Full text of Z.1 Financial Accounts of the United States : May 7, 1973 (Seasonally Adjusted)

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F F Seas Adj
1/73
May 7, 1973




Flow of Funds,
Seasonally Adjusted
1st Quarter, 1973
Pr el i mi na ry

Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, DoC. 20551

Seasonally Adjusted
Flow of Funds Accounts, First Quarter 1973

These tables give first estimates of the financialflow accounts for the first quarter of 1973, based on preliminary
and incomplete information.
The tables show the accounts as
seasonally adjusted annual rates.
A separate publication
presents the same set of tables as unadjusted quarterly flows.
Also available are two historical supplements giving yeartotal flows 1945-71, and year-end outstanding assets and
liabilities 1945-71.
Requests for these publications
mailing list should be addressed to the
Savings Section, Room 3222, Division of
tics, Board of Governors of the Federal
Washington, D.C., 20551.

or to be put on the
Flow of Funds and
Research and Statis­
Reserve System,

The first-quarter 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 avail­
able in these tables are S.E.C. data on net new security issues
and 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 balance of pay­
ments statistics, financial income-and-product data, end-ofquarter balance sheets for insurance companies, mutual savings
banks, pension funds, and investment companies, and the Treasury
survey of ownership of Federal securities.







TABLE LIST

SUMMARY TABLES
Income and Product Distribution
Funds Raised in Credit Markets
Private Domestic Net Investment and Borrowing in
Credit Markets
Credit Market Supply of Funds

SECTOR TABLES
Households
Total Nonfinancial Business & Noncorporate Business
Nonfinancial Corporate Business
Governments
Banking System
Commercial Banking Subsectors
Nonbank Finance Summary
Savings Institutions
Insurance and Pension Funds
Finance N.E„C.
Rest of the World

TRANSACTION TABLES
Monetary and Insurance Reserves
Interbank Claims
Money and Deposits
Money Supply Relation to Other Data
U.S. Government Securities
Private Securities and Mortgages
Mortgages by Type
Consumer Credit and Bank Loans N.E.C.
Bank Credit Relationship to Other Data
Other Loans, Including Open-Market Paper
Security Credit, Trade Credit, and Taxes
Miscellaneous Financial Claims
Total Claims— Recapitulation by Type
Saving by Individuals
Discrepancies

7 MAY 1973
INCOME AND PRODUCT DI ST RI BU TI ON

INCOME AND PR OD UC T DI STRIBUTION

1

1

INCOME AND PRODUCT ACCOUNTS: GNP EXPE ND IT UR ES AND GROSS SAVING
(BILLIONS OF DOLLARS)

SE ASONALLY AD JU S T E D ANNUAL RATES
1968

1969

S E A S ON AL LY A D J U ST ED AN NU AL RATES

1970

1971

1972

I
1971
1 III

IV

|
\

1972
II

I

III

IV

|
1

1973
I

1

864.2

930.3

976.4

1050.4

1151.8

1056.9

1078.1

1109.1

1139.4

1163.9

1194.9

1235.4

2
3
4
5
6

735.7
100.8
98.8
53 6.2
84.0

789. 4
111.2
98.8
579.5
90.8

835.8
122.5
96.5
616.8
90.5

8 9 7. 7
135.0
97.8
664.9
103.5

975.5
148 .8
105.8
720.9
116.1

904.3
135.7
97.9
670.7
106.1

921. 4
140.2
100.7
680. 5
106.1

945.5
143.7
105.7
696.1
111.0

967.5
146.0
108.1
713.4
113.9

984.2
150.2
105.4
728.6
118.6

1005.0
155.2
104.0
745.7
120.8

1040.5
159.8
107.0
773.7
130.1

UR RENT O U TL AY S
STATE AND LOCAL GOVT.
U. S. G O V E RN ME NT
H O US EH OL DS
OF WH I C H CONS UM ER DURABLES

2
3
4
5
6

7

126.0

139.0

137.1

152.0

180.4

152.2

158.8

168.1

177.0

183.2

193.4

199.4 GROSS DOME ST IC INVESTMENT

8
9
10
11
12

118.9
30.1
22.0
21.1
.5

131.1
32.6
22.1
22.0
.6

132.2
31.2
20.4
19.6
.5

148.3
42.6
28.3
25.8
.6

174.5
53.9
34.9
32.1
.7

150.9
44.5
29.6
26.7
.7

157.1
47.3
30.3
29.2
.6

167.7
51.6
33.3
29.6
.6

172.0
52.8
34.0
32.4
.6

175.2
54.4
33.8
33.4
.8

183.1
57.0
38.7
32.9
.9

191.5
59.2
40.2
37.7
.9

13
14
15

.4
.2
.2

-.5
— •3
— .3

.3
.2
.2

1.9
.9
.9

2.1
1.1
1.1

2.2
1.1
1.1

.6
.3
.3

3.1
1.5
1.5

1.0
.5
.5

-.4
-.2
-.2

4.9
2.4
2.4

1.5
.8
.8

16
17
18

8.1
2.1
5.9

10.6
3.3
7.3

10.8
3.2
7.6

14.3
4.3
10.0

19.0
5.7
13.4

15.0
4.5
10.4

17.0
5.2
11.8

18.3
5.6
12.7

18.8
5.9
12.9

20.7
6.2
14.5

18.3
5.0
13.3

19.0
5.7
13.3

19
20
21
22
23
24

88.8
4.5
5.7
9.8
1.3
67 .4

98.5
5.1
5.9
10.6
2.6
74.3

100.9
5.3
6.5
10.6
2.1
76.5

105.8
5.6
7.3
11.5
2.6
78.8

120.6
6.1
8.7
12.2
2.2
91.3

106.3
5.7
7.7
11.6
2.6
78.8

109.8
5.8
7.6
11.8
3.1
81.5

116.1
6.0
7.9
12.0
1.8
88.4

119.2
6.0
8.4
12.2
2.4
90.2

120.7
6.0
8.8
12.2
2.3
91.4

126.1
6.5
9.7
12.5
2.2
95.1

132.3
6.8
9.0
12.7
2.4
101.5

25
26
27
28
29

7.1
.1
6.9
.5
6.4

7.8
.1
7.7
1.0
6. i

4.9
.1
4.8
.1
4.8

3.6
1.2
2.4
1.3
1.1

5.9
.3
5.6
.8
4.8

1.3
1.6
-.2
1.0
-1.2

1.7
.9
.8
.1
.7

.4
.3
.1
.7
-.7

5.0
.7
4.3
.7
3.6

8.0
.1
7.9
-.3
8.2

10.3
.2
10.1
1.9
8.1

7.9
.3
7.5
1.7
5.8

30
31
32

2.5
50.6
4 8 .1

1.9
55.5
53.6

3.6
62 .9
59.3

.7
66.1
65.4

-4.2
73.7
77.9

.4
68.5
68.2

-2.1
63.0
65.1

-4.6
70.7
75.3

-5.2
70.0
75.2

-3.4
74.4
77.8

-3.5
79.6
83.1

- 4 .4
86.6
91.0

33
34
35

591.0
39.8
6.7

6 3 4. 4
38.2
6.0

689.5
54.8
8.0

74 4. 4
60.9
8.2

795.1
54.9
6.9

75 0 . 4
61.0
8.1

758.5
59.3
7.8

770.6
55.7
7.2

782.6
50.2
6.4

798.9
50.9
6.4

828.2
62.8
7.6

36
37

-6.5
-.3

8.1
.7

-12.9
2.8

-2 1. 7
4.8

-18.1
12.7

-23.1
6.2

-24.7
6.0

-14.8
7.1

-21.6
14.8

-11.8
9.4

-24.3
19.5

38
39
40
41
42

87.6
*1
4.0
11.3
72.2

84.9
.1
4.5
12.4
67.9

74.3
-.1
4.7
14.5
55.1

83.3
.1
5.8
16.7
60.7

94.3
.2
6.0
17.9
70.2

84.1
.1
5.0
17.0
62.0

83.2
.1
7.1
16.6
59.3

88.2
.2
5.3
16.5
66.3

91.6
.2
5.7
17.5
68.2

95.7
.2
6.2
18.3
71.1

43
44
45
46

39 . 9
.1
5.8
34 .0

40.1
.1
6.4
33.6

34.1
.1
7.2
26.8

37.3
.1
7.9
29.4

41.3
.1
8.2
33.0

37.5
.1
8.0
29.4

35.3
.1
7.8
27.3

38.8
.1
7.7
31.0

40.1
.1
8.0
32 .0

41/8
.1
8.3
33.4

44.3
.1
8.7
35.5

49.7
.1
8.9
40.7

TAX AC CRUALS - TOTAL
FARMS
FINANCIAL CORPS.
NO NF IN AN CI AL

43
44
45
46

47
48
49
50
51

23.6
.1
1.5
1.2
20.8

24.3
.1
2.0
1.6
20.7

24*8
♦
2.4
2.5
19.9

25 . 4
♦
3.3
2.7
19.5

26.4
♦
3.4
2.8
20.2

25.5
♦
2.8
2.7
20.0

25.2
♦
4.1
2.5
18.5

26.0
*
3.0
2.8
20.2

26.2
*
3.2
2.8
20.2

26.5
*
3.5
2.8
20.2

26.7
*
3.8
2.7
20.1

27.2
♦
3.7
2.8
20.6

DI VI DE ND S - TOTAL
FARMS
NET FOREIGN
FI NANCIAL CORPS.
NO NF IN AN CI AL C O RP OR AT IO NS

47
48
49
50
51

52
53
54
55
56
57
58
59

24.2
*
2.5
4.3
17.5
-3 .3
2.5
16.6

20.5
*
2.5
4.5
13.6
-5 .1
2.5
10.9

15.4
-.2
2.3
4.7
8.4
-4 .4
2.3
6.4

20 .5
*
2.6
6.1
11.9
- 4 .7
2.6
9.8

26.6
♦
2.6
7.0
17.1
-6.0
2.6
13.6

21.0
*
2.2
6.2
12.6
-5.8
2.2
9.0

22.7
*
3.0
6.3
13.4
-3.9
3.0
12.6

23.4
■*
2.3
6.1
15.0
-6.5
2.3
10.9

25.3
*
2.5
6.7
16.0
-5.5
2.5
13.0

27.3
*
2.6
7.2
17.5
-6.1
2.6
14.0

30.5
*
2.9
7.8
19.7
-5.9
2.9
16.7

36.9
.1
2.8
8.3
25.7
-13.3
2.8
15.3

UNDIST. PR OF IT S - TOTAL
FARMS
FO RE IG N BR AN CH PROFITS
FI NANCIAL C O RP OR AT IO NS
NO NF IN AN CI AL CO RP OR AT IO NS
+ IN VENTORY VAL. ADJ.
♦ BR AN CH PROFITS
= NONFIN. CORPS. ,N ET

52
53
54
55
56
57
58
59

60
61
62
63
64
65
66
67
68

74.5
8.3
1.5
6.0
11.9
46# 8
1.5
.3
45 .1

81.6
8. 7
1.6
6.2
13.1
51.9
1.7
.3
49.9

86.3
$.0
1.7
6.4
14.2
55.2
2.1
.4
52.7

93.8
9.4
1.8
6.8
15.5
60 .3
2.5
.4
57.3

103.7
9.8
1.9
7.1
17.2
67.7
2.8
.5
64.3

95.0
9.4
1.8
6.9
15.7
61.2
2.6
.4
58.2

97 .4
9.5
1.8
7.0
16.1
63.0
2.7
.4
59.9

99.7
9.6
1.9
7.0
16.4
64.8
2.6
.5
61.7

105.3
10.0
1.9
7.3
18.1
68.0
2.8
.5
64.8

104.1
9.8
1.9
7.0
17.0
68.4
2.9
.5
64.9

105.6
9.9
1.9
7.1
17.3
69.5
3.0
.5
65.9

69
70

6 7 .4
141.9

74.6
156.1

80.6
167.0

87.3
181.1

93.7
197.4

88.1
183.1

90.0
187.4

91.0
190.8

92.8
198.2

94.6
198.7

96.4
202.0

PVT. FI XE D IN VESTMENT
RE SIDENTIAL CONSTR UC TI ON
1-4 FAMILY ST RUCTURES
HO U S E H O L D PU RCHASES
FARM
CH AN GE IN WORK IN
PROCESS CN N C NF AR M
CO RP OR AT E
N O NC OR PO RA TE
MU LT I- FA MI LY UNITS
CO RP OR AT E BUSINESS
NO NC OR P O R A T E BUSINESS
NONRES. PLANT + EQUIP.
N O NP RO FI T I N S T . (H H )
FARM
NO NF AR M NONCORP. BUSINES
FINANCIAL CORPOR AT IO NS
NO N F I N A N C I A L CORPOR AT IO N
INVENTORIES
FARM
NO NF AR M
NO N C O R P O R A T E
CO RP OR AT E
ET EXPORTS
EXPORTS
IMPORTS

850.9 DISPOS AB LE PERS ON AL INCOME
57.0 PE RS ON AL SAVING
6.7
SAVING RATE (PERCENT)
-9.3 FEDERAL GOVT. SURPLUS
14.5 STAT E 6 LOCAL GOVT. SURPLUS

CORP OR AT E PROFITS, TAXES, AND DIVIDENDS:
101.5
113.8
PROFITS - TOTAL
.2
.2
FARMS
6.6
6.5
FOREIGN
20.0
19.3
FI NANCIAL C C R P S .
75.4
87.1
N0 NF 1N AN . CORPS.

107.2 TOTAL C A PI TA L C O NS UM PT IO N
9.9
OW NE R- OC CU PI ED HOMES (HH)
2.0
NO N P R O F I T I N S T • (HH)
7.1
FARM NO NC OR PO RA TE
17.6
NO NFARM NONCOR PO RA TE BUS.
70.6
TOTAL C O RP OR AT E
3.1
FINANCIAL BUSINESS
.6
CO RPORATE FARMS
67.0
NO NF IN AN CI AL CCRPCR AT IC NS
MEMO: CAP. CONS. ON CO NS U M E R DURABLES
98.2
NOT INCLUDED ABOVE
205. 4
TOT CA P. CO NS . INCL DURABLES

7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
26
29
30
31
32

33
34
35
36
37
38
39
40
41
42

60
61
62
63
64
65
66
67
68
69
70

71

- 2 .7

-6.1

-4 .7

-4.5

-1.2

-5.5

-4.3

-4.9

-.4

2.1

-1.5

-1.4 ST AT IS TI CA L DI SC RE PA NC Y

71

72
73

45 .5
14.2

47.2
15.5

46 .0
14.5

44.9
13.6

43.8
15.0

44.6
13.5

42.4
14.0

43.9
15.0

43.8
15.1

43.7
15.0

43.7
15.0

43.7 PR OF IT TA X RATE (*)
14.4 PERSONAL TAX RATE (?)

72
73

1/ 73 FI GU RE S ARE TENT AT IV E ES TI MA TE S BASE D ON INCOMPLETE INFORMATION.




7 MA Y 1973
C R ED IT MARKET SU MMARY
2

C R ED IT MARKET SUMMAR£
TOTAL FUNDS RA IS ED IN CR ED IT MARKETS BY NO NF IN AN CI AL SECTORS
(BILLIONS OF DOLLARS)
S E AS ON AL LY A D JU ST ED ANNUAL RATES

SE ASONALLY ADJU ST ED ANNUAL RATES
1968

1969

1970

1971

1972

I
1971
I III

IV

1972

|
I

II

III

161.5

165.1

I

IV

I
|

1973
I

I. FUNDS RAISED, BY TYPE AND SECTOR

97.8

1

91.7

101.6

156.3

170.7

173.7

164.1

140.8

214.6

203.9

TOTA L FUNDS RA IS ED
BY NONF IN AN CI AL SECTORS

21.9 U. S. GO VE RN ME NT
PUBLIC DEBT SE CURITIES
19.0
BUDGET AGENCY ISSUES
2.9

2
3
4

13.4
10.3
3.1

-3.6
-1.3
-2.4

12.8
12.9
-.1

25.5
26.0
-.5

17.3
13.9
3.4

25.9
25.6
.3

31.4
30.6
.8

5.4
3.1
2.2

17.5
16.0
1.5

10.3
5.7
4.6

36.1
30.7
5.3

5
6
7

84 .4
-.7
85.1

95.3
4.8
90.6

88.8
6.8
81.9

130.8
13.5
117.4

153.4
12.4
141.0

147.9
17.0
130.9

132.7
11.4
121.2

135.4
10.3
125.1

144.0
15.9
128.1

154.8
11.8
143.0

178.6
11.7
166.9

8
9
10
11
12
13
14
15

51.3
10.1
14.0
27.3
15.2
3.5
6.6
2.1

49.0
7.9
13.1
27.9
15.7
4.8
5.5
1.9

60.8
13.8
21.1
25.8
12.8
5.9
5.4
1.8

87.5
20.2
20.3
47.0
26.1
8.8
10.1
2.0

93.5
14.5
13.6
65.4
38.4
9.4
15.0
2.6

89.7
19.2
15.9
54.6
32.1
8.8
11.5
2.2

91.2
17.7
18.8
54.6
31.4
9.3
11.7
2.3

82.5
15.1
12.9
54.5
30.3
8.7
12.9
2.6

91.8
12.9
14.7
64.2
36.5
9.9
14.9
2.9

99.1
16.1
13.0
69.9
42.6
9.0
15.7
2.6

100.5
13.9
13.8
72.9
44.2
9.9
16.4
2.4

77.1
3.4
8.9
64.8
42.5
7.1
12.6
2.6

16
17
18
19
20

33.8
13.8
11.1
1.6
7.3

41.6
16.8
9.3
3.3
12.2

21.1
5.0
4.3
3.8
8.0

29.9
13.0
10.4
-. 4
6.9

47.5
20.8
19.2
-.3
7.8

41.1
23.6
12.6
2.2
2.8

30.1
12.4
14.5
-3.0
6.1

42.5
17.1
13.1
2.9
9.5

36.3
14.7
18.0
.3
3.2

43.9
23.2
18.7
-5.5
7.5

66.4
28.3
26.1
1.0
11.1

95.0
71.8
25.3
-10.5
8.5

21
22
23
24
25
26
27
28

8 4 .4
3.1
10.4
31.9
39.1
30.7
5.7
2.7

95.3
3.3
8.7
32.6
50.8
40.2
7.4
3.2

88.8
3.0
13.9
22.3
49.5
39.8
6.4
3.2

130.8
5.6
20.6
41.6
6 3 .0
48.6
10.3
4.1

153.4
3.4
14.7
62.3
73.0
56.4
12.1
4.5

147.9
8.0
20.2
46.8
72.9
57.5
10.6
4.9

132.7
3.6
18.0
55.1
55.9
42.8
8.8
4.3

135.4
4.2
16.2
49.3
65.7
48.3
13.6
3.7

144.0
1.6
11.7
58.4
72.4
56.2
11.6
4. 7

154.8
2.2
16.6
68.6
67.4
55.4
8.2
3.8

178.6
5.8
14.2
72.3
86.4
65.6
14.9
5.8

29

-1.1

.4

2.7

3.3

-.6

3.4

11.8

-10.2

.1

30
31

99.0
14.5

91.3
-4.0

98.9
10.1

153.1
22.2

171.3
17.9

170.4
22.5

152.3
19.6

150.9
15.5

161.4
17.4

-3.1
T OTALS
168.2
13.4

181.9 ALL OTHER N O N F I N . SECTORS
CORP OR AT E EQUITY SHARES
9.8
DEBT INSTRUMENTS
172.1

181.9
15.2
4.0
72.2
90.5V
71.6
14.1
4.8

1
2
3
4
5
6
7

DE BT CAPITAL INSTRUMENTS
ST.+ LO CA L GOVT. SEC.
CO RPORATE + FGN. BONDS
MO RT GA GE S
HO ME M T G S .
OTHE R RE SI DE NT IA L
CO MM ER CI AL
FA RM

8
9
10
11
12
13
14
15

OTHER PRIVATE CR ED IT
BANK LOANS N.E.C.
CO NS UM ER CR E D I T
OP E N -M AR KE T PAPER
OTHER

16
17
18
19
20

BY BO RR OW IN G S E C T O R FOREIGN
STATE+ LO CA L GOVTS.
H O US EH OL DS
N O NF IN AN CI AL BUSINESS
C O RPORATE
N O NF AR M NONCOR PO RA TE
FARM

21
22
23
24
25
26
27
28

10.7
10.4 MEMO: U.S.GOVT. CASH BALANCE 29
ET OF CH ANGES IN U.S. GOVT. CASH BA LA NC ES—
204. 0
193.5 TOTA L FUNDS RA IS ED
30
25 .4
11.6
BY U.S. GO VE RN ME NT
31

PR IVATE DO ME ST IC NET IN VESTMENT AND BORR OW IN G IN CR ED IT MARKETS

1
2
3

208.7
140.4
68.3

227.1
154.4
72.7

225.5
164.9
60.6

252.9
178.5
74.3

294.3
194.6
99.7

255.7
180.5
75.2

261.8
184.7
77.1

277.4
188.1
89.3

288.5
195.4
93.1

299.5
195.8
103.6

311.9
199.0
112.9

TOTAL, HO US EH OL DS AND BUSINESS
327.1
TOTA L CAPITAL OUTLAYS (1)
C APITAL C O NS UM PT IO N (2)
202.3
NET PHYSICAL INVESTMENT
124.8

1
2
3

4
5

71.0
-2.7

83.3
-10.6

71.8
-11.2

104.6
-30.3

135.3
-35. 6

119.7
-4 4. 6

111.0
-33.9

115.0
-25.7

130.8
-37.7

136.1
-3 2 . 4

158.7
- 4 5. 7

162.7
-37.8

NET FUNDS RAISED
EXCESS NET IN VE ST ME NT (3)

4
5

6
7
8

99.0
63.2
35.8

109.3
69.5
39.7

110.1
73.6
36.6

118.0
80.0
37.9

140.0
89.2
50.9

117.2
81.2
36. 1

120.8
83.4
37.3

130.7
85.6
45.1

136.2
90.7
45.5

141.5
89.5
51.9

151.7
90.8
60.8

152.5
92.2
60.3

9
10
11

40.0
-. 8
-3.3

46.5
4.3
-11.1

42.7
6.8
-12.9

49.6
13.4
-25.1

60.1
12.9
-22.1

55.9
17.0
-36.8

43.8
12.1
-18.6

55.1
10.5
-20.5

56.2
16.2
-26.9

55.2
12.2
-15.5

73.8
12.6
-25.5

80.4
10.2
-30.2

12
13
14

76.2
45. 1
31.1

84.0
49.9
34.2

84.6
52.7
31.9

85.2
57.3
27.9

102.8
64.3
38.5

83.2
58.2
25.0

87.7
59.9
27.8

94.8
61.7
33.1

100.1
64.8
35.4

105.6
64.9
40.7

110.7
65.9
44.8

113.7
67.0
46.8

15
16
17

31.6
-.8
.3

35.9
4.3
—6 .0

33.0
6.8
-7.9

35.1
13.4
-20.7

43.5
12.9
-17.9

40.5
17.0
- 3 2. 4

30.7
12.1
-15.0

37.8
10.5
-15.2

39.9
16.2
-20.8

43.2
12.2
-14.8

53.1
12.6
-20.9

61.4
10.2
-24.8

18
19
20

109.7
77. 2
32.5

117.8
84.8
33.0

115.3
91.3
24.0

134.9
98.5
36.4

154.3
105.4
48.9

138.4
99.4
39.1

141.1
101.3
39.8

146.7
102.5
44.2

152.3
104.7
47.6

158.0
106.3
51.7

160.3
108.2
52.1

174.6
110.1
64.5

21
22

31.9
.6

32 .6
.5

22.3
1.7

41.6
-5.2

62.3
-13.5

46.8
-7.7

55.1
-15.3

49.3
-5.1

58.4
-10.8

68.6
-16.9

72.3
-20.2

72.2
-7.6

23
24
25
26

-2. 1
5.6
1.9
4.8

-2 .9
7.0
2.2
5.8

-1.9
5.5
2.2
4.1

-8.1
5.7
2.3
5.2

-14.4
3.2
2.7
4.9

-11.8
5.4
2.4
3.7

-12.0
1.6
2.5
7.4

-7.5
6.9
2.6
7.2

-13.0
3.0
2.5
3.3

-20.4
5.3
2.5
4.4

-1 6. 7
-1.6
3.0
4.9

- 1 3. 4
6.6
3.2
4.1

TOTAL BUSINESS
TOTAL CA PI TA L OU TLAYS
C A PI TA L C O N S UM PT IO N
NET PHYS IC AL INVESTMENT
NE T DEBT FUNDS RAISED
CORP. EQUITY ISSUES
EXCESS NET IN VESTMENT (3)
CO RP OR AT E BUSINESS
TOTAL CA PI TA L OUTLAYS
C APITAL C O NS UM PT IO N
NET PHYSICAL INVESTMENT
NET DE BT FUNDS RAISED
CORP. EQ UI TY ISSUES
EXCESS NET INVE ST ME NT (3)
HOUS EH OL DS
TOTAL CA PI TA L OUTLAYS
CA PI TA L CONSUM PT IO N
NET PHYS IC AL INVESTMENT
NET FUNDS RA IS ED
EXCESS NET IN VE ST ME NT (3)
OF WHICH:
HOUSES LESS HOME MTGS.
D U RA BL ES LESS CONS. CREDIT
N O NP RO FI T PEE LESS MTGS.
L E SS— U N A L LO CA TE D DEBT

(l)CAPITAL OUTLAYS ARE TOTALS FOR RESIDE NT IA L AND NO NR ES ID EN TI AL
FIXED CAPITAL, NET CHANGE IN INVENTORIES, AND CO NS UM ER DURABLES,
E XCEPT OU TL AY S BY FI NANCIAL BUSINESS.
(2)CAPITAL C O NS UM PT IO N INCLUDES AM OU NT S FOR CONS UM ER DURABLES
AND EXCLUDES FINANCIAL BUSINESS CAPITAL CONSUMPTION.
(3 JEXCESS OF NET IN VESTMENT OVER NET FUNDS RAISED.
1/73 FI GURES ARE TE NTATIVE ES TI MA TE S BASED ON INCOMPLETE INFORMATION.




6
7
8
9
10
11
12
12
14
15
16
17
18
19
20
21
22
23
24
25
26

7 HAY 1973
CREDIT MARKET SUPPLY OF FUNDS
3

CREDIT MARKET SUPPLY OF FUNDS
3

DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
I
1971
I III

98.5

1

86.9

94.7

142.9

158.3

156.7

IV

152.6

|
|

1972
I

130.4

II

145.6

III

IV

|
|

1973
I

TOTAL FUNDS ADVANCED IN CREDIT MARKETS
203.0
194.1
TO NONFINANCIAL SECTORS

153.3

1

BY PUBLIC AGENCIES AND FOREIGN
2
3
4
5 *
6

12.2
3.4
2.8
.9
5.1

15.8
.9
4.6
4.0
6.3

28.0
15.7
5.7
1.3
5.2

41.2
33.4
5.7
-2.7
4.8

18.2
8.6
5.2
*
4.3

50.2
36.7
7.7
.9
4.9

39.5
32.2
6.5
*
.8

29.4
21.6
6.3
-6 . 0
7.5

9.8
4.8
6.0
.6
- 1.7

19.0
8.2
4.5
1.9
4.4

14.6
-.2
4.1
3.7
7.1

7
8
9
10

4.9
3.2
3.7
.3

2.9
9.0
4.2
-.3

2.8
9.9
5.0
10.3

3.2
2.8
8.8
26.4

2.3
7.0
.4
8.4

2 .1
7.1
8.8
32.1

1.8
7.8
9.8
20.2

3.2
7.8
3.9
14.4

*
7.9
5.6
-3.6

4.0
6.4
-6 . 2
14.7

2.1
6.0
- 1.6
8.2

11

3.5

8.8

8.7

3.9

6.2

7.4

7.5

5.1

8.8

4.9

5.9

71.0 TOTAL NET ADVANCES
53.9
U.S.GOVT. SECURITIES
4.5
RESIDENTIAL MORTGAGES
3.5
FHLB ADVANCES TO S+L'S
9.1
OTHER LOANS ♦ SECURITIES
BY AGENCY —
.2
U.S. GOVT.
13.7
SPONSORED CREDIT AGENCIES
22.2
FEDERAL RESERVE
34.8
FOREIGN
AGENCY B ORROWING NOT
10.5
IN LINE 1

2
3
4
5
6
7
8
9
10
11

PRIVATE DOMESTIC FUNDS ADVANCED
12
13
14
15
16
17
18

89.8
13.3
10.1
13.8
15.8
37.8
.9

79.9
4.6
7.9
12.6
15.8
43.0
4.0

75.5
5.8
13.8
20.5
12.9
23.8
1.3

105.5
-4.0
20.2
20.0
29.2
37.4
-2.7

146.3
15.0
14.5
13.5
42.5
60.8
*

114.0
-3.1
19.2
15.3
33.1
50.4
.9

120.6
6.8
17.7
18.8
34.1
43.3
*

106.1
-1 1.0
15.1
12.6
32.6
50.8
-6 . 0

144.7
21.6
12.9
14.6
40.3
55.8
.6

139.2
7.1
16.1
13.6
47.0
57.3
1.9

194.2
42.2
13.9
13.4
49.9
78.6
3.7

19
20
21
22
23

75.0
39.0
15.6
13.9
6.6

54.0
18.9
14.2
12.2
8.6

70.2
31.6
16.6
17.6
4.5

105.8
49.8
41.6
1 2.0
2.3

141.5
67.0
49.1
15.5
10.0

92.1
43.7
38.6
9.2
.5

118.6
56.3
37.0
15.5
9.8

125.7
57.3
49.8
11.6
7.0

125.2
52.2
48.2
17.7
7.1

150.4
71.8
49.5
18.8
10.3

CREDIT MARKET
164.3
170.1
86.3
92.6
48.7
52.6
13.9
17.6
7.4
15.2

24
25
26

75.0
46.1
6.9

54.0
2.5
16.8

70.2
60.4
1 .8

105.8
92.3
4.5

141.5
100.1
13.8

92.1
66 .0
7.0

118.6
91.2
11.3

125.7
116.5
7.1

125.2
84.2
7.1

150.4
103.5
17.1

164.3
94.1
23.9

27
28
29
30
31

22.0
2 .6
-.2
11.2
8.4

34.7
9.3
*
10.3
15.1

8.0
-8.4
2.9
13.5
*

9.0
-3.3
2 .2
8.2
1.8

27.6
4.3
.4
9.9
13.0

19.1
5.7
.4
7.2
5.8

16.1
-3.7
11.9
10.5
- 2.6

2.2
1.3
-7.6
2.8
5.6

34.0
7.4
-.3
12.6
14.3

29.8
3.7
.9
13.9
11.3

46.3
4.7
8.6
10.2
22.7

32
33
34
35
36
37

21.7
7.7
.3
5.1
4.4
4.2

42.7
16.0
6.7
7.6
8.7
3.7

7.0
-7.6
1.4
10.4
- 1.2
4.1

4.2
-13.1
5.7
8.6
-2 .1
5.0

18.6
4.2
5.2
4.8
.5
3.8

29.0
-2.0
8.4
10.1
5.1
7.4

13.3
-1 .2
3.8
3.4
2.2
5.0

-12.5
-21 .8
2.8
6.4
-2.6
2.6

26.4
11.4
6.2
1 .8
3.4
3.6

6.1
.7
5.1
3.8
-6.1
2.7

53.9
26.6
6.6
7.3
7.3
6.0

38
39

48.6
34.0

5.3
-2 . 2

63.9
56.2

95.7
81.3

104.4
88.6

68 .6
65.9

93.2
74.4

123.7
95.9

87.3
88.7

105.7
88.2

100.8
81.5

40
41
42

14.6
12.2
2.4

7.6
4.7
2.8

7.7
4.2
3.5

14.4
11.0
3.4

15.9
11.5
4.3

2.7
.1
2.6

18.7
16.8
2.0

27.8
20.6
7.2

-1.4
-4.5
3.1

17.5
15.3
2.2

19.3
12.6
6.7

12.7
8.9
3.9

43

70.3

48.0

70.9

99.9

123.0

97.6

106.5

111.2

113.7

111.8

154.7

113.8

44
45
46

12.3
83.5
2.9

18.2
67.6
9.0

29.5
93.1
1.8

28.9
100.2
23.1

11.5
96.7
12.7

32.0
80.8
37.8

25.9
98.3
16.4

22.5
118.4
15.8

6.7
86.5
3.7

12.4
108.0
18.4

7.2
84.6
12.9

133.6 TOTAL NET ADVANCES
-21.4
U.S.GOVT. SECURITIES
3.4
MUNICIPAL SECURITIES
8.9
CORPORATE+FGN. BONDS
45.0
RESIDENTIAL MORTGAGES
101.1
OTHER MORTGAGES + LOANS
3.5
LESS— FHLB ADVANCES

12
13
14
15
16
17
18

PRIVATE FINANCIAL INTERMEDIATION--FUNDS ADVANCED BY PRIVATE
FINANCIAL INSTITUTIONS
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
INSURANCE + PENSION FUNDS
OTHER FINANCE

170.1 SOURCES OF FUNDS
129.7 DOMESTIC DEPOSITS
16.9 CREDIT MARKET BORROWING
23.6
.9
4.8
13.1
4.8

19
20
21
22
23
24
25
26

OTHER SOURCES
FOREIGN FUNDS
TREASURY BALANCES
INSURANCE+PENSICN RES.
OTHER, NET

27
28
29
30
31

PRIVATE DOMESTIC NONFINANCIAL INVESTORS ---19.7 DIRECT LENDING IN CR. MKTS.
-16.4
U.S.GOVT. SECURITIES
3.6
MUNICIPAL SECURITIES
2.2
CORPORATE+FGN. BONDS
-1 1 .1
COMMERCIAL PAPER
2.1
OTHER

32
33
34
35
36
37

133.5 DEPOSITS + CURRENCY
120.8
TIME + SAVINGS ACCOUNTS

38
39

MONEY
DEMAND DEPOSITS
CURRENCY

40
41
42

TOTAL OF CREDIT MARKET
INSTR., DEPOSITS, + CURRENCY

36.6 PUBLIC SUPPORT RATE (*)
127.4 PVT.FIN.INTERMEDIATION U )
35 .7 TOTAL FOREIGN FUNDS

43
44
45
46

CORPORATE EQUITIES NOT INCLUDED ABOVE
1
2
3

4.0
4.7
-.7

10.3
5.5
4.7

9.5
2.6
6.9

14.8
1.3
13.5

12.0
-.5
12.6

18.9
2 .0
16.9

14.0
2.5
11.5

7.9
-2.7
10.5

17.9
2.0
16.0

12.2
.3
11.9

10.2
-1.8
12.0

7.9 TOTAL NET ISSUES
-2.0
MUTUAL FUND SHARES
9.8
OTHER EQUITIES

1
2
3

4
5

9.5
-5.5

12.8
-2.5

11.4
-1.9

19.1
-4.4

14.9
-2.9

18.0
1.0

17.1
-3.1

13.9
-6.0

16.6
1.3

10.8
1.3

18.3
-8.1

1 1 . 0 ACQ. BY FINANCIAL INST.
-3.1 OTHER NET PURCHASES

4
5

1/73 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

1.

