 •5 4. 8 4. 9 -. 1 -11 .7 - 1 1 .5 -.3 -10.9 - 10.3 -.6 1 2 3 -1.5 -1.9 .4 2.4 .8 1.6 7. 7 4.2 3.5 6.6 5.0 1.5 .9 6.9 -5.9 12.0 8.9 3. 1 4. 8 4. 1 . 7 -11.7 -11.5 -.2 -10.9 - 8. 9 - 2.0 4 5 6 _ - “ - 4.4 3.8 .6 _ _ - 4.4 4.2 .2 - .7 FOR HOLDI NG COMPANI ES 2.3 - 1.2 -.6 -8.9 -. 2 -15.2 -11.5 -3.7 23 24 25 26 PART I: . - - -.1 .3 IN J_/ Relationship to other data on bank credit appears on page 18. relationship to other deposit data appears on page 13. 21 Federal Reserve Bulletin, February 1971, page A32. 31 Ibid., page A37. ANC A F F I L I A T E S 3.1 1.0 1.8 1.2 D I SCREPANCY II. _ BANKS 3.0 1.0 The 22 F EBRUARY 197L NONBANK F I NA N C E SUMMARY NON84NK SECTOR SEAS A CJUS T E C ANNUAL RAT ES 1 967 196 8 PRI VATE 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 CURRENT SURPLUS PH Y S I C A L I NVEST MENT NET A C C U I S . OF F I N A N . A S S E T S DEM. D E P O S I T S + CURR . T I ME DEPOSI TS ( MSB) S V GS . + LOAN SHARES ( CR U ) C R E D I T MKT. I N S T R . U . S . GOVT . S E C U R I T I E S S T A T E + LOCAL O B L I G . CORPORATE + F GN . BONDS CORPORATE STOCKS HOME MORTGAGES OTHER MORTGAGES CONSUMER C R E D I T OTHER LOANS SECURI TY CREDI T T RADE C R E O I T MI S C E L L AN E OUS A S S E T S 19 20 21 22 23 24 25 26 27 28 29 NET I NCREASE IN L I A B I L I T I E S T I ME + SVGS. ACCOUNT S I NSURANCE AND P E N S I O N R E S . C R E D I T MKT . I N S T R . F I NA N C E CO. BONDS I NVEST MENT C O. SHARES MT G. LOANS IN PROCESS BANK LOANS N . E . C . OTHER LOANS F I N A N C E CO. PAPER FHLB LOANS 30 31 32 SECURITY CREDIT TAXES PAYABLE MI S C a L A N E O U S L I A B I L I T I E S 33 1969 1970 | NONBANK F I N A N C I A L I II 1970 III II III INSTITUTIONS 1.3 .6 -. 1 .8 -.3 . 8 .5 . 8 -2 .7 .7 .4 .7 * .8 1. 1 .8 . 1 . 8 . 5 .8 . 8 .8 42.4 1.0 * .3 35.4 -1.9 1.2 11. 1 8.3 8.0 6.7 1.4 .6 5C. C . 9 * -. 1 4 5. 6 2.2 1.2 9. 6 9.4 8. 6 7.0 3. 8 3.8 48.7 .5 -.1 * 4 9. C -.8 1.0 6.7 12. 8 8.6 6.7 4.2 9.7 50.9 .9 .7 47. 1 3.9 1.5 10.7 10.3 7.8 7.7 .6 4.6 38. 3 -1.3 -.2 . 1 43.3 -2.4 .4 6.9 10.1 10.6 6.0 4.4 7.3 64. 0 1.4 -.2 -.2 63.7 4.8 1.2 11.3 13. 8 11.2 6.3 5.4 9.8 42.4 . 1 -. 1 46. 5 -4.7 1.5 6.6 12.2 7.1 7.2 3.6 12.9 50.0 1.5 .3 42. 4 - .8 .7 2.0 15.3 5. 5 7.4 3.4 8.9 33 . 9 1. 1 44. 9 . 7 63. 4 1.6 - — .8 34.5 -.6 1.9 2.8 15.4 1.6 6. 3 2.4 4. 8 . 6 4 5. 5 9. 5 - . 1 12. 7 9. 7 4.5 7.4 2. 2 -. 4 .2 56. 9 .9 2.0 13. 8 6.6 10.9 8.0 -.4 15 . 2 3 4 5 1.3 6 51.4 7 5.8 8 9 2.3 13.7 1 ^ 9. 4 1 1 1 4 . 2 12 8 .<5 13 - 1 . 8 14 - 1 . 0 15 2.8 .3 2.6 2.0 . 3 1.4 -2 .6 .4 1.5 -1.4 .4 3.2 - 6. 3 . 4 2.3 -.6 .4 -. 5 -5.2 .4 .6 1 .8 .4 3.5 - 4. 6 .4 1 .7 -3.4 . 4 1. 2 .3 . 4 4. 0 2 . 1 16 . 4 17 6 . 0 18 43.3 17.0 17.5 1.7 1.0 2.6 1.0 -2.1 -.7 1.8 -2.5 49.7 12.8 18. 5 11.4 . 8 4. 7 . 2 2.3 3.3 2. 5 . 9 50.4 8. 1 18.7 I 8 .0 1.6 5.6 * 2. 1 8.6 4.6 4.0 51.6 17.3 20 .0 6 .9 2.1 3.2 .6 -.2 1.2 -.2 1.3 41.7 13. 5 14. 9 15.4 1.4 7.6 .7 . 9 4.9 1.9 2.9 6 4. 2 8.8 22.4 19.4 2.2 4.7 .3 4.9 7.4 4. 3 3.1 44 . 9 5.7 18.7 20.3 1.4 6. 1 -.3 - .6 13.8 8.5 5.3 50.9 4.5 18 .9 16.8 1.3 4.2 -.6 3. 4 8. 5 3.7 4.8 33. 2 5. 5 18. 7 6. 3 1 .3 2.1 - 1.2 -2.3 6. 4 2.0 4. 4 45. 1 15. 9 21.4 8. C 2. 3 3. 2 * 1.2 1.2 . 4 . 8 64. 9 21.8 19.8 7. 9 2. 8 3.9 1 .6 2 .8 -3.2 -3.5 .3 ?.l -.1 5.0 2.0 .2 4. 8 - 2.0 . 1 7 .5 1.5 * 5.9 -9. 5 .2 7.2 3 .8 -.1 9.9 -5.1 .3 4 .9 2.6 . 1 8.0 -1.5 -.2 4. 5 -7.4 - . 1 7. 3 9.4 .1 5.9 5. 6 30 * 31 S . 1 32 -.1 -.2 1.6 1.2 - 1 .4 -.2 1.5 1.5 1.5 D I S C RE PA NCY SUMMARY SEAS A D J US T E D ANNUAL RATES 1969 1 2 F I NA N C E S T A T EMENT S OF SA VI NG AND I N V E S T ME N T ( B I L L IONS OF D C L L A R S ) -1.3 .6 SAVI NGS 61 . 6 .3 — 63. 3 26. 1 20 . 2 5.3 1.9 3.4 2. 2 -2.4 . 2 .5 -. 2 19 2° 21 22 23 24 25 26 27 28 29 33 ASSOC I AT IONS 1 CURRENT .9 1 .0 1. 1 1.1 1. 1 1. 1 1 .. 0 1.1 1 .1 1. 1 1 2 3 4 5 6 7 8 9 NET ACQ. OF F I N A N . A S S E T S DEMAND D E P O S I T S + CURRENC C R E D I T MKT . I N S T R . U . S . GOVT. S E C U R I T I E S HOME MORTGAGES OTHER MORTGAGES CONSUMER C R E D I T MI SC. F I NA NC I AL TRANS. 9.7 -.3 9.1 1.6 6.0 1.5 * .9 9. 7 -. 4 10. 1 .7 7. 2 2.1 . 1 ♦ 9.5 -.2 9.9 . 3 7 .8 1 .8 * -.2 14.3 -.2 11.7 1.4 7.6 2.7 * 2.9 12.8 -.1 12.6 1.8 9. 1 1. 7 * .4 10.2 - .5 11.8 .5 9.5 1. 8 . 1 - 1.2 8.2 _ 9.0 .1 7 .0 2. 0 * -. 9 6.8 * 6. 1 -1.3 5. 5 1 .8 -.1 .8 5 .5 .2 4, . 0 -., 3 3., C 1 ,. 3 - . 1 1 .3 12. 6 * 10. 3 3.2 4.9 2. 2 . 1 2. 3 17. 9 . 1 14. 2 1 .5 9.4 3.2 . 1 3.6 2 1 .? - 1.1 18. 1 1. 1 13 .0 ^.0 ♦ 4.3 2 3 4 5 h 7 8 9 10 11 12 13 14 15 16 NET I NCREASE IN L I A B I L I T I E S S A VI N GS SHARES C RECI T MK T . I N S T R . MTG. L OANS IN PROCESS BORROWI NG FROM FHLB BANK LOANS N . E . C . MI S C E L L AN E OUS L I A B I L I T I E S 9.3 10.6 -1.7 1.0 -2.5 -.1 .4 8.9 7. 5 1.1 . 2 . 9 . 1 .3 8.6 4.1 4.1 * 4.0 . 1 .3 13. 6 11.2 1. 9 .6 1 .3 -. 1 . 5 12.3 8.0 3.2 .7 2.9 -.4 1.1 9.1 4.8 3.5 .3 3.1 . 1 .8 7.4 2.9 5.1 -.3 5.3 . 1 - .6 5.4 .7 4.6 -.6 4.8 . 5 * 4,. 9 2 .. 2 2 .. 5 - 1 ,. 2 4, .4 .7 ,1 11.7 9. 8 . 8 * . 8 * 1. C 17. 1 15. 6 1.7 1.6 .3 -.1 -.2 20. 5 17.0 2.5 2.2 -.2 .6 1.0 10 11 12 13 14 15 16 .5 -2.9 .2 . 9 .1 4.4 .5 3.4 .1 3.8 .3 5.6 -.4 4.8 4 4. 5 .2 .3 - 1.0 . 3 17 - 3 . 5 18 17 18 SURPLUS .4 AND LOAN — 1 2 . 7 •Q DI SCREPANCY MEMOFHLB LOANS L E S S D E P . .3 * 1.1 1.0 .1 MUTUAL S A VI NGS BANKS 1 CURRENT SURPLUS .1 .2 .3 .3 .2 .3 .3 .3 . 3 .3 .3 .3 2 3 4 5 6 7 8 9 10 11 12 13 14 NET ACO. OF F I N A N C I A L A S S E T DEM. D E P O S I T S ♦ CURR. T I ME DEPOSITS C R E C I T MK T . I N S T R . U . S . GOV T . S E C U R I T I E S S T A T E + LOCAL G O V T . S E C . CORPORATE BONDS CORPORATE STOCKS HOME MORTGAGES OTHER MORTGAGES CONSUMER C R E D I T OT HER LOANS MI S C E L L A N E OU S A S S E T S 5.4 * * 5.2 -.3 * 2.1 .2 1.8 1.4 * .1 .1 4.6 .1 * 4.4 -.2 * 1.3 .3 1.4 1.4 .2 * .3 3 .1 * -.1 3.2 -.5 * .3 .2 1.4 1.3 .2 .3 * 4.8 .4 4.2 * * 1.6 .3 1.2 .8 .3 .2 .2 4.9 -. 1 -.2 4.9 .3 * .9 .2 1 .6 1.3 .2 .5 .2 3.5 .2 -.2 3.5 -.5 * .8 .2 1.5 1.2 .2 .1 * 1.8 * 1.4 - 1.0 * -.3 .2 1.1 1.0 . 1 .3 .4 2.1 -.1 2.9 - .8 * - .1 .2 1.4 1.7 .2 . 3 - .7 2.6 - .1 2.3 - . 6 ♦ .9 .3 .2 . 5 . 3 . 7 . 5 5. 2 5. 0 .3 6.3 . 7 4. 7 4.3 . 5 * .9 .3 1.3 .9 .3 .2 .4 2 3 4 5.6 5 -.5 6 * 7 2.8 8 . 3 9 2 . 0 10 . 9 11 . 3 12 - . 1 13 * 14 15 16 S A VI NGS D E P O S I T S MI S C E L L ANE OUS L I A B I L I T I E S 5. 1 4.2 2.6 4.5 .1 .1 .2 .1 3.8 .1 2.7 .5 1.5 * 2.2 . 3 1.6 . 1 4.7 . 1 7.3 -.4 15 16 17 DI SCREPANCY .1 -.7 -.1 .1 .8 -. 6 .1 .9 17 * -.1 * CREDIT - 1.7 1.1 4.4 1 UNI ONS 1 2 3 4 5 6 NET A C QU I S . OF F I N A N . A S S E T DEM. DEPOSI TS + CURR . S V GS . + LOAN SHARES C R E D I T MKT . I N S T R . CONSUMER C R E D I T HOME MORTGAGES 1.2 . 1 . 3 .8 . 7 * 1.1 * -. 1 1.2 1.2 * 1 .4 * * 1.4 1.4 * 1.7 * .7 .9 .9 * 1. 6 * .1 1.6 1.5 * 1.2 * -.2 1.5 1.5 * 1.3 * -.1 1.4 1.4 * 1 .5 * .3 1.2 1.2 4c 1.6 * .8 .8 . 8 * 1. 7 * . 6 1.0 1.0 * 1.5 * .2 1.3 1.3 * 1.9 * 1.3 .5 .5 * 1 ? 3 4 5 6 7 CREDI T 1.2 1.1 1.4 1.7 1.6 1.2 1.3 1.5 1.6 1. 7 1.5 1.9 7 UNI ON SHARES 22 F EeRUARY 1971 I NSURANCE ♦ P E NS I ON FUNDS I NSURANCE SECTOR SEAS ACJUSTEC ANNUAL RA T E S SEAS A D J U S T E D 1969 1 969 LIFE 1 2 CURRENT SURPLUS PH Y S I C A L I NVEST MENT 4- PE NS I ON FUNDS ST AT EMENT S OF S A V I N G AND I N V E S T ME NT ( B I L L I O N S OF COLLARS) 1970 | I NSURANCE I II ANNUAL RATES 1 97 0 III II III COMPANI ES . 8 .6 . 6 .8 .6 .8 .7 .8 .6 .7 .6 .7 .6 .8 .6 .8 .7 . 8 . 7 . 8 . 7 .8 .7 .9 1 2 N ET A C Q U I S . OF F I N A N . A S S E T S DEM. DE PO S I T S + C URR. C R E D I T MKT . I NST RUMENT S U . S . GOV T . S E C U R I T I E S S T A T E AND L OCAL O B L I G . CORPORATE BONDS CORPORATE ST OCK HOME MORTGAGES OTHER MORTGAGES OTHER L OANS MI S C E L L ANE OUS A S SE T S 8. 7 * 8. 4 -. 3 -.1 3.8 1.0 -. 5 3. 4 1.0 .3 9.8 .1 9. 0 -. 1 .2 3.9 1.4 -.7 3.2 1.2 . 6 9.2 * 8.3 -.4 * 1.5 1.7 - 1.1 3.1 3.4 .9 9. 4 * 8 .8 * . 1 1.6 1.9 -1.3 3.6 2.9 .6 9. 1 * 7.6 -.7 ♦ 2.4 1.9 -.7 2. 6 2.2 1.5 9.2 -.4 1 0. 5 * * 2 .7 1.8 -.6 2.9 3.7 - .9 9.1 -.2 8.6 -.8 .2 1.5 1.1 - .8 3.2 4.2 .7 9.2 .3 6.7 .1 -.1 -.6 2.1 - 2. 1 3 .8 3.6 2.2 9. 6 . 4 8.4 - . 5 * . 7 2.2 -1.3 4.0 3. 4 . 8 9. 4 . 3 9. 5 . 5 -.1 2.4 2. 3 - 1.2 3. 7 1. 9 -.3 9.1 -.6 9. 2 .1 .2 1 .3 .5 -1 .2 3.3 5.0 .5 9. 4 * 8. 1 -. 1 . 1 1.9 2.7 - 1.2 3.3 1.4 1.3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 NE T I NCREASE IN L I A B I L I T I E S L I F E I NSURANCE RESERVES PENSI ON FUND RE S E RV E S OTHER L I A B I L I T I E S 8.8 4.7 2. 6 1. 6 9.1 4.6 2.9 1.5 9.2 4.8 2 .9 1.4 9.3 4. 8 3. 1 1.5 9.2 4. 8 2. 9 1.4 9.2 4.9 2.9 1.5 9.3 4.9 2.9 1.3 9. 3 4.8 3 .0 1.5 9. 3 4. 8 3.0 1.4 9.3 4. 8 3. 0 1. 6 9.3 4.8 3.1 1.5 9. 3 4.8 3.1 1.6 14 15 16 17 18 D I SCREPANCY .4 -.8 -. 1 -.2 -.1 -.1 * -.1 -.4 -.2 -.2 18 PRI VATE PENS I C N FUNDS 6.3 * 6.2 . 1 .6 5 .4 .1 .1 6 .0 .2 5. 5 .1 I. 2 4.3 .1 .2 7. 5 1.6 5.5 * .7 4. 8 * .4 6. 1 -.3 7.2 .9 1 .6 4.5 .3 -.7 8.3 .4 7. 1 -. 5 .8 6.5 .3 . 8 .3 6.1 -. 4 1.1 5. 2 . 2 -.6 5. 4 -.3 5.5 .3 1.2 3. 8 ♦ . 2 6. 0 . 8 4.9 .8 1 .? 2.7 .2 .4 6. R .2 5.6 -. 2 I .4 4.4 * 1.0 1 2 3 4 5 5 7 8 4. 8 * 4.7 * -.4 .4 * 4.7 2.3 1.5 .9 * 2.8 * 2.6 -.8 - .8 .1 -. 5 3.9 1. 9 2.1 - .1 .1 5.1 * 4. 9 -. 1 -.2 . 1 - . 1 5.1 2.4 2.3 . 4 . 2 8. 2 * 8. 0 -.4 -. 5 . 1 -. 4 8.9 5. 8 2. 6 . 5 . 2 5.9 * 5 .7 * * -.2 5.9 4.0 1.5 .4 .2 5. 5 1 ♦ 2 5. 3 3 4 -.9 -.9 5 * 6 * 7 6.2 8 4. 1 9 1 . 6 10 . 5 11 . 2 12 1 2 3 4 5 6 7 8 NET ACQ. OF F I N A N . A S S E T S DEM. D E P O S I T S + CURR. C R E D I T MK T . I NS T RUME NT S U . S . GOVT. S E C U R I T I E S CORPORATE BONDS C ORPORAT E STOCK MORTGAGES MI S CEL L ANEOUS 6. 3 .4 5.1 -.6 .9 4. 6 .1 .8 6.4 . 3 5.8 .4 . 7 4. 7 * .3 S T A T E + L OCAL 1 2 3 4 5 6 7 8 9 10 11 12 NET A C Q. OF F I N A N . A S S E T S DEMAND D E P . AND CURRENCY C R E C I T MK T . I NST RUMENT S U.S.GOVT.SECURITIES C I RE C T U . S . G . AGENCY S E C . S T A T E + L OCAL O B L I G A T I O N OTHER CR . M K T . I N S T R U M E N T S CORPORATE BONDS CORPORATE STOCK MORTGAGES OTHER 3.9 .1 3.5 -1.0 - 1.1 .1 -.1 A. 5 3.4 .7 .5 .4 4.6 * 4.5 .4 -.3 . 6 * 4.2 2.5 1.3 .4 .1 GOVT. 4.6 * 4.7 -.2 - .4 .2 -.2 5.1 3.0 1.7 .3 * EMPLOYEE 6.2 * 6. 0 -.4 -.4 * -.2 6. 5 4.1 2.0 .4 . 2 3.3 - 1 .6 5.2 * -. 8 5.8 * -.2 00 3 4 5 6 7 8 9 10 11 12 13 .1 RE T I R E ME N T FUNDS 3.9 ♦ 4. 1 .1 * . 1 * 4.0 2.5 1.2 .3 -.2 7.1 * 7.2 -.3 -.4 . 1 -. 1 7.6 5.2 2.1 .3 -. 1 OTHER I NSURANCE COMPANI ES 1 CURRENT SURPLUS 2 3 4 5 6 7 8 9 10 NET 11 12 NET I N C RE A S E DI S C RE PA NCY ACO. OF F I N A N . A S S E T S DEMAND D E P O S I T S + CURRENC C R E D I T MKT. I NS T RUME NT S U . S . GOVT. S E C U R I T I E S S T A T E AND L OCAL OB L I G . CORPORATE BONDS CORPORATE STOCK COMMERCI AL MORTGAGES TRADE C RE D I T IN L I A B I L I T I E S .4 .1 -.1 -.1 -. 1 -.1 2. 0 ♦ 1 .8 -.7 1.4 . 7 .3 * .3 3.1 . 1 2. 7 -. 2 1 .0 1.2 .8 * .3 3.0 * 2.6 -.4 1.2 .8 1.0 ♦ . 4 3.5 * 3.0 . 2 1.1 .9 .9 * .4 3.3 * 2 .9 -.3 1.2 .9 1.1 * .4 4.6 -.1 4.3 1.0 1.3 . 8 1.2 * .4 .5 -.1 . 1 - 2.2 1.3 .7 .3 * .4 2. 1 . 5 2.4 -.6 3.4 .4 3 .7 .2 3.4 * 4. 9 .2 1.4 . 7 - . 1 * -. 1 -.1 -.1 -.1 3.4 * 3.1 -.3 1.2 .8 1.3 * . 4 3. 7 * 3.3 * 1. 1 .8 1.4 * .4 3. 6 * 3.2 .1 1.1 . 8 1.1 * .4 3.0 * 2. 5 .5 1.0 . 9 .1 * .4 3.5 2 * 3 3. 1 4 . 3 5 1.0 6 .9 7 . 9 8 * 9 . 4 10 3.9 .4 3 .6 - . 2 3. 6 * 3. 8 .7 3.7 .1 1 11 12 22 F EBRUARY 1971 F I N A N C E N . E . C . + F ORE I GN FI NANCE N . E . C . + 11 SECTOR SEAS 1 A D J US T E D CURRENT ANNUAL RA T E S SLRPLUS OF GROUP NET ACQ. OF F I N A N . A S S E T S CEMAND D E P . + CURRENCY HOME MORTGAGES CONSUMER C R E D I T CT HER LOANS ( T O B U S . ) 6 7 8 9 NE T I NCREASE IN L I A B I L I T I E S CORPORATE BONDS BANK LOAN S N . E . C . OPEN MARK E T PAP ER n SEAS A D J U S T E D 1967 196 8 1 969 1970 •- 1.0 -2 . C - 2.1 - 1.4 F I NA N C E 1 2 3 4 5 I | ANNUAL RATES 1969 I II III IV -4. 5 -1 .5 - 1.8 -.7 | I 197 0 I II III IV - 1.1 -1.3 1 4. 0 .3 -. 4 . 9 3.2 2.0 .3 1.2 - 2.1 2. 6 -.9 * .4 - 2.6 1.3 1 2 3 4 5 - 1.7 -1. 5 COMPANI ES .9 .2 .4 .6 - .4 5 .5 .2 .6 2.4 2.2 8.0 .3 .3 2.6 4. 8 1.8 .2 . 1 -.6 2.1 4.6 .3 .6 2.7 1.0 11.4 .3 .8 3.5 6.7 8.7 .3 -.5 2.2 6.7 7.5 .3 .2 2.1 4.9 2. 1 .3 - . 7 I. 3 1.2 . 9 1.0 - 2.0 1.8 5 .5 .8 2 .3 2 ,. 5 8.2 1.6 2.1 4.6 1.8 2.1 -.1 -.2 4. 7 1.4 1.4 1.9 11.2 2.2 4. 7 4.3 9.1 1 .4 -. 7 8.5 8.0 1.3 2.9 3.7 1. 1 1.3 - 1. 7 2.0 4. 2. 1. . C 3 3 4 2.3 2.8 3. 0 -3. 5 -.6 1.9 -2.9 .5 6 7 8 9 SECURI TY BROKERS AND DEALERS 1 2 3 4 5 NET ACQ. OF F I N A N . A S S E T S DEMAND DEP. + CURRENCY U . S . GOV T . S E C U R I T I E S C THEP S E C U R I T I E S SECURITY CREDI T 2. 4 .2 -. 8 .2 2.8 2. 4 .4 . 8 - . 9 2 .0 - 1 .9 .3 * . 5 - 2.6 1. 7 * 1 .7 1.3 -1.4 -9. 3 .3 -3. 3 .2 -6.5 3.9 .3 3. 0 1.1 -.5 -4.9 .3 -2.7 2.8 -5.2 2.8 .2 2.9 - 2.2 1.8 - 1.6 .2 2.5 .5 -4. 8 -7. 2 ♦ -4. 5 . 6 -3.3 9. 6 * 3.7 5.5 .3 5.9 ♦ 5.0 -1.3 2. 1 1 ? 3 4 5 6 7 8 9 NET I N C R . IN L I A R . - S E C . CR FROM BANKS FROM AG. OF FGN . BANKS CUSTOMER C R E D I T BALANCES 2.1 . 9 1.2 2.0 1 ,. 0 - 2.0 - 1.0 - 1.0 1.5 2.3 -.8 -9. 5 -7.8 .2 -1.9 3.8 4.9 -.2 - .9 -5.1 - 2.8 * - 2.2 2 .6 1.6 * 1.0 -1.5 -. 1 .2 -1 . 6 -7. 4 -5.3 -. 2 -1.9 9.4 8.4 * 1.0 5.6 6.2 * -. 6 6 7 8 9 - 2.0 -.8 - 1.8 - 1.6 -1.3 -1.5 1 3.4 * 3.4 - 1.3 .3 4.3 .2 .2 * .3 -. 8 - 2 .9 4.2 - .3 1.6 -.5 2.2 8.3 * - 1.0 -5. 2 2.6 .3 2.3 -7.0 3.2 -. 8 6. 9 1.9 . 2 1.7 .7 3. 8 . 7 -3.5 2 3 4 5 6 7 8 1 .0 OPE N- E ND 1 CURRENT -1. 5 - 2 .. 2 2 3 4 5 6 7 8 NET ACQ. OF F I N A N . A S SE T S DEM. DEPOS I T S + CURR. C R E D I T MK T . I N S T R . U . S . GOV T . S E C U R I T I E S CORPORATE BONCS CORPORATE STOCKS COMMERCI AL PAPER 1.1 .2 .9 -.5 * 1. 5 * 2.5 .1 2 .4 .2 ,4 1 .. 5 .3 9 NET 2.6 4,. 7 SURPLUS STOCK I SSUES I N V E S T ME N T COMPANI ES -2.3 3.3 -.1 3. 4 -.5 .2 2.5 1.2 5.6 A GENCI ES 1 2 3 4 NET A C Q U I S . OF F I N A N . A S S E T S DEM. D E P O S I T S + CURR. U . S . GOV T . S E C U R I T I E S SECURI TY CREDI T .5 .1 .6 .2 * .1 1.1 .2 .8 - 5 DEPOSI T . 5 ,2 1.1 LIA BILITIES - 1 .6 1.6 * 1.6 . 3 1 .0 .8 -.5 3.2 OF .6 .1 .5 .6 REST 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 -4.8 -1.7 2.8 -.1 2.9 -. 7 .5 - .7 3.8 3.0 -.1 3.1 * . 5 3.1 -.4 4. 1 - .1 4.1 .2 -.6 3.3 1.3 7.6 4.7 6.1 4.2 2. 1 3. 2 3.9 3.4 9 .4 * .3 .2 .8 .2 1.1 -.2 1.5 .3 .8 * 1.6 .4 1.2 * -. 7 -.2 -. 6 .2 1.1 . 2 1.4 -. 2 1.5 .3 . 8 * .6 .2 .4 * 1 2 3 4 .4 . 8 1.5 1 .6 - .7 1.1 1.5 .6 5 1 2 3 4 5 F OREI GN BANKS CF THE WORLD NET U . S . E X P O R T S U.S.EXPORTS U.S. IMPORTS T RANSFER R E C E I P T S FROM U . S . CURRENT ACCOUNT BALANCE 5.2 46.2 41. 0 3. 0 - 2.2 2 ., 5 50, . 6 48.. 1 2 .,8 3 2.0 55.5 5 3. 6 2 .8 .9 3.6 62.3 58.7 2.9 - .7 1.3 47. 8 46. 5 2.4 1.1 1.3 57.2 55.9 3.2 2.0 2.6 58.3 55.6 2.8 .1 2 .6 58.8 56. 2 2 .9 .3 3. 5 6 1. 1 5 7. 6 2. 8 - .7 4. 1 6 2. 8 58. 7 3. C - 1.1 4.2 62.8 58.6 2.9 -1.3 2.7 62.6 59.9 2 .9 . ? NET F I N A N C I A L I N V E S T ME NT N ET A C Q U I S . OF F I N A N . A S S E T GOLD + SDR ' S U . S . DEM. DEP. AND CURREN T I ME DEPOSI TS - 1.2 7.6 1.2 . 3 1.2 ,9 8 .. 5 1 ., 2 ,3 -• 3 3.7 10.3 - 1.0 .3 1.0 .8 6.1 .8 .3 -1.9 5.9 13. 9 .2 -.1 -.5 4.2 15.2 -1.3 .6 -1.4 4. 1 12.4 * .6 . 4 .4 - .2 - 2.8 * 5.7 .6 8. 7 -.4 1.4 4.3 .6 4. 7 -.1 -. 4 -3. 5 .7 5.1 1.4 -. 5 -3.2 6 i.l 7 6. 1 2.2 8 . 5 9 - 5 . 1 10 C R E D I T MK T . I N S T RUME NT S U . S . GOVT. S E C U R I T I E S U . S . CORPORAT E B O N D S ! / U . S . CORPORATE SHARES A CCE PT ANCE S 2.8 2.1 -. 1 . 7 .2 2 .. 4 ,5 3 2 ., 0 6 1.3 - 1.8 .5 1.6 1.0 10. 1 8. 4 . 5 .7 .5 ♦ -4.5 . 9 3.0 .6 .9 - 1.8 .3 .6 1.9 5.1 2 .7 * .7 1.7 - 1.0 -3.7 .9 2.0 -.2 9. 5 8. 0 . 9 - .3 .9 9.4 8. 1 .8 -.3 .9 5.2 4.8 .6 1.5 -1.7 16. 3 12.8 -.3 1. 9 1.9 OTHER ASSETS(l) 2.0 4. .9 8.7 -3.2 14.4 16 . 4 6.3 - 2.1 - 6. 1 -. 7 2.1 -7.9 16 LIABILITIES FGN. EXCHAN 8.7 1.1 7 . ,6 2. 1 6.7 .3 5.4 -2.5 8.0 .4 11.0 -. 1 8 .3 2.8 - .7 -1.9 8. C -2.3 4. 1 - 4. 2 4.4 -1.7 4.9 -1.9 17 13 4. 1 1.3 -.2 3. 0 3.6 3. 0 1. 3 3 2. 1 2.6 3.7 1.5 -.2 2 .4 2.7 2.8 1.1 -.4 2.2 5.0 4 .0 1.5 .2 2.4 3.6 6.0 2.0 .6 3.4 5.1 2.3 2 .0 -1.5 1.8 3.2 2.4 .5 -.1 2.0 - 1.1 2.6 . 7 . 6 1.2 7. 8 1.7 - .4 -.3 2. 4 6. 6 2. 6 2.1 .1 .4 3.5 4.5 2.0 - 2.2 4.7 2.3 19 20 21 22 23 5 - 2.8 -1.5 -4.8 - 2.2 -3.9 -.1 -1.7 - 2.0 -.9 24 FINANCIAL N E T I NCREASE I N OFFICIAL U . S . C R E D I T MKT . I N S T RUME NT S SECURITIES BANK LOANS N . E . C . OTHER LOANS OTHER L I A B I L I T I E S ( 2) , 24 D I SCREPANCY I1 Trade credit, security credit, foreign branch claims on U.S. banks, deposits at U.S. agencies of foreign banks direct investment in U .S ., and unallocated assets. Mainly U.S. direct investment abroad. Excludes direct investment financed by foreign security issues. Excludes foreign security issues by U.S. corporations to finance direct investment abroad. 21 3/ F OREI GN S T AT EMENT S OF S A VI N G AND I N V E S T ME N T ( B I L L I O N S OF DCL LARS) - 1.1 -1.3 11 12 13 14 15 22 FEBRUARY 1971 MONETARV a n d INSURANCE RESERVES SEAS MONETARY AND INSURANCE RESERVES ADJUSTED ANNUAL RATES SEAS ADJ USTEO ANNUAL RATES 1967 1968 1969 GOLD AND O F F I C I A L SPECI AL - 1.2 ME MC- -T OT AL WORL C GOLD STOCK -1 .6 U .S . TOTAL 1.2 II FOREIGN EXCHANGE HOLDINGS - 1 .2 .4 - 1. 6 U .S .P O S I TI O N - 2.2 -.7 - 1 .6 1 .1 2.1 -2 .5 2.8 -2. 3 1. 0 .3 1 .2 - 2.2 -.4 -1.7 1 .8 -.2 2 .0 -3 . 3 -. 1 -3 .2 -3 . 3 -1 .4 -1 .9 - 1 .7 -1 .9 - .1 - 1 .9 -.2 -1.7 1.0 1 .0 NET IMF P O SI T I O N C AP IT AL S U BS CRI PT IO N L E S S - I M F NOTES IMF DE PO SI T S AT F . R . - 1 .0 TREASURY CURRENCY ANC SDR C E R T I F I C A T E S 13 TOT AL U . S . G O V T . L I A B I L I T Y 14 MONETARY A U T HO R IT I E S ASSFT 15 UNALLOCATED ASSET (II II FOREIGN EXCHANGE P O S I T I O N O F F I C I A L F GN . CURRENCY HLOGS TREASURY FEDERAL RESERVE III. I DRAWING RI GHT S 1 U . S . GOLD STOCK AND SDR' S ( 1 ) 2 U . S . G O V T . ( E X . S TAB . FUND) 3 MONETARY A U T H O R I T I E S ( 2 ) II. 1970 I EXCLUDES INITIAL A L LOC AT ION S. .7 .5 .2 (2) .4 .2 .2 MONETARY GOLD INSURANCE AND PENSICN FUND I LIFE INSUR/N CE R ESER VES— NET CHANGE IN L I A B I L I T1 ES U . S . GOVERNMENT L I F E INSURANCE COMPANIES 4.5 4. 6 4.9 .1 4.9 4.9 .1 4. 8 4.8 4.5 4. 9 4 .9 4.9 PENSION FUND RESERVES— NET CHANGE IN L I A B I L I T I E S U . S . GOVERNMENT I NSURANCE SECTOR L I F E INSURANCE COMPANIES PRI VAT E PENSION FUNDS S . + L . G OVT . RT R. FUNDS 15. 3 1.3 13.9 15.4 1.5 13.9 2.9 6.3 4.6 18.7 10.1 2.9 3.3 >.2 17.5 2.9 7.5 7.1 16 .1 2.3 13.8 2. 9 14.1 3.0 8.3 2 8 15.2 1.4 13.8 3.0 2 C. I 3. 5 16.6 3 .0 3.1 6. 8 5.5 . 8 9 10 18 .7 MONEY ANC CE POSI TS SUMMARY MONEY AND DEPOSI TS SEAS SEAS ADJ UST ED ANNUAL RATES ADJUSTED ANNUAL RATES SUMMARY 1970 1968 1969 1970 | I DEMAND D E PO SI T S ANT CURRENCY MON FY SUPPLY D OMEST IC SECTORS HOUSEHOL CS NONF IN ANCI AL BUSI NESS ST AT E AND LOCAL GOVTS. F IN AN CI A L SECTORS MAIL FLOAT REST OF THE WORLD 11 NET I NCR. IN BANKING SYS. L I A B 12 MONETARY A U T HO R IT I ES 13 U . S. G OV T . CASH + DEP. 14 FOREIGN DEPOSI TS 15 CURRENCY 16 COMMERCIAL BANKS U . S . GOVT . DEP. FOREIGN CEP. OTHER 1 6 .0 15.7 11 . 1 7.9 7 .6 5.9 1.8 -.8 3.2 14. 8 1.5 - 1 .0 9.0 9.0 5.1 3.0 2.9 -.9 3. 9 2.5 - 1.1 1 0. 3 3.6 -. 1 3.3 .5 -.1 3. 9 2.5 5.8 -3.3 1 3. 2 6.4 2.3 7 .3 7. 7 5. 7 5.8 .7 1.6 -3.2 -. 2 2.1 3.7 11.9 6. 7 1.8 5. 6 TIME DEPOSI TS AND SAVINGS ACCOUNTS 11.5 LARGE N EGOT IABLE C . D . *S CORPORATE BUSI NESS S TA T E 6 LOCAL GOVTS. FOREIGN HOLDINGS CF C D 'S AT U . S . BANKS -9.8 -3.9 1.1 10.6 5 .1 1.2 A S SE TS HOUSEHDLDS CR EC I T UN ION DEPO SI TS AT SVGS. AND LOAN ASSNS MEMO - HOUSEHOLDS TOTAL T IM E + SVGS. ACCOUNTS V Excludes initial allocation of SDR's in January 1970 of $867 million. 21 Treasury gold stock. 5. 3 28. 6 7. 6 22.9 17.9 1.3 CTHER TI ME DE PO S IT S HOUSEHOLD CORPORATE BUSI NESS S T A T E £ LOCAL GOVT S. FOREIGN HOLDINGS U . S . GOVT. MUTUAL SAVINGS BANKS AT SAVINGS I N S T I T U T I O N S L I A B I L I T IESSAVINGS + LOAN ASSNS. MUTUAL SVG S. BANKS CRE DI T UNIONS - 1 4 .0 -9. 5 -4.0 -.5 2.9 1.5 1 .3 -.2 2. 2 1 .6 1.6 1 5. 6 4. 7 1 .5 1. 5.8 2 4. 8 18 I 1. 3 19 16.1 Transactions in SDR's are in line 2. 5 4 . 4 20 22 F EBRUARY 1971 MONEY SUPPLY R E L A T I O N S H I P MONEY 13 R E L A T I O N OF F / F MONEY SUPPLY DATA T O 0 A I L Y AVERAGE ( B I L L I O N S OF DOLLARS) SEAS A D J U S T E D ANNUAL RA T ES SEAS A D J US T E D 1967 1969 196 8 1970 I . TOTAL | | 13 ANNUAL RAT ES 1 969 I SUPPLY R E L A T I O N S H I P S E RI E S I I I II IV I 1 1970 1 II III TV MQNFY S UPPL Y NET CHANGES AT SAAR— F / F DEMAND D E P O S I T S + CURR. D A I L Y AVERAGE ( OA MS ) TOTAL DI FFERENCE 13.7 11.2 2.6 16.0 14.4 1.7 7.8 6.2 1.6 6.6 11.1 -4.5 4.7 10. 5 -5.8 8 .6 9.5 -.8 9.1 1.6 7.6 9.0 3.5 5.5 3., 9 1 2 ,,0 - 8 .. 1 7. 3 12. 6 -5. 4 7.8 12.8 -5. 0 7.6 7.0 .6 1 2 3 4 T O T A L D I F F . AT Q U A RT E RL Y RAT E A R I S I N G FROM— DATA D I F F . 5 TIMING 6 7 SEASONAL S 2. 6 * 2.4 .1 1.7 -.2 1.5 .4 1 .6 -.2 1.7 .1 -4.5 * -4 .6 .2 -1.4 -.2 -5.2 4.0 -.2 .1 1.4 - 1 .7 1.9 -.2 1.0 1.1 1.4 .1 4.5 -3.3 - 2 ..0 .1 - 6 .. 1 3., 9 - 1. 3 1 6 - 1. 8 -1.3 -.1 -1.9 .7 . 1 2.8 -2. 7 4 5 6 7 1 2 3 I I . NET CHANGE, S . A . Q T R L Y R A T E - F / F ( S E E PART I V . BELOfc) 1 CAMS 2 D I FFERENCE 3 4 D I F F E R E N C E IN U N A D J U S T E D DATA D I F F E R E N C E 5 6 TIMING 11.6 9.1 2. 