Total funds raised, page 2, excluding corporate equities.

2.

Sum of lines 3-6 or 7-10.

30.

Excludes net investment of these reserves in corporate
equities.

Includes farm and commercial mortgages.

31.

Mainly retained earnings and net miscellaneous liabilities.

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

32.

Line 12 less line 19 plus line 26.

33-37.

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

39+41.

See line 25.

Line 1 less line 2 plus line 11. Also line 19 less line
26 plus line 32. Also sum of lines 27 through 41
excluding subtotals.

42.

Mainly an offset to line 9.

43.

Lines 32 + 38 or line 12 less line 27 less line 42.

17.

Includes farm and commercial mortgages.

44.

Line 2/line 1.

25.

Lines 39+41.

45.

Line 19/line 12.

26.

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

46.

Lines 10 plus 28.

28.

Foreign deposits at commercial banks, bank borrowings
from foreign branches, and liabilities of foreign bank­
ing agencies to foreign affiliates.

Corporate eauities

29.

Demand deposits at commercial banks.

1 and 3

6.
11.

12.




Line
Includes issues by financial institutions.

Line

7 MAY 1973
HO USEHOLDS
4

HOUSEHOLDS
4
SECTOR ST ATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY A D JU ST ED AN NU AL RATE S
1968

1969

1970

SE AS ON AL LY ADJU ST ED ANNUAL RATES

1971

1972

IV

I
I

1972
I

II

III

IV

I
I

1973
I

PERSONAL TRUSTS, AND NO NP RO FI T OR GA NIZATIONS

1
2

688.9
97.9

750.9
116.5

806.3
116.7

86 1. 4
117.0

935.9
140.8

867.9
117.5

881.5
123.0

907.0
136.4

922.1
139.5

939.9
141.0

974.6
146.4

993.9 PERS ON AL INCOME
143.0 LESS: PERSONAL TA XES+NONTAXES

1
2

3
4
5
6
7
8

591.0
551.2
39.8
6.0
2.5
16.7

634.4
596.2
38.2
6.6
2.5
16.2

6 8 9. 5
634.7
54.8
9.2
.9
9.9

744.4
683.4
60.9
9.8
.8
16.2

795.1
740.2
54.9
10.3
1.4
22.4

75 0 . 4
6 8 9. 4
61.0
8.5
1.2
18.0

758.5
699.2
59.3
9.5
.6
16.2

770.6
714.9
55.7
4.5
1.0
20.0

782.6
732.5
50.2
15.6
1.4
21.0

798.9
748.0
50.9
10.0
1.2
24.0

828.2
765.5
62.8
10.9
2.0
24.4

850.9
793.9
57.0
8.1
1.7
31.9

= DI SP OS AB LE PERS. INCOME
LESS: PERSONAL OUTLAYS
= PERS ON AL SAVING, NIA BASIS
+ C R ED IT S FROM GOVT. INSUR.
+ CAPITAL GAINS DI VIDENDS
♦ NE T DURABLES IN CO NS UM PT IO N

3
4
5
6
7
8

9
10
11

64.9
77.2
142.0

63.6
84.8
148.4

74.9
91.3
166.2

87.6
98.5
186.1

88.9
105.4
194.3

88.7
99.4
188.0

85.6
101.3
186.9

81.2
102.5
183.7

88.3
104.7
193.0

86.1
106.3
192.4

100.1
108.2
208.3

98.7 = NET SAVING
110.1 + CA PI TA L CO NS UM PT IO N
208.8 = GROSS SAVING

9
10
11

12
13
14
15
16

143.5
109.7
21.1
8 4 .0
4.5

144.6
117.8
22.0
90.8
5.1

174.3
115.3
19.6
90.5
5.3

181.6
134.9
25.8
103.5
5.6

201.8
154.3
32.1
116.1
6.1

176.4
138.4
26.7
106.1
5.7

183.5
141.1
29.2
106.1
5.8

183.8
146.7
29.6
111.0
6.0

205.7
152.3
32.4
113.9
6.0

199.5
158.0
33.4
118.6
6.0

218.1
160.3
32.9
120.8
6.5

213.7 G R OS S INVESTMENT
174.6 CA PI TA L EXPEND. (NET OF SALES
RESIDE NT IA L CO NS TR UC TI ON
37.7
CO NS U M E R DURABLE GOODS
130.1
NONP RO FI T PLANT + EQUIP.
6.8

12
13
14
15
16

17
18

33.8
68.6

26.7
57.7

59.0
8 0 .4

46.6
91 .4

47.5
115.7

37.9
86.4

42.4
101.5

37.2
95.7

53.4
119.8

41.5
113.9

57.8
132.8

39.1
109.1

19
20

55.8
12.6

42 .9
3.5

61.1
6.1

70.5
8.5

93.7
8.8

63.7
-1.5

78.2
11.0

85.6
15.4

88.3
-3.5

85.7
10.7

114.3
12.0

90.3
14.4

DEPOSITS + C R . M K T . I N S T R . (1) 19
DE MA ND DEPOSITS + CURRENC 20

21
22
23

30 .4
17.4
13.0

6.1
-1.9
8. 0

4 4 .5
27.6
17.0

73.5
32.7
40.8

80.7
34.5
46.2

57.3
21.9
35.4

70.6
36.3
34.3

90.2
31.6
58.6

78.8
36.4
42.4

79.6
35.6
44.0

74.1
34.3
39.8

91.7
45.6
46.1

21
SAVINGS AC COUNTS
AT C O MM ER CI AL BANKS
22
AT SAVINGS INSTITUTIONS 23

24
25
26
27
28
29

12.9
4.5
-.2
2.0
4.8
1.8

33.3
12.1
7. 6
5.9
5.7
2.0

10.4
-4 .4
2.0
-1.8
12.4
2.2

-1 1. 6
-2 2. 6
4.9
-3.9
7.6
2.4

4.2
-3.7
4.3
-1.1
4.1
.4

7.9
-13. 1
7.2
.2
9.0
4.6

-3.3
-7.6
3.0
-4.0
3.1
2.2

-20.0
-23.5
1.9
-6 .7
6.1
2.2

13.0
5.0
5.7
.7
1.3
.3

-4.6
-7.7
3.8
-3.6
3.0
-.3

28.3
11.4
5.9
5.4
6.1
-.5

-15.9
-13. 9
3.9
-8.5
2.5
*

30
31

4.7
-12.3

5.5
-9.6

2.6
-5.2

1.3
-6.5

-.5
-4.8

2.0
-2.0

2.5
-7.8

-2.7
-6.1

2.0
-1.3

.3
-.5

-1.8
-11. 2

32
33

4.5
15.4

4. 9
15.8

5.2
19.5

6.6
20.2

6.9
19.7

6.9
16.8

6.9
21.0

7.0
11.3

6.8
26.8

6.9
19.1

34
35
36

-2.0
.7
1.8

-3.2
“ •8
2.1

-4.9
-.5
2.6

-3.2
*
2.4

-1.8
.1
2.5

-2.2
-1.2
2.4

-2.4
.6
2.5

-3.0
1.2
2.4

-4.0
-1.2
2.5

37
38
39
40
41
42
43
44

34.8
31.9
14.9
1.1
9.0
2.1
3.1
1.7

31.0
32.6
16.2
1.3
8.3
1.0
2.8
3.0

21.4
22.3
12.5
1.4
3.0
1.3
1.5
2.6

44.7
41.6
24.5
1.4
8.4
2.1
3.9
1.3

68.3
62.3
36.7
1.5
16.0
3.1
3.5
1.5

48 .4
46.8
29.1
1.5
10.3
2.2
2.5
1.2

59.1
55.1
31.7
1.5
12.4
2.2
6.2
1.3

58.5
49.3
27.5
1.5
13.2
-.1
5.7
1.4

45
46
47

2.1
.5
.4

-2.5
.5
.4

-1 .9
.6
.4

2.1
.6
.5

4.9
.6
.5

.6
.6
.5

3.0
.6
.5

48

-1 .4

3.9

1
00
»*•

HOUSEHOLDSt

|
1971
I III

4.6

-7.4

11.6

3.4

NET FINAN. INVESTMENT
NET ACQ. OF FINAN. ASSETS

17
18

CREDIT MKT. INSTRUMENTS
U.S. GOVT. SECURITIES
STATE AND LOCAL OBLIG.
CO MM E R C I A L PAPER
CORP OR AT E AND F G N . BOND
MO RT GA GE S

24
25
26
27
28
29

-2.0
-5.1

IN VESTMENT CO. SHARES
OTHER CORP. SHARES

30
31

7.0
21.8

7.0
19.2

LIFE INSURANCE RESERVES
PENSION FUND RESERVES

32
33

.7
-.7
2.4

-1.0
1.1
2.6

-2.4
-.5
2.5

NET INV. IN NONCORP. BUS. 34
35
SECURITY CR ED IT
36
MI SC EL LA NE OU S

66.4
58.4
35.5
1.5
14.8
3.2
1.9
1.4

72.4
68.6
44.0
1.5
16.1
2.6
2.5
1.9

75.0
72.3
39.8
1.6
19.5
6.5
3.7
1.2

70.0
72.2
41.2
1.6
24.0
1.3
2.9
1.1

8.2
.6
.5

7.0
.6
.5

2.7
.6
.5

1.6
.6
.5

-3.3
.6
.5

-.2

-12.7

-7.1

-9.8

-4.9

NET INCREASE IN LIABILITIES
CR ED IT MKT. INSTRUMENTS
H O ME MO RTGAGES
OTHER MORTGAGES
IN ST AL LM EN T CONS. CR.
OTHER CO NS UM ER CREDIT
BA NK LOANS N.E.C.
OT HE R LOANS
SE CURITY CR E D I T
TRADE DEBT
MISC EL LA NE OU S
D I SC RE PA NC Y

37
38
39
40
41
42
43
44
45
46
47
48

(1)EXCLUDES CO RP OR AT E EQUITIES

49
50
51
52

21.1
8.3
14.9
-2.1

22.0
8.7
16.2
-2.9

19.6
9.0
12.5
-1 .9

25.8
9.4
24.5
-8.1

32.1
9.8
36.7
-14.4

26.7
9.4
29.1
-11.8

29.2
9.5
31.7
-12. 0

29.6
9.6
27.5
-7.5

32.4
10.0
35.5
-13.0

33.4
9.8
44.0
-20.4

32.9
9.9
39.8
-16.7

37.7
9.9
41.2
- 1 3. 4

MEMORANDA:
NE T PHYSICAL INVESTMENT:
(A) RESI DE NT IA L CONSTRUCTION
EX PE NDITURES
LESS: CAPITAL CO NS UM PT IO N
HOME MO RTGAGES
= EXCESS NET INVESTMENT

53
54
55

84.0
67 .4
16.7

90.8
74.6
16.2

90.5
80.6
9.%

103.5
87.3
16.2

116.1
93.7
22.4

106.1
88.1
18.0

106.1
90.0
16.2

111.0
91.0
20.0

113.9
92.8
21.0

118.6
94.6
24.0

120.8
96.4
24.4

130.1
98.2
31.9

(B) CONS UM ER DURABLES
EXPEND IT UR ES
LESS: CAPITAL CO NS UM PT IO N
= NET IN VE ST ME NT

56
57

11.1
5.6

9.3
7.0

4.3
5.5

10.4
5.7

19.2
3.2

12.6
5.4

14.5
1.6

13.1
6.9

18.0
3.0

18.7
5.3

26.1
-1.6

25.3
6.6

58
59
60
61

4.5
1.5
1.1
1.9

5.1
1.6
1.3
2.2

5.3
1.7
1.4
2.2

5.6
1.8
1.4
2.3

6.1
1.9
1.5
2.7

5.7
1.8
1.5
2.4

5.8
1.8
1.5
2.5

6.0
1.9
1.5
2.6

6.0
1.9
1.5
2.5

6.0
1.9
1.5
2.5

6.5
1.9
1.6
3.0

62
63

14.2
6.7

15.5
6. 0

14.5
8.0

13.6
8.2

15.0
6.9

13.5
8.1

14.0
7.8

15.0
7.2

15.1
6.4

15.0
6.4

15.0
7.6

64

23 .7

23.1

23.8

24.7

24.1

24.7

24.3

23.7

24.1

23.7

PER CENT OF DI SP OS AB LE INCOME A D J . (2):
24.3
GROSS SAVING
24.8

65
66
67
68

18.3
11.4
5.8
5.3

18.3
9.0
4.8
5.1

16.5
11.5
3.1
3.2

17.9
12.1
5.9
5.5

19.1
14.3
8.5
7.7

18.2
11.4
6.4
6.2

18.4
13.2
7.7
7.2

18.9
12.3
7.5
6.4

19.0
15.0
8.3
7.3

19.5
14.1
8.9
8.5

19.1
15.8
8.9
8.6

69

599.5

643.5

699.7

754. 9

806.8

760.1

768.6

776.1

(C) NO N P R O F I T PLANT + EQUIPMENT
6.8
EX PENDITURES
LESS: CAPITAL CONS UM PT IO N
2.0
NO NP RO FI T MORTGAGES
1.6
= EXCESS NET INVESTMENT
3,2
PE RCENT RATIOS:
14.4 EFFECTIVE TAX RATE
6.7 SAVING RATE, NIA BASIS

20.3
12.7
8.1
8.4

CAPITAL EXPENDITURES
ACQ. OF FI NANCIAL ASSETS
NET INCR. IN LIABILITIES
CREDIT MKT. BORROWING

53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68

69
841.2
860.7 (2)DISP OS AB LE INCOME ADJ.
810.0
799.7
INCOME + GOVT. INSURANCE CREDITS + CAPITAL GAINS DIVID.)

1/73 FI GU RE S ARE TE NT AT IV E ESTIMATES BASED ON INCOMPLETE INFORMATION.




LESS: CONS UM ER CREDIT
= EXCESS NET INVESTMENT

49
50
51
52

7 MAY 1973
TOTAL + NO NC OR P BU SINESS
5

TOTAL + NONCORP BUSINESS
5
SECTOR ST ATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY A D JU ST ED ANNUAL RATES
1968

1969

1970

1971

SE AS O N A L L Y A D JU ST ED AN NU AL RATES
1972

I
1971
1 III

NONF IN AN CI AL

IV

|
|

1972
I

II

III

IV

|
|

1973
I

BUSINESS - TOTAL

1
2

142.4
79.9

139.5
80.3

127.5
79.9

136.7
89.9

150.6
102.8

137.8
89.6

138.2
95.5

144.1
96.5

145.7
103.4

151.9
103.7

160.7
107.5

166.6
107.5

INCOME BEFORE TAXES
GROSS SAVING

1
2

3
4
5
6
7
8
9

69.6
99.0
92.0
83.0
.9
8.1
7.1

67.8
109.3
101.4
90.8
.1
10.6
7.8

72.9
110.1
105.2
93.6
.8
10.8
4.9

70.1
118.0
114.3
97.6
2.4
14.3
3.6

87.8
140.0
134.1
112.2
2.8
19.0
5.9

63.0
117.2
115.9
98.1
2.9
15.0
1.3

66.9
120.8
119.1
100.9
1.2
17.0
1.7

86.0
130.7
130.3
108.4
3.7
18.3
.4

88.7
136.2
131.2
110.8
1.6
18.8
5.0

89.8
141.5
133.5
112.4
.4
20.7
8.0

86.9
151.7
141.4
117.3
5.7
18.3
10.3

89.2
152.5
144.6
123.2
2.4
19.0
7.9

GROSS I N VE ST ME NT
CA PI TA L EX PE ND IT UR ES
FIXED INVESTMENT
BUSINESS PLANT + EQUIPMENT
1-4 FA MI LY RESIDENT. CONST
OTHER RE SI DE NT IA L
CHANGE IN INVENTORIES

3
4
5
6
7
8
9

10
11
12
13
14
15
16
17
18
19

-29.4
25.1
54 .6
-.8
40 .0
12.9
.3
11.0
11.0
4.8

-41.4
22.9
64.3
4. 3
46.5
12.1
-.6
11.0
14.6
9.3

-37.2
12.6
49.8
6.8
42.7
20.3
.3
11.7
3.5
7.0

-47.8
23.4
71.3
13.4
49.6
19.4
1.5
19.4
6.4
2.7

-52.2
33.1
85.2
12.9
60.1
12.6
1.7
25.4
15.0
5.4

-54.3
27.3
81.5
17.0
55.9
14.9
3.0
21.1
15.2
1.7

-53.9
16.3
70.1
12.1
43.8
18.5
-.3
21.7
4.0
-.1

-44.7
31.5
76.2
10.5
55.1
11.2
2.7
22.7
10.7
7.9

-47.5
24.9
72.5
16.2
56.2
13.0
1.0
26.2
10.1
5.9

-51.6
29.6
81.2
12.2
55.2
13.5
-1.4
25.7
17.3
.1

-64.8
46.2
111.0
12.6
73.8
12.6
4.4
27.1
21.8
7.9

-63.3 NET FI NA NC IA L INVESTMENT
56.0
FI NA NC IA L USES OF FUNDS, NET
119.3
FINAN. SOURCES OF FUNDS, NET
10.2
CORP OR AT E SHARE ISSUES
80.4
CR EO IT MKT. INSTRUMENTS
8.3
CORPORATE BONDS
1.3
HOME MORT GA GE S
20.7
OTHER MO RT GA GE S
56.5
BANK LOANS N.E.C.
-6 .4
OTHER LOANS

10
11
12
13
14
15
16
17
18
19

20
21

10.5
4.9

15.2
-1.7

4.6
-4.2

3.9
4.4

13.4
-1.2

3.2
5.5

6.3
7.9

13.3
-2.7

9.0
-9.0

11.8
2.0

19.7
5.0

23.4
5.4

22

10.3

12.5

6.9

19.8

14.9

26.7

28.6

10.5

14.7

13.8

20.6

18 .3 D I SC RE PA NC Y

TRADE DEBT
OTHER LIAB IL IT IE S

20
21
22

FARM BUSINESS
1
2
3
4
5
6

14.7
*
6.2
6.0
.3
6.2

16.7
*
6.6
6.2
.3
6.5

16.9
-.1
6.7
6.4
.4
6.6

17.3
♦
7.2
6.8
.4
7.2

19.6
*
7.6
7.1
.5
7.6

17.6
-.1
7.3
6.9
.4
7.2

18.1
-.2
7.5
7.0
.4
7.2

19.1
*
7.5
7.0
.5
7.6

18.7
-.2
7.8
7.3
.5
7.6

19.1
.2
7.6
7.0
.5
7.8

21.6
-.1
7.6
7.1
.5
7.4

22.5
.1
7.6
7.1
.6
7.7

NE T INCOME
NET SAVING
CA PI TA L C O NS UM PT IO N
NO NC OR PO RA TE
CO RP OR AT E
CU RRENT SURP. = GROSS SAVING

7
8
9
10
11

6.2
6.3
5.7
*5
•1

6.5
6.6
5.9
.6
.1

6.6
7.1
6.5
.5
.1

7.2
9.1
7.3
.6
1.2

7.6
9.8
8.7
.7
.3

7.2
9.9
7.7
.7
1.6

7.2
9.1
7.6
.6
.9

7.6
8.9
7.9
.6
.3

7.6
9.8
8.4
.6
.7

7.8
9.6
8.8
.8
.1

7.4
10.8
9.7
.9
.2

7.7
10.3
9.0
.9
.3

GROSS INVE ST ME NT
CAPITAL EX PENDITURES
PLANT AND EQ UIPMENT
RE SI DE NT IA L CONS TR UC TI ON
CHANGE IN INVENTORIES

7
8
9
10
11

12
13
14
15
16
17

-.1
.6
.2
.4
.3
•1

-.1
.5
•1
.4
.4
.1

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

-1.9
.5
.1
.4
.3
.1

-2.2
.5
.1
.4
.3
.1

-2.6
.4
.1
.3
.3
*

-1.9
.6
.1
.5
.3
.1

-1.3
.5
.1
.3
.3
*

-2.2
.6
.1
.4
.3
.1

-1.9
.5
.1
.3
.3
*

-3.3
.7
.1
.5
.3
.2

-2.6
.6
.1
.5
.3
.1

NET FINAN. INVESTMENT
N E T. IN CR .I N FINAN. ASSETS
DE MA ND DEP. AND CURRENCY
MISC EL LA NE OU S ASSETS
IN SURANCE RE CEIVABLES
EQ UI TY IN S P C N . A G S . (2)

12
13
14
15
16
17

18
19
20
21
22
23
24

.7
2.7
2.1
.4
.2
-.1
.2

.7
3.2
1.9
.6
.6
*
.6

1.1
3.2
1.8
.8
.6
-.1
.7

2.4
4.1
2.0
1.3
.7
*
.7

2.7
4.5
2.6
1.4
.5
.1
.4

3.1
4.9
2.2
2.1
.5
.5

2.5
4.3
2.3
1.4
.6
.3
.4

1.7
3.7
2.6
.9
.3
-.2
.5

2.7
4.7
2.9
1.4
.4
*
.5

2.4
3.8
2.6
.9
.3
.2
.1

4.0
5.8
2.4
2.5
1.0
.4
.6

3.2
4.8
2.6
2.0
.3
-.2
.5

25
26

.4
-2 .4

.7
-3.2

1.1
-3.2

1.4
-3.1

.4
-2.2

.6
-2.4

1.5
-3 .4

.2
-2.1

.7
-2.7

NET INCREASE IN LIABILITIES
C R ED IT MARKET INSTRUMENTS
M O R T GA GE S
BANK LOANS N.E.C.
OT H E R LOANS
U.S.GOVT.
FICB +B KS FOR COOPS

1
2
3
4
5
6

18
19
20
21
22
23
24

.5
.3
.3
TRADE DEBT
25
-2.0
-2.1
-2.0
PROP RI ET OR NET INVESTMENT 26
(2) SHARES IN FICB'S, BANKS FOR COOPS, AND LAND BANKS.

NO NF AR M NONCORPORATE BUSINESS
1

58.9

60.0

59.9

63.4

66.8

64.1

64.7

65.3

64.3

67.9

69.6

70.3

NET INCOME

1

2
3

11.9
11.9

13.1
13.0

14.2
14.2

15.5
15.6

17.2
17.2

15.7
15.2

16.1
15.9

16.4
16.4

18.1
18.1

17.0
17.0

17.3
17.4

17.6
17.6

CAPITAL C O NS UM PT IO N
CU RR EN T SURP. = GROSS SAVING

2
3

4
5
6
7
8
9
10

11.9
16.5
16.0
9.8
5.9
.2
.5

13.0
18.6
17.6
10.6
7.3
-.3
1.0

14.2
18.5
18.4
10.6
7.6
.2
.1

15.6
23.7
22.4
11.5
10.0
.9
1.3

17.2
27.4
26.7
12.2
13.4
1.1
.8

15.2
24.1
23.2
11.6
10.4
1.1
1.0

15.9
24.0
23.9
11.8
11.8
.3
.1

16.4
27.1
26.3
12.0
12.7
1.5
.7

18.1
26.3
25.6
12.2
12.9
.5
.7

17.0
26.2
26.5
12.2
14.5
-.2
-.3

17.4
30.2
28.3
12.5
13.3
2.4
1.9

17.6
28.5
26.8
12.7
13.3
.8
1.7

GROS S INVEST ME NT
CAPITAL EX PENDITURES
FIXED CAPITAL
PLANT + EQUIPMENT
MU LT I- FA MI LY
RES ID.
HOME CO NSTRUCTION
CHANGE IN INVENTORIES

4
5
6
7
8
9
10

11
12
13
14
15
16
17

-4 .6
1.2
.7
.5
.5
*

-5.5
1.2
.5
.7
.7
*

-4.2
1.1
.5
.7
.7
*

-8.0
1.3
.6
.7
.7
♦

-10.2
1.8
1.1
.7
.7
*

-8.9
1.6
.9
.7
.7
*

-8.1
1.6
.9
.7
.7
*

-10.7
1.8
1.2
.7
.7
*

-8.2
1.4
.7
.7
.7
*

-9.2
1.8
1.2
.7
.7
♦

-12.8
2.3
1.6
.7
.7
“

-10.9
2.0
1.2
.7
.7
*

NET FI NA NC IA L INVEST.
NET ACQUIS. OF FINAN. ASSET
DE MA ND DEP. + CURRENCY
CONS UM ER CR ED IT
M I SC EL LA NE OU S ASSETS
IN SURANCE RE CE IV AB LE S
EQ UI TY IN SPON. AGS.

11
12
13
14
15
16
17

18
19
20
21
22
23

5.8
5.7
3.4
.1
2.7
.5

6.7
7. 4
3.7
-.3
3.6
.4

5.4
6.4
4.9
.2
4.3
.4

9.3
10.3
7.8
.8
6.2
.9

12.1
12.1
8.7
.9
6.5
1.3

10.5
10.6
8.5
1.5
6.0
1.0

9.7
8.8
7.6
-.1
6.7
1.0

12.5
13.6
8.5
1.4
6.0
1.1

9.6
11.6
8.7
.5
6.8
1.3

11.1
8.2
7.0
-.7
6.3
1.4

15.0
14.9
10.6
2.2
6.9
1.5

12.8
14.1
6.8
.6
5.0
1.1

NET INCREASE IN LIABILITIES
CR ED IT MARKET INSTRUMENTS
MORT GA GE S
HOME MORTGAGES
MULTI- FA MI LY
CO MMERCIAL

18
19
20
21
22
23

24
25

1.3
1.1

2.0
1.8

.4
1.2

1.8
.8

2.3
1.1

1.6
.4

2.2
-.9

3.7
1.4

2.1
.8

.4
.8

2.9
1.4

5.4
1.9

26
27

-.3
.3

-.7
♦

.6
-1.7

-1.0
-.1

-.4
.4

-.2
.1

-.1
1.0

-.3
-.9

-.6
-1.3

.2
2.7

-.9
1.1

-.8
-.4

1/73 FI GU RE S ARE T E NT AT IV E ES TI MA TE S BASED ON INCOMPLETE INFORMATION.




BANK LOANS N.E.C.
OTHER LOANS

24
25

TRADE DEBT, NET
26
PROP RI ET OR NET INVESTMENT 27

7 H A Y 1973
CORPORATE BU SI NE SS
6

CO RPORATE BUSINESS
6
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY A D JU ST ED AN NU AL RATE S
1968

1969

1970

1971

SE AS O N A L L Y A D J U ST ED ANNUAL RATES
1972

[
1971
1 III

I
1

IV

1972
II

I

IV

III

I
I

1973
I

N O N F IN AN CI AL CORPORATE BUSINESS
1
2
3
4
5
6
7
8

1
2
3
4
5
6
7
8

72.2
34.0
20.8
17.5
2.5
-3 .3
45.1
61 .7

67.9
33.6
20.7
13.6
2.5
-5.1
49.9
60.8

55.1
26.8
19.9
8.4
2.3
- 4 .4
52.7
59.1

60.7
29.4
19.5
11.9
2.6
-4.7
57.3
67.1

70.2
33.0
20.2
17.1
2.6
-6.0
64.3
77.9

62.0
29.4
20.0
12.6
2.2
-5.8
58.2
67.2

59.3
27.3
18.5
13.4
3.0
-3.9
59.9
72.4

66.3
31.0
20.2
15.0
2.3
-6.5
61.7
72.5

68.2
32.0
20.2
16.0
2.5
-5.5
64.8
77.7

71.1
33.4
20.2
17.5
2.6
-6.1
64.9
78.9

75.4
35.5
20.1
19.7
2.9
-5.9
65 .9
82.6

87.1
40 .7
20.6
25.7
2.8
-13.3
67.0
82.2

PROFITS BEFORE TAX
- PROFITS TAX AC CRUALS
- NE T D I V I DE ND S PAID
= UN DI S T R I B U T E D PROFITS
♦ FGN. BR AN CH PROFITS
+ INV. VA LU AT IO N ADJ.
♦ CA PI TA L CO NS UM PT IO N ALL.
= GROSS INTERNAL FUNDS

9
10
11
12
13
14

51.4
76.2
69 ,8
67 . 4
2.3
6.4

48.3
84.0
77.3
74.3
3.0
6.7

52.1
84.6
79.8
76.5
3.4
4.8

47.3
85.2
84.1
78.8
5.3
1.1

63.0
102.8
98.0
91.3
6.7
4.8

40.6
83.2
84.4
78.8
5.7
-1.2

43.8
87.7
87.0
81.5
5.4
.7

62.0
94.8
95.5
88.4
7.1
-.7

63.0
100.1
96.5
90.2
6.3
3.6

65.1
105.6
97.4
91 .4
6.0
8.2

62.0
110.7
102.6
95.1
7.4
8.1

63.9
113.7
107.9
101.5
6.5
5.8

GROSS IN VE ST ME NT (10 ♦ 15)
CA PI TA L EXPENDITURES
FIXED INVESTMENT
PL A N T AND EQ UIPMENT
RE S I D E N T I A L CO NS TR UC TI ON
CHANGE IN IN VENTORIES

15
16

-24.8
23 .3

-35.8
21.1

-32.5
10.9

- 3 7. 9
21.7

-39.8
30.7

-4 2. 7
25.3

-43.9
14.0

-32.8
29.2

-37.1
23.0

-40.5
27.3

-48.7
43.3

-49. 9
53.4

NET FI NA NC IA L IN VESTMENT
15
FI NA NC IA L USES OF FUNDS,N.ET 16

17
18
19
20
21
22

5.3
1.1
.4
.9
2.5
.5

-. 5
1.5
-2 . 4
-1.3
2.7
-1.0

-1 .0
.3
1.7
- 2 .9
.6
— .6

10.6
4.5
.6
2.7
1.8
1.0

6.3
3.4
1.1
-.8
1.5
1.0

13.6
1.6
2.5
3.6
4. 9
1.0

7.4
4.1
-6.9
3.1
6.2
1.0

6.1
5.6
1.8
-6.4
4.1
1.0

7.2
-.1
2.8
.8
2.7
1.0

5.4
3.3
4.1
-.4
-2.6
1.0

6.7
4.9
-4.2
3.0
1.9
1.0

14.3
1.1
16.4
-.6
-2.6

LI QUID ASSETS
DE M A N D DEP. AND CURR.
TIME DEPO SI TS
U.S. GOVT. SECURITIES
OP EN -M KT . PAPER
STATE AND LOCAL OBLIG.