5 13.6 11.3 2.3 5.0 3.7 1.3 3.7 7.9 -4.2 1.0 2.0 - 1.1 1.2 1.6 -.4 1.7 1.7 1.2 . 1 l.l 1 .. 2 2 .. 1 .9 4 2. I - 1. 7 1.1 2.7 - 1.6 1.0 1.0 * 1 2 3 2.5 * 2. 5 1.9 -.2 2. 1 1 .3 -.2 1.4 -4.5 * -4.5 -5.8 -.2 - 5 .6 1.3 .1 1.2 1.4 -.2 1.6 4.4 .1 4.2 - 5 . .8 .1 - 5 , .9 4 1 •4 -1.7 -.1 -1.7 2.6 2.6 4 5 6 .4 .4 * * . 1 -.1 - .3 * 4.8 .1 2. 9 1.5 .3 - 1 .7 -.3 - 1.2 -.2 * .3 - .6 .2 . 9 -.2 -3.3 . 9 - 1. 9 -2.3 * 4,. 8 1 2 ., 9 1 .9 .1 - 2. 1 4 - 1. 3 3 1 .2 -.4 * . 6 * .9 .8 .2 .6 .4 .2 1.1 .8 .3 .2 ,9 - 1 ,. 1 1. 4 1. 1 . 3 . 8 .5 .3 -.6 * * - 7 D I F F E RE NC E IN SEASONAL S FLOWS V S . L E V E L S 8 ON E - D A Y V S . D A I L Y A V G. 9 SEASONAL BALANCE A DJ US T ME NT 10 PL US: D A Y - O F - WE E K AL LOW. 11 DEMAND DE POS I T S ~ .? “ III. 1 2 3 NET CHANGE, S. A. F /F CAMS D I F F E RE NC E TIMING 5 6 7 8 9 D I F F . IN SEASONAL S FLOWS V S . L E V E L S ON E - D A Y V S . D A I L Y A V G . SEASONAL BALANCE A D J . L E S S — C A Y - 0 F- WEE K AL LOW. D I F F E RE NC E 2.9 3.2 -.3 -.7 .3 -.1 .4 .2 * * - * * - -.2 -.2 - -.8 -.1 -.4 -. 1 .3 * -.1 .1 * * 2.4 3.1 - .6 * . 1 .1 - DERI V A T I O N OF .9 .7 . 2 1 2 3 .3 .2 . 1 -.2 .2 4 . 8 .2 .3 .1 -.2 * . 1 * - .1 * .9 .4 .5 .1 . 1 . 2 * .2 * -. 1 .6 * .4 .1 * ♦ .2 -.1 -.1 .1 5 6 7 8 9 211.0 18. 1 2 5. 1 6. 1 2.2 227. 4 22.7 31.3 8. 1 2. 6 246. 7 27. 2 32. 9 7 .7 4.2 1 2 3 4 5 F/F BANK D E P O S I T S CEMAND D E P O S I T S J.4 OR CALL CAT A— GROSS DEMAND O E P O S I T S - DUE T O U . S . COMML. BANKS - CASH I TEMS - TREASURY D E P O S I T S - F . R. F L OAT 211. 5 18 . 8 32.7 5.2 2. 5 230. 3 21.4 34. 7 5.0 3. 4 241 . 1 23.4 38.2 5.1 3 .4 6 + T I M I N G A D J . TO QUARTER END 7 = C OMMERCI AL - BANK L I A B I L I T Y NET CHANGE 8 _ 152 . 3 11.6 165.8 13. 5 171. 0 5.2 9 10 11 12 + SEASONAL + SEASONAL BALANCE A D J . + D A Y - OF - WE E K ALLOWANCE = NET CHANGE S E A S . A D J . 13 + FOREI GN D E P O S I T S AT F . R . B . T O T A L DEMAND D E P O S I T L I A B . , S . A . QUART ERL Y RA T E ( AS IN PART I I A B O V E , L I NE 14 .2 .6 -.4 2.8 2.5 .3 2.1 2.0 . 1 IV. 1 2 3 .4 5 CURRENCY QTRLY RATE— 4 1. 7 - 2.6 8 1.0 9 - 1 .6 - 2 . 2 10 . 1 1! 2. TI ME _ 11.6 - _ * 1 3. 5 _ -.1 5.1 20 2 . 4 16. 7 25. 1 4.3 2.0 227.6 21. 7 40.7 5.6 1.5 209 . 4 17.8 28 . 0 7.6 2.2 241.1 23.4 38.2 5. 1 3.4 174.7 3.7 1.3 155.6 -10.3 158 . 1 2.5 5.9 159. 8 1 .7 171.0 11.2 1.3 160.6 -10.4 162.8 2.1 164. 1 1.4 _ * 3.7 9.5 I. 5 .3 1.0 - 1.1 -.2 * 1.2 - .7 .9 -.2 1.7 -7. 7 - 2 .3 * 1.2 9.6 1.9 - . 1 1.1 -1.3 -.3 -. 1 .5 -.7 .6 * 1.2 - . 1 -.1 * * ♦ * * 11.6 13.6 5.0 3.7 1.0 1.2 1.7 1.2 183.8 .7 18 3. 1 204.4 .7 203. 7 194.5 .4 194.1 232.6 .4 232.2 203.2 .7 .5 20 2 . 9 200.8 .5 200.2 194.7 .5 .5 194. 8 194. 5 .4 194.1 23.8 20.6 -9.7 38.0 -.7 - 2.8 -5.5 23. 8 2 C. 6 -1 .4 .2 -1 .9 1.1 -.5 - 2.2 -.1 .3 -5.3 * 225. 8 23. 1 27. 8 8.5 2.3 246 . 7 27.2 32.9 7. 7 4.2 .1 1.2 - -.1 . 4 - - 1 74. 7 10. 6 6 7 8 -7.6 9 - 2 . 2 10 . 1 11 1 . 0 12 * ♦ 13 1.1 1 .0 14 I) DEPOSI TS T O T A L IN J . 4 CR C ALL - DUE U . S . COML. BANKS ♦ T I M I N G TO QUARTER END = T C T A L DUE NON BANKS, Q - E N D CLASSIFICATION SHIFT 19 NET CHANGE 15 16 17 18 SEASONAL 20 21 + SEASONAL BALANCE A D J . 22 = T I M E D E P O S I T S , SAQR - - ♦ -9 .7 - ♦ 38.0 196. 9 •4 1.5 198 . 1 205.0 .4 204.6 221.6 •4 221.2 232.6 .4 232.2 15 16 17 18 -.7 4.0 6. 5 16.5 10. 9 19 .4 * -.3 -1.4 . 3 2.9 1.3 -. 6 7.2 -.2 .4 16.7 . 4 20 * 21 1 1 . 3 22 22 FEBRUARY 1971 U . S . GOV T . S E C U R I T I E S U.S. 14 SEAS U.S. ACJUSTEC GOVERNMENT S E C U R I T I E S MARKET ( 8 I L L I C N S OF DOLLARS) ANNUAL RA T ES SEAS A D J U S T E D 196 7 1 96 8 1969 1970 12. 5 8.9 1.0 7.9 16. 7 10.3 .4 9.9 5.5 -1.3 -.4 -. 9 OTHER BUDGET AGENCY I S S UES LOAN PA RT I CIP A T I O N S ( 1 ) SPONSOREC AGENCY I S S U E S ( 2 ) 3.6 . 1 4.0 -.6 6.4 1.5 1.7 3.2 9 NET A C Q U I S I T I O N S , BY SECTOR 10 U . S . G O V E R N ME N T ( A GE NC Y S E C . ) 11 SPONSORED C R E C I T A G E N C I E S 12 D I R E C T MARKET ABL E 13 FHLB S PE C I A L I S S UE 14 FEDERAL RESERVE SYSTEM 12. 5 -.1 * .9 -.9 4. 8 1 T CTAL N E T I SSUES 2 I NCL UDE D IN P U B L I C DEBT 3 HCUS EHOLD S A V I N G S BONDS 4 D I RE C T E X C . S A VI NGS BONDS 5 6 7 8 15 16 17 FOREI GN S HORT - T E RM MARKE T ABL E CTHER 18 19 20 21 P V T . DOMEST I C N O N F I N . SAVI NGS BONDS - HOUSEHOLDS C I R E C T E X C . S V G S . BONDS AGENCY I S S U E S 22 23 24 25 HOUSEHOLDS S AVI NGS BONDS D I RE C T EXC . S V G S . AGENCY I SSUES 26 27 28 CORPORATE N O N F I N . DI RECT AGENCY I S S UES 29 30 31 S T A T E + LOCAL G O V T S . DI RECT AGENCY I S S U E S 32 33 34 COMMERCI AL BANKS DI RECT AGENCY I S S UE S 35 36 37 P RI V A T E NONBANK DI RECT AGENCY I S S U E S BONDS BU S I N E S S F I NA NC E I | GOVT . SFCURITIES SUMMARY 14 ANNUAL RATES 1969 I II III 20 . 3 12.8 .2 12.7 -. 5 -5.8 -.4 -5.4 -l.C - 8.8 - .4 -8.4 10.0 4.9 -. 8 5.6 6.8 - .4 -1.9 9. 1 7. 5 1. 2 -1.3 7.6 5.3 . 8 3 4.8 7.8 -1.3 .7 8.4 16.7 .1 -.1 -.1 3.8 5. 5 -1.3 -.2 5 .3 4.2 2 0.3 .1 1.5 1.6 -.2 5.0 -.5 - 1.1 - 2. 0 - 2.0 ♦ 4.0 2.1 1.6 .5 -. 5 -2.4 1. 9 - 1.8 - 1.8 * 8.4 9.1 -.7 - 1 .7 1.0 -3. 0 . 4 7. 7 .4 4.1 3.2 15. 0 -.4 8.7 6.7 .9 1.0 -1.3 1.2 5.2 .4 3.5 1.4 - 2. 8 -1.3 -1.4 IV | | 197 0 I II III IV 13.8 4.9 . 1 4.8 17 . 2 3. 2 -.9 4. 1 21. 6 18. 2 -.2 18.4 1 8. 7 11.6 .5 11.0 23.9 18. 4 1.3 17. 2 1 2 3 4 5.1 -.8 -4.8 10.6 8.9 - .2 -3.3 12.5 14. 0 2.1 - 2.6 14.4 3.4 . 2 - 2. 2 5.4 7.1 1 .0 -.1 6.3 5.5 1 .3 -.2 4.4 5 6 7 8 - 1 .0 - 2.2 .3 .3 * 4.2 10 . 0 -.8 -.5 -.8 .3 -.4 13. 8 - 1.0 1.2 .4 .8 9.2 17.2 . 1 2.0 2.8 -.8 1.1 21.6 * -. 6 -.8 .2 5.4 18.7 * 1.4 1.6 -.2 7.8 23. 9 .3 3.2 3.1 .1 5.6 9 10 11 12 13 14 -4.5 -4 .6 * - 1. 8 -.4 -1.4 2.7 3.6 -. 9 - 3 .7 -5.9 2.2 8.0 9 .9 - 1 .9 8.1 5. 2 2.9 4.8 5.3 -. 6 12.8 15.9 -3.2 15 16 17 - 6.8 .2 -9 .4 2 .5 21.8 -.4 16. 1 6.2 .9 -.4 -5.1 6.4 23.2 - .8 18.8 5.2 14. 1 .1 5 .0 9.1 6.0 9 -3.2 10.1 - 8.1 -.2 -9.2 1. 3 -1 1 .7 .5 -12.5 .3 13.2 -.4 9.1 4 .5 - 5 .3 .2 - 8. 8 3.3 14. 1 -.4 9. 8 4. 8 2.2 -.4 - 2.2 4.7 18.6 -.8 18 .0 1.4 17.9 . 1 10.8 7 .0 13.9 -. 9 5. 5 9. 3 -4. 1 -.2 -7. 7 3. 8 - 6.2 .5 -8 .4 1.7 1.7 . 9 .8 -1.7 - 2.2 .5 1.7 1.6 .1 4.5 4.2 .3 - 1.0 - 1.8 .8 - 2.2 -2 .7 .4 - 8.0 - 8.6 .6 -5.1 -5.6 . 5 2. 5 2. 4 . 1 1. 5 1.4 .1 7. 8 26 8 . 0 27 - . 3 28 .2 -.4 .6 . 8 -.3 1.0 3.5 1.8 1.7 -3.1 - 2.1 -.9 3.2 2.1 1.1 -.2 - 1.0 .9 6.8 3.4 3.4 4.2 2.8 1.4 - 2.8 -3.1 .3 - 6. 4 -3. 8 -2. 5 -7.0 -5.5 -1.5 3 . 9 29 3. 9 30 * 31 9.3 6.3 3. C 3.4 2.2 1.3 -9.5 -9.3 -.3 8.2 5.2 3.0 -16. 2 -14.4 - 1.8 -7.2 - 8.8 1.6 -9.5 -7.6 -1.9 -5.2 - 6.2 1.0 .6 -.6 1.3 7.3 7.3 -.1 15.5 11.5 4.0 9.5 2.8 6.7 -1.9 - 2.2 .3 2.2 .4 1.8 -.8 -2.4 1.6 3.9 1 .9 2.0 -2.4 -4. 4 2.0 4. 8 2.7 2.0 -4.7 -7 .3 2.6 -.8 -.6 -.2 - .6 -3.2 2.6 9. 5 7.3 2. ? .9 - 2. 0 2.9 5 . 8 35 5 . 6 3S . 2 37 - 1 3 . 2 18 1 . 3 19 - 1 2 . 7 20 - 1 . 8 21 -24. 9 1. 3 -24.7 -1 .5 22 23 24 25 32 33 34 38 39 40 S V G S . + LOAN A S S N S . DIRECT AGENCY I S S UE S 1.6 1.4 .2 .7 .4 .4 .3 - 1.0 1 .3 1.4 * 1.4 1.8 .6 1.3 .5 -.9 1.4 .1 - 2.1 2.1 - 1.3 - 1.6 .3 -.3 - 2.1 1.8 3.2 1.7 1.5 1.5 -.1 1.6 l.l .4 .6 41 42 43 MUTUAL S A VI N GS BANKS D I RE C T AGENCY I S S U E S -.3 - .5 .2 -.2 -. 6 .4 -. 5 -.6 . 1 * -.2 .2 .3 -.5 .8 -. 5 -.9 .4 - 1.0 -.9 -.1 -.8 -.1 -.7 - .6 -l .l .6 . 6 .4 .2 .5 -.2 .7 - . 5 41 . 1 42 - . 6 43 44 45 46 L I F E I NSURANCE DIRECT AGENCY I S S U E S -.3 -.3 * -.1 -.2 . 2 - .4 -.3 * * * * -. 7 -.8 . 1 * -.1 .1 - .8 -.6 -.2 . 1 .1 * -. 5 - . 5 * . 5 . 5 . 1 .1 * * 47 48 49 N O N L I F E I NSURANCE D I RE C T AGENCY I SSUES -.7 -.7 * -. 2 -.4 . 1 -.4 -.5 * .2 .1 . 1 -.3 -.1 -.2 1.0 1.0 * - 2.2 -2.3 .1 -.3 -.6 .3 * . 1 -. 1 .1 * . 1 .5 .2 .4 . 3 47 * 48 . 2 49 50 51 52 P RI V A T E PENSI ON DI RECT AGENCY I S S UES -. 6 -.4 -.1 .4 .4 . 1 . 1 * .1 .1 * .2 * * * * -.1 . 1 .9 .6 .3 -.5 - .4 -.1 - .4 - .6 .3 . 3 .1 .2 . 8 .5 .3 - . 2 50 - . 1 51 - . 2 52 53 54 55 S . + L . G O V T . R T R . F UNDS DI RE C T AGENCY I SSUES .4 -.3 .6 -.2 -.4 .2 -.4 -. 4 * . 1 * . 1 -.3 -.4 . 1 * - .4 .4 -.8 - .8 . 1 -. 1 -. 2 . 1 -.4 -. 5 . 1 * * -.9 -.9 * 56 57 58 59 I NVEST MENT COS. (DIRECT) S E C . BRK RS . + D L R S . ( " ) AG. OF F GN. BANKS ( " ) B K S . I N T E R R . + P O S S . ( •' ) . 2 .8 .1 * -.5 * .8 * .3 1.7 . 5 .1 -.7 -3.3 .3 * * 3.G 1.1 * .2 -2.7 .8 * -1.3 2.9 1.2 * - .8 2. 5 -. 6 * 8. 3 -4.5 1.4 . 1 4 .6 5. 4 3.2 -1.5 9.0 8.1 60 FUNDS - 1.0 - 1.1 .1 MEMO: HELD BY P V T . DOMES T I C ( N O N F I N UN CI AL , BANKS , AND P V T . ( l ) W H E R E NOT SHOWN S E P A R A T E L Y , AGENCY I S S UE S -. 5 -.8 .6 * 5.7 13.3 NONBANK F I N A N C E ) LOAN P A R T I C I P A T I O N S ( 2 ) THE SE I S S UE S ARE O U T S I D E THE BUDGET SECT OR I N FLOW- O F - F U ND S A C C O U NT S . DEBT OF F I N A N C I A L I N S T I T U T I O N S . ARE I NCLUDED WI T H AND O U T S I D E THE U . S . GOVERNMENT T H E Y ARE I N C L L D E D I N C R E D I T MARKET 6.0 8. 7 -7. 0 3.7 .8 .1 4.7 -.1 -.1 * 38 39 40 44 45 45 53 54 55 . 7 56 5 . 0 57 . 4 58 . 1 59 2.0 60 22 F EPRUARY 1971 PRIVATE SECURI T I ES PRI VAT E AND MORTGAGES 15 SEAS ADJUSTEC ANNUAL RA T ES AND MORTGAGES 15 SEAS A D J U S T E D 1967 1968 1969 S T AT E 1 NET CHANGE IN L I A B I L I T I E S OF S T A T E AND L OCAL GOVERNMENTS 2 3 4 NET CHANGE IN AS SE T S S . + L . G O V T . » GEN . F UNDS S . + L . G O V T . , R T R . FUNOS 5 6 7 9 9 10 11 12 SECURITIES P R I V A T E S E C U R I T I E S AND MORTGAGES ( B I L L I O N S OF OCL L ARS) OTHER HOUSEHOLDS CGRPORATE BUS I NES S COMMERCI AL BANKS MUTUAL S A VI NGS BANKS L I F E I NSURANCE C O S . OTHER INSURANCE C O S . F I N A N C E N . E .C . 1970 -AND LOCAL I 1 ANNUAL RATFS 1969 I GOVERNMENT I I III IV ! | 1970 I II III IV SECURITIES 8. 7 9.6 8. 1 11.8 12. 8 9.4 5 .6 4. 7 8. <5 10.2 8.9 19 . 3 1 8. 7 - . 1 9. 6 * * 8.1 .3 -.2 1 1.8 .3 -.2 12.8 .1 ♦ 9.4 .2 -.1 5.6 .2 * 4.7 .6 -.5 8 .9 .2 -.1 10. 2 . 5 - .4 8. 9 .2 -.2 19. 3 . 1 * 2 3 4 8.7 -1.3 -.2 9.0 * -.1 1.4 .1 9 .6 .9 - 1.1 8. 6 * .2 1.0 .1 8.0 1.5 5.1 .4 * * 1.2 -.2 1 1. 7 -1.5 .4 11.2 * . 1 1.1 . 6 12. 7 4. 1 6 .7 1.5 * * 1.2 8 9.3 2.7 3.1 2.3 * * 1.3 * 5.5 -.8 5.5 -.9 * .2 1 .3 .1 4. 6 - . 2 5.0 -1.5 * -.1 1.2 . 1 8. 8 1.2 .6 5 .0 * * l.l . f> 10.1 - 1.2 2.0 8.9 * -. 1 l.l -. 6 8 .9 -3.5 -2.4 12.5 * .2 1 .0 .9 5 19. 2 -2.7 6 7 1.2 13. 3 9 $ 9 . 1 10 1 . 0 11 1 . 3 12 CORPORATE ANO F OREI GN BCNDS 1 2 3 4 5 NET I SSUES CORPORATE BUS I N E S S F I NANCE COMP AN I ES COMMERCI AL 8ANK S REST OF THE WORLD 17.2 14.7 1.0 .3 1.2 15.1 12 . 9 . 8 .3 1.1 14. 8 12.1 1 .6 . 1 1.0 24. 5 21.3 2.1 * 1.1 17. 4 14. 6 1.4 . 2 1.3 15.8 12. 5 2.2 .3 .8 13. 5 10.5 1.4 1.7 12.4 10. 7 1.3 ♦ .4 16.4 1 3. 9 1.3 . 1 1.1 24. 7 2 2. 7 2. 3 ♦ -.2 25 .1 20.7 2. 8 1.6 31. 8 27. 8 1.9 2. 1 6 7 8 9 10 NET PURCHASES HOUSEHOLDS S T A T E AND L OC AL GOVERNMENTS COMMERCI AL BANKS MUTUAL S AVI NGS BANKS 17. 2 3.6 1.9 . 8 2. 1 15.1 5.4 -.4 .3 1.3 14. 8 5.3 2.3 -. 1 .3 24.5 12. 6 .2 .5 1 .6 17.4 4. 5 4.8 . 1 .9 15. 8 1.3 2.8 . 1 . 8 13.5 6 .3 .8 -.2 -.3 12. 4 9.0 .3 -.2 - . 1 16. 4 11. 9 . 8 .9 24. 7 9. 5 . 9 Q 1. 7 25.1 11 . 8 -1 .0 . 9 31.8 6 17. 1 7 * 8 9 1.2 2 . 8 10 11 12 13 14 15 I NSURANCE L I F E I NSURANCE COMPANI ES PR I VAT E PE N S I O N FUNDS S . + L . G O V T . RTR . FUNDS OTHER I NSURANCE COMPANI ES 8.8 3.8 .9 3.4 . 7 8.2 3.9 .7 2.5 1.2 5.9 1.5 .6 3 .0 .8 7.7 1.6 1.2 4.1 .9 5.1 2.4 -.8 2.5 .9 9 .4 2.7 .7 5.2 . 8 6. 1 1 .5 1 .6 2.3 .7 2.9 -.6 .8 1.9 .8 4.9 . 7 1.1 2. 4 .8 10. 3 2.4 1.2 5. 8 . 8 7.4 1 .3 1.2 4.0 . 9 8.3 1. 9 1. 4 4.1 .Q 11 12 13 14 15 16 17 F I NA N C E REST OF .1 -.1 * .3 .5 . 5 1.4 .5 1.0 .9 1.1 .3 .8 * -.8 .9 -3.0 . 9 .7 . 8 5.5 .6 2.6 -.3 16 17 9.3 3. 2 6. 1 6.2 * -.2 9.3 3.9 5.4 5.0 * .4 12.5 3.4 9. 1 9.2 _ -. 1 1 2 3 4 5 S N.E.C. THE WORLD . 1 2 3 4 5 CORPORATE STOCKS 1 2 3 4 5 6 NET I SSUES OPE N- E ND I N V E S T ME NT C OS . OTHER SECTORS CORPORATE B U S I N E S S COMMERCI AL BANKS PEST OF THE WORLD 4.9 2.6 2.3 2.3 * .1 7 8 9 10 11 12 13 14 NET PURCHASES HOUSEHOLDS MUTUAL S A VI NGS BANKS I NSURANCE SECTOR L I F E I NSURANCE COMPANI ES P R I V A T E P E NS I ON FUNDS OTHER I NSURANCE COMPANI ES S . + L . G O V T . R T R . FUNDS 4.9 -4.1 .2 6. fc 1.0 4. 6 .3 .7 15 16 17 18 FI NANCE N . E . C . OP E N - E N C I N V E S T ME NT C O S . BROKERS AND CEALERS REST OF THE WORLD 1.5 1.5 .1 .7 4. C 4. 7 -. 7 -.8 -.1 . 2 10.4 5.6 4.7 4 .3 * .5 9.8 3.2 6.7 6.7 * * 7.8 7.6 .2 .1 -.1 .2 8.3 4.7 3.6 2.4 * 1.2 12.1 6.1 6.0 5.6 * .4 13.4 4.2 9.2 9.1 -.1 .1 4.0 -7.5 .3 8. 1 1.4 4. 7 .8 1.3 10.4 -4.0 . 2 9.8 1.7 5.4 1.0 1.7 9.8 - 1.1 . 3 8 .8 1 .9 4.0 .9 2.0 7.8 -5.3 .2 10.0 1. 9 5.8 l.l 1.2 8.3 - 6.1 .2 9. 9 1.8 4.8 1.2 2.1 12.1 - .8 .2 7.4 1.1 4.5 .3 1.5 13.4 - 3.9 .2 11.9 2.1 6.5 1.3 2. 1 8. 1 - 6. 9 . 3 11.1 2.2 5.2 1 .4 2. 3 9.3 -. 1 .3 9. 9 2. 3 3. 8 l.l 2.6 9.3 1.2 .3 4. 8 . 5 2.7 .1 1.5 12. 5 1.2 .3 9.6 2.7 4.4 . 9 1.6 7 8 9 10 11 12 13 14 1.0 1.5 -. 5 2. 0 2.8 2.5 .3 1. 6 1.2 .8 .4 .7 -.2 -. 7 .5 3 .0 3.6 3.1 . 6 .6 4.6 3.3 1.4 .7 3.2 4.3 - 1.1 2.0 4.0 4. 2 - .2 -.3 -.4 - 1. 0 . 6 - .3 1.5 -. 8 2.3 1.5 -. 5 .7 - 1.2 1. 9 15 15 17 1 8 TOTAL 1 T C T A L MORTGAGE C R E D I T BCR ROW ED BY— SAV I NGS+LOAN A S SNS . U . S . GOVERNMENT 2 3 4 5 6 7 8 9 10 P R I V A T E NON F I N . SECT ORS HOUSEHOLDS NONPROF I T I N S T . BUS I N E S S FARMS NONFARM NONCORPORATE CORPORATE 1 1 FUNDS ADVANCED B Y 12 HOUSEHOLDS 13 S T .+ L OC . GOVTS.,GEN U . S . GOVERNMENT 14 15 FNMA AND LAND BANKS 16 17 18 19 20 21 22 23 24 25 26 27 28 FDS. (1) PVT. FI NANCI AL I N ST . COMMERCI AL BANKS S A VI NGS I N S T I T U T I O N S S V G . + LOAN A S S N S . MU T . S AVI NGS BANKS C R E D I T UNI ONS (1) I NSURANCE L I F E COMPANI ES P V T . PENSI ON FUNDS S T . 4 L 0 C . GOVT. R E T . FD S . OTHER I NSURANCE FI NANCE N . E . C ( 1) MEMO: FHLB LOANS TO (INCLUDED S£L A S S N S . IN 27. 8 8. 1 2. 1 6.0 ' 6. 3 . 1 - .4 1 MORTGAGES 23.0 2 7. 4 25 . 1 29 . 3 28. 9 27.1 26.0 20 . 5 22. 0 27.7 30.4 1 1.0 -.1 .2 -.1 * -.1 .6 * .7 -. 1 .3 -.1 -.3 * -.6 -.1 - 1.2 -. 1 * -.1 1.6 -.1 2.2 . 1 2 3 22. 0 10. 5 1.2 10.4 2. 1 3.7 4.5 27.3 14.9 1.1 11.3 2.1 3.4 5.8 27 . 9 16.2 1.3 10.4 1.9 3.7 4.8 24. 6 12 .6 1.4 10.6 1.7 4.7 4.3 28.7 16.5 1.2 10.9 2.2 3.7 5.0 28.8 17. 1 1.3 10.4 2.3 4.0 4.2 27.5 16.3 1.3 9.9 1.8 3.9 4.2 26 . 7 14. 9 1.3 10. 5 1.5 3.3 5.7 21.8 12. 6 1.3 7.9 1.5 3. 9 2. 4 22. 1 11.3 1. 3 9.5 1.4 4. 4 3. 6 26.3 11. 8 1.4 13. 1 1.7 5.6 5.8 28 . 1 4 14.6 5 1.4 & 7 12. 1 2.2 8 4. 7 9 5 . 2 10 23. 0 1.0 ♦ .9 1.8 27.4 1. 8 .1 1.1 2.2 27.8 2.1 * .7 4.5 25. 1 2.5 * .3 5. 0 29.3 2.2 * .5 2.3 28.9 1.4 * .8 3.3 27.1 2.7 * .7 5 .3 26 . 0 2.2 * .8 7.0 20. 5 3.8 * .3 6. 1 22. C 3.3 * . 5 5. 7 27.7 1.1 .3 5 .3 30.4 1.8 * -.1 3.0 11 12 13 14 15 19. 3 4.6 10. 7 7.5 3.2 ♦ 2 2. 3 6. 7 12.2 9.4 2. 8 * 2C.5 5.2 12. 3 9.6 2.7 * 17 . 4 1.9 12.3 10.3 1.9 * 24. 2 7.7 13. 7 10.8 2.9 * 23.5 6.0 13.9 11 .2 2.7 * 1 8. 4 4. 1 11.1 9.0 2.1 * 16.0 3.2 10.5 7.4 3.1 ♦ 10.3 2.4 5.1 4.4 . 7 ♦ 12. 5 .6 9.1 7. 1 1.9 ♦ 21. 1 2.2 14.9 12. 7 2.2 * 25. 6 2.4 19. 9 17. 0 2.9 * 16 17 18 19 20 21 3. 5 2.9 .1 .5 * .5 2. 8 2. 5 * .4 * .7 2.6 2.1 .1 .3 * .4 2 .9 2.3 .1 .4 * .3 2.2 1.9 * .3 * .7 2.6 2.3 * .3 * 1.0 3.5 2.4 .3 .9 * - .3 1.9 1.6 .3 -.1 ♦ .4 3.2 2.6 .2 . 4 * -. 5 3.0 2. 5 * .5 * -. 2 2.7 2.0 .2 .4 * 1 .4 2.6 2.1 * . 5 * .6 22 23 24 25 26 27 . 9 -2. 5 4.0 " OT HE R L OA NS " C A T E G O R Y ) 1.3 2.9 3.1 5.3 4.8 4.4 .8 -.2 28 .3 22 F E ERU £RY 1971 MORTGAGES, BY T YPE MORTGAGES, BY TYPE MORTGAGE MARKETS BY T Y P E CE MORTGAGE ( B I L L I O N S OF DOLLARS) SEAS ADJUSTED ANNUAL RAT ES SEAS A D J US T E D ANNUAL RATES 1970 HOME 1 2 3 4 5 6 16 | 1970 I II III MCRTG AGE S NET CHANGE IN L I A B I L I T I E S HOUSEHOLDS NONFARM NONCORP. B U S I N E S S CORPORAT E BUS I NESS U . S . GOVERNMENT S A V I N GS AND LOAN A S S N S . 12.5 10. 5 .6 .6 -.1 I.C 1 5. 3 14.9 . 1 . 1 -.1 .2 15.6 16.2 -.3 -.3 - . 1 * 13. 3 12.6 * $ * .6 17 .1 16. 5 * * -. 1 . 7 16. 8 17. 1 -.2 -.2 -. 1 . 3 15.3 16. 3 . 3 -.3 * -.3 13. 1 14.9 - . 5 - .5 - .1 - .6 9 .5 12.6 -. 9 -. 9 -.1 - 1.2 11.0 11.3 -. 1 -.1 -. 1 * 1 5. 7 11.8 1 .2 1 .2 -.1 1.6 16. 8 14. 6 * * . 1 2.2 7 8 9 10 11 NET CHANGE IN A S SE T S HOUSEHOLDS S T A T E ANC LOCAL GOVERNMENTS U . S . GOVERNMENT F E D . N A T . M T G. ASSN . 12.5 .3 * .7 1.1 15. 3 .7 . 1 . 8 1.6 15.6 . 1 * .1 3 .9 13.3 .5 * -.1 4.2 17.1 .2 * . 3 1.7 16.8 -.3 * .2 2.5 15. 3 1.5 * $ 4.7 13. 1 - 1.0 * * 6 .6 9. 5 1.2 * - .1 5. 7 11.0 1. c * . 1 4. 8 15. 7 -.4 16. 8 7 . 1 8 * 9 - . 2 10 2 . 1 11 12 13 14 15 16 COMMERCI AL BANKI NG S A VI NGS I N S T I T U T I O N S SAVI NGS AND L CA N AS SNS . MUTUAL SAVI NGS BANKS C R E D I T UNI ONS 2.4 7.9 6.0 1.8 * 3. 5 8.7 7.2 1.4 * 3.0 9.2 7.8 1 .4 * .9 8.8 7.6 1.2 * 4.3 10.7 9.1 1.6 * 3.3 11 .0 9 .5 1.5 * 2.1 8. 1 7 .0 1.1 * 2.1 7.0 5. 5 1.4 * 1. 1 3.3 3. C . 2 * 6 6.0 4. 9 1. 1 ♦ 1.1 10. 7 9 .4 1. 3 * . 7 15. 0 13. 0 2 .0 * 12 n 14 15 16 17 18 19 20 I NSURANCE L I F E I NSURANCE COMPANI ES P R I V A T E PE NS I ON FUNDS FI NANCE N . E . C . ( M T G . C O S . ) -.3 -.5 .1 .5 -. 8 -.7 * . 7 -.9 -I. 1 1 .3 - 1.1 -1.3 1 .2 -.7 -.7 * . 6 -. 7 -.6 * .9 -. 5 - .8 .3 -.5 - 1.8 - 2.1 .3 .3 - 1.1 -1.3 . 2 -. 6 - 1.2 - 1.2 * -. 4 -1 . 1 - 1.2 .2 1.2 - 1.2 - 1.2 * .4 17 18 19 2H . . RESIDENTIAL . - -.3 4. 3 1 2 3 4 5 6 MORTGAGES 3.6 .8 2.8 3.5 .8 2.7 4.8 1.2 3 .6 5.6 1.4 4.3 4.2 . 9 3. 3 4.7 .9 3.8 1 .0 3.8 5.6 2. 2 3 .4 4.6 . 2 4. 5 5. 4 1.2 4. 2 6.2 2.1 4.1 6. 3 2.0 4.3 1 2 3 4 NET CHANGE IN ASSET S 5 HOUSEHOLDS 6 U . S . GOVERNMENT 7 F EO. N A T . MT G . A S S N . 8 COMMERCI AL BANKS 3.6 -.3 .2 * .3 3. 5 -. 2 . 3 * .3 4.8 . 1 .7 * . 5 5 .6 . 1 .4 . 3 . 3 4. 2 .2 .2 * .6 4. 7 . 1 . 7 * .6 4.8 -. 3 .8 * .4 5 .6 .5 .9 * .6 4.6 .2 .4 . 1 . 3 5. 4 * .5 .4 . 1 6.2 .1 . 6 .4 .2 6.3 * . 2 .4 . 5 4 5 6 7 8 9 10 11 SAVI NGS I N S T I T U T I O N S MUTUAL SAVI NGS BANKS SAVI NGS AND LOAN A S SNS . 1.5 .6 .9 1. 6 .5 1. 1 I .8 . 5 1.2 2. 4 .4 1.9 1. 8 .6 1.2 1.8 .6 1.3 1.7 .4 1 .3 1 .7 . 5 1.2 1. 3 . 3 1. 1 2. 1 .4 1. 7 2.8 .5 2.3 3.2 .6 2.7 12 13 L I F E I NSURANCE C O S . S . + L . G O V T . PE NS. FUNDS 1.4 .5 1.0 .4 1.4 .3 1 .8 .4 1.1 .3 1.1 . 3 1.3 .9 1.9 -.1 1.9 .4 1.8 . 5 1.7 .4 1 . 6 12 . 5 13 00 1 NET BORROWI NG 2 CORPORATE BUS I NES S 3 NONFARM NONCORP. B U S I N E S S -T" 00 MULTI - FAMI LY - 1.3 4.0 .4 4.8 1.3 3.2 .4 4. 2 1. 3 2.5 . 3 4.1 1.4 2.5 .3 5.0 1.4 3. 3 .4 1 2 3 4 4. 8 . 9 1.0 4. 2 . 9 . 1 4. 1 .\ * .5 5 .0 .6 * .9 5 6 7 8 . 5 . 3 3 . 9 . 4 . 5 1.4 1.0 1.7 9 . 4 10 1 . 4 11 2. 1 * 1.6 * 1.7 * 12 13 2.2 1 1.2 * . 5 .4 * * 2 3 4 5 6 7 COMMERCI AL 9 10 11 MORTGAGES 1 NET BCR ROW ING 2 HOUSEHOLDS 3 CORPORATE BUS I N E S S 4 NCNFARM NONCORP. B U S I N E S S 4. 7 1.2 3.1 .3 6. 6 I. 1 4.9 . 5 5.5 1.3 3.8 .4 4.5 1.4 2.9 .3 5.9 1.2 4. 2 .5 5.1 1.3 3.5 .4 5.3 1.3 3.6 .4 5 NET CHANGE IN A S S E T S 6 HOUSEHOLDS 7 U . S . GOVERNMENT 8 COMMERCI AL BANKS 4.7 .2 * 1.6 6.6 .2 2.6 5 .5 .7 * 1.5 4. 5 .7 * .6 5.9 . 8 5.1 .6 5.3 .5 2.2 1.5 1.5 5 .8 1.0 * .6 9 10 11 SAVI NGS I N S T I T U T I O N S MUTUAL SAVI NGS BANKS S A V I N G S AND LOAN A S S N S . 1.3 .7 .6 1.9 .8 1. 0 1.4 .8 .6 1.1 . 4 .8 1.2 . 7 . 5 1.1 .6 . 5 1.3 .6 . 7 1.8 1.2 .7 12 13 L I F E I NSURANCE COMPANI ES OTHER I NSURANCE COMPA NI ES 1.6 * 1. 9 * 1. 8 * 1.9 * 1 .5 * 1.7 * 1.8 * 2.2 * - - - . 2.3 * FARM MORTGAGES 1 NET BORROWI NG BY FARMS NET CHANGE I N A S S E T S — HOUSEHOLDS U . S . GOVERNMENT F E D . LAND BANKS COMMERCI AL BANKS MUTUAL SAVI NGS BANKS L I F E I NSURANCE COMPANI ES 2 3 4 5 6 7 2.1 2. 1 1.9 1 .7 2.2 2.3 1.8 1.5 1.5 1.4 1.7 .8 -.1 . 7 .3 .1 .3 1.0 ♦ .5 .3 * .2 1.2 ♦ .6 .3 * * 1.2 * . 5 . 1 * -.1 1.0 * .6 .5 * * 1.0 -.1 .8 .5 * .1 1.0 * .6 .1 * .1 1.6 * .3 - .1 * -.3 1. 5 * . 3 * * -.3 1.4 * . 5 -.2 * -.2 .8 * .5 .3 * * 22 F EBRUARY 1971 CONSUMER C R E D I T AND BANK LOANS N . E . C . 17 CONSUMER C R E D I T CONSUMER C R E D I T SEAS ADJUSTED AND BANK LOANS NCT ELSEWHERE ( B I L L IONS OF D O L L A R S ) ANNUAL RA T E S SEAS A D J U S T F O 1 967 1968 1969 1970 | I 17 ANNUAL RATFS 1969 I II AND BANK LOAMS N . E . C . CLASSIFIED III IV I I 1970 I II III IV CONSUMER C RE D I T 1 2 3 NET CHANGE IN L I A B I L I T I E S ( HOUSEHOL CS) I N S T A L ME N T C R E D I T N ONI NS T A L ME NT C R E D I T 4.6 11.1 9.3 4. 3 10.2 10.8 3. 4 1.2 9. C 2.1 8.3 1.0 3 .0 1.3 8.5 1 .7 9. 9 .9 8 .9 7.5 4. 9 6. 1 6.1 8.0 1.0 7.1 .4 4.2 .7 4. 9 1.3 4. 2 1.9 .3 1 -1.3 1.6 ? 3 4 5 6 7 8 9 10 NET CHANCE IN A S S E T S I N S T A L ME N T C R E D I T NCNF ARM NONCORP. B U S I N E S S CORPORATE B U S I N E S S COMMERCI AL BANK IN G S A VI NGS I N S T I T U T I O N S F I NANC E COMPANI ES 4.6 3.4 .1 . 6 1.4 .7 .6 11.1 9. 0 . 1 . 9 4. 3 1.4 2.4 9.3 8.3 .1 .7 3.4 1.5 2.6 4.3 3.0 .1 .8 1 .6 1.1 -.6 10.2 8.5 * • .5 3.6 1 .6 2.7 10.8 9.9 . 1 .5 4.0 1.8 3 .5 8.9 8.0 . 1 I. 1 3.1 1.5 2.2 7.5 7.1 . 1 .6 3.0 1.3 2.1 4.9 4. 2 * .9 1.0 1. 0 1.3 6. 1 4. 9 . 1 . 7 2. 0 1.2 .9 6.1 4.2 . 1 1.2 3.4 1.6 - 2.1 11 12 13 14 15 N ONI N S T A L ME NT C R E D I T NONFARM NONC ORP . B U S I N E S S CORPORATE B U S I N E S S COMMERCI AL BANKI NG S A VI NGS I N S T I T U T I O N S 1.2 .4 .4 . 4 .1 2.1 .6 . 8 . 6 .1 1.0 .5 .6 -.1 * 1.3 .4 .6 .3 .1 1.7 . 2 1.2 .2 .1 .9 . 5 . 4 1 .1 1 .0 1.0 .4 -. 