17
18
19
20
21
22

23
24
25
26
27
28
29

1.7
13.9
2.4
1.1
.5
.8

1.3
17.3
3.0
2.2
-. 4
1.1
•1

1.4
6.2
4.3
3.6
-.4
.9
.1

2.0
4.0
5.1
3.4
.4
1.2
*

2.2
19.1
3.1
1.4
.4
1.3
*

1.9
3.6
6.2
4.3
.6
1.3
♦

1.9
2.8
2.0
.7
♦
1.2
*

-.8
17.7
6.1
4.0
.7
1.3
♦

2.6
14.2
-1.1
- 3 .2
.8
1.3
*

1.7
15.3
4.9
2.7
.8
1.3
♦

5.0
29.2
2.5
1.9
-.6
1.2
♦

.8
32.0
6.3
4.5
.6
1.2
*

CO N S U M E R C R ED IT
TRADE CR ED IT
MI SC EL LA NE OU S ASSETS
FGN DI RE CT I N V E S T M E N T (1
FGN. CU RR EN CI ES
INSU RA NC E RE CEIVABLES
EQ. IN FED. SPON. AG.

23
24
25
26
27
28
29

30
31
32
33

48.1
30 .7
-.8
31.6

56*9'
40.2
4. 3
35 .9

43 .4
39.8
6.8
3 3 .0

59.6
48 .6
13.4
35.1

70.5
56.4
12.9
43.5

68.0
57.5
17.0
40.5

57.9
42.8
12.1
30.7

62.0
48.3
10.5
37.8

60.1
56.2
16.2
39.9

67.7
55.4
12.2
43.2

92.0
65.6
12.6
53.1

103.3
71.6
10.2
61 .4

FINAN. SO UR CE S OF FU NDS,NET
NET FUNDS R A I S E D IN MKTS.
NET NEW SHARE ISSUES
DEBT IN ST RU ME NT S

30
31
32
33

34
35
36
37
38

12.9
5.8
.1
.8
4.9

12.1
4.8
-. 3
1.2
3.8

20.3
5.3
.2
1.5
3.6

19.4
11.2
.8
2.6
7.8

12.6
15.8
.9
2.9
12.1

14.9
13.3
1.5
2.8
9.0

18.5
11.6
-.1
2.6
9.2

11.2
14.3
1.4
2.7
10.3

13.0
15.7
.5
3.1
12.0

13.5
14.8
-.7
2.7
12.7

12.6
18.6
2.2
3.0
13.3

8.3
12.6
.6
2.1
9.9

39
40
41
42

9.3
1.6
1.8
•2

12.1
2. 7
4.2
.1

2.3
2.6
2.3
.3

3.3
-1 .0
2.0
.2

11.3
.7
3.0

11.4
1.3
-.5
♦

.4
-2.9
2.8
.3

6.2
1.9
4.2
*

6.6
4.3
.3
.1

16.0
-3.2
1.9
.2

16.4
-.2
5.6
.1

49.2
-1 1. 4
2.7
*

43
44
45

2.9
10.4
4.1

-3.3
15.2
4.8

-2.7
2.8
3.4

4.0
3.4
3.6

.6
13.4
.1

1.9
2.8
5.8

1.1
4.8
9.3

.9
13.4
-.6

-2 .5
8.9
-2.5

1.3
11 .0

♦

2.7
20.3
3.3

6.6
23.9
1.1

46
47
48

10.3
3.6
31.8

12.5
2.2
37.0

6.9
3.3
31.3

19.8
.6
27.7

14.9
5.7
33.8

26.7
.8
28.8

28.6
-2.0
28.8

10.5
4.4
31.3

14.7
5.3
35.9

13.8
4.2
33.8

20.6
8.9
34.1

18.3
8.1
35.0

49
50

47.0
123.5
41.4

49.5
138.3
42.7

48.7
143.2
39.0

48 .4
127.0
41.2

47 .0
131.9
42.3

47 .4
123.8
48.6

46.1
121.0
35.0

46.8
130.7
39.9

46 .9
128.9
39.9

47.0
133.8
40.9

47.1
134.0
47.9

46.8
138.3
54.0

51

*

.1

*

CO R P O R A T E B O N D S (1)
MO RT GA GE S
HOME MO RT GA GE S
MU LT I- FA MI LY
COMMERCIAL

34
35
36
37
38

BA NK LOANS N.E.C.
O P E N - M K T PAPER
FI NA NC E CO. LOANS
U.S. GO VT . LOANS

39
40
41
42

43
PROFIT TAX LIABILITY
44
TRADE D E BT
M I S C EL LA NE OU S LIABILITIES 45
DI S C RE PA NC Y
ME M O - NE T TRADE C R E D I T
PROFITS TAX PAYMENTS
PERCENT RATIOS:
EF FE CT IV E TAX RATE
CAP. OUTL AY S/ IN T. FUNDS
CR.MKT. B O RR OW IN G/ CA P. EX P.

(1) FOREIGN IN VESTMENT EXCLUDES AMOUNTS F I NA NC ED BY BO ND ISSUES ABROAD,
AN D BOND ISSUES OUTSIDE THE U. S. ARE EX CLUDED FROM FINANCIAL
SOURCES OF FUNDS ABOVE.
1/73 FIGURES ARE T E N T AT IV E ES TI MA TE S BASE D ON INCOMPLETE INFORMATION.




9
10
11
12
13
14

46
47
48
49
50
51

r M A Y 1973
GO VE RN ME NT S

GOVERNMENTS

7

7

SECTOR STATEMENTS OF SAVING AN D INVESTMENT
(BILLIONS OF DOLLARS)
SE AS ON AL LY ADJU ST ED ANNUAL RATES

S E AS ON AL LY ADJU ST ED ANNUAL RATES

1971

I
1971
| III

1972

IV

|
I

1972
I

II

III

IV

|
|

1973
I

STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS
1
2
3
4
5
6
7

82.0
25.1
100.8
6.7
-.3
4.7
-5.0

92.1
27.6
111.2
7.8
.7
5.0
-4 .4

102.2
32.8
122.5
9.6
2.8
6.8
-3 .9

113.1
38.7
135.0
12.0
4.8
6.8
-2.1

126.9
48.5
148.8
13.9
12.7
7.0
5.6

114.6
39.3
135.7
12.0
6.2
6.0
.2

118.1
40.6
140.2
12.4
6.0
6.2
-.2

122.1
42.7
143.7
14.0
7.1
3.1
4.0

126.0
48 .6
146.0
13.9
14.8
11.2
3.5

128.3
45.1
150.2
13.8
9.4
7.3
2.1

131.3
57.4
155.2
14.0
19.5
6.6
12.9

135.6 TAX RECEIPTS
53.0 SOC. IN S. + GRANTS RECD.
159.8 PURCH.OF GOODS + SERVICES
14.3 NE T INTEREST + TR ANSFERS PAID
14.5 NET SURPLUS, NIA BASIS
7.1 LE SS -R ET IR EM EN T CR. TO HH.
7.3 EQUA LS -G RO SS SAVING

1
2
3
4
5
6
7

8
9
10
11
12
13
14
15
16
17
18
19
2 0
21

-4 .0
7.0
3.8
.6
3.2
2.6
2.2
1.2
1.0
*
.3
.2
. 1
.7

-6.5
2.6
-3.8
2.1
-5 .9
7.1
5.2
3.5
1.7
.1
1.8
1.8
*
-.6

-7.5
6.8
9.9
-.1
10.0
-2.3
-.2
.3
-.5
*
-2 .0
-2 .0
*
-.9

-5 .4
15.6
7.6
.5
7.2
7.7
6.9
6.2
.8
-.2
1.0
1.0
*
.3

3.2
18.4
8.6
1.9
6.8
9.2
8.7
8.0
.7
-.2
.7
.7
*
.5

-4.7
15.9
6.9
.9
6.0
8.8
7.5
6. 7
.8
.2
1.1
1.1
*
.2

-1 .4
17.1
13.0
2.2
10.8
3.6
3.4
2.6
.8
-.2
.4
.3
*
.6

1.9
18.6
9.7
5.8
3.9
8.4
8.2
7.8
.3
-.1
.4
.3
*
.5

1.5
13.6
7.5
.4
7.1
5.6
5.5
5.2
.4
-.5
.5
.5
*
.5

-.2
16.9
6.6
2.1
4.5
9.8
8.7
7.3
1.4
.3
.8
.7
*
.5

9.7
24.4
10.8
-.9
11.7
13.1
12.2
11.5
.8
-.3
1.2
1.2
*
.5

4.0 NET FINANCIAL INVESTMENT
8
8.5
N E T ACQ.OF FINAN. AS SE TS
9
10.7 TOTAL DEPO SI TS + CURR EN CY 10
-2.0 CURR. AND DEMAND DEPOSIT 11
12.7 TIME DEPOSITS
12
-2.6 CR ED IT MKT. INSTRUMENTS 13
-1 .9 U . S . G O VT .S EC UR IT IE S 14
-2.7 D I RE CT
15
.8U.S.G. AG EN CY SEC.
16
-.4 STATE + LOCAL SEC. 17
-.3 OTHER CR.M KT .I NS TR UM EN TS 18
-.4 C O RP OR AT E BONDS
19
*HO ME MO RT GA GE S
20
.5TAX RE CE IV AB LE S
21

22
23
24
25
26
27
28

11.0
10.4
10.1
.1
9.9
.3
.6

9.1
8.7
7.9
2.6
5. 4
.7
.4

14.4
13.9
13.8
3.8
10.0
.1
.4

21.0
20.6
20.2
4.6
15.6
.4
.5

15.1
14.7
14.5
*
14.5
.2
.5

20.6
20.2
19.2
4.6
14.6
1.0
.4

18.5
18.0
17.7
1.9
15.8
.4
.5

16.7
16.2
15.1
2.4
12.7
1.1
.5

12.2
11.7
12.9
-2 .6
15.5
-1.2
.5

17.1
16.6
16.1
1.0
15.1
.5
.5

14.7
14.2
13.9
-.8
14.6
.3
.5

4.5

29

- 1 .1

2.1

3.6

3.4

2.4

4.8

1.1

2.1

2.1

2.3

3.2

NET IN CR.IN LIAB IL IT IE S
22
4.0 CR E D I T MKT. BORR OW IN G 23
3.4 STATE + LOCAL OBLIG. 24
- 6 .4 SH OR T- TE RM
25
9.8 OT HE R
26
.6U.S.GOVT. LOANS
27
.5TRADE DEBT
28
3.3 D I SC RE PA NC Y

29

EMPLOYEE R E TI RE ME NT FUNDS ARE IN INSURANCE SECTOR.
U.S. GOVERNMENT
1
2
3
4
5

175.0
79 .7
3 6 .7
18.0
40 .7

197.3
94.8
36.6
19.0
46.9

191.6
92.4
30 . 4
19.3
49.5

199.1
89.6
33.1
20.5
55.9

228.6
109.0
36.2
20.1
63.4

199.1
89.8
33.2
20.0
56.1

202.8
221.4
224.9
229.8
93.8
105.8 107.3
109.1
31.1
34.0
35.2
36.7
20.8
19.9
19.7
20.2
57.0 61.7
62 .6
63.8

238.4
113.6
38.9
20.6
65.3

251.1
109.0
43 . 7
20.8
77.6

6
7
8
9
10
11
12
13

181.5
98.8
34.1
11.7
36.9
-6.5
1.3
-7 .8

189.2
98.8
37.2
13.1
40 .0
8.1
1.6
6.5

204.5
96.5
45.3
14.6
48.1
-12.9
2.5
- 1 5. 4

220.8
97.8
47.0
13.6
6 2 .4
-21.7
2.9
-24. 6

246.7
105.8
48.5
13.6
78.8
-18.1
3.2
-21.3

222.2
97.9
47.7
13.6
63 .0
-23.1
2.5
-25. 6

227.5
100.7
43.8
13.3
69.6
-24.7
3.3
-2 8. 0

236.2
105.7
45.3
13.1
72.1
-14.8
1.4
-16.2

246.5
108.1
47 .4
13.8
77.2
-21.6
4.4
-26.0

241.6
105.4
41.6
13.6
80.9
-11.8
2.7
-14.5

262.7
104.0
59.8
13.7
85.2
-24.3
4.4
-28.7

260.4
107.0
50.0
14.1
89.3
-9.3
1.0
-10.3

14
15
16
17
18
19
20

-8 . 4
7.4
-1 .7
4.9
.1
1.1
3.7

6. 1
3.7
1.1
2.9
-1.3
.7
3. 5

-15.8
*
2.5
2.8
-.1
.3
2.6

-25. 3
3.8
3.2
3.2
*
*
3.2

-22.0
-.8
-1.0
2.3
*
-.2
2.5

-26.4
1.6
3.2
2.1
*
2.1

-25.2
10.9
12.1
1.8
-.2
2.0

-16.9
-1 1. 2
-11. 9
3.2
*
.4
2.8

-2 5. 4
-3.6
.2
*
*
-.6
.6

-15. 0
-2.1
-4.4
4.0
_
.1
3.9

- 3 0. 6
13.6
12.2
2.1
*
-.9
2.9

-9 .3
14.7
9.4
.2
*
-2.3
2.6

21
22

1.7
2.5

-2.6
2.2

-3.0
-2 .3

1.1
-3.7

-1.1
-1.0

.6
-4.3

-2 .0
-1.0

-1.9
-.6

-4.1
.4

-.7
-.9

2.2
-2.9

5.7
-.5

23
24
25
26
27
28
29

15.9
13.4
.4
9.9
3.1
1.3
1.1

-2.5
-3.6
-.4
-.9
-2.4
1.6
-.4

15.9
12.8
.3
12.6
-.1
2.5
.6

29.1
25.5
2.4
23.6
-.5
2.9
.6

21.2
17.3
3.3
10.6
3.4
3.2
.6

28.0
25.9
2.4
23.1
.3
2.5
-.3

36.1
31.4
2.6
28.0
.8
3.3
1.4

5.7
5.4
3.2
-.1
2.2
1.4
-1.1

21.9
17.5
3.4
12.6
1.5
4.4
-.1

12.9
10.3
3.1
2.6
4.6
2.7
-.1

44.2
36.1
3.5
27.2
5.3
4.4
3.8

24.0
21.9
3.5
15.5
2.9
1.0
1.0

30
31

.6
35.0

.4
39.2

.4
33.4

.7
32.0

.6
37.3

.8
32.6

-2.7
33.1

.7
36.0

-.6
39.3

.5
37.4

1.9
36.7

-1.1
38.0

TOTAL RE CEIPTS, NIA BASIS
PE RS ON AL TAXES
PR OFITS TAX AC CRUALS
IN DI RE CT TAXES
IN SU RA NC E RE CE IP TS

1
2
3
4
5

TOTAL EXPE ND IT UR ES , NIA BASIS
GOODS AND SERV IC ES
GRANTS AND DO NA TI ON S
NET INTEREST
IN SU RA NC E BENEFITS
NET SURPLUS, NIA BASIS
L E SS -I NS UR AN CE CR EDITS TO HH
EQ UA LS -G RO SS SA VING

6
7
8
9
10
11
12
13

NET FINAN. IN VESTMENT

14
15
16
17
18
19
20

CORP.

NET ACQUIS.

OF FINAN.

ASSET

DE M A N D D E P O SI TS + CURRENC
CR ED IT MA RK ET INSTRUMENTS
AG E N C Y SE CU RI TI ES
M O RT GA GE S
O T H E R LOANS
EXCESS OF TAX ACCRUALS
OVER RECEIPTS
O T HE R FI NANCIAL ASSETS

21
22

NET INCREASE IN LIABILITIES
U.S. GOVT. SECURITIES
SAVINGS BCNDS
D I RE CT EXC. SVGS. BDS.
BU DGET AG EN CY SEC.
L I F E +R ET IR EM EN T RESERVES
OTHE R LI ABILITIES

23
24
25
26
27
28
29

DI SC R E P A N C Y (13-14)
30
ME M O - CORP. TAX RECEIPTS, NET 31

FE DERALLY SPONSORED CR ED IT AGENCIES
1

.1

.1

.1

.1

.1

.1

.1

.1

.1

.1

.1

2
3
4
5
6
7
8
9
10

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

10.8
9.9
1.7
5.4
.5
2.3
.3
.7
1.3

3.4
2.8
-1.5
5.6
.7
-2.0
♦
.7
-2.7

6.6
7.0
-.4
5.5
1.2
.8
.3
.4
♦

9.3
7.1
-2.1
7.7
.8
.8
-.6
.5
.9

6.2
7.8
-.4
6.8
.9
.5
.2
.4
♦

7.0
7.8
6.1
6.1
.8
-5.2
.3
.5
-6.0

8.4
7.9
-.8
6.3
.9
1.3
.2
.5
.6

6.1
6.4
-1.9
4.5
1.3
2.6
.5
.1
1.9

4.9
6.0
-5.1
5.0
1.7
4.4
.1
.6
3.7

12.2 NET INCREASE IN ASSETS
13.7
CREDIT MKT. INTRUMENTS
-.9
U.S.GOVT. SEC.
6.9
RESIDE NT IA L MO RTGAGES
1.6
FARM MO RTGAGES
6.2
OTHER LOANS
2.2
TO COOPS (BC)
.5
TO FARMERS (FIC3)
3.5
TO S + L * S (F H L B )

11
12
13
14
15
16

3.2
3.5
3.2
.2
-.3
.1

9.1
8.8
9.1
-.3
.4
.1

10.8
8.7
8.7
2.1
.1

3.3
3.9
3.9
-.5
*

6.5
6.2
6.2
.3
*

7.9
7.4
7.6
-.2
.6
-1.3

6.3
7.5
7.5
*
-1.2
.2

6.8
5.1
5.1
1.8
-.1

8.2
8.8
8.8
-.6
-.1

5.9
4.9
4.9
1.0
-.1

4.9
5.9
5.9
-1.0
.1

11.8 NET INCREASE IN LI ABILITIES
10.5
CR ED IT MKT. INSTR.
10.5
AGENCY SE CURITIES ( D
U . S.GOVT. LOANS
1.3
M I SC EL LA NE OU S LIABILITIES
-.3 DI SC RE PA NC Y

.1 CURRENT SURPLUS *

1

(1)

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

THIS GROUP CONSISTS OF FEDERAL HOME LOAN BANKS, FE DERAL NA TIONAL MORTGAGE
ASSOCIATION, FE DERAL INTERMEDIATE CR ED IT BANKS, BANKS FOR COOPERATIVES,
AND FEDERAL LAND BANKS.
THESE AG ENCIES ARE P R I V AT EL Y OWNED AND ARE
E XCLUDED FROM U.S. GO VE RN ME NT BU DG ET ACCO UN TS AS OF 1969 AND FROM
U.S. GO VE RN ME NT FIGURES IN THESE AC COUNTS FOR ALL YEARS.

(I)

All GNMA-guaranteed securities backed by mortgage pools are
included in agency securities (line 13). The mortgage pools
are included in residential mortgages (line 5).




1/73 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

7 MAY 1973
BANKING SYSTEM
8

BANKING SYSTEM
8
SECTOR STATEMENTS CF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJU ST ED ANNUAL RATES
1968

1969

1970

*

*

*

S E AS ON AL LY A D J U ST ED ANNUAL RATES
I
1971
1 III

I
|

IV

1972
I

II

I
|

IV

III

1973
I

1971

1972

-.1

*

-.1

*

*

*

♦

*

.1

10.6
*
.5
-.8
1.2
9.8
9.0

2.6
-2.2
1.1
1.1
-1.3
3.9
4.4

7.4
.7
.8
■2
5.6
5.9

-4.6
.4
.5
1.1
-.5
-6.2
-6.1

3.6
.3
.5
-4.6
9.1
-1.6
-1.8

17.1
-.8
.4
-2.8
-2.0
22.2
22.0

MO NE TA RY AUTHORITIES
1
2
3
4
5
6
7
8

3.6
-1.2
.2
.9
*
3.7
3.8

4.2
-.1
.1
*
*
4.2
4.2

5.3
-1.4
.7
.6
.2
5.0
5.0

8.3
-.8
.5
.1
-.3
8.8
8.6

2.3
-.4
.7
-.4
1.9
.4
.6

8.0
-1.1
.3
2.2
-2.2
8.8
8.8

9
10
11

3.6
.6
1.3

4.1
.3
.1

5.3
2.1
-.3

8.3
3.6
.5

2.3
-2.1
1.2

8.1
.5
.6

10.7
8.2
1.0

2.6
*
-1.9

7.4
2.6
.7

-4.6
-2.7
1.2

3.6
-8.6
3.0

17.0
7.5
-1.4

12
13
14
15

-1.0
.1
2.4
.2

.5
-.1
2.8
.4

-.4
*
3.5
.4

.9
.1
3.4
-.2

-1.1
-.1
4.3
.1

2.9
*
2.6
1.4

*
.4
2.0
-.8

-2.5
-.8
7.2
.7

.4
.1
3.1
.4

-4.4
-.2
2.2
-.7

2.1
.5
6.7
-.1

5.0
.2
3.9
1.9

COMM ER CI AL BANKING

CURRENT SURPLUS
NET ACQ. OF FINAN. AS SE TS
GOLD AND FOREIGN EXCHANGE
TREA SU RY CURR. + SDR CTFS.
F.R. FLOAT
F.R. LOANS TO DOMESTIC BANK
CR ED IT MKT. INSTRUMENTS
U.S. GOVT. SECURITIES
NET INCREASE IN LIABILITIES
MEMBER BANK RE SE RV ES
VAULT CASH OF COML. BANKS
DEMAND DE PO SI TS AND CURRENCY
DUE TO U.S. GO VERNMENT
DUE TO REST CF THE WORLD
C U RR EN CY OU TS ID E BANKS
OTHER

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

(1)
CURRENT SU RPLUS
PLANT + EQUIPMENT

1
2

NET ACQ. OF FINAN. ASSETS
TOTAL BANK C R ED IT
CR ED IT MA RK ET INSTRUMENTS
U.S. GOVT SE CURITIES
DIRECT
AGENCY ISSUES

3
4
5
6
7
8

1
2

3.0
.6

3.7
1.8

3.8
1.1

3.9
1.1

4.2
1.2

3.9
1.2

4.0
1.3

3.6
1.3

4.1
1.3

4.3
1.2

4.8
1.2

4.7
1.2

3
4
5
6
7
8

4 6 .6
40.3
39.0
3.5
2.2
1.3

22.5
17.9
18 .9
-9 .4
-9.2
-.3

40.4
33.1
31.6
9.4
5.8
3.6

57.6
50.5
49.8
6.0
2.3
3.6

74.2
71.5
67.0
5.3
1.8
3.5

54.9
45.0
43.7
-3.5
-6.6
3.0

49.2
59.9
56.3
10.2
4.4
5.8

60.0
62.2
57.3
-.1
-3.0
2.9

86.4
59.0
52.2
6.7
2.8
3.9

68.0
73.3
71.8
3.0
2.8
.3

80.1
91.3
86.3
11.7
4.7
7.0

95.4
86.5
92.6
-15.9
-17.4
1.4

9
10
11
12
13

15.5
8.6
.3
3.5
3.2

5.6
.2
-.1
3.0
2.4

13.9
10.7
.8
.9
1.6

23.9
12.7
1.3
5.7
4.2

25.5
7.2
1.5
9.0
7.8

20.5
7.6
1.1
6.8
5.0

23.8
11.9
1.1
6.6
4.2

26.7
10.5
1.9
7.5
6.9

23.3
4.5
1.9
8.4
8.6

29.0
9.5
1.2
10.4
7.8

23.1
4.2
1.2
9.7
8.0

16.8
-1.7
.6
9.6
8.3

9
OTHER SE CU RI TI ES + MTG.
STATE AND LOCAL OBLIG 10
C O RPORATE BONDS
11
12
HOME MORT GA GE S
13
OTHER MORTGAGES

14
15
16
17

20.0
4.9
16.2
-1.1

22.8
3.3
19.0
.5

8.2
1.9
4.4
2.0

19.9
4.8
14.4
.8

36.1
10.1
25.7
.3

26.8
6.1
21.6
-.8

22.3
6.9
12.1
3.3

30.7
7.4
23.2
.2

22.2
9.5
14.0
-1.3

39.7
10.5
30.4
-1.2

51.6
12.7
35.4
3.5

91.7
13.2
79.8
-1.2

OT HE R CR. EXC. SECURITY
CO N S UM ER CREDIT
BANK LOANS N.E.C.
CP EN -M AR KE T PAPER

18
19

.1
1.3

*

.1
1.4

*

-.1
1.3

-.1
3.8

.3
4.5

.2
6.6

_

.8

.1
4.4

_

-1.1

1.5

5.0

-6.2

20
21
22

1.9
1.6
2.8

.5
2.3
1.9

1.8
2.5
3.0

4.1
1.1
1.9

-.9
2.5
1.1

1.2
2.5
6.3

9.2
-19.0
-.9

-1.9
-3.0
2.7

3.3
23.7
.4

-1.5
-4.2
.4

-5.6
-6.5
.9

6.1
.5
2.4

23
24
25
26

44.8
13.4
-.2
13.7

21 .5
5.3
5.3

38.7
8.7
2.9
5.8

55.1
14.0
2.2
11.8

71.8
14.9
.4
14.5

52.5
1.0
.4
.6

46.6
30.4
11.9
18.5

58.2
11.2
-7.6
18.8

84.2
2.4
-.3
2.6

65.4
17.8
.9
17.0

77.0
26.2
8.6
17.5

92.5
11.1
4.8
6.3

27
28
29
30

20.7
3. 1
17.4
.2

-9.3
-12.5
3.0
.2

38.0
15.2
22.4
.4

41 .4
7.9
33.2
.3

44.1
9.8
34.1
.2

32.4
18.2
13.8
.5

39.3
3.7
35.4
.2

37.6
-6.2
43.4
.4

47.6
10.5
35.7
1.5

45.3
21.5
24.9
-1.1

45.6
13.3
32.2
.1

79.7
38.9
39.2
1.6

TIME DE POSITS
LARGE NEG. CD'S
OTHE R AT C O M M ER CI AL BKS.
AT FGN. B A NK IN G AG.

27
28
29
30

*
*

.8
.2
2.5
.1
-1.9
.3
-10.0
-6.9
-3.1

.1
-.3
1.1
.6
-.4

-1.3
-4.1
2.8

-.4
1.9
2.5
1.2
.7
-.2
7.1
1.3
5.7

2.2
-2.2
2.5
.2
.7
.1
15.7
5.0
10.7

-.8
1.2
-19.0
.6
.3
.4
-5.7
-5.4
-.4

1.1
-1.3
-3.0
3.6
.8
-1.1
9.2
1.6
7.6

.8
.2
23.7
.4
-.8

8.0
2.3
5.6

2.3
.1
4.2
.1
18 .9
7.9
10.9

9.9
1.4
8.5

1.1
-.5
-4.2
.6
1.6
.1
3.6
4.0
-.4

-4.6
9.1
-6.5
.2
1.1
.2
5.6
-1.6
7.2

-2.8
-2.0
.5
.2
3.3
.2
2.3
-1.1
3.4

F.R. FLOAT
BO RR OW IN G AT F.R. BANKS
OTHER IN TE RB AN K CLAIMS
BANK SECURITY ISSUES
COMM ER CI AL PAPER ISSUES
PROFIT TAX LI AB IL IT IE S
M I SC EL LA NE OU S LIABILITIES
LIAB. TO FGN. AFFILIATES
OTHER

31
32
33
34
35
36
37
38
39

.6

.9

1.0

.3

.5

.2

.1

.6

.6

.5

.4

.5

31
32
33
34
35
36
37
38
39
40

.9
*

1.6
.2
-. 1

*

*

*

_

CO RP OR AT E EQUITIES
SE CURITY CREDIT




18
19

VAULT CASH + MEM.BK.RES.
OTHER INTERBANK CLAIMS
MISC. ASSETS

20
21
22

NET INCREASE IN LIABILITIES
DE MA ND DEPOSITS, NET
U.S. GOVERNMENT
OTHER

23
24
25
26

DI SC RE PA NC Y

(1 ) CONSISTS OF CHAR TE RE D COMMERCIAL BANKS, THEIR DOME ST IC AFFILIATES,
EDGE ACT CORPORATIONS, AG EN CI ES OF FO RE IG N BANKS, AND BANKS IN U.S.
POSSESIONS.
EDGE ACT CORP OR AT IO NS AND AGEN CI ES OF FO REIGN BANKS
APPEAR TOGETHER IN THESE T A BL ES AS "F OR EI GN BA NKING AGENCIES".
1/73 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

14
15
16
17

40

7 MAY 1973
COMMERCIAL BANKING SUBSECTORS
9

SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1968

1969

1970

COMMERCIAL BANKING SUBSECTORS
9

SEASONALLY ADJUSTED ANNUAL RATES

1971

I
1971
| III

1972

I
|

IV

1973
I

COMMERCIAL BANKS
1
2

3.0
.6

3.7
1 .8

3.8
1.1

3.9
1.1

4.2
1.2

3.9
1.2

4.0
1.3

3.6
1.3

4.1
1.3

4.3
1.2

4.8
1.2

4.7
1.2

3
4
5
6
7
8

44.5
39.8
38.5
3.4
2.2
1.3

14.2
12.2
13.4
-9.5
-9.2
-.3

37.7
33.7
32.2
9.5
6.0
3.6

56.4
50.2
49.4
6.1
2.5
3.6

71.4
71.2
66.8
5.2
1.6
3.5

51.5
44.5
43.1
-3.6
-6 . 6
3.0

57.4
58.7
54.9
10.2
4.4
5.8

63.0
62.7
58.2
- 1.0
-3.9
2.9

71.0
61.6
55.0
7.1
3.1
3.9

69.4
72.5
71.0
2.6
2.3
.3

79.8
87.8
82.8
12.1
5.1
7.0

92.0
85.0
91.4
-15.9
-17.2
1.3

NET ACQ. OF FINAN. ASSETS
TOTAL BANK CREDIT
CREDIT MARKET INSTRUMENTS
U.S. GOVT SECURITIES
DIRECT
AGENCY ISSUES

9
10
11
12
13

15.5
8.6
.3
3.5
3.2

5.3
.2
-.1
3.0
2.3

13.6
10.5
.8
.7
1.6

23.9
12.8
1.3
5.6
4.2

25.4
7.1
1.5
8.9
7.8

20.2
7.5
1.1
6.7
5.0

23.6
11.8
1.1
6.5
4.2

26.5
10.4
1.9
7.4
6.9

23.2
4.5
1.9
8.3
8.6

28.8
9.4
1.2
10.3
7.8

22.9
4.1
1.2
9.6
8.0

16.6
-1.8
.6
9.5
8.3

OTHER SECURITIES + MTG.
STATE AND LOCAL OBLIG
CORPORATE BONDS
HOME MORTGAGES
OTHER MORTGAGES

14
15
16
17
18

19.6
4.9
15.8
- 1.1
1.3

17.5
3.3
13.7
.5
-1 .1

9.1
1.9
5.2
2.0
1.4

19.4
4.8
13.8
.8
.8

36.3
10.1
25.9
.3
4.4

26.5
6.1
21.3
-.8
1.3

2 1.1
6.9
10.9
3.3
3.8

32.6
7.4
25.0
.2
4.5

24.7
9.5
16.5
-1.3
6.6

39.7
10.5
30.3
- 1.2
1.5

47.8
12.7
31.6
3.5
5.0

90.7
13.2
79.0
-1.4
-6.4

OTHER CR. EXC. SECURITY
CONSUMER CREDIT
BANK LOANS N.E.C.
OPEN-MARKET PAPER
SECURITY CREDIT

19
20
21
22

2.7
1.9
.7
.1

1 .2
.5
.6
.2

2.8
1.8
.9
.1

4.7
4.1
.2
.4

-.1
-.9
.5
.4

2.6
1.2
-.1
1.6

.8
9.2
-8.3
-.1

-1.4
-1.9
♦
.6

8.7
3.3
5.6
-.2

-3.2
-1.5
-2.5
.8

-6.4
-5.6
-1 .1
.3

5.6
6.1
.1
-.6

CURRENT SURPLUS
PLANT + EQUIPMENT

INTERBANK CLAIMS
VAULT CASH + MEM.BK.RES.
DEP. AT FGN. BANKING AG.
LOANS TO FGN. BANKING AG.

23

1.9

.8

1.3

1.5

.2

4.4

-2.1

1.6

.8

.1

- 1.6

1.5

24
25
26
27

42.6
13.4
-.2
13.6

13.2
5.2
*
5.2

36.0
8.6
2.9
5.7

53.9
13.7
2.2
11.5

69.0
16.3
.4
15.9

49.1
-.7
.4
-1.1

54.8
31.3
11.9
19.5

61.2
20.6
-7.6
28.2

68 .8
-2 .2
-.3
-1.9

66.9
18.7
.9
17.8

76.7
26.1
8.6
17.4

89.1
13.9
4.8
9.1

28
29
30

20.6
3. 1
17.4

-9.6
-12.5
3.0

37.6
15.2
22.4

41.1
7.9
33.2

43.8
9.8
34.1

31.9
18.2
13.8

39.1
3.7
35.4

37.3
-6.2
43.4

46.1
10.5
35.7

46.4
21.5
24.9

45.5
13.3
32.2

78.1
38.9
39.2

TIME DEPOSITS
LARGE NEG. CD'S
OTHER

31
32
33
34
35
36
37
38

1.7
.9
*
.7
*
*

1.5
*
*
.8
-

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

3.2
-.4
1 .9
.2
.1
-.4
1.8

1.0
2.2
-2 .2
.8
.1
*
.1

-10.3
-.8
1.2
-9.6
.1
-.4
-.7

-3.7
1.1
-1.3
- 11.6
.1
*
8.1

19.4
.8
.2
12.7

.6
.1

2.5
.8
.2
1.2
.1
.1
.1
*

.1
-.5
6.1

- 1.8
1.1
-.5
2.8
.1
-.6
-4.8

-1 . 2
-4.6
9.1
-3.0
.1
-.4
-2.4

-3.8
-2 . 8
-2.0
- 1 .1
.1
.1
2.1
-.2

INTERBANK LIABILTIES
F.R. FLOAT
BORROWING AT F.R. BANKS
DEM.DEP.OF FGN.BK.AG.
TIME DEP.OF FGN.BK.AG.
DEP. OF BANKS IN US POSS.
LOANS FROM AFFILIATES
LOANS FROM FGN.BK.AG.

39
40

.2
-.1

.1
.1

.1
.3

.6
*

1.2
-.2

.2
.1

.6
.4

3.6
- 1 .1

.4
*

.6
.1

.2
.2

.2
.2

41
42
43

6.9
1 .8
5.1

15.9
6.8
9.1

-13.0
-7.2
-5.8

-1.7
-4.8
3.0

4.6
.5
4.1

16.5
3.9
12.6

-6.3
-6.3
*

4.5
2.5
2.0

5.1
-.4
5.5

2.9
2.4
.6

5.9
-2.5
8.3

.5
- 1 .1
1.7

44

.6

.9

1.0

.3

.5

.2

.1

.6

.6

.5

.4

.5

*

-

MISC. ASSETS
NET INCREASE IN LIABILITIES
DEMAND DEPOSITS, NET
U.S. GOVERNMENT
OTHER

BANK SECURITY ISSUES
PROFIT TAX LIABILITIES
MISCELLANEOUS LIABILITIES
LIAB. TO FGN. BRANCHES
OTHER
DISCREPANCY

DOMESTIC AFFILIATES OF COMMERCIAL BANKS
1
2
3

_
~

4.5
3.9
.6

-.9
-1.0
.1

.2
-.1
.3

-.6
-.2
-.4

-.4
-.4
*

-.9
-.5
-.4

-.3
-.3
*

-2.4
-1.9
-.5

-.7
-.1
-.6

.9
1.3
-.4

4.3
2.2
2.1

NET ACQUIS. OF FINAN. ASSETS
BANK LOANS N.E.C.
LOANS TO AFFILIATE BANKS

4
5
6

-

4.5
4.2
.3

-.9
-1.9
1 .0

.2
-.4
.6

-.6
.7
-1.3

-.4
.7
-1 . 1

-.9
.3
- 1.1

-.3
.8
-1 .1

-2.4
-.8
-1 .6

-.7
1.6
-2.3

.9
1 .1
-.2

4.3
3.3
1.1

NET INCREASE IN LIABILITIES
COMMERCIAL PAPER ISSUES
MISCELLANEOUS LIABILITIES

-.9
2.0
-.5
*
2.5

EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
1
2
3
4
5
6
7

1.9
.4
*
-.1
*
.4
~

2 .6
1 .4
*
*
1 .4
~

3.0
.2
-.1
.2
*
.1
~

8
9
10
11
12
13

.1
.7
*
.7

*
.8
.1
.2

.1
1.2
.1
*
1.4

14
15
16
17
18

1.9
.1
.2
.7
.1

2 .6
.1
.2
.6
.2

19

.8
.5
.3

1.5

20
21

1.2
.4

.7
.2
-.2
-.2
.7

3.2
.2
.1
*
*
.1
*

3.6
.7
*
.7
“

-7.7
1 .6
-.1
*
*
1.6
“

-2.9
-.9
.8
*
*
- 1.6
“

17.6
-1.1
-.4
-.1
-.6
*

- 1.0
.7
.4
.1
.2
~

*

*
*
*
.4

.1
.2
1.8
.9

-.1
.8
.1
2 .0

-. 1
-9.6
-.7
1.2

.3
-11.6
8.1
1.1

.2
12.7
6.1
-.3

_
2.8
-4.8
.4

_
-3.0
-2.4
2.5

_
.2
-1.1
.1
-.2
.9

3.0
.1
.4
.9
.1

.7
.3
.3
.2
.4

3.2
-1.4
.2
.5
.4

3.6
1.7
.5
-.1

-7.7
-.9
.2
-8.3

-2.9
-9.4
.4
*

17.6
4.5
1.5
5.6
-.2

- 1 .0
-.9
- 1 .1
-2.5
.8

-.9
.1
.1
- 1.1

- 1 . 2 NET INCREASE IN LIABILITIES
-2.8
DEM. DEP. IN MONEY SUPPLY
1 .6
TIME DEPOSITS
.1
DEPOSITS OF BANKS
-.6
LOANS FROM BANKS

1.5

-.5

3.5

-.1

.8
2.7

1.1
-1.2

6.1

2.7
1.6
1 .0

-.3
.9
- 1.2

.2
1.3

-

.7
-1.1

1.6

-.1

.6

1.4
.9
.5

5.5
-.9
6.4

-

1.7
4.4

.3

- 1 . 2 NET ACQ. OF FINANCIAL ASSETS
- 1.2
CREDIT MARKET INSTRUMENTS
*
U.S.GOVT. SECURITIES
.1
STATE+LOCAL GOVT. SEC.
CORPORATE BONDS
-1.4
BANK LOANS N.E.C.
.2
OPEN-MKT. PAPER

.4
.4

CORPORATE EQUITIES
SECURITY CREDIT
DEM.DEPOSITS AT COM. BANKS
TIME DEP. AT COM. BANKS
LOANS TO BANKS
MISC. ASSETS

MISC. LIABILITIES
DUE TO FGN. AFFILIATES
OTHER

BANKS IN U. S. POSSESSIONS

.1
.1

.1
.1

.2
.1
.2
*
.1
*
.1
.1

.9

*

1.1

.2

1/73 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




.2 NET ACQ. OF FINANCIAL ASSETS
.1
DEPOSITS AT BANKS
.2
CREDIT MKT. INSTRUMENTS
*
U.S.GOVT. SECURITIES
.1
STATE + LOCAL GOVT. SEC.
*
CORPORATE BONDS
.1
MORTGAGES
.1
HOME MORTGAGES
COMMERCIAL MORTGAGES
*
MISCELLANEOUS ASSETS
.2

NET INCR. IN DEPOSIT LIAB.

7 MA Y 1973
NONBANK FI NA NC E SU MM AR Y

NC NB AN K FINANCE SUMMARY
SECTOR ST ATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)
SE AS ON AL LY A D J U ST ED AN NUAL RATES

SEASONALLY A D JU ST ED AN NU AL RATES
1968
----- —

---

1969

1970

1971

1972

1971
1I
I1 III

IV

1
1

1972
II

I

Ill

IV

1
I

1973
I

PRIVATE NONBANK FINANCIAL INSTITUTIONS - TOTAL
---- ---------- --------------------------- ---------- ----------- ------- ---------- ------CURRENT SURPLUS
PHYSICAL INVESTMENT

1
2

88.9
.1
*
.3

NET ACQUIS. OF FINAN. ASSETS
DEM. DEPOSITS + CURR.
TIME DEPOSITS (MSB)
SVGS. ♦ LOAN SHARES (CR U)

3
4
5
6

18.3
77.9
3.9
3.1
11.0
33.1
17.6
6.8
2.4
.6
.5
2.0

11.0
77.5
10.9
1.5
9.7
28.5
12.7
10.1
4.0
-2.9
.5
2.4

CORPORATE SHARES
CREDIT MKT. INSTR.
U.S. GOVT. SECURITIES
STATE ♦ LOCAL OBLIG.
CORPORATE + FGN. BONDS
HOME MORTGAGES
OTHE R MORTGAGES
CO NSUMER CREDIT
OTHER LOANS
SECURITY CREDIT
TRADE CREDIT
MI SC ELLANEOUS ASSETS

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

91.4
45.0
23.3
15.0
5.5
1.5
7.1
.9
-1.1
1.9

98.4
39.6
24.5
22.9
6.2
.9
7.2
8.6
5.0
3.7

84.2
46.4
25.2
13.4
3.4
.6
8.0
1.4
-2.0
3.5

NET INCREASE IN LIABILITIES
TIME + SVGS. ACCOUNTS
INSURANCE AND PENSION RES.
CREDIT MKT. INSTR.
FINANCE CO. BONDS
MTG. LOANS IN PROCESS
BANK LOANS N.E.C.
O T H E R LOANS
FINANCE CC. PAPER
FHLB LOANS

19
20
21
22
23
24
25
26
27
28

.3
-.1
.3
7.7

-1.8
5.1
.5
7.5

-2.0
-6.2
.5
6.9

-2.5

-1.0

-1.1

1
2

•2
.7

-.2
.8

2.0
1.0

3.9
1.4

4.0
1.0

3.8
1.4

4.4
1.8

4.0
.5

3.9
1.1

4.4
1.1

3.8
1.0

4.8
1.2

3
4
5
6

49.7
1.0
*
-.3

46.5
.1
-.1
*

54.5
1.5
.2
♦

80.3
.7
.2
*

98.3
1.7
-.1
.2

70.4
1.0
.1
.1

83.3
-.1
.1
-.8

94.9
-1.7
.1
-.2

98.9
2.5
.1
.1

97.2
2.7
-.1
1.0

102.1
3.2
-.3
-.1

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

9.4
36.0
2.1
1.2
9.5
8.6
7.0
3.8
3.8
2.0
.3
1.3

12.8
35.0
-1.9
1.0
6.8
8.5
6.8
4.1
9.7
-2.6
.4
.9

11.3
38.7
4.0
1.8
11.9
7.1
8.4
.6
4.9
-1.4
.5
3.8

19.2
56.0
3.1
1.8
14.5
17.7
12.5
3.0
3.3
2.0
.5
1.8

14.8
74.5
5.4
2.1
13.7
27.4
15.3
5.7
4.9
4.0
,.5
2.7

18.1
48.3
2.4
3.2
8.5
20.2
11.2
3.7
-.9
.7
.5
1.6

17.2
62.3
-2.3
2.0
19.1
19.6
15.3
4.8
3.7
2.6
.5
1.4

13.5
68.4
10.9
1.8
13.6
18.1
12.5
5.3
6.2
7.8
.5
6.4

16.5
73.0
3.6
2.2
15.4
26.3
15.7
5.3
4.5
5.7
.5
.6

10.8
78.6
3.4
1.4
14.7
32.2
15.4
5.3
6.3
1.9
.5
1.8

19
20
21
22
23
24
25
26
27
28

49.3
12.7
18.6
6.7
.8
.2
2.3
3.3
2.5
.9

48.5
7.9
19.1
12.4
1.6
*
2.1
8.7
4.7
4.0

52.9
17.0
22.2
3.7
2.5
.6
— .6
1.1
-.2
1.3

77.3
40.8
24.0
4.3
3.8
2.0
1.4
-2.9
-.2
-2.7

92.7
46.4
23.4
12.1
5.4
1.1
4.9
.6
.5
*

71.0
35.4
21.2
6.1
4.0
1.7
-2.0
2.4
1.5
.9

80.1
33.5
24.6
10.4
4.3
.8
-.3
5.7
5.7
*

88.5
58.4
16.8
2.9
5.9
.2
6.1
-9.3
-3.3
-6.0

92.6
42.5
29.1
7.5
4.2
2.0
-.7
2.1
1.5
.6

29
30
31
32

4.7
2.0
.2
4.4

5.5
-2.0
.1
5.4

2.6
1.4
.2
5.8

1.3
.6
-.1
6.5

-.5
3.6
.3
7.5

2.0
-.2
-.1
6.5

2.5
4.0
-.5
5.5

-2.7
5.2
.1
7.7

2.0
4.2
.3
7.0

33

-.9

1.0

-.5

-.6

-2.5

3.0

-.7

-2.9

-3.5 .

INVESTMENT CO. SHARES
SECURITY CREDIT
TAXES PAYABLE
MISC EL LA NE OU S LIABILITIES
DI SC RE PA NC Y

29
30
31
32
33

SAVINGS AND LOAN ASSOCIATIONS
1

1.0

1.0

1.1

1.5

1.7

1.6

1.6

1.6

1.7

1.7

1.7

1.7

CU RR EN T SURPLUS

1

37.8
.6
36.3
4.3
22.9
8.9
.2
.8

29.8
.9
29.6
2.5
21.3
5.6
.1
-.6

26.5
.1
25.9
.2
19.4
6.3
.1
.5

37.1
.1
34.4
9.1
16.6
8.8
-.1
2.6

35.7
.9
34.8
2.0
24.1
8.7
-.1
*

40.2
1.0
38.4
2.9
25.8
9.0
.7
.8

38.1
.4
37.7
3.1
25.2
9.2
.2
♦

42.0
-.7
42.6
9.1
25.0
7.8
.6
.1

NET ACQ. OF FINAN. ASSETS
DEMAND DEPOSITS + CURRENC
CREDIT MKT. INSTR.
U.S. GOVT. SECURITIES
HOME MORTGAGES
OTHER MORTGAGES
C ONSUMER CREDIT
MISC. FINANCIAL TRANS.

2
3
4
5
6
7
8
9

NET INCREASE IN LIABILITIES
SAVINGS SHARES
CREDIT MKT. INSTR.
MTG. LOANS IN PROCESS
FHLB ADVANCES
BANK LOANS N.E.C.
MI SC ELLANEOUS LIABILITIES

10
11
12
13
14
15
16

2
3
4
5
6
7
8
9

9.7
-.4
10.1
.7
7.2
2.1
.1
*

9.3
-.2
9.8
.3
7.7
1.8
*
-.2

14.1
.3
11.3
1.2
7.2
3.0
♦
2.5

30.1
.5
29.4
5.2
18.0
6.1
.1
.2

10
11
12
13
14
15
16

8.9
7.4
1.1
.2
.9
.1
.4

8.4
3.9
4.1
*
4. 0
.1
.4

13.3
10.9
1.8
.6
1.3
-.1
.6

28.9
28.1
*
2.0
-2.7
.7
.8

36.7
32.8
1.9
1.1
*
.8
1.8

28.8
25.0
3.0
1.7
.9
.4
.8

24.2
22.4
2.1
.8
*
1.3
-.3

36.0
41.4
-7.1
.2
-6.0
-1.3
1.7

35.0
2 9.4
4.3
2.0
.6
1.7
1.2

39.1
33.2
4.0
1.5
1.9
.6
1.9

36.6
27.4
6.7
.9
3.7
2.1
2.4

40.0
35.5
2.8
.6
3.5
-1.3
1.6

17
18

.3
.9

.1
4. 4

.4
♦

.4
-2.1

.6
.3

.7
2.1

-.6
.1

.5
-7.1

1.0
1.7

.7
1.6

.3
4.8

-.2

D I SC REPANCY
MEMO - FHLB LOANS LESS DEP.

MUTU AL SAVINGS BANKS
1

.2

.3

.4

.5

.6

.5

.6

.6

.6

.6

.6

.6

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

4.6
.1
♦
.3
4.1
-.2
♦
1.3
1.4
1.4
.2
♦
.3

3.1
*
-.1
.2
2.9
-.5
*
.3
1.4
1.3
.2
.3
*

4.7
.1
.2
.3
3.8
.2
♦
1.3
.9
.9
.3
.2
.3

10.6
*
.2
.5
9.3
.4
.2
4.3
1.2
2.7
.3
.3
.6

11.5
.3
-.1
.7
9.6
.3
.5
2.8
3.1
2.6
-.1
.6
.9

7.2
-.3
.1
.4
6.1
.7
.1
1.0
1.2
2.7
.1
.2
.9

9.1
.3
.1
.7
7.7
-.2
.2
2.5
1.8
3.3
.1
♦
.2

15.0
-.2
.1
.7
11.4
.2
.5
5.3
2.2
2.2
-.3
1.3
3.1

11.1
.1
.1
.8
10.4
.4
.5
3.4
3.0
2.7
-.4
.7
-.3

10.6
.5
-.1
.5
9.3
.2
.8
2.1
3.5
2.5
.2
♦
.5

9.3
1.0
-.3
.7
7.5
.4
.1
.3
3.7
2.9
-.2
.2
.5

7.4
.3
*
.5
6.0
.3
.5
.3
3.3
1.8
.3
-.6
.6

NET ACQ. OF FINANCIAL ASSET
DEM. DEPOSITS ♦ CURR.
TIME DEPOSITS
CORPORATE SHARES
CREDIT MKT. INSTR.
U.S. GOVT. SECURITIES
STATE + LOCAL GOVT. SEC.
CORPORATE BONDS
HOME MORTGAGES
OTHER MORTGAGES
CONSUMER CREDIT
OTHER LOANS
MI SC ELLANEOUS ASSETS

15
16

4.2
.1

2.6
.2

4.4
.1

9.9
.1

10.2
.2

7.4
.3

8.5
.1

13.1
.5

9.9
.4

8.9
.4

8.8
-.5

6.5
-.1

SAVINGS DEPOSITS
MISCELLANEOUS LIABILITIES

17

-.1

♦

.2

-.1

1.0

.1

-.8

-.2

-.8

-.4

-.4

DISCREPANCY

-.6 •

CURRENT SURPLUS

CRED IT UNIONS
1
2
3
4
5
6
7

1.1
*
-.3
1.4
.2
1.2
*

1.4
*
*
1.5
.1
1.4
♦

1.7
.2
*
1.5
.5
.9
.1

2.9
*
*
2.9
1.1
1.7
.1

3.4
.1
.2
3.1
.6
2.5
.1

3.0
*
.1
3.0
1.1
1.9
*

2.6
*
-.8
3.4
1.4
2.0
.1

3.9
.1
-.2
4.0
.4
3.5
.1

3.2
.1
.1
3.0
.4
2.5
.1

2.9
.1
1.0
1.9
.4
1.4
.1

3.5
.1
-.1
3.5
1.0
2.5
.1

4.4
.1
.3
4.0
.9
3.1
.1

NET ACQUIS. OF FINAN. ASSET
DEM. DEPOSITS + CURR.
SVGS. + LOAN SHARES
CREDIT MKT. INSTR.
U.S.GOVT. SECURITIES
CO NSUMER CREDIT
HOME MORTGAGES

8

1.1

1.4

1.7

2.9

3.4

3.0

2.6

3.9

3.2

2.9

3.5

4.4

CREDIT UNION SHARES

1/73 FI GURES ARE TE NTATIVE ES TIMATES BASED ON INCOMPLETE INFORMATION.




17
18

7 MA Y 1973
INSURANCE + PE NS IO N FUNDS

IN SU RA NC E ♦ PENSION FUNDS

11

11

SECTOR STATEMENTS OF SAVING AN D INVESTMENT
(BILLIONS OF DOLLARS)

S E AS ON AL LY AD JU S T E D A N NU AL RATES

SEASONALLY AD JU S T E D AN NU AL RATES
1968

1969

1970

1971

1972

I
1971
1 III

IV

1972

1
1

I

II

III

IV

1
|

1973
I

LIFE INSURANCE COMPANIES
1
2

•6

3
4

9*8
•1

5
6
7
8
9
10
11
12
13

.9
.8

.8
1.0

1.0
1.4

1.2
1.0

1.1
1.4

1.1
1.8

1.1
.5

1.2
1.1

1.2
1.1

1.3
1.0

1.3
1.2

9.2
*

9.9
.1

12.5
♦

14.9
.1

12*3
-.2

13.0
.1

15.3
-.6

14.9
1.2

15.2
♦

14.1
♦

1*4
7.7
-.1
.2
3.9
-.7
3.2
1*2
•6

1.7
6.7
-.3
*
1.5
-1.1
3.1
3.4
.9

2.0
7*0
.1
.1
1.5
-1.3
3.6
3.0
.8

3.6
8*1
-.2
*2
5*1
-2.1
343
1.6
•8

3.5
10.4
-.2
*
7.5
-2.1
3.8
1.4
.8

3.2
8.5
-.1
.3
5.6
-2.2
3.8
1.1
.8

3.5
8.6
.1
.1
7.4
-2.1
4.1
-1.1
.8

4.2
10.9
.5
.6
7.1
-3.3
2.8
3.1
.8

4.2
8.6
-.3
-.7
7.1
-2.3
3.2
1.6
.8

2.1
12.3
-.1
*
6.4
-2 .4
4.0
4.4
.8

14
15
16
17

9.1
4.6
2.9
1.5

9. 2
4. 8
2*9
1*4

10.2
5.1
3.3
1*7

11.8
6.6
3.3
2.0

12.6
6.8
3.8
1.9

12.1
6.8
3.3
2.0

12.0
6.8
3.3
2.2

12.4
6.9
3.6
2.0

12.4
6.7
3.8
1.9

18

-.8

.1

.1

-1.1

-2.0

-.5

-1 .7

-2.3

.

CU RRENT SU RPLUS
PHYS IC AL IN VE ST ME NT

1
2

14.5
.8

N E T ACQUIS. OF FINAN. ASSETS
DEM. DE POSITS ♦ CURR.

3
4

3.5
9.7
-1.0
♦
9.5
-.6
5.4
-3.5
.9

2.1
10.8
.4
♦
6.1
-.7
2.8
2.2
.9

C O RP OR AT E SHARES
CR ED IT MKT. INSTRUMENTS
U.S. GOVT. SE CU RI TI ES
STATE AN D LOCAL OBLIG.
C O R P OR AT E BONDS
H O ME MO RT GA GE S
OT H E R MO RT GA GE S
OT H E R LOANS
MISC EL LA NE OU S ASSETS

5
6
7
8
9
10
11
12
13

12.7
6.8
4.0
1.9

12.8
7.0
4.0
1.9

13.0
7.0
4.2
1.8

NE T INCREASE IN LIABILITIES
LIFE INSURANCE RESERVES
PENSION FUND RESERVES
O T HE R LIABIL IT IE S

-2 . 4

-2.4

-1.0

-1.3

D I S C RE PA NC Y

14
15
16
17

PRIVATE PENSION FUNDS
1
2

6*4
.3

6.3
*

7.1
.2

7.3
— *2

5.7
.2

5.1
.4

8.2
-.5

3.2
-1 .0

7. 4
-.1

5.2
.7

7.0
1.1

6.9
-.6

NET ACQ. OF FINAN. ASSETS
DEM. D E P O SI TS ♦ CURR.

♦
3
6
T
8

4*7
1.1
*4
.6
'1*
44

5.4
.6
-42
.6
*1
*3

4.6
2.4
*2
2*1
.1
*

8. 9
-1 . 6
-. 3
-.7
*•6
.i

7.1
-1.4
.9
-1.6
-.7
-.1

6.9
-2.6
*
-1 .9
-.7
.3

7.5
1.6
*
1.9
-.4
-.3

7.7
-3.2
.9
-2.8
-1.2
-.3

8.6
-1.0
♦
-.6
-.4
-.1

4.2
.8
.6
.8
-.6
-.5

7.8
-2.3
2.0
-3.8
-.5
.4

7.3
-.3
-.7
.8
-.5
.5

C O RP OR AT E SHARES
CR E D I T MKT. INSTRUMENTS
U.S. GOVT. SECURITIES
CO RP OR AT E BONDS
MORT GA GE S
M I SC EL LA NE OU S

S t a t e ♦ LOCAL GOVT. EMPLOYEE RETIRE ME NT FUNDS
I
2

4*7
.1

5.0
-. 1

6.8
.1

6.8
-.1

7.0
*

6.0
*

6.2
-.4

3.1
-.2

11.2
-.4

7.3
.3

6.6
.3

7.1
♦

3

1*3
3.2
.3
«*.2
*5
*
4.2
2.5
.4
.1

1*8
3. 4
-*3
**.5
*1
-.1
5.5
3.1
.6
♦

2*1
4.3
-*1
— *4
.3
-.3
6.8
3.9
.8
*2

3*2
3.6
8
— *5
-.3
-.2
7. 9
4. 4
.3
.1

3.0
3.9
-.2
-.1
-.1
-.2
4.3
4.4
-.1
.2

3.8
2.0
.6
.5
.1
-.6
5.8
2.8
-.9
.1

3.1
3.4
-1 .3
-.4
-.9
-.2
8.0
3.3
1.6
.2

2.1
1.1
-.5
-.2
-.3
-.2
1.9
3.2
-1 .4
.1

3.8
7.7
-. 3
-.6
.3
.1
7.8
6.8
1.0
.2

3.1
3.7
-.4
♦
-.4
-.6
4.7
4.9
-.2
.2

3.0
3.2
.2
.3
*
*
2.9
2.9
♦
.2

2.7
4.2
.4
.3
.1
.1
3.8
3.6
.2
.2

5
6
7
8
9
10
11
12

NET ACQ.OF FINAN. ASSETS
D E MA ND DEP. AND CURRENCY
CO RP OR AT E SHARES
CR ED IT MKT. INSTRUMENTS
U . S . G O V T .S EC UR IT IE S
DIRECT
U.S.G. AG EN CY SEC.
STATE + LOCAL OB LI GA TI ON
O T HE R C R .M KT .I NS TR UM EN TS
C O RP OR AT E BONDS
MORT GA GE S
OTHER

OTHE R INSURANCE CO MPANIES
1

.1

-.1

.8

1.5

1.7

1.6

1.6

1.6

1.6

1.8

1.9

2.2

CU RR EN T SURPLUS

2
3

3.1
*1

2.9
*

5.4
.1

4.9
♦

5.9
*

4.9
-

5.4
*

5.7
-

5.6
♦

6.0
♦

6.3
*

5.9
*

NET ACQ. OF FINAN. AS SE TS
DE MA ND D E P O SI TS ♦ CURRENC

4
5
6
7
8
9
10

•8
1.9
-.2
1.0
1.2
*
.3

1.0
1.6
-. 5
1.2
.8
*
.4

1.0
3.9
.1
1.5
2.3
*
.5

2.5
1.9
-.4
1.5
.7
.1
.5

2.7
2.6
-.4
2.0
1.0
.1
.5

2.9
1.4
1.5
.4
.1
.5

2.9
2.0
-.1
1.5
.6
.1
.5

2.4
2.8
-.4
2.2
1.0
.1
.5

2.7
2.3
-.8
2.0
1.1
.1
.5

3.6
1.9
-.8
1.8
.8
.1
.5

2.3
3.4
.5
1.9
.9
.1
.5

2.4
3.0
.2
2.2
.5
.1
.5

CORP OR AT E SHARES
C R ED IT MKT. INSTRUMENTS
U.S. GOVT. SECURITIES
STATE AND LOCAL OBLIG.
CO RP OR AT E BONDS
CO M M E R C I A L MORT GA GE S
TRADE CR E D I T

4
5
6
7
8
9
10

11
12

2.4
— •5

3.4
.4

3.5
-1.2

3. 4
*

3.7
-.5

3.4
.1

3.3
-.5

3.7
-.5

3.7
-.3

3.6
-.6

3.8
-.5

3.7
*

NET INCREASE IN LI AB IL IT IE S
D I SC RE PA NC Y

11
12

1/ 73 FI GU RE S ARE TENT AT IV E ESTI MA TE S B A SE D ON INCOMPLETE INFORMATION.




2
3

7 MA Y 1973
FINANCE N.E.C.

FINANCE N.E.C.

12

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY AD JU S T E D AN NU AL RATES

1

_ _ _ _ _

12

S E AS ON AL LY ADJU ST ED ANNUAL RATES

1968

1969

1970

1971

1972

-1.8

-2.2

-1.1

-.7

-1.2

1971
1
| III
-1.1

IV
-.5

1
1

1972
III

IV

1
|

1973
I

I

II

-.9

-1.2

-.9

-1.7

-1.0

CURRENT SURPLUS OF GROUP

1

FINANCE CO MP AN IE S
1
2
3
4
5

5.5
.2
.6
2.4
2.2

8.0
.3
.3
2.6
4.8

1.9
.3
.1
-.6
2.1

4.2
.3
1.1
1.0
1.9

10.6
.3
4.1
3.2
3.0

1.6
.3
.5
1.6
-.7

6.5
.3
1.0
2.7
2.5

10.1
.3
3.7
2.2
3.9

5.2
.3
1.8
3.2
-.1

10.9
.3
5.8
2.9
2.0

16.1
.3
5.2
4.3
6.3

10.6
.3
1.3
6.1
2.9

NET ACQ. OF FINAN. ASSETS
DE MA ND DEP.+ CURRENCY
HOME MO RT GA GE S
CO NSUMER CR EDIT
OTHE R LOANS (TO BUS.)

1
2
3
4
5

6
7
8
9

5.5
.8
2.3
2.5

8.3
1.6
2.1
4.7

1.8
2.5
-.5
-.2

4.3
3.8
.7
-.2

10.1
5.4
4.2
.5

3.1
4.0
-2.4
1.5

8.3
4.3
-1.7
5.7

10.0
5.9
7.4
-3.3

3.2
4.2
- 2 .4
1.5

11.0
5.5
6.6
-1.1

16.3
6.2
5.1
5.0

10.6
3.4
9.2
-2.0

NET INCREASE IN LIABILITIES
CORP OR AT E BONDS
BANK LOANS N.E.C.
OPEN MA RK ET PAPER

6
7
8
9

OP EN -E ND INVESTMENT COMPANIES
1

-2.2

-2.2

-1.0

-.9

-1.5

-1.2

-.7

-1.1

-1.5

-1.3

-2.1

-1 .8

C U RR EN T SURPLUS

1

.5
.1

-2.1
.1

.8
-.1

1.8
.1

-3 .7
-.1

.5
.4

-1.0
-.1

-3.9
.1

-3.7
-.1

NET ACQ. OF FINAN. ASSETS
DEM. DE PO SI TS ♦ CURR.