5 * .4 .2 .2 * . 7 -.2 .7 . 1 . 1 1.3 . 1 . 7 . X . 1 1.9 l.l .4 .4 .1 1.6 .4 . 6 . 5 . 1 11 12 13 14 15 25.2 -7.2 6. 1 37.2 6.7 1 BANK LOANS NOT T OT A L 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 BANK LOANS AT COMMERCI AL BANKS, F / F B A S I S L E S S : LCANS IN OT HER C A T E G O R I E S MORTGAGES CONSUMER C R E D I T SECURI TY CRECI T CTHEP LOANS F I NA NC E C O. PAPER OTHER COMMERCI AL PAPER ACCEPTANCES HYPOT HEC AT ED D E P O S I T S EQUAL S: BANK LOANS N . E . C . PL US : LOANS BY BANK A F F I L I A T E LOANS BY F . R . BANKS EQUALS: T OT A L BANK LOANS N . E . C NET CHANGE IN L I A B I L I T I E S HOUSEHOLDS FARM BUSI NESS NONFARM NONCORP. BU S I N E S S CORPORATE BUSI NESS S V G S . + LOAN A S SNS . F I NA NC E C OMPANI ES REST OF THE WORLD ELSEWHERE C L A S S I F I E C 17. 8 2 7.4 22.0 10 .7 21.9 31.6 8. 5 4. 6 1.8 1. 5 2. 4 1.1 .7 . 7 7. 5 7.5 6.7 4. 9 1.3 - 1.1 -1.4 .7 - .4 15.7 15.7 5.2 3 .3 - 1.1 .5 -. 1 . 6 * 14.0 3.8 17.8 1. 9 1. 9 1 .8 3.2 1.3 .7 1.1 1. 9 -1.3 .6 7.7 3. 8 - 6. 1 -.1 -.7 .8 -.2 16. 6 1.4 18.0 6.0 3.9 4.3 . 5 -.6 1.0 * 17.0 7.0 24.0 4.1 2.7 -3.1 * .3 .2 - .5 4.9 6.2 11.1 3.2 3.0 .4 1.6 .5 .3 . 8 17.0 .6 17. 6 2.4 1.1 - .7 -3.3 -2.5 . 1 -. 8 - 6.8 11.5 . 2 4. 9 . 6 2. 3 - 6. 1 4. 8 3. 5 .2 1.2 4. 5 4.9 .2 9. 6 2.2 3. 8 9. 1 5.4 3.4 .9 1 .2 16. 8 -11.5 - .4 4.9 7.5 2.1 .7 .6 fc. 4 -.1 - 2.0 -.2 15. 7 3.1 .4 1.4 8. 8 . 1 2. 3 -.3 17. 8 2.4 .6 1. 9 11 .0 . 1 2.1 -.2 .6 .3 . 8 -. 5 .6 -. 1 -.1 -.4 18.0 2.9 .6 1.0 12. 4 - .4 1.4 .2 24 . 0 4.2 .6 1.5 12.3 . 1 4.7 .6 11.1 .9 .8 2.7 8.8 . 1 -.7 -1.5 17.6 1.5 .5 1.7 10 . 6 .5 2.9 -.1 4.9 2. 3 . 5 - 1. 6 5. 5 - .7 -1.7 .6 9.6 - 1. 1 1.5 . 5 7. 7 * 1.3 -. 3 4.9 .9 1.2 .5 -. 6 -.1 3.0 .1 MONEY SUPPLY RELATIONSHIP (Page 13) Part I Line I 2 3 4 5 6 7 II I 5 6 7 8 9 10 11 Ill 4 5-9 .3 4 5 -1.3 6 . 1 . s 7 -. 1 8 . 7 9 - 2 . 6 10 Line I of third section of page 12. Daily averages in this table are increments in month averages from last month of preceding quarter to last month of this quarter. 1-2. 5 + 6 + 7. See Part II, line 5. Part II, line 6 + Part I I I , line 4. Part II, line 7 + Part I I I , line 5. "Seasonal" here means dollar excess of seasonally adjusted flow over unadjusted flow. Lines 14 + 18 + 19 of third section of page 12 at quarterly rates. Differences between money-supply concept of demand deposits derived from last preceding all-bank total (either last Wednesday of quarter or Call Report) and figure for that one day, e.g. March 25, 1970, derived from data going into daily average statistics. Quarterly increments in this difference. Difference between figure for period derived from daily-average data and average for last month of quarter. Quarterly increments in this difference. 8 + 9 + 10 - II. Difference in adjustment method: seasonal in daily average series (month average) adjusted as flows less seasonal in published daily-average series. Seasonal in F/F demand deposit (based on net change from last day of one quarter to last day of next) less seasonal in daily average adjusted as flows. Adjustment to seasonal needed as part of the balancing of all seasonally adjusted sources and uses of funds in the flow-of-funds matrix. Adjustment to allow for effects of intra-weekly seasonal influences on last day of quarter. No statistical difference between the two series. In unadjusted data, only difference is between one-day figure for end of quarter and three week average. Correspond to lines 7-11 in Part II. 2.4 2 .4 3 4. 9 4 5.7 5 6 1.1 7 1.7 2.9 8 9 - 6 . 7 10 - 1 0 . 3 11 12 - 1 7 . 0 13 -17. 0 -.9 * - 1.2 -10.3 .6 -2. 9 - 2. 2 14 15 16 17 13 19 20 ?1 22 FEBRUARY 1971 BANK C RE D I T R E L A T I O N BANK CRED TT R E L A T I O N REL AT I ON OF F / F BA NK C R E D I T ( B I L L I O N S OF D O L L A R S ) SEAS A D J US T E D ANNUAL TO SOURCE CATA SFAS A D J US T E D RAT ES 1970 -9.5 8.2 13 14 15 16 17 18 19 20 21 OTHER I NV E ST ME NT S - NONGUAR. USG AGENCY I S S UES - LCAN P A R T I C I P A T I O N C T F S . - CCRPOPATE BONDS - CORPORATE STOCKS = S T A T E + LOCAL O B L I G . , F / F NE T CHANGE + S E / SON AL = NET C HG. SEAS A C J . Q . R . 61.5 4. 8 4. 2 1.6 .9 5 0. 0 9. 0 71.5 5. 9 4. 4 1 . <3 .9 58.6 8.6 71.3 6 .9 3.0 1.9 . 4 59. 2 .4 85.7 10.2 2.3 2.4 .4 70.4 11.2 9.0 8. 6 .4 11 .2 71.4 5. 6 4.3 1. 9 .9 5 8. 8 .2 . 2 . 4 * 236.0 5.4 230. 5 1.6 4. 7 236. 9 ♦ * * * - 7 9. 5 8.8 2.3 2. 1 .4 65. 9 3.0 .2 3.1 85. 7 10.2 2.3 2.4 . 4 70. 4 4.4 ? 6 295. 5 11.1 284 . 5 308.5 13. C 29 5 . 5 265. 0 9.5 255.5 23 3 . 9 9.0 274.9 284.3 12.2 2 72 . 1 295.5 11.1 284.5 288. 2 13.4 27 4 . 8 2 96. 1 13. 2 282 . 9 301.5 13. 7 28 7 . 8 1.7 1 .9 1.7 - 1.8 .3 5.2 262.8 2.0 276.8 1.9 . 3 274.8 1 .9 286.4 1. 9 .6 1. 8 _ 1.9 * 277 . 3 2 84. 7 - 2.1 4.2 2.1 11.6 -5.3 6.3 -9. 1 7. 3 - 1.8 7.4 -5. 9 1. 5 5.2 264.3 28 6 . 4 * 17. 8 27.4 17. 8 2 7.4 22 . 0 -.1 21.8 RE L A T I ON OF F / F 297.2 * -1.5 7.0 5.5 10.7 10 .7 13.9 - 6. 0 7. 9 - 4 5 SEASONALS METHOD BfiL ANCE A D J US T ME N T OTHER 10 11 12 U . S . COVT. S E C U R I T I E S — F / F , SAQR L . 4 . 3 , SAQR T OT A L D I F F E R E N C E , SAQR 13 14 15 16 17 DEFINITION + T I MI N G SEASONALS METHOD BAL ANCE A C J US T ME NT OTHER 36.9 36. 0 . 9 3 9. 7 38.1 1.6 9 .3 1.6 . 8 . 12.6 12.0 .6 .6 8 . -.6 - 1.2 - .2 -.1 * 2.5 .3 - 2.8 - 1 .. 0 .2 ,1 - 1 .. 1 4 5 2 .. 2 1 ..0 . 1 1 .3 - .7 -2 .1 .6 .8 -.1 1.3 .4 - 1.8 -2. 5 -. 9 - 1.1 - .5 3.1 1.6 * 1. 5 - 1 .2 - 2 ,. 3 .6 .5 1 ,. 2 2 .2 .5 - 1 ., 5 6 7 3 9 -2.4 - 1 .6 -.8 - 1.3 - 2.8 1.5 . 2 - 1. 6 1. 8 1. 8 3. 8 - 2. 0 3 .9 3.5 .4 2.4 .4 2.0 10 11 12 1.4 2.2 - 2.2 -9.5 - 9 .7 .2 8. 2 6.1 2.1 -4. 1 -4. 1 . 1 - 1.8 - 1.2 -.6 3.0 1.5 .3 1.7 .5 - 1.1 .2 .2 * -.1 - .1 * -.5 . 3 -.8 . 1 .5 -.4 * . 5 -.3 - 1 .4 1.0 -.2 .1 1. 4 - .2 - .4 -. 5 . 5 - 1.0 * .3 6 . 2 . 6 .4 .4 * .6 .1 . 5 - .3 -1.3 1.0 - .4 .8 - 1.2 1.2 1. 7 - .5 2.4 2. 0 . 4 3.1 3.8 -. 7 -2.7 1 1 17. 8 17. 2 .6 27.4 26.2 1.2 . 3 . 6 .4 . 1 .3 * * . 6 2.0 -1.3 * * .1 .1 * * 21.8 21.6 . 2 .2 * 1.2 - 1.1 -.1 * 1.1 .4 . 4 * .3 * * . 3 -. 5 - .8 -1 .S i.l 3 .3 SEASONALS METHOD - 1 METHOD - 2 BALANCE AD J US T ME N T OTHER .3 1 ,. 0 3.4 1.8 1.6 - 1.2 29 30 31 32 33 .9 - 1 .3 9.3 6. 1 3.2 -2.9 + TIM IN G -. 4 1.3 - DEFINITION DEF I N I T ION 1 2 3 ♦ 21 28 35. , 8 35. .2 .6 * 11. 7 14. 3 - 2 .6 T O T A L L CANS — F / F , SAQR L . 4 . 3 , SAQR T OT A L C I F F E RE NC E 65. . 2 69, , 2 - 4 . ,0 * 8.9 1 0. 2 -1.3 25 26 27 23. 1 22. 0 1.1 - 1.6 -.3 - 1.0 -.3 .2 .2 * I -1.6 -1.6 * * .6 . 6 IV 18.3 19. 2 - .9 -.2 - .1 -.1 .8 .8 ANNUAL RATES - 2 .0 - 3 .2 1 .2 * .6 .6 9. 8 12.7 -2. 9 SEASONALS METHOD OTHER 29 30 31 1970 III - OTHER S E C U R I T I E S — F / F , SAQR L . 4 . 3 , SAQR T OT A L D I F F E R E N C E 22 7.4 -5.7 1.7 26. .8 23. ,2 3 .,6 7.4 8.8 -1.4 30.6 31. 2 -. 6 18 19 20 23 24 5.0 4.3 9. 3 SEAS A D J US T E D SAAR— 6 7 8 9 289.7 25 25 27 28 - BANK C R E D I T T C L . 4. 3 S E A S ONA L L Y A C J U S T E D ( B I L L I O N S OF DOL L ARS) RA T ES D I F F E R E N C E AT QUA RT E RL Y RAT E DEFINITION ♦ TIMING 308. 5 22 1 3 . 0 23 2 9 5 . 5 24 PERI CDS. II T O T A L BANK C R E D I T F/F L.4.3 DI F F E RENC E . 13 14 15 16 17 18 19 20 21 1.7 297. 2 - 19 69 1 2 3 - - 265.3 7.9 257. 4 N C T E — SCURCE DATA SHOfcN HERE I NC L UDE CCC AND E X P O R T - I M P C R T BANK LOAN P A R T I C I P A T I O N S I N OTHER I N V E S T ME NT S FOR ALL P U B L I S HE D DATA I NCL UDE THEM I N LOANS BEFORE 1 1 / 6 6 . ANNUAL 75.6 7. 9 2. 3 2. 1 .4 63. 0 2. 8 5 2. 2 7 2. 4 5.6 4. 3 2.0 .4 60.1 1.1 -. 5 .6 3.4 ADJUSTED 72.7 7. 5 2 .6 1.9 .4 6 C. 2 1. 0 . 2 1.2 1.1 65 . 0 -5.6 3.8 - 1.8 53.2 5.9 3.2 . 1 1.3 63.7 -1.4 - 1.0 -2 .4 9.3 SEAS 71.3 6 .9 3.0 1.9 .4 59 . 2 - . 5 .2 -.4 54.0 5.6 4.3 1.0 74. 8 8.2 BASIS 71.2 5.9 3.2 1.9 . 4 59 .7 - .4 .2 -.2 58.5 5.6 4.3 1.0 1.3 70.7 -5 .4 1.4 -4.1 1.9 66. 5 -9.5 LOANS TO F OREI GN BANKS T I M I N G ADJ . TO QUARTER END V A L U A T I O N A D J . TO GROSS T OT AL L OA NS , F / F B A S I S CLASSIFICATI ON SHIFT 29 N E T CHANGE 30 ♦ SEASONAL 31 = NET CHG. SEAS A C J . Q .R . 1.8 68. 7 5.3 -1.4 3.9 421.6 11.1 1.4 76. 1 3.4 + ♦ + = 1.7 63. 4 - 2. 2 4. C 1. 8 4 61. 2 5 10.2 2. 3 6 7 8 1.0 74. 8 9 6 . 1 10 - 3 . 7 11 2 . 4 12 408. 7 12.2 396 . 5 1.2 72.6 9. 3 25 26 27 28 55. 8 8.8 2.3 41C.3 9.0 40 1 . 3 61.2 10.2 2.3 I 2 3 51. 6 7. 9 2. 3 39 4. 9 9.5 385 . 4 54.7 6.9 3.0 455.4 13. 0 442. 4 51.5 7.5 2 .6 2.1 1.8 65. 6 - 1.0 1.1 .2 455 . 4 13. 0 442.4 64.5 5.9 4.4 436 . 8 13. 7 423. 1 54.7 6.9 3.0 1.9 66.5 2.9 -4.2 -1.3 421 . 6 11. 1 410.5 62.5 4. 8 4.2 III 423. 2 13. 2 410. 1 4 Cl. 3 7. 9 393.4 U . S . GOVERNMENT S E C U R I T I E S + NONGUARANTEED AGENCY I S S UES + LOAN P A R T I C I P A T I O N C T F S . + T I M I N G A D J . TO QUARTER END + V A L U A T I O N A C J . T C PAR = U . S . GOV T . S E C U R I T I E S , F / F NET CHANGE + SEASONAL = NET C H G . SEAS A D J . Q .R . II I 412.4 13.4 399 . 0 3 59. 9 5.4 354. 5 4 5 6 7 8 9 10 11 12 22 LOANS 23 - I NT ERBANK LOANS 24 = LOANS N E T , L . 4 . 3 . IV III in o 1 T C T A L BANK C R E D I T , J . 4 OR C A L L 2 - I NT ERBANK LOANS 3 = T C T A L BANK CRE D I T * L . 4 . 3 II | ANNUAL RATES 1 97C 1969 10.7 10. 8 -. 1 -.2 .2 . 2 -.1 * - NOT E — SOURCE DAT A SHOWN HERE I NCLUDE CCC AND E X P C R T - I MP O R T BANK LOAN P A R T I C I P A T I O N S I N OT HER I N V E S T ME NT S FOR ALL http://fraser.stlouisfed.org/ PUB L I S HE D DATA I NC L UDE THEM I N LOANS BEFORE 1 1 / 6 6 . Federal Reserve Bank of St. Louis . 6 13 1 . 4 14 2 . 0 15 - . 2 16 - . 4 17 4.9 6.8 -1.9 18 19 20 .3 -.1 . 8 -.8 -.3 .1 - 1.0 -.3 -. 7 . 4 .6 .6 -.1 .2 .8 -.5 -.5 -.7 .2 -. 2 -. 6 .4 .4 . 5 -. 1 .3 .8 -. 5 -.4 -.6 .2 5.5 5.7 -.2 7.9 7.0 o 2.1 2.1 * 6.3 6.8 - .5 - 1. 8 -. 5 -1.3 1 ., 5 2 1 ., 7 9.3 9.9 -.6 1 ,. 7 25 1 .. 6 26 . 1 27 .4 1 .7 - .7 .5 - ■, 7 1 .0 1.8 - 1.1 -.2 .5 -.7 - 1.3 - .2 - .3 1.2 .2 .5 . 1 .6 - 1.0 -.6 . 2 . 1 -.2 -. 7 PE R I C D S . . - 1.8 8 * -.1 - . 9 2 ,. 4 I., 7 .1 .2 i .. 0 .1 -.7 - 1.2 - .3 -.5 i .3 - 1 . 5 21 22 23 24 ,2 28 .3 .6 .3 .7 -1 . 3 29 30 31 32 33 22 FEBRUARY OTHER LOANS 197 1 OTHER LOANS 19 OPEN- MARKET PAPER AND OTHER LOANS ( B I L L I O N S OF DCLLARS ) SEAS ADJUSTED ANNUAL RA T E S SFAS AD J US T E D 1967 1968 1969 OTHER I I 1970 LOANS — 1969 I II NET I NCREASE IN L I A B I L I T I E S HOUSEHOLDS FARM BUS I NES S NCNF ARM NONCORP. BUS I N E S S CORPORATE B US I NE S S S T A T E AND LOCAL GOVERNMENTS S PCNSORED C R . A G E N C I E S BANK A F F I L I A T E S S AVI NGS I N S T I T U T I O N S FI NANCE N . E . C . PEST OF THE WORLD 6. 6 1.3 .6 . 7 1.4 .2 -.1 -2. 