2
3

-1.9
-.2
.1
-.2
-.1

1.7
-.8
-.7
1.4
-1.5

-2.4
4.2
.4
1.5
2.2

-2.4
-1.2
*
.8
-2.1

-1.8
1.9
♦
-.5
2.3

-1.8
.9
.6
.4
*

-1.5
-2.5
-.4
-1.4
-.7

-2.9
-.7
.4
-.6
-.5

-.5

2.0

2.5

-2.7

2.0

.3

-1.8

-2.0

NET SHARE ISSUES

9

1
2
3
4
5
6
7
8

2
3

2.5
.1

3.3
-.1

1.6
♦

4
5
6
7
8

1.5
.9
.2
.4
.3

2.5
.9
-.5
.2
1.2

1.1
.5
.2
.7
-.4

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

9

4.7

5.5

2.6

1.3

CO RP OR AT E SHARES
CR ED IT MKT. INSTR.
U.S.GOVT. SECURITIES
CO RP OR AT E BONDS
COMMER CI AL PAPER

4
5
6
7
8

SECURITY BROKERS AND DEALERS
1
2
3
4
5
6
7
8

2.4
.4
-.5
.4
.8
*
-.5
2.0

-2.1
.3
.2
♦
♦
-.2
.2
-2.6

1.2
♦
.2
2.4
1.7
.6
.2
-1 .4

.5
*
*
-1.5
-1.6
.1
*
2.0

3.6
♦
-.3
-.2
.2
-.1
-.3
4.0

-.3
*
-.9
♦
-1.0
1.8
-.9
.7

4.0
*
1.9
-.6
-2.8
.3
1.9
2.6

5.1
♦
-1.1
-1.6
.7
-1.3
-1.1
7.8

4.2
*
-1.8
.3
1.9
.2
-1.8
5.7

-.1
♦
-.8
-1.2
*
-.5
-.8
1.9

5.1
*
2.6
1.9
-1.8
1.1
2.6
.6

-6.2
*
-1.1
-2.3
*
-1.3
-1.1
-2.9

NET ACQ. OF FINAN. ASSETS
DE MA ND DEP. + CURRENCY
CORPORATE EQUITY SHARES
C R ED IT MKT. INSTR.
U.S.GOVT. SECURITIES
ST AT E+ LO CA L GOVT. SEC.
CORP OR AT E+ FG N. BONDS
SECURITY CREDIT

9
10
11

2.0
1.0
1.0

-2.0
-1.0
-1.0

1.4
1.9
-.6

.6
.7
-.1

3.6
3.4
.2

-.2
1.3
-1.5

4.0
3.5
.6

5.2
3.9
1.3

4.2
5.4
-1.2

-.1
.7
-.8

5.1
3.8
1.4

-6.2
-5.8
-.4

NET INCR. IN LIAB.- SEC. CR 9
10
FROM BANKS
11
C U ST OM ER CR E D I T BALANCES

1/73 FI GURES ARE




TENTATIVE ESTIMATES; BASED ON INCOMPLETE INFORMATION,

7 MAY 1973
REST OF THE WORLD
13

REST OF THE WORLD
13
SECTOR ST AT EM EN TS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJU ST ED ANNUAL RATES
1968

1969

1970

SE AS ON AL LY AD JU ST ED ANNUAL RATES

1971

I
1971
1 III

1972
----

_

IV

1972

1
1

II

I

REST OF; THE WORLD

III

IV

1
|

1973
I

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

-2.1
63.0
65.1
4.0
6.1

-4.6
70.7
75.3
3.8
8.4

-5.2
70.0
75.2
3.8
9.0

-3 .4
74.4
77.8
3.8
7.2

-3.5
79.6
83.1
3.3
6.8

-4.4
86.6
91.0
3.4
7.8

1
2
3
4
5

2.5
50.6
48.1
2.9
.4

1.9
55.5
53.6
2.9
1.0

3.6
62.9
59.3
3.2
-.4

.7
66.1
65.4
3.6
2.8

-4.2
73.7
77.9
3.7
7.8

.4
68.5
68.2
3.8
3.4

NET U. S.EXPORTS
U.S.EX PO RT S
U . S. IM PO RT S
T R A N SF ER RECE IP TS FROM U.S.
CURRENT ACCOUNT B A L A N C E (4-1)
(U.S. BALANCE, SIGN REVERSED)

6
7
8
9
10

.9
8.5
1.2
.6
-.3

3.4
10.3
“ 1.0
.3
1.1

.7
5.8
.8
.2
-1.7

13.6
22.2
1.3
.2
.5

12.2
19.5
.6
1.2
1.7

23.5
33.7
1.8
-1.1
1.8

16.0
20.8
*
2.6
-1.0

6.1
18.6
2.2
-.7
.4

14.7
14.6
*
4.7
1.3

12.7
21.5
*
-1.1
.8

15.4
23.5
2.0
4.3

23.1
42.3
-2.5
4.5

N E T FINANCIAL INVESTMENT
NET ACQUIS. OF FINAN. ASSET
G O LD + SDR *S
U.S. DEM. DEP. + CURRENCY
TIME DEPOSITS

11
12
13
14
15

2.1
.3
-.5
.2
.6

1.6
-.3
-1.8
.5
1 .0

.7
10.3
9.1
.7
.5

.9
26.4
26.3
.3
-.2

2.5
8.4
8.4
.1
-.1

.9
32.1
30.0
.6
1.5

2.2
20.2
23.6
.1
-3.5

2.8
14.4
11.1
.3
3.0

.7
-3.6
-.4
.1
-3.4

1.5
14.7
16.2
-.6
-1.0

4.9
8.2
6.7
.5
1.1

3.9
34.8
32.9
*
2.0

U. S. CO RP OR AT E SHARES
C R ED IT MKT. INSTRUMENTS
U.S. G C V T . SECURITIES
U.S. CORP OR AT E BONDS(l)
A C CE PT AN CE S

16
17

.3
.9

-.2
.8

-.1
1.3

*
*

.1
.9

-.3
-.2

-.1
.9

.1
.2

-.1
1.0

-.1
1.0

.3
1.3

.1
*

18
19
20

2.3
.3
.7

7.9
.8
-.7

-6.9
1.0
.3

-4.1
-.2
-2.9

1.3
.3
2.6

5.0
-1.6
-4.8

-5.4
.5
.9

1.6
-1.4
-.9

1.4
1.4
7.9

4.0
.9
-.3

-1.6
.4
3.8

-1.1
-.2
2.8

SECU RI TY CR ED IT
TRADE CR ED IT
BANK LI AB IL IT IE S TO
F O RE IG N AF FI LI AT ES
DIRECT INVESTMENT IN U.S.
U N A L LO CA TE D

21
22

7.6
2.1

6.9
.3

5.1
-2.5

8.6
-1.7

7.3
-.2

10.2
-3.7

4.8
*

12.4
-.3

-.1
.2

8.8
-.5

8.1
-.2

19.2
-.9

FINAN. SOURCES OF FUNDS,NET
OF FI CI AL U.S. FGN. EXCHAN

23
24
25
26
27

.2
2.9
1.1
-.2
2.1

.5
2.9
1.0
-. 6
2.4

.1
3.0
.9
*
2.1

*
5.6
.9
2.7
2.1

-.4
3.9
1.1
2.4
.4

♦
8.0
1.0
5.9
1.1

-.6
4.2
.3
2.3
1.6

-.2
4.4
1.8
.6
2.1

-.3
1.9
1.7
2.8
-2.6

-.3
2.5
-.5
3.4
-.4

-.9
6.7
1.3
2.8
2.6

-.4
15.6
.6
12.3
2.6

FGN. CO RPORATE SHARES
CR ED IT MKT. INSTRUMENTS
C O RP OR AT E BONDS
BA NK LOANS N.E.C.
O T HE R LOANS

28
29
30
31
32
33

.2
.4
.1
.5
1.1
.2

-.2
.8
.2
-.5
2.2
.7

*
2.1
.2
-.2
3.6
-1.1

♦
-.4
.3
.4
3.4
1.0

.1
.4
.3
.4
1.4
1.5

.1
.1
.4
.8
4.3
.2

*
1.6
.2
-.2
.7
-1.2

.3
.3
.1
.8
4.0
2.9

-.2
-.3
.3
1.0
-3.2
.5

*
-.2
.2
.6
2.7
3.9

.3
1.9
.5
-.8
1.9
-1.2

*
.2
.3
1.2
4.5
-1.3

SE CURITY DEBT
TRADE DEBT
USG EQUITY IN IBRD, ETC.
FGN. CURR. HE LD IN U.S.
U.S. DI RE CT INV.ABROAD(l)
UN AL LO CA TE D

34

-.5

“2.4

-1.0

-10.8

-4.4

-20.1

-9.9

2.3

-5.7

-5.5

-8.6

-15.3

D I SC RE PA NC Y

(1) NET OF U.S . ISSUES IN FGN. MARKETS TO FINANCE U.S. INVESTMENT ABROAD.
1/73 FI GURES ARE TENTATIVE ES TI MA TE S BASED ON INCOMPLETE INFORMATION.




7 MAY 1973

MONETARY AND INSURANCE RESERVES
MONETARY AND INSURANCE RESERVES
14
^
GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES
1968

1969

1970

SEASONALLY ADJUSTED ANNUAL RATES

1971

1972

1971
1
I III

1
|

IV

I
1

1972
I

II

IV

III

GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS

1973
I

(1)
I.

1
2
3

- 1.2
.4
- 1.6

1 .0
1 .0

4

-.7

.1

-.8
- 1 .2
.4

-1.3
-.7
-.6

-.6
*
-.5

-1.8
-1 .0
-.8

.3

-.1

.3

-.2

*
*
~

-.1

*
*

*
♦

- 2.2
- 2.2

GCLD ♦ SPECIAL DRAWING RIGHTS
-

U.S. GOLD STOCK AND SDR'S
U.S. GOVT.(EX. STAS. FUND)
MONETARY AUTHORITIES (2)

-

-

.3

_
—

*

.4

.3

.5 MEMO— TOTAL WORLD GOLD STOCK

1
2
3
4

II. U.S. FCREIGN EXCHANGE POSITION
5

2 .1

.3

-2.5

-1.7

-.2

-3.7

*

-.3

.2

-.5

-.2

-.9 TOTAL U.S.POSITION

5

6
7
8

1.2
.7
.5

-.7
-.7
-.1

- 2.2
-.4
-1.7

-.4
-.1
-.2

*
-.2
.2

-.3
*
-.3

*
*
*

-.3
-.3

1 .0
1.0
*

-.5
- 1.0
.4

-.3
-.6
.3

-.9
-.2
-.8

6
7
8

9
10
11
12

.9
-.2
- 1.1
*

1.0
*
-1 . 0
*

-.4
-.4

-1.4
-1.4

-.7
-.7
♦

.1
.1
*

.1
.1
♦

.1
.1

*

-3.4
-3.4
_
*

*
*

*

-.1
-.1
_
*

_

_

*
*
-

-

*

*

*

OFFICIAL FGN. CURRENCY HLDGS
TREASURY
FEDERAL RESERVE

9
NET IMF POSITION
10
CAPITAL SUBSCRIPTION
11
LESS-IMF NOTES
IMF DEPOSITS AT F. R. 12

III. TREASURY CURRENCY AND SDR CERTIFICATES
13
14
15

.3
.1
.2

.4
.2
.2

.6
.7
-.1

.5
.5
*

.5
.7
-.2

.5
.5
*

.5
.3
.1

.7
1.1
-.4

.6
.7
-.1

.4
.5
-.1

.4
.5
-.1

.4 TOTAL U.S.GOVT. LIABILITY
.4 MCNETARY AUTHORITIES ASSET
-.1 UNALLOCATED ASSET

13
14
15

INSURANCE AND PENSION FUND RESERVES
LIFE INSURANCE R ESERVES—
1
2
3

4.5
*
4.6

4.9
.1
4.8

5.2
.1
5.1

6.6
. 1
6.6

6.9
.1
6.8

6.9
.1
6.8

6.9
.1
6.8

7.0
.1
6.9

6 ..8
.1
6 .,7

6.9
.1
6.8

7.0
.1
7.0

7.0
.1
7.0

NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
LIFE INSURANCE COMPANIES

1
2
3

4

4.5

4.9

5.2

6.6

6.9

6.9

6.9

7.0

6 ..8

6.9

7.0

7.0

NET INCREASE IN ASSETS
(HOUSEHOLDS)

4

5
6
7
8
9
10

15.4
1.3
14.0
2.9
6.4
4.7

15.8
1.5
14.3
2 .9
6.3
5.0

19.5
2.4
17.2
3.3
7.1
6.8

20.2
2.8
17.4
3.3
7.3
6.8

19.7
3.2
16.6
3.8
5.7
7.0

16.8
2.4
14.4
3.3
5.1
6.0

21.0
3.2
17.8
3.3
6.2
6.2

11.3
1.3
9.9
3.6
3.2
3.1

26..8
4.,3
2 2 ,,4
3..8
7..4
1 1 ..2

19.1
2 .6
16.5
4.0
5.2
7.3

21.8
4.3
17.5
4.0
7.0
6.6

19.2
1 .0
18.2
4.2
6.9
7.1

NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
S.+ L. GOVT. RTR. FUNDS

5
6
7
8
9
10

11

15.4

15.8

19.5

20.2

19.7

16.8

2 1.0

11.3

26..8

19.1

21.8

19.2

NET INCREASE IN ASSETS
(HOUSEHOLDS)

11

PENSION FUND RESERVES —

INTERBANK CLAIMS
1

1

4.4

2.7

5.3

5.0

3.2

3.6

-9.5

-5.1

28.1

-5.1

-7.6

1.8

2
3
4

.9
.9
*

*
*
*

1 .0
.8
.2

-.2
.1
-.3

1.6
-.4
1.9

*
2.2
-2 . 2

.3
-.8
1.2

-.1
1.1
-1.3

1 .1
.8
.2

.6
1.1
-.5

4.5
-4.6
9.1

-4.8
-2 . 8
-2 . 0

MONETARY AUTHORITIES
FEDERAL RESERVE FLOAT
LOANS TO MEMBER BANKS

5
6
7
8
9
10

3.5
2.7
.6
1.3
.7
.1

2.7
1.2
.3
.1
.6
.2

4.3
2.8
2.1
-.3
.9
.1

5.2
4.7
3.6
.5
.2
.4

1.6
-.1
- 2.1
1.2
.5
.4

3.6
2.6
.5
.6
-.1
1 .6

-9.8
.8
8.2
1.0
-8.3
-.1

-4.9
-1.4
*
-1.9
*
.6

27.0
8.7
2.6
.7
5.6
-.2

-5.7
-3.2
-2.7
1.2
-2.5
.8

- 12.1
-6.4
-8.6
3.0
- 1 .1
.3

6.6
5.6
7.5
-1.4
.1
-.6

5
6
7
8
9
10

11

-

.6

.1

.3

-.4

*

-.4

*

-.5

-.6

-.4

2.1

COMMERCIAL B ANKING— TOTAL
COMMERCIAL BANKS
MEMBER BANK RESERVES
VAULT CASH
DEPOSITS AT FGN.BK.AG.
LOANS TO FGN.BK.AG.
BANK AFFILIATES— LOANS
TO AFFILIATE BANKS

12
13
14
15

.7
.7

.9
.8

1.0
.8

-10.3
-9.6

-3.5
- 11.6

18.8
12.7

-2.0
2 .8

-5.3
-3.0

.1

.1
*
*
*

2.0
.2

*

1.3
1.2
.1
*

1 .8

.1

-.7

8.1

6.1

-4.8

-2.4

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

12
13
14
15

16

*

*

.1

.1

.1

.1

.1

.1

.1

.1

.1

.1

FGN. BANKING AGENCIES
DEM.DEPOSITS AT BANKS
TIME DEPOSITS AT BANKS
LOANS TO BANKS
BANKS IN U.S. P OSSESSIONS—
DEPOSITS AT BANKS

17

4.4

2.7

5.3

5.0

3.2

3.6

-9.5

-5.1

28.1

-5.1

-7.6

1.8

18
19

.6
1.3

.3
.1

2.1
-.3

3.6
.5

-2 .1
1.2

.5
.6

8.2
1.0

*
-1.9

2 .6
.7

-2.7
1.2

-8 . 6
3.0

7.5
-1.4

MONET. AUTH.— MEM. BK. RES.
--VAULT CASH

18
19

20
21
22
23
24
25
26
27

2.5
1.7
.9
*
.7

2.3
1.5
*
.6
.1
.8

.9
.3
-.2
.3
*

4.1
3.2
1.6
-.4
1.8
.2

2.5
1.0
*
*
.1
.8

-18.7
-10.3
.3
-.4
-.7
-9.6

-3.1
-3.7
-.1
*
8.1
-1 1 . 6

24.8
19.4
1.1
-.5
6.1
12.7

-3.5
- 1.8
.6
-.6
-4.8
2.8

-1.9
- 1.2
4.5
-.4
-2.4
-3.0

♦

*

3.5
2.5
1 .0
.1
*
1.2
.1
.1

.1

.1

.1

.1

.1

.1

.1

.1

-4.3
-3.8
-4.8
2.1
-.2
-1.1
.1
.1

COMMERCIAL BANKING— TOTAL
COMMERCIAL BANKS
TO MONETARY AUTH.
LOANS FROM AFFILIATES
LOANS FROM FGN.BK.AG.
DEM.DEP. OF FGN.BK.AG.
TIME DEP.OF FGN.BK.AG.
DEP. OF BKS.IN US POSS.

20
21
22
23
24
25
26
27

28
29

.1

.2
.6

.1
.9

.4
.2

.4
.5

1.6
-.1

-.1
-8.3

.6

-.2
5.6

.8
-2.5

.3
- 1.1

-.6
.1

.7

*
*

_

_

_

_

_

-

-

*

-

-

-

-

-

-

TOTAL ASSETS

TOTAL LIABILITIES

FCREIGN BANKING AGENCIES —
LOANS FROM BANKS
DEPOSITS OF BANKS

2
3
4

11

16
17

28
29

1/73 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




(1) Line I excludes initial allocation of SDR's of $867 million in January 1970,
$717 million in January 1971, and $710 million in January 1972. Trans­
actions in SDR's are in line 2. Also excluded from the table are revalua­
tions of foreign currency holdings, gold, SDR's, and IMF position.
(2) Treasury gold stock.

7 HAY 1973
MONEY AND DEPOSITS SUMMARY
15

MO NE Y AND DEPOSITS SUMMARY
15

MO N E Y SUPPLY AND TIME AND SAVINGS AC CO UN TS
fBILLIONS OF DOLLARS)

SEAS ON AL LY A D JU ST ED ANNUAL RATES

SEASONALLY ADJU ST ED ANNUAL RATES
1968

1969

1970

197

1972

I
1971
| III

1972
IV

II

|

III

IV

I
|

1973
I

DEMAND DE PO SI TS AND CURR EN CY
1
2
3
4
5
6
7
8

16.2
15.6
12.6
1.3
.6
1.0
.2
.6

8.0
7.7
3.5
1.6
2.1
.2
.4
.3

9.3
9.1
6.1
.4
-.1
1.4
1.1
.2

15.3
15.1
8.5
4.6
.5
.7
.8
.2

18.7
17.5
8.8
3.5
1.9
1.6
1.7
1.2

3.2
4.3
-1.5
1.7
.9
1.6
1.7
-1.1

20.9
18.2
11.0
4.2
2.2
-.5
1.3
2.6

25.1
25.8
15.4
5.7
5.8
-2.0
.9
-.7

5.9
1.2
-3.5
*
.4
2.6
1.6
4.7

18.9
20.0
10.7
3.4
2.1
2.5
1.3
-1.1

24.8
22.7
12.0
5.1
-.9
3.4
3.1
2.0

10.3
12.8
14.4
1.2
-2.0
.1
-.9
-2.5

MONEY SUPPLY
DO MESTIC SECTORS
HOUS EH OL DS
N O NF IN AN CI AL BUSINESS
STATE AND LOCAL GOVTS.
FI NA NC IA L SECTORS
MAIL FLOAT
REST OF THE WORLD

9
10

-1.2
14.9

.6
8.6

2.5
11.8

3.1
18.4

-.7
18.0

3.3
6.5

11.8
32.7

-10.1
15.0

.2
6.0

-3.5
15.4

10.7
35.5

9.9
U.S. GO V T DE POSITS
20.2 NET INCR. IN ASSETS

11
12
13
14
15

14.9
1.5
-1.0
.1
2.4

8.6
3.3
.5
-.1
2.8

11.8
3.1
-.4
*
3.5

18.4
4.4
.9
.1
3.4

18.0
3.1
-1.1
-.1
4.3

6.5
5.5
2.9
*
2.6

32.7
2.3
*
.4
2.0

15.0
3.8
-2.5
-.8
7.2

6.0
3.7
.4
.1
3.1

15.4
-2.4
-4 .4
-.2
2.2

35.5
9.3
2.1
.5
6.7

20.2 NET INCR. IN BA NK IN G SYS. LIAB
MO NE T A R Y AU THORITIES
9.1
U. S. GOVT. CASH + DEP.
5.0
.2
FOREIGN D E P O SI TS
3.9
CU RR EN CY

16
17
18
19

13.4
-.2
.5
13.2

5.3
*
.4
4.9

8.7
2.9
.2
5.6

14.0
2.2
.1
11.7

14.9
.4
1.3
13.2

1.0
.4
-1.1
1.7

30.4
11.9
2.2
16.3

11.2
-7.6
.1
18.6

2.4
-.3
4.5
-1.9

17.8
.9
-.9
17.8

26.2
8.6
1.5
16.0

11.1
4.8
-2.7
9.0

CO MM E R C I A L BA NKING
U. S. GOVT. DEP.
FOREIGN DEP.
PRIVATE DOMESTIC

TIME DEPOSITS AND SAVINGS ACCOUNTS
126.1 NET INCREASE - TOTAL

1

33.4

-1.4

54.9

82.2

90.5

67.8

72.7

96.1

90.1

90.3

85.3

2
3
4
5

20.7
3.1
17.4
.2

-9.3
-12.5
3.0
.2

38.0
15.2
22.4
.4

41.4
7.9
33.2
.3

44.1
9.8
34.1
.2

32.4
18.2
13.8
.5

39.3
3.7
35.4
.2

37.6
-6.2
43.4
.4

47.6
10.5
35.7
1.5

45.3
21.5
24.9
-1.1

45.6
13.3
32.2
.1

79.7
38.9
39.2
1.6

6
7
8
9
10
11

17.4
.4
3.2
-.3
.1
*

-1.9
-2.4
-5.9
1.1
-.2
-.1

27.6
1.7
10.0
-1.7
.2
.2

32.7
.6
7.2
.5
.1
.2

34.5
1.1
6.8
1.7
.1
-.1

21.9
2.5
6.0
1.8
.1
.1

36.3
-6.9
10.8
-1.0
*
.1

31.6
1.8
3.9
.4
-.1
.1

36.4
2.8
7.1
1.3
*
.1

35.6
4.1
4.5
.8
.5
-.1

34.3
-4.2
11.7
4.3
*
-.3

45.6
16.4
12.7
4.5
.5
*

12
13
14
15
16
17

12.7
1.1
4.2
7.4
7.7
-.3

7.9
1.4
2.6
3.9
4.0
♦

17.0
1.7
4.4
10.9
10.9
*

40.8
2.9
9.9
28.1
28.0
*

46.4
3.4
10.2
32.8
32.6
.2

35.4
3.0
7.4
25.0
24.9
.1

33.5
2.6
8.5
22.4
23.1
-.8

58.4
3.9
13.1
41.4
41.5
-.2

42.5
3.2
9.9
29.4
29.3
.1

45.0
2.9
8.9
33.2
32.2
1.0

39.6
3.5
8.8
27.4
27.5
-.1

46 .4
4.4
6.5
35.5
35.2
.3

18

30.4

6.1

44.5

73.5

80.7

57.3

70.6

90.2

78.8

79.6

74.1

91.7

1/73 FIGURES ARE TE NTATIVE ES TI MA TE S BASED ON INCOMPLETE INFORMATION.




CO MM ER CI AL BA NK IN G LIABILITY
2
LARGE NEG. C.D.'S
3
OTHER AT CO MM ER CI AL BANKS
4
AT FOREIGN BA NK IN G AGENCIES
5
AC QU I R E D BY:
HOUS EH OL D
6
C O RP OR AT E BU SINESS
7
STATE £ LOCAL GOVTS.
8
FO RE IG N
9
10
U.S. GOVT.
MU TU AL SAVINGS BANKS
11
AT SA VINGS IN STITUTIONS
CR ED IT UNIONS
MU TUAL SVGS. BANKS
SA VINGS + LOAN ASSNS.
HE LD BY: H O US EH OL DS
C R E D I T UNIONS
ME MO - HO US EH OL DS TOTAL
TIME ♦ SVGS. AC COUNTS

12
13
14
15
16
17

7 MA Y 1973
MONEY S U PP LY RELA TI ON SH IP
16

MONE Y SU PP LY RELATIONSHIP
16
RELATION OF F/F MONEY SUPPLY DATA TO DAILY AVERAGE SERIES
(BILLIONS OF DOLLARS)
SE AS ON AL LY A D JU ST ED ANNUAL RATES

SE AS ON AL LY ADJU ST ED ANNUAL RATES
1968

1969

1970

1971

I
1971
| III

1972

IV

1972

I
|

II

III

IV

I
|

1973
I

I. TOTAL MO N E Y SUPPLY
NET CH AN GE S AT SA AR—
F/F DEMAND DEPOSITS + CURR.
DAILY AVERAGE (DAMS)
TOTA L DI FF ER EN CE

1
2
3

64.6
58.4
6.2

8.0
7.2
.8

9.3
12.5
-3.2

15.2
14.7
.5

18.7
19.5
-.9

3.2
9.6
-6.4

20.9
4.4
16.5

25.1
21.7
3.5

5.9
14.9
-9.1

18.9
20.0
-1.0

24.8
21.6
3.2

10.3
4.5
5.8

4
5
6
7

1.6
-.1
-2.8
4.4

.8
-.1
1.0
-.1

-3.2
.4
-4.2
.5

.5
.7
-.3
.1

-.9
-.9
-.5
.5

-1.6
-.2
-3.6
2.2

4.1
.9
6.6
-3.3

.9
-.6
-2.4
3.9

-2.3
.2
.3
-2.8

-.3
-.3
-2.0
2.1

.8
-.2
3.6
-2.6

1.5 TOTAL DIFF. AT QU ARTERLY RATE
ARISING FROM— DATA DIFF.
2.5
TIMING
-4.1
SEASONALS
3.0

4.5
4.4

.7
3.0

4.2
4.1

4.5
3.9

1.6
♦

.1

-2.3

.1

.6

1.6

II. DEMAND DEPOSITS
1
2

13.7
11.6

5.2
4.5

5.8
9.5

11.9
11.2

13.9
15.3

.2
1.5

4

2.1

.7

-3.7

.7

-1.4

-1.3

5
6
7

-2 .2
-.1
-2.2

.7
-.1
.7

-4.1
.4
-4.6

.5
.7
-.2

8
9
10
11
12

4.4
4.4

_*
_

.4

_.4

.1
.2

*

*

*

-

-

-

-.1
-

4.7
.4.
4.3

-1.4
-.9
-.6

-3.4
-.2
-3.2

6.9
.9
6.0

-3.9
-.6
-3 .4

.4
.2
.2

-1.7
-.3
-1.3

3.8
-.2
4.0

*
.5

2.0
.6
.2
1.0
.3

-2.5
.6
-4.6
.3
1.1

4.0
-1.0
6.1
-.5
-.5

-2.7
-.4
-1.6
-.7
-

1.8
.8
.2
.7
.1

-3.1
1.1
-4.7
.5
-

_

*
-.5

NE T CHANGE, S.A. QTRLY RATEF/F (SEE PART IV. BELOW)
DAMS
DIFF ER EN CE

-2.3 DI FF ER EN CE IN UN AD JU ST ED
DATA D I FF ER EN CE
2.5
-4.8
TIMING
3.9 D I FF ER EN CE IN SE ASONALS
FLOWS VS. LEVELS
-1.5
ON E- DA Y VS. DAILY AVG.
6.2
SEAS ON AL BALANCE AD JUSTMENT
-.9
PLUS: D A Y- OF -W EE K ALLOW.
-

III. CU RRENCY
2.4
3.0
-.6

2.9
2.7
.2

3.5
3.0
.5

-.1
-.1

.1
.1

3.4
3.5
-.1

4.8
4.2
.6

.5
.7
-.2

1.7
1.5
.2

1.8
1.0

1.0
1.1
-.1
.7

-.2
-.1
-.5
-.1
-.5

-.1
.1
-.2

.5
.1
.3

-.3
-.5
-.1

NET CHANGE, S . A , QTRLY R A T E —
F/F
DAMS
DI FF ER EN CE
TI MI NG DI FFERENCE
DIFF. IN SEASONALS
FLOWS VS. LEVELS
ON E- DA Y VS. DAIL Y AVG.
SEASONAL BALANCE ADJ.
LE S S — DA Y- OF -W EE K ALLOW.

Money Supply Relationship
(Page 16)
Line I of page 15.
Daily averages in this table are increments in month averages from last month of preceding quarter to last
month of this quarter.
I - 2.

5 + 6 + 7.
See Part II,
Part II, line
Part II, line
unadjusted

7
8

9
10

Ill




4
5-9

line 5.
6 + Part I I I , line 4.
7 + Part I I I , line 5.
flow.

"Seasonal" here means dollar excess of seasonally adjusted flow over

Lines 14 + 18 + 19 of page 15 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 29, 1972,
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.
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 through II in Part II.

1
2
4
5
6
7
8
9
10
11
12

7 MAY 1973
U.S. GOVT. SECURITIES

U.S. GOVT. SECURITIES

17

17

U.S. GOVERN ME NT SECURITIES MARKET SUMMARY
(BILLIONS OF DOLLARS)

SEASONALLY AD JU ST ED ANNUAL RATES

S E A S ON AL LY AD JU ST ED ANNUAL RATES
I
1971
1 III

IV

1972

1
|

II

III

IV

1
I

1973
I

1968

1969

1970

1971

1972

1
2
3
4

16.7
10.3
.4
9.9

5.5
-1.3
-.4
-.9

21.6
12.9
.3
12.6

29.4
26.0
2.4
23.6

23.6
13.9
3.3
10.6

33.5
25.6
2.4
23.1

39.0
30.6
2.6
28.0

10.6
3.1
3.2
-.1

26.4
16.0
3.4
12.6

15.3
5.7
3.1
2.6

42.0
30.7
3.5
27.2

32.5 TO TA L NET ISSUES
19.0
IN CLUDED IN PU BL IC DEBT
3.5
H O US EH OL D SAVINGS BONDS
15.5
DI RE CT EXC. SAVINGS BONDS

5
6
7
8

6.4
1.5
1.7
3.2

6.8
-.4
-1.9
9.1

8.7
.3
-.3
8.7

3.4
.6
-1.1
3.9

9.7
2.0
1.5
6.2

7.9
*
.4
7.6

8.3
1.5
-.7
7.5

7.4
2.8
-.5
5.1

10.4
1.3
.2
8.8

9.6
2.2
2.5
4.9

11.3
1.6
3.8
5.9

13.5
.6
2.4
10.5

9
10
11
12
13
14

16.7
.1
-.1
-.1
3.8

5.5
-1 .3
-.2
-.5
.3
4.2

21.6
-.1
1.7
1.9
-.2
5.0

29.4
*
-1.5
-1.5
-.1
8.6

23.6
*
-.4
-.3
-.1
.6

33.5
-2.1
-2.2
.1
8.8

39.0
-.4
-.6
.2
9.0

10.6
*
6.1
6.2
-.1
4.4

26 .4
*
-.8
-.6
-.1
5.9

15.3
-1.9
-1.7
-.1
-6.1

42.0
♦
-5.1
-5.1
*
-1.8

32.5 NET AC QUISITIONS, BY SECTOR
*
U . S . GO VE RN ME NT (AGENCY SEC.)
-.9
SP ON SO RE D CR EDIT AGENCIES
-.9
DIRECT MARKET AB LE
-.1
FHLB SP EC IA L ISSUE
FEDERAL RESERVE SYSTEM
22.0

15
16
17

-.5
-1.7
1.2

-1.8
-2.2
.4

9.1
7.8
1.3

26.3
13.9
12.4

8.4
1.3
7.2

30.0
10.4
19.6

23.6
23.1
.5

11.1
9.6
1.5

-. 4
-12.9
12.6

16.2
1.5
14.7

6.7
6.8
-.2

32.9
7.9
25.0

I

OTHER
BU DG ET AG EN CY ISSUES
LOAN PARTIC IP AT IO NS (1)
SP ON SO RE D A G EN CY ISSUES(2)

FOREIGN
S H OR T- TE RM MARK ET AB LE
OTHER

18

13.3

4.6

5.8

-4.0

15.0

-3.1

6.8

-11.0

21.6

7.1

42.2

-2 1. 4

TOTAL PR IV AT E DOMESTIC

19
20
21
22

7.7
.4
4.1
3.2

16.0
-.4
9.8
6.6

-7.6
.3
-10.1
2.2

-13.1
2.4
-10. 5
-5.0

4.2
3.3
-1.1
2.0

-2.0
2.4
-6.1
1.6

-1.2
2.6
-3.9
.2

-21.8
3.2
-20.0
-5.0

11.4
3.4
4.5
3.5

.7
3.1
-9.9
7.5

26.6
3.5
20.9
2.2

-16.4
3.5
-25.0
5.1

PVT. DO ME ST IC NONFIN.
SAVINGS BONDS - HOUSEHOLDS
DI RE CT EXC. SVGS. BONDS
AG EN CY ISSUES

23
24
25
26

4.5
.4
2.8
1.4

12.1
-.4
8.1
4.3

- 4 .4
.3
-7.3
2.6

-22.6
2.4
-19.3
-5.8

-3.7
3.3
-7.5
.6

-13.1
2.4
-16. 4
.9

-7.6
2.6
-9.0
-1.2

-23.5
3.2
-21.0
-5.7

5.0
3.4
-.8
2.4

-7.7
3.1
-16.0
5.2

11.4
3.5
7.5
.4

-13.9
3.5
-20.5
3.1

27
28
29

.9
.1
.8

-1.3
-1.8
.5

-2.9
-3.0
.1

2.7
2.6
.1

-.8
-1.5
.7

3.6
3.7
-.1

3.1
2.5
.5

-6.4
-6.8
.4

.8
.1
.8

-.4
-1.2
.8

3.0
2.0
1.0

-.6
-1.8
1.2

CORP OR AT E NONFIN. BUSINESS
DIRECT
AG EN CY ISSUES

30
31
32

2.2
1.2
1.0

5.2
3.5
1.7

-.2
.3
-.5

6.9
6.2
.8

8.7
8.0
.7

7.5
6.7
.8

3.4
2.6
.8

8.2
7.8
.3

5.5
5.2
.4

8.7
7.3
1.4

12.2
11.5
.8

-1.9
-2.7
.8

STATE + LOCAL GOVTS.
DI RE CT
A G EN CY ISSUES

33
34
35

3.5
2.2
1.3

-9.4
-9.2
-.3

9.4
5.8
3.6

6.0
2.3
3.6

5.3
1.8
3.5

-3.5
-6.6
3.0

10.2
4.4
5.8

-.1
-3.0
2.9

6.7
2.8
3-9

3.0
2.8
.3

11.7
4.7
7.0

-15.9
-1 7. 4
1.4

36
37
38

2.1
.4
1.8

-1.9
-3.7
1.7

4.0
1.0
3.0

3.1
-1.1
4.2

5.4
2.1
3.3

2.4
-.6
3.0

-2.3
-2.6
.3

10.9
2.4
8.5

3.6
1.7
1.8

3.4
1.3
2.1

3.9
3.0
.9

10.9
4.2
6.8

39
40
41

.7
.4
.4

.3
-1.0
1.3

1.2
-.4
1.5

5.2
1.4
3.9

4.3
1.5
2.8

2.5
1.5
1.0

.2
-.2
.4

9.1
1.3
7.8

2.0
.6
1.4

2.9
1.2
1.7

3.1
3.0
.1

9.1
3.3
5.8

SVGS.+ LOAN ASSNS.
DI RE CT
AG EN CY ISSUES

42
43
44

-. 2
-.6
.4

-.5
-.6
.1

.2
-.2
.4

.4
*
.4

.3
-.1
.4

.7
-.4
1.2

-.2
.1
-.3

.2
-.4
.6

.4
-.2
.6

.2
*
.2

.4
*
.4

.3
-.3
•6

M U TU AL SAVINGS BANKS
DIRECT
AGENCY ISSUES

45
46
47

.2
.1
.1

.1
.1
*

.5
.3
.2

1.1
.4
.7

.6
.3
.2

1.1
.4
.7

1.4
.4
.9

.4
.3
.2

.4
.3
.2

.4
.2
.2

1.0
.6
.4

.9
.5
.4

C R ED IT UNIONS
DIRECT
AG EN CY ISSUES

45
46
47

48
49
50

-.1
-.2
.2

-.3
-.3
*

.1
-.1
.1

-.2
-.2
.1

-.2
-.3
*

-.1
-.4
.3

.1
*
.1

.5
.2
.3

-.3
-.1
-.1

-.1
-.1

-1.0
-1.0
-.1

.4
.3
.1

LIFE INSURANCE
DIRECT
A GENCY ISSUES

48
49
50

51
52
53

-.2
-.4
.1

-.5
-.5
*

.1
-.1
.1

-.4
-.2
-.2

-.4
-.3
-.1

-.6
-.5
-.2

-.1
-.1
♦

-.4
-.4
*

-.8
-. 4
-.3

-.8
-.8
*

.5
.5
*

.2
.3
-.1

NONLIFE INSURANCE
DI RE CT
AG EN CY ISSUES

51
52
53

54
55
56

.4
.4
.1

-.2
-. 4
.2

.2
-.1
.3

-.3
*
-.3

.9
.8
.1

*
*
*

*
*
.1

.9
.9
*

*
.2
-.2

.6
.1
.4

2.0
1.8
.1

-.7
-.7
-

PRIVATE PENSION FUNDS
DIRECT
A G EN CY ISSUES

54
55
56

57
58
59

.3
-.2
.5

-.3
-.5
.1

-.1
-.4
.3

-.8
-.5
-.3

-.2
-.1
-.1

.6
.5
.1

-1.3
-.4
-.9

-.5
-.2
-.3

-.3
-.6
.3

-.4
*
-.4

.2
.3
*

.4
.3
.1

S.+ L . G O V T .R TR .F UN DS
DI RE CT
A G EN CY ISSUES

57
58
59

60
61

.2
.8

-.5
*

.2
1.7

-.3
-1.6

.1
.2

-.7
-1.0

.4
-2.8

*
.7

♦
1.9

.6
♦

-.4
-1.8

.4
*

INVESTMENT COS.
(DIRECT)
SE C. B R K R S . + D L R S . ( «
)

60
61

(1)
(2)

1/73 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




HOUSEHOLDS
SAVINGS BONDS
DI RECT EXC. SVGS. BONDS
AG EN CY ISSUES

COMM ER CI AL B A NK IN G
DIRECT
AGENCY ISSUES
PRIVATE N O NB AN K FINANCE
DI RE CT
AG EN CY ISSUES

Where not shown separately, loan participations are included with
agency issues.
These issues are outside the budget and outside the U.S. Govern­
ment sector in flow-of-funds accounts. They are included in credit
market debt of financial institutions. Sponsored-credit issues
include GNMA-guaranteed securities backed by mortgage pools.

7 MAY 1973
PRIVATE SECU RI TI ES AND MORT GA GE S

PRIVATE SE CU RI TI ES AND MORTGAGES
18

18

PRIVATE SECURITIES AND MO RT GA GE S
(BILLIONS OF DOLLARS)
SEASONALLY ADJU ST ED AN NUAL RATES
1968

1969

1970

SE AS O N A L L Y ADJU ST ED ANNUAL RATES

1971

1972

I
1971
I III

|
|

IV

1972
I

II

III

IV

|
|

1973
I

STATE AND LOCAL GOVERN ME NT SECURITIES
1
2
3

10.1
.1
9.9

7.9
2.6
5.4

13.8
3.8
10.0

20.2
4.6
15.6

14.5
*
14.5

19.2
4.6
14.6

17.7
1.9
15.8

15.1
2.4
12.7

12.9
-2.6
15.5

16.1
1.0
15.1

13.9
-.8
14.6

3.4
-6.4
9.8

4
5
6
7

10. 1
-.2
.5
*

7.9
7.6
-1.0
.1

13.8
2.0
-.6
*

20.2
4.9
1.0
-.2

14.5
4.3
1.0
-.2

19.2
7.2
1.0
.2

17.7
3.0
1.0
-.2

15.1
1.9
1.0
-.1

12.9
5.7
1.0
-.5

16.1
3.8
1.0
.3

13.9
5.9
1.0
-.3

3.4
3.9
*
-.4

8
9
10
11
12
13

8.6
*
.2
1.0
*
*

.2
*
*
1.2
-.1
-.2

10.7
*
.1
1.5
-.3
.6

12.7
.2
.2
1.5
-.2
.1

7.2
.5
*
2.0
-.2
-.1

7.6
.1
.3
1.5
-.6
1.8

11.9
.2
.1
1.5
-.2
.3

10.5
.5
.6
2.2
-.2
-1.3

4.5
.5
-.7
2.0
.1
.2

9.5
.8
*
1.8
-.6
-.5

4.2
.1
*
1.9
*
1.1

-1.7
.5
*
2.2
.1
-1.3

NET CH AN GE IN LIABILITIES OF
STATE ANO LOCAL GOVERNMENTS
SHORT- TE RM
OTHE R

1
2
3

NE T CHANGE IN ASSETS
HOUS EH OL DS
CORP OR AT E BUSINESS
S.+ L. GOVT., GEN.FUNDS

4
5
6
7

C O MM ER CI AL BANKING
MU TU AL SAVINGS BANKS
LIFE INSURANCE COS.
OTHER INSURANCE COS.
S.+ L. GOVT., RTR. FUNDS
FINANCE N.E.C.

8
9
10
11
12
13

CO RPORATE AND FOREIGN BONDS
1
2
3
4
5

1
2
3
4
5

15.0
12.9
.8
.3
1.1

14.8
12.1
1.6
.1
1.0

23.7
20.3
2.5
♦
.9

24.6
19.4
3.8
.5
.9

20.1
12.6
5.4
1.1
1.1

20.2
14.9
4.0
.3
1.0

23.7
18.5
4.3
.6
.3

22.2
11.2
5.9
3.4
1.8

19.3
13.0
4.2
.4
1.7

19.1
13.5
5.5
.5
-.5

20.0
12.6
6.2
-.1
1.3

12.5
8.3
3.4
.2
.6

N E T ISSUES
CO R P O R A T E BU SINESS
FI NA NC E CO MP AN IE S
CO MM ER CI AL BANKS
RE ST OF THE WORLD

6
7
8
9
10

15.0
4.8
.2
.3
1.3

14.8
5.7
1.8
-.1
.3

23.7
12.4
-2.0
.8
1.3

24.6
7.6
1.0
1.3
4.3

20.1
4.1
.7
1.5
2.8

20.2
9.0
1.1
1.1
1.0

23.7
3.1
.3
1. 1
2.5

22.2
6.1
.3
1.9
5.3

19.3
1.3
.5
1.9
3.4

19.1
3.0
.7
1.2
2.1

20.0
6.1
1.2
1.2
.3

12.5
2.5
-.4
.6
.3

6
NET PU RCHASES
7
H O US EH OL DS
STATE AND LOCAL GO VERNMENTS 8
9
CO MM ER CI AL BA NK IN G
10
MU TU AL SAVINGS BANKS

11
12
13
14
15

8.2
3.9
.6
2.5
1.2

6.1
1.5
.6
3.1
.8

9.7
1.5
2.1
3.9
2.3

9.6
5.1
-.7
4.4
.7

11.3
7.5
-1.6
4.4
1.0

7.0
5.6
-1.9
2.8
.4

13.2
7.4
1.9
3.3
.6

8.5
7.1
-2.8
3.2
1.0

14.3
7.1
-.6
6.8
1.1

13.0
6.4
.8
4.9
.8

9.5
9.5
-3.8
2.9
.9

11.1
6.1
.8
3.6
.5

INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PE NS IO N FUNDS
S.* L.GOVT. RTR. FUNDS
OTHER INSURANCE CO MPANIES

11
12
13
14
15

16
17

♦
.2

.4
.5

.9
.7

.6
.3

-.4
.1

.5
.6

3.5
.1

-.2
.3

-2.3
.1

-.4
-.6

1.2
.5

-1.6
*

FINANCE N.E.C.
REST OF THE WORLD

16
17

CORP OR AT E EQUITIES
1
2
3
4
5
6

4.0
4.7
-.7
-.8
-. 1
.2

10.3
5.5
4.7
4.3
*
.5

9.5
2.6
6.9
6.8
*
.1

14.8
1.3
13.5
13.4
*
♦

12.0
-.5
12.6
12.9
.1
-.4

18.9
2.0
16.9
17.0
*
*

14.0
2.5
11.5
12.1
.1
-.6

7.9
-2.7
10.5
10.5
.2
-.2

17.9
2.0
16.0
16.2
*
-.3

12.2
.3
11.9
12.2
4c
-.3

10.2
-1.8
12.0
12.6
.3
-.9

7.9
-2.0
9.8
10.2
*
-.4

NET ISSUES
OP EN - E N D IN VESTMENT COS.
OTHER SECTORS
CO RP OR AT E BU SI NE SS
C O M M ER CI AL BANKS
REST OF THE WORLD

7
8
9
10
11
12
13
14
15

4.0
-7.6
.3
.1
8.1
1.4
4.7
.8
1.3

10.3
-4.1
.2
*
9.9
1.7
5.4
1.0
1.8

9.5
-2.6
.3
.1
9.7
2.0
4.6
1.0
2.1

14.8
-5.2
.5
*
18.2
3.6
8.9
2.5
3.2

12.0
-5.3
.7
.1
16.3
3.5
7.1
2.7
3.0

18.9
*
.4
-.1
16.9
3.2
6.9
2.9
3.8

14.0
-5.2
.7
-.1
16.9
3.5
7.5
2.9
3.1

7.9
-8.8
.7
.3
16.3
4.2
7.7
2.4
2.1

17.9
.6
.8
.2
19.3
4.2
8.6
2.7
3.8

12.2
-.2
.5

10.2
-13.0
.7
16.6
3.5
7.8
2.3
3.0

7.9
-7.0
.5
14.5
2.1
7.3
2.4
2.7

NET PURCHASES
HOUS EH OL DS
MUTUAL SAVINGS BANKS
CO MM ER CI AL BANKING
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
OTHER IN SURANCE CO MPANIES
S.+ L. GOVT. RTR. FUNDS

16
17
18
19

1.0
1.5
-.5
2.1

2.7
2.5
.2
1.6

1.3
1.1
.2
.7

.5
.4
*
.9

-2.2
-1.9
-.3
2.5

.7
1.7
-.9
.9

-.5
-2.4
1.9
2.2

-3.5
-2.4

-3.6
-1.8

-2.6
-1.8

2.8

.7

1.5

1.1
-1.5
2.6
4.9

-4.0
-2.9
-1.1
3.9

65.3 TOTAL MORTGAGE CREDIT
BO RROWED BY—
SA VI NG S+ LO AN ASSNS.
.6
U.S. G O VE RN ME NT
-.1

-

12.9
2.1
4.2
3.6
3.1

FINANCE N.E.C.
OP EN -E ND INVESTMENT COS.
BROKERS AND DEALERS
REST OF THE WORLD

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

TOTAL MORTGAGES
1

1

27 .4

27.8

26.4

48.9

66.4

56.2

55.4

54.6

66.1

71.3

73.7

2
3

.2
-.1

*
-.1

.6
-.1

2.0
-.1

1.1
-.1

1.7
-.1

.8
*

.2
-.1

2.0
-.1

1.5
-.1

.9
-.1

4
5
6
7
8
9
10

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

25.8
12.5
1.4
12.0
1.8
4.9
5.3

47.0
24.5
1.4
21.0
2 *0
7.8
11.2

65.4
36.7
1.5
27.1
2.6
8.7
15.8

54.6
29.1
1.5
24.1
2.2
8.5
13.3

54.6
31.7
1.5
21.5
2.3
7.6
11.6

54.5
27.5
1.5
25.4
2.6
8.5
14.3

64.2
35.5
1.5
27.2
2.9
8.7
15.7

69.9
44.0
1.5
24.4
2.6
7.0
14.8

72.9
39.8
1.6
31.5
2.4
10.6
18.6

64.8
41.2
1.6
21.9
2.6
6.8
12.6

11
12
13
14
15

27.4
1.8
.1
1.1
2.2

27.8
2.0
*
.7
4.5

26.4
2.2
*
.3
5.8

48 .9
2.4
*
*
6.3

66.4
.4
*
-.2
6.7

56.2
4.6
*
*
8.4

55.4
2.2
*
-.2
7.7

54.6
2.2
*
.4
6.9

66.1
.3
*
-.6
7.4

71.3
-.3
*
.1
5.7

73.7
-.5
♦
-.9
6.7

65.3 FUNDS ADVA NC ED B Y *
HO USEHOLDS
*
ST.+LOC. GO VT S . , G E N FDS.
U.S. G O VE RN ME NT
-2.3
8.4
SPON SO RE D CR EDIT AG.(l) (2)

16
17
18
19
20
21

22.3
6.7
12.2
9.4
2.8
*

20.7
5.4
12.2
9.5
2.7
*

18.0
2.5
12.1
10.2
1.8
.1

40.1
9.9
28.1
24.2
3.9
.1

59.5
16.8
37.6
31.9
5.7
.1

43.2
11.8
30.9
26.9
3.9
*

45.8
10.8
30.7
25.6
5.0
.1

44.9
14.3
29.9
25.5
4.4
.1

59.0
16.9
38.6
32.8
5.7
.1

65.8
18.3
40.8
34.8
6.0
.1

68.3
17.7
41.1
34.4
6.6
.1

59.1
17.9
38.1
32.9
5.2
.1

22
23
24
25
26
27

2.8
2.5
*
.4
*
.6

2.8
2.1
.1
.6
*
.3

3.3
2.3
.1
.8
*
.1

.9
1.2
-.6
.3
.1
1.1

1.0
1.7
-.7
-.1
.1
4.1

.1
1.6
-.7
-.9
.1
.5

3.3
2.0
-.4
1.6
.1
1.0

-3.0
-.5
-1.2
-1.4
.1
3.7

1.6
1.0
-.4
1.0
.1
1.8

.9
1.6
-.6
-.2
.1
5.8

4.3
4.8
-.5
*
.1
5.2

1.8
2.0
-.5
.2
.1
1.3

28

.9

4.0

1.3

-2.7

*

.9

*

-6.0

.6

1/73 FIGURES ARE TENTATIVE



ESTIMATES BASED ON INCOMPLETE INFORMATION.

2
3

PRIVATE NONFIN. SECTORS
HO USEHOLDS
NO NP RO FI T INST.
BUSINESS
FARMS
NO NF AR M NO NC ORPORATE
CO RPORATE

PVT. FI NA NC IA L INST.
CO MM ER CI AL BANKS
SAVINGS INSTITUTIONS
SVG. + LOAN ASSNS.
MUT. SAVINGS BANKS
C R ED IT UNIONS

(1)

INSURANCE
LIFE CO MP AN IE S
PVT. PE NSION FUNDS
ST.+LOC. GCVT. RET.FDS.
OTHER INSURANCE
FINANCE N.E.C

3.5 (l)MEMO: FHLB LOANS TO
3.7
1.9
SSL ASSNS. (INCLUDED IN "OTHER LOANS" CATEGORY).
(2) INCLUDES MORTGAGE POOLS BACKING GNMA-GUARANTEED PASSTHROUGH SECURITIES-

4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

7 M*AY 1973
MORTGAGES, BY TYPE

MORTGAGES, BY TYPE

iy

MORTGAGE MARKETS BY TYPE OF MO RTGAGE
(BILLIONS OF DOLLARS)

19

SEASONALLY AD JU ST ED ANNUAL RATES
1968

1969

1970

S E AS ON AL LY A D J U ST ED ANNUAL RATES

1971

1972

I
1971
1 III

IV

I
I

1972
II

I

III

_______ ----------------- — ------— ------- --------- — —— -------— --------- ---------- ---------------- —— ------------ -------

I 1973
I
IV
|
--------- — — — —

HOME MORTGAGES
1
2
3
4
5
6

15.3
14.9
. 1
.1
-.1
.2

15.6
16.2
-. 3
-.3
-.1
*

13.4
12.5
.2
.2
-.1
.6

28.0
24.5
.8
.8
-.1
2.0

39.4
36.7
.9
.9
-.1
1.1

33.7
29.1
1.5
1.5
-.1
1.7

32.2
31.7
-.1
-.1
*
.8

30.4
27.5
1.4
1.4
-.1
.2

38.4
35.5
.5
.5
-.1
2.0

44.0
44.0
-.7
-.7
-.1
1.5

45.0
39.8
2.2
2.2
-.1
.9

43.0
41.2
.6
.6
-.1
.6

NET CHANGE IN LIABILITIES
H O US EH OL DS
NO NF AR M NONCORP. BUSINESS
C O RP OR AT E BUSINESS
U.S. GO VE RN ME NT
SAVINGS AND LCAN ASSNS.

7
8
9
10
11

15.3
.7
. 1
.8
1.6

15.6
.2
♦
.1
3.9

13.4
.5
*
-.1
5.1

28.0
.2
*
-.3
4.8

39.4
-.7
♦
-.6
4.3

33.7
.2
*
-.2
6.7

32.2
.8
*
-.4
5.5

30.4
.2
*
-.3
5.0

38.4
-1.2
*
-.6
5.5

44.0
-1.2
*
-.4
3.0

45.0
-.4
*
-1.1
3.8

43.0
♦
*
-1.7
6.5

NET CH ANGE IN ASSETS
HOUS EH OL DS
STATE AND LOCAL GOVERNMENTS
U.S. G O V E RN ME NT
FED. NAT. MTG. ASSN. (1)

7
8
9
10
11

12
13
14
15
16

3.5
8.7
7.2
1.4
*

3.0
9.1
7.7
1.4
*

.9
8.2
7.2
.9
.1

5.7
19.3
18.0
1.2
.1

9.0
26.1
22.9
3.1
.1

6.8
22.6
21.3
1.2
*

6.6
21.2
19.4
1.8
.1

7.5
18.9
16.6
2.2
.1

8.4
27.2
24.1
3.0
.1

10.4
29.3
25.8
3.5
.1

9.7
28.9
25.2
3.7
.1

9.6
28.4
25.0
3.3
.1

CO MM ER CI AL BANKING
SA VINGS INST IT UT IO NS
SAVINGS AND LOAN ASSNS.
MU TU AL SAVINGS BANKS
CR ED IT UNIONS

12
13
14
15
16

17
18
19
20

-.7
-.7
*
.6

-.9
-1.1
.1
.3

-1.2
-1.3
.1
.1

-2.7
-2.1
-.6
1.1

-2.8
-2.1
-.7
4.1

-2.9
-2.2
-.7
.5

-2.5
-2.1
-.4
1.0

-4.5
-3.3
-1.2
3.7

-2.7
-2.3
-.4
1.8

-2.9
-2.4
-.6
5.8

-1.1
-.6
-.5
5.2

-1.2
-.7
-.5
1.3

INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PE NS IO N FUNDS
FINANCE N.E.C. (MTG. COS.)

17
18
19
20

1
2
3
4
5
6

MU LT I- FA MI LY RESIDENTIAL MO RTGAGES

1
2
3

3.5
.8
2.7

4.8
1 .2
3.6

5.9
1.5
4.3

8.8
2.6
6.2

9.4
2.9
6.5

8.8
2.8
6.0

9.3
2.6
6.7

8.7
2.7
6.0

9.9
3.1
6.8

9.0
2.7
6.3

9.9
3.0
6.9

7.1 NET BORROWING
CORP OR AT E BUSINESS
2.1
NO NFARM NONCORP. BUSINESS
5.0

1
2
3

4
5
6
7
8

3.5
-.2
.3
*
.3

4.8
-.1
.7
*
.5

5.9
-.2
.5
.3
.1

8.8
1.2
.4
.8
.7

9.4
.2
.3
1.2
1.8

8.8
3.5
.3
.9
.7

9.3
.5
.2
1.3
.5

8.7
.9
.4
1.2
1.6

9.9
-.3
.3
1.0
2.4

9.0
.2
.4
1.4
1.3

9.9
.1
.2
1.2
1.9

7.1 NET CH ANGE IN ASSETS
*
HO US EH OL DS
U.S. GO V E R N M E N T
-.7
FED. NAT. MTG. ASSN. (1)
.3
CO MM E R C I A L BANKS
1.3

4
5
6
7
8

9
10
11

1.6
1.1
.5

1.7
1.2
.5

2.4
2.1
.4

4.8
3.0
1.8

5.5
4.4
1.1

3.4
2.2
1.3

4.6
2.6
2.0

6.1
5.0
1.0

5.0
3.9
1.1

5.2
4.2
1.0

5.7
4.4
1.3

4.6
4.0
.6

SAVINGS INSTITUTIONS
SA VINGS AND LOAN ASSNS.
MU TU AL SAVINGS BANKS

9
10
11

12
13

1.0
.4

1.4
.6

1.9
.8

.7
.3

.5
-.1

.9
-.9

.5
1.6

*
-1 .4

.5
1.0

.7
-.2

.8
♦

1.4
.2

LIFE INSURANCE COS.
S.+L.GOVT. PE NS.FUNDS

12
13

COMMERCIAL MORTGAGES
1
2
3
4

6.6
1.1
4.9
.5

5.5
1.3
3.8
.4

5.4
1.4
3.6
.4.

10.1
1.4
7.8
.9

15.0
1.5
12.1
1.3

11.5
1.5
9.0
1.0

11.7
1.5
9.2
1.0

12.9
1.5
10.3
1.1

14.9
1.5
12.0
1.3

15.7
1.5
12.7
1.4

16.4
1.6
13.3
1.5

12.6 NET BO RROWING
1.6
HOUSEH OL DS
9.9
C O R P OR AT E BU SI NE SS
NO NF AR M NONCORP. BUSINESS
1.1

1
2
3
4

5
6
7
8

6.6
.2
2.6

5.5
.7
*
1.6

5.4
.9
*
1.2

10.1
.2
*
3.0

15.0
.2
*
5.4

11.5
.1
*
3.6

11.7
-.2
*
3.2

12.9
.1
4.9

14.9
.2

16.4
.2

5.6

15.7
.2
*
6.0

12.6 NET CH AN GE IN ASSETS
.3
HOUSEH OL DS
U.S. GO VE R N M E N T
5.9
CO MM ER CI AL BANKS

5
6
7
8

9
10
11

1.9
1.0
.8

1 .4
.6
.8

1.5
1.0
.6

4.1
3.1
1.0

6.0
4.6
1.5

5.0
3.4
1.5

5.0
3.7
1.4

5.0
3.8
1.2

6.4
4.8
1.6

6.3
4.8
1.5

6.5
4.9
1.6

5.1
3.9
1.2

SAVINGS IN STITUTIONS
SAVINGS AND LOAN ASSNS.
MU TU AL SAVINGS BANKS

9
10
11

12
13

1.9
*

1.8
*

1.8
*

2.7
.1

3.3
.1

2.8
.1

3.5
.1

2.9
.1

2.7
.1

3.2
.1

4.3
.1

1.1
.1

LIFE IN SURANCE CO MPANIES
OTHE R IN SURANCE COMP AN IE S

12
13

-

-

5.4

FARM MORTGAGES
1

2.1

1 .9

1.8

2.0

2.6

2.2

2.3

2.6

2.9

2.6

2.4

2
3
4
5
6
7

1.0
*
.5
.3
*
.2

1.2
♦
.6
.3
*
*

1.1
*
.5
.3
*
-.1

.9
*
.7
.6
-.1
*

.7
*
1.2
.6
*
.1

.8
*
.8
.7
-.1
♦

1.0
♦
.9
.5
-.1
.1

1.1
.3
.8
.4
-.1

1.6
-.3
.9
.6
*
.1

.5
.1
1.3
.5
*
.1

-.4
♦
1.7
.8
*
.3

1

2.6 NET BO RR OW IN G BY FARMS
NET CHANGE IN A S S E T S —
HOUSEHOLDS
U.S. GO V E R N M E N T
FED. LA ND BANKS
CO MM ER CI AL BANK S
MUTUAL SAVINGS BANKS
LIFE INSURANCE CO MP AN IE S
.3

-.4
*
1.6
1.1

1/73 FIGURES ARE TENTATIVE ES TIMATES BASED ON INCOMPLETE IN FORMAT]




(I)

Includes mortgage pools backing GNMA-guaranteed securities.
See preceding page.

1
2
3
4
5
6
7

7 MAY 1973
CO NSUMER CR EDIT AND BANK LOANS N.E.C.

C O NS UM ER CR E D I T AND BANK LOANS N.E.C.

C O N S UM ER CR E D I T AN D BANK LOANS NO T ELSE WH ER E CLASSI FI ED
(BILLIONS OF DOLLARS)
SEASONALLY AD JU S T E D AN NU AL RATES

SE AS ON AL LY AD JU ST ED ANNUAL RATES

1968

1969

~~
1970

1971

- I
1971
1972
1 III

IV

1972

1
|

I

II

III

IV

I
1

1973
I

CONSUMER CREDIT
1

11.1

9.3

4.3

10.4

19.2

12.6

14.5

13.1

18.0

18.7

26.1

25.3

2
3

9.0
2.1

8.3
1.0

3.0
1.3

8.4
2.1

16.0
3.1

10.3
2.2

12.4
2.2

13.2
-.1

14.8
3.2

16.1
2.6

19.5
6.5

24.0
1.3

NET CHANGE IN LIABILITIES
(HOUSEHOLDS)
IN ST AL ME NT CR ED IT
NO NI N S T A L M E N T CR EDIT

4
5
6
7
8
9
10

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

10.4
8.4
.1
1.2
4.1
1.9
1.0

19.2
16.0
.2
1.6
8.5
2.5
3.2

12.6
10.3
.2
1.3
5.1
2.1
1.6

14.5
12.4
.2
1.2
6.2
2.0
2.7

13.1
13.2
.1
1.3
6.3
3.2
2.2

18.0
14.8
.1
1.0
8.5
2.1
3.2

18.7
16.1
.2
1.7
9.0
2.3
2.9

26.1
19.5
.3
2.4
10.1
2.4
4.3

25.3
24.0
.1
1.9
12.0
3.9
6.1

4
NET CHANGE IN ASSETS
IN STALMENT C R E D I T
5
NO NF AR M NONCORP. BUSINESS
6
CO RPORATE BUSINESS
7
COMM ER CI AL BANKING
8
9
SAVINGS INSTITUTIONS
10
FINANCE COMPANIES

11
12
13
14
15

2.1
.6
.8
.6
.1

1.0
.5
.6
-.1
*

1.3
.4
.6
.3
.1

2.1
.4
.8
.7
.1

3.1
1.0
.6
1.5
*

2.2
.7
.5
.9
.1

2.2
.7
.6
.7
.1

-.1
1.1
-2.1
1.0
-.1

3.2
.6
1.6
1.0
*

2.6
1.0
*
1.5
.1

6.5
1.3
2.6
2.6
.1

1.3
1.2
-1.1
1.2
.1

45 .7

59.5

74.3

N O N I NS TA LM EN T CR ED IT
N O NF AR M NONCORP. BUSINESS
CORP OR AT E BU SINESS
CO MM ER CI AL BANKING
SAVINGS INSTITUTIONS

1
2
3

11
12
13
14
15

BANK LOANS NOT ELSEWHERE C L AS SI FI ED
1

27.9

27.1

12.1

30.6

57.3

39.9

36.9

49.6

TOTAL BANK LOANS AT CO MM ER CI AL
103.4
BANKS, F/F BASIS

2
3
4
5
6
7
8
9

6.7
4.9
1.3
-1.1

5.4
3.3
-1 .1
.5

2.5
1.9
1.4
2.0

16.2

19.0

16.2

19.0

4.4

14.4

25.7

21.6

12.1

23.2

14.0

30.4

35.4

LESS: LOANS IN OTHER CATEGORIES
17.9
MORT GA GE S
13.2
CO NS UM ER CREDIT
SECURITY CREDIT
-6.2
-1.2
C O MM ER CI AL PAPER
HY PO TH EC AT ED DEPOSITS
79.8
EQUALS: BANK LOANS N.E.C.
PLUS: LOANS BY F.R. BANKS
79.8 EQUALS: TOTAL BANK LOANS N.E.C

10
11
12
13
14
15
16
17

16.2
3.1
.4
1.3
9.3
.1
2.3
-.2

19.0
2.8
.6
2.0
12.1
.1
2.1
-.6

4.4
1.5
.8
.4
2.3
-.1
-.5
*

14.4
3.9
1.3
1.8
3.3
.7
.7
2.7

25.7
3.5
1.4
2.3
11.3
.8
4.2
2.4

21.6
2.5
2.1
1.6
11.4
.4
-2.4
5.9

12.1
6.2
1.4
2.2
.4
1.3
-1.7
2.3

23.2
5.7
.9
3.7
6.2
-1.3
7.4
.6

14.0
1.9
1.4
2.1
6.6
1.7
-2.4
2.8

30.4
2.5
.9
.4
16.0
.6
6.6
3.4

35.4
3.7
2.5
2.9
16.4
2.1
5.1
2.8

79.8
2.9
2.0
5.4
49.2
-1.3
9.2
12.3

_

-

-

-

9.9
4.8
.8
.8

16.8
10.1
4.4
.3

4.4

14.4

25.7

-

-

-

-

-

11.8
6.1
1.3
-.8
-

21.6
-

10.8
6.9
3.8
3.3
-

12.1
-

14.3
7.4
4.5
.2
-

23.2
-

1/73 FI GU RE S ARE TENT AT IV E ES TI MA TE S BASED ON INCOMPLETE INFORMATION.