5 1.8 3.0 12. 4 1.7 .2 1.1 3.6 . 3 .2 .9 2.5 2. 1 27.7 3.0 .6 1.8 7.0 .4 -.3 4.2 4.0 4.6 2.4 11.5 2.7 .8 .9 5. 1 .u -1 .9 1.3 -.2 2.2 17 . 5 2.1 . 6 2.3 5.0 .5 - 1.1 .8 2.9 1.0 2.4 29. 5 2.7 .7 1.2 9.7 . 3 _ 12 13 14 15 16 17 18 19 20 21 NET I N C RE A S E IN A S S E T S CORPCRATE B U S I N E S S U . S . GOVERNMENT SPONSOREC C R E D I T A GE N C I E S MONETARY A UT H O R I T Y COMMERCI AL BANKS MUTUAL SVGS. BANKS I NSURANCE F I NA N C E N . E . C . REST OF THE WORLD 6. 6 1.5 3.8 - 1. 8 * 2.4 . 1 1.0 -.5 .2 12.4 4. 4 3.7 1.2 -. 1 - 1.1 ♦ 1.2 2.5 .6 27.7 8.6 3.1 4.8 * .5 .3 3.4 6.0 1.0 I 1.5 - 2.0 2.9 2.3 * 3 .2 .2 2.9 1.6 . 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 CPEN MARKET PAPER-TOTAL DIRECTLY- PLACED PAPER-TOTAL L I A B I L I T I E S OF: F I NA N C E COMPANI ES BANK A F F I L I A T E S AS SE T S 0(=: N O N F I N . C ORPORAT I ONS L I F E I NSURANCE C O S . COMMERCI AL BANKS DEALER- PLACED P A PE R- T OT AL L I ABI L I T I E S O F : N O N F I N . CORPORAT I ONS F I NANC E COMPANI ES BANK A F F I L I A T E S ASSETS O F : N ONF I N . CORPORAT I ONS I NVEST MENT COMPA NI ES COMMERCI AL BANKS BANKERS' A C C E P T A N C E S - T O T A L L I AB IL I T I ES O F : REST OF T HE WORLD N ONF I N . B U S I N E S S NONCORPORATE CORPORATE A SSET S O F : A G E N C I E S OF F GN. BANKS REST OF THE WORLD FEDERAL RESERVE COMMERCI AL BANKS IV ANNUAL RATES 1970 I II III IV SFCTOR T OT A L S 1 2 3 4 5 6 7 8 9 10 11 OPEN- MARKET III | I 36.2 4.1 .7 2.1 8.4 .3 27.6 3.0 .4 1 .4 4.8 .5 29 . 7 3. i 1.0 1.4 6.8 .5 1 fc. 3. . . 4. . 9 0 8 5 e 2 4.2 3.1 4.3 3.4 5.0 5.3 8.5 1.8 6.9 4.8 3.7 2 .0 8.9 4.4 2.0 1.2 4. . . 2. 1 8 4 4 - 1 1 .5 .3 -3.5 .4 1 2 3 4 5 6 7 8 -8.9 -. 2 9 . 5 10 4 . 7 11 17. 5 2.7 3. 1 3.7 . 1 -.1 .5 2.2 4.7 .6 29.5 1 0. 5 3.2 4.0 7 . 5 . 1 3.7 6.0 1 .9 36.2 12.2 3.8 5.7 * * .3 4.2 8 .3 1.7 27.6 8.9 2.4 5 .9 .1 1 .6 .3 3.6 5.1 -.2 29. 7 18. 2 3. 6 5.6 * - 3. 3 .7 3.4 . 8 . 9 1 6. 9 7.2 2.8 1. 7 -. 1 4. 8 * 1.9 -2.3 . 9 - 6.0 -28.9 2.9 .9 .2 5.4 .2 5.0 10.0 -1.7 5.4 -4. 6 2.3 1. 1 1 5. 7 -. 1 1. 4 - 2. 7 1. 9 12 13 14 15 16 17 18 19 20 21 ' 1 - 6. 0 2.5 .4 1.5 3.6 . 3 5.4 2.1 1. 1 .4 5.4 .4 _ PAPER 4.0 4.1 12.2 1.7 7.7 13.1 16.2 11.6 15.9 6. 7 -14.6 - 1.0 1.4 1.7 6.5 -.7 2.2 5. 5 9.8 8.5 11.1 5. 8 - 10.6 -9.2 2 1. 4 ~ 1.7 ~ 3.5 3.0 .3 - 1.1 1.8 .4 3.3 2.2 6.2 3.6 2.7 5. 8 2.3 8.9 . 9 4.9 - 1.2 -9.4 -. 6 - 8.6 3 4 . 3 . 1 1.1 3. 1 * -1.4 5.7 .9 -.1 -2.7 .6 1.3 2.2 .6 -. 7 4.8 1.2 -.6 8.8 .8 .3 7.0 1.0 .5 13.2 . 5 - 2.5 3.0 -. 7 3. 5 -17.0 3.1 3.4 -9.8 -. 5 I. 1 5 6 7 1.8 2. 3 4.6 5.1 6.2 4.8 2.3 4.9 -. 8 -4. 1 3.4 8 1.4 .4 ~ 1. 5 . 8 ~ 2.3 1.1 1.2 2.2 -.5 -.8 4.5 .2 .4 3.3 1.0 2.0 1.2 2.2 1.4 .3 1.0 1.0 5.1 -.2 * . 5 - .6 -. 7 .3 -2.3 - 2.2 9 2. 7 1 . 1 10 - . 4 11 1. 2 * .7 1.3 . 3 .7 2.8 1.2 . 6 .7 -.5 . 7 .5 3.8 .8 5. 6 - .4 1.0 3.4 1.3 .2 1.9 .2 .3 5 .0 -. 3 . 1 4. 2 -5.2 .2 -11.9 6.9 .9 5 . 2 12 - 3 . 5 13 1. 7 14 . 7 .1 1 .0 1.6 . 4 1.4 1.6 .7 -. 1 1. 7 .1 4 .7 15 .5 .2 .1 . 1 -.2 .3 .1 . 1 .3 .7 .4 .4 .8 .8 .4 . 4 - .3 .7 .4 .4 1.2 .2 .1 .1 -.4 2.0 1.0 1.0 . 8 -. 1 * * - .5 .4 . 2 . 2 1 .0 .7 . u . 4 . -.9 1. 1 .5 .5 3. 7 1. 1 .5 .5 16 17 18 19 -.1 .2 * .7 - - _ .6 -.1 - .4 1.0 * .5 * 1.1 -.1 .6 .1 -.2 -.3 1.9 -.2 * .4 1.7 * -.5 ♦ -.2 . 1 .8 - . 1 .9 * -. 8 3 .9 1 1.2 .4 -1.7 .2 1 .2 * I. 9 -.1 2.9 20 21 22 23 * . 9 OTHER T YPES 1 2 3 F I NANC E C O . LOANS TO B U S I N E S S L I A B IL I T Y - N O N C O R P . B US . C ORP. BUS. -.4 -.1 -.3 2.2 .5 1 .8 4.8 . 6 4. 2 2.1 -.3 2.3 1.0 1.0 * 6 .7 .5 6.2 6.7 .5 6.2 4.9 . 5 4. 4 1.2 -. 1 1.3 3.2 3 3. 5 2.6 * 2 .6 1.3 -. 7 2.0 1 2 3 4 U . S . G O V T . LOANS L I A B I L I T I E S OF: HOUSEHOLDS FARM BUS I NES S NONFARM N ONC ORP . B U S . CORPORATE B U S I N E S S S T A T E + L OCAL G O V T S . SPONSORED C R . A G E N C I E S REST OF THE WORLD 3.7 3.6 3.0 2.8 3. 1 3.1 3.7 2.3 3. 5 2.7 2.8 2.3 4 5 6 7 8 9 10 11 .3 .2 . 4 .2 .2 -. 1 2.6 .4 -.1 .3 .2 .3 .2 2.2 .4 * .3 .1 .4 -.3 2.1 .3 . 1 .4 .2 .4 1.4 .5 * .3 . 1 .5 - 1.1 2.7 .1 * .3 .1 .3 2.2 .5 .3 .4 * .3 2.2 .4 - .4 .4 .2 .5 1.2 . 5 . 1 .4 .2 .5 1. 7 .3 . 1 . 4 . 4 . 2 1.4 .4 .2 .4 .2 .3 1.4 . 2 5 .2 6 7 .2 8 . 1 .4 9 10 1 . 1 11 12 13 14 15 SPONSOREC C R E D I T AGENCY LOANS NONFARM NONCORP. B U S . ( B C ) FARM B U S I N E S S ( F I C B ) S V GS . + LOAN A S S N S . ( F H L B ) - 1.8 .2 .5 -2.5 1.2 . 1 .2 .9 4.8 .2 .6 4.0 2.3 .3 .7 1.3 3. 7 .2 .6 2.9 4.0 .2 .7 3.1 5.7 -.1 .4 5.3 5 .9 .3 .8 4.8 5. 6 .3 1.0 4.4 1.7 . 1 .7 . 8 .9 .4 .2 .3 16 17 18 P OL I C Y LOANS ( FS HOLD L I A B . ) ASSET S U . S . GOVT . L I F E I NSUR. COS. 1.0 . 1 .9 1.3 * 1.2 2.6 .1 2.5 2.4 . 1 2.3 1.6 .1 1.6 2.6 . 1 2. 5 3.6 .1 3.4 2.6 .1 2.6 2.9 . 1 2.8 2. 7 . 1 2. 6 2.1 .1 2. 0 .1 * .3 .2 . 5 .3 .3 . 7 * .2 19 MUTUAL S V GS . BANKS L OANS NONCORP. BUS I NES S 12 13 14 15 1.9 .1 1.8 16 17 18 TO HYP OT HEC A T ED D E P O S I T S ( HSHOLDS 20 AS SE T - C OMMERC I AL BANKS 1.1 . 4 . 9 -.2 _ .1 - . 1 19 22 FEBRUARY 1971 S E C U R I T Y C R E D I T , T.RADE C R E D I T , SEAS SECURITY C REDIT, AND TAXES 20 S E C U R I T Y C R E D I T , TRADE C R E D I T , AND T A X E S ( B I L L I O N S OF DCL LARS) ADJUSTED ANNUAL RAT ES SEAS A D J U S T E D 196 7 1968 1969 197 0 | ! S E C URI T Y 1 2 3 4 NET CHANGE IN L I A B I L I T I E S CUSTOMERS S E C U R I T Y LOANS FROM BANKS CUSTCMER D E B I T BALANCES 5.6 3. 5 .6 2.8 4.4 2.3 .3 2.0 -4. 7 -2.7 -. 1 - 2.6 5 6 7 8 BROKERS + DEALERS S E C U R I T Y LOANS FROM BANKS FROM A G. OF F G N . BANKS CUSTOMER C R E D I T BAL ANCES 2.1 .9 1.2 2 .0 1.0 1.0 - 2.0 - 1.0 - 1.0 1.5 2.3 -. 8 5. 6 1.1 .1 1.5 4. 4 . 7 . 3 1.3 -4.7 -.8 -.2 - 1.1 -.4 -.6 -.2 1.8 2. 8 2. 8 2. 0 2. C - 2.6 - 2.6 -1.4 -1.4 9 10 11 12 13 14 15 NET CHANGE IN A SSE T S HOUSEHOLDS F OREI GN COMMERCI AL BANKI NG FI NANCE N . E . C . BROKERS AN C DEALERS AG. OF F GN . BANKS -.4 -1.9 -.5 -1.4 - TRADE C R E D I T , AND TAXES PA YA BL E 20 ANNUAL RAT ES 1969 | 1 1970 I I I III IV . I I III IV -14.2 -4.7 1.8 -6.5 2.7 - 1.1 -.7 -.5 - 10.6 -5.5 -.3 -5.2 3.2 .6 - 1.2 1.8 -6.9 - 5 .4 -.6 -4. 8 -11.4 -4.0 -.7 -3.3 10.4 1. 0 . 7 .3 6. 5 . 9 -1.3 2. 1 1 2 3 4 -9. 5 -7.8 .2 -1.9 3.8 4.9 - .7 -.9 -5.1 - 2.8 * - 2.2 2.6 1.6 * 1.0 -1. 5 -. 1 .2 - 1. 6 -7.4 -5.3 -.2 -1.9 9.4 8.4 * 1 .0 5.6 6. 2 * -.6 5 6 7 8 -14.2 -1.5 -.3 - 6.1 2.7 - 1.0 .1 4.3 - 10.6 - 1.8 -.4 -3.1 3.2 1.1 -.1 .4 - 6 .9 - 1.3 -. 3 -.7 - 11. 4 - 1.8 -.1 - 6. 1 1 0.4 1.2 -.2 9.1 -.6 -.5 -.2 -5.2 -5.2 * 1.8 1.8 ♦ -4.6 -4.8 .2 -3. 4 -3. 3 -.2 .3 .3 * I CREDI T -6.3 - 6. 5 .2 9 6. 5 - . 5 10 - . 1 11 4 . 9 12 2.1 2.1 * 13 14 15 T RADE C R E D I T 1 2 3 4 NET CHANGE IN L I AB IL I T I E S HOUSEHOLDS FARM BUS I NES S NONFARM NONCORP. B US I N E S S ( P AY AB L E S LESS R E C E I V A B L E S ) 8. 6 . 4 .8 .6 12.0 . 5 .4 -.4 20.3 .5 .7 -. 8 7 .9 .6 .3 -.9 23.3 .5 .4 -. 3 21.1 .5 .4 -.7 2 3. 8 .5 .4 -.7 13. 1 .5 1.6 - 1.8 17. ? .5 .8 - 1.2 6.1 . 5 .1 - .4 6. 0 .6 .5 - 1.2 2.3 .6 -.3 -. 8 I 2 3 4 5 6 7 8 CORPORATE B U S I N E S S S T A T E AND LOCAL GOVERNMENTS U . S . GOVERNMENT FORE IGN 4. 9 . 6 .6 .6 10.1 . 6 * .7 19.1 .5 -.3 . 6 7.7 .5 -.9 . 7 21.5 .5 - 1.1 1.7 21.0 . 5 -.3 -.3 23.9 .5 -.4 -.2 10.5 .5 .5 1.2 15.0 .5 -.5 2.0 6. 2 . 5 - 1.1 .3 5.9 . 5 -.6 .4 3.6 . 5 -1.5 . 2 5 S 7 8 9. 8 7. 7 I. 5 . 3 .4 15.7 13.9 . 6 . 3 .9 19.4 17 . 3 .9 .4 .8 7.6 6.9 -.7 .4 1.0 21.7 19. 1 1.7 .4 19. 1 16.9 1.4 .4 .3 21.3 18.7 1.1 .4 1.1 15 . 6 14 . 6 -.5 .4 1.2 19. 0 18. 6 - .7 .4 .7 fc. 1 4. 8 -.8 . 4 1.6 2.7 2.0 -. 6 .4 1.0 2.4 2.1 -. 8 .4 . 7 9 10 11 12 13 -3.7 .9 i. 6 2.0 2.5 - 2 .6 - 1.8 * 3.2 * 14 2.7 2.0 * .9 * * * * - .2 -2. 7 -2.7 ♦ .2 * -. 1 -.1 . 1 . 1 3.3 3.6 * -.4 * * * * * 3. 5 3. 8 * -. 2 -. 1 * .1 . 1 1 2 3 4 5 6 7 8 9 9 10 11 12 13 NET CHANGE IN A S S E T S CORPORAT E BUS I NESS U . S . GOVERNMENT I NSURANCE FORE IGN 14 D I S C REPANCY -1.3 (1-9) P ROF I T TAXFS PAYABL E T C T A L T A X E S PAYABL E N ONF I N A N C I A L CORPORAT I ONS F EDERAL RESERVE COMMERCI AL BANKS SVG. + LOAN ASSNS . L I F E I NSURANCE COMPANI ES CTHER I NSURANCE COMPANI ES F I NA N C E COMPANI ES BROKERS + CEALERS -4. 9 -4. 7 * -.1 * -.1 * -.1 .1 3.0 2. 8 -.1 * . 2 * * * .6 .4 ♦ .1 * .1 .1 * -.1 1.7 1.6 * .1 * -.1 * * * 7 .8 7.6 * * . 1 * . 1 -.1 -3. 2 -3.7 ♦ .6 * -. 1 . 1 * -.1 -. 7 - 1.0 * * .2 . 1 * * -1.7 - 1.6 .1 -.3 ♦ .1 * 10 11 12 T O T A L T A XE S R E C E I V A B L E U. S. GOVERNMENT S T A T E + LOCAL GOVTS . -4.1 -4.4 .3 3. 1 2.4 . 7 .6 * .6 1.7 1. 4 .3 5.2 4.1 1.1 -4.5 -4.6 . 1 -.1 - .6 .5 1.8 1.3 .5 3. 5 2. 7 . 7 -.9 -. 6 -. 3 2.7 2.1 .6 1.7 1.3 .4 10 11 12 13 U N AL L OC A T E D -. 1 * * 2.6 1.3 -.5 -3.5 - .8 -1.7 . 6 1.9 13 1 2 3 4 5 6 7 8 9 -. 8 PROPRI ETORS' 1 TOTAL 2 3 NONF/SRM NONCORPORATE BU S I N E S S FARM BUSI NESS HOUSEHOLD I N V E S T ME NT FOUITY IN NCNC ORPCRAT E BUS I NES S -3.6 - 2.2 -3.1 -2.3 -3.8 -3.4 -3.5 -1.9 -2.3 -2.4 -3.0 -1.4 1 -1.3 -2.3 .4 - 2.6 .4 - 3 .5 1.7 -3.9 -.2 -3. 6 .4 -3.7 * -3.6 1.2 -3.1 1.4 -3. 7 1.7 -4. 1 1.1 -4.1 2.4 - 3 .9 2 3 22 FEBRUARY 1971 MI S C EL L ANEOUS I MI S CEL L ANEOUS I MI S C E L L ANE OUS F I N A N C I A L CL AI MS ( B I L L I C N S OF DOLLARS) SEAS A C J US T E C ANNUAL RAT ES SEAS A D J U S T E D ANNUAL RATES 1967 1968 1969 1970 | I I I II I IV | I I I I II IV 1 2 3 4 5 6 7 8 9 10 11 12 13 TOTAL L I A B I L I T I E S HOUS Et-OLDS CORPORATE BUS I N E S S U . S . GOVERNMENT SPONSORED CR. A GE N C I E S MONETARY A U T H O R I T I E S COMMERCI AL BANKS BANK A F F I L I A T E S SAVI NGS I N S T I T U T I O N S L I F E I NSURANCE COMPANI ES NONL I F E I NSURANCE COMPANI ES FI NANCE N . E . C . REST OF THE WORLC 16.9 .3 5.6 . 4 5 * 2 .4 .5 1.6 2. 1 . 8 2. 8 18.5 .4 3.8 . 7 -. 3 .2 7.3 .4 1.5 2. 5 .4 1.6 2 9. 9 . 4 1.7 -.4 .4 .5 17. 2 .2 .6 1 .4 3.3 2.2 2.3 11.4 .4 1.3 .5 2.2 .4 -4. 1 .4 . 6 1.5 3 .7 . 1 4.4 41.3 .4 3.3 . 5 .4 1.0 24.7 1.6 1.1 1.4 3.4 1.3 2.3 41 . 9 .4 - 1.6 -2.4 -. 6 .2 27. 1 3.5 1 .2 1.5 4. 8 2.3 5.4 28.5 .4 2 .0 * . 8 ? 15.3 1.5 - .6 1.3 1.3 2.8 3.9 7.3 . 5 2.9 .4 .8 1.1 1.9 -5.9 . 3 1. 5 3.9 2.3 -2.3 14.4 . 4 -. 8 - 1.0 1.3 .4 . 4 3. 1 . 3 1.4 3 .6 - .8 6.0 11.0 .4 5.0 -. 7 1. 2 . 5 -9.7 .7 1.6 1.6 3. 7 . 4 6. 5 16. 3 .4 - .q .7 2.3 -.9 6.0 -.2 -.1 1.5 3. 7 . 7 3.1 4. 1 . 4 1.9 3.2 4. 1 1. 5 -13. 3 - 2. 0 . 7 1 .6 3.7 . 1 2. 2 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 27 T O T A L ASSET S HOUS EHOLDS FARM EUS I N E S S NCNFARM NONCORPORATE BUS INE CORPORATE BU S I N E S S SPONSORED C R . A GE N C I E S U . S . GOVERNMENT COMMERCIAL BANKI NG SAVI NGS I N S T I T U T I O N S L I F E I NSURANCE COMPANI ES PRI V A T E PE NS I ON FUNDS S . + L . G O V T . R T R . FUNDS REST OF THE WORLD BANKS IN T ERR . AND POSS. 11.1 1.5 . 