16.9
9.5
6.6
-1.3
-

14.0
-

18.3
10.5
1.5
-1.2
-

30.4
-

17.7
12.7
5.0
3.5
-

35.4
~

NET CHANGE IN LIABILITIES
HOUSEH OL DS
FARM BU SINESS
NO NF AR M NONCORP. BUSINESS
C O R P OR AT E BUSINESS
SVGS.+ LOAN ASSNS.
FINANCE CO MP AN IE S
RE ST OF THE WORLD

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

7 HAY 1973
BANK CREDIT RE LA TI ON SH IP

BANK CR ED IT RELATIONSHIP
RE LA T I O N OF F/F BANK CR ED IT TO L.4.3 SEASONALLY ADJUSTED
(BILLIONS OF DOLLARS)
SE A S ON AL LY AD JU ST ED ANNUAL RATES

SEASONALLY AD JU ST ED ANNUAL RATES
I
1971
1 III

IV

1
|

1972
II

I

III

1
|

IV

1973
I

1968

1969

1970

1971

1972

1
2
3

159.1
154.4
4.7

12.2
11.5
.7

33.7
33.8
-.1

50.1
49.8
.3

71.2
67.3
3.9

44.5
45.2
-.7

58.7
53.2
5.5

62.7
78.8
-16.1

61.6
43.6
18.0

72.5
71.2
1.3

87.8
75.6
12.2

85.0
110.8
-25.8

4
5

1.2
.7

.7
.6

-.2
-1.0

.3
-.9

3.9
*

-.2
.4

1.4
-1.0

-4.0
-.5

4.5
.4

.3
.2

3.1
-.1

-6.4
.7

6
7
8
9

.5
.5
♦
♦

.1
.1
.1
-.1

.9
.9
.1
-.1

1.2
1.3
*
-.1

3.9
3.9
*
-.1

-.6
-2.0
2.0
-.6

2.3
1.7
-.4
1.1

-3.5
-1.5
-1.3
-.7

4.1
3.9
.1
.1

.1
-1.0
2.1
-1.0

3.2
2.5
-.8
1.5

-7.2
-4.6
-2.1
-.5

SEASONALS
METHOD
BALANCE ADJUSTMENT
OTHER

10
11
12

3.5
1.7
1.8

-9.3
-9.5
.2

9.5
6.5
3.0

6.2
2.7
3.5

5.2
1.5
3.7

-.9
-2.9
2.0

2.6
.8
1.8

-.2
2.0
-2.2

1.8
.7
1.1

.6
-1.2
1.8

3.0
3.0

-4.0
-1.4
-2.6

U.S. GOVT. SECURITIES —
F/F, SAQR
L.4.3, SAQR
TOTAL DI FFERENCE, SAQR

13

1.5

.3

2.5

2.9

3.5

1.3

.6

.3

1.4

.3

1.6

1.0

14
15
16
17

.3
.3
*
-

-.1
-.3
.1

.5
.5
*
-

.5
.5
*
-

.2
.2
*
-

.7
.2
.8
-.2

1.2
1.9
-.4
-.3

-2.5
-.3
-1.5
-.7

-.3
-2.2
.6
1.3

1.6
1.1
.8
-.3

1.4
1.7
*
-.2

-3.5
-1.0
-1.7
-.8

18
19
20

8.9
10.0
-1.1

.1
-.2
.3

11.3
14.7
-3 .4

14.1
17.9
-3.8

8.7
11.0
-2.3

2.1
2.9
-.8

3.2
5.0
-1.8

3.1
4.5
-1.4

1.6
1.5
.1

2.7
2.7
*

1.3
2.3
-1.0

-.3
1.0
-1.3

21

-1 .2

.3

-3.5

-3.8

-3.5

-.8

-1.5

-.7

-1.0

-.1

-1.8

-.3

22
23
24

.1
.1
-

*
*

.1
.1
-

*
*

1.2
1.2

.1
.3
-.2

-.2
-1.0
.7

-.7
-.4
-.3

1.1
1.4
-.3

*
.2
-.2

.8
*
.8

-1.0
-.7
-.3

25
26
27

27.5
26.9
.6

29.9
29.3
.6

57.3
55.0
2.3

9.9
11.3
-1.4

8.9
7.6
1.3

12.8
13.3
-.5

12.0
8.8
3.2

14.8
16.3
-1.5

17.6
16.6
1.0

25.5
28.1
-2.6

-

28

.5

29
30
31
32
33

.1
.7
-.5
*
*

21.4
21.2
.2

12.9
12.6
.3

-

-

-

-

.2
.5
-.1
*
-.1

.3
.5
-.2
.1
-.1

.6
.4
.3
*
-.1

*
2.3
2.9
-.6
*
-.1

-1.4
-2.5
*
1.2
-.2

-

-

-

1.3
.7
*
-.1
.7

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

3.2
4.7
-.1
-.5
-.9

-1.5
-1.8
-.5
1.3
-.4

*

.1

1.0
.5
.4
-.9
1.0

-2.7
-3.8
.9
-.4
.6

TOTAL BANK CREDIT SA AR—
F/F
L.4.3
DI FF ER EN CE
DIFFER EN CE AT CU ARTERLY 1
D E F I NI TI ON + TIMING

10
11
12

DE FI NI TI ON + TIMING
14
15
16
17

SE ASONALS
METHOD
BA LA NC E ADJUSTMENT
OTHER
OTHER SE CURITIES —
F/F, SAQR
L.4.3, SAQR
TOTAL DI FF ER EN CE

18
19
20

DEFINI TI ON
22
23
24

SE ASONALS
ME THOD
OTHER
TOTAL LOANS —
F/F, SAQR
L.4.3, SAQR
T O TA L DI FF ER EN CE

25
26
27

D E FI NI TI ON + TI MI NG
SEASONALS
METHOD - 1
ME TH OD - 2
BALANCE ADJUSTMENT
OTHER

29
30
31
32
33

N O T E — SOURCE DATA SHOWN HERE INCLUDE CCC AND EX PO RT -I MP OR T
BANK LOAN PA RT IC IP AT IO NS IN OTHER IN VE ST ME NT S FOR ALL PERIODS.
PUBLISHED DATA

INCLUDE

THEM

IN LOANS

BEFORE

11/6 6 .

1/73 FI GU RE S ARE TE NTATIVE ES TI MA TE S BASED ON INCOMPLETE INFORMATION.

Relationship to Seasonally Adjusted Bank Credit
" L .4 .3 " in this table is a short reference to seasonally adjusted bank credit as published in the Federal Reserve
Bulletin on page A-23. Both the Flow of Funds and L .4 .3 data in this table exclude credit on nonconsolidated affiliates.
Line
7, 15, 23
8, 16, 31
9
17, 24, 33
30
31




Difference in seasonal between L .4 .3 components adjusted individually as flows and the seasonal in L .4 .3 .
Adjustments to F/F bank credit components used in balancing seasonals in the flow-of-funds matrix as a whole.
Sum of lines 17, 24, and 33.
Difference in seasonal between F/F bank credit components and the corresponding L .4 .3 components adjusted as
flows. Line 35 is the sum of differences for several loan types.
Sum of seasonals for F/F loans by type less sum of seasonals for L .4 .3 loans by type.
Sum of seasonals for L .4 .3 loans by type less seasonal on total loans in L . 4 . 3 adjusted directly.

7 MAY 1973
OTHER LOANS

OTHER LOANS
OP EN -M AR KE T PAPER AND OTHE R LOANS
(BILLIONS OF DOLLARS)

SEASONALLY AD JU ST ED ANNUAL RATES
1968

1969

1970

S E AS ON AL LY AD JU S T E D ANNUAL RATES

1971

1972

I
1971
1
|1 III

OTHER LOANS ~

1
|

IV

1972
I

II

III

IV

11
|1

1973
I

SECTOR TOTALS

1
2
3
4
5
6
7
8
9
10
11

12.5
1.7
.2
1.1
3.6
.3
.2
.9
2.5
2.1

28.1
3.0
.6
1.8
7.0
.7
-.3
4.2
4.0
4.7
2.4

11.0
2.6
.6
1.2
5.2
.1
-1.9
1.3
-.2
2.1

3.3
1.3
.7
.8
1.2
.4
-.4
-2.7
-.2
2.1

8.7
1.5
.5
1.1
3.8
.2
.7
*
.5
.4

7.8
1.2
.5
.4
.8
1.0
-.2
.7
.9
1.5
1.1

9.1
1.3
.6
-.9
.2
.4
*
.3
*
5.7
1.6

3.9
1.4
.3
1.4
6.1
1.1
.8
-6.0
-3.3
2.1

4.8
1.4
.4
.8
4.7
-1.2
-.8
.6
1.5
-2.6

4.5
1.9
.3
.8
-1.1
.5
1.6
1.9
-1.1
-.4

21.8
1.2
1.0
1.4
5.6
.3
1.1
3.7
5.0
2.6

2.6
1.1
.3
1.9
-8.6
.6
3.3
3.5
-2.0
2.6

NET INCREASE IN LIABILITIES
H O US EH OL DS
FARM BUSINESS
NO NF AR M NONCORP. BUSINESS
CORP OR AT E BUSINESS
STATE AND LOCAL GO VERNMENTS
SPON SO RE D CR .A GE NC IE S
BANK AFFILIATES
SAVINGS INSTITUTIONS
FINANCE N.E.C.
REST OF THE W O RL D

12
13
14
15
16
17
18
19
20
21
22

12.5
2.0
2.5
3.7
1.2
-.1
-1.1
*
1.2
2.5
.6

28.1
5.9
2.7
3.5
4.8
*
.5
.3
3.4
6.0
1.0

11.0
-1.8
.6
2.6
2.3
*
2.0
.2
3.0
1.7
.5

3.3
-3.9
1.8
3.2
-2.0
.2
.8
.3
1.6
1.4
-.2

8.7
-1.1
1.5
2.5
.8
-.2
.3
.6
1.4
2.9
-.1

7.8
.2
4.9
2.1
.8
*
-.8
.2
1.1
-2.2
1.5

9.1
-4.0
6.2
2.0
.5
.8
3.3
*
-1.1
4.8
-3.5

3.9
-6.7
4.1
2.8
-5.2
-.5
.2
1.3
3.1
1.8
3.0

4.8
.7
2.7
.6
1.3
-.3
-1.3
.7
1.6
2.2
-3.4

4.5
-3.6
-2.6
3.9
2.6
*
-1.2
*
4.4
1.9
-1.0

21.8
5.4
1.9
2.9
4.4
.2
3.5
.2
-3.5
5.7
1.1

2.6
-8.5
-2.6
2.6
6.2
.2
-1.2
-.6
2.2
2.5
2.0

NET INCREASE IN ASSETS
HOUSEH OL DS
CO RP OR AT E BUSINESS
U.S. GO VE RN ME NT
SP ONSORED CREDIT AGENCIES
MO NE T A R Y AUTH OR IT Y
C O MM ER CI AL BA NKING
MUTUAL SVGS. BANKS
INSURANCE
FINANCE N.E.C.
REST OF THE WORLD

OP EN -M AR KE T PAPER
1

4. 1

12.2

1.7

-1.0

.9

4.3

3.0

.4

1.0

-4.9

7.0,

-9.3
OP EN MARKET PAPER-TOTAL
NET ISSUES, BY TYPE AND S E CT OR—

2
3
4

1.7
1.7
-

6.6
3.6
3.0

-.8
.3
-1.1

-.6
-.1
-.5

1.1
.9
.2

2.9
2.0
.9

4.2
4.4
-.1

-2.1
-2.6
.6

1.3
2.1
-.8

-.8
-1 .4
.7

6.0
5.5
.5

5.7
2.6
3.0

5
6
7
8

2.3
1.5
.8
-

4.6
2.3
1.1
1.2

.9
2.2
-.5
-.8

-1.3
-1.2
-.1
.1

.8
.7
-.4
.4

-.2
.6
-.6
-.2

-.2
-2.0
1.3
.4

1. 1
1.5
-.6
.2

3.9
4.6
-.6
♦

-1.7
-3.0
.3
.9

-.3
-.3
-.6
.6

-15.9
-11.5
-4.7
.3

9
10
11
12
13

.1
-.2
.3
.1
.1

1 .0
.3
.7
.4
.4

1.6
.8
.8
.4
.4

.8
.3
.5
.3
.3

-1.0
-1.1
.1
♦
*

1.6
.2
1.3
.7
.7

-1.0
.9
-1.9
-.9
-.9

1.4
.6
.8
.4
.4

-4.2
-3.7
-.5
-.3
-.3

-2.4
-2.1
-.4
-.2
-.2

1.3
.9
.4
.2
.2

.9
.8
.2
.1
.1

14
15
16
17
18
19
20
21

4. 1
2.0
2.5
-.1
-1.1
*
.3
.6

12.2
5.9
2.7
*
.5
.9
1.2
1.0

1.7
-1.8
.6
*
2.0
.8
-.4
.5

-1.0
-3.9
1.8
.2
.8
.7
-.4
-.2

.9
-1.1
1 .5
-.2
.3
.4
-.1
-.1

4.3
.2
4.9
*
-.8
.1
-1.5
1.5

3.0
-4.0
6.2
.8
3.3
-2.1
2.2
-3.5

.4
-6.7
4.1
-.5
.2
2.4
-2.1
3.0

1.0
.7
2.7
-.3
-1.3
.3
2.3
-3.4

-4.9
-3.6
-2.6
*
-1.2
3.4
*
-1.0

7.0
5.4
1.9
.2
3.5
-4.4
-.7
1.1

-9.3
-8.5
-2.6
.2
-1.2
1.3
-.5
2.0

D I R E CT LY -P LA CE D PAPER
FI NA NC E CO MPANIES
BA NK AF FILIATES
DE AL ER -P LA CE D PAPER
NONFIN. CORPOR AT IO NS
FI NA NC E CO MP AN IE S
BANK AF FI LI AT ES
BANKERS* AC CEPTANCES
R E ST OF THE WORLD
NONFIN. BUSINESS
NCNC OR PC RA TE
CORPORATE
NET PURCHASES, BY SECTOR
HO US E H O L D S
NONFIN. CORPOR AT IO NS
FEDERAL RESERVE
C O M M ER CI AL BANKS
LIFE INSURANCE COS.
I N VE ST ME NT COMPANIES
RE ST OF THE WORLD

OTHER TYPES
1
2
3

2.2
.5
1.8

4.8
.6
4.2

2.1
-.3
2.3

1.9
-.1
2.0

3.0
*
3.0

-.7
-.2
-.5

2.5
-.3
2.8

3.9
-.3
4.2

-.1
-.4
.3

2.0
*
1.9

6.3
.7
5.6

2.9
.2
2.7

FINANCE CO. LOANS TO BUSINESS
L I A B I L I T Y - N O N C O R P . BUS.
CORP. BUS.

4

3.6

3.4

2.5

3.1

2.5

2.1

2.0

2.8

.6

3.9

2.9

2.5

5
6
7
8
9
10
11

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

.4
*
.3
.1
.7
-.3
2.1

.3
-.1
.6
.3
.1
1.3

.4
*
.4
.2
.4
1.8

.5
.1
.2
.1
.2
1.5

.1
.3
*
1.0
-.2
.8

.3
.3
.1
.3
.4
*
.7

.7
-.2
-.2
♦
1.1
1.5

.2
*
.4
.1
-1.2
1.1

.8
.2
.4
.2
.5
1.6

.3
.4
.1
.1
.3
1.7

.2
-.2
*
*
.6
1.8

U.S. GOVT. LOANS
L I ABILITIES OF*.
HO U S E H O L D S
FARM BUSINESS
N O N F A R M NONCORP. BUS.
CORP OR AT E BUSINESS
STATE + LOCAL GOVTS.
S P ON SO RE D CR .A GE NC IE S
RE S T OF THE WORLD

12
13

4.8
.2

1.3
.2
.5

4.4

.3
.4

.1

.1
.6

1.3

-2.0
*
.7
-2.7

2.6
.5

.6
4.0

2.3
.3
.7

15

1.2
.1
.2
.9

S P O N SO RE D CR ED IT AG EN CY LOANS
N O NF AR M NONCORP. BUS.(BC)
FARM BU SINESS (FICB)
SVGS. ♦ LOAN ASSNS. (F H L B )

16
17
18

1.3
*
1.2

2.6
.1
2.5

2.3
.1
2.2

1.0
*
1.0

19

*

.3

.2

-

-

14

20

-

.8

.5
.2

-5.2

*

.5
.9

.8

.4

.5

.6

1.9

3.7

6.2
2.2
.5
3.5

1.0
*
1.0

1.1
*
1.1

1.0
*
1.0

.7
*
.7

1.3
*
1.2

1.0
*
1.0

.9
*
.9

.9
*
.9

.3

.6

.2

*

1.3

.7

*

.2

-.6

-

-

-

-.6

*

-

.3
-6 .0

-

1/73 FIGURES ARP TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-

-

-

POLICY LOANS (HS HO LD LIAB.)
ASSETS - U.S. GOVT.
LIFE INSUR. COS.
MUTUAL SVGS. BANKS LOANS TO
NONCORP. BUSINESS

HY PO TH E C A T E D DEPOSITS (HSrtOLDS L I A B .)
A S S E T- CO MM ER CI AL BANKS

7 MAY 1973
SECURITY CREDIT, TRADE CREDIT, AND TAXES

SECURITY CREDIT, TRADE CREDIT, AND TAXES

S E CURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE
(BILLIONS OF DOLLARS)
SE ASONALLY A D JU ST ED ANNUAL RATES
^
1968

1969

1970

1971

1972

^

I III

IV

I

S E AS ON AL LY A D JU ST ED ANNUAL RATES
( 19?3

i9T2
I

II

III

IV

I

I

SECURITY CR ED IT

o

-4.7
-2.7
-.1
-2.6

5
6
7
8

2.0
1.0

-2.0
-1.0

1.0

9
10
11
12
13

4.4
.7
.3
1.3
2.0

1
2
3
4

4.4
2.3
.3
CM

1
2
3
4

-.5
-1.9
-.5
-1 .4
1.4
1.9

2.7
2.1
.1
2.0

8.6
5.0
1.0
4.0

.5
.7
♦
.7

6.9
2.9
.3
2.6

13.6
8.4
.6
7.8

11.0
6.8
1.1
5.7

2.6
2.7
.8
1.9

7.0
1.9
1.3
.6

-9.5
-3.3
-.4
-2.9

NET CHANGE IN LIABILITIES
C U ST OM ER S
SECU RI TY LOANS FROM BANKS
CU ST OM ER DEBI T BALANCES

1
2
3
4

.6
.7

3.6
3.4

-.2
1.3

4.0
3.5

5.2
3.9

4.2
5.4

-.1
.7

5.1
3.8

BR OKERS + DE ALERS
FROM CO MM ER CI AL BANKS
FROM FOREIGN BANKING AG.
C U ST OM ER CR ED IT BALANCES

5
6
7
8
9
10
11
12
13

—

—

-1.0

-.6

-.1

.2

-1.5

.6

1.3

-1.2

-.8

1.4

-6.2
-6.0
.2
-. 4

-4.7
-.8
-.2
-1.1
-2.6

-.5
-.5
-.1
1.4
-1.4

2.7
*
*
.8
2.0

8.6
.1
.1
4.4
4.0

.5
-1.2
-.3
1.3
.7

6.9
.6
-.1
3.8
2.6

13.6
1.2
.1
4.5
7.8

11.0
-1.2
-.1
6.6
5.7

2.6
-.7
-.1
1.5
1.9

7.0
1.1
.3
5.0
.6

-9.5
-.5
.1
-6.2
-2.9

NET CHANGE IN ASSETS
HO US E H O L D S
FO RE IG N
CO MM ER CI AL BA NK IN G
BROKERS AND DEALERS

12.0
.5
.4
-.3

16.6
.5
.7
-.7

7.1
.6
1.1
.6

3.8
.6
1.4
-1.0

14.8
.6
.4
-.4

4.5
.6
.6
-.2

7.3
.6
1.5
-.1

14.1
.6
.2
-.3

7.6
.6
.7
-.6

13.1
.6
.5
.2

24.4
.6
.3
-.9

25.5
.6
.3
-.8

NET CH AN GE IN LI ABILITIES
HO US EH OL DS
FARM BU SINESS
NO NF AR M NO NCORP. BUSINESS
(PAYABLES LESS RECEIVABLES)

5
6
7
8

10.4
.6
*
.4

15.2
.4
-.3
.8

2.8
.4
-.6
2.1

3.4
.5
-.7
-.4

13.4
.5
-.1
.4

2.8
.4
.3
.1

4.8
.5
-1.6
1.6

13.4
.5
-.6
.3

8.9
.5
-2.2
-.3

11.0
.5
.4
-.2

20.3
.5
1.8
1.9

23.9
.5
.8
.2

CO RP OR AT E BU SINESS
STATE AND LOCAL GO VE RN ME NT S
U.S. GO VE RN ME NT
FO RE IG N

9
10
11
12
13

15.7
13.9
.6
.3
.9

19.4
17.3
.9
.4
.8

7.2
6.2
-.8
.5
1.3

2.8
4.0
-1.7
.5
*

19.7
19.1
-.8
.5
.9

3.6
3.6
-.4
.5
-.2

3.0
2.8
-1.2
.5
.9

18.5
17.7
*
.5
.2

15.7
14.2
*
.5
1.0

16.1
15.3
-.7
.5
1.0

28.4
29.2
-2.6
.5
1.3

31.4
32.0
-1 .2
.5
*

NET CH AN GE IN ASSETS
C O RP OR AT E BUSINESS
U.S. G O VE RN ME NT
IN SU RA NC E
FO RE IG N

9
10
11
12
13

14

-3 .7

-2.9

-.1

1.0

-4.9

.9

4.3

-4.4

-8.1

-3.0

-3.9

-5.9

DI SC R E P A N C Y (1-9)

14

—

—

—

TRADE CREDIT
1
2
3
4
5
6
7
8

PR OF IT TAXES PAYABLE

-.1
*
.2
*
*
*

-3.1
-3.3
*
.1
*
.1
.1
♦
-.1

-2.1
-2 .7
*
.3
*
.1
.1
*
-

3.8
4.0
*
*
.1
-.1
-.1
♦
*

.8
.6
.1
-.2
.1
*
.1
*
*

2.1
1.9
.2
.1
.1
*
-.2
*
*

1.1
1.1
.1
.4
.1
-.3
-.3
*
♦

-.2
.9
-.1
-1.1
.1
-.1
.1
*
*

-2.2
-2.5
*
*
.1
*
.1
*
*

1.5
1.3
-.3
.1
.1
.1
.1
*
*

4.0
2.7
.6
.2
.1
*
.2
.1
.1

7.1
6.6
-.2
.2
.2
.1
.2
.1
.1

TOTAL TA XE S PAYABLE
NO NF IN AN CI AL CORPOR AT IO NS
FE DE RA L RE SE RV E
CO MM E R C I A L BANKS
SVG. + LOAN ASSNS.
LIFE INSURANCE C O MP AN IE S
OTHE R INSURANCE COMPANIES
FINANCE COMP AN IE S
BR OK ER S + DE AL ER S

10
11
12

2.4
1.7
.7

-3.2
-2.6
-.6

-3 .9
-3.0
-.9

1.4
1.1
.3

-.6
-1.1
.5

.8
.6
.2

-1.5
-2.0
.6

-1 .4
-1.9
.5

-3.6
-4.1
.5

-.2
-.7
.5

2.7
2.2
.5

6.1
5.7
.5

TOTAL T A XE S RE CE IV AB LE
U. S. GO VE RN ME NT
STATE + LOCAL GOVTS.

10
11
12

13

.7

.1

1.7

2.4

1.4

1.3

2.6

1.3

1.4

1.7

1.3

.9

U N AL LO CA TE D

13

1
2
3
4
5
6
7
8
9

3.0
2.9
_

PROPRIETORS*

1
2
3
4
5
6
7
8
9

EQUITY IN NONCOR PO RA TE BUSINESS

1

-2.0

-3.2

-4.9

-3.2

-1.8

-2.2

-2.4

-3.0

-4.0

.7

-1.0

-2 .4

TOTAL H O U S E H O L D INVESTMENT

1

2
3

.3
-2 .4

*
-3.2

-1.7
-3.2

-.1
-3.1

.4
-2.2

.1
-2 .4

1.0
-3.4

-.9
-2.1

-1.3
-2.7

2.7
-2.0

1.1
-2.1

-.4
-2.0

NO NF AR M N O NC OR PO RA TE BUSINESS
FARM BU SI NE SS

2
3

1/73 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION




M I SCELLANEOUS I
24

MISCELLANEOUS I
24

MI SC ELLANEOUS FINANCIAL CLAIMS
(BILLIONS OF DOLLARS)

SEASONALLY A D J U ST ED ANNUAL RATES

SE AS ON AL LY AD JU S T E D ANNUAL RATES
I
1971
1 III

1
|

1972

|
1

1973
I

1968

1969

1970

1971

1972

1
2
3
4

19.4
.4
4. 1
.7

32.5
.4
4.8
-.4

5.3
.4
3.4
.5

14.3
.5
3.6
.8

19.2
.5
.1
.2

34.9
.5
5.8
-1.0

9.6
.5
9.3
2.5

26.0
.5
-.6
-1.2

14.7
.5
-2.5
1.5

18.6
.5
*
-.9

17.2
.5
3.3
1.6

18.7
.5
1.1
-.1

5
6
7
8

12.4
-.3
.2
8.0

25.0
.4
.4
18.9

-1.7
2.1
.4
-10.0

4.5
-.5
-.2
-1.3

14.9
.3
*
7.1

24.0
.6
1.2
15.7

-2.2
-1.2
-.9
-5.7

19.5
1.8
.8
9.2

16.7
-.6
.4
9.9

11.8
1.0
-.4
3.6

11.5
-1.0
-.6
5.6

12.6
1.3
2.1
2.3

9
10
11
12
13

.4
.1
1.5
2.5
1.9

.4
.2
1.4
3.3
2.7

.6
.1
1.7
3.4
2.6

.8
.1
2.0
3.5
5.0

1.8
.2
1.9
3.6
3.6

.8
.3
2.0
3.5
5.8

-.3
.1
2.2
3.5
-.4

1.7
.5
2.0
3.6
7.9

1.2
.4
1.9
3.6
-1 .4

1.9
.4
1.9
3.5
7.3

2.4
-.5
1.9
3.6
.4

1.6
-.1
1.8
3.6
4.7

14
15
16
17
18
19

12.3
1.8
.4
.5
2.4
-.2

17.3
2.1
.4
.7
3.0
.1

10.3
2.6
.5
.7
4.3
.3

5.8
2.4
.4
.7
5.1
.1

14.5
2.5
.4
.7
3.1
.1

18.2
2.4
.3
.7
6.2
.4

1.2
2.5
.5
.7
2.0
.2

17.1
2.4
.3
.7
6.1
-.3

14.8
2.5
.4
.7
-1.1
.2

15.3
2.4
.3
.7
4.9
.2

10.7
2.6
.5
.7
2.5
.3

15.2
2.5
.5
.7
6.3
.3

20
21
22

4.0
*
2.8

2.9
.1
1.9

7.7
1.0
3.0

4.3
.6
1.9

3.4
-.4
1.1

9.6
1.7
6.3

-.7
-1.2
-.9

8.6
-.5
2.7

1.4
.3
.4

2.2
*
.4

1.5
-1.3
.9

3.3
-1.5
2.4

23
24
25
26
27
28

*
.3
.6
.4
.1
3.4

-.2
*
.9
.3
*
8.0

2.5
.3
.8
*
.2
-5.7

.2
.6
.8
.1
.1
-7.1

.8
.9
.8
-.1
.2
4.3

-.6
.9
.8
.3
.1
-1.3

.5
.2
.8
-.3
.2
-4.0

2.6
3.1
.8
-.3
.1
-.8

*
-.3
.8
-.1
.2
10.7

.8
.5
.8
-.5
.2
4.6

*
.5
.9
.4
.2
2.5

.1
.6
.9
.5
.2
1.5

29

7.1

15.2

-5.0

8.5

4.7

16.7

8.4

8.9

*

3.4

6.6

3.6

IV

I

II

III

IV

TOTAL L I A B IL IT IE S
H O US EH OL DS
CO RP OR AT E BUSINESS
U.S. G O VE RN ME NT
TOTAL FINANCE
SP ONSORED CR. AGENCIES
MONE TA RY AUTHOR IT IE S
CO MM ER CI AL BA NK IN G
SAVINGS
LOAN ASSNS.
MUTUAL S V G S . BANKS
LIFE IN SURANCE COMP AN IE S
NO NL IF E IN SU RA NC E CO MPANIES
REST OF THE W O RL D

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

TOTA L AS SE TS
14
HO US EH OL DS
15
FARM BUSINESS
16
NO NF AR M NO NC OR PO RA TE BUSINE 17
C O RP OR AT E BUSINESS
18
U.S. GO VE RN ME NT
19
TOTAL FINANCE
SP ON SO RE D CR. AGENCIES
CO MM ER CI AL BA NK IN G

20
21
22

SAVINGS + LOAN ASSNS.
MU TU AL SVGS. BANKS
LIFE INSURANCE CO MP AN IE S
PR IV AT E PE NS IO N FUNDS
S.+ L. GOVT. RTR. FUNDS
REST OF THE WORLD

23
24
25
26
27
28

UNALLO CA TE D, NET

29

(A) DEPOSITS
30
31
32

2.3
1.8
.5

7.9
6.8
1.2

-6.9
-7.2
.2

-4.1
-4.8
.7

1.3
.5
.8

5.0
3.9
1.1

-5.4
-6.3
.9

1.6
2.5
-.9

1.4
-.4
1.7

4.0
2.4
1.6

-1.6
-2.5
.9

33
34
35
36
37

.5
.5
-.1
*
*

-.5
-. 4
-.1
*
*

-.2
-.4
*
.1
.1

.4
.4
-.2
.2
*

.4
.4
-.2
.1
*

.8
.6
*
.2
*

-.2
*
-.1
.3
-.4

.8
.7
-.4
.5
*

1.0
.8
-.1
-.1
.3

.6
.8
*
-.1
-.2

-.8
-.6
-.1
♦
*

COML. BANK LIAB. TO FGN. AFFILIATES
-1.1
AS SE T- RE ST OF THE WORLD
-1.1
LIAB: CO MM ER CI AL BANKS
FGN. BANKING. AG.

30
31
32

FO RE IG N CU RR E N C Y EXCEPT O F FI CI AL—
1.2
L I A B IL IT Y- RE ST OF THE WORLD
.6
AS SE T- C O R P OR AT E BUSINESS
*
U.S. GOVT.
.2
C O M M ER CI AL BANKS
.4
FGN. BA NK IN G AG.

33
34
35
36
37

PO STAL SAVINGS D E P O S I T S ( U . S . G O V T . LIAB.)
ASSET - HO US EH OL DS
38

38

(B) EQUITIES
39

1.1

2.2

3.6

3.4

1.4

4.3

.7

4.0

-3.2

2.7

1.9

40

.3

.8

1.0

-.2

.3

-1.6

.5

-1.4

1.4

.9

.4

41

.1

.2

.2

.3

.3

.4

.2

.1

.3

.2

.5

42

*

-.3

1.3

-.5

-.2

-1.2

-.1

1.0

-1.1

.3

43
44

— •2
-.3

.2

.3

.1

.3

.1
*

.3
*

.1
~

45
46
47
48

*
.1
*
*

♦
.1
.1
.1

*
*
♦
*

*
.1
.1
*

*
.1
.1
.1

♦
.1
*
*

*
.1
.1
*

.4

.2

"

"

*
*
.4
♦

*
.1
*
*

1/73 FIGURES ARE TE NTATIVE ESTI MA TE S BASE D ON INCOMPLETE INFORMATION.




*
*
*
*

DI RECT FGN. IN VE ST ME NT BY U.S.CORP.
4.5
LIAB .- RE ST OF THE WORLD
DIRECT INVEST ME NT IN U.S.
-.2
AS S E T- RE ST OF THE WORLD

39
40

U. S. GOVT. EQUITY IN IBRD, ETC.
.3
L I A B IL IT Y- RE ST OF THE WORLD 41

DE POSITS AT FHLB ( S.+ L.ASSNS. ASSET)
-1.1
-.8
LI AB I L I T Y - S P O N S O R E D CR.AGS. 42
.3
—

.9

-

*
.1
.7
*

.2
.1
♦

EQUI TI ES IN U.S.G.CR .A GE NC IE S
U . S . GO VE RN ME NT
PRIVATE
NO NF AR M NONCORP. (BC)
FARM BUS. (FICB ♦ FLB)
SVGS.+ LOAN ASSNS.(FHLB)
CO RP OR AT E BUS.(FNMA)

43
44
45
46
47
48

7 MAY 1973
MISCELLANEOUS

II

MISCELLANEOUS

25

SEASONALLY

ADJUSTED

ANNUAL

RATES

SEASONALLY

1972

I
1971
I III

|
|

IV

1972
II

III

I
|

IV

.4

.4

.4

.5

.5

.5

.5

.5

.5

DEFERRED AND
.5
.5

UNPAID
.5

.9
.3
.5

1.0
.4
.6

1.2
.6
.6

1.1
.5
.6

1.2
.6
.6

1.1
.5
.6

1.1
.5
.6

1.1
.5
.6

1.2
.6
.6

1.2
.6
.6

5
6
7
8
9

2.5
•8
.5
.3
.9

3.3
1.1
.7
.4
1.2

3.4
.9
.7
.4
1.4

3.5
1.2
.7
.3
1.3

3.6
1.3
.7
.3
1.3

3.5
1.3
.7
.3
1.3

3.5
1.2
.7
.3
1.3

3.6
1.3
.7
.3
1.3

3.6
1.3
.7
.3
1.3

3.5
1.3
.7
.3
1.2

3.6
1.2
.7
.3
1.4

10

7.1

15.2

-5.0

8.5

4.7

16.7

8.4

8.9

♦

3.4

6.6

3.6

11
12
13
14
15
16

11.6
3.8
.2
.5
.2
-.1

17.2
4.0
-.3
-.1
.7
.5

1.0
2.5
-.6
1.2
-1.1
.5

9.9
3.8

10.2
-.3

*

♦

14.2
.8
*
-1.2
2.9
.3

4.7
-.9

12.4
2.9

8.8
1.4

.2
1.5
.3

8.3
8.8
2.5
-1.2
-1.4

9.6
-3.9

.8
1.0
-.1

21.9
7.3
-1.0
.2
1.6

1.5
.5
.3

-.9
3.9
.6

1.6
-1.2
-.1

-.1
-1.3
1.3

17
18
19
20

.4
.1
.6
.2

*4
.2
.5
.4

.6
.1
.5
.4

.8
.1
.9
-.2

1.8
.2
.8

-.3
.1

*

.8
.3
.8
1.2

-.9

1.7
.5
.9
.8

1.2
.4
.7
.4

1.9
.4
.7
-.4

2.4
-.5
.7
-.6

1.6
-.1
.6
2.1

21
22
23
24
25

4.4
3.9
.3
.3

5.6
3.8
.3
.4

4.9
2.1
1.0
1.3
.5

-.1
.1
.6
-1.1
.3

5.5
3.9
-1.3
2.7
.3

2.0
3.9
-1.1
-1.2
.3

2.7
3.1
-1.1
.5
.3

4.5
-1.1
-1.1
6.4
.3

8.2
5.1
-1.6
4.4
.3

4.5
5.5
-2.3
1.0
.2

4.8
6.0
-.2
-1.2
.2

-3.2
-5.0
1.1
.4
.2

26
27
28
29

1.2
.5
.9
.2

5.4

♦

-8.0
-4.1
-4.1
-.2

2.9
.9
2.6
.5

.2
-1.5
1.9
.2

8.7
1.5
7.2

-3.1
-.6
-1.1
1.4

3.1
2.6
-.2
-.7

.3
-5.7
5.8
-.2

-4.9
-5.8
1.2
.3

2.4
3.0
.7
1.3

6.7
5.7
.2
-.8

30
31
32
33
34
35
36
37

4.5
.7

2.0
-.7
.1

6.0
.3
1.0

*
*

1 .1

5.3
-.9
-.5
1.2
3.1
.4
-.3
.1

1 .1
-.3
.4
-.1
.2

.5
.5
.4
-.5
.2

1 .1

.2

-.1
.9
-1.2
.5
.2
.4
-.3
.2

5.9
3.8
-1.3

*

5.2
-4.8
1.7
.5
.9
.4
.3
.1

1.4
-.3

.5
.3

5.6
2.6
-.4
.9
.9
.4
-.1
.2

9.7
7.9
.3

.3
.3
.4
.1

1.3
-2.9
.6
.7
.6
.4
.1
.1

.5
.4
.4
.2

5.2
2.8
-1.5
.2
.6
.4
.5
.2

38
39
40

1.9
.7
.1

.8
.2
.9

1.2
1.4
.3

1.3
.4
*

.1
.9

4. 1
2.0

-2.4
1.5

1.1

.9
-.7

.2
.5

-1.6
2.5

1.3
.6

(E )

*
*

1 .1
♦
5.4

.3
.4

♦

*

*

1 .1

*

1 .1

♦

1/73 FIGURES ARE TENTATIVE ES TI MA TE S BASE D ON INCOMPLETE INFORMATION.




-

*

♦

RATES

LIFE

INSURANCE

CLAIMS

PR EM IU MS (LIFE INS. ASSET)
LIABILITY - HOUSEHOLDS

(D)

-

ANNUAL

LIFE CO MP AN Y RESERVES ( HO US EH OL DS ASSET)
1.2
1.2
LIABILITYLIFE INSURANCE
.6
.6
ACCIDENT AND HEALTH
.6
.6
POLICY DIVIDEND ACCUM.

2
3
4

-

ADJUSTED

1973
I

(C )

1

II
25

MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED)
(B IL LI ON S OF D O LL AR S)

*

3.6
1.2
.7
.3
1.4

NONLIFE

♦

NET

ASSETS

TOTAL

AND

(LIAB.

2
3
4

CLAIMS

LIABILITY - OTHER INSURANCE
ASSETCORPORATE BUSINESS
N O N F A R M N O N C O R P . BU
FARM BUSINESS
HOUSEHOLDS

UNALLOCATED

-

INSURANCE

1

5
6
7
8
9

LIABILITIES
-

ASSETS)

TOTAL LIABILITIES
CORPORATE BUSINESS
U.S. GOVT.
U.S. GO VT.-WITHOUT LEVELS
RE ST OF THE W O RL D
SPONSORED CR.AGENCIES

10
11
12
13
14
15
16

SVGS.+LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
MONETARY AUTHORITIES

17
18
19
20

COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FGN. BANKING AGENCIES
B A N K S IN U . S . P O S S .

21
22
23
24
25

F L O A T S IN C O M L . B A N K S T M N
ON INTERBANK DEPOSITS
ON INTERBANK LOANS
LE SS -O N M.B. RESERVES

26
27
28
29

TOTAL ASSETS
REST OF THE WORLD
S P ON SO RE D CR. A G EN CI ES
SVGS.+LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE IN SU RA NC E
PRIVATE PE NS IO N FUNDS
S.+ L . G O V T . R T R. FU ND S
COMMERCIAL

BANKS

FGN. BA NKING AG ENCIES
BANKS

IN

TERR.AND

POSS.

30
31
32
33
34
35
36
37
38
39
40

7 MAY 1973
TOTAL CL AI MS

TOTAL

CLAIMS

26

TOTAL FINANCIAL ASSETS AND LI AB IL IT IE S
(BILLIONS OF DOLLARS)

S E AS ON AL LY A D J U S T E D ANNUAL RATES

SEASONALLY A D J U ST ED ANNUAL RATES

TOTAL

1
2
3
4
5

6
7

8
9

10
11
12
13
14
15
16

20
21
22

FUNDS

RAISED

AND

ADVANCED

IN

1973

1972

I
1

IV

II
CREDIT

III

MARKETS

(1)

IV

214.6
36.1
5.8
172.8
14.2
72.3
65.6
14.9
5.8

I

I

FUNDS
203.9
21.9
15.2
166.7
4.0
72.2
71.6
14.1
4.8

97.8
13.4
3.1
81.4
10.4
31.9
30.7
5.7
2.7

91.7
-3.6
3.3
92.0
8.7
32.6
40.2
7.4
3.2

101.6
12.8
3.0
85.7
13.9
22.3
39.8
6.4
3.2

156.3
25.5
5.6
125.2
20.6
41.6
48.6
10.3
4.1

170.7
17.3
3.4
150.0
14.7
62.3
56.4
12.1
4.5

173.7
25.9
8.0
139.9
20.2
46.8
57.5
10.6
4.9

164.1
31.4
3.6
129.1
18.0
55.1
42.8
8.8
4.3

140.8
5.4
4.2
131.2
16.2
49.3
48.3
13.6
3.7

161.5
17.5
1.6
142.5
11.7
58.4
56.2
11.6
4.7

165.1
10.3
2.2
152.7
16.6
68.6
55.4
8.2
3.8

15.1
3.5
1.1
5.5
4.7

31.1
8.8
4.1
8.3
5.5

9.6
3.9
*

4.2

13.1
8.7
1.8
1.8
2.6
.1
-1.9

4.3
1.3
.6
-.4

19.6
6.2
1.9
10.1
-.5
1.2
.7

16.3
7.4
3.0
3.1
2.0
.2
.7

21.4
7.5
2.1
8.3
2.5
.6
.3

9.7
5.1
-7.1
10.0
-2.7
3.6
.8

17.9
8.8
4.3
3.2
2.0
.4
-.8

22.4
4.9
4.0
11.0
.3
•6
1.6

122.8

114.7

166.0

190.3

190.1

185.5

150.5

179.4

187.5

14.1
5.3
.7
5.5
2.6

38.6
29.2
.5
1.7
7.1

4.5
7.8
.5
-1.6
-2.3

-1.0
-16.8
.6
7.5
7.7

13.3
-1.1
1.1
4.0
9.2

29.1
8.0
.9
11.4
8.8

8.1
-8.6
.9
12.1
3.6

-21.3
-28.8
1.2
-2.1
8.4

27.0
13.6
.7
7.1
5.6

5.9
-4.8
1.2
-.2
9.8

4.9

2.9

2.8

3.2

2.3

2.1

1.8

3.2

*

4.0

2.1

.2

136.5
2.8
8.8

163.9
7.0
.4

125.9
7.1
8.8

153.3
7.8
9.8

151.3
7.8
3.9

155.4
7.9
5.6

161.4
6.4
-6.2

187.0
6.0
-1.6

217.0
13.7
22.2

86.3
82.8
1.3

92.6
91.4

.2

18
19

I
1971
I III

1972

1971

.1

28.3
25.4
FINANCIAL SECTORS
5.9
10.5
SP ONSORED CR. AGENCIES
6.7
2.8
SAVINGS AND LOAN ASSNS.
16.3
10.6
FINANCE COMPANIES
-1.8
-2.0
INVESTMENT COMPANIES
.2
.2
COMMERCIAL BANKS
1.1
3.3
BANK AFFILIATES
EQUALS— TOTAL FUNDS RAISED AND ADVANCED
242.9
229.3
IN C R E D I T M A R K E T S

40.8
15.3
1.6
10.9
13.1

N E T A C Q U I S I T I O N S BY: P R I V A T E DO M E S T I C
-26.7
NONFINANCIAL SECTORS
-22.9
HOUSEHOLDS
1.2
NONFARM NONCORP. BUSINESS
-2.4
NONFINANCIAL CORPORATE BUS.
-2.6
STATE + LOCAL GOVTS.

24
25
26

91.5
3.2
3.7

80.0
9.0
4.2

96.4
9.9
5.0

27
28
29
30
31

39.1
38.5
.4

19.0
13.4
3.9
1.5

.1

.2

31.7
32.2
-1.0
.3
.1

49.7
49.4
-.1
.2
.2

67.1
66.8
-.2
.3
.2

43.6
43.1
-.4
.6
.3

56.2
54.9
-.5
1.5
.2

57.7
58.2
-.3
-.5
.2

52.4
55.0
-1.9
-.9
.2

71.8
71.0
-.1
.7
.2

32
33
34
35

45.5
4.3
1.4

47.8
3.2
9.8
1.5

49.9
4.1
11.3
1.5

75.2
9.8
29.4
2.9

89.3
10.3
36.3
3.1

66.4
6.5
29.6
3.0

79.5
8.5
25.9
3.4

82.0
12.0
34.4
4.0

89.4
11.2
34.8
3.0

89.5
9.8
38.4
1.9

36
37
38
39

9.0
2.7
5.8
4.5

8.4
2.6
6.0
5.2

9.0
4.8
6.9
6.5

11.7
4.3
7.4
6.8

13.9
5.4
5.6
6.9

11.7
4.3
4.3
5.8

12.1
4.9
9.1
6.5

15.1
5.2
4.5
3.2

12.8
5.1
7.6
11.4

14.4
5.5
5.0
6.8

13.2
5.7
5.5

6.1

5.4
7.0
6.9

40
41
42

5.2
2.4

7.7
3.4

-.1

.2

1.6
1.6
2.6

3.9
.3
-1.5

10.4
-2.1
-.4

1.4
.8
-1.0

6.2
1.7
1.4

9.8
-3.6
-2.7

5.0
.1
-1.5

10.7
-.9
-2.0

15.9
-4.0
4.5

10.4
-3.7
-3.3

10.9

33.0

22.3

17.2

-3.0

10.1

11.0
TOTAL

13
14

AND

THEIR

RELATION

TO

TOTAL

FINANCIAL

2.0
.2
96.3

8.2
37.7
3.5

190.3

190.1

185.5

150.5

179.4

187.5

2.1
.4

-2.5
.6

-1.7
.5

-.2
.5

-3.7
.5

♦
.5

-.3
.7

.2
.6

-.5
.4

-.2
.4

48.4
35.7
14.9
20.7
12.7

100.6
59.8
18.4
41.4
40.8

108.5
62.1
18.0
44.1
46.4

74.4
38.9
6.5
32.4
35.4

105.4
72.0
32.7
39.3
33.5

111.1
52.7
15.0
37.6
58.4

96.2
53.7
6.0
47.6
42.5

105.7
60.7
15.4
45.3
45.0

120.8

-9.3
7.9

66.7
49.7
11.8
38.0
17.0

19.9

20.7

24.7

26.9

26.7

23.7

27.8

18.2

33.6

26.0

11.0
7.6
-2.2
-*.0
14.7

2.6
13.1
1.5
.7
18.6

4.4

12.0
3.0
-2.0
19.4
4.4

8.6

-4.7
16.6
-3.1
- 3 . 2!
3 2 . 5;
2.7
1 9 2 . 0l

17
18
19

-3.7

20
21
22

.7
7.1

.4

.2
.2

-.5
7.1
-2.1
-4.9
5.3

2.7
3.8
3.8
-3.2
14.3

8.6
14.8
.8
-1.8
19.2

.5
4.5
2.1
-2.2
34.9

6.9
7.3
1.1
-2.4
9.6

13.6
14.1
-.2
-3.0
26.0

5.3

5.0

3.2

3.6

-9.5

-5.1

28.1

-5.1

325.7

365.2

350.5
.9
1.3
-3.0

214.2

318.7

370.4

328.3

332.3

- . 6>
.4>
- 2 . 9>

*
1.1
-.1

-.1
.8
1.0

.3
1.7
-4.9

.1
1.7
.9

-.3
1.3
4.3

1.8
.9
-4.4

*
1.6
-8.1

.2!
.1L

-.1
1.7
-5.0

*
2.4
8.5

-.2
1.4
4.7

.1
1.3
16.7

*
2.6
8.4

-.4
1.3
8.9

-.1
1.4
♦

-.1
1.7
3.4

216.6

306.1

367.3

307.5

315.9

317.6

370.5

346.4

1 5 . 2»

IB
19
20
21
22
23

FINANCIAL INSTITUTIONS
SPONSORED CREDIT AGENCIES
FEDERAL RESERVE SYSTEM

24
25
26

COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FGN. BA N K I N G A G EN CI ES
B A N K S IN U . S . P O S S E S I O N S

27
28
29
30
31

88.5
6.5
42.6
4.0

PVT. NONBANK FINANCE
MUTUAL SVGS. BANKS
SVGS. + LOAN ASSOCIATIONS
CREDIT UNIONS

32
33
34
35

12.8

LIFE INSURANCE COMPANIES
OTHER INSURANCE COMPANIES
PVT. PENSION FUNDS
S.+ L.GOVT. RTR. FUNDS

36
37
38
39

FINANCE COMPANIES
OPEN-END INVESTMENT COS.
SECURITY BROKERS ♦ DEALERS
REST

OF

THE

40
41
42

WORLD

TOTAL CREDIT MARKET DEBT
(FROM PR EC ED IN G TABLE)
OTHER DEBT FORMS—
-.9
FOREIGN EXCHANGE
.4
TREASURY CURRENCY

81.1

146.3
99.9

35.5

20.2

45.6
39.6

79.7
46.4

D E P O S I T S AT F I NA NC IA L INSTS
BANKING SYSTEM
DEMAND DEP. ♦ CURRENCY
TIME AND SVGS.DEPOSITS
SAVINGS INSTITUTIONS

28.8

26.2

INSURANCE

7.0
24.4
4.0
-1.0
17.2

-9.5
25.5
7.1
-2.4
18.7

SECURITY CREDIT
TRADE DEBT
PROFIT TAXES PAYABLE
NONCORP. PROPRIETORS*
MISCELLANEOUS
INTERBANK

-7.6

+ PENSION

RESERVE

EQ.

444.3

TOTALS ALLOCATED
AS A S S E T S

TO

(I)

9

13
14
15

CLAIMS

436.8
442.4
TOTAL DEBT ABOVE
D E D U C T — F L O A T S N O T I N C L U D E D IN A S S E T S
-1.5
.5
DEMAND DEPOSITS-U.S.GOVT.
3.1
-.9
OTHER
-3.9
-5.9
TRADE CREDIT
DEDUCT— LIABILITIES NOT ALLOCATED AS ASSETS
TREASURY CURRENCY
-.1
-.1
TAXES PAYABLE
.9
1.3
MISCELLANEOUS
3.6
6.6
431.4

4
5
6
7
8

10
11
12

SECTORS

1/73 FI GURES ARE TENTATIVE ES TIMATES BASED ON INCOMPLETE INFORMATION.




17

229.3

166.0

122.8

13
14
15
16

2.2
-1.2
.2

38.8

16.2

G O V E RN ME NT

U.S.

10
11
12

ASSETS

114.7

112.9

10
11
12

27.3
CLAIMS

R A I S E D IN C R E D I T MA R K E T S B Y —
NONFINANCIAL SECTORS
FEDERAL GOVERNMENT
FOREIGN
PRIVATE DOMESTIC
STATE ♦ LOCAL GOVTS.
HOUSEHOLDS
CORPORATE NONFIN. BUS.
N O N F A R M N O N C O R P . BUS.
FARM BUSINESS

Includes corporate equities.

16
17
18
19

20
21
22

SAVING

BY

SAVING

INDIVIDUALS

27

BY

INDIVIDUALS

27

A M OU NT AND CO MP OS IT IO N OF INDIVIDUALS' SA VI NG (1)
(BILLIONS OF DOLLARS)

SEASONALLY

ADJUSTED

ANNUAL

RATES

SEASONALLY
I

1971
IV

I
I

ADJUSTED

1972
II

I

IV

III

I
|

ANNUAL

RATES

1973
I

1968

1969

1970

1971

1972

1
2
3

72.4
12.8
30.4

62.6
3.6
6.1

87.1
6.3
44.5

96.3
8.6
73.5

119.9
8.9
80.7

90.6
-1.4
.57.3

106.1
11.1
70.6

101.0
15.5
90.2

125.7
-3.4
78.8

115.5
10.9
79.6

136.8
12.1
74.1

114.1
14.6
91.7

4
5
6
7
8

3.5
.4
2.8
1.4
-.2

27.3
-.4
8.1
4.3
7.6

5.6
.3
-7.3
2.6
2.0

-19.2
2.4
-19.3
-5.8
4.9

-1.6
3.3
-7.5
.6
4.3

3.4
2.4
-16.4
.9
7.2

-10.8
2.6
-9.0
-1.2
3.0

-31.0
3.2
-21.0
-5.7
1.9

13.3
3.4
-.8
2.4
5.7

-4.6
3.1
-16.0
5.2
3.8

15.8
3.5
7.5
.4
5.9

-23.0
3.5
-20.5
3.1
3.9

9
10
11
12

4.8
2.0
4.7
-12.3

5.7
5.9
5.5
-9.6

12.4
-1.8
2.6
-5.2

7.6
-3.9
1.3
-6.5

4.1
-1.1
-.5
-4.8

9.0
.2
2.0
-2.0

3.1
-4.0
2.5
-7.8

6.1
-6.7
-2.7
-6.1

1.3
.7
2.0
-1.3

3.0
-3.6
.3
-.5

6.1
5.4
-1.8
-11.2

2.5
-8.5
-2.0
-5.1

13
14
15
16
17

4.6
2.9
6.4
6.0
5.9

4.8
2.9
6.3
6.6
4.9

5.1
3.3
7.1
9.2
6.0

6.6
3.3
7.3
9.8
6.5

6.8
3.8
5.7
10.3
5.3

6.8
3.3
5.1
8.5
7.7

6.8
3.3
8.2
9.5
7.4

6.9
3.6
3.2
4.5
8.0

6.7
3.8
7.4
15.6
3.4

6.8
4.0
5.2
10.0
3.6

7.0
4.0
7.0
10.9
6.0

7.0
4.2
6.9
8.1
4.5

18
19
20
21
22

132.5
21.1
26.7
84.0
.6

143.0
22.0
29.2
90.8
1.1

140.9
19.6
30.6
90.5
.1

167.7
25.8
35.8
103.5
2.5

191.5
32.1
42.2
116.1
1.1

172.5
26.7
37.2
106.1
2.5

174.2
29.2
37.9
106.1
1.0

182.6
29.6
40.8
111.0
1.1

188.3
32.4
40.7
113.9
1.4

193.9
33.4
42.1
118.6
-.2

201.3
32.9
45.4
120.8
2.2

213.4
37.7
43.5
130.1
2.0

G R O S S INV. IN T A NG IB LE
NONFARM HOMES
NONCORP BUS.CONSTR ♦
CONSUMER DURABLES
INVENTORIES

EQUIP.

18
19
20
21
22

23
24
25
26

95.3
8.3
19.6
67.4

104.5
8.7
21.3
74.6

112.2
9.0
22.6
80.6

121.2
9.4
24.5
87.3

130.3
9.8
26.8
93.7

LZ 2 . 3
9.4
24.8
88.1

124.8
9.5
25.4
90.0

126.4
9.6
25.8
91.0

130.6
10.0
27.8
92.8

130.9
9.8
26.5
94.6

133.1
9.9
26.9
96.4

135.3
9.9
27.2
98.2

CAPITAL CONSUMP. ALLOWANCES
NONFARM HOMES
NONCORP.BUS. PLANT ♦ EQUIP.
CONSUMER DURABLES

23
24
25
26

27
28
29
30
31

37.2
12.8
7.1
16.7
.6

38.5
13.3
7.9
16.2
1.1

28.7
10.6
8.1
9.9
.1

46.4
16.5
11.3
16.2
2.5

61.2
22.3
15.5
22.4
1.1

50.1
17.3
12.4
18.0
2.5

49.3
19.7
12.5
16.2
1.0

56.1
20.1
15.0
20.0
1.1

57.7
22.5
12.9
21.0
1.4

63.0
23.6
15.6
24.0
-.2

68.2
23.1
18.5
24.4
2.2

78.1
27.8
16.3
31.9
2.0

N E T I N V . IN T A N G I B L E A S S E T S
NONFARM HOMES
NONCORP BU S.CONSTR.+ EQUIP
CONSUMER DURABLES
INVENTORIES

27
28
29
30
31

32
33
34
35
36
37
38

43.3
14.9
6.6
11.1
2.1
1.3
7.4

41.6
16.2
6.9
9.3
-2.5
2.6
9.0

32.8
12.5
8.0
4.3
-1.9
2.3
7.5

59.6
24.5
11.3
10.4
2.1
1.0
10.3

84.9
36.7
12.8
19.2
4.9
1.0
10.3

64.2
29.1
12.2
12.6
.6
1.1
8.7

73.7
31.7
11.4
14.5
3.0
1.0
12.2

75.7
27.5
12.6
13.1
8.2
.7
13.6

82.8
35.5
13.1
18.0
7.0
1.3
7.9

85.1
44.0
11.1
18.7
2.7
1.0
7.6

95.0
39.8
14.5
26.1
1.6
.9
12.2

88.4
41.2
10.9
25.3
-3.3
.9
13.4

I N C R E A S E IN D E B T
MT G. D E B T ON N O N F A R M HOMES
NO NC OR P BUS. MTG. DEBT
CONSUMER CREDIT
SECURITY CREDIT
POLICY LOANS
OTHER DEBT

32
33
34
35
36
37
38

39
40
41

66.3
6.0
16.7

59.6
6.6
16.2

82.9
9.2
9.9

83. 1
9.8
16.2

96.3
10.3
22.4

76.5
8.5
18.0

81.7
9.5
16.2

81.4
4.5
20.0

100.7
15.6
21.0

93.3
10.0
24.0

109.9
10.9
24.4

103.7
8.1
31.9

39
40
41

42
43
44
45
46

2.5
*
41.2
39.8
1.4

2.5

.9
-.2
63.1
54.8
8.2

1.2

*

*

56.5
60.9
-4.5

62.2
54.9
7.4

48.8
61.0
-12.2

.6
*
55.4
59.3
-3.9

1.0
*
55.8
55.7
.1

1.4
*
62.5
50.2
12.4

1.2

*

34.2
38.2
-4.0

58.1
50.9
7.2

2.0
*
72.5
62.8
9.7

1.7
.1
61.9
57.0
4.9

INDIVIDUAL S A V I N G (1+27-32)
LESS- GOVT.INS+ PEN RESERVES
NE T INV. IN CONS. DUR
CAPITAL GAINS DIVIDENDS
FROM INVEST. COS.
N E T SV G. BY F A R M CO R P S .
EQUALS PERS SAVING, F/F BASIS
PERSONAL SAVING, NIA BASIS
D I F F E R E N C E (44-45)

♦

.8

1.4

1 III

(DCOMBINED

STATEMENT

1/73 FIGURES ARE TE NTATIVE ES TI MA TE S BASED ON INCOMPLETE INFORMATION.




FOR

♦

HOUSEHOLDS,

FARM,

AND

I N C R . IN F I N A N C I A L
CURR. AND DEMAND
SAVINGS ACCOUNTS

ASSETS
DEPOSITS

SECURITIES
U.S. SA V I N G S BONDS
O T HE R U.S. T R E A S U R Y SEC.
U.S.G AGENCY SECURITIES
STATE ♦ LOCAL OB LI GA TI ON S
CORP. AND FOREIGN BONDS
COMMERCIAL PAPER
I N VE ST ME NT CO. SHARES
OTHER CORPORATE STOCK
PVT. L I F E INS. RE S E R V E S
PVT. I N S U R E D PEN. R E SE RV ES
PVT. N C N I N S U R E D PEN. RES.
GOVT. INS. + PEN. RE SE RV ES
MISC. FI NANCIAL ASSETS

NONFARM

NONCORPORATE

ASSETS

BUSINESS-

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

42
43
44
45
46

7 MAY 1973
DISCREPANCIES

DISCREPANCIES

28

D I S C R E P A N C I E S - SU MM AR Y FOR SE CT OR S
IB I L L I O N S OF D O L L A R S )

SEASONALLY

ADJUSTED

1968

1969

ANNUAL

1970

7.7
-1.4
10.3
-1.1
-.5
.6

18.5
3.9
12.5
2.1
-2.4
.4

7
8
9

-.2

2.0

.6

.9

10
11
12
13
14
15
16

-.9
.1
.3
-. 1
-.8
-.5
.2

1.1
.1
.1
*

-

SEASONALLY

197

1972

I
1971
| III

1972

|
|

IV

II

III

I
|

IV

ADJUSTED

ANNUAL

RATES

1973
I

DISCREPANCIES

2.3
-8.1
6.9
3.6
-1.0
.4

17.3
4.6
19.8
3.4
-10.8
.7

4.2
-7.4
14.9
2.4
-4.4
.6

25.8
11.6
26.7
4.8
20. 1
.8

20.2
3.4
28.6
1.1
-9.9
-2.7

12.9
-.2
10.5
2.1
2.3
.7

-5.1
-12.7
14.7
2.1
-5.7
-.6

2.1
-7.1
13.8
2.3
-5.5
.5

6.9
-9.8
20.6
3.2
-8.6
1.9

-.5
-4.9
18.3
3.3
-15.3
-1.1

.5

-.3

-2.0

1.9

-.4

-2.5

-3.0

-2.0

-.4

-.9

1.0

.3

.5

.2

.1

.6

.6

.5

.4

.5

FINANCIAL SECTORS
MONETARY AUTHORITIES
COMMERCIAL BANKS

7
8
9

-.5
.1

-.6

-2.6

*

*

.4

.4
-.1
-1.1
*
.3

.6
-.6
-2.0
-.5
-.1

1.7
-1.3
.7
1.0
-.5
.1
1.7

-.5
.2
-.6
.1
-1.7
-.5
2.1

-3.0
-.1
.5
-.8
-2.3
-.5
.1

-3.6
-.1
1.0
-.2
-2.4
-.3
-1.6

-2.5
-.1
.7
-.8
-2.4
-.6
.6

-.9
.1
.3
-.4
-1.0
-.5
.7

-1.4
-.3
-.2
-.4
-1.3
*
.8

NONBANK FINANCE
SPONSORED AGENCIES
SVGS + LOAN ASSNS.
MUTUAL SVGS BANKS.
LIFE INSURANCE
OTHER INSURANCE
FINANCE N.E.C.

10
11
12
13
14
15
16

-

-

.2
.1
-1.2

.1
.4
.4

2S

TRANSACTIONS

RATES

SECTOR

1
2
3
4
5
6

AND

♦

-

*

-

-

*

-

-

*

-

OTAL, ALL S E CT OR S
HOUSEHOLDS
CORPORATE BUSINESS
STATE + LOCAL GCVTS.
FOREIGN
U. S. G O V E R N M E N T

1
2
3
4
5
6

TRANSACTION1 DISCREPANCIES

7.7
.2

18.5
.2

2.3
-.1

17.3
4c

4.2
-.2

25.8
.1

20.2
*

12.9
-.4

-5.1
-. 1

2.1
-.1

6.9
-.1

-.5
-.1

4

.4
.2

-.6
.4

*
1.1

-.1
.8

.3
1.7

.1
1.7

-.3
1.3

1.8
.9

*
1.6

.9
1.3

-1.5
3.1

.5
-.9

5
6
7
8

-3.7
.7
7.1
2.7

-2.9
.1
15.2
5.9

-.1
1.7
-5.0
4.7

1.0
2.4
8.5
4.6

-4.9
1.4
4.7
1.1

.9
1.3
16.7
5.0

4.3
2.6
8.4
3.8

-4.4
1.3
8.9
4.8

-8.1
1.4
*

-3.0
1.7
3.4
-2.0

-3.9
1.3
6.6
1.5

-5.9
.9
3.6
1.4

9
10
11
12

-2.7
♦
*

-4.7
*
*

-5.5
.5
.1

-4.3
.2
.3

-4.9
*
-

-.4
*
.2

2.1
*

*

*

-.1

-1.5
-.2
.2

.1

-4.5
.1
*
.2

-1.2
♦
.1

*

-6.1
*
*
-.1

*

♦

-1.4
—
*

13

2.7

5.9

4.7

4.6

1.1

4.8

.1

-2.0

1.5

1.4

1
2

3

14

-3.7

-2.9

-.1

.9

♦

*

5.0

-4.8

1.2

3.8

.7

-4.3

.1

-7.1

-4.3

-3.5

-4.6

15
16
17
18
-5.9
1/73

FIGURES

ARE

TENTATIVE




/

ESTIMATES

BASED

ON

INCOMPLETE

INFORMATION.

OTAL, ALL TYPES
TREASURY CURRENCY
DEMAND DEPOSIT MAIL
U . S. G O V E R N M E N T
OTHER

FLOATS:

TRADE CREDIT
TAXES PAYABLE
MISCELLANEOUS
NONFINANCIAL

1
NONFINANCIAL COMPONENTS
G N P D I S C R E P A N C Y (NEG.)
NONFARM NONCORP DISCREP)
FARM DISCREPANCY
TRADE DEBT
(POSITIVE)
TOTAL

NONFINANCIAL

(NEG.
(NEG.

DISCREPANC

TRADE CREDIT ANALYSED
FIRST ESTIMATE
T O W H I C H IS A D D E D —
BANK LOAN DISCREPANCY
AD HOC A D J U S T M E N T
BALANCE ADJUSTMENT
SEASONAL
.
TOTAL

TRADE

CREDIT—

FINAL

13

14
15
16
17
ie