3 . 4 3.8 * 1 1.2 1.1 . 3 . 8 .4 1.5 1 22.0 2.1 .4 .7 6.7 . 1 . 1 2.2 -.3 . 9 . 1 8.2 .9 14.7 2. 5 .4 .7 * 1.1 .4 10. 5 3.1 .6 .2 .2 -4. 0 -. 8 42.3 2.3 .4 .6 15 .1 -. 1 -.8 8.4 . 5 1.5 -.2 -.2 14.2 . 7 33.6 3.6 . 5 . 7 9.6 .2 .6 3.0 -l.l -.9 .4 -.1 16.0 1.2 20.8 -.1 .4 .7 5. 9 -.2 .4 7 .3 -.5 . 7 -.7 . 11. 2 1.8 . 4 . 5 1.4 ♦ -.2 2.3 .3 . 6 .3 . 1 3.7 .1 5 .6 1.1 -8 .9 2.6 .4 .7 -3.8 .4 . 2 -9.8 * 2.2 .8 1 - 3.2 .4 10. 9 2. 3 . 4 .7 - 8.6 2.2 . 2 1 8. 4 1.7 .8 - .6 . 2 - 6. 5 - #3 10.3 2.5 . 4 . 7 3.6 -.2 .4 3. 8 2. 1 -.3 . 2 .2 - 2.2 - 1. 0 22.6 2.5 .4 . 7 2.2 1.0 .3 10.1 4.1 . 5 .4 .2 1.3 - 1.1 15. 2 2.5 . 5 . 7 2.6 1.2 .8 9 .4 4 .3 1.3 1.0 . 2 -8.5 -.8 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 U N A L L OC A T E D , 5. 9 7. 3 7 .9 -3. 3 - 1.0 8.3 7.7 16. 1 3.5 . 7 -6.3 . 2 . 1 .2 * - 1.2 -.3 -.9 -.1 .9 .7 .4 .1 -. 3 .2 .2 -.7 - .9 -.1 .2 5 * - . 1 - .4 .4 . 1 . 2 . 1 .6 .1 .1 .4 (A) # NET .2 DEP. AT £G. 0 F F GN. BANKS ( F I N A N C E A S S E T - R E S T OF T HE WORLD N. E . .5 31 32 33 34 FOREI GN CURRENCY EX C E PT O F F I C I A L L I AB IL I T Y - R E S T OF THE WORLD ASSETCORPORATE B U S I N E S S U . S . GOV T . COMMERCI AL BANKS -.1 * -.2 * 35 P OS T AL S A VI NGS D E P O S I T S ( U . S . GOVT . L I A B . ) ASSET - HOUSEHOLDS -. 1 37 38 U . S . GOV T . E Q U I T Y IN I B R D , E T C . L I ABI L I T Y - R EST OF THE WORLD 39 D E P O S I T S AT FHLB ( S . + L . A S S N S . L I A B I L I TY- SPCNSORED CR. A GS . 40 41 42 43 44 45 . - 11.0 7.0 L I AB. ) . 2 1.1 .2 .2 -. 1 * -.2 - .2 -. 1 . 1 1. 1 . 4 * .5 -.2 FQUITIES D I RE C T F GN. I N V E S T ME N T BY U . S . C O R P . L I A B . - R E S T OF THE WORLD 2.7 D I RE C T I N V E S T ME NT I N U . S . A S S E T - R E S T OF T HE WORLD .3 36 * OEPO S I T S COML. BANK L I A B . T O F GN. BRANCHES A S S E T - R E S T OF T H E WORLD (B) * E Q U I T I E S IN U .S . G . C R . A G E N C I E S U. S. GOVERNM ENT PRI V ATE NCNFARM NONCORP. ( B C ) FARM BUS . ( F I C B + F L B ) S V G S . + LOAN A S S N S . ( F H L B ) CORPORATE B U S . ( F N M A ) . 1 ASSET) .4 . 1 * * * * 2. C 3.8 2 .6 4. 2 2.5 - I .0 5.3 2. 1 .3 .8 1.1 1.0 . 7 .6 1.1 l. e .4 .8 1. 2 . 1 .2 .2 . 1 . 2 .2 .2 . 3 .2 .2 .3 -. 5 5.5 * - .4 1.3 -.7 -.3 .6 1.3 3.3 -.2 -.3 . 2 . 3 .3 ~ .2 .1 . 3 _ . 5 - .3 .2 “ . 4 * .1 * * * .1 . 1 . 1 * . 1 .1 . 1 * * .2 * * .1 ♦ * * * * . 1 * * .1 .1 * * .3 . 1 ♦ . 1 .1 . 1 * * .1 .1 * . 1 * . 2 * -.i RELATIONSHIP TO SEASONALLY ADJUSTED BANK CREDIT (Page 18) " L .4 .3" in this table is a short reference to seasonally adjusted bank credit as published in the Federal Reserve Bulletin on page A23. Both the Flow of Funds and L .4 .3 data in this table exclude credit of nonconsolidated bank affiliates. Line 7, 15, 23 Difference in seasonal between L.4.3 components adjusted individually as flows and the seasonal in L.4.3. 8, 16, 31 Adjustments to F/F bank credit components used in balancing seasonals in the flow-of-funds matrix as a whole. 9 Sum of lines 17, 24, and 33. 17, 24, 33 Differences in seasonal between F/F bank credit components and the corresponding L.4.3 components adjusted as follows. Line 33 is the sum of differences for seven loan types. 30 Sum of seasonals for F/F loans by types less sum of seasonals for L.4.3 loans by type. 31 Sum of seasonals for L.4.3 loans by type less seasonal on total loans in L.4.3 adjusted directly. 2.2 28 22 FEBRUARY 1971 MI S C EL L ANEOUS I I MI S C EL L ANEOUS 22 SEAS MI S C E L L ANE OUS F I N A N C I A L CL AI MS ( C O N T I N U E D ) ( B I L L I C N S CF DOLLARS) ACJUSTED ANNUAL RAT ES LIFE 1968 ASSET) .4 2 3 4 L I F E COMPANY RESERVES ( HOUSEHOLDS A S S E T ) .8 LIABILITYL I F E I NSURANCE A C CI DE NT AND HE A L T H .3 POL I C Y C I V I D E N D ACCUM. .5 NONLI FE 1970 .4 . 4 1 96 9 I II III IV I I 1S7C I II III IV UNALLOCATED . 4 .4 .4 .5 . 4 .4 .4 .4 1 .9 . 3 .5 1. 0 . 4 . 6 1.0 .5 .6 .9 .4 .5 .9 .4 .6 1.0 . 4 .6 1.0 .4 .6 1.0 .4 . 6 1 .0 .5 . 6 I. 1 . 5 .6 1.1 . 5 . 6 2 3 4 2. 5 . 8 . 5 .3 .9 3.3 1.1 . 7 .4 1.2 3.7 1.2 .7 .4 1.4 3.4 1 .0 .6 .3 1.4 4. 8 1.2 .7 .4 2.6 1.3 1.2 . 7 .4 - 1 .0 3 .9 1.2 . 7 .4 1. 7 3.6 1.2 . 7 . 4 1.3 3.7 1.2 .7 .4 1.4 3. 7 1.2 .7 .4 1.5 3.7 1.2 . 7 .4 1.4 5 6 7 8 9 -3.3 - 11.0 10 I NSURANCE C L A I MS L I A B I L I T Y - OTHER I NSURANCE ASSETCORPORAT E BUS I N E S S NCNFARM NONCORP. BU FARM B U S I N E S S HOUSEHOLDS (E) (LIFE INS. .3 1 (C) 1969 I | I NSURANCE C L AI MS OEFERRED AND U N P A I D PREMI UMS L I A B I L I T Y - HOUSEHOLDS 5 6 7 8 9 22 SEAS A D J US T E D ANNUAL RATES 1967 (C) II 2.1 .7 .4 .2 .8 A S SE T S AND L I A B I L I T I E S 5.9 7.3 7. 9 - 1.0 8.3 7.7 16. 1 3.5 .7 -6.3 11 12 13 14 15 16 17 18 19 20 21 22 TOTAL L I A B I L I T I E S CORPORATE BUS I NESS U . S . GOV T . U . S . GOV T . - WI T HO U T LEVELS S PCNSORED C R . A G E N C I E S S A VI NGS I N S T I T U T I O N S L I F E I NSURANCE BANKS IN T E R R . A N D P O S S . REST OF THE WORLD MONETARY AUTHOR I T I E S BANK A F F I L I A T E S COMMERCI AL BANKS 9.8 5.4 . 7 -.2 * .5 . 9 . 3 .2 * 1 .6 11.3 3.5 . 2 . 5 -. 1 .4 . 6 .3 . 3 .2 3. 6 14. 4 .9 -. 3 -.1 . 5 .6 .5 1.1 .3 .5 .2 4.2 5. 0 .2 - .6 1.2 .6 .6 .5 -.5 .2 .4 .4 5.2 19.8 2. 3 -.2 .7 .6 1.1 .5 .9 .9 1.0 1.6 -.9 14.9 -2.3 -. 7 -1.7 -.2 1.2 .6 1.5 .1 .2 3.5 2.8 16 . 9 1.4 -.3 .2 1.0 -.6 .3 1.4 1.0 -.2 1.5 5.9 5. 7 1 .8 * .4 .5 .3 .5 .7 - .7 1.1 -5.9 8.8 7. C - 2. 6 -2.4 1.4 1.0 .3 . 4 * .7 . 4 3.1 -.2 . 5 4. 6 -. 7 . 3 1.6 . 6 7 . 5 . 5 .7 4.0 10 .3 -1 .7 -.1 .7 . 8 -.1 .4 -.8 .2 -. 9 -.2 16. 8 2. 2 .7 3.2 .4 .7 .5 -. 5 -.7 1. 5 - 2. 0 * 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 FL OAT S IN COML . BANK STMN ON I NT ERBANK DE PO S I T S ON I NT ERBANK LOANS L E S S - O N M. B. RESERVES .6 . 3 .2 -. 1 1.9 1. 4 . 7 . 2 6. 1 .3 5.9 .1 -3.1 1.3 -4.4 * 11.2 2.2 9 .0 * 9.8 3.1 3.2 -3 . 5 5.1 -3.8 11.7 2. 8 -1.7 -.2 -.3 1.3 5. C 4 .4 - .5 - 1 .2 -1C. 8 ^ - 12. 1 - 1.0 -5.1 1.7 -5.3 1.5 -1.7 -1.3 . 3 . 7 23 24 25 26 3.9 .4 * 1. 2 . 6 * . 8 .4 . 1 . 5 4.0 -.7 ♦ 2.3 .3 . 3 .3 . 1 .1 1.4 6. 5 3.6 . 1 2.2 * .5 . 1 * .9 -.7 8.3 -5.2 1.1 10 .5 1 .6 .2 .2 . 2 8 .5 20.8 11.7 -. 1 8. 4 .8 1.1 -.2 -.2 . 7 -1.5 6.6 3.5 .2 3. 1 -. 5 -1.3 .4 -.1 1.2 * 9.1 2.5 - .2 7. 1 -.2 .3 - .7 * 1.1 -.8 -10.4 -3.2 .4 -9.9 -.1 1.7 . 8 . 1 .4 - .6 3. 5 -15. 4 2. 2 18 . 8 1. 5 .4 -. 6 . 2 -.3 - 3. 2 -.3 -3.1 3.8 1.4 - .7 .2 . 2 - 1.0 -. 9 16 . 6 - 1.1 1 .0 9. 7 2.7 .2 .4 .2 - I .1 4.7 13. 2 - 1.1 1.2 9. 6 .9 1.0 l.C .2 -.8 1.2 27 28 29 30 31 32 33 34 35 36 4. 5 1 8. 8 11.8 -5.1 16 .8 -.2 -. 9 2.3 -5.9 8. 0 -1.7 -1 .7 * - 2.0 1.5 4. 1 1 2 3 4 5 6 7 8 10 27 28 29 30 31 32 33 34 35 36 NET TOTAL (LIAB. - ASSETS) T O T A L ASSET S CORPORATE B U S I N E S S SPONSORED C R . A G E N C I E S COMMERCI AL BANKI NG S A V I N GS I N S T I T U T I O N S L I F E I NSURANCE P R I V A T E P E NS I ON FUNDS S . + L . G O V T . RTR. FUNDS BANKS IN TERR . AND POSS. RE S T OF THE WORLD COMPONENTS OF 1 SCUPCES N . E . C . NI SC. F I N A N . L I A B I L I T I E S 2 3 COMMERCI AL BANKS 4 FLOATS UNAL L OCAT ED 5 BANK A F F I L I A T E S 6 MONETARY AUT H. 7 SPONSORED A GE NC I E S 8 "SOURCES N.E,. C . " IN SUMMARY . T A BL E 4. 3 7.7 2 .2 .6 1.6 * . 5 9. 5 10. 2 5.5 1.9 3.6 . 2 -. 3 15.0 18.8 10.2 6. 1 4. 2 .2 .5 .4 -1.9 10.9 2.0 -3.1 5. ? . 4 .4 2.2 8.2 23 . 5 10.3 11.2 -. 9 1.6 1.0 .4 26. 2 25. 5 12 . 5 9.8 2.8 3.5 ? -. 6 6. 8 18. 0 11.0 5.1 5 .9 1.5 -.2 .8 18. 6 11.0 7. 1 -1.7 8. 8 -5.9 1.1 .8 - 8.0 14. 2 4. 8 5. C -. 2 3. 1 .4 1.3 1. 7 2.8 - 6.8 - 1 0. 8 4.0 . 7 . 5 1.2 . - 9 10 11 12 13 SVGS+LCAN A S S N S . M U T . SVGS . BANKS I NSUR AN CE A G E N C I E S OF FGN BANKS BANKS IN T E R R . + POSS . .4 .1 3. 7 . 5 . 3 .3 .1 3.9 .2 . 3 .3 . 2 4 .8 1.1 1.1 . 5 . 1 5. 2 .6 -.5 1.1 . 1 4. 8 .4 .9 .8 .5 6.4 . 8 1.5 -.6 * 2 .6 1.5 1.4 * . 3 5. 4 1.6 .7 . 1 . 1 5. C - .7 * 1.0 .5 5. 3 1.1 -. 7 .1 5.2 1.5 -. 8 1.0 -. 4 5 .3 .6 -.5 9 10 11 12 13 14 15 16 17 - M I S C . F I N A N C I A L AS SE T S SPONSORED A GE N C I E S COMMERCI AL BANKI NG P R I V A T E NONBANK F I NANCE 3.8 * 1.2 2. 6 3.7 * 2.3 1.4 3. 8 . 1 2.2 1.5 14.7 1.1 10.5 3.2 10.6 -. 1 8.4 2. 3 2.7 .2 3.0 -.5 7.7 - .2 7.3 .6 -5.8 .4 -9.8 3.5 2 2. 3 2. 2 18. 4 1.7 4.8 -.2 3. 8 1. 2 15. 1 1.0 10.1 4. 0 16. 6 1.2 9.4 6.0 14 15 16 17 18 19 20 21 22 23 GROSS S A VI N G TAXES PAYABLE - P HYS I CAL I NV EST MENT - GOL C & O F F FGN EXCHANGE - T R E A S U R Y CURR0MCY - T R A D E C RE D I T - D I S C R E P A N C Y T O T A L FOR ALL F I N A N C I A L SECT ORS 3.7 -.2 1 .0 -. 5 . 5 . 3 2. 9 .2 1 .4 - 1.2 . 2 . 3 2.9 .2 1.8 - .1 * .4 3.7 . 1 1.9 - 1.4 .7 .4 .4 .2 1.7 * -.4 .4 3.6 .5 1.7 -.9 .1 .4 3.3 .4 1.8 2 .0 .2 .4 4.3 -.2 1.8 - 1. 5 .3 .4 3. 2 . 7 1. 8 . 8 1.9 .4 3.6 . 1 1.9 - 2. 0 . 3 .4 4.0 -.3 1 .9 - 1.0 .4 .4 4. 0 2 2. 1 - 3 .3 .3 .4 18 19 20 21 22 23 1.8 -.7 1.0 . 3 .6 -.6 2.7 1.3 - 1. C 1.3 1.6 24 24 -.6 22 FEBRUARY 1971 T O T A L CLAI MS T O T A L CLAI MS 23 T OTAL SEAS ADJ UST EC ANNUAL RA T E S SFAS A D J U S T E D 1967 1969 1968 T O T A L FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 FUNDS R A I S E D I N C R E D I T MARKETS NON F IN ANC I AL SECT ORS FEDERAL GOVERNMENT FORE IGN P R I V A T E DOMES T I C HCUSEHOLDS FARM B U S I N E S S NONFARM NONCORP. B US . CORPORATE NON F IN . B U S . S T A T E + LOCAL G O V T S . BY— 83.5 13. C 4. 1 66. 4 19. 7 3.5 5.0 2 9.3 8.8 1.3 F I N A N C I A L SECT ORS -.6 SPONSORED C R . A G E N C I E S -1.7 SAVI NGS AND LOAN A S S N S . . 9 F I N A N C E COMPANI ES ?. 6 I N V E S T ME N T COMPANI ES .2 COMMERCI AL BANKS BANK A F F I L I A T E S EQUALS— T O T A L FUNDS R A I S E D AND ADVANCED 8 4. 8 I N C R E D I T MARKETS N ET A C Q U I S I T I O N S B Y : P R I V A T E D O ME S T I C 2.0 18 N CNF IN AN C l AL SECT ORS * 19 HOUSEHOLDS .5 NCN FARM NONCORP. B U S I N E S S 20 -.6 NON F IN ANC I AL CORPORATE B US . 21 2.1 S T A T E + LOCAL GOVTS . 22 23 U . S . 23 F I N A N C I A L A S SE T S ANO L I A B I L I T I E S ( B I L L I O N S CF DOLLARS) GOVERNMENT 24 F I N A N C I A L I N S T I T U T I O N S 25 SPCNSOREC C R E D I T A G E N C I E S FEDERAL RESERVE SYSTEM 26 27 CCMMERCI AL BANKS 28 BANK A F F I L I A T E S 1970 | | ANNUAL RATES 1 969 I RAI SE D AND ADVANCED I I IN C R E D I T IV I II I | 1970 I II II I IV 92 .2 1? 2.6 77. 3 22. 7 3.3 7.6 34. 4 9.2 105. 7 19 . 6 4. 5 81. 6 17. 5 3. 2 3.0 37 . 3 19. 7 1 2 3 4 5 6 7 8 9 . 7 4. 4 2.5 -.6 3. 4 - 8. 9 10 11 12 13 14 15 16 106.4 17 MARKETS 96.9 13.4 3. C 8C. 5 3 1. 8 2 .7 5.8 30.3 9. 9 90 . 4 - 3 .6 3.7 90.4 32.2 3. 2 7.4 39 . 1 8.5 95.4 12.7 2 .8 79.8 21.3 3.3 5.1 37. 9 12.2 92.5 -5. 4 4.0 93 . 9 33.0 3.3 7. 1 3 7. 1 13.4 9 3. 6 -9. 5 6.0 97 . 1 36. 0 3 .6 6.6 41.1 9. 7 88 . 4 -. 7 2 .3 86. 8 31.5 3.3 8.7 37.4 5.8 86.8 I .2 2.4 83.3 28.2 2. 5 6 .4 41 .0 5.1 8 0. 9 2.7 2.6 75 . 6 24. 5 3. 0 3. 7 34. 9 9 .4 102. 9 1 6. 2 1. 7 8 5.0 20.6 3.7 5.4 45. C 10. 4 15.C 3.5 1.1 5.5 4. 7 . 2 31. 1 8.8 4. 1 8.2 5.6 . 1 4.2 12.7 7. 6 1.9 1.8 3 .2 * -1.9 19. 9 3.6 3.2 4. 7 7.6 . 1 .8 32.3 8.4 3.5 11.2 4.7 . 3 4.2 36.0 10.6 5.1 9.1 6.1 * 5.0 36.1 12. 5 4.6 8 .0 4.2 -.1 6. 9 2 9. 8 14. 4 2. 5 1. 7 2.1 . 2 8.9 17. 5 5.4 . 8 4. C 3. 2 * 4. 1 1 08 . C 112.4 125. 8 124.4 122.9 1 1 0 . fc 6.3 7.0 .5 1. 5 -2.7 43. 8 19. 8 .2 15.6 8. 1 18.5 1.5 .6 13. 5 2.9 51.8 25.9 1.1 17 . 0 7.7 37.5 24. 9 .3 6.8 5.6 37 . 2 23.9 -.1 15. 3 -1. 9 111.9 13. 6 5. 8 .7 6.7 .4 121.5 37.8 18.0 . 5 13.2 6.1 12C.4 15. 8 7.4 .2 13. 2 -5. 0 2.6 6 .3 1.7 2.3 3. 9 * -11.5 94.8 - 3 0.4 4.4 1.2 -28.1 -7.9 2. 7 -7.5 . 6 5.5 4. 1 18 19 20 21 22 2.6 23 4. fc 4. 9 3 .3 2.5 1.7 3.7 2.3 3 .9 3. 3 3.2 75.5 -. 1 4. 8 35. 4 - 91.0 3.2 3.7 3 8. 4 - 79. 9 9.0 4.2 13.9 3.8 88.4 8.8 5.0 28 .8 -1.3 66 . 2 4.0 4. 1 13. 4 1.4 104.8 7.6 4.0 22.5 7. 0 63.8 10.5 -.5 1.1 6.2 84. 3 14.1 9.3 17.9 .6 6 0. 1 13.7 1.2 - .9 11. 5 91.9 6. 8 5. 5 29. 2 4. 9 116. 8 7.5 7.7 56. 2 -11.5 84. 8 7.3 5. 5 30. 9 -10. 3 24 25 26 27 23 47. 4. 11. . 1 2 7 9 43.3 4.9 12.6 1.6 6 3. 7 3 .5 11.8 1.5 46. 5 1.4 9 .0 I .4 42.4 2.9 6.1 1.2 34.5 2.3 4. 0 . 8 45.5 4.7 10.3 1.0 56.9 4.3 14. 2 1 .3 51 . 4 5.6 18. 1 .5 29 30 31 32 2.5 29 30 31 32 P V T . NCNBANK F I N A N C E MUTUAL S V GS . BANKS S VGS . + LOAN A S S O C I A T I O N S C RE D I T UNI ONS 3 5. 4 5.2 9.1 . 8 45. 6 4 .4 10.1 1.2 49.0 3.2 9.9 1.4 33 34 35 36 L I F E I NSURANCE COMPANI ES OTHER I NSURANCE COMPANI ES P V T . PENSI ON FUNDS S . + L . G O V T . R T R . FUNDS 8.4 1.8 5.1 3.5 9. C 2. 7 5. 8 4.5 8.3 2.6 6.2 4.7 8 .8 3.0 5. 5 6. 0 7.6 2 .9 5.2 4. 1 10. 5 4.3 5 .5 7.2 8.6 . 1 7.2 4.7 6. 7 3.1 7. 1 2. 6 8 .4 3.3 6. 1 4. 9 9. 5 3.2 5.5 8. 0 9.2 2.5 4.9 5 .7 P. 1 3. 1 5.6 5. 3 33 34 35 36 37 38 39 40 41 F I NA NC E COMPANI ES CPEN- E ND I N V E S T ME N T C O S . S E C U R I T Y BROKERS + CEAL ERS AGENC I EC OF FGN . BANKS BANKS IN U . S . P O S S E S I ON S . 7 .9 -.6 .4 .1 5.2 2.4 -. 1 . 1 . 1 7 .8 3.4 .4 . 8 .2 1.6 1.6 3.0 .5 .3 4. 3 2.9 -3 .2 .2 . 2 11.1 3.1 4.1 .8 .2 8 .4 4. 1 * 1.2 . 3 7.2 3.4 . 7 1.2 .2 1.8 .3 3.0 -.7 .2 3. 7 2. 2 - 3. 9 1.1 .3 1. 7 2.3 9.2 1.2 .3 - .9 1.7 3. 7 . 4 . 3 37 38 39 40 41 9. 5 9.4 5 .2 1 2 C. 4 94 . 8 106.4 1 42 2.8 REST OF T HE WORLD TOTAL 2 .4 CL AI MS 1.3 AND T H E I R 10. 1 ♦ .9 5.1 REL AT I ON T O T OT AL F I N A N C I A L - 1.0 16. 3 42 AS SE T S TOTAL C R E D I T MARKET DE BT (FROM PR EC ED IN G T A B L E ) CTHER D E B T FORMS— F OREI GN EXCHANGE 2 TREAS URY CURRENCY 3 84. 8 111.9 121. 5 108.0 112.4 125, .8 124,. 4 122.9 1 1 0 . fc 1.1 . 7 2. 1 . 4 .3 .3 - 2 .5 .6 . 4 .2 ,1 .2 2 .,3 ,1 - 1 .9 .5 -2.3 1 .9 -4. 2 . 1 -1.7 .3 -1 . 9 . 3 2 3 4 5 6 7 8 D E P O S I T S AT F I N A N C I A L I N S T S BANKI NG SYSTEM DEMAND DEP. + CURRENCY T I M E AND S V G S . D E P O S I T S S A VI NGS I N S T I T U T I O N S 55.6 33. 6 1 4. 8 23.8 17.0 48. 1 3 5. 4 14. 8 20. 6 12.8 6.9 - 1.2 8.5 -9. 7 8.1 64. 3 46 . 9 8 .9 38.C 17.3 4.9 - 8.6 - 1.0 -7.6 13.5 1 0 .. 1 1 ., 4 1 0 ,. 3 - 9 , .0 8 ,. 8 - 4 ,. 4 - 1 0 ..2 1 1 .. 0 - 2 1 .. 2 5.. 7 16. 6 12.1 13.2 - 1.1 4. 5 22. 0 16.5 5.0 11.5 5.5 53.4 37. 5 8.9 28.6 15.Q 97.3 75.5 8.6 66.9 21.8 84. 4 58. 3 13. 2 45. 1 26. 1 4 5 6 7 8 9 10 11 I NSURANCE + P E NS I ON RESERVE U . S . GOVERNMENT I NSURANCE SECTOR 18. 9 1.4 17. 5 19. 8 1.3 1 8. 5 20.3 1.6 18.7 2 2. 4 2.4 20.0 16.6 1.8 14.9 23, . 6 1 .. 2 2 2 .. 4 2 1 .. 1 2 .. 4 18. , 7 19. 8 .9 18 . 9 20. 1 1.5 18.7 25. 0 3. 6 21.4 21.6 1.7 1 9. 8 9 23.0 2 . 9 10 2 0 . 2 11 12 13 14 15 16 SECURI TY CRECI T TRADE DEBT P R O F I T T A XE S PA YA BL E NONCORP. P R O P R I E T O R S ’ MI SC ELL AN EOUS 5. 6 8 .6 -4.9 -3.6 16. 9 4.4 12. 0 3.0 - 2. 2 18. 5 -4.7 2 0.3 .6 -3 .1 2 9. 9 - .4 7.9 1.7 -2.3 11. 4 -14. 2 23.3 7.8 -3 .8 41.3 2 .. 7 2 1 ,. 1 -3 ,.2 - 3. .4 41. . 9 - 1 0 ..6 23. , 8 ,7 - 3 . .5 28. . 5 3.2 13. 1 -1.7 -1.9 7.3 -6.9 17. 2 2.7 - 2. 3 14.4 - 11. 4 6. 1 -2.7 -2.4 11.0 10. 4 6.0 3.3 -3 .0 16.3 6. 5 2.3 3. 5 -1.4 4.1 12 13 14 15 16 17 18 19 20 21 22 I NT ERBANK CL AI MS MEMBER BK. RES ERV ES V A UL T CASH FECERAL RESERVE F L OAT MEMBER BK. BORROWI NG A F F . L OANS TO BANKS 1.7 1.3 . 5 * * - 2.9 .7 1.3 . 9 * - 1.0 . 3 .1 .1 * .6 3.0 2.0 .3 .7 .2 -.1 -.2 . 5 - 2.6 .9 1.0 - 2 ,. 4 - 2 ..8 .9 - 1 .,9 ,7 .7 7.. 3 3..0 .1 3. ,4 ,4 .4 -. 5 .3 - .5 1.4 - 2.0 .3 1 0. 0 4.4 2.9 2. 4 - . 2 .5 -4.3 -1.3 -.2 -3.1 . 4 -.1 7.9 5.7 -.4 1.2 1.6 -.3 - 1.6 - 1.0 - 1.2 2.3 - 1.2 -. 6 17 18 19 20 21 22 220.9 185.4 T OT A L DEBT ABOVE DEDUCT — F L OAT S NOT I NCLUDED I N A S S E T S .4 CEMANC D E P O S I T S - U . S . G O V T . . 1 1.2 OTHER 3.2 T RADE C R E C I T -1.3 -3.7 DEDUCT — L I A B I L I T I E S N OT A L L O C A T E D AS A S S E T S T REASURY CURRENCY .2 .2 -.8 -.1 T A XE S PA YA BL E 5.9 7.3 MI S C EL L ANEOUS 193.2 214.2 188.8 216, . 4 188, .8 177.4 187.4 190. 9 253.2 225.6 23 -.6 - 1.2 .9 -.3 .1 .3 -2.7 .3 1.6 .8 - 1 ., 3 2 .. 0 ,7 - 1 .,5 2 ..5 .2 - 2.8 - 2.6 . 5 - .6 - 1.8 - 1. 0 -. 3 * -.5 1.2 * 24 25 26 .2 * 7 .9 -.1 * -3.3 .6 2.6 - 1. 0 .1 1 ,. 3 8 ..3 ,1 - ,. 5 7 .7 .3 -3. 5 16. 1 -. 8 3. 5 -.2 -1 . 7 .7 -.1 .6 -6.3 * 1.9 - 11.0 27 28 29 215. 6 185.9 217.4 186.6 193. 5 255. 5 1 23 24 25 26 27 28 29 30 TCT ALS ALLOCATED AS A SSE T S TO E Q. SECTORS 178. 1 187. 5 , 20 5. 3 181. , 4 169.7 * ■ .2 3.2 2 3 4 . 1 30 SAVING 22 FEBRUARY 1971 S A VI NG BY I N D I V I D U A L S 24 SEAS AMOUNT AND C O MP O S I T I O N OF I N D I V I D U A L S ' ( P I L L IONS OF DOLLARS ) ADJUSTED ANNUAL RA T E S 1 I N C R . IN F I N A N C I A L A S SE T S 2 CURR. ANC DEMAND D E P O S I T S 3 S AVI NGS ACCOUNTS 4 SECURITIES 5 U . S . SAVI NGS BONDS 6 OTHER U . S . TREASURY S E C . 7 U . S . G AGENCY S E C U R I T I E S 8 S T A T E + LOCAL O B L I G A T I O N S 9 CORP. AND F ORE I GN BCNDS 1C I N V E S T ME N T C O . SHARES 11 OTHER CORPORATE STOCK 12 13 14 15 16 SA VI NG RY I N D I V I D UA L S (1) 24 ____________________________________________________________________________________ | I 1969 1 967 1968 1969 1 97 0 65.9 9. 5 33.7 -.9 1. C -1.3 1.2 -1.3 3. 6 2.6 -6. 7 69. 6 11. 3 28.6 4. C . 4 3.5 1.4 .9 5.4 4. 7 -12.2 60. 5 6.0 13.3 15.9 -.4 9.1 4. 5 1.5 5.3 5.6 -9.7 70. 8 3 .4 34.5 4.6 .2 - 8 .8 3.3 -1.5 12. 6 3 .2 - 4 .3 62.3 -.8 24.7 17. 5 -.4 9 .8 4 .8 4. 1 4. 5 7.6 -12.9 55. ,9 10. ,3 16. . 1 ,1 ,4 - 2 . ,2 4.. 7 2.,7 1.,3 4., 7 -10.. 8 62, .8 9. .6 5.. 8 23. ,3 ,8 18. , 0 1., 4 .8 6 ,. 3 6. , 1 -6., 9 4.7 2.6 6.3 5.3 4. 7 4. e 2.9 6.4 5.9 5.9 4. 8 2.9 6.3 6.2 5.1 4.8 3.1 6.0 8.6 5.9 4.8 2.9 3.3 5. 7 4.3 4 .9 2,. 9 7.. 5 8.. 4 5,. 8 141.4 2 1. 8 28.3 9 0. 0 1.2 137.7 18.6 29.0 89 . 4 .7 140. ,0 22. . 1 28. . 1 89. .1 .8 P V T . L I F E I N S . RES ERVES P V T . I NSURED P E N. RESERVES P V T . NONI NSURED P E N . RES . GOV T . I N S . + P E N . RESERVES MI S C. F I NANCI AL ASSETS I II IH IV I I 1970 I II 6 1. 6 5.2 6.6 22.7 .1 10.8 7.0 -.2 9 .0 4 .2 -8.1 5 7. 0 5.9 5.1 20 . 1 - .9 5.5 9.3 1. 2 11. 9 2. 1 -9.0 71.2 5. 8 3 0. 9 4. 1 -. 2 -7. 7 3.8 -1.2 9. 5 3.2 - 3. 3 4.. 9 2.. 9 6 .1 7,.2 3,. 0 4. 8 3.0 8.3 3.7 7.3 4.8 3.0 5. 8 6. 5 5. 8 4.8 3.0 5.4 11.8 5.4 143. , 2 24. , 0 27. . 8 90. , 6 ,8 141.7 21.9 27.7 89. 5 2.7 140 ..5 19..3 29. ,6 9 0. ,8 ,7 136. , 6 19. 1 28. , 3 89 ,. 1 .1 III 7 9. 4 .1 47.4 3.3 .5 -8.4 1.7 -3.5 11 . 8 3.9 -2.7 IV 75. , 6 1 2 1 ., 9 54. , 4 3 4 - 9 . ,3 5 1.i 3 6 -24., 7 7 -1., 5 3 -2,. 7 17 ,. 1 9 3.,4 10 - 2 . , 1 11 4. e 3.1 6.0 7.7 7.1 4.. 8 3.. 1 6. 8 8 .4 5,. 6 12 13 14 15 16 1 40. , 9 18. 5 28. , 8 91., 9 1. 8 1 3 Q. 2 17.4 29. 3 91.2 1.2 134.0 19.2 29.4 85.4 -. 1 17 18 19 20 21 17 GROSS I N V . IN T A N G I B L E A S S E T S 18 NONFARM HOMES 19 NCNCORP BUS . CONSTR ♦ E Q U I P . 20 CONSUMER DURABLES 21 INVENTORI ES 116.7 17.0 25.6 73. 1 •9 132.4 21.2 26. 5 84. C . 6 22 C A P I T A L CCNSUMP. ALLOWANCES 23 NONFARM HOMES 24 NONC ORP . B U S . PL ANT + E C U I P . 25 CONSUMER DURABLES 86.9 7.8 18.4 60. 7 94. 8 8.2 19.5 6 7. 0 103.2 8. 6 20. 7 73.8 111.6 9.1 22. 1 30.4 100. .0 8. , 5 20. .3 71.,3 10 2, . 1 8 ..6 20. .6 73. , 0 10 4. 3 8.7 20 . 9 7 4. 7 106. . 4 8., 8 21. .2 76 ,. 4 108. . 6 8. 9 21 ., 6 78. ,0 110. .7 9. , 0 21. , 9 7 9. 7 112. 8 9.2 22 .2 81 . 4 1 14. 3 9. 3 22. 6 82.4 22 23 24 25 26 NET I N V . IN T A N G I B L E A S S E T S 27 NONFARM HOMES 28 NONCORP B U S . C O N S T R . + EQUI P 29 CONSUMER DURABLES 30 I NVENT ORI ES 29.8 9 *2 7.3 12.4 .9 37. 6 13.0 7. 0 17.0 .6 38.2 13.2 7.6 16.2 1.2 26 . 1 9.5 6.9 9. 0 . 7 40 .0 13 .6 7,. 8 17..8 .8 41. . 1 15,. 4 7 .3 17,. 7 .8 37.5 13.2 6.3 14 .8 2 .7 34. . 1 10. ,5 8,. 4 14,. 5 .7 28 ,. 1 10. ,2 6., 7 11. . 1 ,1 30., 3 9 ,. 5 6,. 9 12. , 2 1., 8 26.4 8.3 7. 1 9 .8 1.2 19.7 Q. 9 6.8 3.0 - . 1 26 27 23 29 30 31 I NC REA SE IN DEBT 32 MT G. DEBT ON NONFARM HOMES 33 NONCORP BUS . MT G. DEBT 34 CONSUMER C R E D I T 35 S E CURI T Y CREDI T 36 POL I C Y LOANS 37 CTHER DEBT 33. 7 10 . 5 7.0 4.6 3.3 1.0 7. 3 43. 3 14. 9 6. 6 11 . 1 2.1 1.3 7.4 41 . 1 1 6.2 6. 9 9. 3 -2.5 2.6 8.5 28 . 2 12.6 7.7 4. 3 - 1 .8 2 .4 3 .0 4 0. 1 16.5 7.1 10.2 -4.2 1.6 8 .9 45 . 6 17 . 1 7.5 10.8 -1.2 2.6 8. 8 39.0 16. 3 6.9 8 .9 -5.1 3.6 8.3 38.7 14.9 6.1 7. 5 .7 2.6 6.9 26 . 7 12.6 6. 8 4. 9 - 5. 2 2 .9 4.7 2 6. 4 1 1.3 7.2 6. 1 -3. c 2. 7 3.0 34. 7 11. 8 8.7 6.1 . 9 2.1 5. 1 25.4 14.6 8. 3 . 3 .9 1.9 -.6 31 32 33 34 35 36 37 62.0 5.3 12.4 6 3. 9 5 .9 17.0 57.6 6.2 16 . 2 68.7 8. 6 9.0 62.3 5.7 17. 8 51 . 3 8.4 17.7 61.2 7.2 14 .8 5 7. 0 3.7 14. 5 5 8. 4 6. 5 11.1 75. 1 11.8 12.2 71.1 7 .7 9.8 7 0 . 0 38 8 . 4 39 3 . 0 40 1.7 -.1 42.6 40.4 2.2 2.5 38. 5 40.4 -1.9 2.5 * 3 2. 6 37.6 -5.0 I .7 * 4 9. 4 50.0 -.6 5 .0 * 33.8 34.2 -.4 1.9 * 23.4 33.3 -9.9 2.2 * 37. 1 42.0 -5.0 1.1 * 37.3 41.1 -3.3 2.0 * 38. 8 44. 9 -6.1 1. 7 * 49.4 51. 5 -2.1 1.4 * 52.2 52. 7 -.5 1.6 * 57. 0 50.9 6. 1 38 INC IV I DUAL SAV I NG ( 1 + 2 6 - 3 1 ) 39 L E S S - GOVT . INS + PEN RESERVES 40 NE T I N V . IN CON S . DUR C A P I T A L GA I NS D I V I D E N D S 41 FROM I N V E S T . COS . 42 NET SVG. BY FARM C O R P S . 43 EQUALS PERS S A V I N G» F /F B A S I S 44 PERSONAL SAVI NG* N I A B A S I S 45 D I F F E R E N C E ( 4 3 - 4 4 ) ( 1) COM 8 IN E C S T A T E ME NT FOR HOUS E HC L D S , F ARM t * AND NONFARM NONCORPORATE BUS I NES 41 42 43 44 45
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